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36 minutes ago, Leathernecks said:

Lots of money in the weed game. I was in Hexo stock for a while which was a weed company. Got out before it started to jump unfortunately. 

I think the next few years will see a lot of new businesses in crypto. Yesterday Mastercard said they're going to start supporting cryptocurrencies. I would guess a ton more places will do that in the next couple years.

I think we'll see paying with cryptocurrencies become a lot more mainstream. 

Yep, I feel like I need to get a bit hipper to this new landscape. It’s hard to figure out all of the weed stocks, but huge upside and crypto usage feels so foreign to me, but I get the appeal. I’ve just recently adopted figured out Venmo and CashApp, takes me awhile. 

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34 minutes ago, Lostin76 said:

Yep, I feel like I need to get a bit hipper to this new landscape. It’s hard to figure out all of the weed stocks, but huge upside and crypto usage feels so foreign to me, but I get the appeal. I’ve just recently adopted figured out Venmo and CashApp, takes me awhile. 

Especially with how the last year has been, there are going to be all kinds of changes. There will be a lot of businesses taking off in the next year.

I still don't understand a lot about crypto either, and what the difference is between all the currencies.

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My biggest concern about crypto currencies is there is nothing physical to back it up. 

The US dollar has the faith and trust of the US Government which about as far as I can throw an actual paper dollar. 

Part of my investing strategy is a healthy amount of silver and gold. Wont make much money but it retains value. 

For example, for Christmas my stepdad gave me a sack of silver quarters.  135.75 face value worth $2400.  One silver quarter will get you about $5.  In 1960 a quarter would buy you a cheeseburger and fries. In 2020 $5 gets about the same. 

Crypto in interesting for sure but I'm wait and see on it. 

 

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13 minutes ago, mrflynn03 said:

My biggest concern about crypto currencies is there is nothing physical to back it up. 

The US dollar has the faith and trust of the US Government which about as far as I can throw an actual paper dollar. 

Part of my investing strategy is a healthy amount of silver and gold. Wont make much money but it retains value. 

For example, for Christmas my stepdad gave me a sack of silver quarters.  135.75 face value worth $2400.  One silver quarter will get you about $5.  In 1960 a quarter would buy you a cheeseburger and fries. In 2020 $5 gets about the same. 

Crypto in interesting for sure but I'm wait and see on it. 

 

One nice thing about cryptocurrencies is that they're international. Nobody really controls it, so 1 or 2 countries don't have much say in what happens with it.

If a business needs to transfer $20 million to a business in a foreign country, it makes a lot more sense to use a cryptocurrency that is almost instantaneous, and has basically no fee. Quicker, easier, and cheaper than the previous route.

A lot of coins are trying to fill in the gaps and limitations that come with physical currency.  I think that will keep them relevant because they're serving a purpose that other things just can't do.

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So signing up for benefits today I have an option for high deductible hsa health plan. I have no experience with it. The thing is the deductible is the same as my old plan.

I never really use my insurance and am 35. My thinking is go with the hsa plan and take the $200 a month that I would be saving on premiums and put in an the hsa account.

Thoughts?

Edited by mrflynn03
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1 hour ago, mrflynn03 said:

So signing up for benefits today I have an option for high deductible hsa health plan. I have no experience with it. The thing is the deductible is the same as my old plan.

I never really use my insurance and am 35. My thinking is go with the hsa plan and take the $200 a month that I would be saving on premiums and put in an the hsa account.

Thoughts?

Your 35, Don't use much nore need much as it sounds. High deductable with an HSA is what I do. MAX MAX MAX out your HSA as well as MAX out an individual IRA roth or 401k roth. Set back and plan for your 2 mill$$ when you're ~65ish.

Start listening to Dave Ramsey, follow his principles. Cash is king!  

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1 hour ago, mrflynn03 said:

So signing up for benefits today I have an option for high deductible hsa health plan. I have no experience with it. The thing is the deductible is the same as my old plan.

I never really use my insurance and am 35. My thinking is go with the hsa plan and take the $200 a month that I would be saving on premiums and put in an the hsa account.

Thoughts?

I went with old national bank connected to hsa authority with Old Nat being local and with high reviews. 
 
Does your company contribute anything to your hsa?  
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2 hours ago, mrflynn03 said:

So signing up for benefits today I have an option for high deductible hsa health plan. I have no experience with it. The thing is the deductible is the same as my old plan.

I never really use my insurance and am 35. My thinking is go with the hsa plan and take the $200 a month that I would be saving on premiums and put in an the hsa account.

Thoughts?

Definite yes to the hsa if you don't use it much. I get about $75 a month put into mine by my employer. There are different sites out there where you can invest the money so it doesn't just sit there and do nothing.  For a while, I had most of mine in some fund, but I moved it to some fairly safe stocks stocks a while back.

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1 hour ago, NotIThatLives said:
I went with old national bank connected to hsa authority with Old Nat being local and with high reviews. 
 
Does your company contribute anything to your hsa?  

Still trying to find out if they contribute.  Thanks for the links. 

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Hey guys! I graduated with a Biology degree and do not have any background in finance; however, I have become slightly addicted with stocks since the gme/amc ordeal. Sold my AMC shares for small profit (screw robinhood), and I am looking for some new stock ideas. Right now I have been looking into Zomedica ($ZOM). Think it might grow substantially later in March. So, HSN, I have a couple of questions for you guys. First, are any of you invested in this stock in particular, and does anyone here have an opinion on the stock. Second, is the stock market covered significantly in business school?  These last couple of months have made me wish I was a finance major, and I have even considered going back for a MSF, but maybe I am misconstruing the finance curriculum taught at IU. Thanks for any tips! 🙂

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I have a finance degree from IU-B and Civil/Environmental Engineering from UW-Madison.  Retired early...at 57.  These are my financial tips for retirement:

1. Marry money; and/or at least do not partner with someone who is a shirker;

2. Get a job that pays into retirement or provides a pension;

3. Invest in Roth and IRAs...generally the same amount periodically;

4. Diversify your investments and understand what that really means;

5. Risk for growth early.  Become more conservative later or depending on family;

6. Plan for bad times. Save. Budget expenses vs income. Cut your losses. Live within your means;

7. Do diligence on all investments or financial advisors. Make darn sure advisors are licensed and bonded. Check references with an independent source in the financial industry;

8. Know what you are buying and when to sell; 

9. Keep rigorous books;

10. Never take advice from a blog or advertisement online without independent verification.

I bought my first stocks when I was 12-years old.  Broken lots (less than 100). American Airlines; IBM; others...  I now own mutual funds and it is managed for a low fee of well under 1% per year. I almost never buy extended warranties.  I use insurance for reducing risk of catastrophic financial stuff. Think high deductibles equal lowered costs. I do not have 2 homes.  I keep my cars for over a decade.  I do travel a decent amount.  I do not have time-shares. I walk and kayak and love lakes and warm weather.  I do love water sports but do not own a boat.  I go fishing some but one has to be smarter than those critters.  Been married to my IU sweetheart forever.

 

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2 hours ago, NotIThatLives said:

What's everyone's train of thought on roth vs traditional?  What percentage into each do you go for?

I've read a few articles, I understand the benefits of both now and later.  

It is tough to predict the future needs relative to taxes.  We have almost exactly the same amounts of each.  That gives one flexibility in the future.

 

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43 minutes ago, Air Ball said:

It is tough to predict the future needs relative to taxes.  We have almost exactly the same amounts of each.  That gives one flexibility in the future.

 

My old tax guy said, "nothing is guaranteed in the future, I may even die, so I'm going to take the tax deferred option now."  I've read others say max your roth before contributing to traditional.  

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23 hours ago, NotIThatLives said:

What's everyone's train of thought on roth vs traditional?  What percentage into each do you go for?

I've read a few articles, I understand the benefits of both now and later.  

All depends on age. Just like we preach to diversify large, mid, small cap value, growth, international...you should also diversify your tax positions. Short term I'd say Roth. Longer than 8 years it's a coin toss. 

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On 2/21/2021 at 5:47 PM, NotIThatLives said:

What's everyone's train of thought on roth vs traditional?  What percentage into each do you go for?

I've read a few articles, I understand the benefits of both now and later.  

I've had a roth account for 10 years now with Schwab.

My plan, lol like those ever work out, is to try to retire early and use roth to bridge the gap until eligible for 401k and push SS out as long as possible.  

Also rolling the dice and assuming my tax burden will be higher in the future. 

401k right now is at 10% including  company match. 

Roth probably around 3.5%  

I want to work up to 15/5%

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21 minutes ago, mrflynn03 said:

I've had a roth account for 10 years now with Schwab.

My plan, lol like those ever work out, is to try to retire early and use roth to bridge the gap until eligible for 401k and push SS out as long as possible.  

Also rolling the dice and assuming my tax burden will be higher in the future. 

401k right now including 10% company match. 

Roth probably around 3.5%  

I want to work up to 15/5%

I really need to do an IRA at some point. I like the way you laid out using it as a bridge between early retirement and 401K eligibility. 

My strategy has been to max out my 401K to get that tax savings. I’ve got a Scwhabb account with some index funds and Apple, but no IRA of any kind. I guess I have until 4/15 to start one. 

 

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2 hours ago, Seeking6 said:

All depends on age. Just like we preach to diversify large, mid, small cap value, growth, international...you should also diversify your tax positions. Short term I'd say Roth. Longer than 8 years it's a coin toss. 

I am NO investor, and am just dumb enough to accident into what I have. Having said that, I think the absolute opposite of what you said. He's young (35 right? ), go 99% standard, use the (today) tax advantages to pay OFF ALL DEBIT including mortgage, then when he has extremely more $$, then go ROTH and pay the tax today, so he won't have to with his forever money. Doesn't that make sense?   

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2 hours ago, Lostin76 said:

I guess I have until 4/15 to start one

You have until 4/15 to start and totally fund LAST years max contributions. Then you have the rest of the year to fully fill this years. $6500 if you are < 50 I think, $7500 if over. 

 

Save big money now, so you can be an old fat man, on the beach, in a speedo, making it rain up in there.. :)  

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2 hours ago, Joe_Hoopsier said:

I am NO investor, and am just dumb enough to accident into what I have. Having said that, I think the absolute opposite of what you said. He's young (35 right? ), go 99% standard, use the (today) tax advantages to pay OFF ALL DEBIT including mortgage, then when he has extremely more $$, then go ROTH and pay the tax today, so he won't have to with his forever money. Doesn't that make sense?   

This is why I stay out of these threads. Good luck to you on paying off the debit as you said.

 As I said. Depends on age. You said he's young....how in the world would we know that? 

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13 minutes ago, Seeking6 said:

This is why I stay out of these threads. Good luck to you on paying off the debit as you said.

 As I said. Depends on age. You said he's young....how in the world would we know that? 

Sorry, I did pay off all debit and this is one of the things I did. I wasn't arguing with you, I even asked "doesn't make sense". ... And I thought he said up above he was 35. 

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2 minutes ago, Joe_Hoopsier said:

Sorry, I did pay off all debit and this is one of the things I did. I wasn't arguing with you, I even asked "doesn't make sense". ... And I thought he said up above he was 35. 

That was somebody else who said they're 35.

One thing I like about a Roth is I know exactly what I have.  I don't have to plan for an unknown tax rate in the future, what my tax bracket will be, or anything else.  What I have in there is what I have. If I'm shooting to retire with $1 million, I know exactly what I need to get to.

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