Personal Finance 24 y/o with a well-paying job. Should I be saving/investing differently? |
- 24 y/o with a well-paying job. Should I be saving/investing differently?
- Company isnt going to pay us
- I screwed myself when I got out of the military.
- New Adult Still Learning
- US- very concerned for people impacted by closures
- Filing taxes for previous years
- Grocery Budget & Cooking
- Should I close and re-open no-penalty CDs that are expiring soon to lock in a rate for another year before they drop?
- Financial Planner asking for password to bank account
- Going back to school in my 30s for an English degree?
- Crawling out of the CC debt hell; looking for a balance transfer card to get me out sooner
- Would greatly appreciate advice on where to begin after failing to file taxes long term
- Debit Card Issues
- 401k roll over options
- I maxed out my Roth IRA contributions and am now suddenly above the income limit - what should I do?
- TurboTax no longer covering student loan deductions for free?
- Form 8962 question since I filed independently for the first time.
- What to do about dad’s student loans? Please help
- Can I file previous year taxes without having to mail them in?
- I did some serious work on my debt with my tax return. Do I have any chance of bringing my credit score to a house-buying level in the time-frame I'm hoping for?
- Still Employed, But Won’t Be making Any Income Due to Changes. Options?
- What is the highest rate on a cash account/high yield savings account?
- I am a college student that works in Alabama that is from Tennessee. How are taxes supposed to work?
| 24 y/o with a well-paying job. Should I be saving/investing differently? Posted: 28 Mar 2020 09:37 AM PDT Hey, all! I'm 24 y/o, making $76k gross (USD). My monthly take-home pay is $3,220 and expenses are $1,990. I have $33k in savings, which I consider one year of expenses and don't plan to touch, save one expense towards the bottom of the post. Since I met this savings milestone, I began contributing 25% of my income to my 401(k) as of late last/early this year; my employer matches 100% up to 6%, and I've at least taken advantage of this since they started matching six months from my start date. All this said, I have ~$1,200 in disposable income. I'm relatively frugal so unless I plan for vacations/trips, most of it will likely go into savings, especially now with coronavirus. I'm looking for advice and suggestions on what I could use this for to help me long-term and if I should be investing any differently than how I am (e.g., lower my contributions, invest in an IRA, invest in my HSA next enrollment period). The only significant expense I would have coming up is buying a different car, ideally under $8k out the door, since mine has a damaged front as a result of an accident. I'd probably finance, depending on the rate, to build my credit. Any comments, questions, and perspective would be greatly appreciated! [link] [comments]  |
| Posted: 28 Mar 2020 01:27 PM PDT https://i.imgur.com/jl1FmrP_d.jpg?maxwidth=640&shape=thumb&fidelity=medium I work at a jimmy johns and our franchise sent this out yesterday, im still here at work, the show must go on right? Im supposed to take their word that theyll pay us back. Being here clocked in, it feels like im wasting my time waiting for them to pull the plug and file for bankruptcy so they dont have to pay us at all. It feels like im supposed to be their slave so they can take the money and run. [link] [comments]  |
| I screwed myself when I got out of the military. Posted: 28 Mar 2020 05:53 AM PDT Like a lot of people, I got out of the military with very real personal issues along with no real guidance or goals. I was very unhappy and basically found comfort in spending money. I bought anything I wanted that would give me some sort of short term happiness. I sold my mustang and got an Audi, then crashed the Audi and rollled the negative equity into a 30k car and now I'm stuck with 940$ car payments on top of 15k credit card debt. I ended up moving back home to CA to live with my brother, the goal is to get myself unfucked but I'm unsure where to start? Right now I'm working in a hospital making $24/hr ($1300/biweekly) and $600 in military disability. Where should I be putting my money? [link] [comments]  |
| Posted: 28 Mar 2020 03:06 PM PDT Hi all, I'm getting ready to start my first adult job pretty quick and wanted to ask a few questions. I have totally graduated from college but with everything going down I found a place that would hire me ahead of time. They are completely reputable and I know at least a little about them. Theoretically my starting salary is going to be $38,000. I did the math to be roughly $700 a week pre-tax. I am 21, male, with no dependents. How much should I expect taxed and could someone help me understand the tax brackets better? Next, I'm planning on living with a roommate and we found a place for about $850 a month. If I'm doing my math correctly that will correlate to around 35-40% of my income going towards housing. Is that too much? Lastly, I know that a general rule of thumb is to have 6 months of expenses saved in an emergency fund in case of well....emergency. Would it be worth it to save a little more for peace of mind? I ask because I would like to start investing for the future and I figure it'll take me around 4-5 months to have that kind of emergency fund. I do appreciate any help anyone can give me and look forward to a response [link] [comments]  |
| US- very concerned for people impacted by closures Posted: 28 Mar 2020 06:06 PM PDT i make a decent living and have been able to work from home and i think as things get opened back up, i owe it our fellow countrymen, to open my wallets and spend. big tips will be a great way to get cash in the hands of people who want to earn a living! i hope others join me as their areas allow and quarantines are lifted. Health and safety come first, but this will subside and 1200 only helps people so much [link] [comments]  |
| Filing taxes for previous years Posted: 28 Mar 2020 07:15 PM PDT What exactly do I do? Do I need transcripts or W-2s or both? Can I get either of them online or do I have to fill out a form? [link] [comments]  |
| Posted: 28 Mar 2020 01:12 PM PDT I don't know about you all, but our grocery spending has skyrocketed the past few weeks. To be fair, we are ultimately saving money on food as our eating out/takeout has gone down too. What are you all budgeting for April grocery numbers? Is this different than a normal month? How has it been cooking all your meals at home? Are ya'll working to make your budget stretch? [link] [comments]  |
| Posted: 28 Mar 2020 07:00 PM PDT I have 2 no penalty CDs right now.
Trying to figure out which is the better play. The federal reserve already dropped rates to near 0%. Banks are going to drop their rates very soon too, probably on Monday. Despite the potential CDs paying less than I'm getting right now, I can lock in the rate for more time. The alternative would be that I let my CDs expire naturally and then they earn near nothing afterwards. (No-Penalty CD means I can close these accounts at any time between now and maturity date for free and no penalty). This is money that I need to keep in short-term savings similar to a savings account. A no-penalty CD works well for the purpose of locking in a higher rate. [link] [comments]  |
| Financial Planner asking for password to bank account Posted: 28 Mar 2020 10:35 AM PDT Edit- thanks to everyone that responded. I agree, this looks like a scam and I will not be providing login information to this advisor. I asked him to contact me through his official Morgan Stanley email, and if he fails to do so I will contact Morgan Stanley informing them about the situation. TLDR; Is it an industry standard for financial advisors to ask for bank account information and passwords? Hey! I've been a long-time learker on this sub-reddit and I really appreciate this space. I graduated with a bachelors degree last Spring (2019) and now I have my first salaried job. About a month ago a person with the title "Financial Planner / Investment Advisor" at Morgan Stanley (who is a mutual connection with my supervisor at my job) sent me a message + connection request on LinkedIn. The message he sent me in his connection request is: ​ >Hey [my name redacted]! ​ I took the bait and said I was interested -- because I do have some extra cash that I would like to invest. We chatted on the phone for 30 min about;
After this conversation everything seemed normal and he told me to set up a Charles Schwab account and put some money in it. I did so, and put in $2k. After I did that he asked me to send him over my password... This freaked me out a little bit. Our conversation is below: Me: Okay I linked my Bank of America account. I think I will be able to have money in my CS account by early next week. >Awesome Me: Ya. I should have money in the account by tomorrow >Cool Me: Hey I have money set up in my account now >Niiice Me: Hi [Name redacted], I'm not too comfortable with giving that information out. Is there another way to work together without doing that? Or is this how you work with all your clients? >You need to have a different password than your usual one. I can advise you, but I won't be able to monitor your account ~~~Conversation ended~~~ Is it an industry standard for financial advisors to ask for bank account information and passwords? My background is in tech, so I am not very familiar with investing. [link] [comments]  |
| Going back to school in my 30s for an English degree? Posted: 28 Mar 2020 12:17 PM PDT Hey ya'll! If there is a better sub suited for career planning just let me know- but until then I figured those in this sub would be able to offer guidance. I just turned 30. I am going through a divorce and about to be a single parent to 2 under 3. I was previously a stay at home parent, and before that worked minimum wage in retail. I have my GED. I have always enjoyed writing and linguistics. I have a few friends who teach part time for VIP kids and say its decent pay- and it sounds like something that could potentially work well for the work-life balance of a single parent. I am looking at careers in copywriting, technical writing, and tutoring/teaching English online. I worry though that going back to school for a 4 year degree (especially with no college experience and at my age), potentially part time and after student loans, that I would be in a similar financial position than if I'd just continued in my $10/hr unqualified day job. Any wisdom here? Is going after a bachelor's of english in my 30s nuts? [link] [comments]  |
| Crawling out of the CC debt hell; looking for a balance transfer card to get me out sooner Posted: 28 Mar 2020 01:28 PM PDT I lived off of my high interest credit cards through two moves and unemployment and got into a deep hole with high APR. Ive been grinding out big payments to resuscitate my credit score and have clawed my way from 560 to 709. I still have about $8.5k in credit card debt and $18k in student loans. Now that I'm over a 700 score, I'm planning on applying for a card with a 0% into APR for 12-18 months so that I can transfer a large portion of that debt and save on the interest (which averages 22% for my current cards). I'm not planning on spending on my cards any more, just paying them down ASAP. Is this the best course of action instead of consolidating my cc debt into a lower interest loan? Any suggestions for the card I should apply for or where I should look? [link] [comments]  |
| Would greatly appreciate advice on where to begin after failing to file taxes long term Posted: 28 Mar 2020 08:03 PM PDT Throwaway because I really need advice for an epic fuck up that I want address it asap. And I'm super anxious about it. I'm a US citizen. I have not filed Federal or State taxes for many years, probably since 2004, for reasons I won't get detailed about (a couple of hospitalizations for mental reasons, for which I didn't have insurance, and a bankruptcy, and then having to climb out of a deep emotional/financial hole and find employment after a big outage/resume gap). I have been mostly consistently employed since about 2007 though, and have had taxes and social security withheld every year. So I haven't filed but I've paid federal taxes and SS through payroll deductions. I need to start cleaning up this mess and would sure appreciate input on how to proceed. I have W2s for every year. However I had two periods of unemployment (about 1 year in 2004 and about 3 months in 2018) for which I have no documentation. I also cashed out an 401K in 2018 for which I might owe taxes. I'm 64 so there was no age penalty. I expect to work until around 70 if that's relevant. I'm employed now. And since I work in IT I've made a decent income during this time span. (Retirement is another subject; let's not go there now.) That's just for federal taxes. I've lived in many states so I likely owe some state taxes too. And while I have all W2s (aside from unemployment periods) I don't have documentation for banks, 1099s and such. I've really only had checking accounts and some 401K though, not high interest accounts. Anyway, I'm obviously terrible with financial shit and pretty overwrought about this, so I don't expect to get this resolved alone. I will need to hire some kind of tax professional; I don't know if they should be a CPA, EA, tax attorney, other? Would the IRS itself be helpful? Advice would be great on where to start and what type of professional to hire. Thanks very much. [link] [comments]  |
| Posted: 28 Mar 2020 07:59 PM PDT I don't even know if this is the right subreddit for this question, but if it isn't i'd appreciate if someone could link me to one. So I have a Citizen's bank debit card and it is registered to my mother's checking account. Now the problem that i'm facing is that my mother has other cards registered to said account and doesn't really want me to see the balance of them when I try to check my debit card balance. Now i'm sure you can see the predicament here, whenever I want to see the balance of my card I have to ask her due to the fact that she doesn't want me to see the balance of her cards. What I was wondering is if there is a way to somehow view my debit cards balance without seeing any of my mother's balances and also without splitting from her account. (I don't want to split because i'm technically not old enough to get a separate account so I was just hoping that I wouldn't have to wait another year in order to actually see my card's balance). Sorry for the long explanation but I hope someone on here can help and thank you so so much if you can. [link] [comments]  |
| Posted: 28 Mar 2020 11:46 AM PDT I recently left my job of 5 years and have a healthy 401k. Am I able to roll that over into vanguard funds etc. Or does it have to be in an IRA ETC. [link] [comments]  |
| I maxed out my Roth IRA contributions and am now suddenly above the income limit - what should I do? Posted: 28 Mar 2020 07:32 PM PDT At the start of 2020, I opened a Roth IRA with Fidelity and contributed the maximum allowable amount of $6,000. That account has done really well and is now up to almost $10,000. The problem (which is not a terrible problem to have) is that I did really unexpectedly well in the stock market due to increased volatility and it's looking like I will unexpectedly be way over the income limit to contribute to a Roth IRA. I know there is a "backdoor" way to make a Roth contribution with no income limit by rolling it over from a traditional IRA. Is there a way to do this retroactively? I would hate to have to reverse my Roth contribution and pay taxes on an additional $4k of income. Let me know what you guys recommend. [link] [comments]  |
| TurboTax no longer covering student loan deductions for free? Posted: 28 Mar 2020 02:19 PM PDT I'm filing my taxes and did it through TurboTax, but when getting to the end it requires updating to the $120 version to file a Form 1040 due to student loan interest. Wasn't that covered free last year? And does anyone know a free (or lower cost) one that includes it? Everything else is super basic W-2, no dependents, no other breaks. [link] [comments]  |
| Form 8962 question since I filed independently for the first time. Posted: 28 Mar 2020 06:44 PM PDT I filed independently this year and was told by the IRS via letter that they needed my 1095-A and an 8962. So I am on my parent's health insurance so I was using their 1095-A to fill out the 8962 with my 1040 since I obviously wouldn't get one. For part II, I don't know if I am allocating policy amounts with another taxpayer since I am on my parent's 1095-A. Part III I don't need to fill out anything since I'm not needing to repay anything. Which leaves me at part IV. I'm not sure where I need to allocate 0% for me since the section seems to be for other taxpayers. Nobody but me is in my taxpayer family but my sister (married) and parents were on my parent's coverage for the tax year. I am so confused and frustrated because It doesn't make sense for me to fill out a form for something I do not pay or have any say in. [link] [comments]  |
| What to do about dad’s student loans? Please help Posted: 28 Mar 2020 09:07 AM PDT My dad is 70, and has been able to not default on his student loans, which are now close to half a million dollars, due to his always having very low income and him being locked into a high interest rate for decades. Now, though, Navient rejected the paperwork he submitted to continue his income-based payments, and his monthly payments are about to skyrocket to 5k/month. He has no job, and his plan was to live off his wife's retirement, but she passed away last fall, leaving him two nice-but-not-that-nice houses, one of which still has a mortgage and is being sold. He has no retirement accounts, except for some cash savings that are definitely not enough to pay back the loans; even if he does pay the 5k/month, those savings won't last long. He's worried that he'll be homeless if he can't continue the payments. He's thought about transferring his limited assets to my name, but I'm not sure if that's legal (we're in Colorado, if that makes a difference). He also owes my mom money, which I desperately want him to pay back first. Ideally, I'd also like to have some assets available for my brother when my dad passes. Should he transfer assets and go into default? Or pay the 5k/month and then go into default when cash runs out? Also, if you think there are terms or loopholes that you think he should explore, please comment them. I'm going to try to get him to meet with an attorney soon about this, and it'd be nice to have some direction. Thanks everyone ❤️ [link] [comments]  |
| Can I file previous year taxes without having to mail them in? Posted: 28 Mar 2020 06:09 PM PDT I was using FreeTaxUSA to file my 2018 taxes and it told me that previous year e-file is no longer available, and that I'd need to print it out and mail it. I don't think the mailing office in my town is open during the virus but even so if there a way to do it online I'd much prefer that. (Of course if there isn't I'll mail it) Is there another system that allows that? [link] [comments]  |
| Posted: 28 Mar 2020 05:34 PM PDT We put the vast majority of our tax return into paying off debt. Our apartment lease is up in July, and if it is at all possible to get into a home at that time we want to. However, I have a super shitty credit score. Right now I have a 540. It is embarrassing. I let a credit card go unpaid for 7 months and missed a few payments here and there on my other cards. I also had several medical bills go into collections over the past two years. Before paying things off, I was at 105% utilization on my cards. With my wife and I's tax return, we brought one of my cards down from $500 to $200, another from $1200 to $900, and completely paid off the card that went seven months unpaid (the day it was scheduled to be sold to collections, I got really lucky.) I also paid off every delinquency that Credit Karma listed as High Impact. It was three total, and on one I was able to get confirmation that they would remove it from my credit report. The other two will not be removed, but the collections company will report that they are paid off (I settled on these two, was that a bad idea?) I still have a few other medical delinquencies but they are several years old and as I understand not worth paying off. We paid off money that I owed my old college and got caught up on our cell-phone bill so that we can start receiving my wife's employee discount with the rest, which does not directly affect my credit score but does free up another couple hundred dollars a month to put towards my cards till July if it helps. With all this in mind, is there any possibility of my score jumping the 100 points I need for a 640 by July? I will continue to have on-time payments until then and am not touching my cards, nor am I applying for any lines of credit. I understand that this is a complex question and if it cannot be answered it's okay, but my wife and I are very lost and very much need to get out of this apartment. Edit: Mods, forgot to flair. Please flair as housing. [link] [comments]  |
| Still Employed, But Won’t Be making Any Income Due to Changes. Options? Posted: 28 Mar 2020 05:27 PM PDT I work in the mortgage industry, and more specifically the non-QM side. Two weeks ago pretty much all lenders pulled out of the space save for a handful. Our company went from 7 programs down to 2, and stopped lending in several states. We also increase rates by almost 1.5% and increased the minimum down by 10%. I had over ten loans in my pipeline that all had to be cancelled as such. A few days later our company announced all sales people would go from a base pay, plus bonus and commission structure to strictly commission. Since it takes roughly 2 months to close a loan in our space, another month to be paid commissions I am now looking at June as the soonest for my next paycheck. That is a big of because rates and requirements have increased drastically while our programs and states they are available in has shrunk by a lot. At this point I have applied for unemployment, but I am worried I won't qualify since I am technically still employed? Our employer sent out new company agreements changing the base/commission/bonus pay to commission only. I refused to sign it. If I don't do they have grounds to let me go and then I can collect unemployment no problem? I also had nearly 92 PTO hours I assume they would need to pay me on unless I sign the new company plan? This is a bit tricky since technically I am still employed and have the opportunity to make money, it's just not going to be for months and even then it will be next to nothing. [link] [comments]  |
| What is the highest rate on a cash account/high yield savings account? Posted: 28 Mar 2020 09:15 AM PDT Since the interest rates are cut, a lot of online high yield savings accounts also cut their rates to give interest. I was with Wealthfront and now app shows .26% . Where are you parking your emergency funds now days to get a better interest? [link] [comments]  |
| I am a college student that works in Alabama that is from Tennessee. How are taxes supposed to work? Posted: 28 Mar 2020 05:14 PM PDT I am a dependent for my parents, and they are telling me filing taxes will be difficult because of this situation. They use Turbo Tax if that helps. How is filing taxes supposed to work? Thank you for all your help. [link] [comments]  |
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