Personal Finance My dad died and left me a fancy condo with no mortgage. And yet, I can't really afford to live here! |
- My dad died and left me a fancy condo with no mortgage. And yet, I can't really afford to live here!
- Sent to debt collections for a confirmed cancelled newspaper subscription.
- [FL] I'm moving out from my unstable home into poverty. What preparations should I make given my circumstances?
- Mother in law doesn't believe in paying taxes and hasn't paid them for years. Advice needed
- (LB) Country facing liquidity problems, local currency is dropping
- $1000 tax bill from 4 years ago. What are my options?
- How much do you set aside a month for food and sundries (personal hygiene like soap and house cleaning supplies like paper towels, laundry soap, etc)?
- Can you deposit a check into a person's account without the person there?
- Mom is scared to move her money
- Let my car get repossessed?
- When to have children?
- Can you take in a cheque addressed to your middle names?
- Neighbor's townhome is up for auction.
- Bank refusing to give me proof of lien release. Help?
- Trying to help elderly, low income mother find financial stability
- How is credit card utilization rate calculated?
- 1st Time with Backdoor Roth
- Employer reported my income to the IRS in 2017 twice
- How to access stocks received as gift as a child
- Save for down payment or pay off student loan?
- Best bank account for students
- Should I payoff my car loan before seeking a mortgage, even though that would mean cutting into my savings for a down payment?
- Can I bring my HSA to my (soon-to-be) spouses HDHCP?
- Student Loan Interest Deduction and saver’s credit questions
- Need perspective: Want to move out from home shared with MIL, but worried about finances
| My dad died and left me a fancy condo with no mortgage. And yet, I can't really afford to live here! Posted: 09 Nov 2019 09:01 AM PST My dad passed away and I inherited his fancy 3 bedroom condo with no mortgage that's worth somewhere around $500-600K. He lived just outside a large city in the Midwest but I was wanting to move there anyway. So moving in the condo seems like a great idea. But then I find out the taxes are more than $12K per year. The HOA ( assessments) is like $800 per month. That's basically $1800 per month for a fancy condo that's actually larger than I even need. What I actually *need* is a smaller apartment... that rents for about $1800 per month. I don't have a steady income right now, so it would seem like I should just sell and use that money to help with rent. The problem is the real estate market is soft right now, and properties aren't selling quickly, and even worse, they don't increase in value the way they do in LA or NY. It's basically gone up $50-100K since it was first purchased in 2003 -- and this is a great, gentrified area. So my question is actually as follows. If renting costs me $1800 per month and owning costs me $1800 per month, is there really any larger benefits to owning in a city where the housing is fairly stagnant? Edit: When I mention the option of renting an $1800 apartment, I'm just guessing the cost of a decent one bedroom apartment in this area. It might be a bit less. I might find something great for $1300 but that's probably the bottom and it would be a lucky find. [link] [comments]  |
| Sent to debt collections for a confirmed cancelled newspaper subscription. Posted: 08 Nov 2019 10:24 PM PST Not sure if this should go to r/legaladvice or not, but I am a full time college student who did a dumb thing and signed up for a trial newspaper subscription to my local city paper. Before receiving any newspapers, I was hit with a bill for 10 dollars. I immediately emailed their online customer service and explained that I hadn't received any of their service and wished to cancel my trial before it began. I received email correspondence that stated that the charge would be revoked and that they would close my account. This all happened back in February. Yesterday my wife got a phone call from a debt collector (I never even gave out my phone number or hers), and that I owed a whopping 49 dollars to the newspaper. She didn't acknowledge that I owed the money with the debt collector on the phone and that they would have to contact me to figure out the situation. She then called the customer service line where they stated that I had requested service again. (I didnt and even if I had I never received a f***ing newspaper anyways). I called the newspaper customer service line and spoke to a representative that told me that they would clear the charge and speak to the collection agency. I am afraid that they have already sold the debt to the agency and will have no say over what happens. I just found one of the collections agencies letters in my mailbox saying I have 30 days to dispute the charge with the collection agency otherwise it will hit my credit report. Do I even engage the debt collectors? Because I am not paying them a GD thing. I am afraid from other posts about accidentally "accepting" the debt. And if it does hit my credit report, where do I go from there? My wife and I are trying to move right now and cannot afford a delinquent account on our reports. TLDR: Idiot me signed up for a newspaper trial subscription, got charged before receiving any, cancelled, still got contacted by a debt collection agency for 50 freaking dollars. Pls halp. [link] [comments]  |
| Posted: 09 Nov 2019 07:25 AM PST On February 2020, my best friend and I (both 18M) are moving in together to pool our resources and money to escape our unstable homes. I make roughly $1500 a month and my friend makes the same after taxes. We live in Miami where the cost of living is relatively high. Our options are living in a single bedroom apartment where rent may range from $700 to $900, and we won't be spending more than that. That means splitting the rent, the price may be $350-450. My abysmal relationship with my parents forces me to consider the possibility that my father may cut me out of his health insurance plan. If this does happen, can federal law force me to seek out my own health insurance and penalize me if I choose to go without insurance? Is it possible for me to simply not have health insurance if this happens? This health insurance dilemma is my highest concern. My second highest concern is my car. Miami is a city where public transportation is virtually unusable. A car is absolutely necessary to reach any destination that isn't in a straight line between each other if you're living in western Dade County which is where I am. My car is under my father's name and there's a strong possibility he would take it and end the financing contract leaving me carless when February comes around. My friend has assured me that in this scenario, he would make his best attempts to drive me to work and such until I scrape up enough money to afford a car of my own. If this instance occurs, my options are limited to the aforementioned but I'm stating it just to provide as much context as possible over my situation. There is also the higher possibility but less significant concern that my phone plan will also be cancelled. In this scenario, what cheap options regarding phone plans should I pursue? I believe a minimal, limited data contract is best but I'm uncertain how that compares to prepaid plans. I'm also currently in college but my tuition is paid for completely by scholarship. Unfortunately, I still have to spend up to $100 per semester to purchase access codes to complete necessary homework assignments. I certainly don't want to quit school or slow down my educations but if the going gets too tough, and I need more hours to compensate for expenses, I will take the necessary steps to do so. One final thing is I currently have no credit score. February would mark my 4th month on building a credit score and I am 100% on top of it to make sure it's as clean as possible for when I move out. Having calculated expenses for food, utilities, and other basic necessities, my budget will look one of two ways. Either with a $100 surplus per month if I can keep my car with its monthly payment of $210 and state minimum insurance premium of $190, or a $500 surplus per month given that the car is removed from my possession. By February 2020, I should have a little over $3000 to help launch the move out. Is there anything I seem to be missing financially in my plans? What can I do to help prepare even more? Any suggestions or advice are greatly appreciated. [link] [comments]  |
| Mother in law doesn't believe in paying taxes and hasn't paid them for years. Advice needed Posted: 09 Nov 2019 06:11 PM PST Like the title says, my mother in law doesn't believe in paying taxes and says she's 'paid her dues' to 'corporate America'. She has a history of being very mentally unstable. There was a messy divorce about 5 years ago with my father in law and he ended up having to pay back about 40k in unpaid taxes that she had been evading over the years. Apparently she up and left the state they were living in, just packed her bags and left. My wife and I have very little contact with her because she has a violent history of mental instability and is extremely bipolar. She came to visit my wife and me a little while ago and that's when she told my wife about the fact that she hasn't filed taxes for at least five years, because she says she doesn't have to since she's paid in cash by her employer. I guess my question is will this come back to bite my wife or me in the ass if something were to happen to her? Or is there some kind of legal protection we should get or have to make sure her debts dont end up falling on our shoulders ten or twenty years from now? [link] [comments]  |
| (LB) Country facing liquidity problems, local currency is dropping Posted: 09 Nov 2019 02:26 PM PST background I'm based in Lebanon which is currently having a revolution/protests. Local currency is LBP. Since the start banks started limiting the amount of USD that can be withdrawn to $700/$1000 per day. They allow withdrawal of LBP up to 3,000,000 LBP. Since the start (~3 weeks ago), the local currency value didn't drop in the international market: 1 USD <= 1,520 LBP. The market the stores & merchants are trading USD with their own value: Some take it as 1800 LBP up to 2,000 LBP. Banks convert from USD to LBP in international market value (~1,520 LBP) but they don't allow conversion from LBP to USD at all (at least my bank doesn't). Banks get closed by protestors regularly and only allow withdrawal (within the limits I specified above) from ATMs. problem
question 1- What are my best actions to take to ensure that I can securely pay what's owed by me and my expenses and ensure that my savings are fine & accessible? 2- Can I transfer my LBP to my off-shore bank and have it converted by to USD on market value ~1520? This month I was late to my payment because I wasn't able to withdraw enough for my payments. I also made a mistake of asking my bank to open an ATM card for me and transfered 3k USD to it as LBP (converted on 1 USD = 1518 LBP). I didn't know at the time that the bank couldn't reverse the transaction & my bank doesn't allow me to open ATM card in USD. Note: I can open an account in another bank and transfer funds from my off-shore bank to it. TL;DR: country facing liquidity problems, local currency is dropping, I have bills to pay, banks aren't allowing withdrawal, need some advice about actions to take. [link] [comments]  |
| $1000 tax bill from 4 years ago. What are my options? Posted: 09 Nov 2019 10:12 AM PST I'm sorry if this is the wrong subreddit, if there is a better place to post this let me know! So, I just got a $1000 tax bill from the Kentucky Department of Revenue for failure to file a Kentucky tax return in 2015, therefore never paying Kentucky Individual Income Tax. In 2015 I graduated from college and Kentucky and moved to New York City, so I only lived in KY for 4 months of the year but still had a job. This is a bit embarrassing, but my mom offered to do my taxes for me so I let her and i'm guessing she never filed my Kentucky tax return, just my New York one. I got a bill today for $1000. $500 for income taxes unpaid, and $500 in interest and late penalties. The thing is, I had no idea I still owed taxes. They've never sent me a letter or a notice or I would have paid it ASAP. Now, i'm stuck paying an extra $500 in penalties even though I was never notified I even owed money. What are my options here? I have no problem paying the tax I owe and can pay it ASAP, but is there any chance I can get them to waive the interest and late fees? Do I need to see an accountant about this? Any help would be great. Thanks all! [link] [comments]  |
| Posted: 09 Nov 2019 07:14 PM PST We are consistently running about $600 a month for 2.5 people + pets. We rarely eat out and pack lunch and make our own coffee. We might have a light food week or two but then we have a week where we get meat or laundry supplies and the costs go way up. We buy most of our meat at gfs and a 5lb bag of chicken is about $15 and a pork loin might be 1.79/lb. And so a whole loin might be close to $20. A typical trip sees us getting a loin and 3 or 4 bags of chicken for about a month, maybe a little less. We rarely eat beef. It has become too expensive. Just curious if we are way out of line. We seem to spend about a hundred a week at Wally world or the local grocery. [link] [comments]  |
| Can you deposit a check into a person's account without the person there? Posted: 09 Nov 2019 01:05 PM PST My grandparents recently sent everyone in the family checks for some extra spending money this holiday (I got about ~400) But they sent my mom my check and she's about 3k miles away, can she go to a branch of my bank near her and deposit it into my account? [link] [comments]  |
| Mom is scared to move her money Posted: 09 Nov 2019 01:12 PM PST I'm 37 and trying to help my mom with her finances. My dad died in 2017 and she never did anything with their money. Needless to say, it's been hard for her to manage all this. She basically relies on Social Security for income that she gets for herself as a widowed spouse and for my sister who is disabled and my mom cares for. My dad's total life savings were completely wiped out thanks to medical bills in his last few years. The only "nest egg" my Mom has is the $150K life insurance payout. For the last 2 years, that money has been sitting with Wells Fargo Advisory Services. Mom has a "guy" (actually a sweet gal named Cassie) who invests this money for her and that service comes with a 1% annual fee on top of all the other normal fees. It's a bad deal. I started looking into it a few months ago. Her portfolio is a 65/35 mix of 19 high-cost mutual funds and consistently underperforms the most basic and cheap balanced funds available in the market. Over these few months, I've slowly been chipping away at her, explaining in ways she can understand what a horrible deal she's getting. She has recently come around and is now willing to let me help her open a new account with Fidelity and invest this money in low-cost index funds which will save her around $2000/year in fees alone. But this is where we've run into a problem. She is deathly scared of moving this money. I'm talking irrational fears dialed up to 11. She doesn't trust an electronic bank transfer. She doesn't want to send a check in the mail. She's paralyzed and I can't calm her fears because I honestly don't know how our banking rules/laws/regulations protect consumers when moving large sums of money. Can anyone help me understand this or point me to something online that I can show her that will ease this paralysis? [link] [comments]  |
| Posted: 09 Nov 2019 06:02 PM PST Hello, I feel out of options. And I need help on what to do. I've got a 2013 Audi that wont start. The EPC light came on and there's a laundry list of issues with the car. I've had 3 mechanics look at it and the price to repair it is so out of my budget that I get nauseous thinking about it (16k). I purchased the car back in March for 21k, and I still owe 18k on it. However now it's no longer drivable and I've got to get to work/school. I've known about this for a month now.A month ago I was going to just clump this car into a newer car with a warranty, and just pay extra for the peace of mind. However my mother suggests that I just let my current car get repossessed by the bank. Right now I'm unsure what to do. I can't really trade the car in anymore and I've got to get a new car. I have 4K in my savings account and I make about 3k a month after taxes. Can anyone give me advice? [link] [comments]  |
| Posted: 09 Nov 2019 05:36 PM PST This seems to not have been asked before and I was curious, so I wanted some input on this. Would it be better to have children in your thirties, when you are better off and potentially as busy, or in your late twenties or earlier, and 'start' earlier. Which one would be better financially and/or mentally? [link] [comments]  |
| Can you take in a cheque addressed to your middle names? Posted: 08 Nov 2019 08:57 PM PST Hi personal finance people :) I am just wondering if I can take in a cheque I got from amazon addressed to my middle names. Some how amazon sent a cheque to my middle names instead of my first and last names. Its from book sales and I have never cashed a cheque before. I have my middle names visible on my passport. I live in New Zealand but I am told its the same rules for cheques everywhere. I also have disabilities and this is the first time in my life I have truly made money and I am very excited but a bit nervous. :) [link] [comments]  |
| Neighbor's townhome is up for auction. Posted: 09 Nov 2019 11:08 AM PST My neighbor right next door (85F) just up and quit paying her mortgage about 3 years ago, she said she just couldn't afford it anymore. I think her son made one or two past-due payments, but never caught up the whole thing money-wise. Then, she fell and broke her hip. Her children moved her out of state and just walked away from everything. Now,14 months later, there's finally a notice that the home is up for auction in a few weeks. The "foreclosure estimate" is $108,500. Is that the lowest the bank will take? How does it work? I only know this because I saw it on Zillow. And let me add that the info Zillow has on that property is all kinds of inaccurate. Honestly, I just don't want it to sell for some crazy low amount (like $50,000). That will seriously tank my home value, too--won't it? [link] [comments]  |
| Bank refusing to give me proof of lien release. Help? Posted: 09 Nov 2019 04:37 PM PST Bank: Ally Financial (Ally Auto) State: Michigan Loan: Car loan, paid off in 2015. Details: I need to get my car re-titled (I got married and legally changed my name) but have lost my proof of lien release. I paid off my loan in 2015. Ally Financial is listed as the lien holder on my title. I've been contacting Ally's customer service for about three months now. Every time I call, they claim they have no record of me under my SSN and will need to "manually" process my request and it will take 7-10 business days. I have multiple requests with multiple confirmation numbers. Each time, they "can't find me" and need to put in a request. I've tried contacting my dealership and the records were destroyed in a flood, so they don't have a copy. I contacted the SOS, who told me to send a certified letter to the address on the title, requesting either a copy of the original lien release or a letter stating that I no longer have an account. I've sent two certified letters to both of Ally's PO Boxes, both were signed for and I have the return receipts... nothing. I even tried Ally on social media. They just called me and we repeated the cycle. I can still log in to my Ally account online, but since the loan account is closed, I cannot see any details. Are there any next steps I can take? I'm at a loss here. I do have the original title in my possession, and my credit report shows the closed account, but that's all the proof I have. Thank you! This is a good lesson for me to never lose any documents, ever... [link] [comments]  |
| Trying to help elderly, low income mother find financial stability Posted: 09 Nov 2019 04:29 PM PST Hi all! My mom is about to start receiving social security retirement (I believe that's what it is?) of about $700/month. My dad had a massive stroke 2 years ago and now lives in a nursing home as he is a total care patient. My mom now lives alone and was always cared for by my dad - finances, paperwork, etc.. hence why I am trying to help find ways to set her up financially and educate her. She is 62, not in the best health and as a result is not capable of working. Because they are a low income family, my mom is allowed to keep the little money he received in social security and pension which is roughly ~$2,400/month. It is just enough to pay her bills and keep her comfortable. However, because she lives paycheck to paycheck, she has not really been able to put money aside to save for emergencies or large future purchases. Now that she is about to receive $700/month, I'm wondering what is the best way to help her save this money and potentially have it grow. I know $700 really isn't much but I'd like for her to have an emergency fund or have some kind of savings if she were to need to buy a car or decide one day she'd like to buy a home (she currently rents). My parents were the type to keep money under the mattress, not really educate their kids about finances, savings, etc. I am trying to be different and at the same time help them as much as a I can. Currently, I am in school to be a nurse but will not have a stable income for about 2 years. My ultimate goal for my mom is for her to buy a home (with or without my help) so that she can live with my brother and his family (also not financially responsible individuals). I know these are not exactly easy goals but the reality is my mom can't live on her own for much longer, my brother and his family, who currently live in a tiny basement, need a good home to raise his two kids. Knowing $700/month to spare is really not a lot, but also knowing that in 2 years I will have a decent income - what is the best way to help my mom maximize her savings to potentially buy her and my brother a house? Thank you all in advance! [link] [comments]  |
| How is credit card utilization rate calculated? Posted: 09 Nov 2019 04:23 PM PST Say that I have a credit card with 1000$ limit. Also, say that I spent 400$ with the credit card and I payed them back before the billing cycle ended. Then I spent another 300$ dollars and the billing cycle ended with me owning that amount to the bank. So for that month my utilization would be 30% (the percentage of the limit I owned at the end of the month), 70% (the total I spent divided by the credit limit) or 40% (the maximum percentage I owned to the bank at any given time)? [link] [comments]  |
| Posted: 09 Nov 2019 01:45 PM PST 2020 will be my first foray with a Backdoor Roth. Had three basic questions and one not-so-basic question that I could not find the answers to in the wiki or elsewhere online as I try to fully understand how this all works:
If it is helpful, I am a single filer, under 59.5 years old, max out my 401(k), my company does not offer an HSA, and I have an existing Roth IRA account. I can reasonably expect to be in the 32% tax bracket within the next 5 years if I remain a single filer, however in the event of marriage, I would expect to be in the 24% bracket for married, filing jointly. [link] [comments]  |
| Employer reported my income to the IRS in 2017 twice Posted: 09 Nov 2019 05:21 PM PST I recently received a CP2000 notice from the IRS. It basically states that I under reported my income for the 2017 tax year, and that I now owe $8,000 in back taxes, penalties, and interest. I've come to find out that one of my former employers filed two 1099s (I was a contractor). One was for $19,000 (this is what I actually made and the amount that I reported on my tax return in 2017). The other was for $20,000. So they reported to the IRS that they paid me $39,000 (an additional $20,000 that I did not make). I only worked there for about 4-5 months, and I can guarantee you I did not make that much in that period. I have all of my invoices that I billed my employer, and I put it an order to my bank for my 2017 bank statements since I was paid by them with direct deposit. Will this be sufficient proof that I didn't make what my former employer is saying they paid me? Why would they file two 1099s? Getting a corrected version of my 1099 from my former employer is out of the question. This is not a trustworthy person and I'm wondering if this was done intentionally. [link] [comments]  |
| How to access stocks received as gift as a child Posted: 09 Nov 2019 03:29 PM PST Hello, I'm in a tough spot right now. Ive been very sick for awhile with no pay. My fiancee and I live together in an apartment. We paid this months rent but are worried about next months. I still have a job. But anyway on to the actual issue. When I was a child my great grandmother gifted me stocks in a certain company and now all of those combined equal up to 3000 dollars. I need about 1500 of it to be all in the green. Problem is my mother is the only one that has acess to that information and she refuses to talk about it at all. I'm not sure what i can do here even though its legally mine. Any advice would be helpful. Thank you for reading [link] [comments]  |
| Save for down payment or pay off student loan? Posted: 09 Nov 2019 06:07 AM PST My wife and I (both 27) are looking for advice on whether to prioritize saving for a down payment on a house or paying off the remainder of our debt. Here are the details: Income: $125,000 before taxes $7,600/month after taxes and 401k Savings: $10,000 emergency fund and $12,000 saved in HYSA Rent: $1300/month ($15,600 annually) Student Loan (Parents Plus loan I agreed to pay) : $86,000 @ 7% interest; $870/month (graduated plan) After all monthly spending we have around $4,000-$4,350 extra to use towards saving or paying off debt every month We are wanting to put down 20% on a $250k-$300k house ($60k-$70k down payment including closing costs) which would be about a $1,800/month mortgage which includes interest, insurance, and taxes. We plan on living there at least 5 years. Here are the 2 scenarios that I think we could take: Scenario 1 (Save for down payment first): It would take about 1 year to save for a house and then about 2 years to pay off debt. Scenario 2 (Pay off debt first): It would take about 1.5 years to pay off debt and then about 1 year to save for a down payment for a house. It would seem like Scenario 2 would be the best option since we would be paying less in interest on the loan but by moving into a house at least a year earlier we would save more money by not paying rent. The way I came to this conclusion is I calculated the amount we would save by not paying rent in a year ($15,600) and subtracting it by the amount we would lose in interest for the added time to payoff the loan (roughly $7000). So I would actually be saving about $8000 by saving for a down payment first. We understand that there is a risk when it comes to buying a home due to unexpected maintenance issues. As well as a risk when buying a house with a large amount of debt but I feel confident in being able to come up with cash quickly in an emergency. Also both of our jobs are very stable so we have no real concerns about that. Any thoughts or advice for us? I know we probably won't make a bad choice either way, but we're having a hard time deciding on our own. Thanks! [link] [comments]  |
| Best bank account for students Posted: 09 Nov 2019 07:02 PM PST My nephew just turned 18 yesterday. He has a bank account with a CU that his mom opened for him years ago that has maybe $20 and he has no access to. I'd like to help him get his own bank account set up with a checking and savings account. Hell be graduating HS next month he's working on getting his first job right now. So we'll be opening that account with the $200 he got for his birthday from my mom. Any great student checking accounts you recommend? [link] [comments]  |
| Posted: 09 Nov 2019 06:39 PM PST My wife and I finally sold our house. We would like to put the proceeds towards the down payment on a new house next year after our current lease is up. However, we have a car loan with about $18,500 and 48 months left on it at 5.19%. If we pay it off now, our monthly savings will increase by about $500, which means that if we want to buy a house in eight months, we'll have have about $14,500 less than we would otherwise to put towards a down payment on a mortgage. Since we can reasonably expect a mortgage to have a lower interest rate than this auto loan, my first thought is to just pay off the car. However, because we will then have less for a down payment, our mortgage will have a higher interest rate and we'll probably get stuck with private mortgage insurance payments as well. Of course, if we keep the car loan we might not be as attractive to mortgage lenders. We have good credit scores: according to Equifax, mine is 785 and my wife's is 828. I'm not sure how it would shake out. I suspect that the prudent answer is that we should just pay off the car and wait another year to buy a house, but paying rent sucks and we'd just really like to have a house and a yard for our baby. It might seem incongruous that I'm concerned about paying for a new house even though we just sold one, but essentially what's going on is that, because of job and life changes, we moved to a region where housing prices and property taxes are relatively higher. What say you, r/personalfinance? [link] [comments]  |
| Can I bring my HSA to my (soon-to-be) spouses HDHCP? Posted: 09 Nov 2019 06:39 PM PST Hello everyone - hoping for some advice for annual healthcare enrollment. My fiance and I work for two separate companies, she's always used the PPO plan offered by her firm and I've always used the HDHCP offered by mine, we're tying the knot early next year and are planning on combining our coverage to save a bit on premiums. Because I've had the HDHCP for a few years now and haven't used it much I have a little nest egg saved up (~$10,000) whereas she has no HSA because she's always been on the PPO. However, her firm offers a pretty nice HDHCP option with a $5,000 deductible with 0% co-insurance after that. Given the family contribution limit is $7,100 and considering she goes to the doctor frequently we're thinking of using my built-up HSA to cover the $5,000 annually and then effectively grow the HSA by $2,100 annually. My question is can I bring my existing HSA to my soon-to-be spouses HDHCP to give us the up-front money to cover the deductible annually? Or do we need to start fresh with a new HSA and I have to roll my existing HSA into an IRA? Thanks for the help! [link] [comments]  |
| Student Loan Interest Deduction and saver’s credit questions Posted: 09 Nov 2019 06:26 PM PST I graduated from college this year and started my first "real" job. I have less than $10,000 in federal student loans and they all have less than 5% interest rate. Should I try to pay these off as quickly as possible or pay the minimum each month so I can take advantage of student loan interest deduction for a few years. If the interest is less than $500 each year is it worth deducting? My income this year will be somewhere between $12-14k as there is some variability in my job and I started halfway through the year. My current job does not include benefits so I was considering opening an IRA at my bank and contributing up to $1,000 and take advantage of the savers credit. However I have learned that this credit is non refundable so I'm not sure it's even worth it. Advice? Are there other credits/deductions I may have missed that don't require filing itemized? [link] [comments]  |
| Need perspective: Want to move out from home shared with MIL, but worried about finances Posted: 09 Nov 2019 06:23 PM PST Would love to hear some perspectives on how you'd approach this situation: I currently live with my MIL, and i'm really craving the opportunity for my husband and I to move out. We'd like to have the privacy, even just for a year, particularly because we'd like to try to start a family. Our current setup allows us to save a lot. By moving out, we'd be adding likely $1,200 rent to a monthly mortgage payment close to $2000. We will definitely be able to make the payments, but our savings would slow down by quite a bit. We have no debt, healthy general savings and are ahead on retirement savings. Would you sacrifice for a year and slash your savings, or suck it up to continue the high savings rate? FYI we live in a HCOL city. Editing just to add that MIL is a very low earner, so we'd primarily be responsible for all those costs. [link] [comments]  |
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