Personal Finance Hi, I have $1000 + $2,500 saved right now, trying to get the emergency fund fully funded to $1000 + $15,000. Not sure when to contribute to retirement. |
- Hi, I have $1000 + $2,500 saved right now, trying to get the emergency fund fully funded to $1000 + $15,000. Not sure when to contribute to retirement.
- Is it normal to be charged for work orientation?
- Capital One Savers - Switch to Performance Savings
- PSA: Take detailed photos and note every little detail when you move into a new rental if you want your deposit back!
- Welder looking to branch off into his own small business, how exactly do I do this?
- What’s the difference between putting money into a Roth IRA and just using an investment service like M1 Finance?
- 24 years old, just started my career. Advice for investments, etc
- Company overpaid me, and HR isn't responsive
- How Many CCs is too many?
- I have $70k sitting in my savings account. Is this wasteful?
- Where is somewhere where I can put money into, not worry about it, and make profit long term?
- how is tax handled on interest/dividends in my 401(k)?
- Dad passed away, trying to determine best financial choice moving forward regarding a pension
- How should I financially prepare for entering medical school?
- Emergency Fund Question
- 19, currently attending college for free, living with parents and wondering how best to invest for my future.
- Which debt to allocate $10k towards?
- Citi DoubleCash World Elite Mastercard doesn't include Cell Phone Protection as advertised by Mastercard
- Am I able to do a balance transfer on my spouses debt?
- Car title loans and my credit score. How could this impact me?
- Student loan forgiveness programs
- Need advice
- Canadian grad student in US-- what will my taxes look like?
| Posted: 27 Oct 2019 08:58 AM PDT I have a roth ira which I max every year. Do I just wait until the last possible second in April? I'm 22, I have 35k in my ira right now, I live with my parents, I make 17/hour. I want/need to contribute but I'm not sure if I should break it into a few payments, wait until I have the full safety fun, etc. Thanks [link] [comments]  |
| Is it normal to be charged for work orientation? Posted: 27 Oct 2019 06:10 PM PDT My friend just got a job at an Alamo Drafthouse and she told me that she was charged when she attended orientation. This seemed pretty odd to me because I've always been paid for training/orientation. Is it normal to have to pay? [link] [comments]  |
| Capital One Savers - Switch to Performance Savings Posted: 27 Oct 2019 06:21 AM PDT Capital One recently launched a new type of Savings account, Performance Savings, while discontinuing the old 360 Savings and Money Market accounts. If you have either of those legacy savings accounts, switch to Performance Savings. This new account type is better than both, but Capital One by default lets you keep the old accounts and does not automatically convert for you. Why is it better?
I don't work for Capital One and don't care if you switch from elsewhere. There are probably better interest rates elsewhere. However, I just personally found this out while trying to open a new savings account and was a little annoyed I was not getting the max interest available on my older savings accounts. I want to make sure all of you are earning higher interest as well. I keep a lot of savings accounts, one for each of my near-term financial goals categories (e.g. emergency fund, home & auto, vacations, charities, gifts, etc.), so it took me about an hour to convert them all over. Switching just one account should take 5-10 min online. Transfer your funds as the last step in the process, and you're good to go. Deleting the old account is a separate matter. I think you have to call, but let me know if there's a simpler way. I haven't tried that yet. Repost check: I searched and found a few posts here related to Capital One Money Market and even Performance Savings, but nothing showing the need to switch to the new type. Happy Savings! [link] [comments]  |
| Posted: 27 Oct 2019 02:23 PM PDT Learn from my mistake. I took some, but not all the photos I should have when we first moved in. When we moved in, the carpet was a bit dirty (enough that landlord send someone over clean it up again -- nonprofessional, just a handyman with an at home carpet cleaner) Fast forward 5 years later, we moved out. He just charged us half the cost of him to replace the carpet. Yes, it was dirtier than when we moved in, but it wasn't damaged. We lived there for 5 years, and it certainly wasn't new when we moved in. But I didn't take any pictures of it before we moved in nor after we moved out. Can't prove the condition it was in. (And he says he doesn't remember sending someone over) Same with cleaning. I hired a cleaning service to do the move out cleaning. Landlord states he had to hire another cleaner because it wasn't "clean enough". I sent him the invoice and receipt that I paid a professional cleaner, but he insists it wasn't clean enough. Not sure if it's worth the hassle to fight him over everything, esp when I can't "prove" anything. He also charged us for painting the whole place. When we moved in, I noticed he had done "spot treatment" of little patches of paint. Not a full on full coat. But he charged us for a full paint and patch up (I used some command strips that took off some of the paint, FML. So some patching needed) Anyway, do your due diligence. Just because he seems like a reasonable and nice person, he won't always be. [link] [comments]  |
| Welder looking to branch off into his own small business, how exactly do I do this? Posted: 27 Oct 2019 07:07 PM PDT I am a welder living in OH, I've been in the industry for several years now. Much like everyone, I'm getting tired of working for someone else's dime. What I want to do is secure a loan for a truck ($10,000), welder ($1,000), and a few tools of the trade ($1,000-$2,000). I would like to have a mobile welding business, eliminating the need for an office or a shop, where I could drive from site to site and provide my services more quickly than sending the part to a shop and having it sent back. If it's possible to increase the loan amount for the sake of being able to pay living expenses while I'm trying to become profitable, that'd be ideal. I'm not really educated in business or finance, or even whether or not this is where I should be posting, but does anyone have any advice for the first steps of beginning a small business? Feel free to laugh and mock me in the comments, I'm just not really savvy on these types of things, I just don't want to be an employee anymore. I've taken a business management course at the community college so I know a little bit, I just get overwhelmed when I start thinking about it. Any help or advice is appreciated, thank you much. [link] [comments]  |
| Posted: 27 Oct 2019 06:53 PM PDT I'm having a little trouble getting my head around why I should use a Roth IRA instead of using an investment service like M1 Finance. Both are post-tax investments. Both are subject to capital gains. Both offer a bunch of different investment strategies. Both are "semi-liquid". Is there something I'm missing about using a Roth IRA instead? I'm new-ish to the US and still learning such things. [link] [comments]  |
| 24 years old, just started my career. Advice for investments, etc Posted: 27 Oct 2019 09:52 AM PDT Hey all I'm 24 just graduated in May got my first professional level job in July. Actually working two jobs, the one I worked throughout college as an evening shift and a regular 7-3:30 during the morning/day. I make around 70k between both jobs. About 58k for one job and 12k for the other. For the professional level job I'm gonna set up my 401k starting at 7%. As for my other part time job that I've decided to keep, the main reason is because at the 5 year mark you are considered vested and get pension benefits, which I will most likely cash out and roll over into either an IRA or 401k at my new job. I only have 1 more year left to do this. My current goal is to move out of my parents home into buying my own house. I currently have about 37k in savings, and want to own my own home by 28 years old. My current expenses are only around 500 dollars a month, with some small rent as my parents don't really even want me to pay but I insist I help out some, car insurance, gas to go to work, food etc. What kind of investing should I do to really start getting my financial freedom in the future? What type of investments? Eventually I want to flip houses if possible, I actually got a degree in Finance as well. So I want to invest in the stock/bond market. Thanks in advance. Basically just really trying to build up my portfolio. [link] [comments]  |
| Company overpaid me, and HR isn't responsive Posted: 27 Oct 2019 11:27 AM PDT Apologies if this isn't the right place to post. Basically, I quit my job in February, but due to my manager's mistake of not correctly indicating my termination date, I was paid for the next pay cycle. I quickly called HR, and they said accounts payable would get back to me. A/P never got back to me, and I decided to call HR again last week. Same thing--they said that A/P would contact me in 3-5 business days, and they still haven't contacted me. It's been over 6 months since I was incorrectly paid, and the company doesn't seem very responsive in correcting this error. I'm trying to cover all the bases, so I don't get hit with a lawsuit(?) later, and was wondering what I should do next. It's inconvenient on my part to have to keep calling them, but not sure if there are any legalities detailing my responsibility in a situation like this. For reference, the employer is based in MA, where I worked as well. [link] [comments]  |
| Posted: 27 Oct 2019 05:15 AM PDT I have opened 3 credit cards in the last year and I want to know what the effects would be on my credit if I were to open another. 2 are completely paid off and I don't plan on ever using them again (I just opened them for the initial offer - $200 after spending $1000, etc.) None have annual fees so they don't cost me anything. My main questions is: how many Credit Cards is too many and how long should I wait before I get another? Also, should I close any or just cut up the card and let them be? [link] [comments]  |
| I have $70k sitting in my savings account. Is this wasteful? Posted: 27 Oct 2019 05:28 PM PDT I'm maxing out my 401k and Roth IRA. I have $70k sitting in a 2% APY savings account. I like the security of having a lot of money if I ever need it. I'm worried about investing a large chunk of it because I fear a recession is coming. Is this dumb? [link] [comments]  |
| Where is somewhere where I can put money into, not worry about it, and make profit long term? Posted: 27 Oct 2019 10:16 AM PDT I'm very new to investing and honestly want to know where to open an account at and how to do it. I have vague knowledge of what mutual funds are and I think that's what I want. I've been using the Acorns app, and I like how I don't have to touch the money and it invests for me, but I've been told that their $1/mo fee is bad and I want to put my money elsewhere. Where is the best place that I can easily put money into whenever I want. Like if I just felt like it I could deposit $50 into my account and not touch it for years until it has compounded into more money. I've been told Vanguard and Fidelity are the best but I'm unsure what sort of account I should be opening, and whether or not people recommend them. Also can I open and manage an account entirely online? That would be ideal haha I'm 18 years old, in my first year of college. [link] [comments]  |
| how is tax handled on interest/dividends in my 401(k)? Posted: 27 Oct 2019 07:57 PM PDT I was just checking my 401(k) at my former company and noticed I had about 3k in interest/dividends YTD. are those taxed upon retirement? or taxed in the current year? thanks in advance. TC [link] [comments]  |
| Dad passed away, trying to determine best financial choice moving forward regarding a pension Posted: 27 Oct 2019 06:50 PM PDT My dad recently passed away and we are trying to make some decisions as to what works best for my mom and the rest of the family moving forward. The dilemma is that he worked in a field with a pension and died from complications related to his profession (firefighter). A bit of backstory, but for the past three years he has been working in what is referred to as the DROP program DROP Summary (basically a deferred comp program where you are technically considered to be retired). In this time he has accumulated roughly 330,000 dollars. His current pension will be roughly 7,300 dollars a month with a rough estimate of 2% COLA each year. The issue we are having is trying to determine if it is better to take the pension tax free due to a technical 100% disability from a work related illness which will be paid out to my mom (currently 61 years old) for the rest of her life and forfeit the accumulated DROP funds or to take the pension at its normal tax rate (California taxes with no other income other than retirement investments) and collect the DROP funds. I know there are several moving parts to this one, but I'd love to hear all input/suggestions on this one. Currently, I am for the taxed pension with the DROP funds, but I want to make sure I am not missing anything here. [link] [comments]  |
| How should I financially prepare for entering medical school? Posted: 27 Oct 2019 07:58 AM PDT After a lot of hard work, I will finally be entering medical school in fall of 2020. I have been out of college for four years at this point and have been working full time while trying to beef up my application. Now I'm wondering what steps I need to take between now and then to best prepare myself to the financial hit I'm going to take by quitting my job, possibly moving hundreds of miles (the school I have been accepted to at this point is very far from my current home, but it's possible that I will be accepted to closer schools or even a school in the same city), and becoming a full time student for the next four years. I currently live with my fiancé. I make about $38,000 and he makes about $58,000 (he is currently interviewing for jobs that could give him a pay raise of up to $67k and he's getting his CPA which will improve his prospects). My fiancé would most likely leaving any job he would have to follow me to school. Luckily he is an accountant and has prospects pretty much anywhere. We also have a side gig that nets us $200-500 a month which all go a straight to savings. We have about $10,000 across our checking accounts and joint savings. We have a good amount of combined debt with my auto loan and both of our student loans. We've been paying our student loans aggressively, but I'm wondering if I should pay the minimum on my student loans and start making double payments on my auto loan. I currently owe about $5000 and I can get the whole thing paid off by the time I would be entering medical school. This would eliminate a $300 a month obligation from our finances. However, I am wondering if I should be focusing on whittling my student loans down as much as possible, so while I'm on deferment, I won't be taking as large of an interest hit. I'm also wondering if I should be beefing up our savings even more to cover moving expenses and time in between jobs for my fiancé. Any advice on ways to prepare for this huge life change? [link] [comments]  |
| Posted: 27 Oct 2019 10:15 AM PDT Hey all, Please forgive my ignorance on the subject, but I have a question regarding money I keep in my "emergency fund". I am working my way towards having around six months worth of living expenses as my emergency fund, but I am unsure about letting this money just sit in the bank. To elaborate, I have a Roth IRA that I put money in monthly, and this is great because I am earning money (ideally, of course) with this. With money in my bank account, I really am not earning much money with this. I understand that an emergency fund is for having money immediately available, but couldn't I have, say, 3 months worth of expenses in my bank and the remaining 3 months in my roth? That way, I have money immediately available, and have time to withdraw the remaining 3 months from my roth if I end up needing it. Again, this could totally be a ridiculously dumb question, and if so, please tell me and I will take that as an answer to not do this :). EDIT: Thank you all for the great responses and advice. Very much appreciated! [link] [comments]  |
| Posted: 27 Oct 2019 07:13 PM PDT To start off, I live in a part rural/urban city in Tennessee. I currently work part time at $11 an hour and go to college through Tennessee Promise ( basically 2 free years of college ) and live with my parents. There is a very good chance of me securing a job through the local school board for an IT position starting at $15.30 and it rises about $.30 a year at 40 hours a week. This would almost double my current monthly earnings plus government benefits, and would put me just above the median yearly income for my area and I was wondering how best to invest all of that extra disposable income while I still can. I have still yet to figure out if they match 401k. Any and all advice is welcome, as well as any criticisms for things I may have gotten wrong. [link] [comments]  |
| Which debt to allocate $10k towards? Posted: 27 Oct 2019 12:13 PM PDT Trying to deal with some debt accrued from younger, dumber years. Towards the end of February 2020 I'll be coming into around $10,000. I have 3 major sources of debt I'd like to tackle, just not sure which is the wisest financial action to take and which debt to kill. I have: Carecredit card with a balance of $5,235, 26.99% APR Cap. 1 credit card with balance of $4,350, 21.65% APR LendingClub 60 month loan of $20,000 - current balance is $19,349. Interest rate 28.80%, APR 32.07% The lendingclub payment is killing me each month, at $632 a month. The minimum monthly payments on my other 2 credit cards range between $120 - $150 each. Just need some advice on where to allocate this $10,000 that i'll be getting towards the end of February. Is it wisest to try to knock 10k off that lending club loan that's killing me? Or just try to clear the 2 credit cards? Thank you in advance for any advice.
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| Posted: 27 Oct 2019 03:02 PM PDT Glad I checked first, but I find it annoying and borderline deceptive that Mastercard touts certain benefits for using a World Elite Mastercard when the reality is that the benefits don't apply to all World Elite cards. Called to double check that my Citi DoubleCash World Elite Mastercard had the "Cell Phone Protection" advertised on the Mastercard Website, and the answer was no, it is not a benefit on this card. So heads up, if you've moved your cell phone bill to your Citi World Elite Mastercard thinking you have coverage on your cell phone, you probably don't. I also asked if this card is actually a World Elite card, and the answer was yes, but it simply doesn't have all the benefits they offer to World Elite cardholders. Would be curious to know if anyone else with a Citi DoubleCash World Elite Mastercard gets a different answer when calling in to check benefits with Mastercard. [link] [comments]  |
| Am I able to do a balance transfer on my spouses debt? Posted: 27 Oct 2019 05:56 PM PDT Background: together 6 years, married 1. Have 1 kid, and another on the way, so not particularly concerned about getting stiffed. My wife has about $4,500 in balances across two credit cards. She overpays on them regularly, but she has fairly poor credit, and the interest rate is rough, so progress hasn't been great. I have excellent credit and $0 debt (outside car loan and mortgage). I only carry one credit card, which is paid off every month, but I was curious if I'm able to open a 0 interest card and balance transfer my wife's debt onto it so she can pay it off much quicker. The payments aren't necessarily a burden for her, but it's preventing her from raising her credit score easily while carrying the balance, and it would get paid much faster. If I'm able to do this, does anyone have any recommendations on cards? Thanks! [link] [comments]  |
| Car title loans and my credit score. How could this impact me? Posted: 27 Oct 2019 09:16 AM PDT I am trying to figure out a way to pay for a few short term bills by getting some cash and I've read about getting a loan via a car title. I dont have an expensive car, but I think I can get something for it. I read https://www.fiscaltiger.com/will-title-loans-affect-credit-score/ and they said that affecting my credit score will depend on my lender, but that I'm less likely to get ding if I make a late payment because a car is considered collateral. Is this true?and what is a reasonable interest % that I should expect. [link] [comments]  |
| Student loan forgiveness programs Posted: 27 Oct 2019 05:11 PM PDT My mother found a place where we pay $1500 and they can try talking the whomever deals with the student loan debt to lower the debt or forgive it altogether. Apparently this can work, according to this company, if she is NOT working in that field she studied for. Is this true or is it false? [link] [comments]  |
| Posted: 27 Oct 2019 08:33 PM PDT I'm a stupid 18 year old who works part time and is trying to save for a car any advice [link] [comments]  |
| Canadian grad student in US-- what will my taxes look like? Posted: 27 Oct 2019 08:21 PM PDT I am a Canadian citizen who just started grad school in New Hampshire on an F-1 form. I receive a stipend through my department. Does anyone know what the IRS tax rate on this should be? So far, it's been ~15%, but I'm seeing online that the standard tax rate for Non-Resident Aliens (including F1 students like me) is 30% unless I qualify for tax treaty. Does anyone know if there is a treaty that would apply to this? Am I still expected to file this income with the CRA? Thanks! [link] [comments]  |
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