It's bad advice to wait 10 or 15 years without major caveats. Refinance when it makes sense financially is a lot better advice.

The first time I refied was a year after I bought my house, I went from 5% to 4% interest rate, and the change in payments paid for the refi cost in less than a year, and I knew I was going to be living there for past that time period.

I would agree it's generally not a good idea to keep adding time onto a mortgage and prolonging interest but you can accomplish that and still lower your overall borrowing cost.

Just a way for manufacturers to sell more cars. I got 0% in mid 2020, after the 2021 models came out, but I'm not sure you're going to find that at the moment.

Start maxing out both of your 401k 100%. You still can catch up big time if you max out both. I make far more than my wife who makes $70k but we put something like 28% of her income into 401k so she hits the limit each year. That should be step 1. Step 2 is is moving at least 600k or so into some index funds or stocks to make money off it. You have far to much cash. You’ve actually in theory lost 50k alone due to inflation just this past year. Invest it somewhere whether real estate or stocks.

Step 3 should be figuring out a real budget, ideally where do you want to live, will you stay in the home, how much money etc..

Step 1 and 2 should be done asap though.

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That’s not surprising, but it is a little disappointing. It sounds like you have a good handle on the new companies compensation and culture. The big question for me would be, is the potential increase in pay worth the time commitment and performance push?

I’d recommend you look into UTMA and UGMA accounts. The funds can be used for anything, some of the accounts will let you hold real property, and you can set this up as a custodian and hand the account off at 18/21/25 or whatever the age of majority is in your state.

529 are great, locking funds in an education account could restrict its use in the future would be my only “you should know” type inclusion.

If you like your job now I’d say it’s not worth risking going to a place you might hate. If you are over it with your current job, sure make the switch.

Recommend creating the IRA (Roth and Traditional) this year (2022) and putting the max deposit in. You can decide on the investments later. I would guess your income exceeds the Roth threshold, so you need to do a backdoor Roth. Agree with maxing out the 401ks. Need a advisor to help run the numbers, but it may be better to use the 401k traditional to reduce current income taxes.

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Big oof. Need to get that invested

Start here: https://www.reddit.com/r/personalfinance/wiki/commontopics

See my response above. Do you think I need to amend?

Get all the qualified investment money you can. IRA, 401k, HSA, anything. It is a limited time opportunity. Max out on everything you can.

Thanks. Here is what I’ve pieced together looking back at my Vanguard account.

I had opened my first traditional IRA in 2014 and made a contribution. No Form 8606 and no further contributions to any IRA until 2017. 2017 I converted all of my traditional IRA to a Roth IRA. I then made a contribution to my traditional IRA and converted the entire thing to my Roth, leaving $0 in the tIRA. I filed my first ever form 8606 for the tax year 2017, which showed no basis.

2018 I made a contribution directly to my Roth IRA, no tIRA activity (still $0 balance). Form 8606 for tax year shows $5,500 basis. I assume this is the origin of the mistake?

2019 I did some strange things, probably because I confused myself. I believe what I did was attempt to recharacterize the 2018 Roth contribution in March 2019 to a tIRA and then reconvert that back to my Roth IRA. Maybe thinking I was over the income limits to have made the direct Roth IRA conversion. Whatever the reason, that again left $0 in my tIRA and everything in the Roth IRA. I later made a contribution to my tIRA in January 2020 for the tax year 2019, and then converted that to my Roth also in January 2020 (I understand the contribution would show on my 2019 taxes but the conversion on the 2020). My Form 8606 for the tax year 2019 has $6,000 basis. No tIRA balance at end of year 2019.

2020, I made another contribution for the tax year 2020 to my tIRA and converted that to my Roth IRA. My Form 8606 for the tax year 2020 has $5,999 basis. $0 in tIRA end of year.

2021, I made a tIRA contribution, then converted the entire amount to my Roth IRA. Form 8606 again shows basis of $5,999. $0 in tIRA at end of year.

How would I fix this?

Yes it is cash.

Not me. Rates for last 15 years have almost been free.

Oh yes, 100%!

Not someone. They are the only ones for sale in the country. I don't know what you are trying to say. If something is only for sale at a certain price then how would be worth anything other than that price? I can go buy my truck for $35000 or I can go buy a 2 wheel drive extended cab of the same model year for much less. Only one of those two things gets me back to where I was. If you don't believe me, all relevant details for the truck are at the top of the post. By all means go search.

It totally depends, as each client is subjective and requires a suitability assessment, I cant legally give a recommendation without it

I can say that the 3 I’m referring to are contributed as follows

$1000/mo, $1200/mo, and my largest is $4000/mo

In retirement (most of them want to be done by 50, 1 at 55) they’ll be able to pull between $209k per year, tax free on the $1000/mo investment, while the top end will net him closer to $500k per year tax free.

The rate of return for the calculations was 7.34% after fees and expenditures if I remember off the top of my head, but I cant guarantee that one. Could be 7.44%

I'm saying he acted within all the same bounds as he would have had to, had it been an IRA, and for the same reasons: retirement.

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What does the IRS require? If they require an actual appraiser to do it, then tell them your accountant suggested that.

We hired a guy once to appraise some business equipment, and our bank would not accept the appraisal because he was not an accredited appraiser.

Sounds like a good plan. Be safe out there. And anyone on here who tries to message you personally likely is trying to scam you. Don’t let your good work go to waste, we’re all strangers here and a healthy distance is important on the internet.

Is that $710k in cash?

You’d need about $1.65 million in todays dollars to generate $5500 in monthly income given a 4% safe withdrawal.

If what you have is all invested, you should have 2.2 million in 15 years assuming a 7% inflation adjusted return. If you earn only 5%, you’d end with about 1.68 million