Personal Finance Weekend Discussion and Victory Thread for the week of May 01, 2020 |
- Weekend Discussion and Victory Thread for the week of May 01, 2020
- Salary just cut 30%, employer said it's so we don't have any layoffs for 2020. Should I view this as a sign to look elsewhere?
- Should I inherent my grandmothers house at 24 years old?
- My paycheck direct deposit today was $3,099 instead of $365.
- Teach me how to "shop" lenders in order to refinance my mortgage
- Offered "rehire" for $20.13 a week less taxes?
- Letting money grow in an HSA vs reimbursing as you go and investing in a Taxable?
- My brother is turning 8 this year. My parents asked me to save up for his college tuition. What are my options?
- Got approved for an apartment starting June 30th. Have not sign leased. Apartments have significantly decreased in price but landlord pushed back when I requested to get ours at lower rate. How should I negotiate this?
- What am I doing wrong?
- Rent freezes and falling rents. Could use some advice.
- Reality Check on Home Purchase
- Credit score at 522. How do I improve and add to savings?
- Do I have to literally call vanguard when I want to invest in mutual funds from my SOLO 401k?
- Buy a condo now or wait another year for a house
- NAVIENT Ripoff - Undisclosed fees
- Balance Transfer Plan?
- KYC failed error with Myvanilla prepaid
- Can I get refund from the collections agency?
- I want to pay back an old loan from a friend.
- Hospital won’t give me a breakdown of costs?
- Budgeting app for varying income??
- Help understanding change in taxes with salary increase
- ROTH IRA - can someone explain to me withdrawing money you've put in?
- My ability to pay my credit cards has come to an end
| Weekend Discussion and Victory Thread for the week of May 01, 2020 Posted: 01 May 2020 02:05 PM PDT If you need help, please check the PF Wiki to see if your question might be answered there.This thread is for personal finance questions, discussions, and sharing your success stories:
A big thank you to the many PFers who take time to answer other people's questions! [link] [comments]  |
| Posted: 01 May 2020 06:30 PM PDT We came into work today with a notice that our salaries are being cut effective May 1. Thanks for the warning. This 30% paycut translates into a $30,000 pay cut for me. My employer said that they don't have plans for any layoffs this year, but they can't promise anything for 2021. So, I'm wondering if people more experience with economic downturns would view this as a sign to get out now and find another job. Or, if it's wiser to deal with the 30% paycut, hope on January 1, 2021 pay goes back to normal? Not sure how to view this. [link] [comments]  |
| Should I inherent my grandmothers house at 24 years old? Posted: 30 Apr 2020 10:56 PM PDT My grandmother died in 2016. My mother said if I want the house I can have it. The house she left has about $5500 in back taxes due and property is worth about 60k because the neighborhood is one of worst you can ever encounter (good ole New Jersey) However I was thinking about paying the back taxes and living there because I need to get out of my mom's house (no freedom) . The house also needs $2000 in kitchen work on the floors and walls but rest of the house is mint. Upstairs was completely remodeled 5 years ago. But as an investment and living situation, what do you guys think? I'm used to rough areas so I was thinking about giving it a shot. EDIT: The house is on New York Avenue in the City of Atlantic City New Jersey (across the street from the public housing projects) There is no option of selling CURRENLY. My family has made that pretty clear. Maybe 5 years from now but my grandmothers death is still kinda fresh for the family and doing so wouldn't be worth the hassle and drama. I also need my own place to stay after I finish saving this 10k by August. My mother owns the house and has stated that the deed will be transferred in my name if I agree that I will not sell the house. [link] [comments]  |
| My paycheck direct deposit today was $3,099 instead of $365. Posted: 01 May 2020 09:52 AM PDT Hello this is the first time I'm posting here but I woke up this morning and saw that my direct deposit from my employer was significantly more than usual. I looked at the pay stub and it just shows amounts have increased. What should I do? Do I report to HR? Do I keep it? Can I keep it? Just need some advice don't want to get screwed in the future. Thanks! [link] [comments]  |
| Teach me how to "shop" lenders in order to refinance my mortgage Posted: 01 May 2020 04:30 PM PDT What is your process for this, especially the pros who have multiple properties. I assume you may even have a copy/paste email or something? My only list so far is my current lender, my bank, and the person my parents used to refinance their home. Is there a website with a list of banks that are ranked by lowest rates and best deals? Any things I should avoid? My current rate is 5.125 so I know I can benefit by refinancing. [link] [comments]  |
| Offered "rehire" for $20.13 a week less taxes? Posted: 01 May 2020 05:39 PM PDT (US) A friend got this weird "rehire" letter from the employer that shut down b/c of covid. What are the implications? His former employer appears to be willing to re-employ him without requiring work for the whopping sum of $20.13 a week for 7 weeks. It appears to be due to a PPP loan. None of this makes sense, and I was asked for advice on implications for unemployment, etc. I cant tell if this is a typo, tone deaf, or some how a gambit to save the employer money. The letter: https://imgur.com/t8zGwvw [link] [comments]  |
| Letting money grow in an HSA vs reimbursing as you go and investing in a Taxable? Posted: 01 May 2020 08:03 AM PDT I max and invest my HSA and will continue to do so for the tax deduction. I pay my healthcare expenses with a rewards CC and keep the receipts to reimburse myself in the future. I've read some articles that advocate still maxing the the HSA and paying with a CC, but withdrawing that money from the HSA and reinvesting into a taxable brokerage account. What are the pros and cons here? You're just giving up the tax free growth? I have a little room to harvest long term gains without paying taxes. Its appealing to me to have more money in my taxable account to have access to without the hassle of saving every medical receipt for my family. Anyone else pay themselves as they go? [link] [comments]  |
| Posted: 01 May 2020 07:08 PM PDT My mom had my brother after 40, and she is worried that she and my dad won't have enough money saved to cover his college expenses and comfortably retire too. I (23f) need to set up a college fund so that in 10 years, my brother will have at least half of his tuition covered ($20-25k maybe?). How should I go about doing this? [link] [comments]  |
| Posted: 01 May 2020 08:52 PM PDT As the post says, I've gotten approved for an apartment starting June 30th. Since posting though my wife has noticed the rent rates decreasing significantly and it is now $100 less than the rate we were given. A week or so ago it was $35 less and I sent an email asking to bring ours down and the guy said they don't negotiate. It is a very modernized and big complex. They have two venues in this town alone. We are in middle Tennessee. The only thing I've signed is this agreement acknowledging what we owe on move in day and what the rent will be. I am no lawyer but I see nothing binding here. This is not the lease, which they said will be sent over closer to move in. How can I approach this in a way that doesn't piss them off but still gets me a good deal. Or am I screwed?https://i.imgur.com/Wirw5lc.jpg [link] [comments]  |
| Posted: 01 May 2020 02:44 PM PDT My wife and I combine to make $3,500 a month after taxes. We live with my parents because we can't afford to live on our own. But, why? Here are our current monthly expenses: Phone - $300 Gas - $320 Food - $500 Savings - $200 Day care for our daughter - $300 Credit cards - $350 Car insurance - $100 Streaming services and internet - $100 Medical and hygiene expenses - $100 The thing is, other families CAN afford their own place and they spend more than we do on stuff like clothes and recreation. What am I missing here? [link] [comments]  |
| Rent freezes and falling rents. Could use some advice. Posted: 01 May 2020 06:56 AM PDT About to resign lease. Landlord wants to raise the rent. But I just saw this: Rents are probably going to fall: and then I also saw in my state that Gov Inslee has declared a rent freeze: I figure this will be useful info for people. I also am not sure how to proceed with my landlord. We like the guy and our place. But I don't want to pay more than I should. Clearly I need to let him know about the rent freeze through June. But I also don't want to be in a situation where I'm paying a premium above the market rate in 6 months. Any advice on how to bring this up with my landlord? [link] [comments]  |
| Reality Check on Home Purchase Posted: 01 May 2020 06:52 AM PDT I am a physician, coming out of training in about a year and working through offers. My wife is a pharmacist. We spent a good chunk of my residency paying off my wife's educational debts, cars, etc and have now started saving for a house down-payment. At this point we can save about 4500/month. We are planning to move back to our hometown in the rustbelt. I would make around 220,000. My wife doesn't have a job secured yet but would expect her to make around $110-120k. Our monthly obligations on debt would be about 3,000 - my medical school debt - would be paid off in about 7 years.
I am trying to figure out how much house we can realistically afford. I do intend to retire - probably around age 60 would start to rampdown, plan to own a boat at some point. Two kids in the future. Was originally looking in the 5-600 range, but have seen some things that we really like in the low 700s. Neither of us grew up with six figure income households so it seems like a tremendous amount of money but when I sit down and do the math Take Home Pay around 16500/month after Taxes and Max 401k contribution (19kx2) -3000/month in debt service (temporary) That leaves around 13k in income a month - the mortgage all in on a 700k house would be right around 5/month (low income tax but high property tax area). Which feels like it would leave plenty of money in our budget for living expenses, other savings (would probably max backdoor roths x2) etc. Is this reasonable or should be restrict our budget to the 500s? [link] [comments]  |
| Credit score at 522. How do I improve and add to savings? Posted: 01 May 2020 09:30 PM PDT Hi everyone, I don't normally post but I finally for the first time am getting my cc debt under control to improve my credit score to be able to move out again after months of paying off debt and barely adding to savings now. I am at a score of 522 with my last cc at a balance of $1,050 and I plan to do two payments of $500.00 with my pay two paychecks the month of May. That is likely to get my score to go a little higher because of the drop in utilization percentage but then after I am done paying off the cc in May, how can I raise it? The only thing impacting my credit negatively is my on time payments percentage (which isn't very good) and my student loan thankfully qualified for the covid forbearance and I don't have to pay it until November. I'm fairly new and still learning financial literacy. Any advice on how to improve credit scores from this point? It's really stopping the next chapter in life to move out whenever that chance comes. I also want to note that I am grateful to be in this situation during this time. Appreciate it in advance! [link] [comments]  |
| Do I have to literally call vanguard when I want to invest in mutual funds from my SOLO 401k? Posted: 01 May 2020 08:57 PM PDT Hello so Ive got a roth ira with vanguard. I created this just with my own name. I recently opened up a solo 401k using the small business online portion of vanguard so I can invest in VTSAX & VXUS mutual funds. So I literally have to lot into a different account. The weird thing is... from my personal login (where I view my Roth IRA: Target Retirement Date Fund) I can see my small business account (business is an LLC) but it won't let me access it for some reason. So I logged onto the business account using the username I created and it will only let me contribute money into the money market mutual fund from my bank account that is linked to it. So I put 10k in. But now how the hell do I buy etf's or mutual funds? I've clicked all buttons: Home, manage contributions, contribution history, plan administration, preferences. And nothing... do I literally have to call them to have them do it for me? If that's the case god damnit... Should I just invest in the mutual funds through my roth ira brokerage account. Just transfer some more money into my roth ira brokerage account through my bank savings account (but not touch the money in the target retirement fund) and just buy the mutual funds through that account instead of my solo 401k and just keep the 10k in my solo 401k's money market fund for now. Edit: scratch that. I forgot I can only put in 6k a year into my personal ROTH IRA account... fuck [link] [comments]  |
| Buy a condo now or wait another year for a house Posted: 01 May 2020 10:22 AM PDT Hi guys, I am 30, have $45k saved up, bring home $3000-$3500 after tax, and have a good career (IT) but I am at entry level (1 year). I have been renting but I am fed up with it and want to buy my own place. Housing at my location is extremely expensive though. Seeing a 1/1 condo pops up recently for $220k and want to buy it. However, I need some advises on which way should I go? Getting the condo right now or wait for another year and buy a 2/1 house (around $300-$400k) and I will be having around $70k saved up and hopefully get paid more after getting more experience and certificates? I appreciate any opinions,' Hope everyone stays safe and healthy! [link] [comments]  |
| NAVIENT Ripoff - Undisclosed fees Posted: 01 May 2020 08:26 PM PDT I got COVID stimulus money and thought I would use it to pay off some of my debts. I took a look at my car loan (19 months left, 4.5 %, $3000 balance) or my student loans that have been consolidated and under two loans with NAVIENT. Both student loans have the same rate and months remaining, so I'll just combine the principle remaining. Principle balance: $2,729.89, Interest Rate: 4.375, Remaining Months: 39. So, I was trying to determine which I should pay off by determining how much interest I would be paying on each loan, so I put both in Excel to create the amortization schedule. Car loan monthly payment, amount toward principal, and interest was very close to what the lender indicated. NAVIENT, a whole different story, and the reason for this post. Excel's PMT function lets me know that my NAVIENT loan payments should be approx $79.30 per month for the next 39 months. PROBLEM, NAVIENT says my payment is $226/mo, and that is what I have been paying for YEARS! Paying $226/month I should have the loan paid off in 12 months, not 3 years, RIGHT?! The numbers weren't adding up! I called NAVIENT, and from what I could get from them, my $226/mo payment has been divided like this for the next payment (and similarly for all other payments) INTEREST: $10.74 Yep, that is right, $146.70/mo in fees every month that isn't listed on any of my monthly bills. I asked how much in interest and fees I would be paying if I stayed with the current schedule of 39 months, and he said over $8,000! As the Principal is reduced, and the interest is reduced, they just increase the fees to keep the monthly payment at $226 for the next 39 months. That is INSANE - but apparently part of the original loan terms. I wrote NAVIENT a check for $2,729.89 to get out of this crazy scheme. [link] [comments]  |
| Posted: 01 May 2020 08:21 PM PDT So this is just a question I had to see if it's a good idea to do or not. If you were spending 20,000$ on your home (dishwasher,microwave, or any other purchases) and you use a credit card and then balance transfer the credit to another credit card that has 6 months free no interest when you apply, would that be a better option than applying for a loan and paying interest ? [link] [comments]  |
| KYC failed error with Myvanilla prepaid Posted: 01 May 2020 07:51 PM PDT I'm trying to activate my MyVanilla prepaid card. Sounds simple, but I keep getting this Know Your Cutomer error. I've redone it like 3 times, all the info is correct SSN, Birth Date, Name etc but I still keep getting this damn error. [link] [comments]  |
| Can I get refund from the collections agency? Posted: 01 May 2020 03:52 PM PDT Hey guys this is my first time posting on reddit and I just needed some advice. I got sick last year and received several medical bills from the hospital and during that time I returned my car to the dealership because I coundn't make the payments anymore and my insurance went up due to an accident. Long story short there were so many things going on and right now I'm feeling better & I just noticed one of those bills was sent to collections because they didn't have my insurance information. My dumbass just read that and I already paid the collections agency because I didn't want that on my credit report. Any advice on what I can do to get a refund? [link] [comments]  |
| I want to pay back an old loan from a friend. Posted: 01 May 2020 03:41 PM PDT Someone lent me money 25 years ago, and I have not paid them back. It was a friend who is well placed financially, but that's not an excuse for non payment. I want to pay it back now, even if it means going into debt. I will go with an interest rate of 5%, but I don't know how to calculate the inflation factor. Please help.. [link] [comments]  |
| Hospital won’t give me a breakdown of costs? Posted: 01 May 2020 01:18 PM PDT Back in February I went to urgent care because my boyfriend had dislocated my finger. I had originally planned not to go because I had popped it back in place when it initially happened and immediately put on a splinter and iced it. However, the next day I began to worry because of how my finger was looking and went to urgent care. Which was a waste of time and now money. Nothing was done other than having X-rays taken to make sure nothing was fractured and a quick look at the finger. I was told there was nothing else to be done since I had already put my finger in a splinter or else they would've provided one. Gave me a referral in case I needed therapy done on my finger and was on my way. I received the bill for the visit and apart from the X-rays taken and I'm annoyed at the cost of my visit. I called billing to have them send over an itemization and it shows nothing other than coding that was used. Called again to have a cost of breakdown and told me that that's the only itemization of a bill they offer. Argued that I would like for them to take a look at the coding again and explained to them why and received a letter stating that the coding they followed was correct. Should I give up on trying to lower my bill? [link] [comments]  |
| Budgeting app for varying income?? Posted: 01 May 2020 04:31 PM PDT I've tried so many finance apps. Pocketguard, YNAB, good budget, mint, clarity, etc etc etc. I'm a bartender, and having the apps ALWAYS miscalculate my budget because my income is inconsistent is so annoying. Are there any budgeting apps you know of that make specific space for irregular income? My ATM deposits are often lumped into the recurring income category and treated as a concrete number that will stay the same every week (like a paycheck), when in reality, it's pretty hard to predict what I will actually take home, so does it even make sense to be using an app for this? Thanks! [link] [comments]  |
| Help understanding change in taxes with salary increase Posted: 01 May 2020 09:38 PM PDT Hi all! I'm hoping that I can review some changes on my paycheck with you all to see if this makes sense to you and I'm also hoping to get some advice on whether I should take any action and change my filing status from 'single' to 'married' as I got married earlier this year. So here goes: I live in VA and I was making $82,760 per year (bi-weekly) earlier this year. I was putting 11 percent in my 401K (about $349.67) and spending an additional $65.15 on deductions minus $755.86 in federal and state taxes, bringing in about $2,012.41 in my paycheck every two weeks. I recently received a raise and my salary went up to $90,000 per year (bi-weekly) or $3,466.34 gross in each check. I am now putting 5.5 percent in my 401K (about $207.69) and 5.5 percent in a 401k ROTH ($173.08) and spending an additional $65.67 on deductions minus $895.52 in federal and state taxes, bringing in about $2,124.38 in my paycheck every two weeks. Doesn't it seem like a lot more is going to taxes each week? The increase on a bi-weekly basis seems small for me. Is this because I also went from 401k to (401k and 401k ROTH at the same time)? Any insight/advice would be appreciated. Additionally, if I were to switch from single to married, I'd be bringing in more take home, my concern is that my wife and I make very similar amounts per year and I am worried that we will be penalized for this, so any insight on that would be appreciated as well. Thanks! [link] [comments]  |
| ROTH IRA - can someone explain to me withdrawing money you've put in? Posted: 01 May 2020 05:44 PM PDT My understanding is that you can put in a limit $5-6k each year. You can always take out your contributions with no penalty, but if you take out your earnings before you retire, you incur a 10% penalty. Is this correct? If I can afford to put in more money, is there a reason I shouldn't? If you can take out your contribution at anytime, you can take it out if you had some kind of emergency right? You just wouldn't be able to put it back in for that year correct? For example, if I put in $1000 for 2018, and $2000 for 2019, I could take out the $1000 from 2018, but I can't put it back into 2018, but can deposit that $1000 into 2019? [link] [comments]  |
| My ability to pay my credit cards has come to an end Posted: 01 May 2020 09:23 PM PDT I have 4 credit cards. Total debt of $8000. Not immense debt, but with no income I have no way to continue making the minimum payments right now and late fees have just started to hit me. I'm considering throwing them all away, ceasing all payments so that my bank doesn't overdraft and then changing my phone number to avoid the calls. Not particularly a good idea I know. But it's what I'm considering. What's the worst that can happen? [link] [comments]  |
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