Personal Finance Lifestyle inflation is a bitch |
- Lifestyle inflation is a bitch
- When your parents die broke: Nearly half of seniors die owning less than $10,000 in financial assets -- here's what you need to know
- “You can afford to lose money when you’re young” is wrong and dangerous!
- About to graduate with 60k yearly salary. My parents have debt id like to help pay off. Advice?
- Leaving US Employment: what to do with 401k?
- Reminder: stay vigilant and review your transactions. Found teller error/fraud
- My 43 year old former addict/cancer diagnosed mother is completely dependent upon me. I will soon be in financial ruin and need any advice I can get on getting her life back on track.
- Parent received call from debt collector for a 10 year old debt
- 18 with $18k in the bank; need advice
- OK.. I bought into Vanguard... Now what?
- Haven’t been paid in a week.
- Graduate with no debt and no expenses
- Received promotion with lowball salary offer, do I have the upper hand in negotiation?
- Critique my first budget for moving out
- Things to remember for taxes
- Just wanted to vent about something from last year.
- I applied for my first credit card and was denied for “serious delinquency” - what does this mean?
- I recently made a budget and realized over half of it goes to rent, leaving me with not a whole lot to work with.
- When applying for a job what is your response when a recruiter asks your anticipated salary range?
- How should I file my taxes?
- Hey folks! I earn every month at least 2000 euros after tax. What should I do with it?
- Paying car loan vs fixing old car
- I'm being taxed on double the amount that I made
- Company funded IRA and my own personal IRA, a few questions
| Lifestyle inflation is a bitch Posted: 06 Mar 2018 06:34 AM PST I came across this article about a couple making $500k/year that was only able to save $7.5k/year other than 401k. Their budget is pretty interesting. At a glace, I could see how someone could look at it and not see many areas to cut. It's crazy how it's so easy to just spend your money instead of saving it. Here's the article: https://www.cnbc.com/2017/03/24/budget-breakdown-of-couple-making-500000-a-year-and-feeling-average.html Just the budget if you don't want to read the article: https://sc.cnbcfm.com/applications/cnbc.com/resources/files/2017/03/24/FS-500K-Student-Loan.png [link] [comments]  |
| Posted: 06 Mar 2018 09:31 AM PST Good article from ABC on handling parents' assets and debts after they pass. An excerpt:
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| “You can afford to lose money when you’re young” is wrong and dangerous! Posted: 06 Mar 2018 03:23 PM PST I often hear that people can afford to lose money when they are young. People tend to invest in very high risk investments like individual stocks or crypto currency when they are young. This needs to stop. Money is far more valuable invested while you're young than when you are old and you cannot afford to lose it. For example, every $1,000 saved and invested in a broad market index earning on average 7% a year over 40 years is $15,000. Every $1,000 invested when you're older, compounding for only 10 years, results in only $2,000. Every dollar you invest in your twenties is far more valuable than what you invest later on in life and when you are young your investments should be diversified and "normal." You can afford to take large risks later in life after compounding has worked its magic. Time for me to stop ranting. Just wanted to make sure people here have enough in retirement. [link] [comments]  |
| About to graduate with 60k yearly salary. My parents have debt id like to help pay off. Advice? Posted: 06 Mar 2018 05:12 PM PST Hi everyone, I appreciate your time. Here in a few months, I will graduate with a 60K a year salary. That equates to 3.9K after taxes a month. I live in an area where rent for what I'm looking for will be 500-750. Now, my parents are in debt, pretty heavily (~30K). I would like to help them. I understand that this is not the way to do things in America from what my friends told me, but my father does not earn a large amount. At the very least, now that I'm about to start working, I'll be able to help him, and be less of a nuisance on his shoulders, where he can finally start to pay off his debt. But also, therefore, in order to repay him for giving me an education, and in general just to be a good child, I would like to help with their debt, and speedup repaying it. My family has a healthy vibe to it, and we support each other in general. My question is: is it a good idea for me to give them, say 500-1000 dollars a month to help with their debt? Why should I or shouldn't I help them? What would be a reasonable amount? I appreciate any help and thank you for your guy's time. Edit: I should mention I will be graduating debt free, so the only concern I would have is paying for rent and food. Edit 2: I know it's been only a little bit since I posted this, but I really appreciate all your responses. :) [link] [comments]  |
| Leaving US Employment: what to do with 401k? Posted: 06 Mar 2018 02:30 PM PST Hi. I'm a EU citizen who has been working in the US since 2011. In 2013 I opened the 401k account. I have more than 5K and less than 50K in it. In 2 months I will move back to the EU with no current plans to move back to the US. I contacted the 401k company and the options I have, are:a) stay in the plan and not do anything; b) move to IRA or ROTH IRA, c) lump sum (I'm less than 40 year old). I think the wisest choice is to do either a) or b), but I'm wondering about your thoughts. When I approach retirement, the most likely thing is that I will not be a US-tax person. Between A and B, I don't understand the advantages in my situation. Thank you! Manuel EDIT: corrected age. [link] [comments]  |
| Reminder: stay vigilant and review your transactions. Found teller error/fraud Posted: 06 Mar 2018 11:38 AM PST Recently was traveling for work and reviewing transactions for reimbursement purposes when I noticed a strange $200 withdrawal from my savings. Probably would not have noticed it for weeks/months if I hadn't been looking things over for work. There is a withdrawal slip showing for $200 on my online banking account filled out and signed by someone with a name that is not mine. Also, the account/routing numbers on the slip do not match my account (and are very different, like 7 different digits). Not sure how this happened or what it is but contacted customer service and it should be fixed. Just want to remind people to continue to periodically review your transactions for strange activity! [link] [comments]  |
| Posted: 06 Mar 2018 08:05 AM PST Hello all. I would like to preface this by saying any beneficial advice or constructive thoughts would be greatly appreciated. Thank you for taking the time to read this. I am a 19 year old male currently in my second year of University. I was raised by my grandparents all my life due to my parents' crippling drug addiction. To spare details, I was closer to them as a child but as I grew older, their addiction also grew and consumed their lives. I distanced myself more and more from them. Right after I graduated in 2016, my father passed away at 41 from a drug overdose. This sent my life spiraling into a whirlwind of uncertainty. My mother had nothing after he passed. She lost her job and her housing. Spent 8 months living in motels/friends couches completely lost in every sense of the term. Let it also be known that their irresponsible lifestyle has led her to have destroyed credit, active credit card debt, and no savings what so ever to fall back on. Her parents (my other set of grandparents who I am also close to) took her in briefly but soon kicked her out when they found out she was using again. During these 8 months, she collapsed in a public store and when she was hospitalized they found malignant tumor growths on her kidneys and urinary tract. Her health has been steadily declining since and it has been a fight to get her insurance to help cover her expenses. She also has been diagnosed with Radial Nerve Palsy and her dominant hand is now only semi functioning. The only good to come from all of this is that, for the first time in her life, she seems emotionally ready to overcome her addiction. She wants to live and wishes to rekindle our relationship and become a new person. A stark 180 from the mother I knew. More context. Before my Dad passed, he had broken his leg on the job and my parents were locked in a workers comp suit with his employer. During this time all 3 of us were on Medicaid benefits. After he passed, there was a settlement in the suit and I was awarded a small (but still substantial) amount of money by our lawyer. As soon as my Mom's issues were found, our Medicaid benefits were revoked due to my mother not submitting a piece of verification that they requested. It's been roughly 6 months since then and we only recently got her (and myself) reenrolled in the program through the assistance of a social worker at the hospital she received treatment at. During the gap, I have drained a majority of the money awarded to me from the suit and my own personal savings to pay for her health care since she has been uninsured. She has had to move into my apartment as well. It has been a nightmare. Almost twice a week, she has been waking up in extreme pain due to kidney stone production from her tumor or covered in blood from the tumors in her urinary tract. Constant biopsy's and chemo pills under no insurance took most of my money. It's been an internal struggle to keep supporting her. I have had a hard time saying no when she is suffering on this level. But I feel that she has been mentally changing and growing as a person through this experience. Everything seemed to slowly be getting better but yesterday we received a letter informing us that her benefits have been suspended due to her brief incarceration (5 months ago she was caught driving on a suspended license). I cannot afford to go through another period of her being uninsured and it will ruin me. Supposedly her benefits will be reinstated but everything is uncertain. What can we do ? She is not medically cleared to work and I have a university job that can truly only support myself. I really want to help her get her life on track but as of right now I feel lost and hopeless. Any guidance would be appreciated. Thank you. [link] [comments]  |
| Parent received call from debt collector for a 10 year old debt Posted: 06 Mar 2018 03:42 PM PST My mom received a phone call today from a collection agency asking about a 10 year old debt. On the phone she confirmed her social, gave them an updated address, and asked them to send a letter validating the debt. As far as I know, she has not been contacted about this debt since 2008, and this debt is not currently present on her credit report. I vaguely understand that there is a statue of limitations on when debt can be collected, and that she probably needs to send an official form letter in asking for the debt to be validated. My questions are: 1) Are the intimidating validation form letters worth it? I've seen a few with language about suing the collector for not complying; and, 2) If they provide validation on debt that hasn't been addressed in a decade, what are my mom's obligations on that debt? Should she pay it? Should she negotiate it) I used to see debt collection posts frequently on /r/pf (which is where I first learned about debt validation letters!), but haven't seen one in a while. Hope this question is still appropriate. Thank you! [link] [comments]  |
| 18 with $18k in the bank; need advice Posted: 06 Mar 2018 05:51 PM PST So long story short, I just turned 18 a couple of months ago and I've just just received ~$18k from my dad who passed a couple years ago. I feel like this is a good situation to be in but I'm notoriously bad with money and impulse spending. I was hoping to get some advice on the "best" way to manage this. [link] [comments]  |
| OK.. I bought into Vanguard... Now what? Posted: 06 Mar 2018 07:40 PM PST Alright, so I'm 40. Up until a few months ago I was living check to check, and while I have had a 401(k) at work, I've barely contributed. Things changed. I'm now debt free, got emergency funds and then some sitting in a couple different money market accounts with a 1.5% rate. I've also ramped up my 401(k) to the max $18,500 yearly and the employer match is good. Right now, it's all traditional. Beyond that, I honestly have no idea what I'm doing. So I dumped $5,500 into a Vanguard Roth IRA Brokerage account, since that's the max I can do (or is it?) So now what? I'm not real sure where to allocate it, since they have so many funds to choose from. It's currently just sitting there in a money market fund. Some of these are 10k minimum, like the larger index funds. Where am I allowed to play? Again.. I really don't know what I'm doing here. I just know I'd like to retire before I die and not be a hobbit. Advice for the noob? [link] [comments]  |
| Posted: 06 Mar 2018 12:57 PM PST Hey Reddit, I manage a lumber mill in Idaho and I had a few questions about pay. Usually our boss is really good at getting us paid on time but recently he just put his 16 year old daughter in charge of payroll. The payments have been later and later until now. She hasn't submitted our hours and it's already a week late. If submitted today it will still take at least 3 days to process. We don't get paid overtime but we feel we should be paid on time. Anything you incredible people can think of that could help us out? If it helps we are all hourly and are under a w4.
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| Graduate with no debt and no expenses Posted: 06 Mar 2018 07:24 PM PST Me: I Graduate in May, BBA Finance I have a job lined up already with a mid-sized firm (1000 employees) Salary: $55,000 a year with benefits No student loans or debt I'll be living at home with my father I'll have to pay for gas for my car, possibly car payments, and possibly my cell phone bill. ( I have a car but it's paid off, might get a new one because my brother needs a car) I plan on buying a used Toyota I don't know what to do with all the money I'll be getting. My employer matches 3% 401k. Im gunna have like $30,000 to play around with every year after taxes, expenses, and what I plan to just spend. I know all the investing basics from classes and school. I just feel like this is a shit ton of money and I don't wanna be a dumbass and burn through it all. And I know that if I'm smart about investing I can get a good return on my investment. I don't know what I should invest in. Do I go ETFs, mutual funds, or something else. I see myself living with my father for the foreseeable future. Probably for the next 10-15 years. I wanna eventually move out of the state I currently live in to a warmer climate. But that's down the road. I plan on taking two vacations a year that'll cost about $3000 total. [link] [comments]  |
| Received promotion with lowball salary offer, do I have the upper hand in negotiation? Posted: 06 Mar 2018 05:58 AM PST I have worked in an entry level position for the past 2 years. Salary currently $35,000. For the past 9 months I have been being "groomed" to take start a new position. I have been learning the necessary skills, programs, etc to do the job. I am set to be fully into this new role by the end of May. I finally received my pay offer today from my boss, and it is substansially lower than what I expected. They offered me $42k. The job requires substantially more work, time, and travel than my current position...this really is not an attractive offer to me at all. Additionally, I found out I will be paid less than every other person in this role currently because I lack experience (there are 6 others in the company with this role). Come May, I need to either accept this new position or leave the company as a replacement for my current position has already been found. I think I'm in a decent position to ask for more money, but I was told that because the position had to be created (I'm not replacing a vacancy, they made this new position for me specifically due to the business growing) that the offer I received would be the max they could offer. It seems to me that I am in a decent position to negotiate higher pay since they've gone through the trouble to train me for nearly a year, but what do y'all think? [link] [comments]  |
| Critique my first budget for moving out Posted: 06 Mar 2018 11:01 AM PST I graduate in July and start my first "relevant" job in September. Throughout college, I just paid my parents $400/month that covered basically all my expenses other than gas and insurance. I read through the 18 to 25 wiki, so I apologize if my budget seems unrealistic. So this would be my proposed budget after moving out....any thoughts or changes y'all would recommend? Some important things to note:
My main concern though is that I'm unsure whether I should prioritize my excess income to go into an emergency fund, new car savings, student loan repayment, or 401(K)? [link] [comments]  |
| Posted: 06 Mar 2018 03:34 PM PST My parents aren't claiming me this coming year so I was just curious on things the make sure I remember for next years filing. I am a graduate student making about 650 every two weeks and I rent. Thanks for any suggestions! [link] [comments]  |
| Just wanted to vent about something from last year. Posted: 06 Mar 2018 07:02 PM PST Long-time lurker. Last year, ~7 months into my first "career" job, I found out that I due to extraneous circumstances (accepted to dream grad school) I would be leaving in ~5 months. I was making very good money and this wasn't likely to happen (low acceptance rate). Originally when applying for this job, I was advised by one of their senior employees not to mention that I would be applying to grad school, but after I was hired it was something that I was happy to share with anybody who asked, so a handful of people were aware of my situation, but not that I was actively applying. I struggled with the decision about when to share my news. Immediately? 2 weeks out? On the departure date, on my way out the door? Somewhere in between? I worked in an industry with extremely low turnover--it took ~3 months to fill the job of the person who last left before me, so this wasn't an easy decision for me. After reading about some horror stories here on this sub, I decided to put off sharing my news with the people at work. Fast forward to ~3 months before my departure date and my boss asks me to sit down for a meeting, and asks me bluntly about my future plans (i.e. grad school). With my dream acceptance in hand, I had mere seconds to decide to lie or own that I'm leaving. I ended up deciding to share it, fully knowing that I could be asked to leave sooner than I wanted to. Long story short, Boss was fake-happy about it and let me stay until my desired departure date. (Not the point of this post.) The problem is that almost a year later, I'm in grad school now and I still feel guilty about the whole thing. The guilt gnaws away at me; I think about it several times per month, and I'm not sure why. Am I psychotic? Has this ever happened to someone else? [link] [comments]  |
| I applied for my first credit card and was denied for “serious delinquency” - what does this mean? Posted: 06 Mar 2018 04:43 PM PST I've never had a credit card- always paid things off upfront. I recently applied for a Best Buy and discover and got denied because of "serious delinquency" but I don't owe on anything. I even paid off ALL my school loans in 4 years and bought my house with a trust fund. Does anybody know what reason this could be or just my lack of credit hurting me. [link] [comments]  |
| Posted: 06 Mar 2018 04:21 PM PST I used a program to organize my budget (high time right?). My budget suggests that of my 2,700 dollar income over 42% goes to rent. That seems un-proportionally high to me. Now I'd probably suggest moving to myself (if i were removed from the situation) but moving requires first month and a security deposit, which I don't have, as I'm struggling to make ends meet as it is. I'm not entirely sure what my question is other than, really, is that a normal percentage to pay or am I overextending my budget (I think I am) or what advice would you give to someone to help them get in a better renting situation/get a better handle of their finances. [link] [comments]  |
| When applying for a job what is your response when a recruiter asks your anticipated salary range? Posted: 06 Mar 2018 06:21 AM PST So I am putting some feels out on the job market and had a company reach out to me looking to set up an initial phone conversation. In the email their last question was what my anticipated salary range was. How do you respond to this typically? [link] [comments]  |
| Posted: 06 Mar 2018 06:12 PM PST This is the first time I am filing taxes and I'm not sure that I understand everything correctly. I graduated school in May 2017 and started working in a FT job in November. I earned enough that I am required to file taxes but should I file as a single/independent or have my parents claim me as a dependent?(I am still 24). I would also like to claim the interest on my student loans and have received my 1098 form [link] [comments]  |
| Hey folks! I earn every month at least 2000 euros after tax. What should I do with it? Posted: 06 Mar 2018 06:09 PM PST My fix costs monthly are: 1055 EUR - rent, food, petrol, daily stuff, energy costs, heat codts, etc... So I'm 31 years old and I have like 1000 EUR every month after all costs. I would like to save money for when I'm old and I want to invest some money in some high risks stuff. Perhaps I want to buy a flat or a small house. Do you have ideas for me? Thank you! [link] [comments]  |
| Paying car loan vs fixing old car Posted: 06 Mar 2018 03:33 PM PST Hi all, Is it cheaper to get a car loan for a new car, or continue to fix my old broken one? I currently drive a piece of shit car with 300,000 km (185,000 miles) on the clock. In my country, we have to check its roadworthiness every 6 months, and every time it needs expensive upgrades and fixes. Last month, I paid $900 for new tyres and other fixes. It's got me wondering, if I take out a loan for a nicer car that is less likely to break down, and will hold its value, will I end up spending less on the loan penalties than I would fixing my current car? Hopefully this scrawl is legible. Would love your input. [link] [comments]  |
| I'm being taxed on double the amount that I made Posted: 06 Mar 2018 11:10 AM PST I'm a college student and this past summer I had an internship down in Florida. The company put all the interns up in this nice resort apartment, vacation pay by the week type place. It was set up through a third party housing company. They didn't offer another housing option, just told us this is where you're going to stay. Long story short, I am being taxed on the money the company spent to house us there (almost $7,000). According to my last paycheck, I made around $15,000, with my wages making up only half of that. The other half came from "3rd Party Relocation Expenses." When looking at my W2 to file my taxes, it says I made $17,000. I have no idea where that extra $2,000 came from. Is it legal to tax me on money I never saw and had no say in where it went? Where might the extra $2,000 have come from? Who should I be calling to clarify all of this? If I'm being honest, I'm nervous to call someone at the company because I don't know a whole lot about taxes and my mom usually takes care of them for me. Edit: I got a response from the local HR where I worked (not corporate). She said that she thinks the $2,000 is a "gross up" to cover the taxes on the housing. [link] [comments]  |
| Company funded IRA and my own personal IRA, a few questions Posted: 06 Mar 2018 04:15 PM PST I work in the HVAC trade and earn commission through my job. I earn $1 for every billed hour I have per year and I also earn a small percentage on selling new equipment. This money is deposited into our own personal IRA account set-up by my employer with American Funds. I would like to open an account with Vanguard and max out my yearly contributions, how can I do this when I don't know how much I will 'contribute' to my other IRA? Last year it was $1800 and the year before that it was $2600. [link] [comments]  |
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