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Anonymous User
Pre-tax 401(k) or after-tax...thoughts?
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Anyone has joining on 10th october?
I think he wants something….
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Industry on HBO >>>>>>
Anonymous User
Do you always need an MBA to get into MBB?
Anyone here who can refer me for internal project for dot net profile.
Garib ko accha account ki khoj hai... Bohot struggle Kiya hai abhi tak ..
fun apart.
If anyone can refer my profile within their project for dot net then that will be great help .
Posi - sa Exp - 7 years Te h - .net ,not angular but willing to do Cognizant
Additional Posts in FIRE Financial Independence Retire Early
Mentor
Decided to payoff my mortgage.
Mentor
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How old are your kids? I grew up with FIRE parents and money was something that we talked about often. Not in a bragging way, but as information. We took vacations every year but never extravagantly. We drove minivans and I had a $5k junker as my first car. We lived in a very wealthy area outside DC and most of my classmates drove nice cars, had bigger homes than us etc. In high school prepping for college, my parents had a lot more to say and basically told us that in college, most of our friends would likely not have nearly as much as us and to always keep that in mind. When my dad got sick in HS (recovered now thankfully) my mom went over their will with my brother and I because we were 17/18 and she felt it was appropriate. That was when we realized that we were more than just comfortable and we realized that we would inherit quite a bit one day. My parents continued emphasizing that we should absolutely not count on that money. Live our lives and make our choices as if it doesn’t exist.
By 18, we both had summer job money socked away, and at 20 we opened brokerage accts with fidelity. Now we both have good jobs with 0 financial assistance from them, and we have no desire to change that.
This is a long way of saying that if you raise your children to understand the value of a dollar and exactly what to expect, you won’t have to worry about them blowing the money when they’re 18.
God bless your parents my friend
529 plan. Money grows tax free and can be withdrawn tax free if used for education. The term education is broad (think cost of living while in school transportation, books, etc.).
Tip: you can create a 529 before your child is born by opening one in your name and then changing the beneficiary when they’re born.
My parents did when I was a child. They started one for me when I was 5. I earned an allowance, which they said 50% was saved in this account where I could choose a company I liked to save my money in and the other 50% I could spend, usually on gum balls. I did this till I was 18 on everything I earned or received as gifts. They taught me about money and delayed gratification. If you’re teaching them well, they shouldn’t blow it when they’re 18. I still have mine. I haven’t withdrawn money from it.
Interested in this topic as well...
Mentor
My buddy bought a rental house with a 15 year loan. By the time the kid graduates he can deed it over and let the kid inherit it.
If you have plenty and are trying to give away a lot, follow this order for each child each year: put the first $15k ($30k if married) (annual gift tax exclusion) into a 529. After several years you’ll have to stop because you’ve hit the plan’s ceiling. Put the next $6k (current annual limit) in a Roth. Unless your net worth is approaching estate tax level ($11.5 mil, $23 mil if married), stop. First, that’s enough help. Second, let them inherit the rest and get the benefit of the step up in basis. If you are into estate tax territory, go see an estate planning tax specialist and ask about family limited partnerships. Of course, if you’re there, you’re already fat fire and should be enjoying your independence rather than reading this.