Personal Finance Weekend Discussion and Victory Thread for the week of June 29, 2018 |
- Weekend Discussion and Victory Thread for the week of June 29, 2018
- Daughter just started chemo for lymphoma and now I'm losing my job and insurance? Please advise.
- How do I deal with being the "poor" family in the rich neighborhood?
- Went to jail, boss let me keep my job, but now I want to move on. Should I think twice?
- Unfortunate mistake on my W-2 that I haven't caught in 3 years returns.
- Saw credit report pull from US cellular. Should I do anything?
- Want to build wealth
- How old is too old to start saving for retirement?
- How to negotiate salary when you expect (and will probably accept) a paycut
- Does someone have my financial information? What can I do about this?
- If I'm using my credit card for 99% of my expenses, is there any reason not to dump my full pay checks into an Ally savings account?
- Is "annuity" always a bad word?
- Offered a Retention Bonus - Also ask for a raise?
- First time selling a house. Need advice.
- Death, what next?
- Getting a roommate, $500 extra a month to play with, talk me through some options I'm contemplating.
- HSA charges $3 a month for brokerage service, when does it make sense to invest?
- Would getting my own 1BR apartment be a smart move?
- Irrevocable Trust Question
- question about a car loan
- Too soon to ask for a raise?
- Help! Changed jobs twice and finances only gotten worse.
- Business Owner. ~350k Income. Should I straight line depreciate a $70k work truck? Or should I buy a $35k used work truck?
- Just Started New Job, Looking for Advice on Retirement vs. Student Loans
- Inadvertent excess pay
- Someone opened a credit card under my dads name, he passed in 2013.. what do i do?
| Weekend Discussion and Victory Thread for the week of June 29, 2018 Posted: 29 Jun 2018 02:06 PM PDT If you need help, please check the PF Wiki to see if your question might be answered there.This thread is for personal finance discussions, questions, and sharing your success stories:
A big thank you to the many PFers who take time to answer other people's questions! For past threads, please search the Weekly Archive. [link] [comments]  |
| Daughter just started chemo for lymphoma and now I'm losing my job and insurance? Please advise. Posted: 29 Jun 2018 10:06 AM PDT So yeah, my 21 year old daughter who is on my health insurance plan just started chemo for Lymphoma. The prognosis is good and we're all feeling motivated and hopefull. Unfortunately, just two weeks in to the process I've received notice that I'm losing my job and with that my health insurance. I'm gonna figure this out but if you all have any pointers or bits of insight I'd love to hear it. My primary concern is of an interruption in health insurance and running into problems because of pre existing conditions when moving to a new plan. Thanks in advance for any input! [link] [comments]  |
| How do I deal with being the "poor" family in the rich neighborhood? Posted: 29 Jun 2018 12:19 PM PDT TL;DR: We moved to a rich neighborhood to give my kids a better life but I'm not sure it's teaching them the right lessons. Five years ago my husband, four kids, and myself moved to a very expensive area of the country for a job. We were able to buy a house in a fancy neighborhood that would normally have been way out of our reach as it was being foreclosed on and the HOA wanted it sold ASAP. The house is the smallest in the neighborhood but we thought it would be a good investment and financially it really has been! Plus the schools are great and our kids have lots of friends. It's a great place to live! But we are not rich people at all and I had underestimated how much of a mental toll living here would take on me. It's not that I envy what our neighbors have, it's the constant having to tell my kids "no, we can't afford that". It's big things- why I drive a 20-year-old toyota minivan instead of a Lexus SUV, why our vacations are camping instead of the Bahamas, why we had to eat beans and rice for a month thanks to an unexpected medical crisis. It's small things - why they have to pack a lunch from home instead of buying from the food trucks, why we buy all our clothes at thrift stores, why we don't have a gaming system, why they all have to share a bedroom, why we clean our own house instead of having a maid service, why we don't have decorations and minimal furniture, why we only eat out twice a month, etc. We moved from a humble town in the Midwest and I never once felt bad about our situation as everyone was pretty much the same as we were. But here it is a non-stop barrage of in-your-face wealth. Our neighbors are, for the most part, super nice and friendly. But they totally don't understand what living on a budget is like. For instance, one neighbor invited my kids to go skiing with them at their ski chalet. Unfortunately, paying to rent skis, buy lift tickets, and food for the kids would have cost nearly $1000! So I had to say no. I even have to say no to school stuff. The PTA back-to-school night is 25$ a person just to get in ($150 for our family!!) plus everything else inside costs extra. So we have to skip most school events as well. Our kids aren't usually whiny or upset when I tell them no over and over again. They're actually really good savers, very frugal, and the two oldest (14, 16 yrs) have part-time jobs. But they are convinced we are super poor (we're not! We're solidly middle-class, average paychecks) and that we live in a really bad situation. They never want to invite their friends over and they're afraid to ask me for anything. I take them to volunteer at the local women's shelter once a month so they can help others (and see that not everyone has a house, much less a yacht). But as soon as we're back home, they're convinced we're the poorest people ever. I alternate between being heartbroken that they have to miss out on so much with their friends (like, summer here is a wasteland... everyone is gone traveling or at expensive camps) and angry that they even feel like we're poor when we have so much compared to so many others. I've cried about this more than I'd like to admit and it's become a daily struggle for me. It's gotten to the point where we are considering moving but I really don't want to pull the kids out of schools they love and take them away from good friends. Plus my husband is really happy in his job here. (I'd see a therapist but I can't afford the time off work nor the cost to see one...) I should add that financially, we are fine. We live within our means, our car is paid for, our mortgage is affordable, we are funding retirement accounts, our kids get presents at Christmas, etc. We just don't have any money for extras. I know this is totally a first-world problem and I feel silly that this is so upsetting to me. I know we are so blessed to even be in this situation and I'm grateful for everything we do have. But it is what it is. How do you deal with living in a place where there is a huge economic disparity between you and your neighbors? Is there a better way to talk to my kids about our finances besides just saying "No, we can't afford that" over and over again? Is there a way to ask my neighbors to stop inviting us to $200/head dinners? Am I being ridiculous? Should we just move?? (Sorry for the wall of text and if this post is inappropriate for this sub!) [link] [comments]  |
| Went to jail, boss let me keep my job, but now I want to move on. Should I think twice? Posted: 29 Jun 2018 09:49 AM PDT A little backstory: I graduated from college May 2016 with a degree in chemistry (received a double major, but my other major doesn't play too much into my job). Started applying to jobs and went with the first offer I received, which is my current job in chemical sales at a small company of just 15 employees. While all of this was going on, I was facing prosecution for some very stupid things I did in my college days (felony charge, but nonviolent). I had been arrested in 2015, my junior year. Gone to jail a few days, bailed out by my dad, and then hired an attorney. I regret what I did insanely and most certainly learned from it. I enjoy the job to a degree and have developed a very good relationship with one of my bosses. I make what I would consider decent money for my age, $40k/year plus around $10-15k in commissions per year. Also receive OK benefits, but not great. The greatest benefit that I have received was when my trial came to a head in early 2017, and I was sentenced to 6 months in jail. I called my boss and explained the situation, and he agreed to having me do the time on a Leave of Absence (unpaid), and he would hold my position for me until I got out. Now, I understand this was a HUGE solid, and I will never stop thanking him for it. I ended up doing 3.5 months in jail, got out, and returned to work, and have now been working the job for about a year straight (2 years in total now, if you count the 3.5 months unpaid leave). The problem: I am ready to move on. I am not here to toot my own horn, but I have received advice from a few experienced individuals in my field that think I could be making more money with my skill set/degree, and frankly, I am inclined to agree with them, judging from median salaries in my field, what friends with the same degrees in the same region make, etc. Of course what they don't know when giving me that advice is that I'm still on probation for a felony charge. So, would I be betraying my boss? He really likes me and came through for me in a time where many bosses would have told me to go kick rocks. He has lately been telling me that he sees me as a future cornerstone of the company. My issue is that I just do not see the company growing beyond the point it is now, and I feel hamstrung with the amount of responsibilities I could feasibly attain, as well as the salary. I do not think the company can pay me much more than they offer me now, judging from revenue and profit margins. I just received a raise two months ago. On top of this, recruiters are consistently reaching out to me, and I've even met with some business owners in person that start sales people out closer to $70k base, with varying commission plans. I suppose the other question is: would any other jobs even consider me once they learn about my record? I am still on probation, and will not be off for another two years, at which time the file will be sealed and my "record" will be cleaned. Any advice would be greatly appreciated. EDIT: Should have included that I was technically not "convicted" of a felony. My probation is acting as a way for me to avoid conviction, so long as I do not violate its terms. If I complete my probation, I will not have a felony conviction on my record, and therefore am technically not a felon as it stands today. [link] [comments]  |
| Unfortunate mistake on my W-2 that I haven't caught in 3 years returns. Posted: 29 Jun 2018 03:31 AM PDT So, I'm new at adulting and this shouldn't be an excuse, because I should have double checked what I was handing in and my account. However, here I am learning the hard way, so please be kind. For as long as I've had jobs, I hand my w-2 and other tax relevant information over to my dad, who gets our tax forms and submissions completed through a tax service. I recently realized after filing taxes for the past 3 years with this company, that my current employer has the wrong SSN number, it is off by one number, however all of my other information is correct. After freaking out, I went to check my SSA account online to see if any of my social security registered any of my taxed income in my social security and medicaid benefits, or if it would it be blank for 3 years. However, the amount on the SSA website matched the amount on my W-2's. So I was wondering if it still somehow got processed to my correct ssn somehow? Im going to call the irs/ssa to explain the situation tomorrow to be certain, I just needed some input for peace of mind. I was theorizing they my 1040 was filed to the correct SSN and ALL of my other information was submitted correctly, so that cleared my w-2. ( I could be totally wrong). Any idea or suggestions? [link] [comments]  |
| Saw credit report pull from US cellular. Should I do anything? Posted: 29 Jun 2018 10:07 AM PDT Saw on my credit report that US cellular did a pull on my credit score. I have no association to them at all so is this something I should worry about and if so what should I do? Edit: Pulled transunion report and found that they did an inquiry analysis with a different address but the same name in addition to a regular inquiry. [link] [comments]  |
| Posted: 29 Jun 2018 10:09 AM PDT I have about 80k in an investment fund from my father. I'm in the navy now so my expenses are low (just car insurance at about 240 monthly and a 40 dollar gym membership) and in my checking I have about 5k and a credit score of 780+. I don't have any real debt and I want to start using the 80k I have currently to make more money. I was thinking of purchasing property nearby my base (Virginia area). Is this a good plan? Any advice? [link] [comments]  |
| How old is too old to start saving for retirement? Posted: 29 Jun 2018 05:41 PM PDT Needless to say I started way too late. I'd rather not state my exact age, but let's say I have 15 or maybe 20 years left of functional work in me (assuming technology doesn't outpace my ability to keep up and/or I can't transition to management easily). I just got some profit participation at work and maxed my IRA for the year, but even with that I only have $20k in retirement. (I haven't previously used work 401k because it's crap funds with no matching, but household income is now high enough that I will start funneling money there too.) The only possible thing that might help is, despite my financial immaturity all my life, I HAVE been working full time all my life, literally since I graduated from high school, all on the books and paying into SS. I suppose with that and a small amount of savings it'll be about enough to starve on? :) I'm honestly not looking for a ton of reassurance here ... it is what it is, and I'll be hustling for this next decade or so to make up for lost time, both via my IRA and my employer's 401k and whatever other savings I can manage. But I was still curious about people's thoughts on this. I'm sure I'm not the only one who "woke up" to financial realities far too late. (And, come to think of it, even if I do get flamed to hell and back for starting too late, the thread will be a good object lesson for younger redditors. So feel free to tell me how screwed I am.) [link] [comments]  |
| How to negotiate salary when you expect (and will probably accept) a paycut Posted: 29 Jun 2018 08:38 AM PDT I am currently at a Fortune 500 company and very well compensated for my experience and skillset. Good base salary, 35% bonus, and 40% yearly RSU grants, 401k match (fully vested). I was "grandfathered" into this high paygrade based on a high title from the 200-person company I was working at that was acquired 2 years ago, and received a large salary/benefits bump to match the same title at the larger company. I moved up very quickly at the original company so there is a mismatch in title and years of experience. A consolidation of multiple sites is guaranteed in 3-4 years, and while I'm well respected at my site, I don't know how my site as a whole will do. I am looking for a change, primarily based on poor outlook of the current company, though not 100% convinced it is the right move, based on good current total comp, and doubts about my evaluation of outlook. If I do move, it will be to a small company and I have already interviewed at a 2 yr old startup. There is a very good mutual fit and a HR call is scheduled. I'm lost as to how to negotiate compensation or how to answer if they ask my expectations. I have not disclosed any details about current comp. If I told them my total comp or asked for something above it, they would rightfully balk. Realistically, based on market research, they will probably come in at base salary about equal to my current base salary, and I would maybe be able to negotiate to my current base salary + 10-20%, but want to try to maximize this. There will also be equity, which I don't plan to factor in. I don't feel comfortable saying "For $X (current base + 30-40%), I will accept" because I'm still not fully convinced that I want to make the move if they actually meet it. To complicate things, if I stay, there will soon be a title change -- no change in compensation/responsibilities, but for political reasons I have to switch the "career track" I'm on and the new title will look like a demotion, which would hurt future job searches. Any ideas on how to approach salary negotiations, or how to ask if they ask what I am looking for or expecting? tldr: Very lucky situation with very good comp way above my experience level. Not sure about future prospects of the company, and need to know how to negotiate salary with a new opportunity at company where I expect to take a paycut. Especially not sure how to answer "expected salary" if they ask. [link] [comments]  |
| Does someone have my financial information? What can I do about this? Posted: 29 Jun 2018 03:31 PM PDT I noticed a fraudulent charge the other day on my credit card. I disputed the transaction and received a new card already. Now the merchandise shows up to my house addressed to myself. Now I'm thinking well I just disputed this charge and this really looks bad. So, I 3 way call my bank and the other company so that they know I wasn't just trying to get free stuff. Come to find out that there was another charge, but it didn't go through since I already had the card frozen. Most online retailers don't automatically fill in billing information or shipping information. So, I'm wondering if the person was trying to intercept the package at my house or if they made a mistake and meant to ship it to their address. If it's either it means that they know where I live. Which I don't know what to do about and I am kinda freaking out about. I was thinking about registering for various shipping companies' informed delivery or delivery manager so that I can receive notifications about deliveries in my name. But that would only help if they ordered something to my name again. Has anything like this happened to anybody before?? What steps can I take to prevent this from happening? What measures can I take to ensure that there aren't any accounts, loans, cards, being opened in my name? Is there a more serious problem that I haven't realized yet? [link] [comments]  |
| Posted: 29 Jun 2018 05:04 PM PDT I do pretty much all my daily expenses with my credit card and then always pay it off monthly via transfers from my checking account. But now I'm thinking I should just leave a small amount in checking to have immediate access to cash if needed, and deposit full pay checks into my Ally savings to collect the 1.75% interest. I can then pay off my credit cards by transferring out of my Ally savings (which has a minimum of 6 withdrawals a month - with a $10 fee if you exceed that). Anybody already doing this? [link] [comments]  |
| Is "annuity" always a bad word? Posted: 29 Jun 2018 03:42 PM PDT My mother is in her late 80s, and is in very good shape financially. She is already invested in stocks and bonds, and has the cash from sale of her home. One product that has been suggested to us, as effectively an alternative to a CD ladder for some of that cash, is a tax-deferred fixed annuity. Depending on details of amount invested and length of term, could earn over 3%, and each year up to 10% of the balance can be withdrawn without penalty. What's the catch? Alternatives to earn something from low-risk savings? [link] [comments]  |
| Offered a Retention Bonus - Also ask for a raise? Posted: 29 Jun 2018 02:49 PM PDT I work a small ~20 person consulting company that has recently had 5 people leave over the last couple of months, for varying reasons. Being a small company it seems to have people a bit on edge, and every employee got an email today offering a retention bonus of $10k to stay for a least the next 1 year, or else the entire amount is due back to the company. I personally had already been planning to ask for a raise, but the reason being much more geared towards that as a result of the departures of some co-workers I have been getting a ton of great experience and have really stepped up to the plate and am thriving with my new responsibilities that exceed my typical role. I recently got a very nice review from one of my principals on these points. I need to submit a signed agreement to collect my retention bonus next week, so I think this would be as good of time as any to negotiate a raise to my base comp as well. I really don't want to focus on the fact that people have left at all - I am asking for this raise because of my personal achievement. Any additional suggestions or has anyone been in a similar situation with retention bonuses? Thanks! [link] [comments]  |
| First time selling a house. Need advice. Posted: 29 Jun 2018 03:39 PM PDT My wife and I are trying to sell our house(NC 28120) we have talked to a realtor. We still owe about 97K on the house and our realtor is saying we should start out asking 160K and we might get that high if we spend money fixing it up. With the move, we are about tapped out on our non-emergency saving. House needs about 5-10K in work done ( paint all of the walls inside and replace carpets). We would have to take out a loan to do this work. We can do this but would add a few weeks to a month to the timeline of selling. Our other option is to drop a few hundred on someone to clean the place and the carpets really well. Realtor isn't pushy for us to do the repairs but is letting us know that people will want to pay less and try to negotiate us down. Looking for advice on if it is worth the time and money to do the repairs. [link] [comments]  |
| Posted: 29 Jun 2018 04:50 PM PDT Hi all, My wife passed on 6/17. I am at a loss with all this paperwork and all these decisions. I am trying to avoid a financial advisor's fees if I can but I'm open to it. Here are her benefits: $400k military SGLI life insurance, VA monthly benefit $1200ish, $88k from her job. It would appear the payout from her job will be taxed unless I put it in an IRA. She also has $50k in TPS retirement but I believe she owes them back $10k on a loan. That would also be transferred to an IRA to avoid fees. So I'm thinking last two in an IRA to avoid taxes. We were just about to sell our house which has about $190k in equity. I have $17k in a 401k that might be rolled over to a new one this year. Debts: $30k credit cards (lots of emergency dog bills, some to be reimbursed), a leased car (2 years left) at $650 a month- I don't know how to get out of this lease as I cannot afford it, meeting with the dealership in the morning, and $120k in student loans from undergrad/grad/bad decisions when jobless. I make $47k/year and don't have a lot of wiggle room in my budget each month as cost of living is high in Denver. I am hoping to put $20k in a savings account for one of my dogs which her little sister took. I also probably need a decent amount in savings to cover bills when I'm short. I am hoping to buy a house again in a few years but maybe that's a dream at this point. A financial advisor told me today to invest everything once debts are paid off but we didn't talk student loan debt. I've never invested before and I'm scared to put so much money into the market. And I'm not sure how that would work if I want to pull for a house later. She said that if I'm making 6% returns and mortgage interests stay at 3.5% it makes more sense to keep as much invested and just pull for the down payment versus paying for a house in cash. Does anyone have experience with any of this? I'm overloaded on forms and paperwork and decisions and it's a little overwhelming to say the least. I'm 32 F if that's important. Thank you. [link] [comments]  |
| Getting a roommate, $500 extra a month to play with, talk me through some options I'm contemplating. Posted: 29 Jun 2018 08:04 AM PDT INCOME $3226.69 Net + $100-$200 side jobs Mortgage $1378.72 Utilities $300 Gas $150 Gym $42 Barber $45 Netflix+Spotify $21 Car Expenses (Insurance, registration, maintenance) $250 Homeowners Insurance $20 Healthcare $50 Subscriptions $165 Vacation $75 Gifts/Christmas $75 Guitar Gear $25 Home repairs $100 Savings $200 (I have $4500 in my EF right now) Property Tax $110 - Projecting a shortfall this year, this will cover the difference. There's the budget, now with an extra $500, I have a few options I'm toying with.
4.Open up an IRA, contribute $1-$300 a month. ( I have a pension through work and a 401k and 457b, I only put $25 into the 457 as a last ditch liquid savings if I ever needed it and about $450 into my 401k). Current balance of all retirement is $26,000, I'm 27.
I think the best option is to get my savings up to 3-6 months, preferably 6 and then open an IRA. Pretty sure that's what the general consensus is going to be! I am no longer on the paycheck to pay check cycle, I just got paid today and August is already funded and I have $1200 budgeted into September. [link] [comments]  |
| HSA charges $3 a month for brokerage service, when does it make sense to invest? Posted: 29 Jun 2018 06:17 PM PDT What balance should I save up before investing? I have about $600 in investable money right now but at what would be an effective expense of ~6% I think I should hold off. Even at $1,000, ~3.6% expense, it seems like the cost is a little too high to justify. At what balance should I start investing my money? [link] [comments]  |
| Would getting my own 1BR apartment be a smart move? Posted: 29 Jun 2018 06:03 PM PDT I currently share a 1 BR apartment with a roommate. It was only $350 a month at first so I did it to save money. But twice a year rent goes up and im now paying $580 a month and that doesnt even include the wifi bill. My rents also gonna go up again this September, dont know how much yet though. And lately hes been saying he cant afford to keep the AC on during the day so its like 80+ degrees in here. I work nights and sleep during the day so its been pretty hard to sleep as of lately. I pay half the utilities bill and I dont even get to use it, seems pretty unfair to me. I was looking around for other roommates in my price range but theres nothing close to my work, nearest one is probably 45 minutes away which id rather not do. So I looked into getting my own 1BR apartment instead. I found a couple listings for $700 or so. After utilities and what not id only be spending around $200 more or so each month to live by myself. I make around $1800-1850 a month after taxes, I did the math and id still save around 25% each month after rent, bills, and food. Granted its probably not a lot of money for things I want but honestly I dont really go out and the most I spend on personal stuff is a video game each month but even then thats pretty rare so I dont really need the whole 30% on wants thing. So just wondering if this is a smart move or should I wait it out hoping to see if something better comes along? [link] [comments]  |
| Posted: 29 Jun 2018 08:10 PM PDT If someone pulls money out of an irrevocable trust, does the trust keep growing or does it immediately stop growing upon the first withdrawal? [link] [comments]  |
| Posted: 29 Jun 2018 07:48 PM PDT Hi I'm getting an auto loan for the very first time and no one in my family has gotten one before. So i apologize if this is a dumb question. The bank said they will cover 100% of the cars' value. Does is also cover of the tax and licenses and fees if the total of all that plus the car are lower then the total of the cars value or only covers loan for the cost of the car? If the value is $19,000 cost of car $16,000 and fees come out to $1,500 will loan cover all $17,500 or only the $16,000 for the car! [link] [comments]  |
| Posted: 29 Jun 2018 01:46 PM PDT TLDR: I make $38k a year. I want a $2.5k raise. I've been at this company for less than a year but I'm really good at what I do. I work in a trade and I have a bit over 2 years experience total. However, the specific industry I work in I have only 8 months of experience. I get paid about $38k a year. The average person in my position nation wide earns about $4,000 to $5,000 more than I do (although I understand the average person in my industry has more experience than I do, so I wouldn't ask for that much). I live in one of the most expensive counties in the US. Although I get by financially, I'm sick of always having to worry about emergencies or unexpected expenses at this point in my life. So I want to explore my options. I was originally going to wait for my full first year at this company before asking for a raise. However, as my expenses grow, I'd like to know if it's too early to ask for one now. My bosses are very happy with my work. The company owners are impressed with my work ethic. My inexperience shows sometimes, but for the most part, I can work autonomously and quickly. And furthermore, what I do is not something that's taught in schools. It takes a long time to train someone to do what I do. At this point, would asking for a $2,500 raise be unreasonable? What are your thoughts? Have you asked for a salary increase prior to completing your first year on the job? If my boss declines, would that hurt our professional relationship? Thanks for any help! [link] [comments]  |
| Help! Changed jobs twice and finances only gotten worse. Posted: 29 Jun 2018 07:57 AM PDT I [26] am not sure if this is the right sub but I have been needing some solid advice for months and hoping this is the place to find it. At the beginning of this year, I left my Restaurant job I have had for 4 years. I had done it all: started as a host, then promoted to server, then bartender. I was offered a management position, but declined because it would be a pay cut AND I knew this wasn't what I wanted to do long term. Anyways, I landed my next step dream job. It was a start up restaurant and venue and my boss (who was a regular at my restaurant) hired me on to be the Banquet Captain/events coordinator. After 2.5 months of working my ass off to get the place going and ready for business and trying to learn the job exactly the way SHE wanted it done, she let me go because she couldn't afford to pay me and she was taking some huge financial gambles with the Restaurant, I later found out. Anyways, I came crawling back to my restaurant. I left on good terms so they welcomed me back, but I immediately got a job offer with a completely different company through a friend. It's a Fortune 500 vacation company and the money and growth opportunities sounds like just what I needed! So I accept and join the team while also working part time at the restaurant. My restaurant has been super understanding and flexible with my changing schedule, but I can tell they are running out of patience with me if I were to make any more changes. So, I have been trying my best to learn this new job so I can live off that. Well, the new job is not what I expected. I'm basically a telemarketer and the money comes from being able to harass as many people as possible during their vacation so I can hit my numbers and get paid. My hourly is $9 and I recently went from 40 hrs a wk to 30 hrs because of the commute (45 min one way) and wear and tear on my car. Moving forward, I have tried to learn this job, get passed my moral conflict with the job, and just do what I can to hit my numbers. I have hit them for the most part but I'm just not receiving paychecks over $700 every 2 weeks. I am spending between $50-$70 a week on gas to get there (refilling twice a week). My Restaurant job is the only thing keeping me afloat. I have tried to quit my day job but was encouraged to stay by my boss and coworkers, stating how I will get better in time and make good money. I just don't think I am cut out for this job, but I am afraid of quitting and going back full time at the restaurant to only then quit AGAIN when I find a better career move. I don't want to work in a restaurant my whole life. I only have an associates degree and know I probably need to go back to school but I feel totally stuck on what to do to get my finances back in order. I still owe taxes ($500) from filing back in April. I have $4,000.00 worth of credit card debt that I accrued during long stents of not getting paid when starting my jobs. Monthly expenses include: Rent/utilities: $638 (my portion) Car insurance: $50/mo Phone bill: $100 Credit card min: $125.00 Health insurance: $75 Dental: $16 Gas: ~$175-200/mo Groceries/food: $200/mo I need some advice about what to do to get myself back on track and all caught up. If I go back full time at the restaurant, I can average probably $400-$500 a week. TLDR: after 4 years working all positions at a restaurant, I tried to advice myself professionally by taking on a new job. First career change, I got let go. Second change, I hate and makes me feel like a bad person and is driving my finances into the ground. Afraid to be stuck working back at Restaurant forever due to major debts. [link] [comments]  |
| Posted: 29 Jun 2018 05:09 PM PDT I understand in the past there have been tax advantages of purchasing a new 1ton+ truck (which I desperately need for my business). The advantages were along the lines of being able to straight-line depreciate the entire vehicle amount in the first year, rather than amortizing over 3 or 5 years. Is this still true? And even so, is it better to purchase a new truck for $70k versus a used one with 200k miles for $35k? Please note: I generally keep vehicles for 5+ years, and I'm willing to spend an additional $10k overall to have a nicer vehicle than a "sufficiently nice" one. [link] [comments]  |
| Just Started New Job, Looking for Advice on Retirement vs. Student Loans Posted: 29 Jun 2018 04:56 PM PDT Hi all, I just started a new job and I was looking for some advice on how to generate a plan moving forward since I have some student loans to pay back. I am 22 making $74K (~$4400 take-home monthly) in California (low COL) and I have 65K in student loans with no other debts. Most of the interest rates are ~4.5% with a couple lower. I have about 16K at 5% which I am thinking I should focus on paying down faster. My company matches 6% when I invest 8 percent for retirement. I get straight overtime pay ($36/hr) if I work more than 80 hours in the two week pay period. Talking to coworkers it is reasonable that I could take home an additional 10K a year before taxes. I moved across the country and got a sizable relocation bonus which I hardly touched; I am using this as my emergency fund and I don't think I need to add to it. My job, housing, and transportation are all very secure so I don't expect any crazy circumstances. Monthly Expenses: $1000 - Master's Program initial payment (for 6 months) $600 - Rent and groceries combined (unique situation that I want to take advantage of as much as I can) $170 - Car insurance (Car is paid off) $625 - Student loan minimums (I am still in the grace period and figuring out exactly what I will be paying but I took my balance and added ~10 years of interest and divided by 120 months which should make this reasonably accurate) $100 - Gas $200 - Travel fund (I negotiated the original starting salary up by this much a month since the only way I could make the job work is to visit home frequently since I moved cross country) $200 - Entertainment (this may change as I don't know anyone here yet or the area for that matter, but this is a best guess) $24 - Monthly subscriptions (Prime, Netflix, Apple Music) I am on my parents healthcare which beats any options I was given significantly. One other thing to note is that my company offers a tuition reimbursement plan for advanced degrees obtained as an employee. I plan to get my masters but I need to front the money for this (program is 36K over 2.5 years). I get reimbursed after the semester is over assuming I get a "B" which I would then use to pay for the next semester's tuition and so on... I am unsure how much of my income after expenses to allocate to retirement vs. paying off loans. My interest rates are on the lower side compared to what I typically see here so I am not sure if refinancing is an option. Also, California's state income tax is pretty high so I am not sure whether I should take the match and then fund an IRA or if I should max out the 401K first. Should I take just the match and then funnel everything else into loans? I know there are general rules in the wiki sidebar but I appear to be in the "it depends" category. Thank you for the help! [link] [comments]  |
| Posted: 29 Jun 2018 06:41 PM PDT I work a union job with a lot of different codes to designate time worked. For instance, if i work during the the day, its regular. Night time premium (6PM-6AM) is 10% over regular, unless its over time, which is scale and half on top of that. So here is what I can't figure out : My employer recently emailed me about an accounting error which doubled the time I inputted for one of these codes, and payed me $7K too much over the course of 3 months. I didn't notice, and neither did they until last week. Now they want to square up which is fair, however I already paid taxes on this income. This all happened in 2017 btw. What will the final cost be with respect to the taxes? [link] [comments]  |
| Someone opened a credit card under my dads name, he passed in 2013.. what do i do? Posted: 29 Jun 2018 06:26 PM PDT Sorry if this isn't the right place to inquire about this, any kind of help is appreciated. Edit: i called the cc company and they've put a block on the card. My main concern is how could this have even happened? and is there any way to check my dads credit history and see if this isn't the first? [link] [comments]  |
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