Personal Finance Weekday Help and Victory Thread for the week of June 17, 2019 |
- Weekday Help and Victory Thread for the week of June 17, 2019
- When should I buy a house?
- Advice: Depression lead to debt of £24k. Offered a loan of 13% over 3 years. Is that better than constantly trying to keep up with 0% credit cards?
- My budget is now openly reflecting a spending problem I've never admitted too. Any help?
- Wife and children about to lose insurance coverage due to bad information from HR
- I just got a job!! I'm finally able to start paying off my mountain of credit card debt and could really use some advice.
- Is it unhealthy to not want to ever own a house?
- Give me a legitimate reason a reputable financial advisor would recommend against free money matched by your employer in a 401k.
- Considerable credit drop after paying off a debt
- Thinking about losing pension to pursue dream job
- Special Needs Investing Help (NC)
- My Mom Has No Retirement at 60 but has $30000 cash just sitting in a checking account.
- Is Lemonade Renter's Insurance Any Good?
- Pension termination advice
- I lost my only job after 16 years
- Should I really be paying off student loans as fast as possible
- Should I pay aggressively pay off student loans while in grad school, and how much of an emergency fund should I keep?
- IRS says I owe $503.00
- Someone deposited my refund
- Funding one year of medical school
- How to settle an unknown debt with a firm which has closed?
- How much income is considered livable?
- Pay off auto loan to reduce debt-to-income ratio for mortgage?
- Inherited IRA at Morgan Stanley - can I transfer directly to another firm?
- Best way to remove a small collection from my credit
| Weekday Help and Victory Thread for the week of June 17, 2019 Posted: 17 Jun 2019 04:08 AM 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]  |
| Posted: 17 Jun 2019 07:53 AM PDT Hey personalfinance, I'm 24 years old and have been working as an RN for 10 months, live with parents currently with minimal monthly expenses $300-400 a month. I was able to save $37k in 10 months and trying to decide if I should wait to buy a home or to jump in now. Currently 0 debt, no student loans, car paid off. I'm looking at houses in the $270-$300k range and would look to put 10% down. Currently putting 15% into 401k and my income can only go up from here, at about $85k a year currently. I do know my monthly expenses would rise significantly with owning a home, what should I do personalfinance? My parents don't mind me staying, they don't charge me rent I just help with chores around the house and groceries. Thanks. UPDATE Adding answered to these questions in OP, thought they were good
Yes I do want to own a home, not necessarily as an investment initially but a place to live for now, I would like more independence as I've never lived on my own
Con: feel like I'm throwing away money Last edit: prequalified for $350k which I think is too much personally [link] [comments]  |
| Posted: 17 Jun 2019 09:15 AM PDT I am terrified of my debt and I can't look at it long enough without panicking. I currently have £9k on one credit card (17% interest) and another £13k 23% interest. I got it by trying to keep my parents from becoming homeless. They are ok now and I need to repair my finances. I've been offered a loan to pay off both debt at 13% repayable at £800 a month for 3 years. That would amount to £5k interest. I am a mess. According to Experian and moneysavingexpert that 13% interest is the best deal I can get. Apparently my decision to take out 3 credit cards in the last year - but then deciding not to use them- has led me to be turned down for my bank's loan at a lower rate. I could close down those cards immediately if it would help as they have no debt on them at all. I earn £55k a year and have no other obligations. Is this the right thing to do? I just want to throw money at the problem and be debt-free in 3 years or less. It's making me seriously depressed.] ****edit: please don't downvote this. I really need advice. I have no-one I can turn to**** [link] [comments]  |
| My budget is now openly reflecting a spending problem I've never admitted too. Any help? Posted: 17 Jun 2019 07:23 AM PDT To preface. I am in therapy for anxiety! And this emotional eating habit is something we are working on. However, I still would like suggestions on how to stop myself from spending money on food. I always knew I had a spending problem, but I always shoved it to the back of mind because self-reflection and change is hard. My problem? I spend way too much on food. I buy weekly groceries with the intent to eat out of my fridge for the week, but come mid-week I'm ordering pizza for every dinner and conveniently forgetting my lunch at home so I eat at the deli around the corner from work. And then the weekend comes. Who wants to cook on a Friday night? And then I'm running around doing errands on Saturday, buying breakfast and lunch here and there. By the end of the month, I'm shocked to notice the only money I have left is for bills / rent. Not even enough for groceries. So I borrow from my very, very small emergency fund, and promise myself I'll do better next time. That next time never comes. No wonder my savings never grows larger than a couple hundred dollars. Well, I decided to start a budget and write all my transactions in it. Whatever problem I have is now much harder to ignore as it's staring at me in my own handwriting. For instance: I just got paid, and my food budget for the next two weeks has disappeared already just with Friday - Sunday spending because I ate out constantly. This food spending habit of mine has been going on for YEARS, and I've been ignoring it for years by promising myself I'll fix it next paycheck. I never fix it. I don't spend money on anything else, really. I'll buy a book once a month. I only buy clothes when they become to ragged to wear, and then often just ask for pants / shirts for birthday / Christmas presents. I live a relatively minimalist lifestyle, and don't need a lot to be happy. I'm making more money now than I've ever had, but it doesn't feel like it because more money just gave me more freedom to eat out every day. Why is food so different? Why can I limit myself with nearly everything else I buy, besides food? I'm pretty sure I'm an emotional eater. I'd rather buy junk food after a bad day than cook / eat something healthy out of my fridge. I'm tired of this. This weekend I nearly broke down in tears because I couldn't stop myself from ordering another pizza and knowing I'd have to log it into my budget. My savings doesn't grow. I'm aiming for a higher paying job and / or raise at work. But I'm pretty sure if I don't get a handle on this, that extra money will just go towards eating out more and at more expensive places. [link] [comments]  |
| Wife and children about to lose insurance coverage due to bad information from HR Posted: 17 Jun 2019 07:27 AM PDT My wife recently left her job at a university where she had insurance coverage for herself and our two children. I work at the same university, but I don't use the insurance because I am 25 and covered by my dad's plan still. Prior to her leaving, I called HR and asked about the insurance situation with her quitting, and they told me that I would just need to fill out a form within 30 days of the event in order to start coverage for myself and them. Fast forward to after my wife has left the job, I filled out the paperwork, and lo-and-behold, I am being denied enrollment. I called HR, and they confirmed that my wife losing her insurance isn't a qualifying life event for me to get my insurance. In hindsight, that makes sense, but now I am in an extreme pickle because HR gave me the go-ahead when really they should have told me I would not be able to obtain coverage. We definitely need coverage, as my wife is pregnant and has ulcerative colitis. The latter involves infusions every 8 weeks that bill out at $15K a pop. Because of the ulcerative colitis, she is considered a high risk pregnancy, which involves frequent ultrasounds. In addition, my oldest son has autism and receives therapy that would otherwise be prohibitively expensive. Bottom-line, it would get real expensive real fast to not have insurance. Do I have any recourse here? I'm having my dad look into dropping me as a dependent (which would initiate a life event for me), but I suspect he won't be able to on his end since I personally didn't have any recent change in benefits eligibility. My wife is applying to new jobs as I type this, but the turn-around time on that might not be great. It would be ideal for me to obtain insurance at my job, though, since it is a vastly better plan than whatever she will be able to get at a new job. Their coverage will lapse starting on the 1st of July. I kind of want to call HR and argue with them about it, but is there any reason to do that? My wife would not have quit if we had known it would put us in a no insurance situation. Any advice would be greatly appreciated. And yes, I feel very dumb for getting into this situation as the stakes are obviously high. EDIT: Thank you all for your advice! I pushed back with HR, and it sounds like there isn't much to be done there. They aren't necessarily governed by the same rules as the marketplace (60 days of anyone in the household losing coverage). I believe our best option is to enroll via COBRA, and I'll switch them over as soon as the baby is born. Bit expensive, but it is what it is. Thanks again for the advice; you guys are great. EDIT 2: Okay, I'm escalating it to get the insurance company involved. Thanks again! EDIT 3: Just to answer a couple of common threads: COBRA would basically bump our monthly cost from $157 a month to $1024. Pretty significant, but also really good insurance We do qualify for marketplace insurance plans at a decent rate. Both of the above are last resorts, as it sounds like HR is in the wrong here. Here is what I got back: Unfortunately, since you the employee still have coverage elsewhere, this would not be a mid year change. If you involuntarily lost coverage, we would be able to enroll you and your family. You would be able to enroll during Open Enrollment in the fall and have coverage begin on 1/1/2020 and cover your family. Your spouses choices would be the Marketplace, an individual or family health plan through an insurance company such as Blue Cross Blue Shield or COBRA coverage for she and your children. If you involuntarily lose coverage sooner, then you would be able to enroll at that time (within 30 days of the involuntary loss of coverage). I cannot speak of the rules of enrollment on Marketplace. Sharon She is the Benefits Administrator Lead, so idk if I need to push higher? Here is what I said: I disagree with your interpretation. https://www.law.cornell.edu/cfr/text/29/2590.701-6 is a link to the actual law governing group health insurance plans, and (a)(2)(iii)Example 3 shows our exact scenario. Should I call BCN to confirm this, or is that something that you guys will do? EDIT 4: You are not enrolled in insurance through your own employment. If you were, you would be able to add her because of her loss of coverage.A qualified family status change may be related to your marital status, number or status of dependents, employment status or work schedule, residence or work site, Medicare/Medicaid eligibility, or a domestic relations order. These events are defined by Section 125 of the Internal Revenue Code, based on individual circumstances and plan eligibility. These events may not apply to every benefit plan. You can change your benefits to reflect a qualified family status change if you act within 30 days of the qualifying event. In your particular case, You could enroll if You lost coverage. If you were enrolled in coverage, you would be able to add your family..https://hr.umich.edu/benefits-wellness/benefits-enrollment/changing-your-benefits I then proceeded to call the insurance company, and they stated that this is completely administrated by the university, so they don't have any say. I'm a bit stumped to be honest. Responded with: I did call BCN, and they say that they don't really have any involvement with this. Which makes sense, since this seems to be a policy issue. I understand the U of M policy is as you stated, but it seems to me that it does not follow the law. I'm not linking any old law to you (I'm not even sure you have looked at it). This is HIPAA - The Health Insurance Portability and Accountability Act of 1996. I then posted the relevant text from the law, but I will leave it out here. I will consult a benefits lawyer for advice on this matter if there isn't somebody who can work this out. I understand it isn't a typical situation, and isn't falling within the rules as they are laid out. That indicates an issue with the rules as they are written, however, and not with my request. Also added: Actually, even by the U of M policy, we should be eligible for enrollment. "Termination or commencement of employment by the employee, spouse, or dependent that results in a change for benefits eligibility.Termination or commencement of employment by the employee, spouse, or dependent that results in a change for benefits eligibility." The part that says "results in a change for benefits eligibility" does not specify *whose* benefits eligibility is changing. In this case, it is my spouse and my dependents. EDIT 5: Final message to HR for the evening: "Furthermore, Section 125 of the Internal Revenue code that you are referencing is consistent with HIPAA. 26US Code 9801 (f)(1):" Then quoted the appropriate text. ---- Its after hours now, so I won't hear a response till at least tomorrow. I am filling out the actual special enrollment paperwork to submit (the paperwork they gave me before wasn't the correct one at any rate), and I will get an official denial on record. I will also be filling in my supervisor on this, and roping in as many people as I can if I don't get a positive response tomorrow. Once I know more, I will come back with an update. Thank you all so much for the help; definitely would have just taken the financial hit if I hadn't posted here first. Special thanks to u/reggie14 for breaking out the actual laws. Hopefully it will be particularly effective. [link] [comments]  |
| Posted: 17 Jun 2019 01:58 PM PDT I just recently got a job and I'm finally ready to start chipping away at my credit card debt! I could really use some suggestions.📷 First off, I want to send out a huge thank you to everyone on this sub. I've had a lot of great advice along with some good and bad days when it comes to reducing my credit card debt. Now that I have a job and used unbury.me (HUGE help!) I have set up a plan to pay off 100% of my debt over the next 24 months. However, I ran into a couple of pitfalls when calling my individual credit card companies. All of these have been past due at least 90 days. Most were able to significantly lower my APR while giving me attainable monthly payments. However, Capital One, Barclay and American Express still need a little work. I've explained the details individually below and would appreciate any advice you could give. American Express: Balance - $2,170, APR 29.99%, $65/month min I called and made a small payment ($35) to prevent this account from being charged off. They said the APR is stuck here for the next 6 months of consecutive payments, then I can talk to them about reducing this to 23% APR. This account is closed, I'm surprised they weren't able to offer me a better deal. Any suggestions? Capital One: Balance - $13,103, APR 24.15%, $233/month min This will be charged off on July 6th, this account is currently in Collections within Capital One. The best deal they would offer me was to suppress the past due fee and start charging a $233 minimum payment and they would then assess if they could lower the interest rate after 3 months of consecutive payments. Because of the terrible deal with Amex it makes me wonder if it is better to wait until this is charged off to negotiate a better APR? Barclay: Balance - $2,443, 29% APR, $72/month min This will charge off on August 29th. The only "deal" the system generated was to settle at 40% over 90 days. The person I spoke with suggested I call back in a month to see if there was a better deal that appears in the automatically generated system. I am trying to get a monthly payment plan like $300/month over 8 months or something, but right now I can only settle or continue payments as usual. Should I just do as he says and call back in a month and hope for a monthly payment, lower APR deal? In case you were interested, these are the accounts that I was able to negotiate a more feasible plan. Chase: $6,613.63 - 0% APR over 60 months, $111/month minimum Frontier: $13,615 - 5.9% APR over 60 months, $273/month minimum Discover: $1,597 - 9.9% APR over 12 months, $24/month then reassess after 12 months I can pay up to $2,000 total per month with my new job and living very frugally. To the best of my knowledge, all of these accounts are closed and will remain so indefinitely. I won't be using another credit card again for quite a long time if ever!!! This has all been a valuable lesson. Thank you in advance for your suggestions. [link] [comments]  |
| Is it unhealthy to not want to ever own a house? Posted: 17 Jun 2019 06:17 PM PDT I have no desire at all to have a house. I hate gardening, painting and repairs. I like the idea of being able to just move when I want or if the house starts looking old or begins to host insects. Can I just not own a house / apartment ever? Or is that like throwing away money perpetually and I must own for when I ultimately retire? Do stock ETFs appreciate comparable to real estate? Why not just continue investing in things other than real estate? Or should I at least buy an apartment? For context I'm married F25. We don't want children. I have 35K in liquid savings/investments and 26K in 401k. My husband has savings that his parents set up for him + his own, so he can match whatever I put in. Our household income is 200K and we pay $3200 a month rent. We love this place. It's like a hotel: the amenities, doorman, gym, washer, drier, dishwasher, swimming pools, sauna, basketball courts, book clubs... Why would I leave this to own my own property and then have to look for gym, pool, etc.? I also like free HVAC repairmen being available and not having to fix stuff. I max out my 401k and also save $800 month. Major expenses: I spend 3K on gifts and 7K on travel annually. I expect a bonus of about 35K every February for the next 3 years and double that once I get promoted. Can I just rent my entire life or is this absurd? All my coworkers always talk about saving for real estate, car, etc., but I don't want to own apartment & car because you have to maintain both of these yourself. I like walking and using public transport when needed. Edit: thanks for advice! I think I've decided what to do. I want to be an almost lifetime renter (and saver!) until maybe 60 and then just buy a small house or apartment in a cheap state with cash when it's time to retire. EDIT 2: Actually no, this is dumb. If I have enough to buy in cash, then why not just keep paying rent. Hmm.. [link] [comments]  |
| Posted: 17 Jun 2019 04:36 PM PDT |
| Considerable credit drop after paying off a debt Posted: 17 Jun 2019 06:31 PM PDT I have poor credit, but have been trying to work to fix it. Back in October I agreed to a settlement payment plan on a debt sent to collections. Between October and now I've been working to improve my credit and I had been making advancements. I made my last installment payment on the previously mentioned debt and my trans union credit dropped 30 points and my equifax dropped 139 points!!! The remarks on the account are about how I disputed the claim but was marked as correct. I disputed it because the account balance owed and status of payment wasn't updating between January and April. Did disputing the account cause a negative remark on my credit? Why did my credit become so negatively impacted?? Also. This is based on my credit karma account and findings [link] [comments]  |
| Thinking about losing pension to pursue dream job Posted: 17 Jun 2019 03:29 PM PDT I'm currently considering losing $1000/month in retirement to become a firefighter. I'm 29 and have been trying to get this job since I was 18. I'll be interviewing with some departments soon and think they will offer me a job. They are not my dream departments in my state, but could give me the opportunity to transfer into them. This is a difficult decision for me because in 2021 I will have worked for a company 5 years and be vested in their pension paying out $1000/month at age 60. This pension does not adjust for inflation. It's possible I could work both jobs and still get vested but it will be a lot of hours and I may not excel with both jobs the way I would like too. These interviews will be municipal jobs that have cut off ages of 32, but I'm certain I could get a federal firefighter job at my reserve base if I want it. That job accepts applicants up to age 37. I'm fortunate to have options but it's making it difficult to decide. Many of you have interest in financial independence and safety nets so I'm curious how you would handle the situation. Tldr I'm giving up a $13,000/year pension to pursue my dream job of being a firefighter, but it's not in my dream location. [link] [comments]  |
| Special Needs Investing Help (NC) Posted: 17 Jun 2019 09:22 AM PDT My brother has cerebral palsy. He has been able to work as a bagger at grocery stores his whole adult life. It had not given him a fancy life, but he has been independent and taken care of himself. He's now in his mid 50's. His age and cerebral palsy are catching up with him. He's becoming less mobile and had not been able to work for the last several months. Here's now about to get back to work part time and had recently qualified for Medicaid. Several years back, my wife and I bought his condo. He's living there and is welcome to continue living there rent free as long as he can. He has a 401K and IRA through his former employers. I believe that these are worth 50K or more. We are afraid that a time might come that he may need more assistance but we've been told that these assets may be taken. I would like to have a conversation about his options, but I'm not sure where to begin and what questions to ask. Would we start with an elder attorney? Financial advisor? How do we ensure we find a financial advisor that puts his interest ahead of a commission? We are just looking for some ideas to get us started. [link] [comments]  |
| My Mom Has No Retirement at 60 but has $30000 cash just sitting in a checking account. Posted: 17 Jun 2019 02:45 PM PDT What is the best way for her to save enough money between now and retirement to have a decent retired life? She's in great health and has her own business but has never put away any money for retirement. [link] [comments]  |
| Is Lemonade Renter's Insurance Any Good? Posted: 17 Jun 2019 05:47 PM PDT Hey everyone! I'm looking around for Renter's Insurance at the moment, and I got a quote from Lemonade that looked pretty nice. However, I'm a little uneasy about going with the new kid on the block, so I decided to do some research--and I'm having a hard time finding out whether these guys are any good or not. (for example: there's a glowing review of them on a site called DoughRoller [Link], but that appears to be the only insurance review they've ever written!). So, those of you with experience: is Lemonade any good? Is there anything I should be on the lookout for, to see if they might be a little shady? [link] [comments]  |
| Posted: 17 Jun 2019 09:36 AM PDT Wife is an RN at a hospital. She's worked there for about 6 years. She recently received a notice that the hospital is getting rid of all pensions and are essentially leaving employees with three options. 1.) roll over into their 403b 2.) cash out or 3.) do nothing—account will be transferred to an insurance company who will pay out once she retires. Back story: we have some debt that we would like to pay off. We found out my job was not withholding state taxes and under withholding federal. We were already on a payment plan after some 1099 work I did while starting my career. Ultimately my fault for not paying attention. However this left us with a considerable tax bill. We decided on an aggressive payment plan in the hopes of just getting it taken care of quickly. We bit off more than we could chew. My paychecks are lower due to overwithholding for safety's sake. This along with a monthly tax bill has us sort of treading water. We have the option to cash out a portion of this pay out and put the rest into her 403b. Besides the obvious taxes and penalties is there something else we should worry about if we just peeled a portion off to rid ourselves of this tax bill. I know the right answer; But we could really use the breathing room a cash out would provide. [link] [comments]  |
| I lost my only job after 16 years Posted: 17 Jun 2019 07:41 PM PDT Idk what to do and feel so lost. Just a note my job has been under the table and I have been paid cash on a weekly basis. Yes I know it should of been a red flag, but I was working my ass off and was legitimately enjoying my job. Anyway I started my job in 2003 at the age of 14. I moved up through the company through the years and in 2014 was promoted to General Manager. I did everything for the owner and was single handedly running the business. In Feburary I showed up for work and the manager of the mall was waiting outside the door with a few of my employees. She informed me that the owner hasnt paid rent for the last 3 months and she wasnt going to allow me to open the store and they would be changing the locks later in the day. I immediately tried calling him and got no answer. I proceeded to blow up his phone for the next several weeks and never heard anything back from him. Finally I get a call from a blocked number in the second week of April and it's my former boss/owner. He informs me he owed too much money and he wont be reopening the shop and he has moved back to Romania, he finished by saying he was sorry I'm out of a job but that's life and then hung up. Now since February I have applied for thousands of job and no one has even been interested in hiring me. I've gotten a total of 6 interviews and everyone keeps telling me that because the job was under the table it counts as an employment gap and they arent interested in hiring me. How can my 16 years of employment be considered a gap? I'm 31 years old and have some money in saving, but not enough for more than a few months. Plus my wife is pregnant and is set to welcome our first child in late October. I need to find a job but I feel like I'm at the end of the rope. Idk what to do. Any advice would be greatly appreciated. Sorry for the rant. Edit I am in Orlando, Florida [link] [comments]  |
| Should I really be paying off student loans as fast as possible Posted: 17 Jun 2019 10:15 AM PDT For context, recent-ish grad (FALL '18):
The general advice here is that it's always good to pay off student loans as fast as possible. My original plan was to pay it off as aggressively as possible (live w/ parents and finish paying it off in ~2 years). But, my question is, since we can deduct up to $2.5K from our taxes, would it make sense to optimize my payments so that I pay the essentially the bare-minimum + a few extra dollars? And then utilize the money that I wouldn't be putting into my student loans and put it into my IRA/401K (around 16% of paycheck is already going into it) and/or into an emergency fund/savings? I do know that the tax deduction starts to taper off at $65k/year and is not applicable at $80K. But, I'm not really expecting a promotion or a new job any time soon since I'm a recent grad, and I don't have much experience yet (might go in another job hunt 3 years down the line). My goals are to eventually move out and find a decent apartment w/ roommates when I save up ~$10K checkings + 5K savings. Edit: [link] [comments]  |
| Posted: 17 Jun 2019 05:56 PM PDT This is probably going to be one of the more atypical questions asked here. I'm looking for advice on how to treat my private student loans while I'm starting a (fully funded) Math graduate program in August. The facts: Principal amount: $41500 Interest rate: 10.5 % Minimum monthly payment: ~ $580 (10 year pay plan) Current savings: $15000 My question is how aggressively should I pay off my student debt, how much of an emergency fund should I keep, and how much principal should I pay off at the outset. (I was planning on paying off $5000 and keeping $10000 as an emergency fund. Would it be safe or even worth it to reverse these numbers?) I'm fairly certain of having a steady salary over the next couple of years. [link] [comments]  |
| Posted: 17 Jun 2019 11:59 AM PDT For not having health insurance last year, but I did have it all year (active duty military). I rushed through my filing initially with TurboTax, and put that I didn't have health insurance. It was submitted, and when I noticed that the numbers didn't seem right I had H&R Block take a gander. They caught the mistake, and we submitted a 1040x. Fast forward to today, my 1040x is still being processed, and I got a notice saying I owe $503.00 by the 31st. I called the IRS number, and the automated machine said to call back on Wednesday or Thursday. I would really appreciate some insight / help with this matter. Thank you for your time! [link] [comments]  |
| Posted: 17 Jun 2019 06:21 PM PDT I finally got notice that someone in Virginia deposited my refund, so now I have to file a claim. If I'm filing a claim, will I be able to get my money back or is it gone forever even though someone stole it? Also, do I need to get "signature of witness (only if payee(s) signed by mark)"? What does mark mean? [link] [comments]  |
| Funding one year of medical school Posted: 17 Jun 2019 06:37 PM PDT I have a fiancee whom was accepted to medical school last year at a new school undergoing the accreditation process. Since it was far away from me and from her immediate family, and it would have required taking out expensive private loans (federal loans are unavailable until this school's third year, which would be next year), she deferred that acceptance in the hope of being accepted elsewhere. Unfortunately, that didn't happen and now it appears that this first school may be her only choice. The problem is that she has a credit score around 700 and would have no income. I have better credit (~790), but also have a mortgage of ~115k and limited income (~35k) while I'm in grad school. We were just denied a loan for the cost of her attendance for one year ($75k). We don't have any better options for family co-signers. How can we make this work? How can I predict how much of a loan we would actually get approved for? I have a modest portfolio that I could liquidate that could probably cover most of this, but I'd really rather not nuke my entire life savings. I think next year would be easier to get loans for since the school will have reached the appropriate status so that students can get federal loans. [link] [comments]  |
| How to settle an unknown debt with a firm which has closed? Posted: 17 Jun 2019 09:32 AM PDT I recently received a medical statement for a consultation which I do not recall. When I called the phone number provided on the statement in order to see if it was indeed a valid charge I was told by a recorded message that the group had closed. There was no other number to call, all that was said was an address to send any payment to. I don't want to send a payment to an address when I am not even sure if the charges are legitimate. I'm not sure how to proceed in actually validating the debt as well as payment of the debt which I would have to do over the phone. [link] [comments]  |
| How much income is considered livable? Posted: 17 Jun 2019 08:17 PM PDT Hello personalfinance! Throwaway account because shy guy here... Just as the title says. What is a good income to be taking in? I am 25yo making $15/h. Usually work minimum 40 hours per week with overtime after 44 hour mark. I get overtime quite often, but to simplify I'm going to say I have an annual of $30k per year. (Only worked at my current employment for 7 months) I'm wondering is this a good income? Am I making enough to be self sufficient? Currently live with parents. Have been looking into moving out and be self sufficient, but am worried that I truly don't have the income to do so. I mostly worry about sustaining car payments along with phone and possible WiFi payments. (Live & work in a rural area, plus some apartments offer WiFi with the rent). Tl;Dr: Is making $15/h a good wage for a 25yo to live alone on? [link] [comments]  |
| Pay off auto loan to reduce debt-to-income ratio for mortgage? Posted: 17 Jun 2019 08:11 PM PDT I have $50k saved for a down payment. Right now I'm approved for $240k with 10% down, with no PMI. I am considering paying off my auto loan which is 2.99% APR, $271 monthly payment, $11.5k remaining. Paying it off would reduce my debt-to-income ratio allowing me to look at more move in ready homes. Any advice on best course of action? [link] [comments]  |
| Inherited IRA at Morgan Stanley - can I transfer directly to another firm? Posted: 17 Jun 2019 05:58 PM PDT I am a non-spouse beneficiary of an IRA at Morgan Stanley. I would like to transfer it to an Inherited IRA at TD Ameritrade. What's the least painful way to do this? Is it absolutely necessary that I first set up an Inherited IRA at Morgan Stanley (and then transfer to TDA and pay a fee for that to MS)? I read another post about the same question: https://www.reddit.com/r/personalfinance/comments/9u3kq6/inherited_iras_and_fidelity_do_i_have_to_open_an/ where at least one user said that yes, you must first set up an Inherited IRA at the original firm. But another user said that you could transfer directly. Sometimes even the representatives I speak with at these firms seem to not be in agreement, hence I'm checking in with Reddit. [link] [comments]  |
| Best way to remove a small collection from my credit Posted: 17 Jun 2019 01:51 PM PDT I have a small collection on my record ($196) and I'm finally at a point that I can afford to pay it off. I know that I owe the money and don't mind paying it though of course I will try an pay less than the full amount if possible. What my question is, what is the best way to make this collection disappear from my credit report? I have heard that if you just reach out to the debt holder and pay it off it'll show as paid but still impact your credit negatively, I want it completely gone if possible. [link] [comments]  |
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