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What is the reason why you want to create a LLC? There are legitimate reasons, but too often I hear people say they are doing it for tax advantages, of which there are none for a single member LLC. Be sure you’re doing it for the right reasons.
Did you Inform them of the error or ignore it (knowing it was wrong) hoping they wouldn’t realize it? If you knew it was wrong and didn’t tell them, that’s fraud and they could fire you for cause. With regards to the amount, You pay them the amount they paid you (which is the amount pre-tax). Then they will correct it on your W2. You’re not in a bargaining position if you didn’t tell them of the mistake…
Guy I know (not me): “I wasn’t smart enough to get into vet school so I became a neurosurgeon.”
I’m a man. So I silently resent my wife for spending relatively small amounts on a ton of stuff that I think we don’t need, but “I think we can afford” the Porsche I’m eyeing. A bit of sarcasm and a bit of truth. Ask her and she would likely have a very, very different answer… but it goes with the gist of the article.
Do you have kids? In your shoes I would sell the entire amount and superfund a 529. I suspect her parents would be thrilled at the idea their money will pay for the education of a grandchild. Better than giving it to charity or just adding it to your taxable account. If no kids yet, but plan to have them, wait and then do the above plan. If never have kids and high income DINKs for life, I would probably give it to a meaningful charity. If you do none of those, just leave it where it is until your tax bracket falls. Not worth selling an fund with that ER if it has huge CG. Does the load apply to re-invested dividends? Regardless I would turn off dividend reinvestments immediately.
Unfunded pension funds which made excessively generous promises based on unrealistic assumptions coupled with increasing lifespan will increasingly take a significant toll on local/federal systems.
What’s your housing situation? Renting? HCOL or LCOL? Married? Kids? If not, this is the time to crush the loans. We splurged before kids, and now with 3, our childcare costs are 6 figures (including 529 payments). We’re shamefully long out of training and still owe $200,000. Live like a resident, crush the loans, and then you can enjoy life a bit more. Do the opposite of what I did…
How much does your wife make?
The insurance actuaries know more than you, and I mean that respectfully. So if you die of cancer instead of getting shot, your heirs get less? I don’t believe In over complicating things, this sounds overly complicated. Life insurance is meant to protect your family. The amount you need doesn’t vary based on the method of your death.
What is that? I know what the abbreviation is but how is that better than term life plus own-occ disibilty which most of us do? I can’t imagibe it being better.
Don’t do anything immediately. You need a plan. How much in equities? How much in bonds? How much international? Once you decide you AA (asset allocation) plan then you need to decide where to put investments (tax deferred, taxable, Roth) to achieve the most efficient location so your overall sum total (money in fungible) achieves the allocation you desire. You have a lot of reading to do. Google “boggleheads tax efficient allocation” or something along those lines. Bonds, as an example, are generally recommended for tax deferred (unless muni’s) given their tax inefficiency. Don’t start your taxable investing until you have a plan. People here can guide you, but only you can ultimately determine your risk tolerance and preferences.
You need an overall plan, an IPS. Then the sum total of your investments should mirror that plan with different funds placed in the most efficient vehicles (bond funds in tax deferred for example). What’s your AA? What’s your plan?
During internship we got food coupons which gave food. The coupons were only good for $5 and we only got 1 per call (every 3rd day). So we photocopied them and used them daily. Zero guilt. Free food somehow tastes better. At a drug rep meal I ordered a $26 bottle of beer. Again, no guilt. Glory days.
Where is it located?October 3, 2019 at 3:16 pm MST in reply to: Short term rental of your primary property…worth it? #251413