Personal Finance 101 for Young Lawyers

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JenDarby
Posts: 17362
Joined: Wed Oct 20, 2010 3:02 am

Re: Personal Finance 101 for Young Lawyers

Postby JenDarby » Fri Nov 17, 2017 5:42 pm

boredtodeath wrote:
SplitMyPants wrote:
bk1 wrote:Go with the 15 year and invest the difference imo.

Danger Zone wrote:Agreed, that's what I'm doing


thanks for the input—much appreciated


Doing the same. Interest rate on the loan down to 2.95% now. Even in a bear market you can beat that, and in this market...

same
Last edited by JenDarby on Mon Jan 29, 2018 10:45 pm, edited 1 time in total.

somedude
Posts: 20
Joined: Tue Jul 21, 2015 6:33 pm

Re: Personal Finance 101 for Young Lawyers

Postby somedude » Wed Dec 27, 2017 1:01 pm

kalvano wrote:
Danger Zone wrote:
bk1 wrote:
Danger Zone wrote:If your 401k offers a Roth option, you can mega backdoor if you want to save more aggressively

iirc, there are other requirements such that offering Roth doesn't necessarily mean you can mega backdoor.

You're probably right. I haven't done my research because my company doesn't offer the roth option, so I stopped there.


Your plan has to offer in-service distributions, which is pretty rare. Otherwise you can’t touch 401(k) money until you either leave / get fire, or are 59.5.


You should call the plan-provider, if you want to mega backdoor. It's not "that" rare for a plan to allow after-tax 401 k contributions and in-service withdrawals, which is what you need. My plan does it and I know plans at at least some other firms do too.

uvheylaw
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Joined: Mon Jan 19, 2015 11:46 pm

Re: Personal Finance 101 for Young Lawyers

Postby uvheylaw » Wed Jan 03, 2018 8:09 am

If I convert a non deductible IRA to a Roth, does the 5 year holding period apply to the conversion? Just trying to determine if I could access a portion of the money for a house in the next few years if need be.

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Diamond
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Joined: Tue Aug 11, 2009 9:32 am

Re: Personal Finance 101 for Young Lawyers

Postby Anonymous User » Wed Jan 03, 2018 4:44 pm

What kind of rates are people getting on refi amounts near $200k, in the dc area?
And with who?

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Aergia
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Re: Personal Finance 101 for Young Lawyers

Postby Aergia » Wed Jan 03, 2018 5:28 pm

Tagging. Great post, thanks!

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kalvano
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Re: Personal Finance 101 for Young Lawyers

Postby kalvano » Wed Jan 03, 2018 5:52 pm

uvheylaw wrote:If I convert a non deductible IRA to a Roth, does the 5 year holding period apply to the conversion? Just trying to determine if I could access a portion of the money for a house in the next few years if need be.


https://www.biglawinvestor.com/5-year-roth-ira-rules/

uvheylaw
Posts: 24
Joined: Mon Jan 19, 2015 11:46 pm

Re: Personal Finance 101 for Young Lawyers

Postby uvheylaw » Wed Jan 03, 2018 8:42 pm

kalvano wrote:
uvheylaw wrote:If I convert a non deductible IRA to a Roth, does the 5 year holding period apply to the conversion? Just trying to determine if I could access a portion of the money for a house in the next few years if need be.


https://www.biglawinvestor.com/5-year-roth-ira-rules/


This doesn’t make sense to me. If there is no early withdrawal penalty for contributions to a non-deductible IRA, why would you get hit with a holding period on the Contributions you already paid taxes on if you converted it to a Roth? What type of behavior could that be trying to prevent?




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