Personal Finance Things Teens Should Know About How Their Parents May Steal from Them |
- Things Teens Should Know About How Their Parents May Steal from Them
- Boyfriend declared bankruptcy and still owes on student loans. Whenever he attempts to pay, they reject payments because the money is not from a bank account.
- Making a large purchase (~$10000). Better to pay it all once or over 12 months at 0% APR?
- My housemate owes me $7000. Should I kick him out?
- I just bought a house, interest rates rapidly dropped, is it stupid to refinance?
- My company is giving me a new 2019 Ford Fusion car while I maintain the current position. What should I do with my paid off 2010 Honda Accord?
- Someone tried to get a copy of my credit card and has my SS number
- How do I determine my market value?
- Opinions on townhome buying?
- I neglected to pay my City Taxes in 2013. I received a court summons last week. Looking for advice and insight.
- Turning 50 and Finding Myself in Debt
- New dentist charges
- Negotiating a raise as a high schooler
- Has anyone in the last 50 years lost money from an FDIC insured bank account by having more than the maximum insured amount?
- When should I get a another credit card and which one do I get?
- How do I setup a payment plan for taxes?
- About to be layed off with minimal job prospects, any advice on ways of being able to extend money/keep rent paid.
- IRA conversion to my benefit?
- Vanguard 500 index fund or similar
- My first post here -- Should I trade in my vehicle that has POSITIVE equity
- Paid a merchant through Paypal, merchant is asking to see parts of my CC for verification.
- A shamefully ignorant question about whole life insurance.
- What bank should I use?
- (California) is it true that my credit score has no effect on my car insurance pricing in Cali?
| Things Teens Should Know About How Their Parents May Steal from Them Posted: 30 Mar 2019 09:04 AM PDT I' m a parent of a grown up adult that we always treated fairly. She always kept money she earned and gifts and on her 18th birthday, we encourage her to change her custodial account to hers alone and we never obtained credit in her name. When I was 18, I was given $10K by my grandfather to assist with my education and my mother kept it. As a result of him finding out it wasn't used for the intended purpose, my siblings never got a similar donation. I thought that was rare and unusual at the time. I am sadly flabbergasted by the tales on Reddit of all the ways that parent figure out to rip off their own children. Stealing their money and identity theft as well as straight up blackmail, coercion and emotional manipulation to wring as much money out of young adults as possible. There are daily posting on Legal Advice and Personal Finance about these situations. I am wondering if those of us on Personal Finance could write a comprehensive guide for teens and young adults to these situations and how to best protect themselves. I'm not talking about how to balance a checkbook stuff, but more along the lines of "How to make sure your parents aren't ripping you off and ruining your financial future" Is there any interest in this? Edit +6 hours (sorry didn't get back earlier, was out running errands with my wife) 1) Thank you very much for gold!! 2) Inbox is bursting at the seams, I will try to get through them all ASAP 3) Mods, Please tell me how tell me how to get this on the wiki so I can start an outline and hopefully we can divide this up and collaborate on the document since I think it's going to be a lot larger than I anticipated. I don't think working this directly as a thread will be manageable. 4) Yes definitely RBN should be in on it, I don't think some parents are just bad with money, but NPs seem to think they have specific entitlement to a child's possessions. THANK YOU ALL FOR YOUR INTEREST and SUPPORT!! [link] [comments]  |
| Posted: 30 Mar 2019 12:46 PM PDT He has the money to pay and it's frustrating to keep getting notices that he still owes, whenever he attempts to make payments and they continued to deny them. He rang them up repeatedly, only to be told this time, that it was because his funds weren't from an actual bank account (he uses Bancorp) Is it possible to open at least a checking account with another bank, given his credit financial history in order to pay off the student loans? [link] [comments]  |
| Making a large purchase (~$10000). Better to pay it all once or over 12 months at 0% APR? Posted: 30 Mar 2019 01:44 PM PDT My boyfriend and I looked at engagement rings today. The very top of our budget is $10000, but I doubt we'll decide to spend anywhere near that much. But let's say we do find a ring we think is worth spending $10000 on. The jeweler told us we could either pay for it all upfront or we could pay a 25% down payment and pay the rest off at 0% interest over 12 months. We definitely could afford to pay all at once in cash and still be doing fine financially, but I was wondering what the pros and cons are of going the 0% over 12 months route. EDIT: Yes I know that spending $10000 for a ring is ridiculous and we don't have any intention of actually spending that much money. The jeweler asked us for our budget, which we hadn't really talked about yet because we're at the very beginning of this whole getting married process. Today was mostly a window shopping expedition and after walking away from the jeweler's sales pitch I was genuinely curious about the financing versus pay up front options. We could afford $10000, but I totally agree with others here who have recommended we put that money to better use [link] [comments]  |
| My housemate owes me $7000. Should I kick him out? Posted: 30 Mar 2019 05:31 AM PDT My housemate and I signed a lease that started June of 2018. At that time he had a decent paying job and we agreed to split rent and utilities 60/40 since I made more than twice he did and my SO stays over often. I also have this in signed writing. Since moving in, he is in the process of divorcing his wife, was fired from his job, car stopped working, and he felt responsible to pay his wife's rent because she is disabled. This lead to him barely giving me any money for rent or utilities. And I kept track of all of it. Fast forward to now. He has a much better paying job and is trying to get a new car. Gave me $200 last week but nothing more. I am at the point where I don't want to renew a lease with him but I don't know what to do about what he owes me. Should I kick him out at the end of the lease? Should we renew the lease so he close and I can badger him for money? Legal action? Edit: Thanks everyone for their feedback. I'm definitely not going to renew the lease with him and when the lease ends he'll have to move out. Now he and I are going to have to have a conversation about payment plans etc. [link] [comments]  |
| I just bought a house, interest rates rapidly dropped, is it stupid to refinance? Posted: 30 Mar 2019 06:55 PM PDT Basically my situation is that I got approved for a loan at the beginning of December 2018 with an interest rate of 4.75% and bought a house that I closed on at the end of 2018, have a $300K 30 year fixed rate mortgage. when I bought the house, the 4.75% seemed like a fair rate and it seemed like interest rates were going to keep rising. But now I'm reading that interest rates actually have dramatically dropped over the last couple of months and have hit 4% again. I'm sort of feeling like I bought at a terrible time and entirely got screwed on my loan because if I had waited a couple of months my interest rate would be dramatically lower. My question is when is re-financing really worth it? There's a lot to consider... I get that if I re-financed that I would have to pay like $10K in closing costs again... which I already just paid. But it's also $48K less that I would pay over the 30 year life of the loan if I were to refinance. But I also get if I just took that $10K and put it in the market and let time value of money take care of it, that $10K would be worth more than that $48K ($38K net after paying $10K) I'd save by refinancing. I think one thing that I can take solace in though is that I believe the mortgage interest deduction helps to make this somewhat of a moot point, because even if I'm overpaying in interest, I'm still able to deduct 100% of it and have it reduce my tax liability... so maybe net it doesn't really make a difference? For all of these reasons, I'm leaning towards not refinancing, but just wanted to make sure that I wasn't missing any considerations or just rationalizing this in a way to make myself feel better. [link] [comments]  |
| Posted: 30 Mar 2019 04:58 PM PDT My company will pay for all maintenance and gas. I am able to use the car for personal reasons. They will deduct $150 off My Honda Accord is fully paid off. I currently have liability insurance on the vehicle. Option 1: keep the car and liability insurance Option 2: keep the car and get rid of liability. (Leave car in garage until I leave the position.) Option 3: sell the car What is the most strategic move I can make? [link] [comments]  |
| Someone tried to get a copy of my credit card and has my SS number Posted: 30 Mar 2019 04:58 PM PDT I just got a phone call from my bank saying that they had some "bad news" and that someone tried to get a copy of my credit card. They were able to get pretty far apparently, and the person that called me said that they had my social security number and that I should contact the credit bureau to let them know that my SS has been compromised and to place a fraud alert. I'm worried about my credit score being affected, especially because I am in the process of buying a home right now (we actually just placed an offer today!) I'm already pre-approved for a loan, but am worried that this will hinder the process. I am looking for advice on what steps to take next and how exactly I should go about contacting the credit bureau. Thank you in advance! [link] [comments]  |
| How do I determine my market value? Posted: 30 Mar 2019 06:58 PM PDT I was a non traditional student. I just graduated with a degree in Media Production in May at 28 years old. Got my first job out of college making 30K a year. I have 46k in student loan debt with no other debts currently. I know the potential for a higher income is definitely available, and I took this job because I panicked after graduating and took the first job that came along. I didn't question the salary and figured my first job I would get abused at anyways because I have no experience. Other people my age my 10-20k more a year than I do, granted they graduated 5 years younger than I did. Should I roll with this job for a couple years, should I look for a job with higher pay? I am not very materialistic so I don't care about money much, but I have a paper thin budget and don't feel like I have enough expendable income to save for retirement plus have fun on the weekends plus tackle my student loan debt. [link] [comments]  |
| Posted: 30 Mar 2019 09:16 AM PDT Thanks for everyone's input really do appreciate it all. I've made my decision, going to wait (maybe move apartments) and find something lower priced. Maybe it turns into more of a buyer's market and works out in my favor. Thanks again. [link] [comments]  |
| Posted: 30 Mar 2019 03:28 PM PDT As the title states I neglected to pay my City Taxes for the year 2013. I've bounced around from city to city in my time and have always been on top of filing my city taxes correctly and paying them shortly after. However, it appears that I did not pay for one city in particular for the year 2013. I don't know if this is an error on their part because I went through my files and I do not have any record of payment or even filing. I have been ordered to appear in court in regards to not paying. I have already paid the outstanding balances including any fees in full and have record of doing so. Is having the balance paid in full all that I needed to accomplish here? Is there anything I should be prepared for during my time in court? Any other advice you would like to give me? (Excluding pay your taxes dumb a$$) Thank you -A [link] [comments]  |
| Turning 50 and Finding Myself in Debt Posted: 30 Mar 2019 04:11 PM PDT A bit new to Reddit, but was wondering if you all would offer some help. I just recently turned 50 and am finding myself accumulating debt on credit cards. I don't spend recklessly, but end up needing to put necessary purchases like unexpectated expenses and medical expenses on credit. We don't live quite paycheck to paycheck, but quite nearly. Living debt free is my biggest goal in life and I'm serious about changing things around to make that happen. Currently I have three credit cards open. CareCredit (26.99% APR) Account 1: $7,000 Account 2: $2,000 Chase (20.49% APR) Account 1: $7,000 I make roughly $1,000 a week and my wife makes around $500 biweekly. Totals to be $5,000 a month in income. Our mortgage is $910/month, but we also help our son with student living, food, and gas while he's at college paying half of his rent ($365/month). We do not have car payments, but do pay for basic utilities, electric, and car insurance. Health and life insurance is provided as a benefit through my wife's work. We pay just over the minimum payment on each credit card and our son helps by putting a monthly payment on one card as well. In total we spend $225 (on CareCredit1), $100 (on CareCredit2), $250 (on Chase). Our son contributes $120 monthly on CareCredit1 as well for a total of $345/month. Income: $5,000 Mortgage: ($910) Son's Rent: ($365) Car Insurance: ($650)/6 months Electric: ($200) Utilities: ($20) Credit: ($695) Groceries: ($700) Eating Out: ($370) Gas: ($700) Remainder: $390 The remainder generally rolls over into next month so we build slowly, but something generally comes up and we need to cover it. We are slowly but surely paying off the debt, but it's a slow uphill struggle. I was wondering if I had any quicker options? Would it be faster to transfer some of the debt to a new 0% introductory APR credit card? My wife and I both have fantastic credit as well so we were also considering taking a bank loan with a lower interest rate. Our son will be graduating college soon and starting full-time, but we are doing what we can to get it cut down so that it doesn't start snowballing. [link] [comments]  |
| Posted: 30 Mar 2019 04:49 PM PDT I got braces for my son 3 1/2 years ago with a dentist. We moved away making visits a little more difficult to maintain. We had a nine month gap and when I went back dentist was sold to another dentist. New dentist is not honoring old contract and in order to continue I have to pay another 2000 (braces, retainer, and 9 month treatment). According to New dentist, old dentist had all records on paper and they have no record of contract in order to honor it. I told them how couldn't be possible to get braces and not include taking them off and not providing a retainer. I would never enter a contract like that. In additon I told them I bet you only offer braces with everything included but the lady in charge didnt care. I.dont know if I have copy of contract so not sure what I can do. Is this legal and am I stuck here with a 2k bill? Any dentists or someone with similar experiences could share any suggestions would be greatly appreciated. [link] [comments]  |
| Negotiating a raise as a high schooler Posted: 30 Mar 2019 05:39 PM PDT I work as a math and chemistry tutor at a local after-school learning centre. All the other employees are University students and make $6-11 above minimum wage, while I am the only high schooler making exactly minimum wage. My boss has told me on many occasions that I am extremely valuable to the company and he doesn't know where he would be without my help. I always arrive to open the building, and am often the last one out. My ratings are usually very good from students and parents. I will be entering university this coming September, and my expenses will increase massively on my part. I enjoy my job, but it's not sustainable for me to keep working at minimum wage. This is my first real job, and I've never negotiated wages before, so don't really know where to start. I indirectly brought it up to him a few months ago and was shut down. Some of you will say to wait until I start university for comparison, but I believe my tutoring skills are as good or better than the university students. I also want to start saving up more money before university. Thanks in advance. TLDR: High schooler making minimum wage as a tutor while others are earning far more. Need a raise to make university life sustainable. [link] [comments]  |
| Posted: 30 Mar 2019 05:37 PM PDT Has anyone in the last 50 years lost money from an FDIC insured bank account by having more than the maximum insured amount? I can't find statistics on this. Edit: Answer was yes https://www.google.com/amp/s/www.ocregister.com/2009/03/20/depositor-losses-final-at-indymac-2/amp/ [link] [comments]  |
| When should I get a another credit card and which one do I get? Posted: 30 Mar 2019 07:00 PM PDT Hello Redditors of PF. I have been a lurker here for some time now and I guess it's finally time to post something. Before I get into my question, I should shed some light on my credit card background. I currently have 2 credit cards: Chase Freedom - 1.5% cashback every purchase, $3000 limit Local CU visa card - 3% Gas, 2% Groceries , 1% everything else, $2000 limit My credit is good, I have no issue paying off any of my cards and I pay the whole balance after each closing statement. My position at my company requires me to travel a lot. I at least travel once every 3 weeks. With that being said, all my meals, gas, hotel (usually use company credit card on this category but could change), etc. gets reimbursed. I've been using my cards on these categories so far so I racked up a good amount of reward points already. Now onto the question, when is it a good time to get another credit card? I ask this because I never reach any of the limits on my card but I feel like I can take more advantage of my travel reimbursements. Second Question: If I were to get another card, which card seems the most suitable for me? Lately, I've heard good things about Citi Double cash on this subreddit because of the 2% cash back. Uber Visa card also looks really good and almost seems ideal for me. Most of my purchases include dining so that 4% cash back does look really appealing, especially since my meals get reimbursed. Tl;dr Have 2 credit cards, Job has me travelling and I get reimbursed traveling expenses. Need to take advantage of cash back rewards. Should I get another card? [link] [comments]  |
| How do I setup a payment plan for taxes? Posted: 30 Mar 2019 03:10 PM PDT So I'm fucked, I owe $3k in taxes this year. God knows how, I'm broke AF. Who do I contact to setup a payment plan? [link] [comments]  |
| Posted: 30 Mar 2019 01:35 PM PDT My company is currently going through a large scale change and from everything that people are saying and how things seem to be going In not going to have a job by the end of next month. My current break down of earnings is roughly 1600 a month. My rent is 600 plus other bills such as food, travel, car, phone adding another 300-400. I have no savings or any sort of plan if I can't get a job before I'm jobless. Any advice on where I can look for help would be great. [link] [comments]  |
| Posted: 30 Mar 2019 06:48 PM PDT I'm 36 and have both a Traditional IRA (started at age 18 at the fervent behest of my father—thanks, Dad!) as well as a Roth IRA that I started a few years ago. Both IRAs are with Vanguard. I already contributed the max 2019 amount to my Roth IRA. I make $42,000 in salary (before taxes). I received a $35,000 check this year as a beneficiary of a trust. This amount will be taxable and I will receive a K1 form down the road for 2019 tax year reporting. To lessen the tax burdens of that trust payout, is it to my benefit to recharacterize my Roth IRA contributions for the year as a Traditional IRA contribution, thereby lessening the amount I'll owe in 2019 taxes? [link] [comments]  |
| Vanguard 500 index fund or similar Posted: 30 Mar 2019 06:08 PM PDT Hello Everyone! I am 29 years old, Single no kids, and make 150-200k per year (commission only compensation plan with annual distribution) I have 0 debt, other than 14 years left on my mortgage (~140k) and a $250 lease payment on a car My monthly spend is about 4k on everything, plus I enjoy to travel and spend a lot on vacations (about 10k last year) I have 50k in my savings acct, 50k in my 401k I want to get about half of my savings invested in something and then start contributing in that. I have been looking at VFINX admiral shares, but I am not sure that is the correct place to put all of my money. Do people do this? I am not too well versed in investing. I am looking at investing an additional 15k per year based on my current situation Thank You! [link] [comments]  |
| My first post here -- Should I trade in my vehicle that has POSITIVE equity Posted: 30 Mar 2019 02:56 PM PDT As rare as it sounds, I do indeed have positive equity in my vehicle. Background: Purchased new, was a special ordered vehicle. Recently the dashboard cracked. A $1200+ repair to completely R&R the dash. Currently at the dealer. Apparently this is an ongoing issue with the 08-13 Suburban, Tahoe, Avalanche, etc. The replacement won't be a guaranteed fix either and will crack again down the road. This also supposedly is a safety concern with the passenger airbag and of course the dashboard fragmenting during a crash causing additional injuries. It's Burning. My. Ass. I have a trade offer of $27,000. A new 2019 Tahoe optioned the same as mine is $65,000. Negotiations will bring it down to around $58,000 - $59,000, add in taxes and that puts it at $62,000. Figure my net trade of $25,000 and that would leave roughly $37,000 +/- financed @ 4.5% (Worst case) -- I can probably shop a lower rate as my credit is excellent. Finance 72 months to get a lower payment and pay extra as I go, just as I have done with my current loan. That puts me at around $575/month. I'm currently at $612/month but pay $650+ I was hoping to have this thing paid off in a few months as we just purchased another vehicle back in October to replace another paid-off vehicle that was bleeding us dry on repairs. So keep the vehicle or trade it in? [link] [comments]  |
| Paid a merchant through Paypal, merchant is asking to see parts of my CC for verification. Posted: 30 Mar 2019 11:42 AM PDT I made a purchase through an online retailer (seems pretty reputable, they're not the most agreeable but a wide customer base). I used Paypal per my standard practice to keep as much financial information anonymous. I used a credit card associated with Paypal to pay. The merchant is now asking for two things:
I have never heard of this before. Is it safe? I thought the point of Paypal is to keep my credit card information away from the seller? [link] [comments]  |
| A shamefully ignorant question about whole life insurance. Posted: 30 Mar 2019 07:38 PM PDT I'm looking for a little help here, so please be gentle. A while ago my career took off, and so did my pay. I was convinced to buy a whole life insurance policy from Northwestern Mutual for a VERY HIGH premium. Since then, a few things have changed in my life ...
So ... I've already halted the auto pay, but here is the ignorant part. I am not sure what I can get back OUT of this whole life policy. In the "way back" conversations with the insurance salesman, many assurances were made about getting my money back if I ever changed my mind. But my understanding of an insurance premium is that it's not like banking money. It seems like this might have all been money down the drain. The information on the NWMU website is painfully sparse. Basically I just want to recover as much liquid cash from this as I can, stop the policy, and cut all ties. I'm gathering that it's going to be a call with the insurance salesman and some attempts of him to salvage the deal, and whatnot, which I'll say no to. But I am hoping you can help me understand what I can get back out of this, etc. I've paid in enough basically for an addition to my house. The cash value of the policy is many tens of thousands of dollars. In an ideal situation, they send me a check for most or all of what I put in and we part ways. Thank you PF. Give it to me straight! [link] [comments]  |
| Posted: 30 Mar 2019 07:27 PM PDT I am currently banking with Huntington and I love their app and website as I mainly track my finances digitally. The fiancee and I are moving to Portland Oregon from Ohio where there are no Huntingtons since it's an east coast bank. I am looking for a new bank on the west coast or nationwide that has superb online and app tools with security features. I usually set alerts on spending, set a budget with alerts, and graph views of my spending data. I cannot, for debt management reasons, bank with Chase, Wells Fargo, or Discover. Does anyone have recommendations or at least a way I can try out some bank's online tools before transferring my money? [link] [comments]  |
| (California) is it true that my credit score has no effect on my car insurance pricing in Cali? Posted: 30 Mar 2019 07:25 PM PDT I'm about to shop for car insurance, however my credit score is awful (would rather not explain why), but online research says that it will have no effect on my rates because the practice is banned in California. Is this true? [link] [comments]  |
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