Personal Finance Got a new job two months ago. Told yesterday that there is a high chance I will be let go within the month as company not seeing ROI from me. What should be my next steps? |
- Got a new job two months ago. Told yesterday that there is a high chance I will be let go within the month as company not seeing ROI from me. What should be my next steps?
- My fiancé just got unexpectedly fired today and we're both now reminded why r/personalfinance is always insisting on trying to live off one income.
- Is this a Craiglist scam?
- US auto loan prices and monthly payments have reached a new all time high
- First paycheck from new job has 32% tax rate??
- Guy hit my car with no insurance and it costs $1400 to fix.
- Parents discover they owe around $80,000 instead of $40,000 on their loan
- Tomorrow I find out my raise.
- Realized how much snacks/drinks add up
- What are some lesser known downsides or issues with owning a duplex?
- Parents are divorcing, finding out how bad finances are. Scared doesn't begin to describe it.
- Looking for advice for overwhelming debt
- 100K student loans, best way to handle it
- I was talked into a whole life insurance policy when I was young. I need to figure out how to get out of it, losing the least amount of $. I also want to know if my agent lied to me and if so, what can I do about it?
- How Can I Have NO Credit?
- Is this what I'm supposed to send to Chase for the Arbitration Opt-Out?
- What to do with £15,000
- Rolling over a mixed tax basis retirement account from previous employer
- 2 people on a mortgage. How does one go about "buying out" the other if they dont have the cash on hand?
- Nervous about buying a house.
- First Ever Salary Negotiation, at 48 - Questions
- Should I apply for student loans while building credit or co-sign?
- Consistent (But Relatively Small) Raises?
| Posted: 06 Jun 2019 07:39 AM PDT Brief story. My previous job I worked at I left after three months to this one as I thought this was a better fit and compensation was better. Got called in yesterday from my manager and she was saying that upper management was unhappy as I have not brought large sales in. I blatantly asked her if I need to look for a new job and she said yes and that her job was also on the line. I'm at a loss right now and trying to plan my next steps financially also. Have around 10k in savings and another 15 in RRSP. Edit: industry is fundraising for a charity. Health related. Edit: holy this is getting nuts. I'm currently at work so my replies will be slower. Thanks for all the tips Edit: I went to work and this blew up. I'm reading through so give me some time. Edit: read through a bunch of it. I'm going to cut whatever I can and already reached out to a recruiter. Going to brush up the resume and cover letter and get going. Just going to go into work for the paycheck until they let me go or I find a new job. Thanks everyone! [link] [comments]  |
| Posted: 06 Jun 2019 06:50 PM PDT We were both blindsided by today. We're both pretty young, early on in our careers, he had only been there a year and was performing. It was a huge shock. We don't practice every best habit of the sub but we're grateful we picked up doing your best to live off one income. We just bought our house in August and insisted on going through the preapproval process off my income alone. Our lights will stay on because our bills are effectively scaled to one income as well. We held off on car payments and continued to drive our beaters because the numbers for new used cars didn't make sense with one income. My only regret is not building up our emergency fund more (one month saved but we should've had at least three), so if you're reading this, definitely do that. Anyways, thanks to the sub for the constant advice on living below your means and always being prepared. I came to thank you all, not lecture. And encourage people who are following this thought process and are using a second income for the "extra stuff" - you're doing great. Today sucked but it could've been so much worse. We're counting our blessings and the job search begins tomorrow. [link] [comments]  |
| Posted: 06 Jun 2019 09:39 AM PDT First off, I apologize if this is the wrong place to post. I recently posted my old bed frame on Craigslist and a lady contacted me wanting to buy it. She claims she is a Marine and is moving to the area soon but cannot pickup the item herself and instead is getting a mover to pickup the frame. She sent me a cashier's check in the mail via UPS and provided a tracking number. The check came in today, and it is more than we agreed upon. When I asked her why she said that the extra money is for the mover, and she asked me to use that money to purchase Walmart gift cards so that the mover can load the cards onto their Walmart account to avoid any delay in funds transfer. I told her I was uncomfortable with that and that I could instead write a personal check to give to the mover directly, but she then asked if I could get a money order and send it to the mover overnight via Fedex. This all just sounds very strange to me. Is this a scam, or is this lady just being weird? Thanks Edit: Thank you guys, this is very clearly a scam. Since posting, I've exchanged a view more text messages suggesting alternate routes and responses are getting more and more desperate. It's kind of fun at this point. Might just keep fucking with them until they realize I'm on to them. [link] [comments]  |
| US auto loan prices and monthly payments have reached a new all time high Posted: 06 Jun 2019 05:14 PM PDT https://www.cnbc.com/2019/06/06/auto-loans-hit-record-high-sending-borrowers-to-the-used-market.html The average price for a financed, new car is $32,187 and the average monthly payment has reached $554 a month. For context, my rent payment in Northern Louisiana is $450 a month for a 2 bed 1 bath home. [link] [comments]  |
| First paycheck from new job has 32% tax rate?? Posted: 06 Jun 2019 05:54 AM PDT Just received my first paycheck (with sign-on bonus) and noticed that the tax withholdings are higher than I had estimated. After calculating the overall tax rate, I get 32%! For reference, my tax status is single with zero allowances, and I am not making payments to health insurance or 401K (still in the process of choosing plans) The only reasons I can come up with are that I have zero allowances or that the sign-on bonus bumped me up a tax bracket. Any help is appreciated! Screenshot: https://imgur.com/a/2HK4dbc [link] [comments]  |
| Guy hit my car with no insurance and it costs $1400 to fix. Posted: 06 Jun 2019 08:31 AM PDT So a motorcyclist T-boned my car as I was driving down a main road. He hit the driver side. I find out that the guy doesn't have insurance. I am in a "no-fault" state and have uninsured motorist coverage. I talked to my insurance and they said that the uninsured motor coverage is only for bodily harm and that I would need collision coverage to get paid out for my car damages. But I don't have collision coverage. Assuming that the other party is at-fault, how do I get reimbursed for my car repairs? Is suing the guy my only option? Edit: I am in New York. I'm just mad that my insurance only offers this one type of uninsured coverage where it applies to only medical bills. The part about property damage is just collision coverage which costs alot more to have. [link] [comments]  |
| Parents discover they owe around $80,000 instead of $40,000 on their loan Posted: 06 Jun 2019 06:04 PM PDT EDIT: Title should say mortgage and not loan. Sorry about that. My parents bought a commercial building in 2000-ish. For some reason, their banker convinced them to do a balloon mortgage. I think the purchase price of the land was around $60,000. Every three years the bank had them come back to resign the paperwork for some reason. (I am not familiar with balloon mortgages and how they work) Then, in 2007 they resigned the paperwork to add $13,500 to their mortgage for equipment. This should bring the mortgage total up to $73,500. This will be important later. This year, my parents decide to sell the building. By their math, they should owe somewhere around $45,000. They list the building for $65,000. Someone is very interested, and my parents lawyer and the buyer's lawyer start talking. My parent's lawyer gets the total for how much they owe from the bank, and there are two mortgages on the house. The one my parents originally got and another one that was added in 2007 for $80,000 exactly. They have never seen this mortgage in their life, and never recieved $80,000 from the bank. Someone that was there said they would put the addition as a second mortgage in a dormant state so no interest would be paid. When the house mortgage would be getting down the bank would take more off of the equipment loan and put it on the house loan. My parents remember the banker saying that "Not all the paperwork is filled out yet, but you can still sign it." I realize it wasn't the smartest move to sign it, but what's done is done. My hunch, and it's probably a long shot and will be explained away by someone here, is that the amount wasn't filled out when they signed, filled in to say $80,000 after papers were signed, and someone pocketed the extra $66,500. Anyone have any ideas where to go and what to do? My parents are getting payment histories and information on the mortgages on Friday. I look forward to your responses, and thanks for the help in advance. If any additional information would help or I'm missing something important I'll see what I can do to get it. [link] [comments]  |
| Posted: 06 Jun 2019 06:57 PM PDT 11 years at my company. 9 years of it working from home. I started at around 32K back in 2007. I'm now making around 49K. My last raise in pay was over 2 years ago. My boss informed me last week to let him know when my increase goes through. I'm very excited. [link] [comments]  |
| Realized how much snacks/drinks add up Posted: 06 Jun 2019 12:47 PM PDT Hello all! not a long post or anything but hopefully this can help someone out I work 5 days a week and would spend $5 - $10 on something to snack/drink on breaks. That's a minimum of $25 a week. Additionally probably around twice a week I'd spend $10 on lunch meaning I'd spend a minimum of $45 a week on food. I've found that buying a bunch of bananas lasts me about 2 days and and costs under $1 and have just been drinking water and it's free! Now if I think I'll need a lunch I'll make a sandwich and bring it with me to work. I've went from spending around $45 a week to around $3 - $5. That's all, thanks for reading! [link] [comments]  |
| What are some lesser known downsides or issues with owning a duplex? Posted: 06 Jun 2019 05:34 PM PDT I recently moved to a lower cost of living area where I can purchase a 2,000-2,600 sq/ft duplex on about half an acre for $75,000-$100,000. I've got good credit, plenty in savings for a down payment, closing costs and to make them presentable. I'm used to cohabiting, would be relatively picky about income, credit and job history. What I'm wondering are there any in general and it knowledged issues or downsides? Do you duplexes appreciate at a similar rate to you single family homes? Are the upkeep expenses significantly higher than a single-family home? Anything you can think of would be very helpful. [link] [comments]  |
| Parents are divorcing, finding out how bad finances are. Scared doesn't begin to describe it. Posted: 06 Jun 2019 07:07 PM PDT Hey r/personalfinance, I hope you all are having a great week. I'm in need of some advice, and I would greatly appreciate your input. My parents are divorcing after 35 years. The only surprise here is that they are actually doing it. I've wondered for ages why they got together in the first place. Anyhow... Through mediation (which is costing $4500 with the filing fees), I've heard from them that my dad's business has about $50k equity at most, they likely have about $160k in equity in their home, and maybe another $25k in investments. Today, I found out that they owe the IRS in back taxes, dad has a $5,000 credit debt to a furniture company, their utilities are about to be turned off because they haven't been paid, mom has credit card debt of $5k with a 36% interest rate, and dad has a line of credit for the business that is maxed out at $6k. Additionally, their current house is costing about $6200 a month with utilities (which obviously aren't being paid) and now my dad also has an apartment that is $2200 a month. Business is down, mom doesn't work because she's taking care of my grandma with Alzheimers (she does get $1500 a month from that). Two sisters, one with a kid and one with a husband and a kid on the way, live at home for free. Yep, you read that right. I'm sure this is just the tip of the ice berg. I'm TERRIFIED for so many reasons.... the immediate-- am I somehow going to get connected to all of this debt? What can they do to dig themselves out of this hole (yet again....)? What about their retirement-- I'm only 30, I can't begin to think about covering their livelihood at this point (nor do I think should have to). But mostly.... how can I protect myself? I'm assuming at some point I'll have to venture over to legal advice, but I'm not even sure where to start. I'm just a thirty something year old being mindful of my money and expenses and doing my best to be a normal human being who happens to be able to reasonably adult. Apparently it doesn't run in the family. Thanks, folks. [link] [comments]  |
| Looking for advice for overwhelming debt Posted: 06 Jun 2019 07:24 AM PDT Hello, My husband and I have gotten a little over our heads when it comes to debt and could really use some advice as we are feeling pretty disheartened and unsure what to do. We have tried doing the Dave Ramsey approach since the beginning of this year where we first saved a $1K emergency fund and started paying off our debts lowest to highest where we have successfully paid off a few debts. However, we keep running into circumstances where we have to dip in to the $1K, replenish, and repeat. Here is our current financial situation: $3800 total take home pay $2415 utilities + debt minimum payments $700 gas + spending money (both my husband and I commute about one hour everyday so this mostly goes towards gas and anything leftover goes towards ANY wants including hobbies, eating out, clothes, etc.) $400 groceries + pet supplies + home supplies $285 savings/leftover What is killing us is that $1050 of the $2415 monthly bills are debt payments (not including our mortgage + escrow payment which is an extra $625.) Here is our current debt situation: -18K credit card debt -20K husbands student debt (20 year private loan set to mature in approximately 9 years) -10K my student debt (10 year federal loan currently paid ahead until August set to mature in approximately 8 years) -2K car (5 year loan that will be paid off in April with great rate under 2%) -80K house (30 year loan bought under rural development at 3.75% in 2017) Total $130K ($50 not including house) Here is some other factors/issues: -Have older farmhouse that needs tons of repairs/remodeling in the near future -I am driving a 20 year old car with almost 200K miles on it and no air in bad condition -We really would like to start a family in the next few years as my husband is in his 30s and I am in my late 20s I just wish we could just erase our credit card debt clean and start over now that we are both a lot smarter and have good jobs. (A lot of the debt is from when my husband was unexpectedly laid off, unemployed for 6 months, and then when he finally found a job it was $4/less an hour than his previous job.) I've looked into consolidation loans but last year we were denied for one (unsure why as both our credit scores are around 680) and I'm not actually sure how beneficial they'd be.. Anyway, this is probably way more information than was needed but wanted to give the whole picture in hopes of someone having some good advice as we are so frustrated at the moment. TL:DR Husband and I are about $50K in debt (18K credit cards, 20K private student loans, 10K federal student loans, and 2K car loan) not including our house from past misfortunes and stupidity which is leaving us feeling hopeless and looking for any advice on how we can make it out on the other side of this. Thank you so much in advance for anyone who can help. [link] [comments]  |
| 100K student loans, best way to handle it Posted: 06 Jun 2019 02:28 AM PDT 26 years old. No support from family. NYC/Long Island area 40K at 5% (mulitple loans averaging 5%) 60k at 12% (multiple loans averaging 12%) NO SAVINGS $0 :( Expected monthly income after taxes $5,000 ( roughly 93k annually.) Not factoring in OT. Expected monthly expenses Rent- $1500 Food- $500 Car/insurance- $420 Phone- $100 Health insurance- $250 Utilities/other bills- $200 Student loans- $1300 Rest of money into savings/ investing- roughly 500 Fun/luxury- $200 These are some pretty close estimates [link] [comments]  |
| Posted: 06 Jun 2019 11:00 AM PDT I was 25, and an acquaintance recommended that I talk to her "financial adviser." Turns out, he was a New York Life agent (who was happy to let me keep believing he was an adviser. I mean it was my bad for trusting someone who troubled my gut the moment I saw him, but ugh that's slimy). I'm currently a grad student paying over $250/mo. What is the smartest way to get out of it? I also really don't trust the agent (you'll see why if you keep reading), and I've asked a different agent from the same company to call me tomorrow to figure out my next steps. What should i look out for? What might she try to convince me to do that would not be in my best interest? About 2 years after I bought the policy, I sustained a head injury. I'm all better now, but I was in really bad shape at the time. The second call I made after I lost my job was to my agent asking if there was anything at all he could do to reduce my payments or put them on pause until I got a new job and could pay off the debt from my medical bills. He said there was nothing he could do, that he was really sorry for me, but just don't cancel the policy. He kept saying how much I would regret it and to just find a way to keep paying. I had so much brain damage that there really was no way for me to do the research I needed to do to figure out my mistake. I just trusted him and kept on paying. I know a life insurance agent isn't a fiduciary, but weren't there options he could have given me, and if so, was the fact that he lied to me even legal? I'm so ashamed this even happened in the first place, and I'm scared of getting duped again tomorrow. Any advice would be hugely appreciated. TL;DR I need to figure out the best way to get out of a whole life insurance policy, losing as little money as possible. If, not so hypothetically, a person had a medical emergency, would a NYL agent have any options to help out when payments weren't possible? If so, and the agent lied, is there any recourse to be pursued to make things right? [link] [comments]  |
| Posted: 06 Jun 2019 06:11 AM PDT I haven't had a credit card in probably 10 years (after I paid off some stupid college decisions), I rent, and my car (which I financed) has been paid off for around 7 or 8 years. Yesterday I put in an application for a new apartment and the landlord called me to say the credit report came back saying no credit. Not good. Not bad. Nothing. Is this possible? [link] [comments]  |
| Is this what I'm supposed to send to Chase for the Arbitration Opt-Out? Posted: 06 Jun 2019 07:36 PM PDT The instructions are pretty vague. Do I have to send a separate letter for each account I have with them? Or can I write down all my account numbers?
Thanks. This is incredibly confusing. [link] [comments]  |
| Posted: 06 Jun 2019 08:40 AM PDT Hello, I am 19 years old and an uncle of mine has saved around £15,000 for me (very generous). However, I have no idea what to do with it, I don't want to go out and spend it all without even thinking what I'm doing. I've seen I could put it in an ISA account but I've seen some offering around 2% but I dont understand the point in getting 2%, that's only £300 a year. Is there any other options I have to try gain a higher % of money per annum, whether it's going to a stock broker or a robo broker (I think it's called that) or another option? [link] [comments]  |
| Rolling over a mixed tax basis retirement account from previous employer Posted: 06 Jun 2019 02:54 PM PDT So I left a job about 2 years ago and have around $45,000 in retirement savings with them. They offered both a normal and a roth 401k, both of which I contributed money to at different times. They also put the company match in what I think they labeled as a Safe Harbor account. I assume this is a pre-tax account even if the contribution they matched for a year was Roth. Not sure though. My question is if I'm looking to consolidate this to my other retirement savings at Vanguard how do I juggle the multiple tax bases? Do I need to convert them all to one tax basis or would I roll over separate accounts to Vanguard, each representing a pre- and a post-tax with the amounts going to each accordingly? I've tried looking this up and I can't for the life of me figure out how it would even work as I don't even know what the balances of each of the 3 (probably 2) buckets are. [link] [comments]  |
| Posted: 06 Jun 2019 07:50 PM PDT How does a person pay $X amt in exchange for that person to sign a document taking them off the title/mortgage? What would this process look like? [link] [comments]  |
| Posted: 06 Jun 2019 05:36 PM PDT Hello all. As the title says, im nervous about buying a house. Im currently making a base salary of 45,500 and my only expenses at the moment are; Car- $223 Car insurance -$117 Phone- $100 Other living expenses including grocerries, gas, etc. I work for the city so my health insurance is payed for by them. In a few months ill have student loans to pay which will be relatively low because i came out of 4 years of community college with 6 grand in debt. (No it didnt take 4 years to get my degree, i got two haha). The offer i made on the house was accepted at 110K. I got lucky because the owners bought another house 6 months ago thinking their first house would sell quickely but obviously it didnt and they were about to forclose on it, so i got a hell of a deal. Ill be putting roughly 5% down on it. Taxes are around 2000 per year, atleast thats what the last years tax statement says. The bank estimated home insurance on the higher end for the town and said 1000 per year but that they prefer to estimate high that way if it is lower its a pleasant surprise and not a shitty one if its actually higher. I know ill have to pay PMI as well but not sure what that equates to typically. The house is only 1064 sq feet and im usually gone 24 hours at a time for work so i feel my utilities will be a little cheaper than normal. I guess im curious if you guys think this is a bad idea or not. Most the people ive asked said theyd be comfortable in my position. I know im probably over thinking things but its scary buying a house for the first time. The house is in fantastic shape and there SHOULDN'T be many surprise expenses for repairs. Any advice/insight is appreciated. Also, i forgot to note that in a few weeks i will be getting an additional certification thatll bring me an additional 250ish per month, and when my years of service raise comes in itll give me another raise putting me right around the 50k mark total. Thanks in advance and I hope this post isnt too rambly. [link] [comments]  |
| First Ever Salary Negotiation, at 48 - Questions Posted: 06 Jun 2019 10:31 AM PDT A little back story, then on to my questions. Current Situation: I have applied for a new position (Position 1) that is a staff (i.e. non-Union salaried) position. This position has a pay range of $X +/- 25%. Obviously, this would be a pay cut from the previous position, and would cut me off from the ability to work the overtime previously available. Other changes in benefits: 1) I would be eligible for a larger performance bonus, however the bonus amounts are not guaranteed. 2) I would go to a much stricter PTO scheme than what the Union enjoys HOWEVER Position 1 could potentially (but not guaranteed) put me in line for Position 2 that is coming open in a month or so, and Position 2 has a fairly decent pay raise (not sure of the exact amount). I guess I am looking for some feedback on what other people may think about this type of situation. I have never been in a situation like this and am not really sure how to proceed. I have never had to negotiate a salary before, I've only read about negotiations on Reddit. I have not received an offer on Position 1 that I applied for, and Position 2 (which is the one I really would rather have) has not posted yet, but should soon. I am leery of taking a pay cut, but wold be willing to if I thought it was a short term stepping stone to something better. From my interviews I got the feeling that my supervision liked the idea of me taking Position 1 with a quick jump to position 2, but of course nothing definitive has been given to me. The only assurance I do have is that if I take Position 1, I will not be prevented from taking Position 2 by time in position rules. Any Help or insight that the people of PF could give me would be greatly appreciated. [link] [comments]  |
| Should I apply for student loans while building credit or co-sign? Posted: 06 Jun 2019 07:35 PM PDT I just got a credit card 3 months ago with Bank of America & it shows that I still have no FICO/credit score. 21, plan on taking out loans for school starting in the fall. I saw that I'm more likely to be approved for a loan with a co-signer (my dad) than without credit. However, my dad wants me to apply first without a co-signer & see what happens. How should I go about this? [link] [comments]  |
| Consistent (But Relatively Small) Raises? Posted: 06 Jun 2019 07:29 PM PDT I've been at my current job since I graduated in May 2018. There's only three other employees at the company (including my boss). It is a great fit, and I love the autonomy my boss gives me. I am paid noticeably below the Glassdoor salary average for my city ($30,000, starting salary on Glassdoor is $42,000) but I liken that to working for a small business. Not to sound braggadocios, but my boss constantly makes remarks about how much he appreciates my performance and consistently talks me up whenever he introduces me to peers in the industry. As such, he has given two raises so far during my time here. The first one was a $2,000 raise at the beginning of the year. While it's higher than the normal living wage raise, it's still only $2,000. Then he promised me another raise after my one-year anniversary due to my performance and the value I've brought to the company. I just checked today (my first paycheck with the raise) and it is another raise of $2,000, meaning I am now at $34,000. While I can't complain about raises, I still feel like I am well below where I should be. I don't know how to discuss it, because we never have raise negotiations. He would just randomly come into my office and tell me that I am getting a raise, so I never have the chance to negotiate. It's a great company and there's a lot to be said for an understanding boss and perks, but the salary is beginning to bug me. Should I discuss this with my boss? Should I just be thankful for two raises in my first year that have given my initial salary of $30,000 a 10%+ boost (even if just $4,000)? I'm not exactly sure what to do. [link] [comments]  |
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