Personal Finance Weekend Discussion and Victory Thread for the week of September 07, 2018 |
- Weekend Discussion and Victory Thread for the week of September 07, 2018
- Company claims 'uneconomical' to repair my washer under warranty, wants to buy me out.
- My company now wants sales to pay for 20% of total loss on any order. Eg. I sell a $100,000 equipment. If company can't collect the payment, i will have to pay $20,000 out of my own pocket. Is this normal?
- Wow. Do yourself a favor and shop around for car insurance once in a while.
- Can my company just eliminate my bonus without cause if its stipulated in offer letter/employment contract?
- Should I pay off big chunk of Student loans with savings?
- 25 and not sure if I should buy or rent.
- Any guidance on how much I can afford for a car?
- Growing Up - Finance Check, am I doing enough for retirement?
- How does one end up bankrupt?
- [Other] My brother is potentially in some serious trouble. Advice would be greatly appreciated.
- 25 yr old and I want to learn how to stop living paycheck by paycheck
- How do I get better with money? 18 year old
- Creditor won't let me access fraudulent account
- Force to work +25 extra hours a week with no compensation or face demotion from my Supervisor position
- [Serious] Someone tried to take out a loan of over $17,000 in my name
- Single teacher (44f) getting a late start on retirement. Help?
- Apartment company asking for another month of rent after I moved out
- Am I in a place where I should make a longer term Cd?
- Where to roll over HSA account?
- I have a $10,000 balance on a credit card that I no longer use. Best way to pay off the debt; balance transfer, personal loan, etc?
- Wallet Was Stolen w/Credit Cards and License. Looking For Advice.
- Travelling a lot for work but struggling to get travel rewards credit card
- Larger Down Payment, or Larger Emergency Fund
- Getting Kicked Out
| Weekend Discussion and Victory Thread for the week of September 07, 2018 Posted: 07 Sep 2018 02:06 PM PDT If you need help, please check the PF Wiki to see if your question might be answered there.This thread is for personal finance discussions, questions, and sharing your success stories:
A big thank you to the many PFers who take time to answer other people's questions! For past threads, please search the Weekly Archive. [link] [comments]  |
| Company claims 'uneconomical' to repair my washer under warranty, wants to buy me out. Posted: 07 Sep 2018 07:34 AM PDT As title states, I have a washer which is not working and the company who is supposed to fix it, sent someone to look, and now wants to give me money, instead of paying for the repairs. I dont think this is fair. Over the phone I asked what my options were, and they did not mention anything other than taking the (imo) small payout of $390. I feel like they dont olny owe me a washer, they owe me a working one under warranty till June 2020. What are my options? Please help. I have a feeling that is have a choice here and they are not being fully transparent with me. Edit : I'm am away from home and do not have paperwork where I am, I knownthisnwpuld answer so many questions. Washer is frigidaire, 4.5 cu feet capacity I believe, sold to me by a very large company that sells these types of things in the USA. Do not want to give out their name for witchhunt rules possibly being triggered. I am slowly reading through everyone's responses and cannot thank all of you enough for submitting your input. Thank you all. [link] [comments]  |
| Posted: 07 Sep 2018 02:04 PM PDT |
| Wow. Do yourself a favor and shop around for car insurance once in a while. Posted: 07 Sep 2018 02:56 PM PDT Wife and I were at a certain company for a while and happy with it, but yesterday I decided to start looking at other companies. Long story short, ended up finding another policy for $125/month with the exact same coverages as our current insurer. How much are we paying at with our current company? $229/month. That's right. Both are big time well known companies. It's crazy that we were basically wasting $100/month. Edit: these prices are for full coverage for both my wife and I on two vehicles. [link] [comments]  |
| Posted: 07 Sep 2018 03:18 PM PDT Been with my company about a year, there have been a few reshuffles as far as who I report to, and now I'm being rolled up under a total different team/department. Part of my compensation includes an incentivized bonus, 20% of my annual salary split up quarterly, and then adjusted based upon performance for the quarter. Just had a meeting with one of my new team heads, and he's basically intoning that this will no longer be honored, that I'll be part of the "bonus pool" that the team gets when money is available. Since this represents potentially a fairly substantial of my income just disappearing, was wondering if there's any obligation on the company's part to honor the original agreement, or if they can simply change it at will? I've read through my offer letter and there's nothing that states that they can modify the compensation agreement. Thoughts? [link] [comments]  |
| Should I pay off big chunk of Student loans with savings? Posted: 07 Sep 2018 04:32 PM PDT Hello, I am approximately ~$52k worth of student loan debt after graduating from law school. However, I currently have about $8k in stocks from my grandfather, and I have another $9k in a robinhood account of my own (I'm invested long term and I'm not looking to move this $9k). Right now I have a very modest public service job and make about ~40k/yr, and after taxes I take home a lot less (my city has high taxes) I heard it is best to pay off all the interest so then you can start paying principal. Right now, I could pay off the entire interest (about $4k right now) if I liquidate the stocks from my grandfather. I was wondering what the advantage to doing that is, and also what is the best way to go about paying off these loans. Thanks, Im very new to this and appreciate any advice [link] [comments]  |
| 25 and not sure if I should buy or rent. Posted: 07 Sep 2018 08:25 AM PDT Okay so long story short is I have been trying to get out of my parents place for a while. I haven't been seriously looking for a place but I browse every so often. I live in northern Illinois (not near chicago). I am looking at a condo right now that is selling for $60k that will probably be sold for closer to $50k based on other units in the same building. I only make $27k a year but have $17k in savings. There are assistance programs out there that could get me an extra $13k with the stipulation that I live there for 5 years. Mortgage would be around $500/month where as rent in the same area is $900+. It might just be cold feet but I have no idea if this is a good idea l. Any input would be appreciated. I'm sorry for the rambling post just kinda freaking out a bit. [link] [comments]  |
| Any guidance on how much I can afford for a car? Posted: 07 Sep 2018 07:51 AM PDT Are there any tools or general guidelines that I can refer, to see how much I can afford for a car. I want to know my budget before I start shortlisting cars. Right now my shortlist is based on appearances and they are way too pricey...I probably could pay for it but I know that it will be a bad decision. I think I can afford to pay 50K. I earn 120k a year but take home pay is $ 4800 per month. Mortgage is $2200 a month Savings is $500K (joined with husband) spread over 3 banks/credit unions(CDs, saving) We are risk averse but have ESPP shares from that past 10 to 12 years and currently still purchasing Both husband and I have 401ks. Husband earns about 180k annually. We have a huge goal on wanting to pay for our only daughter's college (100 k per year in 8 years...she is 10 now) I currently drive a minivan that I bought in 2007. It has no issues. I live in Midwest. Monthly expenses: $1800 Dependents: One child (10) [link] [comments]  |
| Growing Up - Finance Check, am I doing enough for retirement? Posted: 07 Sep 2018 12:51 PM PDT Hi there, just a quick financial check up if you all don't mind as I am not the most financially savvy person! I just want to make sure I am doing enough for retirement, I know I can do more at the cost of delaying somethings like buying a house. I would like to retire by 60 and be very comfortable. The overview Age: 27 Location: medium-high COL city. Debt: Car Payment: $350/month (initial 20k @2.49% , 60 month) 43 months left Budget: Into Savings: 1.1k Into Checking: 2.3k Rent+Utilities : 950/month ( 1900 total, split with fiance) Car+Insurance: 450/month Gas: ~150/month Food/entertainment: Varies, never spend full amount of what goes into checking though I am using my checking account also as my pseudo emergency fund. It generally hovers around 5k after all monthly expenses. Each month there is normally a difference of +$300 between what I put into my checking vs what I spend. This helps pay for all of those "one time payment" events. (weddings, car maintenance, vacations etc.) Due to going to grad. school (M.s, in sciences) I have only been working for 2.5 years. My combined bank accounts when graduating were probably under 3k, so I basically started from scratch here. In the 2.5 years I have also been able to budget in some large one time expenses (Engagement ring 3k, euro vacation, new car (3k + trade in down payment)) without having to touch my savings account. With all that being said, I would like to make sure my retirement and savings rate are great since I got a late start to the job market. I want to save more for my retirement if possible, but also I do have my wedding coming up which will end up costing about 15K, maybe a little more all said and done. (Fiance will be making 100K/yr by time of wedding). We would also like to be able to purchase a house in the next couple years which I believe will be very doable b/w both mine and my fiance's earnings. (house price near 400k most likely) I do not have a complete breakdown of her finances, however she will have no student loans by time of wedding, and most likely a small car payment as she has always leased in the past, and she is as frugal/responsible with her money as I am(or think I am). Also no kids for next ~5 years. Anyone I rambled, I think there's a question there, if not sorry but thank you for reading and possibly helping. TL;DR Late to the game retirement wise, am I saving enough, should I save more / smarter? [link] [comments]  |
| Posted: 07 Sep 2018 12:24 PM PDT I've always heard the word bankruptcy, but what does it mean and how does one end up bankrupt? [link] [comments]  |
| [Other] My brother is potentially in some serious trouble. Advice would be greatly appreciated. Posted: 07 Sep 2018 01:02 PM PDT My brother works for a company that has a relatively big social media presence. Lots of companies in his field seek marketing opportunities through his company because of this. Long story short, his CEO is a sociopathic dickhead that promised him a 50% commission on all advertisement that he lined up and once it became time to pay, his CEO decided that he wouldn't give it to him. Unfortunately, my brother also isn't very bright. Instead of using this as an opportunity to find a new job, he continued lining up these advertising opportunites without informing his employer and had the companies pay him directly through his PayPal account. So he's now receiving 100% of the advertising fees, which adds up to thousands of dollars each month. His CEO stepped out of the day to day of the company and it's common for his company to post about other companies in their field, so my brother seems to think that there is no way that he'll find out about this, but I am worried about it biting him in the ass once tax season arrives. He's located in the US and all of the companies he has done this with so far are operating out of China. He doesn't seem to think that this is a big deal, but I am freaking out. Wouldn't these Chinese companies report his earnings to the IRS? Does he need to set aside money for taxes? I want to be able to list all of the ways that this is a risky venture because while he's an idiot, I don't want him to go to jail. Thanks so much in advance for any advice you can give. I just have zero knowledge of any of this and want to be able to present him as much information as I possibly can because "that's a stupid idea" doesn't seem to be cutting it. [link] [comments]  |
| 25 yr old and I want to learn how to stop living paycheck by paycheck Posted: 07 Sep 2018 07:50 PM PDT Since I can remember my parents never handled money well until recently. That's why I don't want to ask them. I also don't have a mentor or a person I can talk to about this and this is why I am asking for more personalized advice. I am sorry in advance if some aspects have already been talked about as well as my mistakes or miscommunication. I am not a native English speaker. I live with my gf and we work together. We have 2 incomes where we get all the money we receive in one account and we separate it into categories. We write down in a notebook, in 4 squares (for each week of the month) what we have to pay that week. Whatever is left over we separate to save. But it always seems like something is wrong in my calculations and I always have to dip into it. I am sick of it. So here are my expenses and I just want to be put in my place as of what I should do: Goals: Pay all my debts before June 2019 (lease will be over) and save to travel for 1 month without working in a roadtrip to the U.S. INCOME (Monthly) Me: $1440 Her: $1840 EXPENSES:
Debts:
I would really appreciate it with some kind of help to know how to save, how to stop spending money wrong, anything that can help me stay on track... I am currently doing side hustles (selling used things at the flea market, selling CBD candy, and trying out retail arbitrage as well) but everything I make from there goes to an account that is not linked to anything except savings. I am looking into a CD 18 month account to start putting this profit aside as well. I do not counted this in the income since its irregular. Thank you in advance for your help I can truly use this new change of lifestyle. TL;DR I would like to know how to stop living paycheck by paycheck with my current lifestyle but I am more than willing to change anything that I must change to achieve my goals of paying all my debts and saving for a road trip by June 2019. [link] [comments]  |
| How do I get better with money? 18 year old Posted: 07 Sep 2018 04:49 PM PDT So, I've slowly realized I SUCK with money management. I grew up pretty fortunate and was raised as such. Now that I'm a little grown my family doesn't give me as much spending money as they used to, and I work partime while in school. But oh man, I sure do live like I'm spending my families' money. 5 $14 Ubers per week (ubering too work out of SHEER LAZINESS). Not able to hold $250 in savings for very long before spending it on something unimportant like concert tickets. This sucks. So many of my friends have thousands in savings and im here unable to get to $400 bucks without spending. How do people get good at this? I'm trying to develop these skills before I get my hands on real money. Today, my grandmother told me "MistakenImperfection, just know that you will be well taken care of once I kick the bucket". First of all, that sucks. I don't want gramma to die. Second of all, I don't want to ruin all the hardwork she's put in because I can't save a dollar. Help me r/personalfinance, you're my only hope :( [link] [comments]  |
| Creditor won't let me access fraudulent account Posted: 07 Sep 2018 03:31 PM PDT I recently settled a debt incurred through fraud. I know, I know, I shouldn't be liable, but I had already lost thousands of dollars and was about to lose everything fighting it. After the settlement, I continued to pursue them for the documents, which the Fair Credit Reporting Act entitles me to. No response. They not only ignored me, they ignored multiple requests from the Department of Consumer Affairs. The department finally gave up, closed the account, and told me to seek legal counsel. I can't afford this. Is there no other way to get them to obey the law? [link] [comments]  |
| Posted: 07 Sep 2018 06:05 PM PDT This is the situation i'm on right now. I work for a company (Factory) on US - Kentucky and around 1 year and 6 months ago i got a promotion for supervisor. Well everything just turned sideways when the company change the General Manager and now we are working 10 hours days, everyday including Saturday and Sunday. Is been like that for the last 3 weeks and today i asked for some type of compensation for my extra hours, since i'm salary i don't get paid overtime. The General Manager answer was "Ten hours is nothing, make a judgement call or we can demote you". I took this like it was a threat, so i went to HR and talk to her. By what she said to me and how she answer, i don't think she is on my side, i'm supposed to wait for an answer after she talk to him. Since she was on my interview for the Supervisor job, i ask her "I don't remember signing anything that says that was required to work all this extra hours". Her replay was "No, you didn't, but its on the Salary Handbook". Now i have review this Handbook multiple times and it does not say anything about being required to work this many hours without pay. Does anyone knows if I am on the wrong, or they are? [link] [comments]  |
| [Serious] Someone tried to take out a loan of over $17,000 in my name Posted: 07 Sep 2018 08:16 PM PDT with a bank I am not even affiliated with. I called them, but they're not open until tomorrow morning. I was out all day and just got the letter regarding the loan when I returned home tonight. I check my credit report frequently — nothing has been flagged, and there are no reports of any such bank account and/or loan request on my credit account. The loan was (thankfully) denied. What can I do in the meantime while I wait to call? What do I do after I call them? Is this going to fuck Mr. over in the long run? Please help! :( [link] [comments]  |
| Single teacher (44f) getting a late start on retirement. Help? Posted: 07 Sep 2018 09:32 AM PDT First of all, I should make it clear that I am not very familiar with investing and financial planning, but I'm learning. Unfortunately, it feels like learning a new language to me, and I find that I am left feeling frustrated and confused. When I retire in ten years, I will receive 75% of my top three years of pay as my pension. This will amount to around $4k a month in today's dollars. 15 years ago, a financial advisor suggested I open an annuity (403b). The company I went with was taken off our servicer list, so I transferred the money to AXA, who then created two accounts: a 403b and a 457. I've seen basically zero growth in these accounts (which have about $30k total). For what it's worth, my employer doesn't contribute to any IRA or annuity accounts, so it is completely on me. My SO is a money guy with a degree in economics, but he isn't helpful. He tells me to educate myself and then ask him if I have questions. It's weird to me, so here I am asking strangers. I want something that I can contribute $100/month to for the next year. After that, I can contribute up to $500/month (once my credit card is paid off). I would like something that is going to offer me a larger growth potential and moderate risk. Is a Roth IRA the best way to go? Can you recommend a company that you trust to choose the investments? I KNOW it's my money, and I DO care about it, but I don't have the time or energy or knowledge to research every investment, follow it, know when to sell and buy, etc. I want someone to do that for me without it costing me a tremendous amount. (I did just open an account with Fidelity, but I'm not locked in to anything). Sorry for the wall of text, but I'm hoping someone can offer some specific advice. [link] [comments]  |
| Apartment company asking for another month of rent after I moved out Posted: 07 Sep 2018 04:20 PM PDT In May I asked to sign a 3 month lease for the months of June, July, and August. They told me they could not give me a 3 month lease because of some rule with the number of leases ending in August, but they could give me a 2 month lease followed by switching to a month-by-month lease for 1 month. I signed the lease and after 2 months I signed a new form stating that I am switching to month-by-month. Along with this form, I told the agent that I was moving out after 1 more month, and I signed another form stating that I would be moving out after 1 month. This entire time it has been very clear that I was staying for exactly 3 months and moving out after August. Upon moving out, the company told me that I did not give notice to vacate, and I am responsible for the next month of rent. I told them that I did sign a sheet stating I was moving out after August, and they responded first that it was the wrong type of sheet, and then they changed their story to they never had the sheet. The agent gave me verbal confirmation that I had signed everything I needed to in order to move out after August. Is their word worth anything in this situation? Is there anything I can do to avoid paying another month of rent? [link] [comments]  |
| Am I in a place where I should make a longer term Cd? Posted: 07 Sep 2018 01:47 PM PDT I just graduated college with a degree in biology and am currently applying for jobs. I've got zero college debt. My parents made a sizable contribution and I also worked every summer and made on average 15k a year to contribute. I was in the position this summer to do some traveling (3 weeks worth). I've also done the same gig I had previous summers and have thus far accumulated $14,500 with another $3,000 coming my way in the near future. I'm taking some time to decide what I want to go to grad school for while also saving a lot of money. I'm in the second round of interviews for a pharmaceutical research and development company that pays fairly well for entry level tech work. The wage is $18 an hour with time and a half of overtime averaging 20 overtime a year. I will hear if I got the job next week after final interviews. I don't have any real expenses. My car is fully functional and in good shape. I'm thinking of making a $5,000 CD with a return of 2.55% over the course of 32 months. Is this worth it? Am I in a position to make this type of investment? Is there something I'd be better off doing vs a Cd? [link] [comments]  |
| Where to roll over HSA account? Posted: 07 Sep 2018 03:50 PM PDT Got laid off from my job earlier this year and my new job doesn't have an HSA. Right now I'm with HSA Bank and they charge 2.50 a month just to have an account with them. Any suggestions on where to put this money? [link] [comments]  |
| Posted: 07 Sep 2018 11:06 AM PDT Recently I started getting monthly $45 "advance cash purchase" interest fees on top of my normal $60/mo interest fee. Had no idea what that was and discovered its a different rate of interest on purchases that are older (i think 12mos in my case). This is because I'm stupid and have had a balance on this card for years. It's what helped get me through college. I'm not using this card anymore (cut it up months ago) and paying $100/mo in interest and I really can't afford to pay more than $300/mo right now, so I'm treading water. need to transfer this balance. My question is, what's the best financial product to use? Ideally I need a low rate because I can't throw a bunch of money at this right now. I got an offer from my credit union for 8.74% rate, no annual or balance transfer fees. I have good credit (720) so I feel I need to shop around and find the best rate. Should I also consider other offers like, no interest for a year? I don't anticipate paying this off in a year however so I don't know what options are best to consider. What about a low interest personal loan? I keep reading mixed reviews about them; does anyone have experience with these? Given my circumstance, what are some good options to consider? Thank you! [link] [comments]  |
| Wallet Was Stolen w/Credit Cards and License. Looking For Advice. Posted: 07 Sep 2018 09:02 AM PDT Sadly my wallet was stolen that had my debit card, credit card, and driver's license yesterday. The culprits went on a $1,000+ shopping spree. Both the cards are now closed and I filed claims on the fraudulent charges. I also filed a police report. I'm mainly wondering if there's anything else I should do at this point besides replacing the driver's license and getting new cards? Am I at risk for any kind of identity theft? I want to be clear I did NOT have my SS card in there, just my driver's license and some health insurance cards. Any advice on next steps or covering my bases, or am I just being paranoid? [link] [comments]  |
| Travelling a lot for work but struggling to get travel rewards credit card Posted: 07 Sep 2018 06:08 PM PDT I got a new job and I am required to travel every other week for the next 3 months and less frequently after that. I have one credit card that I rarely use (internet bill, spotify, and a few other small subscriptions) and therefore have only an average credit rating. I seem to be unable to get a travel rewards credit card with that rating. I've been denied at least 3 times and now I don't want to apply for anything else as I've read frequent applications can harm your credit worthiness too. On average I am fronting $1200 every other week to then get reimbursed by my company. I've never before needed a credit card, I've always dealt in cash or debit, but now with the frequent travel I'd like to reap the benefits while also lowering the amount of cash actually leaving my bank account. I'd much rather have my travel purchased on credit, get reimbursed by my company for the purchases into a direct deposit account and then use that account to automatically pay off the credit card bill. I've gone ahead and asked for a credit limit raise on my current, non rewards, credit card in hopes of charging my flights and hotel on there and raising my credit. I currently make decent money (85-90k a year) and have very low rent (less than 700/m). I'm curious if if there's anything else I can do to get approved/raise my credit worthiness quicker. I'd like to capitalize on the frequent travel from a credit/rewards perspective as much as possible. [link] [comments]  |
| Larger Down Payment, or Larger Emergency Fund Posted: 07 Sep 2018 12:08 PM PDT We are buying our first home and are currently putting down 20%. I am trying to decide whether it is smarter to put down more than this, or to keep it the way it is to have a larger amount of savings. With the 20% down we will have about 46k in total savings left. My mom thinks we should put down a larger amount. If we do her suggested amount, that would still leave us with about 33k After we buy the house, there are several things we'll be spending big chunks of money on:
My mom thinks the 33k will still be enough to cover the above and have some left over, but it bothers me that I don't know exactly how much I'll be spending. My mom said she never had more than 5k in savings her entire homeowning life but really I'd prefer to have a little more than that. We can pay down the mortgage without penalty but it will only effect the length of the mortgage not our monthly payments. Any advice? What would you do? Any clue how I can get better at estimating some of this stuff? I'm overwhelmed! [link] [comments]  |
| Posted: 07 Sep 2018 02:15 PM PDT Hello everyone! I'm in the face of being kicked out by the end of the week, and I need a lot of help on where to go next. I'm an 18 year old male living in Utah (near Salt Lake). My parents decided to kick me out recently, to which I can't place blame towards them. I started to write a long paragraph about backstory, but I realized it's not really anything that contributes, and more of me just venting. Me and my mom constantly fight, and she will regularly tell me to move out (my dad will quickly solve the situation every time). This time she says there is no way she is staying, so its me or her moving out. There really is no way I can see this being solved by talking to her or my dad, so I've come to terms with having to leave. I currently don't pay for housing or food, as my parents were kind enough to provide for me as long as I was paying for my schooling. They loaned me money for my car I bought in 2016, but I crashed it, and I owe them nearly $5000 in total. That is both car and past school semester fees, we created a contract saying I would pay them back at least $200 a month. I also am paying for a student loan at $380 every month. I start a new job this upcoming Monday (9/10/18), at an hourly wage of $15.25 an hour for 30-39 hours a week (I don't decide how many hours I receive in that range). I also have a second job (teaching tumbling), that I work Wednesday and Thursday nights, from which I get a biweekly check of around $160. I figure I can rake in around $2150 before taxes if all goes well (at worst). I am not sure what I would do for housing, but I can definitely sleep in my car (a Honda Element) until needed. My monthly estimated expenses I expect are: - Phone Bill: $60 - Car Payment: $200 - Food: $150 (I fast often, and can go ~20 days without food fairly easily to help cushion the first month) - Student Loan: $380 - Housing: $800 (Again, I can sleep in my car if needed) - Gas: $200 (My job is 20 miles away) - Gym membership (showers, located at work): $10 These are all the current expenses I would be responsible for as far as I'm aware (please make me aware of any others I might potentially need, I'm afraid I'm being unrealistic). The total is $1790. My income will be an expected $2150, is this a realistic expectation to set for myself? I currently only have $500 saved up, with a student loan payment of $380 due the 10th. [link] [comments]  |
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