Personal Finance Weekday Help and Victory Thread for the week of April 22, 2019 |
- Weekday Help and Victory Thread for the week of April 22, 2019
- If you start suddenly getting email/spam "bombed" there's probably a reason
- Can I pay the original creditor instead of the debt collector?
- Never thought I'd fall for a scam ...
- Survey: Lack of Financial Literacy Growing Up Means Lower Incomes, Less Savings
- Need help convincing my dad that 40% of his 401k shouldn’t be his company’s stock.
- Would we be able to afford a $150,000 home?
- Emergency Fund Short Story
- Personal Finance 3rd World 40% anual Stagflation Edition
- 19 years old, ~$15,000 in savings, no car, no long term housing, not a student. How do I transition to “real life” without blowing my savings?
- 42k in credit card debt need help
- 23 year old college student, 3k in credit card debt
- Can a life insurance payout be declined by the beneficiary?
- I got charged an annual membership fee by Capital One, when my T&C says no fees.
- What is a service contract and gap cancellation refund?
- 22 year old college student, no debt.
- Is mint.com safe to use?
- 30, started my career late, about to switch job. Shall in invest in my career or stuff my saving account?
- Don't know how to curb "insecurity spending"
- I have PAPER CD's that matured 20 years ago. The small bank was bought my Bank of America. They have no record of the CD's. My states (NY) unclaimed funds have no records of this either. Where do I go from here?
- Should I file for bankruptcy?
- FHA loan question
- I am trying to go away to college, and my financial aid package will not fully cover my cost of attendance--bad credit and a lack of a cosigner. What are my options?
- How can you possibly decide whether to buy or rent and when?
- I landed my first ever full time job making $42,000 in salary. I’d been making $15,000 total previously. I need coaching.
| Weekday Help and Victory Thread for the week of April 22, 2019 Posted: 22 Apr 2019 04:07 AM PDT If you need help, please check the PF Wiki to see if your question might be answered there.This thread is for personal finance questions, discussions, and sharing your success stories:
A big thank you to the many PFers who take time to answer other people's questions! [link] [comments]  |
| If you start suddenly getting email/spam "bombed" there's probably a reason Posted: 22 Apr 2019 07:18 AM PDT I'm not 100% sure how well this fits here (it is financial), but I wanted to warn as many people as possible. Last week on Tuesday morning I was sitting at my desk and suddenly started getting emails. Lots, and lots, and lots of them. 30-40 every minute. They were clearly spam. Many of them had russian or chinese words, but random. I called one of our IT guys and he confirmed it was just me. And the traffic was putting a strain on our mail server so they disabled my account. By that point I have over 700 emails in my inbox. They were bypassing the spam filter (more on that later). After a different situation that happened a few months ago, I've learned that things like this aren't random. So I googled "suddenly getting lots of spam". Turns out, scammers do this to bury legitimate emails from you, most often to hide purchases. I started going through the 700+ emails one by one until I found an email from Amazon.com confirming my purchase of 5 PC graphics cards (over $1000). I logged into my Amazon account, but didn't see an order. Then I checked - sure enough those cheeky bastards had archived the order too. I immediately changed my password and called Amazon.. I still haven't heard from their security team HOW the breach happened (If they got into my amazon account by password, or did a "one time login" through my email.) The spam made it through our spam filter because the way this spam bomb was conducted, they use bots to go out to "legitimate" websites and sign your email up for subscription etc. So then I'd get an email from a random russian travel site, and our filters let it through. Either way - we got the order cancelled before it shipped, and my email is back to normal - albeit different passwords. And I honestly thought about shipping a box of dog crap to that address (probably a vacant house) but I decided against mailing bio-hazardous waste. Either way - if you see something suspicious - investigate! Edit: Thanks for all the great input everyone. Just finished putting 2FA on every account that allows it. Hopefully keep this from happening again! [link] [comments]  |
| Can I pay the original creditor instead of the debt collector? Posted: 22 Apr 2019 03:06 AM PDT I owe money for missing a month of rent 4 years ago when I was struggling horribly financially. It's in collections but the debt collector is nearly impossible to work with. They won't put anything into writing before I pay, and I've read hundreds of reviews of about them stating that after they pay, the debt remains active!! So my question is, can I call the apartment complex for the missed rent and pay them instead? I really don't want to deal with these debt collectors, they seem extremely sketchy. [link] [comments]  |
| Never thought I'd fall for a scam ... Posted: 22 Apr 2019 04:39 PM PDT I was on a trip recently staying in a hotel room as part of a group. All of the rooms had been reserved as a group and the single credit card provided at check-in would be used to pay for all of them. I didn't need to even show my card, only my ID. Several nights into the stay I received a call just before midnight. I was already asleep so I turned on the light and answered the phone. It went something like this:
Now I've already told you it's a scam but to my sleepy head it seemed quite legit since I knew the card on file didn't match my name. I knew I wouldn't have any incidentals so I wasn't too worried about my card getting charged. Only after I gave the person my credit card and hung up did I start questioning it. The front desk shouldn't call so late at night. Oh well, I'll just have to watch for any funny charges. Fortunately I have my credit card set up to email me for any account activity, no matter how small. This morning I got an email indicating a $667 charge on my account. Someone was buying stereo equipment online with my card. Within minutes of the charge I called and disputed it. My card has been cancelled and a new card is being sent overnight. The moral of this story reinforces several topics that come up here regularly on /r/personalfinance and even someone who's normally careful might fall victim to a clever scam like this.
[link] [comments]  |
| Survey: Lack of Financial Literacy Growing Up Means Lower Incomes, Less Savings Posted: 22 Apr 2019 06:32 AM PDT https://www.thepennyhoarder.com/smart-money/financial-literacy/ We aren't talking about money growing up and it's a systemic problem. When I was in college and financially independent, I racked up literally all of my student loans the first two years because I thought I was supposed to use all of the loan money they gave me. The last two years I didn't take out one loan after I realized how wrong I was. But I'm still paying for that mistake. Kind of makes me mad to think something as simple as a personal finance course in high school or early college could have literally saved me thousands of dollars. [link] [comments]  |
| Need help convincing my dad that 40% of his 401k shouldn’t be his company’s stock. Posted: 22 Apr 2019 07:21 AM PDT As the title says, 40% of my dads 401k is in his company's stock. He has about $530k in the 401k and about $200k is in the stocks. I'm not sure what the other $330k is invested in. He is also contributing about 14% including a company match into his 401k. He doesn't want to move funds because last year the stock took a hit and he wants to wait to recoup that money. I tried to tell him that with his relatively short time horizon he should cut his losses. But he knows he really should. I should also mention that he is 52 and wants to retire in the next 8-10 years. When he retires, he will have a $3000/month pension and I'm assuming his social security will be between $1500-$2000/month. The 401k is with Fidelity. At his age and amount of time before retirement, what is an example of what his portfolio should look like? And what can I say to him about his asset allocation? Thanks for any help ahead of time! [link] [comments]  |
| Would we be able to afford a $150,000 home? Posted: 22 Apr 2019 04:57 PM PDT My wife and I are looking to buy a house in Pennsylvania and are seeking advice. We plan on going with a 30 year fixed mortgage with a 20% down payment. Our net income is $41,000 after taxes, health/dental/vision insurance, and 401K contributions. Our gross income is $59,592. We have two cars, which are both payed off, and our car insurance is $200 per Month. We have $60,000 in savings, and our credit score is above 740. Does this sound reasonable for us? Does anyone have a good budgeting plan or tips for us? Thank you! [link] [comments]  |
| Posted: 22 Apr 2019 08:58 AM PDT I don't follow every recommendation from this sub but emergency fund is one of them that I stick to and glad I did. We just planned and paid for a big vacation this summer and as luck would have it, something unexpected hit. Not a major emergency, but our garage decided to blow a spring. With it being a heavier door 4 springs have to be replaced. Normally I would have to shuffle things around and stress over some financial choices due to it. Not one moment did I stress over it because we got a couple of quotes picked one and transferred the money over from our emergency fund. It is a good feeling to have something unexpectedly bad happen and be able to overcome it without much stress or impact to our lives. [link] [comments]  |
| Personal Finance 3rd World 40% anual Stagflation Edition Posted: 22 Apr 2019 11:52 AM PDT Greetings from Argentina. Where 5% monthly inflation is normal and money does not matter (unless it's in USD) Im 33, married and no kids. 3 years ago I took out a loan at a 27% fixed anual interest rate fully knowing that we were about to go on a high inflation spiral. Last month's inflation was 4% and my bank is calling me every day to refinance (lol). I used my yearly bonus to close one of my Credit Card accounts and this year's bonus will be dedicated towards the same end on my other CC. My problem comes to investing as I have yet to complete my house. With a projected 40% yearly inflation, all my extra money goes to USD (which sadly I can only count in the hundreds) and durable goods (new more efficient fridge). My plan is to wait the storm out and hope inflation liquifies my debt (not a mortage but a personal loan so no collateral) and hoard as much foreign currency I can, or buy durable goods, like the brand new Workstation I bought for my wife (She's a developer). Does this seem to be a good plan? Does investing in little things like 7watt LED work? I cannot have a big bank account but I can cut costs by buying more efficient things. Any takers? [link] [comments]  |
| Posted: 22 Apr 2019 04:01 PM PDT Hi Pf, long time lurker, first time poster. To elaborate on the title, I've accumulated just over $15,000 through inheritance, and spending the last year working at a seasonal job which provided housing. I don't have a car, and matching that with my lack of rent means while I have a fair savings I don't have a lot of "real world investment" so to speak. I've got the next few months mapped out in terms of work and housing (more seasonal) and should be able to add another few thousand to my savings. From there on out though I'm not sure what my best options are, and I'm looking for advice.
I know this is a lot to digest. If it sounds like I'm asking you guys to help plan my life I promise I'm not, I just don't know what financial steps to take from here. Thanks. [link] [comments]  |
| 42k in credit card debt need help Posted: 22 Apr 2019 06:21 PM PDT Im 26 and I was laid off last November so my credit card debt, that was already a problem started growing even more. I made sure I never missed a payment in those 6 months but recently got a new job getting paid 61k and need help on how to go about paying it off. Specifically, should I take out a loan to pay off the cards and then pay off the loan? I moved back in with my parents since I had no job so don't have much to spend on. [link] [comments]  |
| 23 year old college student, 3k in credit card debt Posted: 22 Apr 2019 07:22 PM PDT As the title say's I'm a 23 year old college student with 3k in credit card debt and am not immediately employed, although since my class schedule has free'd up this quarter I am looking for a part time/paid internship. My credit score is in flames, and I wasn't told that an Inquiry would ding it further. I'm wondering what I can do to pay this card off asap before I have to start paying APR on it (I'm not 100% but if it's one year I have ~2 months). I know getting out of these holes isn't easy or else no would have debt but some guidance or tips would be deeply appreciated thanks. I'll try and answer any questions I can. [link] [comments]  |
| Can a life insurance payout be declined by the beneficiary? Posted: 22 Apr 2019 07:20 PM PDT I have a severely disabled brother who is, after my parents are deceased, likely going into the care of the state. I can't personally, or financially, care for him. If my parents direct their insurer to pay directly to my brother, I fear the money will disappear into the state, with little going to directly benefit him. However, if I am listed as the primary beneficiary, I understand that If I have any outstanding debts at the time, the money can be seized by my creditors. Would it be possible, with me listed as the primary beneficiary and my brother as the secondary, to direct the insurance company to payout directly to my brother, just as if I were deceased, thereby bypassing my own creditors? Regardless of whether or not this is the best way to go about this matter, I'd still be interested in the answer to this specific question. [link] [comments]  |
| I got charged an annual membership fee by Capital One, when my T&C says no fees. Posted: 22 Apr 2019 06:05 PM PDT Hey guys and gals, I recently checked my transactions on my Capital One credit card app and noticed a $29.00 "Membership fee" I have never seen before. I have one of those $200 secured credit-building credit cards. Looked up the terms and conditions on it and found out there are no fees, only a high APR on the card. I called customer service, and they said the only way to fix this was to MAIL the department in Salt Late City. Is this normal? How do I go about fixing this? [link] [comments]  |
| What is a service contract and gap cancellation refund? Posted: 22 Apr 2019 07:12 PM PDT Hi all, I apologize if this is the wrong subreddit but I recently received a check for a "service contract and gap cancellation refund on a xxxx car traded in". Some back story, I bought a used car at the dealer and a couple of years later I traded it in for a brand new one. The check I'm receiving is for the one I traded it. Can someone explain what this is? Thanks! [link] [comments]  |
| 22 year old college student, no debt. Posted: 22 Apr 2019 05:56 PM PDT I'm a Business Finance major, with 1.5 years left before graduation. I'm looking to plan ahead and be prepared for when I get out in the real world. Currently have $8000 in savings. I keep $1000 at all times in my regular Bank of America checking account and the rest in a high yield savings account through Goldman Sachs. I have $4148.14 in stocks. Amazon 45.61% SPY 21% Netflix 18.22% SPHD 10.2% Apple 4.93% Income sources are a part time job that brings $800-$1000 per month, and a blog that I made over a year ago that makes $150 per month via Amazon Affiliates, and slowly increasing each month. Going to likely incorporate ads strategically to take the $150 to around $250. I can only work 20-25 hours per week right now, but what advice would you give me to maximize my earnings? I'm currently trying to update my resume so I can get a better part time job that's in my field/more experience. Let me know what you guys think [link] [comments]  |
| Posted: 22 Apr 2019 03:19 PM PDT Trying to find a good budgeting website. Mint.com seems pretty legit but I'm obviously concerned connecting my bank accounts to it. Should I be concerned or is it a safe site to use? If not, does anyone have good recommendations of other sites? [link] [comments]  |
| Posted: 22 Apr 2019 04:51 PM PDT First, I have obfuscated some details as I want to remain anonymous and since my situation is fairly specific (I'm from a small country, etc). I just turned 30 and I'm working my first "real" job (I graduated when I was 28). According to CoL comparators, my salary is the equivalent of $60k in NYC, which sounds fair according to my conversations with my friends living there. I have minimal savings (barely worth 3months of my current paycheck) and undue student debt worth a year of my current paycheck, although I'm not sure whether I will ever have to pay it back (see below - it's a 0% loan from a charity). I have two job offers: First one is for a really exciting role, in one of the world's highest CoL city, at one of my home country's huge state-owned oil company. The other is at a small consulting shop. What should I do? On the one hand, I'm old enough that I should think about saving so that I can buy my own place in a city where property prices are really high. On the other, I'm really at the beginning of my career so I need to "invest" in it. [link] [comments]  |
| Don't know how to curb "insecurity spending" Posted: 22 Apr 2019 06:50 PM PDT (Context: Mother of two, I work from home, combined family income about $3k/month. Originally posted on the financial independence sub, but moved here because I thought it would be more relevant as a general question) How do you stick to your spending limits on things that are not just enjoyable to you (e.g. "latte factor"), but are actually *important* to you...for example, if you want to provide a lifestyle for your young children that costs more than you can afford right now, or if you have trouble letting go of personal grooming/beauty routines that can be expensive? Spending categories that "hit home" with people will vary from person to person, but these are the areas I struggle with the most when I'm trying to save. I always end up overspending on kids "enrichment" items, because I'm convinced it will improve my children's childhood somehow (these include everything from instruments to educational toys and playroom furniture), but the things they actually end up using are hit-or-miss. I think it would be easier to abstain if they ended up not using anything I bought them, but the trial-and-error nature of buying kids' stuff only encourages me to buy more and more things to find what will stick. And certain aspects of my grooming (e.g. waxing, extensive anti-aging skincare, hair care, etc.) can add up price-wise, but I'm afraid of discontinuing them because I don't want to become unattractive to my husband or myself. I'm not a "natural beauty", so if I "let go" of keeping certain things in check like skin texture and sagging, I end up looking like a toad with brittle scarecrow hair. Shaving tends to give me ingrown hairs (aka "strawberry legs"), and the anti-aging aspect is self-explanatory. (Again, I think it would be easier to discontinue if *nothing* worked, but some things have offered visible results for me and others don't. Some things work on my skin for a little while before my skin "adapts" or gets irritated and I have to switch to something else). I try to cut costs in other ways to make up for this; for example, I only buy myself clothes about twice a year and only shop at Goodwill. I work from home, so we don't pay for childcare/daycare. But since our income isn't really high for a family of 4 (about $3k/month household income), the other spending still puts a dent in our wallet. These things obviously are not *needs*, but they can be difficult to mentally separate from needs when making purchasing decisions because there's a fear of consequence attached to them (e.g. not being a good parent or being unattractive to my spouse). I think many people have some area of their life that's like that (may not be specifically kids items and skincare) and wanted to know if anyone has overcome that in their lives and saved enough money to reach their long-distance financial goals. [link] [comments]  |
| Posted: 22 Apr 2019 12:43 PM PDT What the heck do I do now? There was a couple thousand put in with a 5.6% interest rate set to renew annually. So I dont want to give up on the money. Edit: I have been to the bank in person and called on the phone. They are perplexed. -Also the CD was set to just renew yearly, in theory would it continue to collect that interest until it was sent to the state unclaimed funds? I assume thats where it is since its been...20 years.. [link] [comments]  |
| Posted: 22 Apr 2019 12:57 PM PDT Hello Personal Finance. Sorry for it being long, I will put a TL:DR at bottom. Throwaway because my ex can see my main account. I recently went through an expensive divorce that was finished in Jan. We were married 10 years if it matters at all. I came out of it with full custody and no alimony or payments due to her except for a car payment for a car she drives. I bought the car while we were married but that was one thing she insisted on in the divorce was that I keep making the payments and her only be added as a co-borrower to the loan (it was a very weird argument that started costing more money when everything else was settled so I dropped fighting it) It is the only payment I make to her at around $380 a month for two more years. Now on to the good stuff. I was making around 74k after taxes before the divorce and around 130K jointly. I had around 20k in savings. Fighting the divorce across state lines and with custody involved cost me dearly. I ended up going through my savings and acquired $8400 in credit card debit. That is not much but I am someone who never used the card prior only had it open for credit purposes. Now once the divorced was finalized is when things hit the fan. I had day care costs, rent payments on my apartment that I moved to, credit card debt, lawyer fees remaining, two car payments (I bought a modest car to be able to fit the kids in a year prior to the divorce). I was finishing up my masters but had to put that on hold to take care of my kids and work full time. Since then I have been trying to defer the $500 a month in student loans but its been a fight. Were I am at now. In Feb a lot of things happened at once. My Ex after the divorce pulled some shenanigans on a property and I was stuck with a debt over 6k from it. I can't get into much detail about it because it is a separate case but it was reported on my credit (how I discovered it) and dropped my score from 723 to the low 600s. This was also at a time when I was up for review for my security clearance at work. This was a perfect storm of events. With the court cases and the credit score drop my clearance was downgraded. Luckily I was not fired but my pay did drop to 60k a year. I have cut out all the frills and don't eat out or go out and spend money. I was scraping by with the 74k a year after the divorce. With just my bills monthly I am operating at a $900 loss per month. I have worked out agreements with the credit cards but they still reported this past month as well as my attorney posting a claim for the remaining $1300 balance. I have begged for a loan, I have tried debt consolidation but nothing has worked out. My credit score is now sitting in the low 500s and continues to drop. I had a second part time job for a few weeks but it clashed with my kids scheduled and cost me more money then it was making. I am currently looking for a new job in a higher paying bracket. Any advice on what options I should take? I know this is long but I really don't know where else to turn. There is of course a lot of things I didn't included but will answer if needed. I have been paying my student loans to keep it down. TL:DR After divorce and change of job income I am operating at negative $900 a month and my credit score it tanked. I have cut all the BS (Netflix, eating out, gym, ect). Thanks Sorry for any grammar errors. Typing fast when anxious. Edit- I am now realizing that I don't think there is much Bankruptcy will cut out. [link] [comments]  |
| Posted: 22 Apr 2019 07:56 PM PDT If I am able to put 20% down am I able to remove the MIP? [link] [comments]  |
| Posted: 22 Apr 2019 05:59 PM PDT My credit score is 597, mostly because I have a high interest credit card debt I have been having trouble paying off (the interest is generally like 12-24 percent and verges on 24 percent most of the time). I have a very complicated relationship with my parents and they have refused, in the past, to help me with things like this or cosign. I am going to try and talk to them about it but it is very much in the air. The total cost of college for me is supposed to be 46,281 for each year, and I need two additional years to graduate after all my CLEP credits and community college attendance. My financial aid award is going to be 21,695, including the federal loans, meaning I am short about 24,000 dollars. Based on analysis I think I can shave about 4k off of that due to my own generally frugal nature and savings plans and work, and I have about 2k in savings I can use towards attendance. That will leave me needing to take out 18k in private student loans. What are my moves here? Where should I look for the money? I am writing for scholarships and trying to avoid these predatory seeming loans (right now 24% on 2k is killing me; 24% on a combined 36k is unimaginable) but I am having trouble finding good information. I am 21, but due to certain life circumstances my school has declared me an independent and has not taken my parents financial information from me. [link] [comments]  |
| How can you possibly decide whether to buy or rent and when? Posted: 22 Apr 2019 07:27 PM PDT I'd continue living in a modest apartment if I don't buy, but I'd want to buy a house to eventually raise a family in if I buy (nice trendy area, and nice building). I plugged all the info that I had on my area into the NYTimes calculator, as well as the price of house I'd like to buy, but ultimately it seems like the decision comes down to the growth of the stock market vs the growth of housing prices. If houses see the same growth they have in the past five years in DFW? Buy even if you can rent for free. Past ten years? No if the stock market overperforms, yes otherwise. Past thirty years? Renting is better. I'm assuming that most any "additional" costs to consider are already factored into this calculator; most of the advice I've gotten was with regards to factors already in this calculator, e.g. commission, opportunity cost, property taxes - or anecdotal reasons as to why, e.g. "I bought in '05 and ended up underwater in '08, I bought in '11 and got a nice cheap house, etc. One factor that it doesn't include is renting rooms out, which would undoubtedly make buying the better choice, if I'm willing to put in the work. My employer hires hundreds of interns and new grads every year in both permanent and temporary work assignments, so I'd wouldn't have to look too far for renters and background/income checks are built in. Ultimately should I not make this choice from a net worth perspective? E.g. let having kids force me to buy, let flexibility make me rent, let the QoL increase entice me to buy? Or be sure to rent out a room if I do buy so that I can be certain to come out ahead? Should I rent for now because I can always change my mind, or buy for now because a house I could afford in 2 years might get too expensive in 8? Should I just go by the heuristic that most people come out ahead buying instead of renting, even if my area isn't really representative of the overall US home market? Financially this seems like a coin toss. [link] [comments]  |
| Posted: 22 Apr 2019 05:51 PM PDT I'm 23 years old and a recent college graduate. I just got this job and am elated to finally have a full time job that pays a living wage. I've never really had the capacity to save money with my previous pay. I'm ready to start saving and creating a budget for myself. I do have a couple of debts to pay off but that is it. No student loans. Pretty slim and should be able to be paid off relatively quickly.
Does anyone have any tips for someone like me who will just be starting out. Things to know, things I need to make room for in my budget that I may not be thinking about? Any tips will be greatly appreciated!! [link] [comments]  |
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