We’re not super close but it doesn’t seem like it. He’s living in some mountain cabin with his wife and kid
This was the winner. She contributed and rolled over her first $6k before May 17, 2021 so counts for 2020 (and she had not previously made a 2020 contribution)… but had we already withdrew the 2nd $6k to “fix the error” before we realized an error had not actually been made.
So just used the “60 day rollover” rule to put the funds back into the Traditional IRA/reverse the withdrawal. Once it arrives, we will then roll the funds over into her ROTH IRA to complete the 2021 contribution.
What a stupid, stupid system, lol.
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One more question, the “2020 contribution” made in early May 2021 will by documented by amending my tax return for the year 2020 (i.e. the one I filed in April 2021)?
This one is a headscratcher.
Started late.
1996: 0 (first real job age 39)
2012: $1,100,000 (retired early at 55, spouse returned to work)
2018: $1,931,000
2019: $3,060,000
2020: $4,111,000
2021: $5,067,000
Invested it all in Tesla
I would say yes, but I don’t know all of the mechanics of exactly what to do. I think you also have to note it on the 2021 return (since it was deposited in 2021) but then indicate that it was for 2020. If I tried to give you specific instructions, I would probably just screw you up.
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When I saw 350K in 1997in your post, I was guessing that he was gonna be over 2X higher than where he ended up.
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Annual gifting adds up.
Suppose you are a random mega rich person and you have 4 kids and they each are married and have two kids. That’s 16 people you can gift the max to. Times two for you spouse. So you can gift 32 x $15,000 or $480,000 per year, tax free. Do that for 20 years and boom, $10 million is out of your estate.
It amazes me that there is such strong demand for Manhattan real estate and that there are several new office buildings under construction that will add millions of square feet of space.
New York real estate is so messed up. The only stuff that seems to get built is soulless office towers (lol Hudson Yards) and massive, offensively ugly luxury condos that sit empty and are used primarily for money laundering.
That’s a very Manhattan-centric viewpoint. Come out to the outer boroughs where there is a new Fedders building appearing every day.
For that much money the least they could do is cook the fish.
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Question for the sushi bros:
How much would a sushi meal of equivalent quality cost in Tokyo? What about other cities in Japan?
I’ll @Ikioi on this, since he ought to have a pretty good idea.
You can certainly find $400 sushi menus in Tokyo, but they are the exception and far from the norm. For example, world renowned Sukiyabashi Jiro of Jiro Dreams of Sushi fame is one of the city’s most expensive at about $400 a pop.
Below is a list of some of the top sushi restaurants in Tokyo, and a cursory glance shows an average price between $200-$300.
But these are probably in the top 5-10% on the price scale, frequented mainly by the ultra wealthy along with politicians and corporate executives with expense accounts. The average Japanese might visit a place like this once in a lifetime if even that.
Beyond these outliers, Tokyo alone has literally thousands of sushi restaurants (not an exaggeration), almost all of them excellent out of necessity due to the brutal competition and expectation of quality, and a meal comparable to the best NYC has to offer can easily be found in the $40 - $100 range.
For instance, one of the best sushi meals I’ve ever had was at the popular Sushidai in Japan’s famous Tsukiji fish market. I stood in line for 2 hours from 6:00 am, and its $40 omakase course was worth every minute of the wait. Nothing fancy, just excellent sushi.
Then you have even more casual joints, chains, and revolving sushi, some of which are quite excellent. I have a favorite revolving sushi restaurant in Yokohama where I can absolutely pig out and enjoy superb sushi for $30 or less, and there are restaurants of this level of quality and price all over Japan.
Finally, at the bottom of the barrel are the 100 yen revolving sushi chain restaurants. Naturally the quality drops off, but the food is still quite good for the price. My wife and I can eat 'till we’re full at these joints for around $20 for two. Sushiro is my favorite of these:
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Great post! Thanks.
Edit: I had a question, but deleted since I see that you already answered it.
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So what is the scam here? They say they’re offering 1% APY on a checking account, with 4% on the first 3%.
2 catches:
- You have to be a T-Mobile customer to get the 4% which excludes a lot of folks
- 4.00% APY only applies to balances up to $3,000 and 1.00% APY after that, so it’s like $10 of interest per month
1% APY is 2x what I get at Ally… and I’m already a t-mobile customer.
Seems like you have to make purchases using the card too.