Personal Finance For all the 2020 graduates and those who are now turning 18, plan ahead to open a new bank account that is solely in your name. |
- For all the 2020 graduates and those who are now turning 18, plan ahead to open a new bank account that is solely in your name.
- MAJOR warning if you have a Great Lakes student loan right now
- My bank LOWERED my auto rate!!!!
- Twins, 4 years old, we are poor-ish, what can $100 do?
- My dad (68) has no retirement plan.
- How to stay afloat on 60k/year salary?
- How to start investing HSA funds?
- Do you need to put down 20% in order to avoid mortgage insurance?
- I naively co-signed for my sister's car five years ago. She has not paid the last two months and my credit score tanked by 107 points. I wanted a house. What are my next steps?
- Is there an infrastructure ETF without energy exposure?
- Was I scammed or was I given $500 by a stranger?
- I'm starting a new job half way through the year, can I somehow reduce the amount of tax I pay every paycheck?
- Inherited $12,500 from grandma’s life insurance and I want to make the most of it
- Parents are in a tough financial situation. What can I do to help them?
- Diving into investment properties
- WFH from a state where my company is not registered as an employer - state taxes
- canadian tax question
- College student starting a Roth IRA
- I am about to lose $3000 with a dispute if Wayfair cannot locate the refund that Chase sent it back to them. What should I do?
- Downpayment funds for future home
- 22 y/o with 15k in savings, any advice or know what’s the smartest thing I can do to preserve it is?
- Getting kicked out of apartment, cant secure a new lease. may go homeless, please help
- Got a used car loan, but didn't use it. What now?
- What is paycheck parking?
| Posted: 13 May 2020 08:15 AM PDT It's generally required for a parent to co-sign a minor's bank account in the US. Once you turn 18, the best course of action is to establish an account in your name ONLY so you have sole control of it. It would even be better if you can establish the account at a different bank/credit union than the one the minor account was in, to avoid any inadvertent connections between the previous and new account. Bank personnel can make mistakes and link up what they thought were similar accounts, or give close relatives unwelcome access to accounts in an attempt to be "helpful". There are several reasons for this. Stories of people who are still using the accounts they had when they were minors who are shocked when their money is suddenly taken away for reasons beyond their control are not uncommon. Parents can have financial problems and either use the money to pay off their debts or the money is seized by the institutions that they owe. There could be disagreements between parents and their kids over the kid's life choices, so they take the money away as a punishment or for control. It could just be selfishness and greed, so the parents decide to just take the money. Who earned the money in the account doesn't matter. If two people are named on the account, the money belongs to both parties and the bank isn't going to stop someone on the account from withdrawing the cash. Getting it back can be a difficult legal process, if it's even possible. Having your own account does not mean that parents can't send money if their child needs it. All they need is the account and routing number (the same information that would be on a check) to deposit money into the account. In addition, PayPal, Zelle, Venmo, or any number of banking apps are available they could use to send money if they're still financially supporting their kids or even just want to occasionally send some money as a gift. Other excuses may have good intentions at heart, but from a safety and security standpoint, it's best to establish an independent banking account. [link] [comments]  |
| MAJOR warning if you have a Great Lakes student loan right now Posted: 13 May 2020 12:01 PM PDT TLDR; Great Lakes submitted the WRONG student loan status code to the three credit bureaus for ALL of their customers with student loans (as part of the CARES act) and it's causing everyone's credit scores to drop 40-50 points. I'm in the midst of buying a house and my lender pulled my credit yesterday. She told me what it was and I was shocked, it was lower than I thought. I know numbers fluctuate from free services like Discover and Credit Karma, so I looked at Credit Karma to see the numbers from two of the bureaus, and sure enough, a MAJOR drop of 45 points on both of them over a 4 day update period. I know the numbers themselves aren't super accurate, but the trends sure are. I saw some articles on this subreddit today alluding to this issue but I wanted to verify the info. I googled and found ONE article about this here. It was actually pretty informative and accurate. I called Great Lakes and a woman confirmed that it was true: their company had provided the wrong 'code' to the credit bureaus, essentially causing everyone's student loans to look they are in REAL forbearance/deferral. I asked if it was worth looking at my account to see if I was one of the ones affected and she told me that it wasn't necessary because it affected everyone across the board. Wut. My follow up was 'when is this going to be fixed?' and she said on May 31st they send their normal monthly report to the three bureaus and it will have the correction in there and will set everyone's accounts back (yeah right! Trust but verify!). As for when the bureaus will fix it once they receive the new information, I am still sitting on hold with one of them now to find out. The last thing I asked her was if this was written publicly anywhere so that I can show my lender proof of this information. She said that they don't have it posted anywhere. WTF! No press release, no statement, NOTHING. Feels weird to know about something that affects so many people, yet there's only one article on it. I'll update this post once I talk to someone at TransUnion. What a crazy year. [link] [comments]  |
| My bank LOWERED my auto rate!!!! Posted: 13 May 2020 01:46 PM PDT Today I called my bank who does my car loan. Back story: when i got approved for my car loan, I had just switched job fields, so getting approved was not an easy task. I got approved in November 2018 for 7.4%. In the last year, my credit score has gone up quite a bit and I feel like 7.4% is outrageous for my car loan. So I called my bank today and asked them if they could look into refinancing my loan. She said they dont do existing customer refinances. But she said she would see if they could qualify me for a lower interest rate on my current loan. She came back on the phone and offered me a 4.6% rate, no hard credit check needed, for a one time $50 processing fee that gets added on to the final payment of the loan, or final payoff, whichever comes first. My payment just went from $266 a month to $200 a month. And this happened in one 10 minute phone call, no credit check, and no hassle with dealing with a new bank. I was planning on refinancing but now I dont have to. This is amazing news for me, and nothing like this has ever happened hassle-free. I thought I would share it with the community!!!! [link] [comments]  |
| Twins, 4 years old, we are poor-ish, what can $100 do? Posted: 13 May 2020 02:48 AM PDT What's the best way to start at $100 each when they are about to turn five? Neither parent (me nor their dad) is planning on going back to school. He makes lower middle class wage, I am a sahm. We're hope to put small amounts into their account every month, but sometimes it might only be $5 or $10 dollars. Edit... Okay, okay. I wasn't raised to know these things. I'm middle aged now, and trying to learn so my kids can learn from me. I was being sincere in my questioning. We own our own home. My significant other makes solidly middle class wages for our city. I have ALWAYS had a career. I quit when my daughter (who has two rare chromosome duplications) began to have seizures. We're not lazy. I just want to know the best way to prepare my children for the future if something happens to me. My mother died when I was nine. [link] [comments]  |
| My dad (68) has no retirement plan. Posted: 13 May 2020 08:14 AM PDT He has about $40K in savings and $10K in credit card debt, but no other accounts. I (27) live far away with my fiancé, but he keeps hinting at moving in with us even though we don't have a great relationship and I have no plans of moving to a larger apartment. He's currently collecting unemployment but refuses to go back to work once coronavirus is over. I make comfortable money, but I work two jobs and I'm trying to save for a family. Is there a way I can help him use his own money to last longer? [link] [comments]  |
| How to stay afloat on 60k/year salary? Posted: 13 May 2020 01:29 PM PDT I'm the only one making $ for my family of 4 in city of LA Rent: $1850 Car: $150 Car insurance : $100 Food: $300 Bills: $500 (phone/Electricity/water) Gym: $20 Basically I spend close to 3k per month and my net pay is like 3.4k per month. I can only save $400 per month. how the hell do you guys save so much?I don't even got loans to pay off Edit: I'm just a young guy who is supporting my sister/mother/father [link] [comments]  |
| How to start investing HSA funds? Posted: 13 May 2020 05:59 PM PDT We've been working on maxing out our HSA, and are now able to invest part of our balance. We're hoping to continue doing this as an additional retirement account. I've been trying to decide what funds would be best to include, but I'm having trouble wrapping my head around it all. I'm somewhat familiar with Vanguard, but there are so many other options. I know it's better to pick funds with low expense ratios, but is there anything else we should look for when picking funds? These are our options: American Funds Capital World Gr&Inc R6 BlackRock Equity Dividend K Dodge & Cox Income Fidelity Low-Priced Stock † Invesco Oppenheimer Developing Markets Inst John Hancock Fdmlt Large Cap Core Lord Abbett High Yield F3 Neuberger Berman Genesis Fund - INST PIMCO GNMA & Government Securities INST PIMCO Low Duration Instl Schwab Target 2020 Index Fund I Schwab Target 2030 Index Fund I Schwab Target 2040 Index Fund I Schwab Target 2050 Index Fund I Schwab Target 2060 Index Fund I T. Rowe Price Blue Chip - I † Vanguard 500 Index - A † [link] [comments]  |
| Do you need to put down 20% in order to avoid mortgage insurance? Posted: 13 May 2020 03:24 PM PDT Looking to buy a house. My credit score is almost 800 and I was wondering if I have to put down 20% or can my score help me avoid mortgage insurance? [link] [comments]  |
| Posted: 13 May 2020 06:01 PM PDT She is 43 and I should have known even when I was 21 that this was going to happen. I am struggling in this pandemic, but I have managed to have a clear report and great credit all my adult life. I ended up paying the $500 that was owed just to help myself out even though I know I just enabled her. Credit and report aside, my husband and I were going to start looking for houses next year, but now I have this big tank in my report. Aside from cleaning things up, what can I do to be able to not affect my getting a loan for a house? I am so angry that I cannot think straight, but if anyone is willing to help with advice as to how I can clean this up, I can share more details. [link] [comments]  |
| Is there an infrastructure ETF without energy exposure? Posted: 13 May 2020 05:29 PM PDT A lot of the big infrastructure ETFs have sizable energy exposure. Looking for something that's solely focused on rebuilding roads, bridges, damns, etc. [link] [comments]  |
| Was I scammed or was I given $500 by a stranger? Posted: 13 May 2020 05:41 AM PDT a month ago, a stranger venmoed me $500. they then said it was a mistake and for me to send it back to them. I blocked them. venmo also contacted me and asked me to send the money back. I never did. It's been a month and the money is still in my account. Is it safe ? what do i do with the money? I'm not going to send it back. update: i sent a message to venmo and they said the transaction looks legitimate. the user is also active. but i rather be safe. maybe in a year if the money is still there i'll pull it from venmo and donate it. [link] [comments]  |
| Posted: 13 May 2020 04:20 PM PDT I'm starting a new (my first) job in the USA. My salary is listed as 140K/year. However, I'm starting June 1, so I'll only be working for 7 months rather than 12. I've calculated my projected income to be $72,916 for the year of 2020. Instead of being taxed at the rate a 140K/year person would make and then have to collect overpaid taxes back, is there any way I can pay less taxes each paycheck as I go along? [link] [comments]  |
| Inherited $12,500 from grandma’s life insurance and I want to make the most of it Posted: 13 May 2020 08:00 PM PDT My grandma passed away almost exactly two months ago and left money to everyone in my family via her life insurance policies. I was left $12,500, though technically it was left to my mom so she's trying to figure out the best way to transfer it to me. I'm 23, unemployed due to both medical reasons and the pandemic (I just started collecting unemployment as of this week), and live with my mom and my boyfriend. My boyfriend and I have plans to hopefully get married and start a family within the next few years, and I would like to use some of the money towards those goals. Not only would it make them more achievable, but it would make it feel like my grandma is helping with those things, so to speak. That being said, in the mean time, I'm not sure what the best plan is for the money. It's a large amount, especially for someone my age, and I really don't want to touch it unless there's an emergency. I also would like it if I could put it somewhere where at least part of it is making more money in the mean time. I'm not knowledgeable enough to invest, so I was thinking either a savings account or a CD? Any other options? Honestly the money is the last thing I care about right now since my grandma was a huge part of my life and one of the people who raised me and it feels like a part of me is missing, but I know she wanted everyone to be taken care of even after she was gone and I want to make sure that's the case. [link] [comments]  |
| Parents are in a tough financial situation. What can I do to help them? Posted: 13 May 2020 05:03 PM PDT TL;DR: Parents can't get their debt under control, what can I do to help them? With offices being closed, I (22M) have moved back home with my family during COVID to get out of the city. During this extended time at home, I am realizing that my parents are in rough financial shape (lawsuits from creditors, foreclosure, behind on taxes, etc.) and are in, what I am assuming to be, a large amount of debt. I explained the possibility of forbearance on their mortgage due to COVID, but they were behind on their obligations prior to COVID and forbearance has not been offered. I have money saved up that I can offer to help, but I'd rather get them professional assistance as it could have a lasting impact on their financial situation, as opposed to temporary relief if I were to pay a small portion of their balance for breathing room. Are there any programs available that would help them with their debt? I've seen mixed reviews about debt relief programs, and working with lawyers could be costly. Any input you all have would be greatly appreciated. I really want to help them with this, and it has been tough on me discovering the extent of their problems. Thank you in advance for any ideas or input that you are willing to share. [link] [comments]  |
| Diving into investment properties Posted: 13 May 2020 07:47 PM PDT I am considering diving into an investment property, specifically a duplex, so I can rent out both sides. The one I am looking at has one of the two already occupied with a tenant in it. Total income would be about $1275 a month with both filled (est). I am a 39 year old single man (not married), and have been at my current employment for just shy of 10 years. Prior to this, I was military. I have enough in my 401k to buy the property outright if I eat the penalties for withdrawing from it. I have enough in savings for 3 months of expenses in case both sides are vacant or unable to pay rent for whatever reason. So, looking for advice from all of you, which are infinitely smarter than I. I know the typical advice is to not pull from the 401k, but I'm curious if this is worth that hit. Should I dive into this? If more info is needed, ask and I will answer. [link] [comments]  |
| WFH from a state where my company is not registered as an employer - state taxes Posted: 13 May 2020 06:13 PM PDT This has been six months in the making, but I figured there may be more info now on remote work. I am employed by a company that has offices in three states. I worked remotely from one of the states where we had an office. Six months ago, I moved to a different state, and the company doesn't want to register here, but approved my permanent WFH arrangement. I was told that I'll have my SC taxes withheld as usual, and to claim them back every year, and be responsible for OR taxes myself. If asked, "I take direction from the SC office". I know this is not the legal way to do things, and that my employer should register in OR. They refused. I'm still an SC resident for the purposes of payroll taxes. Are there any penalties for me if this were to become clear to Oregon? Should I push harder to get my company to register as an employer here? Do I just keep filing my own taxes in OR, and paying them, while getting the full SC refund, as if this is totally normal? [link] [comments]  |
| Posted: 13 May 2020 07:47 PM PDT hey all so i freelanced a bit last year and i only made around $5,000 in 2019. I had my accountant do my taxes and under the "Total Income (Line 15,000)" it sais my total income was only around 1,715.35. Is this a mistake or am I missing something? [link] [comments]  |
| College student starting a Roth IRA Posted: 13 May 2020 12:00 PM PDT Hi all, I'm a college student and have about $5k of savings that I'd like to contribute to a Roth IRA. I made an account with Vanguard about a month ago and transferred the funds over from my bank. However, when I started doing research into actually investing and picking ETFS and stocks it seems somewhat intimidating and harder to keep track of than the pie-portfolio plans that I found when researching M1 Finance. It looks like M1 would make it easier to diversify and automate things. I'd prefer to have just one active account for the time being. Should I withdraw all my funds out of Vanguard and move them to M1? Is it okay to have an empty Vanguard account or should I close it? I'm trying to figure this all out just by researching so I would really appreciate some advice! [link] [comments]  |
| Posted: 13 May 2020 12:46 PM PDT So this is a long story.. I placed an online order of coffee machine ($3119.43) from Wayfair on December 20th of 2019. The item supposed to arrive on the Dec 23rd and I received a box empty. I called Wayfair immediately for help on the same night and they told me to dispute the charge since they couldn't help with that. I called Chase the next morning to start the dispute process (December 24th). Soon after the call with Chase the item showed up at my door but at this point it was too late. The item was supposed to be the Xmas gift for my friend and I received after Xmas so there was no point to keep. I already initiated the dispute with Chase earlier so I called Chase again to cancel the dispute and start the return process to receive my money back because it would be wrong to start a dispute but having an item in hand. I mailed it back to Wayfair on the 26th of December around 12:24 PM with the tracking number and I received a refund confirmation from the email for the refund of $3069.85 immediately after I dropped of the package (full amount minus the shipping charge of $49.58). Ever since then I have never received the refund from Wayfair for the any amount whatsoever. I called Wayfair after one week to check my refund status and they told me they received the item back and they are now aware of the dispute I placed. I told Wayfair I canceled the dispute, returned the item back to Wayfair and all I need know is to receive a refund because technicially the dispute was cancelled and I returned the merchandise. They agreed to it and the last communication I received from Wayfair was around January 3rd. Wayfair told me they already refunded me but I wasn't sure if they referenced to the dispute or the actual item that I returned back to them. After a few weeks of unsuccessfully retrieving the refund, I went back to Chase and re-initiated the dispute with my credit card company on January of 26th providing all the information I had at the time including the tracking number and the refund confirmation email from Wayfair but I never received any money back. Ever since the reopen dispute with Chase in the late of January I never heard back from Chase or any updates from Chase. I assumed they were taking time to investigate because of the complication process (open-cancel-reopen) and with the COVID-19 I thought the process was taking longer than usual. However, on April 3rd, Chase sent me the later saying the charge is valid and the fund were returned back to Wayfair on 1/7/2020 when I canceled the dispute on 12/26/2020. Chase cannot assist me any further. It is up to Wayfair to find the fund. I was furious and lost so I decided to call Wayfair and Chase again as a liaison to ask for the latest status. I spoke to this person named C from Advocacy team from Wayfair (4/24/2020) and was advised that Wayfair accepted the dispute report received from my bank and accepted the refund credit to be issued to me through my financial institution which doesn't make any sense. I thought she referenced the original dispute so I had to send an email and explain the whole story to her but she never responded. I decided to call Chase again and spoke to B (Chase Dispute Supervisor) and she said that Chase already canceled the refund and the fund went back to Wayfair and advised me to call Wayfair to ask them where the fund is (I found this similar to the letter I received from Chase on April 3rd). At this point I was transferred to J who is also the customer advocacy at Wayfair (4/27/2020) and she advised me if Chase already canceled the refund then it would be an ARN number (confirmation number?) showing the bank send the funds over to Wayfair. I called Chase again and spoke to B this morning (5/5/2020) and asked her what the ARN number would be when Chase sent back the fund to Wayfair and she didn't know but keep telling me to wait and wait. B mentioned that it should take up to 45 days for the merchant to receive the fund back to their bank account but it looks like it has been almost 130 days at this point. After too long to handle this issue, I finally filed a complaint with Chase on CFPB to get more lights regarding this whole issue. I thought the issue could be solved but Chase Excutive team got back to me with the same response that I received from Chase Dispute Team but now having the ARN number. I was so happy and thought this will help me very much. I gave Wayfair the official letter with all related information but as of this morning I received a call from Wayfair saying the ARN number I provided was the first ARN number when I initiated the dispute. The second ARN (rebill) couldn't be locate and they have no clue. This is the letter I received from Chase. "We completed our research into your $3,119.43 charge from WAYFAIR*Wayfair that posted to your account on December 22, 2019. On December 25, we issued a temporary credit for $3,119.43 because you did not receive merchandise from the merchant. We spoke to you on December 26 and you requested to cancel the dispute. We rebilled the charge to your account on December 26 as you requested. We sent our enclosed letter dated December 27 to let you know we rebilled your account. We have enclosed your January 2020 billing statement, which shows the rebilled charge. The merchant accepted your dispute on January 7, 2020, but we returned the funds of $3,119.43 to the merchant's bank on January 7 because you canceled the dispute on December 26, 2019. We have reviewed all documentation you have provided to obtain a refund. We are not able to reopen the dispute as the funds were returned to the merchant's bank on January 7, 2020. We apologize for the delay in our response when you sent an email on January 27. We show that we sent our enclosed letter dated February 27 informing you the funds were returned to the merchant's bank. We ask that you contact the merchant to resolve this matter. The acquirer reference number (ARN) is XXXXX. They will need to contact their bank to locate the funds and issue a refund to you as we do not have the funds. The rebilled charge will remain valid including any associated interest or fees. In addition, we have enclosed our letters dated April 3 and April 18 to let you know we are not able to issue a refund." At this stage I'm already exhausted and so confused. Now I have a rebill from Chase, I don't have a merchandise in hand because I already returned it. Wayfair is saying they already issued a refund but it is pending because I don't have a fund ?? Chase said they sent a fund back to Wayfair ? I don't know what to do. Can someone help me? [link] [comments]  |
| Downpayment funds for future home Posted: 13 May 2020 07:10 PM PDT Hi all, So I am about to be a senior in college. I have around ~25k in savings. I was hoping to eventually use this as a downpayment for a house - I will be buying a house in about 4-5 years. I was planning on keeping 10k for an emergency fund and using the remaining 15k to invest as the downpayment. So my question is with this money should I put in a CD, bonds, or just leave it in my savings account? Or is there something else I should do? Thanks! [link] [comments]  |
| 22 y/o with 15k in savings, any advice or know what’s the smartest thing I can do to preserve it is? Posted: 13 May 2020 05:09 PM PDT Like the title said, I'm 22, in p okay health, still at home so the only bill I pay is my car insurance for my hand-me down car. Never owned/used a credit card. But unfortunately, I received 15k from my Grandfather after he passed. So in my current situation that money can remain untouched no problem. But, after covid winds down I'm planning on getting employed asap, and moving out with room mates, I'm scared I'll eat through my savings doing this though. So are there any tips you can give me to make sure I can keep as much of the 15k in savings as I can? From just saving in general and staying at home I have around 3k in my normal account, but that's as good as gone as soon as I move out. Rent in this area can vary from around $450-1000 a month depending on location and roommates, if that matters at all. Thank you so much for any advice! I've just seen my parents struggle with debt when I was, and I want to avoid that as much as possible. I've been truly blessed, though from a horrible way, to be able to have as much savings as I do at my age, I want to make sure it's not to waste. TD:LR I have savings, what's the best advice on how to keep most of them while moving out for the first time? [link] [comments]  |
| Getting kicked out of apartment, cant secure a new lease. may go homeless, please help Posted: 13 May 2020 11:17 AM PDT I've been living at an apartment complex that i haven't been able to pay because their rates are too high.. I'm looking for a new apartment complex but every one i contact tells me my application is denied because I have a collection on my account from another apartment complex that doesn't exist anymore (there was a change in management) Except when i try to contact the old management it goes straight to voicemail. If i don't do something i'm afraid ill end up on the streets Tl:dr getting kicked out of current place, cant get a new place because of old debt on credit report, cant contact owners of old debt. what do i do? [link] [comments]  |
| Got a used car loan, but didn't use it. What now? Posted: 13 May 2020 12:52 PM PDT I got a used car loan from my bank for a few grand just to put as a down payment on a vehicle I was looking at. After the car turned out to be NOT AT ALL as the dealer described (but it's water under the bridge), I now have that extra money sitting in my account. When I had originally received the loan from the bank, they told me that if I didn't use it, I could still hold onto it to use on a different car, or to use it to clear up any outstanding debts. My only outstanding debts are college loans and a car loan that I still owe about 7.5k on. Do I use that money to pay for my car loan, student debts, or do I just pay it back right away? They made it sound like I shouldn't pay it back right away, but I don't understand why I wouldn't. Someone help? [link] [comments]  |
| Posted: 13 May 2020 08:09 PM PDT There is a video on YouTube from VIP Financial Education that talks about parking your paycheck while using a HELOC to pay off debts. Is this a HYSA? I can't ever get a straight answer from the guy because he wants $8k for his "coaching" [link] [comments]  |
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