Personal Finance I just discovered my parents see a financial planner who charges them 1% of their TOTAL retirement fund per year. Is this normal, or are they being taken advantage of? |
- I just discovered my parents see a financial planner who charges them 1% of their TOTAL retirement fund per year. Is this normal, or are they being taken advantage of?
- Do I pay a $78 bill I don't owe or fight it? They are threatening collections.
- I'm 31, 45K in debt with no clue on how to pay them off, and have nada in savings. Super freaking out now that I want to plan my future, any help would be greatly appreciated!
- Company overpaid me months ago and still hasn't cashed the check returning it with 12/31 days away. Am I liable for taxes on unearned income?
- I’m 19 and in the military. What do I do with all this money?
- I have a chronic illness. What’s the best way to save for future expenses?
- Brother forced parents to mortgage their cottage property and refuses to help them financially
- What to do with my 4 year old’s money?
- Should I stay for my masters and get a higher paying job or just get a normal job when I graduate with my bachelors?
- Designating a minor child as a beneficiary.
- I am freaking out over my fiancee's $140K in student loans and she doesn't seem worried
- What is the best way to shop around for a mortgage?
- My life is a financial mess, I'm tired of pawning items and borrowing money every month, I need guidance in managing my income and getting rid of my debt. (USA)
- help w/abandoned 401k
- About to start my 401k soon but the market is declining, how should this affect my portfolio diversity?
- Great Great Aunt needs to be placed into assisted living, doesn’t have enough money to last more than a year
- Why has no one made a good piece of personal finance software?
- I don’t need my car anymore, but I don’t want to be upside down either
- Are there mortgage mechanisms that let you put down <20% on a very large mortgage (say over $1MM)?
- Picking 401k fund at Fidelity. Should I keep investing in target-date fund or switch to index?
- How to pick a credit card?
- what to do with unexpected money
- Where can I find information regarding finances about going back to college as an adult? I really want to go back to school, but I have no clue where to start.
- How to Budget Without a Fixed Income?
| Posted: 25 Dec 2018 10:33 AM PST My parents are approaching retirement (within 5-10 years for both of them). While home for Christmas, my dad offered to take me along to meet with their financial advisor/planner so that I can have a better understanding of their estate in case something happens to them. He mentioned that he charges them 1% of their total retirement to manage their money. I did double check to verify that he charges 1% of the TOTAL money, and not 1% of the growth, and it's of the total. I'm not sure what his exact credentials/licensing is, and neither do my parents. I know that they like him personally because he's nice, used to be a preacher, and seems to care about what they want to do with their money and what their personal goals are, but to me this feels predatory. 1% of the total fund being managed seems to be, at best, a complete rip off. Is this normal and I'm just overreacting, or am I correct that this seems shady? If it is, do you guys have any recommendations for how I approach my parents regarding this? I obviously don't want to imply that they're dumb, or make them feel defensive about their choices, I just want them to have good financial/retirement practices. Edit: it seems like this is a standard practice. Maybe a bit expensive, but not shady. I'm going to go along with them and get a better feel for things, but as long as he's not clearly scamming them or mismanaging their money I won't push them into something they aren't comfortable doing. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Do I pay a $78 bill I don't owe or fight it? They are threatening collections. Posted: 25 Dec 2018 09:36 AM PST My dentist over-charged me on a visit. I brought this up to him and he said he wouldn't charge me on another visit a week later. He told his secretary (also runs his billing) just before the 2nd visit. However, I got a $78 bill. My wife had to get her teeth cleaning a few days later and she brought it up and the dentist told the same secretary to drop the bill. I got a letter about the $78 bill. I called the office and the secretary said she would not drop the bill and it would go to collections on 12/28, she also mentioned to me the bill was never a mistake. Clearly this person will not drop the bill. Should I pay $78 or take the ding on the credit and try to fight it? Also I am going to a apply for a business loan in about 9 months, so I'm leaning towards paying it. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 25 Dec 2018 02:32 AM PST Hi PF, I'm probably in one of the worst places a 31 year old can be, financially. Especially in the Bay Area. I've spent money willy nilly for almost 8 years straight. Now that I want to plan for my future, I'm absolutely freaking out internally (as I should be) because of how supremely I've fucked myself over. I've botched it as supremely as Da Vinci drew Mona Lisa. I have a sense of humor about these things, so I've got that going for me, which is nice. Unfortunately comedy isn't the trade I ply, so it won't feed me or pay my bills. This is my roundabout plea for help. What better Xmas gift for myself other than a nice big dose of financial responsibility? Here is what I owe (not counting student loans, which is ~20K):
My income is ~5500 a month after taxes (and maxing out my 18K of retirement - which I only did at the beginning of this year when I turned 30). Here are almost all my expenses:
I'm pretty much left with ~500 after setting aside $250 for food. What I would like is a game plan to get me out of this hole. Ideally something I can check on a daily basis to make sure I don't stray off my track. Maybe a burn down chart? How do I even budget?! I'm so lost and confused, and blaming myself heavily for doing this to myself. I can't talk to my friends about it because this is WAY too embarrassing (and I have this one friend who sometimes tells me he has a problem, which is having too much money and not knowing what to do with it - I told him to go enjoy life - which is the kindest way I can tell him to go fuck right off - and then I feel depressed and miserable that I'm in this situation). Which makes me feel immature for feeling that way, and that makes me more depressed. It's such a vicious cycle that I can't take it anymore. I started reading the book "Your money or your life" and a book title has never hit me harder. I know need a side hustle and the only one I can think of is being a Doordash / Uber food delivery person (or take up a job on the weekends or both? I don't know where I can find weekend only gigs though). My car is a 2 seater Miata so I can't Lyft/Uber. .... it's 2:25am PST on Xmas Day. I'm so depressed financially it feels like my post is going to sink the bottom and never get any real / substantial help in planning for my future. If that's the case I hope a repost won't have horrible consequences :). Also I feel like nobody would want to be with me (I started seeing someone and I care for them a lot), which is why planning for my future is now the only thing I care about. EDIT: ... it's 9:15am and I just woke up to shitloads of comments! I'm completely overwhelmed by the support and response, and it will take me some time to grok everything. The amount of support makes me feel like this is not an unsurmountable challenge, which is the best I can ask for at this point. Also /u/ironicosity - I was just sleeping (I posted this and went to bed at 2:30am or later), so I'm sorry I didn't partake in the discussion until now. I'll try to acknowledge comments individually now that I'm awake. Some quick updates though: RENT: I live in the South Bay in a rent controlled area so moving isn't particularly the best option for me. I'd rather cut my expenses somewhere else, and I can probably get someone to move in with me by March after I donate / sell just about everything I don't need (a laptop, some books, and basic cookware is all I absolutely require). SUBSCRIPTIONS: I have cancelled all of the subscriptions I can think of except what is noted above. I'm willing to cut out everything but AMC - my date and I are super avid movie buffs and I watch 3 movies a week on a consistent basis, and I don't buy anything from concessions. Outside of hanging out with people it's really the only thing I look forward to. CAR: I think it would be absolutely stupid to get rid of it. If I were in SF I'd get rid of it in a heartbeat but where I live I find it impossible to get anything done without a car. I used to do it and everything took at least an hour longer. It takes me places that I need to get to and I'd rather use it to get some more money on the side, especially since it's almost paid off. I got it used for 10K with 30K miles on it so it'll serve me well for the next 5 years easy. Obligatory thanks for the gold, stranger! Of all my years lurking, this is what gets me gold, haha. Thanks again, whoever you are! [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 25 Dec 2018 01:30 PM PST Hello Personal Finance, I posted a few months ago about having been given a paycheck for hours I did not work and after speaking with the payroll people it was agreed that I would send in a check to them and they would sort everything out. Now for a little context, I worked for an absurdly rich individual who has their own family office for expenses and a payroll service that I was paid through for work I did over the summer. As I said before, I got a paycheck from them for just over a thousand dollars (literally pennies for my boss but big money for me as a college student) and I gave the office a check for the amount back in September. After requesting that they cash it so it is in their control instead of staying in my register they have left it open for the entire fall. If they don't cash it by 12/31, what will happen? Will I be recorded as having made the extra thousand and taxed on it? Is it mine in any arguable way? Any help or advice would be appreciated. I have made many requests for it to be cashed and to ask what the status is and the only information I have gotten is that the payroll people are having a hard time changing their books about me being paid or something to that effect. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| I’m 19 and in the military. What do I do with all this money? Posted: 25 Dec 2018 01:58 PM PST I have over five grand and a steady pay check from the government with virtually zero expenses/bills. The money just sits in my account, I'm worried I'm not making as much as I could be, what do I do with it? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| I have a chronic illness. What’s the best way to save for future expenses? Posted: 25 Dec 2018 02:57 PM PST Hi, everyone. On-and-off lurker and first time poster, here. I'm 28F, and I have a chronic illness (endometriosis, if you're curious.) I'd like to get advice on the best way to save for future expected medical expenses. Here are the fast facts:
Please feel free to ask any questions that would help answer mine. Thank you in advance for your insight! [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Brother forced parents to mortgage their cottage property and refuses to help them financially Posted: 25 Dec 2018 06:44 PM PST We are a large family, I am one of six children, all adults now. My parents are incredible people, extremely selfless and always trying to keep peace among our big family. There is also a large age gap between my parents, as my father is 88 years old, my mom is 66. His health is good for his age, but he is not quite as lucid as he used to be and definitely unable to work anymore. My mom works as a supply teacher but rarely takes on new assignments since she is tied up taking care of my dad. My dad's parents had built a cottage when he was a young boy and brought him up every summer to enjoy it. When he married my mom and had us, it became our family cottage to visit every summer. After so many years, the cottage was not in great shape, but held special memories for all of us. However, it was eventually agreed upon that the cottage should be sold as is before it falls down and kills one of us or lands in the lake, since my parents do not have the money to repair it. This is when my brother (I'll call him JF) suggests that they take out a mortgage on the cottage and use the money to build a new one. The rest of us siblings disagreed with this plan, as the cottage was a guaranteed $500,000 (the value of the land) for my parents to pay off their primary residence and have a decent nest egg to live off the interest and have a modest retirement income from. Regardless, JF convinced my parents to agree with his plan, and he began construction of the new property. Fast forward four years, and he has spent over $1.2 million on this build, and gone through three mortgage lenders in the process after failing to make payments. He has also started renting the cottage out to short-term renters, meaning my parents never get to spend any time in this new cottage that he has built. To make things more complicated, he has had them transfer the ownership of the cottage into his name, arguing that he would need to be full owner to keep the cottage afloat with his relatively high income (he earns $84,000 CAD after tax per year). As it stands, he is full owner of the cottage, my parents never get to stay there anymore, and he uses the rental income to help fund his eccentric lifestyle of parties and expensive toys (he just bought a $15,000 snowmobile last month). As for the mortgage payment, which is about $6,000/month, he covers this using the income from the renters. The rest of his money, which he earns from his full time job, he spends on himself, not them. I am at a point where I feel I need to do something. My parents' car just broke down two days before Christmas, and when my sister asked JF if he would help them to buy a new one with the cottage property, he says that there is no budget for it. Meanwhile, he drives an $80,000 truck. I hate that I am just idly sitting back and watching him take advantage of my parents every day for the past four years but feel that I am unable to do anything to help them. My question here is: what can I do to help them? If the cottage has been put in his name, can this be reversed? The largest barrier is that my parents listen to whatever he tells them to do, because my mom refuses to say no to him, and my dad is not of full mind and body anymore. It's heartbreaking. I'll add that I am a student with a very modest income and it is not possible for me to currently support them financially. Maybe I've answered my own question, and there's nothing I can do. I'm happy to accept that if that's the case. But I know there are many capable minds here and there may be something I haven't considered. As I'm desperate, here I am asking for any advice you may have. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| What to do with my 4 year old’s money? Posted: 25 Dec 2018 01:14 PM PST First of all, I tried to look in past posts but couldn't find precisely what I'm looking for. So my 4 year old has been getting money from family and friends for Christmas, her birthday, etc and has a little over $200 in her piggy bank. When I was a kid my mom just took any money I got and actually broke my piggy bank once for my quarters. I will never ever do that to her and want my daughter to be a lot more financially prepared than I was/am. Where can I put her money so that it grows and will benefit her once she's older and needing it? Maybe for college or buying a car? I've heard about a 529 but at the moment I can't contribute much and I don't know much about it. Basically she gets money for most holidays and thinks nothing of it. Also I am welcome to any tips on teaching her financial handling skills that are age appropriate. We make okay money and openly talk to her about budgeting and saving but I'm just now getting into good habits, so not a pro by any means. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 25 Dec 2018 05:09 PM PST Hello. I'm 25 and I've been in poverty my whole adult life. I have little to no support from family. It's me and my partner against the world. My credit score is barely above 400. It used to be 750 but shit happened. I'm in school, making straight As, working a job full time, getting a degree that will qualify me to teach art k-12. Some googling tells me my area pays 40-50k for that. If I get a masters and worked my way up the TA ladder I could EVENTUALLY be a professor making about 70-80k (it's my personal dream to do this so I'm doing it eventually) but currently I am in a LOT of debt (not even counting my student loans yet!! I'm paying off credit cards and a car loan, dumb teenager mistakes I'm still correcting and working very hard to do so.) and I make a bit under 20k a year. My partner brings in... almost nothing like 10k a year but he works really hard despite being disabled. He is in school and graduating with a bachelors in sociology soon so hopefully that changes. He plans on being a teacher too. So. I graduate in a year. I can take a job at double my current salary and start chipping away at my debt much sooner OR I can suffer for a couple more years, not making much progress, and then quadruple my salary. What is the best decision financially?? And how hard would it be to get that masters if I went ahead and started teaching right away? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Designating a minor child as a beneficiary. Posted: 25 Dec 2018 01:37 PM PST I'm a single man in my 30s with no kids and I wish to designate my 1 1/2 year old niece as a beneficiary for life insurance and other accounts should something happen and my mother was already passed. How will things work if she is still a minor if I pass? Will the money be put in the care of my sister and BIL? Will they be held in trust until she's 18? Or will she just rolling into middle school with some ridiculous swag? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| I am freaking out over my fiancee's $140K in student loans and she doesn't seem worried Posted: 25 Dec 2018 03:36 PM PST Throwaway account for obvious reasons. She(27F) is finishing law school in a few months. I(25M) am a software engineer (temp not working, soon to change). She has 2 student loans: - $40k at 5.5% - $100k at 1% (from a family member) She spends about $1.5K/mo I spend about $700/mo Our mortgage on our 1 bedroom place is $2k (we live in a major US city in a condo together) She doesn't have a job lined up, but she will likely take a job that pays about $70k/yr. I'm worried that she doesn't realize 2 things: (1) the levity of her debt and (2) the difference that decreasing spending can make. I don't know if $1.5k in spending a month is a lot, but she wants to go on a trip to this summer that will likely cost $6k ish and she buys her clothes at Nordstrom. The whole situation gives me a lot of anxiety (mostly what I feel is her frivolous spending and apparent lack of understanding of the levity of her situation). [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| What is the best way to shop around for a mortgage? Posted: 25 Dec 2018 06:17 PM PST I'm about to purchase a home my father was going to flip, and instead I helped him out with the renovations and will be buying it off of him for purchase price plus cost of remodel. I've been hearing adds from things like rocket mortgage and their pre approval tool, but signed up with them once before without really looking into it and would NOT stop getting emails, texts, and phone calls from random banks. So what is truly the best way to shop around? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 25 Dec 2018 06:12 PM PST I'm using a throwaway for obvious reasons. I'm a professional in the field of education in my mid-30s, I'm on a 62k income at the moment (it increases a few percent every year). I only get paid 10 months a year and for each check, after taxes, pension dues, medical, and union dues I take home about 4700 a month (on a paid month). My rent is 800 a month, my ridiculous 21.5% interest car payment is 460 a month, plus about 170 a month in car insurance, 120 a month in home internet, 180 a month for my mobile phone bill, 250 a month in credit cards (the only ones that haven't defaulted and aren't in collection, which are several accounts), 44 for the gym, and the rest is money I usually blow away every month on eating out, electronics and video games I never have time for, and prostitutes (only 1 or 2 a month but they're expensive). I'm tired and ashamed of scavenging at the end of every month for things to pawn, sell, or people to borrow from. I've been lousy with my credit all my life so I have many things in collection plus a 130k student loan that is defaulted on. I haven't checked my credit report in years in fear of what I'll see. I currently feel the only way to get some sanity back in my life and start living within my means is to get rid of my addictions (food and sex) and file bankruptcy to start over. I hate that I pay over $3,300 in interest a year for my car, it's far from a luxury car, it's the cheapest I could find. Is bankruptcy my best option? And doing a monthly budget too of course. Sorry for the long wall of text but I don't know where else to ask advice about this, I want to start the new year in the right direction. I appreciate anyone who reads this and gives feedback. TL ; DR: I spend more than I make and want to stop doing that, want to start saving. Will filing bankruptcy be my best option? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 25 Dec 2018 03:04 PM PST So talking to a co-worker today who worked for a ISP 15 years ago, and was contributing towards a 401k for about 2 years. He doesn't remember if he cashed out his 401k. Is there any circumstance where there could still be funds/an account for him to retrieve? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 25 Dec 2018 08:48 AM PST 24yo, I'm approaching one year at my job at which point they will start matching my contributions up to 3%, so I want to start my 401k to get the maximum that they will give me. I've read that you typically want to have your age as the percentage of bonds and then the rest is between US and Intl. stocks, but should I be more cautious with the market declining and do 30% bonds until it goes up again? I'm not even sure if 30% would be a normal number for a 24yo anyway. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 25 Dec 2018 12:31 PM PST My great aunt is 95 and is recovering from a fall in the hospital. Her mind is still very sharp, but she's very weak so the hospital won't release her to live with her son. She needs to move into assisted living but money is an issue. We've shopped around and ~$4000/month is the cheapest we can find. Her husband served in WW2 so she can get about a $1200/month discount. Even with the discount, she doesn't have enough saved to be able to pay for it longer than a year. From what we understand, Medicaid doesn't kick in until she's lived in the assisted living home for two years. We aren't sure what we can do for her if she lives longer than a year to continue to pay for her living situation. We're in southwest Ohio, any advice is appreciated. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Why has no one made a good piece of personal finance software? Posted: 25 Dec 2018 12:53 PM PST Every 3 months or so I convince myself to run through all the personal finance softwares and am always blown away by how terrible they are. Mint: - Can make rules, but they are oversimplified. You can't seem to make them from scratch, and if your transaction is already wrong based on the Mint defaults you get into situations where the rule you make to fix something ends up breaking other things... YNAB: Quicken for Mac: - Can't make rules Personal Capital: - Over indexed on investments PocketSmith: - This has been the closest I've come to a functional piece of software Trim: - Seems overly simplistic based on what I've seen All I really want is a software that is reliable to let me view my spending. It should let me set up rules to tell the difference between Amazon Fresh, Amazon.com, Amazon Prime Video etc. This is a simple example based on a single company, but this type of thing seems to happen all the time. If payee contains "Amazon Fresh" set payee to "Amazon Fresh" and set category to "Groceries" If payee contains "Mary's Place" set payee to "Mary's Place" and set category to "Charitable Donations". Use some basic metadata to set the right payee and right category. I'm not even asking that complicated of questions. Things like "how much did I spent on this payee each month for the last year." What am I missing here? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| I don’t need my car anymore, but I don’t want to be upside down either Posted: 25 Dec 2018 10:12 AM PST Hey, all! So I recently was diagnosed with a medical condition that prevents me from driving anymore. I really don't wanna keep paying hundreds of dollars a month to have insurance and a loan on a car I can't use, especially when everyone I live with has a car of their own. However, thing is, I got this car before I had pretty much any credit, so I still owe more on it than it's worth. It's not a HUGE discrepancy, but it's enough that I can't pay it all at once in the foreseeable future. I've been doing a little research on this, but all I can really find are resources for people who just want a different car as opposed to just not having a car altogether. It's a huge pain having this car I can't use sitting there losing value and costing me money constantly, and I'd really like to not do that anymore. What should I do here? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Are there mortgage mechanisms that let you put down <20% on a very large mortgage (say over $1MM)? Posted: 25 Dec 2018 05:37 PM PST My spouse and I are hoping to buy our first home but we live in a very, very expensive neighborhood. Condos go for about a million and a single family tear-down goes for about 2 million. Our total income will be about $360k next year, so I think we can manage a very large mortgage payment on a loan of about $1 million. But this increase in salary is recent and we only have about $50k available for the downpayment. If we use that as 20% down then we can only afford a $250,000 place which literally doesn't exist in this neighborhood. If we get an FHA loan we can put only 3.5% down, but FHA loans only go up to $650,000, so we would be limited to a $700,000 place. Is there some other mortgage lending mechanism that exists for people in this situation? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Picking 401k fund at Fidelity. Should I keep investing in target-date fund or switch to index? Posted: 25 Dec 2018 07:06 PM PST I'm 31, I have my 401k account only for about a year. I have $9500 invested in Fidelity Advisor Freedom 2050 Fund® - Class A (FFFLX). I'm not originally from the US, that's why I started so late. I also have some savings too, so it's not like my retirement is 9.5k only. Anyway... I don't plan to retire soon, so there's still some time. I'm having doubts if this is the best choice for me. I don't like its 1% Expense ratio. I'll attach a list with funds available for me on my 401k Fidelity account: https://i.imgur.com/Frc6kSf.png (Gross Expense Ratio might be rounded up a little bit, because of the spreadsheet) Because FFFLX is down -12% (YTD), I don't want to sell. I have time, so I want to leave it as is (for now). I THINK it's a good move (if not, please let me know). BUT... I'm still thinking of switching future contributions to a different fund. Can you please advice me, if this switch is necessary in the first place? If so, can you advise me funds I should consider from this list? As for myself, I was thinking about cheap index funds following SP500. Especially at this time, when SP500 is down 20% in the bear market. There are two funds (FXAIX and PEOPX) that follow SP500, but I'm not exactly sure what's the difference? Besides the expense ratio, basically, everything else is the same. Thanks for suggestions! [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 25 Dec 2018 01:28 PM PST Hey all, I currently only have a debit card which I use for all my purchases. I like the simplicity of just paying for something and being done with it. However, I understand that there are a number of benefits to having and using a credit card. I know there are a million offers and I was wondering if anyone here could share some advice on how to find the right card for me. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| what to do with unexpected money Posted: 25 Dec 2018 04:23 PM PST I will be receiving about $1600/month for the next 5 or 6 years over and above my usual pay. What is the best way to make this money work for me? I expect my first payment in January or February. Is a plain old savings account a good idea? Or something else? I do not plan to spend this money in any way, it will just be going into some form of savings. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 25 Dec 2018 07:53 PM PST I live in Arizona, if that helps, and my husband and I moved to the area back in May. I'm curious as to where I'd find information on affording to go back to school. I am currently as stay at home mom, but I do intend on going back to work once our daughter reaches school age. However, I'd really like to earn some sort of degree while I am home with her. I know I won't qualify for FAFSA, as my husband earns too much per year, but we also can't afford to pay out of pocket. Am I forced to take out student loans? Aren't the interest rates typically high for these types of loans? My credit is not great, but it has been rising steadily over the past year. (From 497 since last May to 593 in October last time I had it checked.) I just have no idea where to start. Any advice or resources to look into are greatly appreciated!! [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| How to Budget Without a Fixed Income? Posted: 25 Dec 2018 04:02 PM PST Hey guys, had a couple questions about financing. I'll give you as much information as possible to my situation. Basically I would like to get a good budget on track and stick to it. For starters I'm pretty fresh out of High School. When it comes to budgeting in order to save up for a specific thing or event I'd say I'm pretty good at it. I'd say my biggest planning was when I saved up over $10,000 throughout my high school journey to put into my car audio system at the end of high school. Now as dumb as that sounds, I do car audio/video/security for work, and plan on pursuing this for the majority of my life as it is a passion of mine. I got the product at 60% off through an accommodation program so I'm not too worried about depreciation or not being able to get my money back at least if need be. It has also helped me sell some higher end product and I do believe it's working its way on paying itself off. Wanted to clear that up. I'm not really one to purchase on impulse or just spend a lot of money on stupid things. Despite this, I feel it's pretty hard to write up a budget and stick to it as my income fluctuates so much. I work for myself and even though bills are very low : I live with my mom and was working under an at home business license, that will change a little bit when I come back to town as I'm attending a car Audio school. I plan on getting my own install bay. I'm trying to find something cheap and manageable to keep overhead very low. It's just very hard to budget my upcoming expenditures when one week I could luck out and sell a $4,000 sound system profiting me a bit over $2,000 and the next week make a few hundred. I haven't found myself getting really low on money, but if sales are slow, it could happen. I have found myself dipping into a savings fund though to make up for a slow week or two. Also, with the upcoming plans of changing business from in my garage to a real shop, I already see a big headache of funds getting thrown at this. I do have help from my dad as far as advice and getting set up goes as he's ran a couple of businesses for quite a while and kind of knows his way around starting a business. Also, money is going to be tight when I come back as I've been without work for a little while now. -How would you go about creating a budget with an inconsistent income? -What should I do to keep a work and personal budget separate, and how should I pay myself and what should stay in the business? I would really like to keep a log of all income brought in, and all money I've had to spend throughout each month but don't even know where to start with that. Any information/ help would be awesome. Thank you guys in advance! [link] [comments]  |
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