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educate me 401-k

  1. #2301
    Soul Rider Paul_E_D's Avatar
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    Re: educate me 401-k


    Quote Originally Posted by csmutty View Post
    I abandoned mint because it had trouble logging into different accounts as security changed. Maybe it's better now?
    I struggled with that for a while, and it has finally smoothed out. I do still have an account or 2 that want 2 step verification, meaning I have to get a code and enter it to see updated balances. But that's 2 out of 12 or so accounts I have linked. I still find it incredibly useful. I have a commercial loan so I have to do a personal financial statement for the bank annually. It's essentially a documented net worth calculation plus income/expense reports. Keeping mint up to date and connected does more than half the work for me. I also look at it regularly.

    I'm nowhere near as disciplined as many of you guys. Mint must think i'm insane at times and yells at me for high spending a lot! Once my retirement stuff reached a certain threshold I basically only do the basic work contributions. I'm not stashing my cash into retirement. We bought a house that needed a gut and redo. Most of my extra cash has gone straight into that over the past few years. I questioned this strategy initially, but after the pandemic hit, I'm super happy with it. Our house has been an amazing place to spend a lot of time and the mortgage remains relatively small.

    Also, at 50 I'm spending a fair bit on racing and riding. This is a trade off. I'm not going to have as much in retirement, but I'm gaining an experience now that won't be available to me at the same level as the years pass.

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    Paul_E_D


  2. #2302

    Re: educate me 401-k

    You’re doing it just right Paul. Most people won’t go into retirement with a commercial income property. And we all know being a landlord isn’t for everyone. Keep at it! There’s no one solution fits all and there are no guarantees anyways.

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  3. #2303
    Lifer gumby's Avatar
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    Re: educate me 401-k

    Quote Originally Posted by ZX-12R View Post
    And IRA contribution limits are unchanged and remain at $6000 for 2021
    $7000 if you're 50+

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  4. #2304
    Lifer ZX-12R's Avatar
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    Re: educate me 401-k

    Quote Originally Posted by gumby View Post
    $7000 if you're 50+
    Individuals of that vintage can contribute an additional $500 to their 401k catch-up which is now $6,500.

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    "...i would seriously bite somebody right in the balls..." -bump909

  5. #2305

    Re: educate me 401-k

    It's easy to feel like you're lagging once you're in the FI bubble and trying to keep up with the proverbial Jones'. Especially if you follow the FIRE crowd.

    I put 25% away of my salary and my job does 10% more and I still feel like I'm lagging until I compare myself to what most other people are doing or what position they are in. (10% from work doesn't count towards the $19.5k cap)

    Amusingly I have also learned that the max % donation of a paycheck is around 85%. The rest is needed to cover other payments taken out of your check. I once did more and had to back pay over the next few checks and gotten a very interesting email from a person in HR who's never had to deal with that before.




    As far as Mint. Most login issues have been resolved with them with time. Not sure on particular institutions that might struggle. Most major ones work. Safety wise - 2 points. 1) They are owned by Intuit. If you can trust them with all your tax info you can trust them with the logins. 2) There isn't any actual login information that can be taken from the app if it were to fall into wrong hands. Just amount info. No access.

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    Last edited by Vovchandr; 11-17-20 at 09:41 AM.

  6. #2306
    Burns retinas nhbubba's Avatar
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    Re: educate me 401-k

    I used mint for a while. The colossal security concern is just too great for me. We had endless conversations about this at work. With the newer privacy laws I don't even understand how they can operate that way!

    The entire internet banking industry needs to mature in this respect. You should be able to grant permission for institutions to share info at various levels of trust. For example if I could authorize mint to get a sanitized stream of the transactions from my credit card or something. Maybe just top-level balances from the retirement accounts, etc. Granting read/write access to the service is just out of the question for me though. And unfortunately I think the entire industry needs to get to this point before it can work that well. My local CU for example is in the stone age in this respect.

    I have my own spreadsheet for account balances over time and am much more comfortable taking the time to collect there. That sheet also has an asset allocation portion for helping me rebalance or play with possible trades, major expenses, etc. It is great because it spans all the banks I have $ with. And unfortunately we have at least a dozen accounts across almost as many different institutions.

    What we lack is a breakdown of expenses by category. Mint was .. well .. mint in that respect. For a while I had a spreadsheet I could do a semi automatic dump from credit card and checking account statements, then come back through and manually categorize spending. I could then balance this against "expected" expenses for each category and see where I was under or over-spending. It was based on a spreadsheet that popped up on reddit at one point that was flatly advertised as a replacement for YNaB when that tool went cloud/SaaS. Lots of people wound too tight-like me-didn't like the idea of entering banking passwords into a 3rd party, just like mint. I tried to find the spreadsheet again at one point and couldn't. I kind of think the post got deleted, possibly due to copyright or something. The top-sheet in the stack even had the same color scheme as YNaB. It was really well done.

    Unfortunately my wife is not willing to enter expenses. So it all fell apart. And honestly with kids and my nesr habit I don't have time to stay on top of it either. So to a large degree we are winging it. This is my biggest x-factor in my planning as I do not have a really accurate picture of our spending. It's the same as the college expenses. Will they really keep going up at 8% YoY?! That's absurd, isn't it? Who knows. I've now circled back to some advice that says stick a pin in a guess at what education expenses will be for each child and fund at most HALF of that figure in a 529. If you have the means, put the other half away as well but in a taxable brokerage account or something. Hiding it all in a 529 is considered too risky given the uncertainty in the future of education. Re-evaluate that guess as time moves on.

    I have kind of taken a step back and applied the same thinking to my whole financial plan. As a family our budget has proven too unpredictable to really count on for the next year, never mind 5-10 years out. This was easier as a single person, but even then just a guess in the end. Tools like mint are only really capable of looking back in the end. Diminishing returns on the effort here. In the end we are taking broad strokes, trying to capture the biggest factors (house, loans, vacations, retirement/college savings, etc) and throw everything else in a "other" box, not stressing over the details.

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  7. #2307
    Burns retinas nhbubba's Avatar
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    Re: educate me 401-k

    Quote Originally Posted by Vovchandr View Post
    As far as Mint. Most login issues have been resolved with them with time. Not sure on particular institutions that might struggle. Most major ones work. Safety wise - 2 points. 1) They are owned by Intuit. If you can trust them with all your tax info you can trust them with the logins. 2) There isn't any actual login information that can be taken from the app if it were to fall into wrong hands. Just amount info. No access.
    Point 1 is a good one. I use tax services like that and am concerned with the level of detail they have on me/us. Doesn't mean I want to add more services to that list though.
    And I do intentionally hand-enter some data instead of granting them access to go fetch 1099's and such. For this very reason.

    Point 2 must have changed since I last used it. I know some banks have the read-only codes and such. But not all of them do. I feel that leaves you two choices; use your bare login and take the risk or don't let the tool spider that account, mentally adding it back on top or just dealing with the inaccuracy. Really erodes the usefulness of the tool, IMO.

    As with everything, your mileage may vary.

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  8. #2308

    Re: educate me 401-k

    It appears you have some deeper understanding of logins/pass info harvesting or whatever. From a layman's perspective its safe enough for me to take whatever risk it may have to enjoy the benefits of it otherwise. I couldn't tell you about spider collecting or what goes in with banking institutions of trust handshakes.

    At this point in time in today's world all our money is digital and we trust the security. Otherwise if we really feel the threat we would have everything in cash under mattress and it would make Amazon transactions really difficult

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  9. #2309
    Burns retinas nhbubba's Avatar
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    Re: educate me 401-k

    It's a spectrum. And as I say, YMMV. The mattress is one extreme. I argue handing it all to mint-dot-com is another, or close to it. It's all about what kind of thresholds you feel are best for you.

    I personally feel a bit better having my stuff compartmentalized. Institution X has access to my spending. Y has my savings. Z has my lending. Etc. Rarely shall the streams cross. As Egon once noted, "it would be bad".

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  10. #2310
    Soul Rider Paul_E_D's Avatar
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    Re: educate me 401-k

    I guess I'm a big risk taker. I do manage an entire school system data system in the cloud.

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    Paul_E_D


  11. #2311
    Lifer ZX-12R's Avatar
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    Re: educate me 401-k

    Quote Originally Posted by nhbubba View Post
    Rarely shall the streams cross. As Egon once noted, "it would be bad".
    They did ultimately end up crossing streams and saving the world.

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    "...i would seriously bite somebody right in the balls..." -bump909

  12. #2312
    Your Father csmutty's Avatar
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    Re: educate me 401-k

    Speaking of mint...

    Looks like Google pay just took a page out of mint's book.

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    -Christian LRRS/CCS HasBeen ECK Racing
    2011 Pit Bike Race CHAMPION!

  13. #2313
    Super Moderator OreoGaborio's Avatar
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    Re: educate me 401-k

    Found a google chrome plug-in that automatically re-adds your robinhood account as a property and also syncs to it when you open mint on de

    https://chrome.google.com/webstore/d...kjoggpdo?hl=en

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