Personal Finance I’m in high school and my parents can’t teach me the basics of money management |
- I’m in high school and my parents can’t teach me the basics of money management
- Windfall For an Old Timer
- Received a small chunk of money....was this smart?
- Primerica...can someone explain to me why and how its a pyramid scheme?
- After surgery, admitted to hospital. Hospital saying it's outpatient so insurance won't cover it. Any advice?
- 30M. Never had money. Recently inherited 100k from a death in the family. Looking for sound financial advice.
- Given 20k from a relative for medical procedure.
- Should I open a high-yield savings account?
- forced place insurance
- Should I remove my 3 years of FERS (U.S. fed employee pension) contributions?
- Just found out I have 16 weeks of unclaimed EI (employment insurance) is it too late to claim them?
- Decent job with some debt and much uncertainty
- Just applied for a second credit card without really wanting to
- How to deal with economic anxiety and insecurity?
- Moved to the US for work, where to put my money in?
- 23 year old senior in college with a 5 month old and a SAHM. Where to start?
- How much is taken away from the average paycheck in California?
- Newly 18, just started a job, and want to open my own bank account. However, I don't know really anything about banking. Any help?
- Mortgage pre-approval - pay quarterly estimated tax before?
- A few quick questions regarding Capital One credit card and general CC application as a student
- Salary went up substantially, need help finding an advisor
- Have $40k/year job, no college, not much room to increase income. Suggestions?
- Is there anyway I can figure out who used my debit card?
- What are my chances
- Pre-Settlemant advance recommendations/advice
| I’m in high school and my parents can’t teach me the basics of money management Posted: 07 Jul 2018 03:49 PM PDT To put it simply my parents just aren't great role models when it comes to budgeting, much less saving. They live paycheck to pay check, and spend money recklessly. I know this because I have compared my parents' habits to those of people who are a bit better off (like the helpful advice people leave on this sub lol) We don't live poorly, but definitely not comfortably. No savings, nothing for my future. It's just difficult, mainly because I don't really know what to do with the money that I rarely get, other than spend it. I know to save about 20%? but I feel like I could do more. I just need advice for planning for what to do with my money before and when go to college and other expenses when I move out. I don't have a job currently, but I am planning on getting one. Also, I tried looking up money management videos on youtube, but I think that is geared more towards adults. Just any tips or helpful advice would be greatly appreciated. I can also answer questions :) [link] [comments]  |
| Posted: 07 Jul 2018 07:41 AM PDT I just turned 75, single, no kids. I've never had serious money. The one time I had a nice chunk of money was in 2006 when I sold my jointly owned house and netted about $80K which quickly evaporated in the 2008 market dive. I live as an ex-pat in So. East Asia and my monthly expenses are ridiculously low: housing + utilities/TV/Internet under $450/mo. Add food, entertainment, travel and general living expenses and my combined SSI/VA pension of $1400.00/mo more than covers it, usually with a little left over. I recently discovered that I was a 25% beneficiary of a family trust that was being dissolved and distributed. The trust was invested in mutual funds and some treasuries. I elected to take my share in assets rather than cash to avoid a substantial capital gain liability. These assets were transferred to my brokerage account yesterday: $250,000 in fund shares and $20,000 cash from non-transferable assets. I have always lived a fairly moderate lifestyle and don't see that changing a lot: no new red sports cars, no lavish dinners, no holidays in Macao. I do hope to travel to a few bucket list places and maybe a cruise or two. My health is excellent. I am covered in the US by both VA and Medicare but no insurance where I live in Asia...impossible to get at age 75. I do have a broker/financial adviser but fully realize that he is not impartial. My investment goals are pretty simple: preservation of capital and take whatever income I can realize. I have no direct heirs so I don't mind spending the amount down a bit. I can't say I'm seeking hard advice. I am trying to understand what my options are and what risk/reward the various options carry. I would very much appreciate any thoughts, suggestions and observations readers on this sub. wish to contribute. [link] [comments]  |
| Received a small chunk of money....was this smart? Posted: 07 Jul 2018 10:20 AM PDT I paid off over $20,000 of debt and bills including student loans and car loan. I owe absolutely nothing to anyone. I currently do not have a source of income, and still have cushion money/savings. That was smart, right? [link] [comments]  |
| Primerica...can someone explain to me why and how its a pyramid scheme? Posted: 07 Jul 2018 01:46 PM PDT I have a friend that recently tried to recruit me and I know its a pyramid scheme. However, this wasnt the first friend that has come to me about this. Both of them also got recruited via random phone call so i knew it was sketchy. I wanna make a video basically exposing them even in 2018. Can someone provide me with some more evidence and proof that that are a pyramid scheme. I have been doing some digging and I want to make sure I didnt leave anything out. Thank you! [link] [comments]  |
| Posted: 07 Jul 2018 03:21 PM PDT So my father had prostate surgery. He was told in advance he would be admitted after. However, the hospital is saying he is an outpatient but is "under observation". Therefore the insurance company will not pay for the stay in the hospital. If you are admitted to the hospital how are you not labeled as inpatient? This is in Pennsylvania if anyone is familiar with laws here. Does any body have any tips or how to handle this? [link] [comments]  |
| Posted: 07 Jul 2018 04:40 PM PDT Grew up poor. Will have 100k transferred to my bank account thanks to a generous distant family member that I befriended. Looking for safe and smart ways to save and invest. Would like to have money when I die to pass on to loved ones. Thanks for any advice. [link] [comments]  |
| Given 20k from a relative for medical procedure. Posted: 07 Jul 2018 11:18 AM PDT They gave it to me directly and I used 100% of it to pay the medical bill. They will have to report it (I think). How will I have to handle this with my taxes? [link] [comments]  |
| Should I open a high-yield savings account? Posted: 07 Jul 2018 10:07 AM PDT I'm looking to get into saving more now that I have a steady income and paid off most of my loans, but I can't decide if I should keep using the savings account I have with my bank (which has 0.01% interest), or open a high-yield savings account? Particularly Marcus by Goldman Sach, since they currently got the highest APY at 1.8%. My dilemma is, is it worth opening a HYS account? I know the interest rate is higher, but will that matter if I'm only depositing like say $1000? or even $5000? Plus it'll take a few days to transfer money back to my checking if I ever need it. I'm also open to any recommendations to other bank alternatives too, not just Marcus GS. Thanks! Edit: Thanks everyone for the suggestions! Looks like there's no reason for me to not go for another savings with higher interest. I'll also be looking into some of the other options people recommended as well. [link] [comments]  |
| Posted: 07 Jul 2018 06:30 PM PDT Im financing my truck. I accidentally forgot to renew my full coverage insurance and i went 6 weeks before i realized this. i immediatley bought another 6 months of insurance. the bank thats financing my truck found out and charged me 1400$ for the 6 weeks i did not have insurance. they then rolled this amount into my monthly payment for a year adding over 100$ to my payment. Ive been debating this with them for a month and the only thing they are wiling to do for me is add the amount to the end of my payeemtns so i pay on the truck for another couple months instead of increasing my monthly payment, is this legal?? [link] [comments]  |
| Should I remove my 3 years of FERS (U.S. fed employee pension) contributions? Posted: 07 Jul 2018 07:05 PM PDT Hi Personal Finance! I haven't found much about FERS pensions and removing contributions online or on reddit. I'd like to learn peoples thoughts on FERS as well as thoughts on my particular situation: Question: Should I remove my FERS (pension) contributions and invest it instead? Should I roll it over into a new employer sponsored 401k or cash out entirely? Background:
Other Notes:
My Conclusion: Since the pension benefits wouldn't be huge, even if I went back in a few years, pulling out the 8.1k and investing what's left over 35 years would be better than a tiny pension 35 years from now. References: https://www.opm.gov/retirement-services/fers-information/former-employees/ TL;DR: I have 8.1k in FERS. I think I should roll it into my new employer's 401k and invest it for 35 years instead. Am I crazy? Thanks for your thoughts! [link] [comments]  |
| Just found out I have 16 weeks of unclaimed EI (employment insurance) is it too late to claim them? Posted: 07 Jul 2018 04:51 PM PDT So I just recently found out that I have 16 weeks of unclaimed employment insurance. (EI) Back In 2017 I filed for EI and was on regular benefits, I was told how many weeks of benifits I had and I counted it out to the end of August of 2017. That was my last claim apparently. So I stopped claiming and fast forward to this month. I applied for school and was to go on ei to help with living allowance. But I found out I still have 16 weeks of unclaimed benefits from last year. The final date to claim them is on the 20th. But I was in a different province when I applied. And I had to be living at the same place I was last year to claim it supposedly. Any one have any ideas how this works? This is all new to me. [link] [comments]  |
| Decent job with some debt and much uncertainty Posted: 07 Jul 2018 07:44 PM PDT Hi all! I have heard and seen good things about /r/PF so I thought maybe I could enlist some advice if you good people are willing. To set the scene for who I am, I am a 30 year old male from Ohio. Over the years I've made some not so great financial decisions and have a bit of debt lingering. Roughly $12k remaining in student loans and roughly $3500 in other loans which I will most likely pay off in the next coming months. I have about $5k in the bank at the moment and about $2500 in my 401k(I know should have got on that sooner). I don't own or lease any propery and I don't own or lease an automobile. I have begun working as a contractor in a remote location so not having property of my own is no issue at the moment. On average I now make roughly $7k a month after taxes, SS, et all. I do not pay for lodging or food. My only really neccessary expenses are occasional travel back home to see family (just parents, I am single with no kids) and cell phone. Also food and lodging when I travel but that is few and far between. I have made leaps and bounds in paying off debt and being more responsible with spending. My concern is I have no idea what to do. This job wont last forever, maybe another year or 2 before I move on to the next contract or look for other work. I'm not overly educated on smart use of funds and just was wanting to know. What do you guys think I should do? Can I invest and net more money? Should I save for when I need a house and car? I am open to any and all suggestions and I thank you all for what you do! Thanks [link] [comments]  |
| Just applied for a second credit card without really wanting to Posted: 07 Jul 2018 07:35 PM PDT So the backstory: My family and I are headed to Montana for a week for summer vacation and needed some good riding boots in order to go horseback riding. We went to a local Boot Barn and got boots for the whole family and a couple of pairs of jeans as well. It was a pretty expensive purchase (boots are certainly not cheap) and at the checkout the cashier said we would save 20% if we applied for a credit card. I usually immediately turn away from gimmicks like that, especially at a place like a Boot Barn, but my dad asked if I would do it to get the discount. I was very hesitant but agreed, not wanting to be put in an awkward position or cost my dad more money than he was already spending on me. I am 20 years old and currently have one credit card for a total of 7 months. I have never missed a payment, always pay the full amount, and am very much on top of trying to put in the work now so that my future self won't have to worry as much. My credit is something I really want to keep pristine and I am wondering if opening another line of credit this soon after opening my first line will hurt my score. I had considered opening another line, I currently have a Discover IT card and was looking into a Chase Sapphire, but certainly didn't think Boot Barn of all places would be my next choice. I'm really not to keen on keeping the Boot Barn card, I'll probably never go back to Boot Barn after this so I'd rather reap the rewards of another credit company, so would it be wise to cancel the card or just hold on to it? Thanks in advance for any help! [link] [comments]  |
| How to deal with economic anxiety and insecurity? Posted: 07 Jul 2018 07:30 PM PDT This isnt exactly a finance question, more of psychology. I apologize if this isnt relevant to this subreddit. I grew up in a very poor single parent household with almost no financial security. All my childhood, I knew my mom was struggling financially, some of my earliest memories involve my mom cutting things out of the budget/selling stuff to make sure we have enough to eat. To add to that, I had some rich cousins with doctor parents who we would visit often and stay at their massive house for days. All this has created a deep insecurity in me about money. Now I am 28, have a stable job as an engineer, make 6 figures and have no debt. I have started saving up, contributing to 401k etc and building up savings account. I dont have a lot, but I have about 20k in savings and about 40k in my 401k. My problem is, my irrational financial insecurity and anxiety never left me. I still am always on the edge, I feel like I am one step away from going back to how I was during my childhood, I am always worried about lay offs (even when I know I can get another job easily). I freak out at the smallest office rumors about layoffs. This is to the point where I got a call once from HR when I was on my way to work, when asked what it was about she just said "come see me". I almost had a nervous break down on my way to work, turns out she needed some paper work about tax. I get super nervous when I read articles talking about another 2008 approaching etc I worry that i will lose my job because of a recession like that. I am paranoid to a point where I look at my 401k account almost every other day, to console myself that i am not in that bad of a condition. When I was in debt (grad school debt), I always thought this anxiety will go away when I am out of debt and have some savings. Now I feel I will get over it if I have about a year's income in savings, I am very hesitant to put my money in any type of fund (401k reluctantly) because I feel if markets collapse I will lose it all. I am really tired of living in this anxiety and I am wondering what I should do about this. I am not married and live far away from family. On paper, I shouldnt be worried at all, I have a graduate degree in engineering, have a 6 figure job, zero debt, not even car debt (because I absolutely hate debt), and have about 20k in savings excluding 401k. I dont know how to get out of this. Anyone have any similar issues? How do I deal with this? [link] [comments]  |
| Moved to the US for work, where to put my money in? Posted: 07 Jul 2018 07:28 PM PDT I'm 30 and was transferred over to the US by my company about a year ago. Because I'm on a visa and I'm not sure what my long term future is at this point, I'm not quite sure what my investments should look like. Right now I have my 401k and I'm maxing out my HSA, and have quite a bit left over each month. I've been saving up over the past year but I'd like my money to be growing instead of parking it in my savings account. I've been debating whether investing more in my 401k is advisable, since I'm not sure if I'll be staying in the US until my retirement. Should I open a Vanguard account and invest there or do I max out my 401k? [link] [comments]  |
| 23 year old senior in college with a 5 month old and a SAHM. Where to start? Posted: 07 Jul 2018 07:12 PM PDT Hey, all. As the title says, I'm currently a senior in college and will be graduating this December. I have a 5 month old, and my wife is a stay at home mom. Right now I'm interning and making 15 an hour and trying to save as much as I can, as we desperately need a new car as my car is not big enough for a baby. When I go back home, I'll be making 800 a month with little to no expenses besides groceries and gas. We both have great family who all chip in on diapers, wipes, formula, etc. My main question is, whenever I graduate and go into meaningful employment, where should I start? I'll be on my own for the first time, so I will have to pay everything that I don't right now. Like rent (unless I can secure a job close to home, then my wife's parents will let us stay in their spare house for free), 25k in student loans, health insurance, car insurance, etc. My parents grew up living paycheck to paycheck, and although they are much more stable now, I don't want that kind of life for my family. I should start out around 45k, but if money gets too tight, I'm also thinking about delivering pizzas to help with loans, but that's going to be tough on family as I grew up without my dad and want to spend as much time with my child as I can. My wife has done freelance photography in the past, and she wants to get that started again which will help a lot. So like I said, where should I start? Are there any tips for me that someone that has been in my situation can give me? Thanks in advance for all of your help. [link] [comments]  |
| How much is taken away from the average paycheck in California? Posted: 07 Jul 2018 07:06 PM PDT Hi everyone. I will be starting my first new "adult" job soon and need help budgeting for an apartment. I am not sure what deductions are standard for a paycheck in CA. I know that I will still be on my dads medical until 26. And I definitely want to contribute to my 401K. Are there any deductions I should know about? Let's say my income will be around ~4500. What would my actual take home be? Thank you [link] [comments]  |
| Posted: 07 Jul 2018 06:54 PM PDT I really don't know too much about banking, taxes, anything finance really. Most of my life my parents have controlled my money (and they REALLY don't want to switch from WellsFargo for some reason) and my bank accounts. I just started a job though, my first ever, and I'm going to be coming into my own money. I'd like to open a bank account with Ally, but there are some things I want to know first:
I know these are super basic things, but I was really just never taught any of it. Thank you. [link] [comments]  |
| Mortgage pre-approval - pay quarterly estimated tax before? Posted: 07 Jul 2018 08:20 PM PDT I'm a first-time home buyer and am preparing to get pre-approved for a mortgage loan. I did a same-day sale of some stock options in June to contribute to a down payment. I'll need to pay taxes on the earnings from the sale by September 15. I am hoping to get pre-approved for the mortgage within the next month. Should I pay the taxes before talking to a lender? The taxes will be about $6k to feds/state, so i'm worried that it paying that out of my savings account after pre-approval may raise issues with the lender. Long time lurker, first time posting - thanks for your help in advance! [link] [comments]  |
| A few quick questions regarding Capital One credit card and general CC application as a student Posted: 07 Jul 2018 04:10 PM PDT I'm gonna throw out my background info just in case it helps with the responses. Hi, I am an incoming college sophomore. Currently, I have the Discover Student IT card(only have it for 2 months) with a credit line of $500. Income is about $10k a year. Current asset is about $30k. Beside the Discover, I have a fed student loan of $3500 and is an authorized user of my dad's credit card. My credit score is 706,730,716 Discover FICO, Transunion, and Equifax respectively. Credit age is 10 months.
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| Salary went up substantially, need help finding an advisor Posted: 07 Jul 2018 07:46 PM PDT I'm very fortunate but my pay went up over six figures and i think it's insane. I need to find a financial advisor, even though pf is a great resource. My questions for you are: Can my company 401k/ HSA be transferred to the FA or do they stay where there at? Can i schedule or just pay for a one time consultation for advice, or should i really keep going to them/ have them manage my assets? thanks! [link] [comments]  |
| Have $40k/year job, no college, not much room to increase income. Suggestions? Posted: 07 Jul 2018 07:42 PM PDT I work in a GIS type job UAV mapping and dealing with GIS/LIDAR related specific software. I am 35 and am married. My wife works at the same place with no college, she solders electronics part time for $15/hour about 1/2 full time. We have no debt. I love my current job and so does she. I landed the job by self educating myself in the nitch field I am in. We put away the max that the company matches in 401k. Before this we have no savings. We have about $5.5k in savings. Before this we were dicking around making just enough in self run gigs and small cash only crap. So despite loving our current work, are concerned about the long term. If something happened to this small niche job we might be fucked and looking at minimum wage jobs. It was quite a god send for this company to take a risk on me and then offer my wife a job. My wife deals with manufacturing for the company. So I am considering a few options. A) the cheapest: self educating again and taking as many certs as I can, such as I was working on a compTIA computer repair class, finish that. As a hobby and also usefulness in my work I am taking it upon myself to learn python, so looking into something like Khan academy to get a python cert. I would then next maybe get a ArcGIS cert. B) take student loans to get a programming degree while remaining working at the company, taking maybe like 2 classes a semester. I hear that college has increased in cost a huge amount, and that my credits might not even transfer. We both started college 2001 in CA, and now live in AL. I made it to junior year level, so at best this might not be so bad, but at worst I fear I would need to do everything over again. I have not talked with my employer about this, but I have a feeling they are happy where I am (IMO we could use another of me, not a higher up me from what I have seen in terms of work load). I don't see much of an increase in pay at my current job. C) Joining the airforce. I see they have 3D0X4 - Computer Systems Programming. I just started looking into this today so am really green with what it all entails, but I see there are options as to reserve or full time. I love my current job so if I can do reserve and then go back to my current job this would be great with the college benefits. Although I haven't asked my boss about it. I honestly think I could write up enough workflows for my wife to take over some of my duties, but I have no idea what my current employer would think. They might just tell us that if I am gone then to hit the road. I might be okay with that and consider a full time air force job if the 3D0X4 would provide us with similar life in the next year and better opportunities in the future. I feel that possibly the service would possibly provide the structure that was lacking in my 20s, but on the other hand I could just find that in myself as I have when I got this job and revert to option A. IDK suggestions? [link] [comments]  |
| Is there anyway I can figure out who used my debit card? Posted: 07 Jul 2018 07:32 PM PDT I went through my bank statement yesterday and found a $106 transaction for Uber that I didn't authorize. I don't use Uber and don't know anyone that does, and I haven't given my card or info away to anyone. I've taken the necessary measures by calling my bank and having a case report filed and card cancelled with a new one on the way, but I'd like to find the identity of the person who used my info and was wondering if there was anyway to do that. [link] [comments]  |
| Posted: 07 Jul 2018 07:22 PM PDT I got a pay raise in April and make some decent amount of money. Currently been saving and put 2k away to the each paycheck, which is 4K a month. Looking at making about 80k this year. I been at my job for more than a year now. There's a home that's foreclosed and I'm thinking about sitting down with a lender to see what are my chances at getting it. It's going for 350k. I got about 10k saved and depending when it actually becomes available I might have more money saved. I want to use my mom as a co-signer, but she's only owned property once, which she had to let go foreclose 20years ago because of divorcing my father. She makes around 45k a year and has been with her company for about 25years. Last year she filed for bankruptcy though, which I think might ruin my chances, but do you guys think that she might improve my chances at getting approve rather than me applying by myself. [link] [comments]  |
| Pre-Settlemant advance recommendations/advice Posted: 07 Jul 2018 07:10 PM PDT Roughly 9 months ago I was involved in a accident, due to the injuries sustained I had to quit my job and haven't worked since. Up until now things have been tight financially but I've managed to scrape by. However a few months ago the place I'm living was sold and I've been given notice to vacate. Therefore I now need to come up with money for moving expenses (1st months rent, deposit, utilities, etc). I've depleted all the cash, credit and savings I have, even cashed out my small 401k in the last 9 months staying afloat. I've gotten help from family previously in small sums but no one I know have the kind of money I'd need to borrow without hurting themselves. Thus my last alternative seems to be getting a pre-settlement loan. I of course already have a lawyer and he seems pretty confident the case will be settled within the next few months. I've already done a decent amount of research into getting a loan but the varying and compounding interest rates make me a bit uncomfortable. I'm wondering if anyone has had any personal experiences with one of these companies and could recommend one or point me in the right direction? Or if any of you have any advice or alternatives? I'm reluctant to secure an advance but I don't feel like I have any other options. You thoughts would be appreciated Reddit. Thanks in advance. [link] [comments]  |
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