Personal Finance (California) Dad Was Paid By State to Take Care of Brother, Brother Passed Away Recently |
- (California) Dad Was Paid By State to Take Care of Brother, Brother Passed Away Recently
- My mom died on Tuesday, can we use her debit card to pay for cremation?
- Someone claims I scratched their car. What do I do?
- Dealership recommends I keeps a loan for 12 months at a minimum. Is there any benefit to that versus paying it off immediately?
- My 401k is suddenly empty and I have no idea why.
- How much are job benefits worth? I’m a 1099 Independent contractor with no benefits.
- How can I start getting a handle on my finances?
- First time homebuyer here and I’ve received a lot of conflicting information. Am I better off getting a mortgage through a company such as Wells Fargo and Rocket Mortgage or at a local credit union?
- Living without debt and credit score dropping.
- Noob from abroad: Received weird advice from my bank on how to build credit, please help!
- Heavily engaged with TD Amritrade. Anything I should watch out for with buyout?
- Advice on how to manage switching jobs?
- I have no clue what I'm supposed to be doing.
- Parent Plus Student Loans
- Someone please help me understand my non exempt salary position pay
- Self Employed in MI - Do I need to submit a W2 to receive child tax credit?
- How to spend money without guilt
- Medical issue, can't drive for 6 months. Sell my car?
- Intelligent spending of inheritance?
- I think my company is about to have layoffs...
- Parents are planning to move back to their home country soon after they retire and are leaving me with the big monthly mortgage payments for our San Francisco CA home which I clearly cannot afford. What should I do?
- 23 USA Student Loan debt advice
- Lease to Buy Subaru a better deal than outright buying?
- Am I saving too much?
- Paying off All of Loans Now or in a Year?
| (California) Dad Was Paid By State to Take Care of Brother, Brother Passed Away Recently Posted: 28 Nov 2019 02:31 PM PST So my brother was born with some severe mental disabilities, and the State has been paying my Dad to take care of him full-time. After 43 years he passed away suddenly a couple of weeks ago, and my Dad is no longer employed. He's looking for work, but in the mean time are there any programs people are aware of that can supplement him until that time? He was earning income and I believe it was taxed so unemployment is potentially an option, but might there be anything else? [link] [comments]  |
| My mom died on Tuesday, can we use her debit card to pay for cremation? Posted: 28 Nov 2019 10:49 AM PST My mom died on Tuesday and she wanted to be cremated. My mom didn't have any assets (no car, living in econolodge at the time) and only really had money in a bank account collecting social security and money for being a military spouse for 20 years. We are going to sign papers on Friday and would we be able to pay for her cremation with her debit card with what little money she had? A quick google search said this was considered "fraud". [link] [comments]  |
| Someone claims I scratched their car. What do I do? Posted: 28 Nov 2019 08:37 AM PST I parked my car in public lot. I don't use my car during the workweek since I take public transportation. This morning I see a note on my windshield saying I hit someones car and they want me to settle it with them. They left their phone number and name and they said they noted my info (I guess just license plate?). It wasn't dated, so it could have been put there anytime between Sunday and this morning. The note didn't detail anything about the damage and the only "proof" they have it was me was that the spot I parked in was empty when they parked there, at least according to the note. Now, from what I remember on Sunday night, I parked next to a large truck/SUV that was a little over the parking spot line but nothing terrible, since my car is two door civic that fits nearly everywhere. I definitely did not hit his car with mine, but maybe my backpack or something did? I suppose that's possible but again only because there wasn't a lot of room due to the limited space between our cars. But even if that's the case, I can't believe that caused any actual damage. I'm pretty sure he did not file a police report or make an insurance claim, since I probably would have been contacted by now if he did. Just curious to know if anyone has any ideas for what to do.
EDIT: Wow, I wasn't expecting so many replies, I had a ton of comments to read through. I always considered myself aware of normal scams since I browse this sub all the time, but this was a new one to me, even though its pretty close in concept to all the others. Thanks to some of you for posting links to resources about the scam as well! I will not be calling the number left to me, but I will likely reach out to my local police if they are open tomorrow to report this. Who knows, maybe there are other people affected by this and having one more report will help. Happy Thanksgiving, everyone. [link] [comments]  |
| Posted: 28 Nov 2019 05:25 PM PST I recently got a recreational vehicle loan through on of Camping World's lenders. It's a 6% $15,000 note for 12 years. I negotiated the unit $12k under MSRP. One of the things I was hesitant on was financing through them versus paying cash upfront. The sales manager says the financing was optional but it would be difference if $3k out the door if I decided to not finance. I was comfortable with financing knowing: 1. That dealerships make some of their revenue through the selling financing 2. The loan product is a simple interest loan. I asked explicitly to ensure it was not precomputed interest. 3. Taking the financing would help with negotiations. 4. There is no early prepayment penalty. 5. The payments are not a factor. 6. I could pay off the loan at any point I wanted. I was upfront with saying I would take their financing knowing that it would help my bottom line and theirs as well. I also made it known that I intended on paying it off immediately. The only caveat their financing person stated was that I should consider keeping the loan for a minimum of 12 months because it would help my credit score. They said any loan less than that would never show up on my credit score. I told them it was not something I was particularly worried about because I'm hovering 780+ at under 30 years old and I already have a 2 year old mortgage. At the end of the day it got me thinking... Is there any benefit to me holding the loan for a minimum amount of time (like the 12 months the dealership recommended)? Is it true loans payed off in the first period don't show on your history? The only piece of info I can't offer is the final pay off amount. The statement came in the mail yesterday. I plan to call and ask tomorrow. PS: I just thought of this while typing this out on mobile. Is there any benefit to me paying off a but $1 to keep it as an active loan on my history? [link] [comments]  |
| My 401k is suddenly empty and I have no idea why. Posted: 28 Nov 2019 03:57 AM PST And of course its Thanksgiving so I can't call anyone until Monday. I worked a job for 2.5 years that offered a 401k, but the match was basically "whatever they wanted based on profits". During that time I contributed 3-6% of my paycheck and they never once put a cent into my 401k. I checked it nearly daily, and it has a little over 2k in it by the time I quit on September 10th. It was 100% my money, they never once contributed. I haven't touched or looked at the 401k since I quit because I wasn't eligible for my new jobs one yet and I was going to roll it over once I was. But I got an email today that my statement was ready so I checked it. And its empty. My last contribution date was the date of my last paycheck on September 18th, but then it says there was a transaction called "distribution" on November 26th that emptied all $2,180.06. It does also mentions I'm separated from employment. Why is my money gone? I tried to call empower my retirement but they're closed til Monday. There's no reason that money should be gone right? Again my employer never ever once contributed a cent. It was 100% my payroll deductions that made up that amount. [link] [comments]  |
| How much are job benefits worth? I’m a 1099 Independent contractor with no benefits. Posted: 28 Nov 2019 04:38 PM PST I'm 24 and work as a 1099 independent contractor. My first year of my job I am projected to make around 80K (next year that will increase as I plan on getting more business) I was wondering how much the benefits that W2 employees get are worth. Like would a salary under an employer of 70K with benefits be similar to my 80K salary of no benefits? Any rough estimate would be helpful. I am still under my parents health insurance for a couple years, and I plan on being married and on my future wife's health insurance by the time I get kicked off my parents. I have recently started a Roth IRA and a SEP IRA retirement funds. Any help would be great. [link] [comments]  |
| How can I start getting a handle on my finances? Posted: 28 Nov 2019 06:45 PM PST I just started a second job and I don't know how much longer I can do this. I need to get to a place where I have a reasonable amount in my savings so I can quit but it seems like money is always just disappearing. Does anyone have any app/book/life recommendations? YNAB was just so hard for me to figure out, I never used it. [link] [comments]  |
| Posted: 28 Nov 2019 06:20 PM PST |
| Living without debt and credit score dropping. Posted: 28 Nov 2019 07:16 PM PST I currently have no debt and I'd like to buy a house within the next 18 months. I understood the accounts I closed would negatively affect my average account age and thus drop my score but I wasn't sure how much. So far my score has went 792-788-771-767-754. Everyone here seems to agree anything above 740ish is treated the same when getting an interest rate for a home loan but should I be concerned with the score still sliding? I will be putting at least 20% down and know very little about manual underwriting or if I would get a lower interest rate with manual underwriting and my score sliding. Anyone have experience or suggestions? [link] [comments]  |
| Noob from abroad: Received weird advice from my bank on how to build credit, please help! Posted: 28 Nov 2019 10:17 AM PST Hey there, After moving to the US we want to start building credit ASAP. We have received our credit cards through our bank that is working with the company we work for, however I need some advice as I can not really believe the information I received: When applying for the credit card the manager at the bank told us that, in order to build credit, we need to use the card and, at the end of each month pay everything BUT a small amount on which we then pay interest. The next month we do the same, staying a super small percentage in dept on the credit card in order to build credit. The manager said this is the practice because if everything is being paid full there is nothing to report to the credit companies. Coming from abroad this seems super counter intuitive, building credit by creating (even if tiny) dept instead of showing that everything can be paid on time. The manager was firm on this, even after asking multiple times and telling how different this is compared to where we come from. Dear redditors, can you confirm this is how to build credit? Thanks a lot! [link] [comments]  |
| Heavily engaged with TD Amritrade. Anything I should watch out for with buyout? Posted: 28 Nov 2019 07:22 AM PST I have a stock portfolio and retirement account set up with TDAmeritrade. I feel uncertain about the Schwabb buyout and how it will affect my accounts. Any thoughts on what to do/watch out for? [link] [comments]  |
| Advice on how to manage switching jobs? Posted: 28 Nov 2019 06:23 PM PST I recently graduated college and started working at an insurance company as a financial advisor. My mother was supportive because she knew sales was difficult and would be good practice for me, however my dad cautioned against this line of work and I've begun to see why. Anyways, I've decided to start looking for other positions in other professional service industries such as consulting. How do i successfully transition out of my current position to a new job without stirring up too much trouble? I came in through a family referral so I would like to avoid future conflicts and burning unnecessary bridges. My current leader holds meetings in the morning to review what my plan is for the next week and I feel it would be difficult to interview, apply to jobs while he's keeping a close eye on me. The ideal timeline is that I stay until the end of this year and then leave as soon as possible after that. Any advice is appreciated. Thanks! [link] [comments]  |
| I have no clue what I'm supposed to be doing. Posted: 28 Nov 2019 08:28 AM PST I just turned 18 last week, and that was.. turbulent as hell. I've fixed my living situation, moving in with my father until I go back in college next fall. In the mean time, I have absolutely nothing to do but sit around and.... stare at walls idk. I want to get a job so I can start saving and buy things (but also be out of the house). When I lived with my mom, she kinda took care of everythng and I have never quite been aware of any things I should be doing about finances. I know I need a bank account and an ID, but otherwise nothing. Do I save my money? How much can I spend? What's a reasonable amount to aim to keep in my account? I'm living in the Riverhead area of Long Island if that helps. [link] [comments]  |
| Posted: 28 Nov 2019 04:11 PM PST Hello, My father has a Parent PLUS loan which he took out for my education a few years back. Per our previous agreement, I intend to pay this loan back to him once I finish my entire graduate studies. My question is if I can consolidate this loan in the future with my own direct subsidized and unsubsidized loans? Since the interest rate is quite high on his Parent PLUS loans, he is looking to potentially re-finance to a private loan. Does this affect my payment options in the future? Thanks! [link] [comments]  |
| Someone please help me understand my non exempt salary position pay Posted: 28 Nov 2019 06:11 PM PST Ok so I am royally confused. Background. I am a non exempt manager getting paid to work a garunteed work week of 45 hours. I do not have to work 45 hours all the time unless I want to. But it means I am not going to be paid for any hour not worked. I clock in and out. I signed my offer letter with what said "your expected annual compensation X" It explained under that I will work 40 hours a week base pay of x and then overtime for all hours a week after at x*1.5. I just got paid today after only working 30ish hours per week for 2 weeks on training schedule and was a total of like 61. Neither week was over 40. My pay check was at the rate of my expected salary divided into hourly. Which was a good bit higher than my stated "base pay". It says REG x on my pay stub and it's definitely a higher REG than I was signed to be. And I am confused because when I work the 45 hour week, even if the pay stays at the higher REG I see on my check now. My expected yearly salary would be 5k minimum higher. If if changes to actually overtime of the REG pay I got this check. I would be making almost 9k more a year than my expected salary that was on my offer letter. Anyone ever seen anything like this? I'm super confused here! [link] [comments]  |
| Self Employed in MI - Do I need to submit a W2 to receive child tax credit? Posted: 28 Nov 2019 06:09 PM PST I'm self employed in MI. We didn't make to much this year but enough to pay the bills. My accountant wasn't sure but thought she had heard that in order for us to receive the child tax credit (my wife and I have 1 child) we need to submit a W2 showing we paid into social security and so on. I'm basically being told I have to go get a part time job this month just to have a W2 to submit so I can receive the credit. How true is this? She wasn't 100% sure, and I haven't been able to talk to a CPA yet. [link] [comments]  |
| How to spend money without guilt Posted: 28 Nov 2019 05:53 PM PST I'm a college student who is in track to graduate without any debt. Any time I spend money on "frivolous" things, I feel guilty. I have money set aside for my to spend freely, but it just piles up because I feel bad using. How do you guys avoid this feeling? Thanks for all the great replies [link] [comments]  |
| Medical issue, can't drive for 6 months. Sell my car? Posted: 28 Nov 2019 02:06 AM PST My doctor has advised me off of driving for six months at a minimum. Mercifully, I don't need my car to get to work (nor would I be able to use it anyway) but ideally when I'm medically cleared I'm going to want drive again (and preferably that car!) I can basically see two options. What do you think, Reddit? 1.) Detail and sell ASAP. 2.) Eat the deprecation costs for 6 months. [link] [comments]  |
| Intelligent spending of inheritance? Posted: 28 Nov 2019 05:39 PM PST My FIL passed away and we are looking to get a 100k inheritance. We have some work to do on our house and will pay off our <5k cc debt. We should have thought 75k left over after these expenses. We are torn between investing in real estate and investing in the stock market. Facts: I have some stock, but it just sits in an account. I have zero knowledge about investing. We have never been landlords either. Both options are new frontiers for us. We live in an area where we could get $600-800/mo for a 30-60k mortgage. Little money down and very little rehab required. Appreciation rates in our city are about +1.4%. We do not have a mortgage on our current home..own it outright. After paying off our credit cards, we will only have one debt. 22k on a car loan. I've read a bunch o' finance books, but I cannot find a solid answer on how to weigh the difference between these two investing paths. Any help would be helpful! If more info is needed, I'll update as needed. Edit 1: "we" is my husband and I. He makes less than 18k/year and I make roughly 65k/yr. I have 50k in a 401k and 10k in an IRA. [link] [comments]  |
| I think my company is about to have layoffs... Posted: 28 Nov 2019 07:42 PM PST I work for a contractor at a steel manufacturer. Lately this steel manufacturer has closed down one of its mills and has kept multiple lines down longer and longer. At the on site contractor I work for there has been some tightening of belts. Some employees have not been given raises while others have only gotten a raise of a nickel. A few years before raises were at least a dollar or more...And these are all positions that pay between 15 and 18 an hour. Some employees have even asked to take a pay cut. Bonuses this year have been significantly less than last year. Rumors are already starting to fly and some employees are quitting in droves..... I already have been working on updating my resume and LinkedIn profile. I have extensive mechanical and non-destructive testing experience. Unfortunately I have no degree so higher paying positions are limited for me. My work experience in my field is 7 years. I do have around 8k in savings. I keep my checking accounts above 2k on average. I am enrolled in Auto CAD classes as well. I dont plan on dropping them either... Based on this information are layoffs probable? I'm seeing that they are. [link] [comments]  |
| Posted: 28 Nov 2019 05:15 PM PST 33/M single, no kids, and no debt aside from the mortgage. ~$35K in my retirement and ~$80K in savings/emergency fund. My job is in SF doing blue collar work and I currently make about $45K annually with the ability to max out at $60K annually in 10 years. I also have been trading securities as my side income every morning before I go to work and have been consistently profiting so far after 8 months of learning so I like the time zone I'm in. Monthly payment for mortgage is about $2500/mo and annual property taxes is about $10K annually and growing. There's still $500K left on the mortgage and was appraised for $900K. My father recently told me that he will go back to his home country after he retires because he wants to be with relatives and other family members again after some decades. My mother will follow suit after. This all leaves me with the house we currently have and is about 10 minutes away from where I work. They said they would have considered staying if I had some kids they can look after, but I just haven't had anything but bad experiences with my past relationships which is why I've decided that being single makes me happiest the most. We currently have family related tenants living with us on the first floor and are paying about $1500 monthly to help with the mortgage, but I don't know how long that will be. Theyve been here for about a year and a half now. We're all in good terms, but for the past few years my childhood relatives who used to live here for over a decade including my brother have left live in different parts of the city or state to live their lives with their own family and I'm sure they don't want me living with them as they simply just don't have any spare room and I'm predicting that the relatives downstairs will leave soon as well for a bigger place once they have grand children. I also don't want to deal with renting out to random tenants I don't know as we've done that several times before and have had nothing but problems after a few weeks. So far assuming I have zero% stake in the house (assuming the worse possible scenario case here even though me and my brothers name are on the mortgage), I don't think renting is a possibility as I've looked at the prices and it costs about the same or more than my monthly take home pay. The nearest affordable homes I can find that I can probably put a downpayment on are around $300K-$400K is about 2 hours away at minimum. My job is nationwide but it seems so far they have no open positions to transfer into. I've thought about moving to lower cost of living states, but I just don't know how that would work and it seems like not only a very big decision but a very big move in my life. I'm very frugal as I don't buy much things for myself aside from dining out once every few months or buying video games. My annual expenses excluding the mortgage (i pay for my own phone, car insurance, groceries, gas, laundry, etc) is about $9K and $5K if I'm very careful and only do my groceries when there's a sale. [link] [comments]  |
| 23 USA Student Loan debt advice Posted: 28 Nov 2019 07:21 PM PST Hi everyone, I'm a 23yo from the US with $140k student debt: $90k from master's program (Gradplus loans) and $50k from undergrad at an Ivy (federal loans). The undergrad loans are co-signed by my parents. Could I just keep deferring indefinitely? How would not paying back affect my credit score? My citizenship with an EU country was recently recognized and I'm thinking of just getting a job and relocating there. This amount of debt is astronomical. And honestly I just don't see how it will ever be paid off. What should I do? [link] [comments]  |
| Lease to Buy Subaru a better deal than outright buying? Posted: 28 Nov 2019 10:04 AM PST Really desperate for some insight here, as I have folks I know coming at me from every angle telling me completely different things. I've been looking into replacing my car, which is terrible in snow, high mileage, and old. In looking around and chatting with people it seems like my best bet would be a Subaru, probably either an Impreza hatchback or a Crosstrek. The AWD is a big factor. It seems like these vehicles really, really hold their value and it hardly seems worth it to look at used models (although I could be wrong here). One friend is telling me that leasing, then buying out at the end of the lease, is the way to go and will get me the best deal. His logic is that when you lease you are only paying the depreciation of the vehicle. Then when you buy it out at the end, you pay taxes and fees only on the DEPRECIATED value rather than the full value of the car, and you get a nice car that you personally know the history of rather than a used car with a less known history. Other friends are telling me leasing is bad, although most of them have not gone into any deep detail as to why leasing is bad other than the usual, I will have to watch my mileage and have to be careful with it (although it seems like that won't matter as much if I buy it out anyway). I crunched some numbers and based on what I am getting, it does seem like leasing to buy is the best deal... but I wonder what hidden fees I am forgetting. So for leasing to buy, here is what I got, using numbers for the Impreza hatchback from a local dealer. Here is a link so you can double check the numbers and fine print ( https://www.vanbortelsubaru.net/global-incentives-search/2019-Subaru-Impreza-5-door-Offers-US2019SUB67ebe16cd3e2fd3c520ed09.htm ). The company I am looking at lists the base price of the Impreza at $20,980. The lease down payment is $2000. I then pay $205 a month for 36 months, so $7,380 for the length of the lease. The website says the buy out residual is then $11,749. My bank offers a rate of 4.64% on 3 year old vehicles if you have good credit (I do). Sales tax is 8%. An online loan calculator ( https://www.cars.com/car-loan-calculator/ ) said that given those numbers and no additional down payment I would be paying $239 a month for a 60 month loan, totaling $14,340 by the end of the loan. That would bring the total cost of the lease and then loan to $23,720. So, comparing that to buying outright. Using the same numbers, so a $2000 down payment and a 60 month loan with my banks APR for a new car of 4.44% and 8% tax, the calculator says I would have a monthly payment of $386, coming to $23,160 by the end of the loan. Combined with the down payment that is a total cost of $25,160, or $1,440 over the cost of the lease-to-buy. Even with a $7,000 down payment I am getting $293 a month for a final cost of $24,580. I can see where buying used wouldn't make much sense, because the used Subaru Impreza hatchbacks I see around here looking on Car Guru, at 3 years old and around 36,000 miles, are selling for $15,000+. If they will sell me a "used" car that only I have used for $11,749, that just seems to make sense as the best option. So, what am I missing here? I have never leased before so I am super suspicious that I am missing some hidden fees or anything that would stop this from working the way it seems to on paper at the moment. I really like the idea of those lower monthly fees but I don't want to screw myself over somehow and while I am careful with money, I know I am not the best with numbers or anything deeper than financial basics. I am fine with buying used, or new, or leasing. I'm not one of those people who needs a fancy new car or the best and brightest, I just want something reliable, good in snow, that will last me a long, long time, and I want to take the best financial route to get it. EDIT - I am not looking for advice on what car to buy. I am looking for advice on leasing vs buying that goes a bit beyond just saying "leasing/buying is bad", or fees and numbers I may not have taken into account when doing the above calculations on the overall cost of owning the vehicle. I may or may not stick with them but for now, Imprezas or Crosstreks are what I am looking at and doing calculations with. [link] [comments]  |
| Posted: 28 Nov 2019 08:20 AM PST 18M, full-time college student at a flagship state university. I have a small emergency fund of $10k saved up from jobs I worked in high school, which is currently sitting in a HYSA. I was extremely lucky to be awarded a full-tuition scholarship for college, which not only covers all my tuition fees but also provides a generous annual stipend for me to live on. The stipend is about $6k a year, and is dispensed as a lump sum of $3k per semester. (In my country, I do not have to pay any kind of taxes on this amount.) My on-campus accommodation is fully covered by the scholarship. Currently, I save about 60% of the allowance every semester, leaving me $1.2k for food, transport (I commute home on the weekends) and textbooks/materials. My goal is to have at least $20k in the emergency fund by the time I graduate, in case my job search after graduation takes longer than expected or I want to pursue further studies. I live pretty frugally for a college student - my monthly expenses never total more than $200 a month. (For comparison, college students here usually spend about $300 to $500 a month.) Part of me is proud of my financial situation, because I know that I'm prepared if I ever encounter a financial crisis. But I often wonder if I'm scrimping too much and missing out on crucial experiences as a result. I guess what I really want to know is, how do you strike a balance between planning for the future and enjoying the luxuries available now? [link] [comments]  |
| Paying off All of Loans Now or in a Year? Posted: 28 Nov 2019 01:39 PM PST I have around $45,800 is my bank account and have the following three student loans:
Should I pay everything off now leaving around $23,680 in my bank account or make a payment each month such that I pay off everything in a year? Would I invest some of this in index funds? Currently I am paying around $3200 a month on the loan with the highest amount (Loan 2). Should I keep doing this and then pay of Loan 1 and then Loan 3? Or just pay everything now? Also my monthly income is around $6800, no rent expenses, only some utility and food expenses. No contribution to 401k and am not sure whether to pay like 80% of it now and invest rest in index funds? Also these are student loans. Also I am in the USA. Edited: I ended paying them off. [link] [comments]  |
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