Personal Finance $15k a year, no benefits, no vacation days, should I quit? |
- $15k a year, no benefits, no vacation days, should I quit?
- 2020 W4 Calculator Available
- How do you downgrade a house/car without having extra money to move out, or cover a negative balance on a car loan?
- What sort of scam is this?
- Parents living WAY above their means and in credit card debt. My grandmother passed away and her benefits were contributing to the household. Looking for advice before they drown in debt.
- If you're a home owner, check for homestead tax exemption!
- A dealer I bought a car from 7 months ago still has not cashed my downpayment. I've contacted them several times and they still haven't cashed it.
- [Housing] Received a call from my mortgage lender offering me a refi from 4.5% to as low as 3.75%
- Vanguard now offering commission free trades
- I was the only one who didn't get a holiday bonus.
- Not sure what to do with money
- About 35k in debt, received 40k inheritance. Credit score 580's. Need assistance with credit repair.
- Oh how I loath the IRS phone tree of hell
- Is RV living a good move financially?
- 21 Year Old with Cerebral Palsy Looking to become Financially Sound
- Jump to 0% for 18mo on Balance Transfer
- Can't file taxes by April deadline can I get an extension till November?
- When is struggling financially worth it, career-wise?
- 401k employer match
- I've been hired for a job that begins several months from now, but I'll only be employed at my current job for a few more weeks. Would I qualify for unemployment in the interim?
- Put my money in a high yield savings bank like Ally or invest it?
- 23 $40k/yr Want to buy a house in Socal within 10 years
- Should I get a credit card when I turn 18? If so, which one?
- Retirement options for undocumented parents
| $15k a year, no benefits, no vacation days, should I quit? Posted: 02 Jan 2020 07:50 AM PST I've been working with this employer for about 2 years now. I make minimum wage ($13/HR) and work Mon-Fri. I am only 2 hours short of working full time a week at 38 hours and my employer seems intent on keeping it that way. I was informed in the middle of last year that we would no longer receive vacation time but instead receive an end of year bonus if we "qualified" for it. This job offers no health insurance or any other kind of benefit. My hours on site vary widely so I have no time to apply for school to further my education. My question, and I ask out of ignorance and desperation, is whether I should quit and what possible options I may have. I currently don't have a degree but I am more than willing to take classes to at least receive an associates in ANYTHING. My only qualifications are as a nursing aide in which I have 10 years experience. I have no passions and only want to make enough to live comfortably while given the option to take a week or two off a year to lay in bed and vegatate. Any advice? Edit: Just wanted to make a quick edit thanking everyone for their words of advice, whether critical or otherwise. I know my post did not seem like it made a lot of sense at times and the math didn't add up (in the comments I mention that my hours fluctuate and that I only began receiving $13/hr in July). I'm sorry for that. I take all of the advice you've given me very seriously and I'll make the necessary changes in my life. Thank you again [link] [comments]  |
| Posted: 02 Jan 2020 03:56 AM PST TL;DR: The IRS rolled out a new W4 Estimator/Calculator for tax withholding to align it w/ the revised tax laws. You don't NEED to fill one out if you're satisfied w/ your withholding, but if you decide to change/update, it'll be on the new form. Most important: The aim is to withhold just enough to not owe when you file, but to get the smallest possible refund. Things I've learned over the last few years of paying attention to my tax withholding:
Edit 1: A lot of folks are misreading the taxes withheld TO DATE and taxes withheld from LAST PAYCHECK. If you enter decimals, it won't register. 10.00 will be calculated as 1000 and throw of your calculations. EDIT 2: In case you overlooked it, this is for 2020. This does not apply to your pending 2019 return. Just be thorough and read each question carefully. [link] [comments]  |
| Posted: 02 Jan 2020 03:55 PM PST I have gone through a personal loss and I no longer need the house size or car that I have. Easy question first, can I roll my negative balance into a car trade in? I have a ~$48k balance on a ~$43k KBB valued car. How little down will a dealership take for a trade in at 5k loss, plus taking home a $10k car? Credit/FICO is over 700. For the house, how can I move out if I can't cover the cost, or afford to live somewhere else while this house sits on the market? The house is worth at least $100k more than the mortgage, but I don't know how that helps me before I sell the house. It's also a high priced house that will likely take a while to sell, which I know only hurts my situation. What are my options? Thanks for your time. [link] [comments]  |
| Posted: 02 Jan 2020 10:06 AM PST I'm not sure this belongs here, but I don't know where else it goes. I attended a private NYE party. I left my jacket on my chair which was only a few steps from the dance floor. I came back after dancing with the wife for a bit and noticed that my jacket looked slightly askew, so my first thought was to check for my wallet. The wallet was in my inside jacket pocket where I had left it. Everything appeared to be there, but when I turned it over I noticed an orange sticky note had been placed behind the money strap. The sticky note had a phone number on it with an area code from a close neighboring state. I called it using Google voice but only got a fast busy signal. Another strange detail is that my wallet is not a conventional wallet. It is one of those minimalist wallets, so I can't imagine most people would know to stick something under the money strap like that. I really don't know what to make of this whole thing. My main concern is that someone took my wallet and had access to all my stuff for some unknown amount of time. At the same time I find it really strange that someone would take my wallet and then return it with everything plus some identifying evidence that they took it. I've since locked all my credit cards and I'm considering getting a new bank card. If anyone has heard of anything like this, I would love to hear from you, or if you think there are any further steps I should take to protect myself. Update Cancelled all my cards. Contacted my cell provider and verified that my number can't be ported without authentication. Reported the number through www.scamblaster.com who said it got a hit in their database of known scam numbers, but didn't provide me any further info. [link] [comments]  |
| Posted: 02 Jan 2020 01:07 PM PST My parents have NO idea how to manage money. They have spent way too much money all their lives, and now it's coming back to haunt them. They were taking care of my senile grandmother for 12 years and her social security / veterans benefits (from my deceased grandfather) were adding $2,700/mo to the household. She passed away a few weeks ago, and now my parents are scrambling to keep up with that $2,700 hole in the monthly income. I don't want to get TOO into the specifics of food and phone plans and all that stuff. The details are all very important, but right now I just need help with the big picture, long-term costs. I know how to scrimp and save on daily spending, I just don't understand mortgages and the big deal stuff. THE UGLY BASICS
THE GENERAL PLAN
QUESTIONS/COMMENTS
I think if we can just get them downsized and eliminate the credit card debt then they will find stability. With a $350,000 mortgage and $20,000 down, that could be around $2,300/mo according to Nerd Wallet. That compared to their $6,600 income should hopefully get them back on their feet. Am I naive? And yes, I will cut up all their credit cards after this is done, that's for sure. [link] [comments]  |
| If you're a home owner, check for homestead tax exemption! Posted: 02 Jan 2020 12:56 PM PST My husband and I closed on a refinance today, and at closing the associate mentioned to us to check for homestead tax exemption to lower ourproperty taxes. I've never heard of it before, and reached out to our county assessor. They informed me that in our state, it's referred to as head of household exemption. They will take x amount of off the value of your property, and we just have to fill out and turn in a very simple form. The savings is not much but money is money. Check it out! [link] [comments]  |
| Posted: 02 Jan 2020 04:38 PM PST About 7 months ago I bought a car and I paid $2,000 to hold the car, then when I went back I gave them a check for around $4,000. The rest I financed with an outside credit union. After the credit union paid the dealership I noticed that the check wasn't cashed, so I contacted them and the front told me they'd inform the finance department. About a month later it still wasn't cashed, so I called again and was told the same thing. A week later still nothing, so this time I asked to speak to finance directly and they said it would be taken care of. About 2 weeks later it still wasn't cashed, so at this point I decided to start sending them emails, so that I would have some sort of documentation that I had been in contact with them, but they never responded. After that I decided to just leave the money in the account for whenever they do want to cash it, but the issue now is that I need to close this account. The account has a $30 fee unless I keep X amount of money in it and I used to be able to keep that much money in it, but I'm no longer working, so the balance has fallen below that amount, and I've already been charged $60. I'm looking to move it to a checking account with no fee, but can't do that until they take my money. What's my best option here? I was thinking of just sending them a money order in the mail for the amount and letting that be the end of it, but not sure if that would be a good idea, since I wouldn't really know if they received it. Also, I no longer live in that city, so that kind of complicates things, since I can't just go in person. [link] [comments]  |
| [Housing] Received a call from my mortgage lender offering me a refi from 4.5% to as low as 3.75% Posted: 02 Jan 2020 10:24 AM PST Long story short, I bought a house back in 2017 at 4.5%. I just got a call from the lender and he said he could get me a rate as low 3.75% and if not that, 3.875%. Of course that is a huge drop in percentages but I'm trying to figure out what the catch might be. In his voicemail he said that he can cover, if not all, most of the closing costs. Having never been through a refinance before, what are some "gotchas" I should be expecting if I take him up on this offer? [link] [comments]  |
| Vanguard now offering commission free trades Posted: 02 Jan 2020 07:09 AM PST For all online stocks and ETFs Higher yield money market funds too https://mobile.twitter.com/i/web/status/1212744885218004992 Is this a shift away from Bogle's investment philosophy though? [link] [comments]  |
| I was the only one who didn't get a holiday bonus. Posted: 02 Jan 2020 05:22 PM PST I work for a small company with only 4 employees. We are all salaried, full time, and work on commissions. Today, my co-manager let it slip that everyone got holiday bonus checks in their holiday card... except for me. He backtracked a little but seemed fairly shocked that I didn't receive one and chalked it up to my role being more admin where as his and the other two employees are more sales floor. Our small company has very little formal rules so I can't imagine that working there for a month shy of one year would exempt me from a bonus. I have also hit and exceeded all of my sales goals so I am confused as to why I wouldn't get one. Should I bring this up to my boss during our Monday 1:1 meeting? If so, how do I broach the subject? [link] [comments]  |
| Not sure what to do with money Posted: 02 Jan 2020 04:38 PM PST 23 years old working at a chemical plant with lots of overtime. Fortunate enough to have made $112k this past year and have about $80k in the bank and put 11% (roughly $230) into my 401k every week. I'm not sure where to put my money or just keep saving. I earn no interest in my savings account so the money is just sitting there. As stated above I put 11% of check into 401k and I put $500 a week into my savings account. Should I be investing or just keep saving? Ive heard plenty of people say to have your money work for you, but I've also heard to just keep saving as much as possible. TYIA [link] [comments]  |
| About 35k in debt, received 40k inheritance. Credit score 580's. Need assistance with credit repair. Posted: 02 Jan 2020 07:13 PM PST Hi good people of personalfinance, Apologies in advance for typos or bad math. Please be gentle. I realize that this is our fault and I intend to make it right. I have been perusing this sub, along with /r/povertyfiance and /r/credit for the better part of a year trying to get out of this financial hole that I have dug myself in and I have some lingering questions and would like some assistance as to where to go from here. (Hopefully only up!) Backstory: In 2018, my husband and I worked for the same company making a combined 120k a year in a part of the country where that kind of money went pretty far. Our credit scores were around 760/780 respectively and we had about 20K in savings. We were also renting and only had two car payments. When I was 8 months pregnant, the company went belly up and with about 2 weeks notice, my husband and I were both without income. Thankfully, I was able to keep my insurance through COBRA, and kept it until I delivered a few weeks later. However, job hunting for myself and husband were going absolutely no where and postpartum depression hit our household HARD. We had to break our lease early to move back across the country to in our hometown for better job opportunities/to be near family when I couldn't bring myself to get out of bed. Breaking our lease and moving across the country with a newborn and being jobless depleted our savings completely. Since then, we have been living rent free at our in laws since the end of 2018. We were both out of work for about 5 and 6 months and had no way to pay our bills with a newborn. I know, I know. Thankfully our in laws floated us our car payment/car insurance money so that we could keep our means of transportation afloat. Everything else, though took a major; major hit and we defaulted on just about everything and our credit is wrecked with our scores in the toilet and I am practically begging for help to fix this. We are both gainfully employed again. We make a combined 90k a year. I am receiving an inheritance check for about 40k this week with another 20k to follow in March and would like to know how to best tackle all of this with a total lump sum of 60k. Reasoning/Goals: I would like to eventually buy a house now that we are both gainfully employed again and tackling debts. How realistic is this goal in the next year if we are able to pay these debts off/settle the bigger amounts owed? Much of our debt has already been charged off/sold and is sitting in collections in an open status. Our debt is as follows: Credit Card Debt: Major Bank A--- 5,300 NOT charged off, but closed by lender. I have been making payments on this now for 8 months in a good standing status. Before this account closed for 5 months of nonpayment, it was in a good standing status for 9 years with no late marks. Major Bank A- 1,500 NOT charged off, but closed by lender. I have been making payments on this now for 8 months in a good standing status. Before this account closed for 5 months of nonpayment, it was in a good standing status for 9 years with no late marks. Major Bank B- 13,000 charged off by lender. Received a settlement offer for 6,000. I wish to settle this for the 6,000. Major Bank B- 1,000; charged off by lender. Received a settlement offer for 200. I wish to settle for 200. Credit Card Debt in Open Collections: Major card lender C-1,000 charged off by lender, sold to attorney. I will likely be sued for this if I cant settle before they send a letter out for litigation. Open collections. Major card lender D-3900 charged off and sold by lender. I will likely be able to settle this for 1,600. Open collections. Medical debt in Open Collections: Company A-90$ Company A-90$ Company A-125$ Company A-125$ Company A-125$ Company A-125$ Company B-50$ Company B-50$ Company B-50$ Negative Utilities in open collections: Cable-44$ Energy-30$ Rent-161$ Ok, phew. Those are all of the accounts in a negative standing. I realize the gravity of this situation. "Good" Standing debt: Car debt: 10k and 12k respectively. No late payments on these. Various other medical debt: <1,000K. I think that I will have enough cash flow from the inheritance to pay in full most of these and then to settle the debts that have offered me settlement terms already. From my calculations, I will end up paying about 24k to all open collections, CC debts and various medical debt and pay off 10k to one of our cars for a total of 34k. I will put the remaining 6k into savings and not touch it for emergencies until the 20k inheritance check comes in march; which will be used to pay off the remaining car with the rest going into savings. How does this sound? How would more financially savvy people of reddit tackle this debt in a correct order to repair extensive credit damage? I have read the wiki and have searched this sub extensively. Credit score now stands at about 549. Yikes. Thank you. TLDR; got pregnant, lost income, moved across country, fucked my finances up rulll good. [link] [comments]  |
| Oh how I loath the IRS phone tree of hell Posted: 02 Jan 2020 07:33 PM PST Today, on hold 2hrs, transfered to the next service person, get a message telling my call can't be answered due to technical difficulties. And oh that sucks, and I can't even be mad, because it's no surprise. I've been trying to get the IRS on the phone since late September. So, I have a question. Do you all have any idea how I can actually reach someone through the irs phone lines? I assume I've offended the customer service gods with my repeated attempts to make contact at a stalker level frequency and they've put me on some sort of reverse do not call list (call block!). However, as you can imagine, I'm not calling them for fun good times, but because I have business to attend. I have tried to solve my issue via the website, but indeed, need to speak to a person. If I can't contact them, should I respond in writing? Request a call back? Advice? [link] [comments]  |
| Is RV living a good move financially? Posted: 02 Jan 2020 11:16 AM PST One of my friends has sold their (~$120k) house and purchased a new (~$100k) 5th-wheel RV to live in full-time. There are many reasons they've chosen to do this (which are questions for another sub), but one main driver was for financial freedom and to reduce living expenses. I'm intrigued. FYI: we're in rural Midwest. Does RV living pencil out financially? A quick google search says that campground sites are $300-500/month in our area, I'd imagine propane is expensive in the winter, and after 10-15 years the RV isn't going to have much resale value. They hope to save money while traveling but they usually tent camp so I don't see how the RV will save money there. I would think RVs have a lot of maintenance costs similar to a fixed home? There's probably other hidden costs I'm not thinking of like needing to purchase small quantities of groceries, rent a PO Box for mail, or how do you get internet (one of them works from home)? Is there any positive financial reason to live in an RV rather than an inexpensive stationary home? What am I missing? [link] [comments]  |
| 21 Year Old with Cerebral Palsy Looking to become Financially Sound Posted: 02 Jan 2020 05:24 PM PST Hi, all! I'm gonna cut to the chase... I'm a twenty-one year old person with mild cerebral palsy. I had a seizure when I was born, which resulted in a lack of oxygen to my brain, causing my limp. I've always been fairly dependent upon my family (financially/emotionally, etc.) I have a retail job, which nets me about $800-980 per month. I live at home, but I'm looking to move into my grandma's basement apartment for some level of independence. In short, I'd like to learn how to be financially independent, get my credit on track, and learn how to invest while I have minimal expenses. [link] [comments]  |
| Jump to 0% for 18mo on Balance Transfer Posted: 02 Jan 2020 04:30 PM PST So been thinking of shifting my dept (9k) on a ok credit card to a 0% for 18mo on BT so when I get my taxes back it will go further. We are using our full tax return this year prolly 3k...I hope lol. Mainly all I do on this credit card is work on paying it off. 98% of what I buy is on my debit. Does this make sense to do? I figure I got maybe 1.5 years to pay off. We are also wanting to buy a new house so this is my motivation! [link] [comments]  |
| Can't file taxes by April deadline can I get an extension till November? Posted: 02 Jan 2020 03:24 PM PST Due to some personal circumstances (will be going to jail for about 10 months) I will be unable to file taxes until about November, is it possible to be able to get an extension until then? Will I have to pay a penalty? Good news is I don't owe anything, I had only a part time job last year (~$19,000) and my workplace has already deducted over $3000 from my paychecks. I live in southern California and have no deductions that I can think of so I'm expecting about $1000 back in my refund. Any advise is appreciated. [link] [comments]  |
| When is struggling financially worth it, career-wise? Posted: 02 Jan 2020 05:29 PM PST Three months ago, I made the transition from my multiple low-paying jobs to a much better-paying single job. I love the money. I get overwhelmed and start grinning like an idiot when I think about how I can afford an apartment by myself and sock away money in savings (both of which are firsts for me). I do not love the job itself. It's boring, there's no potential for advancement, and I worry a lot about how I'm going to list my mundane administrative duties on my resume. I dread every Monday in a way that I never have with my previous jobs. Subsequently, I've been covertly job searching, and recently got offered an interview for a really exciting position-- it's not my dream job, but it's the kind of job that could easily set me up on my ideal career path. The salary would be a 16% decrease for me; it's not so low that I would have to move back in with my parents, but I would be living paycheck to paycheck. I'm torn. I thought I was the kind of ambitious person who would go to certain lengths for my career, but I am so reluctant to give up my current salary. I can't help but feel greedy and entitled for wanting an interesting job AND the ability to put $200 in savings every month. Is this normal? How do people make these kinds of calculations? I'm especially uncertain because I thought my current job would be a huge step forward career-wise, and I'm feeling a bit burned now that I've realized it's a dead end position. [link] [comments]  |
| Posted: 02 Jan 2020 07:01 PM PST I started a new job this fall and my employer does not start matching my 401k contribution until 6 months in. (Standard) As of April 2020 my employer will begin matching. My company's match is 25% of my contribution (amazing), I am currently contributing 18%. I am trying to decide if it would be worth it to stop contributing until April when my company will match me and then contribute at that time what I would have contributed January-March. I would save the amount that I would normally be contributing and then allocate it to my expenses in April-June while I am contributing more and taking less pay home. Is this worth it? My money would grow more in the 401k rather than my online savings account that has an interest rate of 1.9%. Is this a fair trade off? Ive lived a mindset of waiting to invest is losing out on money, but in this case it may be worth it? Thoughts? Stop contributing 18% over next 6 paychecks (3 months) and start contributing 36% for 6 paychecks beginning in April? Appreciate the feedback! [link] [comments]  |
| Posted: 02 Jan 2020 06:40 PM PST I've been employed for a few years at my current job and will be leaving due to the company closing. There will be a 4-5 month period where I'll need some kind of income until my next job starts. Would I qualify for unemployment? If not, is a temporary job the only other option? [link] [comments]  |
| Put my money in a high yield savings bank like Ally or invest it? Posted: 02 Jan 2020 11:08 AM PST Never had much money to manage so I'm not sure what to do. I have 25k sitting in my bank account that I would like to use for a down payment on a house in 2 years or so. Should I invest it or just put it in Ally or some other high yield savings account? Which would be the best option since my plan is to take it all out when I buy a house? I already have an emergency fund, paid off credit cards, etc. [link] [comments]  |
| 23 $40k/yr Want to buy a house in Socal within 10 years Posted: 02 Jan 2020 12:04 AM PST TL;DR What is the fastest way to grow my money, reliably and unreliably? After taxes my biweekly check turns out to be a little over $1300. From there, my expenses look sort of like:
That's it, everything else (roughly $700) goes into a savings account, a managed portfolio, and gets invested through Robinhood and my personal business (which currently doesn't generate enough income for me to include it). What I have saved up so far:
My goal in detail: I want to buy a house and generate some passive income in Irvine/surrounding area. I don't really have a desire to live in Irvine, I just know Irvine's rise in the business world is too great to ignore, so I want to jump on it as soon as possible. I have no problem living at home, so this purchase will be purely profit motivated. Misc Facts: I work in photography, I have no degree, and no credits at any school. I didn't have money for college, and I started making money doing what I wanted to do straight out of high school, so I never went to college. Now I am very focused on the money, and I know photography will never get me there lol. I am currently looking for a job in real estate, not sure exactly what I want to do, so I'm looking for entry level assistant jobs to learn the industry from someone more experienced. My parents are older, but they are healthy. They have about $200k still left on the loan for this house. I believe they will pass before they are able to fully pay it off, but my one sibling and I will receive the house and both of us have already had numerous conversations about renting this house out and splitting the profit 50/50. We are very close and there is no hostility between us. There is also nothing between my parents and I/sibling, we are all a close family and money has never gotten in between our relationships. Questions:
If you made it this far, thanks for reading! If you need to be brutally honest, please be. I want to hear what I need to hear to reach my goals. EDIT: I want to add that I have a good credit score 770+ that will continue to go up as I am fairly into credit cards and am constantly upping my total credit limit/payment history. I have 11 cards and counting, so I'm sure that won't be a huge problem when it comes to taking out a loan, but please correct me if I'm wrong. [link] [comments]  |
| Should I get a credit card when I turn 18? If so, which one? Posted: 02 Jan 2020 01:44 AM PST I'll be 18 in 8 months and I've decided that I'm going to do as much research as I can in that time frame, to be more prepared for life as an adult. I've done research on pros and cons of getting a credit card at 18 and it seems like EVERYONE has opposing opinions. Based on my knowledge, my current plan is to get the Discover It card and use it only for one thing every month. I'll probably use it only for gas and have it paid off in full every month. Is this a good idea or should I steer clear of credit cards until I'm older? I want to build my credit as young as I can... thanks! [link] [comments]  |
| Retirement options for undocumented parents Posted: 02 Jan 2020 07:57 PM PST My parents are nearing retirement age and I'm looking for retirement and investment options for them. Their current plan is to buy a type of index fund linked life insurance. I'm not familiar with all the insurance lingo but the agent said that my parents will pay a premium until a certain age which gets deposited into an index fund and afterwards they can withdraw a certain amount for retirement income and the rest gets rolled over into death benefits. On the other hand I've been looking for a place for them to start a retirement fund but I don't know of any place that will allow them to open an account without a social security number. I've read online that it can be done but I don't know of any. Can anyone recommend a place that would allow them to invest? They do have an ITIN which they use to file their taxes if that helps. I've seen that this sub is usually against life insurance except in in specific cases, but if there are no other investment options for them is this the way to go? Are there other options I should be considering? [link] [comments]  |
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