Travel costs for sb now. Flight. Hotel. Car rental....

[Orange Socks]

Staying home is for losers!!! Spend the money and make those memories!!! I am trying to make the weekend run to Colorado with my buddies egging me on. Those flights are too pricey right now.

 

[LEsoftballdad]

View attachment 28165
View attachment 28166

Investopedia, the Onion of finance...

Investment Calculator

Free investment calculator to evaluate various investment situations considering starting and ending balance, contributions, return rate, and investment length.

www.calculator.net

Go to the link and enter in your figures. My numbers are correct, despite what your screenshot shows. I'd be happy to show you how to run the calculations on an HP12C calculator, if you're so inclined. The only way I can see your numbers being close is if you assume you started with $20,000 and then made an additional $20,000 per year for 8 years.

Using a Roth IRA for college is okay if you have no financial aid need, but any withdrawal is considered income on your financial aid application. So, you would lose aid eligibility by withdrawing money in any subsequent year.

Lastly, I said it before. You cannot contribute $20,000 annually to a Roth IRA. IRS limits are $7,500 per year, so even if you and your spouse contribute the max, you can only do $15,000 per year. $15K X 8 @ 8% = $159,549.41. You'd need to do over 20% annually to achieve $250,000 when you use the actual IRS numbers.

 

[Agcy]

As much as your strategy sounds good, it doesn't work. First off, it requires an average annual return of 12.44%. Second off, there's a five year holding period for a Roth to be tax free. Third off, you have to be 59.5 to make a qualified withdrawal from a Roth or you pay a 10% penalty. Lastly, you can only do $7,500 per year, and that's if you're over 50, and there's an income phaseout that prevents you from making the contribution, which me and the Mrs. are above.

An Iowa 529 account
- $3000 / year / parent
- 8 years
- Plus interest
- $48K+ saved

versus

- $5K to $10K to $20K ++ / year
- 8 years
- $40K - $80K - $160K spent
- $xx Scholarship gained MAYBE!! (if you’re a pitcher)

 

[LEsoftballdad]

An Iowa 529 account
- $3000 / year / parent
- 8 years
- Plus interest
- $48K+ saved

versus

- $5K to $10K to $20K ++ / year
- 8 years
- $40K - $80K - $160K spent
- $xx Scholarship gained MAYBE!! (if you’re a pitcher)

Iowa allows for $3,785 tax deduction per parent per beneficiary, but you can always contribute more. The contribution limits are based on the gift tax exclusion, so you could contribute up to $170,000 in one year, if you're married, $85,000, if single. You'd then be restricted from making any further contributions for five years or risk having to pay a gift tax.

 

[Murphsfromaz]

As much as your strategy sounds good, it doesn't work. First off, it requires an average annual return of 12.44%. Second off, there's a five year holding period for a Roth to be tax free. Third off, you have to be 59.5 to make a qualified withdrawal from a Roth or you pay a 10% penalty. Lastly, you can only do $7,500 per year, and that's if you're over 50, and there's an income phaseout that prevents you from making the contribution, which me and the Mrs. are above.

Somebody is a little smarter than Efastball.


Sent from my iPhone using Tapatalk

 

[Orange Socks]

An Iowa 529 account
- $3000 / year / parent
- 8 years
- Plus interest
- $48K+ saved

versus

- $5K to $10K to $20K ++ / year
- 8 years
- $40K - $80K - $160K spent
- $xx Scholarship gained MAYBE!! (if you’re a pitcher)

In all reality, the big money is spent the last 4 years of TB for the majority. 10U-14U not much cross country travel at these age divisions.

 

[Tatonka]

Do you hold a Securities license?

 

[LEsoftballdad]

Do you hold a Securities license?

Series 7, 63, 65, and the CFP designation.

 

[Tatonka]

Does your Compliance dept (assuming you have a BD and your licenses are active ) approve all of your finance related posts and Outside Business Activities? If so, I would imagine they also require a full disclosure statement.

Look, I find many Securities Industry rules and requirements to be complete overkill but this is a softball forum.

 

[LEsoftballdad]

Does your Compliance dept (assuming you have a BD and your licenses are active ) approve all of your finance related posts and Outside Business Activities? If so, I would imagine they also require a full disclosure statement.

Look, I find many Securities Industry rules and requirements to be complete overkill but this is a softball forum.

Did I try to solicit securities business? Did I give any specific recommendations? Did I advertise for my business?
Did I mention any investments?

If you don't like me giving out correct information, go to a different thread. Yes, this is a softball forum, but I'm sure I can find plenty of cases where you posted about lawn mowers or beer. In fact, I seem to remember you professing your love for All The World's A Stage just a few days ago. Show me how that relates to softball.