Personal Finance Weekend Discussion and Victory Thread for the week of December 07, 2018 |
- Weekend Discussion and Victory Thread for the week of December 07, 2018
- Parents house burnt down, now what?
- Affordable Care Act (Obamacare) Open Enrollment For 2019 Ends On December 15 In Most States - only one more week left to sign up
- Now I understand how wasteful I've been...
- How can I begin to fix my teeth? No money, no debt, just time
- My Mom is aging, has no health insurance, very little retirement, and is a moderate hoarder and buys many things she doesn't need. How can I financially protect myself?
- Told current company I was leaving and was offered 20k...
- Girlfriend and her mom think I'm crazy for trying to maximize credit rewards (sometimes referred to as "churning"). Am I crazy?
- I sold my car and then the transmission failed. What should I do?
- Parents want me to take a loan for them in the future.
- Is my employer adjusting my overtime hours to reflect less on my paycheck? I have pictures.
- Are 401k calcs accurate?
- Saving... What next?
- Company flowing 401(k) contributions through their stock fund
- Is "brand ambassador" the same thing as a pyramid scheme?
- Received a shady notice to File an I.R.S. 1099-C from 2007?
- I know so many people who don’t reconcile their checking account. I have done it for 37 years and have never found a bank error. Now that we can access our accounts online 24 hours a day, is it still necessary to reconcile?
- Received offer for telecommuting job in NYC and living in PA. Unsure about taxes.
- I turn 18 in 4 days, $4100 saved, where do I start?
- 21yrs UK Student 3rd year £15k saved up, how and where to invest?
- How do I file U.S. taxes as an American expat?
- Planning to move out in the near future (was saving to do so) but I’m being encouraged to travel first. Not confident with budgeting and would appreciate advice!
- $3600 collections bill from Spint... I've never done business with Sprint.
- Credit card fraud - by ex-boyfriend
- Got a new job with a pay raise, no longer insured under the ACA, will I have to payback my subsidy?
| Weekend Discussion and Victory Thread for the week of December 07, 2018 Posted: 07 Dec 2018 01:05 PM PST If you need help, please check the PF Wiki to see if your question might be answered there.This thread is for personal finance 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]  |
| Parents house burnt down, now what? Posted: 07 Dec 2018 04:39 AM PST As the title says, my parents house burnt down yesterday. Public adjusters, restoration specialists, and all kinds of other people have been contacting them about what to do next, and to be honest they are just overwhelmed right now. It seems like right now the best bet is to get a state licensed public adjuster. Is this correct? Their insurance is putting them in a hotel for the next 20 days, but I doubt the house will be rebuilt by then ... what happens next? They have credit cards with open credit to make purchases for things like new clothes and food (which I have told them to save all receipts for) but little to no cash in a savings account. The state is Michigan if that helps. [link] [comments]  |
| Posted: 07 Dec 2018 09:15 AM PST To look into your options, you don't have to log in...here's the link to check out the plans for most states: https://www.healthcare.gov/see-plans/ The other states that don't use healthcare.gov are listed here with links to the state websites: https://www.healthcare.gov/marketplace-in-your-state/ [link] [comments]  |
| Now I understand how wasteful I've been... Posted: 07 Dec 2018 02:34 PM PST I never understood why I couldn't save money, and I always seemed to be in credit card debt. Now I know! I've been spending WAY too much money eating out and buying clothes. Last year, I lived in the house alone for 6 months, while my parents went on an extended vacation. When they came back, they were surprised that most of the food in the freezer was still there! I was too lazy to cook, and decided to go out for pho or pizza instead. This really adds up when you're doing it 3 or 4 times a week. This year, I have made a point of eating everything in the freezer before I even go grocery shopping. And there is a time and place for grocery shopping. I can't be making mini-trips to the market everytime I want to cook a new recipe. This was really adding up. Also, I have now learned to preserve things I like. When I got back from my vacation in the Philippines, I threw out my year old vans shoes, even though I could have just washed them and made them new again. And you guessed it, I went out and spent $80 on new ones. Just this week, the zipper on my jeans broke. The me of one year ago would have used this as an excuse to go out and buy new jeans. But not today! I took them to a tailor and she said she can replace the zipper for $20. I'm also thinking of taking my favourite sweatshirt to her to see if she can sew up the hole in it. Not everything is an excuse to go out and shop. If you do this, you'll be poor forever. [link] [comments]  |
| How can I begin to fix my teeth? No money, no debt, just time Posted: 07 Dec 2018 01:49 PM PST I'm 21. My teeth have always been discolored and caused me problems. My parents used to give me all sorts of ridiculous explanations for it from drinking juice to being vaccinated. Turns out my mom is just a tweaker so I was screwed from the beginning. They cause me a lot of pain since I have almost no enamel. They are prone to cavities and cracking. The times I was allowed to see a dentist as a child I remember being told my only options are veneers or implants, my teeth are too fragile for whitening or crowns. They cost thousands of dollars. They once described my teeth as being "chalk like" and told me I will likely lose all of them eventually if nothing is done. I'm not even halfway through life and they're degrading fast. I have experienced a lot of trouble in life so far. As you can imagine my family is not exactly there for me. I have never worked or been to school. I have entered a program for disadvantaged youth and am working on a high school education now. They are going to help me start working as well. I have never lived anywhere or bought anything, I have no debt or bills, no kids. I am used to living simply and going without. All I want to do is try to fix my teeth so I can be pain free and smile again. I only have time and opportunity on my side. How can I utilize what I do havd so I can one day fix this? [link] [comments]  |
| Posted: 07 Dec 2018 11:55 AM PST I need some help figuring out my Moms situation. I apologize for the long post, but don't know where to begin. We live in Utah if it's helpful information. My Dad owns his own company and makes good money, and has managed their money well in the past. My brother was born sick, so they decided my Mom (60F) would stay home and raise her kids, and hasn't worked since she was in her early to mid twenties. My Dad suddenly filed for divorce (they were married almost 30 years) about 10 years ago, it was a bit of a shock for us all. She's got very little job skills if any, refuses to work, and hasn't maintained her home or health since the divorce. She also refuses to date or remarry, etc. She gets $5,000/mo. in alimony for 15 years from the divorce, so she's got 5 years left, and he paid off her car, any cc debt they had, and the house as part of the divorce settlement. She's been pretty depressed my whole life, and has been in denial about it. She's a bit of a recluse, is one of those people that stays home, watches Fox News, and has always bought things in excess. Since the divorce, she's turned the house from more of a 'clutter' situation into a fairly moderate hoarding situation. There's something on every horizontal surface in the house, the beginnings of 'paths' etc. She claims to not have any money for anything, but amazon packages show up to the house on the daily, but she doesn't have medical insurance because she claims she can't afford it, the house has a leaky roof that has been patched but still leaks sometimes, there's plumbing issues, and the house still has the original everything they built the house with (in 1987, still has same carpet, etc.). She's very resistant to help offered, or advice, and gets defensive if we bring up finances or her spending, etc. I worry that her health isn't great, she literally hasn't been to the doctor in at least 10 years, including going through menopause, etc. I don't mean to sound selfish, but I'm really concerned that god forbid, something happens to her health and she doesn't have insurance, and the medical bills will be crippling. She claims to have an Edward Jones account, but my sister thinks she saw a statement that says she's only got about $30k in it. She does claim to have life insurance but who knows. Her home is large and in a nice area and our housing market is high right now, but her plan is that she's going to sell it and use that money to buy a new home, and use the remainder of the money for her 'retirement'. My concern is that her value of the home isn't the actual value (I think she thinks she'll be able to get around $600k, I think she'll be lucky to get $450k considering all the needed updates, etc.) and her expectations of her next home are ridiculous. She thinks she's gonna buy a 'fixer' for $200k and update it as she lives in it. We all know that won't happen. I'm also skeptical she'll actually get her shit in order and list the home for sale any time soon. I'm just very concerned, when I factor in that her alimony ends in 5 years, her health is not great and has no health insurance, her spending habits, lack of retirement, god knows if she's in cc debt, and the house situation, that it'll fall back on my siblings and I and paralyze us. My sister and I are both pretty financially independent, but is there anything that I can do to protect us from being financially responsible for potential debts? Or is this just part of growing up and we're all toast? TLDR: My parents got divorced, and since then, my mom hasn't been financially responsible and refuses to work. How can I protect myself and my siblings from incurring possible debts in the future? Edit: grammar [link] [comments]  |
| Told current company I was leaving and was offered 20k... Posted: 07 Dec 2018 04:13 PM PST I kinda hate my job. I make a decent amount of money 75k + 8-15% raise + 10-35% bonus (performance based). I work near 60 hours a week, however the nice part is my role allows me to leave during the day and such for errands. I interviewed recently and found a job that was a promised 40 hours a week, but pays 60k. It sounded interesting and I was offered the position. I was going to take the position but as soon as I told my manager I was scheduled for a meeting between him and our division lead. Long story short, they offered me 10k to my bonus and 10k to my raise. So I will get 10k+current scheduled bonus (Xmas Eve) and I will begin making 85k/year effective Jan 1st. I'm really not sure if I should stay just given how much potential money is on the table and how much they're offering. I suppose I'm a relatively good employee given this situation but I don't want to burn any bridges. Edit: in case it helps, I am 25 years old. I graduated college a year ago and I've been in this position for about a year. I do have a bad spending habit (surgery, gf, alcohol, etc) which also plays an impact, but no debt. [link] [comments]  |
| Posted: 07 Dec 2018 09:00 AM PST I'm 22 and have 4 credit cards (not out of necessity, just trying to build good credit early on - and it's working). I never carry a balance and always pay in full, even during 0% APR promo periods; I view it more as an extension of my checking account and debit card than just a boatload of free money to use, which in my view is the responsible way to utilize credit. Where my girlfriend and her mom think I'm crazy is that I will juggle cards to determine which I should use for a given situation to maximize my cash back rewards (which I always use as statement credits, making THIS essentially free money). I have a 3% card for groceries, 2% card for restaurants, 1.5% card for everything else, and a 5% card for Guitar Center (I'm a musician). Why is this being frowned upon? Am I doing something wrong/irresponsible, or are they just not quite getting it? [link] [comments]  |
| I sold my car and then the transmission failed. What should I do? Posted: 07 Dec 2018 06:31 PM PST I sold my car privately recently. The car is 12 years old and just over 210,000 miles. The car was running fine while I owned it and I had no knowledge of any mechanical issues. Now, a week later, the buyer called me and she told me the transmission failed. I feel pretty conflicted on what to do. The buyer got a pretty good deal on the car and I would have been happy to let the buyer get the car inspected prior to purchase but she didn't. Now I am stuck feeling guilty and worried the buyer thinks I lied to her or tried to hide the issue - which I didn't. Rational me: They bought it as-is and elected not to inspect it. Emotional me: Offer a decent amount of the purchase price back. [link] [comments]  |
| Parents want me to take a loan for them in the future. Posted: 07 Dec 2018 04:26 PM PST I'm still in uni and they want to me take a loan after i graduate. I currently have a part-time job and have been working a lot, but it pays nothing more than £1k per month. They said once i get a job i should apply for a £15k loan and help them get out of debt. They said they'll repay it long-term. They must be out of their minds. Basically they're in debt and have made some bad decisions with money in the past. I know their track record. I told them NO and they're saying they brought me into this world and provided for me lmao. I said i appreciate that and i can help with a few thousand once i save enough money and give them monthly payments for bills and some of their debts and also help in other ways. I messed up my credit score and overdraft in my first year of uni, but i worked throughout holidays and cleared everything. My score is better now and i want to keep it that way. I don't want to ruin my future just because my parents are bad with money and other financial decisions. [link] [comments]  |
| Is my employer adjusting my overtime hours to reflect less on my paycheck? I have pictures. Posted: 07 Dec 2018 01:27 PM PST My overtime hours on my clock out slips at the end of the week are never the same as my hours on my paycheck. Is my employer adjusting the hours without telling me? As far as I know, he gets a quarterly bonus if he keeps the overall overtime hours of the employees below a certain point, so it would make sense if he was. If so, what can I do about this? Is this not illegal? [link] [comments]  |
| Posted: 07 Dec 2018 06:16 PM PST I'm 34 I've been in my company's 401k since I was 22. Whenever I use a retirement calc I'm supposedly on path to have well over a million! Is that at all accurate? When do you see the big jumps in your balance? I just don't see how it's gonna get there. [link] [comments]  |
| Posted: 07 Dec 2018 05:53 PM PST Hoping for some sound savings advice here. I'm currently maxing out my 401k, and have managed to save 20% on a home in a money market (2.25%). I have a Roth account, but I'm wondering if I'm still eligible to contribute due to my salary. Where else should I be investing my savings now? [link] [comments]  |
| Company flowing 401(k) contributions through their stock fund Posted: 07 Dec 2018 05:30 AM PST A friend of mine works for a company that changed how they flow employee contributions into their 401(k)s. Originally - and like every other company I know of - when an employee made a contribution to their 401(k) (through their paycheck) it went directly into the 401(k) assets. This company changed the "flow" of that money. Now, the money first goes into a company stock fund and then a transaction is immediately made, converting that into cash which then goes into the 401(k) assets. (the only case where that immediate transaction doesn't take place is with money buying company stock into their 401(k)). Why would they do that? It seems like this may result in increased volume of transactions of the company stock but other than that, why funnel 401(k) contributions through the company stock fund? What benefit is it to the company? [Additional information: No action was needed to keep investing in the assets you already were contributing to. In other words, if you did nothing, you still were investing in the same stuff you were before. This wasn't a sneaky way to get lazy/inattentive people to put their money into the company stock.] [link] [comments]  |
| Is "brand ambassador" the same thing as a pyramid scheme? Posted: 07 Dec 2018 05:40 PM PST Keep seeing gig ads on Craigslist for them. My friend's girlfriend is always posting stuff about some company's products and I'm pretty sure she's been roped into that rabbit hole. [link] [comments]  |
| Received a shady notice to File an I.R.S. 1099-C from 2007? Posted: 07 Dec 2018 11:27 AM PST I just received this letter in the mail stating I owe money. I graduated high school in 2007, I had no debts or credit anywhere near that time. I work as a contractor for the Dept. of State and went through a thorough credit check in 2015 and was given a list of all my debts and had them all paid off in 2016. I have a clean credit report in good standing that I check weekly. Should I just dismiss and ignore this as it sounds like a scam or should I contact the IRS. Could this be an attempt to collect a debt my father had owed? He died in 2016 and we share the same first and last name. [link] [comments]  |
| Posted: 07 Dec 2018 06:08 PM PST |
| Received offer for telecommuting job in NYC and living in PA. Unsure about taxes. Posted: 07 Dec 2018 05:55 PM PST I've read that it's possible to be double taxed, and within NY's requirements, I definitely don't meet the exceptions to be exempt from their state taxes. Does anyone have any experience with this? I heard people alluding to tax credits for out of state workers from their home state, to avoid paying double state taxes but I'm unable to find any good information on this. Has anyone heard of this either? Thanks! [link] [comments]  |
| I turn 18 in 4 days, $4100 saved, where do I start? Posted: 07 Dec 2018 08:00 PM PST I turn 18 in 4 days and I have $4100 in my savings account, I put 100 (most of the time) every week into the savings account. My license is suspended until April (because of 2 accidents) and I no longer have a car. Not sure if any of this is relevant. To get to the point, what can I do with the money I have now to get the most I can by the time I get my license back to buy a new car? Also how can I build enough credit along the way to pull out a loan if needed. [link] [comments]  |
| 21yrs UK Student 3rd year £15k saved up, how and where to invest? Posted: 07 Dec 2018 07:44 PM PST Hi, I've been working a job throughout my whole 3 year degree (marketing) while at university as well as received some inheritance. This has totalled around the area of £15k sat in my bank account. I was just wondering if anyone could give me some pointers as to how best to invest it or what to do with it, as it being sat there is rather wasteful. I was thinking of investing in cars but obviouslly this can be quite the lengthy investment and wondered if there were any shorter term investments worth looking in to? Thnaks! [link] [comments]  |
| How do I file U.S. taxes as an American expat? Posted: 07 Dec 2018 01:39 PM PST I would like to make clear that I am clueless on how taxes work in the first place. I'm a natural born U.S. citizen. Next year in April, I am planning on moving to Uruguay with my boyfriend (non-US citizen, he lives there now) and possibly marry him the same year.My plan is to start off with a small retail job once I get there and split rent in an apartment for me and my boyfriend. Our future plan is to build a restaurant business once we get established and save enough money, and buy or construct a house of our own. We do not plan on having any kids not until we have bought our own home. What taxes as a U.S. expat do I have to pay? How do I know how much I owe? How do I physically pay them? How do I file them? Once married to him, how would taxes change for me as a dual citizen? How would taxes continue to work for me once married, have the restaurant business, and a home and kids in Uruguay? I do not plan on moving back to the States once I move out in April. I've gone through many articles, Reddit threads, and the IRS page itself, however the information I find is too general and confusing for me. Taxes cause me anxiety as I still have no understanding of how they work, and how they would be different for me starting from 0 in a new country. I would greatly appreciate the simplest explanations if possible! Thank you! [link] [comments]  |
| Posted: 07 Dec 2018 05:23 PM PST Hi y'all! I'm on mobile. Sorry in advance. I'm 23, have been employed since April (graduated college a year ago as if tomorrow), and I've save a good chunk of money (~$10,000). I've broached the subject with my mom, who's encouraging me to travel before I move out (I'm in NC if that makes any difference).
+ For studios and 1 Br. I'm not sure how to safely find a roommate, tbh, so it's something I'd probably just avoid. My parents had very different young adult lives; they were both parents with multiple jobs married to their previous spouses. And none of my older siblings are in a position to give me advice. I'm torn. I'd love to travel but I don't get much PTO, and I have no one to travel with (I wouldn't want to really travel alone). Do y'all have any input? If y'all need any clarification, or I didn't explain something well, I'm happy to say more. Thanks so much! [link] [comments]  |
| $3600 collections bill from Spint... I've never done business with Sprint. Posted: 07 Dec 2018 05:13 PM PST I got an alert from experian that showed a collections statement from Sprint originating in Jacksonville, FL. I've never even been to Jacksonville, and I've never done business with Sprint. I disputed the account, but I'm nervous it won't go away and its affected my credit score quite a bit. I'm not sure what my next steps should be as I'm only a grad student I have don't have the means or know how to get this resolved. Oh and in case anyone asks, I've never actually received and bills or calls from either Sprint or the collections agency. [link] [comments]  |
| Credit card fraud - by ex-boyfriend Posted: 07 Dec 2018 07:02 PM PST I was checking my credit card bill and I saw a purchase of more than a thousand dollars that I didn't make. I called the credit card company informing them of the misuse. I cancel and requested a new card. then I thought that the only person who had the information on my card was my ex-boyfriend. I checked and he confirmed that he was the one who use it, saying that he would pay me later. Besides never seeing this guy again what should I do? Should I report that I have identified the purchase? TL;DR: thought someone had stolen my credit card, turns out was ex-boyfriend, how to proceed? [link] [comments]  |
| Got a new job with a pay raise, no longer insured under the ACA, will I have to payback my subsidy? Posted: 07 Dec 2018 06:59 PM PST My wife and I were insured under the Affordable Care Act in New York State from the beginning of 2018 until September, using an income-based subsidy. We moved out of state and both of us took new jobs that pay a higher salary and provides healthcare. We cancelled our policy through the NY Marketplace as soon as our new insurance took effect. Last year, we underestimated our income by a bit when applying for the income-based subsidy and had to pay some of our subsidy back when we filed our taxes. This year, since our taxable income will be higher, are we going to be in for a huge tax bill? I spoke with a representative from the NY Marketplace and they said that since our previous salaries were eligible for a subsidy during the months we were receiving insurance through the ACA and since we cancelled our policy when we got higher paying jobs, the new income will not be a factor in calculating our taxes owed. I am very skeptical that this is true. Has anyone experienced a situation like this over the past couple years? Thanks!! TL:DR My spouse and I moved out of state, got new jobs with a higher salary. New jobs provide healthcare so we cancelled our health insurance through the ACA. Will we be in for a massive tax bill? [link] [comments]  |
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