So you’re on the hook for decades with this bc your siblings are lazy ??

That's a good idea. I think for most immediate emergencies I probably would use my credit card. Now you've set my brain into active mode!

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I'm in a similar position as you though my home value is less than half that of yours. That said, I'll pass along what my attorney told me when I set up a will in case any of it applies to you.

My IRA and 401k have beneficiary designations where I chose an animal charity as my primary beneficiary in each of those accounts. What that means then is that it would not need to go through probate and the money will go directly to the charity I've designated.

I'm still unsure what to do about the house because that's a little more complicated. Maybe somebody else has some advice..

As for your sister, again this is what my lawyer told me regarding my brother is to leave him a token account as opposed to leaving him completely out of the will. If bro were to contest it, he wouldn't really have a legal leg to stand on, but he advised me it would be safer to leave him a little something as opposed to nothing. Maybe there's some personal item or something like that that you could designate for her?

Anyway, kudos to you for your savings and investment and for leaving your money to charity. I feel kinship with you. 🙏

Thank you for the reassurance. That all makes sense.

Thanks!

Thanks!

Then don't use your advisors advice. Is that the only fund options you have? Do you have passive managed funds available to you within the 401k? Not every plan is good, many aren't, and just have high ER funds. Yours could be that. If so, then I would only put in what it takes to get the match then focus on IRA. Only come back to the 401k after the IRA is capped out. Few things outperform the S&P 500 as that's a pretty close measure to the whole market. Not the most inclusive, but close.

I agree that an emergency fund should be readily available, sort of...

I will always have 10-15K in a MM acct, that I can get to at any time. But I use my available credit for the remainder of my emerg funds. I have a 15K limit CC and a HELOC. No balance on either.

Set up rolling CDs using your emergency cash so you have one expiring each month, that way if you have a big unexpected expense you charge it, or borrow on your HELOC and use the CDs to pay it off over a few months. Worst case you're out a few months interest. In the mean time you're earning good interest on your emerg money.

BTW, my local credit union is offering 4% 6 month CDs right now. I would think that rate would be readily available anywhere...

The money which he is putting right now in SIP now, would give him a good return later on in his life.

He would be thanking all those people who gave him this advice for real.

I'll be honest, while I want my kids to have options, I also think that outside of the top 20 or so schools (Ivy+), I'd really encourage my kids to consider our in-state public schools. And for most of those Ivy+, there aren't a lot of discounts and scholarships out there for families making 200K+.

I was browsing this list, linked on another thread this week. https://www.doctorofcredit.com/high-interest-savings-to-get

My HYSA is at 3.75% this week. If it doesn't go up again by February I'll consider moving. My Savings Direct was good enough to start saving with; I only left for the current bank when MSD stopped keeping up.

Have learned that the ones that raise rates fast often also drop them fast or have other disincentives. Only you can decide how much time and effort you want to put into researching a network of banks and moving your money around among them.

Make sure to read your employers fees. Mine charges for the rollovers, so I do mine once a year. It sucks, but still cheaper than their monthly fee to invest.

Main thing to look for is balance transfer fees. I haven't seen any with no fee since late 2019 or early 2020. These days it's either 3% or 5%.

Obviously you want the ones offering the lower 3% fee.

Ahhh damn there is so much I don't know about this stuff lol. I don't think it's an in plan Roth conversion, or at least I'll have to double check but I don't recall ever seeing that. We had 401k, Roth 401k and after tax options.

I'll have to dig into it more. If it's not an Roth in plan conversion am I making a mistake making after tax contributions even if the company still matches at that point?

100%, im still a renter for this reason.

Not sure what specifics of your plan are, but the provider is probably saying it's a bad idea because now you have less money invested or earning interest.

Is this a UK thing? I can't find an American reference to SERPS so people here will likely be unfamiliar with UK retirement systems.

> even when they offer me the option to do it?

You can do lots of things, doesn't mean they're a good idea.

I just say that because I don’t trust my financial advisor and it is a actively managed fund and a target date fund of 2065 since I’m 22 but it has the highest expense ratio out of all of them at 0.81 and it doesn’t even outperform the s and p 500 when it shows growth of 10k and I invest in my Roth IRA Vfiax which is purely s and p at a much lower expense rate .04. Should I not even worry and just put whatever I can’t contribute into my Roth into the target date fund?

I agree but don't go too crazy with your savings either when you have debt charging 25% interest. It was more to counter the people who are inevitably going to post extreme suggestions to start eating only rice and beans, drain your savings to $0, sell your car, cancel your Netfix, etc.

I think you should pay off both of the small balance accounts in full within the next 2 weeks.

For sure the second option - I'm going to look through the offers I received. Although, I am worried about not getting a high enough limit. Thank you for the comment!

Woo hoo! This makes things much less stressful as I'm trying to figure out our tax situation and adds SO much clarity. Thanks so much for your help.

That's a good point. Thanks for clarifying that.

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House was purchased for 180k, I’m still going to continue owning it, only my parents and siblings will live there but they barely make enough unless my other siblings pay something. If they fall behind I might be screwed. I just want to move for more personal space.