Personal Finance Emergency Fund - Getting us through that emergency! |
- Emergency Fund - Getting us through that emergency!
- It would appear I made a profit of $5,000-$7,000 after my first time year of reselling. Did I miss anything big/important for taxes?
- After a fender bender, am I required to use the insurance money for repairs if I own the car outright?
- My boyfriend hasn't filed taxes for the past 6 years
- Scammed and paid $4000 in gift cards. Anything I can do?
- Is there a mortgage calculator that also caclulates how much $X extra principal payment per month will lower your bill in the long run?
- Acrons information?
- Best place to buy renters insurance?
- Northwestern Mutual is charging a 13% “fee” for not bundling whole life with our term life insurance and it’s driving me crazy.
- Talk Me Off a Cliff - my Roth IRA is Wimpy
- Ideas for how to make this months rent, any advice helps
- Chase closed my account and won’t give me a reason
- Work 12hr days to replace a supervisor??
- How can I best help my mother, newly widowed, with her long-term finances? (US)
- 18 with 10k saved
- College Grad with job lined up in hometown. Need advice
- My financial - and housing - situation was turned on its head at the end of February, and I don't know if I have anything I can do about it before things get worse.
- What other resources have you use for learning personal finance? (besides this sub)
- Lump sum into Simple IRA
- Check your Credit Card Charges After Eating Out
- 19 years old, car broke down and repairs are $2000 USD.
- Struggling even after 8 years.
- Taking a new job but trying to retain current jobs bonus before leaving
- Do credit card brands all start with the same digits?
| Emergency Fund - Getting us through that emergency! Posted: 02 Apr 2019 06:48 PM PDT My family of four suffered a catastrophic house fire last Monday. The humans are okay (we were not home) - the dog and 2 cats so tragically did not make it. It is truly astounding how your life can change in the worse way in an hour and forty minutes, which is how long we were gone. Our home is unlivable for 8-9 months, and we frankly had what was in our cars and on our backs when we drove away that evening. After establishing ourselves for fifteen years, the stark realness of having nothing, and the realization that the only thing that really matters anyway is each other, is a profound and heartwrenching experience. BUT THE GOOD NEWS - We had plenty of savings. Sure, we also have good homeowners insurance, which will make us (mostly) whole and even cover the bulk of our living expenses while we are displaced. But it takes a while for those wheels to turn, and as of today we are out of pocket $3000 just in staying in hotels, purchasing necessities like backpacks for our kids to go to school and meals. We have to pay a large deposit on a rental home that the insurance does not cover, and is another $4000. If we did not have the cash to lay out, we would of had to turn to family/friends or been in a desperate situation. Also by having several months living expenses set aside, we were able to take a preplanned weekend getaway that was such a nice mental break, our kids have been able to continue their activities they love and enjoy, and we are moving forward with a babysitter and datenight this weekend. Without savings (and insurance, of course), this would seem way too indulgent, but keeping the fun things in our life while going through such a traumatic time is healing, especially for our young children. Never in a million years did I think I would have been facing a devastating fire. I always thought it was probably silly how much we kept around in emergency funds, but I did it anyway thanks to this sub and YNAB. I could not be more grateful. [link] [comments]  |
| Posted: 02 Apr 2019 03:50 PM PDT It seems I grossed (according to PayPal) around $20,000-$24,000 (I cannot remember the exact amount on the top of my head). After eBay fees, PayPal fees, and the item costs, I am left with a net of roughly $10,000. But I did not charge sales tax, so that is is roughly 10% ($2,400) of the grossed amount. And then 15.3% for self-employment taxes at the AGI of $7,600 ($1,164). I did not even include shipping supply costs or travel expenses. So basically, it appears I made around $5,000-$6,600 my first year of reselling (and full-time too, no other job or school) depending on how much I include the travel expenses and shipping supply costs. Are there any other big expenses for tax time I should look into that I have missed? I probably could have worked a normal job and made more, but oh well. Lessons learned! [link] [comments]  |
| Posted: 02 Apr 2019 11:57 AM PDT So, I got into a fender bender last week, and the insurance company did an estimate at $1100 for my repairs. My deductible is $500, but they'll cut me a check for the remainder. It's 100% superficial damage to a car that's over 10 years old. I can live with a cracked bumper, so my question is, am I required to use the money for repairs if I own the car. I know if I still had payments, they make the check out to me and the repair shop to ensure the value stays higher while it's bank owned, but now it's paid off. I'd rather use the money and the car for a down payment/trade in on a used SUV since I live in a state with mountains and snow and we go camping a lot. Is there any major downsides to doing this? Would it be better to fix the car, then trade in? Any advice? [link] [comments]  |
| My boyfriend hasn't filed taxes for the past 6 years Posted: 02 Apr 2019 12:38 PM PDT Title says it all. My boyfriend hasn't filed his taxes for the past 6 years. He's never been a high earner so I doubt he owes the IRS much if anything but I have no idea how to go about tackling this. Is this something we need a professional accountant for or can we handle it ourselves? We want to get him straightened out and back to filing every year but don't don't where to start. [link] [comments]  |
| Scammed and paid $4000 in gift cards. Anything I can do? Posted: 02 Apr 2019 03:09 PM PDT So long story short, someone (let's call them Al). I know got a call claiming that they were a local police department and that there were multiple charges against them in another state and that there was a warrant out for the arrest. Al got guided to go to the closest store and to buy $4000 worth of gift cards using his debit and credit cards. He was then told to scratch the codes off and give them to the officer as a way to pay for the charges that were filed against him. As soon as the codes were received, the line cut and that's when Al realized he was scammed. He went to the bank to file but they told him that he more than likely won't be reimbursed since he himself went into the store and bought the gift cards rather than someone else doing so with stolen info. Is there anything that Al can do to reconcile the $4000?? Any advice is greatly appreciated. Side note: Al did not give out his SSN or bank account info - just the codes that he bought on the gift cards. I know that this is incredibly dumb on his part, but the number showed as a local police department on caller ID and he is the type of person who trusts too easily and is very gullible. Update: LOL I know what it sounds like but I swear it wasn't me. Anyway, Al called the gift card companies and filed multiple reports with police, FDC, and somewhere else and the money is reimbursed. They were able to track down the email and account all of the money went to. Thanks guys! [link] [comments]  |
| Posted: 02 Apr 2019 04:28 PM PDT I've been searching and haven't been able to find one. I'd be curious to see how much interest I'm saving over 30 years, how much faster I can pay off the loan and a couple other things. Thanks for all the responses I appreciate it. [link] [comments]  |
| Posted: 02 Apr 2019 07:31 PM PDT Can anyone tell me any information on the investing app Acron before I download and use it? I want to know everything about the app before i use since investing can be risky and I'm only 18. [link] [comments]  |
| Best place to buy renters insurance? Posted: 02 Apr 2019 07:02 PM PDT I'm about to move from my parents house into my own place, any tips in general? Specifically, I am required to get renters insurance before I move in. Where should I be looking to buy renters insurance? [link] [comments]  |
| Posted: 02 Apr 2019 02:47 PM PDT Currently have Northwestern Mutual term life insurance, which we got during a financial advisor phase of our life. We have since dumped the financial advisor and his whole life policies, except for the term life insurance since we didn't want to go without coverage with 2 young kids. But the fee and barrage of emails telling me WE MUST GET WHOLE LIFE OR THE WORLD WILL END are driving me crazy and I need to get something else. There are so many term life insurance options - any recommendations? In case it matters, I am 29(F) and souse is 30(M) and we're both very healthy. Husband smoked once last year facepalm Also recommendations for calculating how much we need? [link] [comments]  |
| Talk Me Off a Cliff - my Roth IRA is Wimpy Posted: 02 Apr 2019 08:43 AM PDT Hello all! I'm a 47 year old who is through my first year of a new career in a profession that is notorious for low incomes. I love it and won't leave it unless something sets me and everything I know on fire. I net about $33k per year in New York, but my expenses are very low, and my living situation is quite nice. For various reasons I won't get into, my income has always been pretty low, and I've always struggled with money. I contribute a bit to my Roth each year, but not much. Currently, my Roth has $37k in it. This is nowhere near what I'll need for retirement, and so it's a source of anxiety for me. Imagine the state of my nerves when it dropped down to $32k earlier in the year. Everything I'd added to it along with all the interest for the previous few years was gone. It's back now, but that roller coaster is not what I need in my life. It would be great if it keeps growing at the rate in which it recovered from, but I feel like I just got burnt and now I'm super hesitant to keep adding to it, and know that crossing my fingers for its health isn't usually very productive. Back in 2004 this fund was much higher at $65k. In the crash, it dropped to somewhere around $20k very quickly. Lots of us experienced this level of loss back then. When your income is low, and this much money just disappears along with all its power to earn interest, the recovery process is very very slow. So this cliff I'm looking at is the one where I dissolve my retirement fund and find something more stable to hold my $37k where can grow safely. My Roth is growing now, but there are so many what-ifs, and I FEEL like I'm hurting myself by keeping the money in mutual funds that may disappear at any moment. This is an emotional post! Please talk me off this cliff. Or don't - what should I do? What can I do to make my retirement money feel more safe and help it grow?) edit: Around 2011, I experienced some severe financial hardship and cashed in about $6k. My funds were doing well at the time - I had around 30k in my Roth, so I didn't think it would hurt. I'm gleaning from the comments thus far that I likely would have recovered much more if I'd not done that. edit2: I was moving my money from underperforming funds to healthier ones. It didn't occur to me that I was SELLING them. This may seem ridiculous to some of you, but I've never ever found a good guide who can really tell me how this all works. So, yes, in a sense, I did some panic-selling, but didn't know I was doing that. Now I do and this has been extremely helpful - thank you!!! [link] [comments]  |
| Ideas for how to make this months rent, any advice helps Posted: 02 Apr 2019 07:07 PM PDT Broke college student who needs to come up with about 400-500 bucks this month for my rent. I have a part time job but they barely give me hours so I'm going to try and find another gig. I don't spend anything on food, monthly subscriptions, etc. If y'all have any ideas for doing work online or maybe some beermoney stuff that would be great! Thanks to whoever helps out [link] [comments]  |
| Chase closed my account and won’t give me a reason Posted: 02 Apr 2019 05:48 PM PDT I am only 17 years old. Will this affect my credit when I am able to open up an account when I'm 18 years old and will I ever be able to re-open with chase ? Edit: Thanks for the help and suggestions everybody ! [link] [comments]  |
| Work 12hr days to replace a supervisor?? Posted: 02 Apr 2019 05:20 PM PDT So I'm going to summarize this the best I can, I am a warehouse supervisor who is currently salary. Over the last 2 years we've been busy and had a few months where we needed mandatory OT to keep up with demand. We have 3 shifts and 3 supervisors, the 1st shift supervisor is moving into a different position leaving me (2nd shift supervisor) and 3rd shift supervisor. Our manager has floated the idea of a possible cost savings to the company and possible raise opportunity for myself and the 3rd shift supervisor to work 12hr days and fill in for the lost supervisor that way. This would also mean we go back to hourly so we would receive the OT hours. I do have a fiancé and baby at home My question is do you think it's worth it? Also I don't know how to quantify how much of a savings it would be for our company to even present this as an option for negotiations. [link] [comments]  |
| How can I best help my mother, newly widowed, with her long-term finances? (US) Posted: 02 Apr 2019 10:46 AM PDT I (26) am an only child. My dad (58) died a couple months ago and my mom (68) now controls all of their assets alone. When I was growing up, my mom managed the checkbook and paid the bills, but over time my dad began managing the savings accounts and investments. Long story short, he's gone now and my mom doesn't know anything about the investments or how to manage the money. He used his time to ensure she was the beneficiary on everything, and we made a password list at some point, so there's no mystery money or anything, but I don't think she's at all comfortable even with very low risk investments like certificates. My dad told us while he was alive that he'd like me to help manage the money, like that I'd be co-owner on her accounts, but since he died we realize that could potentially cause problems for me with insurance (needing to have higher asset protection/coverage) or possibly taxes (although this I'm unsure about, since she will be the primary owner on everything). I'm not worried about her month-to-month accounting - she'll have a base income of about 4-5k per month after taxes with no debt, plus both their social securities and my grandmother's IRA which pays out a required minimum distribution. She lives in a state with low property taxes and no state income tax. I just want to make sure the cash she has still grows because women in her family grow old. Obviously I stand to inherit everything here, but I don't want to gamble with this money, I want to make investments that are germane to a 68 year old retiree. I'm no expert, but she doesn't know anything about this stuff and I think without me she'd just let it sit in savings. When he died, they had about 160k in a money market savings, 275k in various retirement accounts, 100k in certificates near maturation. She just got a 300k life insurance payout that's now in savings. I think there was another 50-100k insurance payout in there as well. Their home is worth 360k - she plans to live there for a year or two but is planning to buy property and build a smaller house in the tiny town she's from (median home price in that rural county is 100k). So, she needs some cash to build that house, but even if she needs 200k on hand for that (in a year), she still has 350k just hanging out. What's the best way to help her? Should I just instruct her in making certificates, or is there a better low-risk investment to make, OR is there a way for me to have direct control without some kind of problem? Hope this write-up is cogent and thank you for your help. [link] [comments]  |
| Posted: 02 Apr 2019 11:29 AM PDT I recently turned 18 and have $10,000 saved up. I am going to a 4 year university for free next year on scholarships. The money is just sitting in my bank acct making no interest. Should I put half in a rothira or something like that? [link] [comments]  |
| College Grad with job lined up in hometown. Need advice Posted: 02 Apr 2019 01:38 PM PDT I am in my final semester of college, and my best job offer was for a company in my hometown. My parents have offered to let me move in with them and save some money. I have a very good relationship with my parents, but I know it is generally looked down upon to stay with parents after graduating. The job I am taking would pay for all of my expenses fairly easily while contributing to savings. What is the general consensus about this, or has anyone been in this situation? [link] [comments]  |
| Posted: 02 Apr 2019 03:05 PM PDT For reasons I'll not go into, I'm not able to work (I've been deemed eligible for SSI, more on that later). Until the end of February, I was living with my father (my mother passed away in 2016) who was largely providing for me. Unfortunately, he passed away and was without life insurance. He left me the house in its entirety, and the rest of his estate is being split between myself and my sister. There's a few thousand from various investment and retirement funds we're working on getting access to, but that's about it. The house still has about ~150k owed on it plus the solar panels, and the estimate monthly budget for staying here in just under $2800 a month - needless to say, that's not something I can afford. I'm trying to sell off what I can to get some form of stopgap income, but there's little we have of value outside of a few pieces of Ethan Allen furniture. I was approved for SSI a few days before my father died (and didn't hear about it until *after*), but the paperwork has stalled because I, like a *fucking idiot,* didn't hold on to some tax documents regarding some stock and mineral royalties I have (which, all together, amount to less than $500 yearly income, but it is income and they need to know about it). Is there anything I can do to keep myself from drowning here? I probably won't be able to reply quickly after today, my internet's likely to get cut off tomorrow. [link] [comments]  |
| What other resources have you use for learning personal finance? (besides this sub) Posted: 02 Apr 2019 05:16 PM PDT I want to find more places to read and learn about pf. Things like books, blogs, forums, websites and such. I'd like to know how you first learned and how you're still learning now. Thanks! [link] [comments]  |
| Posted: 02 Apr 2019 06:38 PM PDT i have had a simple IRA with the company i started working for since earlier in 2018. The only money in there currently is the 2% of my salary (there is no matching for contributions). If i make the max contribution limit before april 15th. Am i able to deduct this on my 2018 tax filing? [link] [comments]  |
| Check your Credit Card Charges After Eating Out Posted: 02 Apr 2019 11:48 AM PDT I was looking on Mint and a transaction struck me as odd - I know that I was charged $40 at a bar and the charge that posed was $60. I know for a fact that I didn't leave a 50% tip so I feel like there's some funny business going on. I have no idea if this happened to me before, or if its even an often occurrence. Needless to say I will be checking my posted amounts more often. [link] [comments]  |
| 19 years old, car broke down and repairs are $2000 USD. Posted: 02 Apr 2019 08:18 PM PDT Have $1000 saved for emergencies, and I earn over $1200 a month. I was planning on selling the car soon anyways, I bought it for $3500 when I was 16 not expecting to grow too much, but a small coupe is too small for my 6'2 self. My options are:
A) I can't depend on her everyday for work. B) Driving her new Jeep gives me crazy anxiety. PS: I can also sell the car as is, which should get me $400-$700. [link] [comments]  |
| Struggling even after 8 years. Posted: 02 Apr 2019 08:16 PM PDT My family owns a machine shop and the company was earning a lot. However my dad, the owner, passed away 8 years ago. Things started to go downhill from there. The thing is, my mom never told me about the struggle or financial difficulties she's been having ever since my dad left. I only found out about the debt and the company's poor income recently. I just turned 18 and my mom is turning 57. In a few years time she wants me to take over the company and try to bring it back to where it was successful. I don't think I can. I don't know much about the debt, she doesn't tell me much. She also doesn't open up about the company's financial status. All she keeps telling me is the company isn't earning much, she's struggling with big debts and she feels like crying everytime. I really want to help her but I don't know how to fix a company that doesn't earn much or how to ease the burden of debt. I could really use some help. I help out during the summer and I've been doing it for 4 years. I found a few problems that needs solutions. I would prefer advice that doesn't require the company to spend lots of money. Problems: - Late payments from customers. Some customers didn't pay for their orders from 2018. We keep calling them but they keep dodging.
Thank you for taking your time to read. If there are grammatical errors, I apologize in advance. I really want this off of my shoulders and really need solutions. Running this company is a lot of pressure and I don't think I'm ready. There's not much I can think of and I really want to help my mom out. [link] [comments]  |
| Taking a new job but trying to retain current jobs bonus before leaving Posted: 02 Apr 2019 03:06 PM PDT Current job has an x% salary bonus payable to employees in good standing on June 1st. It's based on hitting goals and the company being successful in the last fiscal year, both of which have been hit. Although the fiscal year ended on March 31st for us, this doesn't get paid out until June 1st and only to employees still employed and in good standing. I'm planning on leaving them to start at a new company that has given me an offer where I'd be much happier, and naturally they want me to start immediately. After drug screening, a background check, and THEN putting in a two weeks notice, this puts me most likely starting there around the first week of may which would be May 6th. I've told the new job my situation and they are really pushing the "we need someone to start now" angle. I understand and respect it, but I really want to find a way to get essentially 3 more weeks worth of active employment at my current job so I can hit the june 1st date, get my bonus, and just be done with them. It's salary and I'm expected to be in the office each day, though there's some leeway for work from home. I absolutely do not want to be unethical and attempt to be sneaky about having 2 salary gigs simultaneously where the working hours would conflict. I have a few sickdays and probably 1 week of PTO saved up that I could use. I'm basically trying to figure out if I can strategize an exit where all the dominos fall into place, but as it currently stands I can't see a way out of losing out and leaving free money on the table. Has anyone been in this situation before and have some wisdom to share? [link] [comments]  |
| Do credit card brands all start with the same digits? Posted: 02 Apr 2019 07:47 PM PDT A girl I went on a date with a few months ago messaged me and claimed she remembers everything. I asked he what the hotel room number we stayed in and she knew, I asked her the make and model of my car and she knew, and then I jokingly asked her what my CC number was and SHE KNEW the first 4 digits! She claims it's just because she knew the brand was capital one and all cap one cards have the same first 4 digits. Is this true? [link] [comments]  |
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