Personal Finance Weekend Discussion and Victory Thread for the week of June 07, 2019 |
- Weekend Discussion and Victory Thread for the week of June 07, 2019
- Should I overpay my mortgage if I plan to sell the house before the term?
- Hitting the Reset Button (34/Divorced/No kids/No debt)
- 21 year old,just found out my dad doesn't have insurance anymore. Had a surgery planned for next month. What to do?
- is it wrong to open a bank acct. for the prize?
- First Time Apartment Hunting: What Should I Know?
- $20 DR copay in collections.
- Moving to different state. Landlord wants deposit paid via money gram. Is that abnormal?
- I've come into money after being poor my entire life. I'm squandering it. Please help me.
- I'm no longer living paycheck to paycheck. Where do I begin?
- I was just charged $800 to my debit account with no notice.
- 401k expense ratios
- Best Way to Handle 15k in Back Taxes?
- Wife and I have lots of savings but no real investments. Aka I'm dumb with money help
- New Job- Money Moving time!
- Just got a job straight out of school. 45k a year before taxes, 1.5-2hr commute one way. Smart to get a new car for reliability reasons?
- What are the best frequent flyer programs?
- Take severance without job lined up?
- I (24) just got fired from my first job
- My boyfriend currently has a credit score of 552. Will paying off his $388.00 of medical debt help raise this score?
- I owe $9,000 plus in credit cards and I nearly maxed out, here is my plan
- Got billed by insurance and now I’m $5,000 in debt
- Looks like I may have missed FICA taxes payment...
- Annual Credit Report Sent Me The Wrong Person's Credit Report
| Weekend Discussion and Victory Thread for the week of June 07, 2019 Posted: 07 Jun 2019 02:05 PM PDT If you need help, please check the PF Wiki to see if your question might be answered there.This thread is for personal finance questions, discussions, and sharing your success stories:
A big thank you to the many PFers who take time to answer other people's questions! [link] [comments]  |
| Should I overpay my mortgage if I plan to sell the house before the term? Posted: 07 Jun 2019 04:54 PM PDT Hello, I am trying to better understand mortgage overpayments. I know these will eventually help me reduce the total interests paid to the bank. But will they also help if I decide to sell the house before I finish to pay off the loan? I am referring to a 30y-fixed rate (not sure it's relevant). Thanks! [link] [comments]  |
| Hitting the Reset Button (34/Divorced/No kids/No debt) Posted: 07 Jun 2019 06:12 PM PDT Recently got divorced (amicable), 34yrs old, no kids, no job, no debt, no retirement/IRA. Walked away with $80k. Basically, I got tired of having to pay for everything, was unhappy with my job, health, and marriage. I did everything I could to try and make it work (spent 2+ years "dealing" with it), but in the end, couldn't continue with how unhappy I was with everything. Have spent the past 6 months clearing my head, living cheap (living with family), and regaining my health (lost 30+lbs). I've always lived relatively frugally, and have checked off most of what's covered in the Prime Directive (again, currently not working and have no retirement or IRA). I feel like I'm ready to go back into the workforce, but cautious about making the same "mistakes" as before. I have 6 years experience with working in the Automotive Sales Business (4yrs Internet Manager, 2yrs Finance), but SUPER worried that I'm just going to fall into the same rut all over again. The car business (and sales in general) can be a toxic work environment...which is why I both like and loath it at the same time. Looking for suggestions and ideas of what to do next, and where to safely invest my nest egg (pretty risk averse). Not looking to buy property immediately...but definitely want to be in an advantageous position for the next economic downturn. Thanks in advance. [link] [comments]  |
| Posted: 07 Jun 2019 05:39 PM PDT Hi all. I found out earlier today my dad isn't able to renew his insurance (he didn't go into specifics). Bottom line: I am uninsured, in college, and due to have a total thyroidectomy next month. I'm at a loss for what to do. I will apply for Medicaid - but almost certain I won't be accepted. My job as a pre-k teacher assistant has ended for the summer. Hours for the Fall are unpredictable as they're changing staff positions. Minimal savings. Student loan debt going up to $30,000+ already. I have no idea what other options to implore. I can hold off on surgery, but my condition is affecting my life quality and my doctor prefers I get the procedure done ASAP. Aside from the surgery, I get sick quite frequently and have a chronic condition that requires daily medication. I can't afford any of these services without insurance. Any suggestions on how to proceed? Located in Texas. [link] [comments]  |
| is it wrong to open a bank acct. for the prize? Posted: 07 Jun 2019 06:01 PM PDT I'm tempted by a couple of offers. I see a bank account offer that gives you a cash reward for opening an checking account and holding a high balance with them. I honestly plant to move the money out or even close it (their fees are exhorbitant) as soon as I meet the required 90 days to get the reward. I feel conflicted though. It feels very unethical, but at the same time banks are not very ethical institutions in my opinion. [link] [comments]  |
| First Time Apartment Hunting: What Should I Know? Posted: 07 Jun 2019 05:05 AM PDT If anyone knows of a better subreddit where this might belong, please let me know! I'm 22 and up until this point have only lived in dorms or with my parents. I'm touring my first apartment today and was just wondering what are some things I should know going in? What questions I should ask/What things should I look out for? If I like the place and it comes to it, what things should I look out for when signing a lease? Also one weird (to me) thing I noticed about this place in particular is that you have to pay a holding deposit when filling out the application. If you decide not to live there, you forfeit that. I don't know if I get to see a copy of the lease before applying but if not, is that something you'd walk away from? Or is this something thats standard? Thanks for any input! Edit: Theres a comment I can't see but did get a notification for. Unfortunately there are no washer/dryer hookups in this particular place. There is laundry on site (paid) and I basically wear the same three outfits (work in a lab, bleach ruins everything I wear in) so I don't know how much of an issue that actually would be for me Edit 2: Theres a $50 application fee that's not refundable at all. I know that's standard. The holding deposit I mentioned above that's due when you apply is $500 and is applied to the security deposit if you move in (a total of one month of rent), and forefeited if you do not [link] [comments]  |
| Posted: 07 Jun 2019 07:10 PM PDT I got a letter from a debt collector saying they are collecting for a $20 copay from the local medical group that I never paid. It doesn't list the date of service or DR name. I certainly would have paid it if I ever received a bill. I never received a bill ever. I have never had a single bad thing regarding my credit. This is going to ding my credit now? What are my options? Just pay it and move on? This is garbage to have a ding from a bill I never got over $20 fricken dollars. [link] [comments]  |
| Moving to different state. Landlord wants deposit paid via money gram. Is that abnormal? Posted: 07 Jun 2019 01:00 PM PDT Found a decent house for rent in city of my new job. Contacted landlord and everything went smoothly. He says in order to secure the property for me I'll need to send the deposit funds now (doesn't sound unreasonable) and first month on move in date July 1st. He send me a copy of his driver license and his wife's. How safe is this to do? It's a $595 deposit. Thank you! Edit : thank everyone for the quick responses. My girlfriends aunt lives in the area. She will go check out the property first. [link] [comments]  |
| I've come into money after being poor my entire life. I'm squandering it. Please help me. Posted: 07 Jun 2019 03:28 AM PDT EDIT: Thank you everyone who so nicely responded. In a bit I'm going to try to individually answer everyone. (btw this is on my separate reddit account used only for porn so it's acting like a throw away) This may be a differently directed question... But I need help. I've come into some money, and I'm awful with it. Long story short is I'm 19 and I've grown up "poor". Always been in a household with a single mother trying to make a home business work, 2 kids, my mom had up to 20 hour workdays, even poorer dad, the whole shebang. There was food on the table and roofs over our heads but the threat of losing our house was always a real issue from month to month. When I was 17 an asshole killed my dad and suddenly I went from "how to fuck am I going to pay for college, a car to drive 30 minutes to the nearest community college, car insurance, and bills?" To "I have a dead parent, money to pay for college (and then some), and no idea what I want to do now." But that's besides the point. I've only had this money and allowances for 6 months and I feel like I need someone to stop me. I kind of lost it a little bit. Growing up in an affluent area being and being on the poor side of the city...the discrepancy between rich and poor was intense. I think growing up with the constant money stress, parents not wanting their kids to hang out with me when they found out we were poor, and only having things that were necessity has made me into a crazy spender. Suddenly I want to buy everything I want to I guess fill that hole from when I was little. I know why I am doing this, but I can't. Stop. It. I've started buying stuff when I'm sad. It's bad. I need help. How do I break this habit. I thank God I'm on allowances and structured payments for this settlement, because it's keeping me in check. I took a personal finance class in college. I didn't learn anything. I just need help. Looking at my bank statements and seeing how awfully I'm spending makes me sad. My dad's legacy shouldn't be spent this way, yet here I am squandering money and I can't stop it. It low-key feels like an addition. The solution is a therapist isn't it? Oh please don't say it's therapy. Thanks guys. [link] [comments]  |
| I'm no longer living paycheck to paycheck. Where do I begin? Posted: 07 Jun 2019 07:37 PM PDT Starting off, I plan to max my company match 401k. Should I invest in index funds in addition? Just want general advice. [link] [comments]  |
| I was just charged $800 to my debit account with no notice. Posted: 07 Jun 2019 05:49 PM PDT My medical equipment supplier charged me the full price of my cpap without telling me they were going to even bill me in the first place. They are closed and nobody is answering the phone. How do they even have my checking account?! I never gave them any of this information or paid a bill to them. What do I do? I'm overdrafted $800 and have no cash. [link] [comments]  |
| Posted: 07 Jun 2019 07:03 PM PDT I hear a lot of people make a big deal out of expense ratios, as if they should be minimized at all cost. Can someone explain to me how this is the case. I mean if I have an expense ratio of 1% on a well performing fund then all that fund has to do is make 1% more return than a very low cost alternative like a stock market index fund which isnt hard to do with a well performing fund. Its almost as if people think you should choose the index fund even if its gaining at 10% versus the mutual fund at 20% just because the mutal fund has a 1% expense ratio. Can someone explain to me what the obsession with ratios is? Is it just a matter of principal (how dare you charge me 1%) or is there actually a logical reason to picking a fund that will make you far less money simply because it has virtually no fee. [link] [comments]  |
| Best Way to Handle 15k in Back Taxes? Posted: 07 Jun 2019 02:49 PM PDT Hi everyone, Just received a letter today (though they state they've reached out to me multiple times?) saying I owe about $15,500 in back taxes from 2016. 11,500 in "Increase in Tax" and about 4,000 in penalties/interest. It's completely legitimate I believe as the reason for the error on my part was due to withdrawing from an inherited IRA thinking it wasn't tax deductible. Big oversight on my part. Before paying, I'm going to write a letter in compromise for abatement of at LEAST the penalties/interest portion. My question is, should I just do my best to get the 4k in penalties/interest waived, or should I try to get the tax debt settled for less as well? In terms of assets, I'm not a home owner, and just have about 40k in my 401k + 55k in a mutual fund account. I'm thinking if they see that, they probably won't grant any kind of settlement on the taxes itself. So, should I go for the penalty abatement or more? Any advice on how best to approach? Thank you! [link] [comments]  |
| Wife and I have lots of savings but no real investments. Aka I'm dumb with money help Posted: 07 Jun 2019 06:10 AM PDT Me andy wife both make good money about 100k each. We own a house with a payment of about 2500 a month. We just had our first child 8 months ago pay about 600 a month for day care. We have about 30k in our savings and I finally convinced my wife to let us open an 18 month CD for 10k. I've recently found out my wife has almost 40k in her personal savings(we have a shared and personal savings). My wife is extremely risk adverse and even the 10k CD is giving her anxiety. Where should we be looking to put our money? [link] [comments]  |
| Posted: 07 Jun 2019 04:24 PM PDT Hey, PF! Here's it as concise as I can make it: Single, 27, no huge expenses. I pay 0 rent because my parents were letting me save. They're super cool for letting me save and knew my job stressed me while getting underpaid and encouraged me to move on! Well, I did! Just started and I need to reorganize. Here are accounts: 5.5k in brokerage. I just knew to save and threw money here. I still do monthlies into it 2.8k in an IRA. I briefly worked for a 401k-having company and rolled it into here and put money here when my last job had no 401k. 6k in my savings account, I don't like leaving it in my checking if I don't have to. 900ish in checking, I tend to keep this account lower. Expenses: Car note- I pay around 430/ mo to pay it of quick. This is my base payment due to short term. I only owe 13k on her. Insurance is 100/ mo. And... that's it in my name. I pay my parents 60/ mo for my phone as it's cheaper and then food/ gas. With the new job I'm not sure what gas will look like and right now I'm near 0/ month for food as I'm on company travel (training, this will end mid-July) and am reimbursed for $35/ day and get free hotel breakfast. Normally, I'm a cheap date and my food stays under $200. I cook a lot and brown bag it. New job: I just moved from 42k a year to 50k base salary and with meeting expected goals (you have to fail pretty badly to not hit expected goals) should expect a 3-5% raise even if I don't actively pursue promotions. Benefits are good, there are Vanguard 401ks, a traditional or Roth option. I want to leave my state and buy a house so I don't think, with current salary, I can max both so should I put into one or the other? There are also options for tuiton reimbursement which I'll be using to finish my AA as soon as the next semester starts because as soon as I'm out of training I qualify for it! Then, Bachelors. Slowly. Medical, dental, ect. Pretty standard. Pretty cheap, only 95/ month for everything. They have life insurance and being so low expense and debt I opted out of any extended policies. My parents can pay off my car and pay for a cool party and still have some extra if I kick it so it's fine. Maybe pay off my niece's student loans or take a big chunk out. Now, they also offer an HSA but it's use it or lose it so I'm not sure if I'm missing the value in such a plan? I don't have recurring bills. Am I missing something, here? Big part: PROFIT SHARES. Twenty year employee said they missed it once in her tenure and they threw out a 1% cash bonus that year. Normally, it's the first 10% paid in company stock (and it's one of those stocks you really want to buy and hold) into it's own little Vanguard account and any bonus over that is cash to employee. The last five years have been 16-22% and this year is supposed to be amazingly good and I'll hit my six month qualifier by the time it rolls around. So, knowing this, how much should I really throw into retirement accounts? Nothing will ever replace compound interest but I do want to maybe be a homeowner by thirty, or at thirty, at least. Do I maybe kind of heavily bank on some sweet 10% profit shares based on the past performance? Do I max on Roth or traditional? [link] [comments]  |
| Posted: 07 Jun 2019 02:06 PM PDT I have a 2006 Mazda 3 that's not promising at times and I'd hate to have car problems. I've been told that I should spend more than 10% of my yearly salary per month for a car. On top of loans, gas, tolls (NJ EZPASS RIP), it's a tough call. But damn, I really want to reward myself with it after all this school!! Lol EDIT: moving is not the ideal option, I want to clear out my student loans ASAP. Thanks for the suggestion though [link] [comments]  |
| What are the best frequent flyer programs? Posted: 07 Jun 2019 07:55 PM PDT I posted recently that I'll be going to college in the Netherlands, and I'll be flying between Netherlands and India quite a bit. I'm looking for the best loyalty program, one that not only gives me points which I can use to upgrade to business or redeem for a flight ticket, but one that I can use for lounges and stuff. It should also be on an airline that isn't going to stop flying, or discontinue its loyalty program. I was looking at Emirates' Skywards and Etihad's loyalty program. How are they? Are there any better programs? Also keep in mind that I can't fly on expensive airlines such as klm since the flight tickets are twice the price of something like Emirates. [link] [comments]  |
| Take severance without job lined up? Posted: 07 Jun 2019 02:23 PM PDT Looking for some internet stranger validation. My (27M) company is moving locations in 2020 (adds 40 minutes to the commute each way) and is offering a 6 month lump sum severance package contingent on staying until a replacement is hired and trained. We're looking at around a November end date. This seems like an easy decision as I was already looking for an out, and I will have a lot of time to find a new job, but the deadline to declare for the severance is next week. I have a years living expenses liquid. Am I missing anything here or is this clear-cut? [link] [comments]  |
| I (24) just got fired from my first job Posted: 07 Jun 2019 06:38 AM PDT On Wednesday I was told that I was being terminated from my sales job. I had worked at the same company for about 20 months (I was promoted in 11 months into a closing sales role). I have about $15k in cash (waiting on 2 weeks pay as severance), about $15k as a line of credit on a chase sapphire reserve card (has some really good travel benefits). My lease goes through September 1st and I pay $900/mo, I'm lucky that that's really my only fixed cost. On top of that, I would like to buy my stock options from the company I worked at, which would also be about $900. It's still fresh and I'm not trying to put steadfast deadlines upon myself, but ideally I'd take some time and go back to the "stability" of full time office life by September, and hopefully sign a new lease. Honestly, I'm a little unclear on next steps given that this was relatively unexpected. I'm eligible for unemployment, should I use that? I hadn't taken a day off since December, will I be able to comfortably take some time for myself without getting any questions or putting myself in a bad position financially? Despite being fired, will it be particularly difficult for me to find a new job, especially if I want to switch out of sales? Any and all advice is welcome as I want to turn this into a positive rather than wallow, but I don't want to be hurting my future. [link] [comments]  |
| Posted: 07 Jun 2019 10:55 AM PDT My boyfriend has been making consistent monthly payments to lower his debt and has Just a little under $400 left to pay off. Would paying a of it off right now help raise his credit score faster than monthly payments? Would it be better to apply for a credit card and use it in representation of his actual income to build good credit? We need to rent a house, and this throws a wrench in that plan. Edit: Thank you for the responses! He has just updated me to say that no, this isn't part of his medical bills which he paid off months ago. He thinks this is a collections agency asking about a rental car delinquency years ago that he (stupidly) ignored. We're just going to pay it off and see about getting him a credit card for gas and groceries. Thanks, Reddit! [link] [comments]  |
| I owe $9,000 plus in credit cards and I nearly maxed out, here is my plan Posted: 07 Jun 2019 07:02 PM PDT My APR is 25.15% on both credit cards CC #1 = $3690 CC#2 = $5592 Biweekly, I am earning $1400 = $2800 a month Rent: $1150 Car payment: $270 Car insurance: $115 Cell phone: $66 I have 24 months and I am done with my car and have zero plans of upgrading. Not anytime soon. Those are basically the essentials, and by the end of the month I am moving out and splitting rent with someone. I will be paying around $800 a month. I have a camera, and as of late, I've been having small gigs here and there. Around an extra $200-$300 a month. I do photography and videography to eventually have my own side business. I've done gigs before where I was paid $1200. Only thing is it is inconsistent and it takes a lot of patience. I also do side gigs through AirBnB and have been paid $90 for 5 sessions last month (all be paid towards credit cards). I've thought about using my security deposit to lower the balance on the higher credit card balance. If I do that, I'll put a dent in the interest rate and cut my expected payoff within 3 years instead of 5 (I used the credit karma CC calculator). [link] [comments]  |
| Got billed by insurance and now I’m $5,000 in debt Posted: 07 Jun 2019 06:35 PM PDT I was on accutane which is a medication used to treat acne and folliculitis. I had a bought of scarring folliculitis, and now thanks to the accutane I'm cured! No scars on my head either. Anyhow this drug is highly regulated in the United States and requires you to get monthly blood tests and analysis, and doctor visits in order to continue taking the medication. I don't know if it's because I turned 21 during my treatment but the medical costs of my treatment began to get billed under my name, and not my moms, even though I'm under her insurance. When I applied for a credit card I got denied. I checked my credit score on kreditkarma and my credit score was 460, and a report also indicated I had $5,000 in medical debt. My question is what can I do? Should I call the insurance and dispute? Should I call whomever I owe the money and agree for a payment plan? Is it possible to remove some of the costs of the debt? I also never got anything by mail or phone calls indicating I owe money. I am going to start working a full time, well paid job in September as a Firefighter Paramedic and my priority is to pay off this debt ASAP, and build my credit score. I also recently got approved for a secured line credit card in order to assist with the building of my credit. Any advice, or tips would be highly appreciated as I'm quite the beginner with finance. Thank you [link] [comments]  |
| Looks like I may have missed FICA taxes payment... Posted: 07 Jun 2019 06:12 PM PDT Hi all, I started working on 07/16/2018 and I filed my taxes (for the 2018 year) in this April 2019 - filed them with TurboTax. I also successfully received a refund for federal and state taxes. TurboTax never showed any issues that I may have (I am not even sure if it is supposed to do so) and I have never been contacted by IRS. However, I just realized that I did not pay even a cent for Social Security and Medicare taxes for 2018, and I am kind of worried right now. I would think IRS should have contacted me by now (also considering that they issued a refund for me) but I may be wrong.
Thanks in advance. [link] [comments]  |
| Annual Credit Report Sent Me The Wrong Person's Credit Report Posted: 07 Jun 2019 05:58 PM PDT I've been trying to get my credit report for a while now, and the annual credit report website constantly has been giving me an error for the past few weeks. So I attempted to get my report in writing by physically mailing them my request. Well, I just received 2 reports from Experion and Equifax today, and they are both not mine. They are my brother's credit reports. I know this because of the SSN listed, as well as the accounts he currently has open being shown. I contacted my brother and he stated that he didn't request a report, so I know for a fact that the companies just screwed up here. Who do I contact about this? When I try to contact the annual credit report website, it just makes me send an email from their website or mailing them, but I need to fix this right now. Any help would be appreciated. Edit: Just got off the phone with Equifax. Apparently, to them I don't have a credit score. Which is why they sent me the credit report of my brother who has a very similar name to me (???). But according to Discover's FISCO calculator, there's a hold on my credit so I can't view it on there. I just want to know if I have credit at this point. Also, just to be clear, this is the first time I'm requesting something like this. [link] [comments]  |
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