Personal Finance Emergency fund: High yield savings account or money market ? |
- Emergency fund: High yield savings account or money market ?
- Is insurance meant to be this complicated? Need help picking...
- I'm a lazy depressed 22 year old who's had just about everything paid for him, and I'd like to learn how to be independent. (Virginia if that matters)
- Am I financially ruined?
- Buying a used car from a Rental Car company
- BF got a rabies shot and we got hit with a $15k bill
- Question about high yield savings accounts rates
- Deceased uncle left me possessions in his safety deposit box but I don’t know where the box is.
- Banker left bank and now wants to me to transfer my portfolio over to his new private investment company.
- 401k Question- Mother ended employment and cannot access 401k
- (Request) Financial advice for teenager with expensive future in mind
- Upcoming interview for a supervisor position which has less overall compensation. How to voice my concerns tactfully?
- Parents can't retire due to poor planning
- Student Loan Repayment Help - Credit Score Situation
- What to do if I contributed more than the limit to my Roth IRA in 2019
- Build my own market weight portfolio or just got with SWTSX for Roth IRA
- Question: Is it a mistake to put all of my and my husband's extra income into savings for our own business and have no retirement or any other fund?
- 19 y/o college student looking to invest
- Opening my first high-yield savings account. Advice please?
- I want to start a college fund for my kids. What are my options?
- With the state of the housing market, does it make more sense to buy a house than rent, even if it's only for a few years?
- Questions for New Yorkers about the SEAP program.
- Need help investing or ideas
- How can I find out if I have defaulted on a collection lawsuit?
| Emergency fund: High yield savings account or money market ? Posted: 17 May 2020 02:40 PM PDT Wife and I are trying to build up our emergency fund. We have money in a high yield savings account through Alliant credit union with an apy of 1.2% We also have money in a vanguard money market fund. On which one of these would you recommend we focus? My understanding is that while money market is generally considered safe, there is still risk. You have a greater chance of earning a higher apy vs a savings account with a money market. Or, are we splitting hairs here? Thanks for your help! [link] [comments]  |
| Is insurance meant to be this complicated? Need help picking... Posted: 17 May 2020 11:43 AM PDT I just started an adult job for the first time and need to choose health insurance, but I'm confused about the options. What are the things I should be looking for to make the right informed decision? For reference, there are three plans offered through my employment. Two of them allows me to contribute to an HSA, and cost 40+/month or 80+/month. The third one costs 120+/month. Edit: thank you everyone. I've decided to go with the cheapest plan :) [link] [comments]  |
| Posted: 17 May 2020 10:13 AM PDT You gotta start somewhere I guess. You'll find I'm about as sheltered and ignorant as can be when it comes to this stuff. What steps should I take to work towards being independent? I know it'll take a lot of time, effort, and learning, but I gotta do it some day. I haven't worked a job since before college (which I pretty much failed at) and am now at home after "taking a break" from college due to some mental health issues. So I don't really know what kind of job would make a good start or something. Social anxiety doesn't help either. I'm gonna start following and reading this sub for starters. I have basically zero life skills and want to start learning. Yes, I know I'm pathetic. If there's a different sub better suited for this kind of post, please share, and sorry if this isn't suited. EDIT: I am incredibly grateful to all of you who have taken time out of your day to respond and help a stranger learn how to get his life together. I haven't even had time to really implement these things or read up much and this has already been encouraging. [link] [comments]  |
| Posted: 17 May 2020 01:57 PM PDT I'm a 25-year-old guy, and about 4 years ago my financial life spiraled out of control...and now I fear that it's ruined to the point where I'll never qualify for a loan or mortgage in my life-time...(honestly I would rather just pay cash for everything from this point on, but it would take until I'm nearly 40 to save for a house in full). I won't trouble you with a long story but here's the nitty-gritty: I have about $10-15,000 in debt (medical, credit cards, student loans from half of a semester I took a few years ago, I don't have a degree yet). I've had some job issues in the past, and it's led to a lot of missed payments, and delinquent marks on my record...Some debtors are threatening wage garnishment on me. Recently, I have finally knuckled down and have finally found stable work. The company offers great benefits, including a tuition assistance program, so if I want to move up, I can return to college and they would help with the cost. Right now I'm at the bottom of the totem pole, I make 14.20/hour, but they offer a lot of overtime, and double time on the weekends. I could work up to 16 hours a day if I want too, anything over 8 hours a day is time and a half. Anyways, I figured if I buckle down and just work a lot of overtime for the next month or two, I could probably have all or at least almost all my debts paid off. Right now I rent a room for $300/month from a friend. But my biggest concern is this: Even when I do get my bills paid off, will it even matter? I've dreamed of maybe building a homestead lifestyle, but would I ever be able to get a house mortgage or a loan? I don't know..it just seems hopeless right now, like I've ruined my financial life, and it's going to take nearly the rest of my life rebuilding it. [link] [comments]  |
| Buying a used car from a Rental Car company Posted: 17 May 2020 04:41 PM PDT I recently graduated and am looking to buy my first car. I have about $5k to use for a down payment. I got a recommendation from a friend to buy from a rental car company because of their responsible maintenance schedules and good price considering the age and mileage. Does anyone have any good or bad experience buying from Hertz/Avis/Enterprise or know anything about the financing options that they provide? Have a good credit score (700) with a short credit history. In the current rate environment, does anyone know what my interest rate would be? Thanks [link] [comments]  |
| BF got a rabies shot and we got hit with a $15k bill Posted: 17 May 2020 06:24 AM PDT Not really sure what to flair this as. We technically CAN pay it but it really fucking hurts. A few weeks ago, my bf got bit by a dog that didn't have documentation for rabies shots. We were told by the internet and by the urgent care facility to immediately go to the ER and get rabies shots. Basically, the paraphrased conversation goes "sure, you can walk out. But if you are infected you'll die." The dog got taken by animal services the next day and they said they would watch the dog so we didn't need to get shots (big whoop. Could've told us that was a possibility). So at least he didn't have to go for the follow-up shots. It still feels like he got bullied into getting the shots. Urgent care and ER combined cost $600. Okay. Whatever. It's bullshit but doable and fine for essentially erasing the chance my bf would die. Then we got an itemized bill about a week ago but it told us we wouldn't have to pay anything because of insurance so we tossed that away. Today we got a bill that told us we had a $15k charge and his insurance paid less than $4k of it. Is there anything we can do? The ER office isn't open on Sunday so the earliest we can call them is Monday but will that actually do us any good? Can he call his insurance and if he can, what should he say? Or are we just shit-outta-luck and just gotta pay? I suppose the takeaway for this is suck it up and never get professional medical help or risk going into crippling debt when the funeral would've been cheaper. [link] [comments]  |
| Question about high yield savings accounts rates Posted: 17 May 2020 04:58 PM PDT Hey there, say I found a high yield savings account that is currently offering 1.75% interest per year. I decide to open it and put some cash in there. Can they suddenly change their mind after I open and drop the rates down to 0.5% or what not? Or, once I open do I get that rate locked? Thanks.. [link] [comments]  |
| Deceased uncle left me possessions in his safety deposit box but I don’t know where the box is. Posted: 17 May 2020 01:09 PM PDT Pretty much as stated in title. He left behind a safety deposit box key but I have no idea what bank it could be from. Is there a website or a number I can call to try to track down the location of the box? [link] [comments]  |
| Posted: 17 May 2020 11:34 AM PDT I have had several brokerage account (Stock, IRAs, Bonds, 529) with a national bank for years. I have a good relationship with the banker who managements my accounts and I do trust him. I was notified by the bank last week that he is no longer with them. I received a call from him this week informing the same and also asking if he can continue to have my business. He has opened his own investment firm and wishes to continue manage my accounts. I haven't decided on what to do yet. What are some pros/cons of using a private investment firm? What kinds of questions do I even ask him? What happens if he closes his firm? I'm pretty new at this brokerage stuff so a lot of terminology is confusing to me as it is.... Any advice is greatly appreciated. Edit: Thank you all for your reply. Going to try to answer some of your questions. This banker makes all my trades for me. I don't do anything aside from deciding if I want an aggressive portfolio or conservative. His new private firm will have a lower commission rate that the bank it was with. I know I don't NEED an advisor. I just don't have the time nor the mindset to think about all this investment stuff. I think of the commission I'm paying as a convenience fee so I can focus on other aspect of my life like my kid. [link] [comments]  |
| 401k Question- Mother ended employment and cannot access 401k Posted: 17 May 2020 07:47 AM PDT Hopefully someone can help offer some insight to a problem my mother is having. My personal research and discussions with financial professionals has me very concerned. My mother ended employment at a doctor's office after a few decades. The employer offered a 401k plan and contributed 2% annually while my mother contributed on her own for several years. Statements were provided and employer contributions were classified as vested. She left her position 6 weeks ago and is trying to roll over the amounts to a personal retirement account (she is over 65). The employer refuses to give the money or access to the 401k administrators. We talked to the accountant who mentioned the employer may have borrowed against the money and may not be able to produce it until October the doctor needs to do his taxes first before funds are available. The statements mentioned a major financial firm but in talking with the firm and accountant, she does not have an account as it is all under the doctors name and control. The account did commit to getting her the majority of her funds a few times but so far nothing has happened. I fee pretty confident she should have immediate access to her contributions and vested funds, she should have an account as she received statements and something very shady appears to be going on. Any insight to if this is above board and some rare investment set up I'm unaware of? What actions should we take next? I need some help as I'm extremely concerned. [link] [comments]  |
| (Request) Financial advice for teenager with expensive future in mind Posted: 17 May 2020 07:04 PM PDT So I'm 16 years old (grade 10) and as of now I have $1000 CAD, and will be getting a job after this pandemic is over, working Fridays - Sundays at minimum wage. I plan on working a great amount of time during my summers to save as much money possible during my high school years. I plan on going to university majoring in Accounting and Finance, then going on to law school to eventually become a lawyer. I also plan on investing as soon as I turn 18, and continuing to work through my years in university. I have researched a lot but I get confused from the amount of information about all the different components in my plan. Here are some of my questions:
If anyone has advice, even if it's other than answers to my questions, it would be extremely appreciated. I might have mixed up some of the things I'm writing about, I'm sorry about that, I'm still learning :) This is my first post, so please take it easy on me if I did something wrong in the post. [link] [comments]  |
| Posted: 17 May 2020 03:25 PM PDT Need help please on how to approach this tactfully. Interested in moving from current "production" position to supervisor, but I will be making less pay as the supervisor position has no production incentive bonus: Supervisor: $100k base, but no bonus I applied for the supervisor position as I was genuinely interested, but my sources are what tell me the salary is what I can expect in the new role (nothing official, just people who currently hold the same role in other offices). Any ideas for how I can tactfully voice my concern over the salary if/when it comes to that point? Afraid of this looking bad if they offer me the position and I decline. But at the same time, it seems dumb for me to basically take a 20%+ pay cut. [link] [comments]  |
| Parents can't retire due to poor planning Posted: 17 May 2020 03:25 PM PDT I'll try to keep this short, but my parents are in a really bad situation as far as money is concerned. To start with my dad is 67 has about 20k in a 401K at the grocery store he's been working at since the 80's they only recently in the last 5 years or so started a 401k and he does not contribute and never has. He is in poor health and will need good insurance to help with 1000's of dollars of prescriptions he has to take every month. They have refinanced their house numerous times, but there is still some equity I believe. I don't know how much and they won't tell me though. My mom has a retirement account and I believe she'll be ok but it will not be enough to cover for 2 people. I've asked them to go see a financial planner as soon as possible, so that whatever I can help with I will try. I have a family though and my own bills and future I have to concentrate on also. I'm novice at best with financial planning, so I was hoping there was someone here that could atleast give me a little insight. I'm sure I've left some info you need out, so please fire away with questions. Edit 1: thanks for the information. I will work with them scheduling a financial planner and give an update. [link] [comments]  |
| Student Loan Repayment Help - Credit Score Situation Posted: 17 May 2020 07:13 PM PDT Hi, I need a little advice on the best way to go about re-financing my student loans. Currently, I am about 85k in student debt. I have been graduated for about 6 months, and I am working a 65k/year job. I have been saving a lot of my money, so I have it when I went to figure out how to start repaying loans. I recently ran into some car issues, so I need a car as well; I sold mine before I couldn't get anything out of it. The issue: My credit score isn't great (~620) due to my credit age being relatively new. I am almost at the 2 year average age of credit (1 yr 10 months, currently). I have a total of 6 (open/closed) accounts. I recently had paid off a small collection, and it dropped my score about 40 points (which I don't get). I don't have any payments other than rent and 2 credit cards that I keep below 15% usage (I don't like to carry credit card debt). I need to refinance/consolidate my 3 loans into one and get a decent interest rate so I can make some sort of progress with the payments. I also WANT to get a cheaper, used car, that'll last me a few years (thinking around keeping it under $15k). I don't want to get a shitty interest rate there either. My question: How should I go about this so I can get the best interest rates possible, without my credit taking a huge hit? I am flexible on time, as I don't NEED a car right this second. It could wait a month or two. I am more concerned with the consolidation of my loans, as I am scheduled for my first payment on June 20th. I don't know if waiting maybe another 6 months to make any inquiries would be in my best interest. [link] [comments]  |
| What to do if I contributed more than the limit to my Roth IRA in 2019 Posted: 17 May 2020 03:59 PM PDT Hello, I didn't really pay attention to limits before and was really just focusing on putting as much as I could into my Roth IRA. I up'ed my contributions to 15% a while back and just checked my contributions for last year which are over the limit. What do I do for this, will this change how I file my taxes, what are the consequences? According to Fidelity, I contributed $9385.00 from Jan 1, 2019 to Dec 31, 2019. My employer contributed $2358.00. It looks like the limit is $6000 for 2019. [link] [comments]  |
| Build my own market weight portfolio or just got with SWTSX for Roth IRA Posted: 17 May 2020 05:10 PM PDT I am 21 and have a Roth IRA with Charles Schwab. Currently, my portfolio looks like this:
The allocations I have are very similar to Schwab's Total Stock Market Index (SWTSX), which got me wondering if I am over complicating myself. Would it be better to replace my S&P, Mid-Cap, and Small-Cap index funds for just SWTSX? Thanks! [link] [comments]  |
| Posted: 17 May 2020 01:58 PM PDT Details: My husband and I live in a high cost of living area- Bay area, CA. In the next 2-3 years we would like to save 200-300k to start a business. Without going into details it will be a small, niche science business (we're both STEM people). We have no children (yet) and are 27 and 29 y/o. Monthly balance sheet Current take home: $12,300 Our bills (rent, phone, internet, TV, laundry, gas, electric, audible, gas, booze, insurance): $2,730 Other (food, fun, anything else): $1230 Savings: $8333 Debt: $0 Current savings account: $60,000 Is it a mistake not to be allocating money elsewhere or is it okay to just focus on the dream business? [link] [comments]  |
| 19 y/o college student looking to invest Posted: 17 May 2020 08:20 PM PDT Hey all, I have been thinking about investing my money. I currently live at home with my mom who is willing to pay my bills and car insurance as long as I am in college. I dont pay for much aside from food, vet bills for my pets, gas for my car, and any wants I have. I have an awesome habit of sitting on my money rather than spending it, because spending it on things I don't need bothers me. What is the best way to start investing? I know CashApp has an option to invest amounts as little as a dollar. Does anyone know anything about that? I personally don't trust casbapp because their customer service isn't great and people are constantly scamming others on there. Anyways, instead of sitting on my money I thought it would be a good idea to invest it and make money, and i know very little if at all about investing. Any comment helps :) Thank you! [link] [comments]  |
| Opening my first high-yield savings account. Advice please? Posted: 17 May 2020 08:18 PM PDT I was paying my Capital One credit card bill the other day when the app popped up with a promo for their savings account. The rate is at 1.5%, no monthly fees, but in order to get the $100 promo, I have to deposit $10K for my first deposit and maintain that for 90 days. No big deal, I didn't initially want to open an account with that much, maybe $5K, but for the extra $100, I figured why not? But I started researching other banks and what their rates were and the best one I found was from First Foundation. Their rate is currently 1.75%, no monthly fees, minimum deposit of $1K, any balance after that is ok, but no promo (though the higher rate actually gives me more money overall). So, doesn't that sound like a better option? I'm just not sure how often the rates change. I have one checking account and it's with BoA so there's no added benefit of already having a checking with either of these banks. I have also seen a lot of people on this board using Ally, but their rate is at 1.25% so I feel like maybe I'm missing something here? Thanks for the help! [link] [comments]  |
| I want to start a college fund for my kids. What are my options? Posted: 17 May 2020 04:25 PM PDT I sold a property recently and want to put the proceeds toward a college fund for my young kids. I'm aware of 529 savings plans, but are there other good ways to go about it? It would be nice if the money could be used for more than just education expenses in case my kids don't end up attending college. [link] [comments]  |
| Posted: 17 May 2020 08:12 AM PDT My boyfriend (24) and I (24) are only looking for a place to live in metro Atl for around 2-5 years, so we've been looking at rentals. He has good, stable income and I'm in school for nursing for the next few years. After that we don't know where we want to go yet. Everyone and their mother has been telling us to just buy while prices are low and then maybe we could sell it later on for a higher price. From looking at rentals for a couple weeks and comparing the costs to my what my parents pay on their mortgage, it seems like it's going to cost us more each month for a worse home if we rent. I know that there are more transaction costs on buying, but with the state of the market right now would we possibly be better off financially if we just buy now while prices are low and sell 2-4 years down the line? [link] [comments]  |
| Questions for New Yorkers about the SEAP program. Posted: 17 May 2020 08:06 PM PDT Hey y'all. I was just telling a friend all about my new business idea that I've been working on for the past month in preparation for my inevitable lay-off. She told me about the SEAP unemployment option and it seems like exactly what I need to get things going. This is my first business, in case that info helps. I'm wondering if any New Yorkers on here have used that program, how their experience was and if the rate that they were paid throughout is the same as your general unemployment rate. Would this also include the $600 that has been added to general unemployment due to COVID? I emailed my local NYS labor department contact but I'm concerned it will be a while before he's able to get back to me. This seems like a great opportunity and I believe I am a perfect candidate at this point in my development (very first stages), any advice or info for someone in my position? Thank you so, so much. [link] [comments]  |
| Posted: 17 May 2020 07:55 PM PDT My wife and I have saved 18000 in less then a year. Our home is paid off no car payments only Bill's are utilities and groceries. What should we invest in? We both have poor credit and no debt we pay cash for everything. We initially were saving for a new home but are considering just staying here since our house is paid off and doing some updates and keep saving but I would possibly like to invest in something. I always here people talking about money like 10 grand is life changing so looking for help or ideas. I average 50 grand a year and my wife is a private home health care aid and averages 20 k a year. [link] [comments]  |
| How can I find out if I have defaulted on a collection lawsuit? Posted: 17 May 2020 05:40 PM PDT I had a major live event years ago (2012) and became homeless. I have been w/out a mailing address since then, about 8 years. I'm still fucked, but want to know what I need to deal with in the future. In 2018, I accepted a job offer and my wages were not garnished. But that job was short lived (3 months). I was reading search results in this sub that garnishments can happen. How can I learn about collection lawsuits, if there are any at all, that I have defaulted on? [link] [comments]  |
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