Personal Finance Be aware of MLMs in times of financial crisis |
- Be aware of MLMs in times of financial crisis
- What is the point of buying physical gold as a hedge for inflation?
- My mom passed away yesterday, overwhelmed and unsure what to expect
- 40 and clueless about investing
- Is this a good time to get a car? Are the manufacturers going to be making deals?
- What's the best way to save for a house?
- How to nicely ask for rent forgiveness for a small business
- How to document and prepare all financial information for family? Account info, passwords, other needed info.
- Talk me Off the Edge: Investing Home Equity In the Stock Market
- Pay $2,200 in towing fees or give them my car?
- Lost in my mid 30s
- 23YO Making $1000/Week. Need Advice on how to save and Invest my Money before I end up with nothing in my 30s.
- Why does your tax bracket in retirement matter for rolling over your 401(k)/Traditional IRA to a Roth IRA
- My mom got in over her head and is sinking. I don't want to get involved but I don't want to leave her helpless. Help me understand how I can help.
- 80% wages and recently started working at tescos temporarily which do I do?
- 17YO about to turn 18, what should I start doing to make sure I'm financially secure in the future?
- ~4.5% "recordkeeping fee" on my IRA.
- Recent College Grad-What should I do?
- Help with some refinancing numbers, please?
- 28 yo, married with 6 figure joint income... we’re planning to look into financial planners. Advice on what to look for?
- Some Credit Card companies are now offering online 'skip payments without penalty' opt-ins - do you know any Credit Card, Mortgage etc companies doing this?
- How can I get a loan with little credit history?
- Should I pay off credit line or put money in savings account when saving for a down payment?
- How do I get an invalid collections removed from my credit report?
- Should I wait to open a Roth?
| Be aware of MLMs in times of financial crisis Posted: 29 Mar 2020 06:06 AM PDT A neighbor on our road who we are somewhat close with recently sprung a Multi-Level Marketing (MLM) pitch (Primerica) on us out of the blue. This neighbor is currently gainfully employed as a nurse so the sales pitch was even that much more alarming, and awkward, for us. The neighbor has been aggressively pitching my wife for the last week via social media (posts on my wife's accounts and DMing her all the amazing "benefits" of this job) until I went over there and talked to the couple. Unfortunately they didn't seem repentant or even aware that they were involved in a low-level MLM scheme, even after I mentioned they should look into the company more closely. Things got awkward and I left cordially but told them not to contact my wife anymore about working for them. Anyway... I saw this pattern play out in 2008-2011 when people were hard up for money. I'm not sure I need to educate any of the subs members on why MLMs suck, but lets look out for friends and family who may be targeted by MLM recruiters so that they don't make anyone's life more difficult than it has to be during a time when many are already experiencing financial hardship. Thanks and stay safe folks! [link] [comments]  |
| What is the point of buying physical gold as a hedge for inflation? Posted: 29 Mar 2020 04:09 PM PDT It just seems to be so illiquid and difficult to keep safe, and I can't see how it can be "cashed out" effectively. Say you buy what is today 25,000 USD worth of gold in bars or coins or whatever. You bury that shit in your backyard and meanwhile some crazy inflation happens. In theory the value of gold should rise with inflation or possibly surpass it. Now say you want to cash out this money for much more of the inflated currency and dig it out of your backyard. Now what the fuck do you do with it? You can't just go peddle gold bars to Joe Schmoe in the mall. If you go to some "we buy gold" place you'll get schlonged with fees and they won't buy at value because they want to resell it too. You're basically stuck with a bunch of heavy metal. and in case of the doomsday scenario where shit happen sot get so bad that the place turns into Venezuela or Zimbabwe, I can't see how having all that gold will do anything for you. Surely food, land, water, etc will be more useful and valuable than heavy metal. I'm just trying to protect the savings I've busted my ass for from being wiped out during the bailouts and the money printing. [link] [comments]  |
| My mom passed away yesterday, overwhelmed and unsure what to expect Posted: 29 Mar 2020 01:20 PM PDT My mom was in relatively good health and only 55 years old, her passing was sudden and completely unexpected. We had never talked much about her finances and to my knowledge she doesn't have a will. I'll provide what information I have and if anyone has any input on things to watch out for or things I may not have thought of, any and all advice is appreciated. I am an only child, my parents are divorced, my mom never remarried, and her parents are deceased. According to state law (NH), everything defaults to me, so that's one less thing to worry about. I am concerned with the courts being closed due to COVID how this process might work, not sure if anyone will have any insight there since it's such a new situation. Debt: I do know for a fact she didn't have any credit cards, so nothing there. She was in the hospital for 2 days preceding her passing. How are the bills for this going to be handled? I read in the wiki that I'm not directly responsible for them, would they come out of her estate? I know she had fairly good insurance through her job, I think with a $2500 deductible, so considered a high deductible plan. Is there anything beyond the deductible that would end up having to be paid? Accounts: She had a 403b through her job that I am the sole beneficiary of. I've already contacted her employer and her manager is going to work with me to get the access I need. Her manager confirmed she did have a life insurance policy as well, I imagine with just me for a beneficiary as well. I would love a more in-depth explanation of what to expect here, especially the 403b. From what I glanced at in the wiki it sounded like this gets converted to an IRA and I become the account holder? I know retirement accounts have been losing value due to the hit the economy is taking right now, would definitely like advice on how to handle this account going forward. She of course has a checking account, unsure on savings or amounts. What is the process like for getting this turned over to me? (Aside from being a pain, I'm sure). Assets: She does own a house. It was purchased before I was born, been being paid on consistently for 32 years now. It's been refinanced a couple times so the term was extended, as far as my dad and I have been able to determine she is still making payments but it must be very nearly paid off. I will be looking to sell it, since I live out of state and the thought of trying to manage a property from 1000 miles away is daunting. I've never owned a home before so I'm pretty unfamiliar with most things to do with buying or selling one. She has a car that was purchased 3 years ago that she is still making payments on, unsure what we're going to do with this as of yet. My dad is in automotive sales (he sold her the car, actually) and the way he explained it was that if she owes more than it's worth or close enough to it that we can return the car and the loan will be forgiven. If she has enough equity we can begin the process to get it changed over to my name and try to resell it. This sounded logical enough to me I'm sorry if this was rambly or if more of this was answered in the wiki. I'm overwhelmed and having an idea of what I'm in for will give me some peace of mind, but I just don't have it in me to find all the answers on my own. Thank you for any advice you may have to offer. Edit: some things I forgot. I'm unsure whether she filed her 2019 taxes or not, is that something I'll need to do? What about 2020, since she did work a portion of this year? I've already made arrangements with the funeral home as well, which is open right now, just not holding services. They'll be providing me with copies of the death certificate. My dad is local and helping me take care of anything I need done until I'm able to get there, and will be in touch with his estate lawyer tomorrow to help with the legal aspects. [link] [comments]  |
| 40 and clueless about investing Posted: 29 Mar 2020 05:22 PM PDT Here's the break down - I'm 40 and have been thinking about investing for the better part of a decade, but never had the money in the bank to do anything about it. I finally landed a decent job a couple years ago and have gotten serious about saving. I've been able to stash away a small nest egg in a high yield savings and would like to start investing a small portion of it. I'm a bit intimidated by the prospect so I'm here looking for advice. Thanks! [link] [comments]  |
| Is this a good time to get a car? Are the manufacturers going to be making deals? Posted: 29 Mar 2020 12:16 PM PDT Context - daughter turns 16 soon, so we're kind of in need of another car. Can afford it, have been planning on it. I want her to have something safe and reliable, either new or <5 years old. Open to a lease or purchase (new or used). Thoughts? [link] [comments]  |
| What's the best way to save for a house? Posted: 29 Mar 2020 03:05 PM PDT Hi guys! 1.5 years ago I was blessed enough to start a job that I love with a salary that is actually decent. I spent the first year there cleaning up old debts/issues from my early 20s (shoutout to #allofyou for your great insights on debt management!) I am happy to say that I'm now pretty stable! My bills are all current, I have an emergency fund growing, and I'm building my 401k aided by a generous employer match. I also have a gorgeous and ridiculously detailed budget sheet that I actively maintain to watch where everything is going. In short, my present needs are happily being met and I'm starting to look at the long-term. My next big goal is buying a home. I live in an expensive city and though I have a great deal on my apartment, I'll need quite a bit of money to play with if I ever want to see an offer on a home accepted. I won't be ready to buy yet for several years, but I want to give myself the best foundation I possibly can. I have a savings account started that I contribute to with each paycheck but I wanted to ask what's the best way to grow this seedling, specifically with the goal of coming up with a down-payment? Do I just find the highest-yield savings account I can? Do I invest it in relatively low-risk funds and plan to pull it out when I'm ready to start looking to buy? Do I hoard pennies in a jar under my bed? I'm also reading a lot about investing--I would like to start dabbling with that in the next 3-5 years as well--but my perception is that investment money and home savings money should probably be separate ventures, so I don't accidentally put too much at risk at once and endanger myself. Is this correct? Thank you for your help!! This /r was invaluable to me when I was first learning how to manage money and I'm thrilled to be looking at next steps with your guidance as well. <3 [link] [comments]  |
| How to nicely ask for rent forgiveness for a small business Posted: 29 Mar 2020 04:02 PM PDT I'm trying to help my mom, who owns a small business, in asking her landlord to forgive her rent for this/next month. I'm struggling with the words to use. She rents a space in a gym studio for a small boutique. The rent is $2,000 which, she just doesn't have. She's 60 and has health issues so she closed her store early in March, as soon as this virus tarted to spread. How do we used the right words? Do we ask nicely? Do we tell her straight up we don't have the money? What can we do to at least try? [link] [comments]  |
| Posted: 29 Mar 2020 07:44 AM PDT Sorry, depressing title, but this is where we are, and not everyone will make it out of these trying times. I am the main breadwinner, and have all the passwords in my head, and stored in password protected files. I realize I need to get these in the hands of someone else in the family, but what else should I, or even many of us be doing right now? I have a tendency to avoid, but I think following advice as it comes in makes it a Task I can complete! Off the top of my head I need to document the following:
I am hoping this can be helpful and I can add to the list of things I need to do. [link] [comments]  |
| Talk me Off the Edge: Investing Home Equity In the Stock Market Posted: 29 Mar 2020 02:21 PM PDT I'm in the process of refinancing my house in the US. I was not planning on taking any cash out. It just appraised well and I have the opportunity to take out an extra $420k, with no real change in fees and no PMI, with a 30 year fixed interest loan locked in at 2.75%. I'm totally locked and finalized and I just need to decided if I should cover just what I currently owe or take extra cash. If I take extra cash it will push my monthly payment higher than I'm comfortable with, but could probably "afford". I'm thinking of maintaining about 20% in cash as a hedge and to help me pay the monthly mortgage and putting the rest in a whole market type ETF. My math indicates I need about a 4% return on my invested portion to cover costs and I'll have amount 1-2 years of expenses in cash to cover cashflow during down market periods. Help talk me off the ledge or tell me to Jump! [link] [comments]  |
| Pay $2,200 in towing fees or give them my car? Posted: 29 Mar 2020 07:36 PM PDT I moved to Arlington, VA a few months ago after college for a job. I have been leaving my car in unmarked and unmetered street parking not too far away from the apartment I live in. I would move my car periodically but haven't done so in about 1.5 months due to life things and just not checking. Today I found out via mail sent to my mother's house (didn't change my drivers license information so that's why it got sent there) that my car was towed on 02/20/2020. The bill is $2,200. The car is a 2008 Ford Taurus in good condition with about ~170k miles on it. I haven't driven it at all recently due to living in a commuter city and the whole situation with Corona. Despite not driving a lot, the car has sentimental value since it was my grandpa's gift to me before passing. I'm having trouble deciding whether to keep it due to it's sentimental value or to get rid of it since I only have $2,600 in the bank. I have a secure job that pays well but I will definitely feel like I'm living paycheck to paycheck if I pay the bill. If you were in my shoes what would you do? [link] [comments]  |
| Posted: 29 Mar 2020 06:35 AM PDT I'm 33 years old and recently single parent. Work at a golf course in a area that is considered seasonal due to weather and other factors. I'm currently back in school for what feels like the 3rd time. I'm nervous that I'm going to fail in life at choosing a career, being a terrible parent and never knowing what my purpose is/was. Has anyone else gone thru a similar situation? any advice on balancing out school, relationships and parenting all at once? I'm trying to do my best and become successful to my fullest extent. I just want to see what other peoples advice and similar stories are. [link] [comments]  |
| Posted: 29 Mar 2020 02:59 PM PDT Hello All, I am in major need of some Financial Advice for future financial freedom/success. I graduated college in 2019. Im at my first real job with my degree. I make about $1000/Week, get paid every week, I live with my parents and i Pay no rent. My only costs are paying off my CC debt, my student loans, food, gas, recretional activites, and going out. I dont know how to save, how much to save, where to put my money, so i just see it depleted right after i get it on dumb stuff. How can i start saving better? and where do i invest my money at? Thanks [link] [comments]  |
| Posted: 29 Mar 2020 12:47 PM PDT Quick question for the PF folks. I don't really understand why your tax bracket at retirement matters that much when considering whether to rollover to a Roth IRA. Here's a hypothetical: A 30 year old has $50,000 in a 401(k) and has a 32% income tax. At retirement, they expect to be in a 22% tax bracket. Say they don't invest any additional funds into the account and it grows to $300,000 (assuming Roth and Traditional grow at the same rate in the long run). This person can convert to a Roth right now and pay $16k in taxes (50,000 X .32) or they can wait and pay $66k in taxes at retirement (300,000 x .22). Aren't the taxes in retirement going to be higher because the value of the account is so much higher? I feel like I'm missing something fundamental. Thank you for taking the time to read! [link] [comments]  |
| Posted: 29 Mar 2020 02:06 PM PDT Apparently last year-ish my elderly mom got talked into taking out a reverse mortgage on her house. It's an old house but the area it's in is increasing in value so she thought she could use the money to pay bills (she doesn't work) and to fix up the house to increase its value. Apparently she didn't realize a reverse mortgage was just a one time payment (?) and now the huge interest rate is outpacing what she's capable of paying. She just told me that a bank offered to let her take out a loan of $100,000 (!) with a lower interest rate in order to pay off what she owes for the reverse mortgage. But, since she has bad credit, she wants me to co-sign. I do not even a little bit trust her to be able to pay off a loan this large. I'm the type of person who stays away from loans - I just rent an apartment and bought my car in one payment, so I am entirely unqualified to help her make a decision. What's the deal and what should she do? [link] [comments]  |
| 80% wages and recently started working at tescos temporarily which do I do? Posted: 29 Mar 2020 06:37 PM PDT I am a chef in the UK and obviously not working due to coronavirus my employer has said they will do the 80 percent of wages. My problem is I've just recently started doing night work at tescos temporarily because I thought I need some sort of income just incase my employer couldn't pay my wages or if I didn't have a job at the end this crisis. My question is am I eligible still to get this from my current employer whilst working at tescos at the same time? Or am I shooting myself in the foot? Is it OK to do both? [link] [comments]  |
| 17YO about to turn 18, what should I start doing to make sure I'm financially secure in the future? Posted: 29 Mar 2020 04:53 PM PDT As title says, I'm 17 but turning 18 in a few days. I have a decent paying job that I enjoy, I own my car, the only Bills I have are insurance and my phone bill. I dont know much, almost anything about finances or investing, but once i turn 18 I want to start getting into it all. I have no plans on getting a new car, and I'm going to avoid debt at all costs. What advice do you have for me? [link] [comments]  |
| ~4.5% "recordkeeping fee" on my IRA. Posted: 29 Mar 2020 04:51 PM PDT I've only just started to contribute in January and only a small amount. They took ~$11 from the ~$240 I had as a "recordkeeping fee". It's a standard Fidelity IRA using the "Fidelity Freedom® Index 2060 Fund". I don't know much about retirement savings but that seems quite high. I don't currently qualify for matching contributions from my employer, and my contract with them is up in a couple months (currently in a contract-to-hire role and I'll become a full time employee rather than contractor once that's up). I'm guessing I'll have to transfer to the new employer's plan once that happens? [link] [comments]  |
| Recent College Grad-What should I do? Posted: 29 Mar 2020 12:51 PM PDT I graduated college December 2019. Starting January 2020, I have been an independent and have been working as a substitute teacher since. I applied for unemployment, got denied. I don't qualify for a stimulus check because in 2019 I was a dependent of my parents due to still being in college. I can't get a job because I am a high-risk individual. What are my options? [link] [comments]  |
| Help with some refinancing numbers, please? Posted: 29 Mar 2020 06:07 PM PDT I'm thinking of refinancing my mortgage to a lower rate/shorter term, but I'm not sure it's the correct option. Maybe one of you with experience could shoot me straight. I have $57,000 left on a $128,000 loan, 30 year 4.7ish% fixed. I'm about 13 years in, and I pay around $250 extra towards the principal per month. I have an excellent credit rating, and I'm pretty sure the house is valued somewhat higher than the balance, so I'm very confident I can get one of those juicy new low interest rates. My goal is to have the house paid off within 8 years, but the sooner, the better. Am I better off refinancing, or putting what I would have paid in closing costs and appraisal toward the principal and staying the course? Thanks in advance for any help! [link] [comments]  |
| Posted: 29 Mar 2020 01:21 PM PDT It's kinda scary to put our future's in a person/firms hands, but we're starting to feel like we're squandering financial gains by letting some money just sitting. What things should we look for in a good/reliable financial planner? Right now no huge future plans. Only debt is our mortgage, and are starting to max out our 401Ks. [link] [comments]  |
| Posted: 29 Mar 2020 08:27 AM PDT First National Bank, opt-in when you log in to skip credit card payments until June statement without penalty, interest will still accrue. edit -- also Bank Of America has an online request to defer credit card payments through May 15 for personal, June 15 for business, interest will still accrue. Discover Card will process a no minimum payment due thing through May through their online chat box, however may have to wait a while to reach what seems to a human. All of these I've seen are basically 'no questions asked'. The CC companies are going to have millions of people that want/need to have payments delayed for a month or 3, and I think quite a few will implement these kinds of online things very soon to not have so many very lengthy phone calls, to cut down on surprise 'no payments', and to avoid bad pr. From what I understand, doing this (with the credit card companies, mortgage companies may be different) will not negatively affect your credit score -- but check with them on that. It should go that they basically report to agencies that no minimum payment was due for that statement period, and if you weren't in missing payment status before this, you won't be put into that now for this. (edit -- I'm not an expert on the credit card company and credit rating company procedures regarding all of this, so ask them for detailed specifics or for assurances). If the credit reporting agencies aren't in step with this and somehow do lower credit ratings, they would receive horrendous media and public pressure, so I'm fairly certain that won't happen. That also could contribute to a massive freeze up of lending and credit if they did that. (edit -- again, check with them if you are concerned about this) If you know other credit card or mortgage companies that have implemented these online methods, without having to call in, please put in comments. [link] [comments]  |
| How can I get a loan with little credit history? Posted: 29 Mar 2020 05:48 PM PDT I just graduated college and jumped into putting a down payment on a used car without coming to r/personalfinance first. Even though I pay my student loan payments and bills, I keep getting rejected for loans. Probably because of my little credit history. I make 43k a year and have low living expenses so I just don't see why I can't get a decent loan! I'm looking for 6300 to finance the rest of a car purchase. The car is 2005 srt4 with 66k miles on it and is super clean. Not going to let it pass up. Anyways, I'm wondering if any of you guys have any advice or should I just go straight to the loan shark... lol. I could maybe get a friend to co-sign it but I'd rather not. [link] [comments]  |
| Should I pay off credit line or put money in savings account when saving for a down payment? Posted: 29 Mar 2020 07:52 PM PDT I'm hoping to buy a house in the next 2 months, will need a down payment of about $50,000. I presently have $35,000 in my savings account. I'll be getting paychecks worth about $20,000 over the next 2 months before closing. I have about $15,000 balance on my line of credit which I've been aggressively paying down. No credit card debt. My question is whether I should continue to pay down my LOC, or instead divert my paychecks to my savings account for the time-being? If I pay down my LOC, I'll end up with $40,000 in my savings account and will have to draw $10k from my LOC to get my down payment. If instead I just put my paycheck in my savings account, I won't have to take the money out of my LOC, but of course, it'll have the same balance in the end. How do lenders see this? Does the money have to come from my savings accounts? My lender is aware of my LOC and balances, etc, and the plan, of course, is that once I've paid my down payment I'll continue to pay down my LOC. Also, the interest rate on my LOC is at least 0.5% lower than any interest rate offered for mortgages, so it's not like it's expensive debt. [link] [comments]  |
| How do I get an invalid collections removed from my credit report? Posted: 29 Mar 2020 10:36 AM PDT My credit score has been tanked recently due to a collections request that seems almost criminal. My senior year of college (2018) I had to go to the ER and was charged about 2k for the visit. My father paid off the account and I thought that was that. About a year later in January of 2019 I get letter in the mail from a collections agency asking for the money. This was a tumultuous time for my family as one of my brothers had attempted suicide that December so I didn't want to bother my parents about money and just paid the 2k. I check my credit score today and it's down 100 points from where it normally is and I look at the report and this fucking debt is still there. I spoke with my father about it and he confirmed he paid the 2k back in 2018. So we've been swindled out of 2k and this debt is still on my record. How do I remove it? The only form of receipt I can find is a charge on my debit card from 2019. [link] [comments]  |
| Posted: 29 Mar 2020 07:34 PM PDT I'm a beginner investor and this is probably a stupid question, but should I wait until the market is more stable to open a Roth IRA account? I know they say you should never wait and keep your money invested. But this is a pretty unique time to be getting into the market. Any and all advice is welcome. Thanks! [link] [comments]  |
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