Personal Finance Weekday Help and Victory Thread for the week of November 04, 2019 |
- Weekday Help and Victory Thread for the week of November 04, 2019
- Employer Forcing A Hard Inquiry
- Help: Im trying to explain finances to my gf, but don't know where to start
- Former employer is using business credit card under my name.
- I’m on FMLA. Workman comp denied me. Going to trial. I don’t have any time left. I have a mortgage/car payments ect. Should I take out my 401k?
- Lost financial motivation after 3 years of working
- Parent asking to use my home address to register their business & avoid state income tax. Risky?
- Got a promotion and a raise, but the raise doesn't cover the increase in hours. Do I negotiate?
- "I Got Access to My Secret Consumer Score"
- What are some options for getting my disabled mom on Social Security?
- How would my partner’s medical debt effect me if we got married?
- I was told today my job is being eliminated [Missouri]
- Wage gap at workplace
- Opened a new credit card and immediately regretted it
- Mom opened 4 cards under my name, her as co-signer and racked up 11K in debt
- Tax advantage accounts - Is it mainly to minimize yearly govt take aways while saving for retirement?
- I'm being charged thousands of dollars by the IRS for unpaid taxes on a retirement rollover and medical expenses paid from an HSA. What gives?
- Should I wait two more months for default mark to fall off credit report before applying for mortgage?
- New state, new renter and freelancing
- Applying for two credit cards on the same day. How soon does the other bank find out? Is this more likely to get you denied by the other?
- Recently married. Just rebalanced wife's retirement account.
- Looking for first time home purchase advice
- My company gave me stock options...how do they work?
- I work in California and after waiting 3 months for my employer to contact me about workers comp, I am starting to believe he doesnt have an insurance. What should I do?
- Moving to a city with a high cost of living, need help trimming my budget
- Employment hours. Is there a mistake here?
| Weekday Help and Victory Thread for the week of November 04, 2019 Posted: 04 Nov 2019 03:32 PM PST If you need help, please check the PF Wiki to see if your question might be answered there.This thread is for personal finance questions, discussions, and sharing your success stories:
A big thank you to the many PFers who take time to answer other people's questions! [link] [comments]  |
| Employer Forcing A Hard Inquiry Posted: 04 Nov 2019 06:24 AM PST In high school, I worked for a local JC Penney store. The store is often valued by corporate based on both sales and the number of credit card applications received. As an employee I was always heavily pressed on getting applications. Eventually the store wasn't receiving enough applications and a manager decided to have some of the younger employees (including myself) who were over 18 to apply for a credit card knowing we would get denied. Now I have a hard inquiry on my credit due to this. Are employers allowed to do this? EDIT: To those saying I could have said no, I did say no. I was informed that "you'll be declined anyway." Not understanding the way credit works I did it thinking there would be no consequences. It wasn't until I got a better understanding of credit that I understood the effect it actually had. Especially for those who have no outstanding credit. [link] [comments]  |
| Help: Im trying to explain finances to my gf, but don't know where to start Posted: 04 Nov 2019 04:19 PM PST As title says, my[20M] s/o [19F] is going to culinary school for a bachelors in Baking and applied food studies, and is estimated to take out over $100k in debt by graduation in a three year bachelor program. She's in year one and has already taken out around $20k in private loans. She has very little concept of how much debt this really is and not much of a plan on how to pay it back. She most likely expects to make a high yield income job something like ($70k+), which I understand to be unrealistic at that school and in that major. Her parents encourage her to keep taking out loans, but do not intend to help pay it off. I want to talk with her to help her understand how much debt this is, and help her create a future plan on how it could be paid off, but also don't have a good concept of loans. I am finishing up college in Poli Sci on the Army's dime, and worked as an RA and off-jobs to cover room and board so I will graduate debt free and with ~$20-$30k saved, so I don't understand debt that well. We agreed to discuss it next week, but I am woefully unprepared. I did research in the school regarding employment rates and average income per graduate. Beyond that, I don't really know what to discuss. What are some good questions to ask her about her loans and ambitions before hand, and what are some potential courses of action in her scenario? Any and all feedback is greatly appreciated. Tl;dr: Gf goes to culinary school with $100k in private loans without realizing how much that really is, I need help explaining how that debt isn't good and what she can do to pay it in the future. EDIT: I think her only plan was to potentially work for the government and do a loan forgiveness program in 10 years, but I don't think they deal with private loans. Remarks? [link] [comments]  |
| Former employer is using business credit card under my name. Posted: 04 Nov 2019 04:07 PM PST I was the manager of a company about 3.5 years ago. While working there they issued me a company credit card to use for business purposes. When I quit I handed over the card and was told they would cancel it and have someone else take over the account. Today I ordered a credit report and saw that same credit card is still listed as active and has been used continuously for the last few years. They have always paid the bills in full and don't have any late payments but it says personally guaranteed on the description on the credit report. I called the company and they said they have been trying to get it switched but didn't have any managers who qualified for that level of credit. They asked me to give them until Friday to get it sorted. Is it legal for them to even use it? Should I call and cancel it asap? Should I give them until Friday? Any advice would be greatly appreciated. [link] [comments]  |
| Posted: 04 Nov 2019 12:23 PM PST Industrial accident at work. I want to keep details out. I'm going to be injured for life. I have an attorney. My 401k has about $35k in it. I'm going to refinance my house (bought for $300k, was appraised recently for $380k) I am thinking of taking out my life insurance since I don't have children. I'm going to call the disability hotline tomorrow. I'm trying very hard right now it's so difficult in my physical state to get all of this stuff done. I'm so proud of buying my home I don't want to loose it because of something that happened out of my control. What should I do? What are my options? [link] [comments]  |
| Lost financial motivation after 3 years of working Posted: 04 Nov 2019 08:22 AM PST I started working at my current job at the end of 2016. I had just finished school and had around 40k in debt. I was so fueled by getting out of debt and becoming successful in my career. It will have been 3 years since then this December. The debt is long gone, and I make good money and only live on around 25% of my income with the rest being invested/saved automatically. Everything in my financial life is automated. It's almost time for our annual raises, and I don't even see the point of asking for anything above the normal amount because it wouldn't really affect my life at all. I miss being excited about finances, because now it just feels routine and uninspiring. [link] [comments]  |
| Parent asking to use my home address to register their business & avoid state income tax. Risky? Posted: 04 Nov 2019 06:59 PM PST A parent has asked me to help him disguise his company as being based out of a different state. I currently reside in a state without state income tax, and he & his company do not. He wants me to look into adding his name on my car insurance & utility bills as proof of residency. Since he is a Sole Proprietor, showing that his personal dwellings have "moved" to this state would presumably permit him to file his taxes here. He stays in this state for about 2 months a year, and his work permits him to be mobile/work digitally only. Would adding his name to my bills put my own credit or accounts in danger? Is this a risky maneuver, albeit kind of shady? [link] [comments]  |
| Got a promotion and a raise, but the raise doesn't cover the increase in hours. Do I negotiate? Posted: 04 Nov 2019 06:22 AM PST I got promoted last week to a management position, my first one. I had been doing the job for the last three months already, so I am aware of the responsibilities. The new position means working minimum 45 hours a week, and if there is a deadline coming up (of which there are many) that is pushed to 55 to 65 hours a week. As an analyst, I rarely worked over 40. If they needed people to work extra, they generally paid us incentive hours (around $25 an hour). My salary was $48k and the raise was 9.2% so around $4.4k, to bring me to roughly $52,416. At $48k, my hourly breakdown was 25$ an hour. It has now increased to $27.30 an hour assuming I am working only 40 hours. But like I said, minimum hours I will be working is 45 which makes my hourly breakdown $24.26, so I am making LESS per hour than pre-raise. On top of that, working those extra hours comes with extra costs. Parking is $2 more if I stay late, plus I usually need to buy dinner. If I come in on the weekend, parking is $10 if no event and $20 if there is an event. All in all, the additional hours I am working completely negates the raise. Is this normal? I appreciate the opportunity and recognition but I have already been doing the job (quite well) for three months, so they aren't taking a risk on me and I think the raise should reflect that. Are raises something that are generally negotiable? Any suggestions on how I would go about negotiating it? And a little side question, if I were to request additional PTO in place of an increase in the raise amount, what is a reasonable amount to ask for that is still worth it? [link] [comments]  |
| "I Got Access to My Secret Consumer Score" Posted: 04 Nov 2019 05:12 PM PST from https://www.nytimes.com/2019/11/04/business/secret-consumer-score-access.html what are the largest companies in finance/banking that keeps info info on consumer data? what do all the large banks use? [link] [comments]  |
| What are some options for getting my disabled mom on Social Security? Posted: 04 Nov 2019 07:23 PM PST I am turning 18 and moving out soon and my mom won't have the money that I get. She is mentally ill and I don't know if she can work. What are my options for getting her on SS? [link] [comments]  |
| How would my partner’s medical debt effect me if we got married? Posted: 04 Nov 2019 05:32 PM PST My boyfriend of 1.5 years unfortunately was diagnosed with a condition that effects his spine last year. He has to go to a lot of different specialists and get MRIs regularly. Currently he has been able to keep up with his medical debt and we are fortunate enough to have well paying jobs. I am worried in the future if he is ever unable to work if we would be able to keep up with the bills. So far they have been around 5k a year but could be higher. I was wondering if this would be something to consider before I married him? Would it be better to stay single for financial reasons? [link] [comments]  |
| I was told today my job is being eliminated [Missouri] Posted: 04 Nov 2019 03:30 PM PST I was informed today that my position at my company will be eliminated in 30 days. At that time I will have the option to receive severance the equivalent of two weeks pay. I guess my biggest question is if I take this severance pay, does it make me ineligible for unemployment? The agreement says something along the lines of "other than payment for time worked, no payments, benefits, or consideration shall be provided to me by the company". I am pretty sure I will receive more in unemployment than the two week pay severance. Edit: Also does anyone know if they are required to pay out my PTO? A quick Google search tells me the law doesn't specify in Missouri, whatever that means. Thanks! [link] [comments]  |
| Posted: 04 Nov 2019 06:50 PM PST So I'm a 17 year old and I've been working at a McDonald's for the last year and a half. When I first started I was getting paid 11.00$ an hour then I got a promotion along with two other people. When the general manager of our store was moving to different locations myself and the two other people in my position were promised a raise up to $12.00. Fast forward about a month and I realized I only got raised to 11.70$ and the other two are getting paid the promised 12.00$. I kinda let this slide for some reason thinking that it was a mistake and pretty much forgot for a year. Recently one of the other people in my position quit but the other one is currently getting paid 12.50$. And I found out multiple people are getting paid the same as my wage when I'm a position above them, and not to toot my own horn but I work more hours than them and I'm a significantly better worker than pretty much everyone in the entire store. On top of this people who are just being hired are starting at 12.00 an hour. I don't know if it matters because it's just a dumb part time job at McDonald's but how should I tackle this situation? [link] [comments]  |
| Opened a new credit card and immediately regretted it Posted: 04 Nov 2019 02:36 PM PST I am attending a wedding next year and was looking for flight tickets. I found a good price with American Airlines and when I was checking out a pop up about their rewards card, the Citi AAdvantage Platinum Select card specifically, came up. It said I could get a $200 statement credit when I used the card to purchase airline tickets. Sweet. That was about half the cost of my flights. So I signed up yesterday. Was approved to get my card in 7-10 days. The problem is... I don't need another credit card. I don't want to pay the $95 annual fee (waived the first year). I didn't really want the hit to my credit for opening it and I definitely don't want a second hit for closing it. I almost immediately regretted signing up and I can't even buy the flight tickets with it since I don't have the card yet anyway. Any advice for me? Can I close it with minimal hits to my credit? Is there a way to just suck it up and switch to a different type of card after ~9-12 months without an annual fee? [link] [comments]  |
| Mom opened 4 cards under my name, her as co-signer and racked up 11K in debt Posted: 04 Nov 2019 06:05 AM PST As the title says, my mom opened 4 cards to "build me credit" a few years ago. And now I have a utilization of 78% which has my score down to 640. I only have a Discover It with a line of only $750 with only one late payment in the last 7 years. I'm trying to build up my credit and apply for new cards ASAP. She says she will pay them off as soon as she can. What options do I have besides taking legal action, which I don't want to do with my mom? Is taking my name off the card possible/worth it as it will take away a lot of credit history? Or should I just wait a few months til she pays it off? [link] [comments]  |
| Posted: 04 Nov 2019 06:58 PM PST So I maxed out my paycheck for pretax 401k and saw about an 800 difference from my normal deductions. Main differences:
So is it smart because Im making sure Im doing maximum effort to not let govt take so much taxes? Or is there some tradeoff Im missing? 100% good? [link] [comments]  |
| Posted: 04 Nov 2019 06:53 PM PST Title sums it up, just seeing the total amounts of the rollover and medical expenses from these accounts, plus a hefty fee for not being reported. Is there some process I needed to go through to report the fact I paid for a surgery with my HSA and that I rolled over an ex-employer 401k to my own IRA account? [link] [comments]  |
| Posted: 04 Nov 2019 03:38 PM PST I pulled my TransUnion report last month, and it currently shows a "120+ days late" mark on my report for 12/2012. This is from defaulting on my student loans, which are now paid off. My Credit Karma score is currently around 810. Will the one mark that will disappear within two months be important to lenders if I apply for a mortgage now? Or should I wait until 2020 for the final mark to officially fall off my credit report before looking into houses? I wanted to see if I could find a house during Winter for a better price/mortgage rate, but if I wait until January, I'll be looking at a Spring purchase. How much of a hit will I take if I just go ahead and try now and let a lender run my credit? [link] [comments]  |
| New state, new renter and freelancing Posted: 04 Nov 2019 08:05 PM PST If I'm not in the right subreddit please tell me where to go! After graduating college about a year ago with a film degree I have saved up almost $10,000. The plan is to move to Atlanta or surroundings suburbs, find a place to rent (most likely rent with others) and live off of my savings for a few months to build my resume with projects. Unfortunately when you start from the bottom you don't usually get paid, that's why I have saved a chunk of money. My question is, how can I prove that I am responsible when I am a new renter and freelancing? I have a pretty decent credit score, have a record of 100% on time payment on bills, a bank statement proving my savings, and could prepay for a few months if needed. Is this crazy? [link] [comments]  |
| Posted: 04 Nov 2019 08:04 PM PST I have two cards already and my credit score is pretty good around 740. I'd like to get chase freedom and discover it student before the end of the year. I feel pretty good that I will be accepted from either if I apply to that one alone. I'm just wondering how bad it will be to apply for both on the same day? [link] [comments]  |
| Recently married. Just rebalanced wife's retirement account. Posted: 04 Nov 2019 08:00 PM PST Recently married, early 30s couple. I just found out my wife's retirement pension has been in Voya's Money Market Account earning a 1.74% for the last few years. As much as it sucks I'm hoping to make up for some lost time. Voya's Target Funds are have fees over 1% (1.45% I think) so I decided to rebalance into some of the lower cost ETFs and funds. I know the recommended is 60/40 stocks and bonds but I decided 60% large cap/15% Medium cap/15% bonds/10% Small caps. We don't plan on retiring for about 30 years and my own retirement accounts total about 4x her current balance, so I think we're fairly diversified. Chasing previous returns is foolish - I know. The next phase is to also open a Roth IRA for her too. Anyone have critiques of my plan? [link] [comments]  |
| Looking for first time home purchase advice Posted: 04 Nov 2019 07:58 PM PST TL;DR: My family and I are looking to buy a home and get out of renting, but aren't 100% sure if it's the right move for us or not yet. We are looking to do this within the next 8 months before our family gets a +1 😄. My wife and I, both 27, are looking to purchase our first home. We are planning on using a VA home loan to make the purchase. We have 1 child and 1 more on the way, due in July. We currently rent at a rate of $650/month + utilities, averaging to a total of $900/month. Here's a little about our financial outlook:
The area we live in, in Pennsylvania, has a median mortgage rate of around $450/month. I have spoken with several family friends involved in real estate and banking in our area, and they tell my wife and I that we would be better off to purchase a home than to rent because of the cost difference. My wife and I have been renting for nearly 2 years now and have had a bad run with landlords in our area, mostly because we live in a college town where the landlords typically don't live locally, and tend to seem to not care about any maintenance issues that happen. We are pretty burnt out from renting at this point, but I want to be sure we're making the right decision by buying a house. We are very stable with our work situation, have never missed a single payment to anybody for anything, have great credit scores, but unfortunately have a decent chunk of debt we are dealing with. I'm looking for some third party outlook on our situation and how we should move forward from where we are. I appreciate any help you can offer us, and if you took the time to read through this, thank you so much. [link] [comments]  |
| My company gave me stock options...how do they work? Posted: 04 Nov 2019 05:16 AM PST Hey all. First time posting here, but this sub always seems to give good info to others so here goes... I have been with my current employer for about 3 years. It's a "smallish" software company of about 500. One of the items in my benefits package are stock options, and I have very little understanding of how they work. My first question is, it seems like a stock option is really only worth something if you can afford to buy it at its current rate and then watch it rise in value before selling. Is this correct? The current value of my stock options are about 60k, but I can't imagine a world where I'm ever going to have an extra 60k to exercise them. Second question is about "vesting." This just means the ability to exercise or purchase my options right? Only about 1/3 of my options are vested right now so even if I had the money I could only exercise that much? Thanks in advance for any info. I would ask at work but I don't want to be judged for not knowing this stuff. Edit: Thanks for such great info so far everyone. Wanted to answer a few of the questions that have popped up in comments so far.
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| Posted: 04 Nov 2019 02:36 PM PST I tried calling around but I only got the wrong places so could someone help me? I was told I have to do it through my employer but haha he has ghosted me on phone and texts and actively avoids me. So after I get my er visit paid I am going to quit. Thats all I want paid. My er visit. For a injury that happened at work. [link] [comments]  |
| Moving to a city with a high cost of living, need help trimming my budget Posted: 04 Nov 2019 07:12 PM PST I'm moving to a city with higher cost of living than what I'm used to this week and am looking for any advice regarding my budget. Net Monthly Income: $3,638 ($58k a year, I also receive a 10% bonus at the end of the year based on performance but as I'm just starting a new job I don't expect to get anything this year). Rent - $950 (Cheapest in the area) Utilities - $150 Cell Phone - $110 (Too high?) Car Insurance - $250 (Nothing I can do about this) Car Payment - $300 (Brand new car bought 2016, a mistake I have to live with. About $10k left on loan, KBB $7k) Gas/Public Transport - $260(May be able to get 1/3 of this back per month with commuter credit) CC#1 - $100 (Balance $200, Limit $300) CC#2 - $100 (Balance $600, closed account) CC#3 - $100 (Balance $550, Limit $550) CC#4 - $100 (Balance $2100, Limit $2400) Groceries - $400 This leaves me with a balance of $817 every month. Is there anything else I should be budgeting for? Is it pointless to save anything before I have those credit cards paid off? How much should I be spending on entertainment/clothes/etc.? Thanks in advance! [link] [comments]  |
| Employment hours. Is there a mistake here? Posted: 04 Nov 2019 07:11 PM PST I recently moved to a new job. I start in 2 weeks. its in the biopharma industry and I will be working in quality management (QA). My hours are 10 pm to 6:30 am. I was initially told Sunday-Wed. So i assumed 4/10's. but my hours scheduled are only 4 days but 8 hour days. is this a mistake? or is this common? or just an odd hours probably specific to this job/company? [link] [comments]  |
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