Personal Finance Weekend Discussion and Victory Thread for the week of April 05, 2019 |
- Weekend Discussion and Victory Thread for the week of April 05, 2019
- We have a total wedding cost of about $8000 (which we have). Is it worth getting a credit card to put it all on for the rewards? If so which one? (Credit score is just under 800)
- Passed 50k after a few years of saving!
- Self employed, work online. Visited parents for 2 months in Oregon. Accountant now saying I have to file Oregon State taxes. Really??
- $0.00 transaction hit my checking account from a charitable organization that I have never heard of before?
- $38k liquid cash, living at home. Unsure how to divide up my savings for future life events like home buying and early retirement.
- Our financial planner has completely and totally changed my outlook on our wealth and finances.
- Too many things to contribute to..
- Questions About Minor Opening Ally Savings Acct.
- Fidelity Portfolio Check
- parents losing jobs and have no savings or idea about budgeting
- I had a financial presentation at school yesterday and I'm shocked at how rare it is to have a financial education class in the US.
- Something fishy about Oral Surgeon's billing. (US-IL)
- Got my first real job a month ago, looking to buy a house
- Can I ethically rescind a job offer and how?
- How do you move from a low COL area to a high COL area?
- What’s the best way to get rid of a new car?
- School may not pay me for my hours already worked due to “maxing out my federal work study”
- How should I modify 50/30/20 if I am behind on retirement savings?
- Taxes rejected because parents claimed me as a dependent
- Owning a Car vs Public Transit in a City
- What is an appropriate proportion of one’s salary to spend on housing?
- So a friend of mine took out a Payday Loan..
- Need advise on a second job, work-at-home gig
| Weekend Discussion and Victory Thread for the week of April 05, 2019 Posted: 05 Apr 2019 10:06 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]  |
| Posted: 05 Apr 2019 06:56 AM PDT We figured if we are going to drop $8000 over the course of a year (possibly all in a few months) is there a great credit card that would be worth the rewards? Possibly something that could help pay for a portion of our honeymoon to Scandinavia (flight or hotel). We don't need to put our wedding on a credit card as we have saved up and could pay cash. We both have great credit. Also please save all wedding lectures about it being a waste of money to yourself. We do very well and 8k is modest for what we are getting. Thank you!! Edit 1:: I didn't expect this to blow up. Thank you all for the advice. A few things I'd like to say. Thank all of you who broke down the numbers for me! I have a lot of great options. This has been my first really positive experience on reddit. I'd like to clear up some things people didn't read correctly in my post: -I am not taking out any loans!!! I have the money and could pay it all in cash right now. I tutor as a hobby and side income and it has been very profitable over the last few years. This wedding is being paid for by my enjoyment of teaching children math. -I am not going use any referral links so stop sending me messages with them -I understand some people think weddings are a waste of money. But this money is literally extra and I'm not sacrificing a shred of happiness, time, or other expense paying for it. My fiancée and I are very excited to celebrate our love with a small group of family and friends modestly and intimately. Edit 2:: -I will post to r/churning on Wednesday when I'm allowed (they are strict) - the main venue cost has already given us a 25% discount so asking for a deeper cash discount is greedy. Though we might do that for some other stuff. Edit 3:: - mod from r/churning reached out directly to me because of the popularity of this post. So thank you all (even the assholes) for making this post as big as it became -the Internet is filled with some really mean people who have sent me really mean messages. Sorry my wedding budget (which is super cheap) has offended so many of you. -luckily the internet is also filled with super amazing people who have been super helpful!!! I even gave my first silver to someone who deserved it. [link] [comments]  |
| Passed 50k after a few years of saving! Posted: 05 Apr 2019 02:45 PM PDT After I graduated from college in 2014, I had trouble finding a full-time, well-paying job. Thankfully, I did not graduate with much in student loans (~$12,000), and I moved out to live with my SO (in a HCOL area) in early 2015. My SO has been incredibly supportive both emotionally and financially. Since I had trouble finding work after the move, I was stuck making $15,000/year working part-time in retail. But just over two years ago, I was able to get a full-time (no benefits) receptionist job. When combined with my continued part-time service position, this doubled my income to a bit over $30,000. As I came to dislike my job more and more, I sporadically looked for another position. Then, I was fired in mid 2018, which kicked my search into high gear. At the end of the summer, my many applications finally paid off, and I was hired for a full-time position (with benefits!) making $55,000. Other than having an SO who made more than me, and thus paid a greater proportion of the bills, I was lucky to have a parent who paid off the rest of my student loans ($6,000) at the end of 2017. At the prompting of my SO, I started tracking my finances more rigorously two years ago. Since then, I've managed to save 52% of my income. Here is a graph of my progress! [link] [comments]  |
| Posted: 05 Apr 2019 07:37 AM PDT Work and live in California. Because my work is so flexible (just need an internet connection and my laptop) I took the opportunity last year to visit my parents in Oregon for about 2 months. I worked from their home while I was there. My accountant said the Oregon filing threshold is $4,435. I make over that amount in 2 months. Do I really need to file Oregon State taxes？ EDIT: According to most of the replies, it seems that I DO have to file in Oregon. ThumbsUp to my accountant, and thanks for all the input everyone! [link] [comments]  |
| Posted: 05 Apr 2019 08:32 AM PDT UPDATE: I called the bank and my debit card has been cancelled. I guess they somehow got a hold of my debit card. They tried to use it by guessing the security code on the back, and eventually got it right. The bank employee on the phone told me it was a good catch. I mean being an accountant, I like to keep track of all of my personal finance matters very closely, so I guess checking my bank accounts every morning does pay off. hey all, I logged into my online banking app this morning to take a look at my accounts as I always do. But this morning there was a zero dollar transaction for which i did not authorize, not only that, but have never heard of the company before. The transaction line in my transaction activity reads as follows: "4/5/2019 DIRECTDEBIT PURCHASE AUTHORIZATION WAVESFORWATER ORG $0.00 PENDING" I have sent a "secure message" to my bank and am awaiting reply. is there anything else I should do? [link] [comments]  |
| Posted: 05 Apr 2019 08:21 AM PDT 24 single and I have $38k saved up. My current base pay is $68,850/yr but I'll end up making a few thousand more for EWW pay (1x pay). I contribute 8% of my income to my companies 401k and they match 6% (still have another 2 yrs before fully vested). I also have a few personal mutual funds with wells fargo totaling to ~$20k. I will be living at home at a minimum to the end of the year to help support my parents. My take home amount every month is at least $2k (actual average is ~$2300 so far this year). No student loans, no credit card debt. I do have a bi weekly car payment of $194.15 but it is not a car I plan on keeping long term maybe another year, it's a weekend car for fun. There are a lot of unknowns. I don't know where I will be living in the next few years or if I will still be working with this company. It seems foolish to have most of my net worth in liquid cash but I'm not sure how to divide it up in all the investment opportunities out there so I can be prepared for events like purchasing a house and/or early retirement. TL;DR : 24 years old, living at home, $38k in liquid cash, saving at least $2k/month what is a responsible way to invest money to be prepared for life events like buying a house and early retirement. [link] [comments]  |
| Our financial planner has completely and totally changed my outlook on our wealth and finances. Posted: 05 Apr 2019 05:42 PM PDT I wanted to write of a good experience with our financial planner since I see lots of posts bashing them. So i got advice from a coworker who is the sole income earner (wife has MS and cant work) and makes the same as I do (a few more bucks an hour as im in a higher position than her but she has more senority so is at the top of her payscale). This person was recommended to me as a fiduciary cpf who has made said coworker hundreds of thousands of dollars over 20 years, had their mortage paid off 10 years early and who has helped them generate 1.7M on top of coworkers pension (her partner also contributed before stopping work of course and she is now ready to retire). She basically said she may have been able to generate the money independently but not as much, wouldnt have paid the mortgage off yet, and would never have reinvested the money from her first pension and would have kept it in the same pension plan but paid in independently (generating less in the process) without him. She started "late" at almost 40 years old with nothing to her name but her pension from another area of work. So we went and of course being 26 and my partner 30 at the time I was nervous that we wouldnt be taken seriously or be told that we should "come back when we've maxed out our tfsa" like we had been told by other larger financial groups and banks. I made 85k yearly and my partner made 79 but had no debt (i had 30k at the time) and is a good saver, so he had 40k sitting in an account (he had only started a good paying job about 8 months prior to the first meeting). We sat down for 3 hours for the first meeting, which was free (a normal thing) and he basically made a financial plan right then and there and gave us a figure of 2.2M to have by the age of 60, gave plenty of life advice and counselling on fears (we were going to limit ourselves to purchasing a condo because we live in a high COL area, were only going to have one child instead of the desired 2, we were going to pay my loan off over 2 years then start saving a down payment, etc) He turned our lives upside down in a single meeting and made many tangible suggestions to do before deciding if we wanted to work with him. He suggested that we pay 20k off the loan immediately and together, then 2k a month and have it finished by the spring, to combine our finances and give each other a $500 allowance for spending outside of regular expenses, and then to send 7.5k each to an rsp every year and all other cash to the tfsa for downpayment. Sounds like simple advice right? But for us it was life changing because we werent married (although were common law), kept our finances separate and didnt know where to start, really. Anyways we did exactly what he said and at the end of that winter we went in to sign on for him to manage our cash and he actually took us on in partnership with one of the other partners for only 1/2 of the price because it would be cheaper for us than his independent fee . Its been 2 years and we have 80 thousand downpayment in the bank as of our meeting today (projected to be 125k by next year), my student loan was paid in full, and our rsp has $35000 projected to reach 230k in 8 years from now. Im 28 you guys and my partner is 32. Today he advised us to hold out on the property purchase for another 1.5-2 years because our real estate is currently being corrected and should be at its lowest in around a year and a half. By that time we will have enough to buy a detached house because as he advised us at that first meeting, he always tells his clients its worth paying more on the first purchase which they can grow into, versus literally wasting money on fees to upsize later. We then dreamed of a townhouse and he advised that he could get us into a comfortable place to buy detached.. I still dont know what we'll do and of course he has said that buying a home is more emotional than logical in a housing maket like ours, and that we dont need to own a home in order to do well financially, in fact he believes we could make more in other investments in some cases. Anyways... I never thought this could be us, and im so incredibly thankful. This guy has been worth his weight in gold especially because I grew up poor and with zero financial literacy. Shop around I guess is my main message here :) we found seriously the best therapist/counsellor and also an amazing cfp all in one. [link] [comments]  |
| Too many things to contribute to.. Posted: 05 Apr 2019 12:07 PM PDT I'm a recent grad making 50K, but it's overwhelming thinking about everything I need to pay off/contribute to. How does someone put the recommended 15% into 401k, max IRA, building 6 months expenses, pay students loans AND save for a house, all while paying rent and other life expenses.. Edit: Conclusion. I'm going to contribute the amount to get full 401k matching, building up 6 months expenses, then pay my student loans as hard as I can. Once I'm debt free, I will increase my retirement contribution to 15% between 401k and IRA, and contribute what's left to my savings/house down payment. [link] [comments]  |
| Questions About Minor Opening Ally Savings Acct. Posted: 05 Apr 2019 06:58 PM PDT I am 16 and have around ~$1100 in a standard savings account and want to move it somewhere it can earn more. My parents are letting me open an Ally Savings account online but have some questions on how to set it up.
Sorry for all of the questions, but I would rather have my money earning a small bit of interest, especially when I get a job this summer and will have direct deposit into it. [link] [comments]  |
| Posted: 05 Apr 2019 05:06 PM PDT My wife and I are 24 years old. We recently opened a fidelity account and have $35k to invest and have $18k to invest to our ROTH IRA. We plan to allocate the 35k like this: FZROX- $14000 FSKAX- $10500 FITFX- $4000 O- $3000 VNQ- $3500 We also want to contribute to a ROTH IRA and want a target date fund. Any suggestions? Thank you in advance. Any advice would be greatly appreciated! [link] [comments]  |
| parents losing jobs and have no savings or idea about budgeting Posted: 05 Apr 2019 05:37 AM PDT So I'm pretty stressed out about my parent's financial situation and I feel like they're running out of time fast. My mother is 47 and my dad is 58 and they have no savings other than about $6000 in their retirement fund. My mum's work contract ends in one week and she basically lives pay check to pay check. She has no qualifications other than child education assistant. For the past 3 years she has worked as a cleaner but she she is severely overweight but is currently seeing a psychologist to help her with that. She's been to numerous job interviews but she calls herself unemployable and is pretty depressed, she's broken down twice saying she's too disgusting to be employed. My dad has worked as a supervisor for years but their contract just changed which resulted in him being demoted and given sporadic shifts which roughly add up to about 18hrs a week. He's been pretty much bullied out of his position and is getting hammered down by his new boss. He's too scared to do anything because he thinks he's unemployable at his age. He has heaps of qualifications from heavy machinery operator to chef to art teacher but still, he's convinced no one will have him and he's become so dependent on his pension he's terrified of losing it by getting a salary job. He is a bit better at saving but he still spends a lot of money on unnecessary things. I'm 22 but I have a decent job and can handle their rent and a few bills but I that means I can no longer pay for my own education or goals. I love my parents but their spending habits are pretty flippant and they seem to be so depressed that they've lost any hope to try and save themselves. They have nowhere near enough to retire and their credit ratings are in the bin. I stress out so much for them that I have panic attacks whenever I think too much about their situation because it all seems so hopeless. I just need some advice or direction that I can pass on to them to try and save them because they do deserve to enjoy their lives. [link] [comments]  |
| Posted: 05 Apr 2019 09:58 AM PDT Im a senior in high school and I recently attended a financial presentation with my economics class yesterday. Ive learned a lot but what really shocked me was that ONLY 5 STATES have mandatory financial/economics classes in high school. I was even more shocked that NY has only 1% of students graduating with an economics class in high school... I thought NY had mandatory finance class but I was so wrong.. I dont know if this is why the US has a lot of credit card debt (and debt in general) but I feel like this class is extremely important and other high school students should have the opportunity to take this class.. Im honestly lucky and happy that im part of that 1% that's graduating with this class. [link] [comments]  |
| Something fishy about Oral Surgeon's billing. (US-IL) Posted: 05 Apr 2019 05:44 PM PDT I recently had a crown fall out. Due to some shoddy dentist work by my childhood dentist, I had to undergo a procedure to remove some overgrown gum to allow a new crown to be placed on. Prior to the surgery, I signed an agreement stating the surgery cost was $1498. I waited some time and eventually checked my dental insurance provider claim center to determine what the patient responsibility is. Upon doing so, I discovered TWO claims had been submitted for my surgery, both for $1498. Now, because my insurance received both of these claims at the same time, they split my remaining coverage ($976) in half. Each claim was set to receive $488 from the insurance company with me owing the remaining $1010. As an aside here, I found the interesting part about the double submission to be that 2 different teeth were listed (One claim was tooth 29, the other was for 30). This is important later. The insurance company informed me that one claim had been paid out (Check sent) and the other was processing. The put a hold on payment processing for the second claim and requested I contact the surgeon's office and have them send a correction. No big deal, little odd, but I'll call the surgeon's office and get it sorted. Mistakes happen. Eventually I get a call back from the billing lady very insistent that only one claim was submitted and they have already received a payment of $488 and would be sending a bill for the remainder. I informed her the payout was incorrect due to a claim error and a correction needed to be filed in order to get the right payout from insurance. Again, she denied sending multiple claims, but stated she would call the insurance provider and submit a correction. This call occured on 3/25. On 3/29, I received a call from the dentist, and thankfully they left a voicemail (Yay it's on record). Here is the transcription:
On 4/5 I contacted the insurance company and confirmed they received a 3rd claim, for tooth 30 also. However, there were no remarks on the 3rd claim notating a correction of any form (I've now requested the insurance company send me a copy of all 3 claims. They marked this claim a duplicate of the original claim for tooth 30 and nothing more. At this point I feel that the surgeon's office is either acting in bad faith. How should I proceed? [link] [comments]  |
| Got my first real job a month ago, looking to buy a house Posted: 05 Apr 2019 06:50 PM PDT Let me preface this by saying in still a good probably 4-5 months out on this at least but just looking for suggestions. So I got my first real job after graduating college and am making $3200/month after taxes with the premise that it will be closer to $4000 by the end of the year as one thing with signing on with this company was a guaranteed performance review by the end of 2019 with the expectation of near $60k before taxes. With that out of the way my plan currently is purchase a condo as the cost of a mortgage +mortgage insurance through fha would be somewhere around $400/month cheaper than renting and I also have that equity if I were to get relocated or change jobs. I currently live at home so my only expenses are car insurance and my phone bill which is roughly $260/month. I do have roughly $55k in student loans that will need paying back and I plan on starting that process next month. Based on calculations of expenses if I were to buy a condo my expenses would be roughly $2000-$2300 a month with $700 towards student loans. My parents have also told me that the tax break they got while I was in school they will be giving me $10k to my loans but that will be next year. I know I am lucky in that regard and while my school wasn't paid for like some of my friends I genuinely appreciate my parents for this as they didn't tell me until after I had graduated. The places I have been looking at are 2 bed 2 bath so if I have a friend who gets a job in the same city as me after graduation I can rent to them which would cut my mortgage expense roughly in half and if no one gets it I have a spare room for if anyone visits. In my city people also look for 2 beds when they buy a place so that would make selling slightly easier. As far as continuing to live at home and pay off loans I would love to but my commute ranges from 2.5-4 hours every day based on traffic. I guess my question is is this a good idea? I don't see a downside personally but I may be looking through this with rose tinted glasses [link] [comments]  |
| Can I ethically rescind a job offer and how? Posted: 05 Apr 2019 04:02 AM PDT I'm potentially in a bit of a pickle. I interviewed for company A on a Friday. The next Thursday, I phone interviewed with company B. Same day, company A made a solid offer with a 48 hour expiration window which I signed on a Friday because I didn't have an idea if I'd hear from company B. Company A has been doing a background check for the past week, during which I had an in person interview with company B. Interview went well, may get a better offer (105k vs 120-125k, perhaps more) and may be much better for my career in the future (super innovative tech and I'd be jn on the ground floor, company will most likely go public and I'll have stock options) Assuming B offers me a job that meets my expectations, Is it incredibly unethical to let company A know I received a better opportunity and rescind my acceptance? I will have a second interview with B's CEO. If he does make an offer, I thought about expressing my interest but being upfront about having to rescind A's offer to accept B's. And if he is okay with that and it doesn't impact their business, then I'd accept. Is this too extra? Note: both companies are biotechs focused on gene therapy, but completely diff platforms and end applications. Nevertheless, the community is small. [link] [comments]  |
| How do you move from a low COL area to a high COL area? Posted: 05 Apr 2019 07:10 AM PDT My pay rate is low because of the COL and because I work for a non-competitive-paying state. It's also public because I'm a public employee. So is my girlfriend. I should be getting paid more, but since I'm relatively new to the workforce (24) it's hard for me to get a more competitive salary. I also really like my current job, so my plan is to stay here and hope for some pay raises until I move. The problem is I plan on moving to an area that is relatively expensive to live in - Washington DC - because that's where my field is. I work in state higher education now, but I'm about to finish a master's degree in politics and policy. I currently earn 35k/year, but I get a number of good benefits - health insurance is very cheap, I get a month of vacation plus 2 weeks sick leave and a personal day, and my office environment is actually probably the most lax and nicest office environment of any of the state jobs in Florida. An example: in my last state job, no one was allowed a standing desk without a disability waiver from their doctor. In this job, someone just came around one day and asked me if I wanted a standing desk (I absolutely super did). I am trying to save up money to move to this high COL area but between how little I make now and the fact that my very low salary puts me in a tough position for negotiating a good salary, I'm concerned. COL calculators tell me that to live the same quality lifestyle I currently live - renting a nice but slightly expensive 1bd/br of about 1000sqft with my girlfriend, two cars, saving money every month for retirement/travel/emergency fund/house fund - I would need to earn AT LEAST double what I currently earn in DC. Add to that the fact that I would prefer to be able to buy a condo or townhouse or something, I would need to triple or quadruple my salary to own anything in the DC suburbs. I know clearly that means that what is currently happening is not realistic. It just feels like if you start off in a low COL area, it's like impossible to get to a high COL area and "make it". Any advice? Has anyone does this sort of thing before that can give me some pointers? [link] [comments]  |
| What’s the best way to get rid of a new car? Posted: 05 Apr 2019 04:20 PM PDT My sister made a bad decision and decided to listen to her husband to buy a new car. She's not currently working (stay at home mom) and while he has planned to help make payments every 2 months (she would pay the off months), he has stopped making payments so she's left to pay all the bills herself which comes down to my sibling and I letting her borrow money to make the payments for a combined total of 3k so far. I've been trying to tell her with no avail to get rid of the car but she believes it's a waste of money because she's already poured money into it (technically my siblings and I's money). She doesn't think she can get rid of it and I'm not familiar with cars so what are the options for her to get rid of the car for the best return? I know she will lose money in the short term but long term savings will be substantial. Please help!! TLDR: sister bought new car, what's the best way to get rid of it? [link] [comments]  |
| School may not pay me for my hours already worked due to “maxing out my federal work study” Posted: 05 Apr 2019 04:16 PM PDT Sorry in advance as this is on mobile. So the deal here is, I'm employed through my college. It is a small liberal arts college in bumfuck Iowa, and recently I have not been having a good track record with administration, i.e, not filing hate crimes or incident reports on campus, making it an unsafe environment, as well as cutting my Dean's Scholarship by about a grand or so a year and saying that the amount hasn't changed (I have numbers to back this up). Recently, while trying to log in my hours, the program we use said I had maxed out my federal work study award and would need to contact my boss. No biggie, this happened last year. I emailed my boss three days ago and it still hasn't gone through. He said that the woman over it has been out of the office and won't verify it until Monday or Tuesday. The issue is, my time card is due on Saturday and if I turn it in late, I won't get paid, or paid on time. The second issue is that this week my boss has had me work almost 20 hours and I'm not sure I will be compensated for this time. I'm mainly concerned because my boss started taking people off of the schedule who maxed out their financial aid, but not me. He also sent out an email saying that if you were close to or at your financial aid award, he was just going to schedule someone else and not go through the process. He is the only one who has access to how much money I have left in federal work study and still has me scheduled for a bunch of shifts next month. I'm only allowed to log six hours for this week. I am fearful that the school is trying to undercut my work study, and this is my only income that's not at home, and I am independent, meaning I have to pay for everything I need while home or at school while only being paid $7.25/hr. Should I be concerned with this recent development ?? What should I do to ensure that I am paid for the hours I have already worked? [link] [comments]  |
| How should I modify 50/30/20 if I am behind on retirement savings? Posted: 05 Apr 2019 11:45 AM PDT After making crummy money with my bachelor's I went back and got a master's. I'm now almost 32 years old with 40k in debt and nothing in savings (have 14k in IRAs). I'm lucky in that the debt is to my parents and interest free. I'm getting $6180 after taxes, but in San Francisco so rent is crazy at $2380 after utils. For the 50% needs /30% wants / 20% savings rule, I'm almost right on the 50% after groceries/phone/train pass/clothes/etc. I have an 08 Jetta but figure I can't afford to drive it, so it's sitting at my parents uninsured and will probably get it sold for ~3k. For the 30% ("wants"), I figure there's no way I can justify this given my age so I'm thinking 15% wants, 35% for savings/debt is more appropriate. That 15% means $925 for crossfit(140) / bars and restaurants (280) / occasional flight home, surf lesson, car rental for hiking. 35% means 2200 for debt, so hopefully all debt paid within 1.5 years (+ a bit more since I need to save up an emergency fund). After that I will start putting all that into savings. Sound good? Anything pop out as needing a change? I figure with any raises I can use them to boost the 15% wants to 20%. Also should get a 10% bonus which would equate to an extra 500/month net. [link] [comments]  |
| Taxes rejected because parents claimed me as a dependent Posted: 05 Apr 2019 02:49 PM PDT Hello, I recently e-filed my taxes on TurboTax and upon checking the status just now it turns out it was rejected because someone had claimed me as a dependent. It turns out my parents thought they were supposed to claim me as a dependent when they probably should not have as I recently graduated and have held a job for the past 8 months and live on my own. This was a recent change so my parents just didn't know any better to not claim me as a dependent anymore. My parents are going to revise their tax returns and my question is what steps am I supposed to take now? I did some research and it sounds like I have to file an extension because the revision will not be done until after the deadline for taxes to be filed. Can anyone help with what steps I need to take now and also after my parents tax revision is complete to make sure my taxes are filed correctly? [link] [comments]  |
| Owning a Car vs Public Transit in a City Posted: 05 Apr 2019 07:43 PM PDT There are so many different opinions on this, I'm curious what PF thinks. I'm a 26 year old Canadian Video Game Designer who loves cars and driving in general, but currently uses public transit (costs me 85 bucks a month for a bus pass) and I'm getting pretty sick of it. I live in a city where this is feasible for commuting to work and doing errands, but I'm realizing that I'm being overly frugal and could probably justify owning a car at this point in my life now that I have paid off my student loans (up until now I've used literally all my money outside of living expenses to pay them off). I have $1,500 invested in a TFSA, $4,000 in my savings account as an emergency fund, and make 50k a year right now with a raise coming later this month that will bump me up to 60k. I net $3,300 a month after deductions, about $1,100-$1,200 of which goes towards living costs (work pays for cell phone). How much of my income is reasonable for me to spend on a car? Is financing a car instead of paying cash for the full amount as bad of an idea as my parents raised me to believe? How old of a vehicle makes the most sense to buy? How much total should the car cost? I've always wanted a sports car, and I've dreamt of owning a Scion FRS since it was announced (2013-2014 models sell for anywhere from 16k-20k here). I've never been in a financial position to afford it, but I'm starting to feel like I can justify it at this point. That being said I'm not opposed to buying a more economical/responsible car. Any advice/opinions are welcome. [link] [comments]  |
| What is an appropriate proportion of one’s salary to spend on housing? Posted: 05 Apr 2019 06:48 AM PDT Suppose that annual income is 100k before taxes and a bonus of 30k is expected. What is a reasonable amount to spend on monthly rent, given that I currently do not have any loans to pay off? Warm thanks. [link] [comments]  |
| So a friend of mine took out a Payday Loan.. Posted: 05 Apr 2019 04:29 PM PDT ...and gave them my phone number as their contact information. I got a phone call this morning with a voice mail addressed to this person. The VM sounded pretty curt, as if he's letting this loan default on purpose. Is there any way this loan company could attempt to repossess anything of mine, despite the loan being in his name? I plan on messaging him tonight, letting him know that this place is calling me, thinking that they are calling his number. If after tonight I get another phone call from this place, I plan on giving them his correct phone number and his address (just in case he gave them mine) [link] [comments]  |
| Need advise on a second job, work-at-home gig Posted: 05 Apr 2019 04:12 PM PDT Hello all, long time reader, first time poster. I am currently working as a chef, full time, salaried job that pays slightly over 50k/yr. My wife makes between 35k and 40k a year. We currently have everything budgeted, and we know how much we have to spend to work on our goals, like a mortgage for a house and etc. Being salary, I find myself with free time and would like to use my time towards a second income (better than sitting around and not doing much with my spare time). I have a few ideas on how to pursue this 2nd job, and would like the community's opinion and suggestions on where to start a 2nd, preferably work-at-home job.
I'm not looking for something high-paying, as I'd be happy bringing in $100-ish a week. Obviously, the more the merrier. My biggest thing is while I can meet a weekly work quota, because of my full-time work schedule, I have to be able to work on my own time. Any advice other than examples given above would be welcomed as well! Thanks in advance r/personalfinance! [link] [comments]  |
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