You said car. And I can easily show you a savings account making 4.5. And pretty soon I'm sure we'll see them over 5

He made it sound like it would be another pool of money for me to have for retirement in addition to my 401k - its a kind that I can take from before death / it terms out

Dude, you are absolutely crushing it right now. You're doing better financially than most of my friends who are in their 30s. You have the drive and knowledge to do well financially in life, you don't need to stress the details as much.

Do what makes you happy first and foremost, you only have one life to live, so make it count. If you think buying a condo where you live right now will make you happy, and you're financially comfortable with it, do it! Sure, you could lose your job tomorrow and need to figure things out. But you could also be hit by a bus tomorrow and not be here anymore. Live your life and spend your money on things that make you fulfilled (within reason of course, but I don't think you need to worry about that given your current financial literacy).

Long time lurker? What have you been reading about here?? Certainly not how to be responsible financially

Thank you!

No offense taken at all! It's not that I am trying to keep anything from anyone, I just hoped that I could make this a simple process but someone else just suggested a margin loan against my investments which may be the next best option to paying just cash. I didn't mean to sound shady, just trying to make this as easy as possible for my self when this could possibly be the smallest mortgage I would have.

Apply for federal student loans. If you qualify the payments and interest are deferred while you're still in school.

OP provided a lot of personal financial information. What good reason can you think of for not creating a throwaway account?

My parents have $2.1-2.5 million in savings(uninvested). $650k-$900k in antiques and other physical assets, and around $1.6-$2.4 million in real estate.

They are looking about moving country, selling all real estate and antiques and all assets and buying a house in the US (don’t need one more than $1m in value ish) and investing all of their savings.

What are good options for them to invest in?

How should we go about this process?

Thank you for any answers

EDIT: also for both my parents combined they have roughly a $62,000 a year pension for them to both live on separate from this

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> Do you have the cash to pay the taxes on the conversion?

Roth 401(k) to Roth IRA has a conversion cost? I did not know.

>Is this a high income year? If so, what worst time to convert

It kind of is, yeah. New job came with a substantial raise and I have long term capital gains to factor for the sale of my house, but I have taxes being withheld at regular income rates to compensate, so that should cover the extra burden.

You may find these links helpful:

• Student Loans
• Student Debt Relief Megathread
• "How to handle $"
• Debt

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I hear folks giving you probably the best financial advice (i.e. allowing your 401k to grow and compound). However, there is a personal decision here to make as well and that is how much stress you have and if you can stop spending on your CC. Typically when you take a loan from 401k the interest paid back will go into your 401k (and not to a bank). You may get peace and less stress by taking that approach.

Your ignoring really important factors about why you're in this situation. Step 1, increase your tax withholding with your employer. Stepn2, work out a payment plan to pay this off. If you bought a house under 300k, your not in a hcol area. You're earning over 150k. You can pay off 20k in a few months time.

Be more honest with your situation, set out a budget, cut frivolous spending, pay the irs. Fix it so you're clear next year. It isn't going to be difficult for you.

Show me a savings account making 4.79%, and your not considering the simple risk of debt.

While putting next to nothing in retirement accounts. Seems like priorities might be a bit off

Are you paying 30% of your income for child support?

Do you have the cash to pay the taxes on the conversion?

Is this a high income year? If so, what worst time to convert

Vesting schedule isn’t a factor

Also make sure that you can pay the extra directly to loan balance and not to loan +interest. The documentation should explain how to do that

Any mortgage lender is going to need a LOT of information from you. Whatever you’re trying to keep private is totally your business, but I’m grateful they go to the lengths they do and won’t loan money to someone that won’t divulge their financials (and I mean absolutely no offense). That is a recipe for large-scale economic disaster. But I hope you find something that works for you! 🍻

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What did you do with the profit you got from selling the property?

I’m just a few years older than OP and single, no kids. Beneficiaries in order, Mom, brother, niece. 50k policy, no one is getting rich when I die, but they’ll have enough to do a funeral or whatever they want, maybe a little spending money leftover for their trouble.

Why would you make a throwaway account for this question?