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All Forum Posts by: James S.

James S. has started 3 posts and replied 20 times.

Post: Potential duplex to fourplex conversion

James S.Posted
  • Greenwich, CT
  • Posts 22
  • Votes 8

It couldn’t be converted to a four-plex and the numbers didn’t pan out for a duplex.

Post: Have money & goals but no strategy - what would you do?

James S.Posted
  • Greenwich, CT
  • Posts 22
  • Votes 8
Henry K. if you are interested in identifying good syndications, I would recommend not relying on an advisor. There are free resources that will help you learn how to evaluate deals and sponsors. You're already handing over control - don't allow another layer of indirection and opportunity for misalignment of interests.

Post: 20k a month in passive income?

James S.Posted
  • Greenwich, CT
  • Posts 22
  • Votes 8
Hey Doug Martin - I've chosen to begin with purely passive investing while I develop my long term plan for investing in hard assets. If you message me I can share a couple of interesting things for you to investigate.

Post: Traditional to Roth IRA rollover question

James S.Posted
  • Greenwich, CT
  • Posts 22
  • Votes 8

Super helpful, thanks @Scott Davidson.

Post: Traditional to Roth IRA rollover question

James S.Posted
  • Greenwich, CT
  • Posts 22
  • Votes 8

I have a question regarding rolling a traditional IRA into a Roth. Given:

  • A traditional IRA that was funded via a closed 401k and grew for several years, with a value of $15,000
  • A recent after-tax contribution to that IRA of $5,5000, bringing the IRA's value to $20,500 (this contribution will not be deducted)
  • I roll the traditional IRA's assets into an existing Roth

Would I now pay taxes on the $15,000 but not the $5,5000?  Would I be required to submit and retain a Form 8606 for the non-deductible $5,500?

Thank you in advance for your help!

Hey Christopher M. , sorry, just saw this! Join us next time we meet up? I am also planning on heading to the Fairfield meetup next week for the first time if you'd like to come say hey.
Hey Jason Hanis if you are still down for a meetup, Jay J. And I are going to meet for coffee at Mozart Cafe in Mamaroneck at 4:30pm this afternoon. PM one of us if you want to join.

Post: Best career(s) to choose to amass fast wealth for investing?

James S.Posted
  • Greenwich, CT
  • Posts 22
  • Votes 8
Richard B. don't discount Computer Science. It does not need to be all zeros and ones and algorithms and technical talk all the time. With a finance degree and minor in Comp Sci or vice versa, there is a whole world of careers available in financial firms. Yes, you need to learn some technical basics, but I know many successful people whose strongest skills are either applying logical reasoning to system design or translating between super tech types and more outgoing trader types. There are a lot of specific roles in that space that aren't crazy technical - project management, software testing, business liaison to the tech teams - and offer a nice career path. It's hard to deny that technology will only play a bigger role as time goes on, and finance is going to continue on as a lucrative industry as long as people like money. Network your way into a good buy-side firm, surround yourself with intelligent and successful people, be selfless, be good to people, work your butt off, and you will find yourself on a fast path to where you want to be. And of course, if you go that route, feel free to reach out to me for input any time you'd like.
Awesome, Jay J. ! Congrats! Jay J. and Jason Hanis , I live in Fairfield County and I am looking to invest in the same areas. There are a few CT meetups, but nothing this far south as far as I know. Do either of you want to get together and discuss investing in lower CT?