Personal Finance For those in the US, don't forget you'll owe taxes on unemployment benefits |
- For those in the US, don't forget you'll owe taxes on unemployment benefits
- No way out - 0 income & 0 support - Italy.
- Best Rewards cards to get when spending $20k-$30k
- Was paying off a medical collections account, they closed it early, my credit score tanked? And now I can’t dispute it, help?
- Sheraton told me they will refund me within "120 days", is there anything i can do?
- 50k in the bank, 26k salary, is owning a home possible?
- My car was totaled and I wasn't driving it.
- Veterans - now is the time to refinance your mortgage, and the VA has streamlined the process with the Interest Rate Reduction Refinance Loan (IRRRL) option!
- Help me understand my auto loan balance
- Employer would deduct from my sister paycheck
- Have taxes Withheld vs. Stashing it in a High interest savings account and pay at tax time?
- Non-compete advice please.
- Just hit my 6 month emergency fund goal due to shelter in place. Where to focus money now?
- Question about newborns and insurance
- Donating to local restaurant.
- Keeping paper ledgers to keep track of bank finances
- Has anyone ever put money into the stock market just pretend like its not there?
- Have filed almost two full months of unemployment claims but no response yet
- How much to contribute in 401K and other retirement options?
- Is there any downside/catch for using Mint?
- We found a crack in our foundation, and it's going to cost $14K. What is the best course of action pay for it?
- 24% credit card interest ��
| For those in the US, don't forget you'll owe taxes on unemployment benefits Posted: 27 May 2020 11:14 AM PDT Recently saw a post on social media with someone saying they weren't going back to work until unemployment runs out because they're making so much more at home "and none of it is being taken in taxes." It isn't taken out of the check, but unemployment benefits count as income and will be due next year. [link] [comments]  |
| No way out - 0 income & 0 support - Italy. Posted: 27 May 2020 04:49 AM PDT Hey everyone, I don't see what advice anyone can give to help in this situation but at this point I'm unsure what I can do. So the situation is I lost my job where I live in Rome, started a business that then had to shut before making any money due to th virus. I've used up all of my savings trying to survive since losing my job and have 0 income despite trying everything to find work remotely, in Italy or even by relocation to the UK. My monthly outgoings are: Internet and phones: 50 euros Condominium: 150 circa Rent: 800 euros Food: 300-400 month (children) Utilities: 80 Total: 1480 euros basic outgoings Girlfriend gets 380 euros a month from the government and that's it, to help with the baby. We get no other help or support and I have been rejected from financially support numerous times. Me and my family stopped all unnecessary spending awhile ago and I've even borrowed 4500 to try and keep me going and this is almost gone. All my assets have already been sold, apart from essential things like clothes, cooker and a cheap TV. To me, this seems hopeless, but do any of you have any ideas? Especially those in Italy. Thanks. [link] [comments]  |
| Best Rewards cards to get when spending $20k-$30k Posted: 27 May 2020 06:28 AM PDT My wife and I are moving into our new house in a few months and are planning to spend between $20k-$30k on assorted things for the house. What are the best Rewards cards I should use for spending this kind of money? We have an Amex platinum that we've reached the rewards for already [link] [comments]  |
| Posted: 27 May 2020 05:49 AM PDT Hi all, I had a small medical bill of $400 that I was making payments on for a while and according to my records it was supposed to be paid off in June or July so I was close to being done. Today I get a notification that they closed the account, it doesn't show anything was paid, and my credit score tanked 100 points. Meanwhile, Credit Karma sent me an e-mail that it was a "new" collections account but when I go to Credit Karma and ask to see what's changed to make my score different, it's only positive things such as collections balance decrease and collections account closed. My first question: why did my score drop 100 points and how can I fix it? Also, it only dropped my score on Equifax, the other one wasn't affected. Second, I went to the Equifax website to dispute the account. I went through the whole process and when I looked up my "negative" accounts, the kicker is this collections account wasn't even there to dispute. So what am I supposed to do here? This update supposedly happened on May 22nd so I figure it'd be all updated by now. Any help is greatly appreciated, thanks. [link] [comments]  |
| Sheraton told me they will refund me within "120 days", is there anything i can do? Posted: 27 May 2020 07:08 AM PDT I had a room reserved for a wedding that was moved. The whole block was cancelled by the bride/Sheraton; I got a text telling me it was cancelled on 5/12. I called today to inquire about when i would get a refund since it's not back on my card yet. I was told "Due to Covid, the refund may take up to 120 days" Is there anything I can do about it? Is it possible to dispute the charge with my credit company (Chase) maybe? The charge was made all the way back in September 2019. [link] [comments]  |
| 50k in the bank, 26k salary, is owning a home possible? Posted: 27 May 2020 07:08 AM PDT I live in Northeast Ohio, as a frame of reference for housing prices. I'm single, so it would just be me. Is it even doable or advisable to look into homes? I'm still living with my parents, and they're not pressuring me to leave or anything, but it is a drag. I don't want to deal with a roommate (I'm a pretty nerdy, reclusive person) and I guess I've been assuming that living alone wasn't financially sustainable for me, but maybe I'm wrong. [link] [comments]  |
| My car was totaled and I wasn't driving it. Posted: 26 May 2020 10:41 PM PDT So here is what happened. I lent my car to my dad yesterday, he had my full permission to drive it as he has to commute to work, and I do not. His car is currently at the mechanic. Today he was on his way home, driving my car, and some teenager blew a stop sign and my dad had gotten in an accident. Not his fault, idiot kid blew the sign and my dad really had no choice but to hit him. The accident totaled my car. My dad is an extremely defensive driver, and this was not his fault. Good news? Car is paid off in full. So I have no balance to worry about. My question is, I'm worried about what repercussions this may have on my dad (even though in the claim I admitted he had my permission to use my car) and I am also wondering how this is going to pan out for me because I was not even there, nor driving the car. I did submit a claim, dad sent me all the photos and information on the kid that hit him. I just want to know what other things I have to be worried about, if I have anything to worry about at all. This just happened today and tomorrow I am going to deal with it and I called out of work to handle it all. Any advice is greatly appreciated. [link] [comments]  |
| Posted: 27 May 2020 02:17 PM PDT I just lowered my rate with Navy Federal Credit Union from 4.625% to 3.0%. I'll save a little over $150 per month. The process is easy as hell, way less paperwork than the mortgage itself and no appraisal is required. We simply paid for our credit checks out of pocket, the remainder of the closing costs are rolled into the loan. The VA loan is the only reason I could afford to be a homeowner, with the 0% down payment. A lot of people go on about the GI Bill, which is certainly a huge benefit, but no one should forget about the VA loan. [link] [comments]  |
| Help me understand my auto loan balance Posted: 27 May 2020 06:03 PM PDT Noticed something off about my auto loan When I made my payment on 4/24 my ending balance was 7,085.50. When I made my next payment on 5/26 it showed my old balance as 7.107.06. My payment was 276.21. It shows 21.79 going to interest and 254.42 going to principal with an ending balance of 6,852.64 My question is why was the starting balance in 5/26 more than the ending balance on 4/24? I get interest accrues daily, but my thinking is if that's why my balance increased then the whole payment should come off the higher balance amount. It looks to me like my balance is Increasing due to interest, and then interest is coming out of my payment as well. This is an every month occurrence on this loan. I have another loan at the same credit union, and the ending balance is always the same as the starting balance the next month. I asked the credit union and their answer is interest, but it doesn't add up to me. What am I missing? [link] [comments]  |
| Employer would deduct from my sister paycheck Posted: 27 May 2020 08:39 PM PDT My Sister's Employer said she would be paid two months paycheck through PPP and when she comes back to work it would deduct from her then pay check when Start working again. It doesn't makes sense I would like to explain it to my sister.. is that how it supposed to work? Or should i tell her dont participate in that? [link] [comments]  |
| Have taxes Withheld vs. Stashing it in a High interest savings account and pay at tax time? Posted: 27 May 2020 03:30 PM PDT I'm debating having as little income withheld from my income this year, and stashing the money in a good savings account with ...lets say 1.5% interest rate. W/ covid..... I'd be amazed if I make $25,000 this year. I know you can get slapped with a penalty for not paying enough taxes up front.... I've heard 0.5% of whats owed for each month. If I'm counting my pennies, and would rather get a few more bucks overall.... is it worth putting it in a savings account, getting the interest, then paying the fine from the IRS + the taxes later.... as opposed to loaning the govt. my money until tax time??? [link] [comments]  |
| Posted: 27 May 2020 05:36 PM PDT Looking for advice. Got laid off due to Covid-19. I was relocated months earlier to one of the Carolinas. I signed a PIPA which included a non-compete regarding my ability to work for a competitor. Competitor wants to hire me but has not asked about any non-competes. I am expecting an offer as early as tomorrow. When would you tell them about the non-compete? and ideally ask them to support once a cease and desist letter shows up. Only reason I haven't yet was based on an attorney recommendation... Something to do with it being evidence towards a right to work defense showing an offer that was revoked rather than not knowing if they would've offered me the job in the first place. PS. this is a burner account. [link] [comments]  |
| Just hit my 6 month emergency fund goal due to shelter in place. Where to focus money now? Posted: 27 May 2020 02:14 AM PDT As the title says, I (22M) hit my emergency fund goal ($20,000) and now I'm looking for advice on where to direct my money. If anyone is thinking $20k is too high, I work in San Francisco and will probably move there soon as 75 min commute each way is brutal for me. INCOME My salary is $80,000 with my monthly take-home being around $5,000, sometimes more if I work OT. I have opened a Roth IRA ($0) with Schwab but am not sure how much to contribute. I have a rollover Roth IRA ($1,000) with Schwab as well. I am currently contributing 12% of my earnings to my Fidelity 401k (6% roth, 6% traditional) (employer matches 3%). Should I decrease this to get the match? My employer will contribute 10% after I work there for one year (without me having to contribute anything). DEBT I have no credit card debt. I currently have just above $7000 @ 5.05% in student loan debt that I am setting aside $1200 per month until October 2020 which is when I will pay it off in one single payment. I currently have a car loan just under $18,000 @ 4.14%. The minimum is $311 but I pay $400 monthly. Other than groceries and gas, I still live with my parents and only cover utilities (~$400/mo). GOALS Travel is a big priority for me at this age so I hope to have a travel fund (how big?) and begin saving up for a down payment on a house. I also want to invest in mutual funds / stock market and reap the benefits of compound interest. My questions are: Will 12% 401k contributions OR early car loan pay off be more optimal? Should I pay off my car loan more aggressively? How much should I contribute each paycheck to my Roth IRA? Should I decrease my 12% 401k contribution down to 3% for the match? How large should my travel fund be? Is there anything else I can do today to increase my chances of being well positioned in my 30's? All input/advice/critique WELCOME. Thank you! Summary: Income: $80k Debt: $25k Savings: $20k EDIT: student loan interest is frozen during the pandemic until November 2020. i also want to hang onto some of the emergency fund due to the pandemic before applying it towards other debt. for the people demanding that i should pay my parents rent - i've tried. and they won't accept it. they asked for utilities but it's in our culture to help your kid get a head start (my mom lived with her parents until she was married) EDIT 2: for San Francisco - it's a short term move (1-2 years). Rent is about $1500-$1750/mo for a room, my plan is network into the tech industry and to use the saved commute time to invest in myself (ex. attaining cyber security / technical certifications) to increase my salary potential. [link] [comments]  |
| Question about newborns and insurance Posted: 27 May 2020 05:32 PM PDT My twins were born in April and were initially covered under my wife's Kaiser Permanente plan that she gets through her work. Since we'd gone through fertility treatment, she was already at her out of pocket max and everything more or less came out to $0. A few weeks later I added them to my company's plan, which has a lower premium, within the 30 day window. It turns out that they decided to retroactively "cover" my children under my new plan without consulting me about it, audited my account, and decided to send me a bill for my full out of pocket max. Am I correct in my understanding that they should have been covered under their mothers insurance for the full first 30 days of their lives? I will be disputing this but would like to do some research ahead of time and know what my options are. Could I simply ask them to not backdate their coverage on my plan and only consider my plan active on the day I signed them up? In addition, there is an another $500 bill under my daughter's name that was charged to my wife's account, so clearly they're double dipping. If they're going to charge my account to the point of reaching oopm, then all charges should go to that account. As an aside, I would like to let everyone know that as Kaiser Permanente customers for the last 7 or 8 years, my wife and I hate them with a red hot burning passion. We have spent countless hours disputing claims like this one and feel like they should be legally responsible for all of the fraudulent charges they've billed to us over the years and it also feels criminal that we aren't being compensated for the time we spend doing their job for then. If you have any alternatives, please do yourself a favor and do not ever do business with Kaiser Permanente. I think I've finally reached my breaking point and will be switching to an alternative provider even though premiums are significantly more expensive. [link] [comments]  |
| Posted: 27 May 2020 08:45 PM PDT This is my first post on this subreddit, please let me know if this should be posted elsewhere. I'm lucky enough to have been able to work from home during this pandemic. I live in San Diego, CA. There's a bar/restaurant in my neighborhood that had to shut down due to coronavirus. They applied for a Federal PPP loan and requested $40k. They received $12k which won't even cover 2 months rent. This restaurant is our local "Cheers". Over the years my family has gotten to know the owners and it breaks my heart that they can't pay their bills. I'd really like to donate money to them. How can I go about this legally and without totally screwing them? I really don't know how businesses work in this sense. I'd like to give them $10k. Not as a loan, just a donation, I don't want any repayment. How would something like this work? Am I ok writing a check for $10k to the restaurant? Does that trigger some kind of tax issue? Should I write 2 checks for $5k? This isn't a scam, just a family owned restaurant that I'd like to help. Any advice would be appreciated. [link] [comments]  |
| Keeping paper ledgers to keep track of bank finances Posted: 27 May 2020 08:44 PM PDT I always found it easier than checking the mobile app or the daily log in to check stuff. I can keep a old notebook with my records and write everything down. It never crashes and I find it easier to budget for the week as well as keep track of withdrawals, deposits etc etc. How do you all keep track of finances? [link] [comments]  |
| Has anyone ever put money into the stock market just pretend like its not there? Posted: 27 May 2020 08:33 PM PDT I don't have much self control and get really manic when it comes to stocks. I've always made money trading but I feel like its not worth the amount of mental drain I experience watching the graphs incessantly on an hourly basis for short term trades. This time I put a modest amount of money into the market and am going to pretend like it doesnt exist and check sometime close to the end of the year. Has anyone ever done this as a gimmick? I'm doing it partly as a fun experiment for myself and also because I know I don't have the self control to simply look away for a bit. I'll report back later this year at any rate with results even if no one cares, I want to journal the experience for myself and historically for others curious about doing the same thing, for those that are compulsive like I am. [link] [comments]  |
| Have filed almost two full months of unemployment claims but no response yet Posted: 27 May 2020 06:17 PM PDT I live in Oregon and I know they are severely backed up. I don't really understand what's wrong with my claims because they won't tell me. every week I get something in the mail saying "your claim for so and so week has been received but not paid becuase of a problem. information and instructions have been mailed to you" but it's been months and Ive not yet received any instructions on how to fix the issue! I'm getting desperate because I have no job and no money! the mail that I've received says theres an issue with my availability to work but there shouldn't be as I've stated I'm fully available to work and I'm also only temporarily unemployed so once things settle down I'll be going back to work. note: yes I'm looking for jobs but have had no luck yet. and no I'm not looking for job suggestions here. [link] [comments]  |
| How much to contribute in 401K and other retirement options? Posted: 27 May 2020 08:14 PM PDT I've always been told to contribute the maximum pre-tax amount every year into my 401K. I've been trying to do that every year since I've been working but I now make significantly more than I did my first job out of college. Does it still make sense that I only contribute the $19.5k (2020 limit) or should I contribute more than that, even though it is subject to tax? [link] [comments]  |
| Is there any downside/catch for using Mint? Posted: 26 May 2020 11:57 PM PDT I've seen it suggested a decent bit, and it looks intriguing from the little bit I've seen of it. I'm just somewhat wary of attaching so many accounts to something when I don't know the security behind it. Is there any reason to be nervous about using it? [link] [comments]  |
| Posted: 27 May 2020 04:18 PM PDT Hello all. We found a massive crack in our foundation this past weekend, and the concensus is we need a drainage system to prevent any nroe cracks and water damage. It's going to cost $14K to install the system. There are a couple options the company gave us, as well as what I have come up with so far:
This is the first major home issue we have had, and we obviously cannot pay for it out of pocket at this time. I was leaning toward my 401K loan, but thinking about it... With my rate of return, I'd be missing out on more money than I'd pay to interest if I take the loan. Anyone have any experience / advice to give, we'd greatly appreciate it! [link] [comments]  |
| Posted: 27 May 2020 07:56 PM PDT I am laying 24% interest on a credit card and when I put in funds most of it is taken away by interest charges! What options do I have? Am I able to negotiate with capital one to bring interest down? I was advised to do a credit transfer but not sure if it would be approved. Any suggestions? Update: balance is about $14K, monthly payments at $500. Only paying the minimum at the moment because it's all I can do 😔 [link] [comments]  |
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