Personal Finance Sole beneficiary of IRA. Siblings not happy. |
- Sole beneficiary of IRA. Siblings not happy.
- I want and probably need to go to therapy but can’t afford it and don’t I think I will be able to for a long time. What should I do?
- Geico Premium Increase Even Including 15% Credit
- I just started my first job. How do I prioritize this money?
- Chase Amazon Visa replaced due to fraud. Amazon has new card number before I do.
- Where’s the best place to keep my savings to buy a house?
- Got into an accident with Zipcar. I reported it to the DMV, but DMV said I did not have a liability insurance coverage and my driving license will be suspended.
- New immigrant to the USA
- Lost a large part of my life saving in the stock market
- What are my chances of getting a mortgage?
- Is Costco car insurance worth it?
- Instead of online shopping, I have been buying stocks. I have a few questions.
- 0% Balance Transfer End Game Scenarios
- Buying a house with lower down deposit now vs later with a higher deposit but potentially higher prices.
- Does MIP go away after 11 years if I put 10% down on an FHA loan?
- Need help, employer threats about unemployment?
- Made all of my 2019 IRA contributions after I filed my taxes. Should I amend?
- Does it make sense to max HSA first?
- Why are people duped on the American greed TV show?
- How early to start saving for a home?
- Am I required to report money from a contractual agreement as income?
- Should I get a car?
- Dermatology group claims I need to pay for visit. Insurance provider says they cannot do anything. Girlfriend under same insurance is covered
- "Loan" from 401k for down-payment on house?
| Sole beneficiary of IRA. Siblings not happy. Posted: 26 May 2020 09:40 AM PDT My mom passed away in April 2020. She had two IRA accounts. One goes to me 100%, with contingent beneficiary as my grandmother (who pre-deceased my mom). The other is split equally between me and my two siblings. They way it stands, I'm getting 75% of the total, while my siblings are getting just 12.5%. Needless to say, the sibs are not thrilled, and I don't think the inequity was intentional. I'm trying to figure out the least complicated way to split the inheritance more equitably. I can't disclaim any of the "big" one, or it would go to the estate. Can I set up some sort of trustee-to-trustee transfer, to divert some of the funds to my siblings, without incurring taxes myself? I don't want to have to get into withdrawals and taxes and gifts, etc. Thanks in advance!! [link] [comments]  |
| Posted: 26 May 2020 10:51 AM PDT I've struggled with depression and feeling hopeless my whole life. The timing is pretty terrible that I'm finally deciding to do this now. I'm finishing up community college this year and transferring to university in the fall. I have only about $10k saved and need every penny I can get for school. [link] [comments]  |
| Geico Premium Increase Even Including 15% Credit Posted: 26 May 2020 06:26 AM PDT Edit at the top so maybe people will see it: I am already switching. Please stop telling me the answer is to switch insurers. I know. I already know to switch every few years, this was simply informational for those in the middle of their "switch cycle" who may not notice the rate increase because of the one-time 15% credit. If I hadn't investigated further, my total for 6 months only increased $9 due to the credit. If anyone else has Geico, please check your policy documents when it's time to renew. My premiums went up 19.77% for 6 months, and with the credit only being 15%, I am at a net loss. When I called, I was told "your make and model of car has become more expensive to fix or replace". I have a 2013 Ford Escape, and have had no accidents or tickets to otherwise explain the difference. I've seen a few others on here talking about the same thing, with excuses ranging from "its now more expensive to insure everyone in your whole state" to "more people in your area are getting into accidents". This seems to have all of the sudden happened since the pandemic started, so just a heads up to check your premiums (which you should already). Edit: I do switch car insurance every few years, and I will be switching again this week, just wanted to point it out to those who may not notice a net ~$10 difference with the credit. I have car insurance with geico because I had to use them for renters since State Farm dropped me for having a single claim a few years ago, and I was bundling. [link] [comments]  |
| I just started my first job. How do I prioritize this money? Posted: 26 May 2020 05:09 PM PDT Hi All, I (22M) started my first full-time job in February and am looking for some guidance for how I should prioritize some financial goals. My salary is $74,000, with my monthly take-home being around $4,300. Standard monthly expenses (Rent, utilities, insurance, food, etc.) total about $1,800, leaving about $2,500 net per month. I am currently contributing 10% of my earnings to my 401k (employer matches 3%), which means I have around $1,900-$2,000 to play around with each month. I currently have around $22,000 in student loan debt that I have not yet begun to pay off, as the grace period doesn't end until September. I have no credit card debt. My emergency fund is about $6,000. I will need to buy a new (to me) car soon, as I currently drive a beater with 200,000 miles on it. I also hope to save for some larger future expenses like an eventual down payment on a house, wedding, etc. So, my question is how should I prioritize these financial goals? Should I pour every dollar into paying off my student loans as fast as possible? Should I add even more to my 401k and pay the student loans and car payments over time? Should I chip away at the student loan and pay for a new car in cash as soon as possible? Should I forget everything else for a few months and bolster my emergency fund? I really appreciate any guidance or thoughts you have!! :) [link] [comments]  |
| Chase Amazon Visa replaced due to fraud. Amazon has new card number before I do. Posted: 26 May 2020 09:29 AM PDT The title has it all. I had a card get used for some unauthorized local purchases. I am pretty sure I know what business it was skimmed at. I got it turned off and a replacement card issued last week. I don't have the replacement card yet, but Amazon does. It was my preferred payment method and suddenly rather than Chase Amazon Prime Visa XXXX (old number) it is now Chase Amazon Prime Visa YYYY. Presumably that is the new number, which chase.com seems to verify. The accounts are linked for the amazon points spending. I just thought it was funny and wanted to share. [link] [comments]  |
| Where’s the best place to keep my savings to buy a house? Posted: 26 May 2020 07:58 AM PDT I (26M) have started to save up for a house. Quick facts:
In three months I've tucked away $2k into an Acorns account. My rent was $1050/month up until last month, when my girlfriend moved in with me and started splitting that in two. The way I see it, I have an extra $500/month to tuck away as long as we keep our rent the same and I don't take on any other debt. What is the most effective way to make use of this money? Should I keep it in the Acorns account, or move it to something else like a Fidelity house saving account? I'd like to purchase in roughly 3 years. [link] [comments]  |
| Posted: 26 May 2020 03:25 PM PDT I got into an accident with Zipcar, and there was another car involved. The damage is above $1000 and I'm in CA, so I reported it to the DMV. However, DMV said I did not have a liability insurance coverage and my driving license will be suspended. Zipcar said the case will be handled by Sedgwick Claims Management Services. I reached out to them, and they said they have already paid to the other party. I also called DMV, and they said they need a "traditional" insurance company and Sedgwick didn't count. Have anyone met this issue before? How can I deal with it and cancel my suspension? [link] [comments]  |
| Posted: 26 May 2020 08:42 AM PDT Hi there, hope this is the right subreddit to be asking this on. I am a new immigrant to the USA and I am completely lost with how banking and finance work in this part of the world. Could anyone recommend what banks to go with here and what to look for? Back home there are only 5 banks in the whole country, here there are thousands, it seems, so I'm a little overwhelmed. Also what is a credit union? Are they safe? Any advice would be greatly appreciated. Thank you. UPDATE: Thank you all for the information, I'm learning a lot about how things work here. Right now I'm leaning toward capital one (at least to start) because they integrate with zelle (can't find a credit union that does) and it looks like I'll be able to transfer money between them and my accounts back home easier. I am still reading all the comments so if anyone has any more thoughts I will be glad to hear them. [link] [comments]  |
| Lost a large part of my life saving in the stock market Posted: 26 May 2020 11:57 AM PDT I haven't been sleeping well for the past few months. I woke up every morning dreadful of what will happen to the stocks. Had many nightmares about losing all my money. Had many occasions when I felt sick in my stomach and wanted to throw up. Can't focus on work, which is terrible. I am 28 (F), just graduated with a PhD degree. I make about $56k now as a post-doc. Earning potential is not very high in the near-term (social science field). I saved a lot of my salary and do side-gigs from time to time for some extra cash. I shared houses with roommates and worked my ass off when my friends were spending money and buying things. They bought apartments and condo with funds from their parents. Thought I can do the same but with my own money. I feel like all these efforts were wasted now that I lost $16k in the market (already took loss). I had about $78k in saving (now $62k) and this will set me back for at least a year. I was up before the March crash but then made a series of wrong decisions thinking I can outsmart the market. Looking back, I should've never invested money that I will be in need of in the next 2 years. I really don't know how to mentally cope with the loss. Edit: thanks for all the encouraging words. All the $78k were from savings. I didn't count in previous gains (which were of course also lost). It's on Robinhood, not 401K. I invested in a series of highly leveraged positions (bought spy put, FB put, LULU put). If these were stock positions I would've hold, but options decay too fast and with all the upward motion in SPY recently, my positions got destroyed. The worst part is, after I took loss this early afternoon, SPY and FB went down. After holding on to my loss and averaging down for so long, I might have finally sold at the top. [link] [comments]  |
| What are my chances of getting a mortgage? Posted: 26 May 2020 03:04 PM PDT I'm interested in purchasing a home, but I've had to overcome a ton of obstacles. I've worked hard to repair my credit, but it's still on the low end, 625. I was homeless, on the streets of LA, two years ago. I've been employed for the last year, at my current job of 6 months. I make $14.50 an hour, $30140 annually, at my current job of 6 months. I have no financial obligations currently. I've saved over $7000 in the last year for a down payment. I just want a realistic assessment of my chances of approval with so many things working against me. PLEASE HELP ME. This is all so new and confusing. Edit for clarity: I'm looking to purchase in rural Ohio, I am no longer in California. [link] [comments]  |
| Is Costco car insurance worth it? Posted: 26 May 2020 03:36 PM PDT I've been staying with Geico but planning to buy a new car made me look around for other car insurance. Found Ameriprise quote significantly cheaper so I'm very tempted to switch but some reviews are saying they have bad customer service. What's your experience with Costco car insurance? Would you recommend it? [link] [comments]  |
| Instead of online shopping, I have been buying stocks. I have a few questions. Posted: 26 May 2020 07:35 PM PDT Like a lot of the world, I am now entering my third month of mainly staying at home. Leading up to the quarantine, I had challenged myself to be done with online shopping. (I am too impulsive and often not happy with what I got.) I haven't been completely successful, but I have found buying stocks online somewhat scratches that itch. I get the same little buzz, without cluttering my house. I am totally new to any kind of investing and I was wondering about strategy. Currently, I am buying stocks in $25 increments as I have a little spare cash. Thus far, I have been making my selections based on how individual stocks are doing, my moods, the weather, etc. (Read, no real system.) I have now accumulated a small amount of stock or partial stocks in a bunch of companies. It has me thinking. Is it better to find a few companies that I like or think will do well and stick with them, or should I keep picking an assortment? Will my money do okay if I only have a small amount of stock in a lot if companies? [link] [comments]  |
| 0% Balance Transfer End Game Scenarios Posted: 26 May 2020 01:33 PM PDT TLDR - 0% promos expiring, reduced income = messed up pay down plan, reduced credit score means limited loan options. Seeking suggestions / advice. About a year ago, I delicately and with much thought, entered into what I call the Balance Transfer Shuffle (see old reddit post here). Fast forward and turns out I'm sh*t at paying off my debt (actually, I'm quite good at paying off my debt. I'm actually terrible at earning income with which to do the paying). I started out with about $24K in debt with an average APR (dollar weighted) of 15.64%. I'm now sitting with $23,500 in debt with an average interest rate of 2.61%. I may be even worse at formulating an endgame strategy before the end arrives and the end is near. The strategy was to pay down at least one of the $9K 0% balances, let credit rebound, then apply for a loan to consolidate the rest. Then COVID happened, work ceased, and the plan was mangled. On the upside
On the downside
Those 0% promotions will begin to expire in the coming months (8/2020 ($9,200), 9/2020 ($9,700), 1/2021 ($800)). I'm weighing my options and requesting support / advice. I do not want to continue the 0% shuffle. No more new cards. The 1/2021 card still has an active 0% balance transfer promo available until 1/21, but with a small credit limit. I have been saving all of my UI benefits and have $6K in the bank. I'm not sure how likely it is that I'll be able to qualify for a loan to handle the $18K+ that will begin to incur. I'm still leaning toward this option with the thought that a lower APR is a lower APR even if it's for a reduced amount. However, I'm concerned about the effect this will have on my credit score. As for lifestyle changes and choices, there's not much else I can do to spend less. My girlfriend and I live together, are staying home, and not spending money. We're even considering downsizing to a one car household even though we live in LA. Thanks for making it to the end. I realize that this is merely a plea for help or maybe I just needed to get it off my chest, but I am hopeful that someone has some ideas that I may not have thought about. Thanks again. [link] [comments]  |
| Posted: 26 May 2020 04:41 PM PDT While my SO and I have built up savings, prices in the Phoenix area have increased. Our plan is to save another year for a higher down deposit, but I think we're going to see a continuing increase in house prices. Wondering if continuing to save is a smart decision, such as due to paying less or no PMI, less interest, etc. [link] [comments]  |
| Does MIP go away after 11 years if I put 10% down on an FHA loan? Posted: 26 May 2020 08:01 PM PDT I am selecting a lender for a home I have under contract. I looked online and assumed that with 10% down on an FHA loan the Mortgage Insurance Premium (MIP) would go away after 11 years. After discussing with them they said that MIP is for the life of the loan. Who is right here? Does it matter since they are the lender? Do they make the rules? My source is HUD handbook 4000.1 appendix 1.0. Please if anyone knows what I am misunderstanding, it would be of great help. Thanks I wouldnt even have been ready to buy a house without the great posts and awesome sidebar on this sub. Edit: More details on loan 30 year fixed home is under 400k. [link] [comments]  |
| Need help, employer threats about unemployment? Posted: 26 May 2020 08:01 PM PDT I decided to not be scheduled at the restaurant I work at, due to COVID19 and not wanting to risk my health. I filed for unemployment about a week after being unscheduled and was approved. I have been collecting unemployment for about a month now. My employer is saying if we chose not to be scheduled, we can can not collect unemployment and will have to pay back our benefits in full. What are my options against this and is he correct? Will I need to pay back what Ive collected so far? [link] [comments]  |
| Made all of my 2019 IRA contributions after I filed my taxes. Should I amend? Posted: 26 May 2020 05:11 PM PDT Hey all! First time caller, long time listener. For the first time in my life, I maxed out my 2019 IRA! I intentionally made my additions to the 2019, rather than the 2020, because I know I'll max out my 2020 as well. I just received the corrected Form 5498, and I'm wondering what I should do. Is it worth amending my already filed, already refunded 2019 taxes? Should I just keep it for my records and feel good about myself? [link] [comments]  |
| Does it make sense to max HSA first? Posted: 26 May 2020 11:30 AM PDT Hi PF, I'm looking at my general finances and wondering if I should max my HSA before 401K in prep for retirement in 10 years. Details: Income and Savings Me (56M) 95K salary Wife (52F) 10k salary, self emp and still building her business money goes back into business. As it gets more established salary will increase. $1.1M in 401K that I no longer contribute to. It's a bit aggressive (95% stock) for my age group will re balance to a targeted fund when its recovered a bit more. $19K in current 401K and contributing $9500 to it per year. Company matches first 5% only. $2600 per year to HSA Wife has ~$55K in Roth IRA's $300K in various stocks 16K in bank for emergency fund (will be using about half for closing cost on home loan in next few weeks). Expenses $1102 mortgage and $496 for Prop tax for total $1598 per month. Balance is $166,500 at 4.625% (refin at 3.125% should close in next few weeks). Home is valued at $739K HCOL area. $396 per month min payment (I pay $500) for HELOC, current balance $46,200 at 2.75% $2000 for util, Insurance, food, gas (we have 3 teenagers in the house...boy can they eat). Loans and expenses for the month totals $4100. Once refi comes through this will drop to about $3800. CC paid in full each month. Mainly used to pay util's not much extra spending with the lockdown going on. No car payments. I've started looking into what our retirement looks like and I've done every retirement calculator I can find and it appears we would be set on cash flow through to 90 - 95 years old provided we don't become continuous world travelers. So adding more to 401K gives us a cushion that while nice seems the $$ may be better somewhere else. I'm considering:
My hope is to have the HELOC paid off in a few years (will sell stocks over the next few years to boost this goal) and have the house paid off or close to in about 10 years when I plan to retire. Not planning to take SS until I'm 70. Or with my rates so low am I foolish to pay loans off so quick and should max HSA and 401K regardless? Thank you. [link] [comments]  |
| Why are people duped on the American greed TV show? Posted: 26 May 2020 03:59 PM PDT I don't understand why so many people end up investing with an individual through a recommendation rather than just going and investing in low-cost mutual funds like index funds at vanguard? I noticed some of them are promised 20% returns with no down side in some of the episodes and guaranteed preservation of your principal. How is this still a thing in 2020? Money is such an important part of our lives and we should all strive to manage our own money with recommendations and advice coming from the professionals. But they should not be doing it for us. That seems to be the number one theme that keeps reoccurring in every episode of the show. people want to turn over the most important asset in their life to someone else other than taking a little time to manage it themselves. [link] [comments]  |
| How early to start saving for a home? Posted: 26 May 2020 07:20 PM PDT I assume never too early. 24, no debt, Currently saving around 35k a year between 401k and stocks. If I wanted to start saving to purchase a house, lets say 5-10 years from now, would that mean lowering both my 401k and putting all my other savings into a high yield savings account for 5-10 years? The end goal is to purchase a residence and rent it out and get some extra cash flow on the side. I just realized how long it takes to save and purchase a home and how you have to give up other things (like contributing to 401k, other savings, etc.). Shout out to homeowners who have so much diligence and patience... [link] [comments]  |
| Am I required to report money from a contractual agreement as income? Posted: 26 May 2020 05:39 PM PDT long story short, we sold an easement on our property under my father's name. following his death the company offered everyone an additional 10k each to allow them to complete the transfer without interference. (essentially 10k to not contest them in court) After they sent me the check, they are now requesting a W-9. Am I required to give them a w-9, and is money from this sort of thing counted as "income"? similarly for the easement sale, are we required to report that as income? both these things have arguably negatively impacted our overall net worth rather than increased it due to impacts to land value, and losses to lawyers due to the complications created by them in the estate management. EDIT: California [link] [comments]  |
| Posted: 26 May 2020 11:14 AM PDT (20F, NYC) I'm thinking about buying a car instead of taking the MTA to go to work. Right now I'm not working, but I think I will have to go back to work within the next month. I currently live with my grandma, so I really don't want to take public transportation. I only make minimum wage ($15 an hour, usually working 35 hrs a week), but I do have $2,000 saved up in my savings account. I don't pay for rent or utilities, just food if I decide to eat out. My grandpa who passed away 6 months ago chose to give me $20k to buy a car with, my grandma is currently holding onto that money. I'm thinking about maybe using $15k to buy a used car, and saving the rest for car related expenses. [link] [comments]  |
| Posted: 26 May 2020 01:24 PM PDT My gf and myself go to the same dermatology group. This is our first time visiting this group. We asked if the insurance is covered and checked on the insurance app before hand. We were. We both scheduled an appointment. We do not get to choose the doctor. We saw different doctors. My gf does not have to pay her bill as she was covered by the insurance. However I am billed 200 dollars for the visit as well as the copay. I called my insurance and they claim that the doctor I saw was out of network? What should I do? [link] [comments]  |
| "Loan" from 401k for down-payment on house? Posted: 26 May 2020 03:46 PM PDT My mother-in-law works at a bank and has been trying to convince me that it is worth it for someone to take out money from their 401k (if they are young) to use as down-payment on a house. She said you can pay it back, and it's worth it in times like right now when there are special rules waived regarding withdrawals from 401k because of coronavirus. Everything I've read here says to never take out money from your 401k prematurely, but I'm not sure if I'm missing something because we're under special circumstances, and also because she works at a bank and maybe knows more than me about this? Can you please give me your thoughts on why this is/isn't a terrible a idea? My (26F) partner (27M) seems convinced, too, and has said he will consider doing it when he's looking to buy a house. [link] [comments]  |
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