Personal Finance Why does Dave Ramsey keep insisting it's possible for everyone to graduate from college debt free? |
- Why does Dave Ramsey keep insisting it's possible for everyone to graduate from college debt free?
- always get a debt verification letter!
- Recent Grad and just started my full time job. I can’t tell if I’m doing well or not with finances.
- I got 50K sitting in the bank and I have no clue what to do with it or whom to trust
- Help With Opening a New Account Without My Father.
- Wife sent two checks to the IRS to pay what we owe, just received a notice that we owe the entire amount by end of June.
- Do people REALLY have emergency funds with 20k+ just sitting there? How do you not touch it?
- New employer wants check stubs
- Finding the right liquidity mix?
- Personal Capital now offering high yield cash account.
- Getting whole life insurance at 21 years old
- When moving from hourly to salary, should I receive/ask for a pay increase?
- Always Know Your Worth
- Tools and tactics for buying a new car
- I made an LLC, had no idea what i was doing and owe money
- Quitting a job that pays amazing??
- Given my situation, is a $2/hr. Raise enough to ask for? Too much?
- Taking a 12% Pay Cut To Work for City Government?
- Metlife owes me money - and sent me to collections
- Educate me about whole life insurance please
- Is .5% interest rate drop enough to refinance a home?
- Fixing credit during my mother's terminal illness
- Pay a car loan off now or continue payments for six months
- How can I maximize my savings?
| Why does Dave Ramsey keep insisting it's possible for everyone to graduate from college debt free? Posted: 11 Jun 2019 04:45 PM PDT I listen to Dave Ramsey's podcast a lot and he always makes the claim it's possible to go to school debt free and you should do this even if you have to work 80 hours a week and go part time. He insists since he could do it, even though his grades suffered, everyone should be able too. But he graduated in 1982 and tuition has gone up tremendously since than. Just four years of tuition and room and board at an in-state school could run you north of 100k. Even with my grandmother contributing 30k to my education from savings bonds over the years and me getting extra grants from being a low income student, I still had 35k in loans after going to an instate school. And I was fairly lucky. I hate to think of the kids who have parents that can't/won't help with school and don't have the resources or access to plan ahead of time. I feel like DR just has unrealistic expectations and is out of touch with current school prices and the real difficulties of poverty. There's more to this than just "pull yourself up by your boot straps". Do you agree with DR on this? [link] [comments]  |
| always get a debt verification letter! Posted: 11 Jun 2019 05:48 AM PDT follow up to the $25 medical debt collection post... In addition to the debt being outside of my state's 6 year statute of limitations, I called the billing department of the medical provider to understand the various lines on the original bill that the creditor sent in response to my debt verification letter. The representative in the billing department told me that the medical provider billing department has gotten a lot of these calls recently and it turns out that one of the debt collection agencies they use put a new system in place that has resulted in many debt collection letters for services provided in 2012, 2013, and 2014 going out. She also said that they've found out that letters are being sent for debts previously collected! [link] [comments]  |
| Recent Grad and just started my full time job. I can’t tell if I’m doing well or not with finances. Posted: 11 Jun 2019 09:55 AM PDT Okay so I just graduated a month ago and landed a full time job as a Software Engineer in Upstate NY. I'll break down my finances down below and appreciate any advices you guys have for me. I'm just trying to set practices in place that will ensure my well being in the future. I'm also planning on moving out by end the end of the month with my girlfriend and a buddy from college. Also I should mention that I don't technically have to start paying my student loans until about mid November but planned to start repayment after a full month of working. I do want to buy a house with the next 3-4 years either as a personal house or just to rent it out. Am I managing my money correctly or is there some inherent flaw in what I'm doing? Income: $75,000 (before tax) Student Loan: $25,000 (I really want to pay this off in 4 years or less which would come out to about $550. But maybe that's a mistake and I should invest half that money instead? Idk) Car Payment: $275/month 401k: 8% with 8% employer match Rent: $550/month (utilities not included) Health Insurance: N/A (still under parents) Dental/Vision: $23/month Utilities: ~$50 Food: ~$120 Gym: ~$20 Hair: ~$20 Renters Insurance: unsure if this is necessary or not Cell: currently still on parents plan (shhh) Currently I have ~$4000 in checkings, which I consider my savings. I do plan on creating a savings just for emergency funds and I plan on putting in around $10-15k in the account for rainy days. Too much? Too little? I have no idea. But I think that should be able to support me for about 4 months if anything drastic happens. I haven't started investing in stocks or anything because Currently at work. I appreciate everyone giving me feedback and I'll try to reply to everything to the best of my ability. Updated expenses. [link] [comments]  |
| I got 50K sitting in the bank and I have no clue what to do with it or whom to trust Posted: 11 Jun 2019 10:10 AM PDT I approached a couple of banks and I am treated like a factory item. I am given a quiz on risk and offered a cookie cutter solution. I don't feel this is the right approach for me as I would like to work with someone who will look into my finances as a whole, my goals, life milestones etc. Not one place recommended I do things like "pay off my mortgage" or "pay off all debt" they are quick to rush me into a set of prepackaged mutual funds. Is there a service or a place I can go to that will look at my financials in its entirety and give me solid advice? I'm in Ontario Canada if that helps. Edit: I want to thank everyone for their support. Some additional info:
[link] [comments]  |
| Help With Opening a New Account Without My Father. Posted: 11 Jun 2019 08:20 AM PDT Hi everyone. I [19f] currently bank with Regions. I am in college, and I have a joint student bank account with my father [56m]. He is able to see where I move my money, and has alerts sent to his phone every time I spend something/move money to/from my account. I feel very uncomfortable having him keep such a watchful eye over my money, and I would really like to start opening a bank account that is personally my own and not attached to his. I feel strongly about this now because I just started a summer job that pays me very well. It would also be helpful to note that he is incredibly narcissistic and I am not sure how to approach this issue with him, as i'm sure it would be quite suspicious to move $2,000 from my student account into a new bank account without letting him know. it feels like a form of control over me for him to be able to view my money and have alerts every time a dollar moves. How should I approach this with him? How should I talk to my regions bank about my account and how to move my personal money? Any advice would be super helpful. Thank you. [link] [comments]  |
| Posted: 11 Jun 2019 03:44 PM PDT The checks have cleared. The notice says if an installment plan exists, then continue with that. However, the online account and this notice don't reflect the two payments paid. Should we be concerned or is this bureaucracy? [link] [comments]  |
| Do people REALLY have emergency funds with 20k+ just sitting there? How do you not touch it? Posted: 11 Jun 2019 05:00 PM PDT Hello hello! Really simple question I'm just having trouble wrapping my head around. I'm young, I make good money, I'm not BAD with money, but I've never had an emergency fund over 5k. I've come to realize my e-fund should be more like 25k+. What do you guys do to keep yourself from spending your emergency fund? It makes complete sense to have 6 months salary saved up for emergencies but the idea of having that much just... sitting there is a bit difficult. [link] [comments]  |
| New employer wants check stubs Posted: 11 Jun 2019 03:20 PM PDT Currently sitting on an offer from a potential new job, however I'm asking for higher pay than what they're offering. They have proposed a higher rate, but that is dependent on me providing them with one of my current pay stubs so that they can see that they're actually beating my current pay. Is this normal, and should I provide this to them? In all my past dealings with potential jobs I've never encountered this before. [link] [comments]  |
| Finding the right liquidity mix? Posted: 11 Jun 2019 06:34 PM PDT For some context; I'm 28, Male, single, I bought a house about a year ago, make $200k+. I currently have roughly $70k in a high yield savings account earning 2% a year. Last year CPI was 2.1%, so at best my money is stale. Looking for advice as to the best way to have plenty of cash available, but not be losing money to inflation? What % should I funnel off to investments? Should I just do vanguard index funds and call it a day? Do I need to hold my investments for over a year to avoid short term capital gains? I'm extremely risk averse and liquidity is king in my mind. An additional consideration: I am likely taking advantage of the low interest rates and refinancing my mortgage, as well as plunking down the other $20k or so to knock off PMI. I also owe about $18k on my truck and toy with the idea of paying it off, but the interest rate is low enough that it really doesn't matter. Just looking to be a better steward of my money, because right now I feel I've more or less stuffed it in a mattress. [link] [comments]  |
| Personal Capital now offering high yield cash account. Posted: 11 Jun 2019 06:08 AM PDT Logged into PC this morning to get a popup with "Personal Capital Cash". Highlights:
Could be a great option for cash savings and emergency fund accounts. Edit: Yes, I know WealthFront has 2.5%. [link] [comments]  |
| Getting whole life insurance at 21 years old Posted: 11 Jun 2019 06:05 PM PDT Had a conversation with a friend about finance hacks while in the military. He suggested that I get whole life insurance now since I would have low premiums because of my youth. I checked with USAA and they quoted me $250,000 coverage for 20 years at $22.49 a month. I could definitely afford it. Should I get it? [link] [comments]  |
| When moving from hourly to salary, should I receive/ask for a pay increase? Posted: 11 Jun 2019 09:30 AM PDT I work for a large tech company and have been working for their AV team for about 4 years. I am paid well for the work that I do. I recently received an offer for a new position as a program manager for another team at the organization. The position is a salary position and opens the door for many new opportunities down the road, not just within the company but also career-wise. I have very little experience in the department, but the work seems intriguing. I'd like to accept the offer. That being said, my compensation would not be changing, which is the same I would make hourly in a year; I would be losing my OT pay since I would be moving to salary. In addition to my base pay, they are compensating me by giving me an OT lump sum equal to 1 hour of overtime pay for the rest of the year. While all of this is appreciative, I feel like I am getting shafted a bit. I believe the work will be more challenging, and I will be spending more time at work. Normally, I receive about a 3% pay increase each year, and received that earlier this year. I'll be honest, I don't feel like I have any leverage in this situation, but I want to ask for about 5% - 6% more than what they are offering. Is this too much to ask for? [link] [comments]  |
| Posted: 11 Jun 2019 02:09 PM PDT Just a quick post saying to know your value and don't take anything less unless you absolutely have to if you have that gut feeling. Currently sitting at 46k a year in Academia as a technician. Got my my masters degree, starting looking towards industry and got an offer of 57k a year. Despite mentors, family, and friends suggesting I take it, a gut feeling told me and salary of other positions despite heavy competition told me to not take it. I kicked myself as it was a way into the pharma industry. As I saw the emails telling me I wasnt selected come in. However, I just received a different offer for 70k and much much better benefits. Time to start stacking even more away for retirement and financial goals. I wish you all the best. [link] [comments]  |
| Tools and tactics for buying a new car Posted: 11 Jun 2019 06:59 PM PDT Over the last three years, I've gone through as many vehicles. Life changes, mechanical failures, and shifting needs all contributed to this unfortunate and needless shuffling of vehicles. Due to this, however, and having encountered a variety of sale tactics and personalities, I've noticed a few patterns, and developed a working strategy that today landed me a new Hyundai Accent for 15,500, with a free extended warranty. I decided that since I spend so much time on Reddit, I'd share these tips, tools, and tactics with you all! Hopefully, we can get even more in the comments. To make this as simple as possible, I'm just going to go through my most recent buying experience and explain how I did it. The first step, as anyone will tell you, is research! My weapon of choice was cars.usnews.com. This site gives you a clear ranking of cars, trucks, etc, and what their current year models are all about. With my 21 year old Z3 in the shop and looking like it's not cut out to be a daily driver, I decided to buy a second vehicle strictly to serve as my commuter, which is about 30-40 minutes every morning. I want cheap and dependable, with an excellent warranty. I decided I would likely sell it after the warranty was up, and move into a new vehicle. The reason I wanted a great warranty is because it's a period of time where any malfunctions or problems don't come out of my pocket. It's a perfectly valid strategy to make your car expenses more stable and consistent by buying new cars in warranty, running them to the end of it and maybe a little more if you're confident in its reliability, then trading it in for another new car with a good warranty. As of now, this is my strategy. I expect my Accent should be worth around 3-4k by the end of the warranty, meaning in 5 years when I'll likely be trading it in, if I buy the same car again at the same price, I'll have spent around 2k per year on owning a car. Obviously if I make it past that, my car ownership expense just goes down more and more. As long as you're maintaining the vehicle, this should be doable. So, with my needs in mind, lets look at subcompact cars. Using the site mentioned before, we get a clear ranking, estimated costs for each vehicle, and stats on each. My options after reading up on each was the Hyundai Accent, the Chevrolet Sonic, and the Kia Rio. The Honda fit didn't make the list because frankly, I find it to be an ugly car. Vain, I know, but that's me. The Cooper didn't make the list due to the price. Ok, so now I have a list of cars I'm interested in, and an idea of what I can expect on the costs! Now it's time to decide what I'd like to spend. My goal was to try and stay as cheap as possible, as before stated, so I knew I would be looking at strictly base models. I started contacting dealers to get offers. Usually this is best done through Email so you can avoid sales tactics, but as I stated before, I was quite seasoned and confident at this point, and decided to go in person so I could test drive the car, and get a price at the same time. Before heading out to meet the sellers, I checked their sites to see what they were showing, and to establish a baseline cost that I wouldn't ever go over. First, I tried the rio. It ended up feeling a little timid, but I could live with that, after all I still had my Z3 for fun. They originally offered me a rather high 17,500. For the record, this is like a thousand over even the highest trim MSRP, and we were looking at the LOWEST trim. I set them straight by showing them the same car on their own website, listed at 15,800. I don't know how exactly they thought they were going to get away with that. I asked for 15,000, and I got 15,500 as a counter. Not bad, but at this point, I catch them up to more shenanigans. Men, do not fall for the flirty friendly sales lady! The woman I was working with was lightly flirting while pushing me to buy the first car that I'd investigated at this point. When she was unable to get me to buy that day, they switched tactics, and brought out the loud, more aggressive sales manager. This is where one of those patterns comes in, "What can I give you to earn your business today?". Your answer to this should be "You can't, I'm not prepared to buy a car today.". You thank them for their time and offer, and you move on to the next one. Another tactic that I've seen repeatedly, though much more often in used cars, is that the gas tank will be basically empty, severely limiting your test driving range. This is less important for new cars with warranties, but DO NOT let them limit your test driving on a used car by having a basically empty tank. Make them put gas in the car so you can get a proper feel for the vehicle. also, if you do buy used, bear in mind that the big and important warranty probably doesn't transfer! Now, having drove the Rio, I test drove the Sonic next. I knew this was the underdog due to the warranty being half as good, but I went just to see what was up. They had a 2018 that didn't sell, and had 60 miles on it. Still new, still warrantied. This one had a half tank, good sign! Unfortunately, as expected, they were not able to match the kia and hyundai warranty, so we had to move on. their best offer was 17,600 with the 100k warranty that matched the competition. This car was basically fully loaded, and they weren't prepared to lose their ass to match the Rio. This is where knowing what you want comes in to play. I had an offer for 15,500, and a great factory warranty. They couldn't match both, so I walked. Next, was the winner, the Hyandai Accent. It was low on gas as well, but I decided that it wasn't my problem and drove it like I stole it! While I don't recommend you do this, I managed to find some space to really put this car through its paces. Much of my commute is back roads, so having a car that performed well in corners would be a boon, so I tested it in that regard. The Rio and Accent were literally identical in every way, except that the Accent had a slightly smaller screen, the Rio didn't have a FOB, and the Accent was more energetic. At this point I knew that this car would win if they managed to match the Rio. With my mind made up, I entered my 3rd round of negotiations. I knew going in that I wanted to pay no more than 15,500. If these two cars were the same price, I would take the Accent. I informed them of this, and they came back with an offer of 16,500. I politely but firmly reminded them that I had an offer on a Rio for 15,500, and that if they didn't beat that, I wouldn't buy it. This is where one of my tactics came into play, I told them that I would consider spending a little more than that, if they extended the warranty for free, without any charge or deductible. The next offer was 15,500, with the warranty I asked for, no deductible, zero down. Some say that no matter what, you should step away from the negotiation for a day to make sure you could think about it and ensure you're getting what you wanted. I didn't feel the need to do this at this point, because I had stuck to my guns, and so my needs had been met and exceeded. signed the paperwork, and will be picking up my new ride Thursday! I hope this helps someone out there, and prevents you from doing the same car shuffle that I put myself through. Thanks for reading, cheers! [link] [comments]  |
| I made an LLC, had no idea what i was doing and owe money Posted: 11 Jun 2019 08:06 AM PDT Okay, So I have been immensely stressed and feel like I may have a heart attack at any time, I would appreciate some assistances, if possible. So, I am only 19 and very dumb apparently. I have a side hustle, and I thought that having an LLC would be better, also so I could tell people that I "owned a business", what a dumbass. So I watch a few youtube videos and then created one. I am assuming that I didn't set it up correctly. I sell on Amazon, and also buy on amazon, so I was using the TID to not pay sales tax when purchasing and then to collect sales tax when selling items. I really had/have no idea what I am doing and never consulted with an account, again, what a dumbass. So, I was selling on Amazon before I set up the LLC and then I added the TID to collect sales tax/ not pay sales tax, and then recently (yesterday) took the TID off the account so I no longer use it. I have received the letter attached and I feel like I have screwed myself over big time. Since receiving the letter I have filed my articles of dissolution ( still not even sure if that is what I have to do to dissolve it completely or not). And have been looking up a lot and realize that I do not need an LLC and can just claim it on my personal taxes. I am looking for advice. I feel like I may have screwed myself over because adding the TID to collect sales tax midway through the year and only having it on there for a couple of months may mess up my taxes for this year. I am also worried that I will have to pay a lot more that the $775 it says because I formed the LLC on March 28,2019 and just dissolved it on June 10,2019. I know im a dumbass so please no negative comments, would appreciate advice. [link] [comments]  |
| Quitting a job that pays amazing?? Posted: 11 Jun 2019 07:35 PM PDT First off, my job is in a fairly specialized field so these jobs are not super easy to come by where I live. I make amazing money- around 75k After taxes and three weeks of vacation plus sick days, I honestly would be unlikely to find another position that pays as well. But I just hate it. I feel like I'm suffocating, too much work, not enough time, my boss constantly looming. I'm constantly behind on my deadlines because the amount of work I'm assigned just isn't possible to do in our work hours. I was hired to do a science-based job, but I end up spending most of my time in meetings or reviewing other scientists reports. It just doesn't feel like I'm getting anywhere with his constant grinding. In the three years I've worked there I've paid off my debts, bought a rental property and have about 30k saved. I'd like to go back to school to do a PhD but everyone I talk to says how absolutely nuts I would be to give up such a "good" job. Is it ok to quit even though I probably won't ever make as much money? [link] [comments]  |
| Given my situation, is a $2/hr. Raise enough to ask for? Too much? Posted: 11 Jun 2019 06:53 AM PDT I'm 26 & an apprentice electrician. I'll have my journeyman's license in 18 months. I'm currently making $18/ hour and have been since finishing school & going full-time in October of '17. The company I'm with now, I've been with during my entire electrical career. In my first summer, before starting school, my boss paid me $11/hr., upped it to $12/ hr. My second summer & I got a nice raise to $15/hr. During my third and final summer prior to graduating. All of these were just given to me w/o asking. And I think it's safe to say that my boss gave me the larger raise during my final summer in an attempt to persuade me to come on full-time. Upon graduating, in October of '17, my boss called me and told me to name my price and he'd see what he could do. I said $ 18/hr. And he agreed immediately. I've been st that same wage since. Things have been going well. I have hiccups here & there, as any apprentice will. All part of getting experience & learning. But nothing major. My boss had always sent me out with a journeyman in the past but now, as I've learned more, and given our compsny's Current situation, which I'll address next, I've been going to job sites on my own more and more. I'm located in rural Midwest, a small town of 1,000 people. My company is a small company - my boss just went out on his own roughly 6 years ago. Two months ago, our crew consisted of 4 electricians, not including my boss. One left right around two months ago, putting our crew at 3. A couple of weeks later, another was diagnosed with cancer & he will be out for the foreseeable future, putting our crew to 2, not including our boss. He has not been looking up replace them. Given the circumstances, I think $20/hour should be attainable. However, the other remaining crew member is currently making $20/hr. And he IS a journeyman, of about 1- 2 years. I know MY salary does not, or should not depend on his. The kicker, though, is that he is my boss's nephew, so I think my boss knows that he is unlikely to leave. I, on the other hand, do not envision myself remaining at this company long-term. I also want to note that the two journeymen who are not with us anymore were 28 & 32 years old & were both making $27.50/hr., which I feel is low and may affect my situation. I almost accepted a new job in the Twin Cities a couple of weeks ago, but it didn't make financial sense in the short-term. I finished school late, with a bit of debt/m. I figure once I have my journeyman's license in 18 months, I'll be in a much better spot to make that move. Any advice? Should I ask for $20/hour? If not, how much? EDIT: or would it be best to ask for a raise & if my boss asks me what I'm wanting, do I just ask him "well, what do you think is an acceptable number?" And go from there? [link] [comments]  |
| Taking a 12% Pay Cut To Work for City Government? Posted: 11 Jun 2019 06:32 PM PDT Hi Reddit, I recently was offered a job with the city government, however the pay is 12% less than I currently make. I am currently an insurance claims adjuster and make 45,000 a year. My current job is high paced, and can be fairly stressful at times. It's pretty common to have customers curse or threaten you. I have a love hate relationship with my current job because some people can be difficult but others can be great. Anyways I was offered a job with the city government as an analyst however the pay is $40,000. I think I would enjoy working as an analyst more however I am reluctant to take a pay cut. How are the benefits working for city government, and what is the culture like? I currently work with a lot of young people and have great co-workers. What are the pro's and con's of working for the government that most people aren't aware of? My SO and I have a combined income of 70k, and we spend 30k annually. We currently are saving 15% in retirement accounts. Thank You! [link] [comments]  |
| Metlife owes me money - and sent me to collections Posted: 11 Jun 2019 10:43 AM PDT I just received a collections notice for an unpaid MetLife bill for $68. I had previously been insured by them and cancelled my policy about 6 months ago. I don't remember ever receiving a bill from them but its possible they sent one I'm not always the best at keeping up with my mail. Now the really ironic part and I double checked to verify but Metlife actually owes me $85. They had sent me a check in December because of an overpayment that I never deposited (again, bad with mail) and recently sent me a notice saying I hadn't deposited the check which is now expired and offering to send another one. So needless to say I was a bit surprised to see I was sent to collections over an unpaid bill when the balance of the bill is less than the company actually owes me? Is it possible the collections notice is a scam? Also what can I do to not have this effect my credit, I know I've demonstrated I'm not the best with keeping up with my mail (had our first child recently and I've been a little busy) but I do have excellent credit, pay my bills on time, I've never had a missed payment (minus this current situation), can I work with the collection agency to have the bill removed from my credit if it is valid? I have no problems paying it, this whole situation is just bizarre to me. Thanks for any advice! [link] [comments]  |
| Educate me about whole life insurance please Posted: 11 Jun 2019 06:15 PM PDT I know what term life insurance is, but I don't know much about whole life insurance. I know this sub is against it. Please tell me exactly what it is and why it is not good. Feel free to dumb it down. Thanks! [link] [comments]  |
| Is .5% interest rate drop enough to refinance a home? Posted: 11 Jun 2019 08:13 AM PDT I bought a house in February with a $640,000 mortgage at 4.25%. It appears interest rates have dropped to 3.75% in the interim. If we refinance we can lower our mortgage by ~$200. Based on the estimate I got we would recoup our new closing costs in 15 months. Is there any reason not to refinance other than the potential for rates to drop further? We anticipate being in the house at least five years and I can't foresee any reason we would move in the next 15 months. Thanks! [link] [comments]  |
| Fixing credit during my mother's terminal illness Posted: 11 Jun 2019 07:47 PM PDT Hey everyone ! I was recently two months late on my credit card payments due to my mother being diagnosed with a terminal illness and me taking a leave of absence from work during this period. I have finally got that all settled out, all late fees were refunded, and accounts 'rehabbed'. I currently have zero balance on all of my cards. I have four credit cards and one federal student loan account. I have an amazon prime visa card with a limit of $1,000, a Walmart mastercard with a $520 limit, a care credit account for healthcare with a $1000 limit, and a Kohls store only credit card with a $300 limit. My student loans are around ~$5,000 and are deferred until 6 months after I graduate from my nursing program. My oldest card is the Kohl's card which is ~4 years old, my Walmart mastercard is my second oldest at around the same time frame. My friend suggested that I should close the Kohl's card, amazon card, and possibly the care credit account - just keeping the Walmart mastercard to continue to build my credit as it's my oldest credit card that can be used anywhere. I haven't used the kohl's card in over a year and really have no use for it. My credit score is currently poor due to over utilization in the past, short history, and I'm guessing my missed payments over the past two months. I only opened a care credit account because I needed urgent dental work so I'm not sure if this is something I need to keep open or if it's hurting me or not. At the time it was needed, but now I could probably just use my regular credit card for medical stuff if needed. All of them have similar interest rates. So my question is: what's my best option for building my credit for the future? Should I close three accounts and leave the oldest regular card open? Leave them all open? Any other advice? Thank you so much! [link] [comments]  |
| Pay a car loan off now or continue payments for six months Posted: 11 Jun 2019 07:46 PM PDT I'm really excited to be close to the end of my car loan. I have about $1500 left to go, and I have over four times that in savings now so I feel like I could just pay it off next month. However, I wonder if that's really necessary at this point. Will my credit be better if I just continue timely payments for a bit longer? Will the amount saved on interest be significant? [link] [comments]  |
| How can I maximize my savings? Posted: 11 Jun 2019 08:43 AM PDT I have just about 25k in savings at the moment that I have been building over the last year or two. Right now, its just sitting in my account as an emergency fund. I put a majority of each paycheck into it and I take money out only if I need it for other expenses, or if I want to treat myself to something I really want on occasion. My first goal is to pay off my student loans (~40k) and right now I just make my monthly payments, plus a little extra. However, I still want to start saving for when I ultimately need to place a down payment on a house when I am ready to buy in the next few years. My question for you all, as I am not very experienced in the best way to handle this, is what kinds of things can I do with this money to get the most out of my saving efforts? Investing? CD? Is it smarter to use it to pay off my loans as much as I can now? Right now my mindset is to just save as much as I can each paycheck, pay my monthly payments with a little extra on top, and have at least most of this money in case I need it rather than put all of it into the loans to avoid the interest (which I struggle with knowing if thats a bad idea or not). Is that the wrong way to go about it? Thanks for any advice you guys can give [link] [comments]  |
| You are subscribed to email updates from Personal Finance. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment