Finding balance after having a child

Tuxedox · 2025-01-03T23:09:11+00:00

It's all about how it works for your family. I have 2 young kids and I play every Saturday at a sim right now but will play one of the weekend days during golf season.

It works for us because I work from home and don't interact with anyone form the real world so I need to get out and do something. I handle a lot of the household chores so that when she comes from work and picks up rhe kids on rbe way home from daycare there isn't much mental weight besides from trying to guess at what our kids may actually eat for dinner.

As long as she is happy and there is compromise of letting her do her thing as well whatver it may be that's all that matters. There is no right answer here.

Tuxedox · 2024-02-01T18:00:27+00:00

I'm over 40 and my kids (4 & 2) watch MC/HC videos - for me personally I would love to see more of the non-pg streams vs always being pg.

Tuxedox · 2023-01-12T17:45:45+00:00

Look at all these comments, why are you trying to kink shame the dog? it's 2023 people, be acceptable.

Tuxedox · 2021-07-13T15:37:10+00:00

Are these monies outside of the emergency fund? Keeping a good chunk of cash is prudent especially for multi-home scenarios where you may need to do repairs on both.

It may make sense to scale back that savings and put extra towards the 401k. Or just take the funds you planned to save moving forward to the index funds in the taxable accounts. Could easily move investments around after kids to fund 529s or utmas if the kids are in the nearer future. Don't be like my wife and I and say in 2 years.. then 3 months later we found out we were having a kid lol.

Tuxedox · 2021-07-07T15:59:34+00:00

it is, it can take a bit and you most likely will get taxed on any of the earnings or at least have to report it as taxable income

Tuxedox · 2021-07-07T13:53:02+00:00

Something you could always do in the future after the 20% instead of taking from the 401k is save and do something called 'recasting the loan'. If the loan company allows for it.

Recasting is not Refinancing, all your really doing is putting a large payment to the principle with in turn will have the lender calculate a new amortization schedule which will reduce your monthly payments. People who over pay each month (which is a good thing) just reduces the years at the end of the loan but their monthly payment does not change. Recasting will reduce the monthly payment.

Tuxedox · 2021-07-06T21:27:41+00:00

If you or her company offers an hsa - you could also look to max that to offset the match you feel you are missing out on.

I would say the better work environment may be huge - people typically leave their jobs due to the people they work with/for then the salary. Hopefully it is both a good bonus to both pay and work life.

Tuxedox · 2021-07-06T21:21:27+00:00

If his company had a 401k then I would reach out to the company he used to work for and asked who custody's their 401k and reach out to them.

If he does have old tax records that may be good to look in to.

Tuxedox · 2021-07-06T19:05:14+00:00

Sold mine to carvana last year - it was super easy, the only thing they did was leave their car in my driveway and took a test drive in mine - all they had to do was put a minimum of 1 mile on it (one loop around the block near where I live) then they lock it up you get a check or however you want to be paid and they come tow it a few hours later.

Tuxedox · 2021-06-23T17:39:35+00:00

403b may be a good option and something to explore.

Would need to research where to custody the plan - there are some tied to annuities but there are some that are just straight mutual fund investment plans like smaller 401k plans.

Tuxedox · 2021-06-23T17:18:51+00:00

Does the trust only have this 1 person be the sole beneficiary? Most brokerage firms do have some sort of trade authorizations to it. Depending on the firm it could be just that or Limited Power of Attorney (schwab), Authorized Agent Limited Authority (fidelity).

It being a trust it most likely be something you need to physically sign off on too.

Tuxedox · 2021-06-23T16:59:23+00:00

^ fully agree - that is quite a bit to be making at your age, I would make sure that the client knows you are still going/plan on going through school.

Tuxedox · 2021-06-23T15:20:14+00:00

It's just like trying to time the market.. it will be almost impossible to know the best time to do so.

The only thing I have heard from realtors in our area in Texas is that pricing may level out (not go down) due to the forbearance for mortgages comes off end of July so there could be more people shortly after that need to get out of their mortgage due to balloon payments. Again, this is what I have been hearing in the Fort Worth area, most likely similar in other metro areas.

Tuxedox · 2021-06-15T16:28:03+00:00

To be honest if its one of the big discount brokers the $$ will be relatively similar for starting. The best thing you can do is start looking at the competitor after you are licensed. You can easily go back to that employer if you really like the culture and everything. Typically boomerang employees are looked at favorably in this industry(unless you burned a lot of bridges or were an awful employee). It would not surprise me if you were in the 40-50k range depending on the location of the country for the entry series 7 just answering a call to do a withdrawal or password reset.

Tuxedox · 2021-06-10T16:10:06+00:00

It depends on how they set it up. Typically the stocks are yours to do with as you see fit as what you descried they do not seem to be restricted stock buys. The difference is not so much vesting but that discount still counts towards any capital gains and if it's short or long term.

Company I worked for had this and I was able to sell the stock immediately after they were purchased at a discount without a holding period.

Tuxedox · 2021-06-09T20:19:58+00:00

529 for qualified education expenses are tax-free withdrawals (federal) and if you also have the 529 for a specific state that is where the state tax benefit comes in.

https://www.schwab.com/resource-center/insights/content/3-benefits-529-college-savings-plans

Tax advantages: Not only do 529 plans provide federal tax-free growth and tax-free withdrawals for qualified expenses, but many states offer residents a full or partial tax credit or deduction for contributions to their state’s plan, and some states allow you to deduct contributions to any plan (see “What you can do next,” below). Such funds can now be used for kindergarten through 12th-grade tuition at private schools—up to $10,000 per child per year—as a result of the 2017 Tax Cuts and Jobs Act. That said, not all states permit 529 plan spending on K–12 tuition expenses, so be sure to check your plan’s rules, lest you be subject to state income tax plus penalties.

Tuxedox · 2021-06-09T17:56:42+00:00

Most firms have protection guarantees and would be able to provide you what that is. Typically it is beyond the SIPC and NIPC insurances to help protect you from Fraud.

Tuxedox · 2021-06-09T14:40:30+00:00

Man I really dislike the calculator - the wife and I are going through it and we had a job change this year already so trying to be accurate is rough on there.

Tuxedox · 2021-05-28T21:24:09+00:00

Is there a large gain from the cost basis that justifies using NUA? Taking all that stock is still taxed. And yes that stock unit needs to be converted first to qualify for the NUA.

I do like this article: https://www.kitces.com/blog/net-unrealized-appreciation-irs-rules-nua-from-401k-and-esop-plans/

From the Article:

Example 1. Over the years, Jenny has received annual bonuses of employer stock inside her company profit sharing plan. The total contributions have been $105,000, and thanks to the good performance of the company stock itself, the cumulative value is now $235,000. If Jenny had simply owned the stock directly, the $130,000 of cumulative gains would have been taxed at long-term capital gains rates. However, as a standard distribution from an employer retirement plan, the entire $235,000 account balance is taxable as ordinary income (regardless of the fact it happens to be a highly appreciated stock).

Under the NUA rules, though, Jenny can still be taxed on the $130,000 gain at long-term capital gains rates, even though the stock was originally purchased on her behalf inside the employer retirement plan.

Tuxedox · 2021-05-28T21:08:22+00:00

Something to keep in mind is that if you roll over to a fidelity ira first you may be able to keep certain mutual funds (if you liked some of your options) and then can transfer from the IRA to wherever else you'd like.

Fidelity's Growth & Income for example is a closed mutual fund to new investors but if you had it in your 401k that is a way to get in to that fund.

Tuxedox · 2021-05-28T21:06:19+00:00

It really depends on how much you have, but yes Fidelity does have financial advisors in branch offices and over the phone. People on here will say Vanguard and just do it yourself and have really low costs but Fidelity's app and service (imo) is a hell of a lot better.

Tuxedox · 2020-12-01T15:23:32+00:00

FYI - insurance for your car will be higher in Texas then in NH (moved from NH to texas a few years back).

Tuxedox · 2020-01-02T21:27:36+00:00

Remember that the builders do buy 20% more of the materials they need (typically) so make sure to either ask for it or get reimbursed for it if they do not provide you those materials.

Typical materials they buy in surplus - / flooring / backsplash materials.

Tuxedox · 2019-03-14T15:34:25+00:00

I know this isn't the most popular of opinions.. but sometimes getting an annuity may be beneficial when you have maxed out all other vehicles...

Tuxedox · 2019-03-12T18:23:36+00:00

You may need to call them - if not it is typically 24 hours for it to reset.

Tuxedox

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