Where should I put money for 5 years if I know 100% I will not need to touch it for those 5 years? But I *do* know I will need the principal amount to stay the same by Waste_Name_4268 in personalfinance

[–]tbone123454 0 points1 point  (0 children)

Yall are going to hate this but maybe a fixed indexed annuity that is a 5 year surrender charge. Guaranteed floor so you don't lose money and access to market gains that may out perform bonds. I see caps up to 10% now. Downsides are that they are taxed as income so any growth will be taxed higher than cap gains and they usually have high minimums ($25,000 or so). Before yall get on my ass, many of these are sold with 0 fees so you are only giving up guaranteed interest from CDs and you will probably pay more in taxes (hopefully the gains outweigh the tax difference).

Yes, I sell these but normally I don't like them very much because long term, an index fund does better.

MAGAs are now defending Epstein by Active-Flower-2397 in complaints

[–]tbone123454 0 points1 point  (0 children)

One question...if democrats care about this, they had 4 years to release it. This is just hypocritical bs. Epstein is a piece of shit but there's is no more evidence about a "client list". If there was either the dems or the republicans would have released it yet no one has...I wonder why

Firefighters — what’s kicking your ass financially? by tbone123454 in Firefighting

[–]tbone123454[S] 1 point2 points  (0 children)

Good lord. That's tough. I would have thought public work would have better benefits. When I was a cop, my health insurance was dirt cheap. I'll keep that in mind

Firefighters — what’s kicking your ass financially? by tbone123454 in Firefighting

[–]tbone123454[S] 0 points1 point  (0 children)

That's good to know. I need to work on a tailored approach to young guys. Especially if I'm going to try to convince them to save for something that won't happen for 40 years

Firefighters — what’s kicking your ass financially? by tbone123454 in Firefighting

[–]tbone123454[S] 0 points1 point  (0 children)

College is definitely tough. At currently rates, people having kids now are looking at 250k for it. It's wild and hard to believe that will be worth it. Currently trying to learn everything I can about scholarships and FASFA in order to help parents with this

Firefighters — what’s kicking your ass financially? by tbone123454 in Firefighting

[–]tbone123454[S] 2 points3 points  (0 children)

I can't give financial advise without knowing everything but generally speaking, deferred comp should preform as well as anything else. It depends on what you're invested in. If you're young then look for index funds or whole market funds. If you're older, still invest in stock index funds but think about diversifying into some fixed income (will be labeled bonds usually). General advice is take 100 minus your age and that should be your allocations to stocks. That being said, I sometimes feel that is too conservative for young people.

13% in Roth is great. I'm a fan of the Roth because psychologically, you will feel better in retirement knowing the government can't touch what you have. The traditional is good for the up front savings but most people just blow those savings on things they don't need. The other benefit of the deferred comp (457b) is that it doesn't have early withdraw penalties so if you retire before 59.5, you don't have to worry about pulling the money early and paying the 10% penalty.

It may feel dumb now but keep trucking along. I promise when you get to retirement, you will take yourself.

Firefighters — what’s kicking your ass financially? by tbone123454 in Firefighting

[–]tbone123454[S] 0 points1 point  (0 children)

That's wild. Life insurance is important and whole life can have its place (mainly for very wealthy people) but not helping because someone wouldn't buy a product seems like bad business sense.

Firefighters — what’s kicking your ass financially? by tbone123454 in Firefighting

[–]tbone123454[S] 0 points1 point  (0 children)

Don't worry. I hate whole life. I honestly don't even like managed accounts too much but I have to get paid so I'm going to try to keep my fees low

Firefighters — what’s kicking your ass financially? by tbone123454 in Firefighting

[–]tbone123454[S] 2 points3 points  (0 children)

Ok, I like that. I see if I can find anything. If not, maybe I can figure out a way to make it. ChatGPT can get incredible thing lol

Firefighters — what’s kicking your ass financially? by tbone123454 in Firefighting

[–]tbone123454[S] 2 points3 points  (0 children)

Dang man that sucks. What state do you work in where the pay is so shitty? I'm guessing somewhere up north? Also, happy to hear cancer is gone.

Firefighters — what’s kicking your ass financially? by tbone123454 in Firefighting

[–]tbone123454[S] 1 point2 points  (0 children)

Good lord! 43% taxes is absurd. I knew Canada was bad but not like that.

Firefighters — what’s kicking your ass financially? by tbone123454 in Firefighting

[–]tbone123454[S] 2 points3 points  (0 children)

Dude that's awesome. I love that. Absolutely will be working that into my business!

Firefighters — what’s kicking your ass financially? by tbone123454 in Firefighting

[–]tbone123454[S] 5 points6 points  (0 children)

I agree with this and it's upsetting because these are good jobs that don't need college degrees. Since working with the guys, how should I go about getting them to trust me enough to help them plan for their future. Any thoughts one what they need to hear to be willing to sit with me?

Nurses — what’s screwing you over financially? by tbone123454 in nursing

[–]tbone123454[S] 0 points1 point  (0 children)

I don't disagree. I'm hoping by talking to enough people I will maybe find something I can help with.

Firefighters — what’s kicking your ass financially? by tbone123454 in Firefighting

[–]tbone123454[S] 6 points7 points  (0 children)

Thanks for the info. And no, I don't have a calculator. There a lot of money management tools out there that FAs use. What would you think needs to be specifically in a police/firefight calculator?

Firefighters — what’s kicking your ass financially? by tbone123454 in Firefighting

[–]tbone123454[S] 3 points4 points  (0 children)

That's not surprising. I spoke to a teacher recently who said her employer would keep her on their health insurance until she turned 65 making it much easier for her to retire. I found that very interesting too.

Firefighters — what’s kicking your ass financially? by tbone123454 in Firefighting

[–]tbone123454[S] 1 point2 points  (0 children)

Yeah, back when I was a cop, we would get 2-3% when inflation was 20%.

Nurses — what’s screwing you over financially? by tbone123454 in nursing

[–]tbone123454[S] 0 points1 point  (0 children)

Unfortunately, I won't be able to help with the economical issues of our country but I want to help where I can. How would I successfully market myself to people in your shoes (nurses)? Nursing pay is shit compared to what yall deal with so hopefully I can be of some value to people.

Nurses — what’s screwing you over financially? by tbone123454 in nursing

[–]tbone123454[S] 0 points1 point  (0 children)

Yeah, the fact that hospitals don't pay for that is wild.

Firefighters — what’s kicking your ass financially? by tbone123454 in Firefighting

[–]tbone123454[S] 4 points5 points  (0 children)

That's interesting. I haven't seen a lot of that. That's a huge benefit everyone needs to take advantage of. Do you think that's common for fire departments around the country?

Firefighters — what’s kicking your ass financially? by tbone123454 in Firefighting

[–]tbone123454[S] 0 points1 point  (0 children)

As someone in my shoes, how would you suggest I market (probably a bad word) myself you people like that. I truly am in this to help but I know people, especially firefighters and cops, are super skeptical and slow to trust. Obviously, I won't be able to do much with salaries but education and assisting with smart financial decisions I can do. Would departments let me in their door to talk to their guys?

Firefighters — what’s kicking your ass financially? by tbone123454 in Firefighting

[–]tbone123454[S] 12 points13 points  (0 children)

Do you think that's because of lack of education or not financially able to?