Personal Finance Weekday Help Thread for the week of October 29, 2018 |
- Weekday Help Thread for the week of October 29, 2018
- Wife had a horrific accident anything we can do to help our situation?
- $500 away from paying off $10k in 18 months making 28k/yr. My car blew up yesterday.
- Probably going to jail for a bit. Pay off CC debt, or save money for my wife?
- Someone stole my 15 year old son’s identity and is using his social security number to collect wages. What steps do I take in this situation?
- If my 401(k) is in Fidelity, should I open an IRA with Fidelity?
- Possibility I'll lose my job. How should I prepare?
- Company now offers Roth 401k. Should I have two retirement accounts?
- I’m 40 with no 401k. Should I turn my house into a rental property?
- Got a new job and will be over the limit for Medicaid next year. What should I do?
- Thinking about putting in my notice after 6 weeks
- $7000 in debt, . What should I do?
- Employer refused to give the last paycheck unless sign a Letter of Resignation (NJ)
- Just doubled our income. HELP!
- Investment Advisor Changed Firms - Strange Reason
- Roth IRA Beneficiary Question
- First time negotiating salary, need creative help!
- Unemployed. In debt. Don’t know what to do. Please Help !!!
- 29, just starting great career. Father (65) took a sudden down turn in health. Need estate advice
- Student debt/inheritance dilema.
- My terminally ill sister received accelerated benefits through her work life insurance and we now don’t know what happens after that.
- Filing for Chapter 7 Bankruptcy in Texas
- Windfall suggestions/advice
| Weekday Help Thread for the week of October 29, 2018 Posted: 29 Oct 2018 04:08 AM PDT If you need help, please check the PF Wiki to see if your question might be answered there.While we never remove posts just because a question is answered in the wiki, this thread is a low-key place to ask any question no matter how "moronic" you think it might be. Make a top-level comment if you want to ask a question! Also, please don't downvote "moronic" questions! If you have not received your answer within 24 hours, you can feel free to start a discussion. A big thank you to the many PFers who take time to answer other people's questions! For past help threads, please search the Weekly Archive. [link] [comments]  |
| Wife had a horrific accident anything we can do to help our situation? Posted: 29 Oct 2018 02:46 AM PDT So my wife was cutting wood on a table saw on Friday morning and the cat brushed up against her. And yes, this is going where you think it's going. She looked at the cat for one split second, but that was all it took. Her hand followed her eye movement and she cut all five digits off. I'll spare you the entire story, but the doctor tried to re-attach as much as possible. He's hopeful the pinky and the index will heal but there are no promises. The rest are nubs if that. Needless to say we are heartbroken. My wife just accepted an early retirement package from teaching at 42 but we don't want to touch her retirement yet as there will be penalties. She was moonlighting at the local hospital as admin but now typing fast will obviously be an issue so who knows if she will even have a job. I am on SSDI as I've had a stroke. Does anyone know of any routes we can take right now? Any help would be greatly appreciated. We have some savings but bills will pile up quick and I don't want to go into this blind. Thank you all. Edit: We are in PA if that helps [link] [comments]  |
| $500 away from paying off $10k in 18 months making 28k/yr. My car blew up yesterday. Posted: 29 Oct 2018 10:34 AM PDT Feeling pretty down honestly. Timing belt blew 15k miles early. I have an emergency fund of 1k and not good credit. I drive an hour to work, and no public transportation alternatives. My partner has a gas guzzler of a truck and I can drive her to work (45 mins the wrong way) making my commute around 2.25 hours one way... but it will work until I find a new car. This is more of a rant than anything. Just a bummer to be one week away from being debt free and have a big setback like this. [link] [comments]  |
| Probably going to jail for a bit. Pay off CC debt, or save money for my wife? Posted: 29 Oct 2018 12:07 PM PDT So I'm in a situation where it looks like I'll be doing some jail time. I have about 13k in CC debt (I know, I know) that I've been paying off. My wife doesn't make that much money, but absolutely loves her job. I want her to be able to continue to live while I'm away. In the time until I'm locked up, we'll have time to either pay off the CC debt and have ~7k in savings, or leave it and have ~20k. I wish we could have more, but lawyers are expensive. I'll be in jail anywhere between 0 and 5 years, depending on what we get from the prosecution. Is it better for me to let the debt go to collections while I'm away, allowing my wife to have enough of a cushion that she can live without eating beans and rice every day? Or should we pay it off so when I'm out I'm not completely screwed? EDIT: To clarify, this is my card only, my wife isn't even an authorized user. EDIT2: My wife makes ~$1k/mo net. She has student loans, payments are about $350/mo. She would be living rent-free at my parents' house. Other than her student loans and my credit card, we have no debts. So yes, she could live off of her own income, but I'd like as much as possible for her to not feel like she is "in jail" too... obviously she will live frugally but she should be able to enjoy life! [link] [comments]  |
| Posted: 29 Oct 2018 11:36 AM PDT My job cut hours pretty bad so while I'm looking for other work, I filed for benefits in the meantime. When they obtained income for all the members of my household, it showed that my son who just turned 15 last week, is working at a Taco restaurant and his gross monthly income is $923.00. I'm shocked and confused, how did this happen? I'm assuming whoever hired this person didn't do a background check or maybe they know that this person is using a stolen social because wouldn't the owner of this restaurant see that the social belongs to a child? What steps can I take to protect my sons credit and identity? Tomorrow I am going to the Social Security office but is there anything else I need to know? Thank you to whomever replies. [link] [comments]  |
| If my 401(k) is in Fidelity, should I open an IRA with Fidelity? Posted: 29 Oct 2018 05:22 PM PDT I have a 401(k) through work that's being done on Fidelity. Wondering if it's better to have everything in one place and just choose Fidelity? And wondering if there are any advices on which funds to pick? (Age25) [link] [comments]  |
| Possibility I'll lose my job. How should I prepare? Posted: 29 Oct 2018 06:20 PM PDT So to keep things simple, I work for a cellular company in the US selling phones. My manager got contacted by the old floor lead (who left about 2 weeks before I started) and she wanted her job back. She was apparently pretty good and left on good terms so he agreed. Here's the problem: We had a pretty good month compared to normal this month. With her coming back, we would need to pull months like this on a regular (roughly 130% of quota for the month). I'm doubtful we can do this so I want to prepare just in case. What steps should I take in order to make sure I can have financial security while I look for another job if it comes down to that? [link] [comments]  |
| Company now offers Roth 401k. Should I have two retirement accounts? Posted: 29 Oct 2018 03:00 PM PDT Company just started to offer a Roth 401k in addition to the traditional 401k that was always offered. Unfortunately we're not able to roll our existing traditional funds into the roth. I'm curious what the thoughts on opening a second account might be. Would you contribute to only the roth? To both? I'm 34 and have generally concluded that I've got enough time left to contribute that the roth would be priority, but would appreciate if anyone could advise on how to handle managing two separate accounts. Thanks! [link] [comments]  |
| I’m 40 with no 401k. Should I turn my house into a rental property? Posted: 29 Oct 2018 06:45 PM PDT I have to make a choice- sell my house now and make 100k cash, or keep the house and use it for rental income. In my area it could get 1500 month or more. I live in Grand Rapids, MI which is a growing city. People are flocking here from Chicago and our medical industry is big. I lost much of my 401k, I had it in high growth stocks that lost money. There won't be enough to retire on and now I'm leery of stocks. I don't trust myself to know how to play the market either other than putting my money in a 3% CD. I don't need the money to buy another house, I have a lot of savings and CDs. Plus i do not owe much on my current house (about 45k. It's worth 165k according to a realtor). I posted this in my local subreddit and many people said to just sell because renters are a big hassle. All I hear are horror stories. But I'm interested in raking in rental income over the next 25 years and using that to fund my retirement since my 401k won't. The house is solid and I've never had a problem over the past 17 yrs I have lived here. I would hire a property management company since I want to be free to move anywhere. [link] [comments]  |
| Got a new job and will be over the limit for Medicaid next year. What should I do? Posted: 29 Oct 2018 02:55 PM PDT I've started a new job and make significantly more than I did previously, putting me over the maximum income for Medicaid. My Dad is under Medicaid as well and my mom passed from cancer. Should I start looking for private insurance? I've talked to my employer about insurance before but he said the company is too small. [link] [comments]  |
| Thinking about putting in my notice after 6 weeks Posted: 29 Oct 2018 05:59 PM PDT I am currently in a position that is incredibly dysfunctional, to say the least. Without getting into all of the details, I think the fact that my own manager called the operation a "shit show" during just my second day on board summarizes the environment. Although I was only planning on staying on the job for a year, due to my plans to attend law school in the fall of 2019, this position has not been what I was hoping for. I was just offered a new job that I plan on taking that will allow me to make at least $4K more before grad school and offers me much better hours (I currently work weekends and either start work at 6 or end at midnight) and I also believe it will make my resume more attractive to future employers (the new one is your typical office job-not law related, while my current one is in retail). I wanted to see what people's opinions were on how detrimental moving jobs after just 2 months could be on my resume. With my main goals right now being to save money for law school and enhance my resume, could I be making a poor decision? [link] [comments]  |
| $7000 in debt, . What should I do? Posted: 29 Oct 2018 03:08 PM PDT My wife and I are living paycheck to paycheck. We make about $3000 dollars of month, paid bi-weekly. We pay about $1500 a month for rent and utilities. We have about $5000 ($2000 of that has 0% APR for a little while) in credit card debt and $1900 in medical bills. My wife just broke her laptop and phone, both she needs to work. I am very overwhelmed, slightly freaking out, and I don't know what to do. [link] [comments]  |
| Employer refused to give the last paycheck unless sign a Letter of Resignation (NJ) Posted: 29 Oct 2018 10:45 AM PDT Long story short, my husband found another job paying much better than his current one. He gave out 2 weeks notice but never received his last paycheck. He called the manager and she told him that the CEO (this is a small company) won't pay him unless he sign a Letter of Resignation. My husband was a manager/coach at a tennis facility. He used to be a W-2 at that place but the CEO switched him to 1099 after 1 year. The job has no benefits, no insurance, PTO, overtime whatsoever (he worked overtime a lot and never get paid more). He was also told that he would get a raised but instead when he was switched to contractor, he only got paid $20/h at 20h/week while he was making $38k after tax before. The problem is he never got an actual offer letter but only words given in the beginning, so there is no actual contract. However, my husband did list down everything in his last tax season and paid tax on it. My question is, is there anyway we can report that employer? It's been 3 weeks and we still never heard back from that employer. We live in NJ. Thank you! Note that: My husband did give a verbal notice + text message to the manager and she agreed to it. After 3-4 times trying to call the place, they said they would mail him the check really soon but failed to do so. Yesterday when my husband called again to see what happened, he was told that the CEO WOULD NOT write him a check if he didn't sign the letter. [link] [comments]  |
| Just doubled our income. HELP! Posted: 29 Oct 2018 07:57 PM PDT I just accepted a job offer that brings my salary from $52,500 to $105,000/year. What are the things we should be thinking about in order to make wise use of this increased salary? We know that we want to pay off some credit card debt and a new washer and dryer that we bought last year. We are a family of four - 2 adults, 2 young kids. Any recommendations for budget categories? Thanks! [link] [comments]  |
| Investment Advisor Changed Firms - Strange Reason Posted: 29 Oct 2018 06:13 PM PDT Hey, Like the title says, my investment advisor moved from a big well known US firm, let's call it E corp, to a smaller but still known US firm, let's call it D corp. When I inquired as to why he switched, he said that he wanted more freedom with a smaller firm and had been thinking about leaving E corp which has been, over the past few years, changing some of the rules their advisors operate under. OK - that all sounds fine. But then he mentioned that, after deciding to move, but before having a finalized offer at D corp, he changed his contact information in SEC filings to D corp's address. Evidently one of his existing clients at E corp noticed this and alerted management. When E corp found out about this, he was asked to resign immediately but left in good standing. The whole thing sounds a bit strange to me, but I have no background in finance or the inner workings of financial firms. Is this type of thing typical? I understand why he would need to update SEC filings, but why would he need to do that prior to handing in his resignation at E corp? I checked the SEC filings and they all look correct, and there are no negative remarks on file. Thanks for the info [link] [comments]  |
| Posted: 29 Oct 2018 04:45 PM PDT My father passed away a few months ago. My siblings and I were informed that he had a small Roth IRA set up with a family friend of his who is a financial planner through Ameriprise and we are the beneficiaries. We received paper work stating that we had to open up our own Roth IRA's with Ameriprise in order for our portions to be deposited into. I talked with a CPA friend of mine and he said that we were allowed to have the amount owed to us delivered via check rather than having to open new accounts with Ameriprise. I talked with the family friend and he said that we have to set up the accounts for each of us in order for this to happen. So basically my question is who is right, do I have to set up a Roth IRA with Ameriprise or can I take the lump sum via check? I should add that I'm not opposed to having a Roth IRA , I just don't want one right now and not through the family friend. Thanks [link] [comments]  |
| First time negotiating salary, need creative help! Posted: 29 Oct 2018 12:56 PM PDT Hi! My current situation is this- I have worked within the same hospital in Philadelphia in administrative support for 2.5 years, right out of undergrad, with an increasing level of responsibility (without pay increase) and have looked elsewhere within the hospital for similar positions for a lateral move. So many variables as to why that was my choice, but after interviewing I was presented with a position as an Operations and Compliance Manager for the new department. The interviews went great, and I'm expecting an offer within the week. Just for reference, I have a Masters degree in health administration and a Bachelor's in health sciences/business management with strong connections throughout the hospital and a good rapport with my current managers and directors. I've never negotiated a salary before as I blindly accepted the offer for the administrative support role at a much lower rate than I should have (college grad desperate for work). The research I've done on these positions is misleading as on glassdoor salary ranges fall between 50-60k, but other sites list similar positions as in the range of 80-90k, depending upon experience. Both ranges would be significant increases from my current 35k salary, so there is truly no loss but I do not want to undervalue myself. Unfortunately, the salary ranges were not discussed during the interviews, so I'm a bit in the dark for the most part. Any advice on what steps to take or what to expect? Thanks!!! [link] [comments]  |
| Unemployed. In debt. Don’t know what to do. Please Help !!! Posted: 29 Oct 2018 07:50 PM PDT I'm currently unemployed but am on the hunt for a job. In the meantime, I've missed a few regularly scheduled payments, and months worth of rent to my parents. On top of that this is my current situation with all of my debts. (Not included student loans, car loan) I have about $1300 in bills that are already in collections or are on their way there. (Dental bill, hospital bill, and an overdue gym membership) I have $800 remaining to be paid on a credit card that has been revoked due to non-payment. I have phone bill currently standing at $400 I have missed one months rent of $500 to my step-father. And to top it all off I owe about $2000 dollars total to people who have helped me out along the way. All in I'm about $5000 in debt that I can't seem to manage making payments towards on top of my regular monthly bill payments and rent. I need the best advice for what to do as I have never been in this situation. If anyone has any advice they can give on what my best options are please let me know ! Thank you ! [link] [comments]  |
| 29, just starting great career. Father (65) took a sudden down turn in health. Need estate advice Posted: 29 Oct 2018 09:57 AM PDT Hi everyone, first time posting in this sub, but I could really use some help. If this has already been covered in a guide please link it to me. Details: Dad's on Medicare with no other income other than social security, which should be fine for about a month. I'm more worried about after that, because if he gets through this he is going to need long-term care that I can't easily provide personally. So Medicaid seems like the answer, but there is an issue involving some real estate. His mother (my grandmother) passed ~3 years ago, and her estate hasn't been closed yet. That means none of the buildings (a house and a business) are in his name... Yet. How can I plan for the long-term for my father? [link] [comments]  |
| Student debt/inheritance dilema. Posted: 29 Oct 2018 07:28 PM PDT I have roughly $19000 in student debt at 3.9% interest. I've recently inherited $30000 and cant decide what is my best option for maximinixing this money? Do I completely pay off all my debt and start a nice size savings account? Invest the money? Should I pay half to lower the interest payments and then invest the rest?? Thanks in advance for the advice. [link] [comments]  |
| Posted: 29 Oct 2018 11:03 AM PDT Long story short, my sister was suddenly diagnosed with a terminal illness and has 3 months to live. She had no idea that she had a life insurance policy through her work and was given an option to take out up to 75% of it as accelerated benefits, which she did. She had a lot of plans on what she wanted to do and where she wanted to travel, but unfortunately she's declining and it seems she won't be able to do as much as she had hoped. Now we are wondering what happens with the money leftover from accelerated benefits? I know that through the regular process of life Insurance, the policy is paid out to the beneficiary after death. Now that she has 75% of it in her Cigna checking account, I'm not sure how it works now. Is this taxed differently? I believe life insurance pay outs do not go to the estate for creditors to take, but does that work differently for accelerated benefits taken out? Any help would be much appreciated. Her biggest concern right now is using up some of the money to pay for a nice funeral, but doesn't really know what to do with the rest and is leaving it up to me. I've been helping her with pretty much everything since this whole thing happened and it's moving so fast. [link] [comments]  |
| Filing for Chapter 7 Bankruptcy in Texas Posted: 29 Oct 2018 03:22 PM PDT I've gotten most of my stuff together. I am awaiting my appt in a few days to talk to my attorney. My question is, will I have a trustee or some type of inspector come to my house to appraise my items? Thank you for your help. [link] [comments]  |
| Posted: 29 Oct 2018 03:19 PM PDT A little background first, I am married with 3 kids making around 45k per year. Through idiotic spending my wife and I racked up 19k worth of credit card dent over the last 6 years or so. 10,400 on my card 7,800 and 550 more on a Target card. I have been busting my butt and i am happy to say we have made our final car payment and our family mini van is paid off free and clear. So our only current debts are the credit cards. I just received and windfall/gift from my grandmother of $10,000 with the understanding that it would be going toward freeing us from our crippling debt. What in your opinion would be the best way to do it? Knock out almost all of my higher balance card in one fell swoop leaving more available monthly income to pay off her card? Pay off the target card and put the rest of it toward my card leaving me with about $1,000 balance? Or try to divide it between all the cards? We are also planning on putting all of this next years tax returns towards remaining debts. Any advice or input would be appreciated! [link] [comments]  |
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