Personal Finance Weekday Help Thread for the week of May 07, 2018 |
- Weekday Help Thread for the week of May 07, 2018
- Shoutout to CFPB
- Just out of college, I have $6000 to my name. Nothing really on my resume
- Bought a house that's turning into a money pit, what now?
- I have a budget...but how do I actually manage my money?
- [US] 28 years old, self employed for most of my life, have only filed taxes once. What's the best way to get a clean slate moving forward with the IRS?
- I don't want to be team lead, but I feel like I'm obligated to be.
- Engagement off, what to do with the house?
- I need a basic tutorial for how to buy stocks
- My parents want to kick me(23) out of the house?
- You can use this website to find out if you have any unclaimed property being held by the state government.
- I inherited the house I live in and rent to my friends. I want to use the rental income to qualify for a loan to buy a second house. No idea where to start. Is this a terrible idea?
- Regarding SP500, should I use fidelity instead of vanguard since it has lower expense ratio (0.035% vs 0.04%)
- Will his son have complete power over our money?
- Just diagnosed with cancer, not sure about my next move
- medical collections success
- Can I Afford to Live Alone?
- How do you gift when you and SO have merged finance?
- (US) Owe $40,000 in taxes, need to pay $10,000 by Monday (7 days from now) or else will be arrested.
- Advice on borrowing crazy amount in loans for graduate school
- Life insurance windfall
- What to do when company cuts 401k match, but creates a pension program.
- I have 300k in debt and no real job. I am seriously considering leaving the country, but did I exhaust all other domestic options?
- (NJ) Have power of attorney for my dad and he has cash in a safe. Can I deposit $50k cash in his bank account without an issue?
- Job offer, two different pay scale options. Help!
| Weekday Help Thread for the week of May 07, 2018 Posted: 07 May 2018 06:09 AM PDT If you need help, please check the PF Wiki to see if your question might be answered there.While we never remove posts just because a question is answered in the wiki, this thread is a low-key place to ask any question no matter how "moronic" you think it might be. Make a top-level comment if you want to ask a question! Also, please don't downvote "moronic" questions! If you have not received your answer within 24 hours, you can feel free to start a discussion. A big thank you to the many PFers who take time to answer other people's questions! For past help threads, please search the Weekly Archive. [link] [comments]  |
| Posted: 07 May 2018 07:50 AM PDT Hi everybody, I just wanted to give a shout out to the Consumer Financial Protection Bureau complaint process. I opened a bank account with PNC bank and they never mailed me my online access code. The customer service reps were treating me like I was using fraud and they wouldn't help me, they would only say that an "investigator" would call me. I was really upset because I transferred $2000 to open the account. I submitted a CFPB complaint on Friday and just received a call from their "executive relationships" team about the CFPB complain today. They explained everything and are overnighting me the signature card I need to sign to get access to my account. If you have any problems with your bank I would highly suggest to file a complaint here: https://www.consumerfinance.gov/complaint/ I really felt like I was being bullied by the bank and that there was going to be no resolution and my $2000 was going to be stuck indefinitely. [link] [comments]  |
| Just out of college, I have $6000 to my name. Nothing really on my resume Posted: 07 May 2018 08:32 AM PDT I was just turned down from my last job application, I'm graduating in a week, and now I'm feeling pretty lost right now. I've been applying to positions in the biology field (research, field tech, etc) as I am graduating with a BS in biology and the only real thing I've done since I've been in college is working in a research lab for the past two years. I've $6000 in my name (mainly saving and scholarships) and can sustain myself for a little while, but I was wondering on what should I do with it and what I should be doing different? How should I approach job finding? What other avenues would be good to pursue? I want to do something that will build my resume and something that's in my field, but it's discouraging after getting reject quite a bit. I know I'll be okay, but some guidance would really help. Thanks. [link] [comments]  |
| Bought a house that's turning into a money pit, what now? Posted: 07 May 2018 03:55 PM PDT We moved due to work a couple years ago. We elected to go with an older (70s construction) house with a wonderful layout and great character over newer construction. We stayed well within our means in terms of cost. Home inspection didn't reveal any major issues, other than the hvac system being really old. Well, after we bought, I went ahead and got quotes to replace the hvac system, only to find out that all the ducts had to be torn out and reinstalled (4 different companies all said the same thing). So, the cost more than doubled what I was inspecting. Then, found some electrical issues that had to get fixed. Then one shower pan failed. Now a second shower is leaking, and I just found out it wasn't waterproofed. Suspect the third shower is going to fail if it isn't leaking anyway. What can I do? I can't afford three bathroom remodels. Already put the duct work and electrical work on a credit card, hoping to pay it off after selling our old house (didn't end up getting anything much out of it). [link] [comments]  |
| I have a budget...but how do I actually manage my money? Posted: 07 May 2018 04:34 PM PDT This seems like an odd question. I'm a recent graduate who just accepted my first post-graduation career job. I've sat down and created a budget based on what my salary will be - I'm happy to add this information if it's helpful. But I realized, while I've written down a budget, I have no idea how to actually manage money. I've always had two bank accounts - one that paid the bills while in school (money from grants and scholarships) and one that was money I earned from some part time work that I did whatever I wanted with whenever I wanted to. I honestly never really thought about either other than checking to make sure I had enough to cover my purchases. I guess what I'm asking is other than having a budget how do you actually manage your money? Any useful tips, tricks, ideas, stories/examples of what you do, tools etc would be very much appreciated. [link] [comments]  |
| Posted: 07 May 2018 02:53 PM PDT During this time I have worked for corporations, which of course make the matter of handling taxes easy. But a large portion of my income over the past decade has come through self employment and ownership of various small businesses. I have never filed a return for any of these due to a combination I can only describe as procrastination and laziness, but primarily because I never properly practiced withholding for my own income. I want to pay the piper and get everything right with the IRS. I've never received notice from the IRS (or other organization) that they want to audit me, I just want to get everything handled before it would ever become an issue in the future. I have terrible records, but at least 70% of my lifetime income has passed through my bank accounts. What are your suggestions on how to move forward? [link] [comments]  |
| I don't want to be team lead, but I feel like I'm obligated to be. Posted: 07 May 2018 02:49 PM PDT I work in an office environment and an currently making gross pay $42,000/year. The position up for grabs right now is Team Lead, 2 spots available. My boss either doesn't like to or cannot simply choose who he'd like to promote, he has to put the offer out there for people to apply. This is mostly just for show; it's very obvious who he expects to be Team Lead as he's already treating them as such. I feel like I'm expected to apply due to seniority. I've been with the company for 2.5 years and have gone through 5 team leads. I'm still friends with 3 of them and they have told me their reasons for leaving include my boss, the amount of BS they deal with on a daily basis, the pay for the amount of BS they deal with on a daily basis. From what I've been told, the pay increase is $3,000/year. I don't think that's worth the amount of stress I've seen them go through. That being said, I feel like there won't be another opportunity like this again in my future. I don't have a degree. I'm married, pay mortgage on my house, and trying to start a family (going through IVF right now). Is it stupid for me to NOT apply? TL;DR I feel obligated to take a promotion I don't want, but I might not get another chance to make more money since I never got a degree. Am I stupid to not apply for this position? [link] [comments]  |
| Engagement off, what to do with the house? Posted: 07 May 2018 09:38 AM PDT Good morning PF. Long story short, we are breaking off the engagement and going our separate ways. We own a house (and mortgage) together. About 90k in equity. 280k on the mortgage. I can "buy out" about 30k from her immediately, but I would have to figure something out for the rest. Alternatively, she could buy me out for about 25k or so. She has kids, so it seems the most stable thing for them is to stay in the beautiful house we had found and purchased. I don't know where to start. Any advice for who to talk to or what to research? I'd like to make it easier for both of us, and I also want to ensure we both receive what we're entitled to (or close to it). TIA [link] [comments]  |
| I need a basic tutorial for how to buy stocks Posted: 07 May 2018 06:41 AM PDT I want to get started investing in stocks, but I have no clue how to get started. I already know which companies I want to invest in, and I know how much money I want to invest. But I'm at a loss as to how to literally go about making it happen. I've tried visiting the website for the companies I'm interested in. I've tried doing web searches with keywords that seem relevant, and I'm getting nothing. Is there a phone number I need to call? I'm sure it's different for different companies, but if anyone can point me in the right direction, I'd be so grateful! [link] [comments]  |
| My parents want to kick me(23) out of the house? Posted: 07 May 2018 12:12 PM PDT Hello, I am a 23 year old who graduated last year with a degree in CompSci. I have about 70k left in loans. 23k in my name the remainder in my parents.I tried to make best of the situation, I got a job for 70k after graduation. I asked my parents if I can live at home if i cover my expenses, which I do. Right now after transportation(500) and my monthly rent(500) I pay 2800 a month to loans because I want to get rid of this debt ASAP. 70k debt is fucking scary. In 12 months I can bring this down significantly and focus on having a normal young adult life and not live at home. I pay the 500 to my parents via food shopping and bills(our water, heat, etc) using my credit card. it is interest free, and I will move the CC debt to an interest free one again after its trail is over so that way the 6-7k over a year or two doesn't accumulate interest. I spend my liquid money on my loan debt that DOES accumulate interest. My parents are asking me for like 400 on top of what I already pay to live there. they also want me out on the street because my mother says 60 percent of my income should go to her and 70k debt is nothing because in a few years I'll be making "half a million"....and that the government will forgive me eventually... I don't want to move out because I know with the income I have...I won't be able to pay everything...but the shit theyve said to me has come across...a little out of touch I have a bit of a toxic relationship with my parents...but I'm not just trying to ditch them with 45k in their name... but I feel like that's the only option I have with them. I'd prefer to avoid that. My parents signed the loans and didn't specify how much they'd owe I just knew 23k was in my name which seemed okay...maybe it's all my fault but I was a dumb ass 17 year old who trusted my mom and didn't know how much she took out for me and I'm trying to work with them to tackle this together but they seem to Not care and that my money belongs to them (they've said this) and then the loans are my problem. I personally wanted to go to community college and transfer but they said I'd never go anywhere if I did that......would have been cheaper... I honestly just need avice. I feel moving out makes sense but loan payments will become very difficult....and again, I'd prefer not to leave my parents with the bill even tho they're ready to just kick me out and don't care...If I didn't have the 70k over my head, I wouldn't be trying to live at home trying to save as much as I can for loans. I've also considered trying to find work in perhaps a cheaper state like Florida or Texas? I also know rent needs like a year contract, which i am kinda afraid to do(rent for a single is like 1400+ and its short notice to find viable room mates)...also wouldnt know where to go in 24 hours if they just kicked me ou which they are threatening unless I give them 400. Thanks again for reading. [link] [comments]  |
| Posted: 07 May 2018 12:49 PM PDT Each state has different laws about holding and claiming this money. But this money is yours and is just being held until you claim it. For instance, I had two unclaimed wage checks from college and the balance of a bank account that was closed due to inactivity. The wage checks were under $20 apiece and all I had to do was submit my name and SSN, with a few other details. The checks were in the mail a week later. The bank account had about $300 in it. I had to print out some forms and get my mother to sign them (as she was the co-signer of the account). Those had to be mailed in and I had a check for the whole amount in a few weeks. Pretty good for something I didn't even know existed before checking the site. [link] [comments]  |
| Posted: 07 May 2018 07:49 PM PDT I have been living in this house for a few years but I inherited the deed at the beginning of 2018. The other rooms in the house are currently rented to my friends and generating ~$2k/mo in rental income. I make ~$20k/year at a (very) part time job and the rental income is building up and I don't know how to invest it. Someday I would like to move to a different area while keeping my current house rented out for extra income. I am wondering if it's possible to use the rental income to qualify on a mortgage for another house that I could eventually move into. If anyone has any experience in this or info that might help that would be awesome! EDIT: More info [link] [comments]  |
| Posted: 07 May 2018 04:52 AM PDT They are basically the same mutual fund, right? does the 0.005% difference matter in the long term? Thanks [link] [comments]  |
| Will his son have complete power over our money? Posted: 07 May 2018 06:55 AM PDT My partner and I have begun discussing combining finances to simplify our lives. We are not married, both have excellent credit, little to no debt, similar values as far as how to spend money and great communication. We have discussed the day-to-day and long term spending/saving goals to ensure we're aligned. Here is where I need advice... How do I protect myself if anything were to happen to my partner? To give you more facts that might be helpful: He has a lot of assets (retirement investments, savings, etc). My only real "savings" is the equity in the home I own (currently rented out). He makes significantly more money than me, so we live in a house I wouldn't be able to afford on my own. He has a (now adult) son who is currently his beneficiary. What rights would his son have to money in a joint-bank account? Is marriage necessary to protect me or are there other ways (e.g. my partners will)? Although I'm not going into this union with as much to offer financially, I'm just wanting to make sure I would have enough to survive on my own and not lose my contribution (due to it being funneled to someone else). Thanks in advance, reddit! [link] [comments]  |
| Just diagnosed with cancer, not sure about my next move Posted: 07 May 2018 11:03 AM PDT I was just diagnosed with early ovarian cancer. I'm not sure what my options are financially. I work for a large resort, so I am positive that FMLA will cover my surgery time, recovery period, and my treatment time (assuming no more surprises creep up). Since I'm only 38, I did not feel it necessary to add short term disability or cancer coverage to my already exorbitant insurance costs. My husband makes $25k/year and I make $40k. We have two children, one is in school until June 1, but then both kids will be out. They are 5 and 3, so I don't know that I can be home with them but daycare is prohibitively expensive (both kids would run about $1k per month). During my time off I will have to pay out of pocket for my health and life insurance ($800/monthly for the family) and I have a $4k (per person) deductible. From what I understand my state (wv) will not allow me to collect any unemployment or low earnings benefits. We only have $1k in savings (hey, we're poor, wish we could afford more but kids gotta eat). We don't have much in the way of debt, just a small car payment of $250/month and our regular bills (rent, utilities, phone, internet, car insurance, food and toiletries). I don't want to feel rushed to go back to my high stress and time consuming job (I typically work 55-65 hours a week with a 3 hour round trip commute) before I am recovered, especially since I tend to be very type A and over do it. Do I have any options other than trying to take out a loan? I know we should have planned for this, but my family has no history of cancer this young nor history of ovarian cancer. I didn't think we'd need to worry about this for another few years. Also my doctor has recommended that I complete a living will and medical power of attorney. Is there a way to do this for free or cheaply? Trying not to spend any money until I get a better idea of the financial hit we will take. Thanks! [link] [comments]  |
| Posted: 07 May 2018 01:06 PM PDT I received a collections letter from a company for something I owe a hospital. (ER trip, went into insulin shock and needed revived- when i came to and as soon as I could speak told the ambulance I wanted to go to MY hospital I was told no, that we were already at the catholic hospital... crap. As soon as the Billing agent enters my little curtained room. my body still near naked hooked up to heart monitors and my IV and I'm signing away. I explain that I have financial aid at MY hospital She just nods. So I say "I would like the financial Aide paperwork please" I'm told I have to go get it myself. Fine. As soon as I am released I walk my gowned and paper pants-ed self (because I sleep naked damn it) to the billing department get the form and immediately get to work. I pull together everything they ask for and mail it in. I call in and they say "We received it." call back again in 30 days "Its still in processing" ok. I call again "hmmm we lost it - sorry please resubmit it" Fine. I do in three days after collecting all of my updated papers. And then I get a letter "you have been sent to collections" Well crap. So I hustle and call in "Did you get my application?" "Yes" "is it being processed?" "Yes" "Great. now please help me and pull my bill back from collections." After calming explaining that they had done me wrong with their errors and that it is right for them to fix it. SO, a manager pulls it back and I'm in the holding pattern again. Great! But... is it? What type of letter should I send to collections within my 30 day notice to keep this from hitting my credit score and pushing that they completed the removal on their side? I don't want to mess with recovering my credit score.. I don't want to go to court or fight this if people keep dropping the ball on processing things. So what type of letter do I write to collections to say "This has been pulled back by the hospital, it is no longer yours. Please send me a letter stating as much ect ect" ?? Thanks, this is the 1st time I've been sent to collections.. except for $3.50 for an overdue library book once... Which I kept on there because I thought it was funny... this one I don't think is funny at all. [link] [comments]  |
| Posted: 07 May 2018 02:17 PM PDT I'm from a small midwest city, so I used to pay $300 per month during summer internships for school. I've now graduated and moved to Chicago, and it seems $1,000+ rent is the norm. For the past year, I've paid around $1,100 for a beautiful 2 bedroom in Wicker Park. I like the place, but I've realized that I really value living alone and want to move closer to the city in a studio / 1 bedroom. Problem is, everything I'm looking at is almost double what I'm paying now. Even in my current building, a 1 bedroom is $2,000. Currently, I'm making $90k base and expect to receive a $75-90k bonus at the end of the year. I don't want to rely on this bonus for living expenses, so I like to go off the $90k figure - which roughly equates to $5.2k take-home per month. Good thing is that I don't have any expense for food since my company pays for it all. I do have to pay for gas and car insurance though - but I'm trying to get rid of my car by the time I move. I know I can "technically" afford it if I stretch a little, but I want to be conservative at this early stage in my life. When apartment searching, what would be a conservative price range to look at? [link] [comments]  |
| How do you gift when you and SO have merged finance? Posted: 06 May 2018 11:57 PM PDT In other words, your $1 is also her $1 I find this weird sometimes. If I have shown interest to something say an expensive drone but never bought it, and SO buys it for me, it triggers 2 feelings:
How do people handle gifting when you don't have separated money? EDIT: Thanks for the comments, but yea, I was more confused about #2, not "how to manage accounts between couples". Like, on one hand I want to feel "Its a waste of (our) money, it could have been saved towards a house/kid/something", on the other hand "But she is not spending money on herself... its for me" So I internally feel weird but cannot tell her [link] [comments]  |
| (US) Owe $40,000 in taxes, need to pay $10,000 by Monday (7 days from now) or else will be arrested. Posted: 07 May 2018 12:24 PM PDT I'm posting this for a relative. She owns a restaurant and somehow (it doesn't really matter how she got to where she is now) owes $40,000 in back taxes. The state told her today she needs to pay $10,000 by monday or else they will shut down her business and she will go to jail. The problem is, she doesn't have $10,000. She owns her house, because her parents used to live in it, paid off the mortgage and then gave her the house. She has $40,000 in student loan debt (federal) and therefore can't get a home equity loan. We're trying our best to scrape together some money, but she's a single mom who is just trying to keep the roof over her head. What can she possibly do to gather this money and stay out of jail? Update: This wasn't a phone call, she met with someone (I personally don't know who). She'll be calling a lawyer tomorrow. It also doesn't make sense to us. Thank you everyone for your input! [link] [comments]  |
| Advice on borrowing crazy amount in loans for graduate school Posted: 07 May 2018 04:36 PM PDT I have been accepted to one of the U.S.'s best graduate schools. I plan on getting two master's degrees in Social Work and Public Administration, with the goal of working in nonprofit administration. This year, I received no funding from scholarships and my family is not in the position to help me. Every cent of this (besides what I earn from work) will be loans, and this year it's estimated to be somewhere around $55k to $60k alone. It's a three-year joint dual master's degree program, and if I go through with it /and/ graduate on time, I'll have earned myself a total of $200k in student loans. This is obviously my worst nightmare. I know exactly what I want to do, and it's gonna cost me my firstborn son to do it. I applied to other schools, and they didn't give me funding either. Social work is usually a pretty broke department, so despite my being a "highly qualified student" in the words of my admissions counselor, I'm shit-out-of-luck. My only hope is to earn scholarships along the way and drop down to in-state tuition after living in the state for a year, but that takes off maybe $20k off of my final amount in loans. The other problem is that I have no idea how much MSW/MPAs earn, but I know MSWs hardly make anything, while MPAs certainly don't earn 200k/year. I'm thinking since I want to work in the nonprofit arena anyway, I could pursue the public service loan forgiveness and work towards that for ten years. But I'm not sure if this is feasible. Please tell me if I'm seeing reason or if I'm insane. Edit: Thank you guys for your frank advice! I needed people to stop hemming and hawing and give me the real disaster scenario this is. I'm thinking graduate school, at least with this financial aid package, is not for me. [link] [comments]  |
| Posted: 07 May 2018 11:42 AM PDT My wife recently passed away. She had employer paid life insurance that will pay out $40k. Her funeral costs were approximately $7k (jesus it's expensive to rent a casket) which means I'll get about $33k. All of her credit card debt is being written off, as well as her student loans and her car (they were all in her name only) which means I'm only responsible for what was mine alone. She was "helpful" in racking up quite a bit of credit card debt. Here's the breakdown: | Amex : $-801.45 | | Wells Fargo : $-1,174.72 | | Citi : $-2,764.48 | | Personal Loan : $-4,412.29 | | Bank of America : $-6,400.00 | | Lowe's : $-6,433.52 | | Discover : $-17,649.92 | I have no 401k to speak of (I cashed out previously to pay off some of our debt. It didn't happen unfortunately) but I've started contributing to one again (meeting the company match). I make approximately $90k/yr (after all monthly bills I should have about ~$1600/mo unaccounted for - that includes mortgage, utilities, vehicle gas, etc). I have about $1k in savings right now that I'm trying to build back up. My question to you: Since I'm mostly starting over, what order should I do this in? Should I punch up my savings to a few thousand, and then use what's left to pay off as much of the credit debt as I can? Discover and Lowe's have the highest monthly payments ($388/mo and $200/mo respectively). [link] [comments]  |
| What to do when company cuts 401k match, but creates a pension program. Posted: 07 May 2018 07:23 AM PDT Hello PF!! Most likely a simple question, just looking for some of your ideas. I work for the mayo clinic, who up to this year, was offering a 4% company match to our 401k, however has now cut that match to 0% and started a pension. The pension is 2% of employees yearly income for up to 30 years- this number would turn into my annual pension. My question- Now that our employee match is 0%, does it make sense to keep my contributions at 10% of my income? Would it be fair to throttle them down to 5%, and rely on the pension? Another option would be taking them down to 5%, and starting a Roth IRA through Vanguard and contributing the other 5%. My yearly income is around 80k. Thanks for reading, hope this all makes sense! [link] [comments]  |
| Posted: 07 May 2018 08:56 AM PDT I went to a 4 year private undergrad school and majored in English Literature (to then go to law school after). Undergrad debt amounted to 160k (this includes capitalized interest that I should have paid but did not and I also needed money for housing). Law school amounted to 130k in debt. I went to a top law school but did not perform well. Because of this, my recommendations and connections are limited since there isn't much positive about my academic performance. My successful friends are great to grab a beer with but don't feel comfortable vouching for me. I'm 28 and no longer want to practice law anyway. 150k of my debt is private with 8-12% interest. 140 is federal. I'm currently a barback making ok money if I had no debt but I cannot keep up with payments let alone living expenses. I can train to be a bartender in 6 months. Take home: 2k net and another 400-500 in tips. I pick up random gigs, including post mates and TaskRabbit to make another 6-700 a month on my days off but that's unpredictable. All in all, I make less than my expenses but pick up odd jobs to break even. I have no savings or retirement. Here is a budget: Federal loan payments: 300 (reduced amount) Private: 1,500 (they won't reduce it and I'm denied for refinancing. I've made endless calls) Rent: 800 Electric/phone/WiFi: 150 Food & household items: 200 (I get 6 or 7 free meals a week at work). Transportation: 120/month. I live in NYC and cannot decrease rent more- I'm already in a bad area and have 4 roommates. That alone is 3,100 a month, not including any other unexpected expenses, healthcare, fun, etc. my job is fun enough so I luckily don't feel the need to go or and spend money. I considered leaving nyc but my living expenses aren't the problem it's the loan payments. I cannot live with family rent free. My only option (I believe) is leaving the country? I'm thinking of applying for a masters program there and then hoping to find a job after to get a work visa. I really am lost and need advice. Thank you [link] [comments]  |
| Posted: 07 May 2018 05:47 AM PDT |
| Job offer, two different pay scale options. Help! Posted: 07 May 2018 04:49 PM PDT I've been offered a sales position and was given an option of two payscales. I feel as though it is a test of personal confidence/work ethic. Help me decide. Pay A: $70,000 base salary w/ minimal commissions for a total earning possibility of 105-110K. Pay B: $40,000 base salary w/ higher commission incentive for a total earning possibility of 150K. Keep in mind my decision is locked in for 2 years time. [link] [comments]  |
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