Personal Finance Weekend Discussion and Victory Thread for the week of May 31, 2019 |
- Weekend Discussion and Victory Thread for the week of May 31, 2019
- Chase just added binding arbitration to credit cards, reject by 8/10 or be stuck with it
- Check your health insurance for fitness center reimbursement/subsidies! A healthier you could be free or very little cost! Even if you already pay for a fitness membership, you may be able to get it cheaper! Your wallet and your body will thank you!
- Am I being taken advantage of?
- In debt, likely dead by fifty, cash out retirement?
- Friend cashed a fraudulent check for someone, account is now over drafted $3200, need help with options.
- absolutely drowning in student loan debt
- Fraud claim on my credit card was denied because merchant provided proof of purchase
- Are Certificates of Deposit (CDs) still worth it? Why are they still offered?
- Need help with buying a car
- Wondering about getting a start in investing.
- 16k in credit card debt, 637 credit score, monthly payment budget of 350. What is the best way to pay off debt?
- Selling a home - But negotiating real estate agent fees
- My wife is working but not getting paid, can she file for unemployment?
- Buying a car to save money?
- "Rare" Mortgage Escrow Error - who is responsible?
- Advice: When a parent dies owning a home, get an appraised value as of the date of death!!!
- Pre-approval for first home questions
- Emergency fund account questions (US)
- I somtimes travel for work and don't have a company card, so like to get a credit card that I can put all of my expenses on. I know nothing about credit cards.
- Can someone please explain taxes to me like I'm a child?
- Roth IRA Confusion
- How quick can I repair my credit score?
- I have 3 interviews next week. Problem is that I already accepted a job offer and start that same week?
- Starting my first real salaried job at the end of summer. Help me make smart money decisions.
| Weekend Discussion and Victory Thread for the week of May 31, 2019 Posted: 31 May 2019 02:05 PM 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]  |
| Chase just added binding arbitration to credit cards, reject by 8/10 or be stuck with it Posted: 31 May 2019 07:34 AM PDT I just got an email from Chase stating that the credit card agreement was changing to include binding arbitration. I have until 8/10 to "opt out" of giving up my lawful right to petition a real court for actual redress. If you have a chase credit card, keep an eye out. Update:
UPDATE I was curious so I called. The customer service representative said that if you reject the changes they will close your account. He also said that this notice doesn't change anything about the nature of your agreement with chase, so I think they simply don't have a fucking clue what they are talking about, but that's just like my opinion, man. Personally, I think I'll switch to all cash and communicate via smoke signals in the near future. UPDATE I don't think chase will close your card if you opt out. Here is why:
I really do think Chase's CSRs are just talking out their ass, but I'm just speculating. If you are upset by this, I recommend writing a sternly worded letter to Chase at P.O. Box 15298, Wilmington, DE 19850-5298 [link] [comments]  |
| Posted: 31 May 2019 04:01 PM PDT Most health insurance plans offer some type of free or subsidized fitness center. It's in their best financial interest for you to be as healthy as possible! And yours too, as you will feel good and not pay expensive co-pays and deductibles for preventable conditions! This will usually be somewhere on your plan's member portal. If you've been avoiding working out because of financial reasons, I hope this helps you. [link] [comments]  |
| Am I being taken advantage of? Posted: 31 May 2019 05:15 PM PDT I have been paying for a car for two years that's been financed for 3 years to pay off since I turned 18. My step-father name's on the lease, not mine. I'm the sole payer for the entire monthly bill. I've been trying to get the car in my name, and my mother turns somewhat defense about it. I heard her mention that it'll 'ruin his credit' if I stopped paying for it. Would I be getting credit if I switched the car over in my name? Is my step-father taking advantage of me and somehow raising his credit? I'm out of the loop and want a hold on the situation. [link] [comments]  |
| In debt, likely dead by fifty, cash out retirement? Posted: 31 May 2019 02:19 PM PDT Hey there. This isn't the typical 'should I cash out my retirement early' post. I've got about 80k student debt because I was young and dumb, split about 20k federal the rest private. You know the drill. I have about 30k in an IRA from a 401k rollover at a previous employer. I've also got a herditary condition that likely means I won't make it past fifty. My Uncles didn't, my Grandma and my Dad got lucky. Dad especially so, he almost bought the farm at least twice. Organ failure ain't pretty, folks. I don't feel like going into the particulars of the condition as that is private. My question is: what is the point of saving for retirement and struggling under this debt load, when I could liquidate, take the hit, and pay down a huge chunk of my debt. I'm already on the snowball payment method, so I figure I could net about ~500 extra per month to help pay off the remaining balance that much faster. Tell me your thoughts. EDIT: I'm in my middle thirties FYI. EDIT2: Let's say my odds of making it past 50 are 1 in 4. Does that change your angle of approach? [link] [comments]  |
| Posted: 31 May 2019 07:04 PM PDT We are in OK, USA. My friend came to me saying that a "friend" of his asked him to cash a $4000 check for her because she didn't have a bank account. My friend cashed the check, gave her the cash and, surprise, the check bounced and she blocked his number. His checking account is now overdrafted $3200. I doubt there's any legal recourse he can pursue because he cashed the check himself. He works a minimum wage job and doesn't have access to credit cards. My question is whether there are any resources that are available to him that can maybe help him work towards paying it back, or what his next steps should be? Edit to add: Might seem like a stupid question as I am not originally from the US and have no experience with student loans, would it be possible to use his student loans to cover the overdraft? [link] [comments]  |
| absolutely drowning in student loan debt Posted: 31 May 2019 02:26 PM PDT Please do not comment with "you're stupid" or anything like that because I know I am. I graduated last June and owe $69,000 in a private load and $13,000 in federal. I'm currently trying to find a better paying full time position, but I am making $17/hr working ~30 hours a week. I have monthly payments of around $900 for rent, etc. As of right now, I'm supposed to be paying $700 a month for my loan and it's just not doable whatsoever. I've been struggling with the private loan company trying to do an income based repayment plan, but now they say my co-signer is not eligible for reconsolidation. Luckily, federal has been pretty lenient on payments, but my private has not. Any tips are appreciated. Or if there are any resources to help. I'm currently in a process with SOFI to see if that will help my monthly payments. (edit: I live in the Seattle area and am trying to find a career doing game art, as that's what I went to school for. ) [link] [comments]  |
| Fraud claim on my credit card was denied because merchant provided proof of purchase Posted: 31 May 2019 07:25 AM PDT Last week I received a fraudulent charge of $670 on my credit card. I immediately disputed this and was confused as to how this charge was allowed to be made / even go through. For the past week now it has been going through the review process and just today I was notified that the claim I made was denied because the merchant provided proof of purchase and they charged back my credit card. I am planning on calling my bank today and ask if there is a way to appeal this, or ask to see what "proof" the merchant provided, because it is not real. In the response they sent me it sounded like this decision was final, but there is just no way I am paying a fake $670 fraudulent charge... my credit score also dropped 80 points! Any advice, tips, or comments on the situation would be much appreciated. Thank you! [link] [comments]  |
| Are Certificates of Deposit (CDs) still worth it? Why are they still offered? Posted: 31 May 2019 06:03 AM PDT Since the rate of inflation still exceeds the APY offered for most CDs, Im having difficulty understanding why they are still offered. Unless I have a large sum of cash to invest, isnt the yield less than the difference between my investment and its value with inflation? Am I better off with other savings tools? [link] [comments]  |
| Posted: 31 May 2019 07:19 PM PDT I used to drive a beat up old Civic until a couple of days ago when the engine died. Now I have no car and need one to get around, I drive to school and work and both are far enough apart that taking the bus would make me late every time. I don't have much money as I have been helping at home with bills. I was hoping someone could help shed a light as to what my best options would be tackling this situation. I feel like I am trapped and there is no way out of this situation and I am just screwed [link] [comments]  |
| Wondering about getting a start in investing. Posted: 31 May 2019 07:17 PM PDT So I work part-time right now as a student and just got approved by Robinhood (is that a good app for it?) and just need to deposit some funds to begin actually investing. I'm wondering about the following: How much should I be putting in as a beginner? I'm thinking of just $100, so I don't lose too much if I fail and put it into minor stocks and build it up. Is this a smart move? What should I be looking for in trends? I already know the basics of the stock market, but I was wondering about some common red and green flags to look out for when investing. What are common pitfalls to avoid? I would like to know what not to do so I don't screw myself over. [link] [comments]  |
| Posted: 31 May 2019 07:11 PM PDT As the title says I have nearly sixteen thousand dollars in credit card debt (almost entirely for medical expenses and related costs of a serious illness I have recovered from). My monthly payment budget is between 350 to 400. The debt is spread over 3 cards, 2 with relatively high apr. I live within my means and do not expect to accumulate additional debt. What would be the best loan or consoloditation credit credit card to pay off my debt as quickly as possible? [link] [comments]  |
| Selling a home - But negotiating real estate agent fees Posted: 31 May 2019 05:26 AM PDT Hi PF- I am thinking about selling my house in the next year. Comps in my area are going for ~$370K. I read this article, and it opened my eyes on the subject. I have a bit of an issue with paying real estate agents though. In my mind, when the 3% commission was established, the agent had to do a lot of work; find the right homes, know a lot about the area, etc. With the internet, more often than not, buyers are picking the homes they want to see, and the website has all the information. The second part is the paperwork. I know there is some to set up the transaction, but I feel like most of that is handled by the title company. AFAIK, the real estate agent just fills out some forms in some software created or managed by their broker. Has anyone negotiated these fees? I have issue paying $22K+ in commission to what is going to amount to about 4 hours of work between the two agents (my agent, buyers agent) [link] [comments]  |
| My wife is working but not getting paid, can she file for unemployment? Posted: 31 May 2019 01:34 PM PDT My wife works at a school that's having financial trouble. She and 4 others did not get paid last pay-period. This pay-period no one got paid. A few teachers are threatening to not come in next week. My wife will probably come in since kids still have school. Can she file for unemployment even though she still works? Will unemployment cover the last 2 checks or only future ones? What would happen if the school is able to pay her back later on(as they keep promising)? Never had to deal with unemployment. Any tips or guidance is appreciated. Edit: This is in Michigan USA. She won't be working there long. Will quitting(due to no payment) count as quitting or termination? [link] [comments]  |
| Posted: 31 May 2019 03:22 PM PDT My car is from 1999 and gets approximately 11 miles to the gallon. I drive about 50 miles a day for work, and as a result spend $300 (or more) on gas a month. I'm also unsure how much longer it will last, for example the starter went out a few months ago and that was a few hundred to repair. I already have a 6 month emergency fund and a great employer match (matching 9% to my 8%). I'm already saving about $500 a month for a down payment out of my "wants" but am wondering if I should start also using the part of my 20% "savings" budget that isn't going into my 401(k) to save for a down payment (about $450 a month). This would take priority over the normal next steps in the flowchart, which would be to pay off my ~$5k student loan debt at 4.41%, and to start contributing to an IRA. The way I see it, getting a car that gets 30 mpg would save me $200 a month, and I'm also avoiding costly repairs that could be coming up and the potential for it to completely crap out on me, forcing me to dig into my emergency fund. This car only has a couple years left and I'm thinking I should put most of my effort into saving for when that happens. Thoughts? [link] [comments]  |
| "Rare" Mortgage Escrow Error - who is responsible? Posted: 31 May 2019 03:41 PM PDT Short and sweet as possible: We bought our house last year, and recently received an escrow analysis that showed we need to pay $1717 to keep our escrow in compliance with minimum amount required. This seemed way high, as our property taxes/insurance only adjusted a little bit, so I reviewed all the numbers and our records and found a mistake that I PRAY we are not somehow on the hook for. Without going too into detail, here's what happened: At closing, the seller paid a full half year of property taxes into an escrow held by the Title Insurance Company. We in turn credited the seller a pro-rated rate for the months we would be liable for. The Title company was then to pay the taxes from the escrow to the county treasurer. Turns out, for some reason, MY mortgage company paid the full amount in taxes to the county when the bill came up, and deducted the full amount from our mortgage escrow, which we had only prepaid for a few months ahead. This left us short in the mortgage escrow by a half years worth of taxes, which is just becoming apparent now. I'm just working this out between all parties, and the title company says their management team is reviewing the case, while my mortgage company is doing the same. One person I spoke to at the title company indicated that the escrow account from the closing had been completely dispersed. She also indicated that they typically monitor the county assessor to see if the property tax has been paid by the previous mortgage company or something, and that when they saw the taxes were paid on the property (in error by my mortgage company, which they apparently did not notice), that they would have refunded the seller of the property the full amount (!). So that money is gone, and I'm worried somehow both of these parties will try and pin this on me somehow. Any advice or input please? I can provide more info if needed. [link] [comments]  |
| Advice: When a parent dies owning a home, get an appraised value as of the date of death!!! Posted: 31 May 2019 09:05 AM PDT My parents bought a house in SoCal in 1965. Two years later they moved and began renting it out. The same original tenant, and her extended family, had lived in it since 1967. Dad died in 2007. We did not do a valuation of the house because we didn't know we needed it. The original tenant died in December of 2018. In March, the family informed me (I've been handling mom's finances for a few years) that they'd be out of the house by the beginning of April. I had/have to get everything arranged, including tax payments. Escrow closed a month after the house was put on the market. I'm dealing with the proceeds and taxes now. Purchase price in 1965 -- $14,500 I forgot about stepping up the basis on the date of death, in 2007, BEFORE the bubble burst. I arranged for an appraisal, in case it was needed for the IRS or FTB (CA Franchise Tax Board). They said the stepped-up value in 2007 was $415,000. Taking depreciation, costs, etc, into account, Mom owed estimated taxes of less than $5,000. Damn!! Could have been way worse. tl;dr: ALWAYS get an appraised value of a house as of the date of death of a homeowner. It will be needed for taxes and can save a TON of money!! [link] [comments]  |
| Pre-approval for first home questions Posted: 31 May 2019 06:40 PM PDT My fiance and I just finished a meeting with our first bank for pre-approval. Background: We were approved for 250k (very high end of our budget of 150-250k) at 4.0% for 30 years and 3.5% for 15 years. We are unable to put 20% down at the moment and have settled on 10% down. Questions I have are does this sound average or should we keep shopping around. Also our mortgage lender mentioned some system where we pay more (not down payment) to lower rate (i.e. 4.0-3.8% for 500 bucks) was slightly confused at this point but intrigued. Any advice would be helpful [link] [comments]  |
| Emergency fund account questions (US) Posted: 31 May 2019 06:35 AM PDT I am looking to pick a bank to keep my emergency fund. I was initially going to go with Ally since I've heard such good things and they have a decent APY that generally keeps creeping up. I found this Wealthfront cash account that has 2.51% APY, is not technically a savings account so it does not have a withdrawal limit, and is FDIC insured up to $1 MM. My question is basically, what is the catch? Do they really just want deposits that bad that they're willing to offer that high of an APY? I'm guessing they're obviously investing it in some other vehicle, but it still just seems a little too good to be true. [link] [comments]  |
| Posted: 31 May 2019 06:09 PM PDT I've good credit because I bought cars in the past and a house, but never had a credit card. I won't be traveling a lot, but so far this year I traveled across the country three times and had to put the hotel in food on my debit card. The flights were paid for. The only problem is I'm kind of forgetful. I can set an alert or something and have me pay it or maybe have my bank pay it automatically or something. Is there a good card with low interest in good rewards like a money back or something? How does money back even work? I'm almost 30 am I hopeless lol [link] [comments]  |
| Can someone please explain taxes to me like I'm a child? Posted: 30 May 2019 09:07 PM PDT I was never taught anything about taxes and I'm so confused. I'm 18 and I just recently got my first job, so I will have to file taxes but the problem is I have no idea what it even is. I started college in August and though I didn't finish last semester, I am still a sophomore standing. I'm only saying this because this is what makes things complicated. My mom is still claiming me as a dependent because she has paid for my schooling and stuff. What does this even mean? Does this mean I can't claim myself on my taxes? How much will they take out of me? I'm really concerned because taxes weren't taken out of my first paycheck. How do tax returns even work? When does the money come back? I need to pay rent and shit. Please help me I know these are probably all stupid questions but I'm just a stupid person ig [link] [comments]  |
| Posted: 31 May 2019 05:54 PM PDT [Pardon my basic-ass subject matter. Mea Culpa, Mea Culpa] I had an Econ teacher in high school who always told us to start a Roth IRA as soon as we had any kind of money to put aside for retirement. So, I started up a Roth IRA Money Market account a few weeks ago, despite being not particularly knowledgeable about IRAs, banking, or money in general. I'm an Apprentice Rigger; basically a monkey who has more than $1K for the first time in his life. So I set one up with my bank, just knowing I was after a Roth IRA but really nothing else about it. The banker was not explaining things in a way I understood very well at all, so I started doing some research, and looking at the exact details of my account online. Turns out, the interest rate on this account is .01%, which even my dumb ass knows is functionally useless. What I was expecting an account that I had to create an investment portfolio for, that I could potentially see long-term growth in. I went back in today to see if that was correct, or if I had somehow missed a step, or if there was something I needed to do to make this account something more than a more complicated savings account that was worse in every way than a vanilla savings account. Apparently not. This account is functioning at full capacity. Fortunately, I was a little leery of an account that I didn't understand well, so I only put in 1k, so I'm not crippled if that money is just stuck there for 38.5 more years, but I'd like to make an account that... Well you know. Works. I'm just after a post-tax retirement account that I can see long-term growth in, and I thought that's what I had done. What am I doing wrong here? Did I open the wrong kind of account? Is the banker wrong about how the account works? [link] [comments]  |
| How quick can I repair my credit score? Posted: 31 May 2019 05:32 PM PDT Keeping short and sweet, 2 years of health issues (brain tumour) and being unemployed, because of said brain tumour. I've got $30,000 of credit card and LOC debt. My score went from a 700 to a low 600's. Now I am fully employed 🙏🏻 I need to repair this. I am in the process of getting a consolidation loan, and setting up auto payments on my monthly bills. Is there anything else I can do to speed this up? [link] [comments]  |
| Posted: 31 May 2019 03:19 PM PDT These interviews are with big companies that pay between $7-10 more an hour than the job I accepted. Already did phone interviews and online assessments with them, which I'm assuming went well. The company I accepted is a new company that is expanding and the position I got hired for is the first for the company. Took it cause I had been applying for jobs almost daily for about 3 months now and it was starting to frustrate me. Was just going to go in and cancel the interviews, but employer #3 just called me so I think I have to at least give this some more consideration. [link] [comments]  |
| Starting my first real salaried job at the end of summer. Help me make smart money decisions. Posted: 31 May 2019 05:20 PM PDT In August I will be starting a new position working at a high school. The contract says it pays 45K with a "competitive total compensation package". It goes on to say I will be paid $1,875 every other week. I do not know how much will actually make it to my bank account after benefits and taxes are taken out. The job is in Newark, New Jersey and I will need to find an apartment to live in. My only other expenses are student loan payments of $500/month and cell phone bill ($35/month because I am on a plan with my siblings). Would it be responsible for me to get a 1 bedroom apartment (I see them for around $1200-1600 in the area, I would like to live within 2 miles of Lincoln park) or should I be looking for roommates? What other smart money decisions should I be looking into? [link] [comments]  |
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