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    What if?

    You would have to get "creative" to show your child had income. You can match up to the amount they "earned" in a year provided you do not go over the contribution limits. It is a super small amount per year ($1000). I was thinking something along the lines of you have an LLC and you send out...
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    What if?

    Unfortunately, I am laid off at the moment. So pardon me some venting and rambling. :) I got to thinking about compound interest, the way it works, time frames involved etc. And I came up with something so profound. So simple, easy to do, and life changing, I thought I would share. Not some...
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    Philosophical question regarding Asset Mix approaching "fat fire"

    You ask a very good question, and I am no expert. But I think it depends on what asset level you are at. For example, lets say you had 10mil. And you only needed 40k. year and you are fine. That is such a small portion of your portfolio to live on, that you can "afford" to be 100% equities if...
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    401K to IRA transfer after retirement

    I was going to ask the same. Being so close to 55, is it not worth it to stick around till 55 to be able to get at all that money without penalty? Currently I am laid off, and that is the only reason I need 1 more job before retiring.
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    Thank you all, this money thing actually works!

    I agree..... Many years ago in the depth of the 2008-09 meltdown.... I was not nearly in the financial position I am in today. I was really concerned at the time. And someone here on this forum (wish I could remember who it was to thank them properly), said. "If the market goes down much...
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    Reverse Rollover Uncertainty

    Thanks so much for the wisdom and advice. Most of my friends would literally have no idea what I am even talking about. Probably correct. Being a bit too paranoid about it. Oh and I currently have a ROTH 401k with technically works with the rule of 55, but is against the entire purpose of a...
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    Reverse Rollover Uncertainty

    Hello everyone, This is a follow up post to a previous one that I did recently, about getting recently laid off. However, this is so crucial for a lot of people I would think. So I thought I would post it here. Maybe learn something I was not aware of before. So for my retirement assets, I...
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    Layoff Time Blues....

    Thanks everyone for the advice and well wishing. The problem I am having is a strange one. So for me to retire early, I need reverse roll over my IRA into the next companies 401k plan, so I can use the rule of 55. Otherwise, there would be a 10% penalty. So I did some checking. Internet says...
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    Layoff Time Blues....

    That is a good idea. I also decided to crunch some numbers tonight, that made me feel a bit better. So: 1. My expenses are pretty low (being debt free). So after I am paid severance and accrued vacation time, I should have around 6 months of pay. That is a LONG time looking for employment...
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    Layoff Time Blues....

    Thanks to everyone for their suggestions and thoughts. I forgot to mention that I have around 125k in a non retirement bank account. So I will be fine for a very long time. Not quite to 55. Then again... maybe I can. Like I said it is a very wierd place to be. My biggest problem will be mental...
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    Layoff Time Blues....

    Thanks.... to my understanding ALL retirement plans will allow you to roll over previous 401k's to you current one.
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    Layoff Time Blues....

    Hello everyone, So sadly, like so many others, I have been recently laid off. Or will be. Got one of those WARN notices, and more than likely will not be able to get into another position at the same company. So the search continues (WARN expires in around 2 weeks). I have been through...
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    renters for life a question

    Just something to consider. This happens in California all the time, but can easily happen anywhere. Lifelong renting can sound appealing. You are very mobile, and can always look for a better deal. However, later in life you are putting yourself at a lot of risk. There are literally hundreds...
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    Trusts, wills, and inheritance

    This is correct… and is now very common in wills. Not as a snub per se, but to make sure no one can contest it. This is often done for ex’es, that have crazy families that think they are still owed money somehow..
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    Financial "Success/Secrets" you only share with strangers but not families/friends

    There is a YouTube channel I love watching called “My Self Reliance”. A man bought property, and is in the process of building his own log cabin, and growing enough food to sustain his family. Love it. I am truly envious. Has way less money than me, but is “wealthier” is his life and what he...
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    Financial "Success/Secrets" you only share with strangers but not families/friends

    Sadly…. I can never share my financial success with my family. They are truly awful people. I wish my father was still alive, I think he would have cheered for me. I do have good friends, and we are all in much the same situation, being financial “unicorns”. We are grateful to be able to...
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    72t SEPPs to bridge the gap

    Actually… there is a very cool thing you can do if your company allows it. You will have to call to find out. You CAN do a reverse roll over from an IRA to your current companies 401k plan… and then use the rule of 55. My company allows this and it is part of my strategy when I plan to retire at 55.
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    Americans spend hours and hours preparing their taxes. We shouldn’t have to.

    I can easily do my taxes if I choose to. However, I always elect to pay someone to do my taxes for me. I view it as insurance. If I am ever audited the person who filed it has to explain.
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    And now for something completely different

    When I was a little boy, I dreamed of being a magician. I was amazed with how the wave of a hand could cause something wondrous to occur. And now with the flip of a switch, an unseen force does my bidding. And I wonder if perhaps that childhood dream has been realized. Deny the ordinary, achieve...
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    Advantage of keeping SOME money in old 401k...?

    Provided you are over 59.5 probably no diff other than more control over what to invest in. However, if you are 55+ you can get the 401k money after you retire with no penalty. In IRA you need to wait till 59.5
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    Career advice for one of my kids

    I became a EE myself. I can tell you from my experience, it is normal to suffer. There is no way to get around that. It is an extremely challenging major to study. Around 50% do not make it, and I am not ashamed to say it almost broke me. Took every bit of tenacity I had. I can still remember...
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    Pension plan terminated

    This is how I would figure this out. Do the calculation if you took the lump sum today, and figure 7% average growth till you turn 65. Then see how many years would it take after 65 to equal that number? Are they close, is one way better than the other?
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    Exit sign?

    I would tend to agree here. If you are that close to retiring, does it really make a difference?
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    28 looking for advice... late start

    I truly admire what you have been able to achieve. However, you have well more than 50% of your investments in a single stock. Tesla is working out for now. But you are just one bad day away from being ruined. Eventually you are going to get a bad roll of the dice… I hope you pull out by then..
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    What can we learn from the Bob Ross estate saga?

    For whatever it might be worth, I had a Trust made recently, and the lawyer mentioned a few things that did not apply on my case, it might be valuable to some of you reading. Remember that in your work 401k, bank accounts, etc, where you type in your “beneficiary” that name actually...
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