Personal Finance Lesson learned regarding PMI |
- Lesson learned regarding PMI
- I tracked my expenses for my first year out of college, and it helped me get excited about saving for future goals
- I'm 25 and my 18 year old little brother wants me to cosign his car
- Didn't cave to a high pressure salesman and it was smart.
- Guys, I'm so excited.
- Aetna apologizes after sending the wrong provider list, but refuses to bill me as in-network for my visit.
- Is it worth it to invest in Roth IRA at age 20 while in college?
- Trying to get my finances in order to save more out of $2500 monthly pay.
- Is buying property for aging parents abroad a sound strategy to help them financially?
- First time 401k at the age of 47! Advice welcomed!
- Experiences with Alliant Credit Union
- First time buyer advice - minimum duration of owning house?
- Please help me clear some doubts regarding Roth IRA!
- Early 20's, first time home buyer, how to shop for rates?
- Military peeps...shutdown musings...leaving USAA for Navy Fed
- Asking for a raise? Or going to find a new job?
- Please Critique My Budget and Financial Goals
- I have finally paid off my student loans. What records do I need to keep, and what can be tossed?
- Can someone 'Explain it like I'm 5' about Online/Virtual Banks like Discover Bank or Ally?
- better saving habits, and how much should i be saving and when to know what to spend it on
- Tax Q (right sub?)
- Got denied discover secured card
- How to handle Social Security after a death
| Posted: 29 Dec 2018 08:12 AM PST Learned something yesterday about PMI that maybe other people don't know, so I wanted to pass it along and maybe save someone else some trouble. My wife and I are very fortunate in that we were able to pay off the first 20% of our mortgage very ahead of schedule (5% down). So, I had assumed that once that 20% threshold was hit, PMI would be automatically eliminated from our escrow. Well I was wrong, at least when it comes to our lender (5th/3rd). I need to, in writing, request that our PMI be eliminated. I'm not sure what reasoning the bank could have to deny that request, but if I hadn't called and asked, I'm guessing I'd still be contributing money toward escrow that wouldn't be used; money that I could have otherwise used towards the principal or some other interest-bearing debt. This was news to me, so I just wanted to share in case their are other first-time home-buyers in the same situation that can get ahead of the ball. Have a good day! [link] [comments]  |
| Posted: 29 Dec 2018 09:30 AM PST This year is my first year out of college with a job, so I figured it would be good to finally get to serious tracking of my expenses over the year. In college I was on campus housing and a meal plan, so my monthly expenses were mainly entertainment and gas. Since those were small, I put off on any monthly tracking and just spent within what I thought was reasonable. Overall it worked okay, I had enough to do so with spending money from working, but I lacked any overall accountability on how much was going out. For context into my current situation, I am a 23-year-old single male currently employed as a Product Development Chemist within R&D at a manufacturing company. I am renting a 1 bed 1 bath apartment in the downtown section of a large town in central Pennsylvania.
Data Collection I used the export statement function in American Express to export my monthly expenses. I then manually entered in expenses from my checking account. I broke each expense down by category and then placed the summed total for each category in an Excel spreadsheet. This took roughly 10 minutes each month to track. For monthly income I used my base monthly pay from work. There's little deviation from this month-to-month; any deviation would be an increase to add in reimbursement for work travel in personal vehicles, and would not account for much (~$30 per trip, <1 trip per month). This value is my take-home pay which is my salary post-tax, 401K, and HSA contributions.
2018 Categories and Initial Budget Set After January's expenses came in I broke down the categories and set an expected budget for each. This estimate was considering the average per month, but as I had little experience in expenses throughout the year, I expected these values to differ from what I initially listed. Rent ($800) Internet ($40) Electric ($160) Groceries ($310) Gas ($60) Auto expenses ($60) – Non-fuel expenses, such as maintenance and tolls. Student loans ($1,000) Personal care ($35) – Haircuts, health items, etc. Entertainment ($150) – Food/drink out, movies, alcohol for home use Miscellaneous ($100) – Catch all for other expenses, gifts, cash withdrawals, or when a single shopping trip has multiple categories covered and I misplaced the receipt for breakdown. Subscriptions ($41) – Netflix, Spotify, gym
2018 Monthly Expenses The graph shows the changes in my expenses as the year progressed. As the year progressed my expenses grew but they settled in appropriately. A large portion of this chart is in student loans; I decided that I have enough income to pay off early and in excess. Currently I am paying more than double my minimum payment across all loans. Looking at the averages of my expenses show how my initial estimates were compared to actual. I took out January expenses from the average as it was not a complete month of living on my own and tracking expenses. I'll be adjusting some of the monthly averages for 2019 to better estimate monthly values. On average 20% of my income is being placed in a high yield savings account for short-term goals. There are some expenses not captured in 2018 data. The major ones are insurance, furniture, and vacation. Insurance is renter + auto and is approximately $65 per month; I was gifted both covered for 2018 by my parents, but will be switching to covering it myself in 2019. Furniture was a major one off expense to buy a mattress and living room furniture, and it totaled approximately $2,000. Lastly, I went on a family cruise vacation over the summer which came out to be approximately $1,400. I elected not to capture these major expenses in the graphs and data as they were one off and the main goal of me tracking was looking at the more routine expenses.
2019 Budget Revisions I'm going to keep up with the tracking for 2019. I know that I will have some changes to my monthly budget to better track it based on what I know from 2018. Rent, student loans, personal care, entertainment, subscriptions – No change Internet – Up to $60 (+$20). First year was their discounted rate for the package I am on. I will keep the same package as it is enough for me and guests. Electric – Down to $100 (-$60). Insurance – Up to $65 (+$65). As mentioned above I will be covering this myself for 2019. Groceries – Down to $250 (-$60). Gas – Up to $105 (+$45). Once spring hit, I drove for activities like fishing and biking. I also took some trips to visit friends and family, which was not captured in the first month. This is approximately 3 fill ups per month. Auto expenses – Up to $75 (+$15). My vehicle reached some maintenance milestones at 60 - 70K miles, plus a new set of tires, which put this category above my expectation. I don't have any major planned expenses / maintenance for 2019. Miscellaneous – Up to $125 (+$25). Christmas gifts and first year apartment expenses put this above what I had originally expected. I want to better divide expenses this coming year instead of just putting them here.
Learnings Doing this for my first year out of college really helped me see where my money is going and provide guidance for saving for future goals. From the start I knew that I didn't need to be strict on the budget in order to meet my financial obligations, so this was mainly used as motivation to save more. Taking that 10 minutes a month to see where my money was being spent helped to push for reasonable spending. Another important thing I learned is the variability in some expenses. While things like rent, loans, and groceries are easy to budget, expenses like auto care and entertainment are more up in the air. For entertainment it depends on if I do trips to visit friends. A single weekend trip cost me $200 in food, drink, and other entertainment. This wiped out that expense category for the month in two days. Similarly, car tires cost me eight months of my original estimate. I knew tires were in the plan for this year, but for future issues I may not know in advance. My plans are to continue putting money away into savings towards my shorter term goals as well as up contributions to retirement. I also want to continue paying over on my student loans to knock down the principle more while I have the free funds to do so. Hope that this information can be helpful to someone out there. I know when I was ready to graduate I had a lot of questions on what I can and can not afford. Tracking these expenses helped me know how much of my take home is actually for fun or savings and not necessities. Believe it or not, it was fun to get my monthly statement and update my sheet for the month. I absolutely suggest to everyone just leaving college to build a basic budget like this, even if you are in the position that you are easily able to meet all your needed expenses. [link] [comments]  |
| I'm 25 and my 18 year old little brother wants me to cosign his car Posted: 29 Dec 2018 02:22 PM PST He want's a $22k car, but has no credit history because of his age. He doesn't want to put down a down payment... because he doesn't really have a sizeable one. He just started work at 40 hrs/wk for $17/hr. I have excellent credit, but I'm having a hard time justifying cosigning for the vehicle. Every site I went to said that cosigning is almost never a good idea, and only winds up hurting the cosigners credit, straining relationships, or causing other burdens. It also feels hard for me to cosign something when I've gone my entire life to build my credit, only to really use it not for myself. I don't doubt he'll pay the loan. I just don't see the benefit for me, and I don't think it's wise to get a $22k car at 18 years old. [link] [comments]  |
| Didn't cave to a high pressure salesman and it was smart. Posted: 29 Dec 2018 09:39 AM PST So we want to redo the tile in our shower and this led us to making an appointment with a big box retailer regarding an estimate on the work. They had pushed their way in a bit, to be honest, by offering the appointment when they did a follow up on a repair to our dishwasher. We do want to have this tile job done so we said ok to an appointment. Young fellow comes by a few days later, really nice affable kid, looks at my shower and starts to talk about what we could do. One thing I notice early on is he says that he will want to get a yes or no before we are done today. I tell him straight out it will be no today because we have a rule that on these kinds of jobs we get at least three estimates and sleep on any purchase more than $500 for at least a day. He isn't perturbed by this and keeps going, indicating he is pretty confident I will change my mind by the time he's done his spiel. I tell him this is a hard and fast rule which we will not back down on. Now as we are discussing fixtures, colors and the latest in water resistant barriers the conversation shifts around a bit and we are getting chummy. We discuss our dogs and politics, just having a nice chat about life. I figure he is either going to try and use our new found friendship to manipulate this sale or he is just not interested in actually doing anymore appointments today. If it is the former, well that is why we have our large purchase rules. So the retailer the kid works for doesn't really have the exact look or materials that my wife wants but we have come up with a selection she is ok with but not super excited about. Regardless lets hear the price for what he has been selling as the best workmanship and the best quality you can find in this, albeit, form over function selection. So he quotes a price and immediately reduces it by a couple of things, like $500 off because I would pay cash and some other stuff. The grand total is about 30% more than I think a reasonable quote is from my cursory research and it's not even what my wife really wants. We want tile and his tile selection is poor, he is pushing acrylic as a much better option. He is adamant that it cleaner, cheaper and more waterproof. This is where I am really proud of us though. So of course this kid is actually going to try and hard sell me now. He had been trying to build up a relationship to attempt to guilt me into buying something I don't really want on the spot for too much money. He says he feels sorry for me if I don't go with his guys, they are the best. I tell him that the only proof I have of his claims that he is the best is him though. He is obviously flustered and hems and haws a bit more. I have a few pangs, feeling sorry for this guy, that's what they work on though. So I am a nice guy but not a dumb guy. I tell him, after 4 hours in my house, that I have my rule, it's a rule and I will let him know. Glad I didn't buy of course, it was too expensive and I saw a bunch of news clips that my wife found later about that retailer, their shoddy work and their many unsatisfy customers. I saw the exact same acrylic in all those bathrooms in all those news clips. [link] [comments]  |
| Posted: 29 Dec 2018 04:44 PM PST I have struggled with finances my entire adult life. I have been on my own financially since a young age, so I've never had much and had to start from the bottom. Just continuing the grind, building skills and slowly climbing the career ladder, and learning how to stick to a budget has gotten me to the point where I am finally able to just squeeze by on my paychecks without being in the red. Well I'm getting a fat tax return this year which I already have allocated to car stuff and savings/building up my credit. And I'm 2.5 months away from no longer needing to spend money monthly on some stuff I've been needing for a while for the house/medical. This means that I am going to adjust my taxes to get to close to 0 next year for my return, giving me at least 500 extra a month. Plus another 500 from the items I will no longer be needing to pay for after March. 1000 dollars is what I'll have extra a month. Some will be allocated towards car stuff, like never financing one again as well as maintenance, and some will go to savings. Other than that, I will actually have a little breathing room to explore hobbies and activities for me and my family. As well as being able to spend a bit on luxury items for the house... Like a rug. Looking forward to having a little bit of breathing room and a lot less financial stress. Here's to hoping nothing ruins it. :) [link] [comments]  |
| Posted: 29 Dec 2018 06:31 PM PST So I tried contacting several providers in Aetna's portal that were listed in my area as in-network. Upon calling them I was informed that either A) they actually didn't take my plan or B) that provider didn't do annual women's health exams and focused on high risk surgeries etc. I grew frustrated from their inaccurate portal and messaged them for a list of providers directly. They reply with a list and I visit the first one on it within 2 weeks. Soon enough the claim hits my plan and it does so as out of network. I contact them and they say "sorry you were sent the wrong list" and go on to tell me I was billed correctly because the provider is still out of network. They tell me I have to appeal, which I do, and now today I received a letter saying the appeal was denied and I was billed correctly. Luckily this bill isn't thousands but still it should've been $0 since it's a preventive annual health exam. Though I hope this issue isn't widespread I'm also hoping someone here would have some insight or a similar situation that they had resolved. I really don't feel that I should be held responsible for an out of network copay after my insurance carrier provided me with this list in writing and said they were all participating in my plan. This was their mistake and they should eat it. For what it's worth I STILL do not know of an in network gynecologist in my area and this year my company has left us with Aetna as our only medical provider. [link] [comments]  |
| Is it worth it to invest in Roth IRA at age 20 while in college? Posted: 29 Dec 2018 07:10 PM PST I've got about $25k saved up with a job bringing in a good income each year. However, i'm also currently in college. A lot of the money I'm currently making will be used to pay tuition so i can graduate debt free. I also would like to have cash towards a down payment on a house after college. Should I wait until after college to start a Roth IRA when I don't have tuition to pay? Or do you think it's okay if I invested $500-$1000 the next couple years into the Roth IRA? TL:DR Going to need cash for house, tuition, etc in next couple years. Do I put money into a Roth IRA that I could be using for those short term expenses? [link] [comments]  |
| Trying to get my finances in order to save more out of $2500 monthly pay. Posted: 29 Dec 2018 07:44 PM PST Hello everyone. I'm 24, single, currently live in MS and I'm wondering about the amount I should aim to save every month, on $2500 a month after taxes and family expenses. A rough breakdown of my monthly expenses are as follows; $700 for rent and utilites $300 for my car loan $300 for gas and monthly auto maintenance $250 for food (mostly groceries and the very occasional eating out/delivery) $400 for various insurances (health, life, car) $365 - credit card and student debts $80 for internet and cell phone My actual salary is about $4000 after taxes but $1500 of that goes to assisting my mom and isn't up for budgeting. So I have like $105 left in the bank and this is very easily consumed by any unforeseen expense, like fixing the house or buying clothes. How much should I aim to save out of the $2500, and how do you propose I do it? Thank you! [link] [comments]  |
| Is buying property for aging parents abroad a sound strategy to help them financially? Posted: 29 Dec 2018 01:00 PM PST First time poster, long time reader. Thanks to everyone for the great content and insights. Apologies if this post is missing any necessary info. I'm originally from Brasil, now living and working in California. I've saved up around $40k, which is next to nothing if you want to buy property in San Francisco, but is actually a good down-payment if you were to buy property in Brasil, because of the exchange rate (4 to 1). My parents live in Brasil, and have started asking me for monthly help with money. They are not good with money and are in debt, so I think just sending them monthly sums of money is basically squandering it, since it wont make a dent in the state of their finances. The solution I came up with is to buy a relatively cheap apartment (keeping it in my name), which would come out to around US$100k, and have them stay in it. I wouldn't charge them rent as a way to help them financially, and that way I wouldn't be just throwing money away, since it would still appreciate reasonably well. I'm a total beginner with buying property, and have a nagging sensation that I'm missing some obvious problems or traps that I might fall into with this plan. Would appreciate anyone's thoughts on whether this is a sound strategy, and what to watch out for. Thanks in advance! [link] [comments]  |
| First time 401k at the age of 47! Advice welcomed! Posted: 29 Dec 2018 04:15 PM PST Im a 47 year old, that is just about to get into my first ever 401k program (i know, why so late?) Basically Im putting in 8% pretax salary deferral, and my company matches up to a measly 2%. So a total of 10%. My question is, which funds do you guys recommend i put it all towards to? Here is a list of some that i feel are popular? 599 - American Century Real Estate 2615 - Invesco Diversified 2633 - Invesco Small cap 2878 - Delaware small face 3211 - Federated Fund for US Government Securities 3273 - Fidelity contrafund 3290 - Fidelity Value 3312 - Fidelity Growth & Income 3556 - JPMorgan Europe 3857/67 - MFS Total Return Bond/Equity 5389 - American Funds New World 5529/10443 - Fidelity Advisor Freedom 2015 / 2010 / 2020 / 2025 /2030 /2035 / 2040 / 2045 / 2050 12679 - Invesco Global Real Estate 12952 - Invesco Equally weighted s&p500 Just to name a few. I was advised by a few to do Fidelity Advisor Freedom 2045 and set it and forget about it. Others said to invest in the s&p 500. Is that the same as the 12952 Invesco equally weighted s&p500? Are there any others you guys personally recommend? As of now, I'm thinking of putting in 5% into the Freedom 2045, and 5% into the s&p500. Does that seem good enough? Thank you guys in advance! [link] [comments]  |
| Experiences with Alliant Credit Union Posted: 29 Dec 2018 06:11 PM PST I'm looking to move to a bank/credit union with higher rates, and Alliant sounds really great in that regard. There are a lot of bad reviews on yelp and nerdwallet, however, so I'd be interested in hearing feedback. It definitely seems that the reviews are very polarized, and I'm tempted to think that people with bad experiences are much more likely to leave a review than those with good. If you bank with Alliant, what are your thoughts? [link] [comments]  |
| First time buyer advice - minimum duration of owning house? Posted: 29 Dec 2018 06:54 PM PST My wife (26) and I (31) live in DC, currently renting and she is about 6 months away from finishing grad school. She has a job offer in DC and will be starting July/August. We have around $325k in savings, and will have a combined income of $120k a year, not including bonuses. We don't know how long we will be in DC for exactly, but I imagine 3-5 years at a minimum. Currently our rent is $28,000 a year inc bills (reasonable for the area) and is only going to go up. With the possibility of us moving within three years, would it be advisable to buy? Considering our savings and income, what would be a recommended amount for a deposit if we were to buy? I think our hesitation mainly comes down the cost of property in the DMV is crazy. If we were to put down $200k we could afford something in the $650-700k region, which is just about enough to get a small terraced house, or condo/apartment. Any advice on any of the above would be very much appreciated. [link] [comments]  |
| Please help me clear some doubts regarding Roth IRA! Posted: 29 Dec 2018 02:10 PM PST I'm starting a first ever job post graduation next month. Full time $48k/yr with health, dental, vision and commuter benefits BUT no 401k. I'm 26 btw. I read about IRAs and settled down at Roth IRA is good option for me right now. I understand the big picture of it and the limitations as in how much per year I can contribute, penalties and when I can take the money out. But I had some questions with other details:
edit: Thanks guys. I'm pretty clear on things now! :D All the answers were helpful! [link] [comments]  |
| Early 20's, first time home buyer, how to shop for rates? Posted: 29 Dec 2018 07:50 AM PST My fiance and I are going to buy a house. We have at least $8000 for a down-payment. I know that isn't a lot, but it will be fine. We are hoping to buy a house for <$150k with a 30 year mortgage. Once I start my full-time job after graduating May 2019, we will be able to pay the mortgage at a much faster rate, so the difference between a 30 year mortgage and something less is negligible, and we'd like the longer one for a lower monthly payment. I am confused as to how we shop for lenders. We've talked to a bank and we've talked to Quicken. Both gave us generic estimates (ranges) on the rate. I understand that the rates fluctuate daily. Questions I have: 1) should we get pre-approved before walking through a house, or does it not matter? 2) should we get approved by multiple lenders and go with the lowest rate? and will this affect our credit? or is there a time period for how many hard hits during that time only count as one? 3) if we don't have multiple lenders run our credit, how can we accurately know what rates we'll be getting and negotiate with them? 4) when/how do we "lock-in" a rate with a lender? ETA: We don't have more money for a down payment. We have more money for closing costs, but 8k is my conservative estimate for our down payment. We could save to get 20% in less than a year after I start my job, but we'd have to rent for a year and lose about 10.5k. PMI would probably be $1500/year maximum. We are planning to use most of my salary to pay our mortgage after I invest in my retirement accounts and such, so it shouldn't be too much of a difference in loss whether we wait for 20% or not. [link] [comments]  |
| Military peeps...shutdown musings...leaving USAA for Navy Fed Posted: 29 Dec 2018 03:39 AM PST Morning all, I've been a USAA member for 15-20 years. I have almost everything possible you could have through them. Except my mortgage. For that, I joined Navy Fed. Seems like recently, USAA has been moving more corporate and less interested in the service I remember. Anyway, fast forward to today. I'm a DHS law enforcement officer. I won't say which agency, but I patrol a border. USAA says they're not interested in helping me during the shutdown. Only CG and NOAA. I'm thinking about jumping ship(pun intended) to Navy Fed for all my banking and insurance needs. Opinions? [link] [comments]  |
| Asking for a raise? Or going to find a new job? Posted: 29 Dec 2018 06:28 PM PST I am currently only making $140 a week after working 19 hours(high school) at $9/h, but in need to make more to save for college, I have been at this job for 6 months now, have never missed a day, but a lot of my co workers are leaving, so I was wondering if right now would be a good time to ask for a raise, as we arent hiring anyone yet, and they really cant fire me as that would severely limit how much they can get done in a week as the only other worker not leaving is a minor also. [link] [comments]  |
| Please Critique My Budget and Financial Goals Posted: 29 Dec 2018 06:24 PM PST It's my first post on Reddit! :) Sorry in advance if this is long, but I am trying to be thorough. I would love your thoughts on my budget and financial goals. So first, I do have an unusual situation that hangs over my head and may someday affect my financial picture. I have metastatic breast cancer (MBC). Quick educational moment: when breast cancer moves beyond the breast (in my case to my lungs and liver) it is no longer considered curable. It is treatable, but the natural course of the disease is that your cancer gets smarter than the meds and takes over. Everyone is an individual though, and although I am realistic, I am hopeful--I have met survivors who are here 20 years with MBC (they are in the minority, but it does happen, and treatments are being developed every year). CT scans are currently showing that my mets are not detectable (woohoo!) and I am working full time. I was diagnosed a year ago at the age of 35 with no family history de novo--that means I was metastatic from the start. Only 10% of us are, they vast majority of people with MBC present with it years after treatment for earlier stage breast cancer. OK, that was kind of off-topic, but it is something that might be kept in mind. Let's start with my budget...I make a gross income of $69250 annually and am paid 26 times a year. I budget based on two paychecks a month though. I'll just run through a paycheck from gross to net. Gross: $2,562.50 Pre Tax Deductions: $246.31 (401k), $101.92 (FSA), $36.61 (medical), $13.19 (dental), $4.37 (vision), $99.44 (purchased time off) Total taxable income: $2,060.66 Taxes: $195.63 (FIT), $143.08 (Social Security), $33.46 (Medicare), $99.48 (state tax) Post tax deductions: $4.15 (work-provided legal plan), $6.15 (long term disability), $18.80 (short term disability), $73.89 (401k Roth) Net pay: $1,486.02 That leaves me with $2,972 monthly. Expenses: $1082 (rent), $30 (water and sewer average), $200 (Roth IRA), $68 (gym), $60 (massage membership), $300 (credit card payment), $300 (car), $150 (internet and cable), $120 (auto and renter's insurance), $110 (cell phone), $35 (electrical bill average). And that is $517 left for food, entertainment, clothing, gas, etc. Please critique and let me know where you think I need to make changes. Also, I received an inheritance of $75,000 cash and $22,000 stock, as well as some land and mineral rights. But those will be so small, I did not want to count that, and I don't even know what those will be. Here is my plan for critique: $7,000 to credit card debt (that will still leave some, but this is the higher interest rate), $10,000 set aside for some expensive AF dental surgery, $10,000 to a donor-advised charitable fund, $20,000 in a money market account, $20,000 in long term investments, $2,000 to my Roth IRA in 2018, and $6,000 to my Roth IRA in 2019. I plan to take the $22,000 in stock and diversify and reinvest. Does this sound like a reasonable plan? Also, I'd love to buy a condo in a year--does that sound crazy? Thanks in advance for reading this, and for any critiques you have. [link] [comments]  |
| I have finally paid off my student loans. What records do I need to keep, and what can be tossed? Posted: 29 Dec 2018 02:34 PM PST The title pretty much says it all. I'm doing a deep clean of records/documents around the house. I finished my last student loan about 3 months ago, and am wondering what documents I need to keep (if any) for the loans? [link] [comments]  |
| Can someone 'Explain it like I'm 5' about Online/Virtual Banks like Discover Bank or Ally? Posted: 29 Dec 2018 02:02 PM PST So I've always banked at a small local bank near me, but I've started to get fed up. Recently, one of my bank statements was lost in the mail (and unlike most other banks, they list your full savings account number right on it with your full name and address). I sent them an email and days later, they still haven't so much as sent a one sentence reply. Plus the interest rate with them is something like .05% versus 2% for most of the online banks I've been reading about. I've been thinking about getting an online savings account with like Discover Bank (or maybe Ally?), but I'm nervous about not having a branch I can walk into if there is a problem and no easy way to deposit/withdraw cash, etc. So can someone explain how an online bank works in simple terms? For example: -It is a fully insured, normal bank, right? As in it's 100% liquid, in that I can take out my money whenever I want? -If I want to deposit/withdraw cash, can I simply transfer the money online to a savings account at my local bank and then withdraw or deposit it there? -To deposit a check, I can simply take a photo of the check (personal, payroll, anything?) and that's it, the money goes into my account? -Is there any benefit to also getting the Discover checking account, so that way I can take-out money at an ATM or whatever...or will transferring money to an account at my local bank and then withdrawing it the better option? -Is it always permanently 2% for the most part? [link] [comments]  |
| better saving habits, and how much should i be saving and when to know what to spend it on Posted: 29 Dec 2018 07:54 PM PST Im 20 years old have a job with my county making 13/hr i have about 7,000 saved in ally 2% interest. also have about 2000 in retirement funds. with no car payment and still living at home. so what im wondering is am i doing everything right? should i be investing my money in other places or be safe with it and have a down payment for a house in a couple of years? just not really sure if i should change what im doing [link] [comments]  |
| Posted: 29 Dec 2018 07:44 PM PST Long story short - this is first year wife has no taxable income (stay at home mother), I'm sole income at 50,000/year. Is there any reason to file separately at all? Would for example, me claiming the child dependent be more advantageous to us than filing jointly? If more info needed feel free to ask [link] [comments]  |
| Got denied discover secured card Posted: 29 Dec 2018 11:24 AM PST I'm a freshman in college and just worked a seasonal job and it said the reason I was denied was because my income was too low? I thought these cards were for people with little to no income. Should I just try again when I have a steady job or just try looking for a different card? [link] [comments]  |
| How to handle Social Security after a death Posted: 29 Dec 2018 12:16 PM PST My dad recently passed and we were told my mom could now claim his Social Security payment and discontinue hers rather than discontinue his and get hers. (His payment is higher). She went to the Social Security office and basically got the run around. No one would confirm if this is true or if it is, what does she need to do to make that happen. Could someone please help us? It'd make a big difference for my mom. [link] [comments]  |
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