Personal Finance I just got 100k and don't know what to do with it. |
- I just got 100k and don't know what to do with it.
- When Should I Buy a House?
- Been at new job for a week, got a significantly better job offer, how do I handle this?
- Moving to the U.S., Uncertain About Some Things
- Has anyone ever heard of their mortgage company not allowing additional payments on the premium?
- How did you decide on an IRA type (Traditional vs Roth)?
- I went into Verizon to open a plan and the salesmen charged my card the wrong amount after I had the phone in my hand. He refunded the incorrect charge and I returned the phone and decided to not open the plan with them because the salesmen was shady. I have now been sent to collections. Help.
- my car was hit while parked
- Unable to find work: Army Reservist coming back from AIT
- Did backdoor roth ira, now doing mega
- Question about refinancing car
- 24 years old, currently make $2.1k a month after taxes. I want to have a solid, straight up investing plan for the next 5-10 years. Something that isn’t complicated, but it just is very straightforward.
- Landlord gave me 60 day notice. Need help planning next move.
- Buying first car advice
- Rotha IRA Funding
- Is it possible to survive on $50 a month for food (dinner only) in the US?
- What’s the next good step?
- What’s the safest yet most lucrative way to save ~$18K?
- How to cash in savings bonds of a deceased relative
- Contributed to Roth IRA, Make more than 122k
- I have $20K in savings, hoping to invest. Should I continue adding to my mutual funds or branch out?
- My 60 year old mother doesn't have health insurance. She is starting to have significant knee and back pain problems. What can we do?
- What steps should I take to rebuild my credit?
- What type of account should I put money into to save for my son?
| I just got 100k and don't know what to do with it. Posted: 06 Oct 2019 03:13 PM PDT I've been in construction since I was 16, I've made some money on it but not enough. I don't have any skills other than being able to build you a house from the ground up. I have been working 6 to 7 day weeks, 10 hour days for as long as I can remember, I'm 50 years old but as tell people it's not how long I've been here, it's the amount of mileage I have. As the above says, I now have 100k to my name, my body hurts I don't know how much longer I can continue to work in my field. What can I do? I want you to assume that I'm dumb. Edit 1: I would like to get away from construction. I'm done with this, I know the ins and outs. I'm done. Edit 2: No I have not saved 100k, it landed on my lap. Edit 3: I'm not looking for long term investments, I want a total change. Ecommerce? Start ups? Edit 4: I appreciate everyone putting in the time to give an old man some advice, it's sad to say and I have to agree that although 100k isn't much, it is extremely difficult to acquire. I'm sure in a lot of people's life times they will not acquire it, I wish we all could, I'm just looking outside the box and other ways to insure a security for the remanding time of my life, and hopefully assist in setting up my children's (Grown adults) future. It's getting late I'll be heading off for now, but I will be checking in on this and responding tomorrow. Again, I thank you ALL for your input and suggestions. [link] [comments]  |
| Posted: 06 Oct 2019 08:46 AM PDT My wife (28) and I (32) are getting to the point where we'd like to begin looking for home, but aren't sure if it's the right move for us. Here are a few things of note to be considered
The last piece of information is probably one of the most interesting. We are currently living in a church for next to nothing My wife's father is a pastor of a medium sized church which has an apartment inside of it. We moved in about 4 years ago and have been paying $400 a month in rent ever since. We do not have to pay internet, gas, electric, trash, etc. The only thing we are asked to pay is $400 a month for rent. It's a really great set up and helped us get out of debt and begin our savings. I'm fine to live here as long as possible, but now that we are out of debt, my wife and I are getting a little antsy to have our own place. Is that silly? Should we stay here as long as possible? Because we won't be having kids, we just need a 2 bedroom home, but we want it to be nice. Based on our financial situation, when should we expect to realistically move out? I don't want to live here forever. We'd like to have a house in the 150k range Any recommendations? UPDATE: Just to clarify a couple things.. This time last year we were making 67k. My wife and I both got our raises within the last month which bumped us up to 92k. We paid off our newest car a year ago ($373/month) We paid off my student loans this past spring ($800/month) I had some medical bills that I finished paying off over the summer We are considered caretakers of the church. We both do a lot of work for the church. The pastor lives about 20 minutes away, so he likes having us there to make sure things are also locked up, lights are odd, if alarms go off to check them, etc. [link] [comments]  |
| Been at new job for a week, got a significantly better job offer, how do I handle this? Posted: 06 Oct 2019 01:35 AM PDT I just started a job on Monday and been trained for a week. It's a manufacturing job through a temp service. I got a offer for hire at one of the best jobs in the area, which would net me about a 35% raise. What is the best and most professional way to handle this switch, while burning as few bridges /angering as few people as possible? [link] [comments]  |
| Moving to the U.S., Uncertain About Some Things Posted: 06 Oct 2019 03:13 PM PDT Hello everyone! To explain my situation in a little more depth: I'm a M22, born in the US but lived abroad since I was 7 (my parents were missionaries in South America.) I'm married now and moving back to the US with my wife. We've managed to save just enough for our starting expenses (mattress, couch, desks, car down payment, etc.) and have managed to find a relatively cheap apartment in southwestern Washington, within commuting distance of the Portland metro area. I have a decent job that I do from home, between $3000 and $4000 a month, although there are a couple very low seasons, e.g., in January. My wife is going to be working as a piano teacher (she has qualifications and experience, so not just as a casual teacher,) but she'll need a couple of months to build up a regular student base. My main question is: what percentages should we be aiming at? If I stick with the conservative estimate of $3000 for the first few months, how much of our income should go to rent, car payment, groceries, etc.? Our rent is already fairly low, 25% of our income, so I'm just looking for an estimate on the rest, and some ideas for what to do going forward. As my wife gets more students, we'll have some disposable income, but I'm not sure what to invest it in. (newer car? property? retirement?) Any advice is appreciated. Thank you!! [link] [comments]  |
| Has anyone ever heard of their mortgage company not allowing additional payments on the premium? Posted: 06 Oct 2019 04:31 AM PDT I went to pay the mortgage and thought I wold pay a little extra. Paying principal was not allowed only allowed to pay extra to escrow. [link] [comments]  |
| How did you decide on an IRA type (Traditional vs Roth)? Posted: 06 Oct 2019 11:16 AM PDT Almost every guide I see online has something to the effect of "choose Roth if you expect your tax bracket to be higher in retirement", etc. The problem I have is that this is very hard for me to estimate in my early thirties. So how do you decide what IRA type to contribute to? What are some tips for estimating what your tax bracket might be when you are 30+ years from retirement? [link] [comments]  |
| Posted: 06 Oct 2019 06:37 PM PDT So I went into Verizon to open a new plan. After unboxing the phone and deciding on a plan I went to pay for my new plan and the salesmen charged my card the wrong amount. It became clear that the salesmen was either new or just didn't know what he was doing. I asked for a refund and I decided not to open up the plan at all. I left the store without the phone and with two refund receipts. One refund receipt for the phone and one refund receipt for the plan that I never opened. This all took place in the course of an hour. I never opened the plan or left the store with the phone and I have now been sent to collections by Verizon for the cost of the first month of a phone plan I never opened up. I contacted the store and they said they can't help me. They told me to call Verizon directly. I called Verizon directly and they said to call the store. What do I do? Please help [link] [comments]  |
| Posted: 06 Oct 2019 03:06 PM PDT Hey yall, so i am sort of in a bind here. sorry for the word salad. I am a professional student, currently in San antonio for a month. I am not from there but im from a neighboring state. I decided to go to austin to check it out, especially since it is ACL weekend. I went there, had fun, parked my car on the street. I come back at 10pm and the driver mirror is smashed and broken, the gas tank cover has been ripped, and there is a huge fender bender on my car. It is a 2010 lincoln mkz, looks great, ive had it for 2 years and ive only spent quallity money on synthetic engine oil to change it. No other money on maintenance, its been good. so now for my dilemna. this happened on saturday. The person who hit my car with a RV left a business card. A witness also left a note and i called him and he gave me the license plate of the RV. I immediately called the cops to put in a report of location, phone number on business card, license plate etc. The dude called me back and gave me his name, didn't really give me his insurance deets but i suppose he'll be making a call to them on monday? My question is now what do i do? im incredibly busy and my schedule is inflexible so i won't have much time to deal with this BS for my remaining 2 weeks here. Since im out of state, how does it work? the car has 120k miles roughly on it, and KBB estimates it around 3-4k. I doubt damage is going to cost that, but it for sure with labor will be significant. The damage was extensive. Im afraid insurance company might cut me a check for 3k, but on craigslist a similar car with similar mileage is running for 8k. Basically i am clueless about how this works? When i return home to a different state (neighboring state), how will that work out? any advice is appreciated and welcome. EDIT: I only took 2 photos. It was dark. caption caption Should I go take more? tldr; probably drunk dude hit my car and car behind me. I am not from austin or even saTX, and do not know what is in my best interest here. This is already stressful enough, i don't want to get screwed. [link] [comments]  |
| Unable to find work: Army Reservist coming back from AIT Posted: 06 Oct 2019 02:58 PM PDT Its been about a month since I got back from AIT, and its been a nightmare. I originally joined the army under the SPLIT OP program with the intention to go active duty, my paperwork was rejected before I left for AIT with the same copy-paste message they give everyone. I'm living at home still, unemployed, I've been looking for a job but nobody seems to want to hire me in the area, probably due to the low income and high poverty rate, I feel immobilized, I planned for so much, and I've seen all of it fall apart. I'm considering using my life savings and bonus money (I'm going to forfeit anyway if my paperwork is approved) to move out and find a job, which would be a huge loss financially, but I can't see any other way. [link] [comments]  |
| Did backdoor roth ira, now doing mega Posted: 06 Oct 2019 02:48 PM PDT Hi, I just started a new job last month. My previous job I already maxed out my pre-tax 401k and did a backdoor roth ira maxed out at $6k. From reading around, the backdoor roth and megabackdoor should not affect each others limits. So if I understand this correctly, I have this much left over to do a megabackdoor roth. $56,000 (IRS Limit) - $19000 (401k) = $37,000 to do a megabackdoor. This all assumes my previous employer did not do a match. Are all my calculations correct? [link] [comments]  |
| Question about refinancing car Posted: 06 Oct 2019 03:21 PM PDT I financed a 2015 Chevy Cruze in May of 2017 from capital one at 14 percent and payment of $ 315.20 for 6 years. (Ouch). Still owe slightly over $11,000 Recently my credit Union offered 8 percent and same term of the loan (43 more months) at 8 percent and a $314 dollar payment. I guess I'm not understanding how I'm saving money. Can someone explain this to me? Should I take the offer and why? I've struggled to get my credit up, doing a decent job. Slow and steady. TIA Edit: I should also add that I do not need my cosigner on new loan. [link] [comments]  |
| Posted: 06 Oct 2019 05:06 PM PDT Anybody have any suggestions? I would also like to know my options if I wanted an investment plan for the next three years if possible EDIT: 2.1k after expenses and taxes. EDIT 2: Thanks for the help everyone. I realize a that I need to learn a few things from the comments. Appreciate it. [link] [comments]  |
| Landlord gave me 60 day notice. Need help planning next move. Posted: 06 Oct 2019 05:02 PM PDT I am a 38yo single male making $24.78 an hour with 2 more scheduled raises with the next one coming in Feb ($25.98) and the final one in September ($27.22). and am currently renting an apartment in the San Francisco Bay Area for the past 9 years which is $819 including utilities. I received my 60 day notice on Sept 16 and have until Nov 16 to be out of here. Rent prices are pretty high out here I'm not sure what I can afford and would appreciate any help. A co-worker has offered to rent me his 1bed 1 bath house which is a hoarder house if I clean it up. He's willing to sign any contract for a lease. Does anyone have any experience with cleaning a hoarder house? Rent for a 1 bedroom is at least 1400 up to 1600 a month so the hoarder house for $800 a month is attractive. [link] [comments]  |
| Posted: 06 Oct 2019 08:24 PM PDT Hi all, I'm planning on buying my first used car soon and was hoping for some advice. I've been doing some reading and am still a bit fuzzy on the best approach towards financing the car I want. Some background:
I was reading about APRs and how they're usually higher on used cars, given that my credit is anywhere in the range of 610-680 (two different estimates from different credit card applications), what would be a reasonable APR? Do I have much leeway when I have basically no credit history until very recently? Are there any definite questions/things I should try and ask/get clarified when I'm at the dealership? Any golden rules to follow? (Say "no" to almost everything besides maybe warranty-related offerings?) Thank you! [link] [comments]  |
| Posted: 06 Oct 2019 05:02 PM PDT Can I fund my Roth IRA with money from a Money market or checking account? Or does that money going into my Roth IRA have to come from my paycheck from my employer? [link] [comments]  |
| Is it possible to survive on $50 a month for food (dinner only) in the US? Posted: 06 Oct 2019 05:38 PM PDT My friend always loudly proclaims that he spends $50/month on dinner (we get our lunch expenditures reimbursed). I seriously doubt him, as that would mean spending of $1.66 a day or $11.66 a week for dinner. Unless you eat PB & J sandwiches every night for dinner or something like that, Is spending that little on food even possible in the United States? By the way, we live in a low COLA in the Intermountain West. [link] [comments]  |
| Posted: 06 Oct 2019 08:25 PM PDT I'm a late 20s medical resident in a medium sized city and I'm trying to figure out what to do financially now to help my future self the most. I've worked really hard to pay off my debt and I earn 57kish a year pre tax. I'll hopefully make real doctor money in 3-4 years. I have about 45k in savings and right now rent a place close to the hospital where I work for about 1000/mo when utilities and internet are added in. I don't have a car and spend about 250ish per month in uber/Lyft. I don't spend so much in entertainment and go out about 1-2x per week for food etc. nothing super extravagant and I'm pretty minimalist in my spending overall. I'm debating between buying a house now, continuing to rent, or put some of my savings in some type of investment account. What might you recommend? [link] [comments]  |
| What’s the safest yet most lucrative way to save ~$18K? Posted: 06 Oct 2019 03:45 PM PDT I'm about to come into a sun of money in the $15,000-$20,000 range and want to put it into a savings account that earns interest, but I don't have much knowledge with this kind of stuff and want to make the most out of this opportunity I'm being given. Thanks! [link] [comments]  |
| How to cash in savings bonds of a deceased relative Posted: 06 Oct 2019 05:38 PM PDT My mom found many savings bonds belonging to my grandfather (passed away in 2011) which in total would be worth over $10,000. Does anyone know how she is supposed to cash them in? My mother is legally in charge of his estate but she does have two siblings. The Treasury Direct website mentioned mailing them in to the Treasury Retail Securities Services in Minnesota (we live in Texas) but my mom doesn't want to mail something worth that much money. Any advice or help would be appreciated! [link] [comments]  |
| Contributed to Roth IRA, Make more than 122k Posted: 06 Oct 2019 05:28 PM PDT Always hear its good to set up an IRA, and didn't do a lot of research. I set it up with 6k before learning that there is a limit on income. What should I do? [link] [comments]  |
| I have $20K in savings, hoping to invest. Should I continue adding to my mutual funds or branch out? Posted: 06 Oct 2019 07:01 PM PDT I'm no money expert, but I'm aware that there are better ways to grow my money than letting it sit around in my basic bank savings account. I currently have about $20,000 sitting in my savings account, plus another $15,000 in mutual funds and $1,000 in a 403(b). Just started a new job, so I'll be making $42,000 a year. I've had the mutual funds for about 3-4 years now (started with the same nonprofit financial advisory/investing company my parents have used for years). They've been gaining about 5% each year. I recently read that 8% is the number to aim for (though to be fair, I don't recall what type of fund that was for). Basically, I'm wondering: What can I do with my $20K to actually grow it, rather than letting it sit in a savings account with pathetic interest rates? Should I drop a chunk into the mutual funds? For that matter, are mutual funds my best option, or should I pull that $15K out and seek other options now that I'm no longer financially tethered to my parents? (If it makes any difference, I'm 23, so I'm hoping to invest for the LONG long term.) [link] [comments]  |
| Posted: 06 Oct 2019 04:01 PM PDT Title almost almost says it all. We live in PA. She and my father own a restaurant and are over 400% of the poverty line, so no subsidies from ObamaCare AFAIK. My dad is 69 and gets Medicare, but my mom needs something to let her see her doctor about back/knee pain she has been experiencing recently. My dad is an Italian citizen and they have been married for over 25 years - she is considering trying for Italian citizenship as apparently it would be cheaper for her to take a vacation and stay with my dad's family while seeing a doctor over there than to go to a doctor here in the states without insurance. Are there any other options for her? [link] [comments]  |
| What steps should I take to rebuild my credit? Posted: 06 Oct 2019 05:04 PM PDT First of all, let me just say how embarrassing it is to be telling anyone about this situation, even in this semi-anonymous setting. I greatly appreciate any advice. I'm in my mid-30s. About three years ago I received an inheritance that allowed me to purchase a home outright (I know, lucky me) and start a small business. My small business was slow to get off the ground, but as a single person living alone I was able to putter along and make it work. Then I was given de facto custody of my two young nieces. They moved in, and all financial hell broke loose. Suddenly the small, irregular bits of income I was getting from my small business weren't nearly enough. I had two credit cards which I had never made much use of (revolving balance). What with one thing and another, I ended up living almost entirely off of those cards, maxing them out with groceries and utilities... and then, as my business limped along over the next two years, ultimately defaulting on them. Then the dodging of the debt collectors began. I reasoned that there as no point even talking to them, since I had no money with which to pay them--can't get blood from a stone. Since the start of 2019 I'm finally earning a living(-ish) wage, so when I got a letter indicating that my debt had been sent to a law firm, I engaged an attorney of my own to settle it. I'm finally free. Obviously my credit is now in tatters. I took out a secured credit card (my options are limited as a self-employed person) with a minuscule monthly limit. Is there anything else I should be doing to help rebuild as I look to the future? (My nieces still live with me, and I absolutely adore them. My credit score and a little bit of financial runaround is a small price to pay to get to have them a full-time part of my life!) edit: wording [link] [comments]  |
| What type of account should I put money into to save for my son? Posted: 06 Oct 2019 05:00 PM PDT My son is 5 months old and I've been thinking about his future recently. It's far off, but I know if I get started now on saving money for him, I'll be able to have a decent sized account for him by the time he becomes an adult. My husband and I are both from very poor families, and we've had to fight and dig ourselves out of the poverty hole with no help whatsoever. I don't want our son to have no security like we did, and so I'm hoping that you guys could tell me what kind of account may be the best to start putting money aside for him. Whether it be for college or not, I just want him to have some kind of leg up in this world. [link] [comments]  |
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