Personal Finance Me and 3 mates are planning on living together, need advice. |
- Me and 3 mates are planning on living together, need advice.
- Change my mind - the "don't buy a house, rent instead" sentiment here is ignoring the realities of renting.
- The Benefits of Being Broke for a Decade
- What is the reason why you would take a stable federal job over private?
- Nightmare financial situation - mom destroyed credit
- Receiving random gifts from Amazon
- My dad died in the year 2000, he had a 401k plan with Fox. How would I go about finding out if the account still had money in it/pull it out?
- Girlfriend quit Company A. She owes Company A $21k in relocation repayment. She accepted a role with Company B, and Company B is giving her a $21k hiring bonus to pay off Company A. The offer does not say - is the hiring bonus post-tax? Or will she only see ~60% of that in her bank account?
- Father passed away, his sister took over the estate.
- Tax Advisor Messed up 2017 Return, I owe over $2,500
- [Analyst] Am I being taken advantage of/working too much for too little?
- When Should I Open A Bank Account?
- Depositing cash with Schwab Bank?
- Gym won’t delete my bank information after my membership is cancelled
- Double Major, will likely acquire large amount of debt. Curious if y'all had any input on whether or not it is a good investment.
- 19y/o Looking for some financial advice
- Hello! My family has a pretty big debt and we are looking for advice
- Check Uncclaimed Goods in your State. You might find money (that you forgot about) that belongs to you!
- I have been saving random bills from change and also putting money into a giant jug. It’s $10,000 now and I want to put it into gold- is this a bad idea?
- How can I increase my credit score with student loans?
- Chase not reporting full credit history to Experian
- Keep hearing about real estate investing, keeps on sounding like a scam
- Retirement Public State Pension move to Private Sector
- Can I Afford A Premium Apartment?
| Me and 3 mates are planning on living together, need advice. Posted: 20 Apr 2019 10:35 PM PDT I wasn't sure whether or not to flair this as housing or planning. However, next year I'll be 19 and due to some personal matters I'll be moving out with 3 of my close mates. We're all relatively responsible and by then we'd most likely be cumulatively earning ~150k per annum. We were planning on renting an $800 p/w house. Since I'm naïve, I feel like there'd be no issue in the matter. It'd be easily affordable, and there'd be zero downsides involved. It's just, I feel like it's too good to be true. Having "zero downsides involved", therefore I'd hope someone can pitch in 2 cents and enlighten me on matters to be careful about. So I guess my question is, what are legal/financial things I should take into account? I currently live with my mum and have no knowledge on housing. Would it not be as simple as paying $200 a week, buying groceries and the occasional electricity/water bill? [link] [comments]  |
| Posted: 21 Apr 2019 01:07 PM PDT After trying to rent for many years, I feel like the reality of renting is far different than what is talked about here. I'd like to give the other side of the story, and share my experience as a long-time renter: Beware of buying - you'll have a ton of repair / upkeep costs. Reality: Major Repairs: I've rented my entire life. Very rarely have I needed a major home repair. I don't understand where this "you'll spend 1-2% a year on major repairs" comes from. The risk of major immediate issues can be greatly reduced by a proper home inspection. I understand there are still risks, but these risks are not as great as people make them out to be, in my experience. Minor Repairs: If you rent a home, you don't magically escape paying the upkeep costs. Every rental company I've rented from expects me to mow the yard, upkeep the yard, clean the gutters, and to take care of trivial repairs under $100. This is probably different for apartment rentals. I actually prefer policies like the ones I've agreed to - I'd rather spend 100 bucks ever month to ensure I don't have a landlord in and out of our (sigh... their) house. Buying a home is not an investment, invest your money instead: Reality: I don't need to move, and a mortgage payment is just as much as rent where I live. Therefore, I can either put my $1400/mo towards rent, or towards a mortgage. Why is putting $1400/mo towards rent more financially prudent than putting it towards ownership in an asset? Other realities of renting: - Rent prices rise much higher than taxes + fixed mortgage - My rent was $950, now its $1495, soon it'll be higher. - Bad landlords - People seem to assume all landlords are great and will pay for everything. The reality is that most will nickel and dime everything, and will just do the cheapest fix possible to get you to stop complaining. - Lack of stability - Want to put down roots? Sorry, the landlord wants his kid to have the house now, you gotta go. - Sterile environment - It is not wise to put money into the house, because it's not yours. Therefore, you house is only as nice as your landlord wants it to be, and things are usually less home-y and personalized as a result. - Unchangeable - you can't really re-paint or revamp anything, and it would be a bad idea to do so since it's not your house. - High security deposits - rentals have "closing costs" too. they are called "security deposits". Most can be 1-2k depending on the house, and you will also need to pay your first / last months rent (3-4k), and potentially a non-refundable pet deposit, plus $50/month per pet. I've gotten my security deposit back like 50% of the time, it's definitely not guaranteed, and isn't worth going to court over. - Random visits - hope you don't like privacy because the landlord can pop in whenever they'd like with sufficient notice (48 hours notice is still a huge hassle). Final thought Assuming you don't need to move in the next 3-5 years, I think it's almost always better to buy. I'd have at least 30k in home equity if purchased instead (I've paid ~ 50-75k in rent over the years). [link] [comments]  |
| The Benefits of Being Broke for a Decade Posted: 20 Apr 2019 10:10 PM PDT It's interesting to me how spending a decade being broke and really struggling has been one of the biggest blessings in my life. At the time it definitely didn't feel like that. Although these were generally happy times in my life, there's a lot of stress that can come from being broke. I don't think I've ever been below the poverty level, but for about 5-6 years out of college I was earning 300/wk waiting tables and later working at a pizza place. Started my own biz, made slightly more but not by much after that. Lived cheaper than I did in college while the biz was building up. Here I am maybe 3-4 years removed from being super broke and doing pretty good. I've bought a few properties, got some money in the bank, hopefully some big things on the horizon, and an optimism about my financial life. Some things I've noticed that have stayed with me from my broke decade: -Going out to eat is still a huge treat to me. -I became a pretty decent cook because I ate at home basically 34 meals a week. -I was driving a 3k car and am in a position to buy new, but I spent a little less than 9k and it felt like a HUGE upgrade. -I met my fiancé when I was broke. She loved me then and still loves me now. -I learned to budget like a champ because there wasn't much room for error. -I learned I could still save money (pay myself first), and now I'm saving at a high rate because I got in the habit when I was broke. -I learned that when I started GIVING a percentage of my pay (started at 1% and have worked up to 10%), I started making more and more. -I learned I was wrong to care so much about what people thought of me. I mean, I care now- but I want to be thought of as having high integrity, being reliable, being a good friend, partner, etc. I don't care if someone is impressed with the things I own or a job title. -I learned that spending money on books is a good investment. It's the learning that's taken place after school that's served me best from a financial standpoint. -Being forced to be frugal is very helpful if you're ever going to start a business. You'll know how to run things lean and mean instinctively. -my fixed living expenses have bumped up considerably. Maybe nearly 100%. 900-1000/mo to 1800-2000/mo. So, I feel like I'm living pretty comfortably. Still, IMO that's living fairly lean and allowing me to save. I guess I'm saying I learned to make intermediate jumps and not max out spending to the top of my budget with more money. -I think the most important part of spending a decade being broke was looking back on it and realizing I could go back to living on that $1,200/mo if needed. Hopefully it won't happen because I have some goals that require money, but that is a really freeing feeling to know I can survive when things are lean. It gives me the confidence to push and take some risks- which has (so far) led to making more money. If you spent a good amount of time being broke and are now on the upswing, what would you add to my list? What have you learned from looking back on that time? [link] [comments]  |
| What is the reason why you would take a stable federal job over private? Posted: 21 Apr 2019 07:40 AM PDT I need some serious career mentorship with this question and I would appreciate any help. I am young who has started out his career not too long ago. I've been working as a federal contractor and have landed an opportunity with the feds. The problem is that they're way to technologically behind and it will make me unemployable after some time. The work that I am doing is not even adding too much value or making me marketable for my next job. However, my family is under the assumption that I should go to feds and leave the private world altogether. I have taken the time to discuss this with several other employees and managers and they all have warned me not to go to feds for the sake of my career. My family is standing strong in the decision and wanting me to choose the federal world over private. This entire issue results in heated arguments and nothing gets accomplished. One of the reasons is that they believe I am not fast enough for private world and I could end up losing my job at any time. As a high-functioning autism, I may not be able to hold down a job or be a team player and these are the big fears. I am not really that confident in my programming abilities either as I don't have a good computer science foundation. In the fed world, its job security with good benefits (I think). In my current job, I have been performing well and I know I'll continue to do so. My fed manager already likes me so they believe I should choose them over my private company and leave. Ultimately, the decision is mine to make. I am still not too sure why it makes sense to go to feds over staying in private? At this point, I am young and completely confused. I know I am an adult and this is a very immature question to ask but I don't have a good support group to seek advice with. If you were in my shoes, can anyone please help me what and how would you have made this decision? Would you have gone to the fed world or stayed in private? Thank you for your time! [link] [comments]  |
| Nightmare financial situation - mom destroyed credit Posted: 21 Apr 2019 05:17 PM PDT This is probably going to be a long post. Created a burner so no one I know would see it. I'm 25 years old. Graduated college when I was 22. My mom basically set up my whole financial student loan situation. I trusted her and didn't know much because I was 18. My mom led me to believe that she was paying the student loans but some of them were in my name, and some were in her name. My MacBook died when I was 20. My mom suggested that I get a Best Buy credit card and buy a new MacBook and she would make payments on it. About a year later, the washer and dryer at our house broke and my mom told me I needed to get new ones and put it on my Best Buy credit card. Once again, trusted my mom. She also helped me open a Discover card so I could make small purchases like gas and pay them off to build my credit. I got my first real job doing what I went to school for when I was 23. I wasn't making much but I wanted to help pay for my student loans. I kept trying to get it set up to make payment but my mom always would put it off saying things like "oh let's wait and do this another time." I didn't question it because I trusted my mom. Last year, my mom sat me down and said "listen, I don't want you to tell your fiancé or anyone this, but your identity has been stolen and we have to go to court to fight it. I need you to go withdraw your $6,000 out of savings and just keep it in your closet in cash." I questioned her and said things like "are you telling me the truth? Something about this seems off." She swore she was telling the truth. I always thought my mom was a great person and she taught me growing up that lying is unacceptable. So I kind of believed her. Something else that I found fishy is that I have never received a tax return. I asked my mom every year to help me file my taxes and she always said there was no point because I wouldn't get anything back. I decided to check my credit score for the first time on credit karma and my heart sank. My credit score is at 450. I have 20 closed student loan accounts that say US DEPT OF EDUCATION (I don't even know what that means that the account is closed.) The payment status for those are "in collections/charge off". Two remain open with a $4,712 balance. Now on to the status of the credit cards. The best buy credit card is $3,072 past due. Says charged off as bad debt and canceled by debt grantor. The discover card is still open but it says it's at $1,475. There is a closed Capital One card I had no idea about that is "in collections/charge off" for $893. There's a "SYNCB/Care Credit" card also "in collections/charge off". That one says $0. I have not confronted my mother about all of this but I have told her that I am aware of my credit score and I'm scared of how much debt I am in. She tells me that she is going to take care of it and not to worry. She is continually asking me to borrow money saying that she will pay me back but never does. I have started saying no when she asks for money. To top this all off, she treats me like dirt on the ground. Meanwhile, every time I check the mail, there is a new package of clothes from Abercrombie or some other expensive store that she bought for my 15 year old brother. They constantly go out to eat. Always getting packages in the mail from QVC and amazon prime. My biological father gave me a 2005 expedition a few years ago and I drove it home from where he lives in DC even though I already had a honda accord. My honda accord broke down and my mom insisted that I drive my step dad's 1999 4 runner and that they drive the expedition because "it is too big for me to drive and takes too much gas." I have had to pay over $4,000 in repairs for the 4 runner in the past year. I ask continually ask her how it is fair that I am having to pay this while they drive the car that my biological father gave me and she gets very defensive and says that she's given up her whole life for me. I want to get out of this house as soon as I possibly can. I have a job where I make 40,000 a year. I know I could afford an apartment, but I don't know how my credit would get approved unless I moved to a ghetto area that didn't check your credit. Please give me any advice possible. I am desperate. I need a new car, an apartment, I am on track to be married next April. All of those things seem impossible with my current situation. [link] [comments]  |
| Receiving random gifts from Amazon Posted: 21 Apr 2019 03:43 PM PDT I am receiving very random gifts on Amazon with my name and address, and I can't figure out who sent them. Has anyone experienced/knows anything about something like this? [link] [comments]  |
| Posted: 21 Apr 2019 04:00 PM PDT |
| Posted: 21 Apr 2019 03:18 PM PDT |
| Father passed away, his sister took over the estate. Posted: 21 Apr 2019 08:15 PM PDT I'm going to try and keep this brief. My father passed away in 2016 and on a typed up document (that was dated to 2012) asked his sister to be the executor of his estates. It wasn't a formal/notarized will, but did clarify what to do with a few random belongings (cars, bicycle, tools, etc...). Unfortunately, I didn't get to see or be involved in much, she flew up here and kind of took over saying "I know what to do, we talked about it." There was a small policy for under $5k and a pension from his union that was made out directly to me so she sent me the documents because, what I can only assume, she couldn't get access to it. Other than those items, I didn't receive anything. My dad was very frugal but made a decent living wage. The amount I got doesn't really add up considering the amount he made and there isn't any other immediate family besides me. Also, I knew of very specific assets (gold, rings, etc...) he was proud of which she tried to hide from me basically thinking I didn't know about them. Him and his sister were close but her taking control was quite shocking as my father and I were very close as well. I didn't argue as I wanted to respect this typed up document with his signature. My question is... is there anything I can do to see what she (his sister) acquired? Or is there any other options for me to pursue? It's been a while and I kind of brushed it off because I'm not one to fight over money, but it's been slowly eating at me over the years and his sister is not even remotely apart of my family, where my father was. Thanks in advance, and I'll do my best to answer any questions that may arise. [link] [comments]  |
| Tax Advisor Messed up 2017 Return, I owe over $2,500 Posted: 21 Apr 2019 04:55 PM PDT Long story short: Tax advisor claimed I was eligible for the American Opportunity Act/Education Credit. I got a $2,500 refund because of that credit. I was audited and I then sent the required proof to the IRS about my student status etc. and after months of waiting they determined that the tax credit is only for the first 4 years of education, even if your education lasts longer than that. Mine did, and unfortunately, I owe $2,500 plus interest. I obviously had no idea about any of this and all the related "limits" and "credits", which is why I trusted a professional with my finances and tax returns to help me. I have a feeling I can't do anything about this and I just have to pay back the money. I already signed the form that I agree and signed the check, but before I mail it out tomorrow... is there anything I can do? I feel like calling my tax advisor and blaming her for everything but that won't change the outcome. What happens when a tax advisor states you were eligible for a tax credit and obviously weren't and you now have to pay back that money? Thank you in advance. [link] [comments]  |
| [Analyst] Am I being taken advantage of/working too much for too little? Posted: 21 Apr 2019 05:39 PM PDT So, I graduated May 2018. I got an entry level job in a data analytics oriented consulting firm. I have a computer science degree and joined this company as I was promised both technical work as well as a client facing role. At the the time of my joining, the company had launched a product recently and we had one customer (who gave us the idea). This product was in freefall and was constantly having major issues due to the fact that the people responsbile for developing it were not developers but people who knew programming but not necessarily best practise, efficient, optimization etc. Due to my technical background and my desire to work on the product I was pushed into fixing the issues. Keep in mind, I am the sole person with a computer science background working on the product. I was transitioned in and slowly over the course of 6 months given almost near complete responsibility of all aspects of the product - development, implementation, bugs, features, improvements etc. The older team members were phased out. At this time, another engineer joined me (with 4 years of experience) and sort of oversaw me without stepping in too much unless I was overloaded. After my first 2-3 months at the company, I routinely began working 50+ sometimes 60 hours a week. As we are a consulting firm, utilization (how much time you work at a client is what contributed to your bonus). For the first 6 months, my time was unbillable as I was on a product (not a client) and so my bonus was negligible (by quarter). I raised this issue, and they agreed and allowed my time to be counted as billable work. Post the first 6 months, I was positioned as the lead product developer/implementor and all things pertaining to the product could not happen without me involved in the conversation. I continued to work a lot, averaging around 50 hours a week. I work on the weekends sometimes, maybe 1-2 weekend a month. Currently, the situation is a client (we now have 3) is unhappy (unresolved bugs not brought to my attention by the project manager of the client from our company) and considering pulling out. This caused an immediate all hands on deck meeting and it was deemed that I have to work literally night and day from Wednesday of this past week to Sunday and ensure the product is stable and the client is happy come Monday. I have been stressed and have received continual stream of messages for updates. I earn ~$62,000 base with a 10% bonus if I have a 90%+ utilization (based on a 40 hour week) and 25/hour bonus if utilization is 100%+. The way I see it is, very few entry level jobs provide such kind of experience working on a product where I have a big say in the roadmap, technical stack and get to work on it so much. At the same time, I end up working a lot and I am not sure if I am being taken advantage of or that this is okay and I should keep at it. I like most of the people, the culture and the opportunity to be such a big decision maker for product. Thoughts? Most of my friends think that I am either being underpaid or that the expectations for my entry level role are too high. My 1 year at the company is on June 25th, 2019. Thanks in advance! I am currently in the midst of a panic trying to get stuff done before Game of Thrones. :) [link] [comments]  |
| When Should I Open A Bank Account? Posted: 21 Apr 2019 11:56 AM PDT Hey, so I'm 15 years old and I get my job in a month or 2 life guarding and I was wondering if I should open a bank account before or after I have a job. Thanks! [link] [comments]  |
| Depositing cash with Schwab Bank? Posted: 21 Apr 2019 06:55 PM PDT So I don't deposit cash often, but couldn't find a ton of info on how to deposit cash with this account. Can I deposit cash at ATMs, or do they not support that? Edit: Opening an account at my local credit union might be an option. Not sure what their ATM support is like though. [link] [comments]  |
| Gym won’t delete my bank information after my membership is cancelled Posted: 21 Apr 2019 04:30 PM PDT As the title says, I was a member of Planet Fitness gym and cancelled my membership last year. I was cleaning up my computer passwords recently and noticed my online profile for Planet Fitness is still working, and that they have stored my bank account information. I can confirm that they haven't charged me since I cancelled my membership but am highly concerned about the security risks of them having my bank account info. They refuse to delete the information, and I have escalated to corporate who referred me back to the local gym manager. What else can I do to get my bank information deleted? Should I send a demand letter threatening a lawsuit (and if I did this, I wouldn't have damages to claim so it seems like an empty threat)? Report them to Better Business Bureau? Edit: I am only able to view my account information, not change it. If I could, I'd change it to a bogus account number and stop thinking about it. [link] [comments]  |
| Posted: 21 Apr 2019 06:37 PM PDT I plan to double major in Plant and Soil Science (natural resources) and Biosystem Engineering (environmental and natural resources) at Oklahoma State University. I will have to relocate and plan to live off campus (which will incur extra living expenses). The job market where I'm at is pretty decent with a lot of growth and opportunities, and I feel a double major will benefit me by increasing my career options after University. I am currently pursuing an Associate's at a community college in Agricultural Science and should have all of my general education courses finished before transferring as well as a majority of the lower level Plant and Soil Science courses. I will need to complete some of the higher level math and science credits at the University that aren't offered at the community college. I always said I would avoid student loan debt, but I've been stuck in a rut and I don't see another way forward where I'll genuinely enjoy working without pursuing a degree. I do hope I will get some scholarships along the way to reduce the amount of student loans, as well as internships to provide myself with some extra cash and real-world experience in both fields. [link] [comments]  |
| 19y/o Looking for some financial advice Posted: 21 Apr 2019 05:24 PM PDT I'm 19 and looking for some advice from some people with more experience in life on where to place my money and how to spend it. Let me start by listing where it is and what I have accomplished so far. Savings account - 12,000 Long term investments (stocks & mutual funds) - 1,900 (I'm up 20%) Short term investments (stocks) - 700 (I'm up 32%) My checking account has around 500 My questions consist of: should I move some of my savings to an AMEX high yield savings account, invest more into my long term stocks, open a Roth IRA, or just keep it where it currently is? I am in no debt and everything I buy I pay for in full right down to my cell phone. I joined the Air National Guard which is allowing me to attend any public college in my state for free. I currently am on active duty orders and do not return home until July and I feel this is a very good time for me to save money. I eat in the dinning facility every meal and am very frugal with my money which sometimes causes me to miss out on opportunities. However I feel saving for the future is more important than spending recklessly like others around me. I do have a 3 credit cards which I always pay off in full every month. I got them just to build my credit and I put everything I purchase on them for the rewards and benefits. 2 of the cards have annual fees however they are waived because of my military affiliation. The only recurring charges/bills I have are basic steaming accounts totaling about 40 dollars and my phone bill 70 dollars. These are billed monthly. Thank you for taking the time to read and I am open to any advice about what I should do. [link] [comments]  |
| Hello! My family has a pretty big debt and we are looking for advice Posted: 21 Apr 2019 07:35 PM PDT We are looking into ways of paying the debt but we don't know what could be the optimal solution. I don't know the exact amount of the debt as my mom won't really let us know, but it's spread across multiple banks and the monthly payment is substantialy more than our income as a whole. PD. We are from Lima, Peru. Thank you! [link] [comments]  |
| Posted: 21 Apr 2019 05:24 PM PDT If you live in California, use the link below, input your basic information and you might find money that was never returned to you: https://ucpi.sco.ca.gov/UCP/Default.aspx For everyone else, google uncclaimed goods in your state and search for it. Each state has different laws regarding how this money is to be returned to its original owner. You'll have to submit a claim and get approval in order for the money to be returned to you. You can be the judge as to whether its worth your time and effort. I hope this helps somebody out there! [link] [comments]  |
| Posted: 21 Apr 2019 06:57 PM PDT It's a 10 gallon glass jug. I started putting quarters and change into it at age 14 or so, but switched to bills only around age 18. I would put larger amounts in sometimes, I.e. if I paid for something like concert tickets on my debit card for a group and they paid me back in cash. I just cashed it in and it's just shy of $10k, and I want to put it into gold and just hold onto it. Is this a reliable way to hold onto it? [link] [comments]  |
| How can I increase my credit score with student loans? Posted: 21 Apr 2019 06:48 PM PDT Hi everyone! I just finished my first year of university and with that stress gone (for now), I'm looking over my finances again. Currently, I have about $6000 worth of student loans out through the government, with no interest collecting on it until I graduate 4 years from now (I'm in Ontario). The loan brought my credit score down by about 20 points, and it took about 6 months for my score to recover back to how it was last summer. Sitting around 700 right now (Borrowell), I have a credit card that I always pay off on time and I follow the 30% rule, I also have a cell bill that I pay off on time. So, I didn't use any of the loan during the school year (thanks to scholarships, savings, and grants). Would it be in my benefit to my credit score to pay it off? What if I just paid some of it? I currently have it sitting in a savings account so it's making some money, and I'll probably use it next year so I don't really want to pay it off quite yet. Since I'll be taking out more loans in a few months, and I'd really love to be proactive and ensure that I can recover my credit more quickly next time. What are some things I can do for that? My credit has never been above 700 and I'd really like to improve it. It seems like it just keeps going up and down. [link] [comments]  |
| Chase not reporting full credit history to Experian Posted: 21 Apr 2019 06:37 PM PDT I have a Chase credit card (that I pay off every month with no debt) and upon looking at my credit reports it appears that a lot of information is missing from my Experian report. Here are some examples:
However, here is the correct info about the card as pulled from my TransUnion report:
Some explanation. This account was opened by my father (of the same first and last name, but not middle) back in the early '90s supposedly. Maybe 8 years ago, he added me to the account as joint responsibility to help me build my credit. He doesn't use the card at all now and I solely use it and pay it off each month. So I realize that Chase isn't under any responsibility to report to every credit bureau, but I'm under the impression that they do. It's strange to me that the account shows up in my Experian report, but all the important details that would help my credit score are missing. Can I fix this? If so, how? Who do I contact, Chase or Experian? What number should I call? What verbage should I use to express the situation? Thanks in advance for any help! [link] [comments]  |
| Keep hearing about real estate investing, keeps on sounding like a scam Posted: 21 Apr 2019 11:05 AM PDT Was driving home from Easter service today and flipping through the station and some Lifestyles Unlimited guy is talking about real estate investing and how it compares to 401(k) investing. Are we all just viewed as complete idiots by these people or something? He talks about how 401(k) investing is super expensive from a fee standpoint because you're paying others to manage your money. What? My fee is .11%. And nobody is managing my money - it's in set markets. He talks about how if you can invest the max 19k a year for 30 years you'll have 570k, and then you'll need 4k a month which means your money will only last 12 years. It's like ... what? First off, how many people who are in a position to save 19k a year in a 401k are worried about making ends meet in retirement? Second off, how do you just magically ignore ALL interest gains? Like, what, I put 19k in my account this year and get nothing in return so I do it again next year, get nothing, do it again the next 28 years? Third off, where is 4k a month coming from? It's all just pie in the sky nonsense predicated on me being a total idiot who needs your help. Then he starts talking about how if you were to instead put that 19K into a house every year, you'd come out with millions and millions in the end. Right, so with an extra 19K a year I'm going to pick up properties, manage them, maintain upkeep costs, find tenants, deal with property taxes, it's all just going to print me money! I mean, come on dude. Maybe I don't understand all the intricacies, but don't treat me like a complete moron and then expect me to buy your product. Sad. [link] [comments]  |
| Retirement Public State Pension move to Private Sector Posted: 21 Apr 2019 06:29 PM PDT The way our state public pension works for when I started: 2% at 20 years any age or 2.5% at 30 years any age. I can retire early with 22 years at my current age of 43 and will have the following annual salary (including additional due to accrued sick time). $41,000/year for life or if I maintain my current salary and retire at 30 years at age of 51 (8 more years) my annual salary will be $66,000/year. The only difference is the salary, my health insurance is fully paid if I retire now or at 30 years of age. The state pension is "guaranteed" in the state constitution. I will also receive a one time payment in addition of approximately $20,000 due to additional accrued sick and vacation time now at 22 years or at 30 years. I am highly considering moving into the private sector as I am considering a change. My hours are long now (typically 65-70 hours per week so the work week cannot be much longer than that). Moving into the private sector I would be able to max both my Roth IRA and my wife's Roth IRA to the max of $6,000 each per year. I would also be able to put the max of $18,500/year into a 401K and my wife would be able to put the max of $18,500/year in a 403b. My wife is also in the public state pension but only has 10 years in but will continue for another 10 years or so. Due to our salaries and the amount paid into the public pension, we have not been able to put much away in another retirement stream. In my state public pension, I do not pay into Social Security. I only have 3 years in with what is considered "substantial earnings". I am aware that the Windfall Provision for Social Security starts to taper off at 20 years of substantial earnings and am aware of the 30 years of calculations for social security benefits. I am also aware of the government offset which would impact my wife if I passed away. Her pension will be much less so will not be completely effected by government offset due to her public retirement being much less. I know if I stay where I am and finish my 30 years, I will receive a "guaranteed" additional $25,000 per year. However, this is 8 years from now and I will not be able to put much away in retirement in another retirement stream. The amount I would be able to make in the private sector is much higher than my current salary. Again, I am currently 43 and can retire with the $41,000/year benefit or I can stay in my current position and retire at 51 for a $66,000/year benefit. I plan on working into my early 60s whether leaving the public sector now or at 51. However, if I move to the private sector I will be able to max out all retirement streams at nearly $50,000/year (for an additional 8 years beginning now rather than 51) until I fully retire in my early 60s. I also think shifting careers in the early 40s might also be easier than the early 50s. I am curious of any thoughts and what would it take in the "private sector" for you to jump ship from the "public sector" and that additional retirement benefit for holding on another 8 years. I appreciate your thoughts. [link] [comments]  |
| Can I Afford A Premium Apartment? Posted: 21 Apr 2019 08:31 AM PDT I know this topic has been discussed to death but I am 50/50 on a decision I need to make. 25 year old male where my lease ends in August and the apartment I live in now is sort of a dump. I am looking at more premium apartments since I tend to be a homebody and when I do go out, I like hosting. I currently make $55K/year which comes out to about $1543/bi-weekly net. $3,343/monthly. I have a review Monday and normally get a $5-10K bonus with a minimum 5% raise. Job security is pretty much guaranteed and I really enjoy my position. I recently paid off all my debt. Student loans, credit, and bought off my car at 64K miles. I did this and still have $15K in savings while maxing out two Roth IRAs (one company matched, one Vanguard). I always keep an account for $10K as an emergency fund, with the extra $5K being comfort money for any large sums that may come up I don't consider an emergency. I am looking at a premium apartment at $1500/month with ALL amenities included. Free internet, cable, heat, electricity, and gym. This would also decrease my commute by 30-40%. Is this a crazy thought or should I temper my expectations of living conditions? [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