Personal Finance My parents want to put their house in my name so they can take out on a loan on it. Is there any risk to this? |
- My parents want to put their house in my name so they can take out on a loan on it. Is there any risk to this?
- Update: Had a surgery, someone in the operating room was out of network, now I’m being billed for it
- UPDATE: GF received a notice of debt that was not hers (most likely identity theft). We sent for validation of debt and received it from debt collector. What next?
- Emergency Funds Save Lives
- My mom has $4,000 saved for me that she says I can use for whatever I want. What would you do?
- How do you know when the emergency is emergent enough to use the emergency fund?
- HR called 3 days into position to drop my pay grade due to “an error”
- Living in NYC on 52k a year... What should my budget look like?
- 23yo should I take $160k lump sum or structured annuity for personal injury settlement?
- Grandparents given me £10,000, don’t want access to it until I finish university (2 years time). What’s a safe way to save this money and get a return better than interest?
- Daughter (15) was passenger in a car accident. Driver was an unlicensed friend using another friend's car (with permission). What kind of financial and insurance mess are we now in?
- My new job lets me fly in the US every week, and requires me to stay in hotels on all weekdays. How do I maximize my returns on this?
- I have $10,000 saved up and am wondering what to do with it.
- Company pays rent as fringe benefit, told in 2018 will now be on W-2 and not deductible.
- Affording our dream house!
- Texas Attorney General and false reporting to credit bureaus
- PF Advice on HBO's Hard Knocks
- My 18yo brother just received $70K from a settlement (car accident) - How to best support him?
- Someone just opened a verizon wireless account using my SSN and likely ID. Next steps to minimize risk?
- How to handle cash if you have an online bank account?
- Have $500 to put in investments/savings, I need help on how to get started (specific questions below)
- Age 20 looking to save / invest
- Got offered a contractor role at NASA. How viable is it?
| Posted: 08 Aug 2018 11:39 AM PDT I'm 20 years old and have fair credit and don't live with my parents. They have terrible credit but live in a house they own worth 140,000 dollars. They are completely broke right now because they make awful financial decisions. I'm not smart enough to know what to do about this or if there's a big risk, but my mom asked me today if they could put the house in my name and I could take out a loan on it. She said she would pay the monthly payments out of the loan. Is there any safe way to go about this? She said it's not risky at all, but I assume the fear would be that she wouldn't pay the monthly payments and I would end up getting my credit screwed up and owing money. However, she said I would get 5,000 dollars out of it and that money would really help me moving into my own place. [link] [comments]  |
| Update: Had a surgery, someone in the operating room was out of network, now I’m being billed for it Posted: 08 Aug 2018 04:18 PM PDT Here is my original post. I resubmitted the claim to my insurance. They got back to me and said they paid their max on it. I received the letter from collections shortly before I left the country for vacation (I left July 16) and when I returned last week, I had an updated invoice from the nurse's billing office dated 6/26 saying I only owed $88.93 because they reduced the bill to $210.98 and my insurance paid $158.23. The math isn't quite right but I was excited! When I called the billing office to pay, they said it had already been longer than 30 days and so it was with collections and I could only deal with the collections agency now. In their (nurse's billing) letter it stated that if I did not pay the $88.93 within 30 days, I could be held liable for the full amount (almost $4000). I called collections and they said they would settle with me and asked how much I'd be willing to pay. I told them $88.93 and they said no. I'm not understanding now how the nurse sent an invoice dated 6/26 for $88.93 and collections sent a letter asking for $3998.49 on 7/13. My attorney advised me to send a check for $88.93 to the nurse's billing office and write "full and final payment" on it. I have done this, but I'm concerned about the collections company reporting it to the credit bureaus. They gave me until August 5 to pay, but my attorney said he got it extended. I don't know what I should do now and I don't know how collections can demand $4000 for a bill that was adjusted to $88.93. What can I do about collections if paying the $88.93 to the nurse's office doesn't work? How do I protect my credit? Here are the two letters: https://imgur.com/gallery/p9diek6 [link] [comments]  |
| Posted: 08 Aug 2018 08:51 AM PDT Hi all, About a month and a half ago my GF received a letter from a debt collector for a debt they bought from Capital One (see my post history for more info). She has never had an account with Capital One so we believe this to be identity theft issue where her information was used to open false accounts. We called Capital One but they were unable to help so we had to go directly to the debt collector. We sent a letter requesting debt verification and they sent back a letter with information about the debt including the last four of her social security. The thing is, the address on the initial account with Capital One is completely wrong and she has never lived at the address which leads us to believe this is a case of identity theft. Given this information, what should our next steps be to dispute and get this debt off her name? The validation of debt doesn't give us any information on how to continue the dispute and the only thing that really matches is her name and last 4 of social. I have included all the documents we have received from the debt collector below for your review if necessary. Should I call the debt collector to straighten this out? Also one thing to note, we went to annualcreditreport and found that the inquiry from the debt collection agency shows up on her transunion report. Document 1 - We believe this to be a copy of the initial notification from Capital One that they sold the debt. Document 2 - Page 1 of debt validation Document 3 - Page 2 of debt validation Any help would be much appreciated as I am not too familiar with this process and feel that this is an out of the ordinary debt collections situation because of the identity theft. Thanks! EDIT: Thank you everyone for the awesome advice! I expected no less from the fine people here on /pf. It looks like the consensus is to file a police report immediately then use it to dispute the debt. I will be going through this with her immediately! Thanks again! [link] [comments]  |
| Posted: 08 Aug 2018 03:44 PM PDT Long time lurker here. I'm a college student with little to no money. After reading through this sub, I decided to start an emergency fund with what little I had left over each month (I have a part time job that helps out). After months of saving, I got it up to $500. Not a lot, I know, but a lot of work for how little I make. Long story short, my dog got sick unexpectedly and I had a $300 bill from the vet handed to me at the end of the visit. Though it still stings a hell of a lot, I know my pup wouldn't have survived without the treatment, and I'm not going to be late on any bills this month because of it. If anyone needs a reason to start an emergency fund, here you go. Even if it's only a couple hundred dollars, its worth it. [link] [comments]  |
| My mom has $4,000 saved for me that she says I can use for whatever I want. What would you do? Posted: 08 Aug 2018 03:42 AM PDT It's leftover from my college fund because halfway through I transferred to a college where the tuition was less expensive. She said I can use it for a down payment on a car, savings, school, whatever. I recently started school again after graduating 3 years ago to pursue a different career path and she said I can use it for my tuition if I want, but I work full time and I've been paying for 2~ classes per semester myself rather than taking out more loans or using this money. I think I like the idea of just paying for it in full myself and having the extra savings tucked away. I only make about $2,200/month but I have virtually no expenses since I still live with my parents. I have an account with Betterment that has $1,500 in it, investing in index funds. Maybe it could go there? I only contribute $100/month to this account since my tuition expenses are pretty high. I also still owe $9,000 on my student loans from my first go at college. What should I use the $4k for? TIA. Edit to answer these questions: -one loan is about $6,000 at 3.15%, the other is about $3,000 at 6.55% -I have a Roth IRA with $3,500 in it [link] [comments]  |
| How do you know when the emergency is emergent enough to use the emergency fund? Posted: 08 Aug 2018 08:18 AM PDT I've been a lurker for some time here. Don't make nearly as much as most people as I'm a third world pleb so the numbers can be pretty daunting sometimes. Anyway, regardless of the scale, the principles one can learn from this sub are great. In particular, I always read about this Rainy Day fund that responsible people should build up for when life bitch slaps you in the nutsack. My question is, how do you know when you've been bitch slapped hard enough to use it? I've built up a small fund and can continue to add to it, but I don't know if/when it's worth using it. For example, most recently, I have an dentist appointment that I haven't planned for in my budgeting. I fear it may cost me at most half of my fund. I could probably get away with not using the fund but it would put a lot of stress into my next month expenditure wise. Should I use it? What if run into a real emergency next week? No use having good teeth and no money in that sort of situation. I've held onto it for a while without spending any of it. How do I know if the emergency is emergent enough? [link] [comments]  |
| HR called 3 days into position to drop my pay grade due to “an error” Posted: 08 Aug 2018 02:38 PM PDT I recently started a position for which I was given a written offer of 15.74 per hour for a library job. I have been at this position for 3 days. Today, I received a call from my Metropolitan government's HR that my offer was in error and that I am in pay grade 4 and not 7. They say my actual wage will be 12.01 per hour. I never signed a contract but the offer is clearly written in the email. Can anything be done? [link] [comments]  |
| Living in NYC on 52k a year... What should my budget look like? Posted: 08 Aug 2018 10:52 AM PDT Yes, I know that is a low salary for living in NYC (Brooklyn, to be exact). Please no comments telling me this is impossible or ridiculing my salary-- I've had enough of those already. I am a teacher and took a job that I will really enjoy over a higher-paying alternative. Perhaps I will regret that decision down the line, but for now, I am going to try and make it work. Take-home pay each month = 3000 Here are the non-negotiables for a month:
Total: 1,555 Other expenses-- I'm not going to put exact numbers here, because this is what I'm asking for help with. I want to be able to save a bit but also enjoy living in the city.
Any advice on how I can balance expenses, fun, and savings? I'll just say again that I know 52k is a tight budget, especially in this city. I will be seeking ways to supplement my income once the school year starts, but I'm looking for some advice right now, as things are. I never learned how to properly manage my money, so I'm open to any advice Thank you! EDIT: I'm still reading all new comments but I just want to say THANK YOU to those of you who have already responded. I've had so many people tell me that it wouldn't be possible to live on less that 100k in NY straight down to people blurting out that my salary "SUCKS" when it came into conversation. I was honestly afraid to post here, but this sub has been so supportive, helpful, and encouraging. [link] [comments]  |
| 23yo should I take $160k lump sum or structured annuity for personal injury settlement? Posted: 08 Aug 2018 03:22 PM PDT I'm receiving a $160k personal injury settlement. I have the option to take the lump sum and invest it myself or take some upfront cash and keep the rest in a protected annuity account. Lump sum plan: $20k for debt/auto loan payoff $15k for emergency fund $30k savings for last three years of college Invest the remaining $95k into vanguard index funds Annuity plans: Keep same 65k for reasons above Life annuity company will keep the $95k tax free risk free---- nobody can sue me and take that money, won't be lost in divorce if that ever happens, don't pay taxes on gains, etc. But the return would only be about 3.2%, so I'd see either $134.6k when I'm 35 or $163k when I'm 40. There are other ways I could set it up, but these two seemed like the best payout options. I'm leaning toward lump sum and investing it into vanguard index funds. I feel like even if there's a downturn in the market for a number of years, I'll still come out significantly ahead of 3.2% returns. I'm super young, so I feel like I can take the risk. I need to make a decision by end of day tomorrow, so any advice is greatly appreciated. [link] [comments]  |
| Posted: 08 Aug 2018 09:10 AM PDT 19 year old based in England. Grandparents planned on giving each grandkid £10,000 for their 21st but due to loss of value over time decided to give us it all at the same time. Currently in full time work for the year (placement year at uni) so I don't need the money. Is there any ~100% safe investment schemes that will benefit me more than just putting it in a bank? Not fussed about a massive return, just don't want it wasting away. [link] [comments]  |
| Posted: 08 Aug 2018 08:42 AM PDT So they drove the car out on a rural road, the driver lost control on gravel and rolled the car into a ditch. Both girls walked away with minor injuries. Both were checked out at the ER. I assume my regular health insurance doesn't cover any of the bills. Will any insurance cover them (i.e. the car owner) considering the driver was driving illegally? Can the owner of the car come after either of our family's to pay for the car damages even though the teenager the car belonged to gave them permission to take it? This is new territory for us and I really just want to get a handle on the possibilities before we start dealing with all the ramifications. One other thing: I have a supplementary accident policy ( i.e. broken bones, etc. ), does that cover injuries from car accidents? [link] [comments]  |
| Posted: 08 Aug 2018 03:49 PM PDT I'm 25, and I get paid an average amount for my line of work (75k, which is good for my project location - in the Midwest - but below average for New York where my actual office is). I don't expect to be sent to New York for at least year. Following the advice of the good people at /r/travel, I have taken two credit cards to make hotel and flight bookings I'd have to make for work anyway (reimbursed). One is the Amex Starwoods Preferred Guest card, the other is the Amex Delta SkyMiles card. Both cards have $0 fee for the first year, then a $95 annual fee after. They give me extra points and miles per dollar spent at those hotels/airlines. The problem is, since my credit history is very new (2 months, I'm not a US citizen), my credit limits are $1000 which I will easily max out in less than a week. My flight expenses a month come to about $3000, and hotels about $7500. The PF wiki tells me maxing out my cards are bad for my credit score. How can earn more reward points/miles/hotel nights or returns on these expenses? Should I apply for more cards? Also, what are my options as a non-citizen to invest for retirement in the US? My employer does not offer a 401(k) plan. Can I invest in Roth IRAs? Sorry if these questions sound stupid, or if any of this sounds like gloating - I'm genuinely only looking for advice. I have about $2000 in savings, no car, no property or assets to speak of. [link] [comments]  |
| I have $10,000 saved up and am wondering what to do with it. Posted: 08 Aug 2018 11:18 AM PDT I am 16 years old with 10k and I don't know what to do with it. I don't have any loans or bills to pay. I was thinking of investing it but I don't know how to or if that is my best option. Right now it is just sitting in my bank. Any feedback is appreciated :) [link] [comments]  |
| Company pays rent as fringe benefit, told in 2018 will now be on W-2 and not deductible. Posted: 08 Aug 2018 06:52 AM PDT Hi, all! I work for a company based in New York State that pays me to live in California. In addition to my salary, the company pays for my apartment. This value is $3,000 per month. This has never shown up on my W-2 for 2016 or 2017, and there has not been a tax implication for me. Obviously, this was part of my negotiation in determining salary. I have been informed today that in 2018, this must be reported as income and is not deductible in 2018. So I have a couple of questions:
Thanks! EDIT: Thank you all for the great responses. I appreciate that many of you have taken the time to point out that I am responsible for my own taxes. I certainly understand this. Just looking for some perspective as I look to have conversations with my employer. [link] [comments]  |
| Posted: 08 Aug 2018 03:37 PM PDT My wife and I (24 years old) are currently ~1 month out from closing on a home in a new development in Austin, TX. It's a 3bdr 2 1/2 bath at a little over $330k and came with some really great incentives (the builder is including new refrigerator, dishwasher and washer/dryer which is great as we're currently renting and do not own those items). The housing market in Austin, TX is competitive and doesn't seem to be slowing down soon; as a result, we're currently paying $1,300 for a 600 sq/ft loft. After saving up a $25k down payment, we were told this was a smart investment. We put down $2,500 in April to secure the lot and begin building. I currently make around $80-100k/yr (sales mgr) and my wife had a work from home job (advertising consultant) that paid around $35k/yr. When we first began looking at houses, she was comfortable in her position but knew it wasn't her career path; she has always wanted to pursue a creative career that most likely won't yield a comparable salary for some time, but knew that qualifying for a home required both of us to have salaried positions so decided to stick it out at least until closing on the home. Her company began having some financial problems, started downsizing and let go the advertising and marketing teams first, leaving her without a job. Financially, it's not a big blow as my income has supported us in the past. She was planning on resigning ASAP but obviously not before we got our home loan. As this is our first home after living in apartments, we have to consider how much it will cost to furnish the home. We only have a couple thousand saved after the down payment and are ok with taking our time rather than splurging all at once, but I'm worried that we aren't leaving ourselves with enough spare money (emergency funds, etc). Is it ok to put basically all of our savings into the down payment? Now that she doesn't have a salary, we no longer qualify for the loan that we were planning on getting and our next option is getting a co-signor who would most likely be her parents. We're obviously hesitant to do this as we don't want to jeopardize their savings and retirement. Should we take her job loss as a sign that this isn't the right time for us and wait for a more opportune/comfortable time to buy our first home? Or should she work to apply to as many salaried jobs as possible just to qualify for the loan? edit: a question [link] [comments]  |
| Texas Attorney General and false reporting to credit bureaus Posted: 08 Aug 2018 02:30 PM PDT Fairly specific issue. I've been paying child support for 5 years. Am currently 7000$ ahead on my payments just because. Haven't really needed credit that entire time. Last year go to check my credit score and it's in the low 600s, which is very confusing because prior it was perfect. Turns out that the Texas Attorney Generals office (which in our case is responsible for disbursing my child support funds) reported me as having not paid any child support for 44 months straight. Of course I print out their records from their site and show them that that's not the case but their response was essentially "Yah but our records show you didnt pay, so the reporting to the credit bureau is accurate" It didnt seem to matter to them that their records also show I'm paid in full AND that it would have been impossible for them to not receive payment as they were withdrawing directly from my wages the entire time. I'm kind of at a loss as to what to do next. I challenged the reports at the credit bureau, providing the AGs own records that I had paid every month but they didnt accept that. Any ideas on what my next step should be? [link] [comments]  |
| PF Advice on HBO's Hard Knocks Posted: 08 Aug 2018 06:40 AM PDT He makes 10% return sound a little too easy, but the advice is solid. Don't buy a Rolex to impress Taylor Swift! [link] [comments]  |
| My 18yo brother just received $70K from a settlement (car accident) - How to best support him? Posted: 08 Aug 2018 09:38 AM PDT Hey, everyone! I've been following /r/pf for quite a while, and follow the money-handling wiki pretty closely for my personal situation. This sub has been great for me, but I need a little assistance with my brother's situation. What happened: My brother was in a car accident back in 2015. He was a passenger and busted up his arm/shoulder real good. The insurance companies and his lawyer have been fighting back and forth for all this time and things have finally settled. Point being, at 5:00PM today, he will be receiving a check for $69,289.16. Quick notes:
More background on his situation:
My questions:
I would feel super confident going into a situation like this having the support and knowledge of communities like this. I can't help but think that he could very easily make good choices, or not-so-good choices. Thanks, /r/personalfinance! TL;DR - My 18yo brother has very little financial background and is about to fall into $70k. How best can I support him? [link] [comments]  |
| Posted: 08 Aug 2018 10:46 AM PDT Got a bill for 240 from verizon wireless with my name and address on it (obviously) Called verizon and sorted it. Got a letter and also was informed they told the credit agencies. So my credit score should be fine. I bet this happened during the Equifax breach. Anyway I was wondering if there are any additional steps I could take beyond general attention to detail with my finances. [link] [comments]  |
| How to handle cash if you have an online bank account? Posted: 08 Aug 2018 08:16 PM PDT I have an online bank account through Ally, which has been great. Only thing is that it is difficult to get cash into the account which comes up periodically (people pay you back for something, you sell something, you receive a cash gift, etc). They don't have a deposit ATM so the only real way to get cash in the account is to send them a money order which is a hassle and takes too long. Does anyone have any ideas for this problem? I've thought about just opening another local bank account with a deposit ATM just for this purpose and I can pay off my credit card to it if money does end up in that account. The only annoying thing is that it is another account to manage and make sure I do whatever I need to to avoid monthly maintenance fees. [link] [comments]  |
| Posted: 08 Aug 2018 07:26 PM PDT Hello, as the title suggests, I have $500 saved up that I feel could be put towards better use rather than sitting in my bank account. They've been sitting in my bank account as "reserves" meaning I won't touch them unless absolutely necessary. They've been there for about 2 years now and I have other means by which I can handle emergencies. Therefore, I'm looking to put these to better use, to make some money on top of it. I've asked around friends/family, and found that CDs work the best but I need the opinion of more people before I commit. This is my first time doing anything like this so I'm extremely cautious. I don't know if the stock market is good for me because I feel like it has a lot of risk. More on CDs, someone told me that CD interest rates are about to go up in the next year or so and that I should wait before setting the money on them for however long CD terms are. I'd like to find out if this is true and whether or not waiting is a good idea.
Any general help beyond these questions is highly appreciated as well. Thank you! [link] [comments]  |
| Age 20 looking to save / invest Posted: 08 Aug 2018 07:03 PM PDT Hi I'm Corwin. I'm 20 years old currently working full time making $19.80/hr. I have a $307 car payment, $174 car insurance, $74 phone bill, $200 rent. I want to be financial sound and look at ways to invest my money for the future. Sorry if this post is lacking any information. I currently have little ($250) to no money saved. $300 in my 401k. I HAVE NO FINANCIAL KNOWLEDGE. [link] [comments]  |
| Got offered a contractor role at NASA. How viable is it? Posted: 08 Aug 2018 04:13 PM PDT I got an offer to work as a contractor at Goddard, but I'm a bit concerned. I have some interviews lined up at Puerto Rico. From the research I've done, I got these facts:
I could ask my boss for more details. But I honestly don't think I'll get any answers since I won't be extended an offer until late August, early September. If I get an offer for $55k+, should I take it? Puerto Rico's pretty much cheaper than Maryland in everything barring utilities. I could probably get by with $44K as a man with no kids, no savings, and friends+family as backup if things go bad. If I were to get a job in PR, I'd start searching for jobs in cities like Austin and Atlanta once my girlfriend is in her last semester. She needs to finish 4 more semesters. [link] [comments]  |
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