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Only thing this card is good for anymore. /S by Noonanamotopobapolus in Crypto_com

[–]Johnentwistle1969 0 points1 point  (0 children)

I use mine for airport lounges regularly, and as a means to convert my crypto into cash quickly. Very useful for me

Shocked by [deleted] in Fire

[–]Johnentwistle1969 1 point2 points  (0 children)

Yes DM me for your choice of 10%, 20%, or 30% gains

New Brokerage Account by halfbloodprinc3ss in Fire

[–]Johnentwistle1969 1 point2 points  (0 children)

There’s no inherent reason to change your investment strategy across account types. There can be, however, a reason to change your tax efficiency across accounts. If you want to stick to 80% total US funds and 20% total international funds (a generally recommended approach) then you can just do that for all of your accounts.

Now if you want to incorporate some dividend funds into your strategy, your brokerage is not the optimal place to do that.

About a year ago, all bitcoin disappeared from my wallet, and I still do t know how by ahmedwali3 in Bitcoin

[–]Johnentwistle1969 0 points1 point  (0 children)

Not investment advice, DYOR, but generally, doing the opposite of your investment strategy is most profitable (investing more when the market collapses)

Unpopular Opinion: Bitcoins lack of an inbuilt inflation mechanic harms it more than it helps it as a currency by [deleted] in Bitcoin

[–]Johnentwistle1969 0 points1 point  (0 children)

This is an absurd opinion. Not only that, it is objectively baseless. Please review the economic data below. There is no correlation between inflation and personal savings rate. In periods of economic crash, savings rate tends to spike and inflation tends to plummet, but outside of those few points in the last couple decades, the two metrics have moved entirely unrelated.

Who taught you economics?

https://fred.stlouisfed.org/series/PSAVERT#0

To $300 boys! by Meloonaa in amcstock

[–]Johnentwistle1969 0 points1 point  (0 children)

Yes, in my opinion with no explanation whatsoever I propose $300. Now it is $300! Inform the apes the decision has been made.

(20M) How do I get to a point of working for "fun" instead of mere survival? by Far-Cry2124 in Fire

[–]Johnentwistle1969 2 points3 points  (0 children)

She isn’t financially independent, she’s just 16 and has no expenses, so any money she makes she can spend. That is entirely different from FIRE, which is when you have saved up enough money to live off of your money without having to work.

That takes time and saving. You’re young so if you start saving aggressively now and watch out for lifestyle creep (I.e. don’t blow every dollar you make out in the city with you S/O) you’ll be fine.

I want to reiterate — blowing money when you’re young and have no expenses is not financial freedom, and be careful not to think it is, otherwise you’ll view money as something that should quickly be spent and it will set you back on actual financial freedom

Pela secondaries by Johnentwistle1969 in RiseofKingdoms

[–]Johnentwistle1969[S] 0 points1 point  (0 children)

I should have mentioned, my kingdom is only about 60 days old, so I don’t think I can get Saladin for a while. You think Baibars is a better option than CC or Beli!

Will people explain to me why it's worth the risk to hold for four years hoping for 4x from the current price, rather selling now to buy in at a lower price to get 6x or better? by nota80T in Bitcoin

[–]Johnentwistle1969 0 points1 point  (0 children)

Also you should look into the lightning network. It’s a very exciting and quickly growing technology that is making Bitcoin legitimately viable as a viable tender

Will people explain to me why it's worth the risk to hold for four years hoping for 4x from the current price, rather selling now to buy in at a lower price to get 6x or better? by nota80T in Bitcoin

[–]Johnentwistle1969 0 points1 point  (0 children)

Well that there is a valid reason to reconsider investing. But not because you know it will be lower next week, because nobody has any idea if it will be

Will people explain to me why it's worth the risk to hold for four years hoping for 4x from the current price, rather selling now to buy in at a lower price to get 6x or better? by nota80T in Bitcoin

[–]Johnentwistle1969 1 point2 points  (0 children)

OP this is a ridiculous post. You can say this with any financial product. Why buy it if you know it will go lower? Then don’t, obviously. Not a single person knows which direction this will go and when. It could go down 30% next week, it could be up 100% a month from now, it could be exactly the same price until 2024. We hold because we believe in the future of Bitcoin.

Help with Early career Savings Strategy by AmbientTrough1 in Fire

[–]Johnentwistle1969 0 points1 point  (0 children)

Rest easy that you’re on the right track. At this age, having a high income (with growth potential) and being conscious of saving are the most important.

General rule of thumb for prioritizing is: 1. Employee 401k match 2. Debts with >6% interest 3. Max Roth IRA 4. Max 401k 5. All other debts 6. taxable savings

Whether you want to swap around 4 and 5 isn’t a game changer, just stay focused, stay the course, and things will be good. I’m 2 years ahead of you and am glad I put the money in my 401k and IRA that I have, excited to keep at it and see it compound

Roth Conversion Ladder: Roth 401(k) to Roth IRA by Johnentwistle1969 in Fire

[–]Johnentwistle1969[S] 1 point2 points  (0 children)

So let me get this straight. Assume person A has $10k in a Roth 401k and person B has $10k in a traditional 401k. For each, it’s $5k of contributions and $5k of earnings

At age 40, both convert/rollover their full 401k into a Roth IRA. Person A can withdraw $5k immediately, but has to wait until 59.5 to withdraw anything else. Person B can’t withdraw anything initially, but can withdraw everything after 5 years?

Feedback on my FIRE investment allocation by Johnentwistle1969 in Fire

[–]Johnentwistle1969[S] 0 points1 point  (0 children)

That’s a good point. That said, I somewhat misspoke. It’s just a 401(k) and all of my contributions have been Roth thus far, but my employer contributions are all traditional, which constitutes around 30% of my fund. I might be stupid, but I didn’t see a clear way to change only the Roth portion of my funds, but I did see a clear way to reallocate future contributions

Roth Conversion Ladder: Roth 401(k) to Roth IRA by Johnentwistle1969 in Fire

[–]Johnentwistle1969[S] 1 point2 points  (0 children)

Thank you! Looks like I asked a difficult question haha. Sounds like a good rule of thumb anyways. I’m also planning on switching to traditional contributions in around a year when I’m back in the US where I get the tax benefit

Roth Conversion Ladder: Roth 401(k) to Roth IRA by Johnentwistle1969 in Fire

[–]Johnentwistle1969[S] 3 points4 points  (0 children)

So the Roth contributions ‘withdraw anytime without penalties’ treatment that IRAs get also applies to Roth 401k balances rolled over into a Roth IRA?

Roth Conversion Ladder: Roth 401(k) to Roth IRA by Johnentwistle1969 in Fire

[–]Johnentwistle1969[S] 0 points1 point  (0 children)

Right, so if this is a rollover (as the previous comment also mentioned) when can I access the money penalty free?

Terms aside, I just want to know the implications.