Personal Finance Mom died, Dad unable to manage finances |
- Mom died, Dad unable to manage finances
- Realtor adding clause allowing sellers to stay after closing rent free. Bad idea for me (the buyer)?
- Thinking about voluntary car repossession
- DINKs want to know if we should pay off our mortgage or finance it to the hilt?
- Is an old friend from high school trying to trick me?
- I think my financial advisor messed up - how should I handle this?
- Should I be concerned that my address was changed on my credit report and on the chase website?
- Am I right that I would have to pay $14,401 in mortgage interest for buying a house to provide tax savings?
- Am I living within my means in NYC? How's my budget?
- My Dad just lost his job after 18 years there. I’m a teen, how can I help?
- Is it necessary to study complex finance books for investing?
- Got my first formal job, a part-time minimum wage job, is there any way I can get a credit card with no foreign transaction fees?
- Charged-off credit cards counting as late payments
- Should I set up a trust?
- How to cover dental procedure
- $1300 of credit card debt at 20
- Will a mortgage company take inheritance payout as income?
- How to get more knowledgeable at investing?
- What kind of saving/investment account should I open up for a younger, minor sibling?
- Dad died, how to proceed?
- Husband filed for divorce, he locked me out of the mortgage.
- Unemployment benefits question
- Stolen rental bike has a huge replacement fee
- Turning 16 in a couple months and my parents are going to gift money to go towards a car- should I invest or save?
| Mom died, Dad unable to manage finances Posted: 28 Jun 2020 08:45 AM PDT My Mom died last week and it very sudden, very unexpected. My Dad is still living. There are several guides available about the loss of a loved one and how to handle the estate, and I do have a good idea of where to start (notifying the credit bureaus, etc) but I cannot find an article about handling things when one parent is still living. My Dad is completely unable to manage his finances (he has a very hard time with computers and cell phones and is pretty severely dyslexic), my Mom handled absolutely everything about their money. Luckily I use their same bank and have been able to log into their account and get an idea of what is going on. I am only child, my Dad retired 3 weeks ago (my Mom was a homemaker), and when he retired they also paid off their house. The paperwork for pension, social security, and the house was just beginning to be sorted out by my Mom when she died, but there are some guides online that I think will help me and we do have an appointment with my Dad's pension administrator to sort the pension out. But my main concern if that as I will likely be in charge of managing my Dad's finances, not just for now but probably for the long term, how do I go about this? My Dad wants to add me to everything - his bank account, the house (again, that they just paid off), vehicles. This is to help him manage things and also in case he passes. I have no idea what my parent's credit looks like (I was planning to open a Credit Karma account with my Dad's information to get an idea) but my own credit rating is almost perfect, and I don't want to lower it. I already own a separate home and pay a mortgage on it, would having my name on another house be a concern? Maybe taxes would be a problem? I also do NOT want to responsible for any debt if that is avoidable. The timing of my Mother's death is terrible. They were JUST about to sit down and show each other how to manage things if the other one passed away, because they were growing increasingly worried about Covid (her death was not from Covid). They were just beginning to think about the next chapter, of what retirement would look like. This sucks. [link] [comments]  |
| Realtor adding clause allowing sellers to stay after closing rent free. Bad idea for me (the buyer)? Posted: 28 Jun 2020 10:47 AM PDT The housing market is in an absolute frenzy right now and I've already missed out on two homes. My realtor keeps trying to slide a clause into my offers which allows the sellers to stay after closing "rent free" for X amount of days. I always have her remove this clause because I feel it puts me in a very precarious legal situation. Should the sellers have any snags in their process of leaving the house/getting into their new living situation, from my understanding, I am then a landlord (and my tenants have no lease!) and could potentially have to evict people from a house I now own. She keeps insisting it makes my offer more attractive and "sellers pay for any damages". Am I the one out of line here? [link] [comments]  |
| Thinking about voluntary car repossession Posted: 28 Jun 2020 03:41 PM PDT So I started financing a car about 2 years ago. My car payment is currently $588 a month and I still owe $21k. The car is only worth about $15k so I'm definitely upside down. During the last two years I've been getting by just fine but now since the whole Coronavirus thing I'm not nearly making as much money as before. I'm barely able to just pay my rent as it is. I've cut back on all forms of entertainment except my phone bill and internet as I need it for the work I do. Even food I've only been eating rice and beans for the last 2 months to try to budget better and I already only eat once a day. I'm currently digging into my savings just to make a car payment, and I've only got about $1500 left in my savings. I do have credit cards and they are all paid off so my only debt is my car which I highly doubt is enough for me to qualify to file for bankruptcy. My biggest concern is that they will garnish my wages if I let the car go back to the bank. I'm a independent contractor so idk if they can still do that. At this point I'm okay with my credit being screwed. I would be willing to do a payment plan for whatever left I owe to them after the car gets auctioned off. I could do $200 a month at most. Is this something that is possible or will they want the whole amount for the difference I owe upfront? I will never finance a car again after this. Thank you for any advice you may have for me. [link] [comments]  |
| DINKs want to know if we should pay off our mortgage or finance it to the hilt? Posted: 28 Jun 2020 05:55 PM PDT So my husband and I (both 57) have no children together or otherwise. Together we make about $50 gross, in MN and have no debt besides our condo. I sold my townhouse after we were married 5 years ago and moved into my husbands' condo. He lived up the bachelor life prior to meeting me and refinanced the condo several times through the years to afford it and ended up owing more than it was worth - but it is still very affordable and cheaper than an apartment even with the association dues. Because he didnt move/sell or lose his condo and because we moved here when we got married it has now moved the other way. Our original goal was to pay off the condo as soon as we could. But then, it occurred to me that if we stay here for the duration, and pay off the condo, we have just given the bank our money with nobody to pass it on to. Yes, we could donate it or whatever, but because we are lower income, we could use that money when we retire in 10 - 12 years. Im wondering if we are one of the few that should actually be doing a REVERSE mortgage? Or perhaps we should refinance again for 30 years at 1.8 - 2.8% interest and live with a $200 house payment (plus association cost of course). Or maybe we should sell it and move to an apartment and live off of the condo profits (which would probably be about 40k at this point). Should be still continue to make double payments? Our situation is so uncommon. Ugh, What do you guys think is the best way to go? [link] [comments]  |
| Is an old friend from high school trying to trick me? Posted: 27 Jun 2020 07:35 AM PDT EDIT: Thank you all for your replies everyone! I have learned a lot about MLM's today and I've decided that although I'm very curious as to what the whole spiel of this 'mentor' figure is, I will not contact him anymore. Hey everyone, Earlier this week an old high school friend contacted me and asked if he could call me, after basically not having spoken to each other for ~5 years (apart from the occasional Facebook 'Happy birthday' messages). At first I thought that maybe he wanted to organize a reunion or something for our old friend group at high school, since it has been a few years since we all graduated, and most of us are close to graduating from uni. Anyways, practically already planning out how we could get all those people into a zoom call without it being a pure chaos, I happily took the call. However, it was not what I was expecting it to be. Apparently he came into contact with a mentor of some sorts who is helping him to become financially independent and he was looking for someone he knew has the ambition to become succesful and is not really an 8-to-5 type of person. Now, he knows that I have serious ambitions to become financially independent, and that I am already starting to work on creating multiple income sources once I graduate from university, which is why I thought he wanted to possibly look into setting up a business together. However, the word 'mentor' made me quite sceptical. I remember seeing some YouTube videos a long time ago about these 'mentors' and the dangers of certain pyramid/recruitment schemes. I know that this friend of mine is very smart and that he is also quite sceptical and careful like me. So I decided to try him and accept the invitation for a zoom call with him and his mentor earlier today, keeping in mind that as soon as they would try to sell me something, I would instantly be out. During the call the mentor seemed like a nice guy, but it still had a kind of eerie feeling about it. After we introduced ourselves to each other, he asked my about my lifestyle goals in 5 to 7 years and I told him about the plans I had to generate multiple income sources (not in detail though, for obvious reasons). He seemed quite positive about it and then started talking about some sort of cashflow quadrant and letting your money work for you. This is the part where I almost left because I was certain he was going to try to sell me some kind of webinar to 'learn more'. Instead, he said he was going to send me a pdf of a book which I should read the first 2 chapters of, before the next meeting. He also emphasized that all of his advice was free, as it was for my friend. I asked my friend this after the meeting and he confirmed that he didn't have to pay the mentor anything for the advice so far. Now, the next meeting is planned for monday night, and I'm 99.99% sure that this is a scam/trick of some sort and that I should nope out of here as soon as I can. Not only because the mentor did not explicitly say anything about how the money was supposed to be made, but also because my friend did not tell me what exactly this advice was that the mentor gave him. On the other hand, I have not been asked to buy a book, buy a shady webinar or otherwise invest money into and I am intrigued by what the mentor has to say on monday. Again, I will definitely not invest my money into shady businesses/pyramid schemes. Have any of you had any experiences like this lately? If so, how did you react? Should I attend the zoom meeting next monday or should I just ghost my high school friend? [link] [comments]  |
| I think my financial advisor messed up - how should I handle this? Posted: 28 Jun 2020 06:36 PM PDT Hi all - I have a situation that I'm not sure how should be addressed. We hired a new financial planner last year - wanted someone local to us, not in another state - and in that same year, he wanted to diversify our portfolio a bit - I had some stocks in oil and gas that he thought was in my non-retirement account. But apparently it WAS, and we got a 990-T form recently. When I asked him about it, having no clue what it was about, he had to look into it and said that he thought the stocks he sold were in my non-retirement account, but they were actually in my retirement account (Roth IRA). So, it looks like I owe some dollars to the IRS because of back taxes that go back almost 20 years ago. How should this situation be handled? Had I known I'd owe in back taxes, I certainly would not have authorized this transaction. I'm getting the impression it was an error on his end - as his client, how should I ask him to handle this? [link] [comments]  |
| Should I be concerned that my address was changed on my credit report and on the chase website? Posted: 28 Jun 2020 05:23 PM PDT The other day I noticed on my credit report that my address was changed to another location in my state that I never lived at. I just kinda left it there, until recently my bank address on my chase account was changed because "We updated your address, based on the information we received." After that I changed it right back to my actual address, and tried to call the bank but it was after hours and closed. Is this because of someone trying to commit some kind of fraud, and should I look deeper into it? I havent noticed any suspicious activity at at all. Or do I just assume this was a chain of fucks ups from bad info from a credit reporting agency, and something the bank did on its own. [link] [comments]  |
| Posted: 28 Jun 2020 03:57 PM PDT With the tax law from a couple years ago, I understand that the maximum deduction for state, local, and property tax (combined) is $10,000. With a $24,400 standard deduction for married filing jointly, that leaves another $14,401 in mortgage interest over the course of the year to surpass the standard deduction with itemized deductions (assuming no other itemized deductions). In a HCOL area, I'll have no problem getting to the $10k in local/property taxes. That means I need $14,401 in mortgage interest to get any added tax savings from my house. Am I looking at this correctly or am I missing something here? Thanks! [link] [comments]  |
| Am I living within my means in NYC? How's my budget? Posted: 28 Jun 2020 09:14 AM PDT I'm currently making 120k in NY. I'm moving and deciding to live on my own for the first time, and trying to figure out the best way to live comfortably but also smartly. I know the largest part of my spendings is rent, but I wanted to live on my own in a nicer place that's safe and convenient to get to from work. These calculations are based on post-COVID, I expect to save more while COVID is still happening. Take home pay after putting away 15% in Roth 401k, commuter benefits, and taxes is 4,686. Rent 2,450.00 Internet 50.00 Utilities 60.00 Phone 44.75 Groceries 350.00 Eating Out 100.00 Personal 400.00 Classpass 50.00 Emergency fund 500.00 Roth IRA 500.00 Misc 60.00 Am I saving enough? [link] [comments]  |
| My Dad just lost his job after 18 years there. I’m a teen, how can I help? Posted: 27 Jun 2020 10:16 PM PDT Hello everyone, throwaway so I don't get identified. My family and I (16f) just learned yesterday that my dad's company is filing for bankruptcy and if it doesn't get reinvested, he is out of work. Right now however, nothing official has been done and so we can't even go file for unemployment. This also means we have no idea what this means for our insurance. Will COBRA be significantly more expensive? I am also the only one in my house with income now, but my mom wants me to go on leave until we get the insurance sorted out. Is this a good or a bad idea? I really would prefer to keep being able to help out, but I also do want to give my parents a huge bill if there is an accident. Finally, how do I go about helping him overall? I've already started buying him his coffee and small things like that that my family likes/needs off of my card, but he refuses to let me contribute significantly to the family in any way even though my job pays somewhat well (35/hour, but limited hours unless I pick up a second job which is hard to find during these times, especially as a teen) what else can I do? We have savings to get us through a year, but I don't want my parents to blow through all that and not be able to retire. Sorry thoughts are all over, I'm just really stressed. Thank you and any advice is appreciated EDIT: Not my insurance, the insurance from my dad's job. As for my job, i basically teach a skill set that I won't delve into because I don't want to give my identity. It is only around 10 or so hours a week, but I also work another job for less pay but more hours. Either way, it is not enough to support my family and I get no benefits [link] [comments]  |
| Is it necessary to study complex finance books for investing? Posted: 28 Jun 2020 06:08 PM PDT I've already read a lot of the basic investing classics: Stocks for the Long Run, The Simple Path to Wealth, Early Retirement Extreme, One up on Wall Street, The Most Important Thing, The 4 pillars of investing, The little book of common sense investing, Bogleheads, etc. Is it necessary to read complex corporate finance books with equations for example: Options, futures, and other derivatives by John Hull Principles of Corporate Finance by Brealey Myers Allen Investments by Bodie Kane Marcus Valuation: Measuring and managing the value of companies by Mckinsey and Company Technical Analysis of the Financial Markets by John Murphy Are any of these books necessary or do I already have a enough knowledge? Also, would I even use a lot of those advanced equations, I feel the market moves way to fast to do all that. Would any of these books help with investing or should I just focus my time on the markets instead and not waste the money on any more books? [link] [comments]  |
| Posted: 28 Jun 2020 07:38 PM PDT What the title says. I just want to build credit, interest rate is not important as I'm very careful with my money, though obviously lower is better. I live in Mexico in a border city, so no foreign transaction fee is a must. [link] [comments]  |
| Charged-off credit cards counting as late payments Posted: 28 Jun 2020 07:37 PM PDT Hello, I've looked through the FAQ and other posts and haven't seen this exact situation. I am looking to rent a house and went through the Zillow application. When I saw my credit report through Zillow, it said I had "64% on-time payments in the last 25 months". This is different than the 100% on-time payments I see through creditKarma or creditsesame. I dug deeper and found that 3 of my charged off credit cards had been counting as late payments every month since they'd been charged off. Is this an inaccuracy or mistake on the side of Experian? Is this something I can dispute? [link] [comments]  |
| Posted: 28 Jun 2020 09:01 AM PDT My sister and I, both adults, have POA over our elderly father, who is in a care facility. We are selling his house to pay for his care. We need an account of some sort for the proceeds from the sale of the house to pay for his care. Is this done best with a trust? We are looking for something where no liability can be made against us for any debt incurred by care via this account. The proceeds will likely not last long and then Medicaid will kick in. [link] [comments]  |
| Posted: 28 Jun 2020 03:41 PM PDT Hi there, I live in California, if that helps. I work full time at $15/hr, my partner gets SSI ($943/mo), and I have Delta Dental which my partner is also under (his primary provider is MediCal). My partner needs to have his bottom teeth removed and most of the top as well. The procedure costs $4421USD (why?!), insurance will cover $1339, and the remainder is $3081. What can be done, if anything, to reduce this? What financing options are there? Any advice would be greatly appreciated! [link] [comments]  |
| $1300 of credit card debt at 20 Posted: 28 Jun 2020 03:22 PM PDT Is this too much for my age? I got this credit card 2 years ago to build my credit score and that time, I would only use it when necessary. Eventually, I started to use it daily to buy food before/after class or whenever I would go out with my friends since it was interest-free for the first 6 months and I didn't want to use my debit card. There was a time where I had to use it to pay for college textbooks and that brought my credit card debt to at least $600. My credit limit now is $2400 and I started out at $1000 but I only pay $50 a month. I only used ($15) it once this month which somewhat feels like an achievement to me. I abused it and kept buying stuff and now I feel like I've given myself this burden, I can use my savings to pay them all off but I don't think should be doing that right now, plus only getting paid minimum wage. [link] [comments]  |
| Will a mortgage company take inheritance payout as income? Posted: 28 Jun 2020 07:01 PM PDT Hey y'all so my mom passed back in October and left me some things one of which being a payout of $2000 a month for the next 8 years. Will a mortgage company take that as part of my income when applying for a mortgage? Basically I'm gonna use the money from that every month is gonna go to the mortgage till the house is paid for. [link] [comments]  |
| How to get more knowledgeable at investing? Posted: 28 Jun 2020 09:42 AM PDT How to get knowledgeable in investing? To cut it short and sweet, I read posts on this sub and have no clue what is being talked about 70% of the time. I WANT to get more knowledgeable in investing, just don't know where to start. What tools (I.E. Books, apps, etc) can get me on the road to becoming financially knowledgeable? I am 20 years old and already have 10% of my portfolio invested into crypto, and I also have set up a VLXVX (target date 2065 retirement fund) this year and have invested only 30% into 2019. Thanks! [link] [comments]  |
| What kind of saving/investment account should I open up for a younger, minor sibling? Posted: 28 Jun 2020 06:57 PM PDT Hi, I am 18, and I have a 9 year old younger brother that I would like to open up account for to place money in that he would get when he turns 18 or 25. I severely disagree with my parents' outlook/worldview, and they're the kind of people where it's their way or the highway, and even though my mom makes a lot of money, she's not good at saving it. I want to make sure that as my brother gets older, he won't have to be dependent on them after a certain point, regardless of if he ends up sharing the same values our parents do. My question is, what kind of account is best for this? [link] [comments]  |
| Posted: 28 Jun 2020 12:55 PM PDT My father recently passed away. I don't know what I'm supposed to be doing as far as next steps. He wasn't married and I'm his oldest next of kin. How should I proceed and what steps should I follow? I can provide more info if needed. [link] [comments]  |
| Husband filed for divorce, he locked me out of the mortgage. Posted: 28 Jun 2020 06:32 PM PDT Hello My husband left me and my daughter last week out of the blue. He called our mortgage company that is 2000 miles away and told them to not give me any access to the account. I cant even pay the mortgage or see if he decides to pay it. I am on the mortgage as a cosigner how is this possible? They will not give me any info. [link] [comments]  |
| Unemployment benefits question Posted: 28 Jun 2020 02:42 PM PDT Hello all, If this isn't the right place, let me know and I'll delete. But I'm in serious need of advice. I lost my part time job in March due to COVID, and had no income while I finished up my bachelors degree. I had a job lined up to start at the end of May, but I applied for unemployment to hold me over for a couple months until then. As far as I know, my job didn't apply for me and I received no benefits after my paychecks stopped. As instructed from the state of Georgia, I manually claimed my benefits each week. After a few weeks of waiting from when I applied, I finally started receiving payments. I claimed benefits until the week I started my job, and stopped claiming them after that because I didn't need it anymore. Fast forward about 2ish weeks, and I get a random direct deposit from the state. It was unemployment that I didn't claim. It was just dropped into my account after not logging in for weeks. And like clockwork, I get recurring payments of money that I didn't claim, and quite frankly don't want when thousands of others are still struggling without. I looked up what to do in order to stop payments, and the website instructed me to simply stop claiming weekly benefits, which I already did. The other option was to call or email and tell them I don't need benefits anymore. I've called and emailed about 10 times over the last week, and nothing gets through. Almost all of the offices are still closed, and the one that is open has apparently been a mad house. I can't afford to wait there all day due to my work hours being the same hours the office is open. I can't reach anyone to tell them to cut me off. I know that there's an option for me to repay overpaid benefits. No problem for me to do that. The online portal has me type in my information to pay back the money. When I try to sign in, it says that I don't owe any overpaid benefits. It won't let me in to do even if I tried. My fear is that they will keep dropping money into my account without me claiming it, realize the mistake, and just pull the overpaid money without telling me. It's almost $2000 at this point, which wouldn't kill me, but I just moved and I'm saving up to buy a car, so every dollar matters right now. How do I stop them from giving me unemployment? I need advice on what to do or some insight on this process. Any help would be great. Thank you in advance! [link] [comments]  |
| Stolen rental bike has a huge replacement fee Posted: 28 Jun 2020 06:21 PM PDT My rental bike was stolen in broad daylight, and it was secured with only the band it came with. I contacted the rental company and their replacement fee is absolutely insane for a heavily used public bike, almost $2000. They'd hidden this in their lengthy terms and conditions (which cover their ass for literally everything), and I know I am at fault for not noticing this - it never even crossed my mind that I'd lose a rental bike, lesson learned. This is just a bit much for me to afford and I think they might charge my credit card directly after 24 hrs. Here's the kicker - the restaurant caught the thief clearly stealing the bike on camera, but they're Hispanic with very little English ability and it was a great deal of effort to get them to send me the video footage. I haven't told the rental company about this except the bike may be stolen, and they said they'd get back within 24 hours. I tried filing a police report but they said that since I'm "not the victim" here, the rental company might need to file instead. I sure would feel like the victim if they were to charge me that hefty amount :( Is there anything I can do? Any help is greatly appreciated. [link] [comments]  |
| Posted: 28 Jun 2020 09:56 AM PDT When my sister turned 16, they bought her a car with combined money from both our grandparents. She wasn't involved in the buying or financing aspect, so I have told them that I want to be involved so I am able to learn. They said that instead of buying me a car directly, they'll simply give me about 7k towards buying it myself. Now, if i save the money, it can go towards college, an apartment, or a house. Until I go to college i can most likely drive my sisters car, and I am unable to park a car on campus at the college I want to go. Meaning, my car would just be sitting in the garage until I move back in 4 years. So it may be better to put the money in a savings account and earn interest until I move out of the house and can buy it independently. On the other hand, it would be a good experience for me to buy my own car at 16 because I would have my parents help and can learn from them. My sister also might not want me to drive her car for the 3 years she's in college, due to the fact that it's quite old. Any advice or thoughts about this? [link] [comments]  |
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