Post: #51

Phoenix was it Impala mining?

Post: #52

(05-10-2013 07:08 AM)el mechanico Wrote:  Phoenix was it Impala mining?

Nope...I though I hit the lottery ticket...but then I looked at the rest of the mining/resource landscape and I think most everything else had gone gangbusters as well.

Post: #53

My profile - 2 years out of university (bachelors & masters), Industry: Venture Capital

Assets & Liability

Property (freehold, no mortgage) £300,000 or $460,830 at todays exchange rate

Cash - £10,000

Stocks - £10,000

Student Loan - £2,000

Post: #54

If you've got a minute, looking to get someone who's versed in finance. A person I know sold European 366 day covered calls, and the increase beyond the exercise price (and premium) was able to be written off as "losses". For a private business, managing cash for the end of year tax bill, could you see a 10-25% investment in similar calls being a good investment? Guaranteed fixed income through the premiums and potential reductions in earnings seem good. What do you think?


quick edit: $47k, 22 yrs old

(05-07-2013 10:03 PM)WestCoast Wrote:  Must be a Roth IRA you pay the taxes this season, 4 years 1 day later assuming you roll to Roth on December 31 you can pull tax free.

PM if you have ?'s.

NEVER keep cash locked up in 401K's if you can make them liquid fast. There is no point. If you want to keep it tax deferred you can just buy different investment vehicles and kick the payment down the road without being locked up until you can't even walk anymore. Be liquid. Be free.

Always calculate your worth based on liquid assets. Example if you have $10K in a fund, but you owe 3.5K in taxes post a pull of funds... You're really worth $6.5K. Find a way to get it out with the least taxes. Uncle Sam is always a cockblocker. If you think in terms of post tax, you'll spend more time finding ways to get them lower and of course becoming more liquid.

If you did roll to a Roth IRA, more likely than not you have to wait a bit over 4 years. I am saying December 31 2013, because this is how they run the taxes it will say you rolled it on jan 1, 2013 (tax year). So ideally you do all rollovers the last day of the year. So you only wait 4 years 1 day instead of say 5 full years if you rolled on jan 1, 2014.

The one day difference is between getting it liquid 2018 vs 2019

(05-07-2013 08:54 PM)MikeinMKE Wrote:  

(05-07-2013 06:04 PM)WestCoast Wrote:  You work the same job your whole life?

Roll it over, on December 31 into a Roth IRA, wait 4 years and 1 day, pull out the entire principal tax free and penalty free.

Take cash and put it elsewhere. Stash hide be free and liquid. The only thing that is useful about a 401K is the match unless you're a poor saver.

(05-07-2013 05:33 PM)MikeinMKE Wrote:  If you're counting 401k I'm way over but I'm also older than most of you guys. I'd gladly trade in my 401k value to be 24 again

Plus I really do believe that as America gets more and more liberal/handout driven that the government is going to raid 401k's worth over $2.5 million or thereabouts to "save" social security in the next 20 years (like we saw Cyprus do recently with bank accounts worth over 2MM Euros or whatever the figure was). I've already taken the step of lowering my bi-monthly investments to the minimum matching level of 6%. Anything more is kind of silly IMO because it's going to get stolen by the US Gov't. I realize that I sound like Glen Beck or something and I'm generally not a conservative or a conspiracy theorist. I just hate that all these lazy fucks have multiplied so aggressively/quickly that they now control national elections and therefore will control public and monetary policy within the next generation or two.

I'm going to try and be as diverse as possible as I age (not too much money in any one entity - have it spread out between 401k, IRA, real estate, kids' trusts (if/when I ever have any), offshore accounts, business ventures, etc.)

It's crazy how I have an MBA and I don't know anything like that I feel so fucking stupid sometimes. So I rolled my previous employers 401k into Ira 2 years ago so in 2 more years I can w/d it penalty free for real estate or to smart small business??

Post: #55

You're 22 so you unlikely have enough niche knowledge to invest in single securities let alone sell naked options. If you're doing covered selling that's not too aggressive.

Wait till you're older to attempt anything like that (if ever)

Also have all the 401K questions loaded up in a clean post, tailored more to people in your situation.

Basically, taxes are at historic lows (look back at the 80's) so best to stay liquid and find ways to avoid good old cockblocker uncle sam from killing you with taxes.

Post: #56

(05-08-2013 02:28 PM)thedude3737 Wrote:  [quote='InternationPlayboy' pid='440272' dateline='1367968926']

Are you a private chef? I know a few who make a lot of money, plus some great benefits. My boy is dating a chick who's a private chef and her boss hooks them up with a free house, which this house would probably run at least $3k a month. She's always getting fat bonuses, and she even hooked my boy up with $10k for Christmas! The lady is obviously mad wealthy and has more money than she knows what to do with.

I feel you on the fuck taking a low paying job in your field. That's the problem I'm running into here. I'm used to being paid decent (Not 75k a year though) and a lot of these jobs out here just aren't making the cut, and I refuse to wake up at 5 am to go to work for $12 an hour. Fuck that noise.

I'm a hotel chef.[...]
Union ???

Quote: I mentioned my buddy and the frat house job because that's a job most cooks would have never considered... but he's a redneck hick that doesn't know what to do with all the cash and spends most of it on his car, booze, and drugs.

this explains his run-in the the Boston PD's stun gun

Post: #57

Around 10k. Hopeing to be earning 80-100k a year from next year on in Canada. My assests maybe 40 k.

Post: #58

(05-13-2013 12:18 PM)WestCoast Wrote:  You're 22 so you unlikely have enough niche knowledge to invest in single securities let alone sell naked options. If you're doing covered selling that's not too aggressive.

Wait till you're older to attempt anything like that (if ever)

Also have all the 401K questions loaded up in a clean post, tailored more to people in your situation.

Basically, taxes are at historic lows (look back at the 80's) so best to stay liquid and find ways to avoid good old cockblocker uncle sam from killing you with taxes.

Thanks, I appreciate the knowledge. Sorry about the 401k, too sloppy. Liquidity, I'm all money market. Left aapl with my winnings, starting my own venture.

Post: #59

Age 40: retired
Property worth 50/60k
Cash assets 1.6 million
457k(gov't 401k with no penalties) 50k
Total=1.7 mil
Pension that's constitutionally guranteed adds to my worth.

Post: #60

Age 28

Assets:
Bank Account: $100k
Car (current market value): $12k
Art/Silver/Antiques/other BS (current market value): $23k
Stock: $8k (lost $10k in this 1 stock in the past 2 years...a burn)
Stashed cash: $7k
House (current market value): $240k
= $390k

Liabilities:
Mortgage: $180k
School loan: $160k (Have my doctorate, but regret the $160k and 5 years of my youth. Could have used those 5 years to make at least $75k/year = $375k. Another burn.)
= $340k

I've lost another $100k from bad investment decisions too; including $62k in a account at a bank (not FDIC insured) that went bankrupt. Yet another burn. I guess you win some and loose some.

Net worth: +$50k

Post: #61

(05-21-2013 02:06 PM)AmateurGame Wrote:  Age 28

Assets:
Bank Account: $100k
Car (current market value): $12k
Art/Silver/Antiques/other BS (current market value): $23k
Stock: $8k (lost $10k in this 1 stock in the past 2 years...a burn)
Stashed cash: $7k
House (current market value): $240k
= $390k

Liabilities:
Mortgage: $180k
School loan: $160k (Have my doctorate, but regret the $160k and 5 years of my youth. Could have used those 5 years to make at least $75k/year = $375k. Another burn.)
= $340k

I've lost another $100k from bad investment decisions too; including $62k in a account at a bank (not FDIC insured) that went bankrupt. Yet another burn. I guess you win some and loose some.

Net worth: +$50k

What kind of bank doesn't insure deposits and why did you have your money there?

Post: #62

58 Retired since 55
STEM degree

401k $1.5mil

property $300k

cash $30k

60k pension

debt 0

Post: #63

Close to zero.

On the bright side no debt. I'm thankful for that.

There's always something to be grateful for.

Post: #64

@ godfather dust

Keep that attitude and save 15% of what you make, the curve is exponential. They all start off looking flat....

Post: #65

Age: 24

Cash: $5k
Stocks: $5k
Student Loans: -$120k

Net Worth: -$110k

Fucking Master's degree...

Post: #66

22. About 2,500$. Still in college. Hope to crack 1M by 32-33 (Oil and gas). Stick it in bonds and go super entrepreneur (or try to buy oil wells).

Unless a side project takes off.

Copywriting too. IM on the side.

Post: #67

delete

Post: #68

(03-02-2015 03:57 PM)WesternCancer Wrote:  While I'm doing this I need to get financially literate because I have honestly no idea how to make my money work for me.

Solid observation. If I may offer one thing. If you want to go stocks route, etc. fine. But there are opportunities around you at all times to churn your cash. Just be open to them. Buying stuff that people are trying to get rid of fast and cheap is one way to do it if you have room to store.

Post: #69

...

Post: #70

Age: 35

Assets:
Cash: a bit more than 200K+
Neurons: more than the stars in the galaxy
Hands: 2
Eyes: 2
IT business : 1
No stock, no retirement plan.

Liabilities:
I dont own properties, i rent only , so no mortgage.
I dont own a car. No student loans. 0 debt.

Post: #71

I would recommend self employed guys in the US read up here: http://www.irs.gov/Retirement-Plans/Reti...yed-People

The biggest mistake I made was not putting all my contributions into Roth. Over time, your deposits will be small compared to the compound interest earned. Now I'm sitting with taxable savings and subject to the government changing the rules of engagement. Do not leave any employer matching funds on the table, make sure you put in what it takes to get the full match. Free money.....

Post: #72

Age 59

Zero Debt
Retirement Home in North County San Diego - 600k (paid cash)
401k/IRA - approximately 500k
Regular Investment Account 900k
Music/Studio/Photography/Video Equipment - replacement cost 150k+
Car & other personal assets - 80k
Approximate Net Worth 2.2 Million - ready to take early SS at 62 and CHILL.