Personal Finance I've been lurking a long time and have learned a lot from this community. Just wanted to give back a little! |
- I've been lurking a long time and have learned a lot from this community. Just wanted to give back a little!
- Raises that don’t match inflation aren’t enough
- Remind your older, trusting relatives and friends: you do not need to use up all of your available credit to stop a hacked credit card.
- Wells Fargo has my $1271.91 stuck in limbo for two months.
- Alternatives to Dave Ramsey
- [Advice Needed] Had to take my father into an emergency room (billed $56,000) and travel insurance would reimburse only $7500 for it
- I didn’t report my PayPal income in 2017, please help.
- Just received bill from accountant. $3900 to do taxes. Seems way high to me
- Advice on mutual funds
- Roth IRA seems like its always worth it
- Charles Schwab Retirement Set Up
- Opening a high interest savings account
- Trust subjected to fee of 2.5% of the capital value - is it legitimate?
- What are the tax implications of lending $18-20k to a close family member for a couple of months?
- 23 years old, $31,000 in debt. Whats my best course of action?
- Past employer 401k to IRA?
- Father never informed SS of Citizenship
- I have been using a round up app (Qapital) for about two years. I have only used it to pay off extra amounts on debt. I just looked it up and it’s $3,872 in round up savings. I kind of can’t believe it. Stick to the plan people!
- How to handle internship offer
- Best Checking bank for 13 Year Old
- I'd be an idiot to cash out my 401k, right?
- 401k help! LifePath v T ROWE
| Posted: 05 Oct 2019 10:10 AM PDT *Edit: Putting this closer to the top: To use it for yourself, go to "File > Make a Copy" or "Download" if you would prefer it in Excel. Made an amortization schedule to calculate a few specific things when throwing a little extra money here and there at loans. Things like how much time the loan is reduced by, new last payment date, and the amount of interest saved over the life of the loan. (I know there's resources of a lot of this here already, but here it is anyway, all in one place.) Most calculators I've found only allow input for a set additional payment, assumed monthly. I wanted to be able to include inconsistent amounts for times I fall into a little more money than usual, like a tax return or work bonus, or times I might want to skip an additional payment for whatever reason. It includes side-by-side calculations of no-extra-principal-payments and extra-principal-payments for easy comparison and good feels. It also keeps track of where you're at in the schedule, with a simple highlight. Duplicate tabs for multiple loans. Just fill in the grey "Inputs" and the most-right column as necessary, everything else is done for you (: I hope this helps someone! Thank you again for all the advice, insights, and general goodwill over the years! Enjoy! Link to Google Docs download: https://docs.google.com/spreadsheets/d/1G1RPv1FoGLoVmHI3GF5fq0kOJDiavgaS8tFErLYloGU/edit?usp=sharing *edit: typo **edit: Holy cow, thank you so much for the awards kind internet strangers! [link] [comments]  |
| Raises that don’t match inflation aren’t enough Posted: 05 Oct 2019 02:57 AM PDT I'm a gen x'er (just turned 39) and I'm a Linux admin who actually makes a decent living from my day job. I just had my annual review. I met expectations across the board. This got me just over a 1% raise. It was my understanding returning from entrepreneurship and self employment that raises were to help work against inflation. This year failed to do so. Thankfully I have my multiple side hustles to help out. Given about 250-300 every pay period beyond expense of living to invest, what would be the ideal way to build toward retirement Edit: this blew up a tad and I'm thankful for the feedback so far but I guess my post came across more about complaining about the raise than my question about what would be an ideal investment given that about of expendable income [link] [comments]  |
| Posted: 04 Oct 2019 08:47 PM PDT A customer came in today to tell us she had fallen for this scam. It's an evolution of the "pay off your debt with gift cards" scam. They got nearly $30k out of her. Tell your older or gullible and trusting relatives and friends the bank/IRS/Social Secruity will never call directly, that you cannot pay off debt with gift cards, and you do not need to use up all your credit to stop a hacker or compromised card. Hopefully this customer will be able to get everything straightened out but goodness they got her good. [link] [comments]  |
| Wells Fargo has my $1271.91 stuck in limbo for two months. Posted: 05 Oct 2019 12:51 AM PDT And I'm pissed. My house got flooded so I put in $1000 in my WF checking to cover my deductible. My entire top floor is gutted. No carpet and new drywall. My Wells Fargo CC auto withdraws my full balance. I complain and they put it back. I cancelled Auto withdrawal before but they reassure me it's off. It happens again of course. They refund me. It happens a third time. And instead of refunding me they escalate me and I'm screwed out of the money. It's gone. They promised to resolve it in 30 days and I'm on 60 days. I can't do anything. Ive called in every three days. No one has touched my case and I'm so upset (I worked customer relations and understand what a terrible job it can be sometimes) but I want something done and I don't know what to do anymore. I call and no one can solve my problem. The carpet guy won't install my carpet u til he gets paid. [link] [comments]  |
| Posted: 05 Oct 2019 11:45 AM PDT Hi all, I'm trying to get out of debt and start building a fiscal future , but I find Dave to be more like a shock jock. The show is entertaining, but it's like taking relationship advice from Jerry Springer. Or instead of trying to follow any finance guru , should I just pay off all my credit card debts, and then Max out my 401k ? [link] [comments]  |
| Posted: 05 Oct 2019 10:45 AM PDT Hello Reddit, Long time lurker here (first time poster) and have learnt a lot from this sub. Situation: I had to take my father to the emergency room (in June) when he complained of chest pain / tightness (he takes medication for high cholesterol and high blood pressure). The hospital handed a bill for $56000! and were not able to detect any anomalies. They did conduct heart condition related tests over and over again and admitted him since he is a senior citizen ( 68 years old). There was no room available that night so we stayed the night in emergency room and we were in and out of the hospital in about 16 hours. My father was visiting me (I reside in California) this summer (from a different country) and he usually purchases the travel insurance from the local agent. He does not own any bank account/ estate of any kind in United States. After filing a claim and months of following up with Insurance company, they replied yesterday that they would be reimbursing only $7500 of the $56000. The rest they said, would have to be paid by me. There are few other bills ranging from $ 250 - $1000 that are still trickling via email. Questions: - Is there a way to challenge theses costs? Travel insurance company says "Your policy has a maximum coverage of USD$50,000 but this amount depend on sub limits" .They cited the sub limits calculation on my policy - Am I responsible to pay the rest of the the expenses for my father's treatment? I read about filial responsibility but I am not sure how it applies to my case - Would the collection agents come after me? I have started receiving calls from the smaller practices whose expenses are not covered by travel insurance - Should I resort to having an attorney? - I cannot pay the amount to the hospital but is it worth spending money on legal fees in this scenario - What are my options in general? and what should be the next steps? Any advice is appreciated. I do realize that I made a grave mistake not buying a travel insurance from United states that would have unlimited coverage when admitted. Also, please point me to the right sub, if this is not right one. I have seen the community here to provide advice on all kinds of situations. [link] [comments]  |
| I didn’t report my PayPal income in 2017, please help. Posted: 05 Oct 2019 12:04 PM PDT In 2017 I sold items off eBay and received payments with PayPal. Last week the IRS contacted me stating I owed a lot of money. I looked on PayPal and saw that I had received a 1099k staying I grossed 32k. Obviously I didn't report in on my income taxes and now they are coming after me. What are my options? I'm young and dumb I know. They said I owed a lot, is there anything I can do to get it lowered? [link] [comments]  |
| Just received bill from accountant. $3900 to do taxes. Seems way high to me Posted: 05 Oct 2019 04:09 PM PDT I just got my taxes completed by accountant. And they sent my wife and I a bill for $3900, with a $900 discount (slap in the face in my opinion). Backstory: My wife and I got married last year and after speaking to my accountant and her families accountant they both agreed it would be in our benefit to file jointly. Well my taxes were already started by my accountant for both of my businesses. So after some back and forth my wife's families accountant said just get all my paperwork from my accountant after he is complete and they with compile it. My wife's family is quite wealthy so I agreed to use them to file to rock the boat. Well I get both my LLC taxes completed by my accountant. So I send over everything to my wife's families accountant. A month later I get a $3900 bill for accounting. I have been in business for years and never been charged that much to prepare and file taxes. I talked to my wife and said I want a detailed breakdown of what they exactly did. The hourly rate. And a description of work. Because a bill with one line item and a $3900 total is not going to cut it. Edit: Does this seem high? Or am I being dramatic? [link] [comments]  |
| Posted: 05 Oct 2019 07:38 PM PDT Hi, Looking for recommendations on mutual funds to invest ~$11,000 yearly. My brokerage account is with Fidelity. I don't have much experience with investing and not looking to spend a lot of time managing it. I would like to set it and forget it (besides the required house keeping from time to time) that's why I'd like to put it into mutual funds (maybe?) Me:
I'm currently following the 50/30/20 budget rule.
I know to be diverse I should spread it out throughout a few funds. Looking for any advice anyone would like to offer. Thanks! [link] [comments]  |
| Roth IRA seems like its always worth it Posted: 05 Oct 2019 04:40 PM PDT just to make sure i understand correctly, the absolute worst penalty assuming u arent dumb and withdraw within under 5 years or add too much, is just paying taxes as if it was a standard taxable account? [link] [comments]  |
| Charles Schwab Retirement Set Up Posted: 05 Oct 2019 07:01 PM PDT Hello Everyone, I am pretty confused (and completely clueless) about my following financial situation: I am a recent graduate with almost 2 years full time work experience. I have transitioned into a new position and the company uses Charles Schwab for requirement services. Here are the details of my current situation. - I have ~7k in retirement from my previous STATE employer. - Current employer will match first 5% of salary 100%, automatically vested. - The companies default investing is: 100% Vanguard Target Retire Trust Plus 2060 My questions are: - Would i have to roll over my current retirement into my employers 401k account? Or can/should I roll it over into another account? - How much of my annual salary should I be putting towards my 401k? This is what Charles Schwab recommends (Aggressive Approach): American Funds Europacific Growth R6 - 22% T. Rowe Price Small-Cap Stock I - 26% Vanguard Institutional Index Instl Pl - 37% Vanguard Mid Cap Index Institutional - 9% Vanguard Target Retire Trust Plus 2060 - 0% Vanguard Total Bond Market Index I - 6% [link] [comments]  |
| Opening a high interest savings account Posted: 05 Oct 2019 12:00 PM PDT I'm thinking of closing my Chase savings account with about $15,000 and dumping it all into a high interest savings account somewhere else. Can anyone speak on this? Good idea, bad idea? Recommendations for institution with the best accounts? Any and all advice appreciated. [link] [comments]  |
| Trust subjected to fee of 2.5% of the capital value - is it legitimate? Posted: 05 Oct 2019 12:18 PM PDT My grandfather left me (25 y/o) 231k Canadian dollars and 60k USD. The money is currently at the Royal trust Corporation of Canada as part of my grandfather's deal with them. The money is finally being released to me, and now I want to leave the money there for further investments (what else I can do?). It says in the new contract:
[link] [comments]  |
| What are the tax implications of lending $18-20k to a close family member for a couple of months? Posted: 05 Oct 2019 04:40 PM PDT I don't plan to charge interest and it would be out of my account for 2-3 months tops and I fully trust this family member. [link] [comments]  |
| 23 years old, $31,000 in debt. Whats my best course of action? Posted: 05 Oct 2019 09:33 AM PDT Hey all, thanks for clicking on my post. I was unemployed for a year and a half and accumulated 31,000 dollars in debt from personal loans/credit cards. Luckily about a year ago I was able to secure a job with one of my friends and get my life on the right path. Now my #1 priority is to eliminate my debts so I can begin saving for myself and my future family. As of now I'm making 40,500 a year ($3,350 monthly) with a $100/mo raise coming in January and another $120/mo raise coming next May. I'm hoping I will be making enough to where I can tackle this on my own without filing for bankruptcy. My current monthly expenses are as follows: Phone - $40 Rent - $910 (Live on my own. Metro area, cheapest I can find.) Internet - $90 Insurance - $90 Utilities - usually around $65 Groceries - $200 Expense total - $1,395 This leaves me with $1,955 to pay down the following debts: Personal Loan 1 - $15,000 @ 17% APR ($490/mo minimum payment. Next payment due June 2020) Personal Loan 2 - $8,200 @ 17.85% APR ($240/mo minimum payment) Personal Loan 3 - $5,000 @ 11.6% APR ($170/mo minimum payment) Credit Card (Wells Fargo) - $3,150 @ 12.99% APR ($60/mo minimum payment) Debt payment total - $960 minimum per month (less than half of my disposable income.) Despite all of this I do have an older model Honda which is paid off as well as a 755 credit score thanks to low credit utilization/payments history. I have 7 open credit cards at the moment with all of them paid off except for the one mentioned above. I haven't used credit in almost 9 months. So my question is which one of this credit lines should I tackle first? Prioritize the high interest high balance loans? Or should I consider consolidation? I was told with my score I could likely acquire a 9-12% interest consolidation loan. Any advice is appreciated in advance. [link] [comments]  |
| Posted: 05 Oct 2019 07:15 PM PDT Hi, I changed jobs recently and I want to roll over my 401k with my past employer into my Roth IRA. Is this possible? I have around $45k in the 401k and $4k in the Roth IRA. I would just keep it where it is but it has very high maintenance costs and fees. My Roth IRA is with Vanguard. Also, will it trigger taxes? [link] [comments]  |
| Father never informed SS of Citizenship Posted: 05 Oct 2019 07:45 PM PDT My father who is now 57 never informed social security of his citizenship. He has paid social security for the past 30+ years but I suppose it isn't in the system because he never informed them that he became a citizen. Does all his previous payments go to waste or is it all tied to his name and will be connected once he updates his social security status as a citizen? [link] [comments]  |
| Posted: 05 Oct 2019 03:05 PM PDT |
| How to handle internship offer Posted: 05 Oct 2019 04:06 PM PDT Hey everyone, I wanted to start off by saying thanks to everyone in this sub; I use info I've found here almost everyday. I'm posting for the first time because I'm currently faced with a kind of difficult decision. I am a 3rd year university student in the US studying management information systems. I attended my school's career fair last week and got offered an internship with company A. Company A is a fortune 500 and has offered a good wage with housing expenses covered. Another strong point of the internship is that it is project based and seems like a good resume builder. I have been given roughly 1.5 weeks from now to reply to the offer from Company A. I am really glad that I have this opportunity and liked the managers I spoke with, but the company A isn't specifically in the fields of consulting or data management. Additionally, I am not really onboard with the company A's clientele and the overall effect its operations have on the world. This really makes me question if company A would be a good long term fit for me. This week I have several interviews with consulting firms that would pay $5 more an hour based on Glassdoor rates. They also have operations based out of my home city, so I wouldn't have to change my current living arrangement. However, I doubt that their interview process is fast enough to get a reply before the end of the window I was given by company A, and of course, I have no idea if these companies will offer me a position. I have also applied to 10 other companies that regularly recruit at my school and am waiting to hear back from all of them about future interviews. Finally, I have a serious girlfriend who lives abroad and all the companies that I have applied have operations in the city she lives in except for company A. Some additional info that may or may not be relevant: -GPA above 3.9 -graduate fall 2020 -have relevant tech. skills and developing a few other skills at the moment -attend a solid state university -experience in 3 jobs, one business related and was formerly a student athlete -studied abroad for 1 year in a high-level university and speak the language of that country Thanks if you are still reading up to this point!!! My questions are as follows: 1) Am I missing out by not taking the offer from company A instead of feeling out other options more? 2) How should I use my offer from company A in my interviews coming up this week? 3) Is working in the data department of a company thats main focus is outside of data, instead of a company that's profits are built around data/consulting, detrimental to my long term career progression? [link] [comments]  |
| Best Checking bank for 13 Year Old Posted: 05 Oct 2019 06:23 PM PDT I want to get a debit card and a checking account to purchase things when im out or online so I don't have to carry cash on me as much. What are the best common bank companies for me? Also, out of the closest okay rep banks to me, which are the best, TD or Bank of America [link] [comments]  |
| I'd be an idiot to cash out my 401k, right? Posted: 05 Oct 2019 02:10 PM PDT I mean I can google, that seems to be the overwhelming consensus. However it's still tempting. I switched jobs recently, had about 8.8k toward my retirement. The estimator said I'd get about 7k of that in cash. I have a loan debt of $1100 and $5k in credit card debt. So there's a part of me that wants to cash out as sort of a "reset" button. I'm also looking into moving my debt into a new 0% intro APR card and trying to pay it off before the 0% period ends. That seems to be the much safer option, though not as satisfying to the part of my brain that just wants to be out of debt NOW. So I kinda already know what I need to do, just need someone to smack some sense into me. [link] [comments]  |
| Posted: 05 Oct 2019 12:35 PM PDT I'm new to the investing aspect of life since I just turned 23 yo. Im enrolling in a 401k fund at work and wasn't sure what to select. I was leaning towards the LifePath 2060 or the T ROWE large cap trus. Any help, advice, information is greatly appreciated!! Thanks everyone! [link] [comments]  |
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