Personal Finance Weekday Help and Victory Thread for the week of December 24, 2018 |
- Weekday Help and Victory Thread for the week of December 24, 2018
- Market Megathread: Enjoy the holidays and don't panic!
- My accountant is asking for $2000 from me because she claims she can get me a tax cut that would save me far more. Is this normal or should I be looking for a new accountant?
- "Time in the market is more important than timing the market"
- My bankrupt mother with no savings just quit her job, not sure what to do.
- Company wants an extra item back and me to pay S&H for it?
- 17 y.o. in US want to start investing, is there any way I could do this?
- Unauthorized cash withdrawal at branch from my checking account. Not sure how far it's necessary to take this "identity theft"
- Those of you that use Brita, or any water filtration system for that matter, over buying water bottles/jugs, please chime in.
- Stocks are down but we shouldn’t pull out investments and retirement. Why if clearly big investors are?
- Looking for financial advice as a 20-year old college student.
- Can I ask my employer to delay my monthly paycheck to Jan 1, 2019 so my 2018 tax burden will be less?
- High 401K expense ratio! What do I do? Help me.
- Faced my retirement fund situation today - It's not as grim as I'd feared!
- Is it worth it to pay extra on your mortgage if you don't plan on staying very long?
- As a Student(Age 16-18) what are some ways i can make my meager pocket money savings grow.
- Girlfriend has never filed taxes
- Advice on 401k decision
- Stay contractor overseas or go back to the States as a government employee?
- Medical Bills vs Student Loan (3.98%)
- Brokerage Accounts With High Yield Savings and CD Options?
- Frontload my 401(k) in 2019?
- 28 year old looking for a sound portfolio plan
- My fiance' s work suspended him until further notice the day before Christmas eve. What would be the smartest next step?
- I'm getting a substantial raise in a month - can I reference that income amount when applying for a credit card now?
| Weekday Help and Victory Thread for the week of December 24, 2018 Posted: 24 Dec 2018 03:08 AM PST If you need help, please check the PF Wiki to see if your question might be answered there.This thread is for personal finance questions, discussions, and sharing your success stories:
A big thank you to the many PFers who take time to answer other people's questions! [link] [comments]  |
| Market Megathread: Enjoy the holidays and don't panic! Posted: 24 Dec 2018 01:59 PM PST After any long period of sustained and steady market growth, there is naturally some consternation when there's a drop in the market. Take a deep breath
Get some more perspectiveIf you're still feeling uneasy after reading the above articles, here are a few relevant videos:
Note that all of these videos predate recent events, but the advice remains the same. Don't make an emotional decision, don't try to predict where the market is headed in the short run, and make decisions for the long run. You're investing for decades, not trying to predict the Dow or S&P 500 next week, next month, or even next year. What should you do?Keep following the advice in "How to handle $" and the Investing wiki page. Finally, we're going to link this great post by /u/aBoglehead a second time: Investment Pro Tip: Stay the Course. [link] [comments]  |
| Posted: 24 Dec 2018 10:41 AM PST I've had this accountant for years and I trust him pretty well so I know for sure that this isn't a scam attempt. He is telling me that he can get me a tax cut through the "tax cuts and jobs act", where I would put that my kids are working for me (which is true they do work for me from time to time) and it would give me a tax cut of up to $12,000. My issue is, I don't know much about accounting work and I can't tell if I am being overcharged or not for this kind of service. It seems like a huge charge for the amount of work on his part. Can I get any advice here or prior experience? Does this seem like a regular charge for this type of service? EDIT: Just noticed I accidentally typed "She" in the title. Just ignore that I meant "he" [link] [comments]  |
| "Time in the market is more important than timing the market" Posted: 24 Dec 2018 09:35 AM PST I've heard this said before and although I agree with it, the emotional aspect is making it hard for me to buy into this market for fear of catching the falling knife. For reference, I'm only 30 years old and in addition to already maxing out my TSP contributions I've got 5-6 figures in savings that I'd like to invest on the side. I'm mainly sticking to ETFs at the advice of my friend in finance (he helped me pick some out that cover the weak spots of my TSP) and I've put about 15K into them during the dips in November and early December. Right now my Vanguard ETFs are hitting their 52 week lows (and they keep getting lower) and although I'm actually not bothered by the value of my portfolio shrinking, the fear of missing out on a larger dip is making me hold off on buying into the market right now. This is basically like Black Friday shopping for me right now. Please convince me to be rational about this. [link] [comments]  |
| My bankrupt mother with no savings just quit her job, not sure what to do. Posted: 24 Dec 2018 02:30 PM PST First off, I recognize that this post might be better suited to r/family, but there's enough of an effect on my financial well-being that this sub might be better. My mother, 60 years old and living by herself with two cats, has barely been getting by for the past few years. Zero self esteem and no real marketable skills led to a string of low-paying jobs, most recently a kindergarten assistant. She's had to essentially beg from her family members for financial assistance, myself included. She never married, and the only people left alive to provide support are my uncle (her brother) and myself. My uncle has been extremely charitable over the last decade, but his means are limited and it's obvious the situation has caused some bad tension. I'm just 27 ($60K/yr in an expensive city) and am still paying off some debt of my own from college, so I can't realistically pay for her living expenses. Half a year ago when I learned she was over $40K in credit card debt, I helped her go through the bankrupty process, since there was zero chance she was escaping from under that interest. I paid for her lawyer, had her move to some low-income housing, and helped her with the required budgeting classes. While that helped finances a bit, she was still extremely lonely and depressed. Just today, I learned that she had quit her job a few weeks ago, since she couldn't take the stress of being happy around kids. She has no plan for what to do next, and only enough money in the bank for January's rent and a few bills. To top it off, her annual review for her low-income housing is this Thursday the 26th, and I fear if they learn she doesn't have a job any more her housing would be in jeopardy. Has anyone ever been in a similar situation? I have no idea how to save my mother from a path of destitution, beyond self-crippling charity. Any advice would be most welcome. [link] [comments]  |
| Company wants an extra item back and me to pay S&H for it? Posted: 24 Dec 2018 07:23 PM PST Hey, I'm not sure if this is the right place to ask this, but I figured you guys would know. I purchased a laptop online a few weeks before Christmas and they sent me the tracking number for the item but for some reason the tracking never updated and the post office misplaced the package. The company who sold me the laptop sent me an email and said they were sending a replacement out. I received the replacement but they just sent me an email and said that the original one should eventually arrive at that I am expected to pay shipping and handling to return it to them, I'm happy to return it but I don't feel like I should have to pay the $, it's decently heavy and would be on the expensive side to ship. I tried to look this up online to see if they really could force me to pay for it to be shipped but all I found was this and I don't know if it applies. Thanks all, happy holidays. https://www.consumer.ftc.gov/articles/0181-unordered-merchandise [link] [comments]  |
| 17 y.o. in US want to start investing, is there any way I could do this? Posted: 24 Dec 2018 01:50 PM PST I understand it likely isn't going to be advised but I want to invest at least a small portion of my savings in stocks. Is there any way someone under 18 could set up a Robinhood or something? [link] [comments]  |
| Posted: 24 Dec 2018 12:58 PM PST I checked my bank account today in order to pay some bills, and I noticed a $250 cash withdrawal that I didn't remember making 4 days ago (12/20/2018). I clicked on the icon to see the withdrawal slip, and it had the below: a) Not my handwriting, but my name b) Not my signature, but the letters were all there c) The amount was originally $1,000 and was scribbled out and rewritten as $250. d) My correct account number My actions so far were as follows:
To do:
What I'm trying to figure out is, am I taking the right steps, or would it be prudent to do a credit freeze or something in that vane? Anything else I'm not thinking of? Also, how do I protect myself from this in the future? Seems like all someone has to do is get ahold of a check someone forgot to throw away, or something else shady. [link] [comments]  |
| Posted: 24 Dec 2018 11:56 AM PST The wife and I are gearing up for a serious budget overhaul and will be putting our every penny to use to try and pay off some serious debt. With that said, after few posts here and on r/Frugal, I feel confident in my grocery shopping abilities, BUT, I am a big water drinker and I want to know if you feel it's more cost effective to buy a water filtration system, like a Brita bottle/jug/sink adapters and their respective filters vs buying water bottles and/or gallon jugs. If you prefer the filtration systems, how is the taste? Different waters definably have different tastes, as far as I'm concerned. An important note: We have a well system, so we don't technically pay for water unless we need work done on our well (lord, I hope no time soon XD). Additionally, we have had our water tested and it is safe to drink from the tap and doesn't have that 'HARD well water' taste. Edit: Some clarification, although our water doesn't have that hard well water taste, my wife still doesn't like the taste without filtration. She's weird :) I appreciate the feedback and Happy Holidays! [link] [comments]  |
| Posted: 24 Dec 2018 04:31 PM PST I understand riding out the stock market and long term performance, etc. but since stocks fall when people sell...obviously people are selling. And from what I've read it's the big investors that are selling, so why shouldn't less wealthy investors / the average American? Sorry for the dense question, just struggling to understand better. Thanks! [link] [comments]  |
| Looking for financial advice as a 20-year old college student. Posted: 24 Dec 2018 11:08 AM PST Hello everyone. A little background, I'm 20, U.S citizen and currently doing a degree in college. I have 2 younger siblings, sibling 1 is 18 and sibling 2 is 16, both live with my grandparents. Sibling 1 has just started college and is doing engineering. My grandparents are really great people (late 70's) who have been kindly supporting us ever since we moved in. However my grandmother has been having severe health problems for the past 2 years and my grandfather, with the little money he has left saved up has been taking the hit very hard. As a full-time college student I try to fit in some part-time work to pay for my food and contribute what I can to my grandfather but it's just not enough. My parents....well they separated 12 years ago in their early 30's. Both of them were doing pretty well at that point and they were ambitious in their career plans. Dad was doing alright a few states away and was paying for our living expenses until he went bankrupt 3 years ago for some massive debts (I don't know the details). He stopped visiting us shortly thereafter and I haven't heard from him since. Mom was promoted to stratospheric heights and moved overseas to work. The last time I saw her in person was nearly 2 years ago when money wasn't such a big issue and my grandfather assured her we could be taken care of. She pays for my tuition fees in its entirety and spares me the student loans. She calls every few months or so but I have no way of reaching her outside of that (no social media presence etc). I fear the financial hit is taking a toll on my grandfather's health. I need some good advise on how to manage my finances and help my family in the process independently. Thanks! [link] [comments]  |
| Posted: 24 Dec 2018 06:37 PM PST I am in a high tax bracket this year due to successful salary and windfall. Next year in 2019 I expect my tax burden to be less. I am 1099 and get paid once a month. I don't need the money asap, I'm not living paycheck to paycheck fortunately. So I was hoping to have my boss date my check Jan1,2019 to ultimately pay less yearly tax. Is this illegal? Merry Christmas! [link] [comments]  |
| High 401K expense ratio! What do I do? Help me. Posted: 24 Dec 2018 07:23 PM PST Hi. Help me please. We only have 7 or so funds in our 401k plan. Company matches up to 3.5%. The best plan (lowest expense ratio) is FMKXK at 1.11%. This is way more than Vanguard IRAs that I was investing in before our company adopted a 401K. They do have a Roth and pretax option. I'm splitting 50/50 between both. I'm in a position to max out my contributions. I know it's "smart" to max out generally but is there a trade off point? Should I stop and just buy into this "cheap" market in 2019? Any advice would be seriously appreciated. I can't feel like the only one "trapped" in a mediocre 401k plan. Thanks in advance! [link] [comments]  |
| Faced my retirement fund situation today - It's not as grim as I'd feared! Posted: 24 Dec 2018 05:03 PM PST I'm 36 and I only have 28k in my retirement fund, so I've been worrying about it while not being able to do much about it due to some financial mistakes I made in my 20s. I'm nearly done paying off my CC debt I built up in grad school (instead of taking out student loans - dumb I know) and I went through the Prime Directive today to orient myself. I remembered reading previously that ~250k is a good amount of money to have saved at the age of 40, and I'm nowhere near that, but if I can save an extra 5-10% of my paycheck now in addition to the 5% I save currently to get my company's 401k match, I should be looking pretty good to retire around age 65 (assuming a 5% return on investments and a 2% annual raise). I was really afraid I would retire in poverty or spend my next 30 working years poor in order to live well in retirement, but after actually working out the numbers, it's not that bad. I'm so relieved! Sometimes I feel like 36 is really old and I started too late (age 30), but I still have a lot of time to fix this if I start now! If you're out there and feeling icky about your retirement and you don't want to face it, just stop and write down some numbers and make a plan. I guarantee you will feel better! [link] [comments]  |
| Is it worth it to pay extra on your mortgage if you don't plan on staying very long? Posted: 24 Dec 2018 07:18 AM PST Hey all, Unfortunately, I haven'y really saved much money (w/ the exception of my 401k/stock accounts) in the past 3-4 years due to a variety of large expenses (bought a house, got engaged, got married, had a child) but this is the first year in a long time that I don't see any big expenses or events in the foreseeable future. Therefore, leaving me with some disposable income. I already put a healthy amount into my pension (15-20%), a personal trading account as well as a ROTH. So my question is, is it wise to pay an additional 30-50% on my monthly mortgage payment if I plan on leaving in the next few years (3-5)? I thought that this would be a good way to put my extra income to good use but now I'm reconsidering. Doing some quick math, without absolutely killing myself I could have it paid off in 7 years (mortgage + taxes = $1,498; would need to pay $2,635 for 7 years to pay off balance of roughly $153k) EDIT: I also plan on establishing a healthy cash savings while doing this. Also, I should be 100% debt free (minus mortgage) by March. If there is any other information I can provide please ask and I'll be happy to do so. [link] [comments]  |
| As a Student(Age 16-18) what are some ways i can make my meager pocket money savings grow. Posted: 24 Dec 2018 08:52 AM PST Say i have about 400$ How can i go about turning this 400 bucks into something bigger that i can get by the month more comfortably [link] [comments]  |
| Girlfriend has never filed taxes Posted: 24 Dec 2018 06:14 PM PST My girlfriend (24) has never filed taxes. She has been working since she was 18. She lived in Chicago I believe from when she was 18 to 20, then lived in South Carolina for a year, and has been in Ohio the past 3 or so years. I've heard about retro filing but really don't understand. Is she going to owe money for filing her taxes so late or will she still be able to get all of her returns? this has always been somewhat confusing for me but since I've met her I want to help her correct this and hopefully get her returns if she is still owed them. Thanks! [link] [comments]  |
| Posted: 24 Dec 2018 03:27 PM PST age 62 new to personalfinance Hello All, Thank you in advance for your time and thoughts. My situation- My current employer is being bought out by another company. I have a 401k plan with the current company but the account is closing and I have 3 options I can take. 1st taking the money out as cash, 2nd moving the money to an IRA, 3rd rolling the money over into the new company's 401k. I'm currently leaning towards moving the money to an IRA and starting a new 401k plan with the new company. I've never had an IRA before and am looking to retire in 3 years. My goal is to not lose the money but be able to retire comfortably. My expenses are low, house paid off, I have a car but expect it to be paid off before I retire. What would you do and what should I be aware of ? [link] [comments]  |
| Stay contractor overseas or go back to the States as a government employee? Posted: 24 Dec 2018 05:51 PM PST BLUF - I have a feeling the answer will be to stay Overseas, but let's find out. Information about my wife and myself. I am. U.S citizen and she is Philippine. We are near getting her Green card. We are both 35. We have hit our financial peak for two years now. I work for a large contracting firm for the DoD. This is our current income/debt/assets Annual income - 150,000 (husband) - 35,000 (wife) Debt - zero Assets - 130,000 land in Philippines - 100,000 401k - 30,000 savings - 15,000 gold - 10,000 in ETF - 10,000 car - 3,000 car Currently we pay no state tax or federal tax due to foreign tax exclusion, maxing out 401k and standard deductions. Out rent is roughly 20,000 a year. If we move back to the states my job would be as a GS (government employee) again. I would make 116,000 but now subject to state and federal tax. My wife would have a much more difficult time getting a job that pays as well as she currently makes. She will also be taxed. This type of government job is one that only becomes available once a decade due to people never leaving it. 116,000 is a lot for the area (average joint income is around 48,000. The job is extremely fulfilling and difficult which is what I like. What I do now I enjoy, but it is not challenging and I have no authority. Do I do the smart thing and just stick it out another five years overseas? We are at the point where we max out my 401k. I put another 20,000 in the ETF. My wife saves 100% in her savings account (she is not eligible for a 401k due to not being US). I expect to save about 50,000 in cash this year on top of all the above. The original idea was to do this for five more years to be able to buy a house in full when going back to the states. This "once in a lifetime" GS job is so compelling though. Any words of wisdom? [link] [comments]  |
| Medical Bills vs Student Loan (3.98%) Posted: 24 Dec 2018 11:11 AM PST I recently paid off all my student loans that were >4%, and have one remaining for about 8K that is 3.98%. I also have $2800 left in medical bills, which are not near going to collections but are not accruing any interest. I just received a $2000 windfall- where would you put it? I know the loan with interest makes more sense, just curious what others would do. Employee matched contributions to retirement are maxed, and safety net is in place. [link] [comments]  |
| Brokerage Accounts With High Yield Savings and CD Options? Posted: 24 Dec 2018 07:47 PM PST Soooo.. visiting the parents for Christmas and the topic of finances came up. My mother has been rolling over some money in 6 month CDs at a 0.60% (!!!) interest rate. That's a terrible nominal rate regardless, with negative returns after factoring in inflation. It's a decent amount of money, let's say 50k, for a personal emergency fund. I told her those rates are horrible and to not re-new them once they mature then consolidate all the CDs into her normal checking account while I research options. At the bare minimum, I was going to put this money in a Marcus/GS or Barclays account but ideally I was hoping I could put into a brokerage account that offers 1) the ability to trade ETFs and mutual funds 2) high yield savings / checking and 3) 6 month to 5 year CD options. I completely understand the pros and cons of each, and have enough liquid cash myself to float them if liquidity ever was an issue. Do you guys here have any recommendations for what I'm trying to accomplish here, all within the same account to make it easier to access for my mother? Essentially want to put half in 1 year CD, 40% in high yield savings, and remaining in a high dividend paying mutual fund or create my own sub-portfolio. [link] [comments]  |
| Posted: 24 Dec 2018 04:57 PM PST Hello - and happy holidays to you all. My employer allows me to contribute up to 100% of my income to my 401(k) if I so desire, and I'm thinking of doing so for the first few months of the year while the market is in a trough. Basically I could have my 401(k) maxed out within the first three months of the year if I chose this route. The situation: my company matches up to 1% of salary, I have the option of contributing either to a Roth or Traditional IRA, and I have more than enough in my emergency fund + checking that would cover my expenses if I chose to frontload. If I didn't go this route, I'd likely contribute 9% of my income to my 401(k) and place the remaining income less expenses in my emergency fund (aka a high-yield interest account and rotating 1-year CDs) for a bit. Appreciate any thoughts/suggestions! [link] [comments]  |
| 28 year old looking for a sound portfolio plan Posted: 24 Dec 2018 06:56 PM PST hello, I am new to reddit but have been monitoring a few pages and really like the community on here so I thought I'd give this a try. I currently just paid off ALL of my existing debt (was about 40k between student loans and CC debt) that was my main goal for 2018 and was successful. it feels really nice. Anyway i didnt save much this year but I currently have about 25k sitting in my savings. I already contribute up to my employers match for my 401k, and I currently am maxing out my roth IRA. I make around 70k a year and like I said with no debt. My main goal is to save for a down payment for a house in the next 3-5 years. Im from the suburbs of NYC so houses around here can be pretty pricey. Anyway id love some help in narrowing down an investment strategy for me that focuses on short-midterm but also saves a little for longterm as well. any help would be awesome. Thank You [link] [comments]  |
| Posted: 24 Dec 2018 07:58 AM PST My fiance & I both work for a grocery store. He was suspended until further notice yesterday. He's looking for other jobs & putting in applications but that doesn't help with bills until he lands a job. I don't make enough to cover all our bills. We will be fine for about a month,but after that we will be screwed. His union rep told him that it might be between 2 weeks to 2 months before they actually make any final decision, but my fiance is pretty set in his mind that they are going to fire him. We have an apartment,we have a 5 year old son, & we have a cat. We dont have alot of money saved right now (only about $300) due to the holidays & We need to stay afloat until he can get something & get back on track. What's the smartest next move? [link] [comments]  |
| Posted: 24 Dec 2018 06:00 PM PST I'm getting a 33% raise starting Feb 1 but there's a credit card offer that expires Dec 31st I'd like to take advantage of. Am I allowed to forecast my income for 2019 post-raise? Or am I supposed to say exactly how much I'm earning at the time of application? I'm assuming the latter but it does seem relatively soft and informal, considering there's never any rigorous verification. [link] [comments]  |
| You are subscribed to email updates from Personal Finance. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment