Personal Finance PLEASE take some time to understand your benefits at work |
- PLEASE take some time to understand your benefits at work
- Why cancelling Amazon Prime was my best financial decision this year
- How stupid would it be to quit my job and just go travel for a while and try to figure out what I wanna do with my life ?
- If you haven't filed your US Federal tax return yet because you owe and can't pay, file it by June 14 to avoid the higher late-filing penalty.
- saving up for a house and my dad offered me 100k from his money market if i just pay him the 3% interest monthly he would’ve earned.
- Waiters/restaurants secretly increasing their tip - How often do you notice this?
- Is this fantasy realistic? Please help me dream.
- In an incredibly deep hole...
- Considering putting extra money into VTSAX - should I?
- Starting PhD, how to manage excess cash?
- 17 years old at risk of getting kicked out
- Work is paying for a medical procedure. They are doing it by gifting me a bonus to cover it. Anything I should prepare for or look out for?
- Please take time to understand your health insurance coverage
- Input on what credit card I should sign up for
- Should I put 0 or 1 as the exemption for my W4 and W9 form?
- 0% APR Credit Card for New Car?
- Investing in college
- Overwhelmed by debt
- Partner at a small accounting firm reached to me to take over his firm in 2-3 years.
- My credit score is rough because of my mom's debt. Do I have any way of disengaging my credit from her so that I'm not screwed after I graduate college?
- Was told to read " The business of the 21st Century" by 3 different people in order to get to meet their mentor. SCAM???
- Gave offer for house through offer to purchase (No legal language in the letter just for initial offer) and want to back out now.
- What should I do with my children's money?
- Please, please help me understand this one and for all.
| PLEASE take some time to understand your benefits at work Posted: 09 Jun 2019 04:57 AM PDT I'm a federal employee and you wouldn't believe how often I encounter people who have no idea how any of our benefits work. The most common I see are:
Most people are pretty good at researching all the ins and outs of health insurance, but beyond that they make a lot of assumptions about our benefits and never bother to dig into the details. This leaves you woefully unprepared for an event like a medical emergency or pregnancy. [link] [comments]  |
| Why cancelling Amazon Prime was my best financial decision this year Posted: 09 Jun 2019 10:11 AM PDT You can buy everything on Amazon. I currently live in the middle of nowhere, and love the convenience of buying things that would normally require a 5 hour drive to civilization. However, my spending was starting to look like Michael Scott's- the "stuff that nobody, ever, ever needs" category was getting up there (smart scales, colorful pens, resistance bands). In March, my annual Prime subscription was up and after a less-than-stellar customer service experience, I cancelled. I still get free shipping- all items marked as Prime eligible ship free if you have $25 dollars in your cart. This has helped curb the impulse buys of dumb crap. Letting things sit in my cart for a week has forced me to be more conscious of what I'm buying and now I think through those useless things I don't really need. This probably isn't the best decision for everyone. My area doesn't have a Whole Foods, or Prime Same-Day. Groceries are cheap where I live, so I got no use out of Prime Pantry. I have other streaming services for video and music. Ultimately, I wish I had cancelled sooner. [link] [comments]  |
| Posted: 09 Jun 2019 04:23 PM PDT I am 22 years old and work a job making 16 dollars an hour from the USA. I currently work anywhere from 40-60 hours a week and hate every second of it and honestly have no idea what I want to do with the rest of my life. I have about 8-9 thousand saved up and have been thinking about quitting and just being homeless for a bit while traveling the country and really just having some time to think what I want to do with the rest of my existence I mean how fucked would I really be? I currently still live with my parents and don't pay rent so my bills are about 400-500 a month (gas, insurance, phone) the rest I either save or just use for entertainment and sometimes food if I go out to eat which is a few times a week. I do have the option of going to a community college while living here but I would have to work part time at the same time and I don't have any degree that sounds appealing also I have already went to college to get the basic courses out of the way (math science etc). The only thing that sounds appealing to me right now is a long getaway from my hometown i honestly don't know what to do I've been researching different kinds of college degrees and jobs for the past 6 months and can't seem to find anything appealing. [link] [comments]  |
| Posted: 09 Jun 2019 07:12 PM PDT Taxpayers who owe tax and file their federal income tax return more than 60 days after the deadline will generally face a higher late-filing penalty. Ordinarily, the late-filing penalty, also known as the failure-to-file penalty (FTF), is assessed when a taxpayer fails to file a tax return or request an extension by the return due date. This penalty, which only applies if there is unpaid tax, is usually 5 percent for each month or part of a month that a tax return is late. If a tax return is filed more than 60 days after the April due date -- or more than 60 days after the October due date if an extension was obtained -- the minimum penalty is either $210 or 100 percent of the unpaid tax, whichever is less. This means that if the tax due is $210 or less, the penalty is equal to the tax amount due. If the tax due is more than $210, the penalty is at least $210. The late-filing penalty will stop accruing once the taxpayer files a complete and correct return. The FTF penalty does not apply to the Taxpayers who met this year's April 15 deadline to file their individual tax return. It also won't apply to the Taxpayers who asked the IRS for a six-month extension of time to file, as long as they file by Oct. 15, 2019. In addition, the IRS urges Taxpayers to pay what they owe to avoid additional late-payment penalty and interest charges. The late-payment penalty, also known as the failure-to-pay penalty (FTP), is usually 0.5% of the unpaid tax for each month or part of a month the payment is late. Interest, currently at the rate of 5 percent per year, compounded daily, also applies to any payment made after the original April 15 deadline. After a return is filed, the IRS will figure the penalty and interest due and bill the taxpayer. Normally, the taxpayer will then have 21 days to pay any amount due. If you are claiming a refund on your federal return and filing late, there is generally no penalty or interest charge. Common penalties for individuals Taxpayers, at IRS.gov [link] [comments]  |
| Posted: 09 Jun 2019 07:46 AM PDT this is a little personal finance and a little homebuying, so apologies if in the wrong space. i'm in the beginning stages of saving up for a house. my dad told me last night that he's been thinking about this for months and offered to give me $100k from his investments that he's currently earning 3% interest on. all he wants me to do is send him what he would've gained in interest each month. (could he be earning more: he's a bit older (65) and has pulled his money out of the stock market for the most part and doesn't feel comfortable going back.) the $100k would have eventually been left in a will and my dad was planning just to pull interest from it each month for the rest of his life, about $3k a year. we're looking at houses between 300-400k and this would essentially pay for a 20% down payment plus closing costs keeping us out of having to pay PMI. i guess i'm still a little overwhelmed at the offer. my dad wholeheartedly wants to, as he said his parents helped him buy his first house and he wants to do the same. overall, paying $250 a month to him for whatever the rest of his life is seems like a great deal, essentially buying $100k at a great discount. i can't quite see a downside, but was hoping to post here in case i might be missing something. i've just never had this kind of help before. is this a good idea overall? tldr: my dad offered me 100k for help with buying a house if i pay him the 3% interest ($250) he would've made on it monthly for the next 20-25 years. edit: ty all for your comments. they are unbelievably helpful and i really appreciate them. [link] [comments]  |
| Waiters/restaurants secretly increasing their tip - How often do you notice this? Posted: 09 Jun 2019 09:19 AM PDT I just checked my credit card charges and noticed a restaurant charge included an over 25% tip (I always tip enough to pay an overall dollar amount so I know when it happens, since my charges have change). I notice this about 2 to 3 times a year. I just file a credit card dispute when this happens, but I'm annoyed this practice even happens. Is this widespread? Are there any ways to report them? [link] [comments]  |
| Is this fantasy realistic? Please help me dream. Posted: 09 Jun 2019 04:22 PM PDT The fantasy: We want to buy some land (minimum 5 acres) and put two yurts on it. One for him and one for me. Me: I'll be graduating school in 6 months with about $70,000 in debt. About 3/4 of that is a private loan, 1/4 is federal loans. It's very reasonable for me to assume that I'll be making $40 an hour and working 36 hours a week. I'll need to be aggressive with retirement planning when I graduate as well. My buddy: makes 46,000 a year before taxes which will go up a tiny bit per year; 6% goes to pers. He has 25,000 in a Roth IRA that he's not currently contributing to and has 10,000 saved. Lots in the area go from 70,000 to 150,000. We live in a fairly mild climate. Yurts are doable year round. Nice ones look like they range from 20,000 to 30,000. Neither of us has kids, we both have dogs. Despite our efforts neither dog is working. What are we not thinking of? Is this doable and on what kind of time frame? [link] [comments]  |
| Posted: 09 Jun 2019 03:47 PM PDT Hello reddit, I'm seeking advice as to what my next step should be, as I feel like I am at rock bottom... I have been in a vicious cycle of payday and title loans for about a year. The closer I think I'm getting the worse it gets, I end up having to take out other loans just to pay bills. Currently I have EIGHT loans out, and there is no way to make payment and put food on the table or keep a roof over my head at the same time. I don't have anyone I can ask for help, and I'm a public school teacher so I can't just pack and leave where I'm at. I'm well aware of how dumb of a decision it was to get even one of these loans, let alone let it get this bad, but I'm here, and other than having a giant fire sale of personal belongings, I'm not sure what to do next. I am in Texas, for what it's worth. [link] [comments]  |
| Considering putting extra money into VTSAX - should I? Posted: 09 Jun 2019 03:29 PM PDT I've followed the prime directive on the sidebar and still have money remaining. I'm considering opening a taxable account and investing in 100% VTSAX. Is this appropriate for my situation? I'm in my late 20s, and basically want to make as much money as possible and leave it to my family when I die. [link] [comments]  |
| Starting PhD, how to manage excess cash? Posted: 09 Jun 2019 02:25 PM PDT I'm at the start of a PhD program in a high cost of living (CoL) city. I am doing paid work for the university this summer at a rate sufficient to pay the bills until the program officially starts in the fall. I am guaranteed funding for the first 12 months, and will be applying to secure funding for the rest of it in October through the NSF. I've lived in this area for several years already, so I have a good handle on monthly expenses. Beginning in September, I'll be earning about $2200-2300/month post-taxes (33k annual stipend). Housing costs (I'm renting) will be $1050-1100/month depending on utilities, and other expenses are in the $500-600/month range. I'm not asking for how to balance a budget -- for the HCoL place that it is ($8/beer) I manage to live within my means. As a 23yo, I fortunately don't have a lot of "adult" expenses yet. So net monthly outflow should not top $1700. The question is, what should I do with my accumulating cash? I currently have about $8000 saved up sitting in a high-yield savings account (2.1%). I have secured funding for the next full 12 months, and will hopefully secure the rest of my 3-4 years in the next 6 months. My advisor has been at the university for 3 years, has already graduated 2 students through his previous appointment, and the lab is very well funded. So things are looking pretty stable. I already have my "emergency fund" stocked at this point with my residual from past employment. So what should my next step be? Roth IRA, index funds, CDs, etc.? I'm leaning towards more liquid assets, since my earnings potential over the next four years is not too great, and will need capital when I finish my degree and find a place to settle. At the same time, keeping the money in a savings account feels like a silly waste given the horizon is relatively long (~4 years). Any advice or experiences would be greatly appreciated, thank you! [link] [comments]  |
| 17 years old at risk of getting kicked out Posted: 09 Jun 2019 07:19 PM PDT Ever since I got a summer job my mother has been aware of this money due to her being the coowner of the checking account. The job ended in August after starting in July. Keep in mind this was a paid INTERNSHIP so I wouldn't be guaranteed to have a job afterwards. Ever since getting my first paid internship for one month my mother has been trying to cut me off from her spending at 16. I only have about 2,000 in the bank even though I'm supposed to have around 3,000 from my internships this year. To spend all that in 1 Year is frightening and she is refusing to help me with my everyday expenses. I'm going to college this year and I know I will barely make it by without her support. Her and I don't have a great relationship and her finances are terrible which is why she is pressuring me to spend my savings. Is there any way I can get her to support me still? I don't want to move out before getting a bachelors for the sake of being "independent" and should I keep my income a secret from her in the future and how can I downplay this? (TLDR:)I suspect my mother wants to kick me out and has been cutting me off financially since I got a paid internship. These internships are short and I can't support myself with the money made. I'm trying to build for the future but she's working against my ambitions [link] [comments]  |
| Posted: 09 Jun 2019 06:24 PM PDT Long Story short, I have a medical procedure our medical insurance does not cover. (Bariatric) I've been saving for a couple years and just with 3 kids haven't been able to come up with the full amount. I was about $16k-18k short. I was looking for jobs that the insurance covered this as a state I border and am less than 30 minutes from requires it to be covered. I ended up getting a job in that state. I let my work place know that I got a new job offer and it covered the surgery, and they immediately said we will cover your procedure. They are doing it by giving me a large bonus (About $30k I believe.) That way after taxes it has the money to cover the procedure. The catch is they want me to sign a NDA to not talk about it to current employees and they want me to sign for 5 years which each year being worth $5800 if I choose to leave. So if I leave after 3 years I will have to pay back $11600. Just wanting to know if there is something I should be on the look out for on this. Taxes is coming out to start, and I have a pension at this job so this bonus should help that as a top earning year. I'm 37 currently and I've been with this company since 2005. I like the area and the company I was just worried about my weight and the Dr. told me this is the best chance and only real last chance I have after trying a lot of things for the last 10 years. Not needing medical advice, more of just looking for if there was anything tax wise or retirement wise I need to be careful and on the lookout for? [link] [comments]  |
| Please take time to understand your health insurance coverage Posted: 09 Jun 2019 07:34 AM PDT After reading the post about understanding your workplace benifits I thought people should think about this as well. The catalyst for me to do more research was when a coworker's daughter became pregnant. Everyone talks about how great the provision of the ACA that allows adult children to stay on their parents insurance is. Well maybe not so much at least if you have female adult children. Come to find out most insurance companies do not cover any pregnancy related expenses for dependents on their parents insurance. This came as a huge shock to my coworker and myself as well. Something else most insurance companies usually don't let customers know is that if you can't find an in network doctor or specialist within a reasonable distance you can file for a waiver to get the insurance to cover an out of network doctor at in network rates. Hope the info helps. [link] [comments]  |
| Input on what credit card I should sign up for Posted: 09 Jun 2019 05:36 PM PDT Hello, So I'm in the market to open a new every day use credit line. I had the Wells Fargo platinum card for a few years, I and just paid it off and cut it. Now, I wanna update my card. I have good credit (790). I do not want to pay an annual fee right now. I was looking at the chase freedom cards and the discover it credit card. I'm looking for benefits for travel and every day purchases. Any other suggestions or input would be greatly appreciated! [link] [comments]  |
| Should I put 0 or 1 as the exemption for my W4 and W9 form? Posted: 09 Jun 2019 06:30 PM PDT Hello everyone! I'm 16 and I just started working last week. I'm setting up my Dayforce account and W4 and W9 forms are listed. At the job orientation the people told us minors to put 0 as an exemption. But my mom made me put 1 as an exemption. My mom explained 0 exemptions as being no taxes are taken out of your check. She also said if you put 0 at the end of the year then the government will take all the taxes out of your check that you didn't pay. She explained 1 exemption as being taxes are taken out and you get those back. I don't know. It's kind of confusing. [link] [comments]  |
| 0% APR Credit Card for New Car? Posted: 09 Jun 2019 06:16 PM PDT Hello everyone, I have a relatively common situation and wanted everyones' input. I am in the market for a new car and was wondering what the best approach would be. Here is my current idea:
I figured paying in "cash" at the dealer would allow me more leverage to negotiate the price down. My main questions are:
That's about it. Thanks everyone! EDIT: What I am hearing is:
So for this situation dealer financing is a better bet. [link] [comments]  |
| Posted: 09 Jun 2019 04:14 PM PDT I am a college student that would like to start investing my money but do not know where to start. There are many taxable brokerage options like acorns and Robin Hood, however I have a net loss of money in acorns and am a bit nervous to start investing in random stocks on Robin hood. Does anyone have any helpful tips on where I should start or what knowledge I should first equip myself with? [link] [comments]  |
| Posted: 09 Jun 2019 05:47 PM PDT I am overwhelmed by debt to multiple debtors. I am a recovering gambling addict and have close to 15k debt. All of this debt is now to collectuon companies. So far i have paid back 4k in personal loans to friends and family over the last 8 weeks. I don't know what to do Edit: Income - 720 weekly Expenses(weekly) - $120rent, $20 gym, $10bus, $40entertainment Debts - Bank debt from CC and Personal loan - $8,900 Personal loan - $2,545 Personal loan -$1,920 Remaining loans from family + friends - $400 [link] [comments]  |
| Partner at a small accounting firm reached to me to take over his firm in 2-3 years. Posted: 09 Jun 2019 07:42 PM PDT Hello everyone. I'm a CPA for about 7 years now. I did 5 in public accounting at a medium sized firm (tax, audit and counseling), then switched for a financial analyst position in an international company. Oh and I just turned 30. I left my initial firm job because I was getting the biggest clients and they were all exhausting audits. I loved personal tax, company tax, compilation and reviews. The boring audit work wasn't there and I was closer to the clients. With audits, it was the firm's partners who counseled the clients. Two summers ago I has enough and applied for a financial analyst position at a publicly traded company. Holy crap are the conditions good. 35-40 hr workweeks (no more 60-70), about 50% better compensation and a whole month of paid vacation. My personal quality of life improved significantly. Plus both jobs are in the same city, meaning the compensation increase becomes all supplemental available revenue. I'm definitely comfortable where I am and I could easily stay for life. I could stay analyst all my life to keep stress low (but pay then pretty much only follows inflation) or I could battle for a manager and higher job, but stress and workload would increase. The choice will always be there. However, I do miss counseling different clients from the region. It was definitely fun seeing different companies grow and help their owners take important decisions. This partner that reached out is a good family friend and my grandmother had a great relationship with his own mother. He's the sole partner in an about 7-10 employee sized firm. He seems to have a solid, regular clientele. I'm actually in a deep process of thinking. I'm meeting the partner soon again for lunch and will ask for financials. I'm definitely not 100% comfortable with all of this at this very moment, because I'm fine where I am, but I see this as a once in a lifetime chance. Very high risk, very high reward. Here is where I'm reaching out to you guys, any opinions? Thanks for reading. [link] [comments]  |
| Posted: 09 Jun 2019 07:34 PM PDT I guess my mom has opened several credit cards in my name and her's since I was around middle school age. My credit score isn't awful but it isn't good either. According to Credit Karma she currently has around $16,000 in debt across two cards. This used to be much higher and thankfully she has payed off and closed two of her credit cards, but she still misses payments sometimes. I get an email from Credit Karma every time she misses a payment. I'm just starting to get worried about how this is going to affect me and it is very frustrating that I'm going to be starting off in life with a rocky credit history. Is there any way I can distance myself from her debt, or am I screwed because technically the debt is in my name too? [link] [comments]  |
| Posted: 09 Jun 2019 12:00 PM PDT I met 3 different people on Bumble bizz, and after about 2 phones calls, chatting with them about having a mentor, they told me i need to read The business of the 21st Century within 3 days, is this a scam? She said after i read the book and we go over the notes i took, i can watch their live seminar thursday night, that goes over their business practices. This is the 3rd person to tell me to read the same book! is this a scam? i dont have time to read this book if its going to be waste, Has anyone else been thru this?? [link] [comments]  |
| Posted: 09 Jun 2019 07:28 PM PDT We gave an offer to purchase letter to bid on a house with no legal language in the letter. Sellers accepted the offer. But, we want to back out now because we felt like we over bid. We haven't signed any contracts yet we're still in the initial stage of buying the house. Can we rescind our offer? Does the offer to purchase have any legal power? [link] [comments]  |
| What should I do with my children's money? Posted: 09 Jun 2019 07:20 PM PDT I currently have money they are given in kids savings accounts with 1% interest. Neither one is old enough to understand its value, so looking for other options than just a savings account, and not looking to ask the oldest what he wants yet because it'll be Robux. [link] [comments]  |
| Please, please help me understand this one and for all. Posted: 09 Jun 2019 05:03 PM PDT I am 16 y/o and am getting a head start investing. I would like to fully understand how a mutual funds expense ratio can drain one's returns over the long run. Question 1: does a funds prospectus report returns net of all fees (expense ratios, management fees, etc)? Question 2: If I have an active fund with a 14% return and expense ratio of 0.72, does this mean that the fund truly returned 14.72%? I say this assuming that 14 is net of fees. Lastly, how can I simply draw out and solve mathematically how much I would be losing in fees? I feel like this is a simple concept and I am over thinking. I would appreciate examples. Thanks guys. [link] [comments]  |
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