Personal Finance Weekend Discussion and Victory Thread for the week of November 09, 2018 |
- Weekend Discussion and Victory Thread for the week of November 09, 2018
- I feel like my job is becoming less worth it each year
- 28 / m looking for a new residence, can't get past the "3x your rent rule"
- Mortgage Calculation - Please dumb this WAY down for me.
- AMEX CC debt sold to collections compamy then passed to another collections company and now its lost.
- Father passed before life insurance activated. Chubb and Aflac still taking money from mothers paychecks even after begging to cancel.
- Amazon Prime Visa Card 4% Back on Gas
- SS retirement benefit for divorced spouse on disability
- medical resident in my 30s, 300k debt, planning on loan forgiveness in <10 years. Then a few scenarios
- Me and my partner want to buy a home but I have poor credit
- Please confirm what I think I already know re: 2018 $24,000 standard deduction and itemizing in 2019
- Good time to get coop?
- 450 a month. What do I do with it?
- Economics Podcasts?
- Co-worker makes significantly more than me.
- Should I sell Financed Car to Carmax or Dealership I bought it from?
- Uber Visa card enquiries contact number?
- Best credit cards for foreigner on a H-1B visa
- Apartment burned in NorCal fire yesterday, on disability, no savings, no insurance. Next steps?
- US Bank REI card to provide Cell phone damage and theft insurance
- How to find a new C-Level job?
- Retroactive pay for my raise/promotion - Can I request this?
- Payroll let my 401k exceed the federal limit. What do I do? [US]
- I have an offer to purchase my property with “bags of cash” for significantly more than the property is worth
- Got a 1099 Gig with Contractor but I Must Repay current Employer $1200 if I Leave Before March
- Parents want to get a second house and have me as a co signer is this dumb?
| Weekend Discussion and Victory Thread for the week of November 09, 2018 Posted: 09 Nov 2018 01:05 PM PST 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]  |
| I feel like my job is becoming less worth it each year Posted: 09 Nov 2018 10:19 AM PST Here is the problem I'm having with my job. I like working here, but every year my responsibility level goes up and up. 5 years ago when I started, the job was busy but pretty good. However, now I'm the lead on projects, with people working under me, interfacing with customers, travelling internationally, solving problems on the floor, and reporting directly to senior management. The stress and the work have really ramped up in intensity with each passing year. The more senior you get, the worse it gets. Meanwhile, our compensation increases by 4-4.5% annually depending on a number of factors. It is always within this range until it caps after you reach the ceiling for the role. With inflation being around 2% annually, the real growth in compensation is about 2-2.5% annually. After 5 years, I am making about 23% more than my starting salary. It really doesn't feel worth it anymore. During my last annual review I tried to ask for a larger increase, but was told that it simply doesn't happen. I have actually been thinking about leaving. If I can't find a higher paying role, would it be a reasonable thing to do to look for a lesser paying role with less stress and responsibility? Edit : Wow! Thanks everybody for sharing advice and experience. I'll be reading through the best I can. Didn't expect this to blow up. I hope this thread is helpful to others in my shoes right now too. [link] [comments]  |
| 28 / m looking for a new residence, can't get past the "3x your rent rule" Posted: 09 Nov 2018 03:55 AM PST Hi I make around $1238 a month on SSDI, for an apartment I wanted to rent an apartment for $790 a month but was denied based on having too low of an income. I tried practically every single livable residence in this city with no luck at all. I have around $13,600 or so in savings and have offered to pay multiple months rent but to no avail at all. I have around $8000 in student loan debt but that is not due until 2020. Every landlord I spoke to as well said that "unless you make 3x the rent, we can not rent to you, sorry". Lowest rent here I have found has been 460 or roughly 1400 requirement. I have checked into section 8 but the list is at several years. I don't have any access to a cosigner (friends or family), what are my options? Edit : I also have a 628 FICO with around $16000 in available credit, all paid in full and last negative is about 2-3 years ago. [link] [comments]  |
| Mortgage Calculation - Please dumb this WAY down for me. Posted: 09 Nov 2018 08:02 AM PST Hey all, Can someone please explain to me how mortgage payments are calculated? I've tried online calculators, and I don't understand at all how the monthly mortgages can be so high. For example, entering a $750,000 home with a DP of $175,000 shows a monthly payment of over $4,300. While the taxes, insurance, etc. make perfect sense, the principal and interest is showing over $3,100 a month with a 5% mortgage. Can someone please tell me, in laymen's terms, how this is calculated? It seems to me I would be paying back over a million bucks on a $575,000 mortgage. I can understand that interest is clearly not calculated as %5 over the 30 years, because the above scenario more like 50%, but I don't exactly get how. EDIT: Thank you to all the straight forward examples. My question has been answered to death! :) [link] [comments]  |
| Posted: 09 Nov 2018 01:59 AM PST Back in April of this year I was laid off from a job where I had a business Amex. I had 7k in charges I had messed up and never got added to business expense reports and was left to pay that out of my own pocket. My mistake and different story. Anyway. After about 60 days of not making payments to this due to some major financial hardships I started getting upwards of five collections calls a day from this collections company that absorbed the debt from AMEX. I told them repeatedly I would not have any means to make payments for a while until I got a new job and caught up on all my other stuff too. They basically said expect to be hounded day and night until I start paying. They did until about 6 weeks ago. I kind of forgot about it and after getting caught up on my finances I decided it was time to start chipping away at this debt this month. I called the collections company yesterday and they said it belonged to another company and gave me their number. I called the number they gave me and said they have no idea or info of the debt I was talking about. Im paranoid about my credit taking a hit as this is the only bill Im delinquent on. I checked my credit report and the AMEX is and has never been attached to my credit despite my name and name of the company was on the card. Im confused. I went in circles a couple times with AMEX and the collections companies. I understand that debt just doesnt disappear. But as of now I am completely unable to make any payments to anyone and wondering what will happen next if things continue like this? I have not gotten any paper mail in almost two months or a single collections call regarding it in 6 weeks or more now. [link] [comments]  |
| Posted: 09 Nov 2018 10:24 AM PST My poor mother took out life insurance for my dad but he passed away before the insurance can kick in. Yet, these companies, CHUBB and Aflac kept taking money from her paychecks. She called multiple times and spent hours talking to customer service and they told her, more or less, that it was cancelled. Yet, they just took money out again for the third time. So she called again, this time they told her to contact her payroll department. If the insurance companies say that they cancelled then what the fuck does payroll have to do with this? Now she is trying to contact her shitty job, and the person there who is responsible to help out said she will call back, and of course she never did. (sorry guys my mom is crying and pissed off that some people there are getting paid and not even doing their jobs. While she, an overworked house-keeping worker has been spending her precious few days off trying to cancel something so simple; yet no one can do anything.) Any help is greatly appreciated. She has no idea who to talk to or what to say so that they would once and for all stop taking money from her paychecks. We are throwing money out at this point for no reason. [link] [comments]  |
| Amazon Prime Visa Card 4% Back on Gas Posted: 09 Nov 2018 12:35 PM PST Just received an email from Amazon to activate and additional 2% back on gas for a total of 4% back in this category. Promotion valid from Nov 5 to Jan 1, 2019. Check your emails. Not sure is this is targeted but I will mention that I have been an active Chase customer for bout 6 years. Good Luck [link] [comments]  |
| SS retirement benefit for divorced spouse on disability Posted: 09 Nov 2018 05:03 PM PST My mom is 65 and started receiving social security several years back when she became disabled. The amount is pretty low since she didn't work a lot while married. She's been divorced for many years, but had been married for about 20. She has not remarried. It sounds like she would qualify to receive benefits based on my father's benefit amount. He continues to work but started drawing SS at 62. Does the benefit amount combine with disability, or is it one or the other? If she uses his benefit, is it 50% of his or the full amount? [link] [comments]  |
| Posted: 09 Nov 2018 04:55 PM PST case 1 : remain as doctor, get loan forgiveness. case2: take a non-clinical job related in health/medicine, earn less Pros: more personal time, likely more satisfying lifestyle, possibly date and have a family, healthier Cons: less money, probably stricter budgeting/saving, more concern for retiring case3: part time physician work + "other side thing" Pros: this seems more appealing to me. Working ~20-30 hours a week clinically would be ok, no surgery or call preferred. And some other kind of obligation to keep things interesting without consuming my life (adjunct teaching, research, who knows). Sorry for just throwing this out there, would be nice to hear if any other docs have left the 80-100+ hour week slave ship of medicine, or any professionals with similar situation who calibrated their career paths. [link] [comments]  |
| Me and my partner want to buy a home but I have poor credit Posted: 09 Nov 2018 02:58 PM PST Long time lurker of reddit, I had to create an account just for advice from a broad range of people. So I am 22 and had a string of unfortunate circumstances mostly due to me that dropped my credit. I missed and was late on some payments to my phone bill, student loans, and credit card. I had a little rough patch involving my vehicle and getting to work and stuff. Anyways my credit score is at 540 right now but has been on the up and up for a while now. I have a fairly steady job working as a carpenter making about $37k annually. Hopefully in the coming months I will be hired to a salary career that will still allow me to work 30 hours a week adding $42k to what I'm already earning. My girlfriend makes about $34k and has a credit score of 800 no delinquent payments, everything is Crystal clear on her end. We are renting for $1000 monthly and have terms in our lease that allow us to move out whenever we want so my girlfriend is always looking at houses. We found one that we like that will not just be a starter home but somewhere I'd spend the rest of my life. It's listed for 200k, would any lender give us a loan. [link] [comments]  |
| Please confirm what I think I already know re: 2018 $24,000 standard deduction and itemizing in 2019 Posted: 09 Nov 2018 08:12 PM PST This year we sold our house because we are relocating. Before we sold we paid just under $9,000 in mortgage interest. Taxes were just under $2,800 (low cost of living). Obviously for 2018 it makes sense to take the standard deduction because we basically lost every other deduction we previously were able to take. For 2019, our mortgage interest is estimated to be about $25,000 and $14,000 in taxes (relocating from lcol to hcol is going to suck). I know the tax will be capped at $10,000. Even so, it's $35,000, which is obviously more than $24,000 so we will itemize in 2019. This makes sense correct? I'm not missing anything? I'm also just focusing on the mortgage interest and property tax in this post. Yes, we max out retirement (401k and traditional IRA) and we have child credits. [link] [comments]  |
| Posted: 09 Nov 2018 04:14 PM PST I'm living a soon to be genterfying part of a HCOL city and am in a position to purchase a coop. I grew up around here and have family here. Facts about me:
Situation: A two bedroom has become available in an area I've been looking at for some time. It's close to the things I'm looking for and amentities are great. I haven't found something like this in quite some time. I'm going to an open house next week but from the pictures it looks recently renovated.
My thoughts: This is worth pursuing as long as I do a couple things:
My questions: * Is this a sound idea? * Can I afford this 240k home? * In this scenario, I know if often doesn't, but does a 10k distribution from my Roth IRA make sense? (the price of homes keeps going up faster than i can save, location and place is what I've been looking for) * Am I missing something here? * Other thoughts or suggestions? [link] [comments]  |
| 450 a month. What do I do with it? Posted: 09 Nov 2018 10:46 AM PST I am a teacher. I already have a savings account set up by my state. I am shit at money but want to do better. I have set aside 450 in my budget and want to actively do something with it each month. I know this is broad, and I'm more than expecting to get told that by you guys but it's worth a shot. I bought stocks and played around with it about 10 years ago but I'm looking to do it more seriously. I want to continue to invest 450 for 5 years in something. Thanks. EDIT: I just recently saved up 5000 dollars and paid off all of my debt. [link] [comments]  |
| Posted: 09 Nov 2018 07:21 PM PST I'm sorry if this has asked before, and I've previously tried to look into this on my own, but have been having trouble identifying good information. Is there a good podcast that covers economics in the US, or even globally. I've looked into Planet Money on NPR, and listen to them weekly, but I'd like more in depth and educational ones. [link] [comments]  |
| Co-worker makes significantly more than me. Posted: 09 Nov 2018 04:32 PM PST I just found out a co-worker who has no college degree or any formal training related to our line of work makes significantly more than I do. He has been almost fired on multiple occasions for berating other employees and his boss. Vape's inside the workplace. Has no drivers license due to multiple DWI's, yet still drives to work everyday. Used to show up drunk and leave work after lunch due to being hung over twice a week. And uses highly offensive language... I wont specify. Damages machinery and measuring tools regularly. He's been here 12 years. Ive been at this company for 8 years. I have an Associates degree specific to my field, and continuously attend trainings and seminars. Its been acknowledged through my supervisor and peers that I am the most talented and productive worker in the shop. I continuously take on work my colleagues are not capable of completing in addition to my own. I also train the other workers, including the one I mentioned, on common practice and the software we use to do our job. I was also chosen to teach a weekly class to another department on how to design parts for better manufacturability. I have 14 years of experience in this field, including the 8 here. I was just a bit dumbfounded when I found out he's taking home $115,000 a year working 50-55 hours a week (he milks the overtime, spends a hour each morning drinking coffee and playing solitaire on his computer) and I'm making $65,000 working 45 hours per week on average. I don't intend to mention anything about him when I ask for a raise. I want to keep it positive and about what values I provide. Im on very good terms with my supervisor. Id just like to hear from anybody thats been on a similar situation and how they created a better situation out of it. [link] [comments]  |
| Should I sell Financed Car to Carmax or Dealership I bought it from? Posted: 09 Nov 2018 03:05 PM PST Hi all, I'm in need of some advice. I financed a used 2014 Toyota 4Runner in February due to my Nissan Rogue breaking down. My loan has a 2.1% interest rate and the term is 5 years. My payments are $460 a month and I'm now realizing how stupid this decision was. I currently owe $22k on the loan which also includes the warranty that I shouldn't have gotten. I had the car appraised by Carmax at $20k. I made an appointment with the dealership I bought the car from tomorrow to cancel the the warranty and also have it appraised as they mentioned an interest in purchasing it. Although I will be car-less for a couple of months, I will be saving up to pay cash for a $5k car as I will be starting a job that will be paying a good bit more than my previous employer. I guess what I'm asking is, would this be a good idea? Just picking the dealership that offers me the most money? [link] [comments]  |
| Uber Visa card enquiries contact number? Posted: 09 Nov 2018 05:01 PM PST I want to apply for a Uber Visa card and my credit score is 767(Is that good enough on it's own? No loans, student income of around 30k pa). I have a few enquiries to make though before I apply for one and there doesn't seem to be any way to contact anyone at Barclays to help me do this... any number I call including the general enquiries number asks me for last 4 digits of my credit card which I do not yet have. And there's no physical bank location I can visit either. Any ideas apart from emailing them? Also does anyone have experience dealing with their customer service for disputes, unauthorized charges etc? This is my biggest concern. [link] [comments]  |
| Best credit cards for foreigner on a H-1B visa Posted: 09 Nov 2018 05:01 PM PST I will be moving from Germany to the US on a H-1B visa to start a job in Chicago early in 2019. What credit cards should I be looking at after I land and get my social security number? I am primarily interested in credit cards which provide CDW coverage and a cashback programme. Should it matter, I hold a few credit cards with European banks. In addition, I have brokerage accounts with Charles Schwab and Interactive Brokers. Finally, I do not have any loans left to pay and I've always paid my credit card bills in full at the end of each month. [link] [comments]  |
| Apartment burned in NorCal fire yesterday, on disability, no savings, no insurance. Next steps? Posted: 09 Nov 2018 10:58 AM PST My boyfriend's mother lost her home and personal belongings yesterday when the town of Paradise, CA burned to the ground. She is disabled and on disability assistance, has no savings, no renters insurance, and escaped with nothing except her cat and a few small things. I believe she had section 8 housing assistance. She is now staying with a friend in a neighboring town, but obviously can't stay there forever. She's incapable of solving a complex problem like this for herself. She has no family nearby and no close friends who she can ask for help. We are not able to help her financially to the extent she needs. What are her options for assistance in getting back on her feet, if any? Who should she call first? What are her first/next steps? There are about 30k+ other people displaced/affected by the fire which is still actively burning, so I assume relief workers are totally overwhelmed right now. I also feel her situation is time sensitive. I have no experience dealing with government assistance programs, so I am useless in this situation. Please help me help her. Thanks in advance for any advice you may have. EDIT: I will give the Red Cross a call. Thanks so much for your help and well wishes. [link] [comments]  |
| US Bank REI card to provide Cell phone damage and theft insurance Posted: 09 Nov 2018 01:51 PM PST Not sure if this is the right forum for this, but... Just got a mailing from US Bank REI card - they are going to provide cell phone damage and theft insurance for free. Since it's a no-fee card, so that's a great benefit. It will save me at least $240 a year and the deductible is lower than my service provider - $50. Details here: US Bank cellphone protection [link] [comments]  |
| How to find a new C-Level job? Posted: 09 Nov 2018 08:25 PM PST Throwaway account, for several reasons. The company I work for now, they own several very well recognized consumer brands However the company itself is mostly unknown because it's basically a holding company. Most of the other executives here are at least 10-20 years older than myself, I don't really have a ton of contacts outside the company. Most of the people that I've networked with have primarily been for sales/marketing purposes rather than career builders. Most of this is because I started out of college as a non-equity partner in a startup, which I grew (along with a few other people) into a $50 million dollar company and we got acquired. I got a small portion of the buyout money (being non-equity), and was kept on by the company that bought us out. This was 4 years ago. I was, and still am, Vice President of our division. Every year, my bonus structure changes, and as a result, much salary has remained roughly flat for the past 4 years; right around $200,000 a year. However, every year my responsibilities increase significantly. Coming from a startup, I have a diverse skill set (sales, marketing, full stack developer, product development, product management, project management both technical and non, data analyst, AI/Machine Learning specialist) which I picked up along the way of growing my original company. It was fulfilling back then because as I developed new skills, my pay increased accordingly. Now, I feel like I'm stuck in a bit of a rut. Although I always read about or hear stories from friends who have jumped jobs and gotten large pay raises, it always seems to be jobs in the high five figures or low six figures. They don't seem to advertise $300,000/year jobs in the classifieds. Any advice on where to start looking for C-Level type jobs to advance my career and hopefully get a decent pay bump? Or is it unrealistic to expect to walk into a company and command a $250k/year salary. I'm more than willing to answer any questions or provide clarification. [link] [comments]  |
| Retroactive pay for my raise/promotion - Can I request this? Posted: 09 Nov 2018 06:03 PM PST I've been waiting for a raise/promotion for over 6 months from my employer. My manager and their manager requested it earlier this year and have been waiting for upper management approval (from our parent(?) company). If I do get this raise in the end (no real reason I shouldn't), can I demand/request it be applied retroactively? If relevant - I'm in Texas but the company is situated somewhere else in the States I believe. [link] [comments]  |
| Payroll let my 401k exceed the federal limit. What do I do? [US] Posted: 09 Nov 2018 05:53 PM PST I just looked at my 401 status and it says my personal employee annual contributions are currently: $18,841.34. Given the limit is $18,500; what am I supposed to do about the $341.34 overage? I asked previously and was told it would automatically stop at 18.5k which didn't happen. Suggestions? [link] [comments]  |
| Posted: 08 Nov 2018 10:17 PM PST Hi all, first time poster here. I purchased a property a couple years ago (really got a great deal) and love the property. Recently there has been a buyer purchasing a lot of land in the area (for more than the property is worth). The other deals in the area from this buyer seem to have gone through with a down payment and then significant monthly payments to pay off the price (extremely long escrows, like several years). I wasn't necessarily interested in selling, but this buyer offered basically 3x what I paid. The caveat is that they want to make a down payment for what our remaining balance is on the loan and then make monthly payments with "bags of cash" until the balance is paid. This would be like 30-50k cash a month. From what I know, the buyer is from an Asian country but owns a lot of land in the U.S. I also believe they own an online or television retail business from their home country. Beyond that, I don't know what they do but obviously my inclination is there is something illegal going on but have no idea. My question is how would that work? If I deposit that much cash, I'd obviously have to declare it but have never been in the position of having to declare a cash deposit. Would the buyer have to do paper work as well? Is this offer just too wild (too risky)? Would the bank even accept that much in cash deposits? I'm just not sure what I should do and would appreciate any expertise and advice. [link] [comments]  |
| Got a 1099 Gig with Contractor but I Must Repay current Employer $1200 if I Leave Before March Posted: 09 Nov 2018 05:36 PM PST His people of Reddit, I am looking for advice. I got a job with a good, very large company in March of this year. I didn't especially want the job but I was trying to complete my divorce and they were offering a sign on bonus which I thought would pay off my lawyer at the time you finish the job. The company warned me up front they had a lot of turnover due to the insane work schedule they adhere to, but that they were looking to change it "very soon", "within 6 months". The schedule is 12 hour workdays, 7 days on, 5 days off, then 6 nights on and 3 nights off. It's terrible. 8 months later and there is no sign of any change to come. I put myself out there and got an interview with a contractor who works with the Pentagon on things which are up my alley. They sent me an offer today. $80 an hour as a 1099 contractor. They say I'll work 40 hours a week. If I work 40 hours a week every week, then I'm going to make around $155K a year before taxes. This is the most money I'll have ever made in one year. I understand the whole tax deal for 1099 folks and it still blows my mind. Also, I took a $5k signing bonus and a $7k relocation allowance, both of which I'll have to pay back within a month or else face also paying it back with "the highest legal interested rate allowed." The other catch here is that the job isn't guaranteed past March, it depends on what the powers that be in Washington decide in between now and then. If I take this job I'll be set of it goes past March. However, if it doesn't then I will basically have gone from stable to screwed. I would love to hear your thoughts. [link] [comments]  |
| Parents want to get a second house and have me as a co signer is this dumb? Posted: 09 Nov 2018 02:39 PM PST My dad is asking for my personal information to run a credit check on me. He, without my councel, has decided that he wants to buy a second home and somehow profit from renting it and then selling it again in 5 years. Our current home is still being paid for and i dont think this is a smart financial idea on his part. Im still paying for college out of pocket and i dont have any loans. Im in my mid 20s and predict that most of my savings will be used for my 4 year degree. I also dont want the legal ties and responsibilities of being a primary owner of a home. What should i do? Does their plan sound flawed because to me it sounds crazy. [link] [comments]  |
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