I looked into it at one point and I determined that these services were not great for anything that you would really want good legal advice for.
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So apparently the House-passed BBB bill does kill the “regular” backdoor Roth (non tax-deductible tIRA contributions converted to Roth) beginning immediately (2022). It also seems to kill the “mega” backdoor Roth, although I’ve neve had that option available to me, so I don’t quite understand how it works.
One thing I learned when trying to do a backdoor roth is the “pro-rata” rule. If you have existing IRAs, you have to convert those too, pro rata, which causes a major tax problem and was annoying enough to keep me from going through with it.
Even though I can’t deduct my Traditional IRA contributions, I’m still subject to the $6k limit right? I’m going to be above the Roth limit this year so I’m going to backdoor a contribution. I don’t have a Traditional IRA yet, so no need to worry about the pro rata issue. Just planning to open a Trad, dump in some money, immediately convert to Roth.
Correct, still limited to the max amount.
“I have $7,500,000. How do I get financial aid for my kids to attend private school?”
https://www.bogleheads.org/forum/viewtopic.php?p=6355150#p6355150
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… Posts like this are why I can’t spend any time on bogleheads lol.
Ain’t nobody got $7 million by paying for shit they can get other people to pay for.
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I normally try to view these kinds of posts in a more charitable light than Riverman, but I’ve got nothing here.
This seems like the a quintessential dril candle situation (Did I use that correctly, @spidercrab?).
-I’ve got 5 kids, and at $30K a pop, I’ll be paying 150K per year in tuition alone. That’s a lot.
-Here’s an idea. If you want to save money, don’t send your kids to private school.
-NO
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Yes - well done!
I’m sometimes a little sympathetic to these Bogleheads posts, but this one is preposterous. I like this math in this post:
That said, taking some worst case assumptions:
~12.5 years of private school, per kid (say Kindergarten is ~half price):
12.5 * 5 * 30K = $1.9M
4 years of premium college, without need-based aid, per kid
4 * 5 * 70K = $1.4M
Total possible education costs ~= 3.3M, or almost half of the OP’s nest egg.
So this dude is worried about future education costs, and if he pays for 16 years of private school per kid for 5 kids, it still takes up less than half of what he currently has saved. And he thinks he should be able to squeeze financial aid from the system somehow. Brain worms.
Brain worms.
just bought $10k of the Series I Savings Bonds on treasury direct - process was very easy took maybe 15 minutes total. Is there any reason to not be buying $10k of these per year for the next 7-8 years at least? the conventional risk would be that the money is not in the stock market earning higher returns, but for someone like me who tends to hold way too much cash (like 50-60k) and doing nothing with it - i dont see the downside of doing this. these bonds pay 100x what the bank is paying and 10x what CDs are returning right now.
The high rate relative to other options might wear away if inflation comes down. And they’re kind of illiquid, you forfeit all your interest if you cash out before one year I think. But yeah at least in the short term you get a good rate while inflation is high.
It’s a hard rain’s a-gonna fall
This explains why I can’t get philly whipped cream cheese in my grocery store anymore.
I used it to close on our home sale, and it was like $600-$700. I’m in MA, where lawyers are typically required for closings. I thought it was a great value.
In the past, I did a will and trust for about $500, which I guess was an OK value. The same lawyer refused to take another case, though, so fuck them.
If you know you have something coming up in the next year, pay for the insurance and get it done. Then decline it for the following year. It’s probably not worth having in case of some liability lawsuit where the stakes are high enough that you want to pay for the best rather than take what you can find.
Read all the reviews before calling any of the lawyers. A lot of them will be unresponsive.
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I fucked up and had 90% utilization on a card last month. My credit score absolutely tanked. I paid it off. Will my score be fixed next month or am I screwed?
It will be fixed next month assuming that was the sole cause of the decrease
This has happened many times to me, since I only have a couple K in credit
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Yeah you’re good next month. It will shoot back up. LOLCREDITSCORES
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Did the same thing 3 weeks ago when I bought 2 new cell phones on my department store cc with a lol limit of like $1500 and it dropped 30 points and has yet to recover. 