Personal Finance $16K stolen from my dad's 401k |
- $16K stolen from my dad's 401k
- UPDATE: My husband is quitting his job tomorrow
- Employer is paying me $6.00 less than agreed upon.
- I think I'm part of a "brushing scam," should I be worried?
- Complete List of Credit Reports to Freeze?
- Question about couples finances
- Is there a point in having more than one bank account?
- How to chase an invoice (freelancer)
- What's the next step on the path to financial Independence ( or is that even realistic in my situation)
- Is HSA a Better Retirement Savings Vehicle Than a 401(k) ?
- How can I invest 30,000 dollars for Passive income?
- I had my tax return sent to a random person’s account
- I am 18, a college student supported completely by my parents
- Pay off 401k loan in full OR take my time?
- Can’t stop spending immediately
- Paying on student loans vs building emergency fund.
- Charged off student Loan
- How to Individual Investment Account (Wealthfront) to Roth IRA
- Not sure what to do with my previous years taxes
- Question about Orthodontic Dental Coverage
- Opening an IRA for someone as a gift
- I can finally start saving for retirement, but I don't know how
- I am a College Student who has hit rock bottom with his finances. I need some sort of structured system to pull myself together. What tools can I use to help?
- How will all of those credit cards from stores hurt my credit, if I sign up to use their opening discount, pay it off, then close it?
| $16K stolen from my dad's 401k Posted: 23 Nov 2019 11:35 AM PST Hello, my dad got money stolen from his 401K account and we're trying to get legal or financial advice on what to do. Here is what he said happened: "I received an email from my 401K company, The Contractors Plan. I received a text notification from my 401K company that a loan has been approved and that a direct deposit will be sent to someone's banking account. I called my 401K company and told the rep that I did not apply for that loan. She said it was too late and that I can write a check to them to cover the loan. The next day, I called in to inquire about the case. She told me that the deposit went to totally different bank that I do not use, Well Fargo. She told me that it was a mistake, and that my $15900 will go back to my 401k account this upcoming Friday. However, the manager later called me and told me that her 401k company cannot do anything to help me with this case now. She told me that it is my now my responsibility to call the police and file a report. I then went to a Wells Fargo Bank and explained what happened to my 401k account. I gave them a print out of some information about the person that received my 401k money. The rep there told me to have The Contractors Plan company to file a claim by writing a letter of indemnity to Wells Fargo. After that I emailed my 401k manager the notes that Wells Fargo Rep told me. However, I do not know what to do now." edit 1: we filed a police report for the 401k identity theft! they will contact us again in 24 hrs edit 2: we contacted the Wells Fargo Fraud Department. They said they couldn't do anything. edit 3: we've filed a report to the FTC for Identity Theft *edit 4: we've contacted the US Dept of Labor about the ERISA violation for improper protections, they will call us soon" [link] [comments]  |
| UPDATE: My husband is quitting his job tomorrow Posted: 23 Nov 2019 01:51 PM PST UPDATE: It happened. He held off for another couple weeks after the post. Together we read through all of your suggestions and talked out our fears. He knew it wasn't the right time to quit and promised to hang in as long as he could. Two weeks later the shit hit the fan and he put in his notice. He had interviews lined up with two companies but no real prospects. It has been the best decision of our married lives. He regained his personality, our kids are coming to him for help and just for hugs again. We are holding hands and growing grocery shopping together. And most importantly, he has realized how he needs to set boundaries for himself when it comes to work life balance. One of those interviews fell apart, and now over a month after the first interview with a company, he will be taking a higher position with comparable pay. Things have been hairy money wise, but we did not cash out the 401k. Very fortunately, he had about 6 was unpaid vacation paid out and it's carried us through. I have taken a second job at a community college and having some more pay coming helped out too. Things are better financially (once he starts) than before, but we are going to fix some of this bad lifestyle creep choices we've made foolishly. It might not work out this way for everyone. His drive and work ethic are incomparable. But it has really made me see how much life is worth living and how important it is dog yourself out of toxic situations and strive for what makes you happy ❤️ Original post here: husband is quitting his job tomorrow [link] [comments]  |
| Employer is paying me $6.00 less than agreed upon. Posted: 23 Nov 2019 03:26 PM PST I recently started working for a couple who owns their own cleaning business. This job is the perfect fit for me, and I'm supposed to be making more than I was at my previous job. When I applied, and when I interviewed, I was told that I would be making $18.00 an hour. They use an app called Homebase to keep track of scheduling and payments. This app confirms that I am supposed to be making $18.00/hour. However, they have been paying me $12.00 for every hour that I work. For example...today, I cleaned a house from 12:00PM until 4:00 PM. I was paid $50, and told that I owe them $12 because I only worked 3 hours. (They were there, cleaning the house with me, and the hours/correct pay were posted on Homebase.) According to Homebase, I was supposed to have been paid $72. Upon hiring me, they told me that I would have to fill out a 1099-MISC form. However, they told me that, once they give me the form, I should just throw it away and not file. On Homebase, my supposed earnings for the past 3 days were $372.78. I was paid $232, plus $40 for gas for the 2 and a half hour drive to a corporate job site. Things are not adding up. I am confused about the tax situation. I don't know how to go about speaking with my employers about this problem. Please give me advice. Side note: I use Google Sheets to keep track of every date, time, and location that I work, as well as the payments I am given. They pay in the form of cash. Edit: Addition to side note. [link] [comments]  |
| I think I'm part of a "brushing scam," should I be worried? Posted: 23 Nov 2019 01:39 PM PST Today I received a package in the mail that I did not order. It's just a cheap bluetooth earbud thing, with no return address or brand name of any kind. The instructions are in Chinese on one side with a very poor English translation on the other (bordering on jibberish in some parts.) I did not order these. I've checked PayPal, Amazon, Ebay, and every other online retailer I could think of and there is no evidence I ever ordered anything like it. After searching on Google, I believe I may have become part of a brushing scam. Apparently shady online retailers will "buy" their own product under your name so that they have a paper trail to leave fake reviews. It makes sense because I did recently buy some cheap Chinese electronics for repairing video games, so one of those places could have used my name and address. Does anybody have any experience with this? Is it something I should worry about? Are there any steps I should take to prevent identity theft or the like? Thank you for reading and answering, I appreciate any feedback I get. Also I apologize if this isn't the right place to ask this, I just didn't know anywhere else to post it. EDIT: Thank you to everyone who replied. I figured it was a brushing package. I'll keep an eye on my accounts but otherwise won't worry about it if there is low risk. I do not plan to use the device anyway. [link] [comments]  |
| Complete List of Credit Reports to Freeze? Posted: 23 Nov 2019 11:47 AM PST Reading some posts on this subreddit, I recently learned that there are 'secret' credit bureaus beyond the big three of Equifax, Experian, and Transunion. So far I've managed to find Innovis and NCTUE, and it looks like multiple sources also recommend freezing at ChexSystems. Are there others I'm missing, or is there a complete maintained list of places to freeze that someone knows of? Thanks! Edit: Some deeper googling has turned up: https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/consumer-reporting-companies/companies-list/ Anyone know which of these are worth freezing? [link] [comments]  |
| Question about couples finances Posted: 23 Nov 2019 11:31 AM PST Hey PF! Wife and I split all our bills and necessities (car, house, groceries, medication/prescription stuff, activities together, travel, etc) by adding money to a joint account in line with the ratio of our respective incomes (which are reasonably close). Everything after these contributions and retirement/investments goes into our personal accounts for whatever we want to use it on. We were talking about "girl specific" items like makeup, hair, esthetician services. She doesn't buy expensive make-up or use many beauty products, but the actual services do add up. I'm curious of how people who budget like we do treat these expenses? I have essentially no analogous expenses (shave my face/head myself...and that's pretty much everything), while she spends 2-300$/mo. Would you lump these into the "joint" spending as essentials? Is this just the cost of being a girl? Thanks for the input! [link] [comments]  |
| Is there a point in having more than one bank account? Posted: 23 Nov 2019 02:28 PM PST I have one bank but I'm wondering if I should just keep my checking account at this bank and go with a separate bank for my savings, a buddy was telling me I should do this, and he told me he keeps his money in 3 different banks, what's the point of this? [link] [comments]  |
| How to chase an invoice (freelancer) Posted: 23 Nov 2019 11:16 AM PST Freelancer here. How can I collect an overdue invoice? Been working with a client for a while and she usually pays on time, no problem. This time around, invoice was due last week so I sent a polite follow-up email on Friday, asking when I can expect payment. She replied saying, "We are sorting it out for you. Thanks!" That suggested payment was imminent, but still nothing. Am I being impatient? The problem is, I kind of need this money before Thanksgiving. If I send another email on Monday morning, how should I phrase it without sounding desperate? I honestly don't believe this is a case of the client purposely delaying payment or having no funds. She is just not clicking the 'Send' button, which is frustrating. So any tips for a second follow-up? I don't want to add any interest or threaten anything at this stage. Any help? [link] [comments]  |
| Posted: 23 Nov 2019 10:12 AM PST Long post warning My current situation: Single 34 years old small student loan (15k) but on track for public service loan forgiveness to kick in next year Salary 58,000 a year (Art teacher) save about 25% per year just under 100k in savings 6k in IRA (opened this year) typical 3 fund portfolio plus 5% in REIT 20k in taxable brokerage account (with betterment) 45k in high interest savings (was 2.5 recently dropped to 1.75) 15/20k in retirement savings via district sponsored program ( gains 2-3% annually) employer offers a 403b- I have yet to open an account with(no employee match), has highish fees when I met with a rep they tried to sell me annuities looking around the site i dont see many options that i know enough about to want to put money into (403b would be through planmember.com) as my interest rate decreases I have been planning to do something more proactive with the money sitting in cash. My current thoughts down payment for a small multifamily invest in Real estate via Fundrise or something similar open a new taxable account and invest with the same allocation as my IRA throw it all in betterment throw it all in a bond fund/ via betterment or through a traditional brokerage My ( maybe unrealistic) goal is to live off of passive income and minimal work and focus on doing the things I'm passionate about What do the experts think would be best for the money in savings and any input/ recommendations on how to get to my ultimate goal more efficiently would be appreciated I've read through the sticky and follow it to the best v of my ability where it makes sense for me ( no employee match and loan forgiveness being there to reasons I've steered off the course of what's recommended) [link] [comments]  |
| Is HSA a Better Retirement Savings Vehicle Than a 401(k) ? Posted: 23 Nov 2019 09:30 AM PST I just read this article: https://www.wexinc.com/insights/blog/health/why-an-hsa-is-a-better-retirement-savings-vehicle-than-a-401k/ Small excerpt:
I wanted to share this here and get the insight of this community. [link] [comments]  |
| How can I invest 30,000 dollars for Passive income? Posted: 23 Nov 2019 07:40 PM PST I have some money saved up and I'd like to invest it in some way to provide my parents with some kind of income. I just want to help them out. I was looking at REITs. I'm a bit lost though and I'm not sure what to do or if 30,000 is even enough to invest. [link] [comments]  |
| I had my tax return sent to a random person’s account Posted: 23 Nov 2019 04:47 PM PST I applied for my tax return a few months back and when I entered my account details, I accidentally entered the details of somebody else's account, a person I have never met. While this sounds hard to do on accident, I do not know my account details well enough to tell the difference between mine and someone else's. The details come from someone I purchased something off recently. What should I do to get my money back? [link] [comments]  |
| I am 18, a college student supported completely by my parents Posted: 23 Nov 2019 05:57 PM PST I realize I am too depended on my parents, I don't have a job and with college I probably won't be able to but I still want to get more independent like start my own bank account or a credit union but I am afraid my parents will find out [link] [comments]  |
| Pay off 401k loan in full OR take my time? Posted: 23 Nov 2019 04:16 PM PST I'm in mid-30s. I took a 401k loan of $35,000 to help a downpayment of a house and avoid PMI. That was 2016. All is well and now, come December, I will be able to write a check in full for balance (sold an investment property and will have the cash) Current loan balance is $30,000. You know the deal—I pay a monthly payment plus interest with after tax monies to myself. And double taxation applies, obviously.
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| Can’t stop spending immediately Posted: 23 Nov 2019 07:53 PM PST I guess the title sums it up pretty well but I'll go into detail - I'm 19 and I took a 4 month medical leave from work recently due to health issues. Before then I had no problem with saving and had about $5,000 in the bank, but while I wasn't working I ended up spending all of it on video games and sneakers. I started working again in September and I can't seem to kick my spending habit, as soon as I get paid I'm buying more video games, sneakers, clothes, anything - yesterday was my payday and I've only got $70 left now, I work 5 days a week, 8:30 to 5:30 at $8 an hour. Is there anyway to prevent myself from spending, or is there any wisdom y'all can impart on me? I'm desperate to fix this issue before it causes me serious damage. [link] [comments]  |
| Paying on student loans vs building emergency fund. Posted: 23 Nov 2019 07:31 PM PST Repost from r/studentloans but I was told I should post here as well. I am 25 married with 2 kids under 2. I graduated this past May and make 52k a year before overtime and bonuses. I currently have about 3k in savings. I would like to get to 15k in savings (about 6 months of bills) My first student loan payment is due first week of December (49k 4.4% average interest rate) however, I am on the REPAYE (income based) plan and my monthly payment is 0. Would it be better to make payments to try and keep the principle balance from increasing or put any extra money in savings? Thanks in advance! [link] [comments]  |
| Posted: 23 Nov 2019 03:06 PM PST I got notice from the IRS that I had a change of income for a year or two ago which turned out to be my student loan being charged off. My question is since I am over the statue of limitations for the loan (5 years) should I just wait two more years for it to fall off my credit report? Second is it normal for a student loan company to write the loan off and report it for a lesser amount to the IRS (30k loan , reported to IRS as 19k) Will this mess up my current amount of taxes owed from a year ago thats currently put on hold due to unemployment? Will have to contact the IRS on monday was just wondering if this is just a "have to recaluate taxes" and they know this isnt "real cash" I got in hand that can be used to pay what I already owe. Thanks! [link] [comments]  |
| How to Individual Investment Account (Wealthfront) to Roth IRA Posted: 23 Nov 2019 06:47 PM PST Have a Individual Investment Account with Wealthfront (~18k), and would like to move the funds into a Roth IRA. Is the approach to cash it out this year (pay taxes on any gains) and then open a Roth IRA. Or could I do the "Backdoor Roth IRA Conversion"? (Open IRA, move $6,000 or the limit, then open Roth IRA and transfer funds, and leave remaining balance in Individual Investment Account until next year and move funds to Roth IRA?) I would still have to pay taxes on the gains then, so this doesn't make much sense right? [link] [comments]  |
| Not sure what to do with my previous years taxes Posted: 23 Nov 2019 06:43 PM PST 2018 was a rough year, my SO lost her job and i was the sole provider. I had a good job in car sales but because we were living pay check to paycheck i opted exempt the majority of the year to get by. I didn't file taxes last year, based off my income, i would be paying a little over $3,500 back. I didnt have that kind of money, my budget was so tight i didn't have room to set up a payment plan either.. so i didn't file. This year, i found a job that pays under the table, thus looking like i didnt work. Im really nervous about my taxes this upcoming year and not sure what to do.. any genuine advice would be greatly appreciated! [link] [comments]  |
| Question about Orthodontic Dental Coverage Posted: 23 Nov 2019 05:51 AM PST My oldest son is beginning orthodontic treatment next month. Our current benefit allows a $2,000 lifetime maximum benefit. It's probably about 20-25% of his total treatment amount; not super great, but I know many other plans offer much less if nothing at all. Our insurance is through my husband's employer and we have two options to choose from each annual open enrollment period. The choices are two different insurance companies. If I max out his benefit through our current insurance company will I be able to also max out the other insurance benefits if I choose the other company for our coverage next year? I'm not trying to pull any type of insurance scam, I'm genuinely curious if I would be able to do it. [link] [comments]  |
| Opening an IRA for someone as a gift Posted: 23 Nov 2019 01:03 PM PST Is it possible for me to open a Roth IRA for my little brother as a Christmas gift? [link] [comments]  |
| I can finally start saving for retirement, but I don't know how Posted: 23 Nov 2019 03:17 PM PST I am starting way late, but I can finally start saving for retirement. My wife has a great pension and I think we are in it for the long haul, so I am only a little anxious and regretful, instead of totally despairing. We were in a good habit of saving with an advisor, but our account hardly had any returns. The whole compound interest thing won't work if you are barely beating inflation. I feel seriously burned, because I am aware that the stock market has had some real gainss over the last decade, but our portfolio (with five figures) just went up and down, up and down. I am Canadian. Should I try an advisor again, or just do my research and for a self directed RRSP? Edit: I am kind of a financial idiot because I never liked fancy things, travel, or expensive stuff. I have no expensive hobbies. I don't buy the latest anything. I always figured I could somehow get through life by living simple. But I have a real middle class job now, and a retirement is the only thing I want. [link] [comments]  |
| Posted: 23 Nov 2019 04:53 PM PST Hey there, I'm a engineering major at a university in Nevada. My father makes a large amount of money, and as such I do not qualify for most FAFSA financial aid. I'm living off of student loans, and around 84 hours a month at $13 an hour in Nevada. Given my loans AND my job, I should be able to easily make due. I'm finding that due to my spending habits, that is not so. Over the Summer I had to take out a loan from a friend to get by, and this month I had to take out a payday loan in order to meet my basic expenses, and will likely have to roll that over to the next pay period until the winter break when I can work full time -- A disgusting financial situation to be in. Two out of three of my credit cards are maxed out, and I always end up paying them down only to find myself in a bind and maxing them again. I vaguely understand the basics of finance, and that a lot of it is self discipline and saving, but I keep finding myself in the situation where I'm spending money on short trips back to the bay area, or meals at cheap places like Denny's with my friends, and THINKING that I have enough wiggle room in my budget to do so and save, but ending up scrambling to make end's meet. I've been spending under the assumption that because I'll be an engineer, I'll be able to handle the debt easily later. Now that I'm getting closer to graduation, I'm realizing that I was an idiot and need to get a handle on myself now, or I won't be able to handle the increase in pay later. The pay-day loan woke me up to that. I need some sort of structured system for managing my money to help ease myself into responsible finance. I use a niche credit union and so most apps that track my bank account usage do not support me. Some sort of budgeting system that doesn't require direct access to my bank account, and allows me to update my spending as I go and show me how much I'm spending and have left to spend on various things. I don't do well in the absence of structure. Could someone recommend a piece of software or pre-made spreadsheet or some sort of system that I can follow to help get my shit together? [link] [comments]  |
| Posted: 23 Nov 2019 04:46 PM PST Also I get a lot of adds from banks that offer spend 500 in 3 months and get 100 back. Would it be bad for my credit if I get a card use it and close it? (All this assuming that I would not be buying more than I do already) [link] [comments]  |
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