Personal Finance Many will see their 401k statements and think |
- Many will see their 401k statements and think
- can someone explain 401k to me like I’m a 10 yr old
- No debt. Should I put full paycheck into 401k for a month?
- Just finished college and got a job. My salary is $40,000 a year. What should I be doing to save or invest my money?
- Mother is trying to buy real estate to rent to a needy person with her retirement money, feels like a bad idea
- Bank won't close checking account
- After 12 months of tracking, I'm finally saving money
- What do I do if I haven't paid my taxes in almost 10 years?
- I’m a 20 yo with a really shitty dying car and out of an act of desperation went to a car dealership. Help.
- [Vanguard] Switching from ETF to MF in response to Admiral Shares lower minimum.
- New employer automatic 401k contribution
- Debt: A Love Story - Has this been discussed here yet?
- 18 years old working 25 hours per week and sometimes 40
- Is it a bad sign if none of the dealerships i emailed about their lowest out the door price for a car have not responded all day?
- 28 year old, with $40k in the bank. How to better plan for the future?
- Ex-husband opened an account without my permission using all of my info. I can't get it off of my credit report. Help!
- What should I do now with my new job?
- Family member drained back account.
- I'm 50, just started thinking seriously about PF 4 years ago. General outlook at this point? Direction at this point?
- Can my employer (a bank) make me use their products?
- 18 and trying to save for my future.
- Boss started me under the table with checks that have his business name
- Should a high yield savings account be your only savings?
- Where should I save my money?
| Many will see their 401k statements and think Posted: 21 Nov 2018 03:22 AM PST Anguish or opportunity as stocks pullback - Remember, long-term investing is a huge part of personal finance. If you are young and have decades to let your money grow, these small pullbacks are to be expected. The key is to stay grounded and not lose perspective. 2019 is around the corner, which means new funds are available to put to work for 401ks and IRAs. [link] [comments]  |
| can someone explain 401k to me like I’m a 10 yr old Posted: 21 Nov 2018 11:23 AM PST I hope this question doesn't come off as stupid but anyways... I'm 21 and just started my actual career, my parents were never good with finances and I don't even think they have a retirement plan. that being said, no ones really talked to me about finances so I have to learn it all on my own. I want to be really smart with it so I'm trying to do my research but there's a lot info. so can someone explain it to me like I'm a kid lol? I figured that would be a good start. like do I just put money into that bank account? how much should I put? what does it mean when a company "matches" it? what happens to your account if you quit that job? any other advice would be helpful [link] [comments]  |
| No debt. Should I put full paycheck into 401k for a month? Posted: 21 Nov 2018 06:09 PM PST I recently paid off car loans and students loans. So I have no debt. I also have a very secure job and 6 months of living expenses in savings. This year I've only paid ~7k to 401k. Is it a dumb idea to put a full months paycheck into my 401k? Or what else should I be doing with my money? [link] [comments]  |
| Posted: 21 Nov 2018 11:18 AM PST I just started a new job. I'm 25 and I just finished college. I wasn't able to get any loans because my parents wouldn't give over their info, so I had to go to school at night while I worked during the day. I had to take classes as I could afford them so it took 7 years instead of the normal 4 years. I worked in fast food making minimum wage while I was in school. My new job is full time. I have health insurance and the salary is $40,000 per year. I don't have any debt at all but I don't have any savings either. I am renting a small apartment near my job (I used to live with my grandpa while I was in college but he moved into an independent living retirement type home). I live alone with no dependents. I don't own a car and I take the bus. Each week after I put aside money for rent and my bus pass and I buy some groceries and have a modest basic phone/internet/TV package. My TV, phone, laptop and all my clothes and other stuff I own are second hand from Goodwill and the like. Each week after all my stuff is paid for I have $50 left. My question is, what is the best way to save or invest. I would be putting aside $20-$50 a week because I try to keep going out and spending my leftover money to a minimum. I have no debt but I don't have any savings or investment yet either. I have no idea if I need a credit card or where I should start saving my money. I have read here a bit and decided to jump in to ask. [link] [comments]  |
| Posted: 21 Nov 2018 06:15 PM PST Mother has around 200k and is around 65 years old, she wants to spend 25k to buy a 140,400 house to rent to a needy family she has become attached to, the woman is single whom she is trying to rent it out to and makes $750 a month in disability checks and she has five kids who she also receives some financial aid from the government from. My mother is very attached to the children and wants them to be in a better area, I respect that but I want her to be financially healthy and stable. I think this is a horrible financial decision and she thinks it's a great one to own extra property. She is renting out one property and making no profit already. Am i wrong here? I'm trying to figure out a way to explain to her this is not good for the long run. What should she do instead that I could present to her? [link] [comments]  |
| Bank won't close checking account Posted: 21 Nov 2018 04:58 PM PST I have tried to close a checking account 3 times & I just recieved yet another account statement. The 1st attempt: I went into my local branch and spoke with a teller. I asked to close my account because their ATM is useless. At that time I withdrew my remaining funds. I was told I would recieve a letter in the mail confirming the closed account. This was at the end of September. 2nd attemp: I recieved a notice that my account was overdrawn by $6. This was due to not maintaining a minimum balance to avoid fees. I returned to the same branch, with my letter, asked why my account was not closed. The teller apologised & said this happens all the time. She said she would take care of it, including removing the $6 fee. Again I was told I would recieve a letter in the mail confirming the closure. This was mid October. 3rd attempt: I recieved a 2nd notice about my overdrawn account. Returned to the same branch and asked to speak to a manager. He assured me he would reverse the fees & close my account. I asked for proof that my account was closed. He said he couldn't give me anything but a letter would come in the mail. He also said he would call me as soon as the fee was reversed & account closed. I took his card. The next day he did call & left a message that my account was closed & the fee was reversed. This was late October, the 29th to be exact. Today I recieve a statement showing the fee had been removed but also showing a $0 balance thru November 15th. So, is my account actually closed? If not, how do I get them to actually close it? Also, I can still log in & see my account with a $0 balance. [link] [comments]  |
| After 12 months of tracking, I'm finally saving money Posted: 21 Nov 2018 04:36 AM PST I've been tracking since September 2017. On a paper. Being aware how many times I go to grocery store and how much I spend on crap I don't need. This allowed me to put money into things I have to pay, or want to pay. Leading to all my debts being paid off. PF has been a strong force for me, just reading of stories and getting to realize that at the age of 27 I need to plan for my future. Then in October I started using YNAB which is great too. Here's how my budget looks like. To me it's pretty neat, but I could use some ideas where to adjust. Fixed Expenses Food 300 Rent 300 Transport 74,70 Phone 40 Gym 19,90 Electricity 15 Youtube 11,99 Total 761,59
Variable Expenses Misc/Surprises 100 Pharmacy 40 Donations 10 Total 150
Fun Gigs'n'stuff 20 Floating 80 Total 100
Savings Emergency fund 344,205 New laptop 344,205 Total 688,41 Total Income 1700€. My strategy for now is four-piece. First 10% into emergency fund, then 10% into savings. After that what ever I want to do or buy that month. In December that's one gig and an hour in a sensory deprivation tank. Lastly I pay all the bills and budget for food and else. If there's something left, I go back to beginning and put 10% into savings etc. Budgeting for a laptop is quite aggressive since I don't have one and I need it for school. Around here we don't have 401k's and whatnot. I'll look more deeply into retirement savings, and investing, after establishing emergency fund. This plan follows mostly my spending habits past year, except the savings category. What have I missed and where could I adjust? My goal is financial independency. [link] [comments]  |
| What do I do if I haven't paid my taxes in almost 10 years? Posted: 21 Nov 2018 06:18 PM PST I'm using a throwaway for obvious reasons. The last thing I need right now is condemnation from internet strangers. The reason I haven't done my taxes for so long is because I inherited a fairly large sum of money from my deceased father when I was a teenager, and my family ate me alive financially so that they could each just get a small amount of it. When I was a sophomore in highschool I had to pay around $10,000 in taxes just because of them and their misguidance on how to file taxes.This has made me terrified of the IRS. I want to know how to get out of this hole. I know the saying, "only two things are guaranteed in life. Death and taxes" I've been too scared to confront this problem, but I know I must deal with it now, before it is too late. Any and all help/advice is much appreciated. Please don't judge me. I've had to support myself from a very early age, and I have never gotten help from even my family about this. They have always been money hungry. [link] [comments]  |
| Posted: 21 Nov 2018 11:39 AM PST So about a week ago I was getting extremely frustrated with my shitty car, so I went to a dealership to look at some cars. The dealer lead me to a 2017 Nissan Sentra. One thing lead to another, and I'm at their financing office as they're running through my information. They wrote up a lease and said I was pre-approved (?) with 15% interest for 4 years with bi-weekly payment of 240. I was kind of getting anxious about the whole deal, but next thing I knew I was getting set up with all the paperwork to get the car—except, I didn't have enough money for the 1,000$ down payment. So, they voided all the paperwork that had been done and told me to come back when I had the money and they'd continue the process. After thinking about it I knew that I probably shouldn't go through with it. But know they're calling me and telling me how they've parted the car and I just need to come back. I don't have a good feeling about this and my gut, I think, is telling me to not go through with the deal. After being pre approved and everything, do I have to come back and actually go through? Any other hot tips on not being an idiot and buying cars? [link] [comments]  |
| [Vanguard] Switching from ETF to MF in response to Admiral Shares lower minimum. Posted: 21 Nov 2018 12:03 PM PST I have my personal investments staged in a Vanguard 3-fund ETF portfolio. They have recently dropped admiral share minimum investments down to 3,000. Would I being doing myself any favors by switching my holdings from ETFs into these newly available MFs? [link] [comments]  |
| New employer automatic 401k contribution Posted: 21 Nov 2018 05:24 PM PST Hi, I'm starting with a new employer in January and I'm going over the benefit package and I see the following for the 401k. "Automatic enrollment at 8% with an opportunity to contribute 1-30% of eligible pay starting with your first paycheck" Does this mean that my first paycheck, i'm going to contribute automatically 8% but I can always change it later? They match 50% up to 8%. THank you [link] [comments]  |
| Debt: A Love Story - Has this been discussed here yet? Posted: 21 Nov 2018 03:17 PM PST I looked for it but I don't see it. This article is...something. There's so much about it that rings true, about how debt can be such a vicious cycle. But at SOME point you have to decide to face it, right? I mean, you can't run forever - especially with some of these types of loans. This is such a depressing article. How many people live like this? And why do lenders allow them to? I mean:
(also I apologize - not sure how to format the link better!) [link] [comments]  |
| 18 years old working 25 hours per week and sometimes 40 Posted: 21 Nov 2018 05:01 PM PST hi,, I live in Canada, Quebec and currently working 25 hours per week ( sometimes more if i need to replace someone or busy weeks). I live with my parents, pay 0 rent and going to college at the end of January (its free). What is the best way to use my money? Please and Thank you! [link] [comments]  |
| Posted: 21 Nov 2018 04:51 PM PST |
| 28 year old, with $40k in the bank. How to better plan for the future? Posted: 21 Nov 2018 01:05 PM PST Hi guys! I'm a 28 year old guy with $40k in the bank. Annual of $50k, and I get $1k in pocket per month after rent, bills, groceries, transportation, memberships etc. I try to put at least $400 - $500 into savings per month. I have a 401k, and I contribute 5% (max company match). I opened up a Betterment account last week and only have a few hundred into General Investing and Smart Saver accounts. I don't know if this is enough information -- but what else should I be doing at this stage to help secure my future and I guess retirement? Thanks in advance! [link] [comments]  |
| Posted: 21 Nov 2018 04:49 PM PST Upon review of my credit report, I discovered that my ex-husband had opened a new account, unbeknownst to me, with the electric company using my name and all of my information... and of course (can you guess?) not paid them, resulting in it now showing on my credit report. As an aside, the amount due is $666, make what you will of that. It was a tumultuous couple years, and I hadn't checked my report for a bit, so it was sitting there for awhile. I only discovered it when I received a letter from a collection agency, at my current address. My current address has always been my permanent address and is different from my ex-husband's former address (the address in question). When we married, I stayed with him most of the time on the East Coast although I'm from the West Coast. I commuted to my job in the MidWest, so it all sort of made sense. Anyway, I sent a letter to the power company (the original debtor) and copied the collection agency, explaining what I assumed had happened... that my ex-husband had, without my permission or knowledge, used my information and setup this account. I explained that I have a restraining order against him and that he was not supposed to be harassing me in any way (I assumed that this wouldn't matter, as I believe he did this before the restraining order, but thought I'd just throw it out there, in case I got a sympathetic soul). I also cc'd my attorney on the letter (again, I assumed it wouldn't do anything, but thought I'd just give it a go). I received a nice response from the power company, asking for a copy of my license, showing my permanent address, and some other identifying information. I sent the requested info and never heard anything back from the power company or the collection agency, so I figured I was in the clear. I gave it a few months to kick in, and have the paperwork catch up and checked my report again, and it's still there. I filed an online dispute through Credit Karma and after a few weeks, I got the response that it would not be removed because it was a valid charge (obviously not the exact words, but that was the gist of it). I'm in the U.S. My question: Now what? [link] [comments]  |
| What should I do now with my new job? Posted: 21 Nov 2018 06:17 PM PST Hi all, first time poster. I recently landed a job that pays 60k a year, I just turned 20 and I'm still in college and still live with my parents (grandparents, and my mother lives here too). Grew up poor, no dad, yadda yadda. I worked really hard, got a job as a Software Engineer. I previously had been making 12.50 an hour at a place that was basically taking advantage of me because I had no degree or previous relevant work experience as a Front End Developer ( I was a Javascript developer there). My question is really what do I do now? I am planning on saving about 2k every month. I know that in 2020 I'll have to start paying for my own college as Financial Aid won't continue to pay for it since I'll be making too much money. I should be graduating in 2020 Fall Semester. I am hoping to also get married next year in September / October sometime. When I move out (presumably once I get married) I want to buy a home, not rent. What are some things I could do to maximize my position financially for the upcoming future, and what's the best way to utilize my ability to save during the next 8-10 months? Thanks a lot guys [link] [comments]  |
| Family member drained back account. Posted: 21 Nov 2018 12:09 AM PST Some how, and she swears up and down it was and accident, my mother paid her mortgage and utilities with my bank card. Overdrafted my account, which she is not on, and basically just screwed my family over for the holidays. Now the bank after several lengthy phone calls and 2 visits will not reverse the money without us filing a police report on her. She has never done anything even remotely like this. Whole thing leaves me in a terrible bind. Either have my mother tossed in jail or find a way to tell my two young children that there's not going to be Christmas this year. We already screwed for Thanksgiving, our bank card was canceled and account frozen and it will most likely be next week before it's fixed if we do turn her in. What's even worse is we had just transferred our savings over so we could afford Thanksgiving and Christmas. I love my mother, and even more my kids adore her. She's their next favorite person other than myself and wife. She has no money to pay us back either. Well I needed a place to vent and hopefully one of you who read this have some insight or advice on what I should do. Would rather not throw her in jail, do not see any reason that the bank would not reverse the transactions regardless of who did them. Edit: This wasn't a huge sum, $600. Thats 5 months savings for us. Im a disabled veteran using my gibill and my wife works but doesn't make a whole lot EDIT2: My wife actually read through a lot of your comments and we are working on a game plan. We are currently leaning towards not filling a police report on a couple of conditions; drug test, mental health check, and she admits to doing it. More interested in the why than ruining our relationship with her. She's 63 and the last month or two has been showing some small signs of depression and weight gain. EDIT3: Sheriff deputy and my mother just visited my house. Looks like my younger brother got out of prison about a month ago and didn't want me to know. We have issues that got him landed in prison in the first place. From what she told the deputy and he pieced together, he was using her bank card and gave her my card info, no clue how he got it, to pay her bills telling her it was his. This explains why my mother has been acting depressed since while he is her baby he is also a career felon and has done everything stupid in life a person can do. She is actually still at my house sitting outside talking to my wife, who I am pretty sure she likes more than me. What it looks like is my shitty brother spent all her money, gave her my card info to pay her bills, and skipped town. Doesn't really solve our Thanksgiving issue/Black Friday issue but at least we know it just wasnt her stealing our card. [link] [comments]  |
| Posted: 21 Nov 2018 11:23 AM PST Hi all, After completely ignoring my finances most of my life for various reasons, I started really really late. Single, no kids, I busted my ass for the past 4 years looking for steady employment; I worked every day as a temp & accepted every job possible while looking for work. I brought in about 28-35k a year during that time, and managed to save a few thousand dollars in an IRA that I started, and a few thousand in savings. I have no debt of any kind. The only retirement I had at the end of that 4 year period was about 32k in a 401k from a previous job, all employer contributions. Now I'm in a steady job that pays double what I was bringing in during the past four years, and a little bit more. Company offers no matching of any kind, but I'm contributing as much as I can, and will kick into saving my yearly maximum to my 401k beginning January 2019 (25k for those 50 and over). I'll still be cash-poor, but whatever, who cares, I'm kinda used to it! At the moment I've managed to bring my IRA up to 7.2k total accumulated over the years, and will be contributing the maximum in 2019 (7k). I'm also contributing $700 a month towards my personal Emergency Fund that should cover 6 months of living expenses, and it will take about a year to get myself up to 10k which is my goal. I'm considering 1) continuing to look for work at a company that will match some or all of my 401k contribution, 2) taking an evening job while I'm relatively young and healthy to save and invest that money, 3) going back to school to learn project management to get a higher-paying job (I don't even know if that's worth the investment of $6500 for the certificate, but it's not that huge of a gamble, money-wise or education-wise, in my opinion), 4) learn to take advantage of my company-offered Health Savings accounts and Flexible Spending accounts. I'm about to purchase "Personal Finance After 50 For Dummies" to get my ass started on investing and learning more, but what would some of you advise / point towards? I'm in this to win it. I see that the side-bar only has advice for people from 35 to 45, then it goes right in to Retirement....my whole age group has been skipped! Advice welcomed! [link] [comments]  |
| Can my employer (a bank) make me use their products? Posted: 21 Nov 2018 05:22 PM PST I am starting a new job at a big national bank as a salaried employee. I currently bank with other 2 banks and I want it to stay that way. I am not a fan of my employer's banking products, so I was wondering if they can somehow make me open accounts with them. My job offers 401(k) and HSA, so will they ask me to open my 401k and HSA accounts with them? If so, what can I do to politely refuse it? [link] [comments]  |
| 18 and trying to save for my future. Posted: 21 Nov 2018 05:00 PM PST Hey, I'm currently studying in Polytechnic but I do work part time as well. I've seen and met these type of people where their financial stability depends on paycheck to paycheck and I worry I might be one of them in the future considering the fact that I'm always broke by the end of the month. Depending on my parent's allowance and the small salary I earn from my part time job. Here's the money I receive at the start of every month. $300(average +/-) salary from my part time job(Monthly) $200 for my allowance from my parents in a span of 4 weeks. (This is for my meals and other school necessities.) I do have bills (Phone Bill and Transportation) to pay considering the fact that my tuition fees are paid by my parents which is very ,very expensive. $75 Phone bill $50 Monthly Transportation. By the end of the month I tend to be very broke or have below $100 in my savings. How can I enhance my savings more and seeing my money grow? I tend to be spendy at times and on average I spend about $30 a month or so buying junk food and drinks once inawhile. I hope you guys take my post word for word cause I do hope I do not end up to see myself depend on paycheck to paycheck in the future. Any advice is welcome! Thank you! :) [link] [comments]  |
| Boss started me under the table with checks that have his business name Posted: 21 Nov 2018 04:00 AM PST Hi folks, so essentially the title says it all. I received roughly $3K tax free before I was on the books. It's been a few months since, & I was wondering how to make sure I don't get flagged by the IRS. Most of the checks were for just over $530, although I did just get a bonus for $800 that he gave me for the holidays. I live in Florida & I make less than $25K a year I don't post on here much, so if I'm missing any information that would help determine what to do, please ask. Thank you very much! [link] [comments]  |
| Should a high yield savings account be your only savings? Posted: 21 Nov 2018 12:52 PM PST I just opened my first HYS account and transferred money over but thinking of leaving 1k in my normal bank's saving account. The reason is if I were to need to transfer it back from my HYS, it would take days to go through. Is this normal? If so, does that mean most people have a little of their savings in a normal account they can instantly transfer to their checking if they were to need it immediately? Strictly asking about savings/emergency fund not investable funds. Thanks Edited for typos. [link] [comments]  |
| Posted: 21 Nov 2018 06:33 PM PST I've been reading some posts on this sub, coming from people still under their twenties, asking questions about what to do with the money they are currently earning. It seems like most 90% of the time, the responses tell the OP to save their money. As someone who has these same questions, I wanted to seek clarification on where I should be putting this money. Should I be saving this money in a HISA? For how long? Should I be putting some money aside for future investments? How about creating an emergency fund? Or am I better off just letting this money sit in my savings account? Would love to hear what you guys think. Reading "save it" in the comments never really seemed to answer the questions I had in mind. Thanks. [link] [comments]  |
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