Personal Finance Equifax Settlement Megathread: News and Updates |
- Equifax Settlement Megathread: News and Updates
- What are often overlooked costs of buying a house?
- Mom signs horrible car deal costing $23,000 over original car cost
- Realistic passive income sources that are NOT renting residential properties?
- How should we as a couple share home expenses in a home thats owned by me?
- Should I pay off my student loans if they rebate me 2% of the loan amount?
- Percent of taxes taking out of my paycheck went up after I got a raise, but I’m not in a new tax bracket.
- Cancel Your Subscriptions
- Any reason NOT to move all savings from CapitalOne to Ally?
- Owe $40k in “overpayments”, need advice
- Just got hired on at a large construction company. Catch is, the commute will cost me roughly $100/week.
- Best way to pay for college for a child who isn't my dependent
- If my company offers a layoff package for a weeks pay for every year I've worked, can I still collect unemployment on top of that or do I have to wait for the company unemployment package to run out?
- My employer is deducting taxes from my pay but I think he is pocketing it instead of submitting it. (Alberta, Canada)
- Newly married and starting my PhD program -- what the hell should my financial goals be?
- Should I give my parents £10k so they can pay back their loan faster?
- How do I pick the "right" target date fund for my Schwab Roth IRA?
- Looking to open a Charles Swab checking account question. Advice needed.
- Should I Use Money From My Savings Account to Pay Off My Student Loans?
- Aspiration Bank closing account: you can never come back?!
- Age 20 looking to get some fiances in order and potentially move out of my parents house.
- Questions about paying off debts
- Should I take a pay cut in exchange for more job security?
- 21 Years Old - How is my budget?
| Equifax Settlement Megathread: News and Updates Posted: 31 Jul 2019 03:44 PM PDT Given the number of duplicate threads being submitted with various updates, we're consolidating threads into a single megathread which the moderation team will update over the coming weeks. 1. The FTC site on the Equifax data breach settlement has been updated.
They go on to recommend signing up for the credit monitoring service.
More details are in the FAQS partway down the page ono the FTC website. 2. The FTC is warning people about scammers using fake sites for the Equifax settlement.The real site is https://www.equifaxbreachsettlement.com/ which you can also reach via https://equifax.com/. P.S. Anyone remember Charlie Brown, Lucy, and the Football? (Fair warning: Charlie is a little loud towards the end of the video.)[link] [comments]  |
| What are often overlooked costs of buying a house? Posted: 31 Jul 2019 02:13 PM PDT 25 yo male looking at getting a house for the first time. I was wondering what are some things that are often overlooked when going through this process? How do property taxes work out, etc? Edit: holy cow guys, I'm trying to keep up with all the responses, thank you all for the input!! [link] [comments]  |
| Mom signs horrible car deal costing $23,000 over original car cost Posted: 31 Jul 2019 04:39 PM PDT So my mom purchased a new car at a Toyota dealership with her husband. I wanted to accompany them on the trip, as English is not their first language and I was afraid they would not get a good deal due to that and her not great credit history but I could not go due to work. I advised them to not buy anything on the spot but to shop around. Her previous car broke down so she needed something urgent for her job. Sure enough, I get the call that they bought the car that day. I asked her for what price, to which she replies $34k for a new Rav4 (after she put $4k deposit down). She seemed happy enough until she gets a letter in the mail from the dealerships financing company (Ally) which informs her that "errors" were made in the original sales contract and slight adjustments were made (link to the letter). She noticed the total sales price amounts to over $53,000 due to the interest! Over $20k over the price of the car. Here is a link to the terms in the original contract. She asks me to accompany her to the dealership tomorrow to figure out whats going on, but upon reviewing her original contract the terms were listed there and she basically signed everything they asked her too (including all optional packages). She tells me that since she couldn't read the english contract she asked the guy at the dealership to guide her on what to sign (which is akin to a baby seal asking a shark to escort them safely home). My mom and her husband should have known better, but they are working immigrants who don't read or speak english well and naive to the world of contracts / business. I feel due to this they were perhaps taken advantage of at the dealership, or at the very least overwhelmed with all the paperwork and overlooked important details. What are our options at this point? Are we screwed since she already signed the dotted lines? FYI: She purchased the car a little over 3 weeks ago. She did not receive the new letter until yesterday. [link] [comments]  |
| Realistic passive income sources that are NOT renting residential properties? Posted: 31 Jul 2019 04:41 PM PDT I was listening to this episode of How to Money the other day and it struck me how frequently I see owning multiple homes and renting them out presented as the easiest way to achieve financial independence (you even see it with Graham Stephen and Minority Mindset as well). Is owning multiple homes and renting them out to people who can't afford homes of their own really the best way to make money and achieve financial independence? What are the alternatives? Data and opinions both wanted. Edit: As others have pointed out, I know this isn't really "passive income" since that phrase itself isn't really accurate. I'm just not sure what to call this specific category of activity/investment/purchases/behaviors. [link] [comments]  |
| How should we as a couple share home expenses in a home thats owned by me? Posted: 31 Jul 2019 03:32 AM PDT First off I just want to say I wasn't sure if I should post this in r/relationships or r/personalfinance but I figured this subreddit might be more objective and money focused. Let me know if this is the wrong place and I'll repost this there. So basically the title. I bought my own home (85k) last year and made a big renovation (20k). I have a 19 years left on my mortgage. Earlier this year I met a great guy and we're at the point where he spends every night at my place but doesn't have a key - yet. Logistically it's getting difficult because I need to be at home before he can leave for my place and since he's basically living here it would just be easier to make it official BUT I don't know how to handle the money aspect. The living expenses are 370€/month for the mortgage and 210€/month for the building maintenance fees. Every three months I pay water and electricity which is about 30€ per bill but might get higher with two people. Home insurance is currently free through my mortgage but if it changes it would be added to the other bills. He has offered to pay for the more expensive (currently free) internet since he would bring his gaming device and needs faster internet. Another expense to discuss/take into account are the groceries. For reference I make less than him but I don't exactly know by how much. My living expenses are bout 30% if my monthly income so splitting them down the middle would be maybe 15% of mine and 10% of his? He does have a car which he needs for work and it costs him about 300€ per month. I benefit from the car very minimally, only on weekends (and not even every weekend) since I bike to work during the week or take the bus in extreme weather. When We make longer trips I offer to pay half of the gas. Additionally, the parking space he currently uses costs 10€ and is included in the building maintenance fee. Should the car factor in to how we split the bills? I honestly don't know what would be the fairest way to split things. With every mortgage payment I own a bigger per cent of my home. If we split everything down the middle my net worth is growing and his isn't. If I keep paying 100% of the bills he lives rent free which, in my opinion, is only okay when someone still lives at home with their parents. My friends suggested I pay the mortgage and he pays all the other expenses but I feel like thats a little silly. Money is money no matter if it's marked water bill or mortgage. Not saying it should be 50/50 but I'm looking for a fair number, whether thats 80/20 or 50/50, and not so much what bill that number includes (if that makes sense). Hope all of this made sense. [link] [comments]  |
| Should I pay off my student loans if they rebate me 2% of the loan amount? Posted: 31 Jul 2019 08:08 AM PDT I realize that it's hard to give advice to someone without knowing their full financial history but I have a pretty discrete question about whether I should pay off my student loans early. I realize that I make a fair amount of money but I've been trying to find a financial advisor to help me determine what to do with my finances and have been unsuccessful because I don't actually have a lot of assets yet (even though I make a significant amount). Any help would be appreciated. I have 15 year fixed rate (3.75%) student loan from First Republic Bank. I entered into it about 3 years ago. It started at about $260k and is down to $218k. I just started using YNAB and saw that my total assets (checking, savings, and investments but not including 401k) finally cover my entire student loan amount and so I can pay it off. The reason why I'm considering paying off my loans is because there is a clause in the loan that if I were to pay it off within 4 years, they'll rebate the interest of the loan up to 2% of the original loan amount. You can see the faq of the program where it says it here: https://www.firstrepublic.com/student-loan-refinancing/faq I realize that this isn't something I'll do today but I can do it in the next few months. I make roughly $320k a year and I generally live fairly frugally. However, after building up a 6 month emergency fund, do you think it would be financially beneficial to pay it off in the next year to get back that 2% from the loan or would my money do better elsewhere? Half of my money is in a savings account earning 2.25% and the other half is in a few index funds. I really don't understand how this works and my eyes glaze over when I start to see numbers. Thanks for your advice! (I hope that this doesn't violate the rule on personal advice - the rule seems to be about personal issues, not personal financial advice but if this violates the rules, I apologize!) [link] [comments]  |
| Posted: 31 Jul 2019 04:28 AM PDT Hi everyone! A couple of months ago I got a raise. I went from 48k to 58.5k. Before my raise, about 23-25% of my paycheck went to taxes. I've gotten 4 paychecks under my new pay level and the taxes taken out is between 26-28%. I guess I have two questions. Why is there variability between paychecks in the percent taken out and why is it much higher after I got the raise? It seems the variability on both counts has to do with the amount I got paid (I.e some paychecks have a pre-tax metro benefit taken out and some paychecks don't. The higher the take home, the higher the tax %) Do I need to adjust my W2? [link] [comments]  |
| Posted: 31 Jul 2019 11:20 AM PDT I just cancelled $155/month worth of subscription services that I don't need or don't use. I'm moving this money to be an additional payment towards the principle on my mortgage. Doing this cuts nearly 7 years and $40k in interest off of my loan. Mortgage loans are crazy animals. [link] [comments]  |
| Any reason NOT to move all savings from CapitalOne to Ally? Posted: 31 Jul 2019 01:31 PM PDT After several years of not thinking about it, I'm comparing APYs and i see my CapitalOne 360 is only 1% while many others are over 2%. Ally has great reviews so thinking of switching. Is there anything I'm not thinking of? I mean i guess i could just switch to a CapitalOne MMA and get about the same %, and staying with the same bank might avoid some hassle... anything else to consider? EDIT: Thanks for the great replies. I moved most of it to Ally today! Keeping a couple grand in CapitalOne for now tho (there are linked accounts I don't want to mess w at the moment) [link] [comments]  |
| Owe $40k in “overpayments”, need advice Posted: 31 Jul 2019 02:45 PM PDT The long and short of my situation is that I owe Unum about $40k due to an overpayment resulting from a miscalculation of benefits on their end. Now the benefits are no longer being paid and they're coming after me for the balance. I don't have enough to pay them in a lump sum, not even close, but I could do stuff like borrow money from my parents or friends to pay them back if it knocked a good amount off the total. My question is this: what amount can I expect them to settle for? What should I be asking for if I could put together say, 20k? *Further details in response to questions: *The payments were made under a short/long term disability plan I was under with my prior employer. They misinterpreted the percentage of my salary I should be receiving for the first two (out of approximately 3) years of benefits. I read the provision in question and agree with their subsequent analysis. *I have not spoken to a lawyer. I'm reluctant to pay fees for that when I think it's unlikely to do anything I can't do myself. *I already set up a payment plan at the minimum allowable amount of $100/month to avoid collections. [link] [comments]  |
| Posted: 31 Jul 2019 10:16 AM PDT Is the commute tax deductible? And if so, should I simply save the receipts for tax season? Please forgive my possible naivety. I am new to making decent money. [link] [comments]  |
| Best way to pay for college for a child who isn't my dependent Posted: 31 Jul 2019 08:43 AM PDT Background: I had a child with a college girlfriend, she eventually married and her husband officially adopted the child. 18 years later, I've reconnected with my now college-aged daughter, and would like to help pay for college. Legally I have no connection to her and she's obviously not a dependent of mine. Is there a good way to give her or the school this money with respect to tax liability and not messing up her family's financial aid? [link] [comments]  |
| Posted: 31 Jul 2019 03:50 PM PDT |
| Posted: 31 Jul 2019 04:19 PM PDT So I have worked for this company for just over a month and a half and I have been very frustrated with the lack of pay structure. employees get paid cash without documentation at different times of the month in sums that don't fully reflect the hours they work. typically people are being paid at the middle and end of the month at the convenience of the owner. My problem is that my employer never had me fill out the standard tax forms and never collected my SIN number, birth date or address and claims that I am submitting income tax. I don't trust him, so is there anyway to verify if I am paying income tax? In the event he is stealing from me who should I report it to? [link] [comments]  |
| Newly married and starting my PhD program -- what the hell should my financial goals be? Posted: 31 Jul 2019 08:03 PM PDT Hey all! I'm posting on this sub at the suggestion of a friend who thinks it'll be helpful for my current situation. I'm 22 and will be starting a PhD program in september that will pay me 40K a year in fellowship with my health insurance premium covered. Since im getting paid in fellowship, I'm not getting a W2 or paying taxes monthly. I'll have to budget and pay it all at the end of the year (which I've never done and am unfamiliar with) I'm paying $900 a month in rent and roughly $300 in other monthly expenses. I'll be living with my husband, who also will be working as a freelancer. However, he comes from a family with money and therefore has a sizable savings as well as dividends that have recently become ours due to our marriage. Still, for now, I want to build up my own savings. I come from a family whose dirt poor, have been poor for most of my life, and I want to set myself up well while I'm still young before we integrate our finances further. But I don't really know what my financial goals should be, how to start, and my tax situation is a bit confusing. Any help is appreciated!! [link] [comments]  |
| Should I give my parents £10k so they can pay back their loan faster? Posted: 31 Jul 2019 10:20 AM PDT I'm 21(M) just finished university while having a part time job on weekends and summer. I don't have much use for my money, so I've got some savings. My parents brought a house 2 years ago for which I chimed in £10,000 while my older sister gave them some too. They said the house will be ours when they go back to our home country of Poland, so I thought of it as a good investment and a good thing to help them out. Because of our help and their own savings, they took a loan for half of the house value which was £70k and paid the rest of the house straight away. They want to speed the paying back process by giving the bank as much as they have and so they asked me and my sister for help with a similar amount. My sister helped them again, but this time I'm hesitant since I'm getting to an age where I might need this money for my own good such as while looking for a real job, continuing my studying, or maybe moving out on my own. They said the same thing about the house basically belonging to me and my sister meaning they will not pay back what they borrowed as the house value is larger, but I'm still not sure if I should do it or refuse. [link] [comments]  |
| How do I pick the "right" target date fund for my Schwab Roth IRA? Posted: 31 Jul 2019 11:41 AM PDT I'm 26 and want to be aggressive at this stage of my retirement investment life but I don't want to spend too much time managing my portfolio over the next few decades. [link] [comments]  |
| Looking to open a Charles Swab checking account question. Advice needed. Posted: 31 Jul 2019 06:35 PM PDT Looking to open a Charles Swab checking account & would like to take advantage of the referral bonus. Also, I recently already had two hard pulls on my credit for two credit cards. My score is currently +740. Should I wait before opening an account to avoid getting denied since I understand CS does a hard pull as well? [link] [comments]  |
| Should I Use Money From My Savings Account to Pay Off My Student Loans? Posted: 31 Jul 2019 05:54 PM PDT I have about $2000 dollars left to pay off on my student loans. If I use my savings I'll only have about 2 months of paychecks built up. Would I be putting myself at too much risk? [link] [comments]  |
| Aspiration Bank closing account: you can never come back?! Posted: 31 Jul 2019 05:35 PM PDT So I opened the aspiration bank, realized that they weren't as good as they appear to be and wanted to close my account. There reps got back with the account closing form, but told me once I close the account, I can NEVER reopen another account with them. Is this even legal? Can I really be banned from ever going back to them? Should I leave my account open and unused? But I feel uncomfortable just leaving random account open in my name. [link] [comments]  |
| Age 20 looking to get some fiances in order and potentially move out of my parents house. Posted: 31 Jul 2019 04:16 PM PDT Hello, As the above title said im looking to get finances and a budget in order and potentially move out but im not sure what I should be doing numbers wise. It is also worth mentioning I am located in Canada, Ontario. So here is a break down of my monthly income and expenses as well as what debt I currently hold. Just a note im not sure what my hourly rate is going to be as I am about to switch to a new site so the pay could be higher however ill do the math at the minimum wage so that way I don't over estimate and get stuck in this budget. I also do not currently pay rent as I am living at home with my parents. I am looking at getting a car soon (used) The numbers Ive been looking at seems itll cost me about 350 a month for car and insurance but I don't have hard figures yet. Monthly Income: 160 hours a month x 14 = $2,240 -20% Tax = $1,792 Note: I am not sure if that tax % is too high or too low as I don't know exactly what my tax figure is but I know it is around there so please correct me if I am mistaken. Also I sometimes do get some over time on the weekends which could give me some extra cash but I figured its best not to factor that in to this thread as I want to develop a set budget that I can regularly follow. Monthly Expenses: Phone Bill: $120 Spotify: $10 Playstation Plus: $12 Bank Account: $14 Debt: Student Loan (OSAP): $8,268.87 Military Over pay: $1,400 Notes: Im in the reserves and the army accidentally paid me $1,400 for a summer employment that I wasn't on so I have to pay that back but there is not any interest on that there is also no set time on repayment for it but any money I make with them will be 100% deducted to repay that balance or I can save money to pay it off out of pocket. OSAP is a rough estimate I have checked the exact number after I finished school and it was a little over 8k so im rounding it to 8,500 for this post since I can't check the exact figure at the moment. So with all that information im wondering how much should I put towards Savings, Debt repayment and recreation each month. Also is it worth moving out on my own with my current finances? Living at home is hell with how toxic it is but if I move out im aware I won't be able to zero my debt as soon as I can. I have also already set up a savings account with my bank as well as the government tax free savings account. I currently have $0 in savings however. So given the above information how should I break it down. Also when I say recreation I mean money for any personal purchases whether that be a night out or a tim's coffee. Also should be worth mentioning I don't have any friends where I currently live nor a girlfriend so I don't have many nights out aside from when I want to go to the bar to relax. If any more information is required to help put together a budget just leave a comment and ill reply rather quick. Thanks in advance! EDIT: Updated the Osap amount to the exact amount of the loan as I was able to check finally. EDIT 2: Title is a typo I do not have multiple fiances I meant finances whoops. [link] [comments]  |
| Questions about paying off debts Posted: 31 Jul 2019 06:46 PM PDT I make about 2K per month, and after rent, bills and $100 going towards savings I am left with $525 for food and whatever else. I have two open accounts in collections: -$561 for using an ambulance in 2015, and -$137 in 2017 for another medical issue I also have closed accounts affecting my credit score. -$1230 on a BofA credit card opened in 2014 -Carecredit that was charged off and sold to another creditor but I think it's about $700. What's the best way to tackle these debts bearing in mind my financial situation? Is it best to leave these accounts to reach their 7 year limit or pay them off? I won't be able to pay very much each month so I am concerned that opening the account back up for payment will hurt me more than leaving them alone. Thanks in advance. I have no idea what I'm doing. [link] [comments]  |
| Should I take a pay cut in exchange for more job security? Posted: 31 Jul 2019 06:17 PM PDT I love my job, but over the past few quarters my branch has been failing to produce enough revenue. One of my coworkers and I were previously training for promotions, but because the branch is struggling our additional responsibilities have been taken away. We are told day in and day out that corporate is watching us closely and we need to get our numbers up "or else." No one has said "layoffs" but it's pretty heavily implied. We are in staffing and not making the needed hired and not retaining current employees. If I felt it was a performance issue, I would just buckle down and work harder. But truthfully it's a job market and employer brand issue. I cannot solve those. My boss seems confident that this is a temporary setback and I'll be back on track to get my promotion by next year, but from where I'm sitting our numbers are worse each week. I have started looking around for other jobs. One employer is moving faster in the hiring process than expected, I got a request for a second interview the day after the first and they are planning on making final decisions by this Friday. I am 90% sure I'm getting this offer. Idk what to do if I get it. The pay they're able to offer is $7,000 lower in base salary, but there is an easily attainable monthly bonus incentive. My current job has a quarterly bonus incentive that is basically a myth because it's never been paid out in my time there. In my current role I also get a small commission every time I hire a new employee. The potential new job is much more stable. Virtually no turnover and they stress that they are looking for someone to keep for a very long time. My current job has much less stability. Layoffs aside, many of my coworkers have come and gone in just a few months both voluntarily and involuntarily. I'm happy here, but I'm worried about my stability. Is it better to wait it out and see if I come out unscathed or try something new for slightly less money but a whole lot more stability? I am especially worried because I just bought a new car and don't want to struggle to make payments. [link] [comments]  |
| 21 Years Old - How is my budget? Posted: 31 Jul 2019 06:16 PM PDT Hey everyone, I'm a 21 year old software engineer living in a low cost of living area. I grew up in a financially unstable household and money has always given me anxiety. Now that I have a decent salary, I'd like feedback on how I'm budgeting: Net Income (Monthly): $5,400.00 (+$1,500-$2,500 in stock options. Company is pre-IPO.) Rent: $1,375.00 (25.4%) Internet & Utilities: $140.00 Car Payment: $668.00 (12.37%) (Jaguar XF) Car Insurance: $256.00 (ugh) Gasoline: $75.00 Groceries/Hygiene: $300.00 Student Loans: $150.00 ($50 min.) Spotify: $10.00 Gym Membership: $30.00 Health Insurance: $0.00 (covered until 26) Cell Phone: $0.00 (family plan) Misc: (Restaurants, clothing, gifts, etc.): $500.00 (~9%) Savings/Investments: ~$1,900.00 (37%) As you can see, my savings rate is approximately 37%. I'm due for a significant raise next month and should take home an additional $4-500 after taxes (all of which will be saved). That will bring my savings/investment rate to approximately 40%. I know my car payment is high, but I'm an enthusiast -- a significant chunk of that is considered my "fun" budget. Am I saving/investing enough money each month? Am I spending too much? I guess that I'd consider myself "upper middle class" but I'm not sure if I'm doing things right due to the fact that I grew up poor. I have approximately $15,000 in savings (after spending $10k on furnishing my first apartment and buying a new car) and still have the whole "everything is about to collapse" mentality from growing up. [link] [comments]  |
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