Doing the regular backdoor. I just Google the mega backdoor and I have no idea if we would be able to do that
We’ll all have to consult with Clovis on executing the mega backdoor.
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I’ve got some great news for you. If you didn’t do it for 2020, you still have time to do it for 2020 (until April) and then again for 2021! 2x the free money.
If you’re not sure you have enough, the optimal play is still to do 2020 first and then shovel in as much as you can into 2021 later in the year.
Make sure you don’t have any money in a rollover IRA (like from rolling out of a workplace retirement plan such as a 401k or 403b) before you start doing backdoor Roth conversions. There is some funky rule that bites you in the ass if you do.
Yeah we’re good there, I’ve only had one 401k and never had to roll over to a new one and the wife is good there too
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I know I should mega backdoor Roth but I don’t want to lose control of the money for 25 years.
Jesus you’re young for being so jaded lol.
You can always take the contributions out later if you want.
It’s damn near impossible taxes don’t go up bigly sooner rather than later, so just do it.
I don’t get this at all. How are you losing control?
It’s ends up in a Roth. You can invest the money in there in nearly anything.
LOL logged onto my HSA to check the balance and saw this. Got pretty lucky with when I turned on the investment portion of the account.
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Some guy on boggleheads went 100% cash during the crash in 2008 and held until now, when he just went 100% equity (purchase scheduled for 1/4). He’s either a troll, or this is the worst case of sell low/buy high I’ve ever come across.
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Lots of crazy stuff on bogleheads. Check out this thread: Share your net worth progression - Bogleheads.org
Includes a gem:
This guy must have had a very heavy TSLA allocation last year.
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Vested stocks could explain quite a bit too if he’s an executive at a tech startup of some sort.
Yeah, I feel like he’s being intentionally vague. Your portfolio doesn’t magically quintuple in normal circumstances.
It does when you’re 100% Tesla.
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My 2021 price target for Tesla is $3175, for a return of about 350%
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I had some TSLA for a while then dumped it early 2020 when I felt it was getting silly. Should I buy now and force a market top? I have magic powers.
You really want $30M guy sneering down on you from his bigger boat? Unacceptable!
This boat was docked in Drake Bay where I stated in Costa Rica. Just a cool 525k Euros/week and you can pretend to be rich!
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If he really has most of it in Tesla, then if he tries to rebalance he’s going to have a massive tax bill. So the 15 million is probably closer to 10 million.
If he stops working and only has 10 million at 45 with two young kids, that’s nowhere near yacht level. Even if he has a withdrawal rate of 4% (which would be a bit high at that age, imo, but very reasonable according to many), that’s only a 400K/yr lifestyle for a family of 4.
Don’t get me wrong, that’s fucking fantastic for doing nothing but logging into your brokerage accounts periodically, but there is no room for yachts in that lifestyle.