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Posted: 6/1/2023 3:38:48 PM EST
[#1]
Quote HistoryQuoted: VOO |
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Posted: 6/1/2023 3:39:26 PM EST
[#2]
Once she starts playing sports you will need it again.
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Posted: 6/1/2023 3:39:39 PM EST
[#3]
For me it would depend on many things. Investing is good but so is putting more down on your mortgage, if that is a thing for you. It is amazing the money you can save there for/in the future.
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Posted: 6/1/2023 3:40:27 PM EST
[#4]
Pay off my house early.
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Posted: 6/1/2023 3:42:07 PM EST
[#5]
Land
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Posted: 6/1/2023 3:43:39 PM EST
[#6]
Sugar-baby
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Posted: 6/1/2023 3:56:19 PM EST
[#7]
BTC
TSLA |
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Posted: 6/1/2023 3:58:28 PM EST
[#8]
Bonds .... bonds ... and more bonds ...
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Posted: 6/1/2023 4:06:47 PM EST
[#9]
Dividend kings, aristocrats, and ETFs.
My current positions are, JEPI, JEPQ, and MO. |
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Posted: 6/1/2023 4:09:18 PM EST
[#10]
Quoted: Our daughter starts kindergarten in a few months, and we'll be spending $600/month on after school care instead of the $1,600/month for daycare we do now. So, what to do with the extra grand not going out the door every month? Already have NODs and thermal, so I guess investing is the "responsible" thing to do  Spoke with my financial guy and we're thinking about putting $500/month into our post--tax brokerage accounts and opening a brokerage account for her that would receive the other $500 every month. When she gets old enough for a high school job, we would have her start contributing some of her check/tips to get her used to putting away retirement money at an early age like my parents had me do. We already max the pre-tax contributions in a 529 account for her, but I like the idea of having something that isn't tied to education that can also help teach the idea of saving and compound interest that isn't just a checking/savings account with our bank. So, what would you do with an extra grand every month? My parents never taught me dick about saving, investing, compounding or anything really useful in regards to finances.. |
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Posted: 6/1/2023 4:12:52 PM EST
[#11]
Quoted: Our daughter starts kindergarten in a few months, and we'll be spending $600/month on after school care instead of the $1,600/month for daycare we do now. So, what to do with the extra grand not going out the door every month? Already have NODs and thermal, so I guess investing is the "responsible" thing to do Spoke with my financial guy and we're thinking about putting $500/month into our post--tax brokerage accounts and opening a brokerage account for her that would receive the other $500 every month. When she gets old enough for a high school job, we would have her start contributing some of her check/tips to get her used to putting away retirement money at an early age like my parents had me do. We already max the pre-tax contributions in a 529 account for her, but I like the idea of having something that isn't tied to education that can also help teach the idea of saving and compound interest that isn't just a checking/savings account with our bank. So, what would you do with an extra grand every month? Right now? Stocked food stores, then Gold and silver. |
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Posted: 6/1/2023 4:16:14 PM EST
[#12]
Quote HistoryQuoted: Let me give you an honest answer: There is no “Extra $1000”. That’s “poor people think”, and you need to retrain your mind. It doesn’t matter if you have a monthly excess of $1000 or $10,000 or $30,000 Don’t think about it. Buy what you need, and put the rest to work for you. Max out your tax advantaged accounts, including Roths. Then, invest in other ways, and become debt free. There is no “extra” until after your funeral expenses are all paid. Quote HistoryQuoted: Quoted: Our daughter starts kindergarten in a few months, and we'll be spending $600/month on after school care instead of the $1,600/month for daycare we do now. So, what to do with the extra grand not going out the door every month? Already have NODs and thermal, so I guess investing is the "responsible" thing to do Spoke with my financial guy and we're thinking about putting $500/month into our post--tax brokerage accounts and opening a brokerage account for her that would receive the other $500 every month. When she gets old enough for a high school job, we would have her start contributing some of her check/tips to get her used to putting away retirement money at an early age like my parents had me do. We already max the pre-tax contributions in a 529 account for her, but I like the idea of having something that isn't tied to education that can also help teach the idea of saving and compound interest that isn't just a checking/savings account with our bank. So, what would you do with an extra grand every month? Let me give you an honest answer: There is no “Extra $1000”. That’s “poor people think”, and you need to retrain your mind. It doesn’t matter if you have a monthly excess of $1000 or $10,000 or $30,000 Don’t think about it. Buy what you need, and put the rest to work for you. Max out your tax advantaged accounts, including Roths. Then, invest in other ways, and become debt free. There is no “extra” until after your funeral expenses are all paid. That’s how we see it. A sum of money we can put towards something other than an expense which will hopefully make us and/or our daughter more money. |
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Posted: 6/1/2023 4:18:08 PM EST
[#13]
Quote HistoryQuoted: You're sending your kid to public school and worried about college indoctrination? LOFL Gonna see how K goes and go from there. We’re prepared to go private or home school. |
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Posted: 6/1/2023 4:20:48 PM EST
[#14]
Are you paying your financial guy? Seems to me that you should either take his advice or find one whose advice you will take.
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Posted: 6/1/2023 4:28:01 PM EST
[#15]
add it to my Fidelity account in random accounts
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Posted: 6/1/2023 4:29:49 PM EST
[#16]
Quote HistoryQuoted: Are you paying your financial guy? Seems to me that you should either take his advice or find one whose advice you will take. Always like the free advice GD gives 
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Posted: 6/1/2023 4:40:22 PM EST
[#17]
Quote HistoryQuoted: VOO What's the difference between voo and vtsax? |
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Posted: 6/1/2023 4:43:08 PM EST
[#18]
Stop sacrificing your children to the public indoctrination.
Private school. |
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Posted: 6/1/2023 5:04:15 PM EST
[#19]
Sports Car
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Posted: 6/1/2023 5:19:31 PM EST
[#20]
Save it ?
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Posted: 6/1/2023 5:21:14 PM EST
[#21]
Quote HistoryQuoted: Save it ? Like a savings account? If I’m going that route I’ll just do a rolling 9 month CD for 4.5% instead of the .045% a savings account will pay. |
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Posted: 6/1/2023 5:46:08 PM EST
[#22]
Quote HistoryQuoted: Hookers and blow |
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Posted: 6/1/2023 5:47:01 PM EST
[#23]
Quote HistoryQuoted: Put into a Roth IRA or a 529 Plan |
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Posted: 6/1/2023 5:48:51 PM EST
[#24]
Side piece
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Posted: 6/1/2023 5:54:26 PM EST
[#25]
Buy a boat
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Posted: 6/1/2023 5:58:21 PM EST
[#26]
A taxed sheltered education fund for the wee one.
$1000 a month for 12 years is $200,000 if we get a republican president or two or about $87 if we keep electing socialist. |
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Posted: 6/1/2023 6:00:34 PM EST
[#27]
https://www.ar15.com/forums/general/Old-guys-moving-to-the-philippines/5-2646933/
5th post. It's never too early to start planning. |
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Posted: 6/1/2023 6:05:19 PM EST
[#28]
Quote HistoryQuoted: Buy gold and silver. |
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Posted: 6/1/2023 6:11:07 PM EST
[#29]
Quote HistoryQuoted: Buy a boat Now there’s the financial planning tips one doesn’t get from someone with fiduciary responsibilities. Maybe hookers and blow ON the boat??? |
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Posted: 6/1/2023 6:31:32 PM EST
[#30]
Bitcoin
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Posted: 6/1/2023 6:34:52 PM EST
[#31]
Quote HistoryQuoted: We already do a bit of that. Mortgage is $2,400/month and we put an extra $1,600 to the principal. Treating it like a ~15yr loan and hoping to have the note paid off around the time the little one graduates middle school. We know it doesn't make the most fiscal sense, as the loan is only 2.25%, but we like the idea of owning sooner rather than later. Quote HistoryQuoted: Quoted: Pay extra on your mortgage. We already do a bit of that. Mortgage is $2,400/month and we put an extra $1,600 to the principal. Treating it like a ~15yr loan and hoping to have the note paid off around the time the little one graduates middle school. We know it doesn't make the most fiscal sense, as the loan is only 2.25%, but we like the idea of owning sooner rather than later. When a simple money market fund is paying 5% - why on earth would you pay down a 2.25% loan? I am ALL for early payoff of a home - but not with this financial situation we are in. |
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Posted: 6/1/2023 6:35:45 PM EST
[#32]
Quote HistoryQuoted: You can withdraw from a Roth tax free if the money is in for at least 5 years and you're 59 and 1/2. Check with your financial and tax guys. It may be a very good retirement option for you. If you're thinking you might need the money sooner, then a brokerage account may be mo' batter. Quote HistoryQuoted: Quoted: Any reason for a Roth IRA over a run of the mill brokerage account? Tax benefits? Only spoke with my guy for a second on the tail end of our quarterly chat, so I'm not sure if a Roth or a brokerage account was what he had in mind. Check with your financial and tax guys. It may be a very good retirement option for you. If you're thinking you might need the money sooner, then a brokerage account may be mo' batter. Roth IRA is still better because you can withdraw *contributions* at any time for any reason. |
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Posted: 6/1/2023 6:38:34 PM EST
[#33]
I'd be able to pay the 8 grand I'm going to lose my house over?
And put 2 new tires on my truck And not have to have my parents buy my kids summer clothes. And maybe but meat more often God damn I hate my fucking ex. |
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Posted: 6/1/2023 6:47:04 PM EST
[#34]
1. Pay off any high interest debt (>5% or whatever a simple MMF pays)
2. Fully funded emergency fund - 3-6 month expenses 3. 401k up to the company match. 4. HSA up to the maximum contribution ($7750 family plus $1000 catchup) 5. Roth IRA/Backdoor Roth IRA (if Mega backdoor is not an option) ($6500 + $1000 catchup) 6. 401k up to the maximum ($22,500 + $7500 catchup) 7. Mega backdoor Roth contribution (if this is an option) up to the maximum allowed (generally $66,000 - 401k contribution and match) 8. College education savings for kids - 529 plan/taxable brokerage depending on your state and benefits. Can use Mega Backdoor Roth for this purpose as well. 9. Work provided ESPP/ESOP stock purchase programs (might rate this higher on the list depending on the deal/discount) 10. Taxable brokerage account. Mix in medical FSA depending on your medical situation and benefits, and any other non-typical work related financial benefits. Investing it in a kids account will just teach them that you will give them free money, IMHO. I prefer to match their income from work in their own Roth IRA, and let them watch that grow, relative to how much they work. |
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Posted: 6/1/2023 6:48:19 PM EST
[#35]
Quote HistoryQuoted: Pay off my house early. At 2.25% on the note? 
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Posted: 6/1/2023 6:50:25 PM EST
[#36]
Quote HistoryQuoted: Put into a Roth IRA or a 529 Plan This ^^^ +1000 times |
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Posted: 6/1/2023 6:54:30 PM EST
[#37]
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Posted: 6/1/2023 6:55:40 PM EST
[#38]
Lots of great advice here.
Something to keep in mind is the money market funds have higher expense ratios. You'll save a lot in the long run by going for an index fund like VTSAX or a ETF like VTI. Also life is short. Do something YOU would like for yourself or your family. $1,000/mo in savings is a decent amount of money. That's easily a family vacation or great dinners. Make some memories with your family my friend. You can always save money, making memories is a better investment. Quoted: What's the difference between voo and vtsax? VTSAX tracks 3000+ US stocks and VOO tracks the SP500. VTSAX is an index fund which only trades after the day is over and has a minimum investment requirement of I think $3,000. VTI is an ETF with no minimum requirement and you trade it any time during normal trading hours like any other stock. Both are lower expense ratios than money market funds. |
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Posted: 6/1/2023 6:56:39 PM EST
[#39]
With as much money as you must be making, I have a feeling you know what to do with an extra $1000 better than most of us do. :) |
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Posted: 6/1/2023 7:05:33 PM EST
[#40]
Quote HistoryQuoted: 1. Pay off any high interest debt (>5% or whatever a simple MMF pays) 2. Fully funded emergency fund - 3-6 month expenses 3. 401k up to the company match. 4. HSA up to the maximum contribution ($7750 family plus $1000 catchup) 5. Roth IRA/Backdoor Roth IRA (if Mega backdoor is not an option) ($6500 + $1000 catchup) 6. 401k up to the maximum ($22,500 + $7500 catchup) 7. Mega backdoor Roth contribution (if this is an option) up to the maximum allowed (generally $66,000 - 401k contribution and match) 8. College education savings for kids - 529 plan/taxable brokerage depending on your state and benefits. Can use Mega Backdoor Roth for this purpose as well. 9. Work provided ESPP/ESOP stock purchase programs (might rate this higher on the list depending on the deal/discount) 10. Taxable brokerage account. Mix in medical FSA depending on your medical situation and benefits, and any other non-typical work related financial benefits. Investing it in a kids account will just teach them that you will give them free money, IMHO. I prefer to match their income from work in their own Roth IRA, and let them watch that grow, relative to how much they work. Another consideration is that OP will likely apply for whatever financial aid is available for college if their kid (likely) goes to college. A 529 is counted against you when calculating the FAFSA, but retirement accounts are not. If OP can open another Roth for his wife and doesn't "need" it for retirement, then those contributions can be used for college expenses and they can take advantage of all that sweet free uncle Sam cheddar while keeping as much as possible to themselves. 6500x18 years=$117,000. and mom and dad keep the interest at retirement. Flip side, the kid gets a full ride, or goes into the military or starts a business and they don't need the college money. Then they don't pay the penalty on the 529 like they usually would. |
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Posted: 6/1/2023 7:19:31 PM EST
[#41]
Currently, you are used to having the expenditure and not having the money. I would put 75% of it in savings, investments, or something "responsible", and reward yourself with the remaining 25% so you don't feel like you never get any goodies or get to reward yourself. Another idea would be put 75% away now, and take 25% for 6 months or a year, then re-evaluate and decide if you need or want to modify the savings amount.
You are in a good position, and there has to be some "reward" for past and current responsible behavior or you might begin wondering why you never get ahead or get goodies. Or, you could put the $1000 a month away for a year, and then you get to go on a nice vacation somewhere really special. Leave the child with relatives for a month and go to Asia, Europe, Hawaii, the Caribbean or something like that. |
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Posted: 6/1/2023 7:21:11 PM EST
[#42]
Quote HistoryQuoted: Lots of great advice here. Something to keep in mind is the money market funds have higher expense ratios. You'll save a lot in the long run by going for an index fund like VTSAX or a ETF like VTI. Also life is short. Do something YOU would like for yourself or your family. $1,000/mo in savings is a decent amount of money. That's easily a family vacation or great dinners. Make some memories with your family my friend. You can always save money, making memories is a better investment. VTSAX tracks 3000+ US stocks and VOO tracks the SP500. VTSAX is an index fund which only trades after the day is over and has a minimum investment requirement of I think $3,000. VTI is an ETF with no minimum requirement and you trade it any time during normal trading hours like any other stock. Both are lower expense ratios than money market funds. |
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Posted: 6/1/2023 7:22:43 PM EST
[#43]
Quote HistoryQuoted: You understand that MMF and an ETF like VTSAX have completely different purposes and volatility, right? Sure. He didn't say anywhere in his OP that he wanted to be less risky with the savings. Unless I missed it which is highly likely. |
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Posted: 6/1/2023 7:23:06 PM EST
[#44]
Quote HistoryQuoted: Buy gold and silver. Add brass and copper, with a dash of lead. |
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Posted: 6/1/2023 7:25:58 PM EST
[#45]
Quote HistoryQuoted: With as much money as you must be making, I have a feeling you know what to do with an extra $1000 better than most of us do. :) Meh, we live in a high cost of living area. We’re definitely middle class, but I’m no GD millionaire I mainly made the thread to see if there were any off the wall ideas that were worth a look and the standard hookers and blow shenanigans. |
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Posted: 6/1/2023 7:33:23 PM EST
[#46]
Have another child... that will fix that extra money problem real well.
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Posted: 6/1/2023 7:36:44 PM EST
[#47]
Pay off all credit cards then half toward mortgage and half in Roth account.
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Posted: 6/1/2023 7:36:52 PM EST
[#48]
I would buy her some 1 month renewing tbills right now. Use the interest to go into another investment vehicle...
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Posted: 6/1/2023 7:37:04 PM EST
[#49]
Quote HistoryQuoted: Side piece ..Voice of wisdom right here OP. This is what keeps me coming back to the GD. YOLO! |
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Posted: 6/1/2023 7:42:09 PM EST
[#50]
Quote HistoryQuoted: Another consideration is that OP will likely apply for whatever financial aid is available for college if their kid (likely) goes to college. A 529 is counted against you when calculating the FAFSA, but retirement accounts are not. If OP can open another Roth for his wife and doesn't "need" it for retirement, then those contributions can be used for college expenses and they can take advantage of all that sweet free uncle Sam cheddar while keeping as much as possible to themselves. 6500x18 years=$117,000. and mom and dad keep the interest at retirement. Flip side, the kid gets a full ride, or goes into the military or starts a business and they don't need the college money. Then they don't pay the penalty on the 529 like they usually would. Quote HistoryQuoted: Quoted: 1. Pay off any high interest debt (>5% or whatever a simple MMF pays) 2. Fully funded emergency fund - 3-6 month expenses 3. 401k up to the company match. 4. HSA up to the maximum contribution ($7750 family plus $1000 catchup) 5. Roth IRA/Backdoor Roth IRA (if Mega backdoor is not an option) ($6500 + $1000 catchup) 6. 401k up to the maximum ($22,500 + $7500 catchup) 7. Mega backdoor Roth contribution (if this is an option) up to the maximum allowed (generally $66,000 - 401k contribution and match) 8. College education savings for kids - 529 plan/taxable brokerage depending on your state and benefits. Can use Mega Backdoor Roth for this purpose as well. 9. Work provided ESPP/ESOP stock purchase programs (might rate this higher on the list depending on the deal/discount) 10. Taxable brokerage account. Mix in medical FSA depending on your medical situation and benefits, and any other non-typical work related financial benefits. Investing it in a kids account will just teach them that you will give them free money, IMHO. I prefer to match their income from work in their own Roth IRA, and let them watch that grow, relative to how much they work. Another consideration is that OP will likely apply for whatever financial aid is available for college if their kid (likely) goes to college. A 529 is counted against you when calculating the FAFSA, but retirement accounts are not. If OP can open another Roth for his wife and doesn't "need" it for retirement, then those contributions can be used for college expenses and they can take advantage of all that sweet free uncle Sam cheddar while keeping as much as possible to themselves. 6500x18 years=$117,000. and mom and dad keep the interest at retirement. Flip side, the kid gets a full ride, or goes into the military or starts a business and they don't need the college money. Then they don't pay the penalty on the 529 like they usually would. Good thinking, but if either OP (or his wife) have a reasonably good job, they will be completely disqualified from all Federal Aid anyway. Just the way it is. The average person, has No Idea. My kids got a State scholarship, which paid about half, but that was purely on their own Merit. Most States don’t even have that. |
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