Personal Finance Weekday Help and Victory Thread for the week of April 27, 2020 |
- Weekday Help and Victory Thread for the week of April 27, 2020
- Inherited money from estranged parent
- I'm 28 and broke but I want to go to college. I also have no idea how paying for it works.
- My 58 year old dad lost his job of 36 years. Best next steps?
- FHFA: No Lump Sum Required at the End of Forbearance on Mortgages
- How Aggressive Should I be in Paying off my Student Loans?
- Company I Work For is Reducing Everyone's Pay Rate by 10% and Changing Our Status from Exempt to Non-exempt Employees. Didn't know this could happen.
- Still waiting on my sons social security card, but got something else in the mail today...
- I'm on unemployment, but my employer just paid me for 20 hours I worked months ago, what do I do?
- Collections Keeps calling, but I have nothing in collections
- Purchasing a Mobile Home: pros and cons?
- Company putting me back on payroll but also telling me not to come in.
- Boss says I can work nearly full time and still get the $600 unemployment benefit. Is he right?
- Credit card dispute lost
- I Was Furloughed And I Filed for Unemployment, Then My Employer Retroactively Paid Me. Now What?
- Should I go back to school at 38?
- Husband laid off as of 5/22 unemployment questions.
- I have just received a credit card debt settlement offer from 9 years ago and have no idea what to do.
- Buying a house responsibly is really hard.
- Open HELOC due to uncertain times
- Advice for mid-30s noob
- Should I pay down my jumbo mortgage of my primary residence to the tax deductible maximum?
- Am I eligible for Unemployment or PUA $600 weekly benefit? I made $4,200 driving Uber last year. I also fix computers on the side. Recently displaced due to domestic violence.
- Graduated from college in Michigan in Dec, moved to Phoenix Arizona in January for a hotel job. Hotel is now closed, looking for advice?
- Paying off Credit Card Debt - Best Path
| Weekday Help and Victory Thread for the week of April 27, 2020 Posted: 27 Apr 2020 04:07 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]  |
| Inherited money from estranged parent Posted: 27 Apr 2020 09:37 AM PDT I created a new account for this post. My father (who I had not spoken to in over 20 years, I am his only child) passed away and left me an inheritance. I am in my early 40's, married with 3 young children. We have no debt besides our mortgage and have always been pretty conservative with our finances. We have no investing experience. My wife makes about $50,000 a year plus healthcare in a very stable job, my job is mostly commission and is very volatile and make around $100,000 a year. I've only had this job for about 2 years, prior to this I was earning much closer to what my wife is. We live in NY. He left a trust that will be 20% of his estate, I'm told it will be around 1 million. The way that it is structured is that I can never access the principal, unless it is medically necessary. The money will be invested by the trustees and the interest will be distributed to me. In the event of my death, the money will be released and divided amongst my wife and kids. I retained a lawyer and am trying to renounce my inheritance and have the trust set up for my children that my wife and I would be the trustees. I figured this would be the more beneficial option over someone else handling the investing and just collecting the interest, this way the kids will be able to access it and pay for their education and get a head start in life. After we retained the lawyer and started the process of switching who the inheritance would go to I was informed that he also had an IRA that had no beneficiary named and that would go to me. Due to his age when he passed I will have to take a minimum out every year (RMD). I took control of that account a few months ago and kept it with the advisor because of my inexperience and thought I would see how it goes. The account started with just over 1 million and has fluctuated quite a bit through what's going on in the market but is pretty much at it's starting point. I never thought I would have this type of money and although it's a huge relief it's also a bit intimidating not to mess things up. My initial thinking was to just leave everything alone and continue with our normal lives because I've never really been a risk taker. I haven't told anyone except my immediate family and don't really plan to. I've read some great posts and comments in this sub for awhile and just thought I'd put this out there and get some unbiased opinions. Thank you for reading. Wow! I didn't anticipate this amount of attention, I really appreciate the responses. The one aspect that keeps getting brought up is why I would give the trust to my kids. The reason is I want nothing to do with the trustees and they want nothing to do with me and my family. The agreement that my attorney and the estate came up with is that the trust is deemed "impractical" and this would be in the children's best interest. It was also structured that it would be partially released over the course of 15 years, they will not have access to it all at once. [link] [comments]  |
| I'm 28 and broke but I want to go to college. I also have no idea how paying for it works. Posted: 27 Apr 2020 09:51 AM PDT I've been out of school for nearly a decade and am getting nowhere working random jobs. I need a more stable situation with benefits and what not so I've decided to go back to school. I've already made a FAFSA account and am waiting to be approved in the next 1-3 days. I'd like to focus solely on school if possible. What kind of options are available for me? How often do colleges expect payments? [link] [comments]  |
| My 58 year old dad lost his job of 36 years. Best next steps? Posted: 27 Apr 2020 04:52 PM PDT My dad is 58 and worked at his company for 36 years (30 years as a machine operator and 6 years as a shipping/receiving operator). His company will be closing and moving 2 hours away. He has 4 years left on his mortgage. He only has a high school education and he's not the best with technology. I don't know how willing companies will be to hire a 58 year old, who's only had 1 job. And it's probably too early for retirement. What are his best options? Thanks in advance [link] [comments]  |
| FHFA: No Lump Sum Required at the End of Forbearance on Mortgages Posted: 27 Apr 2020 09:18 AM PDT Just saw this released from the FHFA, and wanted to share for anyone else experiencing financial hardship right now:
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| How Aggressive Should I be in Paying off my Student Loans? Posted: 27 Apr 2020 07:19 AM PDT Hi Everyone, I recently graduated dental school with $430,000 in debt (some from undergrad and the majority from dental school). I got my first job, and it pays $168,000 per year with the potential of it being larger if I keep increasing my production. The question that I had was whether or not I should focus on paying my loans off in 10 years or 20 years. The reason that I ask is because I would also like to save money to start a private group practice relatively soon. Thank you. EDIT: I wanted to say thank you to everyone for the sound advice. I know I posted some generalized information which wasn't to helpful, but with everyone's advice I am going to do some more research. [link] [comments]  |
| Posted: 27 Apr 2020 10:17 AM PDT To start, I'm based in Kentucky. I just got an email from corporate that everyone's salaries are slashed by 10% and exempt employees are changed to non-exempt until 12/31/2020. They explained that this is to allow employees to work less than 40hrs instead of being furloughed. And that if you are approved to work overtime that you will receive "premium overtime". I assume that means 1.5 pay rate? Does this reduction in pay and change in employment status allow me any unemployment? This feels like a worse alternative to hour reduction right now. Is it even legal to change everyone's working status like that? What other impacts could this have to my work and pay status? [link] [comments]  |
| Still waiting on my sons social security card, but got something else in the mail today... Posted: 27 Apr 2020 05:57 PM PDT Today I checked the mail and found a letter from chase with my sons name on it. My son just turned a month old, and I haven't even received his social security card in the mail yet. I read the letter and it says an application for a credit card in his name was denied. How did this happen, and what do I do? I'm freaking out. We don't even have a relationship with chase bank, so I am extremely confused. Please tell me what I need to do to make sure my sons identity is protected. Also, How did the letter arrive at my address? I'm so confused and terrified. [link] [comments]  |
| I'm on unemployment, but my employer just paid me for 20 hours I worked months ago, what do I do? Posted: 27 Apr 2020 08:59 AM PDT Back in January I took a training class and was never paid for the hours. I've been bugging my employer since January to pay me the hours. I was furloughed on March 31st. I just received the pay for the hours worked in January. Do I have to report this as earnings for this week? I'm worried I womt receive unemployment pay for this week if I do. Technically I earned this money in January. Any help greatly appreciated. [link] [comments]  |
| Collections Keeps calling, but I have nothing in collections Posted: 27 Apr 2020 08:18 AM PDT I keep getting calls that come up as "Potential Scam" asking for me under my maiden name. The one time I've spoken to them they have stated that they are a collections agency. When I look at my credit karma I have no outstanding collections. I know I used to have one from a doctor who mischarged me and I refused to pay, but that has expired. How do I get them to stop calling and verify the debt without taking ownership of it? I just want them off my back as it's very annoying. [link] [comments]  |
| Purchasing a Mobile Home: pros and cons? Posted: 27 Apr 2020 01:05 PM PDT I am considering purchasing a Mobile Home in the next year or so. I currently live at home to save and pay down my debts, but I would like to move out on my own soon. I work full time, making between $30-35k per year depending on overtime and side jobs, and I am in the process of starting a small side business which will eventually bring in more income. Rental options in my area average anywhere from $800 to $1200/ month before utilities for 1-2 bedrooms. Even nearby studios have reached and surpassed $750/month. I could find cheaper places but that would require me moving 45+ minutes from work and family, which I prefer not to do at this time, though I am considering moving out of state in the next ~5-10 years. Purchasing a home is an option, but again, cost is the concern. Homes in my area have increased quite a bit in price in the last few years in my town and surrounding areas. Most homes requiring minimal work are well over $100k which is not in my budget just yet. I am considering financing a new(er) model mobile home which would range between $40 - $60k. Lot rent would be roughly $500 per month which I understand would increase each year, but my overall cost after utilities, lot rent and the loan would come in under $1k per month. This would be feasible and in my mind more worth while than renting or buying since it would be new so my maintenance cost would be next to nothing compared to a house in my price range, i would have the space and privacy of a home and I would have something to resell once I am ready to move. I would like some insight from others who have gone this route and loved or hated it, who have considered it and decided against it, or any other opinions or suggestions I should consider. [link] [comments]  |
| Company putting me back on payroll but also telling me not to come in. Posted: 27 Apr 2020 07:14 PM PDT My company is putting me back on payroll, and paying me $450 every 2 weeks. But they're telling me not to come into work bc there would be nothing for me to do. I'm making more on unemployment now and being able to pay my bills. Them putting me back on payroll for that amount of money is way less than what I'm being paid in unemployment. Is there anything I can do? [link] [comments]  |
| Boss says I can work nearly full time and still get the $600 unemployment benefit. Is he right? Posted: 27 Apr 2020 04:18 AM PDT I am on furlough at a popular chain restaurant in WV. My boss has been bringing in some volunteers to help with take out orders. I agreed to work a couple days a week for 10-12 hours but now he says I "could work like 38 hours and still get the $600 benefit." Now from my understanding if I earn more than my base unemployment, which is $304 (around 20 hours work for me), then I get nothing. Am I right or is he just confused? I've tried calling the unemployment office but have yet to get through over the weekend. Edit: Just to be clear I'm taking about how much I can work with a base unemployment rate of $304 and still keep the $600 kicker through June. Edit 2: Lotta confusion in this post, mainly my fault. I'll keep it short since I I'm pretty sure I already have my answer. I am NOT working for free. This is not fraud. When I say volunteer I am volunteering to come into work a couple days a week, not volunteering to work for free. No one is required to come into work right now, you can stay home if you don't feel like coming in. Thanks, stay safe and carry on. [link] [comments]  |
| Posted: 27 Apr 2020 02:26 PM PDT I was charged in Feb around 400$ on something I did not purchase. Immediately disputed the charge canceled my card and called my bank verifying the dispute. I was recently notified by my bank that the dispute was lost and I was charged the 400$. I did not make this purchase and am not thrilled about paying it. Is there anything else I can do at this time? [link] [comments]  |
| I Was Furloughed And I Filed for Unemployment, Then My Employer Retroactively Paid Me. Now What? Posted: 27 Apr 2020 01:50 PM PDT Like the title states, I was laid off in late march. I filed for unemployment and used that money to pay bills and living expenses. My job received money from a small business "loan" Act, and is required to spend a certain amount of that money on payroll. Instead of paying from the date they received the money, they retroactively paid it to be during the time I had filed for unemployment. The way they are paying me has it structured to where they are paying me with a check that states I worked a certain number of hours over 2 7+ day periods (so it hits multiple weeks without them paying me for full weeks I normally work). This will be backdated to the beginning of the month. Will I face issues for having filed unemployment for that time? Will I have to pay it back? I have tried to call my local unemployment office, but I have been unable to reach anyone. I don't know if there's a better place to post this, but this seemed the most relevant [link] [comments]  |
| Should I go back to school at 38? Posted: 27 Apr 2020 01:37 PM PDT I'm a 38 yr old female. I have a degree in economics and had plans to go to law school but the economy was bad when I graduated. I was in different jobs which I didn't like and settled with IT work for a govt contractor and obtained a secret clearance. I do geospatial work in DC but get paid barely 35k. I live with family for now but I am dying to get out on my own. However my retired mom needs financial support pending her separation from my dad and the mortgage payment that will be left if he's out of the picture. If I go back to school I think I'd get a degree in nursing or maybe a PA but I'd prefer something fast,lucrative, and secure. It's not cheap here with mortgage being an average of 2500 a month and that's considered good for the area. [link] [comments]  |
| Husband laid off as of 5/22 unemployment questions. Posted: 27 Apr 2020 11:04 AM PDT Thanks in advance for any advice you can offer to us, we're not familiar with unemployment and need some guidance going forward. My husband was told he will be laid off as of 5/22, or when he completes his current project. We live in California and I know they're adding or have added a ton of EDD staff but we have a few questions and can't seem to get through to them. -when is the earliest he can file for unemployment? Does having an end date mean we can apply in advance? -how long should we expect to receive a first check after his end date or application date? -do we just file with our state? Or does he have to apply federally to receive the additional $600? Thanks again for any advice you can offer. [link] [comments]  |
| Posted: 27 Apr 2020 03:07 PM PDT Background. As with a lot of people, when I was younger I had accrued quite a bit of credit card debt. Mainly from interest rates to the point where I cut it off and basically ran from it. I've built my credit back up over the years and even saw that debt disappear from my credit reports about 2 years ago. Now suddenly I've received a letter from one of those large law firms that specialize in trying to get debt returned. The date on the letter is April 24th of this year but the judgment date on the letter is from May 6th, 2011. The normal legal mumbo jumbo of "must respond by X date" is included. The amount of the settlement is much more than I can possibly afford as I'm furloughed with no idea when I'll get back to work. I'm kinda at a loss on this. I know this has probably been answered numerous times before but what kind of recourse do I have (if any). If there is something I've missed, please point me anywhere helpful. My searches seem to come up empty expect for other law firms who settle with this particular firm like a snake eating it's own tail. [link] [comments]  |
| Buying a house responsibly is really hard. Posted: 27 Apr 2020 07:50 AM PDT I make $130k - After taxes, mandatory retirement contributions, and health insurance, I take home about $7,050/mo. My household expenses (2 adults, 2 young children) including $1,300/mo in rent amounts to $4,300/mo. We've been saving for a house, and have about $34k so far for downpayment + emergency fund. My income will likely go up in the next few years, but let's assume it won't. Following the "rule of thumb" that your home cost less than 25% of your take-home, I should be looking to spend no more than $1,762/mo on mortgage, insurance, taxes, maintenance, and PMI (if applicable). If we are able to save a 20% downpayment, following the rule of thumb above, we would be able to afford a $214k house on a 15-year note, or a $278k house on a 30-year note. If we only save a 5% downpayment (and have to pay PMI) we would would only be able to afford a $179k house on a 15 year note, or a $232k house on a 30 year note. Houses in our area (MCOL) that interest us are in the $350k - $450k range, so even if we do save the 20% downpayment we are going to have to 'break the rules.' Assuming we buy a $400k house with 20% down (which would take us another 18-24 months of saving...) on a 30 year note, we would be spending roughly 40% of our take-home on housing expenses. How do people actually make this work? Before doing the math, I was under the impression that we would easily be able to afford a house in the range that we're looking. After we buy, I would like to be more aggressive with saving for retirement, and we would like to take a vacation each year, so I definitely don't want to stretch too far on housing expenses. Any thoughts or insights would be much appreciated. [link] [comments]  |
| Open HELOC due to uncertain times Posted: 27 Apr 2020 05:55 PM PDT Should I open HELOC now while I am (well) employed? Any downside of having additional available funds (either for reserves or opportunities). Growing increasingly nervous about my company (and industry). For what it's worth, I currently have 9 month emergency fund cash & plenty of Zero Balance credit cards. Remaining $100k owed on mortgage for my ~$300k valued home. [link] [comments]  |
| Posted: 27 Apr 2020 01:18 PM PDT I'm trying to turn things around after years of not taking/not being in a position to take personal finances seriously. Here's a quick summary of where I'm at. I'm 33, unmarried but have a partner who earns similarly, good credit score, currently earning $75K annually, living in an expensive major city on the west coast of the U.S. Until recently I never contributed to my Roth or 401K, so now I'm playing catch-up with both - maxing my roth and contributing 10% of my salary to the 401K. These investments + monthly expenses have me basically breaking even every month. Now here's the kicker - I'm sitting on roughly $100K of savings. My question is what the hell should I be doing with that money. I don't think real estate is my answer considering just how insane the market is that I'm living in, but I would like to have that option within the next 5 years. [link] [comments]  |
| Should I pay down my jumbo mortgage of my primary residence to the tax deductible maximum? Posted: 27 Apr 2020 07:09 PM PDT Especially given current uncertainty (but I am on 2.625% atm). Paying down will lower my mortgage obligations by 1/3 [link] [comments]  |
| Posted: 27 Apr 2020 07:05 PM PDT I'm in MA. My bf was arrested for really serious domestic violence assault and battery in December and he was my primary financial support. I had to leave where I was living because I couldn't afford it alone. I am so desperate to get a chance to get myself grounded somewhere. Unemployment requires a minimum of $5,100 over the last year and I definitely made more than $1,000 fixing computers which would bring me well over the $5,100. Any help is truly appreciated. [link] [comments]  |
| Posted: 27 Apr 2020 04:13 PM PDT
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| Paying off Credit Card Debt - Best Path Posted: 27 Apr 2020 06:12 PM PDT So for some context, I just came into some money and am going to be able to pay off my 10k in Credit Card debt that I've had for a little while now. The money received is equal to my debt, but I am hearing from a lot of different people that I can request to pay a smaller amount than my total debt since I am paying up front. Is there anything else I should keep in mind? I've heard it's not good to close the accounts after paying them off and to steadily rack up your gas/groceries on a single credit card and pay off in full every month. I just want to make sure I make effective use of the money and pay this off with as much knowledge as possible. Thanks in advance! [link] [comments]  |
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