Personal Finance Rent or buy? 35 y.o. Physician about to start making better money. |
- Rent or buy? 35 y.o. Physician about to start making better money.
- Got out of prison 2months ago, facing civil suits and different forms of debt, thinking about filing bankruptcy? Please help!
- What is the best means to sell precious metals and not get screwed?
- GTL on paycheck stub
- Just got a 20k raise. Have a lot of student debt and some savings but no investments, unsure what to do or where to focus my efforts
- Contribute to company 401k or Roth IRA
- Using HSA Funds Immediately After Opening
- I'm have 18k in debt and around 46k in savings. Would it be wise to just pay it off in one go?
- Buying a vacation home
- Early 529 plan sanity check
- Buying a duplex to live in/rent out half?
- What is the cost to move out of state?
- I'm 22, and want to move out soon- but my dad insists I can't afford it. Anyone willing to give advice?
- Trading car in
- Just started saving for retirement at 24, not sure what my first steps should be.
- Extremely high fees for quick and easy doctor appointments
- New Job for less pay?
- Is it too late for me to turn my finances around?
- SHould I pay off my mortgage
- How do i start investing?
- Best way to pay off 15k in credit card debt
- 1099-Misc but not a business
- Taxes on 1099 income when we have other jobs
- Using mutual funds as medium term savings account - specifically for student loans, car, house.
| Rent or buy? 35 y.o. Physician about to start making better money. Posted: 03 Mar 2019 09:29 AM PST My wife recently completed her residency training, and has a contract for her first real job. She is expected to earn around 300k and will be an independent contractor working remotely from home (radiologist). 420k in student loans. We plan to live on 100k/year and contribute everything possible towards paying off the loans ASAP and maxing out retirement contributions. No consumer debt or car payments We're planning on living in a state with no/minimal state income tax. Likely Washington, Nevada, or possibly Colorado. If we were to buy a home, adding 500k in debt sounds very daunting... But I hate the idea of renting for years while we get her loans paid off. It feels like throwing away money to me? Any advice would be greatly appreciated. We tend to lean towards the Dave Ramsey style of money management and our goal is to have the student loans paid off in 4-5 years, then start making better contributions to our retirement plans. Edit To answer a few common questions: -We have 2 little kids -We planned on renting for a year or so after relocating to get a feel for the area and make sure we like it. -500k is the higher end of average for a 3 bedroom house in the areas we've considered. Some places you can't find a 3 bedroom house for less than 500, others 500 is an incredible amount of buying power. It's not a number we plan on spending, but I thought it best to give the example with a higher purchase price [link] [comments]  |
| Posted: 03 Mar 2019 12:37 PM PST Okay, there's kind of a lot going on and I'm hoping someone out there will see this and be able to offer some kind of suggestions. So, to start, I (27/US) went to prison for 13 months and got out last December (Non-violent drug-related crime, if that helps with context). The impetus for my incarceration was a car crash in which I damaged four different vehicles; I had no insurance at the time. I also had three different credit cards, all of which were maxed out, and a minor amount of student loan debt. Anyways fast forward to now, I have been out for about two months now, living with my family paying them $100 a week and waiting tables making around $500/week. I've saved up about $3K already and I am going to be using that to buy my own vehicle after I am able to get my occupational license and drive legally again (gotta get the breathlyzer put in my car too which costs like $300 for the install + $80/month, and I'm expecting my car insurance to be pretty astronomical) So my next step is looking at all this debt and seeing what I can do with it. I'm not sure if I should just file bankruptcy and I'm not sure what bankruptcy all covers and doesn't cover. I owe: ~$6.5k in criminal restitution (from the car accident) ~$10k on my car (which was totalled in said accident) getting sued by Capital One for $3k (I'm going to answer the summons in writing like it says to and try and explain the situation) owe Wells Fargo around $3k got a letter about possible litigation from an insurance company for about $4k, one of the insurers of one of the vehicles student loan debt for one semester of college... can't remember my login info so I'm working on getting an exact figure but the initial loan was only 1.8k Anyways I guess what I'm asking is does anyone have any suggestions at all as to what my best path forward should be? If I declare bankruptcy, how does that affect me and what will or will it not do as regards the criminal restitution, the student loan debt, and the civil suits? If I don't declare banktruptcy, what should my order of operations be? I'm assuming the civil suits are probably the most important? The State in which I live has given me until January of 2023 to pay the criminal restitution. TL;DR Years of drug use has totally messed up my financial situation, sober now and out of prison and trying to see how I can tackle all this and whether or not I should just declare bankruptcy [link] [comments]  |
| What is the best means to sell precious metals and not get screwed? Posted: 03 Mar 2019 07:16 PM PST My grandma is 94 years old, suffers from dementia, and I am her power or attorney. She doesn't have much money remaining, about 6 months left of living expenses, as her caregivers are extremely expensive. I'd like to keep her out of a nursing home as long as possible. In her safety deposit box, we discovered several ounces of gold and platinum, probably close to $40K worth. She also has a lot of jewelry we would be able to sell to continue paying for her care. I am skeptical though of the places that advertise "WE WILL BUY YOUR GOLD" because I know that those businesses have the incentive to pay you the least amount possible, so they can turn around and sell the metals at a profit. I'd really like to get the most money for them as possible, and I have no idea where I can do that without dealing with a place that seems like a pawn shop type of business model. Does anyone have any knowledge or experience in this situation that could give some advice? [link] [comments]  |
| Posted: 03 Mar 2019 08:01 PM PST Can someone explain to me what gtl on my pay stub is ? They seem to take out a little each week for this . [link] [comments]  |
| Posted: 03 Mar 2019 01:24 PM PST Hello, This is my first time posting here and I'm pretty clueless with finances, so please bare with me :) I'm 26 and living in NYC, and just got a promotion that came with a 20k raise (I am still in shock..I don't feel like I deserve it but that's another story). I have a lot of student loan debt (almost 40k private combined with federal), decent savings (36k), but no real investments. I'd love some advice from you all if possible. I was making 85k +$7k bonus and now I make 105k + $8,750 bonus. With the 85k paycheck I took home $4,270 a month since I'm putting 6% of my paycheck into a 401k. My credit score is about 835. (not sure if relevant) A breakdown of my monthly bills for context: *$751 per month for student loans [should I raise this asap??] *$950 for rent *About $60 for utilities *$10 for Spotify *$200 for food {Edited for reality} *About $800-$1,000 for entertainment, Ubers, drinks, eating out, clothes...etc *$40 for gym *$97 for phone *$120 for monthly metrocard *other miscellaneous travel expenses, which varies quite a bit. All in all I've been saving 1k a month for the past year. I have incentive units with my current job, and my last job gave me the option to buy out my stock options (2 years left to buy them…). No worth on them yet but I do believe in the company. My question is- should I focus this increase in salary all towards my student loans (40k), my savings, maybe even investments? Right now all of that 36k is sitting in my Chase Checking account and I feel like that's not smart? Thank you in advance :) ** Edit ** Y'all motivated me and I just logged into my discover student loan account, and paid off about 4k in the highest interest loans. I plan to do more once I build some courage, but I wanted to thank you all for sharing your knowledge with me. [link] [comments]  |
| Contribute to company 401k or Roth IRA Posted: 03 Mar 2019 07:31 PM PST My company offers a 401k and a Roth IRA. My question is should I be putting money in one specifically or both? I am currently making $75k and putting 10% a month in my Roth IRA and the company matches up to 3.5%. That being said I anticipate to be living on less than $75k when I retire. I am 25 so not planning on retirement for a while. I know they are taxed differently so is it better to pay taxes now on the Roth when my income is higher or be taxed on a 401k 40 years from now when my income would ideally be less. [link] [comments]  |
| Using HSA Funds Immediately After Opening Posted: 03 Mar 2019 06:25 PM PST I have medical bills for about $2,000. My insurance plan is one with a high deductible which makes me eligible for an HSA. Can I open an HSA, put money in it for the tax deduction, and spend that right away to settle my bills? Also, is there any HSA provider you would recommend? [link] [comments]  |
| I'm have 18k in debt and around 46k in savings. Would it be wise to just pay it off in one go? Posted: 03 Mar 2019 07:10 PM PST *I HAVE ffs Last year, just as I had started working, I borrowed money from my sister to pay off medical bills. It totalled around 30k and at that time, I barely had any savings at all. We agreed that I would pay her back in 1k installments every payout (2x a month). Essentially, there is no interest on the money I borrowed from her so would it be wise to pay it all off in one go now that I have enough money in my account saved up? I'm itching to get rid of the debt because she lives in a different country and I do ask her to buy me things from there that are either unavailable where I live or is cheaper than having to buy them here and so the debt I have doesn't seem to get any smaller. If i paid her back now, I'd be able to save almost twice as much as I used to before. I'd really like some advice. Thanks! edit: she doesn't really need the money asap, she puts all of her money in my savings account (money my dad needs for the house) so I put my money in there when I pay her back and make detailed lists of everything. She asked my how much I have left to pay her back a month ago and she was surprised at how much I have managed to pay off so this isn't really about her and I, moreso "would it be dumb to nuke my savings like that" [link] [comments]  |
| Posted: 03 Mar 2019 05:22 PM PST We have been contemplating buying a vacation home at the beach. It is 2.5 hours away. The big question is, are we crazy? We have about 800k in retirement savings, 175k in savings/checking, another 325k in Vanguard LifeStrategy fund I think. We have no debt other than 405k left on a mortgage for a 530k house we bought 1.5 years ago (prior to this we lived in a paid off house that we sold for 265k). I make 165k per year, bonus around 40k, with RSUs around 65k (vest after 5 years). She makes 95k, bonus around 10k. We have one child, a new one on the way. Childcare through work thankfully is super cheap (450 per month). Are we crazy to consider a 380k beach house. We will only use it as a vacation home, no rentals. We think we have everything covered, and of course the mortgage lender is like yeah go for it, but they just want the sale. Any horror stories? The property is worth I would say 390, but the owners want out and there is a 90% finished space that I could finish for 30k and it would be worth a lot more just for square footage. [link] [comments]  |
| Posted: 03 Mar 2019 07:40 PM PST Hi all, please sanity check my 529 plan. I do NOT have kids and am hoping to have a kid in about 5 or so years. However, I see no harm in preparing early. I am currently putting $100 a month into a 529. I live in TN (no state income tax) so rather than getting a 529 for state tax benefits, I chose a low fee plan. $100 a month is a small amount but I think investing early is good, and once I have a kid I will bump it up to $400 a month. My backup plan (no kids, kid never uses it, etc) would be to use the funds for a nephew, who will be born in the next few months. Key question: is this OK? Is it worth it investing so early or should I do 0 and wait until birth and just start there? Secondary question: am I right to assume TN has no advantage for an instate 529 plan for my income level? I chose a different state with the lowest fees I could find. Financial notes: maxing out 401k, HSA, IRA. 6 month emergency fund saved. Have 80% of my down payment and closing fees ready for a house I'm hoping to buy in 14-15 months (ahead of schedule so this $100 a month won't impact this). Thanks [link] [comments]  |
| Buying a duplex to live in/rent out half? Posted: 03 Mar 2019 01:00 PM PST I'm 22 years old, single and I'm currently looking into buying a home. I currently rent a 1 bedroom ranch in a decent quiet neighborhood and a nice looking duplex just popped up for sale the next street over. I had been thinking of buying a home but am now thinking this may be a good foot in the door to start owning property. I know the area pretty well at this point and with the income from the tenant I could be basically living for free and banking all of the money from my current job. I'd plan to live here for awhile as I save for a home for myself and then rent out the second unit once I purchase a home. Would this be a smart move? Anything I should be wary of here? [link] [comments]  |
| What is the cost to move out of state? Posted: 03 Mar 2019 08:17 AM PST My wife and I have been consider it for a few years but just seemed financially out of reach. About to finish my MBA and an now a project manager so finding something outside of the state should be easier now. What should I consider? We'd have to sell out house (should be able to make >40k on it after talking with our Realtor). That's really the only thing tying us here. We have always talked about Texas, maybe Colorado. I would love California but that just seems to financially out of reach. [link] [comments]  |
| Posted: 03 Mar 2019 08:14 AM PST Hi everyone! I just graduated college in December, and after my first post-college job didn't work out, I have two offers on the table. One pays $13/hr and one pays $14. They're both 40 hours a week, standard 9-5 M-F, with the $14/hr one having some potential for a few overtime hours here and there. I also do babysitting, petsitting, and various courier apps as an as-needed side-hustle. I live in a city of about 100k in the Midwest with a low cost of living, so a decent 2-bedroom apartment goes from $650-750. My friend and I found a place in a nice part of town with all the amenities we like at $750/month ($375 a person). The deposit is $375 ($187.50 a person). Trash, water, gas, heat, and sewer is included, meaning our only utilities would be electricity and internet....unless I'm missing something. Parking is $15/month. I have 4k in reserves to put towards the deposit and whatever household items we need to start out. My other expenses are my car payment ($260/month) and a credit card payment ($25/month minimum). My credit card has a balance of $500 out of a $2500 max, and my credit score is in the low 700s. I have no student loans. My phone costs me $30/month. My parents have very generously offered to keep me on their car insurance until I'm 25 and rates go down, but I'm on my own for health insurance. Both employers offer health benefits but they have not yet given me an idea of what it costs. My plan was to make the cost of insurance my "goal" side hustle income to offset it. As a rough estimate, my take-home pay would be in the neighborhood of $1700-1800 a month, plus whatever I get from my side hustles. That leaves me with over $1000 a month for food, utilities, gas, insurance, and household/personal care essentials. I am aware I'd have to be careful about spending too much on "fun" stuff and stick to a budget. I lived on my own in college, but I was in the dorms all but one year and in a co-op the last year, so this kind of is my first time living as a "real" adult. I just want to make sure there's nothing I'm missing, because to me this makes sense, but my dad insists it doesn't. [link] [comments]  |
| Posted: 03 Mar 2019 08:01 PM PST When trading a car in... do you have to buy a car as well? I'm thinking about getting rid of my car. It's not selling as soon as I hoped for privately. I'm asking because if possible I'd like to "sell" it to a dealership that gives me the most. I have my eyes set on the car I want at VW dealership, but if their offer is stupid low Im wondering if I can sell somewhere else without buying from there. [link] [comments]  |
| Just started saving for retirement at 24, not sure what my first steps should be. Posted: 03 Mar 2019 03:47 PM PST I just turned 24 and realized that it was time to start saving for retirement. I just started a job with a 401k that I contribute 3% to. I also recently opened a Roth IRA with Fidelity and now I'm trying to figure out what to do with both of these accounts. I'm not sure what the best path to take with my IRA is. I was going to initially deposit $1000 in there, but should I do more? I have ~$9,000 in savings and no debt. I'm also not sure the best way to invest it is. It seems like FDEWX is a good choice (??) considering I just want to contribute money every month and forget about it. Thank you guys! [link] [comments]  |
| Extremely high fees for quick and easy doctor appointments Posted: 03 Mar 2019 04:04 PM PST Sorry for the long post Earlier this year I made an appointment for a skin condition with my doctor. It was a quick 15 minute appointment basically saying it was probably eczema and gave me a prednisone prescription. He also made a follow up appointment with me and put in a referral to a dermatologist for later in the month. My skin cleared up for a bit but then got worse again so I went to the follow up and the dermatologist. At the follow up the doctor just said to wait and see what the dermatologist says. The dermatologist gave me a longer prescription of prednisone to see if that worked. All three of these appointments were about 15 minutes and consisted only of a visual inspection and a prescription. These appointments were all at Aurora clinics. The problem comes with the bill. My first appointment was almost $400 and the other two will be $400 and $200. I have insurance but it's pretty bad so the deductible is $2000 individual or $4000 family. The insurance paid $20 on the first appointment and my copay was 30 leaving me at $350 for one appointment. I called to see if I could have it reduced like I've seen recommended on here but the financial person said it couldn't because I have insurance. All she offered was a payment plan for $60 per month for the next 6 months for the first appointment, with possible extensions for when the other 2 appointments are posted to my account. I'm wondering is there anything else I can do? I'll probably have at least one more appointment and possibly a patch test which will add even more to the total. This is looking like it'll be over $1000 total for a simple skin condition which is not affordable at all right now. The prescriptions from the pharmacy were very reasonable on the other hand; less than $10 for each. I have United insurance if that matters. Thank you to any and all who try to help out. TLDR: 3 simple 15 mins appointments cost almost $1000 with more to come and no financial assistance besides a payment plan offered. [link] [comments]  |
| Posted: 03 Mar 2019 06:54 AM PST Hi all, throwaway for reasons. I currently work in the finance field but am at the bottom of the chain. I just graduated college last year and have been working at my current job for almost 6 months. I like the work i do but i do not like the environment. My team is terrible, i come in at 8 and leave around 5 each day, and the members of my team come in at 9:30-10 and leave around 6-7 and complain when i leave at 5. (Our hours are supposed to be 8-5 with an hour lunch) but we can adjust accordingly if needed. Its a small/medium size office around 350 people but a majority of these people are all snooty and wont even give you the time of day when you walk by them in the hall and say good morning, they literally look at the floor or the wall next to them and ignore you. A lot of these people seem dead inside like the job has taken their soul, i guess im not sure if this is how it is everywhere though. They pay pretty decently for a bottom of the chain position and said "there are many avenues to move up and fast" when i applied. Yet the girl that is on my team has been here for 5 years and hasn't gotten a promotion and from the looks of it gets paid less than I do and she's supposed to be my superior. I was offered a job in the same field at a corporation that is more "millenialized", open offices, younger workers more my age, and i have quite a few friends that work there. The only downside is its 3 to 4 dollars less an hour, it has better benefits though, a lot better work environment and promotions happen a lot faster, they were saying probably within the year I would be in a higher position just because of my experience. But i dont want to take that into account if the promotion doesn't happen. I have about $10,000 saved up so that would be able to hold me off for a while if money gets tight but with the lower pay i shouldn't be scrambling for money still. TLDR; Should i stay with a company ive been at for only 6 months but dread coming into work because of the environment, or take a $4 an hour loss and move to a company with a much better work environment that i would enjoy going to every day? [link] [comments]  |
| Is it too late for me to turn my finances around? Posted: 03 Mar 2019 10:38 AM PST 34 years old. In the United States. I wasted my early to mid twenties being mentally ill, spent my late twenties and early thirties figuring out my career plan and getting myself educated. Now I think I've waited too long to get my shit together financially and am freaking out. Annual Salary: $48,000 (with room for growth, am actually interviewing for a promotion on Tuesday that would bring me up to $56,000 and anticipate earnings up to $96k if I keep getting promotions) Debt: One credit card with $852 balance, 19% APR and one credit card with $4,700 balance, 12% APR. Have been diligently using avalanche method to pay these off since last October, anticipate being done by next spring if I don't get the promotion and by December if I do. Assets: I have a small Fidelity investment fund with ~$20k worth of stocks, which I put together a couple years ago using money my grandmother left me in her will. This is the only thing that keeps me from thinking I've totally fucked everything up. Retirement planning: I have $30k in my 401k. Not nearly enough for someone my age, I only started saving when I got my current job. Please don't laugh at me, I know I'm way too old to be this much of a monetary fuckup. I want to own a home and be able to retire someday but I'm terrified I've waited too long and can't beat the clock at this point. [link] [comments]  |
| Posted: 03 Mar 2019 06:19 PM PST Hi ! I have a 15 year fixed mortgage at 2.625% with a balance of $280K . I realized that I don't have enough interest to exceed my standard deduction any more. My marginal tax rate is 25%. I can earn about 3% investing in risk free cd's on bonds but with taxes its about breaks even with the 2.6% I pay for the mortgage interest. I'm about 10 years from retirement, but am about 5 years from financial freedom. Thoughts ? [link] [comments]  |
| Posted: 03 Mar 2019 07:35 PM PST I am 16 and have just started working. i would like to start investing my money so i can possibly retire early. the problem is i have no idea where to even begin. i've thought about the stock market but i don't understand how it really works. i live in the U.S. and have a checking and savings account. [link] [comments]  |
| Best way to pay off 15k in credit card debt Posted: 03 Mar 2019 07:34 PM PST I'm not sure wether to consolidate my credit card debt, try to pay it off on my own or go through financial counseling like using a Dave Ramsey program. My debt is a little less than 15k. I was doing well keeping up with payments until my family needed help 8 months ago, so I basically had to stop paying a lot my bills to help out. I'm not sure if consolidation is the best route for me. Also, if were to do a Dave Ramsey program, which one would be best for me? Your advice would be much appreciated [link] [comments]  |
| Posted: 03 Mar 2019 10:36 AM PST So, I had some old circuit boards and parts sitting in a storage unit I had purchased years ago with hopes of repairing them and flipping. This of course never happened. So to regain some of the cash I sunk into it, I sold them at a core value to a supplier I knew of to the tune of about 7500 bucks. I received a 1099-MISC for this amount. My question is, I am not a business of any means. I'm just a guy who sold some old stuff he bought. So what are my options to not get totally screwed here on my taxes? I use freetaxusa currently and I couldn't figure out what to do. What are my options to maybe deduct losses, or is there a way to provide explanation on the situation? [link] [comments]  |
| Taxes on 1099 income when we have other jobs Posted: 03 Mar 2019 06:34 PM PST Spouse and I work full time salaried jobs and I have a 1099 side job which I estimate will make about $10-12k this year. If we add all 3 incomes together we are still in the same tax bracket as just our regular jobs. Is this the correct way to estimate how much I should be setting aside from the 1099 for taxes? Are there different rates for that type of income? [link] [comments]  |
| Using mutual funds as medium term savings account - specifically for student loans, car, house. Posted: 03 Mar 2019 03:47 PM PST Hi all, My situation: 26 years old Make $2300 more than my expenses monthly. ($3800 month take home). $3500 emergency fund $1500 in checking (equal to monthly expenses). $3000 earmarked for short-term expenses (car repair, school). No other planned major expenses. $2000 earmarked for first student loan payment. $10k in 401k, investing 6% of pay with 50% match. (Vanguard funds). $1200 in HSA, employer matched $100/month contributions. $8k in AAPL stocks from when I worked there. $20k in student loan debt at 4%. No other debt Financial goals: Pay off student loans, grace period ends in 18 months (still attending). I will need a new car in 1-3 years, would like to have $20k cash for this. I would like to have $100k for a house down payment in 7-8 years. My current strategy is placing $2k per month into my Ally savings account, and then making a lump sum payment in 10-12 months. The interest on my loans that are already accruing are very small. This will leave little savings for other goals and will limit how much I can invest. My other strategy would be to set up $1500/month automatic deposits into a Vanguard index fund account that is not tax-advantaged, then withdraw what I need to pay student loans, then car, then house etc.. I suppose that given the interest rate on my loans, this would be better long term. What do you think of this? How much would short term gains tax nullify any gains I earn? I don't love the idea of having all my appreciable assets locked in a fund I can't access for 30+ years, but I know the standard advice is to max tax advantaged accounts before opening a standard market account. My math in a perfect world: $1500 month in avg. 8% fund for 18 months = ~30k. Pay off student loans by withdrawing 21k, $8k left. Over 3 more years with the same contribution assuming avg is 8% = $71k. Withdraw $20k for a car. Continue for 2 more years = $97k. OR to be safer, I could do $1k in savings and $1k to my index fund. I know this is long, but this seems reasonable to me even though some parts of the plan go against general consensus on how to handle money. Thanks for your time. [link] [comments]  |
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