Personal Finance Keeping a Car in Storage for Five Years (for an 11 year old) |
- Keeping a Car in Storage for Five Years (for an 11 year old)
- 34 with no 401k and now an independent contractor
- Found out my name is attached to my mother's credit card and she's thousands of dollars in debt. How does this affect me?
- [VA] Given the choice between firing vs resigning due to lack of work
- I've been rejected four times for jobs because I'm a student on break for only 3 months, should I start lying?
- Has anyone utilized HUD's Good Neighbor Program? A few questions
- Supposed to close on selling a house Monday. Tornado just dropped a tree where my living room used to be.
- How have you all come to conquer impulse spending?
- $30k debt in student loans, looking to buy a home in 2-3 years. Is it better to aggressively pay of the loans or save the cash?
- I would like some non Dave Ramsey advice for this situation please...
- Surprise $65,000 bill from surgeons...how should I pay this off?
- Are private student loans a bad idea?
- 22 Y.O just getting into my 401k and buying stock in my company.
- Unable to get credit report from Equifax and Experian, ONly Transunion works? Can't verify my identity?
- Just used a Social Security calculator. Very surprised by the results.
- PMC trying to charge us for all sorts of nonsense - wants to take our entire security deposit and then some.
- Do You Include PTO/Benefits When Calculating Your Hourly Rate/Salary?
- TD Ameritrade- FORM 5498
- Something a lot of people may not know some car sales people do (like me)
- Break even point of purchasing a home?
- Can cosigning for spouse's med school loan be bad for the household?
- What to do with large insurance settlement?
| Keeping a Car in Storage for Five Years (for an 11 year old) Posted: 28 May 2019 10:12 AM PDT My father recently passed away and did not leave a will. He had a 2014 Chevy Sonic that he used to get around town that he used to jokingly say that he would give to my niece some day to drive. She's 11. My mother (divorced) and my sister want to park that car next to my sister's house (we live in the SW desert) for the next six years so that my niece will have a car when she turns 16. This would be a minimal cost, storage insurance, etc. I proposed that instead we sell it now (while it's worth more) and take that money and put it into a CD for five years (where it will grow) and then use the money to get a newer car at 16. I know of no teenager that has ever thought they would rather drive a beater from grandpa's estate than something a little nicer and newer. I don't see a downside to this but they are absolutely adamant about it. I told them I'd make a Reddit post and someone would know how to make this make sense to them. EDIT: Thanks everyone -- never thought to include the damages from storing it. I think I'll take her down to a mechanic and have him give it a once over so he has some idea of the condition and then she can decide once she has all the info. [link] [comments]  | ||||||||
| 34 with no 401k and now an independent contractor Posted: 28 May 2019 08:28 AM PDT Hi guys. I'm 34 and single with $170k in savings and $50k I've invested myself into stocks. $0 debt and don't own any property such as house or car. I have no 401k or IRA or retirement thing. I'm now an independent contractor. All I do is save right now, I don't have any retirement options through an employer obviously so I'm thinking to open an IRA. The thing that is stopping me, and I don't know if it should be, is im very worried about investing into stocks and bonds during what I think is a credit bubble. Should I just do it anyway since I'm planning for the longer term? Part of me just likes putting money in a savings account because its easy. [link] [comments]  | ||||||||
| Posted: 28 May 2019 06:20 AM PDT This is my first time posting here and I'm trying to learn how to handle my finances better, so I apologize if I'm asking dumb questions, but I just don't know what to do in this situation. I recently ran a credit check on myself for the first time ever and my heart nearly stopped when I saw that there was almost 10k in credit card debt attached to my name. I found out that it is one of my mother's retail credit cards that she for some reason added my name to. I'm assuming she did this when I was a child since my mother and I have no relationship and haven't spoken in years. Because I'm embarrassingly ignorant about these things, I'm wondering if this has hurt or helped my credit. According to the credit website my mother has never missed a payment and has been steadily paying down her debt for several years. Does it hurt my credit to have so much debt, or does it help my credit because the payments have always been made on time? Since I am not the primary cardholder could I ever be liable to pay back the debt? Thanks in advance for any advice. [link] [comments]  | ||||||||
| [VA] Given the choice between firing vs resigning due to lack of work Posted: 28 May 2019 09:18 AM PDT I'm a collegr student working in the tech industry ($17, w-4) part time and was asked if I'd like to submit a resignation so it will "look better for me" vs getting fired on my last day. I am being letgo because the current job I was in charge of is no longer needed and they could not find me a new position after an internal interview, so they are choosing to let me go. I've done some basic googling and it seems that quitting will result in me being unable to receive unemployment while I search for a new job? I'm afraid that due to me being a student, and summer already having started it'd be pretty hard to find a developer job at this point. I'd still prefer to look for a developer position first, so I was wondering if I would be eligible to be terminated and collect unemployment while i apply and interview for these positions, or if I should just apply to something like retail temporarily and start my job search there. I mostly want to know 1) Should I resign so it will "look better"? Or will that not really matter in the eyes of the companies looking to hire me? Can I simply state "I was let go because they closed the lab I was working in" or something like that? 2) If I want to collect and am eligible to collect unemployment (am i?), should I just be asked to be terminated? 3) I have phone bills and CC debt I'm worried about if I stay unemployed/can't find a proper job for too long, is there anything I can do for these? I've heard of people paying off cc debt with 0% CCs temporarily while working on paying it off, and I don't need a loan anytime soon, so this wouldn't ve a bad option for me as far as emergency plans go, right? If I'm misunderstanding anything or if I missed anything, or you have any other advice, please let me know, thanks. Edit: thank you everyone for the replies. Ive been busy reading Virginia employment laws and such that I've gotten various links to. Thank you so much for guiding me. I've stated that I wouldn't resign and the employer has notified me in writing that it is indeed layoff from lack of work and I'll be getting that in writing when I turn in my badge. [link] [comments]  | ||||||||
| Posted: 28 May 2019 04:45 PM PDT Perhaps I am too honest, but I am having serious trouble finding employment this summer due to the fact I am only going to be here for three months this summer. In all interviews, I have been truthful and have said I go to school out-of-state, and I am looking for a job for the summer as a college student. Despite having good interviews, a decent resume, and a solid work history, most of the hiring managers seem to be put off by the fact that I'm only looking for a temporary employment. While I could certainly lie and say that I am from the local college, my resume states that I went to an out-of-state university, and my references also know I'm tied to that school as well. Should I lie or start bending the truth? It's been nearly a month now and I've only been getting rejections. I am however taking one summer class at the local college this semester and could use that as leverage to say that I am technically a student, but only for the summer. I have one more potential interview with a bank at PNC. They also have branches in my local town and where I go to school. Should I tell them I'd be interested in transferring and staying long term? [link] [comments]  | ||||||||
| Has anyone utilized HUD's Good Neighbor Program? A few questions Posted: 28 May 2019 08:40 AM PDT Sorry if this isn't the correct subreddit for this. If there is a better one please point me in the right direction. I am looking to buy my first home later this year and want to utilize the Good Neighbor Program. I have read their FAQs on the program and as far as I can tell, I qualify, but have a few more questions.
Thank you! [link] [comments]  | ||||||||
| Posted: 28 May 2019 07:37 PM PDT Claim is filed with insurance but it's after hours so we haven't heard anything. Real estate agent is a saint and got utilities shut off. We live out of town but are driving up tomorrow to assess the damage. We have funds for the deductible. What else do I need to do in the meantime? [link] [comments]  | ||||||||
| How have you all come to conquer impulse spending? Posted: 28 May 2019 09:15 AM PDT Hello everyone! My apologies for any formatting or grammatical issues. A month ago I received a promotion resulting in a monthly net income of around $2800-$3200 a month (dependent on overtime). This is a personal high for me, however my poor spending habits have persisted and I can't seem to shake them. The most concerning and pivotal of which, is my inability to curb impulse spending. Currently, I spend about $500 dollars bi weekly on incremental $10-$30 purchases mainly consisting of food/drinks along with social activities, and digital purchases. For a long time now, I've recognized how detrimental these purchases are to any meaningful long term budget. While I've tried in the past to correct this habit, any successes only last for 1-2 pay cycles before I justify treating myself; subsequently regressing and opening the floodgates to spending recklessly once again. I was hoping to hear how you all were able to overcome and tame these impulses. How did you structure or alter your budget? Could you responsibly reward yourself? What helped you climb out of a self induced paycheck to paycheck lifestyle? Any and all advice is welcome, and thank you everyone for your time! PS. I can further elaborate on my expenses and where the rest of my income goes if anyone would like to know. [link] [comments]  | ||||||||
| Posted: 28 May 2019 06:55 PM PDT Hi! As the title says, I'm looking at buying my first home in the next 2-3 years. I expect the cheapest I will buy at is between $300-400k (in the DMV). I have about $30k in student debt that is not at a fixed rate and the interest rates are currently between 5 and 5.5%. I currently have about $8k in savings and another $6k in an IRA which I began before starting my current job which has great retirement benefits. I haven't put anything into my IRA since starting. Other than my student debt, I am debt free. A full half my income goes towards rent and the other half is discretionary. Finally, I am eligible for a VA loan, so a lower down payment is possible. Would it be better to get my loans paid down and improve my debt-to-income ratio, or should I pay the minimums and save all that I can for a larger down payment plus fees and other expenses associated with buying? Thank you for any advice! [link] [comments]  | ||||||||
| I would like some non Dave Ramsey advice for this situation please... Posted: 28 May 2019 05:50 PM PDT It's not that Dave isn't a good guy or anything, but I am trying to see every angle I can for this. In short, due to layoffs over many years we are in debt up to our eyeballs. We have sold everything of value, including our house, and are now in a RV. We are living the cheapest way possible, there is nothing to cut. Our cars are old and paid off with almost 200,000 miles on them. We have $30,000 of total medical debt and $55,000 of credit card debt. The credit card debt is all from trying to survive during the layoffs.I wish I could say we bought lavish items and went on amazing trips with it but we didn't. We have been in the RV for 2 years, and the credit card debt did started around $70,000 It's so hard to get anywhere when almost $1,000 is going to interest alone. I feel like we are just spinning our wheels. Something always pops up, like cars needing new tires, or a crown coming off a tooth. If we didn't have all this debt, we wouldn't be struggling. So what I am asking is, is this enough debt to consider bankruptcy? Would getting a loan of some sort help? So much is going to interest, is there anything we can do about that? He has called and none of the credit cards are willing to work with us at all. I feel like this is it for the rest of our lives, we will always have this huge bill there looming and we won't ever be able to live life. Our total income is about $85,000. Thanks! Edit to add that the first year we were living in the RV we did not have an $85,000 income. We were still recovering from the 5th layoff. That year we had $40,000 and that is using the 401K we used to keep our house our of foreclosure. [link] [comments]  | ||||||||
| Surprise $65,000 bill from surgeons...how should I pay this off? Posted: 28 May 2019 10:52 AM PDT My father received an emergency surgery for a procedure at a hospital that was completely covered by our insurance. The hospital took down our insurance, assured us that it was covered, and sure enough, it was. However, we are getting two separate bills, one from the surgeon and one from the assistant surgeon (who we never even saw, or even knew was in the surgery) for 35K and 30K each. The hospital claims that the surgeons are billed separately, and that the surgeons are not covered by the insurance. Our insurance (Blue Cross Blue Shield of Texas) claims that the surgeons are out-of network, even though the hospital of the surgery is in network. Now they are claiming that when they assured us that it was covered, they meant the hospital bills were covered, not the surgical bills. We were in an emergency state. Did we really need to make sure each surgeon was covered by our insurance? Do we need to call the insurance company before every emergency surgery (life-threatening) about which surgeons are allowed into the OR and which surgeons aren't? I don't understand why the hospital said we were covered, but we weren't actually covered. If the hospital had told us the surgeons were not covered, we would have contacted our insurance company to find other surgeons who would have been covered. Would a lawyer be efficient in this case? We don't really have the money to pay 65K, and it feels strange to pay a bill for an assistant surgeon who we had no clue was in the operation at all. If not, what would be an efficient way to pay this off, or ask for a discount? [link] [comments]  | ||||||||
| Are private student loans a bad idea? Posted: 28 May 2019 09:44 AM PDT I will be graduating next spring with approximately $25,000 in federal student loans. I'm planning to go into data analysis, lab management, or something similar so I anticipate that I will be able to find a decently paying job right out of school. My family currently pays the rest of my tuition that my loans don't cover, but I'm on my own for living expenses. Last semester I struggled with food insecurity and was so stressed about not having enough money to cover my expenses, even while working multiple jobs, that it absolutely tanked my grades and I'm now on academic suspension. I can bring myself up from suspension with summer classes thankfully, but unfortunately that means I can't afford to work full time and also take summer classes, so I won't be able to save up as much money as I hoped to. I really need to focus on school next year since I will be taking much harder classes. My mom has told me that private student loans are predatory and that I should NEVER EVER take one. But I can't handle having to skip meals again and have breakdowns over not knowing how I'm going to afford my bills. I don't want to use a credit card but I've had them before so I know my credit score is decent. The thought of taking a loan for $1,000-$2,000 just to get my through my year without having to work a million hours a week is just so tempting. [link] [comments]  | ||||||||
| 22 Y.O just getting into my 401k and buying stock in my company. Posted: 28 May 2019 06:49 PM PDT I have 3 401ks, two have been rolled into an IRA from previous employment. My new company matches 5 percent which is what I am contributing. Are there ways to maximize this with different investment strategies? Should I keep to the low risk simple set up it hasfor easy set up? My enrollment for stock purchase is coming up and I'm going to contribute enough to buy around 4 stocks of my company a year, with a 15% discount I figure in should come out on top, right? Extra: is there a way to keep an escape fund that a wife can't touch if anything were to happen? "Untouchable savings"? I would really appreciate any comments or thoughts on any of this. Thanks! [link] [comments]  | ||||||||
| Posted: 28 May 2019 05:44 PM PDT I used the official annualcreditreport 3 years ago to try to get my credit report. Since 3 years ago, up until now, every time i go on the site each year, i am unable to get my credit report from equifax and experian. IT keeps giving an error and saying my identity could not be verified. IT asks me questions every time to try to identify me, however, none of the questions that experian or equifax asks me are related to me at all. Does anyone have this problem? The only bureau that i can get my credit report from is transunion, because the questions they ask are actually related to me and they can verify my identity. Does anyone else have this problem? How did you resolve it? I'm not comfortable mailing in confidential paper to these bureaus just for them to attempt to fix this! [link] [comments]  | ||||||||
| Just used a Social Security calculator. Very surprised by the results. Posted: 28 May 2019 02:18 PM PDT I'm 30 years old. I've been saving 20% of my income since my mid 20s. I've often heard that social security is in trouble and that you shouldn't depend on it to exist decades from now. So for better or worse, I've never even really bothered to figure out what it is exactly, or how it works. But I was recently using one of those retirement calculators to do a check up on my situation which showed that I'm on-track to meet my goals assuming $0 of social security. Then it suggested using their social security calculator. I put in my info, and it told me I could get anywhere from $40k to $70k per year (depending on my exact retirement age). That was a huge surprise to me. Obviously things could change drastically by the time I retire, including not existing at all. But man, I always figured it would be like a couple hundred dollars. But that amount is a total game changer. So, is there really the potential to receive that much, and have my retirement be way, way better than I ever anticipated? Or are those numbers inaccurate and/or unrealistic, even in a best-case scenario? [link] [comments]  | ||||||||
| Posted: 28 May 2019 04:43 PM PDT The house we were renting for the last 4 years changed property management companies towards the end of our lease. They neglected to send out a lease renewal when our time was up and we had been living there so long we didn't even notice they'd missed sending it. We checked our lease a couple months ago and saw that we weren't technically on lease. We had been looking at houses so we decided we'd take the opportunity to move. I called them up and told them that our lease had been up (we'd been paying rent through their online portal in the amount they were billing us) and that we were moving out. They weren't happy they dropped the ball and didn't have a lot of time, but technically we were supposed to be out months ago. In theory I thought they might come after us for MTM charges, but since we'd always paid and been there for so long I hoped we'd just part ways amicably (we damn near paid off the entire house FFS - renting sucks). In the 4 years we were there, there was some definite wear and tear. I assumed that after 4 years they would consider (at the very least) repainting the house as a given (we thought about asking for a repaint during some of our renewals, but it didn't really bother me). There were some holes in the wall from hanging as well as a large hole in the garage sheetrock from my gf bumping it with her car. I spent an afternoon with my dad patching the sheetrock and filling all the holes around the house. My girlfriend spent half a day cleaning the interior from top to bottom. When we were done with that towards the very last day I went out and mowed the whole lawn - trimmed the hedges, etc. I did a video walkthrough of the place so we have that - it was poorly done truth be told as the power was already out and I should have done it earlier, but oh well. I expected to see some things on the list that were reasonable. They replaced the sink stop in one bathroom - bathroom faucet handle. They claimed they repaired a small hole in the wall ($45) that we didn't fill - I'd even give them that - possibly reasonable. Then they charged $1144.80 for "wall prep and paint (Damages)". That seems outrageous to me... we were there for 4 years. They charged $100 for "outdoor graffiti removal." I'm not making this up - the kids wrote their name on the brick wall of the exterior of the house in chalk. It's chalk. I didn't even think to spray it down because it just said "[Kid's name] rules these parts!" $100 to spray some chalk off the wall - good grief. Then they charged us $220 to "clean" and "deodorize" - they charged us a full month's rent for "unpaid or accelerated rent" for May (we moved out at the end of the month on April 30, but they have our move out day as May 1st - which shouldn't even matter because we're not on a lease anyway - they can't charge us more rent, right?). And finally, the one thing that really irked me - they charged us $100 to mow the lawn and trim the bushes... I literally did that the day we moved out. Anyway, I was wondering what steps I should take. I'm obviously going to call them up tomorrow and dispute these things - hopefully we can resolve this, but I'm wondering what actions I should take should they refuse to work with me here. This is in Texas. [link] [comments]  | ||||||||
| Do You Include PTO/Benefits When Calculating Your Hourly Rate/Salary? Posted: 28 May 2019 03:06 PM PDT I was crunching some numbers comparing two jobs and noticed that while one offers a 20% higher salary, the other job offers 420% more paid time off. When I calculated the pay by actual hours worked, I realized that the hourly rate is the same.
Is my understanding correct and if so, assuming similar duties and responsibilities, would Job 1 be the more attractive choice due to lower commuting costs, the opportunity cost (school/side hustle) and general wear and tear? [link] [comments]  | ||||||||
| Posted: 28 May 2019 04:36 PM PDT During my taxes for this year I contributed 5,500 to my ROTH IRA, my accountant told me I can't do that. So I asked TD for a removal of the funds. TODAY I got this FORM-5498 (from TD) that's showing a contribution of 5,500 and nothing about a removal. This is sent to the IRS. I called up TD and they said they see the removal request but that's not sent to the IRS. So from the looks of it.... it seems like I contributed 5500 when I really didn't. Any idea what I should do here? [link] [comments]  | ||||||||
| Something a lot of people may not know some car sales people do (like me) Posted: 28 May 2019 08:05 PM PDT So I've been selling cars outside of a 2 1/2 yr break since 2008. And sometimes I'll get a customer, normally a younger customer come in and they have bad credit because of a few stupid silly mistakes. They end up getting a stupid APR like 17% or 18% with a really high payment. Now every once in awhile we get lucky, and the customer can wait on the car as we fix their credit. This year alone I've taken three customers from 500 fico~ to like 680 FICO.
I then took the customer back to a loan officer that I've worked with over the years and got them approved on the car they wanted for just 7% APR (which was a godsend compared to what they started at)
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| Break even point of purchasing a home? Posted: 28 May 2019 05:07 PM PDT I'm in my early-mid 30s and I just moved to LA a month ago from San Diego for my fed govt job. I've been all over California for the last 10 years but I should be settling down in LA with my wife. We were thinking of buying a home in the near future but we were also considering of moving out of California someday because it is overcrowded and too expensive. We have put that thought on hold and I will stay in LA at least a few years to grow in my career field. I just got promoted per my contract so I am making $71k/yr and a year from now it will be $85k/yr then the raises slow down to about $2,500/yr if you understand the GS payscale and step increases. Our current rent is $1,900/mo with utilities for a 1 bedroom apartment and we were looking to buy a 2-3 bedroom house. Since housing sucks in SoCal, a cheap home is about $500k which looks like $2,300/mo since I don't have to deal with PMI since I have the VA loan. Currently, $1,900 is my take home pay every 2 weeks after taxes, retirement, and health insurance for both of us. We were looking to buy a home in LA 1 year from now and live here for at least the next 3 years. We would only move away if I can find a higher grade job in the future which would be a GS-13 which is ~$100k but would be less in most other areas since lower cost of living which is acceptable but most likely the alternative is Washington DC where my family is at and cost of living is equitable to here. If we bought a home and sold it within 4 years, could I be putting myself at huge risk? I have never purchased a home but I figure, the equity of 4 years of payment towards the mortgage is better than paying 4 years in rent to someone else but I don't know what the closing costs and fees would be like to purchase a home valued at about $500k. Home values could tank, especially in California since they are terribly inflated but even if they remain stagnant, would it be good to purchase to get equity into a property? I was thinking of renting out the other room(s) or my wife would start a home childcare or elderly care facility since she has experience in both and has her CNA cert. I don't think it would be possible to do that in condos since HOAs would go against that. The other part is purchasing a home quite too expensive for my current salary since the rule seems to be to make 3x your mortgage and a mortgage of $2,300 would require $6,900/mo which I should make close to next year My wife has a degree from another country and has just moved here a year ago so she is just working part time gigs until she can find a good job and is currently taking courses to get into a nursing program. We have no debts, no CC payments, both cars paid off. I have perfect credit, $40k in stocks, $18k in retirement, $8k savings. I know I should have more in retirement for my age and should have about 6-9 months in savings.. still working on that. It has been hard to build it up since I have been supporting my wife the last 2 years. edit: made a mistake of thinking monthly payment was $2,300 since zillow assumed 20% downpayment. 8% or less is a bit more realistic. @8%, ~$2,600. [link] [comments]  | ||||||||
| Can cosigning for spouse's med school loan be bad for the household? Posted: 28 May 2019 04:48 PM PDT Hi, the question may be too specific but I would appreciate some input from anyone with experience/expertise. I'll be on my 3rd year of med school in US and I'm about to take out another substantial loan for this year as I have been doing for the past 2. I got married b/w 2nd and 3rd year so I wanted to put my wife as a cosigner, but she is concerned that
Is the first point true? I've heard from my peers that it would be relatively easy for me to get a mortgage once I get my degree and start practicing because doctors are a safe investment for banks. I have no idea if this is based on any fact/experience of other doctors. For the second point, I read online of taking out a life-insurance just in case. I kinda agree w/ my wife's points as I have no idea how much having a cosigner will decrease my interest rate, if any, so the downsides (if they're true) would outweigh the benefits (lower interest rate?). I would appreciate some advise on these matters. Thank you! [link] [comments]  | ||||||||
| What to do with large insurance settlement? Posted: 28 May 2019 05:49 PM PDT Recently I was injured in a car accident. I broke my skull and got a pretty serious TBI, among other things. So naturally I was given the $50,000 limit on the driver's policy. I wasn't driving and the driver of the car I was at fault. He didn't have insurance but luckily, he was driving someone else's car who did. I'm in college and my parents are splitting about 50% of the loans with me. There are around $3500 of medical bills but after that, the rest is mine. I'm doing very well now, I have some issues with speech, my right hand is numb, and I have some problems with memory. I don't have any plans to spend any of it in the near future and I was thinking that the best thing to do might be to put it all in a mutual fund and just let it sit for a while. My question is if that's the best thing I could do? Would it better in the long run to just pay off my college debt right now with the money? Also do you guys think this enough money for being as injured as I was? [link] [comments]  |
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