Tex_Ag_2017 said:

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Wheel strategy. Buy sets of 100 shares of SOXL, TSLL, or TQQQ. Sell weekly calls against the position. You can also sell cash secured puts. I try to do 25% selling puts and 75% selling calls in the current market conditions. Bring in 7-10% monthly returns. Obviously, be careful around any speakers for congress pertaining to inflation. Market spikes or dips quickly around these talks.

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What strikes do you use?

What do you mean by this?

"I try to do 25% selling puts and 75% selling calls in the current market conditions."

Also, 7-10% on used capital? Leverage? Total account?

Tormentos said:

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There is nothing to "screw up" here, just get a brokerage account opened and start recurring buys (weekly, monthly, etc) into some all market fund, for example VTI. This is a good place to start and when you are more comfortable you can get more advanced.

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And....yup.

Open a brokerage and purchase TMCXX with your extra cash.

Open an online trading acct, follow the stocks thread and you'll do well

LeftyAg89 said:

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Park the extra cash in a Robinhood investment account, earning 4.65% and insured up to $2 mil, then invest when/if you are ready.

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Update: the rate is now 4.9% and FDIC-insured up to $2m

Spend it

EliteZags said:

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in what situations would doing backdoor Roth IRA not make sense?
actually curious

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EliteZags said:

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EliteZags said:

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in what situations would doing backdoor Roth IRA not make sense?
actually curious

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If you hold other tax deferred IRA (traditional or rollover) the back door roth conversation wouldn't be tax free.

If you are in the income bracket where you need to do back door roth and haven't maxed out all your other tax deferred options (401k, HSA) I would do that before worrying about a back door roth.

not sure why another traditional/rollover IRA would affect it.

I have a Traditional IRA acct in Fidelity where I rolled over a portion of my former employer's 401K acct, then my Roth IRA is in Vanguard where I also opened a Traditional to fund backdoor after tax contributions before transferring to Roth right after

EliteZags said:

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not sure why another traditional/rollover IRA would affect it.

I have a Traditional IRA acct in Fidelity where I rolled over a portion of my former employer's 401K acct, then my Roth IRA is in Vanguard where I also opened a Traditional to fund backdoor after tax contributions before transferring to Roth right after

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There are tax implications with this.

Cleanest scenario:
You have a Traditional IRA and Roth IRA.
Your Traditional IRA has a $0 balance.
Your Roth IRA has a balance of whatever you have funded it with to date.
Every year you fund your Traditional IRA with $6,500. You give it 24-48 hours to settle. You then transfer it to your Roth IRA.

This is what I used to do every year.

However, I left my company and when I did I rolled my 401k which had Roth funds in it to my existing Traditional IRA and my Roth portion of funds into my existing Roth IRA.

I now have tax implications with doing a back door Roth post rollover.

I would check with your CPA or FA to make sure you aren't putting yourself in a bind on taxes here.

Which money markets and funds do you guys like besides SPY ?

I have maxed my 401k and my portfolio otherwise is stocks so I'm taking a alot more risk than I probably should be.

That's the way I've always understood it as well. If you have any traditional iras, even if you open a fresh one, fund it then backdoor the funds into a roth with 0 or negative gains, the irs still sees it as you are converting x% of your pre-tax accounts into the roth, so you get hit with tax on proportional gains since inception across all your pre-tax accounts

I am in a similar position, I have a Wealthfront account for the spare monthly cash and it adds up fast.
It's easy and they minimize tax burdens, harvest losses, keep you balanced to your goals etc. and north of 100k they go to indexing. It's a quarter percent fee, but worth it in what they help you save tax wise.

how would keeping just 'cash' in Wealthfront allow them to do anything to impact taxes

I meant my extra cash goes into their robo advisor brokerage account for the reasons I mentioned.
Though the last six months I have been putting money into a savings account there as well as it's paying 4.80%. It's also FDIC insured to 5 million as well I think because they use multiple banks.

You could buy a bar down here in Bryan and I could run it for you. It'd be fun!

We reached a similar point as OP, ended up buying stocks in a regular old taxable brokerage account. I want to grow that, and goal is within 3-4 years to pay off my primary plus rent house off with that. Being debt free before 50 is our goal - should make it unless things go seriously sideways with the economy, market, etc

Cyprian said:

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We reached a similar point as OP, ended up buying stocks in a regular old taxable brokerage account. I want to grow that, and goal is within 3-4 years to pay off my primary plus rent house off with that. Being debt free before 50 is our goal - should make it unless things go seriously sideways with the economy, market, etc

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What is your rate on your mortgages?