Personal Finance Weekend Discussion and Victory Thread for the week of June 14, 2019 |
- Weekend Discussion and Victory Thread for the week of June 14, 2019
- Potential Employer Asking for Salary, but Unwilling to Disclose
- ~$200,000 inheritance, mostly in stocks, and I don't want to squander it.
- Buy vs rent in HCOL area
- Taking a paycut for higher top pay in the end.
- $200 item is missing in shipment and company wants me to wait an undetermined time for resolution
- Started my very first job two months ago and have saved $0!
- What are my credit card options?
- MIL moved in and it's not working out.
- Asking for a raise?
- Ok to have 2 personal exemptions?
- recommendations for apps to track expenses for a 1099 worker?
- Drowning and hopeless
- Why am I being rushed to figure out what to do with my beneficiary IRA?
- Unpaid for a month, no idea what to do.
- I don’t recognize this purchase anybody know how I can figure out what I bought?
- It seems many here think sharing information about your income with others in your life (besides spouse) is a bad idea. I tend to agree. On that note, do you find it annoying when other people share their income in an unsolicited manner?
- How does Life Insurance work?
- $40k check, what to do with it?
- 401K allocation
- Financial Growth
- Investment options for a newborn
- How to pay bills in college
- Should I quit contributing to my ok paying jobs 401k because I'm going back to school?
- ISO personal finance app that allows receipt scanning for better categorization
| Weekend Discussion and Victory Thread for the week of June 14, 2019 Posted: 14 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]  |
| Potential Employer Asking for Salary, but Unwilling to Disclose Posted: 14 Jun 2019 12:18 PM PDT So, I was at the beginning stages of interviewing for a job. I had answered some initial screening questions online and was going to have a phone interview with the hiring manager. Today, right before the interview, HR called me asking for my salary information. I politely stated, "You are more familiar with industry standards and I am confident that you'll be fair. What are you targetting for this position?" She declined to share, stating that it was confidential, they had a large range and that comp determines the salary if/when an offer is made. She pushed me again to share and stated that they would not move forward unless I gave a number. Then she hung up on me when I paused. I called back and was friendly. I was firm, yet polite, in stating that comp is an entire package and that I was very confident that they'd be fair and that I was flexible. She said she was unwilling to move forward (even with a phone interview) without this information. Honestly, I feel like I dodged a bullet. I want an employer that is willing to give and take and is reasonable. (I am a hard worker and I want to make sure that our relationship feels balanced.) [link] [comments]  |
| ~$200,000 inheritance, mostly in stocks, and I don't want to squander it. Posted: 14 Jun 2019 05:27 PM PDT Hello, r/personalfinance. First time poster here, and I'd like to ask for some advice. Over the last couple years, there have been a few deaths in my family, which led to me being the beneficiary of an inheritance valued at approximately $200,000. This is in the form of both an IRA(~$170k) and a Roth IRA(~$30k). The majority of it, probably about 70% is in Proctor & Gamble stocks. I'll be meeting with the Financial Advisor who had managed the accounts of the deceased prior to my inheriting next week, and I'm asking for advice on how to approach this. I'm not sure how relevant my background is to this, but I'll lay out the details that may be relevant. I am currently 33 years old and I do not have a degree, but due to my most recent job outsourcing my position and laying me off, I was entitled to unemployment benefits, as well as funding for job training through the Trade Adjustment Act, which will fund an Associate's degree, and I will start this September. Prior to this, I've only ever worked entry level jobs(customer service and general labor), and never earned more than ~$30,000 a year, give or take a couple thousand. I've also inherited a small house that I am currently living in, which is in need of a significant amount of repairs(~$10,000, as a pessimistic estimate). I have a bit of debt; ~$3.5k credit card debt(through collections), ~$1.5k to a community college for classes, ~$2k property taxes, and about $1,000 in utilities. While $200k may not be a lot to many people, it is potentially life-changing for me. I am reaching out to you all for advice on how I can make the most of this windfall. I would like to ask a few questions.
I've never been the most responsible saver, and I've never felt that money was important. As ridiculous as it might sound, because of this, I feel as though I have the opportunity to honor the lifelong work of a hard-working individual who earned this wealth. I want to continue his legacy and leave something significant behind for our future generations. Can I get that started with $200,000? EDIT: I feel I need to clarify that the fact that ~70% of it is in a single company's stock is because my family member was granted Stock Options for the company he worked for, not because of any financial advice. EDIT 2: I should also clarify that this not MY financial advisor, but the one who handled the accounts of the deceased. As it stands, I will be meeting with them to transfer the IRA's from the deceased's name to my own. [link] [comments]  |
| Posted: 14 Jun 2019 05:53 PM PDT Howdy folks, At a crossroad here and looking for some perspective from the esteemed community. My partner and I are split on rather to buy now or wait a year or two. I would rather wait and save up more money and he's ready to buy. We plan to get married next year and part of me would like to purchase as a married couple but that is more of a wish not a must. So here are the stats.
Basically, I'm hoping to hear from the community about their experiences and anything else you like to add as long as it's construcive feedback and advice. TIA. This thread rocks. [link] [comments]  |
| Taking a paycut for higher top pay in the end. Posted: 14 Jun 2019 12:54 AM PDT Long story short, my current job tops out at $26/hr. It's a good job but not much to learn. So I casually searched and landed an offer at another similar position but with maintenance and a lot to learn and growth. Only thing is I make $23 and some change right now. New job starts at 20.60 with a small raise in July to $21. My current job tops out at $26 and no more. The new job over 3.9 years, I top out at $32/hr. This is an opportunity I cannot pass up, I know how to budget, my wife worries. I tell her to look at the big picture. Current job has no weekends and I work evening to overnight early dawn, I sleep all day even on my weekends I'm tired. This new job, mon to Fri, 7-3pm with lots of voluntary only overtime for my department, no forcing. I'm definitely taking it. Just wiating on my background and bam. I'm ready. Sometimes you must take a risk to get the cookie. Tl : DR Jumping ship for massive top pay raise at new company, plus weekends and normal 7-3 shift. Leaving railroad as top pay isnt high and job is not very much advancement. Every year for next 3 years is 5% raise, and 9 months after that I reach 100% pay. Goodbye graveyard Just waiting on BG and DT to come back and should be outta here. [link] [comments]  |
| $200 item is missing in shipment and company wants me to wait an undetermined time for resolution Posted: 14 Jun 2019 12:12 PM PDT Ok so Im starting college soon and I decided I wanted to build a computer to last me the next 4 years at least got everything ordered and when the last box got here yesterday I found out one of the parts was missing. the part cost just under $200. I called the company and they told me they had to check the cameras in the shipping hub and they would call me back. While writing this they called me back told me we have video we packaged it we are free from liability. Is there anything I can do? [link] [comments]  |
| Started my very first job two months ago and have saved $0! Posted: 14 Jun 2019 07:17 PM PDT I started working at a mechanic shop as a helper full time two months ago and get paid every week but before the week is over I've already blown through my paycheck I haven't saved any money. I got paid on Wednesday and I only got $20 left in my account from my $400 paycheck this week! I buy people gifts and food and buy myself some pricey things like my $350 head phones $270 monitor a PS4 a bunch of games then there's my essentials like my phone bill and my cc bill ($1500 maxed out in a month). I want to save money but I just can't control it. My family is broke and growing up I didn't get cool things so now that I have a job I'm like someone who hasn't ate in a week at an all you can eat buffet. I'm not sure what to do any help or steps I could take would be appreciated. Thanks! Also I live with my parents so housing and stuff is covered. [link] [comments]  |
| What are my credit card options? Posted: 14 Jun 2019 05:16 PM PDT I'm looking to apply for my first credit card. I spend about 100$ in gas every month and about 100$ or so on groceries. Occasionally I buy other things, but that depends on the situation. What would be my best option? I was looking into the "Citi double cash card" as a general all around card but Im not sure if that would be good for me considering I spend very little on anything else.. My credit score is 759. Is this a good card to apply for? Do you have any recommendations? Sorry if this has been asked before, but this is all so overwhelming for me with all the options. [link] [comments]  |
| MIL moved in and it's not working out. Posted: 14 Jun 2019 07:43 PM PDT My MIL recently moved in with us on an open-ended offer to help her out after she was served divorce papers at the age of 64-65. She has a decent amount of debt (I don't know the amount but she was in an emotionally manipulative relationship and forced to take out loans and things in her name), a small dog, and no savings. She is already withdrawing social security, so she is getting a reduced amount. What are the best ways we can help her get on track enough to not have to live with us anymore? [link] [comments]  |
| Posted: 14 Jun 2019 07:41 PM PDT I'm a graphic designer and I've worked for this company for 3 years now (fresh out of college when I started.) I've received the standard 2% raise each year. However I've done some research on my salary and those with the same jobs in the area and found that I'm being paid $7,000 less than the median for designers in the city I live in. I have a performance review coming up and I'm not sure how to ask for a significant raise, is $7,000 more a year too much to ask for? I've won a couple awards and have managed some big campaigns that they would normally outsource to design firms but have had me do in-house thus saving them 30,000-40,000 per campaign. My responsibilities have increased each year along with my skill set. [link] [comments]  |
| Ok to have 2 personal exemptions? Posted: 14 Jun 2019 06:44 PM PDT I will work 7 months this year because I graduated in may and start working earlier this month. I chose to have 2 federal exemptions because I will pay less taxes since I will only work 7/12 months. Is that a valid reason to choose 2 federal exemptions? I may owe some in taxes but I will be able to repay it immediately since I save. Id rather have the money in my savings instead of lending a sizeable amount of money to the gov. [link] [comments]  |
| recommendations for apps to track expenses for a 1099 worker? Posted: 14 Jun 2019 06:30 PM PDT Im working as a 1099 worker and looking for any recommendations for an ios app to help track expenses and mileage, preferably something free since i dont see myself having a ton of expenses and mileage. appreciate anything [link] [comments]  |
| Posted: 14 Jun 2019 04:34 PM PDT I am 37 years old, I've been a single mom of 3 for a long time. I've always "lived" paycheck to paycheck and never have a dime to save. My credit score last I checked was below 350, mostly medical bills and past utility bills. Two years ago I faced and eviction after losing my job for health issues. Now I have a judgement and they garnish my wages. I don't have the slightest idea where to begin on fixing my financial situation, I come from a long line of people who make poor financial decisions and was never taught about budgets. I've never owned a credit card. Never had any type of loan. I really want to get my children into a home of our own. Where do I start? [link] [comments]  |
| Why am I being rushed to figure out what to do with my beneficiary IRA? Posted: 14 Jun 2019 12:48 PM PDT I recently lost my dear aunt (who was more like my mother to me). She had no children of her own and she left several assets to me and my siblings. I am receiving a portion of her life insurance, a beneficiary IRA, and annuity; in total between $40-50k. I plan to invest this money, not spend it. My financial competency level is fairly low. I grew up in a poor household with poor money management. As an adult I have been very careful with managing my finances; I have savings equivalent to a year's salary, I contribute the max to my 401(k) each year, I'm debt-free, and my (new) husband and I live below our means. Beyond a savings account, however, I feel pretty daft when it comes to investments and assets. I am trying to learn from the resources here, but to be honest it has been hard to find the time - I'm still grieving, I just got married a few weeks ago, and I'm leaving soon for a two-week honeymoon. I don't mean to make excuses; I just honestly wasn't anticipating to have to deal with this estate stuff at this very busy time of life. Which brings me to my problem: The representative from the wealth management company that managed my aunt's IRA seems to be putting a lot of pressure on me to figure out what I want to do with the beneficiary IRA. After learning of this asset just a few weeks ago, I decided to transfer it rather than cash it out. But now I am getting emails and calls almost every other day, asking where I am transferring the beneficiary IRA elsewhere. I told them a few weeks ago I need some time to figure this out (citing I was getting married and that this was all new to me, so I needed time to learn of my options). Initially they seemed understanding...but they keep pushing me to work everything out! I asked them if there was a firm deadline to get this sorted out and they gave me until June 28 (which falls in the middle of my honeymoon). I don't know if they are being rightfully pushy and I need to figure this out pronto, or if I am right to be a little annoyed by the pushiness. All told, we've only been in contact for a few weeks so it's not like I've kept them hanging for months. Questions:
Any advice would be helpful. I apologize if this is basic stuff I should just figure out on my own. I promise in other circumstances I would be doing my own research. For now I could just use some straight forward honest advice, as I don't necessarily trust this wealth management representative (if only because she doesn't represent me or my interests). [link] [comments]  |
| Unpaid for a month, no idea what to do. Posted: 14 Jun 2019 05:34 PM PDT Wasn't too sure what I should put for the title, so I apologize for any confusion. Ill try to fill whomever it concerns in as best as I can with what has been going on sat my place of work. I started working for a rental car agency (Enterprise) on May 15th, and I was hired on on May 5th. We get paid bi-weekly, so every other Friday. The first pay period came around and everyone received a check but me. I asked my manager why and she was not much help, she didn't know. She emailed someone at our admin office about why I wasn't getting paid, but that was about the extent of her help. She would do this every two days. I continued to work for another week after that, emailing and calling everyone I could to figure out why I wasn't getting paid. I am a 20 year old college student (so I know very little about how to go about this) renting an apt for $400 a month, so I am very desperate for the money, as I do not want to be late on rent payment. fast forward 10 days from the initial pay period. I finally got in contact with someone at our admin office, and he had no idea why I wasn't getting paid either, he said he would call me back when he figured it out. (still have yet to receive a call). So finally I had it, I told my manager I wasn't going into work until I had a check in my hand or proof I would get a check. This sparked the manager to do something (as we are understaffed). I was told the problem was taken care of, so returned after missing one day only to find that it was not taken care of. Next, I contacted the department of labor to submit a claim for my unpaid wages (I have followed up with them and was told I would be in contact with someone on Monday (6/17). Once I told my manager this, she gave me a date when my check should arrive (6/7). No check. she then told me Monday my check would arrive, giving me her word (6/9). No check. Finally, she told me my check would be in the mail today with the amount for the current pay period and last pay period. No check. I had to dip into my savings to pay rent for this month, which I am still uneasy about doing. My question would be, what can I do from here? I am owed just over $2000 before taxes, and I have been told by my parents that getting a lawyer involved would just cost me more money than I am owed. What should be my next move be? Am I in a position to ask for more money than I am owed because of the trouble I have been put through? Any help is greatly appreciated. [link] [comments]  |
| I don’t recognize this purchase anybody know how I can figure out what I bought? Posted: 14 Jun 2019 05:27 PM PDT On my bank statement i was going through past purchases and saw an purchase from amazon. I didn't recognize the purchase so I looked on my amazon order history and couldn't find any purchases which line up with the date or price amount. Is there anyway you to pinpoint what item I purchased? My bank is Wells Fargo. Any help is appreciated [link] [comments]  |
| Posted: 14 Jun 2019 03:50 PM PDT I grew up pretty poor, I guess... and people talking about their money or income never used to bother me in that setting. Now I am (married into) a household with an upper-middle class income, and I'm starting to find it offputting / inappropriate when friends or family eagerly talk about specifics of what they make on a particular job or a particular raise or whatever. I fear maybe I am becoming somewhat of a snob? I never talk about our income with friends and family, mainly because most all of them make less, and I see no good coming from bringing up specifics. I have begun to see sharing this info freely as sort of a crass thing to do, even though I AM happy for people when they share their successes. It can also make me uncomfortable though because they make it clear at times that they'd like me to share what's going on in our household's finances.... and I just don't want to share it. No one really knows that our income is much different because we are saving money and have not changed our lifestyle in any noticeable way. Maybe this is just my problem because there's a small part of me that absolutely wants to let people know we're doing better than they are, when they seem to be taking pleasure in bragging to me about their income. I just wonder if this sort of progression in attitude that I'm having is common at all... [link] [comments]  |
| Posted: 14 Jun 2019 11:50 AM PDT I'm 18, so I'm in no position to sign up, but I'm just curious. I've seen that your LI policy should be 10 - 12 x your gross income? Can a redditor confirm? Also, I was looking up a 30 year term for a $5M policy and saw that it would cost ~$400/month. Is that for the whole 30 years, or does it go up? That sounds too good to be true. This is for a 35 year old healthy Male. Plus, I heard to say far away from full life policies and go with term policies only. One more thing, can you pay with pre-tax dollars? If so, is it better to pay with pre-tax or post-tax? I'm guessing it depends on your financial situation, but it doesn't hurt to ask. [link] [comments]  |
| $40k check, what to do with it? Posted: 14 Jun 2019 02:21 PM PDT Hello, I recently received a $40k check. Part of it was a bonus and part of as from the sale of a small portion of company stock (it was technically 2 checks). Assuming I'll have roughly $25k after taxes (I did math conservatively) I'm looking to either dump it into my betterment account or pay off my student loans. Two years ago I refinanced all of my student loans at a fixed 4.95% rate. I pay about $1k per month. I have no issue paying this. Given that I have about $26k left in student loans with roughly 3 more years of payments left. I'm wondering if I should continue paying it and use the new money to invest in my betterment account. Or, if I should just pay off the loans. I'm leaning towards investment since the monthly payments are easy to make and the interest rate is pretty low. Curious what you all think. [link] [comments]  |
| Posted: 14 Jun 2019 04:58 PM PDT 26y/o making 90k + 15%. Maxing out 18,500 + 50% of 6% employer match to a tradional 401k, 2750 + 750 match to a HSA, 105/month to a FSA. Considering maxing out my Roth IRA as well. I expect my salary to grow by 30-50% in the next 5 years and possibly 2-3x in 10 years. By retirement age I expect to have several passive income sources. My 401k options are The Vanguard Target Retire Incm Trust II 3070 Asset Allocation The Vanguard Target Retire 2015 Trust II 3862 Asset Allocation The Vanguard Target Retire 2020 Trust II 5149 Asset Allocation The Vanguard Target Retire 2025 Trust II 6139 Asset Allocation The Vanguard Target Retire 2030 Trust II 6832 Asset Allocation The Vanguard Target Retire 2035 Trust II 7525 Asset Allocation The Vanguard Target Retire 2040 Trust II 8317 Asset Allocation The Vanguard Target Retire 2045 Trust II 8812 Asset Allocation The Vanguard Target Retire 2050 Trust II 8812 Asset Allocation The Vanguard Target Retire 2055 Trust II 8812 Asset Allocation The Vanguard Target Retire 2065 Trust II 8812 Asset Allocation MFS Instl International Equity 991 International Funds -0.17% 3.55% 8.39% 0.70% T. Rowe Price Emerging Markets Eq Tr-A 964 International Funds -6.70% 4.82% 3.79% 1.00% Vanguard Emerging Mkts Stock Idx I 973 International Funds -6.43% 1.83% 4.80% 0.10% Vanguard Total Intl Stock Index Instl 964 International Funds -6.89% 1.54% 5.88% 0.08% DFA US Small Cap 991 Small Cap Funds -11.45% 5.52% 13.45% 0.37% Vanguard Small Cap Index Instl 982 Small Cap Funds -3.77% 7.31% 14.16% 0.04% T. Rowe Price Instl Mid-Cap Equity Gr 982 Mid Cap Funds Vanguard Mid Cap Index Ins 991 Mid Cap Funds PRIMECAP Odyssey Stock 955 Large Cap Funds -2.01% 9.27% 13.70% 0.66% Vanguard Institutional Index Instl Pl 100 Large Cap Funds 3.77% 9.65% 13.95% 0.02% AB Global Bond I 397 Bond Funds JPMorgan Short Duration Bond R6 0100 Bond Funds Loomis Sayles Core Plus Fixed Inc Tr C 0100 Bond Funds Vanguard Short-Term Bond Idx I 0100 Bond Funds Vanguard Total Bond Market Index Inst 0100 Bond Funds Gabelli US Treasury MMkt AAA 0100 Money Market Funds I was considering doing 100% in The Vanguard Target Retire 2060 Trust II, but idk if having 12% bonds is worth it at my age. [link] [comments]  |
| Posted: 14 Jun 2019 04:57 PM PDT I'm 14 and I have about 1k dollars, I was winding what I could do to grow my finances, I'm not really comfortable with high risk investments like the stock market, although i would be ok with putting some money but not all into high risk investments. [link] [comments]  |
| Investment options for a newborn Posted: 14 Jun 2019 03:07 PM PDT Please let me know if this can be better asked somewhere else. I looked through the Wiki, but couldn't find exactly what I was looking for. For reference I am in California (if that makes any difference). I am looking for recommendations and information on the best plan to start saving for my daughter's future. She is currently 3 months old and I want to give her the best shot at her future. What are my best options for investing for her future? Is there any options that may provide a tax advantage for my husband and I? We're hoping to find something that doesn't have a "for education only" stipulation, as there's no guarantee that's what her future will hold. We really just want to give her the opportunities we never had. We are one and done, so whatever we commit to will be exclusively hers. If anyone has any other advice on how we can help set her up for financial success in her future, it is gladly appreciated! Thank you for any help! [link] [comments]  |
| Posted: 14 Jun 2019 06:46 PM PDT Hey, I hope this is the correct subreddit! I want to go back to college. Currently, I'm a paramedic, working two jobs to pay all my bills. I don't really have anything extra I can cut out. I live pretty minimally. The only option I think I have is selling my house (mortgage $1035). I also have poor credit. Even if I sell my house I'll still have to rent something. I have approx $20k in equity. But I want to go to school full time and do physicians assistant. I currently make to much money, according to FAFSA to get good grants. If I go to school I can't work both jobs, just my primary full time job, which is 2 24 hours shifts a week. Is there any other type of school loans I can get to help offset some bills while in college. I know it'll leave me further in debt once I'm done, but I'll be making good money. It would take me around 6 years to finish. If I left anything out that would help let me know. Any help from you all would be greatly appreciated. Also, I live in Oklahoma and will be doing undergraduate at Rogers State. Thanks! Edit: I have a 4 year old and my child support is $415/month [link] [comments]  |
| Should I quit contributing to my ok paying jobs 401k because I'm going back to school? Posted: 14 Jun 2019 06:46 PM PDT I'm going back to school to get a bachelors and possibly a masters degree. I currently work full time. I contribute the max percentage of pretax dollars to my companies matching 401k plan which is 4%. That coupled with profit sharing (not much, about 1.5-2% extra depending our years earnings). So in total I have about 9-10% of my pretax earnings going toward retirement (4% of which is mine). Now because of how much I make, fafsa thinks I'm still gonna make that much when I go to school. Stupid, I know. I know about asking for an evaluation and I have done so and they said that they can only adjust it after the fact once they know that I have quit and can prove I am no longer pulling in that income. So pell grants are basically 0. I qualify for subsidized and unsubsidized loans. Obviously using them first. Is it worth it to stop contributing, take the marginal hit on taxes now and keep the liquid cash to help for further schooling, or keep putting it towards my 401k? I currently have about $6500 in it. Quick math and guestimates say that I'd get about like half of it after taxes and penalties. So is maybe taking the hit on penalties better because I get those extra contributions and only draw on it if I absolutely have to? Or should I take the money now before I quit and go full-time student? [link] [comments]  |
| ISO personal finance app that allows receipt scanning for better categorization Posted: 14 Jun 2019 06:44 PM PDT I'm currently using Mint to track my personal finances but I find it limiting because I can't really break down spending by category at some stores. Example: If I shop at Target I might buy home supplies, personal care items (makeup/toiletries/etc.), groceries, gifts, school supplies, etc. Mint can only put that transaction into a single category which doesn't really lend itself to accurate budget tracking. So, my question is, does anyone know of a personal finance app that allows for receipt scanning so that I can itemize purchases line-by-line for more accurate categorization? [link] [comments]  |
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