Personal Finance Weekday Help and Victory Thread for the week of January 07, 2019 |
- Weekday Help and Victory Thread for the week of January 07, 2019
- UPDATE: Bank of America Refusing to Return $700+ in Fruad Charges After 180+ Days. Solved!
- My sister... took out loans... at 700% interest...
- Leaving Wells Fargo. PLEASE recommend a better bank for a traveling man.
- Girlfriend has at least 1 fraud instance per year. Just had another one today for $1400. Why does this keep happening? What can she do to protect herself? Where is she most vulnerable?
- Help mother stole my sisters credit and ruined it.
- Mom is not financially prepared for her rapidly approaching retirement. How can I bring this up without being insulting and what are someways I can help get her into better financial security?
- Coworker told me it's not smart to invest in my company's 401k cause the stock market could crash when I retire and I might lose everything. Instead invest in an MLM she's in cause they guarantee if the market crashes I'll keep what I had invested.
- IRS announces the federal tax filing season opens on Monday January 28, 2019
- We bought a house and then my wife got sick. Lost 1/3 of income and now out of savings.
- Trade school vs College
- Help me trim the fat from this monthly budget.
- Moving money around in Vanguard
- Driving for Lyft/Uber and its implication
- Wow, I just saw how much has been deposited in my bank for the past year and how much I’ve spent. I need to get a grip on this.
- Oldest of 4 Children, I am the sole beneficiary of life insurance. Will they notify others?
- Grandmother passed away unexpectedly. None of us are thinking clearly. What are some obvious (or not so obvious) things my grandfather should take care of?
- 529 Contribution Question - Gifted Money
- 6 year old daughter suffers from extreme tooth-pain and do not qualify for any government assisted programs due to being a non-us citizen. Any options available for dental care for low-income families?
- Income for 2018 is from selling my software to individuals outside the country, how do I report this on my taxes?
- Looking for a flat fee financial advisor-- any leads
- How does the government know your contributions to your Roth IRA have been taxed?
- Job has suddenly changed to seasonal and I've been living paycheck to paycheck. Advice?
- Something unexpected when signing up for credit karma
- Returned my new car was $11,000 but the loan ended up being $23,700
| Weekday Help and Victory Thread for the week of January 07, 2019 Posted: 07 Jan 2019 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]  |
| UPDATE: Bank of America Refusing to Return $700+ in Fruad Charges After 180+ Days. Solved! Posted: 07 Jan 2019 03:09 PM PST We got our money back after two days! http://imgur.com/gallery/lPjXhQt If you are looking for information on what to do if your bank declines fraud purchases or your bank refuses to return your money, please read this so you can see what steps we had to take to get something done. I just wanted to post an update to anyone who followed along on my post last Thursday about the issue we were having with Bank of America declining some very obvious fraud charges and giving us the runaround for 180 days. For those not familiar with the situation, you can read up on it in detail here: https://www.reddit.com/r/personalfinance/comments/ac96zf/180_days_later_bank_of_america_is_refusing_to/ TLDR: July 15. Fruad on our debit card in Texas while we were in Illinois. 180+ days later, bank lies to my wife after repeated phone calls. I ask for help on reddit. It goes viral. You guys give big help. After posting on Thursday, I took the advice of several Redditors and took the several steps on Friday. Here is the timeline of events leading up to this being closed out.
I hope that anyone else in our situation now or in the future can use this to get some fast results too. Thanks to everyone who commented with advice, their own stories, and kind words to keep me motivated throughout the process. [link] [comments]  |
| My sister... took out loans... at 700% interest... Posted: 07 Jan 2019 09:09 AM PST Yep. 700% is the highest one, she took out 11 others with 142% at the lowest. Don't know what she was thinking, my family just found out a couple months later. We're still processing that this happened and is actually legal, I don't know how to help though besides telling her "pay it back immediately." Any input? Thanks. Edit: she took from payday loans, is in Utah, and is sitting at about $15k in debt at $1500/mo. Credit score is around 500. Edit2: I greatly appreciate your responses, I'll try to get to them all by tomorrow. Obviously this is an absurd, scary situation for her -- I'm looking for full-time work myself to help, just can't seem to land a lead anywhere -- some very valuable insight from you folks here, will apply it best I can. [link] [comments]  |
| Leaving Wells Fargo. PLEASE recommend a better bank for a traveling man. Posted: 07 Jan 2019 11:12 AM PST I've been with Wells since I was a kid. They have screwed me for the last time. I'm an airline pilot and had called them years ago stating that I travel weekly for work and to put that in their notes or whatever. Previously they had declined my card and left me stranded when I was far from home. Most of the time it would be a $5 purchase to set off their super clever fraud department. Just now, in San Diego, they declined a Bird Scooter rental for $5. I'd like to find a new bank. I like cash rewards cuz I don't need flight miles and I have no time to travel for fun anyway. I live in SoCal. Really appreciate your suggestions! [link] [comments]  |
| Posted: 07 Jan 2019 12:35 PM PST Someone in another state used her card to make 2 different $700 purchases from Nordstrom. Her bank is Chase and this is a Debit Card account. They, thankfully, always refund her money, but what is causing this!? I never have this issue. What can we do to prevent this from continuing to happen? We have canceled credit cards, changed passwords, etc. in the past, but it still happens! If it matters, we were robbed two years ago and put fraud alerts on all accounts and froze our credit. It was a major headache. Could there be residual effects from that? Please help! [link] [comments]  |
| Help mother stole my sisters credit and ruined it. Posted: 07 Jan 2019 09:25 AM PST Long story short my sister is looking for an apartment of her own. She was looking up her credit score and found quite a few cards open under her name that definitely weren't hers. We narrowed it down it 100% sure being our mom. What are the next steps to exposing her without her knowing until it's time? What type of legal action do we need to take? She also lives a state over.. so theres a few bumps but we need try something. Edit:thank you all for your responses, we will be contacting the police today. [link] [comments]  |
| Posted: 07 Jan 2019 09:41 AM PST She is out of debt but makes just above min wage. She wants to get a second job but I fear that would hurt her already poor health. [link] [comments]  |
| Posted: 07 Jan 2019 06:43 PM PST Obviously I'm not going to do that but it got me thinking is there a chance I could lose everything I've invested in? Should I save money some other way? How do I convince her she's making a mistake and dragging her friends and family down with her? I've told her if the market crashes then her MLM company will have no money but she says that's not true. They've convinced her their financial department is safer than our Fidelity 401k. Basically promising whatever you put in you will get back no matter if the stock market does poorly. And if the stock market does great then you gain profit. If the stock market goes down then you stay at the top until it comes back up again. It doesn't make any sense but she claims it's legit. It's called People Helping People agency. Indeed has a bunch of negative reviews about it being a pyramid scheme. [link] [comments]  |
| IRS announces the federal tax filing season opens on Monday January 28, 2019 Posted: 07 Jan 2019 07:26 PM PST
[link] [comments]  |
| We bought a house and then my wife got sick. Lost 1/3 of income and now out of savings. Posted: 07 Jan 2019 10:22 AM PST We live in Texas U.S. near Dallas. Income: 85k before taxes. I've attached a paystub image so you can see the deductions/insurance. After deductions and taxes I take about roughly $4800 a month. screenshot of my most recent paystub My wife and I moved into our first house on November 1st. We were happy and exited for about 2 seconds before we found out that she needed major surgery that would force her out of work for about 6 months. Prior to her losing her job we were doing well off, and on our way to being debt free (minus student loans and the mortgage) within 2 years. Now, we have remaxed our credit cards due to medical bills and our total net income went from over $7400 to $4800. We spent the last $10,000 of our savings on medical bills and travel costs. Now, we have a mortgage of $1881, two car payments, insurance, credit cards that total in about $3000 a month just to make the minimum payments. So, we basically can't pay everything on my income alone and expect to eat and keep the lights on. My only plan right now is to allow my credit cards to go into collections and pay the mortgage, electric, gas, internet etc... I've considered selling our cars and replacing them to lower the payments, but they aren't worth what we owe on them. Mine is only 2 years old, so in about a year it will be worth more than I owe, but my wifes car is beat up pretty bad and has lots of dings so it won't sell for anywhere near what we owe on it. Our insurance is USAA and we pay about 350 a month for it. I've gotten a few quotes from other companies, but the best savings I could find was about $20 a month with State Farm and we really like USAA. I'll be dropping the internet speed to minimum to save 20 bucks a month, and we only cook our food now which is saving us a couple hundred. I still can't make the payments though. Currently I'm looking for a different job that pays better and I've also been trying to find secondary work. [link] [comments]  |
| Posted: 07 Jan 2019 04:17 PM PST Is college really worth it compared to a trades school? Let's say we're comparing an engineering major to learning a trade. Some people see college as something intimidating and often related to taking long term loans, I've seen many people say amazing things about trade school but I don't know if it is worth it in a long term considering retirement and things like back pain etc. Hope yall have a great day! [link] [comments]  |
| Help me trim the fat from this monthly budget. Posted: 07 Jan 2019 03:30 PM PST This is our monthly budget for this household. The spouse has great aspirations about going to Disney World or the Holy Land. I'm sitting over here going "How about we pay off your student loan first and get some savings built up?" What should I do (besides marriage counseling)? EDIT: This is actually a snapshot of our spending averages over the last six months that I created based on looking at our checking account. Some minor things have changed since then. Sirius was cancelled. EDIT: I am 40 years old. We have two small children. The youngest starts Kindergarten this fall. We have less than $10k in savings. We each have 401Ks that are about $40k each. [link] [comments]  |
| Moving money around in Vanguard Posted: 07 Jan 2019 07:29 PM PST I have ~80k in Vangauard VBTLX, VTIAX, and VTSAX. Recent market movement aside, I want to move this to one of their Money Market funds where it will be "safe" for when I try to buy a house in the next few months. I've been on auto-invest for the last 10 or so years, so I haven't done much "Exchanging" on the website. Is Exchange even what I want to do? I suspect "sell" will give me tax consequences if the house doesn't work out in 2019, but my understanding is that if I exchange it all to a money market, and if I don't buy a house this year, I can move it back to mutual funds and basically just continue on as I've been doing. Am I missing a glaring elephant in the room? I'm also not sure how to choose a cost-basis method. Any pointers? Thanks! [link] [comments]  |
| Driving for Lyft/Uber and its implication Posted: 07 Jan 2019 04:21 PM PST I've been thinking about driving for Uber for awhile now because the cost of living (in the Bay Area) is catching up to me. I have a 2017 Honda Civic with 7k5 miles on it right now. My question is: what should I be aware of before signing up to be an Uber/Lyft driver? What are the pros and cons (mostly cons)? I heard tracking driving milage is a must; why is that? Any insight will help. I'm broke and really need the money but still want to know what I'm getting myself into before selling my soul to the devil... [link] [comments]  |
| Posted: 07 Jan 2019 08:05 PM PST $43k in the bank and I spent $35k in the past year only half way through the year I started saving 40% of my income but it broke it down in different categories which explains how much work I need to do on myself. I'm sure it's not 100% accurate because things get categorized wrong but I have the Bank of America. Budgeting and Income tool but here's the breakdown Home and utilities- $4820 Transportation- $4310 Groceries- $4870 Personal and Family Care- $1850 Health- $960 Insurance -$243 (I usually send money to my dad so it doesn't get categorized through here Restaurants and Dining- $3220 Shopping and Entertainment- $5000 Travel- $1300 Cash/checks Misc- $4300 (usually where my insurance payments and other small payments post to) Finance -$4000 (old car loan that I paid off) It's crazy because i don't know how I even spend that much money, just posting to get a bit of advice but also to give people who have Bank of America insight on the budget tool. [link] [comments]  |
| Oldest of 4 Children, I am the sole beneficiary of life insurance. Will they notify others? Posted: 07 Jan 2019 02:15 PM PST My father recently died. There are 4 children. Widower. Never remarried. I've taken care of my father the past 10 years and all of his affairs, and am actually the one who set up his life insurance. He set up regular insurance for 1x his salary and additional insurance for 2x his salary, saying I should take the additional for me and distrubute the 1x to pay for any expenses and to help my one sibling. The other 2 siblings are addicts and should not see a dime. My question is, in New York City, NY will the other siblings be notified that there was a policy, if they were not named on the policy? [link] [comments]  |
| Posted: 07 Jan 2019 06:28 PM PST |
| 529 Contribution Question - Gifted Money Posted: 07 Jan 2019 01:13 PM PST My parents are looking to do annual gifts each year to my and my sibling's families. It's about $15k to each of us, so a decent amount, but nothing too crazy. My wife and I are looking take some of that money and putting it into 529 accounts for our 2 children. We live in a state with no tax advantages, so our options are pretty wide open for where to open an account. Leaning toward using Vanguard, since I have some other accounts there. On the other hand, my parents are retired but live in a state where they could get a deduction if they open them for them in their state program (GA). Been doing some research and the expense ratios for most of the GA investments are not the lowest (~0.15% through Vanguard), but better than average (~0.25% through GA program). Should I recommend for them to set those accounts up and take the tax deduction for themselves or just set them up from my end? Am I missing something major if I suggest that? Thanks for any insight!! [link] [comments]  |
| Posted: 07 Jan 2019 08:43 PM PST My 6-year old daughter is suffering from dental pain and a swollen cheek. We are a legal immigrant family of 3, living on $26K/year. I can't get her into any government assisted health care insurance because she is not a citizen nor a green card holder and doesn't have an SS number. And we cannot afford to pay for dental services. Is there any way to get discounted dental care for her? Any organizations/charities that can help with this? (GA) [link] [comments]  |
| Posted: 07 Jan 2019 08:37 PM PST Hello, late last year (2018) I sold software to an individual in China for 2.1 BTC, which I sold for roughly $16,600 USD. I didn't get any tax forms. I invested $10,600 of this into mutual funds, and kept $6000 in the bank. Additionally and unrelated, I received $1,000 for a bug bounty report. I have filled out a W-9 for this. This is most of the money I made last year. Early this year (2019), I sold software again to an individual in China for 5.1 BTC and sold it for roughly $20,000 USD. Like last time, no tax forms. I have also made extra money on the side doing small programming projects and the likes, this cumulatively adds up to less than 3,000. I am 19 years old living in the United States, have never had a real job, and I am a freshman college student living on campus this quarter. I have a full tuition scholarship for college and only pay for housing & board, so I do not have much expenses outside of gas, housing, and food. My mother gifted me a car (which the title is not in my name), and I have Molina health insurance, and StateFarm car insurance which my parents pay for. My biggest concern is that I have never done taxes and don't know how, given this is my first year with any reasonable income. My parents are not aware that I have this money, and I would not like them to know about it if I can help it. I believe my parents intend on claiming me as a dependent on their taxes, as I have no job; however I am unsure whether or not I am considered a dependent, and how I should go about handling this with my parents if necessary. [link] [comments]  |
| Looking for a flat fee financial advisor-- any leads Posted: 07 Jan 2019 04:49 PM PST So I'm currently paying about 65k per year to my financial advisor, which is equivalent to some small percentage of the portfolio, and, shopping around, it appears that the asset under management based advisors are all either at or above this level. I'm unhappy with my advisor, and looking to change, and was hoping to find some flat fee advisor to switch to. I think I might be a little too complex for the hourly one and done advisors, but something like https://basonasset.com/ or https://blueskywa.com/ seem tempting. I acquired these by Googling, and have nothing to go on beyond that. Does anyone have experience with either of these, their own flat fee advisor they like, or any resources to assist me? Thanks! [link] [comments]  |
| How does the government know your contributions to your Roth IRA have been taxed? Posted: 07 Jan 2019 05:31 PM PST I just opened an IRA however I'm confused on how the government knows that the money I'm transferring into my account has already been taxed. I've got a 401k already and my employer handles the tax payments, I then transfer some of the remaining money into my IRA. Is there something special I have to do to verify my IRA contributions have already been taxed? [link] [comments]  |
| Job has suddenly changed to seasonal and I've been living paycheck to paycheck. Advice? Posted: 07 Jan 2019 03:35 PM PST Title describes it. I've had a wonderful job with great perks and great benefits for a while now. I was young and dumb with my finances and I found myself in tons of debt. I worked at reducing my debt as hard as I could and currently I'm working on a debt plan. I live close to paycheck to paycheck due to a rent hike and a long commute (small town living). I use the little extra money at the end of the month to put towards my debts (usually less than 200 dollars). My company just got bought out and they announced that all the employees would be moved to seasonal status (resort town). My lease isn't up until November and the job will go into hibernation status in April. I know this will require a lot of planning in a short amount of time, but I have no idea where to start. Currently I'm looking into a much larger city with cheaper rent and better jobs. But I have about 3 months to figure something out and I'm very much lost. [link] [comments]  |
| Something unexpected when signing up for credit karma Posted: 07 Jan 2019 07:58 PM PST I signed up for credit karma today because my girlfriend and I are starting to look at apartments. After I gave them my social, they asked me about two loans and who they were through. One was my student loans from 2017. The other was for a mortgage loan in 2014. I would have been 16 at the time. I highly suspect this is my mother's doing. Any advice on what to do with this information? Should I seek this out because it might potentially be having a negative effect on my credit score? I'm not the most financially savvy person and am kinda anxious about this. Any advice would be helpful and I thank you in advance for your time. [link] [comments]  |
| Returned my new car was $11,000 but the loan ended up being $23,700 Posted: 07 Jan 2019 03:17 PM PST The advice of my boyfriend and my previous post comments from redditors to return my new car was exactly what I did. With no financial loss because of the 3 day right of recession thank goodness. It was too good to be true deal and I did not take the much needed time to read over what I was agreeing too. I am not sure what the next course of action should be, I am researching used cars again but going strictly with the brand specific dealership. But I am keeping in mind I can be misled at any dealership if I do not take the time to read and evaluate. My boyfriend suggested going to a credit union for a loan for a vehicle, my credit score is 794 but I am unable to put any money down at this time. What is the best way to finance a used car? I am getting to work via my motorcycle, great on gas and insured but people cannot drive so I am debating whether to continue using it as temporary transportation or rent a car until I purchase another vehicle? Thank you [link] [comments]  |
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