Personal Finance What should I do now if I expect to be too disabled to work in 10-20 years? |
- What should I do now if I expect to be too disabled to work in 10-20 years?
- I’m afraid my job might be a scam
- If you're a young professional thinking about going back to school for a graduate degree, consider maximizing your 401k before your Roth IRA
- What is your take on scheduling automatic payments?
- Can I write "Do not allow endorsement" on the back of a personal check to ensure the money goes to the intended recipient?
- Room mates dropped bed bugs on us before moving out and we are unsure about the cost of staying vs moving
- Will my wife's income-based student loan repayment plan be affected by my income, especially if we combine our finances?
- $90K credit card debt - financial hardship.
- GF is here in the USA on a visitor visa, sustained alcohol poisoning - ambulance ride, ER visit, no insurance.
- Quick 401K Wisdom Needed
- Should I cancel my SW card? It's one of my oldest credit cards going on 5 years, but there is no option to change products to card with no annual fee.
- ESL teacher trying to turn things around
- How to pay for serious dental procedures with limited insurance and bad credit?
- Live in Ontario, Canada myself and my girlfriend make roughly 75k gross a year how much house can I afford to live comfortably?
- Am I dumb to not switch to a high yield APY savings account?
- 1st Credit Card closed then payed off
- Are there any tax risks for CA residents investing in CA Muni bond ETFS versus buying Muni bonds directly?
- 18 years old, looking to start investing with my savings
- Planning on renting an apartment and moving out asap.
- Contributing to an HSA
- Is there ever a reason to pay off low interest loans?
- Student Loan Servicer didn't apply years worth of payments, no bank records, what to do?
- Credit card balance transfers
- Tax problems
| What should I do now if I expect to be too disabled to work in 10-20 years? Posted: 08 Jul 2018 10:45 AM PDT I have a genetic disorder (Ehlers Danlos Syndrome) that is likely to result in me being too disabled to work full time in 10 to 20 years. I am quite ignorant when it comes to finances and planning, so I'm seeking advice here. Some facts about my current finances: I currently work full time in CA and make 75,000 per year before taxes. I contribute the max amount I can afford to my 401k. I have about 40,000 in student loan debt and about 2,000 in credit card debt. Ongoing bills: - Rent 1,000/month (live with roommate) - Health+Dental Ins 450/month - Student loan repayment: 400/month - Utilities+Internet: 120-200/month - Medical: 900/month - Other (Netflix, Grocery Delivery, Amazon Prime): about 60/month Not included: car insurance, renters insurance, gas, other things I'm forgetting I just got done paying off huge hospital bills. My medical expenses are so high because I have to pay privately for CBD pain-management products, massage therapy (also pain management), and psychotherapy. I tried for many years to go through my insurance provider to get adequate mental health treatment without much success. These therapies are a huge reason I am still able to work full time. Symptoms of PTSD make it really challenging to become comfortable with a massage therapist, so it's not worth it to me to try and find another one that charges less. I make too much to qualify for lower fees based on a sliding scale. I don't have a partner and I don't really have any other social support. I can't plan on being able to move in with a friend or family member when I get older or become disabled. I am super thankful to still be able to work, but 100% of me goes to my job. I come home and rest or do physical therapy exercises and have little social life. I would like to move to a place with lower cost of living, but then I would lose access to my current medical team. Thanks to anyone who is able to offer some advice! Edit 1: Changed a sentence to indicate I am contributing as much as I can reasonably afford to my 401k, but I'm not "maxing out" my 401k, if that makes sense. I have a lot to learn. Edit 2: People have been asking so I wanted to say that I work with kids and families that are effected by Autism and other diverse neurological presentations. I travel to homes and schools and create behavioral treatment plans and teach caregivers/teachers how to help their kiddos. I love this job, and fortunately it keeps me moving (even though it's mentally, emotionally, and physically exhausting). The less I move the more quickly I become deconditioned, and I need my muscles to support the instability of my joints and other body parts that have collagen (heart, bladder). Unfortunately, my current physical state (and lack of time) does not allow me to exercise in a way that will help me to rebuild a lot of muscle, so continued deconditioning is inevitable. But I can significantly slow it down. There are a few companies that would allow me to work via telehealth, and that is something I am considering, but sitting and constant typing most of the day will likely be worse for me than my current job. Also, typing in the future may not be doable because of finger dislocations. And finally, I have neurological symptoms (neuropathy, migraines, spinal fluid flow issues) which may eventually make working full time at any job not doable. [link] [comments]  |
| I’m afraid my job might be a scam Posted: 08 Jul 2018 02:13 PM PDT Hi! I recently got hired for a company called Vector Marketing, a company that sells CUTCO which is a brand of kitchen supplies. The job itself is strange although I'm giving it a shot. The job is sales. Basically I will make appointments with people and demonstrate the use of the tools. I get paid regardless if they buy the product or not. The problem is I get paid by each appointment I do. Not only that but I have to find a way to get to each appointment I make. I have no car or drivers license so I don't know what to do. I really want to try it out and I hope it's not a scam. [link] [comments]  |
| Posted: 08 Jul 2018 04:37 PM PDT Hi PF, I see a lot of people recommending the boilerplate advice of maximizing your Roth IRA contributions before your 401k. I'd like to add my two cents, which is if you're young and considering going back to school full-time, prioritizing your 401k contributions over Roth may make sense because of Roth conversions. You can read a lot of literature about 401k and Traditional IRA to Roth IRA conversions on the internet, so I won't explain how it works. However, it may be better than directly maxing a Roth for people going back to school because your income is likely to be very low during the year(s) you're in school. Rollover conversions are taxed as normal income in the year you perform them, meaning effective tax rates apply, as opposed to Roth contributions, which are taxed at the marginal rate. If you perform the rollover while you're in school, you'll owe a one-time tax bill that is less than the taxes you would've paid had you been contributing to a Roth (assuming the total rollover plus whatever other income you have in school is equal to or less than one year's salary), and you stand to save a ton on taxes in the long-run. [link] [comments]  |
| What is your take on scheduling automatic payments? Posted: 08 Jul 2018 09:08 AM PDT Am I (32) just turning into an old man afraid of adopting modern technology? I see how setting an automatic payment is great incase life gets in the way and you forget, however I am always nervous there will be some sort of computer error and now I am late. I hear every once in a while of the automatic payments people set up as not posting in time. How much of an issue have you guys had with this? And if you have had an issue, did the company waive any late fees and/or late reports to your account? [link] [comments]  |
| Posted: 08 Jul 2018 06:46 PM PDT I have a family member who lives with some real scumbags. The last check I wrote them was stolen and luckily they realized and let me know before the scumbag could cash it. Is there a way to ensure that a check I write cannot be endorsed? I'm guessing that was the scum's plan because how else would a check be useful? Can I just write "Do not allow endorsement" or something below the endorsement line? [link] [comments]  |
| Posted: 08 Jul 2018 03:18 PM PDT Hi everyone, I have been stressing over the last few days over this but I am going to get really in detail about our situation so that I don't wind up homeless or paying thousands for this. I live in a 3 bedroom apartment, me, my s/o, another couple and another guy. Our lease is up in 13 days and our term here has been agreeable and we never had problems, until... the bedbugs. The other couple that was living with us informed us that they were moving somewhere else and were not going to stay. The other guy was the same. So the couple moved a month before the lease ends and we all resigned on the lease because my s/o and I want to stay. Alas, we found a new room mate, a family friend who I have known for years, who after discourse with the other couple, allowed her to sleep in their room temporarily. This was when we found out about bedbugs. The infestation does not seem bad. I didn't believe it at first until I found a dead adult. Apparently the couple acknowledged that they moved because of the bedbugs and the shitty thing was, none of us knew and we already signed on to stay in a 10 month lease starting after this one ends. Apparently the girlfriend thought the boyfriend told us and vice versa and there was a miscommunication (though I believe that they knew and didn't want to tell us and make it our problem). Despite that, it is really shitty that they allowed our friend to sleep in there. No more words for them. Despite them having had bed bugs, I have seen two baby ones and killed them. I have NEVER had any indication of bedbug presence in our bedroom or the rest of the apartment. Our other room mate has not observed any symptoms of bedbugs presence either. The couple also ruined the carpet so it is going to come and bite us later regardless. Our apartment complex has guidelines in the lease for addressing bedbugs but If I had known, I NEVER would have resigned the lease 2 weeks ago. I see language in the lease talks about them hiring their exterminators and it sounds like they will try to push the cost onto us. They might vacate the place and inspect EVERYTHING and the idea of me throwing out my belongings, even my upright piano makes me fuckin angry but I digress. They also say that if other people in the unit are affected we are responsible somehow? I do not want to live here anymore and want to get out asap. I want to leave because of this mess. I am reluctant to stay because I DO not want the infestation to spread to me. I also do not want to pay for the cost of an exterminator because I literally have no money and my only fallback is taking student loans. I have considered exiting the lease, paying the fees, cleaning for the bedbugs in that one room and leaving to a new place, while inspecting everything and throwing things I don't need away. I am unsure as to if I should tell the complex/ stay / move and am stressing. Literally in a move of desperation I went to the apartment complex down the street and applied. I am sick to my stomach thinking about this whole situation. Anyone who has dealt with a situation like this or may have advice please let me know thanks. [link] [comments]  |
| Posted: 08 Jul 2018 07:41 PM PDT My wife and I were married about 3 months ago. We're wanting to combine our finances to a joint bank account to make everything easier. I make substantially more than she does. Will my income have any effect on her loan repayment? Thanks! [link] [comments]  |
| $90K credit card debt - financial hardship. Posted: 08 Jul 2018 12:21 PM PDT I have nearly a dozen cards. About $50K on business/non reporting cards (maxed) About $40K on personal cards And about $40K of available limit left across 5-7 cards. Used to have a $200K/year job but not working for a bit. Will resume working in 3-6 months and can make repayments then and get back on top. Haven't missed a payment yet but can only make them for 1 more month. Not willing to consider bankruptcy at this point. If I apply for financial hardship help to reduce payments or interest 1. How do I do that? 2. Does it place a mark on credit rating? (How Long till it goes away) 3. I still need to use some credit for living expenses until I get work. If I ask Wells Fargo for hardship on card A will they freeze card B as well? If I ask Wells Fargo for relief will Bank of America/Amex/other banks freeze my cards? [link] [comments]  |
| Posted: 08 Jul 2018 07:18 PM PDT She spent a total of 7 hours in the ER, out at 10PM. They took her on a 1 mile ambulance ride via private EMS. Travel insurance plan explicitly denies alcohol-influenced ER visits. Can anyone provide tips on negotiating down ER and ambulance bills? She is currently technically unemployed and has no reported income at the moment. SHE IS TOTALLY FINE NOW, THANKFULLY. MOST IMPORTANT PART. We have available credit to pay the bills but would prefer to talk it down if possible :/ especially as she is uninsured, a foreign national from a poorer country, and unemployed, it will hurt us, and I plan on helping all I can. Looked at private EMS carrier's prices and they can average over $1300 for basic support and a ride. She literally had like 3-4 drinks and I nor she have ever seen anything like this before. They ran tests and we trust the people who made the drinks (I'm just guessing these were super strong). It was boneheaded but also incredibly odd and impossible to predict that 3 drinks would get her to a .26 BAC and have her choking on her vomit on the floor. I had my eyes on her all throughout the party and we even shared a cup for much of the night. She wasn't charged with any criminal or civil offense. [link] [comments]  |
| Posted: 08 Jul 2018 08:34 AM PDT Got my first job and I am evaluating my options for my 401k. I'm 22 years old and want to be aggressive early on. Should I have a portion in the Vanguard Target Retirement 2060 Trust 1 account and some in the Small cap, mid cap, and S&P index fund, or should I bail on the Target Retirement account and just use the other three accounts. Here are the facts on the choices- Vanguard Target Retirement 2060 Trust 1- .07% expense ratio Fidelity® 500 Index Fund Institutional Premium Class (FXAIX)- .02% expense ratio Mid Capitalization Equity Index Fund M, Blackrock- .045% expense ratio Northern Trust Russell 2000 Index Fund - Tier 3- .0425% Total annual operating expense Thank you all for your help!! Have a great day! Just want to see how I should allocate amongst these options here [link] [comments]  |
| Posted: 08 Jul 2018 06:53 PM PDT I don't even use the card and don't want to pay the annual fee anymore, but being that it's one of my oldest cards and is increasing the average age of opened accounts, I don't want to hurt my credit score to avoid paying a $39 annual fee. How big of an impact would it have on my credit if I were to cancel this card? I have a couple others that are older. [link] [comments]  |
| ESL teacher trying to turn things around Posted: 08 Jul 2018 02:35 PM PDT Need some financial advice guys. The rundown: I'm in my late twenties, with about 65k debt (mix of student loans, personal loans and credit card) I graduated with a degree in art history and English literature at a crappy stateside university. Couldn't find a job in my field after graduating. I worked in sales at an insurance company and was hating it. Later I worked part time, food service jobs for 3 years. After getting nowhere, I took it upon myself to move to asia and teach English. I live near Beijing China, working at a small private school. (After school cram classes) I make 8,000rmb ($1200) a month and have free housing. Best way to pay off the debt? I have about $200 left over each month. All my debt payments come out to about $1600 a month. So I've been short the last few months. Credit rating below 560 and falling. I'm serisouly thinking of just forgetting about the debt and starting over here in China. How much will this hurt me should I want to return home one day. I'm from a small town in Michigan. Will I be able to return and visit family or work should my China plan fail? [link] [comments]  |
| How to pay for serious dental procedures with limited insurance and bad credit? Posted: 08 Jul 2018 06:18 PM PDT Backstory: I messed up real good in during a depressive spiral, r/PF. I lost my job, defaulted on a bunch of credit cards, and ended up having to go through a debt management plan to avoid filling for bankruptcy. However, my credit score is now down to 530 and I have roughly $200 left per month in my budget after all my other bills. My dental health is...bad. I basically need fillings on all my teeth, and multiple extractions + implants, 5 at maximum. Two of them are front teeth. My insurance says they'll cover 50%-80% of cost depending in the procedure, with a $1000 maximum benefit that renews on Jan 1....is there any I can do this without having to walk around with visibly missing teeth? [link] [comments]  |
| Posted: 08 Jul 2018 08:04 PM PDT I currently make 35k after leaving college. Girlfriend makes $20.16/hour 37.5 hour work weeks. We have 0 debt. We're very good savers and currently have 45k currently combined saved. i'm 24 and she's 23. So we're looking at starter home that we can comfortably live in. We barely go out to eat maybe once a month. We travel once year spend around 600$ each on a trip. We both buy used cars every time. Have been doing multiple calculators online and its very overwhelming. This is gonna be a big purchase so I want to cover all my bases and make sure we're not overdoing it and stay way under. Housing in my city goes from 150k to 1 million so big range. Looking for a detached home within 2 years. We are looking to put minimum 20% down. Do you think we have enough income for a home purchase? We live very materialistically so no coffee every morning , no alcohol or anything like that [link] [comments]  |
| Am I dumb to not switch to a high yield APY savings account? Posted: 08 Jul 2018 12:30 PM PDT Currently have $80,000 in a regular low yield savings account with my bank (USAA), but I'm only earning .15% APY. I'm considering switching to a high APY account like Goldman Sachs, which has 1.8% APY. It seems stupid to stay where I am and miss out on $1,000+ in interest for the year. I would need to figure out a way to transfer money between my checking account w/USAA and this account, but barring that I don't see any drawbacks. Is there anything I'm missing that would be a reason not to make the switch? Also, for anyone wondering why I'm keeping so much liquid cash instead of investing to keep up with inflation, it's because I need to access this money a year from now to pay for grad school. However, if there are other accounts I'm missing out on that would offer a good alternative, let me know. [link] [comments]  |
| 1st Credit Card closed then payed off Posted: 08 Jul 2018 07:48 PM PDT Hey guys, keeping this short so I apologize for the brevity. I opened my first banking account with Wells Fargo and also picked up their credit card. I was young and stupid. I bought a big screen TV along with other necessities throughout the years. My debt was $3,000. I thought I could pay it off and I ended up making bad choices and my credit card was closed by the bank. I was able to pay off the dark cloud of debt by making necessary sacrifices. It's a great feeling to be debt free. Now that I'm older I see the need for a credit card. They have all these great benefits etc. My question to the community is this: Which is a good credit card to open? Visa, MasterCard, I know PayPal has a credit card too. I just don't know which too choose. I appreciate the feedback if I receive any. Thank you. [link] [comments]  |
| Posted: 08 Jul 2018 03:12 PM PDT As a CA resident, if I invest in an etf tracking CA Muni bonds, do the dividends distributed involve any tax risk versus buying the bonds directly? for example: iShares California Muni Bond ETF (CMF) If I were to buy this and setup a DRIP and leave it alone for the next 20 years is this logically safe and effectively like a Tax free Roth account? Or do ETF's like the above have any caveats relative to purchasing CA Muni bonds directly? [link] [comments]  |
| 18 years old, looking to start investing with my savings Posted: 08 Jul 2018 07:17 AM PDT I'm gonna be attending university for the next four years, but received a scholarship and my parents agreed to take care of the ~25% that isn't covered. I have about $30k that is combined money from working the past five years and the inheritance from a family member and my question is what can I do with this? I currently just have it sitting in a bank account and I am a very frugal spender so I haven't really touched any of it over the years. I would love to start investing it or putting it to some other good use so that by the time I am out of college I will be starting off on a good foot. Any recommendations? [link] [comments]  |
| Planning on renting an apartment and moving out asap. Posted: 08 Jul 2018 06:42 PM PDT I'm 20 years old and I had to spend all my savings on stuff for my new job. So with my new job ill be making 2.5k each month after taxes and did the math and need probably around 8k (first month's exspenses included) to buy all the things I need to move out into a apartment but i'm worried that i wont be able to save any money at my starting wage. Should i try to get a roommate or just tough it out until a move up with this company which is doable (some guys go up by $3-4 a year). [link] [comments]  |
| Posted: 08 Jul 2018 06:28 PM PDT I am switching jobs in a few days, and have an HSA with my old employer. My new employer does not offer HSA plans, so I would like to max out my HSA yearly contribution limit. So far I have contributed $1300 - it appears I can transfer after-tax money from my bank account : "With electronic funds transfer (EFT), you can move after-tax money from a Fidelity account or an outside bank account to your HSA. Be sure to count after-tax contributions toward your total to avoid going over your annual contribution limit. You may be able to take your after-tax contributions as a deduction on your federal income tax return." Can someone please explain how I would be able to deduct this after-tax money? Does the new tax code wrt itemizing deductions impact this decision? [link] [comments]  |
| Is there ever a reason to pay off low interest loans? Posted: 08 Jul 2018 08:23 AM PDT I have a good amount of excess cash that I've been slowly pouring into the market, while I'm not trying to time anythinnecessairly, in addition to consistent weekly buys from weekly savings, I also put in another 2-3k into the market on random dips. I was wondering if it would be stupid to just pour all my remaining cash, around 80k in total (investment purposes, not an emergency fund) into the market now, keep doing what I'm doing to slowly invest in, or just pay off some very low interest loans (3-4%). I just don't feel great about the market in general, despite the great jobs performance, just because of how crazy some of these tech valuations seem to me, and by buying index funds a significant portion actually goes towards these companies. Thanks all! [link] [comments]  |
| Student Loan Servicer didn't apply years worth of payments, no bank records, what to do? Posted: 08 Jul 2018 05:48 PM PDT Hi Everybody! Back in 2005 I took advantage of the super-low interest rates to consolidate several different student loans right when I graduated with a 10 year repayment period (I'm based in NJ, USA). At the time my parents did most of the heavy lifting with the consolidation, but I immediately began repayment. My mom casually mentioned how it must be nice to be done with my student loans, but according to my servicer (Navient) I have 3 years left of payments. When I look into the account history they only started counting my payments in 2011, erasing 6 years of repayment! Unfortunately, the bank account I used for those repayments was closed in 2014, and the bank (Wells Fargo) can't dig up the historical records). I'm trying to find the origination documentation, but no luck so far. I'm trying to get my detailed credit report, but as far as I know that only goes back 7 years. Any advice for how I can get either: a copy of the origination documentation, which should show that I was scheduled to begin payment in 2005 or historical transaction records showing that I actually make those payments? At this point the monthly payment isn't painful, but I'd really prefer not to pay nearly 50% more for the loan (both interest AND principal!) Thanks! [link] [comments]  |
| Posted: 08 Jul 2018 03:31 PM PDT We have a balance of about 6500 on a boa credit card. 25% interest. We have great credit. I'm wondering if it's possible get a new credit card with 0 apr for 18 MO and to transfer what we owe to that card. If it is possible are there any fees typically and do you recommend it? Is there anything I'm missing about this idea? We can pay about 500/month on the card, but with that interest rate it feels like we're never going to dig out of the debt of it. [link] [comments]  |
| Posted: 08 Jul 2018 05:41 PM PDT So last year my wife and I didn't have I durance for the whole year, but put on our taxes that we did. Now they're asking for proof of our insurance for the year. I'm not really sure where to go from here, or if I'm going to be fined or get in trouble. I'd really appreciate any help. [link] [comments]  |
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