Personal Finance I didn’t realize the huge difference it would make if I stopped thinking my “credit limit” was as equal as cash |
- I didn’t realize the huge difference it would make if I stopped thinking my “credit limit” was as equal as cash
- Will be laid off in September, should I stop contributing to retirement for next paycheck?
- Learn to manage $1k first
- How to combat judgement when looking for a new place to live? Should I lead with my wallet?
- Since fed student interest rates are lowering, can I take out a new loan to repay my current ones?
- Small businesses are shut down. No income. Do I withdraw 401K from employment days?
- Cap One is cashing in my Quicksilver cash back rewards for me without my permission. Twice to date.
- Mom died suddenly and left me very little, I have no income, now what?
- Can I afford to buy a home in 4 months?
- Wife's employer is telling the employees that if they quit they will owe her money
- Going to my bank to apply for auto loan vs going to dealership and having them apply for me?
- Is my psychiatrist over billing me?
- Maxing out 401k limit vs investing in taxable account
- Selling Car; Pay it off first, or have new person take over loan?
- Grew up poor, became a pretty good salesman and just made 20k commission. What in the world does a 24 year old do...?
- Inheritance and financial aid
- My wife owes money to a college.
- I'm 99% sure I'm being avoided by a business associate
- denied government aid for months and no answers
- Should I go back to school for something useful?
- Is it unwise to ask for a raise during the current economic uncertainty?
- Trying to educate myself and understand 401k,Roth, - have a few questions.
- Buying a new car:: I can pay for the whole thing at once, but should I?
- Any 5% down jumbo construction loans?
| Posted: 02 Jun 2020 02:51 PM PDT I haven't been doing any shopping on "wants" and not "needs." I would go into the mall when it opened thinking which card I would use and walked out without buying stuff. Because I realized I'm poor and broke af with 20k in debt to pay and that 19k credit limit ain't gonna pay for it. Not sure if this is the right place for this. It's my baby step of being debt free. Edit: didn't realize I used a throwaway. Not that it matters much. Edit 2: to add more context, 13k out of 20k is a personal loan debt. There were major life events that I didn't have enough money to cover. But that doesn't change the fact that I got my spending habit out of control after that. I've been pouring all my paychecks plus half my husbands' into paying credit cards. At least $2k/month. Sometimes more when I have my quarterly bonus. So even though I'm at 7k Cc debt, I've also paid off a lot of it already. But I never realized I needed to have the above mentality to get rid of my debts entirely until recently. [link] [comments]  |
| Will be laid off in September, should I stop contributing to retirement for next paycheck? Posted: 02 Jun 2020 04:38 AM PDT I was told I will not have my job in September due to Covid, BUT I would be paid in full until the end of August. I contribute 5.5% to my retirement account per month with a 6.5% company match plus another 11% myself. Should I stop contribute the extra 11% for next 3 paychecks? I also have dependent care flex deducts in my paycheck. Daycare is closed since early March and I won't be sending my child to there for a while. I still can claim another month of service with flex. Should I stop the deduction next month? If I stop dependent care deduction, should I allocate the money to my retirement account? These questions are more for taxes reduction purposes more than I needed the money. Thank you for reading and helping! EDIT: Wow!!! Thank you so much for your advices! These really change my view of things. Providing some details: I got have more than a year of emergency fund saved up and other savings. I have health insurance thru my partner's company which is much needed for a terrifying discovery last year. I'm a bit under 40, have some stocks and a 401k that are easily pull out (do not want to touch them at all). Still live a rental in NYC but the cost is very low in my area. I'm a penny pincher which is why I want to look into tax burden. Also, looking for a new job at this point is almost impossible for me (e.g. childcare, skills after a major health scare, Covid). After all your awesome advices, I think I will cut dependent care deduction, allocate the money to the 401k and check if I could even up it. Let me know if I am crazy and THANK YOU ALL again!! [link] [comments]  |
| Posted: 02 Jun 2020 12:09 PM PDT Been working ever since I was 16.. Currently 22 and finally after many years feel that I'm getting my stuff together... Tips based off my personal experience You gave to treat 10k the same way you'd treat 1k Learn to fix stuff yourself! Instead of paying someone Add stuff u want to a shopping list on Amazon and close the page when you're done ( it'll make you feel like you bought them and lessen the urge) Don't spend on a nice car just to impress Wear clothes until it's beaten up, then just wear them as pijama or clothes for exercise ( sweating) Pay yourself first Take ex) $500 from yourself when you get paid and hide them... Forget they exist and live off the rest Don't pay for porn or onlyfans... It adds up quickly Learn about compound interest Never consign for anybody Keep quiet and win in silence, don't brag or try to show off Learn about priorities Food, a roof, transportation, clothes Before you go for luxury versions of those things Don't compare yourself to anybody, people show off a glorified version of themselves online All of those.. Have helped me save money!! I'm not rich or anything, but finally feel financially healthy. [link] [comments]  |
| How to combat judgement when looking for a new place to live? Should I lead with my wallet? Posted: 02 Jun 2020 02:01 PM PDT 26 BM, ~85k net, 120k gross income, ~50k net worth, no debt, ~40%+ savings rate, fully funded EM fund (8 months) about another year of runway in non retirement equities. I've been looking for a new apartment to rent for the next few years while I save for a house. I've been living with roommates for the passed 3 years to eliminate my student loans (debt free scream!!!) but now that I am finished with that I'd like to live alone for peace and don't mind spending a little more for a 1 bed. Recently, I passed a small nice looking new construction and called the number in the window. The builder picked up and I shared my timeline and interest in viewing the place. About a week later I called him to schedule a viewing. I went to see the place the week before memorial day and they had just put the wood flooring in, appliances were not hooked up, no blinds etc. I told him I'd be fine with his asking price of $1950 and could move in August 1st. The building has 4 - 1 bedroom units and 1 - 2 bedroom unit and some office space below. He said he was taking off the week after memorial day and still had to get the inspector out to check for building code and would give me a call back to collect my info. He never called. Last week I rang him to touch base and he asked me a few follow up questions and I asked him about utilities and told him I'd be fine giving him my employment info to verify so I can jump on the place.. Once again he said hey I'll give you a call back next week and he didn't. I called him again yesterday and he gave me some spiel about how he's thinking about moving his firm into the office space below and just wants to make sure the people in the units are qualified.. I told him I'm an employed engineer and he said he'd give me a call back that afternoon or today at the latest.. it's already EOD EST so.. should I give up? I've always thought it was best to only disclose your financial status once you reach some terms so that they don't inflate the asking price.. but I'm starting to think since I'm young.. and frankly black maybe I should do my best to get to that stage earlier in the process.. idk I'm feeling pretty distraught I did experience something similar about 4 years ago when I was looking in this area too.. like.. I could lose my job today and still pay this mans entire lease and yet.. he's fussing about.. for context this is a HCOL northern new jersey area, lot's of young families, professionals, and nyc commuters. Any advice appreciated, thanks. [link] [comments]  |
| Since fed student interest rates are lowering, can I take out a new loan to repay my current ones? Posted: 02 Jun 2020 04:18 PM PDT Not trying to get in any trouble here, lol. I am currently a grad student with about $30k in loans and will probably end up taking out another $20k before I graduate. My understanding is that federal student loans cannot be refinanced; however, can I take more this year in new loans (4.3%) and use some of it to pay off my old loans (6.6%)? Thank you Edit: The general consensus is that I can do this. I will leave this up for other students who are considering the same thing. Also, has anyone tried this/knows about the logistics? I may have tried last year, and Nelnet automatically applied my payment to the newer, lower interest loan instead. [link] [comments]  |
| Small businesses are shut down. No income. Do I withdraw 401K from employment days? Posted: 02 Jun 2020 10:19 AM PDT Hello! We own 3 businesses, a bowling alley/bar in MN that is still shut down, a vacation rental that is completely empty since COVID-19, and a company that owns rental property where tenants can't pay rent due to unemployment. This has left our household with no income. What income we have coming in from the rent we are receiving is going into other businesses to cover the mortgages, utilities, insurance and taxes. My husband has a 401k from when he was employed prior to owning our businesses. It isn't much. In Dec it was at $105K. When the pandemic crisis started it dropped to $78K. Today it is at $95K and we are seriously considering taking it out to pay our personal bills, put food on the table and help support our other businesses that we believe will be back in business someday. Some research says to leave it alone, other research says take what we need, while other research says abandon the market and take it all out because the economy is collapsing. We have friends and colleagues that have varied opinions as well. That being said, one of the smartest business men I know says to take it all out and invest it where I need to so we can secure our own future rather than letting the market decide for us. We have applied for all the gov programs out there and it is either a no-go for our particular business or hasn't come through yet (i.e. EIDL). If we don't do something quick we risk losing our properties and potentially filing bankruptcy. Advice? Thank you! [link] [comments]  |
| Cap One is cashing in my Quicksilver cash back rewards for me without my permission. Twice to date. Posted: 02 Jun 2020 06:19 PM PDT I'm really hoping someone can set me straight here because I'm at a loss for for words but today I woke up to an email letting me know my cash rewards "were on the way!" The problem is is that I didn't initiate that and this is now the second time they've done it. The first time it happened, several months back, they sent me an email telling me I deserved a reward making it seem like it's from their heart but instead...it was my money! Both instances were $25 which I know isn't much but that's my beer money I save up for vacations as the card doesn't get much action and the fact that they did it without my permission. I've been holding this card for years now and this only recently happened as I've had that balance go over before. is this normal or is there a setting I hit accidentally? I can't find anything online. [link] [comments]  |
| Mom died suddenly and left me very little, I have no income, now what? Posted: 02 Jun 2020 01:58 PM PDT My mother died suddenly a few days ago of a brain hemorrhage, before she fell she was completely fine, so I have had no chance to prepare for all of this. We were renting the property that I'm currently staying in, the rent is not something I would be willing to pay myself so staying here isn't an option, she did not own a car nor did she have life insurance, so I am left with very little other than my savings which are small and won't last more than a few months. In addition to this I don't have much to put on a resume so getting a job would be difficult if not impossible, where do I even go from here financially, since at this rate I will burn through the rest of my savings quickly and will have few options in regards to living situations, let alone growth? What resources should I contact for support, etc? Edit: I am 24, in the state of Florida, and in terms of relatives they are all gone other than my aunt who I have been estranged from for 10+ years and have recently tried to locate unsuccessfully. [link] [comments]  |
| Can I afford to buy a home in 4 months? Posted: 02 Jun 2020 03:30 PM PDT Hey all, I'll keep this very simple but I need some more direct information that matches my situation and where I live. For some background I am 24 years old. Right now, I pay 1200 a month before utilities for a 1 bedroom apartment in the state of Georgia. More specifically northeast of Atlanta. I am planning on buying a house in October when my lease is up so I can start making equity on my payments. I make (after taxes), $3750 a month at my first job. And work part time as a server that brings in ~$1200 a month. So all in all I make about $5000 a month after taxes. I have $9,000 saved up right now, no credit card debt or any kind of student loans, but I do have $10.2k left on my car loan. My monthly expenses are: Car payment - 264 Car insurance - 255 Gas - 200 rent (electric, water, internet, etc) - 1450 Groceries/eating out - 400 I live with my girlfriend who pays $400 a month towards expenses so I have a feeling the mortage payment wont be an issue, I am trying to keep it at or under 1600 total for HOA, taxes, insurance, etc. My credit is at about 710 right now but I was wondering if I would get away with putting nothing down because I would like to buy some new furniture for the house. Lastly, and probably the most important, the cost of the house is $254,000. So, can I get away with taking out a loan through Navy Federal Credit Union with next to nothing down? I can pick up some extra shifts and save about $6k more before October if necessary. Thank you for taking the time to read this. [link] [comments]  |
| Wife's employer is telling the employees that if they quit they will owe her money Posted: 02 Jun 2020 05:40 PM PDT Hi guys, I don't have much knowledge about what a employer can and can't do to their employee so any advice will be greatly appreciated. My wife came home today from her job and said that the owner told everybody that if they quit then they will owe her (the owner) money. Reasoning the owner gave was because she used up everyone's vacation days (without permission) to pay the full time staff while the school was shut down for a month due to Covid-19. The owner was giving her full time staff 50% of thier normal paycheck during this shutdown instead of laying everybody off. Does anyone know if this is allowed? Some info that may help: 1) school is a Montessori for infants up till Pre-K 2) located in Texas 3) wife started this job 4 months ago Edit: Also forgot to mention, does she qualify for unemployment? This is her first job and she's only been working full time for 4 months. [link] [comments]  |
| Going to my bank to apply for auto loan vs going to dealership and having them apply for me? Posted: 02 Jun 2020 02:15 PM PDT EDIT: Thanks for the replies guys! Gonna go to my bank first and see what I can get pre approved for and see what the dealership has to offer afterwords! Hey guys, just had a quick question for you. Is there a substantial difference between going to my bank (m&t) and applying for a auto loan vs going to a car dealership and having them apply for a loan for me? I have good credit and was curious if there would be a substantial difference in tbe interest rates? Seems more convenient going straight to dealership, choosing a car, and getting everything done right then and there. Thanks for your time [link] [comments]  |
| Is my psychiatrist over billing me? Posted: 02 Jun 2020 01:23 PM PDT My last two psychiatrist appointments were about ten minutes or so, and I was billed for 99213 and 90833. These last two appointments were over zoom, and it was just essentially refilling my prescription. I googled 90833 and it says it is "30 minutes of psychotherapy". I have not received any therapy from him at all, we just have small talk and he sends my refill to the pharmacy. I may be completely wrong but i feel like I'm getting fucked around, any help is appreciated! [link] [comments]  |
| Maxing out 401k limit vs investing in taxable account Posted: 02 Jun 2020 12:19 PM PDT What I'm currently doing: -Maxing out Roth IRA -Maxing out 401k match I am now wanting to invest more into my taxable account into primarily technology index funds. My 401k doesn't offer such index funds, however I'm aware that all money contributed into 401k grows tax free. Is it a good idea to choose the investments I'm interested in into my taxable account or just max out my 401k limit even though the investment options aren't as attractive? [link] [comments]  |
| Selling Car; Pay it off first, or have new person take over loan? Posted: 02 Jun 2020 04:12 AM PDT This may be an odd question but I figure the information shared here will also help others. I have a car that will hopefully sell for around $10,000, the amount I still owe on it. I have never owned a nice car before so this was never a question. Which of these two options makes the most sense? 1) If I pay it off now, then I understand I get the title in the mail within a few weeks. Then if I sell it to a new person, I can sign over the title, which I am sure is more appealing to the buyer. However, there may be more of a risk in being scammed? When receiving this high amount of money, do I accept only checks? Do I only accept money when I go to their bank with them? Which options are the safest, without being rude to them? 2) I know I also have the option of going to the buyers bank and having them send money to my auto loan to pay it off. This seems more safe for me, but perhaps a little inconvenient for the buyer if they need to wait for the title. I am sure I am not thinking of everything. It is a 2010 Toyota Prius, in near perfect condition. I know it is a buyers market and not a sellers market, so I may not sell for as much as I prefer. Unfortunately, shortly before the pandemic, I started having new medical issues where I cannot drive. The seizures might eventually get under control, but I cannot currently justify paying so much monthly on car insurance, car payments (I did defer a couple of months with the pandemic), and new registration due in a couple months (another $210). I hate losing my independence, but if I can safely drive in the future, I can always purchase a car again. Any insight or thoughts? [link] [comments]  |
| Posted: 02 Jun 2020 03:43 PM PDT Hey all. As the title suggests, I do not come from money and just ran head first into it. I'll have just under 20k post tax AND I already have a solid emergency savings of 3 months worth of rent/food/necessities. Moreover, I have paid off my credit card and while I have student loans, I have a plan set up for them pretty solidly. I want to set up something that gives me monthly returns - something I can keep giving to and build up a solid monthly return from. I saw there were some funds that give monthly dividends (REIT & ETNs) but honestly I don't know what I'm doing. (Like, how do I even buy those? How do I get dividends back?) I also don't wanna go WallStreetBets kinda way of life. I'm very adverse to risk so... what's a safe, monthly return that I can build towards with my future? [link] [comments]  |
| Posted: 02 Jun 2020 03:37 PM PDT So to start my mother will likely die soon, she has stage IV cancer and has decided she's done fighting it after years of treatment. This brings up two major questions for me. 1) when she passes I will inherit half of her share of the family farm. This is not a profitable farm, it's basically operated solely to pay the property taxes. I will be one of three owners, along with my uncle and sister, how will this affect my financial aid eligibility? I have probably 3-4 semesters left and without federal aid would be in a very difficult situation. 2) I have one private student loan through discover, my mother is the co-signer. This loan was established before her diagnosis. I've looked into situations involving the death of a co-signer and seen that it often triggers immediate repayment. In the case that I'm still in school and as such not making payments what situation would I be looking at? An immediate repayment now, an immediate repayment upon graduation, no change, or something else? Thank you in advance [link] [comments]  |
| My wife owes money to a college. Posted: 02 Jun 2020 07:20 PM PDT I met my wife while she was a student at university in Hawaii, during her time in Hawaii she was raped while in school and the school did not take her seriously, she didnt get a police report and she was scared to go to school so she started to withdraw from her classes. she did so after the the date that allowed her to she moved with me to Texas after i transferred in my job and now she owes the school around 10k in debt. She is currently speaking with them and it shows that she withdrew due to traumatic reasons and they want police reports and whatnot but obviously she didnt file them because the person who did this to her was a member of the faculty and she was afraid of that situation. What can my wife do, I told her that she could probably negotiate the debt with the university so that she could get her transcripts but i also feel like since its been written off they are just gonna tell her tough shit and you just have to pay us the 10K or whatever. She does have PTSD from the incident, I just dont know how to help her in this situation. [link] [comments]  |
| I'm 99% sure I'm being avoided by a business associate Posted: 02 Jun 2020 03:14 PM PDT Sorry if this is long. I'm just trying to cut my losses as much as possible. I struck a deal with a former classmate I knew more than a decade ago. There is a contract, but honestly it's more of a handshake deal. Essentially I am leasing out equipment to them and their lease payments are suppose to cover the payments. Once paid off, they can have it.(The deal may seem like a bad deal on my end, but that's another story and I honestly just need out of these payments) Because I know this person and thought they were helping me, I wasn't firm in asking for a deposit. Especially once they said they were gonna pay the insurance on the equipment. We discussed downtime due to transition paperwork and figured things would be up and running within 3 weeks. So I handed over the equipment....and then COVID-19 happened. Because of the virus, required paperwork was delayed and eventually never submitted. It's now 3 months later, and he isn't responding to any of my calls, emails, or text. Yet he is VERY active on fb. I ended up calling him from another line, and guess who answered the phone? He heard my voice, coughed then claimed to have been hospitalized due to contracting the virus and that's why he hadn't responded to my messages... I didn't want to call him a liar, so I was cordial. I asked about the paperwork and he claimed it was delayed due to offices being closed. Said they would have everything ready the next week though. That was 2 weeks ago. On yesterday I text him, with no response. I called the office they were referring to and though the offices were closed I honestly feel the paperwork could have been submitted online...atleast get the ball rolling. I can track the equipment and can see that it is being slightly used. I have had a conversation with the person who actually uses the equipment (and just learned they're paying the insurance and not buddy as he stated he was)and they stated buddy has ghosted them as well. I'm usually nonconfrontational, but this has me pissed. I put $40k worth of equipment in buddy's hands and he hasn't given me a dime and now he is avoiding me. Like dude I get its COVID, but you could atleast respond and let me know what's up so I can move accordingly(I'm still making moves, but it's easier when there is transparency). How should I address this matter with buddy? Should I just do business with the guy who actually uses the equipment and forget about buddy? What would you do? [link] [comments]  |
| denied government aid for months and no answers Posted: 02 Jun 2020 09:21 AM PDT posting on behalf of my boyfriend who's really struggling right now. since the start of the pandemic he's been filing for unemployment and the cares act every two weeks. his unemployment was denied when he initially filed (he is absolutely eligible) and when we finally received the letter explaining why (like a month later..) it was a CLERICAL ERROR that the state made (pennsylvania) where they basically missed a zero in his gross pay for a certain period and now every time he tries to file it continues to be denied because of this one initial error that was not even of his own fault. he's been patient but now he is practically negative in his bank account and savings and we don't know who we can even get help from because the response time on all emails to the IRS etc. is 57 business days and they have completely disconnected their phones. we are desperate and with the long waits on responses from government agencies we just need to know if there's somewhere we can turn to for help and answers on why his unemployment has been so messed up. at this point the state owes him thousands in unemployment back pay and he doesn't want to take a temporary minimum wage job somewhere because the second he does, he's saying goodbye to the money he's been owed for the past few months. any advice is appreciated [link] [comments]  |
| Should I go back to school for something useful? Posted: 02 Jun 2020 10:37 AM PDT Graduated about 2 years with a useless degree in "business communications". I've been working a dead end sales job living pay check to pay check. I still have around $50k in student loans and I've calculated that it will take me 3 years to fully pay them off. I'm not sure if it would be worth getting into even more debt to go back to school. I would have to quit my job to go back but id be going for something in demand that pays well. Would it be worth going back for a career change or should I stick with my current degree/job? I am finically illiterate and am feeling lost. [link] [comments]  |
| Is it unwise to ask for a raise during the current economic uncertainty? Posted: 02 Jun 2020 09:16 AM PDT Short version: See title Long Version: I've now been with my team for over a year, with my company for almost 4 years. Since joining my team, more specifically during the pandemic, my workload has been multiplied by 4. It's very easy to measure as we work directly with clients and keep a "dashboard" showing our projects and their status. Before I was managing projects pertaining to 1 client at a time and I am now managing 4 client projects at once. That increase has all been during the pandemic, while we're working from home - normally we travel 40+ weeks out of the year, visiting clients to do our projects. In addition to a workload increase, our company has cut 401k matching. So I'm essentially doing way more work for less compensation. I'm the youngest person on my team and I'm doing measurably more, at a faster pace, than some who have been with the company 20+ years. Obviously, they have a higher salary and make more annually in bonuses. The reason I'm skeptical of asking for a raise, outside of the pandemic, is that we recently cut people from our team/company so I don't want to come off as ungrateful. I recognize that i'm very lucky to have a job right now, but on the other hand I feel taken advantage of. Our company does 3.2 billion in annual revenue, so I'm very confident we will easily survive an economic downturn. What are your thoughts / opinions of asking for a raise right now? [link] [comments]  |
| Trying to educate myself and understand 401k,Roth, - have a few questions. Posted: 02 Jun 2020 07:48 PM PDT So I have been reading a bunch of the links and posts on this subreddit and I just want to make sure I'm understanding what I am reading. From what I read, I should be maximizing my 401k until I get the employer match; then I should focus on putting money into a ROTH until I reach the max of 6,000. The max one can put in a 401k and ROTH together in a year is 19,000? Is that right? What is the time frame for this? January 1, 2020 to January 2021 or is there a different date? Lastly, if one does get the employee match and maxes out their ROTH; what else should I be doing to save for the future so that money is not sitting in the bank account doing nothing. I understand there are a few options, like a HYSA, using vanguard for some trading, and paying off any debt; but I just want to double check I am not missing anything. Thank you. [link] [comments]  |
| Buying a new car:: I can pay for the whole thing at once, but should I? Posted: 02 Jun 2020 08:08 AM PDT I'm buying a new car that will cost about $22K usd. That is about 1/3 of my cash life savings. I know I will end up paying interest if I pay back over time, but the hit to my bank account won't be so severe and my money will still be there if needed. What would you recommend? Other factors: will be spending $35K on school in the next two years. Work full time earning $65k per year. [link] [comments]  |
| Any 5% down jumbo construction loans? Posted: 02 Jun 2020 07:42 PM PDT Any lenders doing jumbo construction loans with 5% down? Looks like every raised the minimum to 10%. Thanks [link] [comments]  |
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