Personal Finance Students and young people: do not underestimate the power of a good credit score |
- Students and young people: do not underestimate the power of a good credit score
- I have $1500 in the bank. I just landed a job making $21 an hour. I don't start until September 24th. My rent is $1000 due yesterday and again on September 1st. What do I do?
- 5 year old daughter was cast in a large play. She will be earning money, what do I do next?
- Discover Card to stop price protection starting 10/31/2018
- My son has cancer and we are accruing lots of medical bills. I graduate with a Ph.D in April, but we don't make enough money to get through until then. What are my options?
- I made open-source Python script for re-balancing an index fund portfolio
- Fidelity Launches Zero Fee Index Funds
- Mom stole my identity but repaid the debt. Now what?
- Running the Numbers: A Test Case for Paying off a Mortgage Early versus Saving for Retirement
- I just refinanced my Student Loans and couldn't be happier!
- Asking for mother. Dentist returning $3000 for botched dentistry work. What to do with money?
- 28. Just got the biggest raise of my life. How can I turn things around?
- I can only realistically set aside about £50/£100 a month to save. What is the best account use for interest.
- Looking for a way to make money while at work
- What should I do to ensure I’m ready to have kids?
- How to find a job with a criminal charge on my record?
- My deceased grandmother’s estate gave my mother $75,000. She wants to invest it for 20 years and give the accumulated funds to me, before she passes away herself
- 100k salary, 25k student loan - How to contribute to Roth IRA / 401k and keep the most $ when it comes to taxes?
- Resignation help
- I live in Australia and very poor, but never really felt embarrassed about it until now.
- Is it a long-term bad idea to cash in some of my Apple stock?
- Aflac Cancer Indemnity Insurance
- Is it better to pay $650 every 2 weeks towards student loan or $1300 every month?
| Students and young people: do not underestimate the power of a good credit score Posted: 02 Aug 2018 05:05 PM PDT I'm moving into my first solo apartment in a couple weeks, and I had to budget for the utility security deposits that many companies require if you lack a history with them. Between electric and internet, I was looking at a couple hundred dollars in deposits—spread out gradually over my next few monthly bills. However, today, I learned a deposit was not required due to my solid credit score! One less headache is gone, and my budget is a bit more flexible now, and all it took was managing and building credit responsibly. EDIT: Of course, this is just one of the minor benefits of a good score. I just wanted to highlight how credit can be a factor sometimes in less salient circumstances [link] [comments]  |
| Posted: 02 Aug 2018 01:59 AM PDT Hello, first time posting on this subreddit. I don't know how I'm supposed to survive this situation but I would appreciate any advice that I can get. I don't want to end up homeless before my job starts and I don't know what to do. I was thinking of getting a payday loan. I know they're bad but I have bad credit so I can't do a traditional loan. [link] [comments]  |
| 5 year old daughter was cast in a large play. She will be earning money, what do I do next? Posted: 02 Aug 2018 09:57 AM PDT My daughter was cast in a traveling production of a Broadway play. She will be earning $1200 for her 4 performances. The production company will be sending us a contract and application to the local actors union. She is not required to be in the union, but would there be a benefit? At her age do I need to report the income? Basically what should I do to prepare her/our family for the income? Will she be paying taxes? Should we open a trust or just a savings account? $1200 is not life changing but I see more gigs coming her way in the future. She really loves performing. I want to have her money saved for her in the most responsible way I can. What should I do? [link] [comments]  |
| Discover Card to stop price protection starting 10/31/2018 Posted: 02 Aug 2018 01:42 PM PDT Per Discover's website: https://www.discover.com/credit-cards/help-center/faqs/price-protection.html Is Price Protection still available to Discover cardmembers? [link] [comments]  |
| Posted: 02 Aug 2018 01:42 PM PDT So up until our son was born, we haven't needed any financial help since my tuition was paid for and my wife was working full-time. When our son was born, my wife quit her job and a couple months later, our son was diagnosed with Neuroblastoma (for those wondering, this is a very good cancer to get if you get cancer. Survival rates for infants are above 95%). So, as you may have guessed, we've gotten a lot of medical bills as we've put our son through chemotherapy these past 2 months. We're almost finished with treatment and he's doing well, but we don't really have a way to pay our medical bills right now. I'm in my last year as a graduated student in electrical engineering, so once I get a job, I'll make enough money to pay for this treatment, but this last year of school is where we're unsure of what to do. I have tuition paid for and a very small stipend I get as a research assistant, but that's barely enough to pay rent and living costs for my family. My wife doesn't really want to go back to work since she's so worried about the baby, but can if there are no other options. I talked with my parents about it and they mentioned applying for a FAFSA student loan to give us the needed capital to pay the bills. I applied for one and got a direct unsubsidized loan offered. The amount offered the first semester isn't much more than what we owe already. The interest rate is 6.6% and begins as soon as I take the loan and I don't have a lot of experience in finance up until this point so I don't know how good of a loan this is. Should I take this loan? Are there other loan options that could be better for me? Are there any other avenues available that I might not know about? [link] [comments]  |
| I made open-source Python script for re-balancing an index fund portfolio Posted: 02 Aug 2018 06:44 PM PDT Hello, I keep part of my savings in a "lazy" equity portfolio consisting of a mixture of domestic/international index funds. Previously, I have used Betterment, which (for a fee) automatically invests money into an "optimized" mixture of various index funds like VTI, VWO, BND, etc. I wondered whether I could do this balancing myself, and so I wrote a simple script in Python (on GitHub here) that, given an amount of money to invest and a desired stock allocation (like 70% VTI, 30% VXUS) and the current allocation in your portfolio, calculates how many shares of each equity to buy in order to keep your portfolio balanced. In principal, this could be used to do more sophisticated allocations like those advertised by robobrokers like Betterment. I am posting it here in case it is helpful to anyone---please feel free to recommend features/improvement to add or to directly submit pull requests. [link] [comments]  |
| Fidelity Launches Zero Fee Index Funds Posted: 02 Aug 2018 09:01 AM PDT It looks like Fidelity won the race to the bottom. The stock prices of their competitors dropped meaningfully on the news (Black Rock, Franklin, T Rowe, Invesco, etc). Interesting times. [link] [comments]  |
| Mom stole my identity but repaid the debt. Now what? Posted: 02 Aug 2018 02:23 PM PDT I looked at my credit report a few months ago and saw that someone had opened a credit card in my name in 2015, racked up several thousand dollars of debt, and had just paid it off in spring 2018. I confronted my mom, she admitted to it. I am preparing to return to school and was looking at what I already owe in student loans. Things aren't adding up and now I am worried my mother was skimming money off those loans. These were taken out 8 years ago, when I was fresh out of high school and she was still handling my finances. I called the bursars office, they are sending paperwork regarding my fees. I know student loan fraud is difficult to prove, so I've been sitting on this for a while. I am not sure what to do. If I report her, my credit will be frozen, which will impede my loan process for this year (I'm an international student and I'm one month from leaving the country. I can't afford to be delayed). I am also concerned that, because she paid off the debt she got into when she stole my identity, that nothing will be done about it. My mother is a nightmare and I want to make sure that if I report her, it is truly worth the trouble. I asked r/legaladvice about this and they suggested I try this sub instead. [link] [comments]  |
| Running the Numbers: A Test Case for Paying off a Mortgage Early versus Saving for Retirement Posted: 02 Aug 2018 12:43 PM PDT I finally pulled out Excel and ran the numbers for my mortgage across several different pay-off scenarios. Since I know how much people obsess about this question here, I figured I'd post my data. Remember, your numbers will be different based on your mortgage rate, the amount you borrowed, and how long you'd have for your retirement funds to compound. Mortgage Amount Borrowed: $94,500 Principle: ~$500/month Mortgage Rate: 4.75% PMI: $70/month Money available for Savings: $900/month Assumptions: 7% Yearly Return Scenario #1 - "Running Up that Hill" Pay off the mortgage as quickly as possible, then throw the entire $900/month + principle into my 403b. Scenario #1 Outcome: Mortgage paid off: less than 8 years Net Worth in 30 years: $1,163K Scenario #2 - "A Leisurely Constitutional" Put $275 extra each month toward principle until my mortgage is paid off while putting the rest into my 403b. After the mortgage is paid off, put the full $1400/month ($900 + principle) toward my 403b. Scenario #2 Outcome: Mortgage paid off: 15 years Net Worth after 30 years: $1,194K Scenario #3 - "I Owe. I Owe. It's Off to Work I Go." Put everything toward the mortgage until the PMI is paid off (less than two years), then put the full $900/month toward my 403b until the mortgage is paid off. Scenario #3 Outcome: Mortgage paid off: a little more than 23 years Net Worth in 30 years: $1,227K Analysis: It doesn't really seem like all that big of a difference, so I'm going with my original moderate pay-off strategy (Scenario #2). [link] [comments]  |
| I just refinanced my Student Loans and couldn't be happier! Posted: 02 Aug 2018 06:53 PM PDT Just wanted to share my little mini-milestone with everyone. I've graduated university, landed a well paying job in the field I wanted, started throwing some extra income at my loans (still in deferment), and bought a car in cash. I've been learning a ton more about personal finance and saw my insanely high interest rates at 8.99% on my student loans, and got that knocked down to 5.99&! Very excited! Thanks for letting me share! [link] [comments]  |
| Asking for mother. Dentist returning $3000 for botched dentistry work. What to do with money? Posted: 02 Aug 2018 01:18 PM PDT She has credit cards out the ass plus rent, car payment, insurance, utilities, etc. She has $400 left over for food and gas for the rest of the month. No savings/emergency fund. The $3000 was initially paid for with a care credit card. I'm wondering when the money is returned (in check form) should she use $1000 to put into an emergency fund and then put $2000 back into the care credit card, leaving $1000 left to pay on said credit card. Edit: to clarify, the botched dentist work was a set of poorly fitting dentures. She is returning the dentures and getting a refund in the form of a check. So yes, she will have to have new dentures made, hopefully from a different dentist. [link] [comments]  |
| 28. Just got the biggest raise of my life. How can I turn things around? Posted: 02 Aug 2018 06:52 PM PDT I've been absolutely stupid with money to this point in my life. I have 3 credit cards totalling $5600 that are maxed out, about 40k in school debt (I'm 1 semester from my bachelor, which I plan to finish with cash Will paying my credit cards before finishing school help me in the long run? 6ou [link] [comments]  |
| Posted: 02 Aug 2018 04:05 AM PDT Or would it be better to simply put all my current cash ~£1500 straight into a savings account out of my current account. [link] [comments]  |
| Looking for a way to make money while at work Posted: 02 Aug 2018 05:06 PM PDT I have a pretty laid back job at a hospital which involves working for about 10 minutes and then monitoring for the next 40 minutes. This requires minimal attention so I have been filling this time browsing reddit, reading, or knitting. Any suggestions on more productive uses of this time? [link] [comments]  |
| What should I do to ensure I’m ready to have kids? Posted: 02 Aug 2018 12:44 PM PDT We're not pregnant but maybe want to be in about two years. What do I need to make sure I have financially to be ready? [link] [comments]  |
| How to find a job with a criminal charge on my record? Posted: 02 Aug 2018 02:06 PM PDT What are some jobs out there that don't really focus on your background as much. I know wholefoods doesn't drug test but you don't really find that out with a simple Google search. So I might as well ask here. I'm in California btw [link] [comments]  |
| Posted: 02 Aug 2018 05:04 AM PDT What is the best way to generate interest on this? Besides letting it sit in a savings account at her bank and virtually accumulate nothing. One thing my mother is worried about is taxes I would have to pay on the money once it is transferred to me. What options would be tax free? If there are any? Also, my mother is 63, and I would like to do something like travel with her before she is too old. What options would you recommend for maybe setting aside 15k for travel and leisure, and putting the remaining 60k into longer term investments, that would be tax free, or closest to it for me as possible? [link] [comments]  |
| Posted: 02 Aug 2018 06:51 PM PDT
Because I need a car and want to save for a down payment on a house to live in (and get out of the apartment) - and because of the student loan - I need to pocket everything I can for the next year. Saving is easy for me. BUT - what should I do when it comes to retirement and taxes? I was planning on maxing out my Roth IRA and then putting a little in a 401k right now, just to help offset taxes. But I just read that you can't benefit, from a tax perspective, from contributing to an IRA AND 401k - only one will help in regard to deductions. Had never heard this. If that's the case, should I max out my Roth IRA and save everything else. And contribute to 401k after I save for a year? My company's matching is very limited and not guaranteed. What's best from a tax perspective? [link] [comments]  |
| Posted: 02 Aug 2018 01:45 PM PDT I am preparing to turn in my notice of resignation at my current employer. I have only been here 90 days and overall I'm pretty disappointed with my experience here. The company is in dire need of guidance/restructuring. I have come to the conclusion to meet the the goals of my position. I would need to be on call nearly 24/7. If I had realized this would be a requirement I would have either turned down the position or negotiated for a different salary. It has taken me this long to find a suitable position with another company and negotiate terms of employment. My question is this... I plan to attempt to offer a 2-weeks notice to try and leave on the best terms possible. However will all future employers simply see this as a black mark? Any keywords to avoid using to describe my time here? Any tips for handling the incredibly awkward conversations following my resignation notice? How honest should I be about my reasons for leaving? [link] [comments]  |
| I live in Australia and very poor, but never really felt embarrassed about it until now. Posted: 02 Aug 2018 05:47 PM PDT Ok this is not a massive deal but I do feel like a ripe pile of shit. I am an apprentice earning next to minimum wage so when I say I live pay check to pay check, I literally do. I usually have maybe $10 in my account by Friday after rent, bills, groceries. So yesterday I forgot my lunch. A silly mistake and now I was reduced to buying it. Walk in to a sandwich bar and see the menu, $9.50 for ham and cheese sandwich...k that'll tide me over. Lady makes it then asks for the money. I show my card. 'Cash only' she says with her thick accent. 'Oh! Ah, umm...' I replied like a babbling idiot. 'ATM accross street' as she points over the busy road. I look at my bank account and I don't even have enough to get money out. So I said I can't afford it sorry and walked out. Now they have to throw away the sandwich, and make a loss because I am too poor to get my money out and turn into a tangible legal tender. FML. But then I was thinking. Something must be very wrong if a person who works full time and still finds it a challenge to feed themselves. Not only that but the assumption that people have enough money to be able to convert it to legal tender. We ended up driving to the closest chain that didn't have a minimum eftpos to purchase food. All whilst my boss and collegues were giving me shit about it. Not a big deal but extremely embarrassing. [link] [comments]  |
| Is it a long-term bad idea to cash in some of my Apple stock? Posted: 02 Aug 2018 01:19 PM PDT I keep forgetting I have it but they were in the news today so hey. I worked there for 2.5 years and bought a small amount of stock through their ESPP. It's less than $2k but I could use the extra money right now as my SO and I are about to move into our first house and we're also planning a (small) wedding. I did some research on how this will affect my taxes next year but the internet was mostly unhelpful. I'm also aware that a marriage in this calendar year will be a mark in my favor and maybe it'll balance out whatever I'll owe for this? So the ultimate question here: will cashing in $1000 or so of my stock plan so I have a bumper for big purchases in the next few months screw me over big time next spring? [link] [comments]  |
| Aflac Cancer Indemnity Insurance Posted: 02 Aug 2018 07:09 PM PDT My employer offers Aflac cancer insurance that is 40% subsidized, so my cost would only be $57.63/month for me (34), my wife (37) and our 3 kids (5, 3 and newborn). We're all very healthy with no chronic conditions. I keep this discounted price for my lifetime, even if/when I leave the company. Kids would be covered until they're 26. Is this a good deal? Rip off? Anyone with experience? [link] [comments]  |
| Is it better to pay $650 every 2 weeks towards student loan or $1300 every month? Posted: 02 Aug 2018 08:56 AM PDT I'm sort of thinking it's better to pay at every paycheck than every other paycheck because of interest? Balance is $8800 at 10% and $8700 at 9.6% through Sallie Mae. Just paid $1760, first payment. P. S can't refinance because did not graduate. And we'll have it pretty much paid off by the time the first year of payments ends in order to refinance through citizens bank. [link] [comments]  |
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