Personal Finance What are your 2018 financial goals? |
- What are your 2018 financial goals?
- Has anyone ever been able to go from absolutely broke to making a comfortable living?
- Gift Card for Christmas. Balance came up empty. Relative sent me receipt. Company says gift card might have been scammed.
- My brother passed away, what can I do with his money to keep it safe and help it grow for his daughter?
- Someone accessed my bank account and simultaneously got my debit card number. Please check all of your accounts and make sure they're secure.
- 22. Graduating engineering in May, and have a job making $85k. But I goofed up earlier in college and have bad credit eating away at my current income. How do I do this?
- How do I transfer money to my mom in a way my dad can't see (and also deal with his financial mismanagement)?
- Best of /r/PersonalFinance 2017 Nominations
- How does one find a middle ground between investing and living in the present?
- Thoughts on living comfortably for a single person?
- I make less than $30,000, is there anything else I should know when apartment hunting?
- I lucked into some money, not sure how to make the best of my situation.
- Chose the wrong career
- 18k + retirement investment
- Homeless with a young child in London
- I'm at risk for a terminal illness. How do I plan for retirement?
- Most of my monthly income goes to CC payments. Don't know what to do.
- If you can cut out $10/day this year by making your own food instead of buying all your meals, you'll have an extra $3,650 to play with
- Home Ownership vs Stocks
- I want to give my parents $10,000 next Christmas. I've already saved $5,000. How do I get there?
- Car accident. Out of money..
- Year-end bonus is received in January - should I max out my 401k at the beginning of the year or keep the bonus and pay throughout the year?
- Save $100k in 3 years reasonable? I have little to no monthly expenses.
- Want to buy a motorcycle with a Credit card. Good idea?
- Any tips for the best way to pay off my student loans?
| What are your 2018 financial goals? Posted: 31 Dec 2017 05:06 AM PST Let's hear about your 2018 financial goals and resolutions! If you posted your 2017 goals on the resolutions thread from last year, include a link and report on how you did. Be sure to include some information on your overall situation such as the steps you're working on from "How to handle $", your age (approximate age is fine!), what you're doing (in school, working, retired, etc.), and anything else you'd like to add. As always, we recommend SMART goals: Specific, Measurable, Achievable, Relevant, and Time-bound. Don't make unrealistic or vague resolutions. Best wishes for a great 2018, /r/personalfinance! [link] [comments]  |
| Has anyone ever been able to go from absolutely broke to making a comfortable living? Posted: 31 Dec 2017 05:57 PM PST I'm a 21 year old high school graduate with no college degree (dropped out to support a child), a minimum wage part time job (making $300 a week), paying $250 insurance on a car that breaks down every other week, living out of that car because my mom kicked me out for getting my girlfriend pregnant, horrible credit and in debt (my mom used my name for utilities/cable/cards growing up and never payed them off), etc. My life seems to have no hope and it scares me. It scares me that living paycheck to paycheck could be my reality. Being homeless is literally one paycheck away. If I go to school for a trade or some sort of degree, it may require a loan that I can't take out. Even if I could, I wouldn't be able to find the time to attend because I need to work to afford my insurance, baby expenses, and my half of the rent at my brother's house. I'm literally scared. What can I do to make extra money when I have no experience really? How can I change my life around? I don't spend money on drugs or alcohol, I don't smoke, I don't go out or even waste money on clothing for myself just so I could save money and I still barely have enough to afford a coat. Help? [link] [comments]  |
| Posted: 31 Dec 2017 09:44 AM PST So a relative got me a $250 Home Depot Gift Card for Christmas. I went to the store, bought some tools I needed, went to the counter, swiped it, they told me the card was empty. I was like "Okay, weird, maybe relative forgets to fill it up." I called them, they drove over the receipt. Shows they loaded up the gift card. (Good on em for keeping it!). So I go back to the store. The company says the gift card might have been scammed, and that we can't get our money back. Merry Christmas, right? So I guess what I'm curious is; A) How did this happen, and B) How are gift cards secured in general? Like when I buy one, often they just swipe it and punch in some money? Like Reloadable Tim Horton's cards and things...like, if they have no security, why are gift cards being used so widely? [link] [comments]  |
| Posted: 31 Dec 2017 02:09 PM PST She's seven years old and I want to make sure it's secure. I don't know what to do and I'm not well versed in finance so if you have a specific bank/ account type in mind please let me know. Thank you. Edit- it should be in the $45k range from life insurance, plus whatever is in his bank account currently. [link] [comments]  |
| Posted: 31 Dec 2017 10:31 AM PST While spending a week out of town for the holidays, I woke up two days ago with a text alert that my checking account balance was ~$30... Obviously I was confused and logged in immediately to check my accounts and saw my savings account was also basically empty. Basically, someone transferred my entire savings account to checking then made multiple online purchases and TransferWise transfers with the ~$8000. They also somehow re-opened my closed paypal account (closed because of a previous fraud event which they were entirely unhelpful about) and added my bank account to it. My credit card was untouched. This all happened between 12 and 5 am. I have an open fraud investigation and I'm pretty confident everything will be reversed and I'll be ok. I use Bank of America, and as I referenced above i had someone commandeer my paypal account and used it to purchase random stuff. Paypal support was useless and Bank of America was great with reversing everything. I'm not really sure how this was all pulled off, but according to BoA support they said the purchases were made with my debit card number, and there is a sign-in history to my BoA web account deep into the night. I obviously changed all of my passwords and added 2-factor authentication to everything. Things I learned: 1) BoA changed their alert settings at some point and defaulted almost all alerts to off. I don't understand why this happened, and while it wouldn't have changed anything, I was mad that they effectively made things less secure. 2) USE TWO FACTOR AUTHENTICATION. For everything. Most of us have a lot of accounts with substantial sums of money and a username/password IS NOT ENOUGH security to protect your money. 3) Double check all of your security alerts. It's better to be annoyed about getting a lot of alerts than to miss fraudulent activity while it's happening. 4) I'm thinking of opening an unlinked savings account with another bank to keep some or all savings there. Having all my liquid cash in one spot has proven to not be very wise. 5) Credit cards get a bad rap at times but without them I'd have been completely dead in the water. 6) I haven't been able to piece together how everything happened, I use LastPass with 2-factor, gmail with 2-factor. It feels like they'd need access to my email to pull off some of what they did (like reopen paypal, and open a transferwise transaction with my email address...) but I have no fraudulent sign-in history on my google account. I just don't know. DOUBLE CHECK ALL YOUR ACCOUNTS. I thought I was secure, I was not. I'm making this post because it might make some people take a second look at their finances and accounts and maybe prevent something like this in the future. A week ago I was speaking proudly of how set up my finances are right now and felt great financially, and now I'm dealing with every bit of cash I have being stolen. Shit changes overnight so do your due diligence to stay secure. [link] [comments]  |
| Posted: 31 Dec 2017 02:24 PM PST Heyo everyone, and happy New Year! Sending each and every one of you the best of vibes for a happy, healthy, and successful year full of joy :) I'll keep this as brief as possible, but of course, if there are any critical details missing I'll add them in and respond immediately.
Overall, I've accepted the loss of the credit cards. I was dumb, life came up, and it just needs to be dealt with. I'm confident that between my salary (which I'm fortunate to have, especially fresh out), and a secured credit card (from reading threads around here), I can build my credit up relatively quickly (is that a fair assumption)? But even so, this debt is eating away at my income now. And I hate that I'm paying money that ultimately isn't doing anything because interest doesn't allow the balances to move... Though I'm obviously ineligible, I'd really love to receive a loan that allowed me to pay off debts, and have one consolidated monthly bill that allowed me to have more income now (which would allow me to save for relocating, and have a savings before I start receiving a paycheck), and then pay that loan off in full once I start working which would be very easy. Ah, and I forgot to mention: Between the cards, my total outstanding balance is just about $5,500. Any advice for this situation would be sincerely helpful. Because the credit cards bill me, I just end up living nearly paycheck-to-paycheck after I purchase groceries, and I really wish I could be moving effectively for debt rather than throwing money at buying time. I love you all, and happy new year!! Thank you so much for your time !! :) Edit: Also, if I were to call the credit card companies, do you think they might be at all sympathetic and would offer a resolution that didn't impact my credit further? [link] [comments]  |
| Posted: 31 Dec 2017 02:14 PM PST Some background: I live in the US and my parents immigrated here a long time ago. They are relatively poor, and my father manages money very poorly. He barely makes enough at his job, that my brother has to help him make monthly mortgage payments. Unfortunately he just shifts that freed money to other uses, like buying useless junk, giving money to his parents to make himself appear well off, etc. I'm afraid he might have taking extra loans to... buy the useless junk. Over the holidays, I had some alone time with my mother, who tells me that the situation is getting bad with my father. He won't admit that he's a hoarder, there is literally a room in the house where boxes fall and hit your head when you open it (and he won't let us throw away anything in there because it's all "perfectly good stuff he can sell"), etc. But then she tells me this really sad tidbit: My mother has never worked in her life (she is in her early 60s), so she's dependent on my father for cash. But now he's basically stopped giving her cash a few years ago. I inquired as to how she pays for things, and basically her sisters give her cash whenever she visits them. She says she doesn't spend much on a day to day, so it's okay. I was sort of (ok, really shocked) and heartbroken. I'm not sure how to deal with my father (yet), but I'd really, really like to help my mother out. She's constantly worried about being broke, and it's depressing for me, since I just bought a whole bunch of random stuff over the holidays. I have a large cash flow which I don't need all of, and I'd really like to help my mother out. What I would like to do is set up some way to transfer money to my mother, without my father knowing. I live really far away (plane flight), so cash transfers won't work. It would preferably be automatic so I could schedule it on a monthly basis so I wouldn't have to worry about it... That way she would have some cash flow she could rely on, rather than begging her sisters for money. I figure this is better than giving her a large check at once. I talked to her the other day, and even though many of their accounts are joint (which my father suspiciously changed to her as the primary), there are two accounts she holds a checking account at some regional credit union and a savings account that I opened for her a long time ago that my father doesn't (seem) to have access to. He does look at her phone and e-mail from time to time. I looked at some options -- I have BOFA which will let me schedule monthly ACH transfers, but it costs $3 each time. NBD, but it annoys me when there are free options like venmo. Unfortunately venmo doesn't have a scheduling mechanism I can just setup, and I'm afraid dad might click on the venmo app if she sees it on moms phone. That was a bit longer than I expected... My main question is about the transfers, but any other advice is appreciated. tl;dr; Dad can't manage money and won't give money to mom anymore. I'd like to periodically give my mom some money in a way my dad won't know about it. [link] [comments]  |
| Best of /r/PersonalFinance 2017 Nominations Posted: 31 Dec 2017 08:46 AM PST Welcome to /r/PersonalFinance!Reddit has begun its annual Best Of Awards campaign for 2017 and we here at /r/personalfinance are participating! Our moderation staff will have Reddit gold "creddits" to give away to the winners of the categories. We encourage everyone to participate in the nominations. Categories with number of top posts awarded
Ground rules
How will winners be announced?Winners will be announced in a follow-up post after all the votes are tallied. The winners for each category will receive a Reddit Gold creddit. What if I have questions?Message the moderators with any questions. Thank you for helping make /r/personalfinance such a great subreddit in 2017! Good luck to all the nominees and we look forward to what's in store for us in 2018![link] [comments]  |
| How does one find a middle ground between investing and living in the present? Posted: 31 Dec 2017 01:16 PM PST Hi all! I'm a 25 year old accountant and I read on this sub a lot. I'm curious how one goes about finding the perfect balance between saving for retirement and living life to the fullest? I currently max my Roth IRA and contribute 10% of my income to my 401k, which allows me to live a pretty good life. I could pretty easily max 'y 401k but I'm sitting here thinking it's kind of ridiculous considering I could be dead in 10 years, god forbid. Makes me think that I should just keep doing what I'm doing. Thoughts? Advice? [link] [comments]  |
| Thoughts on living comfortably for a single person? Posted: 31 Dec 2017 07:09 PM PST I'm crunching the math for what would be something that's constitutes as "comfortable" when living financially "lean" but still saving enough to cover the worst case scenarios for what happens as a person who's single and renting a room. I'm just basing this on someone who's in my demographics (late 20s, male ) and going off that perspective to make these estimates. So here's what I think is around the level of "comfortable" at the moment: $7200 - $600 a month to rent a room / house share (not in sf /NYC ofcourse) $2500 - about the cost of car insurance $1000 - cost of repairs for car per year $1000 - gas usage for car per year $1000 - amount saved up per year to replace car every 5 years $4000 - Food + leisure $1800 - Health insurance through work per year $5000 - Emergency saving per year up to the deductible amount of health insurance. considering that taxes are going to be around 25% of the income earned, you'd have to be earning around 31,400 dollars or $15 dollars an hour at 40 hours per week to reach this figure. I mean, if cut down on the food and leisure, and don't factor in $5000 in emergency savings, I guess that people can live at $12/13hr, but honestly I think it makes sense that people would want to choose $15/hr as their target for raising the minimum wage up to (I'm honestly torn about it, on one hand you're raising the wages up to people's livelyhood, but on the other hand, adding that much capital into the economy creates inflation when you don't have the economical / population growth to match the surplus to match that capital). As for retirement, anything that isn't really spent on the emergency funds probably could be directed to an IRA or 401k, But I guess what it comes down to really is just how much more you want to include in your life. Adding a child adds about $10k per year to that total, trying to own a house adds probably a good $5000 - $10k per year, etc. I guess it's not really about how much you make per year, but just about how much your upkeep is compared to your earnings that can really define how "comfortable" you are. I guess in my case I would be living comfortably without making too much money because my costs come up to something like: $5400 - $450 per month, utilities included $1000 - transportation (scooters are cheap to buy and maintain) $4000 - food + leisure $1800 - health insurance $5000 - emergency savings so considering that in this wage bracket you'll get around 80% after taxes, you'd have to get like $10.5 dollars per hours working 40 hours per week to be comfortable. I dunno, what do you guys think, am I missing something that I should be accounting for? [link] [comments]  |
| I make less than $30,000, is there anything else I should know when apartment hunting? Posted: 31 Dec 2017 04:43 PM PST I am looking for a better job but the only places hiring are the ones that just pay as much my current job. I'm also looking outside my field. I prefer one bedroom but I know the advantages of having a roommate so it may have to come to that. I don't spend much or get sick but I'd still have not much money left over after rent if I'm seeking safe neighborhoods. I think I'll have to get a second job again. I am thankful that I'm relatively healthy. Has anyone ever be in this kind of rut before? Any advice? Thank you! [link] [comments]  |
| I lucked into some money, not sure how to make the best of my situation. Posted: 31 Dec 2017 01:37 PM PST As the title started to say, i went to a professional sporting event and won their 50/50 raffle. My half was around $23,000, and around 17,300 after they took out the standard 25% taxes before payout. I recognize how fortunate this is, i'm not exactly rich. I'm 25, and haven't the slightest clue how to make the best of this. I have been saving to buy my childhood home (probably around 80K) from my parents when they move into the house they are currently building. Other than that i do not have any immediate financial goals. My only debt is my motorcycle loan which i currently have no trouble paying each month. The winnings combined with my savings has me at about $25,000 and growing in savings that i will need to be able to use some of within a year to buy the house. I currently have all of that in my state employee credit union's money market account because i didn't know what better to do, but the interest rates are abysmal (.2%). Basically i'm wondering if where i have this money is the best option, or if there would be smarter decisions to make the most of this. Thank you for reading through all this. :) Side question: Is it possible to get back any of the roughly 6k that was taken out this coming tax season? [link] [comments]  |
| Posted: 31 Dec 2017 12:20 PM PST I'm a social worker and it seems like the idea of having financial stability is hopeless. I had great grades all throughout college and at the time of choosing my career and masters program, I did not want to choose a career for the money and I wanted to help people. At the time I had the luxury of not having to worry about money due to having little student loans or bills. The issue is, now that I have my masters degree I am working in the lowest paying profession with boatloads of bills and expenses, so it feels like I chose the wrong career path. What can I do (if anything) to at least have some financial stability? I don't want to change careers (for numerous reasons) but I also don't want to work my whole life struggling to get by despite having a masters degree and solid employment skills. Honestly I'm open to all recommendations because I have been thinking about this for a long time now and feel as though I'm in a lose-lose situation. [link] [comments]  |
| Posted: 31 Dec 2017 02:29 PM PST I've recently come into 18k Dollars and would like to know the best place to put it for a retirement fund. I'm 25 and have no investments. I am currently in college [link] [comments]  |
| Homeless with a young child in London Posted: 31 Dec 2017 01:57 PM PST I'm writing to explain a little of my situation and I hope that you can help advise. I am 28 years old and have a 7 year old daughter. I have been renting a flat with my mother, joint tenancy agreement which is due to end this August 2018. Unfortunately, since this summer my mother has suffered a serious decline in her mental health which has put an enormous pressure and strain on me and my daughter, financially, emotionally and mentally. I have previously posted that I discovered this summer my mother has been incurring large bills while I have been letting her use my spare account (stupidly, but I was very unwell at the time this began). I myself suffer from mental illness after a very traumatic experience which I have been working extremely hard to manage and grow from for several years. In 2014 I was hospitalised for two months in a mental ward and after much therapy and time has improved a lot. In October this year my mother's illness became increasingly frightening and volatile. She was suicidal and required round the clock supervision (refused to eat, manic behaviour, not sleeping, reckless spending). It was extremely difficult to balance her care and that of my daughter and myself. She became increasingly inappropriate in her conversations with my daughter, and explicit in describing how she was hearing voices, and other things which no child should have to hear! She was under the care of the Home Treatment Team for a month, shortly after this she was hospitalized. During this time she was sectioned and described to her doctors that "my daughter is coming to take me to kill myself". Following discharge in November she returned home seemingly much improved. however this was not the case, one week before Christmas she took an overdose at home while me and my daughter were in the next room. When I realized and called the ambulance she informed the doctor "I did it because of my daughter I want away from her". She was taken to hospital that night and she refused to speak to me or answer any simple questions about her intentions of where to live. I was clearing the various pills from her room when I found her diary which detailed several disturbing entries and revealed much hostility towards myself and threats. Myself and my daughter remained at the flat until just after Christmas when she returned and refused to leave. My daughter was so scared she hid in her room. My brother who has been violent and aggressive to me in the past (several independent witnesses) has been sending abusive texts demanding I leave my home and that I have no right to stay. I have made every effort to explain my situation to my agency (private rent through agent) but they say she legally has rights to come back when she wants. I could not sleep a single night knowing she was there, I felt so anxious that I've been steadily losing my hair and rapidly losing weight. I am trying everything to be strong for my daughter and keep her away from my mother's extremely disturbing influence. On last Wednesday myself and my daughter had to move out immediately, leaving much behind and taking only essentials as my mother would not leave the property and was terrorising us. We had to take a taxi in the middle of the night across the city to stay with my sister on her sofa. She has been very kind and understanding of our situation but please understand she has a tiny flat and a child and partner of her own. She has been sad to say it's quite impossible to keep us at her flat beyond this Tuesday the 2nd of January. I have extremely limited money and cannot possibly find a deposit and months rent in advance. I have begged and borrowed and tried everything I can to try and make it through this hell. All I need is some support to help us find a safe, small, quiet home. Even if it is a one room flat I don't care, I just want to be able to give her a normal life away from such a horrible environment. I am desperate and I am afraid, and each day that passes brings more and more uncertainty. I am a reliable, and tidy person with a great respect for my home as it is precious to me. I will do whatever it takes and pay back anything I need to take to put a roof over our head. Please is there any help, or advice you can give me? I am so sorry for the lengthy post, there are so many things of importance happening it's hard to know where to begin. Thank you very much for your time and I look forward to hearing from you. [link] [comments]  |
| I'm at risk for a terminal illness. How do I plan for retirement? Posted: 31 Dec 2017 06:50 PM PST I've been reading up on /r pf about retirement savings basics, IRAs, 401ks, Roth vs. traditional, etcetera. The problem is that one of my parents was diagnosed with Huntington's Disease a few years ago. It's terminal, there is currently no cure, and it's genetic. This means there's a 50/50 chance I'll show symptoms myself, being unable to work or dead well before I'm 59.5 and able to take money out of a 401k or IRA without penalties. Is there any way to avoid paying those penalties for someone in my situation? Are there other options I should be considering? Getting tested to see if I'll show symptoms would make planning a lot easier, but that's a monumental decision in itself. It seems like Roth options would be better if I expect to live a normal life, but traditional plans would be advantageous if I can expect to be disabled. Are there any of you in similar situations who can give general advice? I'm currently 24, have no debt whatsoever, live with my parents, and I'm making about $12,000/year after-tax working a part-time job while I search for full-time work. [link] [comments]  |
| Most of my monthly income goes to CC payments. Don't know what to do. Posted: 31 Dec 2017 04:34 PM PST My monthly income is around $2,700. I have around $40k in CC debt and $10k in student debt. I have less than $500 in savings account My expenses each month Rent $600 Car lease $370 Phone bill $150 Health insurance $100 Car insurance $100 CC payments $950 (this is only paying the minimum) Student loan $100 Leaving me with $2700 - $2370 = $330 each month for expenses. What should I do? I'm thinking of declaring bankruptcy but I don't know if there's a way to negotiate lower debts with my CC companies. [link] [comments]  |
| Posted: 31 Dec 2017 09:40 AM PST Of course, you'll have to save that money and budget well if you really want to play with all of it. tl;dr Putting together a good budget that you can stick with will give you a lot more play money. [link] [comments]  |
| Posted: 31 Dec 2017 01:34 PM PST I have traditionally believed that stocks are a much better investment than homes, and you should only buy a house for lifestyle reasons, not financial ones. As such, I wasn't ever planning on buying a home myself. This decision comes from commonly cited data like US homes only returning 4.5% annually since 1975 vs 12.0% for stocks. However, I recently did an analysis to compare stocks with an adjusted real estate return that attempts to account for the leverage multiplier effect of a mortgage, interest payments, tax effects, net rental yield, and other variables. To my surprise, housing ends up coming out on top with an adjusted annual return of 12.8%. My assumptions are discussed in a shared spreadsheet, and a more in depth discussion can be found on r/investing, where I first posted this to get feedback. Please note that this is for the US market. Ultimately, the tl;dr is that it depends heavily on personal factors. This may seem obvious, but coming from someone that thought stocks were just much better for long-term absolute return in 90+% of cases, I was surprised. r/investing discussion with link to spreadsheet: https://www.reddit.com/r/investing/comments/7n79zz/equity_vs_real_estate/ [link] [comments]  |
| I want to give my parents $10,000 next Christmas. I've already saved $5,000. How do I get there? Posted: 30 Dec 2017 10:16 PM PST Hi y'all! It's been my dream to give back to my parents since I went into college, and I'm finally at a point where I can to some degree. (I'll save the sappy story, but they're just really great.) I've accumulated $5,000 because I've been really blessed this year, but next year, I won't be so able to continue saving at that level. I'll probably be able to add another $1k on top of that. It would mean a lot to me to get to $10,000 because I feel like that would make the biggest impact toward the debt they're working so hard to pay off. I know next to nothing about investing or anything like that, but I've done research on CDs and certain bonds and it doesn't seem like I can get a return like that through that route. I know there's no miracle investment that can double your money, but what are my options? Am I totally screwed here? edit: Thank you all so much for your concerns and feedback. I have decided I'm going to give them the $5,000 and then continue saving this year to give them a trip. I appreciate all of you! [link] [comments]  |
| Posted: 31 Dec 2017 09:27 AM PST
I'm 20 and I got rear ended by a truck. He was going about 40ish and hit the rear of my car and pushed the bumper and trunk lid in. The inner frame of the bumper is almost touching the spare tire and the rear passenger door won't close flush anymore. Its been almost a month and I haven't been to work. I'm self employed and I need my car for work and I haven't gotten a rental or anything from the at fault insurance party. Yet I need to find a place that will rent me a car under 25 and 21 of age including the price increase they give to younger people. My neck has been killing me and my lower back luckily therapy has been helping. Will their party be liable for all my lost wages? I work 7 days a week and have proof but since I'm 1099employee what will I have to prove? I use an app which keeps all my earnings and saved pdfs of my income. My current car cant be used for work since the bumper is being held by the clips near the rear tire that holds onto the carpet under the car which is not so safe considering any drag and the bumper falls off and I don't want to risk someone's life. Including a pushed in bumper I wouldn't feel safe having the idea that if someone rear ends me again my already pushed in bumper and frame won't be as strong. I need a rental car!! Its taking them forever to accept liability and the longer they wait the more money I lose and its putting me on the edge and I can't pay bills no more. My car finance company is harrasing me and my cosigner everyday with multiple calls and I give them the same answer that the insurance still needs to take a look at my car. They don't care about me or the car they want the monthly payment which I can't make sadly. Food will be next very soon I need to work!! Will they all be liable for this? I'm only 20 I want to focus on school not digging local dumpsters for food. [link] [comments]  |
| Posted: 31 Dec 2017 06:09 PM PST I am 23, no debt, and am only putting money into my 401k since for 18k, my employer will match 50%. I have enough savings, and if this bonus was not going to my 401k, it would go to my Vanguard S&P funds (VFIAX) instead. To me, it seems like my Vanguard retirement funds grow faster than my mutual funds with them - so with less tax, if I want maxed assets by end of 2018, I would max out my retirement early, but it's not liquid. I am currently living in the SF Bay Area, and in 2018 making (120k salary + 45k stock + 20k bonus). I am hoping to save up to buy a house sometime soon, preferably this year. I have 110k in savings/mutual funds right now, and am living with parents, so my spending is <$500 a month. I am thinking it would be better for me to not put it all into my 401k, as I am most likely not looking at that money any time soon. However, that means essentially slowing the growth of my retirement funds for the boost of cash (I can put $27k immediately into my 401k, and that will grow over the year). I'm not sure how bad that is. edit: I can confirm that if I put in $18k in January, I will get $9k. My employer doesn't match according to paycheck, only on total amount. Their specific rules are that:
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| Save $100k in 3 years reasonable? I have little to no monthly expenses. Posted: 31 Dec 2017 06:52 AM PST 24/m living in Los Angeles. I will be married soon and I currently have two jobs. I have a bachelor degree and am finishing up a master's (I just have my thesis left and will work on it remotely since my school is in Massachusetts). I was making $1800/month from my internship job but I just recently got hired by a consulting firm which will pay me $4000/month. Due to the new full time job, I will be working only part time at the internship. I also do Chegg Tutoring in my free time and I am in the process of being approved for Uber. I work in Beverly Hills so the commute home for the ~21 miles is 1.5 hours. I thought it would be a great idea to do Uber in Beverly Hills and make extra cash instead of sitting in 405 traffic (if I drive home after 7pm I will get home in 30 minutes instead). So here is how my monthly breakdown is looking like: My boss told me my pay is temporary for the next three months for the probationary period, but he will give me a raise based off of the salary we negotiated yesterday. I also work 8-10 hours on average and he pays me hourly so I am going to use overtime pay benefit to its fullest. If I'm currently bringing 5500-6000 a month, I'm expecting with his raise to be at 7,000/month after March. That puts me at $84,000 a year. My monthly expenses: $300 student loan payment, $220 car payment. That's it. Debt: My parents pay for my phone and car insurance, I live with my elderly grandparents to take care of them so rent/utilities are free, and I'm under my dad's health insurance plan until I'm 26. My fiancée and I will be moving in and living with my grandparents because their house is too big, they asked us, and in my culture (Armenian) it's pretty normal to live with family until late 20s-early 30s to save money. My fiancée will probably work part time and that's just so she has money for herself and doesn't have to depend off of me. TL;DR: so that is my story. 84k/yr. So that's a 252k salary for the next three years. Does my idea sound crazy? To even save only 100k? I literally only spend money for my student loan/insurance expenses (~500/month) and the rest I dump into stocks or sits in savings account. I currently have $9k saved since I started working last summer and have about $1600 in gold. I live a very frugal life: I eat out 2-3 times a month, and almost every day I eat at home when my mother or grandma makes food. For 2017 I spent a total of $960 on food/groceries, $45 on clothes, $700 on gas. I am just focused on my future and saving money [link] [comments]  |
| Want to buy a motorcycle with a Credit card. Good idea? Posted: 31 Dec 2017 05:57 PM PST Hello, I have been looking around and really want to buy a new motorcycle. I usually live pretty frugally and don't spend money on things, but I have always wanted a new motorcycle and I am willing to make the purchase. So looking at financing, it looks like the lowest APR for a motorcycle purchase is about 3.99% which is not bad, but when i bought my car i was given 1.9%. It also looks like financing for a motorcycle is different from what i've read so it seems like 3.99% is the lowest you can get. The motorcycle i want is $7k and i make about $95K per year. I could buy it cash if i save up for a few months, but im also wanting to build up my credit. Would it be a good idea to open up a new credit card that has 0% APR for 18 months or so and just pay it off before the 18 months are up? I also have no debts and i pay about $600 a month for mortgage [link] [comments]  |
| Any tips for the best way to pay off my student loans? Posted: 31 Dec 2017 06:54 PM PST I have 7 or 8 federal student loans totaling 35k USD, 1/2 from my first bachelors, 1/2 from the bachelors I just finished. All of them are in good standing, and all have been deferred until now. I have a job making ~85k/year and my overhead expenses are $1500/month. As I prepare to repay these loans, do you guys have any advice? I want to save for a house & wedding, so I'm leaning away from aggressively paying these off although I am open to suggestions. [link] [comments]  |
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