GME’s market cap is not even 3 billion and the short interest was extreme so this isn’t that insane. Ryan Cohen turned a pet food company into a billion dollar company and knows e-commerce. If he helps them get out from under all the shitty store space they have and transition to mostly online it’s a viable business. Gamestop has a lot of goodwill with name recognition and I assume Cohen has the contacts and connections to make this happen.
I’m not invested but I think it’s silly to just act like everyone investing in this is just an idiot getting lucky. Cohen and Burry are big boy investors who basically took retail along for the ride.
Even BB is more than it seems, cybersecurity and shit instead of phones. I think BB and GME have better bull cases than just a pump and dump. Certainly popcorn worthy at this point, WSB might have enough clout at this point to actually affect things.
I’m very disappointed that I can’t short DoorDash, but it’s obvious that TD Ameritrade is saving me money by stopping me. Not sure how I should ultimately feel.
What happens if I contribute the full $6k to a Roth IRA and then my wife and I go over the income limit by December? It’s borderline depending on bonus sizes. Do I just pay a tax penalty?
Just contribute to a Traditional IRA and covert to a Roth via the backdoor conversion. Then it doesn’t matter if you go over the income limit. And there is nothing that says you can’t do a backdoor if you’re under the limit at the end of the year. (Just make sure you or your wife do not currently have any funds in a rollover IRA or a traditional IRA, because that complicates things. Just Google backdoor Roth to read up a little bit.)
I’ve got $2k in a rollover that just sits there in some bullshit stock. Honestly it’s such a hassle to have because it’s not enough to do anything with and it’s with a provider that I don’t use anything for except that.
Just convert it first (you will have to pay taxes on it) to a Roth and then you’re good to go. Just make sure you select “pay taxes later” so you can convert the full $2000 to the Roth. You will just owe income tax on that $2000 for the year you do the conversion.
So one of my coworkers has befriended an 87-year-old widow and helps her out like four or five times a week. Goes grocery shopping, helps around the house, does yard work, etc. Very nice, right? Well yes except all he does is talk about her investment and retirement accounts (over 2 million bucks) and how she doesn’t have any kids. FWIW I think she knows exactly what she’s doing, she leaves her statements open on the kitchen table, talks about how her investments are doing, etc. But man this dude is thirsty for that inheritance, kind of gross tbh. But whatever, he’s helping her out, that’s nice. More than I’m doing anyway.
Once you convert it, then “transfer in kind” to the new Roth you set up and close down the account at that brokerage. Shouldn’t be difficult - do it in these steps.
Convert $2000 from Rollover IRA to Roth at old broker
Contribute to Traditional IRA at new broker
Execute backdoor Roth at new broker
Transfer “in kind” from Roth at old broker to Roth at new broker
