Personal Finance My mom found loans under her name that was opened by my father who is now deceased. |
- My mom found loans under her name that was opened by my father who is now deceased.
- Have to give a shout out to Charles Schwab
- Confused whether to take large counteroffer
- What do I do with the net profit from the sale of my house?
- How do I safely - literally - unfreeze my credit card?
- 39yo, 78k in debt, and I've been a non-filer on my taxes for 20+ years
- Employer allows employees to sell PTO hours to other employees
- 200k in student loans. No 401k offered at job. Declining Salary. How to allocate money?
- My wife recently died after surgery after being in a tragic car accident.
- Is there a benefit to having a Roth IRA alongside a Roth 401K if I'm not able to max out contributions to the Roth 401K?
- How do I compete with cash buyers who waive inspection?
- Can we afford a $675K home?
- Do annual bonus targets count towards income in credit applications?
- Spouse took new job, old job wants to counter offer 2-3 weeks after she started new job, should they go back?
- Move to Ally for Checking/Savings/Retirement
- 21 yo in debt $2,000
- Does my investment/saving mix seem appropriate for my situation? 24 years old, making $55k/yr plus support from parents.
- Where to get info on previous 401k's I've had
- Want to start building credit as a college student but my parents are against credit
- How can I find a career that's right for me?
- RSUs are vesting soon but I am in a blackout and restricted from trading for several months.
- My mortgage broker is mad at me and i dont understand why
- Mid-20s, have been saving for years. Am I doing this right?
| My mom found loans under her name that was opened by my father who is now deceased. Posted: 17 Apr 2019 05:43 AM PDT As the title says, my mom found several loans online under her name, that she did not take out. We found out that they were opened by my father earlier this year. He passed two weeks ago. Is my mom responsible for the loans even though she didn't open them herself? My dad was the one who handled every single finance related to the home and small business. Any advice would help in this stressful time. thank you in advance. EDIT** Yes, they were married and have a house under both names. My dad knows all of mom's info and signed electronically. the business was closed and reopened with mom's name in june 2018 (for financial reasons). I called a couple of lawyers and it seems it may be hard to prove identity theft if she was aware that the business was opened under her name even though he managed it. The loans he took out for the business, my mom did not know about. Do we need to file a business bankruptcy? Checked my mom's credit report- no personal loans on it. is it bc he opened it with the business name? I checked my credit, no surprises. Thanks so much for your help, I will contact lawyers around me. [link] [comments]  |
| Have to give a shout out to Charles Schwab Posted: 17 Apr 2019 07:06 PM PDT I had made a $5 mistake in my math and was going to be overdraft by less than a dollar. CC companies would not let me cancel payments. I called CS and asked for a $5 courtesy credit that they could debit out a few days later when my paycheck cleared. He gave me a $15 credit so I "could get something to eat". When I called back a few days later and tried to give the $15 back they refused and said they were happy to have me as a customer. Look I know this is just easy PR shit and it's just $15 for a major bank but this made god damn sure I'll be banking with them for life. ATM refunds all day son. [link] [comments]  |
| Confused whether to take large counteroffer Posted: 17 Apr 2019 06:05 AM PDT I've been happily employed as a software developer at my current job for 5 years, and have survived many rounds of layoffs and management changes. A few months ago, we had another large change in upper management, followed by another round of layoffs and this time I didn't make the cut. I received a formal notice of redundancy from HR, explaining that I would be let go in a month. Layoffs have been part of the culture for the past few years as the company has struggled to find a product fit and turn a profit, and as far as I know, they only have 2 years left of runway before there's no money left. I was quite surprised to hear that I'd been made redundant, because I'd just recently received my performance review and had exceeded all expectations and I'm one of the most knowledgable and experienced employees in my team. My manager was also very surprised to hear that I'd been made redundant, since upper management hadn't consulted with her before making this decision. It turns out that they laid off a huge percentage of the work force in order to save money while they try to figure out the direction to take the company, and which products to focus on. While upper management was trying to figure out the details of possibly building a new platform, my manager explained to them that it would be too expensive to rebuild the system that I work on, and that we should keep this component rather than trash it and start again. A few weeks after being made redundant, I was told that they've decided to keep me on for an additional 3 months, at the request of my manager, so that I could continue working on the system. At this point, my manager was trying to understand the direction that the company was headed in, so she could argue with upper management for me to keep my job, but since there was no clarity around this, she had to wait until upper management had come up with a full strategy before she could appeal to them. So at this point, as far as I knew, I was losing my job in 3 months. This was also reiterated to me when I spoke to the head of engineering and he told me that they have no intention of keeping me, since my role is no longer necessary. During this time I started looking for another job, and I'm happy to say that it's gone quite well. I received an offer last week from a company that I'm really excited about and I feel will be a great step for me career wise, since they're in an industry that I really like, they're building a product that I use and believe in, and they have paths for progression, while at my old place, I was stuck in my role without any chance of promotion. I told my manager that I've received an offer from another company and that I'm going to take it, and she asked me how much the offer was for so she could give me a counteroffer. Apparently there's a bit more clarity in the direction of the company at this point, and they now know that the system that I work on will be necessary in the upcoming roadmap. I told my manager that I was offered $133k USD at the new position. I'm currently making $120k USD, so it's a nice bump, but nothing ridiculous. My manager then came back with a counteroffer of $153k as well as a 20% bonus, which would end up as $184k including bonus. This is potentially $51k more than the other job is offering, and $64k more than I was previously making at my job (a 53% raise!). I should also mention that I have 5 months of redundancy pay waiting for me if I don't accept the counteroffer and just move on. So this is where I'm at right now. I've been debating what to do, and I'm driving myself crazy. I went from being made redundant to being allowed to keep my job for 3 months to now being told that the same company is willing to pay me $51k more than my other offer in order to keep me, since they've now decided that my position is important and they do in fact still want me. This whole situation is crazy, and I'm blown away by how incompetent the upper management of the company is. They could've just kept me as a happy employee earning my usual salary, but instead of that, they're now either looking at needing to replace me if I take the other job, or paying me $51k more because of their own ineptitude. I've gone back and forth about the pros and cons of each option, and I'm really at a loss here. Most of the advice I've found online says never to accept a counteroffer, since the reason you started looking for another job will still exist, however, this doesn't cover my situation, since I was happily employed at my company, and only started looking as a result of being made redundant. I'd really like to take the new job offer and start fresh at a company that values me, but I'm having a really difficult time turning down an additional $51k in salary. At the same time, I'm worried that I could be giving up a really great position at a new company which won't come around again. I'm sure I'll have other job offers in the future, but this new offer ticks all the boxes of what I'm looking for. My main concern with the counter offer is if I accept it and the company let's me go in 6 months or less, since perhaps they were just using this offer to buy them more time while they try to find a replacement for me. As part of the pay rise, my redundancy package would also be increased, so it would seem strange for them to increase my redundancy package only to let me go shortly afterwards, but as can be seen from this writeup, logic doesn't seem to apply to the upper management. I've spoken to my manager about this concern, and she says that she's trying to fix the mistake that upper management has made, and the intention is for me to remain as an employee indefinitely. This is reassuring, however, while I trust my manager and her intentions, I don't trust the upper management anymore, considering how easily they made me redundant and how little they thought about the repercussions. So I'm wondering if anyone has any sage advice, suggestions, or thoughts regarding this dilemma, since I'm having a really difficult time making a decision one way or another. Edit 2019-04-17T15:09:57Z Thanks all for some great responses, you've given me a lot to think about. It seems the overwhelming opinion is to leave my current job and take the new offer. Whatever I decide, I'll be sure to post a follow up. I've actually got a meeting with the head of engineering in 2 days to discuss this counteroffer, let me know if there's anything in particular I should ask him. There's been some good thoughts here, such as asking for "bonus paid monthly in 3 payments over the first 3 months." or a "guarantee in writing for a higher payout if they change their mind 6 months from now" [link] [comments]  |
| What do I do with the net profit from the sale of my house? Posted: 17 Apr 2019 05:44 AM PDT I am selling my house and will be making a net profit around $40,000. Usually, I would plan on putting this into my next house. However, my wife has a postdoctoral fellowship for the next few years so we are planning on renting for the next 2-3 years because we aren't planning on staying where we have the postdoc. We are currently solvent. We don't have any student loan debt, paid off our car loans, and paid off our credit cards. We live in Oklahoma and currently have $30,000 in savings, $10,000 in a Roth IRA, and $60,000 in stocks and bonds. Should I give the net profit to my financial manager to invest in stocks and bonds or should I put the money into an online bank and get the 2-2.5% interest? Or should I do something else? Thanks for your help. [link] [comments]  |
| How do I safely - literally - unfreeze my credit card? Posted: 17 Apr 2019 12:09 PM PDT My amex has been in the freezer for a few months now in an effort to curb spending and pay down the account. It's in a plastic baggie filled with now-frozen water. It has a chip. Did this method destroy the integrity of my credit card or is there a safe and effective way to unthaw it so that I don't have an embarrassing time at the store in a few hours? [link] [comments]  |
| 39yo, 78k in debt, and I've been a non-filer on my taxes for 20+ years Posted: 17 Apr 2019 01:16 PM PDT Hello r/personalfinance, I've been lurking on this subreddit for a long time and have seen some people get excellent advice and now I'm seeking advice for myself. I know what I'm about to layout is completely my fault, I'm just seeking some advice on how I can move toward a resolution. I'm 39 years old, single, no dependents, and living in Georgia. I gross about $55k/year and my take home pay is about $1,200 every two weeks. My rent is $1,060/month. I'm about $78k in debt which breaks down as follows:
One of the big mega banks has filed a lawsuit against me for $12k. I know they will be aggressive and will eventually place a lien on my checking account and/or garnish my wages. I've decided that I need to file for Chapter 13 Bankruptcy. I also haven't filed my taxes in 20+ years. I'm a W2 employee so my employer has been withdrawing taxes, I just haven't filed. About 16 years ago I received a few letters from the IRS but I ignored them and they eventually stopped. One of the requirements of filing for bankruptcy is that I must file my taxes and submit my returns to the bankruptcy court. My bankruptcy attorney has told me that ALL (20+ years) need to be submitted. My tax attorney is telling me that they can only go back 10 years and they want to charge me $350 for each year plus a $650 one time charge to pull my IRS transcript. Is $350 a reasonable rate for this type of situation? How can I move forward with the bankruptcy if they will require all 20+ years of returns to be filed when I'm being told I can only file for the past 10? Any advice that you all may provide is greatly appreciated. Thanks, bmac [link] [comments]  |
| Employer allows employees to sell PTO hours to other employees Posted: 17 Apr 2019 11:34 AM PDT I work in a small office and I happen to have a far greater amount of PTO hours saved up than any other employee. My coworker is in need of some extra hours and asked me for a ballpark price that I would be willing to sell 3 days (24 hours) of PTO for. I happen to know that my coworker earns a salary that is at least 55% greater than mine. With that in mind, I quoted him a price of $40 an hour which is only ~14% higher than my gross hourly wage of $35. He was not pleased with my offer and seemed to think it was ridiculous to ask that much. What do you think? [link] [comments]  |
| 200k in student loans. No 401k offered at job. Declining Salary. How to allocate money? Posted: 17 Apr 2019 05:46 AM PDT Graduated pharmacy school in 2018. So I have 200k in loans. (160k @5.7% and 45k at 4.8%). I will be living frugally and paying off loans ASAP. That's not the advice I need. Landed my first job. Salary is about 120k per year and my job does not offer a 401k my first year of employment. I can open one starting January. I believe match is 4%. Should I be dumping all money into loans until January? Or should I open something else (ira)? Even when its available to contribute to 401k, am I better off just continuing to dump money into loans and ignore it considering my massive debt and interest? Complicating factors is the pharmacy job market is absolutely terrible and pay has started to plummet. Raises less than COL at this company for all employees Nationwide. If I ever leave this position or switch jobs I could see my pay lower by 20%. There is also a high chance I will choose to pursue a lower paying career in the future as well due to job stress/ health impact. Advice? [link] [comments]  |
| My wife recently died after surgery after being in a tragic car accident. Posted: 17 Apr 2019 09:47 AM PDT I live in a non-communal property state. I have recieved bills from the ambulance, hospital, etc, all in her name. Now that I am a single income family, there is no way I could be able to pay it. Am I responsible for the charges? I never once signed anything at the hospital. [link] [comments]  |
| Posted: 17 Apr 2019 06:44 PM PDT My employer offers both a traditional and Roth 401K. I wasn't aware of the Roth option so have made one contribution to a traditional 401K but will be rolling that over in the next few days (just started working). I want to do all I can to prepare for retirement and have read a lot about the differences and pros/cons for traditional/Roth retirement accounts, but I haven't found a source that states whether it is beneficial/worthwhile to have a Roth IRA in addition to a Roth 401K if I'm not maxing out the Roth 401K? I will likely never be at an income level where I can max out a Roth 401K, but in a few years could max out a Roth IRA. I am contributing enough to my 401K to receive the full employer match. [link] [comments]  |
| How do I compete with cash buyers who waive inspection? Posted: 17 Apr 2019 09:53 AM PDT Burner account here. I'm trying to buy my first house and it has been very frustrating, so looking for some advice. Here's the situation. I'm 27, and have a maximum budget of about $370-375K for a house. I've been preapproved for 370 (house price), and could probably push it a little higher if I had to, although I would prefer not to. I live in the Seattle area (though a little ways out from the city itself), and the market in our area is pretty hot. We're looking for a 2-3 bed, 1-2 bath house, ideally at least 800-900 sq ft and room on the property to expand, as well as room for a garage if it doesn't already have one. Houses like this are generally listed for anywhere from $350-400K in decent shape. Closer to $450K if there is nothing that needs attention. Anyway, three times now we have put in an offer at or above list price. The first one they would not accept unless we waived inspection and seller disclosure, so of course we walked away from that. For the other two, the seller accepted a cash offer with waived inspection. This has been very frustrating! There are very few houses available, and from what I understand, this is what has been happening to pretty much every young couple looking for a first home in our area. That said, I'm not here to rant. What I am here for is to ask for advice. How can we compete with cash offers like this? We could bump up our offers, but we aren't going to be able to get a loan for more than the house is worth, so that's a big limiting factor. And most houses are selling for above list price to begin with. Is there anything we can do aside from just putting in offer after offer and hoping that eventually one is accepted? [link] [comments]  |
| Posted: 17 Apr 2019 06:26 PM PDT Combined income of $225K with ~10% bonus potential, $120K in savings, and another $100-$130K into our current home. Do pay about $750 a month in student loans. Thanks for any advice. [link] [comments]  |
| Do annual bonus targets count towards income in credit applications? Posted: 17 Apr 2019 04:59 PM PDT I have a compensation statement from work that lists base salary, target bonus %, target bonus amount, and target total cash compensation for the year. When applying for credit is it acceptable to declare the target total compensation as income or am I limited to base salary? Thanks! [link] [comments]  |
| Posted: 17 Apr 2019 03:54 PM PDT Hi all, apologies for the throwaway, I don't want this level of personal info tied to my main account. I'll try to give all necessary info as I can. For some context, we just moved to a new state when I secured a very good job in my field. My spouse found a job very quickly at a company they liked, but not the position they really wanted. Now a new company has offered a position in a field they are interested in which they accepted. However, what we didn't expect was any form of counter offer from their current company. They have barely been there 2 months and they absolutely understand why my spouse is leaving and all was on good terms. Then out of the blue the VP of their department asked to sit with my spouse and told them of a senior management position within the company that fits exactly what my spouse wanted to do, but he hadn't started the process due to it not being a super high priority at the time. My spouse had never expressed to the company the position they were originally looking for, so we don't think this was some made up on the spot BS to try and keep them. Now here is where we would both like advice. When the VP asked if my spouse would be interested in that position he attempted to fast lane the process to get the job posted and offered to my spouse. But, HR blocked it saying they couldn't due to potential risks of favoritism, and that he would have to formally post it and allow candidates to apply and interview. The VP came to my spouse and informed them and said he would never ask them to stay and wait for something that could potentially fall through due to a number of things, and told them to take the new job. He then took my spouses personal contact info and told them he'd absolutely hire them when they are able to post the position (roughly 2-3 weeks) . How scummy is it to go to a new job and then leave to go back to the previous company so quickly if a counter happens? Current job: $57.5k base salary 3 weeks PTO Fixed 8-5 schedule New job: $65k base salary Annual company performance bonus (management bonus) FTO (up to her manager's discretion, but unlimited within reason) Flexible hours, can work remote whenever Will have an office instead of cubicle (after a couple months) Business casual clothing (current job is shorts/tshirt type of place) Potential counter: $75-80k base salary (what the VP said) Annual management bonus 3 weeks PTO Flexible hours, can work remote [link] [comments]  |
| Move to Ally for Checking/Savings/Retirement Posted: 17 Apr 2019 02:56 PM PDT Can I get some user reviews from you guys on using Ally for Checking/Savings and 401ks? I am considering making a move to them for ease of access. Having my banking and my 401k provider would be fantastic. I mostly have questions about the 401k stuff. I have a savings account over there currently just so I can mess around on the website and stuff, but I haven't messed with their 401k accounts. Anyone else using Ally for 401k? Ideally I'd like to just stick it all into Index funds, automatically if need be, and avoid transfer fees. [link] [comments]  |
| Posted: 17 Apr 2019 07:14 PM PDT I'm a 21-year-old in debt of $2,000. I still live at home with my mom, while I am studying in school. I don't get paid that much from my job, and my hours vary extremely. One week I'll have like 60 hours, the next week I'll have like 5 hours. My mom doesn't know about how much I'm in debt, and doesn't think I'm in debt any. I am wanting any advice or help to get outta the hole quick, so I don't have to worry about it as my life goes on, and I don't have to keep hiding it from my mom. Thank you for reading this [link] [comments]  |
| Posted: 17 Apr 2019 07:04 PM PDT Income $55,000/yr salaried Savings $8,000 savings account Contribute $900 per month to savings, every month. Minimal interest earned in this account. Contribute an extra $1,000 a year or so as extra funds accumulate in my checking account from positive cash flow. Investments $10,000 in 403(b) I contribute 5% of my salary/employer contributes equivalent of 7% of my salary. Traditional pre-tax contributions. Fairly aggressive portfolio due to my age (TIAA Lifecycle fund, target 2060) $5,100 in a 5-year CD ladder Meant to be a short-term, low-risk investment, as an alternative to leaving money in my low-interest savings account. Will mature fully in 2022. Fixed expenses Rent: $1300/mo Utilities/Bills/Netflix/etc: $270/mo (approx.) Insurance (through employer): $170/mo Parking (required by job): $26/mo Debt/Credit History No debt whatsoever. 780+ credit score, 10 yr history (parents put me on their cards as a teen) with 100% on time payments. Use a Chase Sapphire card for all daily spending to earn rewards points. Never carry a balance, always pay in full. Employer Benefits Health, Dental, Vision, Life, LTD. Employer paid full tuition for my master's degree (finished program in 2018) PTO Travel rewards (I travel 5-6 weeks per year for work, and can earn rewards points on these work expenses and use them for personal travel) Parental support I drive a car that is owned in full by my parents. They pay all expenses related to the car (maintenance, insurance, gas). I can probably keep doing this for another year or two before I will need to buy my own car. Parents pay my phone bill because I'm still on a shared family plan. Parents give me between $600-$1200 per year. Usually these are either things that they buy for me, like clothing or a furniture item, or cash gifts that go straight into my savings. Parents help with incidentals like medical expenses not covered by insurance, but I generally have very few of these in a year. Questions I'm lucky to have no debt and parents who I know would be willing and able to help in a financial emergency. I don't make a ton, but my job is very secure and has excellent benefits. This is a massive privilege that I really appreciate. I want to capitalize on this great foundation to be able to save for larger, more long-term goals. Basically, I'm a little scared of how hard it is for young millenials/old Gen Z people like me to get started financially, and I want to make sure I don't waste a good opportunity for a strong head start.
Thank you, smart people of the internet! First post, relative newcomer to the sub though I've lurked a little. [link] [comments]  |
| Where to get info on previous 401k's I've had Posted: 17 Apr 2019 04:49 PM PDT As the title states, I've had several jobs where I started a 401k and after a year or so I've left the company. Now I'm at a company where I plan on staying for a while. Is there a way to get information on those 401ks? Also, is there a way to transfer all those 401k's into my current 401k with my current company? I've also received something in the mail from a company called Voya where they say one of my 401ks have rolled over into, and I'm unsure on how to proceed with them (if they're even a legit company or just someone trying to scam). Thanks for your help [link] [comments]  |
| Want to start building credit as a college student but my parents are against credit Posted: 17 Apr 2019 06:13 PM PDT I'm an 18 year old college student about to complete my first year of college I've been thinking gif building credit but that's moved to the front of my mind now that I am thinking if renting a place Jr year. I asked my parents for advice but they are flight immigrants who believe that all credit is bad and hat I can "pay with cash". I am aware of why they fear it, especially me as a teenager starting credit as so many people misuse it but I want to carefully build my credit up. At this point I know there is no hope trying to convince then and I'm thinking of starting credit by myself without their knowledge. I don't know where on earth I can start this processand what would be the best option. I have a job on campus and I am planning to work during the summer. How can I start building a credit score? [link] [comments]  |
| How can I find a career that's right for me? Posted: 17 Apr 2019 04:28 PM PDT Hey everyone, I'm a 16 year old in high school and recently I've really been thinking about what career I should go into. I get B's and A's but somewhat dislike school in general. Some information about me:
I know I didn't give a huge amount of information here, but hopefully it's enough to give you a general idea of who I am. I'm open to any extra questions you might have. Thanks a ton. [link] [comments]  |
| RSUs are vesting soon but I am in a blackout and restricted from trading for several months. Posted: 17 Apr 2019 04:27 PM PDT I've been having trouble finding answers for this. Title mostly covers it. Everywhere online it recommends I sell my RSUs when they vest, but it isn't possible due to the blackout. Will I be subject to capital gains or losses? I was hoping to have the easy way out and sell right away, to avoid additional tax paperwork and headaches. [link] [comments]  |
| My mortgage broker is mad at me and i dont understand why Posted: 17 Apr 2019 08:01 PM PDT I am a first time property buyer. I was working with a broker early on and got some quotes from her as I was viewing properties. I found one I liked and my offer was accepted. At that point, I shopped around a bit and I asked a second broker for a quote. I thought this was normal. I told the second broker that I was not committing to anything and would only go with him if he got me a better deal. I told him several times and he confirmed. My initial broker gave me a better price and I told him that and said I was going with my initial broker unless he would beat the rate. I dont hear from him for days. I told my initial broker i accept. She gets back to me a few days later. She is angry and saying that another broker put in an application for me at the same bank and that now she cant get the rate (he went way over on his, more than the bank. hers was lower). I call the second broker and he tells me that when I ask for a quote he needs to send in an application. But thats clearly not true because my first broker did not need to do that. Am I a colossal idiot? What is going on here? I want to go with the first broker with the rate she offered, can I not do that? [link] [comments]  |
| Mid-20s, have been saving for years. Am I doing this right? Posted: 17 Apr 2019 01:57 PM PDT Hello, I have been saving money and investing since my first job, and wanted to get your insight and feedback if I am doing this correctly, and what I can do better. My goals are to essentially double my current net worth through savings by the time I hit 30, and to live off of about 1,500 a month (currently, my partner and I live at about $2,500). I have always been a strong money saver... perks of growing up poor. I am in my mid-20s. My annual salary is $95,000. My partner and I are moving to later this year for new opportunities - expected new salary to be somewhere in the $85,000-$95,000 range. We planned to buy a home but changed course - we will be renting a room from a friend for ~$800 a month. These numbers don't include my partner's data - just mine. Cash (checking account): $7,500 Assets (laptop, camera): $2,000 Car (paid off): $15,000 ——- 401k (Company 1): $17,000 401k (Company 2): $2,000 Brokerage Account: $27,000 (This is invested in random stocks of companies I used to follow about 5 years ago. Haven't touched this in years.) Roth IRA: $58,000 (This is invested in one Vanguard mutual fund started 5 years ago. Gains of ~$18,000.) My questions are - -I'm not diversified in my Roth at all. Do I need to look into other mutual funds to invest in? -My brokerage account... I don't know what the hell I'm doing. -Are there any other savings strategies I should be leveraging? I know I sound like a massive idiot (and I am one) but any advice is extremely appreciated. [link] [comments]  |
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