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  • 1 month later...
  • 1 month later...
On 2/9/2023 at 8:55 PM, gearhog said:

This was the inevitable end with fiat. Either the BRICS coalition creates a new currency bloc backed by gold (or anything not fiat-like) and the dollar is forced to abandon the money printing parade to survive, or the new currency bloc will act like fiat (because making money from nothing is the ultimate government dream) and thus pose no real threat to the dollar.

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  • 1 month later...
6 hours ago, di1630 said:

Question for any AMEX users out there. Is Reserves covered to get the fee waived? I left active duty and went full time MPA and just got a letter saying I need to pay the fee. Not sure if I’m back under the protection or not.


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I went to the Reserves in 2014 and AMEX covered my fees.  All the TR’s in the squadron had their fees waived also with just an easy phone call.  

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So I've been a drilling reservist for the past five years and have not received any letters or notification from AMEX asking to pay the fee - Is that not typical? 

I also drop to the IRR next month so any recommendations on other cards without the annual AMEX fee? I don't really even use it, but the wife does. 

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If you need the lounge access, its pretty hard to beat amex. The new chase lounges are supposed to be very competitive, but there are fewer of them. I just couldn't justify $700 when I don't have weekly opportunities to use the lounge. We recently just switched over to the 2% Wells Fargo credit card. All of the hotel and airlines are going through another devaluation process for their points and miles, so we're just going to take the cash back for now.

 

And Costco. 3% back on restaurants and travel, and 4% back on gas is pretty excellent. Everything else will go on the Wells Fargo card

Edited by Lord Ratner
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1 hour ago, Lord Ratner said:

If you need the lounge access, its pretty hard to beat amex. The new chase lounges are supposed to be very competitive, but there are fewer of them. I just couldn't justify $700 when I don't have weekly opportunities to use the lounge. We recently just switched over to the 2% Wells Fargo credit card. All of the hotel and airlines are going through another devaluation process for their points and miles, so we're just going to take the cash back for now.

 

And Costco. 3% back on restaurants and travel, and 4% back on gas is pretty excellent. Everything else will go on the Wells Fargo card

Switched to straight cash back as well.  2% from citibank.  Amex caught up to my retirement about a year or so after.

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Anyone do the back door Roth conversion?

I’ve always done a normal Roth but this year I have to do the traditional. Looking to convert it to Roth with no deduction before I file my 2023 taxes (post-tax, namely because I can’t do the deduction anyway).

Any advice with this process?

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1 hour ago, LJ Driver said:

Any advice with this process?

Beware pro rata. Move any Trad IRA money into a Trad 401k if at all possible.
Try to do the contribution and conversion in the same calendar year as the tax year. ie not between 1 Jan and 15 Apr. Makes the bookkeeping easier.

Be careful with your tax software if you DIY. I find it’s not always intuitive to make the actual forms read correctly. I always check the actual 8606 (not just the tax software questions) against an example before I file.

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8 hours ago, nunya said:

Beware pro rata. Move any Trad IRA money into a Trad 401k if at all possible.
Try to do the contribution and conversion in the same calendar year as the tax year. ie not between 1 Jan and 15 Apr. Makes the bookkeeping easier.

Be careful with your tax software if you DIY. I find it’s not always intuitive to make the actual forms read correctly. I always check the actual 8606 (not just the tax software questions) against an example before I file.

I found the HR Block software very difficult to input the back door Roth (along with reservist expenses). TaxAct is much simpler.

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1 hour ago, uhhello said:

Coming fo yo disability 

https://www.cbo.gov/budget-options/58631

 

That made the rounds of a Naval Aviator forum I'm a member of about a week or so ago. Bottom line, the CBO looks at things like that every year and makes recommendations like that all the time. I think it is incredibly unlikely for that to come to fruition. 

I think you'd have a hard time finding politicians to vote for such a measure after we've been at war for the past 20 years. 

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44 minutes ago, VMFA187 said:

That made the rounds of a Naval Aviator forum I'm a member of about a week or so ago. Bottom line, the CBO looks at things like that every year and makes recommendations like that all the time. I think it is incredibly unlikely for that to come to fruition. 

I think you'd have a hard time finding politicians to vote for such a measure after we've been at war for the past 20 years. 

Agreed.  Awareness keeps it at bay though.  

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  • 3 weeks later...
On 2/9/2023 at 9:55 PM, gearhog said:

Just in 2 months, several more countries are cozing up to China economically. Saudi Arabia, Malaysia, Kenya, etc...

Today, Brazil president visits China. Calls to end Dollar dominance.

https://www.ft.com/content/669260a5-82a5-4e7a-9bbf-4f41c54a6143

France. Macron recently visited China. Encourages Europe to associations with US.

“The paradox would be that, overcome with panic, we believe we are just America’s followers,” Macron said in the interview. “The question Europeans need to answer … is it in our interest to accelerate [a crisis] on Taiwan? No. The worse thing would be to think that we Europeans must become followers on this topic and take our cue from the U.S. agenda and a Chinese overreaction,” he said.

https://www.politico.eu/article/emmanuel-macron-china-america-pressure-interview/

The world is changing, and not in our favor.

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We recently signed an agreement to develop/share aircraft carrier tech with France. China needs carrier tech…convenient timing there Macron (although honestly China is pretty adept at just stealing/copying).

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  • 11 months later...

You may have enlisted into a unit, but you’re not permanently assigned until after you’re back from all your schools. If you are married and your wife is living back in the unit’s town, there’s a case for BAH. If somehow they do permanently assign you the unit, and send you TDY to school, then that would also be valid BAH. Those are the only two valid ways to get BAH while you’re in the training pipeline. 

Edited by brabus
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If you are single, live at home with your parents, and then enlist -> pipeline, there’s not a case for BAH to be paid that I am aware of. You have no dependents and your housing will be provided to you while at school.

I 1000% do not recommend fucking around here, finding out will be painful. $10K is nothing in the scope of what you will make in your career, even if that’s just one term of enlistment.

If your details are different, e.g. you are married and your spouse is staying back in your local area in a home you currently rent or own, etc., you may have a legal way to be entitled to BAH.

Good luck and may you have a long and prosperous career!

Edited by nsplayr
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