That’s what I said…

I’m assuming this is someone who has been investing for many years. Not someone who is 64 and just started investing

Someone whose been investing since 1990 (or many many years) need not go into bonds in my opinion. The 20% pull back doesn’t affect them.

I’m in my early 30’s and I’m heavily investing - by the time I’m at retirement age I plan on doing full stocks for the 11.5% or so average return. My family has longevity so I’m assuming I’ll live into my 90s especially with advances in healthcare in the next 30 years.

That's a lot of money for a single account, let alone a family plan where extra lines are heavily discounted.

That's the plan for sure

What is your budget for giving money to your parents? If you move in with BF, does that change as you are now having different expenses and perhaps saving towards other goals?

Your budget should reflect how much you have/put in the shared account. Nothing else should be in it, only what you give to your parents as gifts (or shared bills). It should also be an amount that do not take away from your other goals - be it food, furniture, rent, clothes, hobbies, retirement, travel, car, haircuts (and on and on the list goes). I would not be surprised if BF refuse to have merged financial situation with you until you've set an amount that does not mean he too supports your parents to the detriment of his own goals. He shouldnt. You shouldnt.

If you want to help, help. But do so with open eyes and in a way that does not hurt your own financial situation or your BF's.

Eh, I'm in my mid 30s and one or both of my parents is still on my account. But I doubt they've looked at it since I turned 18 and I trust them anyway.

I had this same thing happen to me and it sucks, but you need to come up with your own money to make everything whole from a tax deferred standpoint. It would all work out in the end, but it's an annoying cash flow issue. There were some articles online that explained it thoroughly.

When I turned 18, my mom insisted I open up my first checking account with a local brick-and-mortar bank in my area because she was sure I'd have all sorts of edge-case-type things I'd need to go in person to talk to a real banker about as I was embarking on my adult life. (She was also sure I would need to write a check every now and again.) College, multiple international moves, multiple different housing/renting situations, and multiple jobs later, I don't think I've ever gone to the brick-and-mortar location once, and I've certainly never written anybody a check. I do all of my banking on my phone.

I don't think there's any harm in opening an account at a brick-and-mortar bank; I've had a generally positive experience with mine, and still use that checking account as a "triage" space for my money before using it to pay off credit card statements, redirecting it to a HYSA, etc. But in this day and age there's not a compelling reason to stick with a brick-and-mortar if there's an online bank whose benefits you like better imo.

What I WOULD recommend is, if your 18yo is going to be a student this fall, getting them set up with a student credit card. I used my debit card all throughout college, stayed in the dorms all four years so never rented or paid a utility bill, then ran off to live abroad for a few years after graduating. By the time I came back, I had zero credit history whatsoever, but had aged out of any sort of young-and-new-to-credit offers. Building up from zero enough to successfully rent an apartment turned out to be a huge pain. On the other hand, I told my younger sister she had to get a student credit card while she was still in school, which she did and basically just used it to buy her groceries; and she was getting all sorts of great credit card offers within a few months of graduating and had no trouble at all landing a nice apartment in the city where she found her first job.

Yeah, my wife stays at home with the kids and we only have 1 car. However, we live in a city where public transportation is readily available so if i am not available she has a way to get places.

Congrats on the baby! I would look into paternity leave options where you live. If your salary is fully covered then i would take it.

That is BS. You aren't living there, you are visiting. You don't need to pay any rent. And $100 for a phone bill is excessive. A phone plan can easily cost $30-$50/mo, and if you finance a new phone then you'd have a $30-$40/mo bill on top of that for 2 years only. You should just get your own phone plan and instead visit your parents for a day, don't spend the night.

[deleted]

How do you 'not touch the principle' when the investment falls almost 20%? There are no gains to sell off. There's nothing but a fraction of the principle you had a year ago.

[removed]

Cut the cord. Your parents need to live within their means. Open your owe bank account. If you chose to give them or loan them money it goes like this. They ask. You decide if you want to. You hand them the money. No dipping into your account. Get your own phone. If you are on a family plan you share is much less than $100, unless you call it rent plus phone.

>My parents aren't poor

Tell your mom you are opening a separate account where you can save money for your future (wedding, house, life, etc). They will have to figure their own money management.

Why are you so bitter mate? Isn’t the point to be helpful, not rude?

It was a great idea 8 years ago!

Yes. Aside from this there is no reason you can’t just keep paying it off faster even with a refinance. Good loans will not have prepayment penalties.

[removed]

[deleted]

New bank might be the easiest. Maybe leave 100$ in the old one and see how long it lasts. Then say nothing at all.

100% yes, disconnect it.

The potential resentment from her having no money and being able to see yours is incredible. Not to mention the temptation of transfering..."He'll understand...we'll pay him back..."

If your mom takes offense...you need to have a calm, serious, adult conversation with her - not a reactionary one. If that conversation can't happen, there are much deeper issues than r/rpersonalfinance is qualified for -> r/relationships

Edit: Reread OP.. WAIT WHAT? She will transfer money without asking first??? No, no, no , no ,no. 100% unacceptable unless you already have an agreement in place for that.

I've only had to pay last months rent in Boston. That was the norm there, I paid it at 4 different places. My only other rental experience is in Virginia and it is not the norm there. 1st month and deposit only.

Thank you!!!

You want the $6000 to show up as basis for next year, as that way when you convert that $6000 (which happened in 2023, so the conversion will be on your 2023 tax return), you don’t have any taxes owed.

Since you made the contribution for 2022 in 2023, the paperwork is a tiny bit more complicated than had you contributed and converted in 2022. This is a good site that explains the whole process, this specific location talks about your current situation.

https://www.whitecoatinvestor.com/backdoor-roth-ira-tutorial/#late

Work backwards.

State your goals and then figure out what savings rate you need to accomplish those goals. Once you have those met, the rest is available to spend on stuff.