Personal Finance Do not go into any forbearance on a mortgage unless it is absolutely necessary. It will hurt your ability to obtain financing (new purchase/refinance) in the future. |
- Do not go into any forbearance on a mortgage unless it is absolutely necessary. It will hurt your ability to obtain financing (new purchase/refinance) in the future.
- First time home owner- will I need to actively go out and pay for any bills for my home?
- How does hiring a CPA save somebody money on their taxes?
- Am I being dumb to move out?
- TLDR my bank froze my account without informing me because of my unemployment payments
- Haven't paid quarterly estimated tax since I started making money freelancing in late 2018, I'm just curious how screwed I am if I've only saved about $12k.
- Made 20k playing the stock market, having a hard time justifying cashing out.
- Question regarding Chase Reward Points 1.5x redemption (Pay Yourself Back) for certain categories (Grocery, food)
- Pharmacy Wholesale Club - Spoke to a rep today, and the pitch seems fishy. Can’t find much of anything online. Is this a scam?
- Collection agency refuses to send settlement agreement in writing.
- Can we buy a house? my mom and I always wanted to move out of our city and move somewhere a lot nicer like AZ (We live in Cali)
- Unemployed and Cancer.....what to do with 401k (rollover or cash-out) 64 years old
- Money tracker app w/ crypto currencies
- Cosigning a parents auto loan
- Should I keep most of my savings in a High Yield Savings Account or put it in bonds?
- IRS interest rates will decrease for the third quarter of 2020.
- How long after refinancing a car can I trade it in?
- Wondering what I'm worth
- Denied a credit limit increase on a credit card, one of the reasons listed was recent cash advance.
- I am looking for a quick way to transfer money.
- How to work with recruiters for your own job search while also working with them to fill openings as part of your own current job?
- My debit card isnt going through
- How can I Restructure to FIRE?
| Posted: 04 Jun 2020 02:09 PM PDT My ex wife has lived in a townhouse we bought in 2014 since our deserve in 2016. She paid the mortgage. In March, she decided to move out and put it on the market... right when the market hit. Fearful of being able to sell the house, and be responsible for her rent and the mortgage for an extended period of time, she agreed with our bank (Navy Federal) to put it in forbearance through early June under the CARES act. The bank asked me, and explained that they wouldn't report it to credit bureaus as long as it was dealt with by the time the forbearance was over. I even asked "will this affect my ability to obtain financing in the future", to which they indicated it wouldn't. So I thought "fine", and still planned on paying on time so long as I could - even if my wife could not. Fortunately, she was able to pay the mortgage and the house sold in May. This entire time, I'd been working on buying my own house as I would now have my full VA loan back. I was approved, and construction was going to start in a couple weeks from today. On Saturday, I recieved a notification from my credit monitoring service that my credit had taken a 17 point drop (774-757) and noticed that the mortgage company had reported the loan as having neither been on time, nor late for the months of March and April. I reported it to my loan officer, who called me this week and assured me it was no problem. I contacted the bank, they said it was correct and refused to change their reporting. Today, they about faced and rejected my loan. [link] [comments]  |
| First time home owner- will I need to actively go out and pay for any bills for my home? Posted: 04 Jun 2020 09:43 AM PDT This is a stupid question so I apologize in advance... I'm 6 months into owning my home. I was thinking today about bills and was wondering, will I ever need to pay anything that I won't receive a bill for? Things like property taxes (are they a separate bill? Or included in mortgage every month?) Or anything else? Will I ever have to set a reminder in my calendar saying "pay X because you won't receive a paper bill for this." ? [link] [comments]  |
| How does hiring a CPA save somebody money on their taxes? Posted: 04 Jun 2020 02:58 PM PDT I know it's a silly question but please be understanding because I am young and nobody has ever taught me anything financially. Aren't taxes you just filling out your info like how much you made and if you're married and stuff? How can hiring a CPA save you money in that process? Thank you and please let me know if you need furthur clarification. It's difficult to ask questions when you don't understand much to begin with. [link] [comments]  |
| Posted: 04 Jun 2020 04:53 PM PDT 21 yo male, heading into my last semester of school, no debt, $16k in Roth IRA, $20k in savings, $1,700 net monthly income through December 2020, $85k yearly starting January 2021. My grandparents have offered me to "rent to buy" a house they own in my town. They will charge $600/month starting July 1, 2020. The home is really nice and has already been remodeled. Long term I'd like to have it as a rental property, a primary reason I'd like to move in now. I've lived with my parents all through college, saving as much as I can. They would be fine with me staying with them this last semester of school and even into the start of my full time job. So I'm wondering if I'm being dumb to move out? I could save so much more by staying at home obviously, but I feel like I need more personal growth by being on my own and paying the bills. What do you think? [link] [comments]  |
| TLDR my bank froze my account without informing me because of my unemployment payments Posted: 04 Jun 2020 06:39 PM PDT So, on Sunday I get a notification from my checking and savings account that I have less than 25$. I go and check it and it says I have -888,888.88 in both accounts (minus the amount of actual money I had in them). I call them Monday freaking out because I thought someone stole almost a millon dollars from my account and I am on hold for about 3 hours only talking to real people 4 times. The second to last person I spoke to told me it was because I got a lot of unemployment checks all on the same day. Sweet we figured out the root to this madness. I get transferred to a different department, and they told me ill have my money back on Wednesday. No money Wednesday, so I call after work to find out what was going on. After being on the phone for 1 hour 11 minutes and 54 seconds I am informed that the person who told me Wednesday should not have given me that expectation. My account is on hold indefinitely until they can verify with my states unemployment office that the money is mine. I am so upset because they won't even let me use the money I had prior to the unemployment went through. Does anyone know if there Is anything I can do to at least get access to some of my money? [link] [comments]  |
| Posted: 04 Jun 2020 05:01 PM PDT Additional information:
How much do you think I'd owe in penalties? Will they give me a reasonable monthly payment to pay the back taxes(hopefully only about $7k) so I can live on my own without being so overburdened with bills? [link] [comments]  |
| Made 20k playing the stock market, having a hard time justifying cashing out. Posted: 04 Jun 2020 08:02 PM PDT May 7th I started trading stocks (Option Trading) with $650.. Its June 4th now and at the end of the day Im at $20,500. A part of me is thinking to cash out now, my total debt is about 16k. I'd be able to pay it all off and keep the 4k for taxes or temporary emergency egg. The other part of me is thinking that the market is extremely volatile at this time and with 20 grand itd be easier to make even bigger gains. I'm already able to keep up with my monthly bills, so what would the benefit be of paying it off (car/creditcard/furniture etc) now? Even with me not making those monthly payments it'll still take a long time to reach back to that amount of cash in hand. I have an understanding that ultimately, if I lost half of that amount or even all of it, i'd be kicking myself. I'm not sure why im having trouble on this, thanks in advance for the advice. [link] [comments]  |
| Posted: 04 Jun 2020 05:10 PM PDT Is there any reason 'not' to redeem the maximum amount of points towards this promotion? 1.5 cents per point seems pretty decent. [link] [comments]  |
| Posted: 04 Jun 2020 06:58 PM PDT I ran into a guy in my apartment complex today who works for Pharmacy Wholesale Club, a business I have never heard of before. I talked with him for a bit, and he didn't actually mention the name of the business until the very end. He made it sound like he was working for an outreach organization that was providing affordable pharmacy options to people who were struggling financially due to current events. He was wearing scrubs and a surgical mask. I am on some medications for genetic issues, so I looked over his list of covered medications, and several of the things I'm taking are on his list and would supposedly only cost me $5-15 for a 90-day supply, some of which I'm currently paying $50 per month for after my insurance. At first I was like, "Hey, this is great, way cheaper than going to the regular pharmacy." So he started to take my information and create an account for me using his iPad (name, address, phone number, and email address), and then he had me go over my medications and dosages with him, so he added them to my profile and pointed out how much cheaper it was than I was currently paying. I was like, great! And then suddenly he turns the iPad around to a payment screen, and it's a credit card form to pay a $19.99 fee. I asked him about that, and he said that's the monthly fee, and that it was included in the previous numbers he showed me comparing my current cost with the savings. Of course, red flags went up in my mind, so I told him I'd have to talk to my husband and get back with him. He then started trying to pressure me into closing, saying that they only had a limited number of spots, and they get assigned a different neighborhood each day, so he wasn't sure if the system would allow him to sign me up once they were no longer assigned to my neighborhood. I asked him what the name of the business was, and that's when he gave me the name, Pharmacy Wholesale Club. He described it as being similar to a CostCo or Sam's Club, but specifically for pharmacy items. So because you buy several months' worth at a time, you can get cheaper rates. Everything he said sort of made sense, but I still felt like I was being roped into a scam. I told him I'd get back to him later. He gave me his personal cell number and told me I could call him tonight after my husband gets home, which would be like 11 PM. I've tried to do research on this business, but I can't find anything useful, just their own limited information that they publish on their website and social media, which basically amounts to, "We're so cheap! Sign up today!" I couldn't find any customer reviews or testimonials of any kind. Does anyone know anything about this? Should I just trust my instinct here? He didn't ask me for my SSN or anything, so I'm not worried about my identity being stolen. But he didn't even show me a contract or anything. Literally just handed me a credit card form to fill out, and then when I said I needed to think it over, he emailed me a link to their YouTube video with the same spiel. My Spidey senses are tingling... [link] [comments]  |
| Collection agency refuses to send settlement agreement in writing. Posted: 04 Jun 2020 04:38 AM PDT In April I was made aware of a debt of my ex's from an apartment I shared with him at some point in time. His name is on the debt as well as mine, to the tune of about $2,700. I'm buying a house in the fall so after talking to him and realizing that I'm on my own in this, I tried to call to settle the debt. Of course the agency says I can settle for $2,400 and get the collections account deleted from my credit report. However when I request these payment terms in writing, they claim they don't do that. They claim whatever they're saying on the phone they have to honor because of the law, blah blah blah. I even spoke to a supervisor who reiterated that they don't send anything in writing. Everything I've read and been told says to get these things in writing. So what do I do when I can't? My questions are:
Thank you very much. ETA: The debt has already been validated, I've spoken to the original creditor, all that jazz. [link] [comments]  |
| Posted: 04 Jun 2020 09:55 AM PDT So at the moment we live in a property that has three houses and we live in the front house and renting out the other two for about $1000 - $1200 each, if we move my mom would like to rent out the front house for some extra money. My mom is retired with 700+ credit score and has about a $30k loan that shes paying off and i have a stable job working in a hospital earning about $40k a year with a 650~ credit score and only have about $6k debt im paying off as well. we have been saving up but 20% down on a $300k house is a lot of money and is going to take forever to save plus saving enough money for the move and during the time ill be looking for a job out in AZ. feel free to ask me any questions to figure out our situation i couldn't thing of anything else to add. [link] [comments]  |
| Unemployed and Cancer.....what to do with 401k (rollover or cash-out) 64 years old Posted: 04 Jun 2020 06:52 AM PDT Hi A relative of mine finds themselves in a situation to say the least. They have worked for 3 months in 2020 and then were laid off because of COVID. They are 64 years old and I believe wont have to pay a withdrawal penalty, just the tax. What are the cons/pros of cashing out or rolling over. Is there any way they can minimize tax payments ? low mortgage payments but potentially lots of medical bills [link] [comments]  |
| Money tracker app w/ crypto currencies Posted: 04 Jun 2020 05:47 PM PDT I used to use Money Lover and it was great. I'm planning to track my money again so I know how much I have in total and while I can just add the converted value of my crypto each time I'd prefer to 'see' it right away. I need an app where I can manually input the amount of crypto I have instead of having to link something. Any suggestions? Hopefully free or w/ a one time fee. EDIT: BTW, Mint isn't available in my region :( [link] [comments]  |
| Posted: 04 Jun 2020 03:24 PM PDT My Mother in law is having some financial trouble recently. There have been some improvements and maintenance she has had to do on her home and some car trouble creeping up on her as well. It's gotten to the point where she has given bankruptcy some consideration but needs a new car sooner or later. My wife asked me what I thought about her cosigning on an auto loan with her mom in an attempt to secure a lower interest rate. I am extremely hesitant to let my wife do it even though I have no worry about my MIL intentionally missing payments. Do I have reason for my concern here or am I being unreasonable? [link] [comments]  |
| Should I keep most of my savings in a High Yield Savings Account or put it in bonds? Posted: 04 Jun 2020 08:36 AM PDT Since early January I opened a High interest savings account with American Express so I could get much more interest on my savings than what I was getting with TD. I've been keeping the recommended six month emergency fund, and the rest of my money I have in a Vanguard fund. Now since January the interest rates have dropped from 1.7% to 1.15%. I've already invested in bond index funds already and realized their returns are around 3.9% or something similar over time. Would it make sense for me to have the savings in bond index funds to getting a better return while still keeping risk to a minimum? Or is the saving account fine for the long term and I should keep the money as is? [link] [comments]  |
| IRS interest rates will decrease for the third quarter of 2020. Posted: 04 Jun 2020 02:42 PM PDT The Internal Revenue Service announced that interest rates will decrease for the calendar quarter beginning July 1, 2020. The rates are: • Three (3) percent for individual overpayments (refunds) • Three (3) percent for individual underpayments (balance due) Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For Taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points. [link] [comments]  |
| How long after refinancing a car can I trade it in? Posted: 04 Jun 2020 07:53 AM PDT I (22F) have a co-owned car with my ex step father that I am no longer in contact with (LONG story and we will never be in contact again). I have possession of the car and have been the one making the payments. I don't want him to take possession of the car if he finds out it is paid off when I've worked so hard to keep this car and my credit in good standing. So I called the loan company to find out how I could get the car just in my name and not need to contact him, and they said I could refinance with them. I would just need to pay the difference in the 11k it's worth and the ~13k I owe. I know this will stretch out my loan further by refinancing, and I do want to get a better vehicle for a growing family soonish. How long is a reasonable time to wait after refinancing that won't hurt my credit or give me a bad rate at the dealer? Sorry if this is TMI, I've never posted on this sub before.. [link] [comments]  |
| Posted: 04 Jun 2020 08:30 PM PDT My contract with my current employer is going to expire in a month, and my boss has already confirmed I will be hired back on for another year. I was also told that I would be allowed to negotiate a better hourly rate. I have never been in this position before, and the highest I've ever made is $35,000 a year. One of my colleagues told me that considering my background and education, I should be charging more than the $15 per hour I'm making. A little bit about me. I have a master's degree in chemistry, and am currently pursuing a master's of education degree. I have been 10 years of experience in my particular field. I manage a group of teachers who teach English to students in Asia. I also run tech support for the live sessions, and fill in when teachers are absent. I am also head of human resources, and am currently working to hire close enough teachers to increase our roster of teachers by 750%. I'm essentially the go to guy when something needs to get done, and represent the executive team in meetings. I even took over the duties of CEO while ours was recovering from COVID19 for over 2 months. I will also be overseeing the onboarding of new teachers. My contract doesn't guarantee healthcare, or the ability to file for unemployment. Since I started with the company a year ago, the number of hours I work per month went from 20 to over 250. So my role at the company went from that of casual work to running the company in very short time. I am paid on an hourly basis, and I track my own hours and submit invoices to my employer. Can anyone recommend a starting point for my contract negotiation? Thanks in advance. [link] [comments]  |
| Denied a credit limit increase on a credit card, one of the reasons listed was recent cash advance. Posted: 04 Jun 2020 08:28 PM PDT Bank of America AK Airlines credit card. Needed to pay someone through PayPal ($10), didn't want PayPal to have banking info. Transaction went through as a cash advance on my card ($1000 cash advance limit). Got screwed on the fees but whatever, won't be using this method again. From what I can see, doing this cash advance won't affect my credit, but it was apparently considered in my credit line increase application. Is this pretty standard with credit card companies? I didn't realize it would be factored into that decision. I'm generally pretty credit wise but had no idea this would affect anything having never used the cash advance in the 4 years I've had the card. [link] [comments]  |
| I am looking for a quick way to transfer money. Posted: 04 Jun 2020 02:20 PM PDT Hi there. I am looking for a way to move small amount transfers (under 50$) from one credit union to another, to help with saving money. I really like using the Venmo app to pay for things because it pull the funds from my account right away, so I'm not waiting on a pending transaction to come through... i can see it right away. However, I can't pay myself with Venmo. Does anyone have an app suggestion that i can tie to my debit card, that will pull the funds asap (i can usually see it in within 5 mins) and then transfer those funds into a savings account. I hope this makes some sense to someone. Thank you in advance! [link] [comments]  |
| Posted: 04 Jun 2020 03:00 PM PDT In my current job I'm tasked with building out a group so I am working with recruiters in my niche technical field. However, I'm also unhappy with my current job and looking for new opportunities. How can I work with recruiters for my own job search and keeping that search confidential from others in my company, while also meeting my current job requirements of hiring? Do I need to work with different recruiters for my own job search vs my search for my current job? Is this a common situation that recruiters are put in? It seems like an ethical conflict if a recruiter is trying convince candidates to work for me in my current job when they know I have one foot out the door and I don't want to negatively affect my own job search or my current job. Even if the recruiter is incentivized financially for two placements, does it indicate that the recruiter doesn't always have the best interests in the candidate in mind, which would then apply to me as well? How do I navigate my personal job search (confidentially), while also doing my best at my current job by continuing my search for good candidates? I know recruiters don't always have the best interests in mind, and there are other ways to find jobs, but in my field and in my situation, recruiters are a valuable tool, so I'd like to limit the discussion to recruiters (ie. please no advise like "forget recruiters, go focus on networking," etc) [link] [comments]  |
| My debit card isnt going through Posted: 04 Jun 2020 07:34 PM PDT But my bank says the payment doesnt even come through, and merchant says the payment cant be captured. Its happening in numerous merchants. What should i do? My bank's back office told its on merchants end, merchant telling me its vice versa. Im typing in correct billing, cvv, and everything. [link] [comments]  |
| How can I Restructure to FIRE? Posted: 04 Jun 2020 01:35 PM PDT Simply I have a Roth 401k & a Roth IRA and want to FIRE by 40 (I am 26 now). I thought I could use rule 72t. Now I am hearing conflicting answers about taxation on employer matching, my own contributions, and gains on both. Some say I'm screwed for going Roth on both retirement accounts. Do I need a CPA to find the truth? I legitimately cannot find an answer to my situation online anywhere. I have 100k in the Roth accounts and am considering if I should just put them all in my taxable brokerage now and forget retirements accounts altogether for my FIRE? Anyone have sources for this specific double Roth account FIRE situation? [link] [comments]  |
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