Personal Finance Weekday Help and Victory Thread for the week of March 04, 2019 |
- Weekday Help and Victory Thread for the week of March 04, 2019
- Asking for a raise for the first time ever, looking for some pointers
- My Grandmother just handed me a check for $6,000 for my 25th birthday...
- My wife backed into and demolished the neighbor’s fancy brick mailbox.
- Yet another Wells Fargo escrow shortage thread
- Is there a point?
- My dad just bought me a car, problem is I already have one
- Transferring loan to someone else with Upstart?
- Buying vs Renting for an unmarried couple
- How much medical school debt is too much?
- Should I sell my house or continue to rent it out?
- IN a lot of debt. Want to pay it off but don't know how. Need to know my options
- $16,000 and no need for it until July
- Note About Traditional Retirement Accounts in Pennsylvania
- Asking for a raise after taking on other employee's role after they quit.
- Applying to a job and asked for minimum salary
- Open 2018 Roth or open Ally online savings account (2.2% APY) with first paycheck from first real job?
- Questions about emergency fund and Roth IRA contributions
- First Time Contribution Question
- Investment Property Program
- Trying to repair my finances after unemployment, mental health issues
- Employer contribution for solo 401k
- Actionable tips for saving money if you're not sure where to start
- New Property Owner
- Trying to fix my financial situation and credit.
| Weekday Help and Victory Thread for the week of March 04, 2019 Posted: 04 Mar 2019 03:07 AM PST If you need help, please check the PF Wiki to see if your question might be answered there.This thread is for personal finance questions, discussions, and sharing your success stories:
A big thank you to the many PFers who take time to answer other people's questions! [link] [comments]  |
| Asking for a raise for the first time ever, looking for some pointers Posted: 04 Mar 2019 07:15 AM PST Long story, been working IT for a company for about 2.5 years now. Currently working at the same rate they brought me in at. At the time, it was a very competitive salary for what I was doing, however, now with all the extra responsibility I've received, I think it's time that I make quite a bit more. The reason I started thinking about this is because they brought in another IT guy (pretty different from what I do, think end user support vs. Asset management), but his pay was SIGNIFICANTLY higher than mine. Even weirder, I reported to this guy's BOSS, so technically I was higher level than him but still made the same amount as when I came in. I've received good sized lump-bonuses every year while working here, but never received a permanent wage increase. I've recently moved around business lines, gotten a slight promotion with a hefty amount of responsibility, and have been doing pretty well at it for the better part of a year now. Now I think it's time to schedule a meeting with my boss and discuss a pay raise. I'm getting a solid list of items together such as my new responsibilities, the competitive asset management salaries around the area, etc. Just looking for pointers such as: - What else should I have prepared other than general reasons I think I should get a raise? - Based on my time with the company and the recent promotion, how much % increase should I request? - Any tips on the meeting with my boss? Any info would be incredibly appreciated. Really hoping to get a pay increase so I can afford a new place with my gf. Thanks so much for anything you guys can offer! EDIT: Just wanted to say thanks so much for all the help here!!! Literally never had so many replies on a reddit post before, this is BEYOND helpful. - also: Sorry for the confusion, I meant to say I report to the past guy's boss's boss, meaning I'm at the same level as the new guy's boss. [link] [comments]  |
| My Grandmother just handed me a check for $6,000 for my 25th birthday... Posted: 04 Mar 2019 06:11 AM PST ... and I want to make this money work for me. I am fortunate enough to have already saved up some money as my "rainy day" fund and have no student debt. I am currently a PhD student making ~28k before taxes, so I haven't been able to save as much as I'd like. I really want to make the most of this money before I start spending it on random shit I don't need like going out to eat, tech gadgets, etc. I'm thinking of putting it in stocks, but I don't know where to start. Any advice for a noob? [link] [comments]  |
| My wife backed into and demolished the neighbor’s fancy brick mailbox. Posted: 04 Mar 2019 06:13 AM PST They got back to us yesterday and they got a bid from a builder for $1800-$2000. So my question is, can we file a claim under our insurance and if we can, should we? Or should we put that cost on a credit card and deal with it? [link] [comments]  |
| Yet another Wells Fargo escrow shortage thread Posted: 04 Mar 2019 06:19 PM PST I plan on speaking to Wells Fargo tomorrow. I just got a letter stating that I am projected to have an account shortage of $353.75, and as a result I have two ways to pay:
However, looking at the statement and the projections, neither my tax or insurance are projected to increase. They expect to pay the same amount in taxes as they did last year so I do not understand why they're pushing this increase on me. Also, looking back through the statement there's 2 months where I don't see the escrow payment I made actually make it into the account at all. From December to January the balance doesn't increase despite me making my regular payment. It shows $0 for "actual deposits to escrow". That seems like a mistake to me. I also see this in August 2018. As I said I'll give them a call tomorrow, and I recognize this isn't a huge increase but it seems rather suspicious given that neither my tax or insurance are increasing. [link] [comments]  |
| Posted: 04 Mar 2019 06:07 PM PST So... long story short. I max out my 401k and my Roth. Live below my means. No dependents, house debt. I have medical condition that limits my life expectancy. I'm 98% sure that I'll never get to retirement age, I put money into tax deferred accounts for no other reason than, that's what I should do. So my question is, if I won't retire to enjoy the fruits of my labor then why do it? Edit: For everyone's understanding this is not meant to be morbid. I'm not ending anything sooner than nature believes is correct. Just want outside perspective on solutions/ideas and others thoughts. It's not unique situation just a thought process that I've dwelled on a little today and thinking bigger picture. [link] [comments]  |
| My dad just bought me a car, problem is I already have one Posted: 04 Mar 2019 06:07 PM PST Out of no where he told me to come to this lot, and he bought my brother and I a car. He stated that he used his tax return to by my brothers and said he was paying me back for the 6k he owed me. (I'd much rather have the 6k then this car). But honestly I feel like he was happy to be not be asking me for money for once. But I don't want/need this car. I have 3k left on the loan from my "old" car. So what do I do? Sell my old car? (I can pay off the loan) but I want to make a profit. Also he just asked me to lend him 1.5k THIS MORNING. Ytf would you buy us cars when you can't pay your bills. Please help. I don't want this car, I have a decent car already that I still have 3k on. (I can pay this off tomorrow if I wanted to I just haven't gotten around to it yet <--- yes I know I'm stupid). Edit: he said he got a good deal, I feel like he just impulse buys cars (my dad's a car dealer) " Edit 2: he keeps on saying the car is here, and it's yours. I don't want this car. I the money. He said he bought it for 5.5k whoux is still 2k less what he owes me. I get it, he wants to make me happy. And automobiles is his medium. But this just puts more stress on me to figure out what to do with my old car. I don't even care about the money he owes me I'd much rather him just have money so he stops asking me for money. THIS MAKES ABSOLUTELY NO FUCKING SENSE TO ME [link] [comments]  |
| Transferring loan to someone else with Upstart? Posted: 04 Mar 2019 06:58 AM PST Hi everyone. So a brief story, person A needs $5000 to pay off debt. Asked me to help him by signing up Upstart (a lending company) with my credit score and later transferring the loan to him. He said it would not affect my credit score and it would actually help it too. The interest would be transferred as well. The reason why he doesn't do it himself is because he already asked for one 6 months ago. Is any of this true? Update: just wanted to say thank you for all the overwhelming responses. I told him I won't be lending the money to him but he insist on trying Lendingclub.com instead. I did ask if he ask other people for money as well. He stated he did and they all had some excuse. I think that was a sign that I shouldn't as well. [link] [comments]  |
| Buying vs Renting for an unmarried couple Posted: 04 Mar 2019 06:13 PM PST My boyfriend and I (both 23) have been living together at his mom's since we graduated college last May. I have about 60k in student loans to pay while his college was completely paid for and he has absolutely no debt. I've been working for a while, budget every week/month, and I've budgeted for the scenario of having to pay debt and rent simultaneously. Recently my boyfriend got his first job, and out the gates he says he's wanting to pay upfront for a house or condo (given, his family has the ability to pay upfront, his grandfather paid upfront for his mom's current home). In an ideal world, sure, I would love to live in a house that wasn't rented or either of our parents' and just pay on student loans all the time. But to me, that just doesn't seem smart. His argument is that you pay rent for something you'll never own. Why waste the money. My argument is that although we've been together 3 years, WHAT IF something happens and we split up. Being that we're unmarried, I have absolutely no legal right to the home he purchases and if he wanted to, he could throw me out, leaving me out in the cold until I frantically find somewhere else to live. Maybe I'm overreacting, but we're so young and we aren't married, I don't really see the rush to buy a home. In perfect circumstances it makes financial sense, but I think the outside circumstances rule it out as the smartest option. But maybe I'm wrong. What would be better in this situation? Buying or renting? P.S. let me know if this would fit better in another sub. [link] [comments]  |
| How much medical school debt is too much? Posted: 04 Mar 2019 04:33 PM PST At the beginning of medical school, I had planned to only accrue around 200k in debt, but now as a soon to be 4th year, I realize that number is going to be much closer to 250k(undergrad+med school). This is due to unexpected costs(had to have a surgery done, residency interviews, etc.) This really worries me because I know by the time I finished residency, that number will likely be over 300k. I guess what I'm asking is, is this a manageable amount of debt for me considered I'm going into a higher paying specialty(300-400k salary)? [link] [comments]  |
| Should I sell my house or continue to rent it out? Posted: 04 Mar 2019 03:55 PM PST Backstory: I bought a house for $150,000 ten years ago, and now real estate in the whole area has gone up a lot. According to quick googling and looking at surrounding houses for sale, it is now worth $250,000 - $280,000. With the increase in price, my mortgage payments have gone up from $980 to $1320. I had moved to South Korea for 4 years, and rented out my house while I was gone. Once I came back I didn't have a job so I continued to rent out my house for a small profit (around $500). The renters are contracted until July 2020. I currently have a job that makes $2800 a month after taxes, and I don't think I will be able to afford to live in my house, especially if the mortgage goes up again in a year and half. My house is also 30 mins further away from my work than where I live now. I live with my sister whom I pay around $500 a month. In my head I have a few options once my renter's contract is up.
Some notes that might be important in making this decision: Outstanding Principle right now on house: $100,000 Apartment near work: around $1000 a month Personal Debts: $12,000 My original plan: I can sell the house. Use the profits made to pay off all my debt, as well as have $60,000 to $80,000 as a downpayment for another house. [link] [comments]  |
| IN a lot of debt. Want to pay it off but don't know how. Need to know my options Posted: 04 Mar 2019 03:01 PM PST So this will be long and I don't think a TL;DR can clearly state my issue in summary but ill provide one. But please read. Im in dire need (yes its my fault). I apologize if I'm all over the place so at the beginning of my screw up. This starts out in Florida It all started when I got out of the Navy. I thought I had it all figured out and thought I would go to school with my G.I and work a part time job. Well that didn't work out. Ran into complications with the school I was applying for so could not start school till the next semester. So I got a full time job. I had a decent savings too. well That job paid crappy and almost every other job was either hard to get into or paid less than my current job. Well I thought I made calculations right and what not, but was wrong. I had a $750 rent, $50 car, $400 car insurance. I worked overtime to be able to pay those but my job would at times not give overtime. So my savings start depleting. Then its gone. So at times I used my one credit card to pay for food or one of the bills. Ok I thought I just have to wait till school starts. Well come to find out that the program I was going for required an pre-school orientation that my counselor "forgot" to inform me off. So another semester lost and the debt starts stacking. At this point I met my current GF. We had dated for a year and decided moving to Texas would be better. Better jobs and possibly better pay. Right before moving, my car started going bad and took it to the mechanic. Well there was a lot of emergency repairs that were needed as in if I continued to drive in it, it could kill me. Total cost of repair would be 10k. I still owed 8k on it. Heck no so I went to the dealership ( Mistake number 2) and obviously was a bad, and got another car. Used my credit card for the down payment ( Mistake number 3) and got a new car. First credit card is maxed at $5k. Well So ok I thought, thats it I can afford the car since monthly payments are the same. Well the apartments that I was moving out of charged a lot for minor things (google review confirms others ran into same issue). Well there goes my moving savings. Took a second credit card out ( Mistake number 4). Also I owed a toll of $400 for Florida. Ok we moved. Used second credit card to pay a lot of stuff out since even though my girlfriend was working and earning money ( shes a flight attendant), it wasn't enough so I had to step in. Well I got a job in Texas after 3 weeks of living here. Paid decent and was ok. Got a lot of overtime and so I decided to start paying things off. Well company was losing business. Overtime was no more so I was at 40hrs a week. Stopped paying debt off in order to pay essentials. Half a year later I finally started school. So ok I switched to part-time at my job and was doing ok in money but not enough to start making huge payoffs on my debt. Well come December, my company lost two contracts and was going to lay off a bunch of people including me. Well ok I'll look elsewhere. Biggest screw up. Remember my toll fee? Obviously I can't get a license here since I owe Florida. Well could not pay off that fee. License expired and car expired. Come January, I get laid off and have no job or school money coming in. Gf doing best she can. I get a at home job that started half way through February . Well they have this weird way of paying and I won't see my first check till the 15th of this month ( March). I have no idea what to even do or who to talk to. Im super depressed and see no way of fixing my mistakes. I feel like if i can somehow get a license now, I can be better of but how. TL;DR I made too many mistakes. I owe about $16000 in debt minus the $18000 I owe on my car. Haven't made a car payment ( calling today to see if they can hold off in me paying), Have an expired Florida driver license and my car tags are expired. What do I even do. [link] [comments]  |
| $16,000 and no need for it until July Posted: 04 Mar 2019 06:31 AM PST I have $16,000 sitting in a savings account and I won't need to pull it out to pay bills until this July. With that said, what is the smartest way I can make this money work for me? I've considered opening a few CDs but maybe there is something more rewarding. This is my first post to this sub and I always enjoy seeing what people are able to come up with. Thanks! Edit: Thanks to everyone who posted, it really helps. This is the first time in my adult life that I haven't been completely swamped by unsecured debt. Edit 2: The back story A few people seem interested. Basically I had a ton of debt, parents didn't have a lot of money growing up and I have been paying my own way since I was about 14, as soon as I could work. I wasn't sure what I wanted to do in college so I tried a few things and burned through student loans. By the time I knew what I wanted to do, I have the max student loans I could get. I worked full time so I had decent credit, put a ton of tuition and school on credit cards. I met my now wife, who was in a similar situation. We both finished college with a ton of debt from school and living. We got married, all paid for by my wife and I. We then bought a house as it just seemed to be a better investment than paying 2x the rent. We recently had our first baby. I am very lucky that my hard work paid off and I have a pretty good IT Management job so my income basically doubled this year. Last summer, after we had our child we were basically scraping the bottom financially, paying around $1000 in just credit card interest a month. $1000 was basically 1/4 of our monthly earnings as my wife is a school teacher and I had yet to be promoted. One of my relatives offered to use his lack of debt to income to get a couple large credit lines with no interest on balance transfers. I had helped him quite a bit any way I could in the past and although I didn't want the help, I took it to ensure comfort for my family while I pay everything down. I just got a raise and it made it easier to make the decision to get the help. As planned my raise helped expedite the repayment and things are looking up. I've got about 3 strong months of living expenses saved, a 5k savings for emergencies (which I just got clapped with a 2k emergency bill) and about 16k to pay the complete balance of this person's credit line down when the interest free period ends in July. I think that's everything, sorry it's a bit jumbled I'm on mobile. I'm glad I posted though this sub is filled with very talented and financially saavy people. The support is amazing! [link] [comments]  |
| Note About Traditional Retirement Accounts in Pennsylvania Posted: 04 Mar 2019 06:00 AM PST Hello r/pf, I was going through my PA state tax return for the year and I came across information that might be useful from a planning perspective if you're a Pennsylvania resident, a nonresident otherwise subject to Pennsylvania taxes, or a person who is planning on retiring in Pennsylvania.
In short, for Pennsylvania Tax Purposes, Traditional retirement accounts for Federal Tax purposes are treated nearly identically to Roth accounts. I can find no discernable differences. This means that you could potentially pay zero state income tax on Traditional 401(k) and IRA amounts if you make those contributions while living in a state that allows for such deductions and subsequently move to Pennsylvania for retirement. Alternatively, if you make such contributions while you live in Pennsylvania and move to another state for retirement, you could potentially be taxed twice for such contributions. This isn't intended to insinuate that the 3.07% flat tax on income in Pennsylvania is enough, in isolation, to make decisions about saving/living in retirement; I'm merely positing it as something to consider for planning purposes. Hope this was informative! Edits: Added words in italics above to alleviate any confusion regarding state tax planning. [link] [comments]  |
| Asking for a raise after taking on other employee's role after they quit. Posted: 04 Mar 2019 08:08 PM PST I've been at my current job for the about a year and a half doing the work of an entire marketing dept by myself as well as handling a good portion of sales along with another person. The other sales person resigned at the end of the year so I have been doing marketing as well as handling all of the company's sales. I mentioned to my employers that I would like to speak on the subject of a raise or bonus and was brushed off and told to keep doing a good job. One of the company owners called me as he knew it was important to me. (At this point in time I must say I was told I would start at the company at a rate much higher than I was currently getting paid and didn't complain when I didn't get the agreed starting wage as I knew the company was just getting going). During the conversation the owner agreed to move me up to the wage we agreed for me to start at, a year and a half later. When I mentioned I knew what the other sales person's salary was I was then rushed off the phone and told he had another call. I can't help but feel slighted at every turn in that the past two month on my own have been the two best sales months for the company to date and I'm drowning in work as I've picked up two departments worth of work. My SO says I need to put my resume out there but the closest place in my industry to be a step in the right direction would most likely involve a move away from family and support system for our child. How should I approach my employers on the subject again if again. I like the place I work and all of my coworkers and see a lot of potential in the company. Do I press the issue or look elsewhere? [link] [comments]  |
| Applying to a job and asked for minimum salary Posted: 04 Mar 2019 11:43 AM PST I am applying to a new job and during the application it asked for minimum salary. I did some research and saw the salary spans 50k. If I put the low end value, will the company use that as the value to set my starting salary if I get the job or will I have the option to negotiate to an average salary? Thanks [link] [comments]  |
| Posted: 04 Mar 2019 07:15 PM PST 23 (M) : Just started my first real job out of college. I have enough money saved from my previous part-time work to cover a couple months of expenses (and the company is currently paying for my housing through the end of March). My question is basically: Should I open a Roth IRA and throw some money toward my 2018 contribution before the 04/15/19 deadline or just open the Ally Online Savings account to start building a larger emergency fund? Pay cycle is delayed by a week and is biweekly, so I won't be receiving my first check until 03/22. This means I could essentially put ~$4000 into a 2018 Roth by 04/05. In either case, I intend to max my 2019 contribution to a Roth IRA (I was thinking VTSAX). I'm planning on renting for a year before potentially buying a house in the area. However, I'm not entirely sure if I want to tie myself to the area (as it is far from home). So, I'm thinking it may be wiser to leave myself with more available cash in case I decide to make a down payment (in case I like the job and decide to stick with the company for >5 years). Another potential complication (not entirely sure) is that I have already filed my 2018 taxes. Would opening an IRA require me to amend my taxes? If you have any questions/comments/concerns, let me know if I can do anything to clarify my quandary. Thanks in advance! tldr -> Should I emphasize increased liquidity or increased retirement savings with my first $4k of earnings? Edit 1: It would seem that amending my taxes would be unnecessary if I decide to do the 2018 Roth IRA contribution. [link] [comments]  |
| Questions about emergency fund and Roth IRA contributions Posted: 04 Mar 2019 07:04 PM PST I'm new to the concept of Roth IRAs and had some questions. My first question is sort of basic but surprisingly difficult to find an answer to. What exactly counts as a contribution? Does cash I put into my Roth IRA account that just sits there and remains uninvested count as a contribution? Or does it only count when I actually invest that money? My second question is a bit long-winded and relates to me finding out that the principal money contributed to a Roth IRA can be taken out penalty-free. As a result, it's entirely possible to put money into a Roth IRA to be used as an emergency fund. That gave me the idea of doing it myself. I'm in relatively good shape financially and have a fully funded emergency fund but I like the idea of putting some of it into my Roth IRA, especially since I haven't contributed nearly the full $5,500 amount in 2018 that I can put in. So let's say hypothetically that I contributed $5k in 2018 to my Roth IRA which now has $6k in it, with $1k being earnings. If an emergency came up and I had to withdraw $2k from my Roth IRA, and then I put back $2k after I recouped the funds, would that $2k count towards my allowed contribution for 2018? As in, would I only be able to put in $500 for the rest of 2018 to replace what I took out? Or would that just be considered "replacing" and I would be allowed penalty-free to put back the $2k, and even putting in an additional $500 to max out my 2018 contributions? I hope my long-winded example wasn't confusing or redundant and would appreciate your responses. Thank you! [link] [comments]  |
| First Time Contribution Question Posted: 04 Mar 2019 08:14 PM PST I'm a complete noob when it comes to 401K contributions and was planning on making my first contribution in a few months. Turns out I need to learn enough by tomorrow to take advantage of a bonus I'm scheduled to receive in a few days. The bonus is of about $25k and I'm being given the option to make a 401k deferral. I figured I'd rater contribute to my 401k than having the government take the usual 35-40% off the bonus. Looking at the website, I have the option to make a contribution % before tax or Roth 401k or I can do both. It asks me to select % instead of specifying an amount. I made 0 contributions for 2018. I am not clear on how much I can contribute and how to convert that to a percentage (the option is up to 90%). What the hell do I do? Any guidance is much appreciated. [link] [comments]  |
| Posted: 04 Mar 2019 08:11 PM PST Im 19 and im currently a freshman in college. I want to buy an investment property this year before fall semester of my sophomore year. My main goal is to own a home so that I can live for free and make a little extra money every single month to invest into other properties. The homes in my area are relatively cheap (I can find a 3-4 bedroom house for about 100k-180k around my campus). I have saved enough to probably be able to probably put down a 3% down payment on the home. And I would already have 3 people who I could rent the house to for about $500 a month each. This would easily cover each months rent and some.I have been trying to building my credit. I've had a credit card for about 7 months now and I've consistently have had a job at Walmart since I was 16. The problem is that I make about 12k a year and a bank would most likely not give me a mortgage for a home. I was planning on getting my parents to co-sign (they both have over 800 credit) but that might not workout due to some added expenses that they've recent encountered. I was wondering if there is a program or a way to get a mortgage on my own? I know I would be able to pay the mortgage each month if I had my roommates living there, but the bank doesn't care about that. They will just look at my anual income and probably instantly deny me. Any tips or recommendations to helping me get this investment property would be greatly appreciated! [link] [comments]  |
| Trying to repair my finances after unemployment, mental health issues Posted: 04 Mar 2019 06:37 PM PST 2 years ago i was diagnosed as bipolar, had been spending recklessly and accruing credit card debt but still making payments and not destroying my credit completely. Fast-forward a year and i lost my job and things go very down hill from there. I defaulted on all my credit cards and last i checked was ~12,000 in debt from them. fortunately i was able to land a job and would like to try and put my life back together financially but don't know how to do it. Id just like to know how I'd go about paying off the debt? I assume collection agencies have bought the debt but none have contacted me for approximately 6 months(i was ignoring calls for a long time yes i know I'm an idiot) Other info, I started a sales job in the tech industry with a base salary of 40,000 and the expectation that I'll be on pace for a 75,000k year(pro rate for the March start date) I moved back in with my mom and my only expenses right now is public transit and whatever take out food i feel like buying. During my unemployment i worked a lot of service industry jobs to pay for essentials like rent and food before moving home. I got a bartending job that I'm going to keep as a way to expedite getting myself financially healthy again and am only going to work this job Friday and Saturday nights so it won't get in the way of my 9-5. This job gets me 450-600 dollars a weekend cash. Ideally I'd like to consolidate the debt and make monthly payments to one place but i know that's for people who haven't destroyed their credit. Appreciate any feedback! [link] [comments]  |
| Employer contribution for solo 401k Posted: 04 Mar 2019 08:11 PM PST Let's say I'm self employed. I have an S Corp and paying myself a salary W2. My total income is 120k but paying myself 100k salary. Is my employer contribution for solo 401k based on the total income (25% of 120k) or W2 income (25% of 100k)? [link] [comments]  |
| Actionable tips for saving money if you're not sure where to start Posted: 04 Mar 2019 09:21 AM PST One of the biggest challenges for a lot of people is getting the initial $1k emergency savings fully funded and then keeping it going from there. I saw this graphic elsewhere on reddit and I thought some people here might appreciate it. Anyone here already having success with any of these? [link] [comments]  |
| Posted: 04 Mar 2019 08:03 PM PST I own a property(business retail) where the first year (2018) I put in 30K in remodeling, (not repairs) therefore a net lost of 15K after taxes, rental income, mortgage, and insurance. What can I do with the 15K I lost this year? My accountant says nothing (only 2K or I misheard can be rolled over to next year) and it does not affect my current W2 income taxes since my property is filed separately meaning the tax and mortgage interest rates were not counted as itemized deductibles during my W2 income tax filing. Is that true? [link] [comments]  |
| Trying to fix my financial situation and credit. Posted: 04 Mar 2019 08:01 PM PST Okay guys and gals. My credit is in the shitter. It's at like 451. My credit report only shows one basic type of debt - Student loans. Well that's not true, there's also 1100 from an old apartment, that was an error - I have confirmation from the apt complex - and I just put in a dispute for it tonight. There's also an amazon credit card that seems to be WAYYYY over what it should be that I'm investigating. Limit was 100 bucks, balance is 324. I haven't been contacted before about it. I can handle that one quickly enough once I figure it out. There's a 21k loan from bank of america that I was never able to make a payment on - from 2008. The rest is student loans, to the tune of 181k. Interest truly is a mother. I don't make much money, and haven't for years. I'm working on that - I went through a tough time personally for years after losing a kid w/ ex fiance. Depression blah blah - don't want to bore you with my life story. Suffice it to say I've been broke for ages. I paid off my car - but it doesn't show there. I also took out a loan against my car to repair it - and it also doesn't show there - I've paid those on time each time. Here's my question - how in the hell could I ever hope to get out of that kind of debt. It's completely demotivating me to make any kind of good life choices - Even if I get a job making 60k or so a year - It'd take decades. Wage garnishment is real. The loan is with Navient - who have effectively failed to send me any paperwork for over 6 years on income based repayment (which would have been $0) - and I'm just so tired of dealing with them. It's to the point I blocked all their numbers in my phone, because it's just too much. Is there ANY way that I can get out of this? Bankruptcy, Loan Forgiveness, etc, without living in the poor house the rest of my life? The degree didn't get me a good job. I also didn't do a great job of marketing myself and making myself in demand. Because of this - I don't even want to take a normal job that makes 50-60k a year - that just isn't enough. I find myself going towards entreprenuership - Currently I'm working in a business that works kind of like MLM, putting my eggs in the basket that I'll make it to ownership, and be good enough at that to make six figures a year. I've seen it done, and the opportunity is solid - but only for people who work their ass off and are talented. I have what it takes to do that in many regards, but my work ethic is simply lacking. I suspect maybe I have ADHD or something like that - but ultimately I feel crushed by the overwhelming idea of paying off this debt - especially with the 10.85% interest rate that I got fucked with half way through school. I wish to god I'd never went. I know many of you are going to talk about the ethics and morality of paying debt that I took out, etc. Believe me, I get you on that, so please spare me the condescension. I want to have a family, build a home, and have a life. I just fear that I can't do that with this hanging over my head. I know for a fact that financially concerned partners in the past have looked at that amount of debt as a massive negative, and wouldn't want to get married because that debt would then become theirs. I don't blame them for that. What can I do to start fixing this, or escape it entirely? I have no credit cards, and I pay all my other bills, I just can not pay the 1335 a month they want for these loans. I barely make 10/hr right now. [link] [comments]  |
| You are subscribed to email updates from Personal Finance. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment