Personal Finance My family is forcing me to co-sign a mortgage loan |
- My family is forcing me to co-sign a mortgage loan
- In a predicament regarding college
- Dead beat uncle on his deathbed....my mom is worried about debt and costs
- 2 days ago I found out my wife has 17k in CC debt. I know we need to budget and stop using CCs. Does it make financial sense to use my savings to pay off her debt for now?
- I might need to be admitted to the hospital but I don’t have health insurance. How bad is this going to hurt me financially?
- In California, is it still financially wise to install solar panels?
- VTSAX vs Target Retirement Fund
- Withdrawing Roth IRA contributions After Losses?
- Can I use the interest/dividends from a savings account to pay for monthly rent?
- Forever renting
- How do you start to save with little income?
- Good illustration to buy a little less than you can afford.
- Advice on what to do? College student who has one month of rent saved up
- Possible to get an estimated cost of having a baby from the hospital? Being told they can't give any information at all.
- 15 years old, tips/advice for saving and investing
- Put 40k in a Schwab intelligent portfolio?
- When should I ask for a raise?
- Is there a price / value you can put on your personal space?
- Should I work on paying off my car or helping my parents with their parent plus loan?
- Parents might be moving and offered to sell us their house.
- 20 years old, joining military for financial security. Other options?
- Back against a wall
- Fathers Name is on my IRA-BDA- How can I get it under myself?
- Just found out I don't have health insurance this year (error made when doing insurance elections)
| My family is forcing me to co-sign a mortgage loan Posted: 23 Mar 2019 08:34 AM PDT The thing is I'm the only person in the house that doesn't have debt and have good credit (~700). My mom is forcing me to co-sign a 250k mortgage loan on the house with 5.2% interest. Obviously, I'm not comfortable with this. I'm a full-time college student who work two part time jobs. She and my aunt are the ones who's going to pay and they promised me that it won't be an issue where this comes up but nothing is ever guaranteed in life. I need help I don't know much and my family shunned me when I said I don't want to sign it. My question is what is the pros and cons of this? I'm so lost and I need help. They said worst case scenario if we can't make more payments then they will find someone to buy it off of us and it won't be an issue but what happens to me if we got foreclosed on? Edit: I really am overwhelmed by a lot of this. I didn't expect this post to get a lot of responses but I really appreciate all of the inputs here. Everyone say the same thing but it is really hard for me to process right now since this is such a huge change in my life if things go south. I just want to say thank you for what a lot of you are saying what I already thought. I still am struggling to go through this. My mom was the biggest support system I had. She made a lot of sacrifices for me but I feel incredibly hurt she threw it back in my face like this when I told her I'm not comfortable with such a big responsibility. I will update once things settle down more and that we have a talk together as a family edit 2: a lot of people asked how can it get approved and I have the same question because I don't make that much money even with two part time jobs. She apparently went to a finance company that deals with mortgage loan specifically and not the bank [link] [comments]  |
| In a predicament regarding college Posted: 23 Mar 2019 06:23 PM PDT Hi everyone! 19 M AZ here. I'm currently in a predicament regarding my college and full-time work balance and I'm at the point where I'm going to be having to make a decision here soon, would love some advice. A few months ago I was promoted from my minimum wage retail clerk position to a Corporate Trainer position at my same employer. My new position is great. Previously I was making ~$19,000 a year plus an extra $3,400/year in tuition reimbursement, working around 30 hours a week. Now I am making roughly $40,000 a year working 40 hours a week, with a guaranteed raise at my 6mo and 1 year mark which should put me at roughly $50,000 a year. The position offers full benefits (which I am currently not taking advantage of because I am under my parents insurance), 401k, PTO, Vacation and sick pay, etc. I enjoy what I do and I don't have to take my work home, it's a pretty sweet gig. I also have promotion opportunities, with the next position starting at roughly $65,000. As I have been working full-time, I have also been doing college at my state university full-time (16 credit hours) studying Computer Science. So far, I have been able to make both work. My work schedule has allowed for a full course load taking morning and online classes, and so far I have a 3.94 GPA among my finished courses (for lower division classes). It's been rough trying to balance the two, I am actually sacrificing homework time to write this post, but I am making it work with little free time. My college tuition is 80% covered by a scholarship I will have for 6 more semesters, and I have been taking unsubsidized student loans to cover the other 20%. With my previous position I was able to make paying for college work by living at home, a roughly 1hr commute to school and 30 minute commute to work. My parents are not making me pay rent so pretty much all of my paychecks have gone to my savings account, gas, and food. I have roughly $11k in my savings. I owe $5k in student loans for the first two semesters of college, and about $1.8k left on my car (a $100/mo payment). I have no debts otherwise. If I can, I would like to continue saving until I can afford to purchase a house near work/school instead of renting (I have a 750 credit score so far, despite my only 1-year history.) The problem stems from my work-school balance. I have to maintain a 15 credit hour course load or my scholarship will be reduced. With a 1hr commute and many more-difficult classes with little online options for my set of classes for Fall 2019 it is unlikely I will be able to balance doing school full-time as well as work next semester. Should I defer my scholarship for up to 2 years and work, saving money and gaining real-world experience, or should I step back down to my previous position and focus on school? If I were to lose this job, would I have enough work experience to work elsewhere or is a degree 100% necessary? TL;DR: I am working full time making good money while also doing school. Next semester it is probably going to have to be one or the other. Focusing long-term, which is the best financial decision? Thank you! [link] [comments]  |
| Dead beat uncle on his deathbed....my mom is worried about debt and costs Posted: 23 Mar 2019 12:05 PM PDT Hey guys. Here's some family history with questions towards the end. My mom is a kick ass woman. Grew up poor with an alcoholic father, was the first person in her family to go to college, and then was a single parent. She's a retired school teacher now with some student loan debt (money she borrowed for us to basically live while she was in school) and a tiny bit of credit card debt. She has two siblings that didn't turn out like she did. Her relationships with them are very estranged and difficult due to their untreated mental and physical health issues, addictions, and willingness to get their shit together. Both siblings are unemployed and completely reliant on assistance from the state of Georgia. Her brother is currently in the hospital with kidney and liver failure and a brain bleed. He will likely die soon— leaving my mom worried about outstanding debt, medical expenses, and funeral/burial/cremation costs. Making it more complicated, my mother lives on family land that was inherited and split evenly between her and the two siblings. She has taken full legal responsibility for the land and neither sibling has even claimed it on taxes, etc. Any advice or thoughts here? It would be very appreciated. [link] [comments]  |
| Posted: 23 Mar 2019 03:29 PM PDT A few days ago I found out my wife has a lot of credit card debt that she hadn't told me about. We have mostly kept our finances separate for the time we've been together. We are both in graduate/professional school, she is on loans whereas I am on a paid fellowship (we're in different fields). I've been able to save up a decent sum of cash and we both have decent sums in our IRAs. We're spending a lot of money on rent and since the housing market in our university town is pretty steady, we had talked about purchasing a home. I have a good relationship with my family, they are financially secure and interested in investing in a property for my wife and I to live in. We are currently spending 15k on rent per year (the average market rate), and I would prefer to build my own equity rather than pay my landlord's mortgage. It was when the bank did a credit check that I found out about $17,000 in credit card debt that my wife has. Obviously I want to figure out what to do about the debt asap. The APR is a whopping 25%. I am inclined to put my savings toward paying it off if she'll let me. I am also in the process of building us a combined budget and analyzing our cash flows. Is a house out of the question now? We will likely be moving from our town in exactly 6 years. My fear is that if we don't buy a house soon, we will be renting for the next 6 years, flushing $100k down the toilet. My wife and I love each other dearly, and I feel very sad that she's been struggling and trying to bear this burden on her own. She has always been very independent but she obviously has trouble managing her finances. I think what happened is that her income dropped a lot when she started school, she spent a lot on our wedding last year, and it was easy for her to lump the credit debt with the student loan debt and assume she'll just pay it off when she gets out of medical school/residency and starts making money. I don't think she realizes how quickly interest accumulates at 25% APR on 17k principal. I have suggested marriage counseling but she comes from a traditional family and is prone to thinking of any type of therapy as taboo, for crazy people, etc. I do think she also has self esteem and anxiety issues that it would help to talk through, but it's not easy. We're both extremely busy and stressed all the time. I know you'll all say "you need to cut up her credit cards asap", but I want to be tactful about it as she is very sensitive and I care dearly about her. I think the "tough love" approach works best only on certain personality types. [link] [comments]  |
| Posted: 23 Mar 2019 05:36 PM PDT I went to urgent care last week for the flu, was given tamiflu but I'm still sporting a 102°+ fever. I called the doctor I saw and she wants me to head to the ER asap because she thinks it could be sepsis. I'm stupid and don't have health insurance. I couldn't get it through my job when open enrollment was going on and I just never got around to applying for plans online. I have a $1000 emergency fund but I know it'll probably cost a whole lot more especially if my dr is right and it's sepsis. She said I could spend days to weeks in the ICU. This all sucks and I dont know what to do. I will definitely never make the mistake of thinking I'm immune to illnesses therefore don't need health insurance at the moment. EDIT: Headed to hospital. [link] [comments]  |
| In California, is it still financially wise to install solar panels? Posted: 23 Mar 2019 02:02 PM PDT Just bought a house half a year ago and plan to live in it for at least 10years or so. Thanks! [link] [comments]  |
| VTSAX vs Target Retirement Fund Posted: 23 Mar 2019 05:25 PM PDT Hello, I have a Roth IRA account with vanguard that I opened at the end of last year. I currently have my money in my account in a target retirement fund. I've heard these are pretty good and simple. I've also heard everyone praising VTSAX. Is it better to move my money in that or stay with a target date fund? Any suggestions or advice appreciated. Background Info Edit: 22M -Roth IRA: ~7500 -Currently putting 500 per month so I can max it for the year -Make 35k before taxes -Willing to be risky in my investments, just wanting the best in the long term for retirement [link] [comments]  |
| Withdrawing Roth IRA contributions After Losses? Posted: 23 Mar 2019 07:26 PM PDT I understand that contributions to my Roth IRA can be withdrawn at any time, but the earnings cannot (except under certain circumstances). But if I had a loss in my account for one year, how does that work? For example: Year 1: Contribution – $5,000; Earnings(Loss) – $500; Account Value at the end of the year – $4,500 Year 2: Contribution - $5,000; Earnings(Gain) - $500; Account Value at the end of the year - $10,000 At the end of Year 2, can I withdraw my cumulative contribution amount of $10,000 without penalty, or am I limited to $9,500 since $500 of the $10,000 came from earnings rather than an actual contribution? Thanks for any help. If this isn't the right sub for the question, please let me know. [link] [comments]  |
| Can I use the interest/dividends from a savings account to pay for monthly rent? Posted: 23 Mar 2019 03:39 PM PDT So I own a 1 bedroom condo with the mortgage paid off. I'm thinking about selling it and using that money to open some kind of low-risk savings account that accrues interest (like a money market account or CD.) Would I be able to use that interest to pay for rent on an apartment every month? Are there any problems I would run into by doing this? The reason behind it all is so that I can continue working part-time and finish school in 2020 but still be able to live on a small income. I was also looking into how much I would pay in capital gains tax. If my income for 2019 stays below $38000, I don't pay any capital gains tax, correct? [link] [comments]  |
| Posted: 23 Mar 2019 08:05 AM PDT At 32 all I've ever done is rent apartments. Honestly the prospect of buying a house doesn't appeal to me at all, and I'm not sure why I would ever do it. It's a huge debt and lock-in to a specific place and location to live as well. Are the benefits financial only, or what else is there? In an "on demand" world I can see housing will also go into that direction. Instead of owning, you rent. Similar to music, movies, transport etc. Thoughts? [link] [comments]  |
| How do you start to save with little income? Posted: 23 Mar 2019 05:01 PM PDT Hi I'm a 21M with a $800 monthly salary. I am current servicing my national service. I have been trying to save money but always ended up spending more. Any thoughts or feedback will be greatly appreciated [link] [comments]  |
| Good illustration to buy a little less than you can afford. Posted: 23 Mar 2019 06:27 PM PDT My wife and I have been house shopping for the last few months and we were going back and forth between building, or buying existing. We had enough money to build, but it was about $40k more expensive, and we decided that we'd rather have lower payments and be less stressed about money month to month, not to mention the extra $10k in cash it would have sucked up. Well we found a great house, negotiated the price with the seller and went into the weekend. My car had been acting a little funny so I had dropped it off at the shop for a minor tune up. Well on Monday, not five minutes after the sellers accepted our final offer, the shop called and said my transmission was about to be toast, and needed a $3000 repair. OOOOPH! Had we have decided to build, or spent all the money we had, we'd have been in a VERY sore spot. On the plus side, I'm getting a transmission and a new house :) P.S. I whined and moaned a lot on the phone about the expense and the shop owner gave me the pricing he gives to wholesale customers, and it saved me $1,000. I think it helped that this was in his month end/quarter end, and I'm paying cash. [link] [comments]  |
| Advice on what to do? College student who has one month of rent saved up Posted: 23 Mar 2019 08:26 PM PDT I'll try to keep this short and sweet as possible. But as the title says I am a college student, receives financial aid, works part-time at Starbucks (~300 every two weeks) and has a lot of bills to pay (~1,700 in bills). I currently have ~$1,800 saved up and have rent and car bills racking up but current rent is my main issue. My current living situation rent is $875 (without utilities, wifi, etc.). I originally signed this lease with my ex but he left me (tried to get his name off the lease but couldn't because my income is too low to qualify as a guarantor). I've been paying rent this whole time and he hasn't at all, especially when he lived here. I just feel so lost on what to do and I don't think I can get out of this lease. MY parents can't help me financially at all and I've been by myself supporting myself with school and work at the same time. I don't have help from anyone at all. I tried looking into loans but that would be another bill for me every month. One I found was the student loan through Wells Fargo but I saw they needed to verify with my school that I actually need the money requested and wanted to get $10,000 just to stay afloat. I'm just not sure what to do here and stressing out about this and school. Is there anyway or any loan that would be able to help me out? I feel so alone in this and don't know what to do [link] [comments]  |
| Posted: 23 Mar 2019 08:15 PM PDT I'm due in September and know which hospital I'll be at, since they're the only one my doctor/midwife work with. The OB office makes you pay the doctor's fee before labor/delivery. They look at your insurance and do their best to decide how much you'll owe for that fee, then break it into six monthly payments. The money is set in a "savings account" of sorts, and then taken as soon as the bill actually comes in. This means that the doctor's fee is covered, but not the hospital bill itself. I've called the hospital and tried to get an idea of what I'll owe. They were utterly unhelpful and said that they cannot give estimates before the service is completed. Is this accurate? I know that there are variables beyond my control, but I'm hoping and planning to have a natural birth and would love an estimate for just that even. I'll have a midwife and doula, so my chances of actually doing it naturally are pretty high. Even then, she could not give me the cost of a room overnight and the most basic services I'll be guaranteed to need. My husband and I try to live without debt and want to plan now, because we'd like to pay the bill in full when it comes. Is there any way to do this, other than saving more than we think we need? Is there a better question to ask the hospital finance department? TL;DR: having a baby and trying to figure out how much it'll cost me. [link] [comments]  |
| 15 years old, tips/advice for saving and investing Posted: 23 Mar 2019 06:02 PM PDT Hi all, I am 15 years old and would like to start saving and investing my money. I came here to find out some tips and advice from Redditors with more experience in finance. Thanks! [link] [comments]  |
| Put 40k in a Schwab intelligent portfolio? Posted: 23 Mar 2019 08:13 PM PDT I have 40k that's been collecting dust in a CD and savings account. Ready to do some proper investing. I have no immediate plans to use this money, this is just for the future. I already have some money set aside for my 401k and emergency fund. I was initially thinking about putting the 40k Schwab intelligent portfolio but after doing some searching here I am no longer sure that's a wise decision. Should I go for it or put the money some where else? [link] [comments]  |
| When should I ask for a raise? Posted: 23 Mar 2019 08:10 PM PDT In the beginning of last quarter (February 4th) I was offered a new role, that came with an increase in compensation which I did not negotiate. In a few months (July 31) my contract for this new role will expire, but I am fully expecting that it will be renewed. Is it appropriate to ask my current manger for a raise? I do have the option of transferring to another location, where I can for sure negotiate a raise, but I'm unsure if it would be appropriate if I extended my contract within my location. I am in a sales position, and I'm already doing better than the people that are currently in the role. On the 15th of this month I was pacing at 400% of my goal, and I was over 100% of the quarter already. I have taken on lots of responsibilities, in areas such as new campaigns where I help train the staff. I feel like I do deserve the raise, but I don't know if asking for a raise in only 6 months is okay. [link] [comments]  |
| Is there a price / value you can put on your personal space? Posted: 23 Mar 2019 05:57 PM PDT Sorry for the broad philosophical title, but it will make more sense after my post. Also, I am not even sure if this is the right place for this discussion. I'm in my late 20s making about $45k/year and still living at home with my single mother and sister. I come from an Asian background/culture so living with your family until you're older is kind of the norm even though my personality is very Americanized. I don't pay rent, I've paid off my student loans and I don't have any credit card debt. The only thing I'm paying off is my car, which has about $7500 left. My primary expenses just boil down to food, vehicle, house bills (gas/electric, maintenance, and internet). All in all, I'm probably saving about $1500 a month after taxes. I contribute 5% to my 401k and $200/month to a ROTH IRA even though I probably can/should contribute more. My "emergency" fund is $3k in a high yield savings account and $1k liquid. Now you'll probably criticize me for mooching, but my sister makes 3x the money I make and purchased the house on her own accord even though I kind of took the responsibility for upkeep and maintenance. At the end of the day, it's her house and I'm just living there but quite frankly I don't want to. And yet at the same time, I can't justify leaving. The primary reason is due to the fact that my job is within 20 minutes so even if I got my own place, it just wouldn't make sense to me because I'd be paying upwards of $1k on rent when I wouldn't have to. So that means I'd have to find another reason which makes me wonder what the value of having my own personal space/freedom is. I literally go to work, go to the gym, come home and unwind and then just repeat the process day in and day out. I can't picture myself changing that routine by getting my own place, unless it was somewhere in or close to a city center. I don't have any friends, I am not in a relationship, and family is the only thing I have even though I feel distant to them as I never feel like I can be myself. If I were to move out, it would have to be somewhere at least 90 minutes away from home where I can feel like I'm starting fresh but that would involve finding a new job and I really have no qualms about where I work now, except for salary. If I move out I'm likely going to be spending 30-40% of my income on rent, I won't nearly be able to save as much, and I won't have the financial freedom I do now. I'm stuck in this cycle of saving/planning for the future without having a future in sight. I know I'm impeding my social development but I feel like that ship has already sunk. Don't get me wrong. I have no issues conversing with people at work and in everyday life nor am I awkward around them, but the atmosphere I grew up in has turned me naturally introverted even though I wish I wasn't. Most people already have their social circle / significant other figured out by now. I know there's a certain "experience" to living on your own, which I get, but I cook my own food, do my own dishes, clean up my room and generally keep to myself and really only interact with my family on the weekend. I could pretty much compare them to having roommates. I'm so conflicted because I don't know if I can put a price/value on my own freedom. I'm scared that moving out is just going to leave me depressed and alone because I no longer have that comfort of family around. But at the same time, I feel like I can't progress forward socially or romantically unless I get out. Everyone I know has already spent a significant amount of time on their own (at least 6 months) and I'm the only person I know who's never truly lived on my own because I've never had a reason to. Even during college, I commuted and never dormed. Also, my family would find it very hard to believe that I just suddenly want to move out unless it was due to a new job. They would tell me that it makes no sense financially and that I should just stay home and save my money. But it's going to come full circle because my mother has very little saved for retirement and is going to expect me to contribute and/or help her and I can easily do that in my current situation but if I were to leave then that would just become even more difficult. I guess ultimately what I'm trying to figure out is not whether I can afford to move out, but whether it's worth it. And that's where the value of my own personal space/freedom comes into consideration. [link] [comments]  |
| Should I work on paying off my car or helping my parents with their parent plus loan? Posted: 23 Mar 2019 08:08 PM PDT So some context. I'm 23, graduated college a year ago, and just finished paying off my student loans that were 24k. I'm making 70k with a 401k employer match of 6% dollar for dollar and currently contributing 6% to get that match. I have an emergency fund of 6 months. After all my bills, I am able to put aside $2000 a month to put towards debt/savings. So now the situation. I have my car loan (only debt I have) with 16k left on it at 2.9%. My parents have 60k of parent plus loans that they took out for me at 4%. They have told me that they would pay for it and they are paying a couple hundred more than minimums on. I know legally it is not my problem but morally I would like to show my appreciation for everything they have done for me. They have sacrificed so much for me and my younger brother, especially after having me when they were 17. He'll be going to college within the next couple years so I know that they'll have to worry about paying for that too. Should I put that $2000 a month towards their parent plus loan or just knock out my car loan? I plan on helping them no matter what, my main question is just whether I should take care of my car loan first or help them first. If they didnt have their loan, then what I would do is make the minimums on my car and invest the rest since the interest rate is so low, so this logic is why I'm thinking about helping my parents first. And just to be clear, the $2000 a month is after making the minimum payment on my car. [link] [comments]  |
| Parents might be moving and offered to sell us their house. Posted: 23 Mar 2019 03:08 PM PDT Apologies in advance for the wall of text, and obligatory "I'm on mobile" disclaimer. TLDR at the end. I guess I'll start with some info about our current situation. I'm in my mid 20s, my husband is in his late 20s, and neither of us have ever owned a house before. We currently live in the same building as some friends (they also own the building). Our apartment should probably be condemned honestly, but when we moved we were desperate. Plus I can walk to work, and our friends are understanding if we need to pay rent late. We haven't moved yet - the oversimplified reasons are money, location (downtown, and like I said, I walk to work), and jobs/transportation if we were to move. Anyway, my dad got an out of state job offer, and my parents told us they'd be willing to sell us their house if they move. I'm not sure what the square footage is but it's got 3 bedrooms (master bed has an attached office space), 2 baths (maybe more like 1½ bc the master bath is tiny), attic, car port, and a screened in porch. It's in a good neighborhood and is in good condition. The kitchen has been remodeled, they replaced the windows maybe 10 years ago, I think they replaced the roof within the last 7ish years, and my mom is meticulous about upkeep. My dad said they'd sell it for $85k, $10k more than they paid for it 12 years ago. edit: $85k is right at market value, so they're not even giving a family discount... He said that by his math, with a 30 year mortgage our payments would be a little less than $400 a month. (That's less than $100 more than we pay for the tiny shithole apartment we're currently in, however we don't pay any utilities.) My credit is fair, around 650, and I work at a bank, so I can get a good interest rate on a loan. My husband's credit is poor but I don't know what his score is. I'm not sure if it's necessary for him to be on the lease with me or if him being on the lease would affect the interest rate but I'm willing to leave his name off if it saves us a significant amount of money. We would have a LOT more space than we do now, and I think moving to a nicer place would probably do wonders for our mental health. The opportunity makes me really excited. I almost feel like it's too good to pass up. I have some concerns, though, the biggest one being that 30 year mortgage. My husband and I have considered moving to [City], which is 45 minutes away and has more job opportunities and more things to do. We've also talked about travelling or moving out of state or even out of the country. Those things are expensive, though, and moving far away isn't really practical at this point in time. But what happens if we do buy the house and decide in a couple years that we want to move? Maybe we could rent it out? I know selling houses can be difficult and I don't want to be stuck for 30 years. Also, a house is quite a big responsibility and could potentially need a lot of maintenance down the road. We really want to move, but when we talk about moving, we usually talk about renting a condo or duplex or something like that - something we don't actually own and aren't tied to for a long time. One of the reasons we haven't taken that route is that the there aren't a lot of options here, and housing is more expensive in [City]. Another thing is that my parents would be moving because my dad can't find a job in this state. Granted, he just graduated at 60-something with a masters in theology, so his options are limited. Our city isn't exactly known for its jobs though, so if either of us wanted to change jobs we might have to look in [City]. TLDR: My parents might be moving out of state and offered to sell their house to me and my husband. I think it's a great opportunity to get out of our shitty apartment but I'm concerned about a long mortgage tying us down and the responsibility and expenses of owning a house. So, PF, what do you think? Edit: I got the objective advice I was looking for. I think we need to save up and move to another rentable space in the city. Thanks everyone! [link] [comments]  |
| 20 years old, joining military for financial security. Other options? Posted: 23 Mar 2019 04:16 PM PDT Hey guys, I'm 20 years old and currently living in East Canada. I moved back here after finishing 2 years of university to help my mom pay for rent and expenses. It's been 10 months since moving back and have since picked up two jobs (working ~50 hours a week). I'm trying to weigh my options in terms of what I should be doing for the next few months. I understand that I could work these jobs, at the same hours, until my mom gets a steady position. Once she is financially stable I could look towards finishing school or pursuing some other education. This option sounds the most dispiriting, given I don't have a definitive timeline (maybe 1-2 years). The second option is to move away, live with friends and work part-time while supporting myself through school with the help of loans. This would be leaving my mom out to dry. This option makes me feel hopeful, but guilty given that I would be abandoning her. I believe this would cause a rift in our relationship, and is the lowest on my list of options. My final option is joining the military. The military means that I will be further from my mom (she will not be happy, although I know necessary), and I will have lost my freedom for the next couple years. On the positive side, I will be paid during basic training and trade training (this will be ~1.5 years, and the pay is better than I make right now.) This money I will be able to funnel to my mom as I go through training, since they pay for food and housing. This option seems the most sensible, and am already on 2/3 of the application process. Does my logic seem clear, does anyone have any other suggestions of what I could do? Maybe the military isn't going to be that bad and I'm just overthinking it. Thanks. [link] [comments]  |
| Posted: 23 Mar 2019 04:13 PM PDT Hello I (30M) feel I'm at a dead end. I have $58,000 in credit card debt And make $65,000 a year. I feel I live a pretty simple life. Pay a mortgage on a small home ($1,100) and a car payment ($350) then the usual utilities and cell phone. Then the $1,800 a month in credit card payments that seem to never budge. Due to $900 a month of interest. I could be off a bit on my numbers not sure off the top off my head. I tried to get a loan to consolidate the debt to one load but was only offered $30,000 with 30% which I feel would be useless. I'm considering bankruptcy but feel that would be a failure and be held against me for the rest of my life. [link] [comments]  |
| Fathers Name is on my IRA-BDA- How can I get it under myself? Posted: 23 Mar 2019 01:05 PM PDT This is a long and...annoying story, but the short of it is that I inherited an IRA-BDA account from an aunt in 2012, when I was in high school. My dad switched the information, and while the account username (Fidelity account) is under my first initial/unique last name, HIS name is on the account itself, the yearly RMD checks are cut to him, and despite me changing the address (I live across the country), everything is mailed to him. While I'm very low contact with him, he isnt a total scumbag so I do get my full amount from the RMD, as well as paperwork verifying it, and hes very upfront about it. However I need to get his name off, and move it to solely my name for several reasons (so I can change stocks, so I can have the money sent to me, etc, the stocks are very low risk low reward and I've wanted to change a few for a while) When we originally did it, I was 21 and Fidelity denied it for ... reasons? They werent clear but implied it was my age. Now my father refuses to help me again with trying to get it in my name because 'we did the paperwork' and '[he] did all [he] could so its on [me] now', which obviously isnt helpful when its legally in his name. I'm 23 now and attempting it again, but my questions are this: Is there a way for me to transfer it all to a new account without paying heavy taxes on the withdrawal? (Its in the 50k area, and while I now reside in NH, my father is in IL, thats a LOT of state taxes that I'd prefer to avoid) If there is no way to get it without more help from him I can maybe force it through family members, but if I withdraw all of this to a new account, what would be the best account type to put it in? I try to pretend I don't have this money most of the time, I only make ~28k/yr, so this is a pseudo emergency/eventual college fund for me, and having the ability to withdraw is very important. [link] [comments]  |
| Just found out I don't have health insurance this year (error made when doing insurance elections) Posted: 23 Mar 2019 12:11 PM PDT I was checking my HSA the other day and noticed I didn't have any new money deposited into my account since December. I was getting ready to make a doctor's appointment. I was confused. So I went to check my paychecks. I wasn't paying for health insurance, vision, dental, etc. I contact HR and they confirm that I didn't elect to choose my benefits before the deadline. I'm confused because I remember going in there to do it and I was having issues with it and had to use three different browsers before it worked. I'm thinking it was a technical error on their part but it's certainly very possible it was user error. Regardless, I'm in a tough situation. I begged them to look into it but they're taking their sweet time replying to my emails. What are my options? I know about qualified life events that allow people to select benefits but outside of moving, I don't see any of them happening any time soon. Yes, I know I'm an idiot so any advice would be appreciated. [link] [comments]  |
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