Let me know what you think

[coolhand]

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mlk_man wrote:

And the 5-6% fees? Never seen any funds that charge that much

Mike

Mike

Perhaps I used the wrong term. The fee I am refering to is the load.A one time "fee", but money out of ones pocket none the less. There are a lot more loaded funds than no-load correct? Of course there are thousands of funds to choose from, but I think you know more about how to pick them than I do.

 

[Guest]

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coolhand wrote:

Mike

Perhaps I used the wrong term. The fee I am refering to is the load.A one time "fee", but money out of ones pocket none the less. There are a lot more loaded funds than no-load correct? Of course there are thousands of funds to choose from, but I think you know more about how to pick them than I do.

Ah, gotcha.........:^

 

[Rod]

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mlk_man wrote:

Also, if you leave the TSP in the future and decide to roll it over into a Roth, you'll have to pay taxes on every dollar you put in your TSP that was tax deferred.

Currently, we can not roll our TSP into a ROTH. But we can roll it into the Traditional. Then from there roll it into a ROTH.

Just wanted to clarify this.

 

[coolhand]

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Boy, this is great. This is what this website is all about. Helping each other out! We all learn something everyday. Thanks everyone! :^

 

[Guest]

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Rod wrote:

mlk_man wrote:
Currently, we can not roll our TSP into a ROTH. But we can roll it into the Traditional. Then from there roll it into a ROTH.

Just wanted to clarify this.

TY Rod, that's actually what I've written before............:^But you don't roll it over into a Roth from an IRA, you convert it...............Going through this now............

 

[Bear]

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The other deal is the make up contributions for those who are 50 or will be 50 in 2005.

 

[Guest]

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mattdog240 wrote:

All good ideas but now you are confusing me. Is there anyone that is in my boat. I have my TSP @ 5 % and I have a seprate ROTH IRA that I am putting the yearly max in. The roth IRA has about $10,000 mixed in with mutral funds. All good ones, five stars, with 5yr returns of 11% or more..ect ect So does anyone think this is a good idea to keep going down this road at my old age of 25, or should I put more into my TSP?

Matt,

Sorry. MAX OUT YOUR TSP first. Reason if we go to flat tax you will lose your ROTH IRA tax free. Flat tax means that you pay tax on what you buy (consumption). Meaning...that your future TSP contributions will not lower your taxable income BECAUSE there will be no income tax. Max out TSP then pay off credit cards and then pay off unsecured loans and PLEASE PLEASE if you have an ARM get a fixed rate mortgage ASAP.

Like most of the policies this administration is passing it only helps the rich/corporations. The social security reform will be boon to the financial houses. Do not get me started . Flat tax is going to crush us...soon there will be two classes rich and poor and no middle class.

OK bash me....but I know where to invest to be on the rich side.

God bless.

Bill

 

[Guest]

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Also that means that fat write off you get for mortgage interest will go away also....say pop to the housing bubble....I get about a 3% write off for my mortage now...also flat tax will be a 23% tax on all goods and services.

 

[Guest]

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MarketTimer wrote:

Matt,

Sorry. MAX OUT YOUR TSP first. Reason if we go to flat tax you will lose your ROTH IRA tax free. Flat tax means that you pay tax on what you buy (consumption). Meaning...that your future TSP contributions will not lower your taxable income BECAUSE there will be no income tax. Max out TSP then pay off credit cards and then pay off unsecured loans and PLEASE PLEASE if you have an ARM get a fixed rate mortgage ASAP.

Like most of the policies this administration is passing it only helps the rich/corporations. The social security reform will be boon to the financial houses. Do not get me started . Flat tax is going to crush us...soon there will be two classes rich and poor and no middle class.

OK bash me....but I know where to invest to be on the rich side.

God bless.

Bill

Spoken like the true hedge fund manager..............doom and gloom.............

I think either you'r econfused about the flat tax or I'm off my rocker.............isn't a flat tax an income tax that is the same for everyone across the board? I"m all for that. They are not going to do away with income tax, you kidding me? I not gonna tell you what I'm thinking right now............

Even if they do extinguish income tax, Texas and Florida have no state tax, they haven't fallen to the depths of Hell yet...................higher property tax yes. Why you think they have so many mobile homes..............:^

 

[Guest]

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No this is a flat tax on consumption NOT income. Flat tax is also called National Sales Tax.

You may want to bone up on that stuff because if it comes down the pike that would greatly hurt your budget.

 

[Guest]

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I do not like to be dome and gloom but I got to call it like I see it...I make more money in the bear market because you just short the indexes....a bull market is harder for me to pick stocks....

National Sales Tax will be very bad for low/middle income folks:

http://www.washtimes.com/national/20041126-121743-1974r.htm

and I have to call that like I see it.

That means no write off for TSP, mortgage interest, etc, etc.

 

[Guest]

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MarketTimer wrote:

I do not like to be dome and gloom but I got to call it like I see it...I make more money in the bear market because you just short the indexes....a bull market is harder for me to pick stocks....

National Sales Tax will be very bad for low/middle income folks:

http://www.washtimes.com/national/20041126-121743-1974r.htm

and I have to call that like I see it.

That means no write off for TSP, mortgage interest, etc, etc.

Thanks for the article, I'm all for it.

 

[Guest]

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If you figure out your taxes...you will probably be paying double in taxes then you are now.

Consumption tax in which consumers would pay taxes based on the amount of goods and services they buy, with a maximum tax of 23 percent on goods and 25 percent on services.


You really need to look into this...IT IS NOT a good deal. Remember you will still have your state taxes to deal with....this is only replacing Fed taxes.

 

[Mike]

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FWIW, "the flat tax" is a phrase that is associated with a flat income tax. A national sales tax is a whole other animal.

Steve Forbes came up with the phrase first, I think - he was using it as his campaign centerpiece when he tried to run for the GOP nomination a few years ago.

A simplified tax system would be a good thing - though I am not sold on a sales tax of 23% being a good thing. It might result in an economic slowdown as people curb consumption to avoid the tax.

 

[Guest]

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Mike wrote:

FWIW, "the flat tax" is a phrase that is associated with a flat income tax. A national sales tax is a whole other animal.

That's what threw me off.................:^I like the idea of a flat tax with no deductions.

 

[Dakota]

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I think we just dipped to the bottom and it is time to go all in. I will be fully invested monday probably 100% s if not I wii post and be 25g 25c 50s come on what do yall think. go sooners

 

[Guest]

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Dakota wrote:

I think we just dipped to the bottom and it is time to go all in. I will be fully invested monday probably 100% s if not I wii post and be 25g 25c 50s come on what do yall think. go sooners

Time will tell................Go Longhorns.................

 

[Dakota]

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mlk_man wrote:

Dakota wrote:

I think we just dipped to the bottom and it is time to go all in. I will be fully invested monday probably 100% s if not I wii post and be 25g 25c 50s come on what do yall think. go sooners

Time will tell................Go Longhorns.................

I like the horns too, make it to austin lots, love it good luck MM

only two kinds of people Texans and those who would like to be

 

[grandma]

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Dakota wrote:

mlk_man wrote:

Dakota wrote:

I think we just dipped to the bottom and it is time to go all in. I will be fully invested monday probably 100% s if not I wii post and be 25g 25c 50s come on what do yall think. go sooners

Time will tell................Go Longhorns.................

I like the horns too, make it to austin lots, love it good luck MM

only two kinds of people Texans and those who would like to be

N-aw-t hardly, Dakota, not hardly........

 

[Guest]

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Mike wrote:

FWIW, "the flat tax" is a phrase that is associated with a flat income tax. A national sales tax is a whole other animal.

Steve Forbes came up with the phrase first, I think - he was using it as his campaign centerpiece when he tried to run for the GOP nomination a few years ago.

A simplified tax system would be a good thing - though I am not sold on a sales tax of 23% being a good thing. It might result in an economic slowdown as people curb consumption to avoid the tax.

Our fixed income folks are going to get crushed. Those in the 0, 15 and 20% tax brackets are not going to fare very well either. My tax rate goes from 35 to 23%. However with all the tax write offs, mortgage, 401/TSP, children...very few people are now paying 23% tax. I bet if you put pen to paper you are probably paying under 18% now with the write off that are going to go away. Remember 25% on services...such as eating out, haircuts, etc, etc.

Something to think about. Like I said we are going to have a upper and lower class soon and the middle class is going away. Think I am crazy? Your Grandparents probably only had one person working in the family and were doing fine. Now both parents work and are barely getting by. My grandma retired in 1975 and only needed 100K to get a good fixed income return. On 100K you will be luckly to get fixed income needed to live for ONE MONTH. Inflation is running us all ragged but since food and energy is not counter towards inflation anymore. Even thou that is probably in your top two expenses each month. But hey computer prices are down 18% so inflation is low!!!

Good luck!

bill