Personal Finance Be careful what you say in public |
- Be careful what you say in public
- Young couple financially stable with big dreams but wife now wants to quit her job.
- I’m 13 years old and have a Roth IRA (for my taxable income I mow about 10 yards a week), and I have an auto renew for my Roth IRA from my checking account, is this a good idea?
- Car Wrap/Advertising Scams, Beware!
- Husband is not as worried as I am about $19,000 credit card balance ... What's the best call here?
- My manager has emailed to ask what my salary is?? Advice needed ASAP please
- If haven't roughly broken down all your credit cards and debit card statements, you take a look at them.
- Big, stupid question about IRAs
- $115,000 of student loans as a teacher. Best course of action?
- Housecleaner loses clients check. Now what?
- Finished paying off my student debt....now what?
- What to do with 401k?
- Hoarding money in savings due to unstable employment, and also wanting to semi retire one day and work part time.
- Getting laid off. What should I do with my Vanguard Retirement Plan account?
- Any tips on how to improve my financial situation
- Using G.I. benefits to attend graduate school.
- I thought I filed a tax extension, I did not. What are some good next steps?
- My parents are being pressured into an annuity, should I stop them?
- Owning Canadian stocks as a US citizen
- Employer credit check
- Saving/Investing Tips at age 60
- 19 years old with a stable part-time job. Looking for advice on what to do and how to do it
- Is it worth it to do car insurance PIP stacking?
- Target-date fund vs. index funds? (No tickers)
| Be careful what you say in public Posted: 06 Aug 2019 06:45 AM PDT My wife and I were at Panera eating breakfast and we noticed a lady be hind us talking on the phone very loudly. We couldn't help over hearing her talk about a bill not being paid. We were a little annoyed but not a big deal because it was a public restaurant. We were not trying to listen but were shocked when she announced that she was about to read her card number. She then gave the card's expiration date, security code, and her zip code. We clearly heard and if we were planning on stealing it she gave us plenty of notice to get a pen. Don't read your personal information in public like this. You never know who is listening and who is writing stuff down. [link] [comments]  |
| Young couple financially stable with big dreams but wife now wants to quit her job. Posted: 06 Aug 2019 02:36 AM PDT Im 29 making 135k my wife is 27 she makes 58k yr. We both have some college education but no degrees. We have 3 kids ages 1,3 and 10. We started out young as you can see ... and against all odds we beat the stereo type given to teen parents . We are both go getters and are always thinking of ways to make our selves more successful. We have a very good relationship and try to raise our kids as best as possible. We own a house valued around 190k. I owe about 92k on it and have around 10 years left to pay it off on a 15yr mortgage. I currently have 132k In my 401k, 8k in Roth IRA, 66k In stocks. About 3k in savings, wife likes to spend so I never have too much in the bank . I'm about to get a promotion and will be making anywhere from 180k- 220k per year. My wife wants to quit her job when I get my promotion. We would be loosing her salary which as stated is about 58k a year. She is a very smart and has been in management position since she was 23. She tells me she is tired of workin dealing with the stress that comes with her position and then getting home to care of the kids by her self . She says she is burned out and feels we make enough money for her to quit. She wants to dedicate her self to the kids and enroll them in more activities and so on . I totally understand since I work in the oil field so I'm usually gone 2 weeks at a time and I know it must be hard on her balancing work and time for the kids. I also think it is very important for the kids to at lease have the full attention from one of us but at the same time I feel my wife still has a lot of potential to better herself. I feel she is a very smart person and would throwing her future out the door. Our plan has always been to Pay off my house and rent it. Once the house is paid off we wanted to buy buy our dream home which is in the 350-450k range. I know my job in the oil field is not the most stable but that is why I want my current house paid off before We purchase our dream home, If I were to lose my job and went able pay my mortgage on the bigger house, I will always have something to fall back on that is paid for. Im very good at my job and I'm actually one of the youngest persons to take the position I will be taking soon so I feel I'm in a good position that even if it were to drastically slow down and there were to be a large amount of layoffs I'd still have a job. If everything were to go well I also want to star investing in businesses such as food trucks, retail clothing, real state ect....I still don't know exactly what but once I have enough money saved up I want to be able to make my money into more money and make myself economically stable to the point where I can quit working in the oil field and be able to go home every night to my wife and kids. I want to know what is the right thing to do? Should I let my wife quit her job and be a stay home mom? If I do I will it be a huge set back on the things We had planned out for the future?Am I thinking too big too fast? Is there a better way to set myself up for the future to become more economically successful? Any feedback is welcomed good or bad ! [link] [comments]  |
| Posted: 06 Aug 2019 10:04 AM PDT I auto renew each month 100 dollars, is this a good idea or no? Any input? Should I do it manually or just keep it on auto renew? [link] [comments]  |
| Car Wrap/Advertising Scams, Beware! Posted: 06 Aug 2019 04:50 AM PDT Apologies if something of this nature has already been posted. I am not sure how exactly these companies came by my contact information, but that's irrelevant. I've been receiving calls and texts about "earning $500/week by putting decals on your car" with more and more frequency. Now, I know that there are companies that will pay you ~$50 per week to advertise on your car, but you have to contact them and go through a lengthy process. $500/week set off my scam-alert. If this were legit everbody and their brother would have ads on their car. I looked this up and it's another form of cashier's check scam: they send you a check, you deposit it and wire most of it back. A non-existant appointment is made to wrap your car and pretty soon that check bounces and you're on the hook for lots of money. I suspect I'm a prime target for this sort of thing, poor credit, high debt-to-income ratio, no savings/investments, etc (please save your speeches, I'm working on improving things). Please watch out for this, $2K/month is nothing to sneeze at for anybody and it might be hard to not fall for it for some people. I'm also looking for advice on where and how to report this scam, by the way. I don't have experience with scammers at all. [link] [comments]  |
| Husband is not as worried as I am about $19,000 credit card balance ... What's the best call here? Posted: 06 Aug 2019 07:45 AM PDT I am worried because uhhh we have $19,000 freaking dollars on our Chase Sapphire credit card! It's slowly climbed up since we got married three years ago and I thought $5,000 was ridiculous but he said "We will be able to pay it off when you finish school and we have two incomes." Then $10,000 "Yeah it's bad but I own equity in my company and if we sell, then $10,000 will seem like nothing." Now it's $19,000 and it's "next month our funding will go through and I'll have $700,000 in equity, pretty cool right?" We have money floating around in other areas that I think we should just put into the credit card: $4,000 in checking account $3,500 in savings $9,000 in current value of crypto currency (I keep saying we need to sell it and pay off our credit card, this would help so much but he says he is going to hold onto it until we HAVE to sell it...is this a "have to sell it" situation??) We possibly have $2,000-$5,000 coming in a tax refund which we plan on using for the credit card. Technically we have the ability to pay off the credit card if we put all of this into the credit card. He is of the mindset that we should keep cash in our savings account, hold on to Bitcoin, and slowly pay off the credit card over the next year or two or three. But that was our plan a year ago and it's slowly getting higher. I say "ok let's stop using the credit card then" but he thinks it's worth it for the rewards. I am looking for sound advice on why his thinking is ok or if we should do things my way and sell Bitcoin. I think his idea of big risks, big rewards is admirable but also ..... 19,000 freaking dollars!!!!!! Edit: please no personal attacks on me or my husband. We both have contributed to the overspending issue. And no relationship advice. Rule #9, y'all!!! [link] [comments]  |
| My manager has emailed to ask what my salary is?? Advice needed ASAP please Posted: 06 Aug 2019 03:37 AM PDT Received an email from my current manager saying the need to standardise salary and he wants to know my salary. Seems odd, why wouldn't he just ask HR? Am I being paranoid? Edit: I've sent back an email telling him. Thanks for all the advice and ideas. [link] [comments]  |
| Posted: 06 Aug 2019 04:46 PM PDT Hello! Today I got the wild urge to look at my expenses for the past 36 days and I was shocked to find so much useless spending. I made a chart: http://imgur.com/a/JzYVeVo I spent over $550 on eating out and coffee D: ! (Given I live in an expensive city, but this is still reckless) I definitely want to cut back on useless spending and I set myself a reminder to do another rough financial breakdown for the next 36days. Hopefully this motivates anyone who needed to review their spending. Cheers :) [link] [comments]  |
| Big, stupid question about IRAs Posted: 06 Aug 2019 07:53 PM PDT I cannot find the answer to this in the wiki, old posts, or anywhere else I can google. I understand that if someone anticipates being in a lower tax bracket in retirement, then the consensus is that a Traiditional IRA is typically preferred. My question is: even with a lower tax rate on the money I withdraw from my IRA at that point, wont the amount of money I am pulling out at that point lead to more money being lost to taxes? Example: I am in the 24% tax bracket. I contrubute $6000 a year, paying $0 in taxes up front. When I retire, I anticipate being in the 22% bracket. When I go to withdraw from my much larger account in retirement (22% bracket). A withdraw of >$6,550 a year in retirement puts my taxes at or above $1,441. I will likely be needing to withdraw much more than that per year. If I did a Roth IRA, I'd contribute the $6,000 now and pay my 24% rate for a total of $1,440 in taxes per year. Assuming I am going to be withdrawing more than $6,550 a year in retirement, doesnt a Roth make more sense? I feel like I am missing something. Please let me know if I am! [link] [comments]  |
| $115,000 of student loans as a teacher. Best course of action? Posted: 06 Aug 2019 05:58 PM PDT I'm sure people are going to ask why I took out so much money to become a teacher. I wanted to go to a prestigious Master's program for education, and I realize now that it got me into a lot of debt, so I am aware of the consequences of that choice. It's been three years since I finished the program. Currently I make about $66,000. That amount will go up a little bit each year according to my district's salary schedule. After taxes, I get about $3,300 per month. I do not have any savings right now because I just used them to pay off all of my credit card debt, so that's not a problem anymore. For rent, I pay only about $700 a month. Phone bill is $100 per month. I use public transportation, so a car payment is not something I have to worry about. I am currently in the income-drive REPAYE plan, so my student loan minimum payment is $271 a month. After 20 years, they are supposed to be forgiven entirely. I've just been relying on this so far. Also worth noting that once the school year starts, I will apply to work at an after-school program at my school, and if I get the job, I will make about an extra $800 per month. Some questions I have about my situation are:
Seriously though, any insight about what I should do and answers to any of these questions would be very much appreciated. [link] [comments]  |
| Housecleaner loses clients check. Now what? Posted: 06 Aug 2019 08:20 PM PDT My mother has worked and owned her own house cleaning company for past 25 years. Family owned and operated under an LLC. Many happy repeat business and a few one time cleaning clients. She called me today letting me know she lost a big check from a big 10 hr job one-time customer. I know it sounds like a careless mistake but she has probably lost only a handful of checks in her many years of working. Usually the customer stops the check and everything moves smoothly. This time around the client became very upset and started bad mouthing my mom over the phone (and I believe a few texts too). How stupid someone has to be to lose a check etc etc. And that she will not reissue a check. That she will wait the 90 days for check to become expired and then she will reissue. Can my mother fight this somehow ? She has admitted fault but this just seems like a very shitty situation that she's in. Waiting 3 months for payment isn't ideal as this is a one time customer who could always choose to not pay up in the end. Thoughts and suggestions appreciated. [link] [comments]  |
| Finished paying off my student debt....now what? Posted: 06 Aug 2019 04:30 PM PDT So I recently paid off all of my student loans (yayyyyyy for me!!!!!) but now I wanted to know what should I start focuses on, retirement or saving to buy a house. If I start with saving for my retirement, how should I go about it? What is the best way for me to save for my retirement, IRA or is there some other way? If I start focusing on saving to buy a house, is there a method to save? Or should I do both and what is the best way to go about it? Thanks :) [link] [comments]  |
| Posted: 06 Aug 2019 10:51 AM PDT Just left my previous company and had around 16k in my 401k. Any advice on where I should be putting this? I'm 31 married and have very little saved towards retirement at this point. [link] [comments]  |
| Posted: 06 Aug 2019 03:18 PM PDT Hi all I have been storing all of my money in savings account. I am 30 years old with low expenses. I have a bachelors degree in business, and work in sales. I make about 100k. I just started this job last year however. Before this job, I was screwing off and working part time jobs, just making enough to get by... I realized that I really hate working. I would like to some day retire early, or at least only have to work part time. My job isn't all that stable, due to the nature of the work, so I hoard money, knowing that I'll be unemployed with little to no motivation to job hunt again. I live rent free, and my cars is paid off. No student loan debt, or debt of any kind really. My current situation. — 45k in a savings account — 10k in a Roth IRA — 2k in a brokerage account Bills — car insurance 120/month — utilities 250/month — food 300/month (I like to eat out) — phone 80/month Basically I'm able to save most of my income. My plans are to stuff all of my income into my brokerage account and buy a ton of ETF's. Basically I can easily save 4-5k per month. Since my savings account is pretty sufficient, I'm gonna push everything into investments for the next 3-4 years or until I'm laid off. Is there anything wrong with my plan? [link] [comments]  |
| Getting laid off. What should I do with my Vanguard Retirement Plan account? Posted: 06 Aug 2019 06:10 PM PDT I have about $16k in my employer Vanguard retirement account. But I'm losing my job effective next week. Retirement is not happening anytime soon, 29M, and I'm currently fine financial wise so I'm not looking to withdraw it. But what can I do with it that won't cost me money or the least amount? Do I open a IRA or a Roth? Or can I invest it? I'm a total newbie on financial things like this, but I will have time to study on it. [link] [comments]  |
| Any tips on how to improve my financial situation Posted: 06 Aug 2019 01:25 PM PDT Hi All, Thanks for taking the time to read this. I'm a 32 year old man and in just the past 4 months started to live on my own (late bloomer). Before living on my own, I lived at home with my dad, in my mom's house (they're divorced but my mom takes care of my dad financially, long story). When I was younger, I worked a ton of dead end jobs, went to college and got a worthless degree (digital media), tried to become a firefighter/cop but ultimately didn't have the credentials and I also failed the medical portion (spleen issue for many years). I've been dating a girl for about 3 years now and when I began dating her, I became very career driven and wanted to improve my life. I've been working harder in the past 3 years than I ever have in my life. I got a job in the video production industry at a small company as a freelancer and I make about 75% of my income from this company. I would say in the past 3 years I've made anywhere from $35-60k each year. The first year I started out slow and made just over $35k, last year I made closer to $50k and this year is projected to be around $60k. The video production industry isn't cheap. I've spent a ton of money on gear and it has put me in a bit of debt, which I am finally getting a handle on. I'm hoping that I can pay my debt off and try to have around $10k in savings by the end of the year. My girlfriend recently landed a great full time job (she was a contractor for awhile) and this has allowed us to move in together and to be able to afford our apartment. We live in New Jersey and anyone who lives in NJ, knows how expensive it is to live here. Before moving into our current apartment, we spent a ton of time researching places in the area that suit both her and I well, location-wise. We needed a 2 bedroom (I use one room as an office) and everything we found was around the $2k a month range. We finally found our dream apartment (great location, pool, tons of great amenities, etc) , but it ends up costing us around $2600 a month. I reluctantly agreed to it because I knew how much my girlfriend loves the place and also I wanted to make myself appear as if I am doing well for myself (stroking my ego for no reason). So here is where I'm stuck. I have this debt (probably totaling around $8k [camera gear and other various bills], besides my car loan) and I just want to get rid of it. Like I said, my girlfriend and have been dating for 3 years and I'm sure she is going to want me to propose soon, wedding, house, etc. I can't fathom the thought of being able to pay off my debt and afford all of these other things. I have no idea how investing works, no idea how to use my money to make more money. I don't need a quick fix, but I also don't want to wait 40+ years on an IRA or anything like that. I don't have a 401k established for myself and I don't know how to even start it. I also don't have any extra money to toss at a financial adviser or anything. I really don't have any financial security at all. I got too greedy and started spending money that I don't have. I now live in an apartment that I am just able to afford and my girlfriend travels for work at least 2 weeks every month. I just really feel stuck. EDIT: I forgot to mention, I do have pretty good credit though, sitting around 760. [link] [comments]  |
| Using G.I. benefits to attend graduate school. Posted: 06 Aug 2019 05:01 PM PDT I've read many "Should I get an MBA?" posts, and I understand that the answer is "no" for anyone coming out of their undergrad program. I am not a typical student. I will graduate in May of 2020 with a B.S. in marketing from a mid-tier state school in California. I have a good 3.8 GPA, and I'm in several clubs at school. I'm currently searching for internships, but I find that I cannot compete with applicants from the top-tier schools in my area. My work history is scattered. I was in the military for 1 year (medical discharge), I worked as a waiter part-time for 2 years, and I've been working for the past 2 years at a tech-retail company whose name rhymes with Snapple. When I graduate I will have 2 years of school left on my Post 9/11 program. Using my GI benefits allows me to have my graduate program paid for while receiving an extra $2900 per month. Attending school allows me to pay my bills and have financial independence. My thinking is that attending a master's program, either an MBA or specialized business program at a higher ranked school with a brand name, will allow me to take advantage of a larger network. It will also allow me to have more internship options and more entry-level job options upon graduating. The only con to my plan is the potential of attaining work experience instead of going to school. But if I can't find a job or internship after college, I don't see a downside to a master's program. [link] [comments]  |
| I thought I filed a tax extension, I did not. What are some good next steps? Posted: 06 Aug 2019 08:40 PM PDT Back in April I opted to file a tax extension through HR Block. It was only very recently I was revisiting my affairs, ready to do my taxes (finally). I found out that HR Block only creates the form needed to send to the IRS, and does not actually send out my extension request for me. So I have gone 4 months late, no tax returns submitted to the IRS, no communication to them. I believe I will be owed taxes rather than owe (I work a corporate full-time job and then have freelance income that is fairly minuscule due to business expenses and charitable giving). My questions are:
Thank you so much for your advice. [link] [comments]  |
| My parents are being pressured into an annuity, should I stop them? Posted: 06 Aug 2019 11:21 AM PDT My parents are both at retirement age (but still working). They're being pressured really hard by a "family friend" to sign up for an annuity. I don't trust the way he keeps pestering them. I've been doing some research online, but I can't find a consensus. If you go to a pro-annuity website/blog, it'll tell you all the great things about annuities, and then the opposite if you go to an anti-annuity site. So everything seems super biased in either direction. We're in California. Obviously, I know he's gonna make money off the commission, that's why he's pushing so hard. But will my parents get screwed in retirement? [link] [comments]  |
| Owning Canadian stocks as a US citizen Posted: 06 Aug 2019 06:22 PM PDT My friend was "gifted" (her words) shares in the company (Canadian) that just bought the company she works at (American). 10 shares and they're worth about $20 each. They apparently took $200 out of her paycheck this week for "taxes" according to her and she's not sure of the tax implications of it when holding long term. If she's an American citizen what does that mean if she continues owning these shares? [link] [comments]  |
| Posted: 06 Aug 2019 08:26 PM PDT Hi everyone I have a question for all of you guys and if you work in HR especially in a finance industry this will be a golden question. So i did some research and it looks like when an employer does a credit check before you get hired ,according to nerd wallet,they don't see your credit score, number of accounts or anything like that but The report will show your payment record, the amount you owe and your available credit. So I am currently maxed out on my credit cards ($8500) total and i looked at my payment records and it is at 97 percent , made 204/210 payments on time. Is this a red flag? And would this be enough to keep me from a potential new job in a finance industry? Thank you [link] [comments]  |
| Saving/Investing Tips at age 60 Posted: 06 Aug 2019 08:20 PM PDT My mom and dad are finally getting a divorce. They mutually agreed that my mom will get 150k from the divorce and my dad will have one property under his name. He also has 100k set aside. (Not sure why my mom settled for so little, but she's fine with it.) I'm new to finance, savings, and investing as I'm only in my early 20s, but I was wondering if anyone had input about where they should put their money. A little about them: They both work full-time making a little over minimum wage. My dad can retire at any time, but isn't thinking about retirement just yet. My mom still has at least 6 years before thinking of retirement to secure SS. They both don't have a 401k or IRA set up. Would a high-interest savings account benefit them the most? How about a CD? If neither, what? [link] [comments]  |
| 19 years old with a stable part-time job. Looking for advice on what to do and how to do it Posted: 06 Aug 2019 08:18 PM PDT I have a part time job making around $250 a week(likely going to be more around $150-200 once the school year starts). I pay my dad $100 a month to help with bills and paying for house renovation. I also cover the internet bill of $70 a month. I have a 2016 car paid in full which I cover all the gas for. I usually just spend my money on food, gas and whatever I really want. I make more than I realistically think I should be spending so I can usually save about $100-170 every week. I'm just looking to act on doing something with my money as early as I can. I'm hoping to of course save long term, I want to have more than enough for retirement and every expense I could have later in life. But I'm also hoping to be financially stable and really working towards financial independence by my mid to late 20s. I'm not looking to be work free but instead I'd love to maximize my free time and make my money work for me. I've done a little research into Roth IRAs and that seems like a viable option long term. What are some options I have for increasing my money in the short term of about 10 years? I'm just looking for a place to start and to research so I can work towards putting my money in the right place early. [link] [comments]  |
| Is it worth it to do car insurance PIP stacking? Posted: 06 Aug 2019 04:24 PM PDT My girlfriend and I just combined car insurance and I got a letter in the mail saying I could stack PIP. is it worth it to do so with the extra premium? The current PIP is 20k medical and 20k economic limits per car [link] [comments]  |
| Target-date fund vs. index funds? (No tickers) Posted: 06 Aug 2019 08:02 PM PDT My company does not offer traditional mutual funds, but "a series of custom funds, whereby the company has utilized the Plan's scale of size to negotiate reduced fees versus what would be experienced in a mutual fund." This makes it difficult to ask for advice on funds since they are not easily available to look up. I'm trying to decide just to go all in on a 2055 Target Date fund (I'm 23 years old) or do percentages of index funds. The target fund's total annual operating expense is 0.37%, which doesn't seem bad. Otherwise I would have to approximate based off of the following funds (expenses in parentheses) (.03%) Bond Market Index Fund (.05%) Balanced Index Fund (The Fund seeks to provide returns that approximate over time the performance of a custom index comprised of the Bloomberg Barclays US Aggregate Bond Index (40%), S&P 500 Index (30%) and MSCI ACWI ex USA IMI Index (30%).) (.03%) S&P 500 Index Fund (.03%) International Index Fund (.09%) Russell 2000 Index Fund Note that there is unfortunately no US Total Stock Market Fund, and no mid-cap fund to help approximate one with the S&P and Russell. Is the target fund the way to go here, or should I find a combination of those index funds due to the extremely low fees? It's difficult to know exactly what my allocation is with the index funds since they don't have standard tickers. [link] [comments]  |
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