Personal Finance Weekend Discussion and Victory Thread for the week of April 03, 2020 |
- Weekend Discussion and Victory Thread for the week of April 03, 2020
- You can now reimburse yourself for over the counter drugs with HSA
- Sending out debt letters today to 10 different companies. I have 3 form letters depending on the situation. How do they look?
- How do you budget for furnishing a new apartment/home?
- Should I sell all 6 rental properties?
- Student loan payments or savings?
- What should I do if I was given a raise almost a month ago, but it hasn't been reflected in my paycheck yet?
- I have a lot of student debt and can't find a job
- I'm no longer driving my car anywhere (it's just parked in a garage). Can I adjust my car insurance?
- How worried should I be with my job security?
- How granular do you guys get with the line items in your budget?
- my car got totaled but insurance wont pay enough
- Watched a Dave Ramsey video this morning about whether to buy a home now or wait...
- HSA account question.
- Paycheck Protection Program??
- Thinking about switching Bank of America savings account to Marcus by Goldman Sachs or Discover
- How to pay taxes when it comes to OnlyFans
- Is there a non-biased website you can use to see what homes are appraised for in a area or subdivision ?
- Employer no longer matching 401k
- Rent Method Changed without Proper Notice
- Have ~8k in newly available cash — buy car or invest?
- If I request a 401k loan of the maximum 50% on Thursday, and the market lowers my 401k total on Friday while the loan is being processed, do I still get what I requested?
- Spectrum says I did not return equipment and auto-charged me $200 - I returned it, in person, over 2 months ago and I have no proof of this. Is there anything I can do?
- Job secure, where should I save?
| Weekend Discussion and Victory Thread for the week of April 03, 2020 Posted: 03 Apr 2020 10:05 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]  |
| You can now reimburse yourself for over the counter drugs with HSA Posted: 03 Apr 2020 09:42 AM PDT If you have an HSA, you can now reimburse yourself for over the counter drugs via the CARES act. Helpful for those looking to tap HSA cash now or saving reimbursements for later amidst all the changes. Don't forget to save the receipts [link] [comments]  |
| Posted: 03 Apr 2020 11:01 AM PDT Trying to settle my debts with all these companies I received charge offs on from about 2 years ago. I pulled all the accounts from my credit report, took the addresses down, and are sending the following letters out. Any advice on what I should change?
https://i.imgur.com/4YP8G0X.png
https://i.imgur.com/ayY1ldB.png
[link] [comments]  |
| How do you budget for furnishing a new apartment/home? Posted: 03 Apr 2020 03:57 AM PDT I wanted to get advice from budget-savvy types on purchasing for a new home. When I had to buy stuff for my first college apartment, I wanted to be very thrifty and smart about it, and I therefore bought furniture and kitchen items as cheaply as I could find them, while still of seemingly decent quality (think lowest end IKEA furniture and home goods) Over the next year, I ended up having to replace a lot of crappy quality items. I'm moving into my first proper apartment with my fiancée. We're both actuaries fresh out of college, so while our field is decently well paying, we haven't made any real money yet, but have about 16k saved from working in college and smart investing. What advice can you give me on how much I should budget for furnishing our studio, and in particular what sort of items are worth a significant initial investment, and what I can get away with being thrifty on? [link] [comments]  |
| Should I sell all 6 rental properties? Posted: 03 Apr 2020 09:10 AM PDT Hi, I am a 32F with 4 kids (2, 4, 6, 7). My husband recently passed away suddenly. He left behind a $1 million life insurance policy and also has about 6 rental properties totaling about $1.5 million and 500K of mortgage. So combined that is $2 million and we are obviously going to be fine financially. Right now we are living off about $100K in a savings account but I am looking for advice on what to do in order to properly maintain/invest the money from the life insurance and rental properties. Should I be selling all the rental houses? Getting a property manager? What do I do with the life insurance? Put it in a savings account and just don't worry about it? Ultimately I want to be able to stay home and raise my kids (my husband would have wanted this too) and not run out of money. We spend about $4-5K per month. Should I hire an money manager? Where do I even start? Any help is appreciated. EDIT: Thank you all for the comments and well wishes. I'll try my hardest to reply to each one. [link] [comments]  |
| Student loan payments or savings? Posted: 03 Apr 2020 07:52 AM PDT Due to the coronavirus stimulus package, I am eligible to suspend my student loan payments for 6 months. If I can afford to continue making the payments, but don't have very much in savings, would it make more sense right now to use that money to build up my savings account instead? Since my student loans wouldn't be earning interest during those 6 months, is there any downside to not making payments? [link] [comments]  |
| Posted: 03 Apr 2020 09:46 AM PDT I am a General Manager for a restaurant in a hotel. About a month ago my boss gave me a promotion, along with a nice raise. He said it might take a week or two until i see the raise in my paycheck. Today was payday and it's still the same rate. It's been 28 days since the conversation with my boss. It's a very fragile situation because on one hand I'm upset that I'm still making the same amount of money, but on the other hand I am incredibly grateful to be employed right now. The current effect the Coronavirus is having on the restaurant industry is immense, and I don't know if I should say something in fear of getting laid off. Any suggestions out there? [link] [comments]  |
| I have a lot of student debt and can't find a job Posted: 03 Apr 2020 12:06 PM PDT Hello! Pretty much the title says it all. I graduated in December with an Aerospace Engineering degree and was expecting to start working in March or April. Today I was informed that I was not selected by a company that I have been speaking to for months. It has taken me 5 months to get through the whole recruitment process with them and despite hundreds of other applications to other companies, I have been unable to secure a job. I have total loan payments starting in June of 900 dollars and I have no idea what to do. I just feel so lost and scared right now. I don't have time for another months long recruitment process. I want to apply for loan deferment but I am not sure I will get approved. The loans consist of federal loans and parent plus loans my parents took out for me. If anyone can give me advice right now, that would be great. TL;DR I can't find a job and I have student debt. I'm really scared and don't know what to do. [link] [comments]  |
| I'm no longer driving my car anywhere (it's just parked in a garage). Can I adjust my car insurance? Posted: 03 Apr 2020 01:02 PM PDT Hi Folks - What is everyone doing about their car insurance right now? I don't see any reason to pay for insurance on a car I'm not using. What do I need to do to decrease or eliminate the insurance? Update: I updated the insurance and it dropped by a ton since I'll just need comprehensive now! Thanks people! [link] [comments]  |
| How worried should I be with my job security? Posted: 03 Apr 2020 11:46 AM PDT How worried should I be about the security of my job during the pandemic. Is my worry justified? I work for a state agency with its own powers for taxation. There hasn't been any talks of a lay offs for this fiscal year since the money existed prior and we've gotten a good chuck of the budgeted expected revenue for next fiscal year. However I still find myself worrying about being laid off for some reason. I've only worked for them for a few years so I have no idea their tolerance for laying off employees. Executive has already stated they are trying their best to make sure everyone continues to work their 40 hour week. The department where I work is has responsibility for fulfilling one of the requirements of the statue that created the agency and 50% of my department will be retiring within the next 5 years, so my manager's intention is basically a transfer of knowledge and responsibilities over time from them (the older ones) to us (the younger ones). I've already decided to cutback my snowball and pay only the minimums while stock piling the cash in my emergency fund (which was $1100) through till December of this year. Should I logically be this worried and concerned? I still have trauma from the 2008 recession, where I saw many of my friends' parents lose their homes and declaring bankruptcy. So I may be overreacting based on where I work...but other's opinions can't hurt to see if I should be worrying the amount that I am. [link] [comments]  |
| How granular do you guys get with the line items in your budget? Posted: 03 Apr 2020 12:20 PM PDT Right now I have this:
What line items do you all use in your budgets? Edit: I forgot to add Gas [link] [comments]  |
| my car got totaled but insurance wont pay enough Posted: 03 Apr 2020 03:14 PM PDT i had a 2011 corolla s and it got rear ended. i went with the at fault persons insurance and my car came back as total loss. they offered me $5900 dollars and thats not even close to what it should be. i checked my car on kbb with the same mileage and everything and it was $7000 or more, plus the dealer processing fee which is usually more than 400 dollars. I went on and took a screenshot of my cars value on kbb and sent it to them and they're still sticking with their $5900. they told me to go through my insurance but i dont want my rates to go up. any ideas what i should do next? [link] [comments]  |
| Watched a Dave Ramsey video this morning about whether to buy a home now or wait... Posted: 03 Apr 2020 04:28 PM PDT I watched a Dave Ramsey video this morning. The caller asked whether or not to buy a home now with what's going on. Dave essentially told him to buy a home if you can get a deal, otherwise, just wait. I read the comments and a good number of people commented that you should wait. One said wait 3 months. Another said just wait (in general). Another said wait 6 months. Confused, I asked them why. They believe there's going to be a housing crash at worse, and many defaults, at best, pinning housing prices down, due to many people forced into unemployment and the economy losing a lot of jobs. I see their view and I believe there's a little bit of credence to it, but I'm not as convinced as they are that housing prices are going to collapse as dramatically, if, at all. In the market I want to go into, even despite these "scares," housing prices are going up. My questions are: What do you guys think? Is it better to wait for a few months or buy now? [link] [comments]  |
| Posted: 03 Apr 2020 06:04 PM PDT This is actually pertaining to my friend but I am asking for him. He was recently laid off and withdrew $200 from his HSA account from an ATM to cover rent and food. I know their is a 20% fee on non medical approved purchases. He had a $200 copay to the hospital at the beginning of the year that he paid with cash. Can he claim the $200 he withdrew from his HSA on the $200 copay from a few months ago to avoid the penality? [link] [comments]  |
| Posted: 03 Apr 2020 07:10 PM PDT Ok, so the small business I work for temporarily shut down because of coronavirus. They are currently getting assistance from the "Paycheck Protection Program" and they're only paying me 90 dollars every 2 weeks. I don't know what this program is and how it differs from unemployment. I'm assuming because of this I can't get unemployment and therefore I won't get the $600? If this is true, what strategy can I employ to be able to get the $600 from unemployment? I cannot live on $90 every 2 weeks -- no one can. If it helps at all, my state is Michigan. [link] [comments]  |
| Thinking about switching Bank of America savings account to Marcus by Goldman Sachs or Discover Posted: 03 Apr 2020 08:00 PM PDT I currently have a bank of America savings account where I've saved up 15,000. The APY rate for BoA is 0.03... shitty to say the least. I've been doing research and saw that Marcus by Goldman Sachs has a 1.70% APY rate and am considering opening an account. I transfer a specific percentage % of my direct deposit earnings into my savings account and then I don't touch my savings at all and plan on not touching my savings until important life events (wedding, buying a home, etc or even retirement). Since I'm not getting much out of having a BoA savings account, I wanted to know if anyone has used Marcus by GS or even Discover (which has an APY of 1.60%) and what your experience has been. I also used the calculator on the Marcus by GS website and it shows about a 4000$ increase in the interest I would earn over the span of 5 years which has me highly considering it. BTW if you could recommend other savings accounts or banks with high APY rates that are safe and easy to use, that would be great! [link] [comments]  |
| How to pay taxes when it comes to OnlyFans Posted: 03 Apr 2020 05:13 PM PDT im considering starting an onlyfans, but i don't know what to do when it comes to taxes. also if i would be able to hide it from my mom. if somethings mailed in my name she will open it if shes home. im of age but still living in her house so i don't want her finding out. as of now i don't have a job due to corona virus so i thought i should finally make an account. thank you for any help! [link] [comments]  |
| Posted: 03 Apr 2020 05:22 PM PDT Looking to buy a house, want to gather some more information independent of the realtor [link] [comments]  |
| Employer no longer matching 401k Posted: 03 Apr 2020 04:03 PM PDT So as a result of the pandemic my employer will not be matching 401k distributions as it is suspended for the rest of the year until further notice. They released a letter stating it will suspend "safe harbor matching contributions" what does this mean? It also states that as result of the CARES ACT passed over the weekend if we were affected by covid-19, we can withdraw up to $100,000 without the 10% early withdrawal tax penalty. I currently have $150,000 in my 401k. Should I stop contributing and roll it over to a traditional IRA and continue to contribute there ? (im 52 and will retire in 5 more years, I also have a pension plan waiting) Also my 401k through my job is with fidelity if this info helps. What do you recommend I do to continue investing in a retirement fund but I also want it to grow. Before all this happen my 401k would match me up to 6% [link] [comments]  |
| Rent Method Changed without Proper Notice Posted: 03 Apr 2020 01:29 PM PDT So just a little background, I rent an apartment in Mi, US. Recently the apartment complex I rent from got bought out by another company. In an email they sent out a few days ago (rent is due today) they stated that per the new owners a physical check, cashier's check, or money order is required to be paid in the office until they set up a new resident portal. My problem is that I don't have any of these on me and to order physical checks from my bank would probably take about a week (there are no physical branches near where I live). I checked the lease and it states that rent is payable at their online payment website. I also was doing some googling that stated they can't make changes to the lease without atleast a 30 day notice to the residents (including new owners) is this true and is there anything I can do? I tried to call their office a few hours ago today and they didn't answer or call back. They also charge a $100 late fee for any payments and I can't imagine they can charge me this in this situation but I'm not sure. Any help is appreciated, thank you. Edit: Thanks for all the help everyone! They still haven't called me back but it sounds like they shouldn't be able to charge me late fees since it was in the lease. I took a screenshot of the portal being down today just incase (and obviously have the lease). I also sent them an email stating the problem and that I would pay as soon as a replacement web portal is up. Hopefully they don't try and charge me late fees but if they do I will definitely fight that. [link] [comments]  |
| Have ~8k in newly available cash — buy car or invest? Posted: 03 Apr 2020 06:42 PM PDT Sounds like a silly question for r/personalfinance, but there's some context:
Curious to hear some pros/cons! Thanks in advance [link] [comments]  |
| Posted: 03 Apr 2020 08:27 PM PDT (Or can they lower the loan amount if my account goes down before they finish processing my request?) No need for warnings about 401k loans. I've done my research, and am continuing the research with this post. Please consider the question at face value. I understand the other risks, and this is really a question of curiosity more than seeking advice. Thanks! [link] [comments]  |
| Posted: 03 Apr 2020 06:00 PM PDT This is posted for my sister. As said, Spectrum claims she did not return the equipment from our old apartment and took $200 out of her account. She turned it all in in person back in January and can't think of any kind of proof of this. Has anyone been in this situation and has any suggestions as to how to prove the equipment was returned? [link] [comments]  |
| Job secure, where should I save? Posted: 03 Apr 2020 02:08 PM PDT Before this COVID-19 stuff all happened I was making $2000 payments to my wife and I's student loans to knock them out within the next 6 months. With that being said, we only had about $3k in savings so I decided to stop student loan payments until this all blows over. My job is secure and income has stayed the same, so I decided to save. I have my regular savings account with Wells Fargo that coincides with my checking account with them for the time being, should I stay there? What's the advantage of using another service? HYS? [link] [comments]  |
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