Personal Finance Lost my job ($55k) in Jan. company is making it hard to find new employer. Barely making ends meet w/unemployment. Downsized everything I can think of. Single mom. |
- Lost my job ($55k) in Jan. company is making it hard to find new employer. Barely making ends meet w/unemployment. Downsized everything I can think of. Single mom.
- CreditKarma score is significantly different than FICO score
- Mom has months to live and I dont know where to start financially with our debts.
- Being fined almost $1100 for not having health insurance in 2018 because I lost my job and was unemployed for a while. Any way I can get exempt from paying this?
- If your a relative dies how/when are banks notified of that persons death?
- 28, bartender no kids, need advice on what to do with $48k.
- Can you do better than 2% back on credit card spending?
- $150,000 in debt. Medical debt, Farm Debt, backtaxes are piling higher and higher.
- Student Aid retracts aid 4 months into the semester leaving me in dire straits
- Grandpa may have been scammed out of 30,000. Looking at options.
- 1098-T form, and how to deduct education expenses?
- Mom on fixed income and borrows money
- How does IRS verify whether or not I use FSA money for my dependent or someone else (not dependent)?
- My mom hasnt been filing her taxes for years. What do I do?
- Should I look for a new job?
- Inherited 135k Edward Jones investment account. Where Should I put it?
- Quit my job to find my passion... what do I do with 401k/pension?
- ADP 401k Allocations
- Buying a 3 bedroom house and renting out 2 rooms, smart or not?
- I discovered my dad has a 90k loan he does not appear to be paying -- is there any way this is not as bad as it looks?
- Good idea to accept offer with company getting acquired?
- Need help back filing taxes, I'm not sure how the software calculated a number.
- Just made a Roth IRA account and deposited 5000. Can I withdraw it immediately without penalty and close the account?
- Can someone explain the Sallie Mae hate to me?
| Posted: 27 Mar 2019 10:03 AM PDT Ive been in the marketing realm (SEO) for 8 years now. In January, I lost my job. I qualified for unemployment and went from making $4100/month to 'making' $1700 month on unemployment. I have downsized everything I can think of. Canceled ATT ($122/month) for Mint Mobile ($20 for 3 months promo, then switches to like $30/month.) Switched car insurance from Geico to Root ($97/month to $61/month for the same coverage) I can't pull my daughter from daycare ($650/month, I pay half) because they also take her to and from kindergarten, and while I'm employed it's impossible for me to leave and take her/pick her up (kindergarten is only 3 hours and I work a 9-5. This day care is incredible and also way less than most in the area. It's got a massive wait list and she's been going there since she was 1.5, she's now 6.) My car needs work (rotor and barring replacement) that I can't currently afford. And I am taking public transportation even though it's usually 2+ miles walking minimum because I can't drive my car. My credit is frozen. There were 2 maxed out credit cards in collections ($7k and $4k) way above their limits and my credit went from 655 to 481. I do not have any credit cards but these did have my name on them and an address I used 2-3 years ago. I can't open any credit cards while this is resolved. I have filed a police report but this just adds one more layer of financial mess. I know I interview well. I have had potential employers tell me they've never even interviewed someone 'of my caliber' for the position they have open, that they will 'call me Monday for a final interview' and then ghost. That's happened three times. I will reach out, and these employers who have been blowing up my phone are suddenly gone. I finally got a hold of one of them and they said my former employer contacted them and said I stormed out, threw things, and took off 'over 30 days of work, unexcused.' None is that is even remotely true. My being let go was a shock to me as I'd never even been written up, but the company was going through financial hardship and I was the newest team member who also was salaries unlike my employees. (They combined some teams to save money.) I had taken off a total of 3 days in 9 months, all but one were approved in advance. (Emergency illness which they made me prove my daughter was at the doctor, which I did prove, which was odd to me. I had 10 days of PTO accrued that I never touched.) I pay $1100/rent, $450/car (paid off in 9 months) and spend $100/month in groceries. I have a personal loan that is paid off in 4 months that's $190/month that can't be set out, I've asked. I spend next to nothing outside of that. I've sold most of my nice clothes (except for 3 professional interview outfits.) What can I do? Should I just remove that employer from my experience altogether? Is there something else I even can cut back on? I made my rent in 2 payments in February and they said it would be a $50 fee (over the phone) but it ended up being $400 late fee! I don't have any savings. I don't have any credit cards. In February my boyfriend was kind enough to make my car payment. I'm applying to jobs like crazy but now that I know why I've been ghosted.. I just don't know what to do. I've never been unemployed before and It's really starting to impact me mentally. Ill continue looking for jobs of course and I miss working. But this is just insane. I need to stay afloat and $1700 a month is not livable for me. Note: bf is moving in on April 14 and will pay $450/month in rent. TL;dr: lost job. Income went from $4100 to $1700/month. Cut back on phone bill and car insurance. Cut out all eating out and entertainment. Sold clothes. Looking for ways to make ends meet and ideas/insight. I'm just at a loss of what to even do. EDIT: since multiple people are asking and I can't seem to keep up with comments- no child support/alimony/etc. we split all child related bills 50/50 because we make (made) similar income and have split custody. I will be unemployed temporarily and do not want to take money from him. He is a great dad and has brought over a ton of food for her while I look for a job. Getting child support would be temporary and I really don't see that as the solution here as it could damage our co-parenting relationship. Edit 2: I'm assuming that the potential employer called the previous employer to verify employment. They told me the previous employer called them, but it makes a lot more sense the other way around. I agree. I wrote this out based on the info I had. Also-for those of you calling me mental, borderline, bipolar, etc- my mental health is okay. Sit down. I am stressed. Being home applying for jobs all day can stress you out. I get that my situation is weird. You don't have to believe me- but move along. My life is chaotic and I don't feel like defending myself against you anymore. Groceries: I only eat veggies. (Yes. I make chicken or turkey for my kid. Vegetarian is my choice, I don't push it on her but she does love salad.) frozen veggies are CHEAP. I have so much veggies! And I mostly make curries for me, rice and chicken or noodles and chicken for my kid. She loves ramen. And a side of veggies. So yeah. $100-$120/month. Not a typo. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CreditKarma score is significantly different than FICO score Posted: 27 Mar 2019 06:58 PM PDT I am fairly new to credit as I opened my first credit card last August. While I have paid the card off on time each billing cycle, I had a bill from a hospital visit back in 2017 go into collections which has impacted my credit score. BoA shows my FICO score as 617 while CreditKarma has it at 741. Pretty big discrepancy IMO. After a few google and reddit searches, it appears as if I am not alone as other people have reported similar issues. However, their scores were usually off by 10-50 points, not as big of a deficit as mine. I understand CreditKarma uses the Vantage 3.0 which is a different scoring method than FICO but I am still curious as to the large gap in the scores. Which score will lenders most likely use when I apply for a mortgage and other cards? Is there a score I should rely more on to gauge my financial health or is this one of those instances where both scores are taken into account and should be viewed equally? 22M, working full time. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mom has months to live and I dont know where to start financially with our debts. Posted: 27 Mar 2019 03:42 PM PDT I have been working odd jobs at minimum wage to save up money for college and get an accounting job to help my parents out of debt. My father is to old to be working at this point, but due to my incompetence, is still the breadwinner of the house and rakes in barely $40k a year before taxes. I help what little I can with little bills and such but coupled with my mom's growing medical bills, and a mortgage, debt, its all becoming increasingly suffocating. I am desperate at this point, what are some short term solution for someone who didnt finish their degree, and has really no valuable trade skills at all. I know its selfish to want to hold on to my goal of going back to university, but right now my mom's health and family financial situation take priority. My short term goal is to absolve my parent's two big loan totaling $25k, and any medical bills that will accrue during the time my mom has left. I currently am working one job and barely raking in $1000 a month before taxes and expenses. This is due to me only being able to work part time and taking care of my mom. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 27 Mar 2019 08:02 PM PDT The company I worked for went out of business at the end of 2017. I struggled finding employment for 6 months in 2018 and eventually took the first job offer I could find. Unfortunately, that employer did not offer health insurance. Now I completed my taxes and I have to pay almost $1100 as a penalty with an additional $107 processing fee from the IRS. I cannot believe I am being charged for not being able to afford health insurance because I lost my job, and on top of that, I have to PAY $107 TO PAY my fine!!! Can somebody PLEASE help me find a way to either reduce the payment, find an exemption, anything?!? Thank you! [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| If your a relative dies how/when are banks notified of that persons death? Posted: 27 Mar 2019 05:40 PM PDT For example: Aunt May who has accounts in Fidelity, Ally, and Chase put me as a beneficiary for her accounts. She dies but never told me I was beneficiary for any of those accounts. So I go about my daily life not expecting anything. She has no will and no other So at what point do the institutions realize she is dead? I don't know what accounts she had so I never contacted the institutions. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 28, bartender no kids, need advice on what to do with $48k. Posted: 27 Mar 2019 05:33 PM PDT I'll start off saying that I made about $55k last year before taxes at my current job. The year before that I was playing keno (lottery game we have in Oregon at bars) at work and hit a jackpot for $57k. Shit was nuts. So now a year later I have about $48k in savings. I've mostly used this money to take care of long awaited financial business like paying off my DUI, rehabilitating delinquent student loans (which are no longer in rehabilitation as I now have the balance down to $2,400 I make monthly payments on). I comfortably off of how much I make and I live with my girlfriend who has a job of her own. My part of rent is $500 a month at the moment. I've had some thoughts about buying a house and continuing working in bars but kind of convinced myself later that with lack of job security in my field of work I should change careers if I wanted to buy. On the other hand I've thought about going back to school but I don't want to spend money and time on an education that will make the same salary as I do now without a degree. I'd like to ask for some outside opinions here. I'm not fully convinced that just having this cash sitting in a savings account is the best thing for me right now. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Can you do better than 2% back on credit card spending? Posted: 27 Mar 2019 04:33 AM PDT Inspired by the recent really-big table of credit card rewards, I want to start a discussion about how you can obtain a superior level of organic return on credit card spending, and why that can be better than 2%, and should be for many people. (Update: this is intended as a primer. The comments supply many additional ideas.) Here are some ground rules:
Clear on that? OK, with that in mind, here are a few things you can / should do, to get better than 2% cash return on credit card spending. First and most important, periodically apply for new cards that provide an initial spend bonus, which increases your effective return rate significantly. "Periodically" means every six months to one year. "Significantly" works out to something like these examples:
Secondly, now that you have several active credit cards, you use cards with differential reward categories if you want to. (You don't have to. It's a choice.) Some cards will give you (e.g.) 3% back always on certain things, or 5% back for a few months out of the year. If you can keep track of that, you can do better than 2% on that spending. Thirdly, you can selectively get cards with an annual fee if the initial spend bonus pays for it. It's often the case that the initial spend bonus is much higher than the annual fee. Some cards with a fee will defer the fee for the first year, and in later years, you can downgrade to a card with no fee, or just cancel the card. You probably know all this at some level, but haven't strongly considered it for yourself, because you are worried about having /managing too many cards or hurting your credit score. Both of those are individual decisions, but there is also some misinformation out there. Your credit is not dinged by having too many cards, and over time, it helps. Opening a new card can cause a small credit score drop, larger if you have less history, but you should recover any drop within a short period of time as you create more good history. Lower average age of accounts is typically balanced by higher available credit. Even people that do much more than we are talking about here routinely maintain credit scores well above 760. (My score is above 800, but I have a lot of history. ) You can also close cards as you open new ones to keep your total cards open to a tasteful level. That doesn't hurt your FICO age of accounts in any meaningful way (though it will show up in a CreditKarma Vantage score), but it could affect your available credit. Some companies will let you reallocate credit between their cards. You can also just keep old cards in the sock drawer, after product-changing any annual-fee cards where that's an option. One advantage of closing cards is you can apply for them again in the future, and get the bonus again after a couple of years. Cards that work well for this strategy include the following (these exclude business cards, cards with over $100 fee, and cards not providing statement credit):
This list is not exhaustive, and is subject to change. You won't run out of cards anytime soon if you only get one or two cards / year. The Discover IT doubling of first-year cashback bonus is also worth looking into, but hard to describe in concrete dollar terms. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| $150,000 in debt. Medical debt, Farm Debt, backtaxes are piling higher and higher. Posted: 27 Mar 2019 06:22 PM PDT My father passed away in November from a long battle with cancer. He lived in Northern New Hampshire. He owned 1,462 aches of land in many different chunks. To be exact, 7 large chunks. Varying from 90 acre sized chunks to 400 acre size chunks. The chunk that is not on an easement is the homestead. It's the only part of the puzzle we are 100% trying to keep. We would prefer not to lose any of it. There used to be a bunch or sources of income, he had dairy cows, beef stock, sheep, maple syrup and stumpage from the acres of woodland. 6 of the largest chunks if land are in a conservation easement, meaning we can not split them into smaller chunks. You can no develop on the land. You cannot clear cut the mountain. The taxes are enormous. ~$16,000 a year. We are unable to produce any sources of income to pay back debts owed through medical expenses for my father's medicines. Medical debt adds up to ~$96,000 Back taxes and insurance ~$40,000 Money owed on farm equipment ~$10,000 Various credit card debt ~$7,000 Life insurance policy was burnt paying off debt and trying to get family out on time to see him before he passed. Livestock was sold in June to pay down as much debt as possible on taxes. My step mother is working, the Yankee credit union needs a plan on how we plan on paying back our debt with no income. We can't get any money to start anything up again. I just got work for a 5 week stint to raise some money fast in Colorado. But nothing great. The debt is building and we are on the cusp of losing something that has been apart of my family since the town was it's own country in the early 1800s. I don't know what to do or how to do it. Any ideas, or things we could chase down could help. Thank you. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Student Aid retracts aid 4 months into the semester leaving me in dire straits Posted: 27 Mar 2019 06:21 PM PDT I'm a college student in my final semester of college, and entering into the last month of my undergraduate career. The student aid office just alerted me now, nearly 4 months into the semester, that they have determined me ineligible for financial aid (due to too man credits because their system said I was ineligible to graduate when apparently I was) therefore they are taking back the aid I have recieved. This will set me $3,600 in debt, and I'm already struggling since I pay for my apartment, car, ect. Is there a way to get money quickly, or literally anything? I have a job but it isn't going to make me $3,600 extra dollars in one months time. They really screwed me over here. Basically, what can be done, or is this just calamity that I cannot overcome? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Grandpa may have been scammed out of 30,000. Looking at options. Posted: 27 Mar 2019 04:36 PM PDT Hello /r/personalfinance! I don't usually post in here, but at the moment I'm in need of some advice. As of yesterday (around 5 PM PST) I received a call that went directly to my voicemail. My sister informed me that my grandfather, who is 92 but still incredibly with it, had received a spam call and transferred 30,000 dollars into a Chase Bank account in New York state. She told me that a woman who claimed to be named Emma was an attorney in the state of New York and that my cousin (he is a 24-year-old undergraduate student attending a northern California state university) had been involved in a hit and run and needed 30,000 dollars in bail sent to the aforementioned account. My grandfather apparently transferred the money prior to contacting my sister or aunt and waited a day prior to telling them. I'd like to know from you guys what my options are to retrieve the money? Alternatively and this might just be from watching too many heist movies: My sister seemed to have reported this to the website personally 17 or so hours prior to calling me. In addition to that, the number she listed seems to not have a ton of these reports, with most of them oddly centering around where my sister and aunt live, rather than my grandfather (from 3 calls in the Sacramento area to a single call to an old man in Hesperia CA). It just all seems odd to me. In addition to this, my cousin's facebook page has no link at all to my grandfather; he is not listed as a friend nor a family member. My grandfather's page has no phone number listed. How would they have figured the relation between the two enough to form the scam scenario? My sister refuses to give me additional information about the bank account that this was transferred into as well, the only way I found the number she was claiming was from googling the name she mentioned. I'd amazingly appreciate it if you can tell me if you think the situation is merely a scam on the elderly or if there's more going on there. If that doesn't fit, I'd like to know the steps in retrieving or filing an issue regarding the money being taken from him. I appreciate any advice you can give, thank you so much. EDIT: Thank you guys, I suppose I just need to deal with the loss and make sure he is okay with it, I know it can't be easy being tricked into something especially when you're older. I appreciate it all! [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 1098-T form, and how to deduct education expenses? Posted: 27 Mar 2019 08:30 PM PDT Hello. I was a student this past year (and still am actually). I don't recall exact figures because I don't have it right in front of me but my 1098T from my school basically says I was awarded/received around $15k in financial aid, and my "cost" to go to school was around $8k (community college). The reason I received so much was because I got full Pell every semester and the TRA/Trade act is paying for my tuition, books, etc so that basically just put all the Pell Grant money straight in my pocket. However, while using TaxAct, I saw no way to input say, the new laptop I had to buy for all my online/CS classes, my graphing calculator, all my notebooks, pens, pencils, etc. which I have kept receipts for. So I'm wondering if that stuff should have been submitted to the school for it to show up in my cost of attendance? Can I modify the numbers on my 1098T in Tax Act to account for the expenses? Or will that trigger an audit since I assume the IRS has a copy of my 1098T as well? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mom on fixed income and borrows money Posted: 27 Mar 2019 05:08 PM PDT My recovering alcoholic mother is on SSID in the amount of $970/month and about $50/mo in food stamps. When she sobered up, there was a period in which she secretly opened multiple credit accounts and cards on various websites and went on a spending spree. She ended racking up about $5-6k in debt. This created many minimum monthly payments that she did not keep up with. During this period, she kept asking me for bits of money here and there, which I gave her. Occasionally I would ask questions and she would feed me a story which I didn't really believe, but I couldn't get anymore information out of her. Several months later, she came clean about how much she owed after I told her I wasn't giving her anymore money until she became completely transparent with me on her finances. She gave me all of the information to all of her accounts so I could monitor things. Since then, she hasn't touched her credit, and for a while she was getting better with spending. She's still needed consistent help, but I told her if I saw progress, I'd help her out. Currently, all of her bills (including utilities and various debt payments) total about $550-600, leaving her roughly $350-400/mo to spend. She doesn't have rent or mortgage. She lives in my late grandmother's house, which was willed to my aunt. Aunt usually makes tax and insurance payments (roughly $110/mo) since my mom has been "unable" to pay. This would leave my mom with even less, about $240-300/mo left over. The first couple months, she would get cash withdrawals so I couldn't view what she was spending, so I told her no more cash withdrawals or I wouldn't give her any more money, and I also required her to text me a copy of every receipt. This sounds like a lot of micro-managing...and it really is. It didn't work out really and she's since stopped sending them to me. Now, I have no way of knowing what she is spending her money on. I don't want to be an enabler. When I saw she was making good choices, I had no problem helping out here and there. However, when I know she's spending $80/mo on cigarettes and still semi-regularly buying alcohol, I don't want to help her. I don't even want to talk to her on the phone. (I know that's not a great constructive and supportive attitude, but it's just how I feel.) She never had good money habits to begin with and I feel like the limited income situation has exacerbated that. Whenever I press her about her spending, or get irritated that she hasn't been responsible, she usually ends up crying. She feels that me and my aunt are both overly harsh and critical on her in her situation. However, I feel that I have to be. She is like a grown-up child. If I give her any leeway, she will walk all over me. To be clear, I don't think this is 100% intentional on her part. She grew up this way due to being spoiled. Whenever I talk to her about something she doesn't like, she gets quiet and unresponsive, then tries to change the subject. She's my mom. I love her very much. On her good days, I could spend all day with her. But more often than not, I'd rather not interact with her. She just calls me too much to just sit on the phone, idle talk while slowly getting around to asking for money. I feel like an ass for feeling this way, but I've got my own financial goals and this is putting a significant damper on them. Not to mention it being emotionally draining. I may not have been as hands-on about setting up good money habits with her as I could have been, but seeing one almost successful attempt followed by ten failures is making me want to throw in the towel. I'm not totally sure what I'm asking. Just some input, perhaps. Someone who's been in this situation. What did you do? how did it turn out? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| How does IRS verify whether or not I use FSA money for my dependent or someone else (not dependent)? Posted: 27 Mar 2019 06:58 PM PDT FSA rule says I can use the money only for me or my qualifying dependent but how does IRS catch it? I mean I can literally use that money for my parent's medical expense who are not dependent on me. How does that work? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| My mom hasnt been filing her taxes for years. What do I do? Posted: 27 Mar 2019 04:35 PM PDT Hey everyone, I didn't see an answer in the wiki for this. My mom has stopped filing her taxes, she was depressed and didn't do it one year. Unfortunately that has been compounded for years. At this point, I have no idea how to help her get things straightened out. She is now on a fixed income and the anxiety about this is not helping her work on it. Is it better to file this year and start working on old ones? How do I help protect her from getting in too much trouble? We have tried to get an accountant involved, and supposedly she was gathering all of the paperwork for him, but nothing ever came of that. Thanks for the help! [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 27 Mar 2019 08:15 PM PDT For the first time in my life, I truly love my job. The day-to-day aspects, my coworkers, the flexibility, everything about this job I love.....except the pay. Right now I make $55k a year but feel I could make closer to $80k a year if not even more elsewhere. Is it worth look for another job and possibly taking it just for the pay? Or am I better off with substantially lower pay to stay at a place I enjoy going everyday? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inherited 135k Edward Jones investment account. Where Should I put it? Posted: 27 Mar 2019 02:15 PM PDT My mother passed away recently and she named me beneficiary on all three of her investment accounts. Two of the accounts are taxable investment accounts and one is a traditional IRA. Finding this out is a bit surprising because she had said before her death that she was naming me as beneficiary on one of her investment accounts, but she was secretive about many things and never told me how much was in the account, despite me asking for an account summary. She did tell me a few times that it was "around 25K" so that is what I believed. She had told me to keep the investments with Edward Jones because her advisor knew best and she had worked with him for years and years. The guy is nice, I've met him, and I even had my first investment account at age 14 with Edward Jones, but since getting older (I'm 24 now) and studying more about personal finance and investing, Edward Jones just seems like not the best place to keep the investments. Edward Jones fees are high for any account under $10 million. For accounts under $250k, there is a 1.35% fee. Add in the mutual fund fees, and I think that puts it around 2% or more (sorry, I know some about investing, but not super knowledgable about it). The traditional IRA and one of the taxable accounts are invested in mostly Vanguard index and ETFs. The other taxable account is invested in individual large companies. What I'm wondering is, is it smart to leave Edward Jones and put all the money into low-fee index funds and ETFs? The high fees with Edward Jones are what concern me. I haven't done any precise calculations on it, but I'm pretty sure I will lose hundreds of thousands of dollars in returns due to the high fees, right? I've been looking into Vanguards LifeStrategy Growth Fund which has a 0.14% fee. A robo-advisor like Wealthfront or Betterment could be another option. They both charge 0.25% fee + the funds fees. What should I do? I'm going to be getting in contact with a fee-only financial planner and seeing about it, including any tax implications, but I also wanted to get some other opinions. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quit my job to find my passion... what do I do with 401k/pension? Posted: 27 Mar 2019 05:24 PM PDT I am 24 years old, quit my job of 4 years and my last day is Friday. I'm tired of driving to work (1+ hour commute each way traffic depending) and daydreaming of getting into a car wreck so I can get short term disability. So I'm taking a break for myself to figure out wtf to do with my life. My husband and I are financially secure enough to float me and not drain our savings account (he makes about 70% of our household income). I will be planning on finding a job again doing coffee or something similar soon to pay the bills. Reasoning over. I have a balance in my 401K of about $14,500.00. I am fully vested and in January 2020 my former employer will be matching what I had deposited into the account in 2019. If the account is no longer there they will send me a check. I can leave this where it's at now without maintenance fees or anything. My pension balance is about $3,800.00, again fully vested. Since that is below $5k they said I have to take it somewhere else. I cannot move it to my existing 401k. They will be sending me a check after my employment officially ends giving me a timeline of when I have to do something with the money. My main banking is with US Bank but I am open to other options. I live near Portland, Oregon. Any suggestions on what to do with the funds? I was thinking to leave the 401k until I possibly get a job somewhere else with 401k but I'm not completely decided on it yet. The pension funds I know I need to put somewhere and I would prefer somewhere it is going to hopefully grow a lot. Being so young I have a lot of time to grow the funds. Thanks for all your help! [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 27 Mar 2019 05:33 PM PDT I've read through the wiki and think I have a decent idea of allocating my funds, but I could use this sub's expertise to ease my mind! Me: mid-30s, salary just under 90k. Currently contributing 12% annually (8% 401k, 4% Roth) with employer match. My plan is administered through ADP, and my employer pays administrative fees. These are my options and ERs:
I plan to allocate 30% to Northern Trust Aggregate Bond Index, 24% to Northern Trust Extended Equity Market Index, 25% to Northern Trust S&P 500 Index, and 21% to the Northern Trust International Index fund. What do you think about this balance? Am I missing out on anything? Should I add in Small Cap despite the higher ER? I also have two retirement accounts from previous employers- would you roll those into this account, or open a Vanguard IRA? Thanks! [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Buying a 3 bedroom house and renting out 2 rooms, smart or not? Posted: 27 Mar 2019 10:13 AM PDT Basically, I'm 27 and I take home about $2900 a month and I'm looking at 3 bedroom houses in my area where the mortgage, taxes, and insurance will be about $850. I'm being gifted the 20% down so no PMI and my only debt is some low interest student loans. I also have 38k saved up in my ally account and a fully funded IRA with 22k in that I put $500 in every month. I also put another $260 into my brokerage every month, so I'm good on investing. Now in June, I'm going to start seriously looking for a home. Getting a home in the price range I want for 3 bedroom in my area might take a bit of time, but I currently live rent free with my parents and they're fine with me staying as long as I need. They enjoy the company. I feel I could afford a 3 bedroom house on my own, not super comfortably as it would still be 30% of my take home income but I could make do when I needed without it cutting into deeply into my lifestyle. My investments I make a priority and it wouldn't be touched. But since I will have 3 bedrooms and I don't like living alone, why don't I rent out the extra two bedrooms? I'm in NJ so I don't know what I would have to do besides a rental agreement of some kind. I read online rental income from someone who shares your home isn't taxed, so that would be a huge benefit if that's true. I can probably get $500 to $600 a room easily and split utilities, I would at least ask to split gas and electric as NJ gets hot in the summer and cold in the winter and those bills can fluctuate. So if my home costs $850 a month not counting maintenance and I receive $1200 a month income I'll net $350 a month on average and get to live for free. House hacking seems to go to be true and I feel like I'm missing something to this. I understand I won't always have great roommates and things can happen, but like I said I can afford the home myself the roommates are just gravy and extra gravy. edit: This is the area and price range I'm looking as a zillow example. This would be closer to $900 for just mortgage and taxes, but I should note that I get paid biweekly so I have an extra paycheck 2x out of the year and I usually use that to pay my car insurance and renter's. I will be bundling the home with that and it won't be a monthly expense just a biannual one. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 27 Mar 2019 08:08 PM PDT I cross-posted this on /r/relationship_advice to hopefully get some advice on how to handle the personal dynamics here, but I also wanted to post here to see if there are any other potential reasonable explanations for what I found, and also that I correctly understand the implications if I am interpreting it correctly. I was at my parents today and my toddler handed me a piece of paper. That piece of paper had my dad's name on it, along with information about a 90k loan from his whole life insurance policy. There was about 85k in principle, and a little over 6K in interest with an 8% rate. By my calculations, that would mean he's had about a year of not paying anything on the loan, otherwise there would be no (or minimal) interest. The paper indicated that the 6K in interest was due 4/2, and it had a note about potential termination of his policy due to non-payment. I did not get to read the full note on policy termination before my brain kicked in with a "stop snooping!", but the gist I got was that if the policy was terminated, the 90k would be reported as income to the IRS. So I have a few questions...
Thanks in advance for any replies. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Good idea to accept offer with company getting acquired? Posted: 27 Mar 2019 07:12 PM PDT A company I interviewed with is getting acquired. They are not freezing the hiring process, so I can still jump on board if I like. I hate my current job, so I figure worst case scenario is I get laid off with severance a year down the road at the new company and then look for a new job again. My job function is pretty high demand, so I don't feel like redundancies would hit me, but perhaps many have thought that before a layoff. Is there something I'm missing here? Is moving to a job in the middle of acquisition too high risk? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Need help back filing taxes, I'm not sure how the software calculated a number. Posted: 27 Mar 2019 08:24 PM PDT I'm trying to back file taxes from 2013., and I got stuck at Itemized deuction/Standard ductions. I used the Standard Deduction on the software or Free Tax USA. The software wrote in at $1000 even though the form states that Standard deduction for single filers is $6100. I s there a place where I can find, how they came to that number? Thank You [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 27 Mar 2019 08:20 PM PDT So I just made a Roth IRA account and deposited 5,000. However I am thinking I want to change my Roth IRA to another firm. Can I withdraw the money, close the account without penalty? I haven't filed my 2018 tax yet. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Can someone explain the Sallie Mae hate to me? Posted: 27 Mar 2019 04:34 PM PDT Looking for a place to park a $2k "urgency but not emergency" fund. I know this sub likes Ally, and I appreciate the 2.20% APY on its savings account. I found a Money Market Account with a 2.30% APY, but it's with Sallie Mae, and I found this PF post about it from 8 months ago. Everyone hated Sallie Mae, but no one said why. I know they get a lot of hate for their student loaning - and based on everything I've seen and heard, that's more than warranted. But I haven't heard anything about their Money Market Accounts. I'm wondering if the responses on that thread were just hate for the company based on their student loans, or if there is actually something wrong with their MMAs. [link] [comments]  |
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