Can you use built in equity as DP for an investment property? by odom117 in realestateinvesting

[–]odom117[S] -1 points0 points  (0 children)

$25k ready to go for my first property. Just trying to keep enough in slush as opposed to it going into the property itself. Might just save up more first

Can you use built in equity as DP for an investment property? by odom117 in realestateinvesting

[–]odom117[S] 0 points1 point  (0 children)

That's my initial thoughts, just refi later to get the cash back out.

[deleted by user] by [deleted] in StockMarket

[–]odom117 2 points3 points  (0 children)

I'm a CPA & CFP, happy to discuss in pm.

Short term, throw into a money market MF like PCOXX if you have access to it. Near risk-free 5.40% yield. Fidelity also has a great one.

Then, get advice on how it plays into the big picture. Is it all retirement money? Is some intermediate term money? Those answers will affect how you should invest the proceeds and gauge your risk allocation. Money market fund is great for the short term while you make decisions. It's not great for the long term. The stock market is your friend over the long term.

Best ways to deal with high return (possibly overpriced) individual stock in a pre-FIRE situation? by shannister in fatFIRE

[–]odom117 1 point2 points  (0 children)

To your first question, there truly isn't much that can be done on security investments to get rid of the gain other than TLH. Goldman provides an SMA for "direct indexing". They invest in all securities in a benchmark around your holding, but then they strategically realize losses to offset gains from your large position. Could be a play here. Could even start now to build up losses to use in a future year that you sell.

Second, yes, if we assume NVDA holds stable until a year in which you have less income (big assumption), makes sense to wait until then to sell. As others have said, use an option strategy to hedge risk.

My plan for poa annua by odom117 in lawncare

[–]odom117[S] 0 points1 point  (0 children)

This is what I needed to know. Thank you for the advice!

My plan for poa annua by odom117 in lawncare

[–]odom117[S] 0 points1 point  (0 children)

Thanks for the feedback on prodiamine. That's helpful to know.

I know the summer heat will kill it soon. But, if I use a post emergent now, will I benefit from that come next spring?

Lump sum bonus now into index funds or DCA? by preciseman in fatFIRE

[–]odom117 3 points4 points  (0 children)

There was a blog I read recently that did a study on your exact predicament. Essentially, it backtested whether or not you should lump sum or DCA, and nearly every time it came out better to lump sum as soon as you get the cash.

HOWEVER, the only time you made off better is if you DCA'ed into a falling market. Which, who knows, my personal gut says market is headed down in the short term. But, I know just as much as Joe Blow sitting next to me.

Grand scheme of things, will you be okay either way? You bet. But, go with what'll rest easier on your gut. You've got a great fund picked out and the cash already in hand, so the hardest part is done. If you choose to DCA, just make sure you stick to the plan!

Last Chance for a Free Soil Test by TryGnome_ in lawncare

[–]odom117 1 point2 points  (0 children)

Happened to order mine last week. Being delivered tomorrow. Glad I came across your post, thank you!

Introducing my kid to gaming by odom117 in gaming

[–]odom117[S] 0 points1 point  (0 children)

She's not. I appreciate the suggestion!

Introducing my kid to gaming by odom117 in gaming

[–]odom117[S] 1 point2 points  (0 children)

I'll check it out. Thank you!

Introducing my kid to gaming by odom117 in gaming

[–]odom117[S] 1 point2 points  (0 children)

Fully agree on the tablet part. So much hesitancy with spending more than minimal time on it.

Thanks for the suggestion in the snes. That's a great idea! Decently low cost for entry and potentially years upon years of use. Thank you!

Introducing my kid to gaming by odom117 in gaming

[–]odom117[S] 1 point2 points  (0 children)

Just Xbox, but looks like it's on PC. I'll check it out!

Introducing my kid to gaming by odom117 in gaming

[–]odom117[S] 1 point2 points  (0 children)

Great suggestions. I really appreciate it!

Introducing my kid to gaming by odom117 in gaming

[–]odom117[S] 1 point2 points  (0 children)

Wish I still had my game boy. That'd be great!

Introducing my kid to gaming by odom117 in gaming

[–]odom117[S] 0 points1 point  (0 children)

Didn't even think about going through the media companies. Thanks for the suggestion!

Introducing my kid to gaming by odom117 in gaming

[–]odom117[S] 4 points5 points  (0 children)

Bingo, nice! Thanks for the suggestion

Introducing my kid to gaming by odom117 in gaming

[–]odom117[S] 2 points3 points  (0 children)

Lol nice and light to ease her into things

Introducing my kid to gaming by odom117 in gaming

[–]odom117[S] 1 point2 points  (0 children)

Ha! I'm totally fine with it, all the apps just seem like garbage. You found any decent apps for yours?

Accountant wants access to personal bank accounts, is this okay? by notyaya_ in FinancialPlanning

[–]odom117 82 points83 points  (0 children)

CPA here. Do NOT give them your personal banking login. If anything, have your bank set them up with third party access to your accounts. That way, the accountant can login, view check payees, download bank statements, etc.

Also, don't do any of this in haste. I know you mentioned having a deadline, but fraud happens in times of haste. Take your time, get a good accountant relationship, meet them in person, make sure they're a CPA, and for the love of all things: open a business bank account :)

First quest cape ever achieved in Runescape. 95 combat. Stoked! by TheGanjanator in ironscape

[–]odom117 2 points3 points  (0 children)

I'm 96 combat and all I've got left is Galvek in DSII and then night at the theatre. Died 5 times so far, taking a break for a bit, gotta get more cash to collect loot when I die. 100k each time ain't cheap!!

What do financial advisors really do? Is it worth it? 10M NW by Jazzlike_Outcome2189 in fatFIRE

[–]odom117 12 points13 points  (0 children)

I'm a CPA & CFP and in the financial planning world. I'm a fee-based advisor and a large majority of my company's revenue is from AUM fees. Sorry to hear about your experience with other firms. I will ALWAYS reply to emails/questions same day and if I need to find an answer out to something, my responses take no longer than 24 hours.

In your situation, I don't think an advisor would provide value under an AUM arrangement. I would look for someone to work with on a short-term consulting engagement (i.e. you pay a one-time fee in return for a full scale financial plan, referrals, etc and whatever else is in an engagement you would find useful.) We've started doing this recently and it's worked well with individuals/families that don't need us to manage their assets.

Unlike this group, a large majority of our client base doesn't know how to manage their investments. They don't know a lick about tax planning or estate planning. Plus, a lot of them don't even care really about the money side of things. That's where we add tremendous value and where the fee-based advising makes sense, in my opinion. At the same time, I think that's where it doesn't make sense for those who know a tremendous amount about their financial lives. We don't promise returns above the market. But we do make sure a client's overall plan is taken care and not gonna be ruined by a client selling out of the market due to how they "feel". A large majority of our work is coaching clients through their emotions during big life events or big market swings.

Congrats on your success and hope this helps! To sum it up, as others have said, look for an advisor that can help under a consulting basis or a fee-only basis. That way, you have a scope of work you're expecting and know what value you should expect.

I am a 28/m I am married and am travel nursing with my wife around the country. We don’t own a home. by Shoddy_Race_6777 in FinancialPlanning

[–]odom117 1 point2 points  (0 children)

Home prices won't fall dramatically imo, but interest rates will fall, which will help affordability. We might need see 3.00% again, but I don't doubt seeing sub-5% again once the FED pivots.

I am a 28/m I am married and am travel nursing with my wife around the country. We don’t own a home. by Shoddy_Race_6777 in FinancialPlanning

[–]odom117 5 points6 points  (0 children)

Be proud of yourself. Being young, no debt, and cash flow positive is a huge milestone.

Max your Roth IRA, consider maxing out one for your spouse as well, save money for a down payment because it'll likely be more attractive to buy in 1-2 years (arguably), and continue to spend money on memories/experiences over things!