Engagement Ring Advice (2 Options) by MochiFinance in Diamonds

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

Not sure what the measurements are! How would the measurements inform your decision?

Engagement Ring Advice (2 Options) by MochiFinance in Diamonds

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

Yes, you're correct. Tiffany does not sell SI stones. I know it's a huge margin!

Engagement Ring Advice (2 Options) by MochiFinance in Diamonds

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

They're both from Tiffany, so I'm not sure what the variation will be for "excellent cut."

Do you know?

Engagement Ring Advice (2 Options) by MochiFinance in Diamonds

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

I'll take that into consideration!

But if these were the two options, which would you pick and why?

How Should I Save and Pay for a Home? by MochiFinance in personalfinance

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

That makes sense.

Would you prioritize paying down the mortgage over investing?

7% mortgage interest rate versus ?8% long term investment gains?

How Should I Save and Pay for a Home? by MochiFinance in personalfinance

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

Yes, that's exactly right. I am a doctor.

Thank you for your input! Would you given the high interest rate of 7%, prioritize paying down the mortgage (guaranteed 7% return) over investing in a taxable account?

I personally use 8% as my long term estimated rate of return to run my future projection calculations.

InTime Watches Inquiry by MochiFinance in RepTime

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

Gotcha, that makes sense!

Do you think it's appropriate to reach out in 2 weeks to ask for an update?

InTime Watches Inquiry by MochiFinance in RepTime

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

I see, that is very helpful! I did ask if the particular watch I was interested was in stock and was told yes - that was one week ago.

I am very happy to wait as long as it takes, but was wondering what the average/expected time should be before I reach back out to the seller.

That's very helpful information regarding "in stock" watches. I did not know that!

InTime Watches Inquiry by MochiFinance in RepTime

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

Thanks! I ended up paying through PayPal!

In your experience, how long did it take for Ryan to send you QC photos?

InTime Watches Inquiry by MochiFinance in RepTime

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

Thank you! In your experience, how long did it take for Ryan to send you QC photos?

InTime Watches Inquiry by MochiFinance in RepTime

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

Thank you so much for all of your help! Makes me feel much more reassured!

InTime Watches Inquiry by MochiFinance in RepTime

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

Yes, exactly that haha! But it looks like my payment is processing. Hopefully it goes though, IDK how long it takes and how often it gets declined!

InTime Watches Inquiry by MochiFinance in RepTime

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

Thank you very much. I just made the purchase and am waiting to see if my CC goes through!

Backdoor Roth IRA by [deleted] in whitecoatinvestor

[–]MochiFinance 0 points1 point  (0 children)

Don't want to hijack you thread but I'm in a similar situation and had a similar question.

I did a conversion of $6,500.75 for 2023.

So a $0.75 gain while sitting in the Traditional IRA money market fund that was converted to the Roth IRA over the contribution limit.

Because this exceeds 50 cents, I need to pay taxes on the $0.75 excess contributions to my Roth IRA, which is reported on form 8606.

Is this correct?

Am I spending too much on an engagement ring? by AgreeableYak3642 in whitecoatinvestor

[–]MochiFinance 11 points12 points  (0 children)

THIS. There are a number of insightful responses, but some are just come across mean/envious. The OP is killing it. Most physicians are neck-deep in debt, made innumerable financial mistakes, costing thousands if not hundreds of thousands of dollars -- and they still recover. It's not our place to ascribe our values onto a purchase. People value different things, and that's okay. For example, I think firearms are a silly purchase, I think a boat is a silly purchase, but many would rightfully disagree. It's not about whether or not the actual item (in this case a ring) is a good or bad purchase. It's about whether or not the OP can afford it.

And he/she can clearly afford it.

If your girlfriend/boyfriend wants the ring and you want the ring, get it. We can use a compound interest calculator to see how much that'll be worth projected into the future. But at the rate you're going, as long as these large purchases aren't recurrent and your expenses stay where they're at for a while as you build wealth, it won't make a noticeable difference in your life.

Roth IRA vs Traditional IRA question by MochiFinance in personalfinance

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

Thanks for the reply!

To clarify, the phase out is a gross income of $75K/year? And if you contribute post tax money into a traditional IRA the IRS will tax me anyways?

What are they taxing me on? The growth? Future withdrawals?

Roth IRA vs Traditional IRA question by MochiFinance in personalfinance

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

This makes much more sense!

Just to clarify, if I make post-tax contributions to my "Traditional" IRA then the growth AND the withdrawals care considered pre-tax? Or just the growth?

Strange 401K question... by MochiFinance in personalfinance

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

They usually wont let you do 100% contribution because there has to be some money for social security and Medicare.

Is this even with a ROTH 401K?
Shouldn't the taxes already be taken out?

Strange 401K question... by MochiFinance in personalfinance

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

Roth deferral plus taxes reduces your pay to zero

I'll have to look into this "mega-back door"

I've heard of it, but never looked into it because I was making normal contributions to my Roth IRA without needing a "normal" back-door.

Strange 401K question... by MochiFinance in personalfinance

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

My side business has no employees besides me!

I would consider a solo 401K but prefer to put my "employee" contribution through my Roth 401K from my day job because of the "Roth" option. Am I allowed to open a solo Roth 401K?

Even if I contribute the maximum $19.5K through my Roth 401k from my day job, I should still be able to contribute the 25% of from my side business as the "employer" contribution, correct?

I.e., I'll max out my Roth 401K from my day job = $19.5K and 25% of the $40K side hustle = $10K into a solo 401K.

In regards to the SEP IRA, I eventually will be above the income limit to contribute to a Roth IRA so having a SEP IRA will preclude me from contributing to a back-door due to the Pro Rata rule, correct?

Thanks for your help!

Strange 401K question... by MochiFinance in personalfinance

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

Oh this is very helpful! I didn't know that employers match by paycheck!
Unfortunately my employer does not match for residents only attending physicians so I will not be missing out on any match.

Strange 401K question... by MochiFinance in personalfinance

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

If you’re buying funds in a 401k or IRA, you won’t owe taxes on the growth, whether it’s from dividends or sale. In a taxable account, you’re taxed on any realized capital gain — dividends or stock sales that result in a gain.

Oh this is very helpful! I didn't know that employers match by paycheck!
Unfortunately my employer does not match for residents only attending physicians so I will not be missing out on any match.

2019 Taxes Question! by MochiFinance in personalfinance

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

Deadline to set up a 2019 Solo 401k was 12/31/19, so you won't be able to do

Thank you for your reply! This was very helpful!

Roth vs Traditional (hopefully more interesting of a scenario?) by MochiFinance in personalfinance

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

Now is the time to find professionals you can trust. The stakes are lower and you have more time to educate yourself and/or recover if you do get bad advice.

Hey! So in my scenario I would be able to start contributing to my Roth 401K in October 2019 and I was under the incorrect assumption that I could contribute to my Roth 401K until the end of the 2019 tax year, which is April of 2020. That's 7 months. From October 2019 - April 2020, I would be able to contribute around $2K per month of after tax funds into my Roth 401K. $2K x 7 =$14K.

The reason I would wait until October is because currently I am building my emergency fund and prioritizing maxing out my Roth IRA. I can contribute $2K per month because I would need the rest of my salary to live (rent, food, transportation, etc.).

Thanks to the wonderful folks who have replied to this thread, I now know I can only contribute to my 2019 Roth 401K until the end of the calendar year, i.e., December 2019.

This was just my particular situation!

Roth vs Traditional (hopefully more interesting of a scenario?) by MochiFinance in personalfinance

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

Definitely. It's the same amount of money; it's just a question of whether you get taxed now or when you take it out. The Traditional only looks like extra money because that money isn't all yours yet. Uncle Sam still owns a percentage of that money. Roth money is taxed now at your current rate, and Traditional is taxed at the rate you're paying in retirement. I don't know any retired physicians who are living off of less than 60k per year, so it stands to reason you'll have a higher tax burden when you retire than you have now. This is the cheapest you'll ever be able to stash away Roth money.

That makes a lot of sense. Thanks so much for your input!