Not starting soon enough. Not putting enough in. 

“Investing” in collectibles, books, baseball cards, sneakers, etc. is a mistake. You cannot sell out quickly without taking a big haircut. And things fall out of fashion and go to nothing. 

Stick to stocks. At first large, diversified funds/ETFs like Vanguard Total Market. The exact one you pick is less important than getting started. 

Please seek some counseling or therapy for your depression

You don’t live off the interest. Interests are returns from cash and cash equivalents (bonds,treasuries,etc). You would live off investment gains through selling parts of your investments each year

Everyone here so far is talking about taxable brokerage accounts. Do you know what type of account it is? Because if it’s a taxable brokerage the advise here is correct about long term 0, 15, 20. 

HOWEVER if it’s from a tax deferred retirement account like a 401k where he didn’t pay taxes on the money that went in it will all be taxable income coming out.

Do you work at Amazon?


The reason why people don't say negative things publicly is because Amazon has a policy of constantly yanking/PIPing "low performance". In quotes because the definition of low performance is whatever management thinks is low performance wrapped with a packaging of plausible failures. So employees are constantly fearful and tiptoe around their bosses. Peers will weaponize your opinions to stab someone during reviews.



It is a sad place to work. You should not be surprised at Amazon if you are being gaslit or backstabbed. These practices are the rule at Amazon, not the exception.

Capital gains are taxed as normal income if they are sold within 1 year of acquiring the assets (aka "short-term" capital gains). The top marginal federal income tax rate is 37% (but you need to make 609k to be in that bracket), but if there are state or local taxes the rate could easily exceed 40%.

If he makes between $243k and $609k a year he'll pay 35% federal and 4.65% to the state of Utah which is approximately 40%.

I’ll be honest with you I’m a 28M 5 years experience in my field and I’m still not where I want to be. Everyone has their own timeline. I didn’t see myself in nursing it just happened out of financial need and an interest in science/health. Medical school was not an option for me because of lack of focus in my early life plus financial barriers. Now I’m a nurse and have plans to advance into CRNA (nurse anesthesia) within 5 years. It sounds cheesy but make a 5 year plan. Write down your strengths and weaknesses. Identify your interests areas. Focus on what you want to achieve and believe that you can do it. Good luck!

If you aren't actively seeking a marketable skill or education for long term career growth then she's right. But do it for yourself, not for her. If you do all that and she leaves you'll feel like you did it for nothing. Do it to better yourself and your life.

Sell x per month. Transfer to bank account. Rinse repeat

Firewatch towers/ park rangers. Most countries with even moderately large public wilds and national parks/ protected areas will need employees to keep an eye on it all and patrol and maintain these areas. Firewatch towers are a little more nice to exceptionally  hot areas or vast areas where people might set fires. If you’re not a nature head then most security jobs are pretty isolationist. If you’re not spooked by vast liminal spaces and security camera watching then they’re ideal jobs.

I would say that's a big problem

Actually had this conversation the other day, my boss mentioned that I am one of the ones who give the most feedback where we can improve, ie "complaining". Here's the kicker, he's told me in the past that I am the one that he relies on the most. He wasn't critiquing me it was just an observation he made. 

I told him that it's a good thing if people "complain" or try to change things, it means they care, I mentioned that I heard this quote from someone in the military:

*The day the soldiers stop bringing you their problems is the day you stopped leading them. They have either lost confidence that you can help them or concluded that you do not care. Either case is a failure of leadership.*

Which is funny because now it feels like we've come full circle with you actually being in the military. 

I've been at companies where people voiced their opinions, ideas, and got shot down regularly. What did I see happen to those people? They stopped giving feedback at all and a lot of them just left, including me. They stopped caring because caring and getting shot down hurts, doing whatever you're told and seeing negative results hurts less, I think it's a common coping mechanism. 

I "complain" all the time, the idea is to complain and offer a solution. No body likes a whiner, but if I'm not feeling like my feedback is heard then why bother wasting effort and breath.

 You can do your bills, it may take a year, or two, what the hell, three even. Credit cards are highest interest and least forgiving. Do them first. 

Bankruptcy screws you for years, and you don't really pay off anything. 

Don't worry about your credit score so much, you're not buying anything big for awhile. You don't need anything, right?  Things across the country could hit a slump at any time. It happens.  Get ready for that. 
It seems like too much, but time is on your side. I believe in you! (would you be willing to adapt an old cat as a grateful friend?)

Mail carrier. You are by yourself literally delivering mail for 8+ hours a day.

I see this said, but what new grad is really pulling strings at a company that can get another person hired?

I dropped out of college and bummed around for a few years then returned to college at 31. I was extremely motivated, got some good advice and mentoring got my first professional job quickly and haven't looked back.

Really you don't "live off interest" that's kind of a misunderstanding people have. You have investments that grow, pay dividends, and may pay interest if it's bonds. 


You could theoretically only live on dividends and interest, but that's usually pretty low and most people just reinvest this anyway.


What most people here do after that retire is sell a "safe withdraw rate" (SWR) so that they can take money out at a rate that it won't run out before they die.

I wouldn't declare bankruptcy bc I'm 3K behind. I'd try to  limit as many expenses as possible. And understand that grief and depression are two different things. I lost my dog unexpectedly this year and my cat. And have lost my father and grandparents already, so I know what you're feeling. 

The credit score isn't important if you're not trying to borrow new money. Bankruptcy isn't a magic pill.

Also being easy to work with/collaborative. A lot of folks fail to get into companies because the HR stiffs them out. Social skills are often as important as technical skills.

This exact same thing happened to me, and I did actually end up with a PTSD diagnosis. You're honestly probably still burnt out, and physiologically, your body is trying to protect you from it again. It's a survival instinct.

The shift is likely temporary but getting treatment may or may not leave you wanting to do the same kind of work. Do you have access to therapy? I don't know where you are, but there are often cost effective options available. I didn't seek out therapy soon enough which ended up having negative effects on me at work for the next 3 years.

this is the second time I see this story in 24 hours, just written differently..

$15k in a month is huge especially with all you’ve been through. your journey is proof that persistence and determination pays off. Congrats on how far you’ve come, it’s truly inspiring

Yes, the older I've gotten the more I've just come to appreciate that all companies are simply money-making greed machines designed to serve shareholders and enslave the underlings. So, I'm more jaded now and have come to accept mostly that work just sucks and there's very little way to find meaning unless you know the owners personally and love and respect them, or at least be part of a team culture where the attitude from the top that flows down is a good one.

If you find yourself in a difficult place in your life, we urge you to reach out to friends, family, and mental health professionals. Please check out the resources over at /r/depression, /r/anxiety, and /r/suicidewatch. Feel free to [contact the /r/CSCareerQuestions mods](https://www.reddit.com/message/compose?to=%2Fr%2Fcscareerquestions&subject=&message=) for more information or help.

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18 YoE, FAANG-adjacent company, Sr Manager

After 5 years at this company, receiving “exceeds expectations” ratings (4/5) every year, and one promo, leading a very visible and successful project, my org got a new VP. This new VP had a whole new style of cutting costs etc. My skip level is not a great leader and she was shoving her stress down on everyone below her (we did Q1 planning 6, literally 6 times from scratch for her). I was bringing the stress home to my family, it wasn’t good. Long story short, with the support of my doctor and therapist I took FMLA time to recharge. 

During FMLA a company I admire reached out for an interview (you know and are probably a customer of this tech company) - the job description was basically written based off my resume! My responsibilities would be to lead areas I’ve successfully led in my current role and the role before. The interviews went amazing, I’d never clicked with interviewers so well before. The recruiter would call me after each interview and tell me the same thing: literally no concerns, they loved you. I met at least 8 people, from design partners to sr directors to VPs. 

The hiring manager at the new company had some vacation and some sick time, so it wasn’t until today that I was supposed to get the final word. 

This morning I got a text from my current manager that my skip needed to meet with me urgently (on leave??) so I got online. My department’s reorganized, my position is eliminated. Well shit. 

At least I have this new job to possibly look forward to…. Or not. Recruiter says they went with the other candidate. That we had about equivalent experience, performed equally well, and he didn’t have any red flags or feedback for me, just that it came down to a “gut decision”/coin flip. 

I’m currently laying in bed with a couple whiskeys in me trying to process how it all went so wrong. 

I hate Mondays. 

Just had the worst day of my professional life

9 YoE, and got fired from a FAANG after a year. Wasn’t performing well with my job, despite being open to and doing my best to address feedback. It was a difficult ramp-up, and I struggled to get code out. This was my first senior role, and I wasn’t offered pip. Idk what my severance is yet but I do have a few months of savings left to cover everything. This was also my first time ever being fired which is good I guess since I’ve gone this long without it.

So to those who have been through a similar situation (especially with the holidays coming up): what do you recommend I do now?

Just got fired. What now?

Back in September I noticed a charge on my credit card in the amount of $1240. I immediately called the number on the back of the card and reported it as a fraudulent charge. Citi agreed and issued me a new credit card with a new number. They told me it could take up to 90 days to credit my acount the $1240. A few weeks go by (its now October) they issue me a credit for $1240. A few more weeks go by and every thing seems fine. On November 6th I notice a charge on my account for the same $1240. So I call Citi and let them know about the $1240 charge. They say they will look into it and send me a letter in the mail. Yesterday I recieved a letter in the mail saying they removed the credit and I owe them the $1240 because they have evidence that I authorized the charge. The evidence they have supposedly shows a UPS tracking number saying the item was delivered to my residence. I never made a purchase in the amount of $1240 and I never recieved the supposed package. I'm not even sure what I'm supposed to do now. Any help would be greatly appreciated. 

Reported a fraudulent charge. Bank looked into it and somehow found me responsible. Now I'm being forced to pay back the amount. 

As the title says. My divorce will be finalized in the next 30 days or so. With the separation, I'm entitled to half the equity of our home, and myself and my children are the ones leaving the marital home. After debts are paid off, I'm leaving with a lump sum of around $38k USD. There will be alimony and child support with that, and I have a start date for a new job, but the lump sum is what I'm trying to focus on. 

I've been married for just over 10 years. In those 10 years, every financial aspect of our lives was entirely handled by my husband. I quit working right after we had our first child 9 years ago, aside from side jobs and baby sitting other children. A lot has changed in those 9 years and I'm scared and overwhelmed about finances.

I've budgeted out what it will take to get my children and myself established in the apartment I've found for us (new beds and necessary furniture/household goods, first rent and deposit, first months payment for childcare after I start my new job) and it's around 8k. That will leave me with roughly 30k to work with. 

I do not think I will run into such a large sum of money in my near future, since I'm literally starting over from scratch. I have no credit or recent job history. I'd like to know what my options are to stretch this money as far as I can and what I can do to make it work for me. I've opened a bank account, and talked to someone there and they suggested opening a money market account with 25k of it, as that's the minimum required balance. They have financial advisors that would work with me and help me grow it, and it has a 4.2 (not fixed) interest rate. Is that a good option, or do I have smarter options? I have no idea what I'm doing, and would love any and all advice. 

Soon to be divorced stay at home mom

Guys, I’m so lost. 

I am 37 and haven’t figured out what to do in my life. I have a PhD in chemical engineering that is essentially useless. I wish it were just a BS engineering degree so that I could’ve had more job opportunities. I don’t see how anyone would hire me for even an entry level chemical engineering job at this point, since I went to school so long ago. 

I do not like working with computers/technology. 

I’m going to school now for accounting but realized that I really do not want to be an accountant. It feels too risky from a legal standpoint. I just don’t want to do it. But I’ll finish the degree. 

I have some experience teaching chemistry and physics at high school, but I quite during Covid and don’t want to go back. 

I like the idea of working with my hands. Although many carpentry jobs seem risky too from a safety standpoint. 

I am so lost. I will take any advice I can. Thank you for listening to my sad story.

---------------------------------

Please See This Important Update:
 
I wrote this post on behalf of my boyfriend (if he had written it himself, it would've been clearer and different in tone). He does not have a Reddit account. This is probably why it sounds like a troll post to some (it is not). I want to say thank you so much to everyone who commented. It warms my heart that people are taking their time to thoughtfully offer their guidance to a fellow stranger. 

My boyfriend has always stayed busy. For example, he was a high school teacher and athletic coach at first. During the height of the pandemic, he transitioned to helping one of his friends write and edit a blog (he really disliked that). After that, he started school for accounting. 

He has had some life events which I believe led him to feeling lost and unguided. He also felt that he did not deserve his PhD (obviously, that is personal/mentality related). 

He is the most intellegent person that I know. He may be lost; he may be going through somewhat of a "mid-life crisis;" however, he is the most reliable, smart and honest person. 

Your Breaking Bad comments gave us a laugh. Patent law is particularly interesting -- he is interested in learning more about that. It sounds like he can start out as a patent examiner, which would make use of his PhD. 

I/we are so appreciative to everyone who took their time to comment here with advice.

37 y/o with a useless PhD - what do I do with my life?

Hi everyone.

Today I closed the door to my business into which I invested all my blood, sweat, tears and money for 5 years.

This is a terrible feeling as that business consumed a lot of my time and funds that I took away from my family. It also caused me a huge amount of stress that adversely affected my health and marriage.

I know that a lot of you had been through this, and that there is no reward for not taking a risk but somehow it still sucks very badly.

How do you find solace and strength to make peace with the situation and eventually move on?

Today I failed

Hello, 
My grandpa lost his job after getting Covid in 2021 and was unable to continue working after spending 3months in the hospital. He has stopped working since and has no pension. He receives social security for about 1600 dollars a month. My mother helps support him with food, but he has a mortgage loan and a home equity loan still present. The home equity loan is what is killing him as it’s a 26,000 loan at 10.64 for 30yrs. The loan has been ongoing for about 10yrs and the loan has actually only increased in total amount owed. Not one cent paid off the principal. Are there any program or ideas that he may be able to do in order to help with this loan as he can’t afford it. The loan is being covered by my mother and she lives with him, but she is paying all of his debt now. Selling the home is not an option unfortunately, so what are the best options? 

My grandfather (82yr M) has no savings and debt. What should he do

I went the non-traditional way and got a job without any coding interviews 4 years ago in a big tech company. I won’t go into the details as it has potential to dox myself. 

Anyways, I’ve a high performing engineer for 4 years and I would’ve thought I would’ve grasped leetcode problems pretty quick as I’ve a firm grasp of Python and… it’s just writing Python code… right? Well I was very wrong. 

I’m not sure what I’m doing wrong… but I’ve read two data structures and algorithms books, I’ve watched a few algorithm videos and I did one year of college which had a module on algorithms and data structures. I assumed I would’ve been in a good place to start leetcode… maybe I am. 

But I try to do problems and all of them so far have not been anything like what the books have prepared me for. “Valid Sudoku” sorry what? How do I even start this. Even the easy problems I’m just freezing up. 

What am I doing wrong? As I said… I’ve got a lot of experience as an engineer but I’ve never done a coding interview before so now that I’m trying to change jobs… I could talk about scalability of web services, authentication, agile, GitHub, docker… all day everyday. What I would class as relevant for work. But this leet code stuff is just messing me up. 

What do I do? I find myself just brainlessly reading the solutions now since I’m so demotivated reading these problems. I don’t want to go read more books all for nothing… (since the first two seemed to not help much). 



How the hell do I learn leet code as someone with 4 YOE. 

Had my usual 1 on 1 with my manager today. 10 seconds after we both join, a guy from HR joins the line. Manager starts presenting a “Warning” letter to me about performance. Been at the company for 4 months, and it’s definitely a startup work level company. Been getting my items finished but missed a few sprints when I first joined due to new technology and environment. It has been very hard for me to get used to the work due to me getting hit with many items and little to no help. Is this a PIP? Feels like they are documenting everything to get me out. I also noticed my manager making me message him everyday on my items progress. They want me to sign this warning letter and send it back. Should I sign? Its frustrating since I’m still new and they have such unrealistic expectations. I reach out to the manager for help and feel he’s not taking my inquery serious.

This company is very cut throat and no room for growth. I feel all they care about is me pumping out items without really learning.


Any tips? I currently have 3 YOE.

Got a warning for performance

Just got back from said vacation and was greeted by my manager’s informal PIP.

Context: the last day before my vacation, my manager told me I had to work on one of my days off.  I refused and said this via email. (They asked me over the phone).  This ask was prompted after a call where my manager fought with another team member on the same project and even though everyone else on the call agreed and liked where the project was headed, my manager was upset.  (I still don’t understand why.  I gave them consistent updates before this call.  The project is on time.  The stakeholders love the direction.)
 
The reasoning for the PIP is that my manager “does not feel confident” that I will meet a deadline.  I have not missed any deadlines in the past.  I have always delivered my work well and on time.  My other team mates and colleagues say I do good work.  This is the first time my manager has given me any warning of poor performance. The PIP is a list of ways for my manager to micromanage me.  It’s just an outline of my regular work timeline but with a ton of extra steps/checkpoints where my manager can meet with me or check my work.  Can you be put on a PIP when you haven’t performed poorly yet??

This was not signed by HR nor any other higher ups to my knowledge. 

Is this retaliation for refusing to work on my vacation?

What should my next steps be? Is this the end? Am I on the way to being fired?  Should I push back?  I feel horrible.  I have never been put on a PIP before.  I really felt like I was finding a stride with my job and other team members always gave me positive feedback.  Even my manager.  I feel so blindsided and upset.  Any advice would be appreciated.

Manager put me on an informal PIP after I refused to work on my vacation.  What do I do? 

Young investor here (late 20s). I'm curious to know what you would consider your biggest mistake or regret so that those of us who still have plenty of time can avoid them.

It can be anything ranging from savings rate, account choices, investments choices, etc. 

Older investors, what was your biggest investing mistake looking back? 

I want something like lighthouse keeper but those are being automated out of existence. Anything that’s so shitty and isolated that no one else wants to do it 

What jobs exist that pay you to be alone for long stretches of time?

Hey everyone,  
I just hit my first $15k month in business! While I know that’s small potatoes for some here, it feels like a huge accomplishment for me, considering where I started.

I grew up in a really tough environment – food insecurity, cold winters, and tough family circumstances. My dad passed when I was 8, and my mom struggled with an injury. I was the only one in my family to make it through college, and even though I’ve faced many challenges, I’m proud to be where I am now.

I’m 33, and though I wish I could’ve done this earlier, I’m just happy to be making progress now. If there’s one thing I’ve learned: there’s always a path to success, no matter where you start. You just have to figure out those first steps and keep moving forward.

I’m sharing this not to brag, but to remind anyone out there who’s struggling – you can do it. Keep pushing, take those first steps, and you’ll get there.

Thanks for reading, and for anyone in a similar spot, keep going!

Celebrating My First $15k Month – Proof That Persistence Pays Off 

Long story short, this year has been horrendous. My dad died, my grandma died, my cat died, my SIL has cancer, my income dropped, one roommate moved for work and just stopped paying, and another I had to kick out because it was not good, and I was being taken advantage of (trying to help a friend who needed a place). I have fallen so behind on my bills, and I’m just not sure what else to do. I have a decent income (~$100k) but I’m so late on my payments that it seems impossible to catch up. I’m current on my mortgage, HOA, and utilities. I’m behind on all debt payments (which total $64k—about $3k behind). I had already worked out hardship plans but still can’t afford those. I have two side hustles but have been so depressed that I haven’t been able to motivate myself to work on them… I’ve already ruined my credit… it was 843 and now it’s 476. Should I try to catch up or declare bankruptcy? Do I have any other options? 

I’ve Screwed Myself Over

Mabye this is just a corporate america thing. Maybe this is a Slamazon-specific thing. This is my first corporate job, and I'm ex-military. In the military, complaining is 50% of the job. A great way to relieve stress.

  
I find it very odd that nobody on my team ever has anything negative to say about the team or company. It is always either positive, or at worst, neutral. This is despite sounding like someone just kidnapped and ransommed their first born child at standups in the morning.

  
I have heard that my team is "pretty good", with good WLB (for Slamazon), and my manager is a good one. I can't say that I agree with any of these. 



Yes, I typically work 40hrs a week, but that is only because I refuse to overwork myself. I have a massive pile of work that only keeps growing. Time estimates are usually short, and I almost never finish within the tight deadlines due to ops load, broken tooling, meetings, etc. 

  
I have never doubted myself more than I do now, and I wonder if I am being gaslit. I am most likely going to switch teams, and if that doesn't work, switch companies. I am seriously doubting my abilities, despite being very passionate about this field and doing very well in university. 

  
Am I crazy, or is this normal? Is this a Corporate America thing, where it's seen as a taboo to ever complain? Or is this a Slamazon-specific problem? Thanks in advance for the info, nerds.

Am I being gaslit? Team seems scattered and depressed, but nobody complains.

Hi all, I'm hoping you can clear up my lack of understanding here. I know the basic concept here is to make it to your FIRE number in investments and then sail off into the sunset while you "live off interest" for the rest of your life. But, and maybe this is a dumb question, how does one do that functionally? I have a portfolio I am managing on Charles Schwab's app, but what does one physically do with their investments when the time comes to retire to collect and live off that interest? 🤔 Thanks in advance!

How do you live off interest functionally?

It took me six months to find a job after I graduated. Not sure if it didn't take longer because I'm not from the USA, but things here are hard too.

In these six months, I developed personal projects, rewrote my CV several times, and sent it to hundreds of companies.

Every single interview I got was on companies where a friend recommended me. I didn't get even one interview where I didn't have any connections.

I don't see people on this sub stressing this enough. GET. CONNECTIONS. Go on events, competitions and hackatons, join student clubs, never stop expanding your LinkedIn; hell, maybe even go to parties with the intent of knowing people.

I feel like most CS students are kinda antisocial. Learn to interact. If you don't, not only will you not pass a good impression to your interviewer, you most likely won't even get the interview in the first place.


Edit: Just so I don't get misunderstood: you are absolutely still required to grind LC, practice for interviews and know your shit. However, you're on your own for this, college will mostly not help in this regard and you can do this whenever you feel like. What you can get *from college* more effectively is networking, which I didn't see some of my peers doing. And I definitely felt that this played a factor in me getting hired.

Connections are absolutely the most important thing you can get out of your graduation

To set context me and my long term GF got into an argument about career advancement now that she got into Nursing school. And she expressed desire for me to advance into a career and I do agree I need to start moving forward in a more serious career. For more context I'm 28 living in California Bay area making around 50-60K depending on hrs. I feel pretty lost because I don't have a degree and truthfully I've never thought of a career past my current job (Customer Service / Vendor Managed Inventory). For anyone that has made a career change from the age of 28 above, how did you start? What choices did you make and how did you realize what career would help you further yourself? 

  
Thanks in advance!



I'm 28M and my GF is upset because she feels I haven't advanced in a career. What do I do? (This isn't relationship advice) 

I’m a 23F working in design and marketing. My last job left me severely burned out, depressed, and questioning my own capabilities. I spent many nights crying on the floor because I hated working there so much and felt trapped while struggling to find a new role.

When I finally landed a new job at an agency, I was excited at first, but I quickly noticed my emotions and attitude toward work felt indifferent. I wasn’t excited or optimistic, and I think it was because I was so desperate to leave my previous company that I didn’t fully process what it meant to move on.

For context, I’ve always been a very eager and hard worker. I didn’t mind going to work because I felt needed, enjoyed being busy, and loved what I did. Unfortunately, people took advantage of that. At my last job, I experienced blatant disrespect, sexual harassment, micromanagement, and constant undermining. By the end, it felt like a part of me broke, and I stopped caring about work altogether.

I thought this new role—especially since it’s in the field I wanted—would reignite my passion, but it hasn’t. I’ve realised my attitude toward work has fundamentally shifted, and I can’t seem to shake the bitterness.

So, has anyone else experienced this kind of shift after a bad corporate experience? And if you have, how did you manage to change it?



Has anyone else experienced a shift in attitude to their work after a bad company experience?

I am not well-versed in capital gains things so please forgive my ignorance.  Today my father (70 years old and retired) was stressing out about his HELOC payments. He says he pays $2500 a month only in interest and nothing towards the principal.  His HELOC is $180,000.  His house is worth about 2 million and he has around 1.2 million invested (mutual funds and REITs).  I asked him why not just cash out some investments to pay down the HELOC?  He said he can’t because if he were to sell any investments right now he’d be taxed at 40%.  I didn’t argue but that high of number didn’t sound right.  He lives in Utah which doesn’t seem to have outrageous tax rates in general.  Is 40% possible?  Thanks in advance for any help and advice.  

Are capital gains ever taxed at 40%? 

#559: An anonymous caller, whom we name “Samantha,” and her husband are financially strained and feeling torn. Shortly after purchasing two rental properties, their income dropped dramatically. Should they sell?  Tina is a full-time environmentalist. She’s worried that her index funds don’t align with her values on sustainability. Is there a world where she can be a savvy investor and fight climate change?  Another anonymous caller, whom we name “Sarah,” is excited and uncertain about her growing business. Should she hold steady or invest more resources into it? And how does she know if she’s making the right call?  Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode. Enjoy!  P.S. Got a question? Leave it at https://affordanything.com/voicemail.  For more information, visit the show notes at https://affordanything.com/episode559  The Efficient Frontier: Join Joe for an exclusive live session all about the efficient frontier (aka the secret sauce of smarter investing). This 90 minute online event is Thursday November 21st at 8pm ET / 5pm Pacific. Head on over to http://stackingbenjamins.com/efficient to grab your spot. Learn more about your ad choices. Visit podcastchoices.com/adchoices

#559: An anonymous caller, whom we name “Samantha,” and her husband are financially strained and feeling torn. Shortly after purchasing two rental properties, their income dropped dramatically. Should they sell? Tina is a full-time environmentalist. She’s worried that her index funds don’t align with her values on sustainability. Is there a world where she can be a savvy investor and fight climate change? Another anonymous caller, whom we name “Sarah,” is excited and uncertain about her growing business. Should she hold steady or invest more resources into it? And how does she know if she’s making the right call? Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode.Enjoy! P.S. Got a question? Leave it at <a href="https://affordanything.com/voicemail" rel="nofollow">https://affordanything.com/voicemail</a>. For more information, visit the show notes at <a href="https://affordanything.com/episode559" rel="nofollow">https://affordanything.com/episode559</a> The Efficient Frontier:Join Joe for an exclusive live session all about the efficient frontier (aka the secret sauce of smarter investing). This 90 minute online event is Thursday November 21st at 8pm ET / 5pm Pacific. Head on over to http://stackingbenjamins.com/efficient to grab your spot. Learn more about your ad choices. Visit <a href="https://podcastchoices.com/adchoices" rel="nofollow">podcastchoices.com/adchoices</a>

Q&A: Should We Ditch Rental Properties Entirely?

This episode focuses on practical financial strategies for preparing for the end of the year and setting yourself up for success in the coming year. Travis and Steve discuss the importance of revisiting your budget, emphasizing that it should be a flexible tool rather than a rigid constraint. They introduce the concept of an income-sourcing plan for those approaching retirement, highlighting how to draw from various accounts to optimize tax efficiency effectively. Additionally, they reveal the hidden benefit of receiving extra paychecks throughout the year, which can be leveraged for debt reduction or savings. The conversation is packed with actionable insights aimed at helping listeners take control of their financial futures, making it a valuable resource for anyone looking to improve their financial well-being.______________________________________________________________Thanks to our sponsor, S.E.E.D. Planning Group! S.E.E.D. is a fee-only financial planning firm with a fiduciary obligation to put your best interest first. Schedule your free discovery meeting at www.seedpg.comYou can watch all episodes, as well as other great content produced by NQR Media through their YouTube channel at https://youtube.com/@NQRMedia📧 For more information or to get in touch with us, visit https://www.ditchthesuits.com👍🏼 You can also follow us on Facebook, Instagram and Twitter at @nqrmedia______________________________________________________________About Your Co-Hosts:Travis Maus has been in financial services for over fifteen years. He is a Senior Wealth Manager and Chief Executive Officer at S.E.E.D. Planning Group. Travis also hosts the Unleashing Leadership Podcast, where he dissects some of his favorite books on leadership and how you can apply it to your business or life.Steve Campbell has over a decade of industry experience and is the Chief Brand Officer at S.E.E.D. Planning Group. Steve also hosts the One Big Thing Podcast, an interview-style show meant to inspire and encourage 30 and 40-year-olds going through difficult seasons of navigating marriage, raising kids, and growing personally. 

This episode focuses on practical financial strategies for preparing for the end of the year and setting yourself up for success in the coming year. Travis and Steve discuss the importance of revisiting your budget, emphasizing that it should be a flexible tool rather than a rigid constraint. They introduce the concept of an income-sourcing plan for those approaching retirement, highlighting how to draw from various accounts to optimize tax efficiency effectively. Additionally, they reveal the hidden benefit of receiving extra paychecks throughout the year, which can be leveraged for debt reduction or savings. The conversation is packed with actionable insights aimed at helping listeners take control of their financial futures, making it a valuable resource for anyone looking to improve their financial well-being. ______________________________________________________________ Thanks to our sponsor, S.E.E.D. Planning Group! S.E.E.D. is a fee-only financial planning firm with a fiduciary obligation to put your best interest first. Schedule your free discovery meeting at <a href="https://www.seedpg.com/" rel="nofollow">www.seedpg.com</a> You can watch all episodes, as well as other great content produced by NQR Media through their YouTube channel at <a href="https://youtube.com/&#64;NQRMedia" rel="nofollow">https://youtube.com/&#64;NQRMedia</a> &#x1f4e7; For more information or to get in touch with us, visit <a href="https://www.ditchthesuits.com/" rel="nofollow">https://www.ditchthesuits.com</a> &#x1f44d;&#x1f3fc; You can also follow us on Facebook, Instagram and Twitter at <a href="https://www.instagram.com/nqrmedia/" rel="nofollow">&#64;nqrmedia</a> ______________________________________________________________ About Your Co-Hosts:Travis Maus has been in financial services for over fifteen years. He is a Senior Wealth Manager and Chief Executive Officer at S.E.E.D. Planning Group. Travis also hosts the Unleashing Leadership Podcast, where he dissects some of his favorite books on leadership and how you can apply it to your business or life.Steve Campbell has over a decade of industry experience and is the Chief Brand Officer at S.E.E.D. Planning Group. Steve also hosts the One Big Thing Podcast, an interview-style show meant to inspire and encourage 30 and 40-year-olds going through difficult seasons of navigating marriage, raising kids, and growing personally.

Effective Budgets and Income Sourcing Plans

Can Ted and Georgette convert $1.6M in an inherited trust to Roth without distributing it? Should the trust own their home so they can use the home equity? Melissa was added as joint owner on her parents’ bank accounts after a medical event, but what have they done? Should Ralph and Alice use the required minimum distribution from their inherited IRA to pay Roth conversion taxes? That’s today on Your Money, Your Wealth® podcast 504 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, can Theodore contribute to a his wife Louise’s Roth IRA? Can Marc make Roth contributions for his grandkids? Also, Joe and Al come up with a very unique way that John may be able to pay the tax on his Roth conversion using his home equity.  Access all the free financial resources and the episode transcript: https://bit.ly/ymyw-504 DOWNLOAD by Friday: Top 10 Tax Tips Guide - limited time special offer! WATCH  10 Tax-Cutting Moves to Make Now - YMYW TV DOWNLOAD:  Identity Theft Guide WATCH:  How to Protect Yourself from Scams: Cybersecurity webinar on demand REQUEST: Ask Joe & Big Al for your  Retirement Spitball Analysis SCHEDULE:  free financial assessment SUBSCRIBE:  YMYW on YouTube DOWNLOAD:  more free guides READ:  financial blogs WATCH:  educational videos SUBSCRIBE:  YMYW Newsletter Timestamps: 00:00 - Intro 01:00 - Can We Convert an Inherited Trust to Roth Without Distributing It? Should the Trust Own Our Home? (Ted & Georgette Baxter, Madison, WI) 10:02 - Watch 10 Tax-Cutting Moves to Make Now on YMYW TV, Download the Top 10 Tax Tips Guide before this Friday! 11:08 - I’m Joint Owner of My Parents’ Bank Accounts. What Have We Done? (Melissa, Rockport, TX) 16:35 - Can I Contribute to My Wife’s Roth IRA? Can I Max Out Multiple Roth Accounts? Should We Do Roth Conversions? (Theodore & Louise, Seattle, WA) 23:43 - Should We Use Inherited IRA RMD to Pay Roth Conversion Tax? (Ralph & Alice Kramden, SC) 27:35 - Can I Fund Roth IRAs for My Grandchildren? (Marc, Encinitas) 28:40 - Watch the Cybersecurity Webinar on demand, Download the Identity Theft Guide 29:32 - Should We Maximize the 24% Tax Bracket With Roth Conversions This Year and Next? (John) 37:55 - Outro: Next Week on the YMYW Podcast

Can Ted and Georgette convert $1.6M in an inherited trust to Roth without distributing it? Should the trust own their home so they can use the home equity? Melissa was added as joint owner on her parents’ bank accounts after a medical event, but what have they done? Should Ralph and Alice use the required minimum distribution from their inherited IRA to pay Roth conversion taxes? That’s today on Your Money, Your Wealth® podcast 504 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, can Theodore contribute to a his wife Louise’s Roth IRA? Can Marc make Roth contributions for his grandkids? Also, Joe and Al come up with a very unique way that John may be able to pay the tax on his Roth conversion using his home equity.  Access all the free financial resources and the episode transcript: <a href="https://bit.ly/ymyw-504" rel="nofollow">https://bit.ly/ymyw-504</a> DOWNLOAD by Friday: <a href="https://purefinancial.com/ymyw/#claim-special-offer" rel="nofollow">Top 10 Tax Tips Guide</a> - limited time special offer! WATCH <a href="https://purefinancial.com/ymyw/episodes/10-tax-cutting-moves-to-make-now/?utm_source&#61;LibsynDestinations&amp;utm_medium&#61;EpDescription&amp;utm_campaign&#61;YMYW-504" rel="nofollow"> 10 Tax-Cutting Moves to Make Now</a> - YMYW TV DOWNLOAD: <a href="https://purefinancial.com/white-papers/identity-theft-guide/?utm_source&#61;LibsynDestinations&amp;utm_medium&#61;EpDescription&amp;utm_campaign&#61;YMYW-504" rel="nofollow"> Identity Theft Guide</a> WATCH: <a href="https://purefinancial.com/ask-pure/how-to-protect-yourself-from-scams/?utm_source&#61;LibsynDestinations&amp;utm_medium&#61;EpDescription&amp;utm_campaign&#61;YMYW-504" rel="nofollow"> How to Protect Yourself from Scams</a>: Cybersecurity webinar on demand REQUEST: Ask Joe &amp; Big Al for your <a href="https://purefinancial.com/ymyw/ask-joe-and-al/?utm_source&#61;LibsynDestinations&amp;utm_medium&#61;EpDescription&amp;utm_campaign&#61;YMYW-504" rel="nofollow"> Retirement Spitball Analysis</a> SCHEDULE: <a href="https://purefinancial.com/lp/free-assessment/?utm_source&#61;LibsynDestinations&amp;utm_medium&#61;EpDescription&amp;utm_campaign&#61;YMYW-504" rel="nofollow"> free financial assessment</a> SUBSCRIBE: <a href="https://www.youtube.com/playlist?list&#61;PLaYddQ5LA8egnNwVr1qIkg8DDOeIbrCkI" rel="nofollow"> YMYW on YouTube</a> DOWNLOAD: <a href="https://purefinancial.com/white-papers/?utm_source&#61;LibsynDestinations&amp;utm_medium&#61;EpDescription&amp;utm_campaign&#61;YMYW-504" rel="nofollow"> more free guides</a> READ: <a href="https://purefinancial.com/learning-center/blog/?utm_source&#61;LibsynDestinations&amp;utm_medium&#61;EpDescription&amp;utm_campaign&#61;YMYW-504" rel="nofollow"> financial blogs</a> WATCH: <a href="https://purefinancial.com/ask-pure/?utm_source&#61;LibsynDestinations&amp;utm_medium&#61;EpDescription&amp;utm_campaign&#61;YMYW-504" rel="nofollow"> educational videos</a> SUBSCRIBE: <a href="https://purefinancial.com/lp/newsletter-sign-up/?utm_source&#61;LibsynDestinations&amp;utm_medium&#61;EpDescription&amp;utm_campaign&#61;YMYW-504" rel="nofollow"> YMYW Newsletter</a> Timestamps: 00:00 - Intro 01:00 - Can We Convert an Inherited Trust to Roth Without Distributing It? Should the Trust Own Our Home? (Ted &amp; Georgette Baxter, Madison, WI) 10:02 - Watch 10 Tax-Cutting Moves to Make Now on YMYW TV, Download the Top 10 Tax Tips Guide before this Friday! 11:08 - I’m Joint Owner of My Parents’ Bank Accounts. What Have We Done? (Melissa, Rockport, TX) 16:35 - Can I Contribute to My Wife’s Roth IRA? Can I Max Out Multiple Roth Accounts? Should We Do Roth Conversions? (Theodore &amp; Louise, Seattle, WA) 23:43 - Should We Use Inherited IRA RMD to Pay Roth Conversion Tax? (Ralph &amp; Alice Kramden, SC) 27:35 - Can I Fund Roth IRAs for My Grandchildren? (Marc, Encinitas) 28:40 - Watch the Cybersecurity Webinar on demand, Download the Identity Theft Guide 29:32 - Should We Maximize the 24% Tax Bracket With Roth Conversions This Year and Next? (John) 37:55 - Outro: Next Week on the YMYW Podcast

Rules for Inheritances and Making Roth Contributions for Others - 504

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