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What have you done so far in 2017?

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  • PhysicianOnFIRE
    replied


    now what do I do with my money?
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    Spend a little. Save a lot!

    Leave a comment:


  • Med0000
    replied




    That’s impressive!  Share some details on how you did it?

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    Living on <40% of my income was the key. I have a wife (who did not work outside the home) and three small kids. We have a nice home with >20% equity and no other debt. My comp package is >$400k so with some good decisions it is plenty of money to work with. Half of the balance had rates <3% but we are SO GLAD they are gone.

    I feel all tingly and numb like the tourniquet was just let down...now what do I do with my money?

    Here's to a prosperous new year!

     

    Leave a comment:


  • Antares
    replied







    Deposited all checks received since ~Thanksgiving, so will be taxed as 2017 not 2016 income.
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    Be sure you understand the “Doctrine of Constructive Receipt!”

    That sounds like 2016 income to me.

    https://www.irs.gov/publications/p538/ar02.html
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    You may well be right. However, a good accountant ought to know the rules and also the realities of how they are treated in practice. Mine is smart and experienced, and has advised me that this practice is common and benign. However, I will raise it with her again just to be sure. Thank you, WD!

    Leave a comment:


  • WealthyDoc
    replied




    Deposited all checks received since ~Thanksgiving, so will be taxed as 2017 not 2016 income.
    Click to expand...


    Be sure you understand the "Doctrine of Constructive Receipt!"

    That sounds like 2016 income to me.

    https://www.irs.gov/publications/p538/ar02.html

    Leave a comment:


  • Kamban
    replied
    We had an unusual entry into 2017.

    Our plane from India to USA landed in Abu Dhabi on 31st at 11.55 PM and as we were taxiing on the runway the pilot suddenly informed us that he was going to start the New Year countdown and asked us to join him. So we shouted 10,9,8...1, Happy new year along with the pilot.  Never had that experience before, and unlikely to occur in the future.

    Leave a comment:


  • DMFA
    replied
    Had Vanguard reject my online application due to an inability to verify my identity.  C'mon, snail mail...

    Leave a comment:


  • hightower
    replied




    Paid the last of my $270,000 of student debt.

     

    3.5 years after training = student loans gone!!!

     

    Congrats everyone. It’s been a very productive year so far.
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    That's impressive!  Share some details on how you did it?

    Leave a comment:


  • smartmoneymd
    replied
    Impressive to knock out $270k of debt within the first 5 years! Now you just have to buy a house if you haven't already and start paying that off!

    I try to lump sum as much as possible into the taxable accounts manually, although it may be more time efficient to automate it directly from my checking to correspond to paychecks.

     

    One goal I have for 2017 is to combine my HSA accounts into one, as my employer had switched account processors three times in the last three years. Pain to find and fill out the transfer forms. But it's also the only way I will get enough to start investing within the HSA.

    Leave a comment:


  • Med0000
    replied
    Paid the last of my $270,000 of student debt.

     

    3.5 years after training = student loans gone!!!

     

    Congrats everyone. It's been a very productive year so far.

    Leave a comment:


  • Lithium
    replied
    I just scanned and organized all my HSA receipts, which I'd been saving for the past two years, into Google Drive.  Mercifully, it wasn't as cumbersome a process as I thought - took about 20 minutes (I only had about 12 of them).

    Leave a comment:


  • DarrVao777
    replied




    Looks like there’s a common theme to fund the 529s early. Any more planned contributions or is that it for the year? If so, wouldn’t you be better off dollar cost averaging throughout the year?
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    I used to DCA (~$1000/month) into the 529 but liked WCI's idea to simplify, simplify, simplify: https://www.whitecoatinvestor.com/six-ways-to-spend-less-time-on-finances/

    Leave a comment:


  • Zaphod
    replied







    Looks like there’s a common theme to fund the 529s early. Any more planned contributions or is that it for the year? If so, wouldn’t you be better off dollar cost averaging throughout the year?
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    Lump sum beats dollar cost averaging as long as the markets are trending upward over the timeframe you were planning on DCA. So, ~70% of the time, the lump sum / frontload will work out in your favor. If markets are down this year, DCA would be better than frontloading. Even better would be to make the lump sum at the end of the down year.

    Being an optimist and not a market timer, I play the odds and do a lump sum early. Although, since deciding to make a push for an early retirement, I’ve decided to be more aggressive in funding the 529s. I’ll get a bonus of sorts in an August paycheck and will invest more in the 529s then.

    I also frontload my 457(b). Should have $18,000 in there after three pay periods.

    Best,

    -PoF
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    DCA is a behavioral thing to help one with the risks of worrying about buying high, etc...Also, its just plain reality almost all the time, few investors have a giant lump sum to invest at the start of their careers. There has only been one time where DCA would have been better off than lump sum investing over a longer term period, and oddly enough was recently in 2000 IIRC. You're just trading one risk (timing) for another (sequencing, opportunity cost, time value of money).

    Leave a comment:


  • The White Coat Investor
    replied




    Looks like there’s a common theme to fund the 529s early. Any more planned contributions or is that it for the year? If so, wouldn’t you be better off dollar cost averaging throughout the year?
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    No.

    No.

    DCAing is usually (about 2/3 of the time) the losing strategy compared to lump sum investing.

    Leave a comment:


  • RadDoc6876
    replied
    - Fed the cat.  

    - Signed off and mailed paperwork for a Disability policy I had been meaning to get

    - Did 10 hours Teleradiology

    - Talked with my wife about financial plans/goals for 2017, wrote down a list of goals and tacked it on my computer

    - Made TIRA contributions for his/her Backdoor Roths

    - Read the WCI Newsletter

    - Read this article in detail--I recommend it: http://www.wsj.com/articles/the-champions-of-the-401-k-lament-the-revolution-they-started-1483382348

    Leave a comment:


  • Lithium
    replied
    Opened up a Traditional IRA at Scottrade and working on getting the Roth IRA over from Merrill Edge.  I'll get an extra $300 in tax-free contributions out of it.

    Started tracking returns in XIRR fashion about ten days ago.  Finding it pretty exhausting and difficult to sustain already (see screenshot):

     

    Leave a comment:

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