Personal Finance My girlfriend found a company that helps people who are financially struggling, but I fear they're scamming us |
- My girlfriend found a company that helps people who are financially struggling, but I fear they're scamming us
- Salary audit—entitled to raise but won’t get it because my department didn’t budget for it (which had to happen before the audit??)
- Arbitration just got worse - you agree to not disclose that there is an issue, except to a permitted government authority.
- Pay Off Credit Cards at Expense of Emergency Fund
- My company doesn't provide a 401k match contribution, is there something smarter I can be doing?
- What would you do with zero debt, average retirement savings, and $100k in cash?
- Does it make sense to try to save while in debt?
- Athlete with no expense and a savings but no regular income.
- Everyone says invest, but how can I invest?
- Strange conversation with HR
- Is ~$15-$30k too much to take out for student loans?
- Made more than usual this month, should I pay off my car or hold off?
- Details about Backdoor Roth IRA
- First time moving & living independently - budget check?
- Life Insurance Policy Question
- I can mail my rent on the day it is due?
- How do you determine a savings goal for your child's college?
- Just landed high paying job, looking for advice based on my situation.
- Should I buy a house or hold off?
- Late night thoughts about my future. Need advice.
- Should I move funds from my savings to max out my roth and traditional IRAs?
- My available credit is dropping even though I haven't been using my credit card recently.
- Feel like I'm barely treading water.
| Posted: 29 Sep 2019 02:03 PM PDT My girlfriend found a lady who claimed she works for a company called The Young America Mutual Insurance Company, and their whole shtick is they take insurance deposits of people that have passed away, and donate those to the younger people of America who are struggling with debt and making ends meet. The person at the company told her that she would transfer money to our account, my girlfriend would then transfer back about 70% of it, and the other 30% would be ours to keep. She needed to know our bank acct info before doing the transfer, so we emptied out the account just to be safe, and did the double transfer like she said. And then we did it the next day. And the whole time this is going on she is keeping in constant communication. Like messaging everyday constantly, just to make sure everything is going perfectly. My girlfriend is now getting just as skeptical as I am, because the woman told us to withdraw the money and send snaps of it to her. We withdrew as much as the ATM would allow, but just want to sit on it for awhile, because we know people have gotten in trouble for spending money that isn't theirs. Is this money ours, or are we getting scammed or used as a way to launder money or something? [link] [comments]  | ||||||||||||||||||||||||||||||||||
| Posted: 29 Sep 2019 03:33 PM PDT I recently requested a salary audit at my work as part of my annual review. I also worked with my manager to update my position description so it reflected the growing responsibilities I've added to my role, especially that I now manage several people. I heard back from HR that I'm entitled to a raise from the audit. Not as much as I'd hoped, but better than nothing (under $4K). However, HR said my department head would have to approve the budget increase (reviews don't line up with the new year budget season, so budgets have already been set until mid-2020). My department head is notoriously bad at budgeting—rejecting costs all year with vague comments about "not enough budget," then telling us to spend thousands in the last week of the year to use up "excess budget." I've been in other instances where projects or ideas crop up that require budget changes, and they're approved without much hassle if the cost is under $10K or so. As expected, the head said they hadn't budgeted for this higher salary and rejected the raise—so I can't get the raise HR recommends. This makes no sense to me—an HR process exists to keep our salaries competitive, but isn't enforceable? I don't want to make my manager's life miserable by pushing back on this, but I don't want to sign my review saying I agree with the lack of raise until I get what I'm entitled to. Is there anything I can do? [link] [comments]  | ||||||||||||||||||||||||||||||||||
| Posted: 29 Sep 2019 02:22 PM PDT This month's notice from American Express: The fifth sentence is deleted and replaced with: You and we agree that the arbitration will be confidential. You and we agree that we will not disclose the content of the arbitration proceeding or its outcome to anyone, but you or we may notify any government authority of the claim as permitted or required by law. [link] [comments]  | ||||||||||||||||||||||||||||||||||
| Pay Off Credit Cards at Expense of Emergency Fund Posted: 29 Sep 2019 08:40 AM PDT So I have been a long time lurker on this thread and now am now looking for some advice on how aggressively to get out of credit card debt. I have followed the snowball method and been paying off lowest credit cards and now am in the "home stretch." I started the 2018 close to 22k in credit card debt with 30k in a car loan and a ton of unnecessary expenses. To make it worse I had maybe 700-800 in the bank with no back up plan or savings. I had a job that didn't support this lifestyle and told myself I needed to make some changes. I found a new job and followed the 50/30/20 rule. The job paid a lot more but I had to move to a more expensive part of the city and still had a hour commute each way. While my rent payment doubled my income grew by 75% as well and I went from a feast or famine sales income to contracting out my time with weekly paychecks averaging 40-45 hours a week at a solid contract rate. As of now I have 10k in the bank and 11.5k in credit care debt and got my total loan of the car to 19k and refinanced with a different loan provider to save quite a few of those precious interest points. A huge help was using balance transfer cards with the 0% interest for 18-22 months. It was a 3% fee but getting that no interest payment was a huge benefit for having me get on top of my finances. Also I have been cutting out unnecessary spending, meal prepping, shopping around for every purchase over $50. I just wanted to thank everyone in this thread otherwise I would still be in a terrible position. What I am trying to figure out is I am at the point some of my 0% interest are ending. I have that money saved up in the bank and am wondering if I should just use the vast majority of my savings to wipe out that debt or am I undervaluing the value of a rainy day fund. I know the motivation to be done with credit card debt is likely making me want to drain my savings, but I could always do another transfer and spend 3% to follow along this road and get out of debt within 12 months or so. While I have stable clients on my contracting job, there is always risk with any job. Is it worth completely wiping out the debt to more aggressively save or stay the course. [link] [comments]  | ||||||||||||||||||||||||||||||||||
| My company doesn't provide a 401k match contribution, is there something smarter I can be doing? Posted: 29 Sep 2019 11:40 AM PDT Right now I'm contributing 6%(highest I can rally afford right now)to my basic 401k plan, but my company doesn't match any of my contributions. I want to save for retirement the best way I can. I don't intend on staying with this company forever, maybe just a couple years. So I would roll over my plan to my next employer. Is there a smarter way to invest? I know basically nothing about finance right now, any help is appreciated. Thanks! [link] [comments]  | ||||||||||||||||||||||||||||||||||
| What would you do with zero debt, average retirement savings, and $100k in cash? Posted: 29 Sep 2019 04:06 PM PDT Hello! I've always been taught the importance of saving money. Now that I've reached $100k in my savings, I've just realized I am absolutely clueless about what to do with this money. I am now wondering if there is something better I can do than letting is sit and collect interest slowly in my saving account. I do have a financial goal of creating a stream of passive income eventually. Should I:
What would you do? About me:
I tried googling "what to do with savings" and most articles suggest creating an emergency fund and contributing more to retirement. What do you think? [link] [comments]  | ||||||||||||||||||||||||||||||||||
| Does it make sense to try to save while in debt? Posted: 29 Sep 2019 10:59 AM PDT Recent college grad, 60k in student loans, ~$3200 after tax monthly income. I was just wondering if anyone could chime in on this. I'd love to save but at the same time I'm not sure if it's something you should do while in debt. I'll be going into DoD work and they claim to offer student loan repayment assistance (up to 10k a year) but I'm not sure how much that'll actually be. [link] [comments]  | ||||||||||||||||||||||||||||||||||
| Athlete with no expense and a savings but no regular income. Posted: 29 Sep 2019 07:59 PM PDT Hello, I am athlete living at the US Olympic Training Center. I go to school at the same time, but have no other job. I am able to live at the USOTC for free, and have very little in terms of expenses except for my car insurance. I win money from international competitions based on how I perform and have saved up about 30k with no debt at all. I am interested in investing in real estate and renting the property out, but I do not think I would be eligible for a loan because I do not have a consistent income. Are there any options for home loans out there that I might be able to qualify for? My father is able to co-sign a loan for me, but I would prefer to look at all other options first. Would any of the loan options include an option for additional money above the purchase price to use for rehabbing a property? Edit: I also currently max out my Roth IRA every year too. [link] [comments]  | ||||||||||||||||||||||||||||||||||
| Everyone says invest, but how can I invest? Posted: 29 Sep 2019 07:44 PM PDT Many people have told me to start investing about $150 a month and once I am ready to retire I'll have over 1 million dollars. I turn 18 in 9 days but I don't know how to invest, or what to invest into. I'm talking about that chart that everyone shows you what it looks like if you start investing at 20 years old vs 30 years old. [link] [comments]  | ||||||||||||||||||||||||||||||||||
| Posted: 29 Sep 2019 07:17 PM PDT So I got an message for my HR department telling me they where going to call me concerning "getting paid for all hours worked". I have been at my current position 5 years and never had a conversation like that before. The call was discussing whether I had any unpaid hours that i was aware of. I did not and told them so. Now I have received an email asking me to respond to affirm I have been pay all that is owed. Now I feel this is a strange request and am hesitant to reply for fear there may be something I am not aware of going on. To the best of my knowledge no one else has had this conversation. What are your thoughts? [link] [comments]  | ||||||||||||||||||||||||||||||||||
| Is ~$15-$30k too much to take out for student loans? Posted: 29 Sep 2019 08:09 AM PDT I'm a high school senior looking at colleges. I'm looking to be a RN and would prefer to get my BSN in one go as opposed to getting my ADN and getting my BSN later; for that reason, community college isn't really my first choice, but I'll have no problem going if that is what works best. I found a college with a early nursing school admissions program, which is a MASSIVE plus (even the local ADN programs are extremely competitive and have long waiting lists); my stats mean I'm pretty likely to get in. At this particular school, I am also eligible for an automatic full tuition scholarship. This leaves me with about $30k to deal with. Another scholarship (a competitive one) pays for 2 full years of room and board plus meals, which would then leave me with $15k to deal with. Are either of these unreasonable? (assuming that a)I'll be making ~$55-$60k straight out of college and b) My parents will let me live with them for up to a year after school for just $150 a month.) [link] [comments]  | ||||||||||||||||||||||||||||||||||
| Made more than usual this month, should I pay off my car or hold off? Posted: 29 Sep 2019 08:20 PM PDT I'm 20 years old and currently live at home with my parents. I started a YouTube channel which has taken off and after a few consistent months of making around $2500, I've made $12,000 this month. I have a car with 6.5% apr that I'm paying off over a 5 year period. I have $14,000 left. I'm assuming the money I'm currently making is going to either continue for another week or slowly drop off, or maybe I'll be lucky and continue making this much. The thing is, it's tough to predict. I plan on moving out and it's tempting to hold onto this money for an apartment so i can finally have my own place to live, as I'm not sure if I'm going to continue making this much. However, part of me feels like the right thing to do is to pay off my car, which has a $280 a month payment. Based on my projections I'll have enough to pay it off in a week (but of course, YouTube is volatile and my projections could be off). So should I pay it off immediately, getting rid of my debt, raising my credit score, and getting rid of that monthly payment, but basically draining my account? Or should I wait another few months and save that money, and once I have say double what's left on my car, pay it off then? Or should I continue paying off my car for $280 a month and just enjoy the $12k? Of course it's up to me but I'm wondering what more financially sound folks than myself would do in my situation. I have only $1400 to my name until I receive this check mid October (I'm a student living at home and I never was really able to save a lot of money, which is stupid but how it is) and I have another $14k in student loan debt with a 4% interest rate. I'm in my 3rd year. I could also use this money to start a retirement fund at my age and just keep paying my car payment? Let me know if you want me to elaborate more on something if it helps to give a better response. Thanks [link] [comments]  | ||||||||||||||||||||||||||||||||||
| Details about Backdoor Roth IRA Posted: 29 Sep 2019 05:10 PM PDT Hi /r/personalfinance. I am currently contributing to a 403b for retirement. Thanks to some advice from here, I have been reading about the "backdoor Roth IRA", both on here and just various Google result articles. I understand that essentially a backdoor Roth IRA is creating a traditional IRA and converting immediately to a Roth IRA. However, I still have a few questions that perhaps someone can clear up:
Thank you for any clarification you can provide! [link] [comments]  | ||||||||||||||||||||||||||||||||||
| First time moving & living independently - budget check? Posted: 29 Sep 2019 06:00 PM PDT Hi, I (24 Y/O) just accepted a new job in Chicago and currently live in another state where I've been making $61,000 and have been living with my parents rent free. This new job pays significantly more at $105,000, so I just want to make sure I'm not succumbing to any lifestyle inflation - especially since I've been living with minimal expenses for the past 3 years after college - while ensuring that I save enough to retire comfortably. Here's my projected budget based on my research of the cost of living in the area where I'll be moving to. The commute is only 10-15 minutes from apartments I'm looking at. If there are any areas which could be optimized or don't seem realistic please let me know. I tend to live a frugal lifestyle. All the figures are listed in monthly terms. Other notes: Employer matches 4% of 401K Contributions and has a profit sharing plan. Last several years, the payout has been 7-10% of one's salary into the 401K, so this isn't money I can necessary touch and haven't included it in the calculations below. Also, the apartments I'm looking into cover most of utilities and tenants are responsible for electricity.
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| Life Insurance Policy Question Posted: 29 Sep 2019 07:19 PM PDT Hello! I have an estranged relationship with my parents. Is it possible to figure out if they have a life insurance policy out on me? And if so, how to cancel it? Thanks! [link] [comments]  | ||||||||||||||||||||||||||||||||||
| I can mail my rent on the day it is due? Posted: 29 Sep 2019 10:40 AM PDT Living paycheck to pay check, I have no other option than to pay my rent on exactly the day it is due. By the time I get off work, the leasing office is already closed so I can't drop it off there. My lease says that rent is considered late if it is not received within 3 days after the due date. Does this mean that I CAN mail my rent on the 1st of the month as long as they receive it by the 4th of the month? Also, does this mean that I can just go in to my leasing office on the 2nd day of the month and drop off my rent and they won't say anything? TITLE EDIT: I meant to write "CAN I mail my rent on the day it is due?" [link] [comments]  | ||||||||||||||||||||||||||||||||||
| How do you determine a savings goal for your child's college? Posted: 29 Sep 2019 08:12 AM PDT We have been adding to our child's 529 yearly with no real savings goal. We are trying to get an idea how to set that goal. Vanguard College savings planner assumes a 5% annual cost increase but you can change it. According to this, the tuition rate at the big state colleges in my state have all been relatively flat since 2012. And only up 10% since 2010. It says that for 2019 Tuition + room & board for a year is about $20,000 When our child goes to college in 9 years, if we use Vanguard's assumption of 5% this means we will be paying about $134,000 for 4 years. But if we use historical data and assume the next 9 years are similar to the last (10% over 9 years is 1.25% per year), that means we will be paying $89,000. That's $49,000 range.... Are there any commonly accepted ways to narrow this down so we have a better idea on what to plan for? [link] [comments]  | ||||||||||||||||||||||||||||||||||
| Just landed high paying job, looking for advice based on my situation. Posted: 29 Sep 2019 08:52 PM PDT Just landed a job paying 100k/yr I have 8k in savings. 2 credit cards (1 maxed out) I would like to buy a house ASAP but my credit score is <600. What should I do? [link] [comments]  | ||||||||||||||||||||||||||||||||||
| Should I buy a house or hold off? Posted: 29 Sep 2019 08:47 PM PDT I'm 26 and have a decent paying job. No debt and live quite modest. I have a savings/emergency account for at least 8 months and another account for the house down payment.The issue is that I am currently shooting for a higher salary job that might put me out of state. However the way I see it, is if even I buy it and have to relocate I could rent the house out? (And break even or make even a small profit) Or should I just continue to save , invest in something else and hold off? [link] [comments]  | ||||||||||||||||||||||||||||||||||
| Late night thoughts about my future. Need advice. Posted: 29 Sep 2019 08:43 PM PDT I'm 22 and a recent grad with about 70k in debt. I have a job where I'm able to put in enough monthly to pay it off in 10 years (loan is 4.8% fixed interest). Obviously I'm expecting to make more money as the years go by, therefore being able to increase my monthly payments to pay it off faster. But where it stands right now, I'll be debt free in 10 years. I have about 15k I've inherited that I'm not sure what to do with. Do I shove it into my student loans right now to cut some time off my debt? Or do I invest this money and let it grow? Thanks in advance for the help. [link] [comments]  | ||||||||||||||||||||||||||||||||||
| Should I move funds from my savings to max out my roth and traditional IRAs? Posted: 29 Sep 2019 08:37 PM PDT I've got a few questions about IRAs, I have the minimum amount in both right now but have just started getting paid in my career. I do have enough in my savings to max out both accounts, would this be a smart move to start gaining as much as possible? Also I learned that you must invest the roth IRA yourself (is this also true of a traditional?), what is the best way to do this? When I select to transfer into the accounts, there is a button to select as deductible (from my income tax?), do I do this as well? Can someone explain that portion? I have the accounts with BOA/Merrill. [link] [comments]  | ||||||||||||||||||||||||||||||||||
| My available credit is dropping even though I haven't been using my credit card recently. Posted: 29 Sep 2019 08:33 PM PDT So I made a payment on my credit card last week and I haven't used it since then. My line of available credit increased when I made the payment, but I just checked my account today and the amount for available spending credit has dropped roughly one hundred dollars, but I know for a fact that I haven't been using my credit card recently. Why is my available credit amount dropping even though I'm not using the card? Have I been hacked? Is there something that I should be concerned about? [link] [comments]  | ||||||||||||||||||||||||||||||||||
| Feel like I'm barely treading water. Posted: 29 Sep 2019 06:19 PM PDT I started a small business and it ended up paying me a bit of a nice salary for a while. My husband quit his job because we were doing well. We haven't rebounded. We are now 38k in debt. My husband is back to work, paying off about 3k a month, however we're also divorcing so I don't know how much that will help if he decides to... not help? IDK. That's up in the air. We're paying about $800/mo solely in interest. I make $2400 a month. We're paycheck to paycheck and sometimes not even breaking even. At this point, I feel like it's hopeless. If we just owed the principle, at least we could chip away at it, but the interest makes it nearly impossible. My credit is not good enough for a lower rate consolidation loan or 0% CC. Bankruptcy really isn't an option because I'll be moving soon and need good credit. I, currently, can not get a second job - I have my full time business and 3 kids and a home to take care of, and our schedule is currently really weird because hubs works third shift. I'd be paying more in childcare than I would make. My husband will not get a second job, period. I'm so tired of it already. I'm soldiering on and making minimum payments and trying to put every extra cent on the CC but it's so discouraging. [link] [comments]  |
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