Personal Finance 27 - Will be disabled in 10+ years. What can I do now? |
- 27 - Will be disabled in 10+ years. What can I do now?
- I'm going to be homeless in 2 weeks
- How do bonds work?
- $100 a year guaranteed from credit union savings accounts
- My car broke down and I still owe on it. My family relies on it and I don’t know what to do.
- I've been paying into an indexed universal life insurance policy since 2012 and wondering if it's worth it to keep at it or surrender it?
- My dad just inherited 40k. What should he do with it?
- Personal finance for small children.
- My credit card limit increased substantially despite being behind on payments
- Husband bought a car that he couldn’t afford and recently lost his job. What would be the best course of action to get rid of this thing?
- Went from wealthy to being in massive debt, ruined credit, and with what feels like no hope
- Trouble with hospital bills/health insurance
- Am college freshman and I have about a $30k lump sum from a legal settlement. I have it invested in a S&P 500 mutual fund, is is there anything else I can do with it or just leave it there?
- Work sponsored retirement has high fees...anyway to mitigate?
- Im 19 years old and work for Amazon. Should I start using there 401k plan.?
- simple question: if I buy 200USD of stocks, can I lose more than that 200 I bought?
- Just filed a chapter 7 bankruptcy, I realized I had forgot to mention to the lawyer I was still paying one of my sons credit cards.
- If you use Ally HYSA for emergency fund purposes, consider their No Penalty CD for more security with no loss of flexibility.
- Work from home - disabled
- Estranged parents Tax Lien shows up on my background info
- I have ~$4,400 in a TD Ameritrade account I haven't touched in years. Is there an advantage to rolling it over to my work's Vanguard 401(k) instead of leaving it where it is?
- I'm about to buy a house through FHA, it has a mother in law suite that I will be renting out, need help with what I can deduct in my tax form.
- How home insurance claims work after a natural disaster
- What can I do to offset an unplanned IRA taxable event?
| 27 - Will be disabled in 10+ years. What can I do now? Posted: 26 Oct 2019 01:45 PM PDT I have spinal stenosis in which their is no cure for. I just turned 27 and am already in pain 24/7. The neuro expects that I will be disabled in 10+ years (could be even less)! I need financial advice on what to do now. I never even considered disability as a part of my future. Stats: Debt: $0 Work 401k (matches 6% and I put 11% in): 45k so far :) Roth: 2k Savings: 3k Rent, Utilities, etc: 300 / mo. Live with my partner who covers the bulk of it Groceries, video games, and other random stuff: 300 / mo Monthly Income w/ Taxes taken out: $1700 USD month What should I do now to prepare for my future? I know I live with my partner now but in the event he cannot work or I cannot work I'd like to "future proof" myself so I'm not disabled AND homeless. Thanks for taking the time to read this. [link] [comments]  |
| I'm going to be homeless in 2 weeks Posted: 26 Oct 2019 02:04 PM PDT Okay so first off, I'm from Estonia. In Estonia we have a law that doesn't allow people under 18 to legally work part-time nor full-time without their parents permission. I am 17, turning 18 in February and my parents won't sign the paper saying that i can work. They've also taken away all my money (somehow it's legal because it's in a shared account?) and they won't give me any before i go home. Now I don't want to go home for personal reasons, so i live at the school dorm which my parents were forced to pay for thanks to a contract made with CPS. The contract has now ended. The contract stated that they have to give me x amount of money every week for food etc. and pay for my dorm, since the contract ended last month they've decided to not give me any money anymore nor pay for dorm. So they won't give me money nor let me earn my own money (because i have to go to school (their words not mine) ). Now I don't know what to do since the CPS is also on their side because I'm not doing well in school and i keep running away from my parents. I also cannot forge my parents signature for the permission slip because it has to be a digital signature. I don't even know what to do anymore, help me please. Edit: personal reasons = abuse [link] [comments]  |
| Posted: 26 Oct 2019 10:34 AM PDT Cleaning out my deceased grandparents house I found some US savings bonds they purchased on my behalf. They were purchased in 1996 and say "interest ceases 30 years from issue date". I don't know anything about how bonds work. Could someone please suggest what I should do with them or what I should ask my banker about them? [link] [comments]  |
| $100 a year guaranteed from credit union savings accounts Posted: 26 Oct 2019 04:07 PM PDT I have $2,000 as an emergency fund that I am placing in several incredible rates at credit unions. After one year of sitting, this will earn me over $130 in passive income. I'll tell you what I found: 1.) $1,000 deposit into DCU savings. It earns a 6.17% APY from $0.01 to $1,000 with no requirements. The remainder (after $1,000) will earn a 0.25% APY. I'm shoving $1,000 here and will earn about $63 dollars in dividends after a year of not touching it. Pretty sweet. 2.) $500 deposit into JDCU savings. ** It earns a 7% APY up to $500. Anything after $500.01 will turn into a blended rate of [$0.01-$500.00 @ 7% and $500.01-$999,999,999 @ 0.15%] after shoving $500 @ 7% for a year, **you earn about $35. Pretty sweet 3.) BECU (Boing Employee Crédit Union) earns 6% on $500 and 4% up to $500 in high yield checking. If you have $500 in savings and $500 in checking, you'll earn approximately $40 a year in dividends. So, with as little as $2,000 just sitting around, you can earn over $130 dollars in a year. If you continue to re invest the yearly dividends, it can grow exponentially. Hope someone benefits from this. Remember these high rate credit union savings accounts are much harder to discover and are never on the front page of google. It takes some digging. [link] [comments]  |
| My car broke down and I still owe on it. My family relies on it and I don’t know what to do. Posted: 26 Oct 2019 06:06 PM PDT Hello, I have a 2015 Kia Soul with 93k miles. The car ran perfectly until it didn't. We took great care her but sudden low oil pressure caused damage to the engine. Anyways, I owe 8500 on the loan with Capital one right now. The payoff isn't much less than that. Kia says they'll give us about 2500 for it. But obviously I'll still be in the red. Our car payments are 270 right now and I can't really afford any more than that. We have no car and we're running out of money for temporary travel. Does anyone have any ideas or suggestions of finding a near car or getting out of this at least a little? We have full coverage and we've checked all warranties. Nothing is covered. [link] [comments]  |
| Posted: 26 Oct 2019 02:10 AM PDT Hi everyone, first time posting and also on mobile so sorry in advance. I first got this policy back in 2012 through primerica (unaware of what MLMs are) because of family, not knowing and fully understanding what it was I was getting. LOng story short, I've just been doing automatic withdrawals at $245/month since, having got the most expensive policy I could at the time. They convinced me it was the best way to invest and make money. NOw I'm a little bit more money savvy and aware, through life experience and having read some of the posts and advice here. I am trying to be smarter/efficient with my money and Im wondering if it's really worth it or I should surrender it and invest it into something maybe more fruitful? the policy is with national life group now. my total premium paid is at $22,000, with the accumulated value being $14,000 and the surrender value being $12,500~. I have also taken a huge pay cut in the last 2 years, making this a bigger financial burden than before. I currently dont have any debt and have a good amount in savings and have finally opened an IRA. I'm afraid of closing it and finding out it was a great investment afterall. ANy advice and information is greatly appreciated! [link] [comments]  |
| My dad just inherited 40k. What should he do with it? Posted: 26 Oct 2019 02:46 PM PDT My dad is 57 years old & makes 90k. He has little to no retirement and does not own any real estate. He's pretty much wasted all his money throughout his life and just inherited 40k from his dad. What should he invest in? [link] [comments]  |
| Personal finance for small children. Posted: 26 Oct 2019 07:00 AM PDT What are effective ways to guide a small child (4-5) towards understanding the value of saving money but also time value of money? I'm not talking serious, regimented lifestyle changes here but good practice that is relative that age. Activities, games, incentives, planning, etc... All tips are welcome. [link] [comments]  |
| My credit card limit increased substantially despite being behind on payments Posted: 26 Oct 2019 10:31 AM PDT Like, it literally quadrupled from a few hundred to a few thousand a few weeks ago. I assumed that it was in error, but it's still not changed. I haven't been using this increased limit and don't intend to, since I'm really trying to get this card paid off. But, since this seems to have improved my credit score, I would like to know if this is a normal thing and will stay like this. [link] [comments]  |
| Posted: 26 Oct 2019 07:41 PM PDT My husband bought a used BMW with a $37K price tag about three years ago. I didn't approve of having a $500 car payment and $200 insurance premiums, but at the time we had a combined income of $160K and low expenses otherwise, so I didn't really push too hard on my desire to get rid of it. He currently has about 13.5K left to pay off. Then I found out that he had been hiding an additional 20K of credit card debt from me. Then he got laid off from his job two days later. Then I got laid off as well. I think it goes without saying that our finances are a fucking mess right now and I'm tasked with trying to get us out of it. The car has to go, but I'm not sure of the best way to go about it since he still owes on the car. I need a solution that will end with him in a cheap reliable car that will be cheap to insure without having to pay out of pocket. KBB is showing that the car only has about 11K-12K trade in value and $13K-$17K private party value. Do we trade in at the dealership for a cheaper car? Do we try to sell to a private buyer? Are there any options I'm not thinking of? Side note, I know that our marriage is absolutely fucked right now, that's going to be addressed as soon as I can deal with the financial side of this. I know that he should be cleaning up this mess but he won't so I have to. Thank you. [link] [comments]  |
| Went from wealthy to being in massive debt, ruined credit, and with what feels like no hope Posted: 26 Oct 2019 01:10 PM PDT Long story, but I'm 31. I used to be a highly successful internet entrepreneur starting from high school. By the time I was in my late teens and early 20s, I sold a couple online businesses for a huge sum of money. I kept going with this and the money kept coming in. The problem stems from my addictive personality and emotionally abusive childhood (alcoholic dad and borderline mom). Lets just say I spent money like crazy as a coping mechanism. I was young, stupid, and living in a "I might die tomorrow" mentality. $100k cars, renting expensive condos, multiple Rolex watches, I had it all. I would buy stuff or expensive vacations and not even think about it. At my peak I had around $600k in cash. I had a Platinum AMEX with a near $100k credit limit. Essentially, I started spending more than I started taking in over the course of almost a decade. I started earning less and less, while still maintaining my lifestyle. About 3 years ago I was in a relationship I wasn't happy with, running an ecommerce business, and I injured my back (herniated disc with pinched sciatic nerve) so badly that I couldn't even get out of bed to manage my business and ship orders out. I was in unfathomable pain. I was prescribed painkillers. I've never been into drugs or alcohol but I felt amazing on those and they allowed me to continue working. Eventually I got addicted and kept taking more and more to self-medicate for my unhappiness. While addicted, my spending further spiraled out of control since I was pretty much feeling "high" all the time. Broke up with my ex, and sold my business, and got on Suboxone (which is an opioid medication to prevent withdrawals since I couldn't get off painkillers without being bedridden for months). My business sale provided me with around $150k. It saved me since I started running out of money near that time. But after paying taxes, paying off some inventory loans, and taking a year off working after and paying expensive rent and bills (which was my biggest mistake). It dwindled quickly. I tried day trading in that time (something I've spent many years doing but never mastered) and pretty much broke even. It was a mistake trying to rely on that for income. Fast forward a year, I poured a ton of money into another business attempt and it completely failed. During this time I racked up more debt to support myself. I sold every valuable asset I had. Fast forward to today, I have around $45k worth of credit card debt. I owe around $15k-$20k in back taxes. And my bank account balance is currently -$1,500 after being dinged by last month's rent and my portion of the bills. A year ago I stopped all personal spending except for bills and trying to pay off any debt I could. My saving grace is I met an amazing girl a year and half ago, and we currently live together and split the rent. She knows about my financial troubles when I told her I ran out of cash several months ago. I've been trying to do freelance web dev work but it doesn't pay well. I have no degree but a decent resume because of my prior businesses and a lot of accumulated skills. I've been rapidly applying to jobs but the processes are taking months. I found a good remote job, passed the interview and test, but they are slow in providing me with a decision. Been waiting for 2 weeks now. My girlfriend has a great job, earns good money, but I don't want her to bail me out or help me out. I got in this mess myself. But I'm broke, my credit is totally destroyed that I can't qualify for anything, and in huge debt. Collectors are calling me every single day but I have no money to offer them. I'm embarrassed with my girlfriend about this. I'm just not sure what to do. Even if I do land this full time job, it pays around $60k/year, it seems like I won't be able to get out of this hole. I can't lie that I haven't thought about suicide as a way out, but haven't seriously considered it. I just feel so trapped from my own stupidity and irresponsibility when I was young. It weighs on me heavily each day that I don't want to wake up or get out of bed. It feels like I've aged 10 years in the past couple years, and looks like it too. I'm open to any advice or if you have any questions. I'll try and answer everyone. [link] [comments]  |
| Trouble with hospital bills/health insurance Posted: 26 Oct 2019 04:50 PM PDT Hi all, Sorry if there is unnecessary detail here, I don't really know if any of this is important. I also don't know if this is the appropriate place to ask for advice, but I'm low key freaking out. I was in hospital 5 or so weeks ago. I went in through the emergency department, and stayed in the telemetry ward for several days. I have gone through this process several times, and usually there is someone in the ER that checks my contact and insurance information. This didn't happen this time, but someone checked it later on when I was the ward so I didn't think too much of it (my insurance was the same but I moved houses). Fast forward a few weeks and all my insurance claims start coming in, nothing looks too bad. I get one small bill in the mail, which sends me to a website to pay. I go to the website and there is another bill there - $2,000 - for services in the ER. I haven't seen anything like this on my insurance claims/EOBs. Do you think this bill will be correct? Or could it have not gone through my insurance/ my insurance rejected it? If my insurance rejected it, would they have told me? What is the best way of trying to figure this out? I think they sent the paper bill to my old address (which should be forwarded to my new address anyway, but I haven't received anything). I'm a student and don't have enough money to pay this bill, not even close. Any advice would be awesome. Thanks! [link] [comments]  |
| Posted: 26 Oct 2019 04:25 PM PDT |
| Work sponsored retirement has high fees...anyway to mitigate? Posted: 26 Oct 2019 02:10 PM PDT I have been contributing to simple IRA through my employer, they offer 100% match up to 3% gross so it was a no brainer to set up. The problem is my employer uses primerica.. they charge a %3.51 front load on initial investment, $25 per year account fee and the individual funds charge a 0.25% annual maintenance fee. The fees are simply outrageous compared to my other vanguard accounts. I have 2 questions..
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| Im 19 years old and work for Amazon. Should I start using there 401k plan.? Posted: 26 Oct 2019 08:37 AM PDT So I work 1 job currently and a second job soon. Amazon is my second job. I make about 150ish a week from it. There 401k plan is as follows. For every 1 dollar you put in they match. .50 cents. Up to 4% in a payroll period. So I'm wondering if it's a good idea to start putting money in? [link] [comments]  |
| simple question: if I buy 200USD of stocks, can I lose more than that 200 I bought? Posted: 26 Oct 2019 04:46 PM PDT What should I be aware of? I really dont want to know all the ins and outs, I just want to gamble on a couple of companies I think will do well in the future, without risking more than I initially invest additional info: Ill be using Etoro [link] [comments]  |
| Posted: 26 Oct 2019 04:44 PM PDT My question is should I pay my sons credit card for the end of this upcoming month or is that money the creditors could come after. My son was not part of the bankruptcy nor is my name on his card. I just met with the lawyers yesterday and we filed the bankruptcy I'm certain Ill have to pay $100 to get this ammended in but it slipped my mind. I just need to know for the short term if I should pay the bill for this month or let it go for the time being. I will be in contact with my lawyer on monday to talk this over but the idea of not knowing is making me extremely anxious. Edit*: I am not trying to get my sons credit card debt removed I am fine paying for it however I'm not sure if I continue to pay it if my current creditors will attempt to go after him for money I owe. I had it explained to me that they could go after my sister for lone money I had paid her back I do not want this to be the case with my son. [link] [comments]  |
| Posted: 26 Oct 2019 04:43 PM PDT The Feds likely to decrease interest rates yet again next week. If you have $25k or more in one of their savings account you can transfer it into a "No Penalty" CD they offer with just a few clicks. At time of writing it offers 2.0% compared to the 1.8%, and being a CD that rate is locked in for 11 months. The reason I'm highlighting this option over a regular CD is after the first 6 days you can redeem it, a long with ALL interest earned up to that point, with no penalty for early withdrawal. If you do have an emergency and need access to it, it's just as easy as a few clicks back. In the off chance interest rates go up in the next 11 months you can also cash it in and reopen a new one at the higher rate. If you have over $25k in ally for emergency fund purposes and don't have planned withdrawals for it every month there's really no reason to not do this. [link] [comments]  |
| Posted: 26 Oct 2019 08:02 PM PDT Hi all, I was wondering if anyone had any ideas for work from home jobs for someone that is disabled. I have esrd and a heart condition that has made walking very difficult. I'm going to be facing a serious money crunch soon and I'm at a loss as to what to do. I don't want to be a burden on people more than I already am. I used to do electronics repair before all my problems. I repaired life safety equipment. Before that, I was the billing system supervisor for a local telco for a while, so I have office experience .I have 1 year of college but nothing to get excited about. Ive looked at Amazon work from home but didn't really see anything ( maybe I'm not looking in the right spots ). Anything anyone can do to help, I would greatly appreciate. [link] [comments]  |
| Estranged parents Tax Lien shows up on my background info Posted: 26 Oct 2019 05:15 PM PDT As the title says, my Dad has several tax liens from previous years that keep showing up on my background checks for various things. It's getting very old and they're for crazy huge amounts. One of the is for nearly 70k for a single year. That was 3.5x what I made that year. The issue, I'm assuming, is my Dad and I shared the same name (he's a Jr., I'm technically a Third). This has been an issue in the past since he defaults on nearly everything, so usually his name comes up first and I get lumped into it. I have no idea how to get these off my records for good. I've gotten them challenged in the past on things like Experian and whatnot but here it is again, 3 years later, and I'm back to square one. I'd love to turn my tax dodging Dad into the IRS as well, if that's an option. Dude is a menace. Talking to him is not an option. Tried that years ago. Told me it sounded like it was my problem now, not his. I'm not sure where to begin on this thing, and it's getting me frustrated. Any points to the right direction will be immensely appreciated. [link] [comments]  |
| Posted: 26 Oct 2019 07:55 PM PDT I deposited money from my high-school job in a TD Ameritrade account years back and proceeded to largely ignore it. I logged in once in June of 2018, when I sold the stocks/funds I had been invested in and bought instead VTSMX (I wasn't a smart high-schooler and had invested in stupid things). Since then, I've let it sit. I have 2 questions now that I was hoping you all could help me out with: 1. Should I leave it TD Ameritrade and the fund it is currently in, so it grows? 2. Should I have filed any sort of taxes on this ever? My initial investment was maybe around $2,000 from throughout my time in high-school. [link] [comments]  |
| Posted: 26 Oct 2019 10:29 AM PDT So the title says most of it, the thing is I do me and my wife's taxes. I would like to know what I can deduct in taxes from having someone renting. I know I can deduct any expense to fix the place, but could I deduct interest from the mortgage? I'd like to know what options I have to reduce my tax burden. [link] [comments]  |
| How home insurance claims work after a natural disaster Posted: 26 Oct 2019 06:52 PM PDT TLDR at the bottom So long story short we got hit by an EF3 tornado in Dallas, TX, 6 nights ago. What's amazing is that nobody in the city was killed and there were few minor injuries. My house stood but got damaged. What is amazing is that we had large trees that were up to 70 feet high spanning over our house and some as thick as 42 inch trunks. The trees stood, however all the branches were ripped down BUT didn't fall on the house except a few small branches. So without going into a ton of detail, we submitted an insurance claim and our adjuster said we essentially will get the following after our $5k deductible: - new roof (3 tab asphalt shingle depreciated to 2011) - new fence (6 foot tall cedar picket board on board depreciated to 2011) - new carport (2 car width aluminum construction; unknown depreciation) - carport was ripped off the house and tossed 50 ft into my pool. - $1k for tree cleanup (even though it will cost 3-4x that amount) - Electric service meter base repair (electric lines were torn off the house and bent the service entrance pole and weatherhead) - Up to $5k for various damages/broken outdoor furniture and equipment (I have not started this list but I have at least of ~$2k between broken chairs and pool equipment so far) - They will cover service calls to check pool equipment, HVAC, irrigation, by the various trades. They will cover cost for repair/replace as necessary. (HVAC outdoor unit was struck by a 6 inch branch and knocked about 6 inches off center of the pad. It's dented but I don't know if there are any damage). - They will NOT be paying for the tree removal for the standing trees. Arborist has confirmed that the trees are damaged and will likely all need to come down (seven separate 60+ year old trees) this will cost thousands more out of pocket (my guess is $5-8k but that is my guess). I have never submitted a home insurance claim (or any claim for that matter). I have a good company that is rated well (I would rather not say company now while the claim is in progress) and I recently updated my policy a few weeks ago for the recent increased value of my home. My question- how does this process work?
I also don't want to unknowingly commit insurance fraud by using the money incorrectly. I just want to make the best use of the money since we do have significant property damage. Being able to put in a high quality roof is more important to me then getting a new carport for example. If anyone that has been through this process before can give feedback on what I should expect I would greatly appreciate it. Tornadoes suck. TLDR: Tornado struck my house. I have never made such a major insurance claim. What should I know? Warning- I will have delayed responses; home internet is still out and I am working on a ton of projects to clean and secure the house. [link] [comments]  |
| What can I do to offset an unplanned IRA taxable event? Posted: 26 Oct 2019 05:00 PM PDT I withdrew $12,500 from my IRA to cover a short-term debt earlier this year. I planned to replace the full amount within 60 days to avoid a taxable event, but missed the deadline. If I contribute the maximum amount allowed for 2019 which I believe is $7,000 for age 57, does that mean I will only be taxed on the $5,500 difference? Anything else I can do to reduce my tax penalty? Thanks. [link] [comments]  |
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