Personal Finance Weekday Help and Victory Thread for the week of March 30, 2020 |
- Weekday Help and Victory Thread for the week of March 30, 2020
- Don't forget to cancel all the free trials you sign up to!
- Warning - Scammers new tactic.
- Fell for an online scam - paid with Paypal. My bank has approved but not processed the charge yet. What can I do?
- Freedom Mortgage forbearance during C- 19..If I can't pay my $1400 for my mortgage...what makes them think I can pay $4200?
- Advice: Life insurance for a rock climber
- Is 27 considered a late age to start a 401k retirement plan? I'm worried I'm really behind.
- Opening a checking account
- What to do with a $250/week raise?
- If you can't pay rent tomorrow, be proactive and write your landlord today. Tips/tools in comments.
- I own a house free and clear. Should I rent it out or sell it?
- How am I supposed to apply for un-employment when none of the services work. TX
- Blue Chip Growth Mutual Fund vs. S&P 500 Index Fund
- Need a co-signer to move into an apartment, can’t find anyone to sign. Need advice on what can be done.
- Buying a foreclosed home
- How do I make the move across the country after college
- Owed back taxes over 2 years; requesting advice.
- AT&T bill sent to collections - but I still have the option to pay over the phone?
- Advice! Employer offering 15 month loan at 0.0%
- Is my mortgage rate good
- Trying to understand retirement/trad vs Roth IRA for medical resident and employment
- I have a credit score of 769, is it a good time to ditch Capital One Platinum and get something better?
- What is the best way to argue down medical bill.
- Is Pell grant, scholarships, or fellowships grant different than scholarships or Grant's reported on 1098-T
- Household austerity measures
| Weekday Help and Victory Thread for the week of March 30, 2020 Posted: 30 Mar 2020 04:08 AM PDT If you need help, please check the PF Wiki to see if your question might be answered there.This thread is for personal finance questions, discussions, and sharing your success stories:
A big thank you to the many PFers who take time to answer other people's questions! [link] [comments]  |
| Don't forget to cancel all the free trials you sign up to! Posted: 30 Mar 2020 10:49 AM PDT I personally signed up for audible, peloton and fitbit premium. However, if you don't cancel you will be charged after the trial is over, on most services (the three on top included) you can still use the service after you cancel and it will just not renew after the trial is over. If you do like the service and use it, you can rejoin after the trial is done.So make sure to cancel so you won't get bombarded with bills after these free services are no longer free. edit: Thanks for the gold! [link] [comments]  |
| Warning - Scammers new tactic. Posted: 30 Mar 2020 07:45 AM PDT There are already reports of people getting calls from the guvment asking for your banking information so they can send you the $1200 stimulus check. Please warn your elderly relatives, friends, neighbors that if you get Social Security they know your banking information. If they don't know it, you will be mailed a check. [link] [comments]  |
| Posted: 30 Mar 2020 06:17 PM PDT Hi all, to fight the isolation brought upon us by social distancing (I live on my own), I decided to buy a hamster, something I have wanted to do for a long time. So I bought the hamster and a 10 gallons cage, but many online say that you need at least a 20 gallons cage (and they are very vocal here on Reddit r/hamsters). I saw this cage on Amazon but was sold out. I searched online and I found the same cage on sale on another website. I got excited and after looking at the website a bit I decided to buy the cage. I have to say the website looked a bit weird and I was a bit suspicious but then seeing so much merchandise and the customer reviews I decided to buy the cage nonetheless. After my order, I received an email to track the order status. After one week I haven't heard anything yet and so I become more suspicious. I do a quick search online and see that some people refer to this website as a scam. I email the website customer service but the email bounces back. I message them through the website itself but I haven't received an answer yet. Then I get a hunch and I check out Amazon's reviews to the Niteangel cage that's out of stock... they are exactly the same reviews! Have they scraped Amazon to build their website? A part of me would like to hope that this cage will arrive at some point, but another part me is certain that I have been scammed. Now what to do? I paid through Paypal that's linked to my checking account. The charge on my checking account is still pending. I am trying to call the bank customer service but I have been on hold for 30 minutes. Waiting time is longer than 50 minutes. Which course of action do you recommend? [link] [comments]  |
| Posted: 30 Mar 2020 09:37 AM PDT Update: After consulting with my financial institution I am going 2 routes:
Thank you all for your advice and kind words. I wish you all the best in these hard times. I have lost my income as a contract recruiter. I currently have $3600.00 in monthly expenses. My mortgage is $1400.00 and is being serviced through Freedom Mortgage. I am currently on IL unemployment which nets around $800 a month after taxes. I was elated to hear Freedom mortgage offering forbearance to it's customers. Traditionally, the forbearance I am used to with private/federal student loans and a couple of my business loans has been to add the typical 3 month forbearance onto the end of the loan. I was horrified to see on Freedom Mortgage's website that : " Forbearance is a temporary suspension of your mortgage payments, allowing you to remain in your home while working through your short-term financial challenges. We will suspend your payments for up to 3 months. At the conclusion of the forbearance period, all of your deferred payments will be due. " If I am initially seeking forbearance because I cannot AFFORD to pay $1400.00 , what makes them think anyone seeking forbearance is going to be able to pay $4200 when the forbearance period ends? The center confirmed these details, and they are sticking to their statement on their main page. Thank you Freedom mortgage for not giving a damn about your customers impacted during this terrible crisis. I am desperately seeking help and guidance as to my options. My unemployment every 2 weeks provides me with food/utilities and basic essentials. I have liquidated my IRA 2 months ago ($3k) which went to my mortgage payments. I am out of liquid cash options. Is there a plan or federal program to lend assistance? [link] [comments]  |
| Advice: Life insurance for a rock climber Posted: 30 Mar 2020 06:23 PM PDT I applied for life insurance. I'm a healthy 30 year old that makes 100k, have a wife and 2 kids. I applied for a $1m policy thinking it was going to be 30-70 dollars. I told the company that I rock climb outside. They increased my policy by 7-10X my budget, it was $250 a month! I moved my policy to around $250K, 20 year term for about $65 a month. Is this a good idea, should I bite the bullet and pay more? Should I have not told the company I rock climb outside? Am I being cheap? $250 a month is so much. [link] [comments]  |
| Is 27 considered a late age to start a 401k retirement plan? I'm worried I'm really behind. Posted: 30 Mar 2020 01:48 PM PDT I had my first real full time job about a year and a half ago at 25. I'm gonna be honest with you, I made the mistake of being really dumb and ignorant and not even thinking about contributing to my retirement plan at the time because I thought I didn't need to do it during my mid-20's. I just turned 27 earlier this year and it wasn't until my own dad had to talk to me about how I shouldn't be wasting a big opportunity later in my life like that. So I contacted his own financial advisor, and they suggested that I initially put in 25% into a Roth IRA account, which is going to start happening on my next paycheck. I'm currently still living with my parents since we're in the same city so I have quite a bit saved in my bank savings account(a little over 30k) right now anyway, just never bothered to invest in anything until now. My current salary is a modest 45k (I work at a non-profit) for anyone curious. I wanted to know if I'm way behind the curve compared to my peers and if I have a lot of catching up to do? And if so, what else I may need to do. A lot of issues happened before I had the job right now. I got laid off after my first job out of college at 22 and did a lot of low-paying, low-skilled jobs which enriched my life but didn't leave me a lot of room to invest at the time either. [link] [comments]  |
| Posted: 30 Mar 2020 04:52 PM PDT Hey guys so first I'm gonna give some background on my situation. I'm currently 21 years old and basically financially illiterate. My parents handled my finances for my entire life and basically took any money I've ever received (including gifts etc.). Now I'm not hopping on here to complain about that. I want to move forward, become independent and escape. I've accumulated about $1-2k in the last few months and really want to open up my own bank account and start using that money to cultivate a business idea I had. All of this money is in cash as most of it came from tutoring/some gifts from friends for my 21st bday and whatnot, all given directly to me while I was away at college, so my parents have no idea it exists and I want to keep it that way. So my questions are: -If I open up a bank account at my local chase branch and deposit all my cash, will I run into issues with taxes? Especially, considering some of this money was in the form of gifts, while the majority was from working an unofficial job (when I say tutoring I literally just helped some freshmen and some friends pass some math classes lol, I was paid entirely in cash/venmo). -Also if I open up an account will I be required to have mail from the bank sent to my parents home? (still living under their roof until college). If that's the case is there any way to avoid that? -And finally, anyone have any recommendations for a better bank? My reasoning for chase was that it's close enough for me to walk/bike and deposit my money, but I still need to research and look into any fees and stuff I might have to pay. Appreciate any insights y'all have, thanks! [link] [comments]  |
| What to do with a $250/week raise? Posted: 30 Mar 2020 07:34 PM PDT I work for a grocery vendor and just found out we are getting a bonus of $50/day "until further notice" due to the current crisis. So granted I don't know how long this will last but I think it's safe to assume it'll go on for at least a month. This is a huge deal, as I only net about $500/week and live paycheck to paycheck. I have a $20k auto loan, $13k student debt, and some $10k credit card debt. I have nominal savings. Is it wiser to pay down debt (for instance I have a card with $500 on it so it could be payed off in 2 weeks) or to save all of it, and get to at least a month's of expenses (which would take about 2 months to do)? [link] [comments]  |
| If you can't pay rent tomorrow, be proactive and write your landlord today. Tips/tools in comments. Posted: 30 Mar 2020 06:20 PM PDT First, add up how much you owe if it's more than just April's rent (any facility fees, passed-on utility bills, etc). Next, check whether there is an eviction moratorium or other tenant protection action in your state/county/city. There's a list of state-level and many local measures here. That will give you a better idea of what you can ask from your landlord. The Federal CARES Act only applies to certain subsidized housing and properties with a "Federally backed mortgage loan or a Federally backed multifamily mortgage loan." Especially with smalltime landlords, that's a majority of buildings. You can check the mortgage papers for many major cities online - Google "county recorder" for your location. Then, go through your budget to see what your financial situation is. Decide what you want to ask your landlord for: time to pay (and maybe a payment plan after moratoriums expire), a discount on what you owe, or a full waiver or rent freeze. Don't offer to pay more than you know you will be able to afford. Then, write a formal letter describing your circumstances and the background for your request. Try to keep it to one page. Stuck for how to start? You can use this tool to generate a letter to your landlord and then just mail it, or download a Word file and edit it to fit your situation. Good luck! [link] [comments]  |
| I own a house free and clear. Should I rent it out or sell it? Posted: 30 Mar 2020 12:57 AM PDT Here are some facts about me:
We need a bigger place to live. I am debating on selling my house and using it as a down payment or renting it out. Right now, I'm leaning toward renting it out since our cash flow is pretty good. I just have very little experience in these sorts of decisions so hoping someone can weigh in on what they might do. Thank you very much. [link] [comments]  |
| How am I supposed to apply for un-employment when none of the services work. TX Posted: 30 Mar 2020 11:28 AM PDT Wife just got laid off. so we are trying to collect unemployment pay. Problem is the website doesn't work. The phone number doesn't work. WTF am I supposed to do. I have a kid and a house to pay for and I can't on my pay alone. [link] [comments]  |
| Blue Chip Growth Mutual Fund vs. S&P 500 Index Fund Posted: 30 Mar 2020 07:37 PM PDT I am planning to set up recurring monthly investments in one of these 2 funds - FBGRX or FXAIX. I am looking for some advice on which one I should choose. After comparing the two, the Blue Chip Growth Fund has consistently outperformed the S&P 500 Index Fund, and I feel that a managed fund may be the better investment. However, the blue chip fund has an expense ratio of 0.8%, and the Index Fund is only 0.015%. Do you think it is worth it to pay the higher expense fees for a better managed fund? The historical returns have consistently outweighed the expense ratio, and it seems that blue chip stocks have been outperforming the overall market. Thoughts? Which is the better long term investment? [link] [comments]  |
| Posted: 30 Mar 2020 02:58 PM PDT Me and my gf need a co-signer to move into an apartment, we have both started new jobs and without having any financial renting history we need a co-signer to back us up so we can move in. The family we have asked either don't have the minimum credit standard or they don't want to sign. Need tips on what to do about this and what could be done so we could move in. [link] [comments]  |
| Posted: 30 Mar 2020 03:50 PM PDT I've been researching the topic of buying a foreclosed home (mostly on Reddit) and have been finding multiple comments like: "Really the biggest downside is you're buying as is with no warranties as far as condition. It's on you to do a complete inspection and figure out what (if anything) is wrong with the house and price that into your negotiation. " Now, I know next to nothing about buying houses. I always thought the above was true for any house that you buy. I mean, if you buy a house the traditional way then, after the purchase is finalized, you discover that the roof leaks badly when it rains, isn't that totally on you? That's always the impression I've been under. Also, it seems strange that you're responsible for any past liens/debt on the house after you purchase a foreclosed home. Couldn't that issue be addressed with a 5 second question - or - shouldn't it be something the agent is obligated to tell you (or at the very least a topic that comes up) before your final purchase? Thanks. EDIT: Also, it seems to be the consensus that foreclosed homes are almost always in need of much needed repair. Why would a foreclosed house have a higher chance of needing repairs than any other house (assuming that the majority of foreclosed homes exist because the previous owners of the foreclosed house only defaulted as opposed to abandoning the house altogether)? [link] [comments]  |
| How do I make the move across the country after college Posted: 30 Mar 2020 08:40 PM PDT INTRO: So to start I am a senior in highschool who will be going to Penn State University for Computer Science. After college I want to get a job lined up and move to Southern California. I know it's a cliche but I love the area and culture and have always wanted to live there. THE DETAILS: This move is a big one because of the distance and because my family has never even moved out of their home state. At this point I don't know if my parents will help with the move, but I know they aren't massively helping with me paying for college. I just want to build up as much info as possible about how I can pull this off. I plan on getting a job while in school, but I'm not sure how much of that will get eaten off by college and other things. Any info helps and I want to thank you for taking your time in this post. [link] [comments]  |
| Owed back taxes over 2 years; requesting advice. Posted: 30 Mar 2020 08:13 PM PDT Heres my story, any advice or direction would be helpful, please let me know if I need to clarify anything. I was working as a private contractor and got injured. I wound up living off my savings for 6 months before returning to work. Ultimatly I owed 16k when taxes came due. I filed the appropriate paperwork and began a payment plan with the IRS. 2 years later, with monthly installments taken from my paychecks and the previous years tax return given to the IRS there is still 16k owed. No payments have been missed. Ive debated speaking with tax attorneys but i dont know if thats the best first step. Is there a a department with the IRS i can speak with first? If I do need an attorney, how does this offset the tax burden. Closing 16k => 10k with the IRS and owing an attorney 7k doesnt sound like a sucessful maneuver... Any thoughts are welcome, thank you all in advance youre assistance is greatly appreciated. [link] [comments]  |
| AT&T bill sent to collections - but I still have the option to pay over the phone? Posted: 30 Mar 2020 07:54 PM PDT I cancelled my ATT internet service same day back in December because the incorrect service was installed. I've talked to their customer service multiple times a month since then, and every time they tell me I will be getting a revised final bill for $0 due to buyer's remorse. Now, 3 months later the $101 bill has been sent to collections. I called back to ATT customer service and was given the option to pay. I do not want to pay, but it would be preferable to pay than take a credit hit. Should I pay ATT directly and dispute it with the collections agency, or take the time to deal with ATT and potentially resolve it to $0 as I've been told it would for the last 3 months? [link] [comments]  |
| Advice! Employer offering 15 month loan at 0.0% Posted: 30 Mar 2020 05:32 PM PDT My employer is offering employees a loan based on their monthly pay. In my scenario, I could get a $5,000.00 loan at 0% to be repaid in 15 months. -- This is my understanding of terms. I am trying to find a way to take advantage of this, but am thinking it might be worth more trouble than it's worth. My only debt is 11k on a 2017 Chevy Cruz. I have 5 years left on this loan. Interest is 4.59%. I should have this to about 5k by April 2021. If I did my napkin math correct, I could take out 5k loan, apply it towards my car loan. Is anyone able to help me figure out just how much money this would save? Does anyone else have any other ideas? 5k at 0.0% just seems like a great opportunity. [link] [comments]  |
| Posted: 30 Mar 2020 05:32 PM PDT Rate is 3.375% with $176 in .1% points saving $13 a month and 20% down, no pmi. Is this good? [link] [comments]  |
| Trying to understand retirement/trad vs Roth IRA for medical resident and employment Posted: 30 Mar 2020 07:37 PM PDT Sorry it's a long post, would appreciate the help! tl;dr: When exactly does one withdraw from their account for retirement? Does one (or would I) be withdrawing when I am in the higher income bracket (which justifies having a Roth all the years), or does everyone generally withdraw maybe a year after they've retired so that they are in a lower income bracket (does it work like that?)? Hi everyone! I'm entering residency next year and am new to the personal finance game. I've perused many online sources regarding personal finance, and I'd like to say that I am familiar with the broad range of topics and vocabulary. One thing I cannot decipher is why most sources (including those tailored for medical residents) say go for the Roth. I understand that income tax brackets play a role here. Say for example during residency I will be in the 22% federal tax bracket. Throughout my career, I'll likely be around the mid-30%s (let's just say 35%). I have read that people should opt for the Roth if they know they will be in a higher tax bracket throughout their careers. Following advice, I should open a Roth so that I am only taxed at 22% on my contributions now. That makes sense. Then keep contributing through Backdoor throughout employment. Come withdrawal time, I can withdraw this money tax-free. When exactly does one withdraw from their account for retirement? Does one (or would I) be withdrawing when I am in the higher income bracket (which justifies having a Roth all the years), or does everyone generally withdraw maybe a year after they've retired so that they are in a lower income bracket (does it work like that?)? As a thought scenario, what if I opened a traditional IRA for residency + employment and save all that tax money upfront? Use that saved money to invest somewhere else (overall, more money to allow growth). Then withdraw when I am fully retired and have regressed from an income bracket in the 30' to 20's? Thank you! [link] [comments]  |
| Posted: 30 Mar 2020 07:30 PM PDT I just found out that I have a 769 credit score and it's only a few points from being in the excellent range. I got a capital one platinum card for credit building purposes and that purpose seem to be filled. Now I'm wondering whether I should do next if anything. Should I cancel it and get a new card? Or maybe keep it and get a new card? [link] [comments]  |
| What is the best way to argue down medical bill. Posted: 30 Mar 2020 07:27 PM PDT I went to the hospital for some tests a while ago. Paid my copay and was under the understanding that everything else would be covered by insurance [US, Illinois specifically, Blue Cross Blue Shield]. Two weeks later I get a bill for what was not covered by insurance x, y, and z. That bill was not paid. A month after that I get another bill for not only x, y, and z but also a, b, and c; which included listing of seeing another doctor that I do not remember. Eventually some of these charges went to collections, still unpaid. I want to get these charges out of collections and back with the hospital, dispute the charges or get them reduced, then pay off whatever is left. Looking for recommendations as to how best to accomplish this with the most effectiveness. [link] [comments]  |
| Posted: 30 Mar 2020 12:37 PM PDT Just need some clarification. I did not receive any scholarship or grant other than what the school received from FAFSA and the amount is reported on my 2098-T box no. 5. FreeTaxUSA asks if I receive Pell Grant's, scholarships, or fellowship Grant's for educational expenses. Thank you. [link] [comments]  |
| Posted: 30 Mar 2020 10:00 AM PDT If you're like our family here in the US and facing many months ahead of economic uncertainty, you might be wondering what you can do to cut back. I thought I'd share the measures we're taking in case it could be helpful to anyone else. Me: $71k annually, 20% salary reduction (likely to get worse, layoffs may be coming) Partner: $85k annually Student loans (combined): ~$87k Car loan: $9k Rent: $1400 Gym memberships: $75/mo CANCELED Student loan payment: Reduced from $800 to the minimum monthly payment of $700 Car payment: Reduced from $300 to the minimum monthly payment, $270 Me: Changed my 401k contribution from 9% to 3% Partner: Changed 401k contribution from 6% to 3% Our phone contract ends in July and we'll be switching to a MUCH cheaper prepaid plan. Unlimited data is a luxury we don't need. No more monthly manicures, no more than the very occasional bar tab, and obviously no holidays this year. Don't have any monthly subscriptions to cancel. Anyone else care to share what they're doing to cut back? [link] [comments]  |
| You are subscribed to email updates from Personal Finance. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment