Personal Finance Homeless at 18 |
- Homeless at 18
- How to protect myself against my parents?
- Free credit freezes coming
- My EF is letting me quit my awful job
- Why buy bonds if I have a mortgage to pay off?
- I requested repairs (for a leaky roof) and landlord never made them and now they want to raise my rent at the end of my lease.
- My dad has $4k in debt on a credit card that is in my name and I'm just now finding out...
- Budgeting for poo: cloth vs. disposable diapers
- Finally got a job offer but
- Options for my taxable account while staying diversified.
- 20,000$ debt at 20, best action?
- Trying to help friend get out of a bad car loan. Need suggestions.
- In two weeks, I start an internship at a top bulge bracket bank and will come out of it with $30,000 - any helpful advice?
- What to do with Long Term Investments
- Is Synchrony Bank – 1.75% APY high yield savings account recommended?
- Advice, considering leaving my higher paying job for a lower paying job that will allow me to have off in the summer and no more holiday or weekends
- Issue with Chase $200 Checking Promotion
- First real job: Help with benefits?
- My parents have a 'investment guy' coming over in a couple hours to get advice on what to do with their money and retirement. What are some questions I should be asking on their behalf?
- Building passive income for future disability?
- What to do if family member took loan in your name
- Build wealth on minimum wage
- Potential new employer doubling down on current salary after I refused once. What should I do? (Singapore)
- Moving to Utah from Japan
| Posted: 07 Jun 2018 04:11 AM PDT Yesterday my Mom kicked me out. We've had a poor relationship for most of my life, and she feels that whenever something good happens to her I ruin it in some way. For the past year leading up to this I've rarely been in the house, just as a way to try and avoid the constant conflict. I've been in therapy for some time and it's taken this year to realize that the way she treats me is "abusive," and my constant paranoia in my own home was not normal. While I was packing my things yesterday she said many hurtful things, telling me I'll 'never amount to anything', she 'never wanted me', and I'm 'the most selfish and dramatic person she's ever met'. Before this happened, I've felt I have a lot of things going for me. I'm currently in University, an honours program I'm going into my second year with. I worked a well paying job as a pharmacy technician in high school that allowed me to buy my own car in full, now only needing to worry about insurance. Currently, I am working a casual part-time retail job, a decision I had made to lessen stress so I could focus on studies. Come September I will be commuting to school once again (45 minute drive away) and presumably my hours at my job will go down. Right now my boyfriend's family has taken me in, so I have somewhere to sleep. However, I worry about becoming a nuisance in some way like I was to my own parents. I have another 3 years of University to get through, so I will need to find my own place at some point. My biggest fear right now is that I'm going to lose everything. I have an education plan, a job (albeit, not anything special), and a car, but how can I keep this up with costs? Especially considering the eventual need to find my own place to live. My savings are fairly minimal. I have about $450 in my account right now, and about $1600 tucked away in another account I don't have a card to right now. I would really appreciate any advice any of you have! [TLDR] 18F, Living with boyfriend for time being. Second year in University with a part-time retail job, and a car. Scared of future and eventually being on my own. [link] [comments]  |
| How to protect myself against my parents? Posted: 07 Jun 2018 07:04 AM PDT Hi I posted on legal advice but was told to post here as well. I live in Massachusetts in the US. My parents have a huge issue with money. Currently we are 1k behind on the electricity bill and my dad just bought a 4k van to flip it for 5, if not he's going to keep it when he and my mom already have cars. I'm barely legal age and have been working since 16 and give my parents 400 a month. My mom last month spent 1k to get a nose job. My parents always pay minimum on the credit cards. They've since I was little raised me with a huge anxiety regarding money issues, always buying me what I want and telling me we're fine while at the same time mentioning owing so much money. I asked my parents if I could buy a used car and pay it off myself and they went ahead and found me one and I assumed they were going to sign and I was going to pay them back. My mom recently tried to tell me I signed it when I never looked at any single piece of paper regarding the purchase of that car. I found out my Dad forged my signature because I wasn't able to be there to sign for it. This stresses me out so much, its been a year since then and we already sold the car but how many other shady things could they be doing? I remember when I was younger there was a credit card in my name as well. How do I know they haven't been ruining my credit score? I don't know how much debt they actually have since they refuse to tell me and just tell me not to worry about it and they're fine. I don't know if they're even in debt, but I worry about things under my name. What steps can I take to ensure that I'm protecting myself against these things? I'm lost. [link] [comments]  |
| Posted: 07 Jun 2018 07:23 AM PDT Read more at https://www.consumer.ftc.gov/blog/2018/06/free-credit-freezes-are-coming-soon-0
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| My EF is letting me quit my awful job Posted: 07 Jun 2018 08:52 AM PDT I've been working for a staffing agency inside a large tech company for about nine months, and the last four months have been awful. Two of my six colleagues have quit in the last two weeks. My managers have no previous management experience and have turned any criticism back at us by writing us up for small things. I've never been so much as given a verbal warning in my career, and am on a "performance improvement plan." It's demoralizing. With that in mind, I've saved up about four or five months worth of expenses, and had three great job interviews in the last week. I was planning to stick things out until July, but decided I'm going to quit Friday. It's not worth feeling dread every day. It's not worth doing something that makes me miserable. It's just money, and I know I can make it somewhere else. That feels liberating, and I look forward to taking time off to exercise, sleep in and just feel OK. Thank you, r/personalfinance, for helping me give myself that option. [link] [comments]  |
| Why buy bonds if I have a mortgage to pay off? Posted: 07 Jun 2018 03:03 PM PDT I'll start off by saying I understand how important it is not to be 100% in equities. Today I was evaluating my portfolio in which I have been aiming for 85% stock index funds and 15% bond index funds. Unfortunately my bonds have been under performing my expectations, so I started questioning why I have them. The way I see it, bonds are a low risk way to get a low return, and that I should only expect around 4-5% annually. This is then reduced to 3.5%-4.4% after taxes if I'm not in a taxable account. Paying extra on my mortgage on the other hand, gives me a guaranteed return of 4.375%, which is like a 5% before tax return. Given these data points, I can't see why I would ever want to buy bonds until I own my home free and clear of I'm about to retire. TLDR: What are the downsides of investing 85% equity, 15% mortgage payment until pay off the mortgate/get within 10 years of retirement? (Compared to 85%/15% Stocks/Bonds) [link] [comments]  |
| Posted: 07 Jun 2018 03:02 PM PDT Before I begin, I'll say that I'm currently paying way below the average rent for my area (like $750/mo that includes water, trash, and sewers where the avg rent for the same type of apartment is $1200/mo.) My apartment has a leaky roof and hasn't been fixed for almost a year. However, I've been able to tolerate it since the leak is not too bad and I'm paying way below the market price here. I've periodically requested my landlord to fix the leaky roof both in person and in writing (email) but all of my requests have been ignored. Honestly, it's not the end of the world if they don't fix the leaky roof (due to the below market rent I'm paying) although I would like to have it done. However, today, I received a notice that my rent will be increasing to $850/mo and they will no longer pay for the water, sewers, and trash when my lease expires at the end of September. Now, I'm wondering if it's possible to use the leaky roof not being repaired as leverage for countering this increase in rent? I hear that landlords cannot raise rent in retaliation for a tenant requesting repairs and I think I last requested them to fix the leaky roof back in April or so. [link] [comments]  |
| My dad has $4k in debt on a credit card that is in my name and I'm just now finding out... Posted: 07 Jun 2018 11:00 AM PDT When I turned 18, my dad insisted I get a credit card to begin building credit. I never really cared about a credit card then and only used cash. He got one in my name but he was the co-signer, making us a "joint" on the card (not sure if that is the right word). Well, when I turned 24, I thought it was finally time to get one. I've been paying on it very well and only have $30 on the card. I typically pay off whatever I buy immediately. Well I recently downloaded an app to view my credit history and it said I had $4k in credit card debt. I panicked. My first thought was that someone had been using my information but then I saw it was the bank my dad and I shared and now I know it's him...is there a way I can un-link my name to this card? Will this hurt my credit score? What are my best options? I'm trying to be financially independent and stable and the last thing I would want is for my father to mess up my credit... Again I never truly agreed, just one day he said "hey I got a card for you that is in your name but also I share". [link] [comments]  |
| Budgeting for poo: cloth vs. disposable diapers Posted: 07 Jun 2018 05:06 AM PDT My wife and I are expecting our first child soon, and I'm trying to plan out our expenses at least a little bit so that things aren't too much of a surprise. We've got major purchases down like stroller, crib, car seat, etc. (we raided the liquidating Kids R Us and scored some great finds), and now I'm trying to price out diapering. One thing that's confounding my research is that the available analyses out there on the internet seem to vary wildly in their cost estimates. This breakdown from Babygearlab estimates that 3-year disposable diapers cost over $2000, which seems wildly high (though their estimate includes all accessory costs such as wipes and diaper pail and more). The wirecutter puts the estimate more at $600-700 for 3 years of disposable diapers (diapers alone). A quick back-of-the-envelope calculation that I did for Target-brand diapers (supposedly well-reviewed) put the estimate at between $700-800 total for disposable diapers when not on sale - I imagine buying in bulk when on sale could reap substantial savings. Setting up a cloth diaper system appears to be on the same order of magnitude: approximately $600-700 when buying new (buying used could also get significant savings but... used diapers?). My questions:
My intuition is that cloth will win out on price alone; however, I'm trying to get a better understanding of the marginal cost difference between disposable vs. cloth to see if the time cost of cloth is worthwhile. Other considerations: my wife and I are not entirely unsympathetic to the argument that disposables are pretty wasteful and bad for the environment; we'd be willing to pay a small premium if it had some mitigating impact on waste. Also, this is our first child, and we'd like to have another one or possibly two - I've heard that cloth becomes an absolute killer in terms of savings when used on multiple children. [link] [comments]  |
| Posted: 07 Jun 2018 04:19 PM PDT it's part time and only pays $12/hr. I'm in Los Angeles. My last job in this field (social media management) was also pt but paid $20/hr which was a very short lived blessing as I got laid off after 6 months. The job before that was similar and paid $16/hr, I was there for 1.5 yrs. I've applied to about 100+ jobs during the last few months and this was the only one to call me back for an interview. Should I try to negotiate? If anyone has any good negotiation tips I'm listening! I'm just worried they'll think I'm greedy and rescind the offer but $12/hour doesn't go far in Los Angeles. [link] [comments]  |
| Options for my taxable account while staying diversified. Posted: 07 Jun 2018 06:13 PM PDT Hello everyone! 27 year old, currently maxing out my 401k and Roth IRA. I don't qualify for HSA. Current salary 100k+. I'm looking for advice on what to do with my taxable brokerage account through vanguard. 401k, 100% stock: 85% VINIX, 15% FSIVX. Roth IRA, 100% stock: All in VTSAX. 1) How are my choices overall with those accounts? 2) I want my taxable account to be tax-efficient and I understand index funds like VTSAX are a good choice. Would it be a bad idea to have overlap by choosing that, given what I already have in my 401k/IRA? 3) Any other recommendations for the taxable account? I would like to keep it simple with an ETF, and MAYBE at some point picking 1-2 individual stocks I really liked. Thanks in advance! [link] [comments]  |
| 20,000$ debt at 20, best action? Posted: 07 Jun 2018 03:42 PM PDT I'm a full time student, all of my debt is credit cards where 17,000$ is from my mom who was made an authorized user. I understand I'm responsible for the charges. What is my best course of action? My credit score is now a 497 because I'm at 100% utilization. Otherwise my credit is good, no derogatory marks. Is taking out student loans to put my cards on a lower interest status a bad idea? I plan to reach out to the creditors today to set up payment plans if I have to. Please any help is appreciated. It's putting a strain on my life and I will have no place to live if I have to pay my moms debt instead of my bills. [link] [comments]  |
| Trying to help friend get out of a bad car loan. Need suggestions. Posted: 07 Jun 2018 07:21 PM PDT Hey folks. I have a friend who has a Nissan Altima that she owes $9600 on. She can't afford the payments anymore due to not being able to work. She has another car she can use. It's worth $6500 to Carmax. Private sale at most might get $7000. Her goal is to get out of it as best she can without having a repossession or charge-off on her credit report. In my younger years I had a car repossessed and I got a bill for the difference from what it sold for at auction. Her finance company is telling her that once it cars taken back, her credit report automatically will say "repo". Might be kind of a scare tactic, I don't know for sure. She's willing to be responsible for the dollar figure difference from what the car is worth and what she owes, so she not trying to get away scot free or sneak out of the responsibility. Any suggestions to working something out without ruining her credit? Thanks in advance. (It's not me!!) [link] [comments]  |
| Posted: 07 Jun 2018 04:12 PM PDT I'm a 20 year old male living in Boston who will be making $29 per hour until December. This will be my first real corporate job, worked at a a casual start up last summer making $23/hour. Currently, I have about $500 in my checking account. I don't own a credit card. I live with my family so no rent expense. Only expenses would be occasionally eating out ($160 per month), haircuts ($30 per month), and the train ($100 per month). I still need to buy work clothes, which will likely come out to ~$250. I'm not sure exactly how much student debt I have, and will update this post once I'm back from vacation in a few hours. But off the top of my head, roughly 20k by the time I graduate. What do you recommend I do with my money? I'm open to investing from ETFs to option trading (lol). I also would like to open a credit card (DiscoverIT?). Any advice is appreciated! [link] [comments]  |
| What to do with Long Term Investments Posted: 07 Jun 2018 05:13 PM PDT Hey all, first off thank you for any help you provide with regards to my question, it's greatly appreciated. A little background, I am currently a grad student interning over the summer and soon entering my second and final year of my program. I currently have a good chunk of change invested in a personal brokerage account (primarily invested in ETFs, all of which are at LTI status). As a student only earning income from my summer internship ~$20k, I am going to be in one of the lowest tax brackets this year. I know the LTI capital gains tax is 20% for high income individuals and 15% for lower income individuals. Upon graduation, I will likely have yearly income north of the $150k mark, putting me into a high income tax bracket. With all the information above I am thinking it would be advantageous to sell my ETFs this year to realize the gains (~45%) and a lower capital gains tax than when I graduate and start earning more income. Am I correct in this train of thought or should I approach this differently? Appreciate any and all advice! Thanks again! [link] [comments]  |
| Is Synchrony Bank – 1.75% APY high yield savings account recommended? Posted: 07 Jun 2018 05:10 PM PDT I currently have a checking account with Bank of America. I was looking to open a saving accounts so that I can put away a part of my salary bi-weekly. However, Bank of America's interest rate is abysmal. This article shows that Synchrony Bank currently offers a high-yield savings account with an interest rate of 1.75%, no minimum deposit and ATM access. It seems like a great alternative. I realize that I won't be able to transfer money from that account to my checking account instantly. They do offer an ATM service so I can withdraw money in an emergency. There's no fee for either depositing money into the account or making an online transfer to my checking account. Would you recommend this account? [link] [comments]  |
| Posted: 07 Jun 2018 10:38 AM PDT I am currently working at a hospital. I make around $72,000 salary. At my current job I am on weekend rotations, and work one Saturday and one full weekend a month. I also do side jobs that bring in around 200 dollars every two weeks. My husband works full time making around $45,000. We had been talking about having kids recently, and we both live away from family. I drive 3 hours to visit mine and 2 hours for him to visit him, so holidays have always been hard because of work. I recently got offered a job to work at a public school (not a teacher), but only making $56,000 a year. I have already reached out to HR to see if they can provide me with employee benefit information to compare, and I am considering counter offering maybe $65,000 knowing that they will go less. We have a mortgage $820, student loans (me $65,000), and we both have separate car payments (mine it $325 but been paying $415 to pay it off quicker). I mostly was interested in a position with holidays and weekends off. I also would be off in the summer and know I could pick up side work as a PRN, but then if we have kids I am more free and on their schedule once they are in school and less need for daycare costs. I am just looking for helpful advice, or things I should consider before declining/accepting this job. I do drive about a half hour to work a day all highway, this current job is closer as I live right outside the city and assume furthest drive would be 20 minutes. [link] [comments]  |
| Issue with Chase $200 Checking Promotion Posted: 07 Jun 2018 06:28 PM PDT I recently opened a Chase Checking account through their current promotion to receive $200 with a qualifying direct deposit to the account - link here: https://www.chase.com/checking/chase-coupon I signed up directly through the link, no promotion code was asked for throughout the process and I thought all was going well and good. Switched my direct deposit to go to the new account, now I wait for my free money, right? Cut to a couple of weeks later, I've had 2 direct deposits go through now and no credit added to the account. I called and messaged Chase's customer service to see what's up, and they both say that a coupon code is needed and my account is not enrolled in the promotion, even though I definitely signed up through the link. And now that 21 days have passed since the account opened, they can't "override" the process and enter a code to grant me the promotion. Which sucks because I only waited so long to allow the direct deposits to go through! Has anyone else had an issue with this Chase promotion? Specifically signing up directly through their website? Am I just SOL and not in line to get some awesome free money?? [link] [comments]  |
| First real job: Help with benefits? Posted: 07 Jun 2018 08:15 PM PDT Hey guys! I've followed this sub for a while, but this is my first time posting. Up to this point I've only ever done shitty school jobs like retail and food service, or things that were contracting, so I've literally never had to deal with benefits before. I'm super excited about getting these things, but have NO IDEA what I'm doing or where to start. I'm working 40 hours/week at $12/hour. (This is a HUGE pay jump for me!) They just sent me a link to this benefits enrollment portal site and I'm looking over this and realizing I don't even know what a lot of things are, and what's in my best interest to get. KEEP IN MIND: I'm still 24, which means I can be on my parents' insurance for another two years-ish. They're currently on Select Health (they recently switched, so I don't know much on details). Also note that I've automatically set them to send 15% of each paycheck into my savings account (at a credit union). I put additional money into savings depending on my paycheck and if I have any extra expenses that month (car repairs etc). I currently have about $23K in student debt, with about a year to go. Is it in my best interest to stay on my parents' insurance? Do double coverage? Switch to my own insurance? I have no idea. Right now I've selected Life, Voluntary Short-Term Disability, and Voluntary Long-Term Disability, but nothing else because I figured my parents' insurance would cover that. (My new job is in SSI disability so I'm realizing the importance of being covered on disability benefits!) Would this hurt my insurance coverage with my parents at all? Should I take all of that off? My first instinct is to pile things into my 401K, but there's nothing really listed here with that, did I just miss that somewhere in my tax papers? (Again, I'm really lost on all of this, I'm so sorry, haha! I wish they had more education on this stuff.) I don't know how much info would be helpful, so here's a basic summary of what's available: MEDICAL: (Three different plans, $155, $124, $72 per payperiod. I can give more info?) CONSUMER DIRECTED HEALTH: (I'm not enrolled in health so I'm not elligible) DENTAL: ($16 or $25) VISION: $2.70 LIFE: (I'm confused on this? It says amount is $10,000 but my cost is $0, am I automatically getting this???) TELEMEDICINE: $4 V. SHORT-TERM DIS: $8.35 V. LONG-TERM DIS: $2.02 VOLUNTARY LIFE: (There is a whole sliding scale and I'm REALLY confused here! "Newly eligible employees may elect up to $300,000 but no greater than 5X their salary for Guaranteed Issue of Voluntary Term Life Insurance. Elections must be made in $10,000 increments. If electing coverage for a spouse, elections must be made in $5,000 increments and can not exceed 50% of the employee benefit. The Guaranteed Issue for spousal coverage is $30,000.") ACCIDENT: $7.93 FSA: (I honestly don't even KNOW on this one!) DEPENDENT CARE SPENDING ACCOUNT: (I don't have any dependents so I assume not) Again, I'm absolutely LOST on this. Any help would be GREATLY appreciated! Let me know if there's anything I should add here... I really just want as much help as I can get! [link] [comments]  |
| Posted: 07 Jun 2018 09:14 AM PDT Background: I'm 19, my mother is 54, my father is 55 and retired yesterday on social security disability. He has been on medical leave from a year (kidney failure, kidney transplant, complications from transplant). I'm not aware of the full story, but my mother says that my father is getting a certain percentage of his retirement money (state employee so he has a pension). They don't want to access it before he turns 59.5 so they are looking to invest it instead. They are not financially illiterate, but I talk to them a lot about their finances, retirement, and my inheritance and they often comment on how they wish they were as interested in money management as me when they were younger. Basically, my question is what questions should I ask this guy coming to our house to make sure he is worth his salt and what are some questions I should ask on my parents behalf that they might not know to ask? Should I be aware of any shady tactics he might attempt? [link] [comments]  |
| Building passive income for future disability? Posted: 07 Jun 2018 02:59 PM PDT I am 30 years old and have an extremely rare form of a rare bone disorder. Without all the boring details, my bones are weak and very susceptible to fracturing and deforming. I have chronic pain, my condition is degenerative, there is no cure, treatment is mainly palliative. I am resigned to the fact I probably don't have 32 more years in the work force. My doctors have been pushing me to apply for disability the last 9 years but I refused and dropped out college instead to work a string of low skill, low stress, low pay jobs. I am really proud I completed a bachelors online last year. But with my chronic pain and degenerative disorder, most of my medical team thinks I might have 10 - 15 years before I will absolutely will need to retire early - go on medical disability. Right now I have a full time office job with great benefits in a low cost of living area net $43k/yr. I pulled myself out of debt over the last few years, I bought a house that now has $100k in equity, I have another $30k in savings, maxing out 401K, no medical/creditcard/student/auto debt. I want to position myself as best as I can for a forced early retirement without living on a small government disability check. What are some realistic options to build up a passive income stream over the next 5-10-15 years? [link] [comments]  |
| What to do if family member took loan in your name Posted: 07 Jun 2018 07:52 PM PDT I am seeking information about this scenario: What to do if a family member had taken out a college loan in your name supposedly to help pay for your college but you did not consent to this and you just found out years after they did it. The person who did it "forgot they did it" and never paid any money on it, so it was a loan for $7,000 originally and now the amount is $12,000. What do you do in that situation if you dont want to get your family member in trouble but they basically ruined your life because you cant rent an apartment or get a car loan because your credit is messed from this loan. There is also no way to pay that back because you work minimum wage. This is a hypothetical situation. [link] [comments]  |
| Posted: 07 Jun 2018 07:41 PM PDT Hello hello. First post here. There are tons of post around this sub about minimum wage but I think I have a slightly different query. I work at a restaurant. After taxes and tips we're looking at $7.30/hr. Hours vary so I won't say I make such and such per month. I've been thinking lately, what if my plans don't pan out the way I hope? I'm in school for stem (please spare me the comments about rolling in money) but what if that doesn't work out? What happens when you make minimum wage for 22 years? By the looks of financial calculators, nothing astonishing. 8%. Monthly contributions of $107 (that's basically all I'd be able to afford, I did the math) for 22 years comes out to $76,500. Hardly house money, let alone F-You money. Sigh. But, let's get to the nitty-gritty. Can I get my F-You money in 22 years working minimum wage. The math is giving me a hard no, but what say you /u/personalfinance? Any ideas? P.S. F-You money, to me, is not the same as retirement. I don't mind retiring at 60,65 or so. I just think at 44, it would be nice to tell my boss to shove it. [link] [comments]  |
| Posted: 07 Jun 2018 08:01 AM PDT I'm in the US, but this would be a local position in Singapore with an Australian based company. They asked for salary info and pay stubs, but I responded with "My current employer considers that information confidential" and gave them a starting base salary that I would consider fair instead. They responded with "We really need your pay stubs in Singapore to derive compensation and benefits for you." I've tried to google if I Singapore really does require old pay stubs, or if they are just saying that but nothing came up. Does anyone have any experience in this? I'm thinking of telling the again that this information is confidential and give them some numbers on my current compensation package. Thanks in advance! [link] [comments]  |
| Posted: 07 Jun 2018 07:35 PM PDT Hello Personal Finance!! This is my very first Reddit post, been a long time lurker. I just separated from the US military and living in Japan a short time. I just got a job at Hill Air Force Base as a contractor making $85K/yr. I will be bringing my wife who is pregnant and 2 dogs with me. I have about $16K is checking, around $40K in a Money Market (to purchase car/car will be less than $40K though), $34K in 401K, and no debt. I haven't lived in the US for about 13 years so I am super nervous about finances and finding a good house to rent for my family and living in a state I have never even visited. Please share any tips or tricks when moving to the US and financially am I doing alright? Thank you!! [link] [comments]  |
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