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Financial Freedom => Financial Advice From The Community / Reader Profiles => Topic started by: money2012 on April 09, 2019, 04:12:53 AM

Title: New to USA
Post by: money2012 on April 09, 2019, 04:12:53 AM
I just moved to the United States from abroad and am interested in getting some suggestions from the FS community on first steps to make now that I will be moving all my finances to the US.

Brief Background:
- 30 years old
- single
- $150K USD
- Net Worth $400K USD
- Plan to stay here for at least 5 years if not longer

Right now all I have done is open a checking account with Chase and will be transferring my other assets/investments to the US over the next year. If you were in my shoes what would be the first steps you take?

- 401K is not currently offered by employer
- Is Standard IRA and a taxable account my only investment options as I don't think I will qualify for ROTH IRA?
- What can i do to reduce my state and federal income taxes?

Title: Re: New to USA
Post by: Money Ronin on April 09, 2019, 11:53:36 AM
I don't know whether retirement plan rules are different for non-citizens. 

Given the 2017 tax changes, you will find it difficult to lower your taxes further without starting your own business or investing in real estate.

Your US credit history and score will greatly influence any future financial endeavors (e.g., loans, getting a cell phone, renting an apartment, etc.).  Start building up your credit.  You should Google it.
Title: Re: New to USA
Post by: dustball on April 11, 2019, 10:53:26 AM
I think if you provide your immigration status people can better help you.
As Money-Ronin mentioned, different immigration status will have different rule
Title: Re: New to USA
Post by: Fat Tony on April 11, 2019, 12:03:52 PM
Quote- Is Standard IRA and a taxable account my only investment options as I don't think I will qualify for ROTH IRA?

You can actually still contribute to a Roth IRA - by the far the best option - via the backdoor method. https://thefinancebuff.com/the-backdoor-roth-ira-a-complete-how-to.html

Luckily you're starting fresh in the USA so you won't even have any traditional IRAs and you can skip step 1.

Without knowing specifics it's hard to help with tax optimization. Practice tax-efficient asset allocation down the road, but with only $6K a year deposited into Roth IRA and $400K in after-tax, you won't be able to do much. https://www.bogleheads.org/wiki/Tax-efficient_fund_placement
Title: Re: New to USA
Post by: money2012 on April 17, 2019, 06:16:53 AM
 
Quote from: dustball on April 11, 2019, 10:53:26 AM
I think if you provide your immigration status people can better help you.
As Money-Ronin mentioned, different immigration status will have different rule

I am currently on an L1A Visa and will be starting the green card process once it's possible.
Title: Re: New to USA
Post by: Highdesert on June 14, 2019, 12:21:00 PM
You mention that you only plan to be in the US for 5 years and don't yet have a permanent green card. That doesn't give you much time to get much benefit from an IRA as if you left the country you would probably have to/ want to close it and you'd have to pay back Uncle Sam for your tax break.
Investing in the US is great compared to many other places - low fees, lots of options etc. But most US banks/ brokerages will force you to close your account if you move out of the country.
Title: Re: New to USA
Post by: JohnBrown on June 26, 2019, 11:31:59 PM
Take credit for yourself and buy the own company. I advice you contact to https://www.boostcredit101.com/ (https://www.boostcredit101.com/). Like example my score is 809. Experian cites as reasons for this: no missed payments, low credit usage (I have several credit cards that I never use), long credit history, recent credit card use. I have no mortgage or car loans (but have had both in the past), or any other kind of debt. I try to put everything on my credit card and I pay the balance in full each month.