Personal Finance Your safe deposit boxes might not be insured, check your contract. You might need separate insurance for your contents |
- Your safe deposit boxes might not be insured, check your contract. You might need separate insurance for your contents
- What are some good books that teach about finance and wealth building , I am 16 years old and I want to learn about these early on.
- I'm loving Ally Bank's 'Bucket's to split up your savings account
- Power bill has been way higher since new meter was installed, but I haven't noticed until months later
- Parents setting themselves up for poverty in old age and are in denial - what can I do?
- Help on Credit Card Chargeback Issue!!
- How did I become bad with money?
- Going back to work tomorrow, but wondering about what happens to the remaining money in card that I receive unemployment benefits on
- With everything that’s happening in America, should I stop contributing to my retirement?
- Parents won’t remove access from my bank account
- Are long term (72 or 84 month) at 0% interest automotive loans from dealerships legitimate or are they just another stereotypical car dealership scam?
- Found some 15 y/o savings bonds in my mom’s house while cleaning it out, however I’m 99% sure the company that issued them doesn’t exist anymore. Help?
- How should I handle med school loans?
- Debit Card in Mail
- How do I setup a secure way to pay my landlord that's not just e-transfer?
- Why contribute to an IRA after meeting the max 401k matching rather than maxing out the 401k annual contribution?
- Live/Work in CA. Want to buy property in TX.
- Refinancing student loans that are at 5-5.75% interest?
- Just bought a car; haven’t received welcome info from capital one
- Are my NSQO taxes (estate) going to be a lot?
- Supporting Financially Irresponsible Parents without Savings
- Retirement Roth IRA
- Why did a closer of a debt collector lower my credit if the derogatory mark is gone?
- Taxes on stocks that are bought through a work program?
| Posted: 31 May 2020 04:00 PM PDT My bank only covers 10x the rent of the box. I've seen multiple banks get burned to the ground with these riots. But it's also a good to know anyway. [link] [comments]  |
| Posted: 31 May 2020 01:00 AM PDT please recomend some great books. EDIT : I may have enough books for a year and my inbox is ripped to shreds with this many responses but please stop now it. too many books for me thank you very much for all the suggestions , thank you for a medal [link] [comments]  |
| I'm loving Ally Bank's 'Bucket's to split up your savings account Posted: 31 May 2020 10:44 AM PDT Just wanted let others know about and to say how helpful Ally's savings 'Buckets' are and the way you can split your savings account up into smaller sub-groups to view how your money is divided. When you look at the main page it shows all the money in your savings account together (ex. $5K), but when you click on the individual savings account it shows money split into your designated subcategories like vacation($500)/emergency savings($3K)/house down payment($1,500)/etc. I even have my recurring savings splitting up automatically into each sub-category each month. When my money was previously lumped together I never wanted to spend anything because I had no clear picture of how much was saved for what, even when I knew vacations and other savings beyond just 'emergency' things were present. This actually was very conflicting for me because I couldn't easily see my progress with my savings. Now that its separated, I love it. I feel I can comfortably budget for a vacation, or a more expensive item I've wanted for a while, knowing I'm still protecting the accounts i'm growing such as down payments or emergency savings! It's just a virtual form of the physical money envelopes tactic, but it fits so well with our electronic/online banking life! [link] [comments]  |
| Posted: 31 May 2020 09:29 AM PDT Hello! I just received my power bill, which is for 291. This is WELL above a bill last year for the same month, about 145. HOWEVER, I have been out of town for 8 weeks doing some COVID nursing and the power has been essentially off. No AC, no lights. Should just be the fridge and the wifi. A few months back, they replaced my meter with one that can transmit the info digitally instead of somebody manually coming to read it in person. My suspicion is that they are reading a different house and billing me for that. It's been several months of this, evidently. I suppose my folly is just assuming the electricity bill was correct. Do I have any recourse if the power company is giving me the run-around? They are closed right now but I want to be prepared for when I call tomorrow UPDATE: I am the biggest dumb idiot in the world. Evidently my payment method expired 4 months ago and this is the accumulation of all those bills. They were kind enough to send 900 emails about it which went right to my spam folder. My power wasn't shut off due to coronavirus legislation, so I didn't even notice. Anyways [link] [comments]  |
| Parents setting themselves up for poverty in old age and are in denial - what can I do? Posted: 31 May 2020 04:28 AM PDT Throwaway account for obvious reasons. Apologies for the likely novel to follow. My parents both turned 65 this year. They moved to Florida about 5 years ago into a "forever" home, that is, a house they intend to spend the rest of their lives in. They were able to pay for it in full from the proceeds of their house sale, but my sibling and I recently learned they've since borrowed almost $100,000 in home equity from the house. Not for medical bills or something, but to support their lifestyle and pay off newly accumulated credit card debt. For the first 10 years of my life (I'm almost 40 now) my dad worked in finance and made a lot of money. We weren't rich, but we'd always have a new car and go on frequent family vacations. He eventually got burned out and started his own company. It was a few transitional years for the family financially, but we ended up living a lower-upper-middle-class lifestyle for most of the rest of my teenage years. They paid for my and my sister's college education, and we both consider leaving us without school debt to be the best gift they ever gave us. Fast forward to today, and they have no savings to speak of, no pension, no retirement accounts. My mother just "retired" - though she'd only had one foot in the workforce for the last 5 years or so. My dad is still working, making about 55k a year, and plans on working until he's 70. I keep pushing them for specific figures about their income and debt, and their expected SS income in retirement, but am getting the runaround or flat-out ignored. My sibling and I worry that my father's pride will stop him from seeking help or guidance until it becomes an emergency, and neither of us want that. They both still live like they're bringing in six figures a year is the main problem. Or like they're sitting on a big nest egg. Pre-pandemic, they would regularly go out to dinner, they go to disneyworld and take $25 ubers back even though they could park and get transport for free. They put convenience above everything else. The stark reality is, they're staring down the barrel of retirement with no real nest egg besides the house, which they've now borrowed 100k against. And that still hasn't put a crimp in the money they spend, including on gifts for me and my sibling. When they are both collecting SS, I imagine their monthly income combined will be less than $40-50k a year. All of my sibling and my calculations assume perfect health, and even though our family tends to have good genes and live long lives, good health is certainly no guarantee. Obviously coronavirus and the life disruptions it's brought has delayed any meaningful progress on this discussion with my parents for now, but yesterday I sent my dad a heartfelt text that once the situation clears we should start a dialogue about their path to retirement to ensure they have the best life possible, which he didn't respond to. My sibling and I are on the same page about this thankfully (they live in the same town as my parents, I live across the country) and neither of us have kids, so we're probably in a better position than most to provide support or guidance to them, if only they'd take it. Long story short I feel stuck and could really use some advice for anyone who's been in a similar situation. I don't want them living on cat food in old age, but they seem to be sprinting towards just that with their eyes and ears covered to the reality of their finances. Thanks for reading and for any advice anyone has for our situation. [link] [comments]  |
| Help on Credit Card Chargeback Issue!! Posted: 31 May 2020 02:44 PM PDT Last week, I bought an online course over the phone for about $500. I enquired the salesperson over the phone about the refund policy, and he said something like "money back guaranteed." (My fault for not inquiring deeper into that.) About 5 days later, I tried to get a refund on the course and I reached out to the same salesperson. He said that that he could get me the refund, but since he doesn't process those, he had to send it to his superiors. The next day, he calls me and he says the refund policy was actually changed so that I could only get a refund back if I requested within 3 days of purchasing. (Basically, the new policy was created because it's an online course and he said I don't have proof that I downloaded/saved the course material offline for myself to use later.) I responded that I didn't appreciate that I was never told about this change beforehand. He said that since the policy was changed, I can't get a refund anymore. (Personally, I just think it's slick to be unclear about the refund policy and then to say they changed it after I bought their product.) I was wondering if this was enough grounds to issue a successful credit card chargeback. Thanks for any feedback! [link] [comments]  |
| How did I become bad with money? Posted: 31 May 2020 04:41 PM PDT I 24f graduated from undergrad a year ago. While in college I was such a penny pincher; keeping track of everything I spent, only bought second hand, made grocery lists, and barely ate out. But now that I am in the adult world with a job I find myself stuck in this horrible phase of spending money endlessly. Whether it be bills, nights out, shopping - I SPEND! I know I can get back to being more frugal but lately I find I'm paying bills late, frivolously spending, etc. on top of this I am out of work due to Covid-19. I'm stressed and feel helpless. Does ANYONE have advice for helping me getting back on track? [link] [comments]  |
| Posted: 31 May 2020 04:59 PM PDT So I know that I need to report a change about going back to work, but I still actually have a good amount of money left in the card that I received which receives my unemployment payments. I don't have much money in my actual bank account though. So I was wondering if as soon as I report that I'm going back to work if the money in the card will be unusable to me afterwards or anything? Because my hours at work may be less because of restrictions right now and so I would still need that money for upcoming bills and stuff. If it does become unusable to me, should I then just take money out of the card? Could I do that at the bank or do I have to keep going to places that give cash back? Sorry if these are dumb questions. Also, I'm in CA if that helps or changes anything! [link] [comments]  |
| With everything that’s happening in America, should I stop contributing to my retirement? Posted: 31 May 2020 07:47 PM PDT I have a personal savings plan through my work that i add to with every paycheck. It started about 7 years ago and is still mostly stock-based. It's all automated since I don't have the knowledge to make trades or whatever myself. It's likely going to tank with the economy, so should I be getting the extra cash, or continue to add to it? I'm not hard up for money at the moment, but things are volatile. [link] [comments]  |
| Parents won’t remove access from my bank account Posted: 31 May 2020 07:37 PM PDT Hey, just looking for some guidance on where I should go from here. I have been working since I was 16, when my dad opened up an account for me. Because I was a minor, it was opened as a joint account. The only thing is I turned 18 a few months ago and despite promises to remove his access from my account, my dad has not done so. He owes me at least $1K since he's continuously taken money from my account and has not given me any bit of it back despite having many opportunities to do so. When I try to talk to my mom about it, she accuses me of being ungrateful and tells me to drop it since they spent much more money raising me. I do appreciate all they've done and continue to do, but I fear that one day I'll wake up to a drained account and won't be able to do anything about it since it's a joint account out of my control. I am starting college in the fall and desperately want to be able to save money for my future. My household environment is often toxic and financial freedom is my escape. Additionally, I want some privacy with my transactions which are free for my dad to view. Also, just for clarification, money being taken is often for nonessential/recreational purposes or things that I have no idea about. At this point I don't even care about him returning the money, I just want an independent account. Opening up a new one by myself will cause lots of drama and accusations that may very likely lead to me being disowned, jeopardizing my future plans (most namely college). I live in CT if that's relevant. Thanks for any help/advice in advance. [link] [comments]  |
| Posted: 31 May 2020 07:54 AM PDT I've been seeing a lot of ads for long term financing at 0% and there doesn't seem to be much online help for credibility or anything to say the opposite. I've read plenty about just general 0% financing where dealerships will just mark up the MSRP and give 0% interest and use the mark up to cover the lost money from the loan. Lookin into buying a vehicle (slightly used but not new) but if there some credibility behind this new long term 0% stuff I might consider it. [link] [comments]  |
| Posted: 31 May 2020 08:32 AM PDT Hey guys I hope this is the right place for this, if not I'll gladly take direction to another subreddit. Anyway, I was helping my mom move out of her old house today when I came across a good amount of $50 U.S. Savings Bonds that my grandma (my mom's mom) bought in 2005. The company's website doesn't exist anymore and their phone number is now a phone sex hotline. Of course, my grandma bought these before the 2008 financial crisis so I kind of expected this company not to exist anymore as a lot of smaller companies/firms got swallowed up and incorporated into larger firms since then. Is there anything I can do? How can I try to find out if this company went out of business and these bonds aren't worth a dime or if another firm owes us money? Thanks. [link] [comments]  |
| How should I handle med school loans? Posted: 31 May 2020 01:50 PM PDT Hi all. This is an alt account. I'm planning on beginning medical school in the Fall, and I was hoping to get some advice on how I should handle the huge amount of debt (circa 300k across the 4 years) that I am about to take on. For some background, I'm 24 y/o and have a small amount of savings (~15k) that I've earned working over the last couple of years and a 401k with about 3k in it. I also still have ~21k in student loans from undergrad. I know I won't be able to do much about the med school debt while in school... my school doesn't allow students to have a job and any job I did take wouldn't make much of a dent anyway. So my question is more geared towards what I can be doing with what I have now. Should I use a portion of my savings to pay off some of the undergrad debt? Should I move the savings into another type of account (i.e. IRA, index funds, etc.) and have it sit there while I am in school? Keep it as an emergency fund while in school? Also my 401k is through my current employer. Will I be able to keep the account when I leave or will I need to move it somewhere else? I really don't know that much about finance so I'd appreciate any detailed advice that will help me learn. Thanks! Edit: Forgot to ask if anyone had any thoughts on taking private loans vs federal student loans. Any input here is appreciated as well! [link] [comments]  |
| Posted: 31 May 2020 11:07 AM PDT I received a debit card in the mail claiming to be my aid from the stimulus in place of a check. Is this legit? If it is would the best course of action be to transfer the money into my normal checking account? If I do that then do I have to do anything to "cancel" this card? [link] [comments]  |
| How do I setup a secure way to pay my landlord that's not just e-transfer? Posted: 31 May 2020 01:14 PM PDT I just moved in to my new place and was wondering how I could setup my bills. I need to send a one time payment of $1100 (first and last month's rent) and the a reoccurring payment of $550 once a month. Is there a more secure and professional way to set this up other than e-transfer? [link] [comments]  |
| Posted: 31 May 2020 02:04 PM PDT A bit new to this sub and was curious after reading through a ton of posts this weekend. I've noticed that a lot of users suggest investing in an IRA, or Roth IRA, after meeting the maximum 401k employer match. What is the benefit of contributing to the IRA vs. continuing to contribute to the 401k plan after meeting the maximum match? Also, I have read that it is good to diversify 401k and IRA types (i.e. if your 401k is Roth, consider a traditional IRA, rather than a Roth IRA). Not sure if this is personal preference or if there is logic behind this one as well? I understand the importance of diversification in investing, but wanted to know if there were other benefits (i.e. tax benefits, perhaps)? Thanks! [link] [comments]  |
| Live/Work in CA. Want to buy property in TX. Posted: 31 May 2020 07:47 PM PDT CA is my current residence and I'm employed full time here. I'm considering buying a house in Texas where some of my family lives and having them move in to stay there. I may move there later this year for primary residence but have not come to a decision yet. I'm very new to this so I do not know where to start, any help or finger in the right direction would be great. Do I absolutely need the 20% down if I will not be living there right away? Do I find mortgage broker in the state of Texas where I want to buy property or can I use one in CA? [link] [comments]  |
| Refinancing student loans that are at 5-5.75% interest? Posted: 31 May 2020 01:43 PM PDT Hey everyone, so I'm looking into refinancing my student loans (~60k) because any lower interest will be best, plus I have a bunch of scattered loans that I would really prefer to just consolidate to one. They're mostly sitting at around 5-5.75% interest, so I was wondering, would it be possible to get a lower interest rate than that? My income is between $100,000-150,000 and credit score is currently estimated at about 730. [link] [comments]  |
| Just bought a car; haven’t received welcome info from capital one Posted: 31 May 2020 11:30 AM PDT Hello, First time car buyer here. I drove a used car home on May 23rd with an agreement by that I'd bring in the down payment on the 27th. I signed all the paperwork and got financing through Capital One on the 23rd. I still haven't received a welcome email or letter from Capital One and I'm worried because my payments are set for the 5th of each month. I called capital one and the automated system couldn't find an account. Can't speak to a real person until tomorrow. Is it too early? Am I just being impatient? [link] [comments]  |
| Are my NSQO taxes (estate) going to be a lot? Posted: 31 May 2020 06:47 PM PDT My father passed away two weeks ago. He had 4.0 MM in his company stock (3.3 in Options and 700 in RSU's) I was looking at financial advisors and interviewing a few. I just got an email from one saying most likely the 3.3 MM was untaxed and is considered NQSO where I would essentially not receive a step up cost basis for the stock. In short it would be a mix of standard income taxes and capital gains taxes. The company requires me to sell within 18 months and the upcoming months may not be beautiful for the market (let alone one single stock). Without trying to go into massive details about the exact taxation- my understanding is pretty much any income above 500/600 K and Im paying the full tax rate. Living in California between federal and state (37+13.3% +fica ) and Im looking at 52-55%. Thats basically 1.6 million gone down the drain in taxes. My question is- before I hire a financial advisor who claims they can help divide the sale of the stocks (with a huge risk of it going up or down a lot) over the next 18 months, how can they save me any money when I am already going to be crossing the max income tax bracket no matter what? How can capital gains even be involved (or is capital gains going to raise my tax rate even more) ALSO- will moving out of state (CA) help me save the 13.3% tax I am about to have to pay in this case? [link] [comments]  |
| Supporting Financially Irresponsible Parents without Savings Posted: 31 May 2020 06:42 PM PDT I need advice on how best to take care of my financially irresponsible parents. My mom is 54 years old and my dad is 52. Here are the facts regarding their current financial situation: Combined, they make under $40,000 a year. My mom's savings amount to about $2000, barely anything. My dad is deep in debt. While he won't disclose to me the exact amount, I suspect that it's in the tens of thousands of credit card debt, in addition to outstanding car loans. The reasons for their current situation are many, but I think it primarily comes down to two things:
They're in no position to retire, and their financial situation is unlikely to change. They're not people that can be reasoned with, so sitting down with them isn't an option. Believe me, I've tried that. Luckily, I'm personally in a very good financial situation that gives me the power to help. I'm 28 years old and single with a relatively high annual income (> $300,000/year, though in a high COL area) and roughly $200,000 in savings. I can definitely support them both if I really need to, but I'm hesitant to just hand them money because of the reasons I listed above. Currently the only thing I do is pay for their health insurance (which they won't pay themselves). I feel like I'm in a bit of a moral dilemma where I want to help my parents, but at the same time it feels like I've been handed a huge burden at an age where I'm trying to focus on my own future. I know there will come a point where they won't be able to work and will ask me to fully support them. As selfish as this sounds, is there anything I can start doing now to prepare myself for what seems like massive future expenses? What is the best way to support them without draining my savings? [link] [comments]  |
| Posted: 31 May 2020 01:12 PM PDT I'm 25 and making 45k a year, but with no benefits... I want to open a Roth IRA to save for retirement, and am looking at Vanguard or Schwab... what would be best for my situation? Because I'm not getting a match from my employer I really want to make sure that I'm doing the most that I can in selecting a Roth IRA company [link] [comments]  |
| Why did a closer of a debt collector lower my credit if the derogatory mark is gone? Posted: 31 May 2020 12:39 PM PDT I paid off the debt I owed and when I checked my CK account it shows that my score dropped by like 30 points cause it was an account that was closed, but the derogatory mark is no longer on my account. This seems like a double edged sword. [link] [comments]  |
| Taxes on stocks that are bought through a work program? Posted: 31 May 2020 12:20 PM PDT Hello, I have the opportunity to purchase stock through my company. They take out $650 a month out of my paycheck and it's put into a savings account. In a year, they'll take that money and I can purchase the stock at the price that was set when they started to take the money out. My question is, how much taxes will be owed if I decide to sell the stock as soon as they purchase it for me? For example, the stock price will be $50 a share. I will be able to purchase 12 shares a month and a total of 144 shares by the time it is all said and done at a total charge up $7,800. Let's say the stock raises to $80 a share by the time they make the purchase. I will still get the 144 shares for $7,800 but the stock will be worth $11,520 at that point. If I decide to just sell the stock at that point for $11,520, how much of that is going to be taxed? Also, the company I am buying stock for is UK based, but I technically work for a US "branch" -- not sure if that changes anything. Thank you! [link] [comments]  |
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