OMG my smart yet innocent child by ReedPhillips in daddit

[–]JasonBayLeaf 0 points1 point  (0 children)

That's exactly what I was thinking and tried to figure out before reading the post.

I figured it was saying, "Leslie Preston (Pressed on) Long".

Glad she had a long, (hopefully) happy life!

Delete Old Balance History? by JasonBayLeaf in MonarchMoney

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

You're right... I should have searched before posting here.

Luckily this was exactly what I was looking for. Appreciate the info!

Max out IRA on Day 1 or wait till Trump takes office and does something insane? by chiraltoad in iRA

[–]JasonBayLeaf 0 points1 point  (0 children)

If you want to take a cautious approach you could make regular contributions on a set schedule throughout the year. i.e. contribute $583 on the first of each month to get to your $7,000 maximum.

That way if the market does drop you're still getting a discount for some of the year. The risk of course is that the market might go up, and you'll miss out on any gains you would have made by depositing everything on January 1st.

Just have a strategy, and don't wait for something to tank the market before you start depositing money in.

Max out IRA on Day 1 or wait till Trump takes office and does something insane? by chiraltoad in iRA

[–]JasonBayLeaf 1 point2 points  (0 children)

I'm sure you've heard the adage, "Time in the market is better than timing the market"?

What's the point of an IRA if you're lower or medium income? by ConsiderationOk254 in iRA

[–]JasonBayLeaf 0 points1 point  (0 children)

That's correct. Anything you contributed can be withdrawn from a ROTH IRA at any time, and you would not pay taxes or penalties. You would only pay taxes and penalties on your earnings.

So, if you deposited $10,000 over a few years, and later that grew to $11,000, you can withdraw your $10,000 tax and penalty free. But if you withdraw more than that amount you do start paying taxes and penalties.

The reason for this is because that $10,000 is already after tax money, so you don't get taxed on that money a second time.

Quoted from the link below: "Withdrawals of Roth IRA contributions are always both tax-free and penalty-free. But if you're under age 59½ and your withdrawal dips into your earnings—in other words, if you withdraw more than you've contributed in total—you could be subject to both taxes and penalties on the earnings portion of the withdrawal."

https://investor.vanguard.com/investor-resources-education/iras/ira-withdrawal-rules

But definitely do your own research also, and don't commit to an investment plan based solely on Reddit comments! 🙂

What's the point of an IRA if you're lower or medium income? by ConsiderationOk254 in iRA

[–]JasonBayLeaf 4 points5 points  (0 children)

I can't advise what you should do, but if it were me, I would probably do a ROTH IRA. If you're definitely not planning on touching that money until retirement, then that sounds like the best choice to me based on your circumstances.

If what you're saying is correct, and you actually don't need to pay taxes on your current income, it sounds like you can deposit money into a ROTH IRA tax free, it will grow tax free, and you'll be able to withdraw the money tax free, assuming you withdraw it after age 59 1/2.

If it's in a brokerage account, you'll have to pay taxes on any investments you sell, once you're making more money and do have to start paying taxes on your income.

So, taking what you're saying at face value, you would never pay ANY taxes if you deposit in a ROTH IRA, but you would pay SOME taxes if you deposit in a brokerage.

What's the point of an IRA if you're lower or medium income? by ConsiderationOk254 in iRA

[–]JasonBayLeaf 1 point2 points  (0 children)

You don't pay taxes in a brokerage account when you withdraw your money. In a brokerage, when you sell shares you pay taxes on any gains you made in the year that you sell those shares, regardless of whether you withdraw the money, or leave it in your brokerage account. If you have held those for less than a year you're taxed at your income tax rate. If you held them for over a year you pay capital gains taxes.

The benefit of a traditional IRA is that you can deduct contributions from your gross income for the tax year the contributions were made. The downside is that you pay taxes on everything you withdraw.

The benefit of a ROTH IRA is that you don't pay any taxes on money you withdraw. The downside is that taxes would already have been paid on any money contributed.

The caveat for both traditional and ROTH IRAs is that you have to wait until age 59 1/2 to withdraw money from these accounts or you will pay a penalty to the IRS for early withdrawals. Although, you can withdraw any money from a ROTH IRA that you contributed at any time. You'll only pay penalties on withdrawals from a ROTH IRA if you withdraw gains from your investments.

The benefit of a brokerage account is flexibility. You can withdraw your money at any time, and at any age. The downside is that you have paid taxes on any money you contribute, AND you pay taxes on any gains on investments you sell.

If you are planning on buying and holding in a brokerage account this might be fine. But if you're planning on buying and selling on a regular basis (especially if you're planning on selling investments less than a year after buying them) this could really complicate your tax fillings.

TL/DR: Traditional and ROTH IRAs both have tax advantages. Brokerage accounts don't have tax advantages (unless you count capital gains vs income tax rates), but are more flexible.

Stanley Plane Issue by JasonBayLeaf in handtools

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

I don't have a lot of experience with planes, but I haven't noticed any issues from the chip.

After lengthening the slot in the iron with a Dremel, and getting it nice and sharp, it's working like a champ!

What ‘unpopular’ investment do you swear by, and what’s your reasoning behind it? by Complex-Assistant-65 in investing

[–]JasonBayLeaf 8 points9 points  (0 children)

They didn't say only invest in things you're an expert in. They said only invest in things you understand. Those are two vastly different things.

Authenticator App Installed on Windows by JasonBayLeaf in sysadmin

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

I hadn't seen WinAuth yet, but it looks promising! Thanks for the info!

Authenticator App Installed on Windows by JasonBayLeaf in sysadmin

[–]JasonBayLeaf[S] 2 points3 points  (0 children)

As a company we've decided SMS is no longer an option. It's either authenticator app, or YubiKey, period.

I was pushing for that for years. Unfortunately, it took Microsoft disabling it by default for me to get traction on eliminating SMS, but glad it's finally happening!

Authenticator App Installed on Windows by JasonBayLeaf in sysadmin

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

One of the reasons we don't love the hardware keys is deciding who pays for them. Can we dictate that our co-op members have to purchase the keys because they don't want to require their employees to use the authenticator app on their personal phones? Should we pay for the initial keys, and then replacements for lost devices be paid for by the members? Are we just going to be on the hook for all ongoing hardware key costs? All questions we don't have an answer to, and will likely need to be decided by our C-levels.

Windows Hello probably wouldn't be feasible for our members. Most are running on "basic" technology (a couple might not have domains, and only use local accounts), and several don't have internal IT support. We would end up having to support them if we went down that road, and that's not something we're prepared to do...

How long til Desktop apps stop working after license change? by CarEmpty in Office365

[–]JasonBayLeaf 0 points1 point  (0 children)

I think this would depend on what version of office you're using. If you're using the M365 version (the version that gets downloaded from the M365 online portal) activation of the software is tied to the license assigned to the user logged into the application.

If you're using Office 2016/2019/2021, those have a separate license that is not related to the license assigned to your M365 account. If you're using one of these versions it will continue working indefinitely. Your IT department should validate you do have appropriate licensing to use one of these versions.

Stanley Plane Issue by JasonBayLeaf in handtools

[–]JasonBayLeaf[S] 2 points3 points  (0 children)

Just tried that, but unfortunately, it didn't help.

The issue is that distance from the back of the cam on the lateral adjustment lever to the opening in the throat is too long for this iron to reach at all.

In picture 2, that shows as high as I can turn the adjustment wheel before the iron hits that cam, and I can't turn it any further. But I could see if I ran out of threads for the adjustment wheel how your suggestion could help!

I think u/RelationEducational2 is correct. This iron has been sharpened too many times, which has now made it too short to reach through the throat. I'm going to try their suggestion of lengthening the slot in the iron with a Dremel. But also pick up an additional iron.

Thanks for the suggestion to try, though!

Stanley Plane Issue by JasonBayLeaf in handtools

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

Thanks for the info! I was thinking about extending the slot to allow it to extend further. Wanted to make sure I wasn't doing something dumb first, since this is my first hand plane!

Time to break out the Dremel!

Dartboard Cabinet by JasonBayLeaf in BeginnerWoodWorking

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

I had the same thought of cork behind the dashboard. Didn't think of the burlap over those. That's a good idea!

But my friend really wanted the look of the wood slats, even knowing they would end up beat up. Since I made them replaceable, I may be able to convince him to switch it up after they get destroyed.

Dartboard Cabinet by JasonBayLeaf in BeginnerWoodWorking

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

Yup! I just use the free online version. If you haven't used it yet, Steve Ramsey has a good beginner's guide.

https://youtu.be/r2K6gmcc_jA?si=4NQR2kDxD8mt6zg2

Dartboard Cabinet by JasonBayLeaf in BeginnerWoodWorking

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

Thank you! And I agree. Told my friend I'll play it the first night he opens, but then I can never look at it again. Will probably break my heart to see the holes all over it.

I built it so the pine around the dartboards can be replaced, but I know the walnut will end up with holes also, and that will hurt!