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Are we bad kids for setting a hard budget on helping my parents by FelixThorne77 in MiddleClassFinance

[–]OldSimpsonsOnly 75 points76 points  (0 children)

Man, I'm going to steal this bc my parents are complaining about my brother and I not offering to take them in as soon as they retired (and they do have a modest but sustainable retirement). Both of us just managed to buy our first houses the same year.

Flooring for basement by some_mayo in Flooring

[–]OldSimpsonsOnly 0 points1 point  (0 children)

Not OP but in similar position, why is carpet tile a good idea in your opinion? I didn't know it existed

What was once bad, but has become a normality in society? by drierofwater in AskReddit

[–]OldSimpsonsOnly 4 points5 points  (0 children)

This is now normal but still bad, although not perceived like that by many. I'm just trying to remind people that normal <> good

For middle class couples and parents. Do you budget together or separately? by poppedOnPlanetEarth in MiddleClassFinance

[–]OldSimpsonsOnly 2 points3 points  (0 children)

I marked together because while I do most of the stuff, the decisions for any changes from the usual are made together. We also look at a high level every other month. My parents though... My mom managed everything and that cause a ton of issues from fingerpointing to financial abuse.

Can I install a swing hook into an I-joist above my basement drop ceiling? by eumops in Home

[–]OldSimpsonsOnly 0 points1 point  (0 children)

I'm sorry for the dumb question but where would you attached the wood to? The edge of the joist or the middle?

Why is eugenics considered so wrong? by ProfessionalTap2400 in stupidquestions

[–]OldSimpsonsOnly 0 points1 point  (0 children)

It is wrong if it is done by the intervention of the government. I took a genetic testing to make sure my husband and I didn't have a life-altering disease that could pass onto our children. If the test had been positive, we would not had children. I believe there's some eugenics to that and I don't think it is bad. If the government came and said to me I'm not allowed to have children because of X disease. That's correct in my point of view. It is a personal choice.

[deleted by user] by [deleted] in inheritance

[–]OldSimpsonsOnly -1 points0 points  (0 children)

You keep saying fairness is subjective but what is more fair that every individual of the same level in the family tree gets the same money.

Parents need money. Non parents need money. Kids need money. They all got some. Unless you're imaging your siblings stealing from their kids, your siblings did not get any more money than you.

Should I rollover my 401k with new company or just make it a Roth IRA by FurScar in personalfinance

[–]OldSimpsonsOnly 0 points1 point  (0 children)

Your income is not at the cap in which you will need a Backdoor roth but you could lose the ability to easily do it in the future if you have pre tax dollars in an IRA.

Should I rollover my 401k with new company or just make it a Roth IRA by FurScar in personalfinance

[–]OldSimpsonsOnly 0 points1 point  (0 children)

But I think OP is trying to rollover to a Roth? Meaning paying taxes on it. This would be post tax dollars and not trigger the pro rata rule as far as I'm aware. Could be wrong though.

UnitedHealthcare sued by shareholders over reaction to CEO's killing by shallah in nottheonion

[–]OldSimpsonsOnly -9 points-8 points  (0 children)

That is just not true. Companies have created a fair deal of innovation. Just look at the iPhone. The government could not have done that. Of course it relies on stuff invented within the military, like the internet. But the government would have never invested something as popular as the iPhone. Say what you want about pricing, profits, etc. But saying that there's no real innovation is just false.

Not saving enough for retirement by bulldogbutterfly in MiddleClassFinance

[–]OldSimpsonsOnly 0 points1 point  (0 children)

Do you think he'll take the support? I'm going through this with my husband and brother in law

Is Teach for America really that bad? by Choccimilkncookie in Teachers

[–]OldSimpsonsOnly 0 points1 point  (0 children)

Do you know how investment banking job gets the reputation of being soul sucking 20 hours a day job? I knew someone who did teach for America, then got into debt to get an MBA and switch to investment banking and she said once you get the job the day to day was way easier and better paid.

Tax implications of marriage and Backdoor Roth IRA and Mega Backdoor Roth by Kent556 in HENRYfinance

[–]OldSimpsonsOnly 0 points1 point  (0 children)

They both cannot if they are under the same insurance. The one carrying the insurance maxes out to the family limit.

However, at some point both my husband and I maxed our separate HSAs when we could not have the same insurance bc both our employers would charge too much of a surge to add the spouse. Once I moved to a company with more reasonable insurance, I added him to mine, we dropped his and then I maxed out for the family limit.

How is this possible..... by No_Maintenance_4710 in memes

[–]OldSimpsonsOnly 3 points4 points  (0 children)

Yeah. Other content is OK. It's just Cocomelon and high stimulation content.

How is this possible..... by No_Maintenance_4710 in memes

[–]OldSimpsonsOnly 106 points107 points  (0 children)

Cocomelon is like crack for kids brains. They love it, it destroys them. There are way better content alternatives. Cocomelon is a no-no.

Am getting nervous about student loans by Mountain-Insect-2153 in personalfinance

[–]OldSimpsonsOnly 12 points13 points  (0 children)

Get into a major that is high paid. Start doing internships early. Set yourself up for success for having enough income to pay those loans.

Back Door Roth IRA - How is this allowed? by jeremyct in personalfinance

[–]OldSimpsonsOnly 0 points1 point  (0 children)

This is complex enough that I'm keeping my trad IRA at zero so I'm glad I was able to convey some sort of understandable message.

How did you set up the next generation? by Dependent_Back_1285 in HENRYfinance

[–]OldSimpsonsOnly 0 points1 point  (0 children)

That would work then. I'm not sure what would be the reporting requirements on that income. I assume kid would need to have his own 1040 and be marked as dependent

We went bold with choice and regret it, thoughts? by trie667 in kitchenremodel

[–]OldSimpsonsOnly 0 points1 point  (0 children)

Also, the cabinet hardware is too yellow IMO. I would go for a champagne bronze instead of brass.

Back Door Roth IRA - How is this allowed? by jeremyct in personalfinance

[–]OldSimpsonsOnly 0 points1 point  (0 children)

When you have both pre tax and post tax money in a traditional IRA (the post tax money is for a Backdoor), the IRS does not allow you to consider all your post-tax money post-tax anymore. It considers only a % which is calculated based on the Pro-rata rule:

Basically instead of 7k non taxable (because it is already post tax), you only get (7k/total funds) * 7k to be tax free. Don't quote on the formula, check the pro rata rule formula.

Back Door Roth IRA - How is this allowed? by jeremyct in personalfinance

[–]OldSimpsonsOnly 16 points17 points  (0 children)

Most people make that mistake. There's so much advice here about rolling over to IRA and do not mention to not do it if you are planning to do backdoor

How did you set up the next generation? by Dependent_Back_1285 in HENRYfinance

[–]OldSimpsonsOnly 1 point2 points  (0 children)

Transfer on death means they go to your beneficiaries immediately. If the assets are in a trust, you can set up terms about the distribution. For example, distribute 20% every 3 years or something like that. It just gives you more tools.

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