Personal Finance Want to buy my moms home so she doesn’t lose it. |
- Want to buy my moms home so she doesn’t lose it.
- How to survive on $200 a month?
- MIL is overspending and getting behind on bills
- How to talk to brother about me not paying for his household expenses anymore?
- Wells Fargo just changed my Cash Back College Card to their platinum card without asking me
- How much left over should we have after bills?
- 19 With Part Time Job and nothing to do with my money
- I'm going to receive the biggest check of my life, help?
- Is the inheritance worth it?
- Help! I was mistakingly sent to collections!
- Citibank stole my money!
- The Social Security on my next paycheck will be reduced by more than $800. Is it correct? My salary was increased on October paycheck. How much Social Security should one pay in 2019?
- Book recommendations
- Best bank for a joint checking/savings account.
- Buying first house, car, and more all at the same time
- Any point in increasing credit score above 780?
- Doctor trying to charge me extra for something insurance was supposed to cover
- helping my father with back taxes
- What's the best way to gift retirement funds to my parents?
- Credit Utilization for Credit Card doesn't make any sense to me
- My younger cousin racked up $750 USD in in-app purchases on my card...
- New Recommended Credit Line
- State of Ohio is trying to claim taxes on income earned in Illinois while living in Illinois as a resident
- Would love to own a house in the future, what steps should I take?
| Want to buy my moms home so she doesn’t lose it. Posted: 30 Nov 2019 04:58 PM PST Backstory, my mom inherited this home from my late grandmother. House has a mortgage and she owns more than 20% equity in the home(there is more I just don't know the exact amount). I also own a home and about to refinance to remove PMI. My income has gone up significantly since my we first purchased my home. Is there any way I can either assume my mothers mortgage and rent her the house or can she sell it to me with an equity gift equal to what she owns to lower the financed amount? In short: but from mom with equity gift to lower loan amount, rent home to her at less than current mortgage and retain home from family over 100 years. Make sense? Possible? EDIT: Thanks for all the replies. Here is a little bit of context. Grandmother was behind on mortgage and somehow she kept us from figuring it out. She passed, we find out. We catch things up. Current mortgage that my Mom assumed when she inherited the home has an Interest rate that is too high and the current payments are entirely too high for her as a single income teacher. I'm simply trying to find a way to buy the house with an equity gift based on the appraised value in the current market to avoid a down payment based on what the loan to value could be(assuming this could workout in my favor) and pay nothing but closing. Let's say house appraised at 150k, she owes 100k, gifts me the 50k difference and I take a new loan for the 100k remainder. New loan based on that 100k lowers payments, not the current payments based on a 150k loan. This is just an example for the sake of the post. Then I just rent her the home and keep it in the family, creating a place for her to live or an asset to sell in the off chance she ends up needing some sort of long term care when she gets older or needs assisted living. Im assuming this would be considered a second home, as I live in WA and she is NC. I hope this provides a little more clarity. I also realize this may not be this cut and dry or realistic. [link] [comments]  |
| How to survive on $200 a month? Posted: 30 Nov 2019 03:10 PM PST I am a recent grad who just started working in NYC. My pay is $65,000 a year or $5,416.00 a month. I placed 6% into 401k. I'll be living at home (thankfully) so I won't have any housing/food expense for the most part. So you're wondering how after taxes, say with around $3,000 a month I'll end up with literally no money... Commuting to the city will set me back $400 a month. $2600, ok still not bad. BUT... I am going to start making payments on my student loans at $2,400 a month. (I have about 200,000 in student loan debt for undergrad ... I know you're concerned as to why I have this extremely ridiculous and unbelievable amount of loans as an undergrad. Since this is not the focus question, I'll simply start and end by saying - it was due to an entire lack of financial understanding by myself and those around me, a decision I have obviously come to regret and understand more now, but will live with the decisions I have made.) So, I basically I end up with $200 left over each month. Is this even going to be a livable spending income? I will have to cut out pretty much everything I like to do. Doing this for who knows how long until my salary hopefully increases seems exhausting. If anyone can offer any critical insight or advice it is much appreciated. Thank you. Edit: Thanks everyone for the advice and comments. I will be looking into other payment options (Income/PLSF/maybe decrease my 401k etc.) Just to clarify: $400 for commute is for Long Island to NYC and yes I do only have transport as my biggest expense. My family is super close and very much 'whats mine is yours' so I understand I am in a fortunate place despite all else, about not having to worry about food/living/any other smaller/unimportant expense. [link] [comments]  |
| MIL is overspending and getting behind on bills Posted: 30 Nov 2019 02:32 PM PST My MIL is 70 years old, she gets social security and alimony but continues to be $300 to $400 short every month. She struggles with reality at times. Her credit card bills take up the majority of her expenses. She knows she is short of money but she still wants to go to Starbucks for coffee and out to eat most every day. She says it makes her feel normal. My wife and her sister and I are contemplating getting a legal power of attorney. The reasons being to try and get her into lower income housing, she refuses to admit she needs help, and to try to negotiate some of her credit cards down. Has anyone had experience in getting power of attorney? Is it difficult? Her income could afford a reduced rate apartment and if we could negotiate her bills down, she would be able to afford to eat out once or twice a week. She is 2 months behind on her car payment and had to borrow $150 to make December rent. She refuses to acknowledge she is having problems so it's impossible to talk her into low income housing of eating out less. Any ideas would be great to hear. [link] [comments]  |
| How to talk to brother about me not paying for his household expenses anymore? Posted: 30 Nov 2019 07:31 AM PST I'm from an Asian family, so we are very family-oriented. When we moved to the U.S. in the 90s, my brothers supported the household and my mom and dad did not work in this country, ever. At a certain point we all grew up - I'm the youngest brother. We are 5 brothers and 1 sister. My oldest bro took in my parents in his house with his wife and kids, so my brother supported:
The other 4 brothers (including myself) started pitching in money to help my oldest bro out with financially supporting this family. Over the last 10 years, we have gone through these 'contribution' amounts:
There's a very important detail here. Over the last 5 years, my 2 cousins whom we took in grew up - one of them moved out and works now, and the other goes to college, works part time and eats out usually, only comes home to sleep. My father broke up with my mom and moved out to my other bro's house (and he doesn't ask for money to support my dad). So now the only people really there that live with my bro are my mom and sister. To me, we have been paying my older brother too much money, but he doesn't think of it that way. I feel that he is terrible with budgeting, we see him always spending money renovating the house, buying TVs and electronics and toys for his kids, and the money which was meant for groceries doesn't seem to bring in a lot of groceries at all. I am in a situation now that I'm financially constrained and feel that this $250 is just unnecessary. I also give my mom at least $100 a month for just her own support. I just want to get this $250 monthly expense out so i can put it towards my debts and pay them off. What should I do here? Should I continue just paying the money quietly or just tell them I can't do it anymore? [link] [comments]  |
| Wells Fargo just changed my Cash Back College Card to their platinum card without asking me Posted: 30 Nov 2019 11:06 AM PST |
| How much left over should we have after bills? Posted: 30 Nov 2019 03:15 PM PST I'm a college student working part-time (25+ hours). Last month I made $956. I don't have bills at the moment, and I have about a 1k in savings, and my boyfriend around $800. My parents are really toxic and I need to move out. They are on the verge of kicking me out due to trying to sell the house. My boyfriend makes $1,660 after taxes working full-time, going to college part-time. His circumstances weren't as lucky as mine and he has taken on car loans, and has credit card debt, ect. His bills come out to $900 a month... not including a recently acquired student loan. We did some estimating and we'd have around $246 left a month after everything paid for. We looked into getting roommates. However, the people we are comfortable with sharing spaces with are on a year lease. I'm trans, and I don't necessarily feel comfortable sharing spaces with someone that doesn't know me and who might not feel comfortable with it. I don't know what to do at this point. If my parents give me my car and phone bills, I'd be screwed and I could not afford to move out. I have a cat that is 18, that I've had since I was 2, they recently dumped entire financial responsibility onto me once the vet and I refused to put her down, (she's fine, just old). I'm trying to aim for Medical Lab Assistant, which I can do three classes and try for the certification after then if I am able to sign up for the program soon. I was aiming for MLT, but that is another two years that I can't bear to take here. Here's what we estimated for rent wise; Rent: 750 Utilities: 100 Internet: 70 Groceries: 250 (is that too much?) I don't know what to do. Help? [link] [comments]  |
| 19 With Part Time Job and nothing to do with my money Posted: 30 Nov 2019 02:31 PM PST So, how should i invest my money, i only have 2k in the bank so i was wondering whether there are any good investment opportunities that i can dip my toes into [link] [comments]  |
| I'm going to receive the biggest check of my life, help? Posted: 30 Nov 2019 01:14 PM PST Hi everyone! Ive been broke my whole life. Im about to receive the most money ive ever owned and im terrified to lose it. It's going to be about $8,000. brief desciption of my current status: 2 kids. No education or student loans no credit cards or CC debts I have bad credit (480) from unpaid medical bills when I didnt have insurance. Total cost about $7k Im currently renting and pay $700 a month plus another 7 for child support my income now is about $2,000 a month and it fluctuates The only pro is that i live very frugal! I cook at home and walk or take the bus everywhere I dont spend my money on anything so the little bit I have left over is usually just in my checking account. Should i open a savings? Ideas ive had to invest this money is Stocks suchas index funds and real estate. Would I be able to put a down payment on an apartment or is that not enough money? Another idea I had was to invest in a camera and finally start my own photography business but this is definitely a risk. Open to other business ideas! I really dont want to waste this money , I know an opportunity like this doesnt come around often so any advice is greatly appreciated [link] [comments]  |
| Posted: 30 Nov 2019 12:37 PM PST My mother received property in California as part of her divorce settlement. It was being rented and has stayed that way since she cannot afford to live in it. The problem is the loan is still in my father's name and my mom doesnt work so she wont be able to transfer mortgage in her name. The payments on the house are $1700/month and the tenants pay $2300. It currently could be rented at $2700. She pays her realtor friend $100/mo to manage it, so she earns $500/mo from it. My dad wants to get off the loan, so my mom wants to sell it. My dad sees it as a waste since it could be passive income so he suggested my husband and I to take over the loan. If we take over the loan, the house would belong to us and my brother and my mom. All the cashflow would go into paying the mortgage and the extra would go to my mom since she doesnt work and needs the money. We would not see any profit but the hope is to help my mom survive and preserve our inheritance. Otherwise, my mom would sell and I'm sure she would spend it all. I would be able to cover the mortgage if no one is renting it. It is probably worth $600k now and as inheritance it would eventually be worth +1mil (split between my brother and I). Would this be a good idea or is there something we aren't thinking of that could hurt us? We have our own home with our own mortgage which we can comfortably cover. My mom and brother are both sort of unable to help financially keep it afloat but they would be fine with this arrangement. We just aren't sure we want to take the risk. [link] [comments]  |
| Help! I was mistakingly sent to collections! Posted: 30 Nov 2019 04:30 PM PST Hi everyone, any help is much appreciated! I was mistakingly sent to collections by OmegaFi, a billing company for my fraternity. It has negatively impacted my credit score. I owed a past due balance of fraternity dues to my chapter, but it was being forgiven for my time as an officer. The forgiveness had not been updated correctly in OmegaFi, and it was still shown as a balance owed within their software. OmegaFi took it upon themselves to send this balance to collections, without any authorization from the fraternity chapter. (I guess in some respects OmegaFi have an authorization to do this based on a user agreement, but doesn't actually own the debt). Once I asked the chapter treasurer (who is in direct contact with OmegaFi) about why I was sent to collections, he stated that the OmegaFi representative sent me to collections as a mistake. Within days, the OmegaFi representative contacted the collections company, and it was marked as paid in full on my credit report. How can I get this off my credit report? I never paid any amount in full. Fraternity leadership never authorized me to be sent to collections..if so they would be attempting to collect the debt, not OmegaFi as they're just billing software not the actual debtor. [link] [comments]  |
| Posted: 30 Nov 2019 04:31 PM PST In June I opened a Citibank checking and savings account. They had a bonus offer of $500 if you deposit $15k and set up direct deposit. So I deposited $2,000 in the savings and $13,000 in the checking. A few weeks ago I received my bonus and wanted to close the account. Unfortunately they blocked my savings account so I can't access the $2,000 anymore. I contacted customer service several times. Nobody knew what's going on and said I need to go to a branch to get it fixed. Went to the branch and they claim the $2,000 is a posting error and was never actually deposited into the account, so it's Citibank's money and that's why the account is blocked. Checked my BoA account from which I funded the Citi ones and I definitely transferred those $2,000 as an opening deposit. Called customer service again and they hung up on me. Can't even access the account anymore to show them how I transferred the money. Did anyone else have such an experience and knows what to do? I'm scheduling an appointment at the branch and will not leave until I get my money back. Thanks! [link] [comments]  |
| Posted: 30 Nov 2019 04:14 PM PST Just checked my payroll,and the paycheck that will be disbursed on Dec. 2 has less Social Security tax (Fed OASDI/EE), $800 less than previous months. Is it correct? This paycheck pays my work done in November, and will be my last paycheck received in 2019. My salary was increased on October paycheck. That was the paycheck I received in October 1, to pay my work done in September. How much Social Security tax should one pay in 2019? What is the percentage of pre-tax salary for Social Security tax in 2019? Thank you. Update: Just saw this info: FICA OASDI (Social Security) up to the maximum wage of $132,900 will be taxed at the rate of 6.2%. The maximum withholding on FICA EE OASDI for 2019 is $8,239.80 (https://finance.columbia.edu/content/tax-withholding-information). That is why the employer took less SS tax in the last month. My finance knowledge is so limit. Thank you. [link] [comments]  |
| Posted: 30 Nov 2019 05:15 PM PST I'm looking for a good book to help me be better financially literate. I just picked one up but it was garbage and decided I'd ask you all for some recommendations. [link] [comments]  |
| Best bank for a joint checking/savings account. Posted: 30 Nov 2019 10:53 AM PST My boyfriend of 7 yrs and myself live on our own, and we want to open a joint checking/savings account. We both make about 20-25K a year, and want to have one shared place where we pay bills/groceries/expenses etc. together. I am currently banking with Bank of America, and he is using Wells Fargo. I want to know which bank is the best for opening a joint checking/savings account. What are my options? [link] [comments]  |
| Buying first house, car, and more all at the same time Posted: 30 Nov 2019 02:55 PM PST First, a little bit of background about my situation. My wife and I (M30, F29) currently live in a major US city downtown with no vehicle. We rent an apartment for $3,100/month and are looking at purchasing our first home/condo by next summer. We have about $100k in liquid assets/cash but will have several major expenses that go with the lifestyle changes of owning our first place and moving out of downtown. This year I will end up making 150k and my wife is around 80k. However, I am on commission, so just to be safe I'm working with a budget of around 200k total income, let's call it 10-12k/month take home after taxes, 401k, insurance etc. No other major expenses or kids to worry about at the moment, but the countdown is on if my wife gets her way. I'd like to keep my mortgage payments around 3-4k/month, with the top end of that being for a 15 year instead of 30 year mortgage option. Based on that, I'm looking at places that are around 350-450k, which is about the lowest we could go for our city while still getting what we want in a neighborhood or suburb we like. I think I've got a pretty good handle on this, but am I missing any major expenses here? Would someone with more experience recommend I allocate my funds a little differently? Is it super important to get a 15 year instead of a 30 year mortgage? Am I being unrealistic in what I can afford? Am I holding onto enough savings after it's all over? Should I finance my vehicle instead of paying cash for it? Anyway, this is what I've got. Let me know what you think: 10% Down payment/closing costs/fees, etc: 45k Nice Used Small SUV: 20k Initial decorating/furniture expenses: 15k Keep in savings: 20k [link] [comments]  |
| Any point in increasing credit score above 780? Posted: 30 Nov 2019 05:40 PM PST I'm currently paying off an auto loan and I have one credit card that I pay monthly on time. My credit score is 780 and I was thinking of getting a second credit card just to have an not use in order to increase my credit score. Is there any point in doing this? Is the hard inquiry on my credit worth it? I have no debt, a stable job and can afford my payments just fine, next big purchase is a home in which I would like to get the best interest rate I can get on it. [link] [comments]  |
| Doctor trying to charge me extra for something insurance was supposed to cover Posted: 30 Nov 2019 04:46 PM PST Long story short, I had an ACL, meniscus and LCL tear playing soccer. Went to the doctor, who diagnosed it, after MRI, and gave me a knee brace to help me walk on the daily. The person helping the doctor (some sort of tech/nurse?) said my insurance had covered the brace and I only needed to pay for my part of the consultation, which I did on the way out. Today I got a letter in the mail with them charging me $330 for the brace, asking me to pay ASAP with the insurance only covering $120 of the total brace cost of $450. My current plan is to call on Monday and dispute it. Are they allowed to go through with the charges? Should I be calling my insurance instead? Out of curiosity I also looked up the brace online and discovered it costs $170 for the same exact model, brand new. Are they really allowed to charge that much for the same product? I apologize if this isn't the right place to ask, I didn't know where else to ask. Thank you in advance for any responses. [link] [comments]  |
| helping my father with back taxes Posted: 30 Nov 2019 02:17 PM PST Hi folks, looking for a bit of advice in an area that seems to be swamped with less than reputable 'professionals'. To start with, my dad's a vet, and a remarkable DIY sort of person (stubbornly so, really. Guess that's where I get it from). Due to being a single parent in the military, his taxes used to be a bit complex, and an accountant used to file all of his returns for him. This accountant died about a decade ago and he started doing it himself. Being stubbornly DIY, any time he came to a year that he ran into issues with (the math not seeming to add up, etc), he'd put it to the side to revisit later. Fast forward to this year - he received a notice from the IRS stating he owed money for 2017. He immediately issued them a check for the amount specified, but being unsure exactly where to send it, he called them directly, at which point they 'discovered' several other missing years and demanded that all back tax info be submitted within 30 days. He has most information required, but is missing some related to his military retirement pay, which is proving difficult to obtain quickly. If he needs an extension to get these records, what is the process of getting one from the IRS, and if he is looking (currently) at around $6k in back taxes, is it worth getting outside help with? I've already told him to ignore any radio ads for tax help, because I'm sure that they can't be good. This is an arena I've got no experience in, so any advice is appreciated. [link] [comments]  |
| What's the best way to gift retirement funds to my parents? Posted: 30 Nov 2019 06:33 PM PST My parents have made pretty bad financial decisions throughout their lives. A couple months ago my mom (53yo) asked for retirement advice which I suggested she open a roth ira and deposit as much as possible. She said she opened one that night but didn't deposit any funds. I think it would be great to get her retirement savings started for Christmas but I'm not sure what's the best way? Any ideas? [link] [comments]  |
| Credit Utilization for Credit Card doesn't make any sense to me Posted: 30 Nov 2019 03:34 PM PST Hi, I've read and watched countless articles and videos and for me it still doesn't make any sense, because everyone seem to contradict themselves. I have heard 2 different things. Let's say you have $500 of credit available to you. If you use between 0 and 9% of that credit every month (so, let's say 50 bucks) this is considered excellent and your credit score will go up. So during December I buy a book for 20 bucks and nothing else, in January on the due date I pay it off and I'm good because I only used 4% of the credit available. Now, let's say I use more than 9% (so let's say I buy a PS4 in December for 300 bucks), I would have used 60% of the credit. If I pay that of before the BALANCE CYCLE is over, it would mean by credit utilization would have been of 0% for the month of December, and thus my credit score will improve. Is that correct? Because from all the YouTubers and articles I've read very very few said that, making it seems like your ONLY option is to use $50 if your credit limit is $500, which would be absolutely stupid. [link] [comments]  |
| My younger cousin racked up $750 USD in in-app purchases on my card... Posted: 30 Nov 2019 01:57 PM PST So, my aunt and uncle and cousins were in over Thanksgiving, and my stupid ass let my youngest cousin download and play an app on my phone. To get it out of the way, yes, I did receive email notifications about the purchases, but I just checked that account today. My last phone just (completely) bit the dust, and I forgot to update my security preferences for purchases. I have since updated my security preferences. This happened over the course of a week, and Google Play has a 48-hour limit on these kinds of things. What's a potential recourse here? I've submitted a fraud claim with Google Play, but I'm pretty sure they won't let it go through since I authorized the person to use my device, even if I didn't authorize the purchases. I also submitted individual requests for the <48 hours ones. Not all of these charges fit this 48-hour window and I'm going to struggle to pay rent if I can't get this resolved within the week - and I truly don't expect to see a cent from my relatives. Edit: the <48 hours purchases went through, and I got my money back for the most recent purchases. Hoping the claim will go through, too. [link] [comments]  |
| Posted: 30 Nov 2019 06:50 PM PST Today, Credit Karma had sent me an email with an opportunity to build my credit. They had told me that getting a credit line through a "Fingerhut Credit Account" can help me to raise my credit. I have been doing research on this, but I wasn't too sure if it is something I should consider, so I came to ask here. Would it hurt my credit to open this account, rarely use it and pay it off fast? Would it help my increasing my overall credit limit, dropping my overall usage? Or would this inevitably hurt my credit score through a check and opening a "new line of credit." I appreciate anyone who can help, you all have helped me so much before. Thank you guys! [link] [comments]  |
| Posted: 30 Nov 2019 12:34 PM PST What do I do to make sure that the Ohio taxation department knows that the income tax they are trying to claim is not theirs. I moved to Illinois in July of 2017 and started earning income in Illinois in August of 2017. I submitted a tax return for Ohio in the amount of $2,066 of earned income. I submitted a federal income tax return of $26,915. $24,849 was earned in IL as an IL resident. [link] [comments]  |
| Would love to own a house in the future, what steps should I take? Posted: 30 Nov 2019 02:54 PM PST Currently I have no credit, which to my understanding is needed for pretty much everything.... though this is a long term goal because I'm still you bf, I would love to own a house in the future instead of renting all the time. I know I would hate to keep renting when I have children. What steps should I take in this for long term? I know I need to clear my debt, (Im only about 10k in debt) build good credit, but is there anything else that I really should know? Where specifically will I have to keep money if I want to purchase in cash? Do you use a regular bank account of a CD/high yield Savings ? Thanks! [link] [comments]  |
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