Personal Finance Weekend Discussion and Victory Thread for the week of December 08, 2017 |
- Weekend Discussion and Victory Thread for the week of December 08, 2017
- If you placed an initial 90 day fraud alert on your credit report after the Equifax hack, it's probably expiring soon.
- [Advice] Don't take advice from family/close friends who don't know a thing about finance
- No more student loan!
- My dad just passed.
- I need help making money in a third world country
- 100k home on a 28k yearly salary
- Worried about properly claiming cryptocurrency gains. Called the tax man and he has NO idea what I'm talking about. Could someone here help?
- Unexpectedly inherited a chalet in Switzerland. Need some advice what to do next
- I work for a contractor. My job site changes frequently, sometimes daily, and I am required to report to our main office to be assigned. Can I write off the miles driven to job sites?
- Got laid off. Virtually no savings. How fucked am I?
- Mom is currently in bankruptcy and wants me to take her income
- Have no income right now, need advice
- I just added up my monthly expenses...
- (SF Bay Area) Looking for some advice about deciding whether to sell my home, or convert it to a rental.
- I’m 23 and thought I had ok credit but discovered 2 unpaid medical bills and a student loan I didn’t know I had, and my score is 543, how screwed am I?
- Received this confusing notice in the mail. Apparently someone I owe money to has filed bankruptcy. What do I need to do?
- Young Person Seeking Financial Guidance
- Transitioning (honorably) out of the Navy. What should I do with my condo?
- 200k inheritance
- I got and STD screening from an Urgent Care facility and the charges came back today and are very high. Please help
- Self-Employed - traveling job - Claiming a car on Taxes questions
- (Canada)Mom wants me to invest $100,000 for her.
- How to save (and vigorously pay off student loans)
| Weekend Discussion and Victory Thread for the week of December 08, 2017 Posted: 08 Dec 2017 01:05 PM PST If you need help, please check the PF Wiki to see if your question might be answered there.This thread is for personal finance discussions, questions, and sharing your success stories:
A big thank you to the many PFers who take time to answer other people's questions! For past threads, please search the Weekly Archive. [link] [comments]  |
| Posted: 08 Dec 2017 05:50 AM PST
Initially from this thread. [link] [comments]  |
| [Advice] Don't take advice from family/close friends who don't know a thing about finance Posted: 08 Dec 2017 07:06 AM PST Hi guys I just wanted to share a story from my life. I grew up in a working class family. Saving money and making the best out of what I have was ingrained in my DNA from day one. That's what I'm really thankful for. The problem was because my parents never had much money, they never learned how to invest and didn't want to. They were always afraid of losing money and told me it's gambling like a casino. As a kid you believe your parents. When I became an adult and had to deal with insurances for the first time I saw many things they set up for me that were just simply wrong and overpaid. From that moment I learned that my parents and adults in general don't have all the answers. It was hard to stand up to them and disagree with them but it made me a stronger person eventually. I learned to stick to my guns. So when I worked a few years and had saved quite a bit of money I looked out for information how I should manage it to make the best out of it. I suddenly realized all my friends and family have no clue about that stuff. So I started gathering information and learning about personal finance and investing. I'm so thankful that the internet and communities like r/personalfinance exists. It opened up many possibilites and I'm still learning every day something new. And with all that information I'm in a much better place now financially than I would have without it. Why I post this now? My father died few months ago and now I try teach my family about how to manage finances and the inheritance. I'm the youngest one... It's ironic isn't it? They realized that I'm one of the few who have a clue about how to not be broke. TL;DR: So my advice is trust your gut and don't listen to people who themselves have never been financially in a better place than yourself. [link] [comments]  |
| Posted: 08 Dec 2017 12:34 PM PST I just found out my $50,000 plus student loan has been completely paid off. I wanted to thank everyone on this sub for their help. I roam this sub a lot and a lot of the info I found on this sub helped me pay it off. If it wasn't for you guys I would probably still have a large amount left. Thank you! [link] [comments]  |
| Posted: 08 Dec 2017 10:51 AM PST Feels like the entire world just ended for me and my family. My father died this morning in what the media is called a "freak accident". It was not his fault but regardless my dads gone, I am so numb it's unreal. What steps should my family take in regards to finance? What does someone do when a parent dies? Please ask me questions and I will answer as fast as possible. I have 0 idea how any of this works. Thank you. [link] [comments]  |
| I need help making money in a third world country Posted: 08 Dec 2017 07:04 AM PST Im a 15 year old that likes to game and i need a way for me to make money. I live in a crappy third world country and its hard getting money, i live in Libya, where it used to be $1 = 1.3 LYD but now stuff happened and its basically $1 = 9.5 LYD (black market crap i dont really understand it) if you come to this country youll think its cheap ( $1.5 could get you this) but people dont get much money, a teachers monthly salary is about 700 LYD ($73). So anyways i tried working at a small electronics store which got me like 200 LYD a month (about $20) and that is nothing, im trying to collect some money to buy a switch but everything is freaking expensive. Its hard living here (especially because I lived a little in the USA and came back), but everyone here is just used to it. they are so ignorant of everything, all they know is facebook and youtube, and your considered rich if you have a freaking iphone 5s or a PS4. and we dont even have credit cards or mailing addresses (really hard to buy something online). I just would like to earn some dollars even if its $5/hour, i mean, i could maybe then buy CSGO and try my luck with skins. Do i have a chance? or am i just dead. (so far im been just entering random giveaways and trying to win anything so i can sell it, even a dollar equals a lot in this country) Also sorry if my english is messed up or something its been long since I spoke/wrote with it. and thank you in advance [link] [comments]  |
| 100k home on a 28k yearly salary Posted: 08 Dec 2017 10:00 AM PST I was just wondering your thoughts on this- I have been offered a very nice appraised 140,000 dollar home from a good friend, who is willing to sell it to me for 100,000 dollars, because he is very generous, and I'm engaged to his sister. My question is, can I afford it on my 28k annual salary after taxes? The only dept I have is a $285 car payment, $140 in insurance, and a $60 phone bill. I have saved up 10k this year by living with my parents. Utilities are about $100-$120 a month, which includes water, electricity, and garbage pickup,from what he's told me. I have a 735 credit score, and never missed a payment. I'd love your thoughts. Thanks! [link] [comments]  |
| Posted: 08 Dec 2017 06:36 AM PST
EDIT:SOLVED SEE BELOW [link] [comments]  |
| Unexpectedly inherited a chalet in Switzerland. Need some advice what to do next Posted: 08 Dec 2017 06:25 PM PST A couple of weeks ago I was contacted by an executor to let me know that a recently passed relative (semi-estranged) had bequeathed to me her holiday house in Switzerland, specifically the Canton of Bern. My problem is I currently can't afford to travel there to sort things out (I'm on a contract job in Australia and only have a small buffer of savings in the bank), and I'm literally at a loss to know what my next steps should be once I take ownership. I can't really ask my family for advice as they're not financially literate. Ideally I would like to rent it out, as it is in the Alps and it looks like holiday lettings there can provide a lucrative long-term income stream which I could really do with right now. However, it does seem like it would be a bit of a hassle - I wouldn't be able to afford to engage a property manager right now due to lack of cash, and I'm guessing there would be lots of bureaucracy/tax implications from being a non-resident landlord in another country? The alternative would be to sell it. A quick Google suggests the chalet is worth about $800,000, which would obviously be life-changing for me - even after paying whatever costs would be involved - as I'm originally from a low-income background. What should I actually do in this case? Do I just call a random estate agent in Bern and ask them to put it on the market? Or given how lucrative the sale will be should I engage a professional to help me out and pay them on commission? What would you do in this situation? [link] [comments]  |
| Posted: 08 Dec 2017 08:36 AM PST Title! It does seem like this falls under "temporary work location". [link] [comments]  |
| Got laid off. Virtually no savings. How fucked am I? Posted: 08 Dec 2017 03:16 PM PST So this layoff came quite literally out of nowhere. I was in the middle of some projects at work. Just had a department meeting last week and no red flags to be seen. Bank had sold off some of it's mortgage portfolio, but I'm in IT in the back so everyone around me was told little to no effect on us. SURPRISE. Rent has been paid this month and a few other bills, but $325 car payment is coming up. A paycheck just hit last night so I've got about $1,600 in the bank at this moment. I should get another check for the 3 days I worked this pay period, as well as compensation for 2 unused vacation days, 2 personal days, and 2 sick days, and a $1,900 pre-tax severance check. Monthly bills are as follows:
So the credit cards are nearly maxed out as I had to use them extensively when I switched jobs earlier this year and started in the middle of a pay period so I had to wait extra long. Either way, I thought I was in a position with this job to recover and I was doing quite well until now. The season ticket packages are almost done as far as the payments go and the tickets have value on the other end of this if I can squeak through. I don't know the policy off hand if I stop paying now as to whether I get a portion of the tickets or forfeit them all, but that sounds like it would be a bad idea to cancel if the latter is the result. Am I completely stupid to consider paying my rent a couple months in advance with my severance money then put the remaining towards bartending/mixology classes and at the very least get a bartending gig at night until I get this shit straightened out? I've already started the unemployment process, but I don't know how much I'm going to get from that or anything about it as far as what I am allowed to earn and still get benefits. I have a couple months left of life insurance that's worth well more than my current net worth... should anything happen... but Jesus Christ, idk what to do. I've got what I would consider marketable skills, certifications, and college education but I can't even get fucking interviews for jobs that I'm qualified for at this point. I've got nothing..
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| Mom is currently in bankruptcy and wants me to take her income Posted: 08 Dec 2017 03:31 PM PST Hi, I'm a junior in college and my mom and I both took out loans (Parent PLUS, federal loans) to fund my college tuition. I've been managing to keep my loans under control by putting aside $200 a month to pay back my student loans, and I also pay my own rent which is around $1100 a month (California is a cruel mistress). I found out my mom filed for bankruptcy without me knowing because she couldn't meet all her obligations, and that if she has money in her checking account, it automatically goes away. Looking through these articles, I haven't ran into the trouble of having my own account frozen yet. I've been looking into what bankruptcy is exactly, and it seems like a form of wage garnishment. My mom is an artist, and she gets large sums of money infrequently rather than a regular salary. Recently, she sold one of her pieces and asked whether I could hold the money for her and dispense it back to her, seeing that if she put it in her bank account it would disappear. I want to do whatever is best for my mom, but I was wondering whether this is legal. Also, I'm worried that because of my mom's bankruptcy status that it could come back and bite me in the ass before I can properly help her out with a full time job. I already gave her all my tax return money, and try to send her a grand every now and then, but it seems like that the debt she accumulated is a lot. I'd appreciate any help, my mom doesn't really like to talk about it because she doesn't like asking for help and I'm really just trying to cut through the confusion. [link] [comments]  |
| Have no income right now, need advice Posted: 08 Dec 2017 08:59 AM PST Hello, Im graduating soon and I have a job lined up. I have a credit card Im paying off with a total of $800. I payed more than the minimum for a few months but now I dont have enough for the minimum. Should it be okay to continue to not pay until februrary, or should I try to find a way to pay the minimum, like borrowing money, for december and january? I have already missed november and got charged for it. Thanks. Edit: So I decided on figuring out a way to pay the minimums until im receiving full income (I start in January so Ill be able to pay form Februrary forward) and turns out I have a shit load of reward points on my other credit card; enough to pay Decembers minimum plus the fee from missing November, and January's minimum. So Im going to do that. Thanks for the advice! Also, how will missing November affect my credit score? It has always been above 720, fell once to 680 something, and is now back over 720. Also, does the fact that I have 12 months to pay off the card without interest change anything? Lesson learned: Always keep enough money for minimum payments. [link] [comments]  |
| I just added up my monthly expenses... Posted: 08 Dec 2017 05:11 PM PST I am a college student keep in mind, I work 25 hours a week and make $12 an hour as a Pharm Tech. I just realized that HALF of my months earnings goes into eating out. I am pretty distraught about this, I knew it was a lot but never realized it was this much. I have never been a "cooking" kind of person or ever kept snacks around. It's always grab something for breakfast if I'm working a full shift, something for lunch, then something for dinner. At school it's pretty much the same. I need advice on how to begin to curb this awful habit, I appreciate your time. [link] [comments]  |
| Posted: 08 Dec 2017 04:10 PM PST Hello PF, I have a condo that I currently occupy, located in the SF Bay Area (East bay to be precise). Its in quite a desirable location (Less than 30 minutes to San Mateo, Oakland). I have recently decided that I want to move closer to work, and closer to family. I am planning on finding a rental, and am wondering what I should do with my current place.
To SELL, I will need to do the following: - New water heater ($2000)
To RENT, I will need to do the following: - New water heater ($2000)
I could probably rent for around $2200/month based on other local craigslist ads. I dont plan to buy anything else anytime soon, and I dont need the money for anything right now. I guess I really need to speak to someone about what the tax implications are now, future... and if it really makes sense for me to rent it out, or just sell it and walk away with cash. [link] [comments]  |
| Posted: 08 Dec 2017 09:20 AM PST I'm going to have them paid off in January once I receive some money from money left in a will for me, but I'm wondering how long it's going to take until I can rent an actual place and get a credit card. [link] [comments]  |
| Posted: 08 Dec 2017 09:08 AM PST Picture of the notice in question: https://imgur.com/a/cLNmQ Quick backstory: I've been sober for almost 5 years and prior to that time my finances were a wreck. From time to time I will get contacted about an old debt, usually by a collections agency that has bought the debt and is willing to settle for a fraction of the original amount. In these cases I obtain documentation, pay the debt, and keep files on everything paid. At this point my credit is ok again, but certainly not perfect. I am not certain what debt this notice pertains to, but I think it may be related to a payday loan I took out circa 2012 for about $1000, most of which was never repaid. My guess is that through the bankruptcy proceedings, whatever remains of this debt is going to be sold off to another collections agency. Any advice would be appreciated. Thanks! [link] [comments]  |
| Young Person Seeking Financial Guidance Posted: 08 Dec 2017 05:56 PM PST Hello All, For starters, yes, I absolutely know this is such a generic, easy to answer question, from a stereotypical person asking it. But I have no one else to ask without being embarrased to much and I NEED some help. So please bear with me. I am a young 21 Year Old man. I am employed as a CNA (Nursing Assistant). I live with my mom at the moment. I plan on going back to school soon to become an RN. The only bills I pay are my car insurance ($170), Hulu ($12) and my phone bill ($55) for a total of about ~$240 in bills each month. I earn roughly $500 per paycheck for a total of $1,000 a month. This is with working part time. I have the worst spending habits of anybody I know. Ever since I started working at age 17, I have spent each and every single paycheck I have recieved on what I want. Food, entertainment, etc. I have indulged with all the money I have recieved. Some things have been justified, most cannot be. I have a huge spending problem. I have never saved a dollar in my life. All I have right now to my name is my possesions. Thats not okay being the age I am and especially considering the fact I don't pay rent or any big bills other than insurance. I have some debt as well. I did not pay off a phone I got with Verizon, and that landed me a $800 bill with a debt collector. I also avoided a payday loan with Moneytree, which was $150. Then, I also owe BECU, my old bank, as well, as I went into overdraft and never came out. That was $300 at the time. And finally, a credit card I never paid off, FFB which was $250 at the time. That is all my debt owed. My credit score is around 560 because of this. I realize now I literally HAVE to save money now. I want to go back to school this January, I recently got my first car and need to be prepared for emergencies with it, and in general, I need a savings for my life and future. How can I make this happen? What habits should I pick up to help? Any advice whatsoever is appreciated. I just feel like I'm in a crisis. Thanks I know my self control is a part of it and I have improved in this regard. However, reddit, I ask to any who may be able to a [link] [comments]  |
| Transitioning (honorably) out of the Navy. What should I do with my condo? Posted: 08 Dec 2017 05:41 PM PST I am getting out of the Navy at the End of April 2018, (that is when I will recieve my last chek). I will be on terminal leave all of April. I'm already Job hunting, but really have my eyes set on a particular Job. **I am/will be applying else where as well. I have a large enough nest egg that I can afford to stay in my condo until the job I desires opens up. (August 2018 is my personal deadline to be moved out completely) 28 years old/single/no kids 799 credit score 50k in savings Car is paid off and worth around 10-15K I have no other debt. So on to my situation. Exactly 3 years ago... I was not satisfied with the apartment scene in the Hampton Roads area. I decided to buy a condo, I could get a new construction 2 Bed/2 and a half bath condo with a garage, access to a nice gym/pool and for way less than any apartment in the area...No brainer right?... I thought flipping this thing was going to be a breeze. I was so naive. I've basically been kicking myself every day after the first year of purchasing this place. So... do I sell it, rent it, refinance then rent it, other? Help me. I currently owe $167k Current Zillow estimate is $178k, projected estimate in a year is like $185K I used the Zillow "sale proceeds" calculator, with 6% commisions. If I can sell it for the $178k(unlikely?), it said I would lose $2200 Rent estimate is $1300. Mortgage is $997 Condo fees are around $250(this price includes COX cable and internet) So if a rental company doesnt charge me anything(lol), I could profit a hefty $50 a month if I rent this baby out. But if I re-finance I could lower my Mortgage payment and make more profit if I rent. I just dont want to lose money on this place and dont really know what to do, any advice would be greatly appreciated. I hope I included enough info. [link] [comments]  |
| Posted: 08 Dec 2017 04:21 PM PST Greetings. My wife and I have recently inherited a combined amount of 200k in a mutual fund and life insurance. We both come from relatively lower income backgrounds and have little experience with what to do with this kind of money. We only have 13k in debt we plan on paying off. That leaves us 187k. We will probably put down 25k-30k on a house. As for the rest we really don't know what to do with it. [link] [comments]  |
| Posted: 08 Dec 2017 02:43 PM PST I got an std screening after some symptoms. I went to an Urgi-med center so wasn't sure where they were sending the tests but got the bills today. My insurance covered around $300 and $600 is still mine to cover. I'm wondering if calling either the lab or my insurance is worthwhile. I have next to no experience with this type of stuff and no one to really ask so any help is much appreciated. Thank you [link] [comments]  |
| Self-Employed - traveling job - Claiming a car on Taxes questions Posted: 08 Dec 2017 06:03 PM PST Work as a Home Inspector, meaning I drive a truck around town all day between houses/Inspections. I've had an old POS car and want to upgrade next year. Looking at a used car 15-20k range. Work in TN with no state tax if that helps.
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| (Canada)Mom wants me to invest $100,000 for her. Posted: 08 Dec 2017 07:45 AM PST My mom 58 years old with barely any retirement plan. I work in a financial field but am not well versed with Canadian retirement possibilities, especially what's best to look at when wanting to be close to retirement. Anyone have suggestions of the best plans with possibilities for retiring within the next 7-10 years? Thanks [link] [comments]  |
| How to save (and vigorously pay off student loans) Posted: 08 Dec 2017 07:36 PM PST Hello everyone! I need a bit of advise. I have had a job as a School Administrator for the last six months (which pays $16/hr). I graduated with a BA in Psychology a year ago and have been trying to pay off my student loans ASAP, but i'm finding it hard to balance having any kind of savings and making loan payments. Here is a breakdown of what I'm dealing with:
I looked into refinancing my unsub. loans w/ higher interest rates, but I don't have anyone I could co-sign with, so I haven't been able to get approved (even though I have a great credit score). Because I really wanted to have my loans paid off in 3 or so years, I have been paying $1235 a month towards my loans, which leaves me with $665 to work with. After paying bills, I'm left with around $300 a month (which doesn't get me far). There are not many high paying job opportunities where I am from and I took this job because it is great experience for the field I want to get into, but I don't know how to pay off my student loans and have a savings at all. I could really use advice on what I should be prioritizing. [link] [comments]  |
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