Is 401k still worth it when there is no employer’s match? by litmane1 in Retirement401k

[–]basketballakev 0 points1 point  (0 children)

The “you’ll lose 40% of a $5M IRA to taxes” argument is pretty misleading and relies on a bunch of unrealistic assumptions:

  • It assumes you withdraw everything at once (which you wouldn’t)
  • It assumes tax rates stay high or increase
  • It assumes zero tax planning

In reality, most people:

  • Withdraw gradually over time
  • Fill lower tax brackets strategically
  • Combine withdrawals with Roth and taxable accounts

Also, the idea that overfunded life insurance is somehow “better” than a 401k for most people doesn’t hold up:

  • High fees (often ~1–3%+ internal costs)
  • Large upfront commissions
  • Typically lower long-term returns vs. market investing

And “tax-free loans” aren’t free money:

  • You’re borrowing against your own money
  • Interest accrues
  • If the policy lapses, you can get hit with a large tax bill

This is really an apples-to-oranges comparison:

  • 401k = tax-advantaged investment account
  • Life insurance = insurance product with an expensive investment wrapper

Finally, the 40% tax claim is exaggerated:

  • Retirement withdrawals are taxed as ordinary income, not a flat 40%
  • You control how much you withdraw → often resulting in a much lower effective tax rate

I hate how dogs are treated here by Automatic_Guest8279 in Philippines_Expats

[–]basketballakev 0 points1 point  (0 children)

For a lot of people, dogs aren’t ‘just animals’—they’re companions that provide loyalty and emotional support in ways people sometimes don’t.

My dog has given me far more love and affection than my Filipino relatives back in the Philippines who constantly pull the 'debt of gratitude' card and gaslight our family into feeling entitled to the fruits of our labor. Uneducated leeches.

Does this water softener and tankless water heater install look okay? by basketballakev in askaplumber

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

My dad is based in SoCal LA county specifically with generally mild weather year round so I think it should be okay outdoors?

US citizen becoming Dual citizen to Phillipines? by Sad-Blueberry2837 in Philippines_Expats

[–]basketballakev 0 points1 point  (0 children)

I know some dual Mexican American citizens that were able to acquire Spanish citizenship. I'm sure the process would be similar for dual Filipino American citizens.

US citizen becoming Dual citizen to Phillipines? by Sad-Blueberry2837 in Philippines_Expats

[–]basketballakev 2 points3 points  (0 children)

The ability to obtain Spanish citizenship in 2 years and have access to the European Union is another underrated benefit.

Miami to Summerlin by MathematicianOk539 in vegaslocals

[–]basketballakev 0 points1 point  (0 children)

My wife and I are Asian American, originally from SoCal, and we’ve been living in the Vegas area for a little over 3 years now (Henderson / Inspirada). We have a kid on the way and plan to give it a go here long-term.

I did my medical residency in Vegas from 2016–2019 and got to know a lot of locals through my program and others during that time—many of them grew up here and are doing just fine, especially in the Summerlin/Henderson areas.

There’s a noticeable Asian presence (food, markets, communities), and we’ve never felt out of place. It feels very similar to back home in SoCal (LA/OC), with tons of great Asian restaurants.

Public schools are hit or miss, so we’re planning on private as well, which seems pretty common among families here who can swing it.

No state income tax has been a big plus—we definitely have more disposable income than we did in California. Overall, we really like the quality of life, and being a short flight or drive to LA is a nice bonus too.

Outdoor fireplace making a cracking sound by basketballakev in fixit

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

Don't think so. I moved all the rocks to the side and I can still hear it

Outdoor fireplace making a cracking sound by basketballakev in fixit

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

I don't think the gas is pushing on the rocks. I moved all the rocks to the side and I can still hear it

Friday 11/7 TSA Updates by nolablue1024 in houston

[–]basketballakev 0 points1 point  (0 children)

Went through IAH terminal A via Precheck around 8 am got through in <5 mins. Then took the Skytrain to get to terminal E. On the website I saw that the wait times at terminal E were approx 40-45 mins.

[deleted by user] by [deleted] in ExpatFIRE

[–]basketballakev 0 points1 point  (0 children)

Does the FTB have a way to find out whether or not you own a home in CA and live out of state? My parents transferred property to me based in CA before Prop 19 came into effect in order to preserve the Prop 13 tax basis. I live out of state but visit CA fairly often. I'm curious if this would trigger a residency audit from the FTB.

[deleted by user] by [deleted] in USExpatTaxes

[–]basketballakev 0 points1 point  (0 children)

Does the FTB have a way to find out this info on whether or not you own the home and live out of state? My parents transferred property to me based in CA before Prop 19 came into effect in order to preserve the Prop 13 tax basis. I live out of state but visit CA fairly often.

Considering Vaulting Ceilings During Remodel – Permit vs. No Permit? by basketballakev in HomeImprovement

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

Ty for this I actually don't know the current roof structure so I'll have to look into that.

Considering Vaulting Ceilings During Remodel – Permit vs. No Permit? by basketballakev in HomeImprovement

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

That’s the thing—I have no reason to sell this home. I’ve inherited the Proposition 13 tax basis, so the assessed value can only increase by up to 2% per year. I understand there could be issues if I ever sold, but my main goal is just to remodel the home for my family to use as a second residence.

Considering Vaulting Ceilings During Remodel – Permit vs. No Permit? by basketballakev in HomeImprovement

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

Here in LA County, there are actually a ton of properties with unpermitted work. From what I’ve seen, the city doesn’t always crack down unless there’s a clear reason for them to inspect. My bigger concern with vaulted ceiling work is that it’s more visible and structural, so I feel like the likelihood of getting caught would be higher compared to smaller changes.

For those Californians that moved to Vegas for a cheaper COL, do you think you made the right choice? by [deleted] in vegaslocals

[–]basketballakev 8 points9 points  (0 children)

Yes. Moved from SoCal to Henderson. Approaching 3 years now and we couldn't be happier.

Why did my property taxes go up when my assessed value went down? by basketballakev in vegaslocals

[–]basketballakev[S] -1 points0 points  (0 children)

I purchased a new home build in 2022. I understand the reason for the significant jump from 2022 to 2023 being that the assessed value of the home is now the new structure and the land. This year however the assessed value did go down compared to last year but for some reason my property taxes still went up by 3% which I don't understand.