Personal Finance With that 401k post blowing up yesterday, I have a question about the mechanics of hitting your annual max which I couldn't find the answer to in that thread. |
- With that 401k post blowing up yesterday, I have a question about the mechanics of hitting your annual max which I couldn't find the answer to in that thread.
- How do the rich have disposable income despite having debt?
- Contributing my entire paycheck to 401K and trolling HR
- Budgeting for a Dog?
- The recent “get rich quick” trends...
- My cousin passed in 2013 and left me $150k over the past 5 years to be used for school. I graduate in December and still have $30k left... what should I do?
- Thinking about a big change on Monday. What am I not thinking through?
- I had a plan and was thrown these curveballs. Now I'm depressed and don't know what to do.
- Lehman and Salomon Stock
- Superannuation in Australia and 401K in the US ... what are my tax rates when I retire?
- I am about to build a house on a small piece of land I own outright. I have 30k cash saved up for building.
- Low credit score
- CIT high yield savings account or money market account?
- Need advice on Strategies for saving for a house
- I'm a contractor but think I may qualify as an employee... what do you guys think?
- College student in dire need of money for off campus housing
- My wife incorrectly put her marital status as single at her work. After changing it, what should we expect and is there anything I should be worried about?
- I would like to buy my apartment from my ex
- Thinking of leaving my career in the trades and going back to school.
- Is it going to be hard for me to get approved for an apartment?
- Help with Lifetime Learning Credit
- Am able to pay off $12k in student loans right now, but they're at 0% interest rate for 2 years. Can I wait?
- I was in a car wreck (not my fault) and have missed work due to injuries and doctor appointments. My rent is due tomorrow and I am $400 short on it. What do I do?
- I really screwed up my financial situation
| Posted: 31 Mar 2018 06:43 AM PDT This is the first year that I am going to be able to actually contribute the annual maximum of $18,500 to my 401k. The question I have is, how do I get to that number exactly by the end of the year, and what happens if I go over? My company only allows % deductions for the 401k, and I have a compensation plan that is 50k base salary and between 75-100k bonus based upon profit sharing on a monthly basis. What I'm doing right now is using a best guess number right in the middle, and basing my % contribution from that. But it could easily exceed $18,500 by the last couple months of the year if things go well. I review the contribution monthly to see if I need to make any major adjustments based upon my current total for the year, but I won't be able to do anything about the December, which is typically the month with the most variance in my bonus. I looked around quite a bit and I can't seem to find a simple answer on this. If my contributions go over, does it just not take any more money out of my checks once I hit $18,500? Does it get kicked back out to me at the end of the year? Do I get some kind of penalty? Does the extra money go into the 401k but it is taxed? I just don't want to screw this up, and I can use my Roth IRA for overflow if needs be. Thanks for the help! [link] [comments]  |
| How do the rich have disposable income despite having debt? Posted: 31 Mar 2018 06:27 AM PDT Almost every rich person I know with a high income (+net worth) is in debt through business or real estate. Yet they seem to spend a lot of income on their lifestyle instead of paying off the debt. Any reason why the rich don't just pay off the debt as soon as possible? [link] [comments]  |
| Contributing my entire paycheck to 401K and trolling HR Posted: 31 Mar 2018 09:58 AM PDT After not having a job for almost an entire year, I finally got a job near the end of the year. I wanted to make sure I can hit the maximum 401K contribution. I'm aware that 401K's can sometimes take a while to set up and I'm not ending up in a situation where I don't hit the maximum because timing was a little bit off. I elected to contribute the maximum (90%) of my paycheck in the plan. I was pretty sure weird things would happen. I was not disappointed. My next paystub came with a negative number. After 90% of the gross pay went to my 401K, there wasn't enough left over to cover taxes, social security, medical and transportation. Despite having a negative paystub, there was also a positive amount (around $90 or so) that was deposited into my checking account. A few days later, HR called me to let me know that "something weird" happened. They informed me that I should expect to see a double charge of medical insurance on my next paystub. She was not able to explain what exactly happened (not her job anyway, it's accounting's job). From what I can tell, company was not able to take out the medical insurance because that would require withdrawing funds from my checking account. Instead, they charged me twice on the next paystub. The negative amount was me owing the company for the extra medical premium. Oh.... the weird things that bring me joy. [link] [comments]  |
| Posted: 31 Mar 2018 01:47 PM PDT Hello all, I am a 22 year old male who lives on his own. I would like to get a dog, I am positive I want one for every reason except I am not sure about budgeting for it. I won't get a dog if I cant give her good food, and take her to the vet Everytime I should. I believe I make more than enough to manage a dog but my question for any dog owners in this group is how much does your dog cost you every month? Specifically I am looking to get a Labrador retriever. Thanks! [link] [comments]  |
| The recent “get rich quick” trends... Posted: 31 Mar 2018 08:34 AM PDT I've been following people such as Gary Vaynerchuk who always talks about how in order to grow a business, it takes YEARS of patience and work to achieve it, and I live by that so far. Since I'm an open minded person, I always get blown away from my entire youtube feed being videos such as HOW I'M MAKING 200k A MONTH AT AGE OF 19, with the thumbnail being the youtuber standing next to Aventador as "proof" and such. My question here is are those videos geniune or just clickbait bullshit? A lot of people believe in that but I am sceptic. What do you think? I want to learn from people here who clearly know more than I do. [link] [comments]  |
| Posted: 31 Mar 2018 07:41 AM PDT As the title states, I was left an inheritance that ended up totaling about $150k and I received the final disbursement last fall. My expenses for the past 5 years have included: paying for college completely out of pocket, rent, car insurance, health insurance, a used car because my car was totaled right before the first disbursement, and paying off loans from the time I was in school before I received the first disbursement. Until last August, I had been living beyond my means because $10/hour doesn't pay the bills and I couldn't afford to work more than 30 hours a week since it would affect my grades. Now I have two jobs (one is remote) that pay more and I can afford my bills. Problem is, I haven't invested a dime because I wanted access to the money for school and bills. I also have no idea how to invest beyond thinking about real estate or knowing stock portfolios exist (but not knowing how to implement or maximize them). My aunt has a financial advisor that I spoke to last year but he told me to finish school and then talk to him. Now that I'm close to finishing school, what should my first steps be? Edit: because this keeps coming up a lot, I should explain that $50k went to school and $70k went to living expenses. I went to school for 10 semesters, two of which I had to pay out of state tuition for, plus the cost of summer classes for the past 3 years. My GPA is fine now, I just had to play catch-up a bit from an awful freshman year where I was working too much and sleeping through class. Edit 2: also I'm not a guy lol [link] [comments]  |
| Thinking about a big change on Monday. What am I not thinking through? Posted: 31 Mar 2018 06:12 PM PDT I've been lurking with my regular account, learning a lot from all of you, enough that I made a throwaway to share personal details anonymously. I'm a 52 year old IT manager, I've been thinking of leaving after 15 years at a major financial institution. The projects I'm associated with are about to take a new direction and they have told me they want my role to evolve in a way very different from the career path I'm comfortable with. I've tried to generate an interest for the past four months - I just have none. I make $170k and have $700k in retirement, $100k savings, I have $250k equity in a house I owe around $340k on. I'll get another 50k when I leave between bonus and vacation payout. I own both my cars outright and have no other debt. Livening in Los Angeles. In 15 years, I've never been able to make a dent in personal projects for myself. My plan is to take on two projects - one is illustration (I'm a former art major) and the other is to finish my house and sell it. I want to focus on these for a year, and possibly incorporate some consulting along the way. I want to see who I am if I give myself the chance to chill out and organically discover it. I don't mind doing something unconventional. I have no dependents, I've always been comfortable with risk. I think the bigger risk for me would be to stay another 5 years and be disappointed that I did. The market for people with my skills is strong right now, particularly in Los Angeles, but I really don't want to get tied down right away. Of course there is my monthly mortgage at $3k and I know insurance will be one of my bigger expenses. I'm worried I've become used to a cush lifestyle but I've lived in a tiny studio before and feel like belt-tightening and a more thoughtful approach to spending would be healthy. What am I forgetting, not giving enough consideration to? [link] [comments]  |
| I had a plan and was thrown these curveballs. Now I'm depressed and don't know what to do. Posted: 31 Mar 2018 03:16 PM PDT I attended a private university for computer science. I graduated around $32K in debt last May. I made a plan to pay off my debt in three years max. Since then, I paid it down to $20K (also while buying a car). My salary is around $53K/year (it was $49K/year but I just got a raise) and I've been putting pretty much all my spare cash toward repaying my loans. These loans are all 5% interest or less. A few weeks ago, my roommate got engaged and decided she wants to move out. That's fine, but I can't afford our $1200/month + utilities double by myself and don't think I will be able to find someone to fill her space in our apartment before the lease ends in May. Right now I pay $600 in rent, plus $100-120 in utilities. Single apartments in the area (nice town out of Cleveland) are around $1000/month + utilities, so I've already been stressing about the cost of living going up. It gets worse. A few days ago, my mom admitted financial hardship and told me I would have to take on the loan she took out my freshman year. They haven't paid anything on it and the interest has blown up. Presently, it's at $18.5K. Interest rate at 7.25%. My mom has been hiding this loan from my dad and claims she'll pay it when she has the money, but I know unless she starts shitting out money there is no way she'll just happen upon all that money to pay for it. Minimum payment is like $250. I've become incredibly depressed the past few days and doing the math I'm not sure I can afford to make these new payments if my rent goes up as high as I'm anticipating it to. I can't move back home as it is too far away from work. I'm also just stressed in general because I really wanted to travel (I've never had the opportunity to in my life) and was considering trips in the next year or so with friends that now it'll be impossible for me to afford if I want to keep my life on track. I'm not sure what to do. Is there a way I can get a better interest rate on these newly inherited loan? Still in my parents' name. I think I need to get a second job. Is this a bad idea, and will it hurt my taxes to have a part time job on top of a full-time job? I'm under the impression that my tax liability goes up when you get a second job so they take more tax out but I could be wrong, I know nothing about taxes. I'm hoping I can find a part-time job that can build my tech skills and diversify my resume so I'm not just selling my soul for money but actually getting something else out of it. I'm just really lost as to how to handle this and incredibly depressed about it. I wouldn't have gone to the school I did if I knew this extra debt would fall on me. I've already had a hard time mentally accepting the debt I did start with and was only just beginning to accept it. I don't know what to do. [link] [comments]  |
| Posted: 31 Mar 2018 05:18 PM PDT Apologies if this is the wrong community for this I have paper stock certificates for Lehman Corporation and Salomon Brothers. Given what happened with these corporations in the last ten years, can these possibly be worth anything? If so, how can I redeem them? When I try googling how to redeem them I either get nothing at all or just some articles about Citigroup. [link] [comments]  |
| Superannuation in Australia and 401K in the US ... what are my tax rates when I retire? Posted: 31 Mar 2018 04:59 PM PDT So I have a few hundred thousand in each of my retirement accounts in the US (401K) and Australia (Super) ... The problem is that I need to retire in one country or another ... What are the mechanics for taxing the retirement accounts from the other country? (eg living in the US and withdrawing from the superannuation account) Are they just treated like income and taxed at the full rate? That would be very unfair ... but when has tax been fair?! Is there a trick to it? Eg living in Australia for 6 months and taking all of my super as a lump sum and paying the Australian rate then moving back to the US and live off the 401K Please help. This has been stressing me for years. Is there a financial management channel who could help me manage this? [link] [comments]  |
| Posted: 31 Mar 2018 05:56 PM PDT My question is, should I try to finance house (150k) using land or should I put the 30k down upon completion? My plan was to use the 30k to Lower my total amount owed, but now I'm wondering if i would be better off investing or perhaps even purchasing more properties etc. [link] [comments]  |
| Posted: 31 Mar 2018 05:26 PM PDT Hi, I'm am 18 years old and started college last year in August. I wanted to see if I had a credit score and signed up for credit karma to check and I found out my credit score is 586.... Right now I only have 3 student loans for college that amount to around $9500. The loans don't require any payment until I stop going to school or until I graduate I believe. My question is is it normal to have such a low credit score? Thank you. [link] [comments]  |
| CIT high yield savings account or money market account? Posted: 31 Mar 2018 09:51 AM PDT Which should I contribute to? I'm putting in over $1000 and will contribute once a month. The HYSA as an APY of about 1.5% while the money market has 1.75%. Seems like a no brainer but I see a lot of people here only mention HYSA. What am I missing? [link] [comments]  |
| Need advice on Strategies for saving for a house Posted: 31 Mar 2018 04:58 PM PDT Hi PF, need some of your sage knowledge here. I make about $200k a year in the greater Boston area, with a stay-at-home wife, and a 2.5 year old. Education is a big priority for us and we want to move to a better school district and a bigger house within the next 2 years. After 401k, other non-liquid investments, and our current mortgage +expenses, we can save about $2k per month. Have about 50k cash + 50k brokerage accounts. The cash is our emergency fund. Desired house in desired area will be $500k. Current house has a mortgage balance of 240k on it and may be worth 380-400k. Sorry for rambling. Now my questions are: 1. Is there a path to get to this house without selling my current condo? I would like to rent it out using a property management company. 2. What is the best use of my 2k savings - put it in a 1.5% savings account, or low fee index funds, or other? Thanks in advance. [link] [comments]  |
| I'm a contractor but think I may qualify as an employee... what do you guys think? Posted: 31 Mar 2018 06:16 PM PDT I work as an academic interventionist as a contractor for a company, evaluating students' academic performance in school. The company asks if you can attend a specific 8 week session and directs you to the time/dates of the session. I use my own supplies with the exception of a lesson plan, guidelines and tests which are written and provided by the company. I attended 20 hours of training prior to starting. I have a supervisor who I must report to, meetings outside of the designated hours which I must attend (was not specifically told I must attend but there was no clear option not to, I was just told come to a meeting at X time and date) and was unpaid for, and regularly get feedback on my work and have even been interrupted at work if a supervisor feels I should be doing something else/trying a different academic method with a child. According to the company I am a contractor, but given the limited control in my work, the fact that I use their programming, and the fact that I have a supervisor am I really an employee? Edit: I must also let them know with advanced notice if I will not be able to attend/am going to be absent from a session. [link] [comments]  |
| College student in dire need of money for off campus housing Posted: 31 Mar 2018 05:42 PM PDT Not sure if this is the right place to post, but I'm in need of a lot of help and don't know where else to look. I'm in school about to enter a third year but the cost is way too expensive to keep living in a dorm. I can afford once I start my summer job but the landlord is asking $800 up front. Im willing to borrow from somewhere and pay that back I just don't know where to look and I need this money sooner rather than later. I really want to keep going to school. Edit: this is a throwaway. I'm a little embarrassed and flustered about this whole thing [link] [comments]  |
| Posted: 31 Mar 2018 02:34 PM PDT My wife and I have been married for nearly 2 years and she started working about 1 year ago. She accidentally put her marital status as single. We filed our taxes jointly the last 2 years as married. What will happen after she changes her status to married? I'm worried about paying back taxes or if we get penalized for lying? Thanks guys! [link] [comments]  |
| I would like to buy my apartment from my ex Posted: 31 Mar 2018 04:10 AM PDT We own the apartment jointly, there is no mortgage. Besides realtor fees, what are some fees I could avoid? I will have to jointly sell and then buy it from "us". I will have capital gains from selling it (after the allowance). Is there any way to avoid them? (Reinvesting in the apartment or something like that? I am totally making that up. PF always has much better ideas.) [link] [comments]  |
| Thinking of leaving my career in the trades and going back to school. Posted: 31 Mar 2018 07:10 PM PDT Right after high school I went and became an electrician. I liked it at first, but now I'm three years into it and I'm starting to realize I can't do this much longer. I can't stand the yelling, the degenerates, the racists, and homophobics. Construction sites aren't all like that, but the one I'm currently on has been shocking. Now I have sleepless nights and severe depression. The money is decent, but we had a wage cut in Canada so now I make a lot less. Now journeyman make around 60k a year, and from where I'm from that's not a whole lot. I'm thinking about going back to school to do computer science. I like math, and realize that maybe I'm more suited for a desk job. Only thing is I'm 21 and will have to live with my parents while I take my degree. It's not bad but I don't want to be a burden to my parents. I have about $45,000 in savings and I $8000 car, I've got a little bit of a money cushion. I just don't know if I should finish my apprenticeship or go to school now. I would be 24 but the time I'm a journeyman. The stress of my job is really hard on me, so truthfully i dont even want to finsish. I could also be half way complete a CS degree by then so I don't know... anyone else make a similar transition? Need advice. [link] [comments]  |
| Is it going to be hard for me to get approved for an apartment? Posted: 31 Mar 2018 09:45 AM PDT I've never rented an apartment before, and I'm moving out of my parents house for the first time. I'm just curious how hard it's going to be for me to get an apartment? I've narrowed down my search to 2-3 and I'd like to apply to them. The apartments I'm all looking at are ~$825/month, and my gross monthly pay will be $4,750 so I meet income requirements, my credit is 678 (no late payments, $10k in student loans, but when I was younger I didn't realize what hard inquiries were so that hurt me), and since I've never rented I have no landlord referrals or rental history. Do you think my credit situation and no rental history will hurt when applying for apartments? Edit: Forgot to say, I'm 22 if it matters. [link] [comments]  |
| Help with Lifetime Learning Credit Posted: 31 Mar 2018 03:05 PM PDT Hello, I am a 2nd year grad student. I'm trying to claim a Lifetime Education Credit this year and filed my taxes with H&R Block online, but it keeps telling me that I don't qualify for it. My parents were able to claim it last year, and I meet all the requirements far as I can tell. I am a full time student who made less than $5000 in 2017. Can anyone tell me why I can't claim the credit now? These were the questions when I filed my taxes online:
School Information:
1098-T: Box 3: not checked 4 Adjustments made for a prior year: $0 5 Scholarships/grants: $1,350 6 Adjustments to scholarships/grants for prior year: $0 7 The amount shown in box 1 or 2 includes amounts for an academic period beginning Jan-March 2018: unchecked 8 At least half time student: checked 9 Graduate student: checked 10 Insurance contract reimbursement/refund: $0 Did you receive any financial aid not reported on a 1098-T? No Of the $1350 in grants and scholarships, is any from your employer? No Are you including any of your grants and scholarships in income? No Book and materials brought directly from school? $0 Required books and materials brought from a retailer? $67 Thank you for the help. [link] [comments]  |
| Posted: 31 Mar 2018 06:51 PM PDT I've been making money and I won't need to take out more loans for the rest of my degree. I'm planning on saving up towards the end so I can pay off in full right before my grace period after graduation expires. In the meantime, can I put this money towards other things (taxable investments)? I'm already taking care of living expenses, maxed my IRA, and have a nice emergency fund. No full-time job so no 401(k)/HSA. No plans for grad school, getting a car, or buying a house within the next 5 years. Thanks! [link] [comments]  |
| Posted: 31 Mar 2018 04:48 AM PDT |
| I really screwed up my financial situation Posted: 31 Mar 2018 01:29 PM PDT The first step is to admit that you have a problem. Over the past 2.5 years I have accumulated a large amount of credit card debt ($25,000 spread over 5 cards) mainly due to poor decisions made while dealing with a serious alcohol problem. A week ago I finally realized that I need help and moved thousands of miles across the country (USA) to move back in with my family, who are fortunately still supportive of me, to get the help I need to get my life back on track. Here is my main problem: I am 2 months late on 3 card payments, 1 month late on another, and I have my biggest card payment due on the 10th of April. I also have a $311 car payment due on the 10th and I have a $230 cell phone bill that is past due (I didn't have WiFi at my old apartment last month). I am in the process of searching for a new sales job, but I the earliest I can feasibly think about getting paid is a month from now. I have been not answering calls from 1-800 numbers because I don't know what to tell the credit card companies. Do I tell them I just moved and have no money to give them? The car I have is a newer civic and is in great condition (I just got it inspected and registered) but the value according to kbb is about $2750 less than the amount owed on it. I want to get a handle on my life and finances but I have no idea the best way to begin. I'm in my mid 20s and I don't have health insurance either. I am very good at getting jobs (I have had 20(!) including sales jobs, bartending jobs, and retail jobs) but I don't have one at the moment. I also have an LLC that I set up in Florida for this roofing sales job that didn't pan out. What is my best plan of attack? I'm motivated and positive about getting my finances under control but no one in my life is really great with finances and I've never been taught what to do. [link] [comments]  |
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