Personal Finance Is there any way to make it on 10 dollars an hour? |
- Is there any way to make it on 10 dollars an hour?
- Be aware: Chase Mobile new terms include forced arbitration. Guess I’m switching banks after 15 years with them.
- Has anyone been granted 180/365 days forbearance? Health is questionable with permanent lung damage
- Why do some people consider renting to be throwing away money?
- IRA withdrawal vs loan
- Very confused about 50/30/20 financial rule of thumb
- Selling stocks to buy a car?
- Boss messaged me for work
- What To Do With My High Mileage Car?
- What are common mistakes people make when moving out for the first time?
- Finding a job during these weird times as a college student?
- Sent to Collections for $51
- I'm very confused on how to proceed with my unemployment benefits
- How do federal student loans affect your credit score?
- Mother is drowning in credit card debt...any way to avoid bankruptcy?
- How to end financial dependency on your parents?
- Financial aid when homeless?
- Financial Independence from Parents
- Short term health insurance for a single person
- 18 year old making about $250 a week
- This whole time I've been except from paying taxes?
- Should I Stay or Should I Go Now?
- Is there a better student credit card than Discover it Chrome?
| Is there any way to make it on 10 dollars an hour? Posted: 09 Jun 2020 07:13 AM PDT Feeling pretty hopeless right now. I'm a felon with no trade or degree. My jobs are limited to 10 dollar an hour factory jobs. I have a daughter and a few thousand saved up. I would get a second job but it's hard enough even finding one. I sit here and think about all the expenses that are going to come as my daughter keeps growing and it just feels like I'll never make it. Anybody have any tips/success stories? Thanks in advance Edit: holy cow thank you everybody for the kind words and taking time out of your day to make somebody feel a lot better about themselves and stop that sinking feeling I've been having. A lot of these comments give me a lot of hope and some of these things I have wanted to do for so long but just didn't think that I would be able to. Just hearing it from you guys is giving me the push I need to really start bettering myself thank you a million times over Edit 2: I'm blown away by all the private messages and comments I mean to respond to every single one 'it's been a busy day with my little girl and I've read every comment and message. I haven't felt this inspired in a long time [link] [comments]  |
| Posted: 09 Jun 2020 02:17 PM PDT I've walked away from a lot of goods and services with that clause. Three credit cards, three checking/savings accounts, a mortgage. Yeah no don't care. I'm not agreeing to forced arbitration. It's an insidious trend and I find it highly offensive. It just cost Chase my business, not that it will hurt them much. Community bank or credit union here I come! [link] [comments]  |
| Has anyone been granted 180/365 days forbearance? Health is questionable with permanent lung damage Posted: 09 Jun 2020 03:48 AM PDT I was negative for covid but I had a severe case that was assumed covid (March). Since the , Ive has repeated pneumonia infections. I've been on 6 different courses of antibiotics since March. Doing ok now, but my lungs are likely permanently damaged as my cat scan shows scarring and glass like opacities...the future is uncertain with my up and down health, I'm a single parent and I'm scared. If I can get away without paying mortgage for a year or 180 days, I'd love to save save and save in the event my health takes another major turn for the worse. Thanks . As of now, I'm still having to "check in" with PennyMac every month to let them know I'm still on forbearance. I believe this may be a tactic they're using in hopes the people that need forbearance may "forget"... but the. Again, maybe I'm wrong... anyhow, just wondering if anyone here has been successful with locking in a 180 forbearance without this "check in with us every month" deal and if so, what was the process? I have PennyMac btw [link] [comments]  |
| Why do some people consider renting to be throwing away money? Posted: 09 Jun 2020 02:53 AM PDT I'm in the Air Force and I was recently having a conversation with a Navy Chief who I would consider a mentor. His stance is that renting is almost always throwing money away. He said you should buy a home, and then move into renting it out in order to make money from it. My strategy for building wealth has always been paying off my debt as quickly as possible, and maintain a minimalist lifestyle. My way of thinking is that earning more is much more difficult than simply spending less. I've watched a few different videos where people talk about the value of buying a home, paying down the debt you own, renting it so they're paying your mortgage, and basically doing that over and over as a method of building wealth. What I don't see those people talking about, and what the Chief doesn't seem to be concerned by (which concerns me very much) is the amount of risk and stress involved in that process. So my question is this, am I a fool for not looking into buying property and instead using renting to live below my means? EDIT: To clarify, this is specifically surrounding the US, and more than likely Illinois. [link] [comments]  |
| Posted: 09 Jun 2020 07:07 PM PDT I'm retired living off IRA and a military pension. We get, after taxes, about 150k a year to live on. And with all projections, will not run out of money according to Vanguard. I want to purchase something that is around $90K. If I withdraw it in a lump sum, it will be taxed all at once. I was thinking that, if I got a low rate loan, financing over time might be a cheaper route. Any thought? Disclaimer. I don't know shit about money or finances. [link] [comments]  |
| Very confused about 50/30/20 financial rule of thumb Posted: 09 Jun 2020 05:39 PM PDT I've been trying to research this 50/30/20 rule, but there are so many conflicting information out there. My main confusion is what specific expenses should be allocated under each category. What I know:
My confusion is where do some of these items fall under these categories? Does this look correct?
Initially, I felt like this rule of thumb felt right, but in closer look, it doesn't really hold up when applied alongside other financial conventions. For example: Given: $~100k gross pay, ~10% 401k contributions, ~$65k net income in CA after taxes and pre-tax deductions
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| Posted: 09 Jun 2020 09:13 PM PDT How does this work? I put some money in the market a few years ago separate from my retirement (which i max every year with company match) to spend on fun stuff as an adult. Well here i am at 32 and ready to buy my midlife crisis mobile. I want to sell some of the stocks but should i sell just enough to pay a loan on the car or just lump sum it and buy cash? Assuming my stocks go up more % than the interest (potentially 0-1% APR due to the covid times) is this the best option? All are long term holdings. I am planning to sell a spread across all of them to keep my distribution but cull some profits off the top. [link] [comments]  |
| Posted: 09 Jun 2020 08:38 PM PDT Hey guys so going to keep this brief, my boss messaged me today that friday there's work but I already have arrangements friday for some other thing that isn't work related but it's 6 hours away. My question is I'm on unemployment will me saying I can't make it due to prior arrangements affect my unemployment? [link] [comments]  |
| What To Do With My High Mileage Car? Posted: 09 Jun 2020 09:31 PM PDT I am not really sure if this question is a good fit for this sub, but it's the best one that I know of. Happy to post in another sub, if more appropriate. Please bear with me as I attempt to explain my situation. I have a 2011 Honda Pilot. It has just under 330,000 miles on it. It's paid off, but the value is certainly less than it should be at this age, due to the mileage. While I have tried very hard to take good care of this vehicle, we are really needing to get a different vehicle this year. I struggle with knowing the most savvy way to transition into another vehicle. Everything on the vehicle is original (engine, transmission, exhaust, etc), and as you might expect, there are some warts:
My dilemma: I am not looking to really make much of anything off this car, but I want to make the most solid move that I can given its condition. Do I put the money into repairing the engine/exhaust and turn around and sell it to a private party? Or, do I sell it as-is as a "project"? Using it as a trade in is not going to net me anything. I don't really need money from this vehicle to use as a down payment on the next vehicle. I feel almost guilty letting this car go as much as it has taken really good care of my family. If I had the room at my house to keep it, I probably would, but it is a matter of space (sub-division, limited parking), not enough drivers in my family to warrant my own personal car lot, doesn't seem to make sense to hold onto a vehicle that won't get driven much. I know if the engine and exhaust are replaced, it would still a great little SUV for someone. But, I don't want to soak money into that I will never get back out of it. We road trip quite a bit for our business, and I don't feel confident in taking it on long trips anymore. This is why we are transitioning into another vehicle this summer/fall. This is not a "help me fix my car" mechanic question, but this relates to the personal finance of what to do with my high-mileage vehicle. My head is swimming. I'm not good at the used car game. I could really use some direction. Thanks in advance for any help you can offer. [link] [comments]  |
| What are common mistakes people make when moving out for the first time? Posted: 09 Jun 2020 04:04 PM PDT I'm moving out of my toxic and abusive home as soon as I graduate high school in 11 months. I'm 17 and worked full-time for several months and will be moving out with $10k in savings. I'm getting a full-ride to my community college and will get an associate's degree in a trade while working full-time. I want to live alone in a studio if possible, but will find roommates if I really have to. In the meantime I've been reading the personal finance books you guys have been recommending me to better prepare for moving out. What are some common mistakes or regrets when moving out for the first time? [link] [comments]  |
| Finding a job during these weird times as a college student? Posted: 09 Jun 2020 09:10 PM PDT I (F19) was laid off my job at a fast food place three months ago. As I haven't heard back from my boss since then, I'm starting to think it might be time to find a new job. Do you think there's any point in looking for jobs in something other than fast food or retail when I'm not done with school? I haven't taken any classes in over a year, but I'm hoping to enroll for next year. Any advice for applying to jobs when I have essentially no experience nor education? Or should I suck it up and stay with fast food? Maybe more importantly, how do I even find a job when there's not a lot of places hiring right now? Any tips would be appreciated! [link] [comments]  |
| Posted: 09 Jun 2020 08:58 PM PDT Hello all, I am looking for advice and am not sure if this is appropriate here (mods please let me know). I went to the ER with chest pains back in January of this year, while there I was given a chest xray and ekg. I paid all bills sent to me or so I thought. I just recieved a letter in the mail stating I am being sent to collections for a company, I'm assuming was contracted with the hospital to do the xray. My owed amount is only $51 but I was not made aware I had to pay this money. My credit score is 713 and I have never been sent to collections until now. Is it worth it to ask the creditor to validate the debt or just pay the money? I really do not want this hurting my credit. [link] [comments]  |
| I'm very confused on how to proceed with my unemployment benefits Posted: 09 Jun 2020 08:47 PM PDT I apologize beforehand if this is the wrong sub or if this has been discussed already. I've been looking around and I can't find anything so I wasn't sure. I went back to work last week but I was only scheduled for 2 days. My manager told me I could still claim for that week since I definetly wasn't going to make the maximum (NYS says you can't make more than 504 if I'm reading that right). When I claimed I checked the box that says I've returned to work and got my usual unemployment check. But now I'm not sure if I should claim for that first week I worked. The site says to stop claiming before you even receive your first paycheck but I know I didn't make more than 300 last week so should I still claim? [link] [comments]  |
| How do federal student loans affect your credit score? Posted: 09 Jun 2020 03:20 PM PDT I have a few questions about federal student loans. I apologize if these are sort of dumb questions. 1. Will my score change as soon as I accept a federal student loan or will it happen after I graduate? 2. Does accepting a student loan put a hard inquiry on your credit report? 3. In what way does the loan show up on your credit report before and after you graduate? (Subsidized and unsubsidized) [link] [comments]  |
| Mother is drowning in credit card debt...any way to avoid bankruptcy? Posted: 09 Jun 2020 05:27 PM PDT Throwaway account because I don't want it linked to my main account (sweet, sweet karma) My mother is about $32,000 in debt from two credit cards (Chase and Amex) with an APR of 23% and ~25%+ respectively. She quit her job in mid-2018 due to the mental stresses of her workplace at that time, and did not secure her new job until January of 2020. Since then, she's depleted all her savings, and relied on these cards to get by (I won't get into the semantics of why she did not secure a job sooner; not pertinent to this case imo). She had been very responsible in paying off these cards until 2018, and does not want to end up in this situation again. With such a high APR, she's struggling to stay afloat - she's considering consolidation offers, as well as balance transfers through various credit union and banks. All the offers thus far seem to need to be a combination of options, e.g. several thousand here at x%, several thousand there at 0% introductory, but must be paid off in one year. There seems to be a stipulation Ultimately, it seems the majority of what she is paying back to the credit cards are going to interest, rather than principal. Are there any private or public programs that can help her in something like this? If not, would it make sense to transfer a portion of balances to various 0% APR cards, and pay those down? Open to any suggestions on getting out from underwater in a reasonable timespan. Raw numbers are below for consideration. I'd really appreciate any help in pointing to a right direction, short of bankruptcy suggestions, ideally! Income: $70k/year paid bi-weekly $2750/month expenses: This has been cut down to barebones; no frivolous spending whatsoever. $60 for basic cable and internet. I let her use my multimedia entertainment, and pay for our phones/lines. She rents, so no equity or collateral, and she's paying undermarket for her space. Car will be paid off in July, so this should free up an additional $400. Working from home until 2021 so commuting costs are nil. She eats very little, so food costs are low. $3700/month net (after retirement contributions) [link] [comments]  |
| How to end financial dependency on your parents? Posted: 09 Jun 2020 06:01 PM PDT I've recently decided that I need to remove my father from my life. I won't go into details about why I bought now but I'd be happy to explain if asked. Unfortunately, I am financially dependent on him. I have a serious medical condition which creates some serious medical bills. I am currently under his phone plan and car insurance. He helps me out with all of that and probably more that I can't think of right now. Does anyone have any tips on becoming financially independent with these expenses? I appreciate any tips you might have! [link] [comments]  |
| Posted: 09 Jun 2020 09:37 PM PDT I got my Bachelors and Masters already, and I might go back to school again. Things have been getting rough in career and financially, and was curious how I would be able to still afford to continue my education (either 2nd masters or PhD) but still be able to make enough for basic cost of living? I worry, not about living out of my car, but honestly just even affording stuff like car payments, insurance, food, gas, etc. while wanting to pursue my education. [link] [comments]  |
| Financial Independence from Parents Posted: 09 Jun 2020 09:35 PM PDT I need some advice on how to become financially independent from my parents since I made some hard choices that have set me at odds with my parents. Just a bit of background, I'm 24, and have lived the privileged life where my parents were willing to support me in my education and other endeavors for as long as I remained committed to getting a PhD. Well, I've just finished my Master's, and I decided to work for a couple of years which set off my parents to no end. I can see myself getting a PhD in the future 5-10 years down the line when I actually discover that true passion that I want to pursue for a long time. I have a nest egg that can let me afford rent for the next 6-8 months so I am better off than most especially with this pandemic putting people out of employment. I've taken money for granted for the majority of my life not lavishly spending it but just getting used to the idea of it being there whenever I needed it. Now, things are different with everything going on. It truly is a stressful situation just figuring out the future. I want to learn how to become financially independent from my parents, however, I have no idea where to start. I have an emergency account in case something happened and I have a Vanguard IRA that I deposit money into. However, I am stuck wondering if there are other things that I can do to steadily become fully independent. Does anyone experienced in these matters have some advice? Is it about investing in the right companies, budgeting in the right manner, etc? Any advice or leads are appreciated, I just have no idea where to start. [link] [comments]  |
| Short term health insurance for a single person Posted: 09 Jun 2020 05:47 PM PDT Hey all, I was wondering if you could recommend me some rather cheap, short term (I expect it to be 1-2 months) health insurance options. I don't have any specific medications and no existing health conditions, but I figured I shouldn't risk being uninsured in times of coronavirus. I've already checked NY state's "marketplace" but all the options seem to have either high premiums or high deductibles/co-pays. Thank you! [link] [comments]  |
| 18 year old making about $250 a week Posted: 09 Jun 2020 09:19 AM PDT So I've had this job at a grocery store started as a bagger and now I do customer service desk / front end supervisor and since working there I've managed to accumulate $5,000 in an investment portfolio with Robinhood, $2,000 in checking and savings for everyday funds and emergency funds, I also have just under $4,500 in a ROTH IRA for my retirement. I was dealt a good hand in life as I don't have to pay for much of anything and I want to be sure to make the most of that and not simply take advantage of it. With that being sad is there something I should change? How much should I prioritize growing my savings as opposed to investments? Edit: currently in college [link] [comments]  |
| This whole time I've been except from paying taxes? Posted: 09 Jun 2020 02:01 PM PDT I'm 17, and I've been working since June of 2019. I do not make enough to meet the $12,200 filing limit. When I began working, I was told to put 1 witholding on my W-4. During tax time this year, my tax preparer told me that I did not have to file since I don't make enough to meet the limit. He also said I would not get anything back anyway. I'm kind of confused though because I just read an article which states that if someone makes under $12,200, they'll be exempt from witholding. Not sure if this true or not, but it does seem to make some sense. [link] [comments]  |
| Should I Stay or Should I Go Now? Posted: 09 Jun 2020 12:38 PM PDT I live in a rural area with one major employer, where I've worked for 15 years. They're closing up shop due to the pandemic and gave everyone notice. My wife and I like the area, the schools are decent, and most of all its quiet and peaceful. With everything going on right now the thought of moving to a metro area makes me shudder. Problem is, I'm about to lose my job, and with it goes 2/3 of our income. We could get by for a year on savings and unemployment, but I'm profoundly worried about finding work in my field out here in the sticks. Remote work is an option in my field but my job search over the past month has been disappointing. We've got 20 years left on our mortgage, huge credit card debt, car loans, student loans, the works. 200k total debt, 125k is the house. Our combined income sits at about 90k. 20k in a 401k. I theoretically will have enough money clearing out my 401k to pay for a move to a new area with more job prospects, but then my wife will lose her career (she's only licensed in this state) that she loves. We could move elsewhere in the state but the job prospects aren't much better anywhere. I am sitting on the fence right now, and I have no idea which way to go. I have a bad habit of waiting for decisions to be made for me, and I have a feeling that in this case that will just lead us to exhausting our savings and being left with no options. I'm at the point where I'm debating a strategic divorce so I can fall on my sword (the debts) and discharge as much as possible in bankruptcy, and be able to survive on the salary for a service job, which is all that's left around here. I'm really struggling to reconcile the quality of life we gain by living in the country with the obvious financial hardships that come with a single family home, land tax, no jobs, etc.. I guess I'm just looking for opinions, thoughts, suggestions for making sense of the decision and making the best one possible. [link] [comments]  |
| Is there a better student credit card than Discover it Chrome? Posted: 09 Jun 2020 09:13 PM PDT We are looking for the best student credit card to begin our sons credit. He will be 21 in a few days and is a full time student and works a full time job. The cash back for gas and restaurants and zero annual fee are what appeals to us on this card. Is there one better? [link] [comments]  |
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