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03-23-2017, 06:59 PM | #826 |
MVP
Join Date: May 2001
Casino cash: $4102970
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Oh my. Have you ever traded options?
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03-23-2017, 07:01 PM | #827 | |
MVP
Join Date: May 2001
Casino cash: $4102970
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Posts: 18,223
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03-23-2017, 07:03 PM | #828 | |
Mod Team
Join Date: Sep 2011
Location: Valley of the hot as ****
Casino cash: $331900
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Quote:
He has other investments and this is his "play" money. You won't always be a winner and I am sure he's learning from his mistakes. If you don't want the risk, don't do it, that's my choice. But I understand options stock trading (thanks Scho!) and why some do it.
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03-23-2017, 07:29 PM | #829 |
In Search of a Life
Join Date: Jul 2009
Casino cash: $1444064
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Is it worth it for me to max out an IRA for the wife and I or could I get better returns elsewhere?
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Posts: 82,476
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03-23-2017, 07:33 PM | #830 |
Supporter
Join Date: Apr 2007
Location: Scott City KS
Casino cash: $714734
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Depends on what your returns are. But if you're SE, a Roth is probably a better option. If there is a chance you might need the money I'd keep it out into some other mutual fund.
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Posts: 57,742
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03-23-2017, 08:02 PM | #831 | |
Kind of a mod
Join Date: Aug 2005
Location: Donkey Land
Casino cash: $426899
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Quote:
As Buehler said, the key is whether you need access to the money after you put it in. IRAs are meant to be a permanent deal, so you won't get to pull it out until you retire unless you want to pay penalties (though you can pull out Roth CONTRIBUTIONS early without penalty). |
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03-23-2017, 08:05 PM | #832 | ||
Mod Team
Join Date: Sep 2011
Location: Valley of the hot as ****
Casino cash: $331900
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Quote:
Roth IRA Income Limits (for single filers) Phase-out starts at $118,000; ineligible at $133,000 Roth IRA Income Limits (for married filers) Phase-out starts at $186,000; ineligible at $196,000
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03-23-2017, 08:35 PM | #833 | |
Politically Incorrect
Join Date: Feb 2009
Location: Scottsdale, AZ
Casino cash: $1171110
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Do you think my only investment is playing options? No jackass it's my 10% play money so stop giving me advice when you have no idea of my situation. I'm not telling ANYONE to buy options and all my posts warn how it is risky and I give links to the CBOE and other learning before anyone even thinks about options. Lastly I just started taking six months off and don't have to work for the next year because of my "crappy" investments. I quit my job and moved to Scottsdale. Shut your piehole and maybe you can learn something......
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"The only difference between sex for free and sex for money is that sex for free costs you a WHOLE LOT more!" ~Redd Foxx~ "The men who drafted Patrick Mahomes" |
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03-24-2017, 04:51 AM | #834 | |
Beloved & Awesome CP Celebrity
Join Date: Aug 2000
Location: Florida
Casino cash: $6534952
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Quote:
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03-24-2017, 06:54 AM | #835 | |
Supporter
Join Date: Apr 2007
Location: Scott City KS
Casino cash: $714734
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Quote:
Not to be presumptive, O. It matters on my 1040, and I went to NOT-dental school. |
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Posts: 57,742
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03-24-2017, 10:29 AM | #836 |
In Search of a Life
Join Date: Jul 2009
Casino cash: $1444064
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Thanks guys. We can't do a Roth, and I can only write off so much interest on the student loans. It sucks and it's bullshit, but whatever.
I can set up a 401k thru my office and max it out, which is something I'm starting this year as well. I don't really think I will need or atleast hope I won't need the $ until retirement, but I wonder if I'd be better off paying that in my student loans instead. It's at 7% and I graduated with 301k a few years back. I've got it down under 200k, but I've been throwing alot at it just to get out from under it asap. Not sure that's wise, but it makes me feel better. On a side note, fwiw, it's interesting to see how pts view dentists. They seem to think I'm just rolling in cash. Don't get me wrong, I do well, but between having student loan debt, buying a practice and all the shit thay comes with that, I was about 650k in debt before I had a single pt in the chair. It's not all sunshine and rainbows. Sure there are ways to go about getting into dentistry with less debt and I wish, with hindsight, I'd have done a military residency and gave the gov service for some debt repayment, but it is what it is. I lucked into a really good practice opp that's turned out well for me so I'm not upset, just tend to be tired. |
Posts: 82,476
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03-24-2017, 10:32 AM | #837 | |
In Search of a Life
Join Date: Jul 2009
Casino cash: $1444064
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Quote:
Instead of the hsa, I tend to keep quite a bit of cash in my practice llc account for emergencies. Dunno if that's wise or not. |
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Posts: 82,476
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03-24-2017, 11:50 AM | #838 | ||
Supporter
Join Date: Apr 2007
Location: Scott City KS
Casino cash: $714734
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Quote:
I'm with you on the money thing. My gross receipts are pretty damn high. My net income is far lower. My net cash flow to management is really pretty dang low. So I'm handling a shitload of money, and trying to hang onto a couple bills as they flow by. Regarding your debt service, servicing your business debt is paramount. If you have to borrow money for anything, you will be borrowing against the equity in the business. That's not to say, don't pay attention to your student loans, especially if those rates are higher, but you really need to mind the equity in your practice, especially since it is in an LLC. If you're good with that, plowing out student loan debt is good, especially if they are at 7%. I'm glad you're doing well though. I have a friend that graduated vet school a few years ago with somewhere near your numbers. Now she's looking for hardship exemptions and shit. I told her she's way tougher than me. If I wasn't able to service debt, I'd melt down. Like full on nuclear meltdown. That is probably my biggest fear. I'm also with you on the tired bit. I'm not so much tired of the job. I've worked a metric ****ton of hours, which sucks and I'm trying to do better on, but my bullshit tolerance is used up. Anymore I'm criminally pragmatic, and if you can't help me, or you **** around and waste my time, I might cut your head off. I'm working on that too, but that's a tougher one. All that being said, I wouldn't change it. I don't miss corporate life. Like at all. Even when I'm working a billion hours. Quote:
That being said, if you have a personal emergency, make sure you talk to an accountant and review your operating agreement before you pull your money out and spend it on a non-business expense. Most guys don't give a shit, but I work very hard not to pierce the corporate veil. Again, I'm really glad you're doing well. I felt overwhelmed with the $35K I graduated with. |
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03-24-2017, 12:30 PM | #839 | |
TACO SALAD
Join Date: Apr 2008
Location: yes
Casino cash: $208468
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Quote:
It's also the best retirement vehicle offered to Americans so if you can afford your healthcare deductible then you should invest the HSA in the stock market as it is triple tax deferred unlike a 401k or IRA you never pay taxes on funds going into or coming out of a HSA as long as they're approved healthcare expenditures. Until your 65, after that you can use it for hookers and blow or a boat if you want |
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03-24-2017, 12:40 PM | #840 | |
Veteran
Join Date: Dec 2006
Location: Indiana
Casino cash: $9472813
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Quote:
If you want to gamble, go to Las Vegas, throw your money away, but don't act like you're doing something half-intelligent or that you have advice others could learn from. |
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