Personal Finance I just turned 19 last month, and my dad is going to die |
- I just turned 19 last month, and my dad is going to die
- I am my parent's retirement plan (and only child). How can I best set them up for financial success?
- My mom passed away with a staggering amount of medical debt and loans-and I liable?
- Fixed income options for me (39M) and family/ heirs
- Medical Billing Department threatening time send a fraudulent bill to collections
- Italian bank threatening to close account due to American citizenship
- Tax considerations for selling considerable amount of stock
- How much does your personality play into your finances?
- Is buying a home a pipe dream?
- Starting a new job a 90 minutes drive away. Company is providing hotel (Marriott. Residence Inn or Springhill Suites, my choice). Any tips?
- Open Enrollment Scams
- Grandparents co-signed on my mortgage loan nearly 5 years ago - What affect does this have on their credit when applying for their own mortgage loan?
- Will paying more than the minimum on my student loans give me a better refinance rate offer down the line?
- Don't forget the importance of sinking funds--not just an "emergency fund"
- Is it worth taking a 30k a year job in Seattle when I’m 24?
- Selling something on Letgo. Buyer asking to pay through western union. Is this a scam?
- Any rules for savings vs investment split?
- I have been working as a financial advisor (US,GER)
- Anybody know how to get money quick as teen?
- 26, just moved from home, started a new job, no savings, no 401k, no Roth, lost on what to do?
- Been investing 2+ years in mutual fund for Roth IRA, not sure if I've made or lost money?
- Google Sheet to replace Smartypig?
- Pay off loans, build emergency fund, or roth ira first?
- am I independent for FAFSA purposes if I filed my tax return as single with one (1) dependent last year?
| I just turned 19 last month, and my dad is going to die Posted: 27 Nov 2019 12:34 AM PST We found out my dad had terminal brain cancer when I was 18. I'm 19 now and my mom just had a talk with me telling me that when my dad dies, she will live with her aunt, and I will live with another aunt. I'm getting separated from my parents, but at least I'm not going to be homeless. I work a gig/job where I make 75$ a week and currently go to school (i get no financial aid except for BOG which is means my school is partially paid for). Is there anything I should know/do/be aware of from now on. I'm just really lost Edit 1: thank you for all the advice and replies, there are a lot of questions that I see are great on my notifications but get lost within the comments so I'll give a little more details about me here. I'm currently going to community college and I'm studying Electrical Theory trying to get a certificate, I applied to the IBEW (an electricians union where you work/learn) and I hope I get in within the next year. Moreover onto the grieving part, I'll try to talk to a counselor about my situation soon, and my dad has brain cancer for about 7 month, so ive done my grieving for a while now, but I can't help it but feel sad everytime I see him sleeping in the couch in the living room. Anyways thank you for the advices and sweet comments Edit 2 : this isn't at all related but something bizarre/superstitious. Last time when we received the news about my dad being diagnose with brain cancer, my car battery died at school, now that he's back in the hospital awaiting his death, my car battery dies again, at school. Edit 3: my mom and I just had a talk on the phone, and briefly she told me that I will be staying with my aunt for a while, about 3-5 month until all the paperwork and stuff are completed, then she is going to find an apartment for me and her. For my dad, she told me the hospital is going to transfer him to some kind of home or living unit in USC, I'm not sure what's still going on, but all I know is that we won't be seeing him. I'm going to go visit him this afternoon and we'll see from there. [link] [comments]  |
| I am my parent's retirement plan (and only child). How can I best set them up for financial success? Posted: 27 Nov 2019 08:44 AM PST Long story short: My parents are ~10 years away from retirement but have 0 retirement savings. They are immigrants who have always lived paycheck-to-paycheck and I am currently 27 years old. The best way I have found I can help them with retirement is to buy them an apartment (when they retire) so that they can use the $300k they make from selling their house for other expenses (since social security won't be enough). From a tax perspective, is this the best thing I can do for them and myself? I wish I could write them off as dependants or the money I give them as a "charitable donation" but I know that's not possible. [link] [comments]  |
| My mom passed away with a staggering amount of medical debt and loans-and I liable? Posted: 27 Nov 2019 05:27 AM PST My mom passed away suddenly November 20th. She left no will or life insurance, but left a lot of debt, mostly in the form of unpaid medical bills and a loan. If I'm correct, legally, I am not responsible for these debts out of my own pocket, but they could go after her house/car/etc for the debt. The house and car are paid off in full. The biggest debt is a loan from the bank of around 40K that I dont know the status of, and about a few thousand in medical bills. It's not the absolute worst, but I'm still very worried. I'm an only child (F23) with no other family to help me in this situation. Any advice is helpful. [link] [comments]  |
| Fixed income options for me (39M) and family/ heirs Posted: 27 Nov 2019 05:11 PM PST Throwaway for anonymity reasons. TLDR: I'm 39 years old, married, with 2 middle school age kids. About to have $15MM in cash and want to invest it and live off the interest until I die. What should I do? Full story: After graduating from college (2002), I went to work at the company my father founded in the 80s. In 2014, my father informed me he was retiring and gave me the option to purchase the company using a seller promissory note. I bought the company from him and have been making my monthly payments to him since then. After taking over, I've increased sales, bought out competitors, improved efficiency and have tripled EBITDA. Personally, I've paid off my personal home mortgage and put all my savings and dividends into a Vanguard Target Index Fund and two 529 plans for my kids' college. Earlier this month, I received an offer from a PE firm that would allow me to pay off what's left of my father's note and all the other debt owed. After paying everyone and capital gains taxes, I would net about $15MM. Even though I'm young to retire, I've decided to sell and live off the interest generated by that lump sum. Assuming a 4% interest and 50% fed+state income tax rate on the interest income, I would net $300K/year, more than enough to support a very comfortable lifestyle for me and my family. So my questions:
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| Medical Billing Department threatening time send a fraudulent bill to collections Posted: 27 Nov 2019 07:52 PM PST I was hoping I could get some advice about protecting my credit. The title is the TLDR, but more detail below. A few months ago I had a minor medical procedure for which I paid the copay amount and was told that was all I owed. Last week, I received a bill from a Pathology group that I owe over $1000 for the related pathology, while my health insurance only shows me owing $100. On the bill sent to me, it shows what the insurance company has, plus additional charges that reference the insurance company but doesn't actually mention what the charges are for. My insurance company said this group is going against the agreement made with the insurance, and said the bill is incorrect. They called the group directly, who denied wrongdoing despite the said agreement and refused to change the bill. The insurance is sending them an official letter and told me to pay the $100, which I have. The problem now is that the Pathology group just sent me a final notice, threatening collection after 10 days. I know the insurance company is handling this, but is there anything I can do from my end to protect my credit or myself from bill collectors. Of note, the pathology has 26 google reviews, all 1 star, all referencing either incorrect billing or getting sent to collections. I appreciate any and all advice. [link] [comments]  |
| Italian bank threatening to close account due to American citizenship Posted: 27 Nov 2019 04:41 AM PST So I currently reside in Italy for school and I work as well, I'm american so that means we got to file taxes world wide. I've had an Italian bank account for some years, but recently received a letter saying their policy recently changed and they don't want to deal with the IRS... and they're threatening to freeze and shut down my bank account. I'm thinking now about just working something out with my job and getting paid in cash, and use my american account for flights and other purchases not possible to do with cash. pay Italian taxes of course like I have. Can the IRS still pursue me, I make minimum wage in Italy and have no plan on moving back to America. [link] [comments]  |
| Tax considerations for selling considerable amount of stock Posted: 27 Nov 2019 04:23 PM PST I've got a hefty amount of stocks that I've accumulated for the past 5 years from my employer and I would like to diversify those into other asset classes, including perhaps buying a condo. I would like to sell around $300k of it (all long-term lots), and was wondering if there are any tax considerations I would need to keep in mind, or if there's a particular strategy that would be most beneficial for minimizing taxes. For example, I suppose that it's better to sell of a portion of that this calendar year, and sell some other portion next year to prevent my taxable income to jump over to the next tax bracket. Any advice? [link] [comments]  |
| How much does your personality play into your finances? Posted: 27 Nov 2019 01:46 PM PST I think it is the number one indicator for financial success. It's obvious if you do things at home and don't spend money going out, doing things socially you will save more money. Where that savings goes is up to you at that point. Sure our personality towards money can chnage for the better, i.e. you no longer care about name brands or shift to making your own or doing your own things at home rather than going to a trainer, gym, bar, club, etc. It's easy to see that simply not buying stuff is the way to go, but what draws us to buy stuff? Do we really need a new TV, new clothes, more watches, sunglasses, jewelry, cars etc? What draws you to spend money on consumer goods? What draws you to take loans for things you don't necessarily need? Is there an end to that? Could you be happy at a certain point, where you have everything you need? I see everything as a marketing scheme, a ploy to get people to spend. I'm good, I don't need more, I don't need less. I've gone to basics, I'm healthier, have more money (not that I need it), and of course don't have debt. I see an endless cycle of false values in this society and I think it starts at the individual level to see past the shiny products and the shiny ideals. Anyone else? [link] [comments]  |
| Is buying a home a pipe dream? Posted: 27 Nov 2019 12:15 PM PST I've posted before, I had ruminated buying a home last year but I decided against because I wanted to be in a better position. I'm due to be promoted (ahhhhhh! I've been doing everything I can to get here) and will be making 55k. I have 60k in the bank and 12k in student loans ( I will have loan forgiveness in a few years, it may be stupid but I don't want to drain my bank account.) I have a 2018 car that's paid off, I'm finished grad school and I'll be 30 in 2020. My credit score according to FICO off my citicards is 765. Credit Karma says 785 but I dont trust it. I want to look at purchasing a home in the next 6-8 months for around 160k ( I live near a city and this is the cheapest I can find that isnt in a scary neighborhood similar to Camden). 5% down, I am in contact with a realtor who is a shark for her clients. Am I nuts? Should I wait a bit longer and rent? My longterm boyfriend is in school full time and coupled with the lack of a mrs. Title, I would be responsible for all the bills and the house would be in my name. Thank you all for you honest advice. I grew up very very lower middle class and everything I have done I've been careful and tried to do it on my own. Money has always worried me. [link] [comments]  |
| Posted: 27 Nov 2019 04:24 PM PST I'm starting a new position where I'll be in a hotel 4 nights a week for the next 2-4 years at least while leading software development for a new project. Hotel is fully paid for by the company. I've just signed up for the Marriott Bonvoy membership and I'll make sure to always have my membership number attached to the room. Are there any other tips people have to maximize point accumulation? Should I do points or miles? I think the end goal for my wife and I would be to accumulate enough points to pay for a nice hotel stay when we go on vacation. [link] [comments]  |
| Posted: 27 Nov 2019 04:13 AM PST As the year end approaches, please be aware of open enrollment scams. I work for a company that has about 1,000 employees domestically and another 1,500 internationally. In addition to the routine (and often obvious) spam, I received an e-mail with our company logo and a link asking for verification of 401K direct deposit information. It was very very convincing. I am in the habit of never clicking links, so it did not snag me, but it was cleverly done and came in right in the middle if our open enrollment period. [link] [comments]  |
| Posted: 27 Nov 2019 04:22 PM PST So, my grandparents very generously offered to co-sign on my first mortgage loan back in 2015. I needed a co-signer for this loan because I bought my first house at only 19 years old - I didn't have a lot of credit established, and my debt-to-income ratio was pretty high for a mortgage payment. I didn't have bad credit- I just didn't have enough established to be approved on my own. My grandparents have been banking with the same financial institution for over 30 years and have excellent credit, so I was approved for this loan with their help - no problem. Fast forward to 5 years later, my grandparents are wanting to sell their own home and downsize to a smaller property. They are telling me that I need to re-finance my mortgage loan on my own, without their names on it, in order for them to be approved for their new mortgage loan. But the tricky part is... that I STILL won't be approved for a mortgage loan on my own, which is the whole reason I asked them to co-sign in the first place. The original loan amount was 205k, and I've paid it down to $185k over the past 4.5/5 years with every single payment being on time. Since I've never defaulted on payment, my grandparents have never been financially responsible (just on paper.) This shouldn't really have THAT much of an effect on them applying for their own mortgage, should it? I really do appreciate their offer of co-signing for my loan, but I wouldn't have gotten myself into this situation if I'd have known just a few years later they were going to "take it back." And what rights do they have to do this? You surely can't just sign yourself off of a loan as a co-signer, right? FYI- my grandparents are on a fixed income, but currently only pay a small mortgage each month. They do not have any other loans/lines of credit out in their name. Does this make any sense? Thanks for any help on this confusing situation! :) [link] [comments]  |
| Posted: 27 Nov 2019 11:55 AM PST Title. If my minimum payment is $500 and I pay $700 each time, for example, will that be looked upon favorably if I apply for refinancing in the future? Or does that have no effect and I should only make sure to pay on time each month? [link] [comments]  |
| Don't forget the importance of sinking funds--not just an "emergency fund" Posted: 27 Nov 2019 07:25 AM PST When I read a lot of posts, I see people talking about their emergency fund---which is great! You absolutely want a big(or little) stash of money to sit on in case you need it or have an emergency so that your money that is used for monthly expenses does not need to be sacrificed and you can still get your bills paid and your food on the table. However, I think that sinking funds are literally just as important. A sinking fund is a savings goal or category that is for a certain purpose, separate from your e-fund, that you contribute too on a regular basis, maybe monthly. Like if you have pets, a "Pet Emergency Fund" is its own fund just for pet emergencies. Most people have cars--we know that cars breakdown--so having a "Car Repair" fund, is amazing. Same with your house(if you have to pay for your own house repairs), have a "House Repair" fund. Many financial "emergencies" are not totally unexpected, we know that something is going to go wrong with the car or house at some point--they don't last forever--so that means we *can* plan for them in advance and set aside a small amount for that purpose so it doesn't drain your "emergency fund" and you still have that for a real emergency like your house burning down, or getting fired and having that money to tide you over until you get whatever it is worked out. Even if you have a very small income, and cannot put much in these little extra funds every month, it is comforting to know that literally every single dollar that is in this fund, be it $20 or $500, that it is not going be stripped from your big "emergency fund" and you'll still have that in case your lose your job. Car and house repairs are not emergencies. You know they are going to be needed. Edit: Having separate accounts is not necessary--I personally use YNAB to hold my money in categories for me, but its all together in one account. [link] [comments]  |
| Is it worth taking a 30k a year job in Seattle when I’m 24? Posted: 27 Nov 2019 10:05 AM PST Alright, so I work in pro sports. The pay is always lower than traditional roles in the workplace (ie sports analysts make less than a financial analyst) because obviously the job market is so fierce and people will do a lot of work for nothing. Anyway, over the last three years I've worked pretty intense full-time seasonal positions (Feb-Sep), which comes with good and bad. But the bad outweighs the good, scrambling for jobs every Fall is a nightmare. So I've been talking to an independent company in pro sports outside of teams and talks have gone great, prospects are good, and it's a great culture. However, pay is disgustingly low. 30k a year and it would require a cross country relocation - which will likely drain me of most of my savings. Don't get me wrong, I have never made much in sports - but my last job was 35k plus housing, which adds to about 42k. I'm not looking to make millions, but I need a full time job where income will be steady and I don't have to cry every night over the stress of how I'm going to pay rent. On top of all this, I'm in grad school for Computer Science and taking a second job on top of all of this is going to be incredibly taxing. I'm a grinder by nature but I feel like I'm devaluing myself, but also have nowhere else to turn. I got my bachelors from a good university and have four high profile "internships." I can go back to the team I worked for but that includes 50/50 travel and 80 hour weeks, which I can't mentally handle. And this company offering me this job is awesome - everyone is great. But I feel I'll have no quality of life. All I'm looking for is a salary where I can pay rent, eat decently, use my current workout program ($130 a month, drastic and necessary boost for mental health), and take care of my dog. I'm not asking for much. I seriously have a pretty simple life and don't spend outrageously. But, I don't want to be completely stifled and unable to do a single thing. There is pay increase potential in 6-9 months as well as some meh benefits. I just don't know if that little pay can do it [link] [comments]  |
| Selling something on Letgo. Buyer asking to pay through western union. Is this a scam? Posted: 27 Nov 2019 03:24 AM PST So I'm a little tight on money this month for rent so I sold some stuff on let go. I sold a rather big purchase to someone who wanted to ship something to a family member and he was asking if I could buy a $50 steam gift card with it and put it in the Box he paid $50 extra for it but is saying that I have to scratch out the code on the back and take your picture of it to send it to the email I got from Western Union along with the tracking number for the shipment For them to give me my money. I have never used Western Union before but sending a picture of a card with the code already scratched out seems kind of sketchy to me and seeing as this is a big purchase and I can't stand to lose any more money I wanted to check to see if this is something that is common place or of the someone is trying to scam me [link] [comments]  |
| Any rules for savings vs investment split? Posted: 27 Nov 2019 11:38 AM PST Hi All, I know the 3-6 months of living expense in emergency fund rule and the 50-30-20 split for general investment diversification but are there any rules of thumb on how much % of net worth to keep in liquid cash (savings, checking) vs investment (stock, retirement accounts)? Edit: To clarify I know a HYSA is how you should keep money on hand but I mean how should your money be allocated. Personal example is roughly 30% of mine is in HYSA/checking, 50% in 401k/roth ira, and 20% in individual stocks. Does this seem like a responsible split? [link] [comments]  |
| I have been working as a financial advisor (US,GER) Posted: 27 Nov 2019 04:35 PM PST Watch out for financial advisors who offer "FREE" consultations. IF you do not pay for a financial advisor upfront he will sell you the product he makes the most commission with. Even if it's not the best interest of the client. Paying upfront increase your chance to receive the right information and make the right financial decision. [link] [comments]  |
| Anybody know how to get money quick as teen? Posted: 27 Nov 2019 06:39 PM PST I've been recently trying to get a pc but have no money. Everywhere I look it's clickbait, clickbait, and more clickbait. Im hoping someone here knows something. [link] [comments]  |
| 26, just moved from home, started a new job, no savings, no 401k, no Roth, lost on what to do? Posted: 27 Nov 2019 06:18 PM PST I'm a little confused on where to start and what to focus on here. Within the past year, I moved away from my parents, in with my fianceé. Before I moved, like 90% of my income went to household bills and paying their debts, maxing out 2 credit cards doing so. After moving, I got a new job, paying $15/hr compared to my previous $12.50, and now less than half of my income is going to bills/debt. I paid off those 2 cards, now that my debt is low enough, I turned my focus to saving. My new job does not have a 401k option, and I noticed on here people suggesting a Roth IRA, but do not want to just jump into signing up for one without any knowledge on it. I guess my main questions are should I start a Roth? How/Where/Why? [link] [comments]  |
| Been investing 2+ years in mutual fund for Roth IRA, not sure if I've made or lost money? Posted: 27 Nov 2019 08:54 AM PST About two and a half years ago, I met with a financial consultant who gave me some advice here and there on a few things, including my retirement funds (I have a 401K and a Roth IRA). For the Roth IRA, I was just putting the money in but not using it to invest in any way, so it wasn't really growing at all. He advised that I look into a retirement mutual fund with a 2050 goal, and together we settled on Vanguard Target Retirement 2050 (VFIFX). Since then, every 3-4 months, I take all the money that's been deposited into my Roth IRA and use it to buy shares in Vanguard. However looking at some of the numbers, I'm concerned that this has cost me more than it's earned. To date, my total GAINS from this fund are +$761. However to get there, I've made a total of 15 purchases over two and a half years, with a fee of $75 each. So according to my math, my gains so far are ACTUALLY ($761 - 15 * $75) = -$364. Which is lower than it would have been had I not bought anything at all. So two questions here:
Thank you very much for your time. EDIT #1: To clarify, I am currently with Fidelity. The fee I am paying is not to my advisor, who I only met with a few times, for free since they are a long time family friend. The fee is a transaction fee. EDIT #2: It seems like the consensus is either that I should rollover to Vanguard if I want to continue purchasing the Vanguard Retirement Fund, or otherwise start purchasing the Fidelity equivalent which will have similar value without the transaction fees. [link] [comments]  |
| Google Sheet to replace Smartypig? Posted: 27 Nov 2019 06:03 PM PST I have been using Smartypig for years, but a couple of times, I have tried to close an account 3 weeks+ after the goal date, with it fully funded, and it won't let me close the account due to "pending" deposits. The interest is not that great and I am thinking it is just best to use my own regular savings account. I was looking around to see if there are any savings calculations spreadsheets where I can have several different types of things I am savings for (I.e. spring trip, new car, Christmas). Smartypig would ask you How much you want to save, how often you want to make a deposit and when your goal date is. They would calculate it with their interest rate, which was always off. Spreadsheets I have found seem to just be for one big item (like a house) with interest and only in years of goal, not bi-weekly or months. I'm not great at spreadsheets, so not sure how to do the calculations myself, but I guess if nothing like this exists, I can just use a calculator and just make notes on a spreadsheet of what I need to save. LOL. I would love any tips, Thanks in advance. :) [link] [comments]  |
| Pay off loans, build emergency fund, or roth ira first? Posted: 27 Nov 2019 02:17 PM PST Hi all, Any help here would be greatly appreciated. I'm deciding on where I should put my money. I live in NYC, pay next to nothing on rent, but im bad with spending (which has improved significantly the past 3 months thanks to Reddit). Should I pay off my loans now or put the 4k in my Roth IRA account? Option to pay off my loans in early 2020 when im guaranteed a tax refund. Or do I build my emergency fund (even though my job is 99.9% safe for at least the next 6 months and I live at home with my parents? Here are my stats.
What would you do first? [link] [comments]  |
| Posted: 27 Nov 2019 05:37 PM PST hey guys, so I am currently self-sustaining and have a dependent as well and I control my own finances. filed the 2018 tax as single with my brother as a dependent. we both live in the same house as our parents but have different finances. for tax, this meant i was to file as independent but am unsure is same applies for FAFSA. [link] [comments]  |
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