Personal Finance In between jobs. Should I drain my savings for mortgage and student loans, or tell my loan companies I need to skip a month on those? |
- In between jobs. Should I drain my savings for mortgage and student loans, or tell my loan companies I need to skip a month on those?
- Letter from Louisiana Department of Revenue stating I owe money from 2017 but I’ve never been a resident of Louisiana
- Would it be silly of me to buy a new car while still paying off my student loans?
- How to invest an inheritance, especially when family members know of it.
- Need help deciding between studio apartments.
- Mutual funds vs. Index Funds?
- Mega Backdoor Roth Question
- Grandparents spent outside their means over several years - Trying to Clean the Mess, Please Help
- my mom took out a bunch of credit cards in my name without telling me
- Upside down (and encumbered) rental property advice needed please
- Credit card company won't recognize payment
- Should I go to college? To study what?
- Am I crazy for wanting to move to LCOL area?
- I'm risk averse and have a ton of cash. What should I do with it?
- Sick and tired of renting at 34. How do I even go about buying a home?
- I'm starting to make too much money and now my mom is going to have to buy into Medicare
- Avalanche method for paying off debt
- College Student; moo Car Accident on Street
- Can I not check my credit for free?
- Currently 29, never lived on my own, looking for help with a plan. How much do I realistically need to move out?
- If I have a HSA and flip to a new insurance plan that doesn't have an HSA, what happens to the money I've already contributed?
- I'm 19 years old with decent paying job, that will pay for my college, how can I invest my money better?
- Financial institution reported an account as $0 owed on my credit report.
| Posted: 20 Oct 2019 09:04 AM PDT Credit score is over 800, is it bad if I miss a payment? I'm a pharmacist and I can't imagine it taking more than a month to get a job. Edit. We have an old IRA form previous jobs. Haven't rolled the last 401k to the IRA Edit 2. My plan is to stop student loan. Wait on car payments if they allow it. Pay mortgage. Use savings long as I can. Then use 401k/IRA money if I have to. Not the best thing in the world but I put 15% into it so even the last year of contribution/gains will make up for the tax and penalty. [link] [comments]  |
| Posted: 20 Oct 2019 11:49 AM PDT Hello, a few months ago I got a letter stating I owe 500 dollars in taxes to the state. I was really confused because although I did live 2 years in Louisiana, I'm in the military and my state of residence is to Arizona which is what I've always claimed on all my taxes. My duty station was in Mississippi but it was on the boarder of LA. Anyways, I called the office, they said it was for the year 2017 and to send in my LES and my tax forms from that year and a copy of my drivers license. So I did just that and I forgot about it. Well I just received another letter in the mail saying I have 60 days to send in my tax liability or they will submit a balance as a candidate to the US Treasury Offset Program. The amount also raised from the 500 dollars to 693. Also I don't even live in Louisiana anymore and I PCS'd to another state. I don't want to pay an absurd amount of money to a state that's not my state of residence, but I also don't want any repercussions and them to seize my money. It didn't seem like the stuff I sent them was good enough to show that they made a mistake. What should I do? [link] [comments]  |
| Would it be silly of me to buy a new car while still paying off my student loans? Posted: 20 Oct 2019 08:54 AM PDT I've been back and forth with buying a car off a local vendor, preowned dealership, leasing, and etc... (My current car is totaled) I keep hearing different things from different people and I just want to make a financially smart decision for the long run (while also considering the short). I recently got a new job one month ago with great pay and needless to say I'm pretty excited to finally adult with money in my pockets. My stats: Salary: $94,000/yr (room for $10,000 w. overtime or per diem shifts). After taxes monthly income is $5,000 (not including the extra potential income). Special Note: I will be getting a raise to $100,000 in January. Student loan debt: $39,500 at 4% (combo of private and loan at basically the same rate) - starting payments in November with aggressive $1,500 monthly payments. Looking to pay it off in three years. Rent/Bills Total: $850 (still living at home and paying rent to my mom plus phone bill and car insurance). Credit Card debt: $700 (Was at $6,000 in August and finally bought it down to $700.) - Will kill this bill by Oct. 31st. Emergency/Savings: $7,2000 I really want a midsize SUV. If I'm gonna shell out the money it rather be a car I want. I'm looking at a Honda for $25,000. Am I better off leasing now and buying it off after three years? Would buying a new car be a really bad move? Am I better off buying pre-owned and saving myself about $8 to $10,000? [link] [comments]  |
| How to invest an inheritance, especially when family members know of it. Posted: 20 Oct 2019 10:37 AM PDT I (21, from Canada) have recently been notified of a large inheritance I will be receiving and as someone who has grown up in a family who never had enough, I have no idea what to do with it. I understand the need to speak with a financial advisor and invest but other than that, I feel scared and clueless (as well as both extremely grateful and guilty for the inheritance as I don't feel I deserve it but am aware of how well-off I can be now if I play my cards right). On top of this, the executor of the will regarding the inheritance and estate is one of my parents so my family has all been made aware of it. Not exact figures as far as I know but everyone knows that I will be receiving a large sum of money. What is the best way to handle this now? Most posts and articles I've read suggest keeping it on the down low but what do I do if it's too late for that in terms of family members. I also have a few questions and am hoping someone can point me in the right direction, or give any helpful tips they might know. 1) How do I pick a financial advisor? How do I know the best fit for me? What should I look out for? 2) If I wanted to share a sum of the money with said parent who is aware of my inheritance, not out of guilt or pressure, but because as I said, we've never had much and I would like to also help them out, what is the best way to do this? Save the interest amounts that I receive from investments and then transfer it to the parent? 3) What is the best option for paying off student loans? I'm sure paying them off in one big chuck is wrong as my original inheritance amount would then be smaller, therefore there would be less interest received on it, right? So then again would I just focus on the interest amounts and pay off my debts this way? 4) How do I move money internationally? Or how does this work? Again, I am way out of my league here. I have been planning to move to the UK from Canada for a while and have been trying to save, and now with this inheritance I am not sure what to do. Would I leave my investments in Canada? Do I have to move them? 5) How do I handle telling my partner? He is aware of the inheritance but as of yet, we are unsure of exact numbers and I'm not sure how to tell him. And should I be considering a prenuptial agreement if we plan to move in together and marry? TL;DR I am receiving an inheritance and know nothing about investments and having money so I have questions; my family is aware of the inheritance; wondering how I can make it work for me in the most efficient way possible and where I should be looking in terms of safe, reliable investments. Thank you! [link] [comments]  |
| Need help deciding between studio apartments. Posted: 20 Oct 2019 01:25 PM PDT I'm a grad student and I make around $2300 a month. Apartment 1 is $695 and 366 sq. ft. Deposit is $150. It includes refrigerator, dishwasher, and stove. Has a decent bathroom and walk-in closet. It's older but still decent. The laundromat of the apartment complex looks pretty jank and not well maintained. However, I've overlooked things like that as there are still machines that work. I just wish they were kept better. Apartment 2 is $800 and is roughly 600 sq. ft. It is brand new and deposit is $400. It includes refrigerator, dishwasher, stove, microwave and laundry machines. I want to save money, but I'm wondering if it would just be worth it to go with the newer apartment. Someone told me to keep in mind that laundry machines can jack up your bills if you do multiple loads (I do two loads per week). But someone else said they didn't think laundry machines would jack it up by a lot. Where I currently live I spend $24 a month on laundry in the laundromat. Just looking for second opinions and rational perceptions to help me decide. Thanks! [link] [comments]  |
| Posted: 20 Oct 2019 07:34 AM PDT I have been reading and hearing (in podcasts) of how we should be investing in an index fund because no one truly beats the market and so we should just ride with it. However, I am so confused as to how I can invest in an index fund. I am from the Philippines and the only "index fund" I see here are those that are from mutual funds - where you basically ask them to invest your stocks in a fund that mimics the market. This leads me to the question - does investing in an Index Fund mean you invest in a Mutual Fund and ask them to have the portfolio mimic the market? In mutual funds, we have the flexibility of investing the money on an equity fund, a balanced fund, etc. but I am quite confused on how I can invest in an index fund. Is mutual fund the only way? Hope someone can shed some light on this one! [link] [comments]  |
| Posted: 20 Oct 2019 06:32 PM PDT Hi All, I'll be starting a new job tomorrow that offers a 401k (through fidelity) with many additional options as compared to my previous 401k (which was just a standard 401k plan). I'll have the option to do a normal / roth / after-tax 401k, and will have the option to do in-service rollovers. I have previously always maxed out my pre-tax 401k, and will continue to do so. I have also previously maxed out a Roth every year. At my pay rate with the new company, I do not expect to be able to qualify for a Roth at all (I could still do a backdoor obviously). I currently have both a 401k, and a rollover 401k in an IRA that I will be rolling into the new company's plan (leaving me with no IRA except for my Roth, and making a backdoor a viable strategy without having to pay additional taxes... i.e. I will no longer have both a pre and post tax IRA). Anyway, my main concern is how to handle additional money that I want to contribute to retirement beyond my normal pre-tax 401k. Specifically, I'm wondering how doing a mega backdoor via post-tax 401k would impact my ability to withdrawal principle without penalty from my Roth IRA should I need to do that (it's unlikely). My current Roth IRA account is well beyond the 5 year requirement. If I allocate say, 20k into post-tax 401k and roll that into a Roth, does the 5 year clock start ticking again? Does it matter if I roll it into my existing roth account, OR into a new Roth account? Note that I'm only talking about the principle here, not the earnings. I'll also say, because I know I will get this question, that I don't intend to NEED to pull out this money, but I want to know the rules if I should be put in a position where it's advantageous. I'm not using this is an emergency fund or anything like that. I also have a normal brokerage account with about as much money in it as currently is in my 401k + rollover IRA + Roth combined, mostly because I needed a place to invest outside of what was previously available to me. [link] [comments]  |
| Grandparents spent outside their means over several years - Trying to Clean the Mess, Please Help Posted: 20 Oct 2019 04:06 PM PDT Hi Personal Finance, I recently became responsible for my grandparents' finances due to my grandfather's illness and my grandmother's lack of technological or financial knowledge. My grandfather has been far too generous to the family and spent well outside his means over the years. Their finances are a complete and total mess. I am trying to help give advice to clean up what I can, but it is overwhelming. This is in Louisiana, a joint debt and property state. Below are all estimations of the debts within ~tens of dollars and the interest: Store Card #1: $6,000 @ 27% APR (Over the credit limit by 20%) Store Card #2: $600 @ 29% APR Store Card #3: $3,050 @ 28% APR Store Card #4: $1,000 @ 27% APR Store Card #5: $1,000 @ 26% APR Credit Line #1: $10,500 @ 27% APR Credit Line #2: $3,000 @ 20% APR Credit Line #3: $1,200 @ 0% APR first 12 months IRS: $1,000 @ 5% APR Personal Loan: $6,600 @ 12% APR Total Credit Debt: $33,950 Immediate Expenses: Home Loan: $142000 @ 4.5% APR (~$1000 monthly payment) Car Loan: 30000 @ 2% APR (~$585 monthly payment) ~$1500 monthly misc. expenses (energy, water, phone bills, internet, insurances, etc.) Total Immediate: ~$3100 They make ~$7,000/month in retirement net income. When my grandfather passes, I am unsure which funds will be available to my grandmother. She makes ~$800/month from Social Security. I know she will get a part of his VA benefits, Pension, and Social Security. I expect my grandfather will likely pass by Christmas. We are unsure what the life insurance payout will be or if there for sure is one. We have been told he may have 2 life insurance policies, but my grandmother has not gotten all the information on that yet. His funeral will be mostly paid for by the VA. Without making them eat "pork and beans," I have cut a few unnecessary monthly expenses and I am helping them trim as I see fit. I have been more or less "snowballing" the debt on the higher interest, lower balance credit lines. So far, I have helped them pay off 4 cards in full over the last 2 months and this is the mess that's left. They also have one small property which is in the process of being valued to sell as soon as possible. It's a little ~1 acre camp (not much, but it will help). My plan right now is to pay off Store Card #5, #2, and #4 next month and go from there. I am trying to make them pay somewhere around $2000-2500 extra in payments on debt each month, as that is what they have left after what I would consider immediate expenses (mortgage, car, groceries, utilities, insurance, etc...) I am trying to do as much damage to the debt as possible before he passes and there is not as much income. Does anyone have any advice or see something I don't? Should I work on paying off Store Card #1 first since it's over the credit limit? Thank you! Edit: Had wrong interest rate on a few things and it has been fixed. [link] [comments]  |
| my mom took out a bunch of credit cards in my name without telling me Posted: 20 Oct 2019 07:06 PM PDT i'm posting this in regards to my boyfriend because he doesn't have reddit i was checking my credit on annual credit report and saw i have 7 cards that my mom opened in my name that she has not paid off and it all amounts up to 1,581$. she told me about 1 but not the rest and did it without my permission. i don't wanna take legal action but now i don't know what to do. does this mean i'm in debt now? and have bad credit? idk anything about any of this but i know this is bad and she'll probably never pay it off also my total debt is 2,264$ and my credit score is 459 update:we also planned on renting an apartment within the next 2 months but is that out of the question now? my credit is terrible and my girlfriend has no credit [link] [comments]  |
| Upside down (and encumbered) rental property advice needed please Posted: 20 Oct 2019 06:19 PM PDT Hi everyone. I have been struggling with what to do about a rental property that I own (that originally belonged to my grandmother) that is costing me almost $900 each month. I have been overwhelmed with the situation and my boyfriend suggested that you folks might be able to provide some advice for how to best address this. Here are the details: I lived in this 3 bedroom, 1.5 bath house located in a coastal SoCal neighborhood with my husband (at the time) and our 2 children, which we rented from my father (after he inherited it from my grandmother) in 2002. We purchased the home from my father in 2004 for $400k and remained there until we moved to be closer to family in 2006. It was at this point that we started renting the property. We purchased the property with zero money down on a "declared income" ARM loan. I know it isn't really an excuse, but my husband was the one who managed the finances and arranged the loan. All I really knew at the time was that the monthly payment fit our budget. I think it was one of those sub-prime loans. I didn't understand what the loan arrangements were until several years later when we got divorced and I assumed the responsibility for the home as part of the settlement agreement in 2014. I remember during the housing crisis that the mortgage was restructured.I believe that we initially had 2 loans and they got rolled together into the current ARM loan that I have today. I noticed that the payments began to creep up slightly every year, but hoped that the value of the property was increasing at least enough to offset the additional cost. Unfortunately, it has continued to creep up to the point where I am now having to pay almost $900 each month out of my pocket, which certainly makes me uncomfortable. This has been exacerbated by some recent unplanned additional expenses that are now causing me to draw down my savings. Here's the details:
Monthly Situation: Mortgage (including $132 escrow for taxes/insurance): $2888 Escrow breakdown:
Rental income: $2000
ARM: currently 5.375% (adjustable monthly) My tax preparer told me that I have depreciated(?) $163,000 on the property so I would have to pay an additional ~$40k if I was to sell it. I don't really understand how depreciation works, but I trust that he knows what he is talking about. I know that mortgage rates are very low right now and have looked at refinancing to a better arrangement, but there is an issue. My husband was a contractor when we were married and was sued for something. He told me that he had a bond and that it would/did cover everything. Apparently the bond company sued him and he never showed up in court. The court then placed a lien on this property for $18k + pre-judgment interest at the annual rate of 10%. This came to light during the divorce proceedings. My ex stated that he intended to file bankruptcy which would then remove the lien on the house. In exchange for him getting the lien removed (and another lien on my primary residence, which is another story...) it was agreed that I would pay him $10k. This $10k is the balance I owe him for a spousal support buyout. However, like many promises my ex made, he never followed through with it. This makes it so that the current amount due for this lien is now $26k and growing. My questions are:
I am very sad about the situation I put myself in. Any advice/recommendations would be greatly appreciated. EDIT formatting attempts... Thanks everyone for the responses so far. I feel a bit relieved to hear that it seems like, in the worst case scenario, I should be able to walk away without a bunch of debt. Unfortunately, as I thought about the situation more I remembered that the purchase arrangement with my father was a bit more complicated. We got a loan for $400k for the purchase (which went to my father). He then "gifted" us $100k to assist with upgrades, etc. with an open-ended repayment arrangement (essentially payable any time up to the sale of the house). We have already repaid $20k to him, but I could potentially have to repay the balance of $80k if I should sell. [link] [comments]  |
| Credit card company won't recognize payment Posted: 20 Oct 2019 05:55 AM PDT I had a large balance on a Barclays card. I make regular monthly payments but made two $5000 payments to get the balance down. The credit card company is saying they never got the payments. I contacted my bank and they are saying the money was paid and it is not in my account. Showed Barclays the checks and they are still saying they never got the money. Not sure where to go from here. This is in New Hampshire. Thank you. [link] [comments]  |
| Should I go to college? To study what? Posted: 20 Oct 2019 08:32 PM PDT I'm almost 30 and a single mom. I had an ok job, but had to leave for personal reasons. Since I have very little experience and no education beyond a HS diploma, I'm not able to find much work beyond low-paying dead-end jobs (where you often get treated like a slave monkey). Recently I moved back in with my father because his health is going down hill. I have a little bit of money saved and my dad is capable of paying bills without my income. I'm thinking it may be a good opportunity to go to school. I'm sick of feeling like I'm always broke AND if my dad's health fails to the point he can't work I want to be able to take over his bills. So my question is, should I go back to school? If I do, what are some fields to look into? Should I go speak to someone at the local community college? I have no idea how any of this works. I just know I need a change. [link] [comments]  |
| Am I crazy for wanting to move to LCOL area? Posted: 20 Oct 2019 09:03 AM PDT My wife and I are starting our careers and bring home about $120-130K (gross) in a HCOL area. We're saving up for a house and are worried about the fact that if one of us looses a job, we'll be close to struggling to making ends meet (potential mortgage about $2000/mo). If we move to a LCOL area our potential mortgage payment would easily be cut 1/2 and we'd barely see a pay cut -- potentially even a pay increase since there will be way less competition in our fields.
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| I'm risk averse and have a ton of cash. What should I do with it? Posted: 20 Oct 2019 02:04 PM PDT I'm 40 and have about 450k in cash sitting in a 2% Discover Bank account. I have a variety of other investments (all low risk, primarily index funds with Vanguard) and a few houses. I know I'm wasting a ton of potential money on the savings account. But I'm realllly risk averse, and I'm not going to change that basic temperament; it's pretty baked in to me. So, my question isn't "how can I optimize my chunk of cash" - it's "how can I optimize my chunk of cash above a crappy savings account with as little risk as possible." Thank you in advance - [link] [comments]  |
| Sick and tired of renting at 34. How do I even go about buying a home? Posted: 20 Oct 2019 08:52 PM PDT I've always rented. I found that having someone else deal with the expenses was always a better option. Less for me to deal with. Well I'm 34 now and I'm starting to second guess my decisions. My landlord tried raising my rent recently and that was an eye opener. I want my own home. Whether that be a condo, house or even a trailer. I just want it to be MINE. The problem is, I have poor credit and no idea on how to even go about owning a home. My ideal goal is own my own home and rent another home. Any help is greatly appreciated :) [link] [comments]  |
| I'm starting to make too much money and now my mom is going to have to buy into Medicare Posted: 20 Oct 2019 08:36 PM PDT I'm a teenager and just started a job last November. We are a low income family so I have medicaid and my mom has both medicaid and medicare. We recently got a letter saying that she needs to start paying co-pays and buying into medicare because I'm making "too much" money. To be specific my w-2 for last year said i made 12 hundred and I've been steadily making 200 biweekly. This doesn't sound right at all and I was wondering if there is any way to fix it. We honestly think that there has been a mistake but other options we've tossed around are: emancipating, making my brother my legal guardian, moving my address, quitting my job, or at least reducing the hours I work. If you could point me in the right direction that would be a tremendous help! [link] [comments]  |
| Avalanche method for paying off debt Posted: 20 Oct 2019 04:32 PM PDT After some reading I have decided to go with the avalanche method to pay off my credit card debt. Does anybody know of any free spreadsheets I can use in google sheets to track my payments? [link] [comments]  |
| College Student; moo Car Accident on Street Posted: 20 Oct 2019 04:26 PM PDT I'm in Texas, insurance is Geico. I was driving down the neighborhood, and a car pulls out of the driveway; I'm a good distance but not too far away to see them backing out of their driveway. Eventually I catch up to them and this car stops. There's a slight curve out of this neighbor hood, at this point I am behind the other car, braking. I am not moving, and then the car starts reversing. I'm confused at what's going on/shocked. I then honked once it got too close for my liking but by that time, it was too late. My headlight is busted out and a piece from my hood of the car fell out. We exchanged insurance, lady had no license on her at that time. But I have a picture of a insurance policy. I also do have a phone number. She drove off and I parked my car to inspect the damages. This has never happened to me before, I did have a passenger that was with me. I also have already called my insurance and reported a claim. I am at no fault. Lady is saying she has "a guy", and saying I have to be there as well. What are my options/what can I do? I know, my mistake that I didn't call the cops - it was a public street. Also, she was saying "late for work" and I was too shocked to even think of what I could do. [link] [comments]  |
| Can I not check my credit for free? Posted: 20 Oct 2019 10:01 AM PDT I'm 18. I have never had a credit card, and want to check that none have been opened in my name. I tried to used credit karma but I keep getting an error that my information isn't correct, despite living at the same address for 90% of my life, and never having my name or anything changed. Transunion needs a credit card and it's $24.99. Experian is $19.99. I'm running out of ideas. I'm not super well off, I make $150/wk, and just want to check my goddamn credit. Sorry for n00b question [link] [comments]  |
| Posted: 20 Oct 2019 10:01 AM PDT Some details about my situation:
I generally have an idea of how to move forward which boils down to "make more money". This is fine and I'm working diligently at this. What I am unsure of is what I should aim to try to pay myself & how expensive it will be to live on my own. I realize costs vary by location but I'm hoping people can share a rough idea to help me understand if I'm anywhere close to accurate with my planning. I'd like to stay somewhat anonymous but I live in the US, east coast, close to the state's capital in a semi suburban area. Aiming to buy instead of rent which is why I have not moved out yet. I want to get this in motion but I have no clue how much I should expect to pay because I have literally never supported myself before. With this post I'm looking for 2 areas of advice: mortgage/first time buying advice, and month-to-month living advice. Monthly Living Estimates Here is currently what I'm guesstimating and I'd like to know how accurate these numbers look for a single person living alone:
Total needed: Around $4k/mo after taxes which is about $6k/mo gross salary. And in theory this would be living paycheck to paycheck. Am I anywhere close with these estimates? Am I missing anything that I need to include in this budget? First Time Buying Estimates The cheapest places I can find which still appear habitable price between $280k-$360k. I do not know if it's worth waiting to save 20% but I am confident I can save over 10%. Here's what I am roughly budgeting for cash that I would put into the initial purchase:
Total needed: ranges from $70k-$100k in cash. I am uncertain how close I am to accurate with the closing/realtor fees, how much I'd spend in furniture/utensils/etc, and if my leftover emergency fund is enough. Also I'd like to keep my business specifics rather vague but think of it like a contractor/service/freelance role where my margins can be very high if I choose to not spend much, or they can be lower if I choose to invest more into the company. I am the only employee. This means the amount I pay myself in payroll can also change so moving money around is not incredibly difficult. I am more concerned with how much I genuinely need to make this move. Ideally I do not want to move out and live paycheck to paycheck so if I can pay myself enough to cover all monthly expenses with an extra $1k-$2k/mo buffer that would be ideal. But I can't plan any of this without some grounding in reality. If anyone can offer advice, thoughts, suggestions on my estimates it would be greatly appreciated! [link] [comments]  |
| Posted: 20 Oct 2019 07:39 PM PDT |
| Posted: 20 Oct 2019 07:24 PM PDT I'm 19 years old and my job pays decently and they're going to pay for my college. I dont have much in terms of finances right now, and I'm opening a 401k with my job. What are others things I could be doing to get the most out of my money? Should I open a Roth IRA? How can I be investing my money? Any help is appreciated! [link] [comments]  |
| Financial institution reported an account as $0 owed on my credit report. Posted: 20 Oct 2019 03:38 PM PDT I dont know what I'm supposed to do. Does this mean it's done? I definitely havent paid off the Ccount and it shows as so in my banking app. [link] [comments]  |
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