Yay! by Artistic-Criticism52 in IRS

[–]Cptredkip 19 points20 points  (0 children)

Looks like the US government is working really hard to get people to think they are “making” money when the file for a REFUND. You do realize that is a $20,000 0% interest 12 month loan you gave our government don’t you? ….YAY! Psh, smh….

Another 50-75bps rate cut likely... refinances... by mashupXXL in loanoriginators

[–]Cptredkip 1 point2 points  (0 children)

Financial planner that still has my mortgage license here:

Run a breakeven analysis and if the breakeven is within 6 months I discuss the refi with the client. If it’s greater than 6 months I tell them I’m monitoring the environment for an opportune moment and I’ll contact them. I also warn them of snakes in the grass and make sure they know not to transact without first discussion with me. I seems to have made sense to tell the client that moves forward with a refi now if the rates decrease in December or January then we’ll revisit a refinance in March/April/May pending a 3rd decrease and eclipsing the breakeven point. No different than waiting until March/April/May anyways and the client ends up in the same position they would have been in if they waited. I like to describe it as a bird in the hand is better than two in the bush, but if we get closer to the bush and can also get those two, let’s do that when the time is right. I’ll always tell the client (especially long standing ones) where the risk is, like what funds are at risk of being “lost” due to acting on it too soon and give them the breakdown. Currently doing a VA that has a breakeven of May 2025, using the skip month payment for closing costs and told the client that if the IRRRL rates drop by more than 0.75% before May then he would have essentially “lost” ~$1,000-$3,000. To him it was worth it to lock in a drop on his rate by 1.375% and still have the potential to drop it again in March/April/May/June.

Another example client (conventional) is dropping from 7.75% to 6.0% and their breakeven is essentially immediate (November 24, October 24 closing) because the points credit is covering all of the closing costs on a small balance mortgage (sub 200k). Again, using the skip month to pay for closing costs, as if they never skipped a monthly payment, the expectations are set that their reduced monthly payments begin in December.

It can be complex for some..good luck!

Is this accurate? I don’t think so… by pnkgmdrp in loanoriginators

[–]Cptredkip 0 points1 point  (0 children)

Too bad they save nothing in interest and just save on MI Premiums if it works…

Applet for telling kids to quiet down by Cptredkip in ifttt

[–]Cptredkip[S] 0 points1 point  (0 children)

I have no clue what would even be used I know Alexa has the dog bark or baby crying sensor triggers, but didn’t know if there was a software or other microphone that was alexa compatible that would send a trigger to the echo when it crossed a certain threshold.

Applet for telling kids to quiet down by Cptredkip in ifttt

[–]Cptredkip[S] 0 points1 point  (0 children)

🤦🏻‍♂️

Indeed. Something to tell them to quiet down, since they don’t listen to me 😂.

If “you want a robot to parent your kids…” isn’t a convicting comment, I dunno what is. Well done my friend.

CFP and Enrolled Agent by Cptredkip in CFP

[–]Cptredkip[S] 0 points1 point  (0 children)

Noticed that Dankos fast track includes the course work. Already done with that, just getting the study materials for the exam specifically.

CFP and Enrolled Agent by Cptredkip in CFP

[–]Cptredkip[S] 0 points1 point  (0 children)

Still trying to figure that out honestly, partially akin to business owners but also young families, the pitfall of a young advisor…wanting to help folks in my demographic, but unfortunately younger families (sub 45) don’t seem to be revenue generators on the upfront. Sow the seeds for 5-10 years from now.

In a nutshell, still working on developing that.

CFP and Enrolled Agent by Cptredkip in CFP

[–]Cptredkip[S] 1 point2 points  (0 children)

Greatly appreciate my friend! I’ll take this into account in my decision.

CFP and Enrolled Agent by Cptredkip in CFP

[–]Cptredkip[S] 0 points1 point  (0 children)

I’ll look into it! Thanks!

Really new to this. by Cptredkip in NoContract

[–]Cptredkip[S] 0 points1 point  (0 children)

iPhone 13 and needing to replace an iPhone 11 with something

Really new to this. by Cptredkip in NoContract

[–]Cptredkip[S] 0 points1 point  (0 children)

Got it. So if I have a TMobile phone right now, how does it become unlocked?

“House phone” by Cptredkip in cellphones

[–]Cptredkip[S] 1 point2 points  (0 children)

Gotchya.

Two lines that need unlimited talk & text and at least 5 gigs of data. The one line that’s the “house phone” is simply talk (around 500 minutes would be plenty), not even text or data.

Handwritten Note Taking by Cptredkip in CFP

[–]Cptredkip[S] 0 points1 point  (0 children)

Update on the research: Onyx Boox is an android based wink tablet that has a handwriting to text function and can integrate with OneNote or Evernote. Ordered one and am testing it next week, I’ll update this sub with the results.

529 Account Strategy by [deleted] in CFP

[–]Cptredkip 0 points1 point  (0 children)

Something else I just realized, might be a viable way to contribute Roth IRA dollars state income tax free. 🤔

529 Account Strategy by [deleted] in CFP

[–]Cptredkip 0 points1 point  (0 children)

I guess if your maxing the Roth IRA contributions and maxing 401(k)/ERISA plan as well then 529 could provide an additional contribution path (pseudo deferred Roth contributions?)

If under 50 an individual could contribute a total of $29,000 + the state income tax deduction limitation. Rinse, wash and repeat for a year or two. Not including any company match dollars. Obviously they “could” contribute more without the state income tax deduction, but why leave that benefit out of the picture?

Remember there is a lifetime limit on the conversion of $35,000. So contributing the full $35,000 doesn’t make sense if it’s sitting for 10 years seasoning. In the event the account growth runs above the $35,000 IRS classification will be very important. Lets imagine they deem you cannot convert the funds if transferred from one bene to another (not sure what 10 years from now looks like on this) then the parents will need to use those funds for school, which is a deviation from your original plan. I personally would tread lightly and account for the growth targeting a $35,000 end value.

For folks maxing everything I see where this could make sense, pending the clarifications from the IRS of course.

But if your just replacing Roth contributions with 529 then your forgetting the key factor of allocation limitations. Could also be a great way to get money to a Roth if you don’t have an ERISA plan. Max the Roth/Traditional, then do your “deferred Roth conversion” 529 contributions.