Personal Finance New to /r/personalfinance? Have questions? Read this first! |
- New to /r/personalfinance? Have questions? Read this first!
- 23 year old moving away from home. What are things people might not be expecting when they move away from their parents and into a new home or Apt, expenses wise?
- I just turned 19 and am reading “Rich Dad, Poor Dad”. I am trying to get into investing, but I don’t know where to start.
- What would happen to the economy if everyone was financially literate?
- Opinion - every possible everyday expense should be put on credit cards with the intention of paying in full every month.
- I have 3 credit cards in collections. 1=$2500, 2=$2000, 3=$1000. I make roughly $700-800 a week as a bartender. And $1100 monthly rent. Help me?
- Can anyone explain how inflation works?
- Struggling to Financially Support Parent
- 80 year old 200K, what to do?
- Employer is paying for my move. Should I be worried about taxes?
- Looking to transition into another career path but could use some advice.
- My job fired me over text, has ignored me since, and is refusing to give me my final paycheck
- I'm 20 with no insurance and just got a $4.3k hospital bill that I wont be able to pay before it goes to collections plus a few other big debts. What is most advisable plan of action for me to take to get my credit going back in the right direction?
- I have 2200 dollars of CC debt that gets charged 40 dollars of interest every month
- Trying to Get Our Lives Back
- Considerations for buying a house with in-law suite
- I believe I'm one of the people compromised from Quest Diagnostics data breach. What do I do?
- Trouble finding a credit card that will accept my application (18 years old American, studying in UK)
- Will contacting auto insurer about an accident lead to an increase in rates even if you don't file a claim?
- Working unpaid overtime for over 3 months, what are my options?
- 1099 self employed, beginner questions need your help answering.
- Take full-time corporate job or stick to freelance/startup?
- I got approved for an Amex Platinum card, but they won't increase the limit on my current Amex card. Why?
- Dumb question, self employed
- Is there a negative side to cancelling your credit card?
- College student with unusual circumstances. Looking for advice on investing.
| New to /r/personalfinance? Have questions? Read this first! Posted: 15 Jun 2019 06:07 AM PDT Welcome! Before making a post, please check out some of the great resources that we've provided to answer your questions:We have a simple guide answering most questions about what to do with money and how to prioritize your finances: Click here: How to handle $.We have a wiki covering dozens of topics: credit, debt, retirement, investing, and more: Click Here: Personal Finance Wiki.We have age-specific guides too!15 to 20?18 to 25?25 to 35?35 to 45?Also be sure to check out our regular series:Weekday HelpWeekend Discussion and VictoryWhen posting here, please treat others with respect, stay on-topic, and avoid self-promotion.[link] [comments]  |
| Posted: 15 Jun 2019 06:02 PM PDT As above. I'm planning on moving from home relatively soon, next year or so. I've been researching on things that I feel like I need to know about. Renters insurance, credit history, and stuff like that. But me being woefully inexperienced in renting on my own and the unexpected costs that go into it, I wanted to ask what are some unexpected costs when it comes to renting a house or an apartment for the first time, that younger people might over look or not even know about? On mobile so sorry about any formatting issues if any. [link] [comments]  |
| Posted: 15 Jun 2019 03:13 PM PDT I've been researching lately and came across platforms for cryptocurrency and real estate such as "Coinbase", "Poloniex", and "Fundrise". I am new to this concept, and I don't know where to start. Where and how do I start investing at this age, especially with limited amount of money. Since I will be attending college this fall, I'm thinking about majoring in economics and minoring in computer science because why not? [link] [comments]  |
| What would happen to the economy if everyone was financially literate? Posted: 15 Jun 2019 07:46 AM PDT Do you think our economy thrives because of the exploitation of those who are financially illiterate? Or, would the economy truly flourish if everyone was financially literate? [link] [comments]  |
| Posted: 14 Jun 2019 05:46 AM PDT I'm 23 years old, had a credit card since I was able to open an account with Discover at the age of 18. For 5 years I've never paid an annual fee, never paid any other type of fee, and never paid a single cent of interest. In other words, I've only ever made money (cash back) off of my credit card (which, after paying off student loan and car debt a couple years ago, became credit cardS for the different rewards- I now only use credit cards for all of my expenses). My credit score is decently high for only having 5 years total credit history, and a lower average credit history. I have several friends/coworkers who think I'm insane for never using a debit card and only "racking up" credit card balances because they seem to associate credit cards with negative consequences. However, I keep my balances at less than 10% of my total credit limit, I don't pay any fees or interest, and my rewards are being earned on everyday purchases I would be making anyway, from 1.5% on everything to 3% on groceries to 5% on rotating categories. Am I crazy here? It seems as though Discover, Amex, VISA would all really like it if I would pay just the minimum every once in a while and pay 15% interest on the balance. But I obviously never do, the only money they make off of me is the fee they charge to the vendor. From my perspective, it's only people who don't understand the benefits of credit or the consequences of not paying in full every month that are losing out on rewards or racking up debt. [link] [comments]  |
| Posted: 15 Jun 2019 01:24 PM PDT I was young and stupid when i realized i could get a credit card. I racked up debt fast. I am now making the effort to make up for my stupidity. I've thought about making this post for a while but have been nervous. I know i was stupid and I've been anxious about reaching out for any sort of help. Ive seen tons of great advice come from here and am hoping to get some myself. What's my best course of action to slowly get out of this debt? My rent, food, and these bills are really the only bills i have. [link] [comments]  |
| Can anyone explain how inflation works? Posted: 15 Jun 2019 03:52 AM PDT So, I've been researching a lot about how inflation affects life and investments and what I find is usually confusing. I really hope this isn't a dumb question. What I know right now is that (in the US), the inflation rate the Feds keep it at is around 2% and this results in thing being more expensive over time. (I hope I am correct in this) - so, by this definition, everything else that is being affected by inflation should also go up in value, right? I've heard a lot of people, including my econ teacher say that when counting for inflation on your investments, the money is worth less than before even while being the same amount still. From what I am getting out of all this is that if you do calculate for inflation on anything over however many years, the result you get it how much the initial amount you used is worth in that year. If that makes sense. Lastly, how does one factor in inflation on investments or anything else. Like how do you calculate for inflation, over the past however many number of years or for the future, using a stable percent. EDIT: I love all the answers, they are making me understand the concept better but how does inflation tie into investing? And how should someone factor it in? Maybe I could also provide a situation: Let's say I am investing $10,000 as my initial investment and leave it at that, in my savings for the next 10 years with a 5% annual return each year. It should grow to about $16,000 by the end of those 10 years. Once that's done for, how does inflation factor into this and what does it do to the money in my savings? [link] [comments]  |
| Struggling to Financially Support Parent Posted: 15 Jun 2019 05:05 PM PDT I want to start by saying my mother is my best friend and I would do anything for her. That said, I need help from someone with an outside perspective. My mother has never had much luck with money, and it seems like things are only getting worse. She currently lives with me (I'm renting), and although we started off splitting bills, she had to stop working because of health issues and for the past several months I have been covering everything. This would be no problem at all, except about three months ago I lost a big client (I'm a freelance writer and editor) and have been working to build back up to the point I was at before. I now have way too much credit card debt and every month I have to keep my fingers crossed that I'll make enough for rent. My mother tries so hard, but somehow can never get ahead. She has an Etsy store that is moderately successful but not enough to pay the bills with, and she has tried to get into writing like me, but she's not very fast so it's hard to be competitive. I'm not sure what to do at this point other than continue working as hard as I can to make enough for the both of us. On top of it all, she also has credit card debt, so even if she does make more than $100 in a month, a lot has to go towards payments, then food, then bills last. If anyone has any suggestions for the both of us to get ahead, it would be much appreciated. I don't know if this is relevant, but I'm 23 and she's 59. If I've left out any information or should be posting this somewhere else, please let me know. I'm not on Reddit often enough to know all the rules. [link] [comments]  |
| Posted: 15 Jun 2019 07:47 AM PDT My Grandma sold her house and has about 200k to save for the remainder of her life. She is living with my parents now and wants to save the money to pass on to her kids, and I was wondering where to put it? They want relatively risk free since they are afraid of the stock market, so I was thinking a high interest savings. Is there a better option out there? Edit: Thanks for the replies! I'll definitely look into some bonds and the Target funds. Edit 2: I just wanted to thank everyone for the advice. So many things to look into now! I'll definitely recommend they talk to a planner about things. The problem is they are super afraid of the market so I can't imagine anything going into anything that has more than a small chance of loss. [link] [comments]  |
| Employer is paying for my move. Should I be worried about taxes? Posted: 15 Jun 2019 05:33 AM PDT Due to a recent promotion at work, my employer offered to pay for my moving expenses (shipping, storage, lodging, etc.) and provide a one time lump sum payment (to break a lease agreement). In the offer, I was told I can keep the difference after breaking the lease. What are the tax implications here? Am I on the line for the employer-paid expenses like corporate housing? I'm planning on using the lump sum to purchase furniture once I move out of corporate housing. But I don't want to be blindsided and would most definitely like to be prepared in the event that I have a huge tax liability at the end of the year. [link] [comments]  |
| Looking to transition into another career path but could use some advice. Posted: 15 Jun 2019 02:13 PM PDT I'm a bartender (31M) currently, with about a decade of customer service/retail/service industry experience. I graduated high school, but only took one college class. I've been in my trade for way too long and it's starting to take a toll on my mental health and happiness. For a long time I waited on schooling because I wanted to find something I was passionate about, to avoid losing interest and dropping out. I have some personal debt I am dealing with (sub 20k including my car note), so taking on more debt seemed risky if I wasn't sure I would finish out. At this point, I don't think any passions are going to sneak up on me and change my life. Maybe, but I'm done waiting. I'd like to transition to another field and get out of bartending. I want to find a well paying career path that gets me out of bartending ASAP (preferably within two years), and ideally something that isn't physically exhausting as bartending has already put some mileage on my body. I'm not opposed to trades, certifications or obviously returning to school. There's several great community colleges in my area. I just don't know what to go after. I like PC gaming, movies and comicbooks which unfortunately don't seem super lucrative. I tried a few coding courses but I found the work somewhat tedious and it was difficult to keep myself on track; I might fare better with a college course. I have an interest in writing but that seems like a starving artist type of route. I have a knack for creativity but I don't know how to apply that to a field where I'll make great pay. I really just want to get close to making $100k (not immediately, obviously, but a track where that is possible in the next 10-15 years), and I don't really care what the job is. I want to meet my financial goals and feel like I'm growing, and at this point bartending has peaked out for me. I make okay money but there's no ladder and most of my income is undocumented. If anyone could offer some advice on what kind of jobs might meet my criteria, I would really appreciate it. Even if you could just point me at a resource where I can learn more on my own, that would help a lot. TLDR; Looking for a lucrative career path for someone with lots of customer service experience and no college degree, ideally with an education investment around two years. [link] [comments]  |
| My job fired me over text, has ignored me since, and is refusing to give me my final paycheck Posted: 15 Jun 2019 05:54 PM PDT I worked at a restaurant that has been barely staying in business. I was one of the only employee's there, and witnessed a lot of scummy and unprofessional behavior during my time there. One huge red flag I ignored was a former employee that would call at least once a week requesting to speak with the manager or owner. She claimed that she had been fired and never paid her final check, and was now being dodged by the owner and the manager. I sacrificed a lot of time and energy for the restaurant, and since it was doing very poorly and had very few customers I did not ever make much in tips. Recently a company offered to buy a share in the restaurant and completely renovate it in a way that would've really got business booming. I was given a speech about how much they appreciated me sticking through the rough couple of months they'd gone through, and was promised they would keep me on staff after the renovations and make it worth my while. Then, I was hit by a motorcycle while riding my bike, and took one day off to recover (3 days total, since it coincided with the two days the restaurant was closed.) The day before I was suppose to return, I was texted and told that I had been "taken off the schedule completely." Nothing like this had ever happened before, and I was the only actual waiter working there, so this 100% meant that they were firing me. I've been warned by other friends who've worked as servers that restaurants will sometimes do this so that they can force you to quit instead of firing you, while still keeping you on retainer if they have an emergency. I do not expect to be asked to work again, and if I am I will deny it on general principle. Right after this text I called them since I was confused and blown away by this sudden end, and my call was ignored. The next day was payday (we are paid every two weeks) and I was due my biggest paycheck yet in my time working there. I asked when I could come pick it up, or expect to receive it, and I was ignored. As an aside, I am a very sweet and pleasant person, and I have definitely never done anything that could've made them upset with me in any way. I'm at a bit of a loss of what to do now. It's shocking to me just being flat out ignored by a business like this, and I'm fairly certain that they're going to try to withhold this last paycheck from me. I also am a bit afraid that they'll try to do something underhanded to get their way. Everyone left working there is very sketchy and scummy, and I've overheard conversations about making up lies about other employees in order to get their way. I don't think I have any physical documentation of the time I worked, it's all in their computer system. What should my course of action be from here? What organizations can I reach out to for help? I do have a friend who is an attorney, I'd rather not bother them, but they have drafted a letter for me before, should I have them send a request for my money? [link] [comments]  |
| Posted: 15 Jun 2019 07:16 PM PDT Okay so here's the spill. Yea I'm an idiot but I want to correct my mistakes. Last month in May I was restrained by law enforcement and taken to the hospital for not being able to control myself well enough after taking drugs. All I remember is the scuffle at home and waking up in a haze from the sedatives then leaving. Days ago I got the bill for $4,345.83 in the mail with a list of diagnosis methods they used on me like ekg, lab/chem, and ct scan to name the most costly ones. I also overdrew my checking account by a bit over $1k and it was closed days ago. I also have been missing a few payments for PayPal credit balance of around $500. I also have around $8k in school loans and am not enrolled currently. Lastly, I often pay my internet bill late and I was informed that can be reported to credit services since it was a contract. Now, I dont have many bills but I just landed a job at Amazon and can make a fair bit of money weekly with ot and whatnot coming up. I also have the option of a sort of health care with the staffing agency I work through if that matters. I don't have health insurance and my father wont put me on his. I dont have any guidance for this type of stuff and I dont want to fuck up my chances any more for the future so can somebody advise how I should go about my debt? I can provide additional info where necessary. Thanks so much fr to those who help TLDR; I have a lot of debt from medical bills, closed checking account from overdrawing, school loans, late payment with internet provider, and missed PayPal credit payments. I have a job but no insurance (but my temp agency offers some sort of insurance) and I dont know how to handle my situation optimally. Please help. [link] [comments]  |
| I have 2200 dollars of CC debt that gets charged 40 dollars of interest every month Posted: 15 Jun 2019 11:56 AM PDT I pay 70 dollars but 40 dollars are going no where because of the interest. What can I do? Its a Chase Credit Card. How does one get out of this? I am working and in school so money is tight and I am paying as much as I can. [link] [comments]  |
| Posted: 15 Jun 2019 05:15 PM PDT Hey Everyone, I'm looking for some additional advice to get our lives back on track. We are somewhat getting there, but we really want to take the next 1-2 years and REALLY get things in a good place. My husband and I had our finances looking pretty good, other than being somewhat low income, for several years. We didn't have any debt other than student loan debt and our credit scores were good. I went to nursing school to be an LPN and my husband finished a business degree. We bought a 1970's tri-level on a corner lot in a wonderful neighborhood in 2016 that is now worth $25,000 more than we paid for it. So it has been a great investment for us overall. We love our home. We ended up having to relocate for a year for my husbands job (Restaurant trainer) to a city 13 hours from house. We decided to rent our house out so that we could come back to it. As you can imagine, we had our fair share of issues. It seemed like as soon as the renters moved in we had to get work done on the roof from a leak that cause drywall to have to be replaced and a lot of wood in the attic. Then a huge plumbing issue that was not cheap. Then, a month ago the AC/Furnace started having issues and will have to be replaced as soon as we can. Those issues, along with the cost from having to live in an expensive coastal city for the past year has caused us to have some credit care debt that we are working on paying down. It has been a little difficult because I have not been able to work full-time due to my husbands schedule and lack of childcare in the area. We are moving back to our house in 2 weeks. We will be back in a larger city with a much lower cost of living and higher pay. We wont have to spend money on daycare because we have family back home that helps with the kids. I have a full-time position lined up to start the 2nd week of July. ($45,000) My husband will be making the same salary he currently makes ($61,000). We are in Kentucky, so that is really good for our area. In October I will be beginning an LPN to RN program, so that in 16 months I will be able to have a much higher salary. I do not have to pay for the program. My company is. With all these changes in income over the next 16 - 18 months, We want to get our credit cards (about $10,000) paid off and starting building a savings, invest, start retirement accounts, and put some money into our home. (We need a fence around the yard because we have kids, and just want to do some general improvements.) The issue is, we don't know where to start. We owe $135,000 on our home (paid $152,000 for it). I owe about $5,000 on my car. My husband drives a lease and it is up in December. We wanted to just buy a cheap car in cash for him to save money but we don't have the money for that at this time. We are really ready to to buckle down and do what we need to do. Does anyone have any advice on our situation? We are 30 and 36 if that matters. Thank you! [link] [comments]  |
| Considerations for buying a house with in-law suite Posted: 15 Jun 2019 06:42 PM PDT My folks and are considering going in together on a house that has an in-law suite. What should we be considering from a financial perspective? It would be my first house, they have two houses at the moment, if that matters. They'd be "cash buyers" for their end of it, I would need a mortgage. [link] [comments]  |
| I believe I'm one of the people compromised from Quest Diagnostics data breach. What do I do? Posted: 15 Jun 2019 07:32 PM PDT So early last month I was a victim of identity theft and identity fraud. I had a Verizon account opened in my name using my SSN and other information. I couldn't figure out how anyone got my SSN because I only ever used it online for college applications and FAFSA. My father also had money taken from his bank account online. We dealt with those issues, but my dad's new bank account then also had money taken from it. We both are the only ones in our family to have used Quest Diagnostics for blood work (I needed it for professional school). How do we find out if our information has been compromised? What do we do if we think our information was compromised through Quest Diagnostics? [link] [comments]  |
| Posted: 15 Jun 2019 05:11 PM PDT I'm having a bit of trouble finding a credit card that will accept my application. So far I was rejected by the capital one student card and the capital one secured card. I've tried the discover cards but whenever I input student it asks where I will be attending college and asks what state my college is in. This is kind of a problem because there is no other option and I am studying abroad. I have a checkings and savings account both with capital one and my annual income is about $3000 (jobs and stuff that I do). I'm fortunate enough that my parents are paying for college, but I noticed that I can't factor this into the annual income I put down on the application. Edit: My only plan for this card is to put something small like my spotify subscription on it and just pay that off each month so that I can start building my credit. If it matters, I've also been an authorized user on my dad's credit for the last year ish. [link] [comments]  |
| Posted: 15 Jun 2019 09:12 AM PDT Insurer is Allstate. Basically, I'd like to discuss with my agent whether to file a claim for my car, which is totaled. No one else was involved, and I have no bodily injuries. Given that my premiums would go up, I'm not sure that it's going to be worth filing a claim - i.e. because my car is older, whatever pay-out I get would end up being cancelled out by higher premiums. Ideally, I would like to get an idea from an agent of the car's Fair Market Value and based on that decide whether to file a claim. But would they flag my account, regardless, and hike up my rates anyhow? Update: Thank you everyone for responding and your input! Because of various factors, I ended up filing a claim - including avoiding being stuck in a remote town. Plus my agents weren't available on the weekend, so I'd end waiting til Monday unless I used the call-centre. Also, as my dad reasoned, even if they essentially recoup the pay-out by upping the premiums, by filling a claim I wind up a car still (or the money to buy one). A net neutral. If I didn't file one and scrapped the car, I'd wind up with a net negative. [link] [comments]  |
| Working unpaid overtime for over 3 months, what are my options? Posted: 15 Jun 2019 01:13 PM PDT Hello people of reddit, I'm currently managing a bar in London on a 48 hours per week contract. As I'm salaried I don't get paid over time. For the past 4-5 months I have been working between 60-70 hour a week and I have been refused my request for an assistant manager. Therefore I'm expected to do work of a general and an assistant manager which is clearly not what I signed up for. We are now coming to the end of the financial year and I'm hoping I'll be getting a bonus however I'm absolutely exhausted and drained, hating my life in current job. Are there any options for me to get this overtime paid? Employer refuses to reimburse me for any overtime. [link] [comments]  |
| 1099 self employed, beginner questions need your help answering. Posted: 15 Jun 2019 02:00 PM PDT I am an independent contractor via TaskRabbit. Can someone precisely describe a guide that will help me succeed at doing my taxes correctly? ▪I make less than $20k a year, I'm told I have to report my earnings still, will I still have a tax liability? Reporting vs Filing? ▪If I have a tax liability at all, my business related expenses will deduct that down correct? ▪If I deduct it down far enough to $0 what about my SS and Medicare liability? Is that %7 weekly out of my gross income? ▪Self employment tax? (I.E 50%) what does this mean ▪People tip me $ through the app, I'm sure I'll have to report that as well, but does that mean I'll be taxed on it? ▪Is tax bracket decided GROSS or NET? I make ~$20k before taxes but after, my net is $15k. [link] [comments]  |
| Take full-time corporate job or stick to freelance/startup? Posted: 15 Jun 2019 03:12 PM PDT Sorry to be longwinded, but there's a bit to unpack. I'm in my early 20's in the tech space, and I'm struggling to decide whether to take this full-time job and lose some freedom & (potential) income for the experience, or stick to my remote work today-- Previously: Founder/CEO at VC-backed startup Current Job: Freelancer Pros:
Cons:
New Job: Sr. Product position at NYC consulting business Pros:
Cons:
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| Posted: 15 Jun 2019 12:48 PM PDT I have an Amex Everyday Blue Cash card with a $500 limit and they won't increase my credit limit (I have a low credit score). I login into my account and got a "pre-approved invite" to apply for a Platinum card with no limits(high interest of course) and I got approved. This makes not sense to me. [link] [comments]  |
| Posted: 15 Jun 2019 06:31 PM PDT
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| Is there a negative side to cancelling your credit card? Posted: 15 Jun 2019 04:17 PM PDT |
| College student with unusual circumstances. Looking for advice on investing. Posted: 15 Jun 2019 06:25 PM PDT I'm a college student, have a full ride scholarship to college, so no debt. I work making about 1.5k a month, and luckily my scholarship covers all living expenses, so I'd like to invest the money I make. My parents are well off and very supportive, and while I am very independent and don't rely on them, I know they'd have my back financially if there were ever an emergency. Because of this I'd like to invest all the money I make rather than saving it for emergency funds. Should I open a Roth IRA? Or should I just invest this money directly through something like Robinhood? I'm pretty clueless, but I know letting the money sit in my bank account is probably not the best idea. I want to do this myself and don't want to bother my parents with all of this because they are very busy. I also want to become more financially literate and I think learning and doing everything myself will probably benefit me in the long run anyway. Also side note: do you guys recommend any resources for learning more about personal finance and investing? Any good books, YouTube channels, or other resources you guys would recommend? [link] [comments]  |
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