Author Topic: Savings/investments/bonds Master Thread.  (Read 126968 times)

Offline Mareh Makom

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Re: Savings/investments/bonds Master Thread.
« Reply #220 on: November 03, 2022, 02:33:40 PM »
Not sure what your age or situation is or will be when you make the weddings iyh, but depending on it are you able to put the money into some type of tax advantaged account like IRA/401K/529/HSA/etc and tap into it for the wedding instead of a taxable robinhood (unless the robinhood is already a tax advantaged account)?
I honestly am not familiar with those kinds of accounts and if they would serve be better. My son just turned 1 BH   :) So the money should Be"H be invested for at least almost 20 yrs. Would the return on an IRA be similar? And can I set it up online like a regular investment account?

Offline Mareh Makom

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Re: Savings/investments/bonds Master Thread.
« Reply #221 on: November 03, 2022, 02:34:53 PM »
Does anyone know what type of taxes would be paid when selling out in a situation like this?

Offline sguitarist18

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Re: Savings/investments/bonds Master Thread.
« Reply #222 on: November 03, 2022, 02:40:52 PM »
In general, you'd pay long-term capital gains, which is generally lower than regular income tax.

A Roth IRA is an account where you deposit money after taxes, but as long as you're older than 59.5 when you withdraw it, there's no taxes on the gains. 

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Re: Savings/investments/bonds Master Thread.
« Reply #223 on: November 03, 2022, 02:44:05 PM »
In general, you'd pay long-term capital gains, which is generally lower than regular income tax.
Talk about a crap shoot on what it will be like in 20 years.  :)
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Offline Euclid

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Re: Savings/investments/bonds Master Thread.
« Reply #224 on: November 03, 2022, 02:46:21 PM »
tax advantaged account like IRA/401K/529/HSA/etc and tap into it for the wedding
How can you tap into that for a wedding? Assuming he'll be in his 40s in 20 years (just had his first kid)

Offline whacked1

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Re: Savings/investments/bonds Master Thread.
« Reply #225 on: November 03, 2022, 02:51:36 PM »
How can you tap into that for a wedding? Assuming he'll be in his 40s in 20 years (just had his first kid)
I have a UTMA account that i contribute to monthly and sell at the end of each calendar year (assuming there were gains). Assuming an avg of 10% returns, you wont pay real taxes until around year 11 of doing this.

Offline dm123

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Re: Savings/investments/bonds Master Thread.
« Reply #226 on: November 03, 2022, 02:56:04 PM »
How can you tap into that for a wedding? Assuming he'll be in his 40s in 20 years (just had his first kid)


There can be very complicated accounts and everyone needs to know their situation well but perhaps:

If they're gonna be 59.5 then they could.
Roth IRA principal withdrawals are allowed anytime - then the growth can be left for later weddings/retirement/etc.
I think some 401K's allow borrowing for a small fee and the "interest" is going back to yourself.
HSA I think if you can show historical medical expenses you can withdraw.

Again these can be complicated vehicles but there can be significant advantages that should be looked at.

In general, you'd pay long-term capital gains, which is generally lower than regular income tax.


I think 15% for married joint from ~80-500K income this year.

ETA I think cap gain 0% for under 80K income married joint.

Offline nucheiner

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Re: Savings/investments/bonds Master Thread.
« Reply #227 on: November 03, 2022, 03:00:47 PM »
I have a UTMA account that i contribute to monthly and sell at the end of each calendar year (assuming there were gains). Assuming an avg of 10% returns, you wont pay real taxes until around year 11 of doing this.
Is this accurate? You sell the stocks at the end of every year in order to harvest these profits which are under the minors name. The (child's) profit is tax-free as long as the profit is less than $2300 (year 2022). If it was a mutual fund instead of stocks it would be taxed annually regardless and this sell-rebuy wouldn't be necessary. This money is legally your childs, however the child understands that it is these funds which will pay for their wedding.

Do you repurchase the same stock?

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Re: Savings/investments/bonds Master Thread.
« Reply #228 on: November 03, 2022, 03:05:03 PM »
Do you repurchase the same stock?
Would have to be over 30 days or it would be a wash sale?
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Offline whacked1

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Re: Savings/investments/bonds Master Thread.
« Reply #229 on: November 03, 2022, 03:16:34 PM »
Is this accurate? You sell the stocks at the end of every year in order to harvest these profits which are under the minors name. The (child's) profit is tax-free as long as the profit is less than $2300 (year 2022). If it was a mutual fund instead of stocks it would be taxed annually regardless and this sell-rebuy wouldn't be necessary. This money is legally your childs, however the child understands that it is these funds which will pay for their wedding.

Do you repurchase the same stock?
I put in fidelity s&p fund. My accountant doesnt see anything wrong with it
« Last Edit: November 03, 2022, 04:56:44 PM by whacked1 »

Offline whacked1

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Re: Savings/investments/bonds Master Thread.
« Reply #230 on: November 03, 2022, 03:17:37 PM »
Would have to be over 30 days or it would be a wash sale?
Wash sale is the other way. Here I only sell if theres a profit. Wash sale is if you have a loss you cant repurchase and pick up the loss. Here i want to pick up the gains

Offline nucheiner

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Re: Savings/investments/bonds Master Thread.
« Reply #231 on: November 03, 2022, 03:20:36 PM »
Wash sale is the other way. Here I only sell if theres a profit. Wash sale is if you have a loss you cant repurchase and pick up the loss. Here i want to pick up the gains
That was my question, if loss harvesting is similar to this where your just playing with the kiddie tax bracket each year?

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Re: Savings/investments/bonds Master Thread.
« Reply #232 on: November 03, 2022, 03:29:51 PM »
A year ago a friend of mine made a wedding in Lakewood and we reviewed the all in cost from vort to sheva brachos - it was under $30K for their side (girl).
Mind you it was a year ago and everything was basic - no upgrades (except for a photographer at the vort).

Very important to know your own standards and expectations.
Including filling up the apartment wardrobe etc?
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Offline Dan

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Re: Savings/investments/bonds Master Thread.
« Reply #233 on: November 03, 2022, 03:46:30 PM »
Including filling up the apartment wardrobe etc?
Someone must have forgotten to fill ours back then. ;D
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Offline dm123

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Re: Savings/investments/bonds Master Thread.
« Reply #234 on: November 03, 2022, 03:59:19 PM »
Including filling up the apartment wardrobe etc?

Just a few very basic pieces.

I have another friend that made a wedding a few months ago in BP and from vort-sheva brachos was 100K for one side.
That's why it's so important to:
know your own standards and expectations.

There's a very large spread what a "regular" chasuna means and what people include.


I feel like there must be a thread where wedding costs and expectations were discussed here?

Offline hvaces42

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Re: Savings/investments/bonds Master Thread.
« Reply #235 on: November 03, 2022, 04:03:15 PM »
Just a few very basic pieces.

I have another friend that made a wedding a few months ago in BP and from vort-sheva brachos was 100K for one side.
That's why it's so important to:
There's a very large spread what a "regular" chasuna means and what people include.


I feel like there must be a thread where wedding costs and expectations were discussed here?
Basic hall in BP today is 15k per side unless you can wait months for a takanah wedding date. How are you making a wedding in 20 years from now for 25k?

I'll repeat, its delusional.
Fair warning - Any PMs sent in response to forum posts are fair game for ridicule in public.

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Re: Savings/investments/bonds Master Thread.
« Reply #236 on: November 03, 2022, 04:04:45 PM »
I feel like there must be a thread where wedding costs and expectations were discussed here?
Yes there is. @TimT

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Offline dm123

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Re: Savings/investments/bonds Master Thread.
« Reply #237 on: November 03, 2022, 04:20:56 PM »
Basic hall in BP today is 15k per side unless you can wait months for a takanah wedding date. How are you making a wedding in 20 years from now for 25k?

I'll repeat, its delusional.

Ummm. I just spoke to another friend who made chasuna in BP in the last week - said basic hall for both sides was 17.5K (doesn't include music flowers - maybe you're including those+?)

And IIRC a relative told me recently a lakewood takana hall which includes everything basic (flowers/music/photographer) is also under 20K for both sides.

What's gonna be in 20 years, I don't know, that's why you make sure to calculate 7% (or even 6%?) to adjust for inflation as opposed to the historical 10%.

Offline TimT

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Re: Savings/investments/bonds Master Thread.
« Reply #238 on: November 03, 2022, 04:28:15 PM »
Yes there is. @TimT

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https://forums.dansdeals.com/index.php?topic=115607.0

Offline Dan

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Re: Savings/investments/bonds Master Thread.
« Reply #239 on: November 03, 2022, 04:53:42 PM »
Basic hall in BP today is 15k per side unless you can wait months for a takanah wedding date. How are you making a wedding in 20 years from now for 25k?

I'll repeat, its delusional.
My cousin from PIT married a guy from NYC.
Did the wedding in CLE for a takanah package of ~$20K all in. Beautiful hall. No need to wait months.
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