Money and Finance

[bfargin]

1 hour ago, FourFans130 said:

Great, ya'll referenced that ridiculous monetary theory three times, thereby summoning Random Guy.  Stand by for inane drivel...

 

[bfargin]

An interesting discussion about current events (including Ukraine war) and the impact on inflation, monetary policy, energy policy and what's headed our way. It's long but pretty comprehensive.

 

[gearhog]

Pay attention. There will be more stories like this if we don't fix our shit.

https://www.reuters.com/markets/currencies/china-says-it-will-set-up-yuan-clearing-arrangements-brazil-2023-02-07/

https://thecradle.co/article-view/21245/the-big-stiff-russia-iran-dump-the-dollar-and-bust-us-sanctions

[Lord Ratner]

On 2/9/2023 at 8:55 PM, gearhog said:

Pay attention. There will be more stories like this if we don't fix our shit.

https://www.reuters.com/markets/currencies/china-says-it-will-set-up-yuan-clearing-arrangements-brazil-2023-02-07/

https://thecradle.co/article-view/21245/the-big-stiff-russia-iran-dump-the-dollar-and-bust-us-sanctions

This was the inevitable end with fiat. Either the BRICS coalition creates a new currency bloc backed by gold (or anything not fiat-like) and the dollar is forced to abandon the money printing parade to survive, or the new currency bloc will act like fiat (because making money from nothing is the ultimate government dream) and thus pose no real threat to the dollar.

[di1630]

Question for any AMEX users out there. Is Reserves covered to get the fee waived? I left active duty and went full time MPA and just got a letter saying I need to pay the fee. Not sure if I’m back under the protection or not.


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[nunya]

Need to be on active orders for 30+ days, so yeah, I’d say you’re covered. I’d call, I bet they’ll handle it. 
 

edit: looks like you can handle it online. https://www.americanexpress.com/us/help-support/service-members-civil-relief/

Edited March 20, 2023 by nunya

[Tank]

6 hours ago, di1630 said:

Question for any AMEX users out there. Is Reserves covered to get the fee waived? I left active duty and went full time MPA and just got a letter saying I need to pay the fee. Not sure if I’m back under the protection or not.


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I went to the Reserves in 2014 and AMEX covered my fees.  All the TR’s in the squadron had their fees waived also with just an easy phone call.  

[nsplayr]

I’ve been Guard MPA for several years and fees have always been waived from both AMEX and Chase.

[Swizzle]

It nearly completely depends upon SCRA status on this website...or at their discretion via calling YMMV. Though AMEX definitely has access daily at the following:

https://scra.dmdc.osd.mil/scra/#/home

[VMFA187]

So I've been a drilling reservist for the past five years and have not received any letters or notification from AMEX asking to pay the fee - Is that not typical? 

I also drop to the IRR next month so any recommendations on other cards without the annual AMEX fee? I don't really even use it, but the wife does. 

[Lord Ratner]

If you need the lounge access, its pretty hard to beat amex. The new chase lounges are supposed to be very competitive, but there are fewer of them. I just couldn't justify $700 when I don't have weekly opportunities to use the lounge. We recently just switched over to the 2% Wells Fargo credit card. All of the hotel and airlines are going through another devaluation process for their points and miles, so we're just going to take the cash back for now.

 

And Costco. 3% back on restaurants and travel, and 4% back on gas is pretty excellent. Everything else will go on the Wells Fargo card

Edited March 21, 2023 by Lord Ratner

[uhhello]

1 hour ago, Lord Ratner said:

If you need the lounge access, its pretty hard to beat amex. The new chase lounges are supposed to be very competitive, but there are fewer of them. I just couldn't justify $700 when I don't have weekly opportunities to use the lounge. We recently just switched over to the 2% Wells Fargo credit card. All of the hotel and airlines are going through another devaluation process for their points and miles, so we're just going to take the cash back for now.

 

And Costco. 3% back on restaurants and travel, and 4% back on gas is pretty excellent. Everything else will go on the Wells Fargo card

Switched to straight cash back as well.  2% from citibank.  Amex caught up to my retirement about a year or so after.

[LJ Driver]

Anyone do the back door Roth conversion?

I’ve always done a normal Roth but this year I have to do the traditional. Looking to convert it to Roth with no deduction before I file my 2023 taxes (post-tax, namely because I can’t do the deduction anyway).

Any advice with this process?

[nunya]

1 hour ago, LJ Driver said:

Any advice with this process?

Beware pro rata. Move any Trad IRA money into a Trad 401k if at all possible.
Try to do the contribution and conversion in the same calendar year as the tax year. ie not between 1 Jan and 15 Apr. Makes the bookkeeping easier.

Be careful with your tax software if you DIY. I find it’s not always intuitive to make the actual forms read correctly. I always check the actual 8606 (not just the tax software questions) against an example before I file.

[herkbier]

8 hours ago, nunya said:

Beware pro rata. Move any Trad IRA money into a Trad 401k if at all possible.
Try to do the contribution and conversion in the same calendar year as the tax year. ie not between 1 Jan and 15 Apr. Makes the bookkeeping easier.

Be careful with your tax software if you DIY. I find it’s not always intuitive to make the actual forms read correctly. I always check the actual 8606 (not just the tax software questions) against an example before I file.

I found the HR Block software very difficult to input the back door Roth (along with reservist expenses). TaxAct is much simpler.

[JBueno]

Check out The White Coat Investor, Dr. Jim Dahle. He’s got a very clear explanation, including screen shots of the 8606. 

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

Don’t forget a non-working spouse can still have a spousal IRA, which can also be a back-door Roth.

[Smokin]

Careful with all this backdoor talk or the eagle drivers will take over this thread...

[uhhello]

Coming fo yo disability 

https://www.cbo.gov/budget-options/58631

 

Edited March 22, 2023 by uhhello

[VMFA187]

1 hour ago, uhhello said:

Coming fo yo disability 

https://www.cbo.gov/budget-options/58631

 

That made the rounds of a Naval Aviator forum I'm a member of about a week or so ago. Bottom line, the CBO looks at things like that every year and makes recommendations like that all the time. I think it is incredibly unlikely for that to come to fruition. 

I think you'd have a hard time finding politicians to vote for such a measure after we've been at war for the past 20 years. 

[herkbum]

Sounds like income discrimination to me


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[uhhello]

44 minutes ago, VMFA187 said:

That made the rounds of a Naval Aviator forum I'm a member of about a week or so ago. Bottom line, the CBO looks at things like that every year and makes recommendations like that all the time. I think it is incredibly unlikely for that to come to fruition. 

I think you'd have a hard time finding politicians to vote for such a measure after we've been at war for the past 20 years. 

Agreed.  Awareness keeps it at bay though.  

[gearhog]

On 2/9/2023 at 9:55 PM, gearhog said:

Pay attention. There will be more stories like this if we don't fix our shit.

https://www.reuters.com/markets/currencies/china-says-it-will-set-up-yuan-clearing-arrangements-brazil-2023-02-07/

https://thecradle.co/article-view/21245/the-big-stiff-russia-iran-dump-the-dollar-and-bust-us-sanctions

Just in 2 months, several more countries are cozing up to China economically. Saudi Arabia, Malaysia, Kenya, etc...

Today, Brazil president visits China. Calls to end Dollar dominance.

https://www.ft.com/content/669260a5-82a5-4e7a-9bbf-4f41c54a6143

France. Macron recently visited China. Encourages Europe to associations with US.

“The paradox would be that, overcome with panic, we believe we are just America’s followers,” Macron said in the interview. “The question Europeans need to answer … is it in our interest to accelerate [a crisis] on Taiwan? No. The worse thing would be to think that we Europeans must become followers on this topic and take our cue from the U.S. agenda and a Chinese overreaction,” he said.

https://www.politico.eu/article/emmanuel-macron-china-america-pressure-interview/

The world is changing, and not in our favor.

[SurelySerious]

We recently signed an agreement to develop/share aircraft carrier tech with France. China needs carrier tech…convenient timing there Macron (although honestly China is pretty adept at just stealing/copying).

[brabus]

You may have enlisted into a unit, but you’re not permanently assigned until after you’re back from all your schools. If you are married and your wife is living back in the unit’s town, there’s a case for BAH. If somehow they do permanently assign you the unit, and send you TDY to school, then that would also be valid BAH. Those are the only two valid ways to get BAH while you’re in the training pipeline. 

Edited March 24 by brabus

[nsplayr]

If you are single, live at home with your parents, and then enlist -> pipeline, there’s not a case for BAH to be paid that I am aware of. You have no dependents and your housing will be provided to you while at school.

I 1000% do not recommend fucking around here, finding out will be painful. $10K is nothing in the scope of what you will make in your career, even if that’s just one term of enlistment.

If your details are different, e.g. you are married and your spouse is staying back in your local area in a home you currently rent or own, etc., you may have a legal way to be entitled to BAH.

Good luck and may you have a long and prosperous career!

Edited March 24 by nsplayr