Personal Finance 450 Reasons to Check Local Classifies Before Buying New |
- 450 Reasons to Check Local Classifies Before Buying New
- (USA) If Your Bank Calls You About A Fraudulent Transaction, Hang Up Immediately and Call Back. It May Be A Spoof Scammer.
- NEED ADVICE - Got into a Life Insurance Plan Without Realizing it. 5 years later, $40k down the hole
- Will it ever truly make sense to refinance my 4.125% 30yr. mortgage?
- How do I get out of $30,000 of debt when all my bills are 2 months behind. I keep trying to make a budget but being behind is making it almost impossible
- 17 y/o and trying to get a savings account setup hasn't gone well.
- Just opened my Vanguard Roth IRA -- 20 y/o
- Mother says I am not able to see my money in bank account?
- What to do with $40,000 nest egg.
- I have a water and sewerage bill for £580 covering the next 6 months and I'm in a 1 bedroom studio.
- Have about ~$20k debt, $30k in savings, $17k in retirement, what to do...
- My 401k disappeared, what are my chances of retrieving it?
- Curious about new offer about Experian Boost.
- What else am I supposed to do with a Roth IRA?
- I received an offer for the job of my dreams and now I don’t know what to do, any advice?
- Did you know that Social security accounts can be easily stolen?
- Retirement Account Question
- Beat advice for 19 year old in the military?
- How could I safely invest $400k+ to enable me to live in a camper van and drift out west with a modest monthly income?
- Advice for credit cards
- Repairs for financed car might cost more than it's worth, what should I do?
- HSA has high pay period price that doesn't match to annual price
- Best savings options?
- Diverting emergency fund monthly savings towards student loan?
| 450 Reasons to Check Local Classifies Before Buying New Posted: 13 Oct 2019 03:34 AM PDT Today I bought a $500 Dyson vacuum for $50. There is an ocean of perfectly good stuff for sale by individuals. Generally, these people care more about getting rid of the stuff than how much money they make from the sale. Furniture, small appliances, and (some) electronics are excellent items to buy second hand. People usually sell these items because either they upgraded or they're moving, so they're fairly motivated to sell. Buying second hand not only stops the item from going into the landfill but also saves you a ton of money and/or allows you to afford nicer stuff. It's good for everyone except "the man." [link] [comments]  |
| Posted: 12 Oct 2019 09:09 PM PDT A massive scam is happening that is causing people to lose thousands of dollars in a matter of minutes. It goes like this: -You get a call from your bank's number -You're informed of a suspicious transaction and possible online banking takeover -You're asked to reveal your online banking username -You're asked to reveal a temporary passcode sent to your phone -Fraudster logs into your online banking and steals money via your bank's peer-to-peer system (ie Zelle) The frustrating part about this scam is how effective it is. I work at a bank and I helped 3 people with this scam the past week. And it's been going on for months. Banks are trying to educate customers about this fraud, such as issuing a temp password with a warning that says to never share information with anyone, even a bank employee. Unfortunately, customer education and awareness takes time and can be ineffective in the heat of the scam. Customers affected say to me "I can't believe I read them my passcode when the message said not to share it with anyone!" Bankers, IT pros, and community, what are some ideas to fight this scam? How can we prevent bank customers from sharing their temp login code? Fintech pros, how can apps like Zelle help fight unauthorized P2P transactions? [link] [comments]  |
| NEED ADVICE - Got into a Life Insurance Plan Without Realizing it. 5 years later, $40k down the hole Posted: 13 Oct 2019 05:17 AM PDT Does anyone want to feel better about themselves? Here's a fun story: I was dating a tool that thought he could be a financial advisor and got suckered into Transamerica (yes that stupid company) and he convinced me to let him help me manage my retirement. I was 23 years old with no investments with an IRA or a 401k (because my company didn't offer it). He gives me the advice to open an IRA. Cool, that's fine. He signed me up for Transamerica thinking this was some investment, I put in about $600 a MONTH to this, thinking it was an IRA because that's what he was thinking it was too. Let's fast forward 5 years until today. We're obviously not together, but we talked a couple of years back and he was telling me to switch over to Vanguard because the fees were lower. "Ya, that's fine," I thought, "I'll do it eventually." I work crazy hours and just never put aside the time to do it. Now that I've finally put in the time, I looked and realized I've been putting my money into a life insurance investment policy this WHOLE TIME. I called him, asked him what the *#$&&!*@$$^#@*&$ and there was a lot of back and forth confusion. Turns out, what he signed up for (himself personally) was part life insurance, part investments so he was able to transfer his money over to Vanguard and cut his loses on the life insurance part. He doesn't make as much as me so he hardly could tell the loss because he couldn't afford to put as much as I did. He realized he signed me up for something completely different and I'm stuck in this policy, losing about $15,000 already because of the high fees and if I surrender I only get about $2,000 back. HA. Honestly, I blame myself for trusting people to help me with anything, but now I need some advice to make the right decision. I get the process of most of this, and I just want someone to give me my legit options. Here's what he said I can do
A little bit about me: I'm 27. I've always been a responsible person and a catious person about my money my entire life. I'm making $100k a year, no debt, about $20k in my savings. I currently put $300 a month into my 401k (at around $7200) because my company does not match. My cost of living is extremely low, I would say I save around $2000 a month. So, I suppose I can afford to keep throwing my money into this while also investing the right way but ONLY if there was any possible way to get my return back. Is option 2 even possible or is this whole life insurance a scam. I will plan on starting to max out my IRA regardless of what my options are because I feel extremely behind in life. Someone, please tell me there's a shining light at the end of this tunnel! ------ EDIT 2: I would LOVE to add my policies and statements here to answer some of your responses, but I can only find an annual one for this year. I started with $1000/m in the beginning and changed it later, so I think the annual one does not summarize my entire investment. I had a video conference yesterday with a Transamerica advisor and he basically walked me through my total investments and where I am today. This advisor was the original person to brought my ex into the company, now that my ex has left he manages my account. This was on a video conference so I don't have that report but I'm asking him for it now. He basically showed me I've paid around $40,000+ in two life insurance policies: Transamerica and Pacific Life Policy. Doing a 30% aggressive and 70% safe index fund... however, the policies fees are eating at my earnings so I actually have lost around $15K ($6,000 in one, $9,000 in the other one) so lets just say I have $25k right now. If I were to surrender, I can only take out around $2k. Basically he's telling me that this money will come back after 5 more years. Also, my surrender will be waived and I can take the money out if I really wanted the out. The statements I have are extremely confusing and complicated to me so I'm not 100% what information is usable or not, nor do I understand the policies. I'm going to look for a financial advisor to help me with it. If anyone would like, I can share it with them privately to make sure it's OK to post on here, but again I only have a statement. ----- EDIT 3: I had an advisor talk to me when I sent them over my policy (thank you Reddit!) But they basically told me I'm at my loss and to run while I can. Lol If anyone is interested, here's the policy that I apparently went in: https://www.pacificlife.com/content/dam/paclife/lid/public/product-prospectus/Prospectus_Pac_Sel_VUL_Accum_15-43119.pdf ----- EDIT 4: I think I'm also going to reach out firna and see if it gets me anywhere. Sadly because I depended on someone else, I have very few paper trails of my agreement because it was all done in person. I do however have the following:
I know this is probably a long shot, but any advice on how to collect data and evidence, also any advice on how to file a complaint to Transamerica or who I can even talk to there would be greatly appreciated. ---- I just want to THANK EVERYONE for their time and their advice. I'm taking every reply into consideration and looking up all your suggestions but I wanted to emphasize THANK YOU THANK YOU THANK YOU for your time!!!! It's really helping me put together my options and my embarrassment in this whole situation is more manageable. Thank you again. [link] [comments]  |
| Will it ever truly make sense to refinance my 4.125% 30yr. mortgage? Posted: 13 Oct 2019 02:48 PM PDT While my goal of refinancing would be to reduce total interest by going with a 15 or 20 yr. mortgage with today's low rates, I'm trying to look at the whole picture of our finances and not just the break-even period for the refi. Current loan is a 30 yr. fixed with 22.5 yrs. to go on $315k. Rate is 4.125%, balance is $266.5k, and the value is somewhere between 375 and 400k. Loan originated 7/2014, but in the beginning, we were making extra principal pmts. I contribute 20% to a 401k and get a 6% employer match. That's not maxed out. My wife is a teacher and has a pretty good retirement plan, but it's also not maxed out. I contribute the annual max. to an HSA for myself. We contribute $400/mo. into a 529 plan for our kid. We have a healthy emergency fund in an HYSA. My wife and I are both 40, and we have a 3.5 year old for whom we'll be paying dependent care costs of $1125/mo. for another 2 years. We pay around $215/mo. on a student loan for my wife as part of a loan forgiveness program, so the loan's interest rate isn't a factor. We don't earn enough to be able to max out all investments and also refinance, so would it ever make sense to prioritize refinancing our mortgage if the current rate is 4.125%? Should we just leave it alone and focus on retirement and other investment accounts? We're basically trying to be financially responsible in a bunch of different areas without actually knowing what we're doing. [link] [comments]  |
| Posted: 13 Oct 2019 03:59 PM PDT |
| 17 y/o and trying to get a savings account setup hasn't gone well. Posted: 13 Oct 2019 06:46 PM PDT I've been employed for over a month and my dad wanted to get a savings account setup. But theres an issue that has came up. Since I'm under 18, it needs to be in my father's name, But theres a problem with that. My father gets social security for my sister (she has autism) and he fears that if he has another bank account in his name holding a bunch of money (which is mine) that the social security people will cut him off since it's in his name. And he does report what he makes every month to the social security people. Is there any type of why to get around this? Any help would be appreciated! [link] [comments]  |
| Just opened my Vanguard Roth IRA -- 20 y/o Posted: 13 Oct 2019 05:21 PM PDT Hey everyone, I'm a full-time 20 y/o college student who just opened a Roth IRA with Vanguard with $1000 in the account. I'm new to this, so I'm a little overwhelmed with all the mutual funds and ETFs to choose from. One thing that I've read was to avoid the target date index funds as I can take more risk early on. Can someone care to explain what they think is best for me? [link] [comments]  |
| Mother says I am not able to see my money in bank account? Posted: 13 Oct 2019 05:07 PM PDT Hello Reddit, I am in a bit of a predicament. I am 16 years old with a job. I have a Navy federal debit card. My mother says I can not see my money because I'm a minor and it goes straight to her account. The thing I am confused about is why I can't see the money that I make. I feel like something is up. My mother is not the best when it comes to money and tends to take from others when she needs money, so I am worried that my savings are at risk. Any help on this would be appreciated. If there is a way that I can view my funds please share. Thank you for your time and help! [link] [comments]  |
| What to do with $40,000 nest egg. Posted: 13 Oct 2019 07:23 PM PDT My wife and I have a plan to buy a house in about 6-9 months in which we are going to use our $40,000 nest egg. In the meantime, it is just sitting in a savings account, and we were wondering if we could do something better with it? Is it worth it to move it at this point? Is there anywhere that would pay enough interest for it to matter? Money market, CD, high-yield savings? No debt, no other major expenses, also have extra emergency fund. Just trying to figure out what else to do with this lump sum. Sidenote, I'm trying to compare rates, and don't understand the difference between dividend yields and APY. I get that APY is what the contribution is at the end of the year... so is dividend yield monthly and compounding? If so, how can those rates be the same? I'm trying to see how things are calculated monthly (since we won't hold that money for more than 9 months). It confuses me because tha websites don't really tell you the rate at which these are calculated. Thanks for any help. [link] [comments]  |
| I have a water and sewerage bill for £580 covering the next 6 months and I'm in a 1 bedroom studio. Posted: 13 Oct 2019 10:56 AM PDT This is my first time living in accommodation where bills aren't included. Is this bill not insanely expensive? It works out at over £90 a month. I was expecting it to be no more than £30 a month. [link] [comments]  |
| Have about ~$20k debt, $30k in savings, $17k in retirement, what to do... Posted: 13 Oct 2019 03:06 PM PDT Hi all. Just looking for some advice on how I should proceed with my finances. 24 y.o., living at home (for hopefully not much longer as I would like to rent a place closer to work) and considering purchasing a property in maybe 2 yrs. Expenses- Have about $9k left of my original $50k in federal student loans at 3.5%. Have an $11k car loan at 3.9%. Monthly expenses total to ~$1500/mo including an extra $150/mo to my car and extra $50/mo to my student loans. Income/savings- Make ~$4k/mo after retirement contributions, taxes, etc. Contribute ~17% of my pay to retirement. Recently opened a Vanguard Roth IRA and put $1k in it. Have $17k between my retirement accounts, and ~$30k in high interest savings. Any and all thoughts are appreciated! [link] [comments]  |
| My 401k disappeared, what are my chances of retrieving it? Posted: 13 Oct 2019 06:49 PM PDT I worked as a contractor for several years and got a nice chunk of money tucked away into a Fidelity account. I was laid off and became a SAHM for several years before finding my current job. I realized the other day that I hadn't rec'd any kind of statements from Fidelity in quite awhile. So I logged into my account and it's at $0. Cue panic-attack. My husband and I searched the history and found that in late 2017 the full amount was transferred out of my account but it didn't specify to where it was transferred. My husband thinks it's been relinquished to the state and I've lost it at this point. I'm sick to my stomach. I'm planning to call Fidelity on my lunch break tomorrow but I'd like to know if anyone else has dealt with this and what the outcome was. I can't believe that the state or.... ??? some institution ??? ... can just take many thousands of dollars because there's a gap in the deposits. [link] [comments]  |
| Curious about new offer about Experian Boost. Posted: 13 Oct 2019 03:56 PM PDT I got an alert about going experian boost for help raise your FICO score.. I don't see much reviews on it and I'm curious to know is this is something worth doing. I'm just starting to build my credit as I have a secured capital one card and have new car loan since August. [link] [comments]  |
| What else am I supposed to do with a Roth IRA? Posted: 13 Oct 2019 06:31 PM PDT I kind of need an ELI5 on how these things work. I started my current job when I was 23 in 2015 as an temp assistant making $30k. I became a permanent employee 2 years ago and now make $55k. A colleague told me to open a Roth IRA account in addition to the retirement my work puts into TIAA CREF. A Roth was better I think than a traditional one because I'm young and something about taxes being paid during / after? Idk but I put in like about $1500-2000 at the end of the year every year and now I have $4000 in it. The performance says YEAR TO DATE +1.2%. And 100% in money markets. Do I need to do anything or just keep contributing lump sum as usual? My work retirement plan has $10k in it with YEAR TO DATE +15%. I know absolutely NOTHING about finances or investments or stocks or anything and am not looking to open more accounts. But do I need to adjust or mess with it? Change the allocated investments? Some of the money in my Roth was also retirement funds from a previous job I transferred. [link] [comments]  |
| I received an offer for the job of my dreams and now I don’t know what to do, any advice? Posted: 13 Oct 2019 07:59 PM PDT I am happy but scared, my training about career and personal finance says I should negotiate any job offer even if it's high, but I don't want to ruin it, any advice? This is the story: I have multiple university degrees but just about 10 years of experience in what I do. After joking with a friend about a job post we saw online for a a senior role in a company about 10 times the size of my current company (which is an international leader too), decided to send my resume without expecting anything. Surprisingly they offered me an interview two weeks ago and today I received a job offer. I would be making ~3 times what I make now, with 30% more vacation, a 15% bonus, insurance paid 100% by them, stock, among other things I didn't expect. During the interview they mentioned they are about to subcontract my current company in a multi-year project and would want me to supervise the project, because what I do is pretty much the core of that. I am happy but scared, pretty much my current bosses would be reporting to me as their new client. I don't want to lose the opportunity but believe I should still negotiate, any recommendations related to this and the life changes that could come with this income increase? Thanks for your advice! [link] [comments]  |
| Did you know that Social security accounts can be easily stolen? Posted: 13 Oct 2019 07:55 PM PDT I just created my social security account today. All I needed was my social security, name, and birthday. Then there were security questions but the answer to all the questions they asked me was "none of these". If you haven't made your social security account do it now. Mine is now secured with a password along with phone and email alerts and my own security questions. [link] [comments]  |
| Posted: 13 Oct 2019 02:56 PM PDT I have access to a 457 b through my job. The plan itself has two vanguard funds available, an s&p 500 fund and a total bond fund. Both with low expense ratios. My salary is 80k would it be smart for me to contribute to a Roth IRA or stick solely with the 457? I can make Roth contributions to the 457. [link] [comments]  |
| Beat advice for 19 year old in the military? Posted: 13 Oct 2019 11:42 AM PDT Hello, Just like the title says I just joined the military. Currently E2, and very close to maxing TSP. Have no established credit and will be going overseas soon. Really looking for any tips/advice? [link] [comments]  |
| Posted: 13 Oct 2019 07:38 PM PDT Basically: I'm single, 45, no kids, and I'm sick of the rat race. I own a home flat out worth $400-450k, and I want to liquidate my posessions and live in a van. My current plan is to buy a property with high rental value/potential, and use that to fund my wanderings. Is there anything simpler, more profitable? Is there anything safer, sounder? I may be interested in buying a cabin or some cheap property to put a yurt/trailer on in Wyoming, South Dakota, or Montana. All in all, I'm not quite sure how to convert my material possessions into freedom. Also, I do have skills and talents that would allow me to earn $1000+/month while traveling if I put in a little effort, so the investment doesn't have to cover all my expenses. [link] [comments]  |
| Posted: 13 Oct 2019 07:09 PM PDT I was wondering if its smart to have credit cards for different things like one for gas one for food and one for general use. Thanks [link] [comments]  |
| Repairs for financed car might cost more than it's worth, what should I do? Posted: 13 Oct 2019 04:00 PM PDT Car's worth about $3k right now, repairs that NEED to be done before driving it safely probably 2.5-3k. got about $2.5k left on the loan @ 7%. Got about $1k in savings for emergencies, no CC debt or other debts. Good credit Thinking about financing a 2011-2014 civic for 3 years after trading this one in for 2k, I could easily afford to pay both loans while saving 800-1k a month in the meantime. I would feel like an absolute nimrod paying off 2 car loans at the same time though as I know that's far from the smartest decision, but I need something reliable. My work is 30 minutes away by drive [link] [comments]  |
| HSA has high pay period price that doesn't match to annual price Posted: 13 Oct 2019 05:50 PM PDT Hello everyone, I recently enrolled in a HSA at my current company. I've planned to put in the maximum contribution of $3500. My employer is contributing $177 and I will be contributing $3323. At my workplace, we are paid semi monthly and the pay period price from the enrollment portals states is $415 per pay period. After doing some quick maths, $3323 / 24 weeks = $138. so my question is, why is it stating $415 per pay period when it should be $138 per pay period? I'm going to contact our benefits team tomorrow but I wanted to reach out to you all regarding this matter as this has been on my mind the past 2 days. Edit: https://imgur.com/a/TsDKBHY here's a screenshot of the breakdown [link] [comments]  |
| Posted: 13 Oct 2019 05:42 PM PDT Hello everyone, I am fairly new to this community, infact in Reddit as a whole. I have around $50K in my savings account. I am not planning to use that amount for another year and half. With some more that I might manage to save during this time, I am planning to buy a house. I have zero experience in investing. Having that sum in my savings account is not helping me anyway. What will be the best option for me, to save for a house? Thanks in advance. [link] [comments]  |
| Diverting emergency fund monthly savings towards student loan? Posted: 13 Oct 2019 01:47 PM PDT Hello everyone, I've been lurking here for a while, and I only recently got a job with a true salary. I've been able to build a modest emergency fund by saving about $800/mo. Next month, my student loans will kick in at a $71/mo payment. Should I use that $800/mo and shove it towards the loan since it's my only debt? Split it up and still contribute to the savings? This is my first salary, so I'm trying to play it right. Thanks! [link] [comments]  |
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