Personal Finance Despite 1/4 of the workforce qualifying for Public Service Loan Forgiveness, only 139 people have made substantial progress in completing the required payments |
- Despite 1/4 of the workforce qualifying for Public Service Loan Forgiveness, only 139 people have made substantial progress in completing the required payments
- Trying to dig out of hell
- Looking for advice regarding a condo I purchased 4 years ago and general investing tips!
- Looking for guidance, moving countries, transferring my savings
- Are kids REALLY expensive?
- Father probably getting fired 4 years short of retirement, what are his options?
- Sold my used car; got paid with a personal check.
- 23 year old that needs to leave home but doesn’t know where to start!
- [Serious] I know nothing about public assistance, yet receive it. Can someone explain how do I pay them back and how the program works?
- 27 years old, highschool dropout
- Does your company have to actually “make money”?
- Can someone look at my stock allocation and critique/give input?
- Is right now a good time to invest in property?
- What’s the best way to break a lease on a car?
- Buying or building a house?
- 22, whose health insurance do I go on? Washington State
- Need advice on moving forward with life after a terrible year
- Am I entitled to this big of a raise?
- Family’s were both spouses have pensions
- Is the Fidelity Growth Commingled Pool a good fund for a 401k? 26 yo
- Struggling on this decision. Mainly mental health related but is it worth it?
- Should I roll over an existing 401k to a Roth IRA?
- Am I matching my 401k?
- First Time Moving Out Alone!
- Is this sublease legit?
| Posted: 06 May 2018 10:16 AM PDT Just read this article that chronicles one of the first people in the U.S. to have his student loan debt forgiven under the program. The amount of diligence he undertook to ensure he was on the right plan, was making the right type of payments, and that all his payments were being kept track of properly is astounding. I never qualified for PSLF, but given the low success rate of people in the program, I will definitely think twice before recommending it to someone here at r/personalfinance or elsewhere (not that it isn't potentially valuable, but if it's this difficult to jump through all the hoops, it might not be the right choice for everyone that qualifies). Article (New York Times, soft paywall): Public Servants Do Get Student Loan Forgiveness. Meet One of the First. https://www.nytimes.com/2018/05/04/your-money/student-loan-forgiveness.html Regarding the title, the actual statistic is: "While the Consumer Financial Protection Bureau has estimated that one-quarter of the United States work force could potentially qualify for the forgiveness program, only 139 people had made at least 97 qualifying payments toward their goal of 120 as of 2016, according to figures that the Department of Education presented at a conference." [link] [comments]  |
| Posted: 06 May 2018 03:05 AM PDT Ok, so i'm a 32 year old divorced father with a 3 yr old, joint custody with child support every month. I have a bachelors degree in biology with no current student loan debt or credit card debt, and around 1600 in medical bills. My car is paid off and I live with my girlfriend in a 600 a month apt. I lost my 25k a year job recently and have been trying to find a better career all while my gf has kept me up. Nurse @65k a yr. with a champagne taste and beer wallet with over 25k in credit card debt and 4k in student loan debt. Her car is paid off as well and we have been living barely month to month on her income. Goal? To be married to this girl, debt free and being able to save for both college and retirement. The plan: (my education is too old for any PA program or master programs without having to go back and spend money on school) I recently got accepted into nursing school which starts in July of this year. This career is one that I know is short 2 years and one that can help the effort of getting on track. This particular school is expensive putting the needed loans at around 45k total trust me when I say its all that I could get into and at this point i'm running out of time. I've never taken out a student loan and understand that with the inability to get financial aid due to having a bachelors i'll have to do a personal loan (sallie mae) I recently got a 10hr full time job to help save some money to put towards some expenses coming up like (tires, brakes an engagement ring within reasonable limits) depending on my school schedule i'll have to dump the job in around 3 months or keep it if I can do it and school. Any advice to help while grinding out the two years ? [link] [comments]  |
| Looking for advice regarding a condo I purchased 4 years ago and general investing tips! Posted: 06 May 2018 07:34 AM PDT Hello!! I am here seeking advice on how to make the best out of my current financial situation, mostly wondering if I should keep or sell a condo in the United States. Here is some relevant background: I bought the condo in 2014 and lived there until 2016. In 2016 I moved abroad and began renting the condo out. I am not currently making any money on the property, but the rent I charge is enough to cover the month-to-month costs. It is not enough to keep any nest egg for large repairs, so those would have to come out of my own pocket. I owe about $124,000 on the condo, and when speaking to a realtor earlier this year, he thought I could sell for $150,000 and pay about $10k in selling fees. So, I'd only look at making about $16k on the property if all went according to plan. Part of me wants to keep the property because I think it is a good investment and that I will be able to continue having renters in there, but another part of my thinks that the money could be better spent elsewhere, and the likely hood that we move back to that town or ever live in the condo again is pretty low. Currently my husband and I take home 10k/month and have about 24k in an emergency fund. We have pretty low monthly expenses, maybe about $1500/month, so most of our money goes into investments and paying down student loans. The balance of the student loans is currently at 32k. We don't really feel like we NEED the money from the condo or anything like that. So, I'm trying to figure out if I keep the condo and continue renting it for the foreseeable future, or, sell it and put the 16k(ish) either towards my student loans, or into investments that might yield more over time. How good of an investment is the property? Help? [link] [comments]  |
| Looking for guidance, moving countries, transferring my savings Posted: 06 May 2018 07:27 AM PDT Hi folks, I'll be moving from US to Europe, what is the best way to transfer high amounts of money from US to Europe? Usually banks here charge high fees for this, so I was wondering if you people have some suggestions. I'm not talking millions. Thanks **Edit - Thanks for the suggestions so far. [link] [comments]  |
| Posted: 06 May 2018 03:17 PM PDT I've always wanted kids. No doubt in my mind before. Now that my wife and I are getting close to trying, I'm freaking out. I'm seriously thinking of all the costs and thinking, can we actually do it? [link] [comments]  |
| Father probably getting fired 4 years short of retirement, what are his options? Posted: 06 May 2018 10:07 AM PDT Long story short, my father has been working at a company for over 30 years. He is a native Chinese speaker, and speaks/reads English but does not write it well. His position at work for many years has been as a foreman, in charge of a cleaning crew. A few months ago, his company told him they are hiring someone else for his position that writes in English because the position calls for filling out paperwork, and because he's been there so long, they started letting him try out other positions but nothing ever solidified. Fast forward to last week, and they forced him to take a week off unpaid because someone said he had thrown some garbage out in their dumpster (all the other coworkers also do the same), and he has a meeting with the boss and union rep tomorrow where he expects to be fired. I had told him it was bad that he did that in the first place, but certainly don't think it's reason enough to fire someone. We are all sad and disappointed because it seems like they were looking for a reason to let him go, and not sure what to do as he is the sole provider for the family (I am out of state and no longer live with them). His 401k has about $110k in it, and he is 4 years short of the retirement age. At this point, and having been at one company so long without gaining experience in anything else, what options might he have to go the least amount of time without generating income? He is planning on taking out at least $20-30k from his retirement fund to cover expenses until he can find something suitable, but is that really a good idea? Are there any legal issues we could take up with his employer? Aside from unemployment (which we are hoping he qualifies for), I'm not sure how else he can get a similar paying job, with the same benefits and everything. Sorry for rambling, we are just very nervous and not sure if I missed any important info, so let me know what else you'd like to know! Any help would be greatly appreciated [link] [comments]  |
| Sold my used car; got paid with a personal check. Posted: 06 May 2018 03:17 PM PDT I sold my car on Craigslist for less than $2,000. The girl showed up with a personal check even though I told her to bring a cashier's check. So I held onto the title and I told her I would give her the title on Monday after the check clears. But now I called Bank of America and they're saying to be sure I need to wait 5 business days which would be on Thursday. She wants to come and get the title on Monday. What are my options? If the check is bad can I recover my money in a reasonable way? Thank you. [link] [comments]  |
| 23 year old that needs to leave home but doesn’t know where to start! Posted: 06 May 2018 02:04 PM PDT Hi I am a 23 year old college graduate with no student debt and I need to leave my home immediate and separate from my parents for reasons I won't get into. I currently have no job but have worked retail a bit and have some experience so I may be able to get a job for short term. I have $500 in my bank account that's also controlled by my parents so if anyone can recommend a new bank that I should transfer my money to that would be great. Also are there papers that I should take with me? My phone, laptop, and car are all controlled by my parents right now as well and I will prolly lose all of them. I'm not sure how to tackle that problem. Basically I'm lost as to how to leave my current situation and become financially independent and need some help. [link] [comments]  |
| Posted: 06 May 2018 02:47 PM PDT Please no jabs at me or my mother I know many people hate public assistance and people on it but im just explaining my story and want some help. My mother and I receive public assistance and have for most of my life(23f). I know almost nothing about the assistance we recieve beside that it helps with food, rent and healthcare. My mother keeps me in the dark and does not explain to me a damn thing about any of it, even at this age, but I know that we cannot survive without it (she doesnt work anymore.) A few years ago in my late teens, when a family member died and l was left some money, thats when I learned that I was essentially in debt ( I dont know how much). I couldnt just take the money and deposit it in an account because it would be taken by public assistance to pay back what I/we owe. I know this also works for lottery winnings as well. Part of me though, "Well holy shit..ok..that sucks..give them it then I guess!, If Im in debt before I reach 20 WTF why would I want that?!" But I was talked out of it becasue of the significance and intent of that money ( to contribute to my schooling). Its extreamly unsettling to know that Im growing up not only poor af (which I can deal with), but in debt before I can even finish school. I want to move on to grad school but the idea of having so much debt is scaring me. My mother never really pushed me to get a job (which is a whole different can of worms right now) and from what she tells me, its because she knew that it would just change the type of assistance we would recieve and I would be working to essentially pay for rent. She also wanted me to focus solely on school and not our financial problems. Im almost not allowed to get a job. While I appreciate her for giving me the best life she could and making it care free, its hitting me like bricks now and I really hate the situation we are in. Im at a point where I want to work 2 jobs if I can because I want to get my life together. I dont want to be in debt, I want to save and have money and be able to be like everyone else as soon as possible who doesnt have to worry about this and just have normal financial problems. God forbid I was to have a kid and this would turn into an endless cycle.. How can I do this? Can someone explain to me how this system works and how people get off of it? ( Im prepared for some harsh responses) EDIT: Thank you all for the kind and very helpful responses so far [link] [comments]  |
| 27 years old, highschool dropout Posted: 06 May 2018 09:56 AM PDT |
| Does your company have to actually “make money”? Posted: 06 May 2018 05:44 PM PDT Lets say you work for an employer with not so great benefits. You want to do the right thing and contribute to a retirement plan (above 5500 ira limits) on your own dime or fund an HSA. It seems utterly unfair that people who have good "corporate jobs" can contribute up to 18k to a 401k, self employed people can do SIMPlE, but people who work for a job with great pay but not good benefits are SOL. Is it a "thing" to create XYZ Holdings LLC just to gain access to these type of benefits. I've heard of people doing it to get business accounts at vendors but never for IRA/HSA or even cheaper "employer" health plansbenefits. Basically does your "business" have to be a bonafide money making venture or can I just use a holding company for my real estate investments (or even nothing at all!... I.e I'm a PR firm for myself) and fund it with my own post tax money (or even pretax if its rental income or something) [link] [comments]  |
| Can someone look at my stock allocation and critique/give input? Posted: 06 May 2018 03:32 PM PDT Here's my allocation for my 401k. I think it's a good allocation for my age (30) but I'd appreciate any advice of critique. 30% - FID 500 INDEX IPR (FXAIX) - Large cap - expense 0.015% 20% - FID EXT MKT IDX PR (FSEVX) - Mid cap - expense 0.07% 20% - CRLN E SM CAP GR R6 (HSRUX) - Small cap - expense 0.66% 20% - FID INTL INDEX PR (FSIVX) - International - expense 0.06% 10% VANG TOT BD MKT INST (VBTIX) - Bond expense 0.04% [link] [comments]  |
| Is right now a good time to invest in property? Posted: 06 May 2018 02:34 PM PDT I don't mean as personal homes but buying property and doing it up to sell on at a profit or to rent out. Right now in the uk there seems to be a dip in house prices because of brexit's uncertainty across everything. If everything goes well which, I'm sure it will, the house prices may radically increase back to 2006 levels and I'd make a tidy profit. The other side of that is obviously the property never really matures and I'm stuck with potentially 3 flats and a house on top of my own property lol [link] [comments]  |
| What’s the best way to break a lease on a car? Posted: 06 May 2018 04:56 PM PDT I leased a car one year ago and one year is still left. I have to leave US and go back to my country. What are my options if I can return in a few months? What are my options if I don't return? [link] [comments]  |
| Posted: 06 May 2018 01:46 PM PDT Long story short, looking to buy a house in the next year. Had numerous people tell me it's cheaper to build. I'd love to build, but also there are some nice ones for sale in my price range from time to time ($150,000). What's your experience reddit? [link] [comments]  |
| 22, whose health insurance do I go on? Washington State Posted: 06 May 2018 06:06 PM PDT My dad works for the state—my mom, dad and I have all of our medical through him. When ACA started, he was told of my mom had equal/better insurance he'd have to pay a fee to have her on his insurance. My mom just got a new job with about equal medical insurance. She thinks I'll have to join her insurance too, she said she thinks it goes by whose birthday is first? I'd really like to stay on my dads insurance. We have Kaiser so everything is in one place—pharmacy, specialists, urgent care, etc. So whose insurance can I stay with/have to go on? [link] [comments]  |
| Need advice on moving forward with life after a terrible year Posted: 06 May 2018 10:42 AM PDT So, 2017 was a horrible year for me. The one bright spot was meeting an incredible girl. Just to be clear I'm not looking for sympathy. I just need advice on where to start. Background: I'm 25 years old. I have college experience but because of family problems, I had to leave school before I graduated. I think with the credits I have for my major, I'm a junior. I have a lot of total credits, enough to where if I change my track to General Education, I could take, at most, three classes and be able to graduate. My mom died in February 2017 and my dad died in December 2017. My parents owned their house and owed no money on it mortgage wise. My dad wasn't a fan of paying his property taxes, so I owe about $4000 in property taxes for the last 3 years. I have to pay those taxes by May of 2019 to open succession on the house to have it put in my name. I have a job, but it's only part time and I only make about $125 a week with it. I'm currently looking for a full time job, but since my experience is in the food service industry and childcare, I don't know where I can get full time without a degree. My credit is totally in the crapper. My score is somewhere in the 290-300 range. I have student loans which may well go into default because I can't afford to make payments because the little money I do have goes to paying my electricity, water, phone, and internet bills and food. I barely have enough money to cover all of that and I have had to borrow money from friends or not eat (or just eat rice or potatoes or something like that). I'm in a bad spot. I don't really know which way is up. I'm tired of living at the bottom of the barrel like I have been since my dad died. I just need some advice on where to start. There are so many things to do that I have gotten myself into a giant rut and have become scared of life. I just need to know where to start to make things a little better. Thank you to anyone who responds. [link] [comments]  |
| Am I entitled to this big of a raise? Posted: 06 May 2018 03:44 PM PDT I've been working for the same small business for close to 5 years now. I started when I was 20 and worked my way up. Minimum wage for my state is $10.50 and I currently make $12.00 an hour. The general manager makes about $45,000 a year. Recently the general manager for my department found another job and was replaced by the other GM from another department. The new GM is now the general manager of two departments. Not sure what he's making now. Anyway, because the GM left and the new GM is being stretched thin my workload has increased significantly. He's almost never around. My job has basically turned into a managements position. I've taken on all the responsibilities of the previous GM. I still have to get "the OK" from the new GM before I make decisions but at the end of the day I'm running the show. It's quickly gone from just a job to a boatload of responsibilities. I've asked by boss for a raise from $12 an hour to $15 an hour. To sum it up :
My friends and parents say that I'm asking for too much. 25% raise may seem like a lot but when the old GM made $45,000 a year and all I'm asking for is $31,000 it seems pretty reasonable to me. My biggest gripe is that I could work for $12 - $13 an hour at any old grocery store or any other place for that matter so why take on the responsibilities of running a business for less money? I hope I've given enough information. I don't want to give too much away because literally all my coworkers surf reddit. My boss is making a final decision sometime this week. What would my strongest argument be for my raise? or am I asking too much??? the last GM worked their for 12 years as GM which is why I'm not asking for his full salary. Am I being fair or demanding too much? [link] [comments]  |
| Family’s were both spouses have pensions Posted: 06 May 2018 06:32 AM PDT My wife and I both have pensions through our work( TMRS) and (TRS). Both are funded above 80% last time I checked. I put in 7% and she puts in 7.7% mandatory. My question is how much are y'all putting towards addition retirement? Currently we are maxing out my Roth IRA and once my truck is paid off I plan on starting her Roth at around 2500 year. Only dept is our mortgage and my truck which will Be paid off in August. We make roughly 110k before taxes. Thank y'all for your time. [link] [comments]  |
| Is the Fidelity Growth Commingled Pool a good fund for a 401k? 26 yo Posted: 06 May 2018 03:35 AM PDT Link: https://nb.fidelity.com/public/workplacefunds/view-all/3716 ER: 0.44% I'm skeptical of the 'commingled pool' title and it not having a ticker, but it's bested the index since its inception and its manager is the famously well-performing Steven Wymer of FDGRX fame. This seems to be FDGRX lite? As of last paycheck I updated my 401k investments to be: 30% FXSIX (SP500 index fund) 60% Fid Growth Co Pool and 10% FNSDX (2055 target date fund. About me: 26/M, 72k income, 12% 401k contribution + 6% employer match. [link] [comments]  |
| Struggling on this decision. Mainly mental health related but is it worth it? Posted: 06 May 2018 09:58 AM PDT I live in Pennsylvania, and am 22 years old. I've been with my current employer for 3 years now and have moved my way up from a regular associate to an assistant restaurant manager. I've had ServSafe training and even got a HACCP certification. I just officially got my promotion but have been doing the job for well over a year now. While I don't make that much an hour, I make $12.61, which is a lot compared to what I was making before. It's coming to the point where this job is making me so depressed that my medication doesn't seem to be working that well anymore. I am protected by FMLA but was told by corporate that I simply just can't use it as a manager. Basically, it's frowned upon and image is everything. I've recently got an offer to take on a part time receptionist position, one that pays $8 an hour. I would only be working maybe 12 hours a week there. That's a huge pay cut but I think I would be happier being somewhere where I can rest for the majority of the shift (at my current job I work 9-14 hour shifts without any breaks, you can look up and see that PA has no laws about breaks). I would still stick with my current employer as part time, and just do both. Except my pay would go down $2 with my current employer. I know I would still be comfortable with keeping the job as long as I was no longer management. Only issue with this is that I'm only guaranteed a maximum of 29 hours, and my manager is pretty petty so I'm not expecting to get that if I tell them I want to step down. I just don't know where to really go or what to do because my health problems seem to be giving me a blockade when searching for new jobs. I am interested in reception but have no experience, and I somehow found a person willing to give me an offer without past experience with it. I currently pay $700 in bills a month. That doesn't include gas or food money. Any advice on what to do? A part of me says to just suck it up and deal with it because the pay is nice. I have overtime every week and make about $18.50 on that. I'm mainly stuck between happiness and money. My boyfriend and I are struggling with our relationship because of my mental health problems. I'm always working and when I come home all I want to do is sleep. [link] [comments]  |
| Should I roll over an existing 401k to a Roth IRA? Posted: 06 May 2018 08:04 AM PDT I have a small amount in a 401k (15K) and it's just been sitting there with no contributions. I'm almost debt free and I currently rent but I'm looking into buying something soon. My current job doesn't offer anything in terms of retirement so I'd like to start investing. Is it a bad idea to roll over to a ROTH IRA because of the taxes I'd have to pay? Perhaps a Traditional IRA is better, I'm still doing some research but I just wanted to get an idea where I should start. [link] [comments]  |
| Posted: 06 May 2018 06:55 PM PDT This is what the policy for my 401k says:
I have the funds invested in a 2060 Target Date Fund. I also met with a retirement advisor at my work who said that I didn't need to do anything more. But I still don't understand what's going on. Is this "matching" or "maxing out"? Am I leaving free money on the table? My advisor didn't really make it clear. [link] [comments]  |
| Posted: 06 May 2018 04:36 PM PDT I am currently looking to move out on my own for the first time, and I am having trouble finding people with helpful advice for this. All I've been told is try to keep the cost below 30%. Any other financial tips? No pets, looking at apartments only, no roommates. THANKS! [link] [comments]  |
| Posted: 06 May 2018 06:21 PM PDT Hey, everyone! I found this pretty good deal (at least I think so) on Facebook where this girl is subletting her apartment for $500. Usually it's $959 a month but she's going to be paying the difference since she wants the place off her hands ASAP. Is this actually like... legit or not? Can you do this? I imagine this sort of sounds like /r/legaladvice stuff, but I just wanted to ask here first before posting. I imagine you'd have to sign a contract with the landlord stating she has to pay for the remaining difference, so yeah. I just don't want to open this can of worms unknowingly. Thanks! [link] [comments]  |
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