How are you supplementing your Pilot income? Details only please!
02-06-2021 | 10:23 AM
#162
Gets Weekends Off
Joined: Sep 2009
Posts: 2,429
Likes: 14
So true. When I was younger I had a "money guy" who talked me into managed brokerage acct. Well after several years he made me about 300$ on 30K , what a waste of money. I took my money back and opened up a Vanguard, put a couple kids through college.
02-06-2021 | 01:50 PM
#163
Gets Weekends Off
Joined: Aug 2020
Posts: 2,682
Likes: 167
Because things change when you reach the high earner tax brackets and the numbers in your accounts get bigger. When your personal and company provided contributions far exceed the max allowable limits, when you are earning $200-300K, and when your accounts have several million dollars in them, investing advice and tax considerations becomes something to seriously consider. Many also consider the expense of paying someone to study and manage the money worth it so that they don’t have to.
02-06-2021 | 09:04 PM
#165
Prime Minister/Moderator
Joined: Jan 2006
Posts: 45,127
Likes: 796
From: Engines Turn or People Swim
Because things change when you reach the high earner tax brackets and the numbers in your accounts get bigger. When your personal and company provided contributions far exceed the max allowable limits, when you are earning $200-300K, and when your accounts have several million dollars in them, investing advice and tax considerations becomes something to seriously consider.
If you file a 1040EZ, you probably don't need to bother, just max out the 401k and keep updating your apps.
Also if things go south I don't have to explain to the wife why *I* screwed it all up.
02-06-2021 | 09:08 PM
#166
Prime Minister/Moderator
Joined: Jan 2006
Posts: 45,127
Likes: 796
From: Engines Turn or People Swim
Pay for an independent CFP. They'll help you with taxes, estate, insurance, etc, etc and it will all be coordinated so you're maximizing all available legal opportunities (loopholes).
02-06-2021 | 10:08 PM
#168
Gets Everyday Off
Joined: Aug 2016
Posts: 6,995
Likes: 1
From: Fully Retired
Your financial adviser should not be your broker, and should not be in the broker biz. If you're a hammer, everything naturally looks a lot like a nail.
Pay for an independent CFP. They'll help you with taxes, estate, insurance, etc, etc and it will all be coordinated so you're maximizing all available legal opportunities (loopholes).
Pay for an independent CFP. They'll help you with taxes, estate, insurance, etc, etc and it will all be coordinated so you're maximizing all available legal opportunities (loopholes).
02-07-2021 | 03:43 AM
#169
Gets Weekends Off
Joined: Feb 2011
Posts: 1,327
Likes: 0
Because things change when you reach the high earner tax brackets and the numbers in your accounts get bigger. When your personal and company provided contributions far exceed the max allowable limits, when you are earning $200-300K, and when your accounts have several million dollars in them, investing advice and tax considerations becomes something to seriously consider. Many also consider the expense of paying someone to study and manage the money worth it so that they don’t have to.
I will also second the difference between 50-75k and then making 200-300k presents different problems than just going and buying GME NOK And AMC. It’s not a dig at lower income earners. Just the nature of the beast. Unless you just go out and spend it.
02-07-2021 | 05:06 AM
#170
Gets Weekends Off
Joined: Aug 2020
Posts: 2,682
Likes: 167
That was me for a while. I put 20% away into low cost mutual funds every month without fail when I was starting out. My income and account balances were low, I could never hit the limits, and I could easily manage. Once my income and nest egg grew, I needed help. Between this job and other sources of income that I had developed, it quickly got too complicated.
Thread
Thread Starter
Forum
Replies
Last Post
