Personal Finance Dentist charged me $750 for dental work, but after the claim processed, insurance said "pt owes: $500" Is the dentist supposed to refund the difference? |
- Dentist charged me $750 for dental work, but after the claim processed, insurance said "pt owes: $500" Is the dentist supposed to refund the difference?
- What is the best approach to buying a house with my best friend?
- Getting Deported...Have a lot of debt. What do I do or do I do anything at all?
- Wife defaulted on student loans 8yrs ago. Credit finally rebuilt. She went back to school applied for financial aid got a $6000 student loan. The school lost accreditation and repaid the loan on her behalf and open up old loans. Now on the hook for $80000
- Need advice paying off CC debt.
- My girlfriend wants to sell her home that currently sits in an irrevocable trust.
- Does it make sense to live in a hotel as a Canadian working in Michigan?
- My husband just totaled his car, we don’t have full coverage, $60 in the bank, we are both unemployed and I don’t know what to do.
- Which option should I take regarding money owed to school?
- What happens to your money if you don't file all of your taxes?
- Saving for a 2020 wedding: okay to carry balance on cards with 0% interest?
- Trust payout question
- Around ~45K in student loans and don’t know how to pay for next year at college
- Is it ever a good idea to pass on retirement accounts (401k, Roth IRA, etc.)?
- Unemployment Benefit Question of "refusing work"
- Deposit for an apartment
- I would like to leave a supervisory position but don't know how best to go about it.
- Parent wants to make me a co-owner of her house. Worried about tax implications.
- Bond investing question
- Need help with sudden debt
- Is my ESPP worth investing in ?
- Love my job, due for annual salary review, got 3 new much higher salary offers unexpectedly.
- 29yo finally getting serious about saving for retirement. Just opened 401K, looking to open Roth IRA/higher-yielding savings account/CD--looking for input/advice.
- Roth Vs. Traditional --- Not sure if I've been contributing to the best one.
| Posted: 04 Dec 2018 02:02 PM PST I have waited over a month and there has been no refund check. Is this pretty much a call and hope for the best thing? It's after hours and cannot call now. Edit: to clarify. I left that day paying 750 bucks. The dentist charged about 1700 to MetLife and then Metlife said the negotated charge was much less. Then the claim processed online and it says that I would only have to pay $500. But since I overpayed what they think I should have payed, was curious if there was some sort of refund. Online it says "The patient's financial responsibility to the Dentist is $500" Thanks for all your help guys! [link] [comments]  |
| What is the best approach to buying a house with my best friend? Posted: 04 Dec 2018 11:41 AM PST Preface: I've read previous posts about buying a house with a friend and I'm perfectly willing and expecting to hear a cacophony of "DO NOT DO THIS" posts. And I'll oblige to wear a dunce cap during this entire thing but here's the scenario. Body: My best friend and I, for all intents and purposes have been brothers for our entire lives. He lost his early, mine left the family for drugs etc. and it's been me and him since I could remember. He's working in the union, has always had a job and extremely stable income. He's also rising through the ranks in his union. I'm a geologist and although financial hardships are possible I can not imagine any scenario where I'm without a job for more than a month or two. Employers seem interested in the work I'm doing and I have never gone on an interview without receiving an offer. Luck is sure to run out but let's play this scenario out as if we both will always have income to cover our share of the house. We currently live together and want to invest in a property together. We want to gain equity in the housing market while also gaining the tax benefit of mortgage payments. I've told him of the materials I've read and have told him most of the suggestions on here.
My main questions for this are how to do this in the most equitable way. For instance, let's run a scenario where we make a $50,000 down-payment ($25k each) for a $400,000 house. I ran some quick numbers and found that the mortgage would be about $1,100 each per month with a 20-year mortgage. If after 5 years ($66,000 each), he wants to move out, what are our best options?
In addition I have questions on an LLP vs an LLC. Are either considered a smart move when taking out a mortgage? Please understand that when I see other posts people are warning them to protect themselves from being fucked over. Telling them to open up an LLC in their name and have the other pay them so they can't get fucked over, etc. etc. This is not what I want. I want to make sure that my buddy is protected and will not be fucked over. Neither of us are looking for financial gain on this (besides market growth if at all). What we want is to make sure that we're not paying rent anymore and can still live together. Located in Long Island, NY. Any and all help is truly appreciated. Now. Let me see those "DO NOT DO THIS" comments. [link] [comments]  |
| Getting Deported...Have a lot of debt. What do I do or do I do anything at all? Posted: 04 Dec 2018 02:03 PM PST Naturalized citizen via the US Army, immigrated from Canada as a Canadian citizen in 1995. Lived here since but now I am finding my self in a very shitty situation. Without getting into too much detail... When I received my N-400 and answered the question 'Have you ever committed an offense or crime for which you have NOT been arrested for' I placed NO. I got indicted for 'unlawful procurement of naturalization' because apparently I had lied on the form from when I had gotten a DUI. Now I am fighting a federal case, $50k+ in lawyer fees, plus my student loans and recently found that ICE has concurred with the US attorney for immediate deportation back to Canada upon sentencing... So what the hell happens to my debt? I know Credit History is different in Canada and I would have to start from scratch... Should I even continue to pay my debt? I dont have the 25k remaining for my lawyer without using CC. Any thoughts? Advice? (Also I understand the nature of the crime and I am not arguing what was put on the form, just need the fiscal advice Not the legal advice thanks) [link] [comments]  |
| Posted: 04 Dec 2018 09:35 AM PST As the title states... My wife defaulted on $80000 in student loans I believe 8+yrs ago. Her credit has finally been built back up almost to 800... But she went back to school about a year ago (nursing school - Quincy College) she filed for financial aid and part of it was a $6000 student loan. While she was currently in school, Quincy college lost their accreditation in the nursing program due to too many students not passing the boards. So she was refunded all the money we paid out of pocket for classes and books etc. But here is the issue.... They directly refunded the student loan $6000 to the loaner which in turn was seen as a payment towards the student loan and has now reopened the defaulted loans of $80000.... And her credit score is talking. I understand the law states about 7-7.5 years defaulted student loans come off your credit and a payment of any kind would reinstate that debt. But it was the school that refunded the loan, not her. What can we do if anything? Any help is appreciated. [link] [comments]  |
| Need advice paying off CC debt. Posted: 04 Dec 2018 01:03 PM PST I have 3 credit cards all with debt and roughly the same interest rates. I owe: CapitalOne - $1,775 BestBuy - $1,825 Home Depot - $250 Overdraft Loan - $225 I bring home about $500-700 a week and get paid weekly. My expenses are currently: Rent: $367/month Phone: $50/month Car Insurance: $125/month Internet: $15/month Gas: $100/month Hulu: $12/month Netflix: $12/month Nugs (Music): $12/month So I guess my question is after setting aside money for these bills, how do I best manage and set aside the rest of my money to pay off my credit cards asap and stilk have money to eat on and get by. I try my best to stick to the envelop method, but when it comes to budgeting for food, alcohol, and paying off my credit, it becomes a bit murky for me. Any advice/tips/links are more than appreciated. Thanks!* [link] [comments]  |
| My girlfriend wants to sell her home that currently sits in an irrevocable trust. Posted: 04 Dec 2018 01:22 PM PST My girlfriend received two houses from her living mother. Her mother currently lives in one of them and my gf lives in the other. She would like to sell her home and purchase another. Will she have to pay taxes or capital gains on the sale? Details: Lives in NH, home value $350k, has never owned or sold another home. [link] [comments]  |
| Does it make sense to live in a hotel as a Canadian working in Michigan? Posted: 04 Dec 2018 04:30 PM PST I am a recent grad from Ontario and landed a really great 1-year work contract in Michigan. I have my TN visa, and am currently living in a hotel while I start working and apartment hunting. Rental housing in Michigan seems extremely sequestered, and I don't want to live in a $750 rental unit if that means everyone around me earns $1000/ mo (as the property manager told me that was their background check threshold... yikes). EDIT: FYI, the poverty level in metro Detroit is $15k/yr. The apartments in "decent" communities seem to run for $1200 + gas/ water/ electricity/ trash collection/ rental insurance/ internet. I will also have to furnish wherever I am living, I have almost no belongings currently. The hotel I am currently living in is costing me just over $300 per week and is pretty nice, 5 min from work, has a kitchenette + fridge, free internet, and maid service. So it got me thinking - what is stopping me from just living in this hotel if I book my room for one month at a time? Are there ramifications on taxes? There must be something that I am missing or haven't thought of because I do not understand why more people wouldn't do this. I cannot find any resources online regarding this very bizarre situation, so any advice would be much appreciated. [link] [comments]  |
| Posted: 04 Dec 2018 05:39 PM PST Hi, I'm panicking so I hope I'm understood My husband is(was...) an uber driver. He got a ticket a couple of weeks ago(court date has not yet gone by). He was just in a bad accident which has probably totaled his car. We do not have full coverage- accidents are only covered if they are not our fault and this was a rear-end. We have no money so the car will probably be reposessed(I'm not sure what that means for us financially). We are also not done paying off the car. Uber is the only thing my husband was doing, so he is now totally jobless. I clean houses but have not been hired in a few days and it's a toss up of whether I will be hired on any given day(I work through TaskRabbit). I have a job lined up but it's at a school so I probably won't even start until January. We have a dog who can live with my husband's parents temporarily if we are evicted from the apartment, and we have almost no valuable possessions to sell aside from a 5+ year old laptop and a few MTG cards. I'm really just trying to figure out our next steps, what they should be, what I can expect. Thanks Edit: Car may not be totaled. [link] [comments]  |
| Which option should I take regarding money owed to school? Posted: 04 Dec 2018 07:02 PM PST Worst case scenario if I can't get more financial aid, it's looking like I may owe ~$18,000 after one semester of out of state college education. Long story short some external financial aid may be falling through and I am not able to stay at this school because I cannot pay the bill. Neither of my parents are not able to assist me financially. I am wondering which of the following options I should do:
I want to transfer to community college in a two year program and commute but I am not sure if I can get my transcript from my current school. [link] [comments]  |
| What happens to your money if you don't file all of your taxes? Posted: 04 Dec 2018 05:15 PM PST In the first quarter of 2017 I had a job with a small company that went belly up and then I never got my W-2 because I had moved and didn't have contact information for the owners. I had filed for a tax return in March 2018 and included the information provided to me by my new job. I had no tax liability and got a return through direct deposit, but what happens to the tax withheld from my checks from the first job? Did they give me that money back? Even though I didn't declare it (since I didn't have the info)? [link] [comments]  |
| Saving for a 2020 wedding: okay to carry balance on cards with 0% interest? Posted: 04 Dec 2018 08:57 AM PST Hi everyone, I have recently discovered the cost of a traditional wedding in the modern era, and despite giving myself plenty of time to save I am still looking for every way possible to pinch a penny to get there comfortably. My question is specifically related to my credit card usage, and how best to handle a balance while I have the 0% APR period. I have savings accounts with Ally that are getting 2.0% interest; what are the downsides to couching the money I would be spending on credit card payments in the savings accounts until my 0% APR is up (obviously I will still make regular monthly payments, just not reducing the balance to $0 as I have historically done)? We do not plan on buying a house or car in the near future, and we shouldn't have need of any loans for other purposes, so I'm not super concerned about losing a few points on my credit score in the short term by increasing my utilization %. I understand that the amount I would gain is not huge, but if there's no terrible consequences, I'd still like to claim that free interest money. Thank you! Edit: Thanks everyone for the valuable conversation we've been able to have. I've decided that the risk of potentially not being able to pay off the card at the end of the 0% APR phase as a result of unexpected circumstances outweighs the potential gains I could make. I really do appreciate everyone chiming in with their opinions and perspectives! [link] [comments]  |
| Posted: 04 Dec 2018 06:40 PM PST So my dad just let me know that on my next birthday, i will be eligible to cash out a trust my grandma set up for me before she passed. i make decent money already and want to make the right decision with this influx of cash -around 20k. Should i apply it towards my house or possibly a college fund for my daughter? Are there tax implications I need to think about? Im debt free except for my morgage and already contribute to a 401k. I also have a safety net/emergency savings set aside. [link] [comments]  |
| Around ~45K in student loans and don’t know how to pay for next year at college Posted: 04 Dec 2018 12:32 PM PST I go to a Top 50 private university in the U.S for undergrad and got a sizable financial aid package, but not a full ride. I took out two private loans. one at 8k and the other at 7k to pay for each semester and I'm around 45K in debt with interest. This debt isn't including the money I got in FAFSA. My parents aren't contributing to help pay tuition and I told my mother I don't want to take out anymore loans or else worst case scenario I'd transfer out. I found out shes more than 300k in debt and she didn't even go to med or law school! She paid her way through college through private loans but I don't want to end up like her. Shes making it seem like private loans are the only option I have. I doubt my parents have the means to pay 15k a year even with the 5-month payment plan my university. I'm planning to get a second job waitressing next semester so I could start saving up for tuition. Are there any other ways I can minimize my debt or pay my way through college? I have been applying to various scholarships but no luck so far. EDIT: forgot I have about 2k from my grandmothers 529 plan for me. [link] [comments]  |
| Is it ever a good idea to pass on retirement accounts (401k, Roth IRA, etc.)? Posted: 04 Dec 2018 02:34 PM PST I know that the conventional wisdom is to max your retirement accounts before investing. However, since retirement accounts are so incredibly illiquid and nonetheless tied to the market, assuming there are no tax advantages, is it okay to skip them? Or am I seriously missing something? For context, I'm 27, no debt, with $3000-$3500/month left over (after all discretionary expenses). I get that a 401k would be tax advantaged if I'm at a lower bracket when I retire. That said, I'm not comfortable with locking such a substantial portion of my finances until I'm 65. I could easily be dead by then, and I don't think my financial needs are so high in my old age that I'd squabble over the tax differences. Shit, NYC could be underwater by then. Would it be a bad idea to just put away $3k/month into a fire and forget investment fund? Is it really that important to max my 401k? My plan is to just hit my 6-month spending emergency fund figure and then dump every penny left over into long term investments, eventually starting a separate account to save for a new home. It seems like splitting off 19k/year into an account I can't touch until I'm 65 will drastically reduce the money I can access in my 40's and 50's. Edit - I forgot to add, there is no company match, which I understand is a big reason to contribute. [link] [comments]  |
| Unemployment Benefit Question of "refusing work" Posted: 04 Dec 2018 04:40 PM PST For those that have had experience or know an answer to this: Was laid off recently and have been collecting unemployment in CA for about a month. This has been helping me greatly to put a roof over my head and food on my table. I have been doing the claims bi weekly to receive benefits and applying to jobs that I really want rather than being desperate and applying to anything, looking for the right fit and wages so I may stay at a job for a while. I recently had a phone interview with a company I had applied for, that was also stated in a claim I had made for unemployment. The interview went well and when it came to discussing wages/salary, it was around 25% lower than my previous job, in which I worked 5 years for. I was not satisfied with this and said I was not interested in moving to the 2nd round of interviews and thanked them for their time. My question is, when making claims for that week, should I put yes for "refused work" in the questionnaire? I dont believe I "refused" any kind of work as this was just step 1 in the interview process and not really a "offer" for work. I do not want to cause any trouble for myself when doing these questionnaires, so if I can simply just answer no for "refused work" and continue with my benefits, would help greatly. I read online from others that "refused work" for CA unemployment benefits mean that they must have had to offer me the position and given me a start date. This was not a offer for position but rather just to move on to the next interview round, that I did not wish to go forward with. PS. this was a "contract" position for a year and not a employment position (not sure if that effects the questionnaire) If anyone has experience or can relate to this, would appreciate any feedback. Thank you [link] [comments]  |
| Posted: 04 Dec 2018 01:05 PM PST Hi, I recently signed a lease stating that there was a deposit of $1000 due prior to moving in. I recently was contacted by the apartment manager asking us to pay the deposit despite us not moving in till July 2019. As this is my first apartment I had some concerns. 1. Can they give the apartment away if we don't pay the deposit soon even though the lease is signed? 2. Is this normal? No where in the lease does it state a date of pay for the deposit as I've already checked. Any advice going forward? Thanks! [link] [comments]  |
| I would like to leave a supervisory position but don't know how best to go about it. Posted: 04 Dec 2018 05:38 PM PST First a TL;DR, since this is going to be long: I would like to resign from a supervisory position because I believe it would benefit me in the long term. However, I don't know how to do it in a way that would not damage my current relationships with the people in my company (mostly my manager). I'm not 100% sure if this type of post should go on this subreddit, but oh well, nothing to lose. I realize that this is a long post, but it would be much appreciated if you have any advice to give. Note that I will be changing some descriptions and avoiding any super specific details in case someone at my company sees this post.
I have been working in a supervisory position at my company for about a year (the company itself has been around for quite some time). My predecessor is no longer with the company. Prior to being promoted into this position, I have interned at this company and worked in a different position for a short period. I'm currently fulfilling the responsibilities of both my position and other random responsibilities as needed (some of which are significant). Please note that I have not expressed any desire to leave the company to my manager. During some random conversations, my manager has expressed very strongly that it is heavily preferred that I stay with the company long-term. There have been some discussions if I would like to move to another recently vacant role that I may be interested in. There have also been some jokes/hints that perhaps I may eventually fill my manager's role in the (most likely very distant) future. Despite of this, I would like to leave the company – for 3 main reasons. First and foremost, this is the only company I have stayed with for any extensive period. I would like to gain more experience in other companies and environments. Second, I am attempting to get my p.eng license. However, due to a particular requirement for the license, it would be difficult, though not impossible, to fulfill that requirement at this company. Finally, the pay isn't particularly impressive, though this isn't my priority right now. I may be able to negotiate for a higher salary and it's possible that I may get a raise in the near future. However, there are several problems if I decide to leave. Most importantly, I am currently on good terms with pretty much everyone in the company, both at this location and (as far as I am aware) at other locations. I would like to keep it this way as much as possible if I end up leaving. This may be difficult to do considering how strongly it was expressed for me to stay at the company. Second, due to the aforementioned recently vacated position, my departure may leave a hole that's going to be difficult to fill immediately. I do not know if the plan is to have someone else fill this vacant position or if the plan is to have me fill that position and have someone else fill my current position. To my knowledge, the ladder is probable. That being said, if I start taking on more responsibilities, I would end up leaving behind a bigger role to fill if I end up leaving. I want to be very clear – I am not thinking about leaving the company because I have any problems with the company, the people or really anything else with it (except for maybe the unimpressive salary, which, as I said, is not my primary concern right now). I'm also not thinking about leaving because I think I have nothing left to learn by staying at this company. On the contrary, I think there is still a lot left for me to learn. The main reason that I want to leave is that I THINK that in the long term, leaving would PROBABLY be more beneficial for my career. I'm currently thinking about starting to invest a lot of time into job-searching starting in January and, depending on what comes up, resigning or staying. Right now, I'm leaning a lot on the resigning side. So here are my questions. What is the best approach to take if I decide to leave the company without substantially damaging my relationships with my current coworkers (mainly my manager)? In my decision, should I be taking into consideration the open roles that I would leave behind if I leave and how can I minimize this impact? [link] [comments]  |
| Parent wants to make me a co-owner of her house. Worried about tax implications. Posted: 04 Dec 2018 12:58 PM PST So my mother want to make me a co-owner of her house. She wants to do this Incase something happens to her then I would own the house out right. I am worried about what this would do to my taxes every year. Also she might take out a loan on the house to renovate it. I am worried that I would be on the hook for that as well. My current situation. $50,000 a year income $340 mo. Car payment $1,100 rent $129 car insurance Debts $2000 in credit card debt. What am I looking at risk wise if I do this? Edit: currently there is no mortgage and the house is fully paid for by my grandparents before they passed away. [link] [comments]  |
| Posted: 04 Dec 2018 01:19 PM PST So, I understand that today's dip in securities was partially driven by bond yields and what that may forecast. I dont however know anything deeper about what that means, and if it is then in turn a good point to move capital into bonds. I invest in myself mostly (which means I fund and work my businesses and base my return on profit). However I have some money tied up in a SEP, and some bond funds, and a small trading account, and hate that I dont understand bonds and their relationship with the broader economy. [link] [comments]  |
| Posted: 04 Dec 2018 05:02 PM PST Hi r/personalfinance, today I suddenly found myself in a major debt and would like some advice on what to do. A little information, I'm a 19 y/o male, work part time making $15/hr, just moved to another state with my family this summer and had to quit after my first year of college, couldn't transfer because my GPA was low enough to not get considered, and the withdrawal process from the other college was drawn out far too long. Here's my situation, the other college just mailed me a billing notice that I owe them about $3200 because I didn't enrolled in 12 units last semester ( only got 8). I'd like advice on how to tackle this, I understand it's my own fault for overlooking my student status. From what I understand after talking to the billing rep, I have 2 options, either asking my parents to help me pay it, (I got some leftover money every semester that should be able to cover it) or taking out a loan to pay it. I do realize the first option is most optimal for my situation, but I feel really uncomfortable asking for such a huge amount from my parents, especially since my mom is sensitive to bad news involving money. While many would agree that I should tough it out and ask my parents, I have many reasons to not want to, mainly concerning how mentally and physically abusive my mon could be after the fact. I'm willing to get a loan and handle it personally just to avoid that kind of reaction. I'd like to hear everyone's opinions on how I should deal with this. If you need more information, I'm happy to answer any questions. Any help is appreciated, thank you for reading this long post and offering your advice. [link] [comments]  |
| Is my ESPP worth investing in ? Posted: 04 Dec 2018 05:27 AM PST Hello, I recently joined a big american software company and they are offering ESPP. I'm not super smart when it comes to saving money, I live in France but I just save on my main bank account and don't touch anything, this would be interesting for me (I think) because it's taken directly from my paychek. But I'd like your advice. Here are the conditions : Hi Baneparis, We are pleased to share that XXX Employee Stock Purchase Plan (ESPP) enrollment is now open! You are eligible to enroll in the January 1, 2019 offering period. Through convenient payroll deductions, ESPP gives employees the opportunity to invest in XXX by purchasing shares of XXX stock at a discount. XXX ESPP has 24-month "offering periods" that begin on January 1 and July 1. Each offering period includes four 6-month "purchase periods." After enrolling in the January 1, 2019 offering, your maximum purchase price will be locked-in for your 24-month offering period. At the end of each 6-month purchase period, on June 30 and December 31, shares of XXX stock will be automatically purchased on your behalf using your accrued payroll contributions after the close of the market. Your discounted purchase price will be the lower of your lock-in price or the closing stock price on the purchase date, minus 15%. You may contribute between 1% and 25% of your eligible compensation to the ESPP, up to the annual limit. You may decrease your contribution percentage, suspend your contributions, or withdraw at any time subject to plan requirements. However, you may only increase your contribution percentage during the enrollment window. Please note that increasing your contribution percentage will move you to a new offering period and result in a new lock-price. The first paycheck deduction will occur in January. If you are not based in North America and enroll in ESPP, your existing payroll provider will take the contribution deduction from your paycheck until you transition to XXX payroll in early 2019. [link] [comments]  |
| Love my job, due for annual salary review, got 3 new much higher salary offers unexpectedly. Posted: 04 Dec 2018 09:28 AM PST I have been with my current job for 3 years now. I absolutely love everything about it. My current salary is 55K, up from 45K when I started. I am about 25K in debt and would like to pay that off asap but have been having trouble doing so. The average rent for a one bedroom apartment in my area is $1800 without utilities. My dilemma is I have recently been approached by a recruiter and have 3 offers in hand averaging 75K. I wasn't even looking, switching jobs was not on my radar. There are pros and cons in terms of benefits between my current job and the potential new ones that pretty much cancel each other out. I have a pretty good relationship with my manager and the president of the company. The truth is, I don't want to leave my job. It makes me happy. I already know that the new jobs will definitely add a lot more stress in my life. But my debt is weighing on me and it obviously adds a lot of stress by itself. My questions are: 1. How can I approach my superiors during my upcoming annual salary review about these new offers? Straight up honesty or is there a better strategy? 2. Could I be risking my current job by revealing that I have these offers (which would mean that I've been talking to competing companies and interviewing with them, etc.)? 3. I understand that happiness has it's value against salary but let's be blunt here... am I being stupid not accepting these higher salaries considering my debt? [link] [comments]  |
| Posted: 04 Dec 2018 12:30 PM PST Hi everybody! I'll start off with the obligatory "long time lurker, first time poster" introduction. :) As the title states, I'm finally getting serious about saving for retirement and would like some input. I kind of got a late start on my career so I'm constantly feeling like I'm behind in comparison to my age group. I'm trying to compare less and be more proactive. I've read the FAQ pages and many threads from people who seem to be in a boat similar to mine, but I just wanted to get some input and reassurance that I'm on the right track. With that said, my employer just changed their plan to where they will now match 50% of my contributions up to 6% (there was no match before), so I finally took the plunge and am contributing 6% to my 401K. I've been holding off because I was less than confident (still skeptical) in my ability to pick contribution allocations. I've been letting my savings sit in a very low-yielding savings account with Wells Fargo, which has actually been helpful because I've been able to easily access that money to help my family (long story) a few times. So to summarize where I stand now: Annual gross income is $46,000 + $4,000 - $6.000 in OT. Savings account: $50,000 No debt other than 4 years remaining on my 5-year car loan at 0% interest. I use my credit card like a debit card, so I pay it off each month. I've done the math and want to leave $15,000 in savings for an emergency fund (living expenses for ~6 months and some cushion for car maintenance, etc.) then open and put $5,500 in a Roth IRA account. The rest, I'd like to put in a high-yield savings account (I know a lot of you folks recommend Ally) and/or a CD. Is this a good plan or are there better options for me? As far as my 401K, I chose to allocate my contributions as such:
Is this diversified enough for someone who wants a more hands-off approach? Or should I consider switching up the percentages? If I should list my other available investment options, I can do so. I tried to be as specific as possible without giving too much unnecessary information, but if I need to clarify something, I'm happy to make any edits. [link] [comments]  |
| Roth Vs. Traditional --- Not sure if I've been contributing to the best one. Posted: 04 Dec 2018 06:20 PM PST I've been contributing to a roth IRA and a roth 401k these past few years because I thought roth was supposed to be better than traditional if you expected your income to get higher over time (because of raises, promotions, better jobs, etc.). I started out in a really horrible paying part time job, then had a horrible paying full time job, and then got a better paying job, and would hope in the future I'd be making more but really can't know (actually got laid off and have been unemployed for most of this year). I was just reading about roth vs. traditional, and it sounds like I misunderstood and the correct way to choose is by how much you expect your income to be when you are retired. Roth is only better if you expect to have a higher income in retirement. I assume when I retire I'd just be getting social security and distributions from my retirement accounts, so my income would be lower than if I was working full time. So I really should have been putting my money into a traditional IRA/401k? Just confused and feel so stupid now and don't know if I screwed up or if I'm overthinking it (I tend to agonize and get anxiety over things involving money). Does it not matter too much as long as I'm saving for retirement? [link] [comments]  |
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