- Company is looking to send me to a new city. Some google searches show that overall the city is 65% more expensive to live in. How do I make sure that my company gives me the correct change in salary?
- The expense ratio on your retirement fund is likely to hurt a lot more than arguments over lump sum vs. dollar cost averaging.
- For Parents: You Help Your Kids By Helping Yourselves In Retirement
- Low-paying "dream job" VS high-paying job?
- What is the best way to save for retirement in your 20s if your employer doesn't offer a 401k?
- I think I may be getting laid off soon. How can I prepare for this?
- 60 year old coworker needs advice
- What kind of retirement account should my 16yr old open? He just got his first job. He makes $11.50/hr and works (maybe) 8 hours a week. We live in CO,USA. I have $1000 to give him to start it. Any other advice would be appreciated. TYIA.
- Does it make sense to pay additional down toward principal if you plan on selling a house in 5-8 years?
- Received $12k Year-End Bonus - No Taxes Taken Out - Need Advice
- Are there any retirement/interest calculators that properly adjust for decreasing risk as you age like a Vanguard target date does?
- Another Way Parents Can Help Children: Funeral Planning
- My father is in hospice; I’m trying to get my ducks in a row
- My husband was approved for a raise and now they won't give it to him. Now what?
- Thinking of buying a home, does our budget look reasonable? ($4,553 a month income)
- How to look for a new job without letting my current employer know?
- What third education fund should I open for my daughter?
- 21 Years Old and Trying to Get Myself Prepared
- With the market low, is now the best time to invest the full $6,000 for a Roth IRA?
- Only a few weeks into a new job, asked to change roles. Should I ask to re-negotiate?
- I have a $13,000 collateralized loan, paying 7% interest on it, how can I use a 0% interest credit card as a form of loan?
- 6-9k if you have USAA or Navy Federal scam?
- Should I pay off a large debt all at once and chip away at smaller ones?
- How many rounds of salary negotiation is normal?
| Posted: 03 Jan 2019 08:25 AM PST Moving from Alabama to Colorado. The cost of rent will be close to $1000 more per month for a smaller place than where I'm currently living. Buying a house is close to 200-300k more than what I could buy a house in Alabama for. I'm wanting to know how much I should ask my company to increase my salary by. The website BestPlaces states it would be "Denver, Colorado is 64.6% more expensive" than where I currently live. Not sure how to equate that to salary. Any help is greatly appreciated. EDIT: Further clarification: The company is not forcing this move on me, but instead it was more of a request from me as my Fiance is moving to Denver. It's not an out of the ordinary place for someone in my company to move to. [link] [comments]  |
| Posted: 03 Jan 2019 05:41 PM PST With a lot of people considering whether to drop an IRA contribution in as a lump sum vs. dollar-cost-averaging (DCA) over the course of the year, I've seen a lot of very boldly parroted advice that exaggerates significantly. While lump sum is more likely to outperform DCA, it is a statistically riskier proposition. There is a not insignificant probability that DCA could outperform since lump sum has a higher standard deviation than DCA. Here is a good article. https://www.onefpa.org/journal/Pages/OCT15-Dollar-Cost-Averaging-The-Trade-Off-Between-Risk-and-Return.aspx Regardless of whether you are willing to take on the extra risk or not, know that the study that found lump sum investing out-performed more often only suggested that an ending portfolio balance would be, on average, about 2% higher! Now let's compare that with some other wisdom often peddled here: the Target date fund. The Fidelity FDEEX fund, for example, has a .75 expense ratio (ER). If you instead invested in a 0% ER S&P 500 fund from Fidelity, saving on the expense ratio alone would mean roughly a 15-25% bigger balance in retirement depending on how long you save for retirement. This doesn't even take into account that Target Date funds typically under-perform the S&P 500 significantly because they needlessly expose individuals decades from retirement to the under-performing (by comparison) asset class of bonds. My point is to remember to take the commonly toted sayings here with a grain of salt, remember that some decisions can have a much bigger impact than others, even if you are "right", and also remember that when you think you are "right" you may be distorting or oversimplifying the real facts. Edit: Here is a calculator to see how much your ER could cost you. [link] [comments]  |
| For Parents: You Help Your Kids By Helping Yourselves In Retirement Posted: 02 Jan 2019 08:40 PM PST Just a note of encouragement out there to parents who might be torn between spending money on your kids versus saving for retirement. I'm in my late 40s, approaching that age where many people have to help their parents out financially. This holiday I sat with my Mom & Dad (late 70s, semi-retired) and they showed me the details of their own financial planning--personal retirement savings, paid-off home, long-term care insurance, etc. Although I'd always known they'd planned for retirement, it was a relief to see that a combination of luck and frugality have left them financially stable as they age. Catastrophes happen, and some day I may need to pitch in and help them out. But for now, it's a HUGE weight off their kids' shoulders that they prioritized their own retirement. So I just want to encourage all parents out there to please think of your own retirement health as a favor to your kids as well as yourself! Obviously I'm not saying don't ever spend money on your children, but trust me, saving for your own retirement is a HUGE gift to your kids' future. Even if they won't quite realize it until they're well past 40. Cheers for 2019! [link] [comments]  |
| Low-paying "dream job" VS high-paying job? Posted: 03 Jan 2019 04:05 PM PST Hey guys, So for some backstory, I'm 28, and for the past 6 years have been working in my dream job / field (audio). While the work is amazingly fun and the weeks pass by really quickly, I'm only being paid 28k with little to no options to get more in sight due to the audio field being more than saturated and having almost no demand. As a result at 28 I'm still living in a 4 1/2 apartment, can't afford a car or to travel, and on top of that (but that's my own decision) I am paying most of my girlfriend's payments as she is still in university & living at her parents' is not an option. Compared to that, my best friend has a braindead / boring job at a warehouse, started 4 years ago at 40k and is currently at 60k with insurances & tons of other advantages that I don't have (I'm currently not even saving for retirement). He now has a house, a car, travels every year, can afford to take his girlfriend out for dates etc. Another one of my friend sells cars. He doesn't even like cars, he just took the job for money, and it worked out great. Another one works in a bank. Same deal. I'm basically the only one in my group that decided to study in my dream field, got in, and.... I got the worst life even though I love my job. What would you guys do in this situation? Keep pursuing in the dream job? Or give up and get a high-paying job like everyone else? At my age I'm really starting to crave for a house or a car, and the more I wait, the more houses cost. It's really stressing me out. Thanks, [link] [comments]  |
| What is the best way to save for retirement in your 20s if your employer doesn't offer a 401k? Posted: 03 Jan 2019 08:28 AM PST I'm a 24 year old contractor for a major retail corporate office. They have a policy to hire only college graduates, which I am not. They do, however, hire contractors indefinitely. I have no debt and am able to save about $400/mo, at least half of which I'd like to go to a retirement account of some sort. I am considering a Roth IRA through PNC, but have only recently heard of Vanguard Roth. I know little to nothing about both. How can I ensure a retirement as early as possible? [link] [comments]  |
| I think I may be getting laid off soon. How can I prepare for this? Posted: 03 Jan 2019 06:04 AM PST First day back this year and my supervisor says that a handful of our team is being farmed out to other departments for "a month or so, until production picks up again". And rumors are going around that we only have 1/5 of our typical monthly budget on the sales/ production books for the whole year. That being said it wouldn't unusual to get millions in sales booked in the next few weeks. I'm panicking. Should I start putting in applications and jump ship? Should I wait it out and hope for the best? Is there anything specific I can/should ask HR if I will be laid off? Or am I totally over reacting? I'm living pay check to pay check, I've got a few hundred in savings and that's it. Losing this job could be catastrophic for my family. [link] [comments]  |
| 60 year old coworker needs advice Posted: 03 Jan 2019 08:02 AM PST So as the title says, my coworker is 60 and looking to retire at 65. He currently has about $50,000 in various IRA's from previous companies. He is now being told by a "financial adviser", he did not pay money to talk to, that he should invest all of his money into a whole life insurance. The name is American Equity's choice 10. I have a bad feeling about this choice after reading about whole life insurance investments. He wants to be able to have at least $500 per month after retiring to pay for his and his wife's health insurance. I don't want to offer my skepticism unless it is truly warranted. Any help is much appreciated. Also he is very afraid of losing any of his current holdings and that is how he got hooked on this idea of a fixed annuity. Edit: He understands that he can't live off of that. He's solely using this money to pay for the medical expenses after he stops working. He plans to exist very primitively off of social security. And the "retire at 65" is when he plans to stop working no matter what. I'm just trying not to have this poor mans small amount of savings be ripped away by a snake oil salesman. Because I know he's gonna barely be able to get by as is, so I don't want to see him lose this. Oh and he plans to take out $500 a month. It doesn't have to be from passive interest [link] [comments]  |
| Posted: 03 Jan 2019 08:38 AM PST |
| Posted: 03 Jan 2019 09:28 AM PST I'm currently putting down an additional $250/month toward principal on my $1750/month mortgage. I love my house but want to know if it makes sense to do this only if I'm staying at the house until the mortgage is paid off, or if this provides any benefit if I choose to sell sooner? [link] [comments]  |
| Received $12k Year-End Bonus - No Taxes Taken Out - Need Advice Posted: 03 Jan 2019 09:11 AM PST I received a $12k bonus this year. This is my largest bonus ever and represents a substantial portion of my annual salary. The check came with a note from my boss saying he didn't take out any taxes on it whatsoever. I'm wondering where this leaves me and what I need to do about it tax-wise. I'm not trying to get out of paying taxes. I'm also vaguely aware that this might adversely affect me in other tax ways (such as healthcare marketplace) that I may not be thinking of. I'd like to get advice on what I'll need to do when it comes time to do my taxes and what I can expect to pay and how I'll need to handle this. Thanks, everyone! [link] [comments]  |
| Posted: 03 Jan 2019 06:21 PM PST Hey there. So just like the title says. I know that you are supposed to generally have more stable, secure --and therefore less interest producing-- assets like bonds as you age. Target date funds form vanguard automatically balance this for your age but I don't find any calculators out there that show this. They just ask you to put in "average rate of return." But unless I am mistaken, as you age your rate of return is going to go down if you are properly diversified for your age. How does one accurately account for this with the 401k/retirement calculators out there? Thanks in advance! [link] [comments]  |
| Another Way Parents Can Help Children: Funeral Planning Posted: 03 Jan 2019 10:30 AM PST I just got through with my mother-in-law's funeral. She had cancer, so this wasn't out of the blue, but she had nothing planned at all. Even if you can't prepay anything, making the arrangements yourself will greatly reduce the burden on your loved ones when the time comes, and anything that reduces the burden at such a sensitive time is welcome. Rather than forcing them to guess what you would want, make it clear. Additionally, headstones take six to eight weeks to make and install: an impossible timeline between death and burial, but easy if you plan ahead. [link] [comments]  |
| My father is in hospice; I’m trying to get my ducks in a row Posted: 03 Jan 2019 06:59 PM PST So, my father is in hospice care and has, realistically, a month left to live. He is not really coherent right now, so I am handling things. I have financial POA. My mother is living, but had a stroke so she's not all there mentally. I also have a POA for her. I am on his savings and checking accounts and I am so undecided as to what to do. Do I empty out the accounts and transfer the money to my accounts? Do I write "small" checks and put the cash in a safety deposit box? Do I keep the accounts as is since I have bills to pay both now and after his death? My mother will be moving into my home after he passes, not a nursing home. We will use the money he has in the accounts, along with her social security, to help care for her. However, if she declines rapidly and we have to put her in a nursing home we won't be able to afford that for long. I'm worried that if I take the money out that it'll mess with Medicaid paying for her nursing home in the future. I read that they look back 5 years to look at financials. I don't want to be shady. I just want to be able to take care of my mother at home for as long as we can. I have two siblings but we're all on the same page with everything. Any thoughts or suggestions with dealing with this money? It's not a ton As far as life savings go, less than 100k. Also, on a related note, I'm not sure if I'll need a lawyer after his death. There's the house to sell, and a little property. He has some stocks, a union pension that my mother will bet half of, the money in the accounts, a life insurance policy. He has no credit card debt as far as I'm aware. He has a will. I've done some research and some people say you need a lawyer to go into probable. Others say no. I would appreciate any guidance. I could reach out to the attorney that drafted his will and POAs, but I wanted some unbiased opinions. Thanks in advance! [link] [comments]  |
| My husband was approved for a raise and now they won't give it to him. Now what? Posted: 03 Jan 2019 03:46 PM PST My husband fought hard last year to be properly compensated for the work that he does. He has a degree in CIS and works at a hospital. It's laughable how much he makes. We've been holding out hope for months and waiting for the new year so that his raise would start. We found out today it will not be happening. We are shocked and scared. We've been struggling. Our credit cards are maxed out, we're living paycheck to paycheck, our son just lost his insurance and I'm about to be kicked off my parent's when I turn 26 on the 22nd. Our son is about to start school. We have just a tiny bit of savings. He tried to find a new job, but IT jobs in our town are hard to find. I'm a student and a receptionist, and if it weren't for the fact that I'm still in school, we would move. Now that this significant raise that he was promised will not be going through, what can we do to keep us afloat? What is the best game plan here? (Please be kind, we're sort of just shocked and worried right now.) Edit: I feel some people missed the information that I do work. I am a full-time receptionist while I attend 12 credit hours of college courses. [link] [comments]  |
| Thinking of buying a home, does our budget look reasonable? ($4,553 a month income) Posted: 03 Jan 2019 08:17 PM PST So we're looking into buying a new home to give our kinds (1yo & 3yo) a quieter street and a yard to play in. The following is our monthly budget... Cell Phone: $92.66 Home Internet: $74.99 Energy: $150 Mortgage (estimated for new home): $1,323 Sanitation: $45.59 Kids School Tuition (when they're both in grade school in about 4 years): $649.17 This comes to a total monthly expense of $2361.41 With my monthly income and my wife's monthly income combined, we bring home $4553.49 a month. Leaving us with $2,192.08 to spend each month. Does this sound like we'd be doing alright? Or do we need to look at a lower mortgage payment? [link] [comments]  |
| How to look for a new job without letting my current employer know? Posted: 03 Jan 2019 02:56 PM PST I'm 25, graduated college about 1.5 years ago, and currently working at my first full time job, but it doesn't feel as challenging any longer. I feel a bit underused and reckon that I could grow more at a different place. I came across some random comment in this Subreddit that goes "the best time to find a job is when you don't need to." I'm wondering how this is possible without making my employer become aware? The main reason for this is just in case I can't find a new, better position, it would be easier if no one even knows I was looking. I see a few issues with this though: first of all, I will need to give them enough notice to find a replacement. I do not want to burn any bridges as my current boss is very generous and my workplace is generally supportive. In other words, I'm not trying to screw them over, for their sake and mine. Secondly, wouldn't the potential employers need reference from my old job in order to make any offer? This would mean that my supervisor will become aware of me snooping around even before I get a job offer. Any insight how to go about this is greatly appreciated! [link] [comments]  |
| What third education fund should I open for my daughter? Posted: 03 Jan 2019 09:57 AM PST We have a pleasant problem of too many grandparents giving money to our 3 year old. One set of grandparents has opened and contributes to a 529 plan for her. Her other set of grandparents opened a Coverdell and contributes the max yearly. My grandmother also gives her money and I need a place to put and invest it for her. My daughter has an etrade account with the Coverdell already. What are my best options? [link] [comments]  |
| 21 Years Old and Trying to Get Myself Prepared Posted: 03 Jan 2019 06:26 PM PST Hi guys. I'm a 21 year old male living in South Orange County, California. I work 50-60 hours a week making $16 an hour at a local auto repair shop in my town, which is my passion. I do not pay rent as I still live with my parents but I do pay for all other bills including car payment, car insurance, food, gas, recreation and all that. I currently have about $6,000 in my savings account. I'm very pleased with this number but I'm looking to get to increase it even more. I want to get myself prepared for my future. My passion is modifying cars so a lot of my income does go towards my projects and also going on dates with my girlfriend. I'm looking for ways to increase my savings so that I can keep growing the dollar amount in my savings account. I'm not sure of what exactly I'm trying to accomplish yet, all I know is that I'm looking to have as much money in my savings as possible before I move out and start paying rent in the coming years. Thank you for your help. I appreciate it. (: [link] [comments]  |
| With the market low, is now the best time to invest the full $6,000 for a Roth IRA? Posted: 03 Jan 2019 09:20 AM PST Thoughts on this? I hope the market doesn't go any lower. It seems to me it could only go up from here and have all year for gains. [link] [comments]  |
| Only a few weeks into a new job, asked to change roles. Should I ask to re-negotiate? Posted: 03 Jan 2019 03:03 PM PST Hello, I just started a new job at a startup recently. Initially I had applied for a certain position, but was contacted by the recruiter and asked if I wanted to apply for a more 'entry-level' position. I went through the interview as a pretty over-qualified candidate and have been working here for two weeks. By all accounts I'm doing a great job. Today, I met with my boss and was told that one of my colleagues who has been training me is leaving for another job in 2 weeks. They said they would like me to fill their position once they leave. This is the position I initially applied for. I feel I should have a renegotiation of salary, since the salary I accepted was for a position with less responsibility. The end result here is that they managed to get me in the door at a lower salary for the same position I initially applied for. It's only been a day but this topic was never raised and it felt presumptuous to blurt that out right when they broke the news to me. They obviously didn't anticipate this and I want to leave some leeway for the dust to settle and for them to figure everything out. I don't think they're trying to screw me or anything, but I expect this is more of an emergency pivot and I'm actually being rewarded for the job I've done in my short time here. Has anyone experienced this before? When did you bring up the topic of renegotiating salary? I feel like I would come off as ungrateful and demanding talking about salary again after two weeks. Any advice is appreciated, thanks! [link] [comments]  |
| Posted: 03 Jan 2019 06:01 PM PST I heard this is some sort of "credit card check" or "convenience check" which in theory if granted by a 0% interest credit card you could use as a 12-18 month 0% interest loan? Is this possible? My credit score is around 800, what do I need to do? I've been paying this loan for 12 months and already wasted over $2,000 interest because I've procrastinated researching this. Any help in jump starting this research is much appreciated. https://www.nerdwallet.com/blog/credit-cards/credit-card-convenience-checks-when-to-use/ [link] [comments]  |
| 6-9k if you have USAA or Navy Federal scam? Posted: 03 Jan 2019 04:45 PM PST I am active duty Army, I'm not dumb enough to entertain this, but I've had multiple random people (and now one person I know) ask me if I have USAA or Navy Federal, and say they can make me 6-9k very specifically, with no strings attached. I'm not familiar with this scam, but how does it work so I can let my people know in case someone is stupid enough to fall for this. If it's not a scam then where's my money:) [link] [comments]  |
| Should I pay off a large debt all at once and chip away at smaller ones? Posted: 03 Jan 2019 07:22 PM PST I have several large (for me) debts to pay off that I've been slowly chipping away at but I feel like I'm getting nowhere with any of them. I feel like I can pay off my largest credit card and be fine and slowly chip away at the other two. I just don't know if that's a smart move with all my other monthly payments. I've recently started using a budgeting app and seeing all these numbers has me all sorts of stressed out. I am willing to give more information that could help I just don't know what to put but please just let me know! [link] [comments]  |
| How many rounds of salary negotiation is normal? Posted: 03 Jan 2019 07:44 AM PST After being asked to interview at a company I've done freelance work for, they seemed enthusiastic to bring me on board. They offered me the position but lowballed me $10k (based on my salary requirement, which is 27k more than I make now). I politely declined but stated my continued enthusiasm about the prospect of working for the company. I was emailed by my potential boss who heard of the decline and they stated that they'll try to work something out but can't guarantee anything. I'm awaiting a second offer but haven't heard back in two weeks because of the holidays. Is there a chance negotiations can fall flat over 10k? [link] [comments]  |
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