Personal Finance Can a random adult set up a checking account for a minor |
- Can a random adult set up a checking account for a minor
- My brother suddenly became unable to work and has no income. My parents are stressed trying to support him.
- The biggest wastes of money
- How do you budget for travel?
- Is buying an ETF and/or Index Funds along with a few penny stocks a good way to start investing with less than $1000/for a beginner?
- Father Passed - What do we do with the house?
- I want to invest on ETFs but I am not sure where to begin.
- Make the 2020's the decade of good financial decision making
- Investing for 65 year old mom, chronically ill
- How to deal with credit card opened in my name without consent
- Could use some encouragement or advice
- Paying more than minimum payment but less than total?
- Are those "Pay-Per-Mile" car insurance policies worth it? How much do you need to drive before they stop being worth it?
- Apartment Search Is Frustrating.
- Roth IRA contributions with a 100% commission job?
- I just received an unintelligent lease for my new apartment.
- Max out 401k or Pay extra to my mortgage?
- Looking to learn about different types of assets
- When to refinance a mortgage?
- Should I open up a Wealthfront cash savings account that boasts 1.82% APY?
- Thoughts on this article?
- Tips for tracking Healthcare expenses?
- Good starting point for getting better at saving and finances in general.
- Advice on Setting Long-Term House-Buying Goals
| Can a random adult set up a checking account for a minor Posted: 05 Jan 2020 03:42 PM PST I feel like this is kind of a rookie question, but I'm having trouble finding answers to kind of a niche question: I'm a foster parent. I've had these teens for almost 2 years, and I'd like to help them get checking accounts set up. Their mom still has some rights as of now (state has filed for permanent custody, but it's a process that's going to take probably another year)... can I help them set up checking accounts that their biological mom can't access? I know I could probably set up another checking account in my own name and just give them access; but, at least when I was a teen, student checking accounts were free without all the direct deposit requirements Edit: to be a bit clearer about the goal... I'm not trying to set up some trust fund for large amounts of money. I just want them to be able to have a debit card and start learning to budget more than just cash [link] [comments]  |
| Posted: 05 Jan 2020 04:20 PM PST Hey all, so my parents are in a tough spot right now and I have no clue how to help them. First, my adult older brother is 38 and for 14 years had a fantastic job which he loved. Unfortunately, he's ran into some major health problems lately - first, he's had type 1 diabetes for a while now, and recently a tick bite gave him both Lyme disease and Rocky Mountain spotted fever. He also has a number of other ailments that I'm not sure about, but basically he has a number of bacterial infections and is in bad shape. His body is not reacting well and at one point he had a severe reaction that left him in the intensive care unit for several days where he was apparently close to dying. Ever since then, he's never been exactly right. His main problem is he is extremely lethargic — to the point he can't even get up in the morning on some days. Some days he's okay, others not. He's not consistent enough with his energy levels to be able to work. He's regularly seeing doctors — none of them have been able to resolve this. He took disability leave through his company since he was so weak. He was able to support himself through this, but unfortunately, they ran out and he has zero savings. So right how, he has absolutely no income whatsoever. He is trying to get better, but so far barely any progress has been made so I'm afraid the end is nowhere in sight. He went sobbing to my parents and they felt very sorry for him and agreed to help. But I don't think they realized what they were getting into. They are both retired, and they are handling ALL of his expenses and bills - and I mean everything — including his mortgage, car payment, medical, groceries, insurance, phone, etc. literally anything and everything he has to pay for, they are covering. He has absolutely ZERO income coming in and nothing saved. But my parents are using more of their income on him than they are comfortable doing. It's probably no more than three or four days before he is asking for more. He has cut all expenses other than the necessities. He has no cable, internet, no other subscriptions of any kind. He explained the situation to his mortgage and they agreed to let him defer some payments for now. And he does have a health plan through the Marketplace but it doesn't cover everything he is on. He says he can't file for unemployment because he is not actively seeking a job as his body cannot handle working right now. He did apply for some kind of help through social security that he is waiting to hear back on. And I believe he does plan to sell his house and temporarily stay with my parents until he recovers, but I don't think that's going to help the matter much. Sure, the house expenses will be removed, but he still has a ton of other things, plus it could take many months to sell. This has been going on for 4 months now and my parents came to me saying they are stressed and have no idea how to handle this other than to keep supporting him. They feel like they have no choice as he will either starve or won't have the money to get his medicine and he will get worse. I told them none of this is their fault and my brother shouldn't have left his job without having any savings, but then again he had a major medical emergency that nearly killed him and he is still trying to recover from. So maybe I am being harsh. It just kills me to see my parents so stressed for something they had zero involvement with and that isn't their fault whatsoever. It's to the point that even seeing a text or a missed phone call from him gives them huge anxiety over what he will need next and how that will impact their situation. Im just hoping there is a better way to handle what is going on. [link] [comments]  |
| Posted: 05 Jan 2020 06:42 PM PST Coffee (make it yourself for $0.20 per cup instead of $6 at Starbucks) New Cars (Buy a 3 year old one for 1/2 the price) Small appliances (You can find fairly new ones on Kijiji/Craigslist for almost nothing) Small packages of meat (Go to Costco and get a 12 pack of steaks for 1/3 the price per steak) Individual cans of pop (Get a 12 pack if you drink a lot) Savings accounts at 0% (You can get one that pays 2% in minutes) New workout equipment (Get some fully functional used stuff for 1/3 the price) Anything from a payday loan place Apple accessories (Get identical cords on Amazon for 1/10th the price) Financing anything with less value than a small car Anyways, just a few thoughts. Did I miss anything? [link] [comments]  |
| Posted: 05 Jan 2020 06:27 AM PST Something I don't see a lot of is how people go about budgeting for travel. Do you save a set dollar amount per year? A percentage of income (net or gross). If travel is one of your top priorities how do you make room for this in your budget? [link] [comments]  |
| Posted: 05 Jan 2020 03:38 PM PST I'm looking into getting into investing with a more DIY approach but I want to start small, probably with around $500. I understand opening a brokerage account. I've heard TD Ameritrade is the best. Is this true? As far as the next step I figured investing in ETFs and/or Index funds would be a good starting point for a larger investment but I am not sure if I should go with ETFs or Index funds. With whatever is remaining I figured I could buy a few penny stocks to learn basic trading and to watch the market from an investor's standpoint. Is this a good plan? Any advice would be greatly appreciated. Thanks in advance! [link] [comments]  |
| Father Passed - What do we do with the house? Posted: 05 Jan 2020 06:03 PM PST Hello r/personalfinance So my father passed away unexpectedly last week and I am trying to figure out what to do with my parent's mortgage payments. My father and mother were both on the mortgage, but now that he has passed it will be solely in my mother's name. The remaining balance is apps $170k, with an interest rate or 4% and a monthly payment of around $1700 (with insurance included). I currently live in an apartment with a roommate and pay about $950 a month. My mother cannot afford the payments, so it would fall on me. I know this would be a drastic increase in payments for me, but I like the idea of paying towards something rather than paying rent to "the man". I make enough money ($65,000/yr) to swing it, but I'm not sure if it would be a wise decision. This is my childhood home and there is sentimental value, but I'm not sold on the idea of moving back in. I would only do so if it made sense financially. Any suggestions on how to proceed would be greatly appreciated. Edit for clarity: My mom does not live in the house. She lives with my grandparents. I would be staying in the house by myself. Eventually the house would go to me anyway when my mother passes if it was not sold. [link] [comments]  |
| I want to invest on ETFs but I am not sure where to begin. Posted: 05 Jan 2020 05:42 PM PST I am located in Canada and want to invest some money I have saved into ETFs, I am an immigrant so I don't Have PR status yet but I applied. I know my bank has some ways to buy ETFs from them, but I am not 100% sure it's a good idea to trust in my bank or to do things myself. I am also about to start grad school (hopefully if I get accepted, and I really want to), so I am also a bit nervous about liquidity. Like I already planned ahead and know how much I can invest and still have savings for my studies, but if something goes terribly wrong I may need to tap into those savings. [link] [comments]  |
| Make the 2020's the decade of good financial decision making Posted: 05 Jan 2020 06:52 PM PST Post your best and worst financial decisions and their consequences. Let's all learn from other peoples financial mistakes or accomplishments. [link] [comments]  |
| Investing for 65 year old mom, chronically ill Posted: 05 Jan 2020 04:45 PM PST Hi, my 65 year old mother is chronically ill and loves with me. She may likely need some in-home caregiving, and I am shuddering at the though of the cost. We do not have long term health insurance. She has Medicare plus supplemental plan F. She gets a little bit Social Security each month. She has about $800k in an IRA plus a single family house worth about $1.5 million. It is currently being rented out, but doesn't bring in very good rent and has lots of deferred maintenance on it, being about a 30 year old house. If we sold the house, how would you invest $1.5 million cash (let's just take taxes and fees out of the equation), knowing her medical cash needs and life expectancy? [link] [comments]  |
| How to deal with credit card opened in my name without consent Posted: 05 Jan 2020 10:33 AM PST Hello, I've managed to get myself into a bit of a confusing situation regarding a credit card account I'm not sure how to handle. First time posting here but I've seen a lot of good advice doled out on this subreddit. Background: During last October I was shopping for a new motorcycle and visited a dealer where I was strongly considering buying a new bike. The salesman mentioned that Kawasaki had a credit card program where I could buy the bike and pay no interest for over a year. I had enough cash in hand to buy the bike outright, but it seemed advantageous to earn interest on that money for a while if I could do so without consequence. After specifically telling the sales representative that I did not want a credit card issued unless I chose to buy the bike (I did not), I filled out an application with the understanding that it would be used only to verify my eligibility. When I asked whether a card would be issued without my explicit request, I was told 'we don't do business like that'. Fast forward a couple months and a pre-activated Kawasaki Charge Card arrives in my mail box. I immediately called their service number and canceled the card. Subsequent calls to that number verify my account status as closed. There was never any activity on the card. Current situation: I recently received a letter from Kawasaki regarding promotional interest offers on my account, dated well over a month after the account was closed. My questions: 1) Do I need to take action through the credit bureaus to remove the card from my history so my credit score is not affected? 2) Should I request written records from Kawasaki stating that my account is closed? 3) Should I file any sort of complaint regarding the dealer's actions? If so, where? 4) Do I need to be worried about receiving offers regarding a closed account? Could it not actually be closed? Unrelated question since I'm making the post anyways: If, a couple years ago, my credit report got dinged for not making payments because I was carrying a positive balance for >6 months (due to accidental over-payments to the tune of a few grand on a low-balance card), is it too late to fix that? Thanks in advance for any advice you can offer! [link] [comments]  |
| Could use some encouragement or advice Posted: 05 Jan 2020 11:13 AM PST Exactly a year ago, my wife (stay at home mom), my two kids (1yr and 3yr), and I moved across the country to be with my wife's family. She was lonely in Florida and her family lives in CA. I live with her mother and I work for her father. I took a pay cut from 68k in a director level position to about 52k as an account manager for the family business with the promise of making what I made in 2018 by the end of 2019. That promise was never fulfilled and I still make 22/hr as a laborer. I realize that I need to leave. Wish me luck on the job hunt! I filed for bankruptcy earlier this year to clear about 70k in operating debt from a failed business. Lesson learned. Stay away from debt (for now), work hard, and be much more careful when managing money. It's been a rough year. The kind of rough that left me seeing a therapist until our state sponsored insurance was cancelled because of a clerical error. I'm in the process of getting that fixed. I tried to stay positive because our savings account was growing and I knew that we were making sacrifices to save for a down payment on a house. Which made this uncomfortable situation worth it. We have about 10k in the account and I was really proud of our progress. I just found out yesterday that my wife has several credit cards that I didn't know about that started at 4k in 01/2019 and now amount to 11.5k in debt. So much for our savings account. I went through CreditKarma with her to see what else might be hiding. I made a plan with her to use our savings to pay off the cards to avoid interest ($1400 in 2019) and to consolidate all purchases to a single card afterward so we can track our expenses more easily. Budgets for everything like groceries and regular expenses are in progress as well. I feel foolish, defeated, and like I'm being taken for a ride. Thanks for reading. I'm sure it'll get better if I stick to the plan. [link] [comments]  |
| Paying more than minimum payment but less than total? Posted: 05 Jan 2020 05:40 PM PST I have a quick question. I've had a card for about 2 years now. Have always payed in full so never thought of this before. There's a chance I won't be able to pay in full this month, I would choose to not pay minimum payment but pay about 50% of the total. My card says the annul effective rate is 85%. I have no idea what that means, does that mean I'll get an 85% interest of the other half of the total I don't pay this month? I'm trying to figure out if I should just go ahead and pay the total(putting me in a bit of a rough place this month) or pay half and finish paying it off next month or two since I know for sure I could finish anything I have left on it by March. But if the interest is super insane then it won't be worth it. Thanks everyone. [link] [comments]  |
| Posted: 05 Jan 2020 05:02 PM PST Sorry if there's a good thread on car insurance already. Feeling a little overwhelmed looking at all of the different options. Never been in a crash or gotten more than a speeding ticket, 28. Typically drive less than 500 miles a month. Drive a 5 year-old car. What car insurance would you all recommend or at least how should I start looking at all of these? [link] [comments]  |
| Apartment Search Is Frustrating. Posted: 05 Jan 2020 05:23 PM PST Let's set up a hypothetical situation. I get a job offer. I can only find places downtown that are 1-1.3k a month. How much do I need to make to be cleared to afford a place like that? 48k? 50k? Is that too much to ask as someone graduating college and starting out with a company? [link] [comments]  |
| Roth IRA contributions with a 100% commission job? Posted: 05 Jan 2020 05:35 PM PST Like the title says, I work a 100% commission job that will pay anywhere from $150,000 to $190,000 this year. My wife makes $40,000 so if I have a killer year, we won't qualify for a Roth IRA (I know the income limits, we will be right on the edge after 401k deductions, etc.). If my company does poorly, I will make less and therefore be in the green for contributing. That said, should I just contribute the max and see how the year plays out? What happens if my income gets pushed over the limit in say November or December? Am I able to pull the money out that has been in there since January? Also, I understand a back door Roth IRA is a possibility, I just haven't really researched it with a financial advisor. Thanks! [link] [comments]  |
| I just received an unintelligent lease for my new apartment. Posted: 05 Jan 2020 12:25 AM PST I am getting ready to move at the beginning of next week and I just received my new lease. I had the worst time trying to read and understand the lease. It was a 22 page document that didn't contain any punctuation (no periods or commas) so I had no idea when a sentence started or ended. Along with that, there were many misspellings. I should add that the management company owns several apartment complexes throughout my city and other cities. Here is an example from the lease: "Housing built before 1978 may contain lead-based paint lead from paint paint chips and dust can pose health hazards if not managed properly lead exposure is espedally hannjul to young children and pregnant women" My question is: should I request a new lease that makes sense or should I stick with what they sent me? [link] [comments]  |
| Max out 401k or Pay extra to my mortgage? Posted: 05 Jan 2020 11:07 AM PST Hi all. Looking for some guidance. I've done a bunch of research on this topic, but there's a lot of differing opinions. Thought I'd see what you guys recommended. I have an emergency savings fund of 6 months. I had a SEP-IRA (business owner), which transitioned over to a 401k as I have 2 employees and wanted to provide a retirement option for them and a match offer. I have put in $17K per year into the SEP and will be putting in the full $19K to the 401k for FY2019. I also have some money in mutual funds. My mortgage is $1.815 per month @ 4.375%, with $368,000 owed. Not including property tax. I bought the house 16 months ago. My question is, should I continue to max out my 401K @ $19,500 (went up $500 for FY2020) OR contribute $10,000 to 401K and $9500 (or more if I can afford to) to the mortgage to drive down the interest? My gut tells me to put the full amount to the 401K and, if possible, any additional should be pushed towards mutual funds as, statistically, it's a higher rate of return than what I would save putting the money towards my mortgage. However, $360K is a lot of money and the interest on that over 30 years is almost double. Thoughts? [link] [comments]  |
| Looking to learn about different types of assets Posted: 05 Jan 2020 04:04 PM PST As the title says, I am looking to learn about different types of assets. I'm a young guy who is starting in life and I want to know more about different types of assets. What are some examples of assets that are good to get my feet into the water? What are some assets I should stay away from at first? Any advice or examples would be very helpful, thank you for your time! [link] [comments]  |
| Posted: 05 Jan 2020 04:42 PM PST We bought our first house two years ago and payments were $1,890 a month. Over the two years our mortgage has been sold twice and our payments have increased twice, now they are $2,080 a month. The reason we were told for the increase is they didn't have enough in escrow. Should we consider refinancing our mortgage so soon after purchasing the house? [link] [comments]  |
| Should I open up a Wealthfront cash savings account that boasts 1.82% APY? Posted: 05 Jan 2020 05:31 PM PST About me: Age 27. I have $24K saved in this Edward Jones cash & money market account that wiggles between 1.0%–1.29% ROI. I've learned Wealthfront's cash savings account boasts 1.82% APY. I assume it's similar, but better than what I have at EJ?
I spotted this disclosure:
So. I understand that this rate has gone up and down in the past and there are plenty of factors affecting it. Plus it seems like in the past year it was over 2%! I lurked on r/investing and I've noticed that some folks have been disappointed by Wealthfront's investing performance, plus they've gotten in trouble with the SEC in the past year. So, with caution, I don't plan to invest with them anytime soon. What to make of this? Should I go for it? Would it be wise to dump all $24K into this account? :] All my love, — Scared Straight [link] [comments]  |
| Posted: 05 Jan 2020 08:13 PM PST Just read through this and it seems to go against some things commonly discussed/suggested here but I'm not completely following everything piece of the article so I wanted to get smarter people's thoughts on it. https://www.forbes.com/sites/baldwin/2020/01/05/7-rules-for-wealth-5-the-mortgage-mistake/ [link] [comments]  |
| Tips for tracking Healthcare expenses? Posted: 05 Jan 2020 06:25 PM PST I'm transitioning from using my HSA to pay for medical bills to using it as a savings tool. Any tips on how you all keep track of medical bills and payments for future reimbursement? Is it worth keeping a paper copy of the bills and how I paid it e.g. credit card statements? Or is a spreadsheet OK to track them? Thanks! [link] [comments]  |
| Good starting point for getting better at saving and finances in general. Posted: 05 Jan 2020 05:13 PM PST Hello I'm so bad at saving and finances in general. I'm looking for good recommendations or staring point for help and tips with saving money budgeting etc. blogs or books I'm open to it all. Thanks in advance! Thanks so much for the information! [link] [comments]  |
| Advice on Setting Long-Term House-Buying Goals Posted: 05 Jan 2020 02:50 PM PST I (25) and my fiancee (24) are recent college graduates renting an apartment together. At the moment, she and I make a combined ~100k a year on a nurse's wage and teacher's salary respectively. We have ~10k in savings, and she has about 8k between her 401k and her roth IRA. I have ~75k in student debt, and she has $150k. I've been trying to help us do some long-term financial planning for us both, and I was hoping to get some advice here. At the moment, our monthly budget breakdown looks something like this: Income: ~5700, plus or minus depending on whether she works overtime or I cover extra classes during my planning periods. Expenses Credit Card Minimum Payments: 140 (on about $4500 of debt) Car Payments: ~570 (on about $11,000 and $~26,000 respectfully) Student Loans: ~1650 Rent: 755 Internet: 65 Electric: 200 Phone/Car Insurance/Renter's Insurance: 370 Gas: ~275 Food: ~400 Summer School Savings Fund (to continue paying bills in the event that I am unable to secure a position in a summer school this year): ~450 Total: ~5,000 With the understanding that money towards a mortgage builds equity and money towards rent is, well, more or less wasted, I was wondering whether or not we could afford a home -- or if it would be wise to. In terms of immediate goals for money, I understand that the most efficient place to put funds would probably be:
As a teacher, I have a state pension that, by the time I eventually retire at my anticipated age of 63, should cover 75% of the average of my 5 highest years of employment, so the IRA that I plan to start contributing to is moreso to diversify my retirement income and, perhaps, to help if I decide to retire earlier at reduced benefits. My fiancee plans to soon try to get a job with the state as an RN, so she may soon be in a similar situation soon, hopefully. I was wondering if this timeline looks appropriate and responsible, where in this timeline we would be most responsible for putting "take out a mortgage," and whether or not it would be completely irresponsible for us to look at mortgages right now. Our lease is up in May and we are eager to start building equity with a starter home for 5 or more years, although I know that for the first few years the payments will primarily cover interest instead of principle. We also don't have much for a downpayment, although I heard that with an FHA loan you can avoid needing the traditional 20%, although I'm still not quite sure out PMI works, or what sort of programs there are for first-time home-buyers. We are still pretty new to the process, so any advice would be appreciated! We are worried that our inexperience could leave us ill equipped to recognize that we are ready to buy a house and delay our progress, and that if we sign a second year for our current lease when it comes up in May, we will end up locked in for that whole year (or at least subject to the headaches that come with breaking a lease) when we could have moved more quickly on the process now. [link] [comments]  |
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