Personal Finance Just signed a long lease at an expensive place and less than one month in my SO broke up with me. |
- Just signed a long lease at an expensive place and less than one month in my SO broke up with me.
- How to avoid disclosing your income when asked directly?
- I just learned that my parents opened a credit card using my SSN when I was only six months old
- Was paying off my debt a mistake?
- My mom has over $20,000 in credit card debt, she is considering withdrawing from her 401k since penalties have been waived to pay it off. Is this a good idea?
- What Should I Do With My Savings?
- settlement check
- Is it wise to save money while paying some bills and be late on others or pay off everything then save money afterwards?
- Buy with 4% down or wait 3-4 more years to save up 20%?
- Paying of my vehicle payment early....is it worth it or no?
- Never Received Last Paycheck from Employer
- Should I open an IRA or just dump more money into my 401k?
- Second thoughts about Dave Ramsey's Baby steps and why I am happy I did not follow it.
- (US, NY) Unemployment might be taken back becuase I worked at a university? I don't know if I did something wrong here.
- Trying to find out what’s the best type of savings account I should set up for my special needs child.
- Graphic about three investor examples (Active, Passive, and Early)
- New Job for late 50 yr old shop keeper?
- Medium term apartment/house leases?
- How much I spent on coffee last year.
- Should I pay off all of my student loans first? Or keep investing...
- Refinance or HELOC for investment property? or neither?
- Does cost-basis matter when selling all your shares?
- Help with Dispute
- An alternative way to grow your savings that worked much better than automatic deposit for me.
| Just signed a long lease at an expensive place and less than one month in my SO broke up with me. Posted: 24 May 2020 04:28 PM PDT Title kind of says it all. Where do I even begin? I'm fairly new to renting and I could likely manage paying everything but it'll be a rough 13 months. I need a starting point and any advice you guys can offer. Thank you. [link] [comments]  |
| How to avoid disclosing your income when asked directly? Posted: 24 May 2020 12:14 PM PDT Something that really bugs me (25F) is when people ask how much money I make, for two main reasons:
How do you answer in a way that is not confrontational but puts people in their place? [link] [comments]  |
| I just learned that my parents opened a credit card using my SSN when I was only six months old Posted: 24 May 2020 10:07 AM PDT If this isn't the right subreddit for this, I apologize. And I'm using a throwaway account. I'm devastated right now. I was looking at my credit report and actually am digging much deeper now and came across a closed account that was opened in April of 1987 and closed in July of 1997. It's a card that I remember my parents mentioning frequently as what got them into a ton of debt (they would eventually file for bankruptcy). This is listed under my closed account, but I have no balance information or anything, other than the SSN it was opened with and the dates. I was ten years old when the account was closed, and I'm 33 now. The account was opened when I was six months old. I have some questions:
If this info helps:
Pretty taken aback right now. From a quick search: "A child's Social Security number can be used by identity thieves to apply for government benefits, open bank and credit card accounts, apply for a loan or utility service, or rent a place to live. Check for a credit report to see if your child's information is being misused." It just doesn't answer my above questions. [link] [comments]  |
| Was paying off my debt a mistake? Posted: 24 May 2020 07:22 AM PDT Yesterday I paid off a debt of $10,682 on a whim and now I'm wondering if I made a bad decision. I'm self-employed in an industry that was hit hard by coronavirus. This was in the middle of my financially responsible year of paying off a ton of debt (So far paid off $20K of high interest debt while cash flowing a major expense of $22k). I'm still making money, but much less than usual. A reliable baseline of $2000 per month no matter what, but likelier $3000-3500 per month with freelancing. My expenses are cheap now (moved in with brother's family rent-free in exchange for helping with kids) and I can survive on that. That debt was a loan at 18.45% with a $1018 monthly payment. I was two years into a three year plan to pay it off. I know conventional wisdom says you should have a big emergency fund for these times especially when you're an impacted industry (my emergency fund was at $12k as I paid off debt), but I did math and realized that the emergency fund would probably end up going toward this monthly payment, so why not just pay it off, save $1000 in interest, and be rid of that $1018 monthly payment for good? I paid off the $10,682 and it felt great but the next morning I'm freaked out that my $1000 emergency fund is too small. I feel like Dave Ramsey would be happy with me but Suze Orman would be furious! I still have debt to repay ($885 per month loan at 16.45%, $18562 to go and $158 per month student loan at 5.35%, $2043 to go) but I think I'm going to take a breather and pay the minimums for a few months as I funnel extra money away. I let debt ruin my life for too long and I got in too deep, but now I'm trying to knock that out however I can. Do you think I did the right thing? [link] [comments]  |
| Posted: 24 May 2020 07:06 PM PDT Long story short, my single mom had stage 3 colon cancer and was out of work for a decent amount of time and accrued a lot of credit card debt two years ago. She is a nurse, so she has a stable job at this time. Since they've waived the penalty to withdraw from a 401k through the CARES act, my mom is considering drawing enough to pay off her credit card debt. It is said that as long as you pay this back within 3 years then it will also be tax free. Is this a good idea? Any further advice on this? Thanks so much. [link] [comments]  |
| What Should I Do With My Savings? Posted: 24 May 2020 05:49 PM PDT Hi there, I'm 21, currently a 3rd year CS Student at my university, and I've looked at this reddit a ton of times to see what I can do with my savings or for saving techniques. Right now I have $17,000 in my Savings and about $1000 in my Checking (I try to keep 1k in checking at all times). This is what I've accumulated over the last several years since I am a Calculus tutor on the side and have landed a job at my college as a tutor and also tutor a ton privately as well. However I feel that it's a bad habit to just let $17,000 idly sit in my savings, so I was wondering: what should I do with it in order to make more money? I realize people will say invest, buy bonds, but I am unsure of how to even start doing those things and would like to be pointed in the right direction. Any help or advice at all would be greatly appreciated, thank you! [link] [comments]  |
| Posted: 24 May 2020 05:58 PM PDT New here, have a question not sure if this is the appropriate sub to post but if not please let me know and I will delete it asap. I'm 23 years old male and live in the Midwest, my parents were killed by a drunk driver about 3 yrs ago, finally we are getting a settlement since we both live about 1000 miles away from each other but look like my sister is making me nervous, she is telling me to sign a certified letter and send it to her so she can only get one check and then she will send me my share about 125k but I'm just not trusting her, Is it possible to get check each of us separately or it's easier that way? Apology on some grammar errors as I can't think clearly. Thanks [link] [comments]  |
| Posted: 24 May 2020 06:56 PM PDT I'm 28 years old. I'm in debt. I have a job, but it's part time so I don't make lots of cash. My credit score is low with 3 closed accounts(due to non payments), 1 collections, 1 settlement. I have 2 payday loans I'm trying to pay off. I have lots of things in the pawnshop that's past due. I'm 3 months past due on my phone bill and internet. I'm almost a month pass due on an open credit account. I fucked up so badly in life that sometimes I just wanna give up and let things go. I want to save money, but if I do some bills will get left behind. I desperately want to get my own place 2 years from now, but I feel so lost. A lot of past dues/closed accounts are on a payment plan. If I save money, some of my bills will go past due. What do I do? Thanks in advance. [link] [comments]  |
| Buy with 4% down or wait 3-4 more years to save up 20%? Posted: 24 May 2020 07:29 PM PDT Question says it all. My partner (29M) and I (27F) will have 8% (4% down and 4% for closing costs) saved to purchase a 450k condo by the end of 2020 and we have 6 months of living expenses saved as well. We're trying to decide if it's smarter to get into the housing market with 4% down since home prices continue to increase around 20k per year in California. If we wait another 3-4 years till we save 20% down then the home we could have got at 450k might be around 530k. At the same time I like the idea of not having PMI but I'm not sure if it's worth trying to achieve because it feels that the longer we wait the harder it will be to buy. Looking forwarding to hearing your thoughts and opinions on this. Thanks. [link] [comments]  |
| Paying of my vehicle payment early....is it worth it or no? Posted: 24 May 2020 04:49 PM PDT For background I am active duty military, been in for 5 years and just re-enlisted for another 4. I bought a truck about a year ago, a Nissan Titan Platinum Reserve. The loan was for $33,000 and so far I have paid it down to $27,190. Normally I pay around $550 monthly towards the loan but I was wondering if I were to allocate an extra $200 a month towards it and split it bi monthly so I would be paying around $375 each check in order to pay it off around 2-3 years faster, would it be worth it? The vehicle loan is an interest rate of 6.05% and is supposed to be for 72 months Being single and active duty I pay for little to no regular expenses, and the only other real bills I have are small time ones such as internet, Netflix, etc. I also have a a decent fund in my bank account due to reenlistment bonuses and being smart with my money and not just spending it on everything. I don't hurt whatsoever spending the 550 a month on the payment so far but I have had several people tell me paying off a vehicle faster is relatively a bad idea due to depreciation of vehicles over time. Bear with me, this is my first post to this subreddit, and if I'm leaving out any information that could help let me know. [link] [comments]  |
| Never Received Last Paycheck from Employer Posted: 24 May 2020 01:11 PM PDT My employer terminated me in September 2019. I'm just realizing that I never received my paycheck. Is it recommended to call payroll first? Or should I just file a complaint with the California Labor Board? [link] [comments]  |
| Should I open an IRA or just dump more money into my 401k? Posted: 24 May 2020 04:39 PM PDT I work for a company that matches 50% up to 6%, if im investing 6% currently is it more worthwhile to up to 10% or open an IRA Single earner with child, 120-130k per year, home owner with low mortgage and low cost of living area [link] [comments]  |
| Second thoughts about Dave Ramsey's Baby steps and why I am happy I did not follow it. Posted: 24 May 2020 09:51 AM PDT According to DR's baby steps you need to have $1k set aside and pay all your debt expect your home. I still owe $10k on my car and I have about $10k cash in hand and was debating if I should pay my car off, but when the current financial crisis hit, I was happy I did not pay it and kept the cash. I currently pay $40 a month in interest for my car loan and I am willing to pay that and know that I keep the $10k cash in hand. Having this amount of cash right now gives me way more peace of mind than a paid off car that I can always sell and get done with if need be, vis a vis having a full paid for car and no cash in hand. It's is true, I can always loan cash if needed instead of having my car loan open BUT My car loan rate is 4.4% , plus I still have over 5 years on my car loan, no personal loan will come with such great terms. Plus my car has gap insurance and a maxed out regular car insurance. If anything happens, I am off the hook. Bottom line, Yes paying off your debt is good, but it cant be a blind cure for all. It should be a case by case basis and a proper analysis should be conducted. The way I see it, I am getting a very cheap cash loan with excellent terms in times of a crazy crisis. Which is not that bad consider all things. [link] [comments]  |
| Posted: 24 May 2020 02:04 PM PDT I was working at a CUNY school (basically three jobs... PhD student and also paid research assistant and also adjunct lecturer, all of which are separate). The main salary and also main duties was being a researcher, working for a specific scientist, who quit with no warning. For a few months after that, I only taught and was only paid to teach, but I don't think anything really changed. Then after the semester ended, they didn't renew my contract for either being a researcher becuase the person I was researching for was gone, and I also left the PhD program and did not get picked up to teach any more. This was the 2018-2019 academic year ending last June, and I didn't file becuase I thought I would be able to find a new job quickly, and. Once the pandemic started and I saw hiring basically stop I realized it would take a long time to find a new job, so I filed right away, in March. Yes, I know it was stupid to wait so long, I don't have a reason for doing that. But it seems that they base your eligibility on your declared income from the last 5 quarters (based on something on the NY DOL website I had to fill out) and I had income for 3 of those. I said I was unemployed due to lack of work, which I think is an accurate representation of the facts because I was basically put out of work due to the PhD advisor leaving and therefore I was not getting paid to research and the department didn't hire me back to teach anymore afterwards, as they only hire active graduate students. Anyway I have been getting UI plus the 600/month coronavirus boost for about a month, but yesterday (5/23) I got a letter (dated 5/5) saying that I may not be eligible because I worked for an educational institution. It had some questions in it, such as who I worked for, how much I was paid, was it part time or full time etc. It said if a response isn't recieved within 7 days (so, by 5/12) they would determine eligiblity based on info they already have, so I guess they would ignore my questionaire. It also said benefits will be frozen until they determine anything. However I still got deposits on 5/12, 5/18, and 5/20 (some was for back-dating benefits to march when I applied, as I didn't start getting any deposits until 5/11 even though I applied on 3/20 or something like that). I don't know if this means I passed, or everythign is delayed, or what. I was able to certify for this week today on the department of labor website. Nothing appears to be different on the website. I also had like five different job titles and was paid from a lot of difference sources when working at the school. PhD student, research assistant, graduate assistant, adjunct, adjunct professor... I was paid from the chemistry department, from the university as a whole, from my PhD advisor's research grants, from the department's research foundation, from the individual college within the unviersity... generally all at the same time, on different W2s, some paid hourly, some paid salary, some paid two lumps per year, etc. I have no idea how to handle any of this paperwork, which i regardless don't have anymore because I had a flood. On my iniital application I just said I was a research assistant becuase that was what I considered to be my main job. I honestly have no idea if I broke any rules or misrepresented anything. I tried to be as honest as possible but the paperwork and bureaucracy of the university system is so complicated that I don't even know how to answer questions like "who did you work for" and "were you full time or hourly" or "how much were you paid"... When they asked who I worked for, I said the university because that's where I physically went to work, but who my actual on-paper employer is is... complicated. I am fortunately in a position where I won't be totally screwed if they cut off benefits, but I might be totally screwed if they try to take back the ~7 weeks of benefits they paid out already. I also don't know if I can get some kind of penalty or credit hit or judgement against me or something for being accidentally in the wrong here. Sorry for the wall of text, I'm freaking out a bit here. [link] [comments]  |
| Posted: 24 May 2020 12:41 PM PDT First time poster here, Me and my wife were having a discussion the other night about what would happen to our 11 year old special needs child (severely autistic and may remain dependent through adulthood) if we both were to die unexpectedly, She's worried without either of us around neither of our families would be willing to carry the burden of being his full time caretaker, and it got me thinking if this is the case then I should really set aside some kind of savings for him, it would have to be money that's for him but that someone else would be the executor for, to know the best way to distribute it to him so that he could continue to live comfortably, I realize that may have to be written down in some kind of will or estate plan. I would love if I could set up an account that could come directly out of my checks at work similar to a 401k. I should also add I do have a personal life insurance policy, as do I have one on my wife, and we have one through our jobs, but I would also like to have some extra money like this set aside for him. Forgive me for not being the most well versed in finances, it's an area I still need more knowledge in, I guess what I'm asking is the best thing I can set up for a trust fund? I would like something with more return than your average savings account at a bank obviously, and something that can't be accessed very easily, I wouldn't want the money touched unless me or my wife or both were to pass. Any advice or knowledge on this topic would be much appreciated. [link] [comments]  |
| Graphic about three investor examples (Active, Passive, and Early) Posted: 24 May 2020 11:18 AM PDT One of the first posts I found here that caught my attention was a comparison between three types of investing and how early, small investments over a long period of time compares very favorably to active investing or putting a big amount into savings later in life. Would anyone happen to know where I can find the image I'm looking for? Thank you! [link] [comments]  |
| New Job for late 50 yr old shop keeper? Posted: 24 May 2020 06:44 PM PDT Hey Reddit, My dad is a business owner of a corner store, and business is not so good. I am sure he is looking for a job change but we have no idea where to look! Some background information regarding him: -He is pretty healthy at his age, but I would prefer if he isn't dealing with too much manual labor. Since he has so many years of experience of owning a business, what are some jobs he could try to apply to? I was thinking something to do with spreadsheets and numbers, perhaps managing a local chain business, or finances at a bank. Any ideas? thank you very much. [link] [comments]  |
| Medium term apartment/house leases? Posted: 24 May 2020 07:21 PM PDT I'm currently furloughed with no hard return date. I've been anticipating this since Covid started and have a good bit in savings, so I'm not in a huge financial crunch, but my lease is up in a couple months and given the uncertainty of my job situation, I'm reluctant to renew my lease when it ends. I currently live in an urban area and the rent is higher than I want to pay with no income at present, so I want to move out of the city to a lower cost of living area for a period of 2-6 months. Does anyone know of a good search tool to find housing to fit this term length? Apartment rental aggregators are all based on year long leases, and while AirBNB does have an extended stay search option, everything is still pretty expensive. I doubt I'm the only one looking to get out of the city these days, so if there are any others in similar situations with advice to give, I'd appreciate it. [link] [comments]  |
| How much I spent on coffee last year. Posted: 24 May 2020 03:25 PM PDT I consider myself fairly competent with my money. Each month, I pay the bills, save a decent amount, max out certain investment accounts, and the rest becomes "spending cash". With the recent virus spreading, I found myself spending exactly $0 on coffee for the last few months. This peaked my curiosity of how much I've actually spent in the last 12 months going back from March 2020. $1,200.....How is that even possible? That's averaging $100 per month on a drink and/or food item. My personal spending spreadsheet has becoming incredibly more detailed as a result. I've read some great advice on this subreddit so I want to, hopefully, return the favor to others. Always know where your money is going, down to the last penny. If you have a "spending cash" category in your budget, track every purchase. [link] [comments]  |
| Should I pay off all of my student loans first? Or keep investing... Posted: 24 May 2020 01:01 PM PDT This month, my parents told me that I need to pay $500 a month in rent (I live at their 2nd home). This is making me rethink how I should move forward with my finances. BACKGROUND Annual Income: $65,000 (I started my career beginning of 2019) Investments:
Debt:
My question is:
My goal is to eventually buy a house in 10 years. I would like to purchase a $500,000-$600,000 home with 30% down. Is this a realistic goal? I am single and planning on buying my house myself. If you were in a similar situation as me, what did you do? Any advice is greatly appreciated! [link] [comments]  |
| Refinance or HELOC for investment property? or neither? Posted: 24 May 2020 06:47 PM PDT The Basics: -36yo (single) -69k income (80k+ in 4 months) -164k mortgage @ 4.125 % -14K in auto loan debt @ 3.5 %, $800 a month to retirement split between 403b and a employer required program. 30K balance) -30K in stocks (mostly msft) - I Will have a pension when I retire, not much but somewhere in the 3-4k range per month 25-30 years from now. -27k cash emergency fund and savings -I currently have no tax advantaged accounts. I want to buy a 2nd house in the next 12-18 months. I am considering a cash out refinance to net me around 55k. Or I can refinance just rate and term and use a heloc. I am handy and can do most repairs, home improvement, etc. I just want to know if this is a bad idea. I am leaning towards the HELOC at the moment for a down payment but havent heard much about that from people or if its frowned upon. Really looking for some advice as I have shopped lenders and just cant decide between the simple refinance for just rate and term or the HELOC. Thanks in advance. [link] [comments]  |
| Does cost-basis matter when selling all your shares? Posted: 24 May 2020 12:32 PM PDT Hi, I'm thinking about liquidating all my investments (a personal decision, don't want to debate this). All of my assets are at vanguard and 90% are tied up in vanguard index funds. I see there are a few cost-basis options. My question is, when you are selling everything, does cost-basis matter? No matter what option I chose in the cost-basis method, vanguard shows me the same total gain/loss. I'm trying to optimize for lowest amount of taxes possible. [link] [comments]  |
| Posted: 24 May 2020 04:01 PM PDT Hi all! I'm looking at Credit Karma & on my Equifax there's no collections however, on my Transunion there's two. One collection is from many years ago at a hospital visit which I plan to leave alone since it's about to drop off but another showed up from the same hospital claiming it was opened in March of this year — which isn't right because I haven't even been in said hospital for about 2 years. It's saying I can dispute it if I create a Transunion account & go from there but I'm wondering if I should call the collection agency & dispute it over the phone? This is a first for me. [link] [comments]  |
| An alternative way to grow your savings that worked much better than automatic deposit for me. Posted: 24 May 2020 06:06 PM PDT I'm a huge saver. To the point where it was almost paralyzing. For a while, I agonized over every little purchase and didn't do the things that made me happy because I was afraid if I didn't get my emergency fund set up RIGHT NOW I would get hit by a car and end up in the poorhouse. At the time I was doing automatic deposit, which I thought was the best method. $100 a week equals a million somewhere down the line, right? But every time my financial situation fluctuated, I kept having to constantly readjust my distributions and worry each week over if I was going to be able to make the $75 deposit by Friday or if I should call the bank and get them to change it to $50. Would going bi-weekly help? You get the idea. Lots of anxiety over having a consistent deposit. Now, I have a very simple system. First, I figured out which of my expenses were essential, things that I could not live without paying for. These were the mortgage, groceries, utilities, bills, that sort of thing. Now, for every dollar I spend on something non-essential, like a new video game or some fast food, I match in my savings account. It's taken a huge load off my mind because I'm not Keeping Up With The Joneses-ing myself by worrying about if this week's automatic deposit will be "enough." Now don't think I'm doing anything crazy like hoarding receipts and making notes of every single non-essential item on my grocery list! If I hear the person in the drive thru say it'll be $13.69, I make a mental note of it and pop $14 into Ally's high yield savings account when I get home. This method has given me much more freedom in how I approach my savings. If money gets tight, you stop spending on non-essentials, and your savings rate automatically shrinks. If it's going good, you spend on more stuff, and you put more away into savings. [link] [comments]  |
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