Blueprint Financial Planning LLC
Vicki Fillet began her investment career with The First Boston Corporation and later joined Furman Selz becoming a Managing Director. After her Wall Street experience, she became a consultant for Republic Bank where she worked on the development and feasibility of several investment products for the individual. While living in Canada she led the volunteer fundraising activities for the community hospital. Returning to New Jersey, she consulted with Ryan Beck & Co. on product development, before co-founding Value Architects.
As Value Architects Asset Management took off, she and her business partner, Rick Konrad, established Blueprint Financial Planning to focus on the financial planning needs of clients. Vicki is committed to helping her clients manage their money more effectively by teaching them the necessary information to take control of their finances. As she likes to say, "the more you know, the more you will be able to manage your money effectively and make it work for you."
Vicki is a graduate of Fordham University with a BA in economics and business. She received her Certificate in Financial Planning from New York University, and her CFP® designation in 2006. She is currently Chairman of the Financial Planning Association of New York. She is also a member of the Financial Women’s Association where she is on the Advisory Council for its Financial Backpack program, providing financial literacy education to high school students.
BA, Economics and Business, Fordham University
I am guessing that your day trading is not in a tax deferred account, but in an investment account.
Therefore, any profits will be treated as long term or short term capital gains.
Capital gains and losses are classified as long term if the asset was held for more than one year, and short term if held for a year or less. Taxpayers in the 10 and 15 percent tax brackets pay no tax on long-term gains on most assets; taxpayers in the 25-, 28-, 33-, or 35- percent income tax brackets face a 15 percent rate on long-term capital gains. For those in the top 39.6 percent bracket for ordinary income, the rate is 20 percent. Short-term capital gains are taxed at the same rate as ordinary income. There also is a 3.8 percent tax on net investment income for single taxpayers with modified adjusted gross income above $200,000 ($250,000 for married couples filing jointly). Note, too, that capital gains, in some cases, face an effective tax rates above the 23.8 percent statutory rate because of phaseouts in the tax code.
I hope that helps!
If the question you are asking is, do I take these funds in a lump sum or monthly distributions, that will depend on two things. What are the company plan rules and do you need the money? Sounds like you do not need the money now. If that is so and you can take a lump sum payment, you will have the ability to invest those monies for your retirement.
If you feel more comfortable taking monthly distributions do that, then you may be able to contribute more monies to your own retirement plan and grow that money tax deferred until retirement at 70 years old.
You should contact a CFP planner to help with this decision. It is an important one!
You can withdraw $10,000 from your IRA for a first time home purchase. You still pay taxes but there is no penalty.
If you do not win the auction, you can replace the money. But make sure you keep all the documents since this is always tricky, and you will need to document it all with the IRS. Most brokerage firms will tax taxes out of the money beofre they give it to you.
The first question you need to ask is, how is your credit score? And, how long are you planning to stay in your home?
The rule of thumb is you should remain in your home for 5 years to offset the cost of refinancing.
Next, what is the interest rate on your student loans? How long have you been making regular payments? If you can refinance at a much lower rate, it would be a wise choice.
Remember to put the credit cards away so that you will not build up more debt while you are paying off the refinancing.
Congratulations on your new job and for wanting to start saving.
Yes, a Roth is a good way to go. You can open an account at any low cost provider, Fidelity, Schwab, or Ameritrade to start investing and have your money grow tax free.
Starting early will guarantee that you will have a comfortable retirement financially.
Look for a provider who does not charge a maintenance fee and will offer low cost or no cost mutual funds or ETF's.
All these sites have free help and offer information on starting and maintaining a Roth.
Good luck to you!