Personal Finance Boss gave me company credit card, now a $20,000 balance is showing up in my name and my credit score fell 70+ points. What shoul I do??? |
- Boss gave me company credit card, now a $20,000 balance is showing up in my name and my credit score fell 70+ points. What shoul I do???
- A story on why an emergency fund is important
- My mom has $0 money saved for retirement, and she will turn 50 this year.
- How much to put into 529 plan as one time payment to have college set for my toddler?
- Just received a tax bill from state of CT DRS on behalf of Newegg
- $15,000 to let it sit somewhere. Is VOO good option?
- I want to help my mom figure out if she should leave her 40k job for a 70k job even though she would lose her benefits.
- Advice needed on job change.
- I’m a 21 y/o college student with no job, debt, and parents who can’t support me. What do I do?
- Father in law wants to buy house and 17 acres in cash under my wife's name, how does this effect our taxes/any other finances?
- Rethinking Emergency Fund Strategy
- US (IL) - Macy's Applied me for a CC
- [Housing] How do I start renting with no credit history?
- [Ask] Is there any downsides/negatives to utilizing Credit Karma?
- Question about Child Tax Credit & Allowances.
- Should I buy a condo?
- French, 22yo, about to start working in the US, needs advices
- 25y/o Central American Starting Physician Residency Training/Job. Please Help!
- ~35k in debt, given our interest rates, should we snowball or consolidate our debt?
- Do these tax figures make sense?
- Hard to justify self-employment taxes if you aren't actually an independent contractor
- Planning for college
- Unexpected windfall from wrongful death payout.
- Not sure if I have to pay taxes?
Posted: 04 Mar 2018 07:07 AM PST Not sure if this is the right sub to post this question or not. I didn't know where to ask this, so I posted it here. So I have been working at a small bunisness for about 7 months now. I am the project manager, so I pretty much run things for the owner and am working on scaling the business up for him. A few weeks ago my boss (the owner) said that was going to get me a company credit card so I can handle purchases to keep the business running when he is out of the office or traveling. Basically so I could go to office max and buy paper or printer inc and what not. So the card was opened and I have used the card once and charged $95. This morning I got an email from credit karma saying a new credit card was opened in my name. I opened the app and notice my score dropped 70+ points from the 730s. It said that I had a balance of $20,000ish dollars and that I was over 67% utilization. Because the utilization was so high, my score dropped. I was expecting at worst on a hard credit enquiry in order to get the card in my name, but not expecting this. It looks like my boss simply added me to his account and I am showing the balance that he had previously accumulated before my card was activated. I called American Express and they confirmed that this large balance was for the company card and not another fraudulent card that someone else opened in my name. They gave me the number to the fraud department at their company, but it is not opened today because it is Sunday. So now I have to wait until tomorrow morning to figure out what is going on, so I am freaking out. My credit score wasn't awesome by any means, but for a 25 year old that has been aggressively paying off student loan debt and avoiding carrying a credit card balance, it has been improving and is a decent score for where I am right now in my career. I guess my question is shouldn't I be able to have a corporate card without showing the balance that other people have accumulated on their card? I know this is a small business, but shouldn't the balance for each card be independent? If for some reason I am forced to show this balance on my credit report, can I just quit my job and have the fraud department eliminate the card? I would prefer not to do this. until this incident, this new job has been great and I have done it well. I actually have fun and look forward to coming to work everyday. I would like to think that something is just not being recorded correctly and that it is an easy fix, but this is my first experience with having a corporate credit card and I am not sure what I should do or expect. I want to know what you guys know or think and what my options are before I approach my boss tomorrow. My credit score is very important to me because I was planning on buying a house within the next two years. Having this happen to my credit score would either kill my chances of owning a house without a consigned or give me a terrible interest rate that would cost me thousands more in interest over the life of the loan. [link] [comments] |
A story on why an emergency fund is important Posted: 04 Mar 2018 10:50 AM PST I suppose I'm just venting by typing this out, but I figured I would try to find some silver lining in what's happening by reminding others of the importance of an emergency fund. So I'm 30, newly married, and just bought a house with my wife. Luckily, I was drilled early on the importance of saving, so my entire adult working life until now has basically been spent getting the money saved to cover a 20% down payment plus closing costs on the house we just bought. When figuring out what home we could afford, I made sure to do the math so that my wife and I were left with a 6 month emergency fund after the down payment, closing costs, and all initial home/furnishing spending. A lot of folks told us that we could afford a bigger house. That the financial squeeze would just be temporary. That it would be ok to dip into our emergency fund a bit. Thankfully, I didn't listen. Since moving into our home, the following things have happened in the last two months alone:
I realize all of the above just comes across as venting. And part of me is half expecting some game show host to knock on our door any day now telling us we're part of some new crazy social experiment. But the point of me writing all this is to simply say: Thanks to sticking to the advice of this sub on emergency funds - even in the face of pressure to extend ourselves during our very first home purchase - my wife and I are going to be financially ok. Our emergency fund has obviously taken some major dings these last two months, but we're staying afloat and not going red on anything or taking on any debt. I'm hoping that we're about to get through the last of these recent financial hurdles, but I still sleep easy knowing that my wife and I can still afford to pay our bills, buy all of our groceries, fill our cars with gas, and to still continue trying to save for that vacation we wanted to take this summer. Everyone has their own unique financial situation on what they can save, and overall I count myself very lucky. But if you are able to get yourself to a point where you can have an emergency fund - be it 1 month, or 3 months, or 6 months - it can really be a lifesaver. This flowchart has been extremely helpful for me. Right now, my wife and I are re-adjusting our spending and budget so that we can get that emergency fund refilled back up to 6 months asap. TL;DR - An emergency fund is important. Make sure you have one. [link] [comments] |
My mom has $0 money saved for retirement, and she will turn 50 this year. Posted: 04 Mar 2018 12:08 PM PST Hi everyone! Hope you're all well, financially and etc.! I need some advice in regards to my mom's financial situation. She turns 50 this year, but she is VERY untrusting towards the market and only has money in a credit union account and cash in a safe. She's very stubborn when it comes to her money, but I've recently become very concerned when I found out something recently: she has $80k and cashed out about $20k from a mutual fund...after it lost $200 in the first 2 months of it being open. This leaves her with $100k cash: sorry for the confusion. Yup. That's what I'm dealing with. She is self employed, so she usually has to pays taxes every year. I'm planning to have a sit-down with her sometime soon to go over how much she makes a year and try to come up with a game plan. I'll update soon once I find out her salary. It fluctuates every year, but last year I believe she reported $40k. The $80k figure is mostly cash she has, almost quite literally, stuffed into her mattress over the years. Luckily though, her house is almost payed off. I believe she owes about $75k now on the mortgage. So now my mom is talking about paying off the house to not to have pay a 3% interest. But again, she's stubborn. I'm concerned now that if she pays off the house, she will have close to nothing saved to put into an IRA or something. So my biggest question is: what kind of financial tools can I use to help my mom stay financially stable? Or is there any way to get her a comfy retirement in a reasonable time frame? She cleans houses and businesses, and I hate the thought of her having to work the rest of her life. The goal I have in mind is trying to get her enough to retire in 15 years, but clearly not even a high-risk investment portfolio would build up enough for her to have a decent retirement. Any and all advice is more than welcome! Also, I know I might be lacking in information. This post is mostly impulsive because I LITERALLY found out more info on her financial situation 5 minutes ago. I'm freaking out! But I will update as I go. I'm gonna try and look at her stuff tonight or tomorrow. Thanks for you help in advance! EDIT: Sorry for the confusion on how much my mom has. And I apologize for the misleading title, I guess I meant my mom has no money in any retirement accounts. My mistake :/ [link] [comments] |
How much to put into 529 plan as one time payment to have college set for my toddler? Posted: 04 Mar 2018 03:46 PM PST Throwaway account. So long story short, due to crypto currency investments (bought btc in 2013 sold in december 2017) I have a significant amount of cash presently (nearly 7 figures worth). I have a son who is presently 1.5 years old. I have a 529 plan for him at vanguard (the 'aggressive' plan) which currently has around $10,000 in it. I would like to make a one time payment into it to cover his college expenses by the time he turns 18. More for the psychological aspect of checking it off of the 'to do' list than anything else (I realize that I could put $300 in per month). Any ideas on how much money I should put into it so that in 16.5 years when he is ready to leave for college it should be totally paid off for him? I was thinking another 50k or so? But can't tell if that is too little or too much. Any help or links to resources would be appreciated. Thank you in advance for any help. [link] [comments] |
Just received a tax bill from state of CT DRS on behalf of Newegg Posted: 04 Mar 2018 06:06 PM PST Hello there, Just want to let people know that all that Newegg talk is true (even though I never doubted it in first place). I live in CT and just received a letter from the DRS. I owe $239.37 in backed taxes. I spent roughly $3.1k between 2014, 2015, 2016. I'm being charged an interest and a penalty. I honestly wasn't aware I wasn't paying taxes when I made these purchases, or I was under the impression I just pay the state tax of where Newegg is located. This is pretty unfortunate not going to lie. Not sure how to avoid this in the future. But just wanted to let people know. It is what it is, I'll pay the money I owe. It's fair I guess just a shitty way to approach everything. Posted this on pc subs and was told to post here. Is there anything I should do, or is this just a pay it and get it over with thing? I was told I should have received something from Newegg first. I didn't, but I am double checking on that to make sure. Edit: I DO know one way how to avoid it in the future, never buy on Newegg again [link] [comments] |
$15,000 to let it sit somewhere. Is VOO good option? Posted: 04 Mar 2018 01:39 PM PST Have and extra $15,000 to let it sit somewhere for years, already have emergency fund. Would VOO be a good option right now considering the market? [link] [comments] |
Posted: 04 Mar 2018 07:03 PM PST Hi, so I am here posting for my single mom who gets no support from my father because legally he is unable to work due to a mental illness. My mom is currently making 40k a year but she got a job opportunity that offers 70k a year. However, if she takes the job she will lose all her benefits. First benefit is my tuition, where I live if your parents make under 50k then you can get free tuition and I am currently doing my undergrad and without financial aid, she would not be able to afford it. Next thing is that our apartment and my little sisters daycare is subsidized. Regular daycare is $2000 a month but she just pays $10 a day instead. We also pay half the regular price for our apartment. The problem is that if she takes the job, she will lose all her benefits and raising a little girl and getting your daughter through university alone would be expensive. I really want her to take the job since she has always sacrificed everything for us however logically I don't know if it's the right decision. I would really just like advice about what we should do. TDLR: Mother would lose her education, housing and daycare benefits if she accepts the higher paying job however it pays an extra 30 grand a year. [link] [comments] |
Posted: 04 Mar 2018 07:11 PM PST I apologize in advance for the length of this post, it's been on my mind all weekend. I'm 27, have an Associate's degree in computer networking. I graduated with $27k in student loans. I currently work at the local newspaper making $21,480 yearly. I took this position around six months ago, accepting the job as it was somewhat relevant to my degree. Honestly, I took a small paycut in accepting this job. This wasn't an issue at first, but after seeking advice from this subreddit, I was advised to try increasing my income to manage my debt. Overall, it has been a rewarding job. I am the only employee handling our website changes, promotions, and digital advertising fulfillment. Recently, the newspaper has been short-staffed, leaving our office overworked with low morale. I cover all aspects of digital media in our office, however I have been feeling worse about the workload at such low pay. Friday evening, an old coworker offered me a similar position with a new tech/advertising start-up. It offers the same benefits as my current employer, however the pay is $35,360 yearly. My duties would be stripped to only the fulfillment of orders and maintaining contact with clients. I'm writing you because I do very much want this job. The downfalls for me are that I am going from a 6 minute drive to a 1 1/2 hour drive. My car would not make this commute, however in offering me the position, my coworker insisted on ride-sharing in her vehicle. I expressed my concern of not having a back-up plan in case she is sick or otherwise out from work, but I do feel it would work out. This new company offers employee pricing on vehicles owned by the same company, so a better used car is in reach within 3 months. I want to take a chance on this, but I don't want to go in without properly considering all possibilities with this. I'm hesitant to leave the newspaper having not been employed a year. Additionally, with my current duties at the newspaper, it is extremely unlikely that my current employers will find a replacement in time for me to train them. It took 4 months to find a person to fill their remaining sales position, so I don't have much hope in that regard. Also, would it be worth it to offer to continue doing fulfillment of digital orders outside of business hours? I'm so lost. [link] [comments] |
I’m a 21 y/o college student with no job, debt, and parents who can’t support me. What do I do? Posted: 04 Mar 2018 01:10 PM PST Long story short - my mother has stage four breast cancer so my parents salary goes completely towards that and their other bills. I pay for my house note, my car, my insurance, and my own medical bills by myself with no assistance. I just recently lost my main job and I have been unable to find a new one that will work with my demanding schedule at University. I also suffer from second-degree heart failure and have lots of medical bills that I have to pay for because of it. I had a lot of money saved up, but I used the last of what I had left to pay this month's bills. It's getting to the point to where I do not eat for 17-24 hours at a time because I do not have the money, which does not help my anxiety and depression in the least. I'm at my very whits end and I really do not know what to do. Just looking for some advice and feedback. Thanks. [link] [comments] |
Posted: 04 Mar 2018 05:33 PM PST Wife's father makes a lot of money, owes the IRS 30k that he is making payments on over the next 10 years. He wants to buy an $85,000 house on some land under my wife's name due to owing the IRS money. He would pay this in cash and would pay the taxes. Him paying is of no concern to me, I know that he's good for it. (He's given us over $10k for no reason, and a nice SUV for free). My main question if we did it was how would it effect us and our taxes? I also wondered why he doesn't just use that cash to pay off the IRS and get a loan for the house in his name. [link] [comments] |
Rethinking Emergency Fund Strategy Posted: 04 Mar 2018 01:30 PM PST Background Age 25 Fund Size ~10,000 Fund Currently in Savings at 1.50% After reviewing my monthly expenses I realized that my emergency fund is more than I really need for 6 months expenses. I am thinking about taking the excess and putting it in series i bonds. I will continue this yearly until all of it has been moved to series i bonds. The bonds have a better rate than any CD. I plan on still keeping one month of expenses in a savings account and using my emergency credit card for all major purchases so the 2 day drag cashing out the bonds is not a big deal to me. Any thoughts on this strategy? [link] [comments] |
US (IL) - Macy's Applied me for a CC Posted: 04 Mar 2018 07:48 PM PST Hi, I recently purchased a comforter at Macy's and the employee at the checkout counter told me that I could save ~20% or so if I opened an account. I asked whether it was a membership. He said yes. I asked whether it was a credit card. He said no. I obviously did not intend to apply for a credit card. The form asked me for my income and I wrote 0 because I did not think they needed that information. Because of this, I was rejected for the credit card. I know that people have posted about this situation with Macy's before, but I wanted to ask if there is any recourse for me given that a) I specifically asked the employee and was provided false information. I am thinking I will file a complaint with the IL Consumer Protection Division of the Att Gen's office. b) I provided false information that led to a rejection of my application. This obviously hurts my credit score. c) I also provided my parents' address, not mine. [link] [comments] |
[Housing] How do I start renting with no credit history? Posted: 04 Mar 2018 04:17 PM PST Hi r/personalfinance, I'm in a bit of a pickle. A few background things: -I am a 20 year old full-time college student (3rd year) and I've been living in the dorms for that time. I'd like to move off-campus for the next school year, but at the very least I need somewhere to live for the summer. -I am just now starting to curb my impulsive spending, especially now that Real Life is starting and I need to get my shit together financially. That said, I currently have about $250 in my bank account and I have a small on-campus job that pays about $100 a week. I've been applying to other jobs to try and increase my income asap. -I have never had a credit card (thank god) or rented anywhere before. I stayed in my college housing last summer. -I can't move back home for the summer, because my dad just got laid off so a) my family will about $0 in income starting May and b) this means they will probably have to sell the house. Questions: -Can I rent without a credit history? -Is it worth it to apply for a credit card now to establish a credit history, assuming I can make a budget and use the card responsibly, if I'm looking to sign a lease by this May? -If not, is there anything else I could do to make myself a more appealing rental applicant? [link] [comments] |
[Ask] Is there any downsides/negatives to utilizing Credit Karma? Posted: 04 Mar 2018 11:13 AM PST I've been using Credit Karma to monitor my credit score while I work my way out of debt. I'm just wondering what other people think? [link] [comments] |
Question about Child Tax Credit & Allowances. Posted: 04 Mar 2018 08:03 PM PST So I am new to this but have a question regarding the Child Tax Credit. I have done the allowances page and I came out to being eligible for 7 allowances, 4 of them from having a child and making under 69k/year. (Line E) I know that you are able to choose how many allowances you want to be eligible for and you do not have to put the max which is 7 for me. But do I have to put a minimum of 4 allowances to receive my Child Tax Credit since it counts as 4? Or could I still put that i only want 2-3 allowances and still receive the tax credit if I am eligible? Thanks for the help! [link] [comments] |
Posted: 04 Mar 2018 05:50 PM PST I know this question gets asked a lot, but my financial situation is sort of unique and I don't see it reflected in another post. I'll try to keep this short I'm 22, female, single, 1st year grad student in a 3 year program. I currently live with my parents and 5 siblings. I have never gotten along with my parents and could go into detail about how manipulative/bad they are, but that's not what this post is about. Here are financial facts -I have no debt, student or otherwise -my credit score is 750 -I work full time and post tax income is 24k annually (+5k untaxed tuition reimbursement) -I have 7k saved -I've previously paid all my tuition out of pocket, but qualify for ~20k in fafsa loans annually -after considering the annual 5k I get for tuition, I will need to pay 17k between now and July 2020 to finish school -I anticipate that my salary will double within two years at a minimum, (but that's conservative, my graduation prospects are actually much better than that) -I own a car that, according to a very reliable mechanic, will last me at least 3 more years if I continue regular maintenance -rent in my area for a 1 bedroom apartment or room in a multi family is about $650 + utilities gas/electric/heat/water for something decent -I intend to be with my company for another 5 years, which is obligatory because I'm taking the tuition reimbursement. I don't intend to leave the area ever, and my goal is to stay living in a place for 10 years. The condo I found is 89k, two bedroom, in a really great area close to my work and school. The monthly fees are $230, and I would only be responsible for gas and electric. I can likely qualify for an FHA loan. I'm not opposed to renting the second bedroom but don't want to feel dependent on that income. I'm confident that I won't fall victim to lifestyle inflation and want a fancier car or house when I start earning more. My thought process is that I will end up paying about the same amount monthly either way. In a condo I'll at least be sinking my money into something that I'll be able to hopefully get value out of someday. If I need to take student loans, I can— having a masters degree with only 20k debt is pretty damn good these days. I appreciate any advice and thoughts, other than suggesting I stay living at home. [link] [comments] |
French, 22yo, about to start working in the US, needs advices Posted: 04 Mar 2018 08:29 AM PST I'm French and just got a job in the San Diego area, so I could live with my girlfriend who is American and still have to study for her doctorate. My job will earn me 75k / year, and I have a pretty cheap lifestyle so it should be alright. However, I'm the owner of a big domain in France with a few houses (I inherited), and it's not really bringing me any money, but mostly costing a lot (they're old houses, and need maintenance.) Of course, I don't want to sell the domain since I'm really attached to it and willing to make it a place where poor families can come and have their kids spending time outside big cities and discovering the nature. Thus, I need to save as much as possible. But for now, I'm in America, and I got a few questions about what to do with my money here:
That's already a lot of questions, I'm a little lost and quite scared, it's a big jump for me! If you have any other advice, I'll definitely take it! [link] [comments] |
25y/o Central American Starting Physician Residency Training/Job. Please Help! Posted: 04 Mar 2018 02:45 PM PST Hello community. I am a 25y/o M moving to work in the Northeast as a resident physician. I will be working with a J-1 visa. I have no debt in my home country nor any savings. Initial expenses (apartment first&last month, security deposit, etc) will be covered by parents. After that I am flying solo. The salary offered is gross 65k a year, which for NE urban city, I understand, is median income. Increases are 4.5% per year for the 8 years of training. Then salary jumps to attending physician level. I have a few questions regarding personal finances: 1) Besides having roommates and cooking my own food for work, are there any big tips for saving money and decreasing expenses? 2) I have just emailed my work contact inquiring if they offer 401ks and IRAs to their trainees. If they do not, what should I do? 3) I have no idea how to start reading on my tax responsibilities with J-1 visa. Are there any recommended reads? Should I do it myself, or hire someone to teach me the first time? 4) I understand once I reach my emergency fund goal and a max on a retirement plan that is when investing becomes a viable possibility? 5) Any other advice you wish you had received when you started your first job with saving potential? Thanks, Edunmango [link] [comments] |
~35k in debt, given our interest rates, should we snowball or consolidate our debt? Posted: 04 Mar 2018 07:41 PM PST Hello PF, Thank you in advance for anyone that can provide some advice on our current situation. My husband and I have about ~35k in debt on two CC's and a personal loan, all of which was accrued by various unforeseen expenses over the past few years. We already meal prep, coupon, and budget, however we feel like we're not making any headway on paying off our debt due to the interest rates. We've explored the Snowball and Avalanche methods but are also considering consolidating our debt in hopes of putting the money we save from interest towards the total. After taxes we take home a little over 60k. I have a FICO score of 700 and I believe his is about the 670 range. We've never missed a payment and would usually try to pay at least $200 extra but as of this year, have only been able to pay the minimums due to medical bills. Here is the breakdown for each item, the debt, and the interest rate: CC #1: $14,900 18.40% CC #2: $9,500 16.49% PL: $9,466 12.75% We were considering consolidating through our bank (WF) and saw that they offer a program that starts at 8.24%. Given our situation, would it be wise for us to look into debt consolidation or should we try either the Snowball or Avalanche method? I hope this is enough information to start and am happy to provide more if necessary. We truly appreciate any advice we can get. We're staying positive and doing our best to roll with the punches! Thank you. [link] [comments] |
Do these tax figures make sense? Posted: 04 Mar 2018 07:37 PM PST Single guy in NYC. Earned $40k between two jobs in 2016. Finally got full time employment and earned $70k in 2017. Nothing else really changed in my life. I'm filing my taxes on TurboTax right now....Last year I got around $2k back. This year it says I owe $800. For what?? I was expecting at least few grand back in my pocket. Am I missing something?? Is this the middle class screw-over I finally get to experience? Turbo Tax error? Thanks for your help. [link] [comments] |
Hard to justify self-employment taxes if you aren't actually an independent contractor Posted: 04 Mar 2018 07:31 PM PST I need some advice for my husband's situation. I have a steady, regular W2 job but he currently works as an independent contractor filming legal depositions while doing photography projects on the side (self-employed). He receives the majority of his income from the depositions. He pays self-employment taxes quarterly. However, we don't think he should be classified as an independent contractor in his job filming depositions, and we can't find an answer online. -he commutes to the same location every day to pick up equipment (owned by the company who pays him as an independent contractor) -the company then sends him out to whatever law firm needs him that day (they say this is the "contracting" part) -he was trained as part of this position Because of the nature of this job (commuting, no self-owned equipment, all work done in their office), there are very few Schedule C Business Expenses he can claim. This makes the independent contractor status hard to justify. Should he request employee status (even though they will probably refuse) or ask if there are business expenses he can claim? This is a part-time job, but at this rate his income is being eaten up by the high self-employment tax rate. Thanks for the help [link] [comments] |
Posted: 04 Mar 2018 07:26 PM PST Hi everyone. I have saved up $3,400 dollars as of today. I am 18 years old and I graduate from high school in 4 months. I will be attending a university in my home state next semester. Where is the most beneficial place to put my money? Should I just place it in a savings account? Start an account with a brokerage firm? Start my emergency fund? Also, my mom has agreed to give me 5,000 once I graduate to start investing my money. What should I do with that as well? Thanks [link] [comments] |
Unexpected windfall from wrongful death payout. Posted: 04 Mar 2018 05:09 PM PST 6 years ago I got an unexpected windfall from a wrongful death in the family. I stuck it in a cd so I couldn't touch it, then moved it to an index fund. I know I'd feel guilty about spending it, despite, or especially being in debt. I don't know what to do with it though. Part of me wants to pay off the debt. Part of me wants to use it for philanthropy. I know that if I don't do something with it, it will end up with the state or an heir who may not respect the idea that it's blood money. Any thoughts? I can't really talk about this with family for obvious reasons. [link] [comments] |
Not sure if I have to pay taxes? Posted: 04 Mar 2018 06:19 AM PST Over the summer last year I made roughly $250 from a company called DoorDash and while I know the money is insignificant I was wondering if I had to fill out any tax stuff for it. [link] [comments] |
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