Personal Finance Looking at taking a massive pay cut for an increased quantity of life |
- Looking at taking a massive pay cut for an increased quantity of life
- Wondering if I made a mistake. I took a “promotion” without a pay raise right away. My boss offered me a higher position and promised me a raise was to come, but couldn’t say how soon
- Car nobody wants and I can’t get rid of
- I have a bunch of 401ks scattered about from previous jobs. Can I roll them all into one IRA in the same year without a tax implication?
- Father-in-law passed away. Mother-in-law is not savvy. Meeting with her "financial advisor" on Friday to get a better understanding of the annuities she has.
- Am I Buying Too Much House?
- What happens to a pension if the company files for bankruptcy?
- What are the pros/cons of claiming a 23 year old child as a dependent on your taxes?
- Maybe this is more of a legal than finance question, but it is about my current refi process and I'm fed up.
- Should I ask for a raise?
- Looking for advice getting out of debt on relatively low budget.
- Mother was fired from her job and she says she is losing her apartment and her car. What can we do? [OH]
- I can't see a future where I am self-sufficient and able to be independent of my family. I urgently need advice to get emergency housing.
- Hey, I’m 24 and finally saved up enough money to be comfortable getting a credit card and begin building my credit. Need some advice.
- Helping old neighbor
- Co-signing on an apartment.
- Was supposed to be full-time but onboarded as contract. Do I qualify for unemployment?
- Employer 401K Match Cut - should I cut too?
- Employer is asking for screen shots of bank account during maternity leave
- Employer continued to pay me after I resigned- How do I deal with taxes?
- 1850 rent Manhattan 40k salary
- Better to pay off student loan all at once or make payments to boost tanked credit score?
- How long should you keep paper copies of CC bills, bank statements, etc. as financial records?
- Benefit of extra principal payments for mortgage payments
| Looking at taking a massive pay cut for an increased quantity of life Posted: 08 Jul 2020 06:22 PM PDT Slight background, going from about 170k a year to about 70k. My current job is a traveling rotational job that demands me to be away from home for long periods of time. The new job is five minutes from home, get to go home every night, but with a very new and expanding company that has an unknown back around. Has anyone else taken this kind of pay cut to be home every night and not regretted it? I don't mind my current job, I quite enjoy it while I'm working, but I'm just sick of missing all the birthdays, weekend camping trips, quality time with my wife, etc. [link] [comments]  |
| Posted: 08 Jul 2020 05:25 PM PDT By taking this position, I will only qualify for a tier 3 bonus and the amount of the bonus is depending on how well the company performs. Compared to the previous, lower level position, at the same base pay, "for now", but at least I had a higher chance at bonusing for more money at the end of the month and it depended strictly on my own performance. Did I make a mistake in accepting the position? Sounds a lot like I did make a mistake, but don't know how to back out now that I've accepted it 🥶 [link] [comments]  |
| Car nobody wants and I can’t get rid of Posted: 08 Jul 2020 09:48 AM PDT So, a while ago, in 2016, I made the mistake that everyone warns you about: I helped a friend by co-signing a car loan. She made the payments for about 3 years on time every time. Then about 36 months into the 60 months, she stopped and fell out of contact. Long story short, she has disappeared but dropped the car off at my place. Nobody has called me about it and it doesn't show up on my credit report. Obviously I have no title and probably no way to get one even if I paid, what I am assuming is the $4-5K owed on it. What do I do with the car? Nobody seems to be looking for it. It probably is still worth $5-6K. (2008 Nissan 350Z with 95K miles on it). I think the original lender was Synchronous Bank but I can't be sure. It was a long time ago and I never dealt with them. [link] [comments]  |
| Posted: 08 Jul 2020 06:38 AM PDT My buddy was telling me I can only convert one traditional 401k to a traditional IRA per year? If so, is this calendar year, fiscal year, 365 days from now, until April 15th? Is he just confused? I'm just tired of having my money spread out across different platforms, but I don't want to have to pay some sort of conversion penalty. [link] [comments]  |
| Posted: 08 Jul 2020 12:27 PM PDT My father-in-law (age 70) passed away last week. Neither him nor his wife (age 60) are very financially savvy. He earned decent money, and upon retirement took a lump-sum payout of his pension in order to purchase $90,000 in annuity from Pacific Life. When I looked at one of the statements, it seems like she owns some type of indexed annuity that offers ~4% returns annually (does this make sense?). I also noticed that she's being charged $695 annually for maintenance. Because she's on a lower fixed income now and because she'd like to retire soon, I want to make sure I can make her remaining assets stretch as far as possible. It doesn't seem wise to keep the money in an annuity that's charging so much in annual maintenance, but I'm also not sure what options we have to divest. I know I don't have a ton of information to provide at this time, but I wanted to reach out to see if there's anything in particular I should ask when we meet with the Pacific Life advisor later this week. How much of a scam is this type of annuity? Is it even possible to re-invest this balance into a more traditional retirement fund (IRA)? [link] [comments]  |
| Posted: 08 Jul 2020 03:38 PM PDT I recently started looking at houses. When I first started, I thought my budget was going to be around $180k. I settled on that simply because it was going to come with an all-in mortgage and escrow payment of around $1000, which is about what I'm paying monthly for rent. As I started looking at houses in the area with a realtor, I was not finding anything that I liked in that price range that didn't need a significant amount of work or was in a less than desirable location. I started looking at houses more around the $230k - $250k range. I make $80,000 a year and have about $570 a month in debt payments. My net monthly income is around $4600 after taxes, 401k contributions, etc. My budget consists of about $2300 a month which includes current housing expenses, so I feel like I can afford the $1300 - $1400 mortgage that a house in the price range will be, but looking at that number scares me. I'm not sure if it should scare me or I'm just getting the first-time homebuyer jitters. My girlfriend of almost three years will be living with me and is willing to contribute, but she is currently laid off due to COVID. She currently makes around $24k a year after taxes at the job she is furloughed from, but she would have to find new employment in the area we move. [link] [comments]  |
| What happens to a pension if the company files for bankruptcy? Posted: 08 Jul 2020 11:04 AM PDT So if someone is retired and is collecting a pension from the company they worked for, what happens if that company files for Ch11? I've been doing some digging online and I'm guessing the pension is lost. But curious if someone could shed more light onto this. [link] [comments]  |
| What are the pros/cons of claiming a 23 year old child as a dependent on your taxes? Posted: 08 Jul 2020 04:02 PM PDT So I've been doing my taxes separate from my parents since I was 18, but my friend is in grad school and his parents are still claiming him as a dependent and do all that for him. We both work minimum wage jobs, and I got about a $1000 tax refund, I also got $1200 because COVID, which helped a bunch because I live paycheck to paycheck. But he never got a COVID check cause his parents claim him as a dependent. I don't think he got a tax refund either, because his parents handle everything. They work ordinary lower middle class jobs. His parents have always had the mentality, "Son, you don't need to know anything about our finances, that's Dad's responsibility. Father knows best." so this guy is now 23 and clueless. After paying rent for a studio apartment in (insert large city) he's got $200 left to live on. That's it. The only thing his parents pay for is his phone bill. Everything else is his responsibility. And his parents aren't helping him at all. His grad school scholarship covers health insurance but that's it. My thought is that he's going to be better off filing for his own taxes, and at least getting a tax refund. His parents say that it's better that they claim him. But since I'm young too, IDK how claiming dependents work, I figure the most they could be getting is about $500. Is this right? Is there any other situation where his parents would be getting more money by claiming him? His Mom has said its for his own good that they claim him. But hadn't ever explained why. Finances are a taboo topic in their household. IDK why, and neither does he. He came to me for financial help, since I'm doing better than he is. I know that his tax refund would be the same as mine, so about $1000. Which would definitely help him in the coming years. What do you think Reddit? Should I try to help him file his own taxes separately or is he better off with his parents claiming him as a dependent? [link] [comments]  |
| Posted: 08 Jul 2020 04:49 PM PDT I have been trying to refinance for about 3 months now, as in I started the process three months ago. Last Monday (June 29) we finally signed closing docs. The loan was supposed to fund on this recent Monday (July 6) to pay off our existing mortgage. That funding has still not happened and they have now requested additional paystubs for this last month and they just discovered (after three months) that we have a small solar panel loan that they need to make sure is in second position. I had canceled the autopay on my current mortgage, but am now looking at potentially having to pay this month's payment (wasn't supposed to have to). I've had it up to here with this whole process, which gets me to my question. You get 72-hours to back out of the mortgage after signing the docs. That 72-hours is past. However, since the paperwork said that that mortgage was supposed to fund on Monday and it still has not funded, do I have a legal ability to say that the lender has violated the agreement and back out of the refinance? My existing mortgage company just reached out today with an offer to refinance quickly and at an even lower rate than the one I am locked at with the current refi. I'd like to bail on the slow moving train wreck that I am currently on and take that option. Edit: if the mods deem this too legal-focussed and that it violates the sub rules, I totally understand. [link] [comments]  |
| Posted: 08 Jul 2020 12:42 PM PDT I've been working at my arbys during summer/winter for 3 years now, usually 4 months a year part time. When I started I was getting paid $7.25 (minimum wage) and every year or so they raised it by a dollar and I'm happy with this raise. I get paid $10/hr after 3 years, but a week ago minimum wage in the Chicago suburbs was raised to $10. So right now I'm basically getting paid the same as people who have just been hired. Is it appropriate to ask for a raise and how much is a fair amount to ask for in my situation? [link] [comments]  |
| Looking for advice getting out of debt on relatively low budget. Posted: 08 Jul 2020 05:31 PM PDT Looking for advice: 22 year old, working current job for almost two years, making what feels like decent money but I've gotten myself into a bad spot through excessive spending and poor financial decisions - buying a house bigger than I need, selling my car to lease a more expensive vehicle, and loaning a friend a considerable amount of money. Income: Salary - $49,612 (Gross Annual) - Approx. $1525/two weeks net Expenses/Debt: Mortgage - $1150/month - total $135k Principal Balance - owned for 15 months Car Lease - $332/month (I now know a lease is a bad idea) Credit Card Debt - $14000 - This is the big problem I have an account set up that each pay check deposits exactly half of my mortgage, which auto drafts out of it. I just started YNAB today, I've heard good things about it - though slightly frustrating that it won't link to Capital One (~$4k of the CC Debt). Any suggestions? I know curbing spending is #1, I'm struggling with that but working on it. The Biggest goal is getting out of the credit card debt. Throwaway account used, I think a few people know my normal username. [link] [comments]  |
| Posted: 08 Jul 2020 09:03 AM PDT My mother has called me earlier today saying she lost her job. Subsequently that means for her she can't make rent payments or car payments as she has no savings. She told me she wants to move in "for a couple months" and use my car in the meantime. My mother and I have had a... strained relationship. While not the full reason but a factor in our previous strained relationship is she would ask for money or try to take advantage of me in the past. We have recently reconnected so I don't feel this is the case that she wants to take advantage of me but I can see how a couple of months turns into half a year or a year. I want to avoid a situation where we both lose our independence. Also I live with my girlfriend and I don't want to create an uneasy environment for either people. What are some resources or things I can/should do to make either the transition for her coming her smooth and short, or avoiding it entirely? Update: Thanks for the responses - unfortunately she already lost the car because she neglected to tell me it was a company car and I just assumed she was making payments. Regardless it seems that I will do my best to keep her from moving in. I will try to get her to file for unemployment and work with her to find a job. Unfortunately she is not very savvy financially and so I think most of her money went to living in the location. She doesn't own much to sell for quick cash. She's a foreigner who recently came back to the country so I'll see if she has any friends here that she can stay with in worst case, but I'm not very hopeful. I'll also take a look at her lease terms and see what she can do to continue living in her spot. [link] [comments]  |
| Posted: 08 Jul 2020 07:23 PM PDT Hello everyone. I'm not doing well financially, emotionally, and relationship wise. I have nobody I can confide in, I haven't had friends beyond online people since I finished high school 4 years ago. I don't know anybody who can really give me the help I am seeking, which is essentially someone to tell me what I need to do to make it. I am not cut out to be an adult yet, free to make all the decisions including the terrible ones. I live in constant fear that I will make a horrible decision, like taking a large loan, and regret it for years or decades. The reason I can't see a future where I am self-sufficient is that I'm now 22 and not anywhere near independent yet. I know there are plenty of young adults who live with their parents at my age, but I need to clarify: I am unemployed, I am no longer in college, and I am gripped with severe anxiety and depression, that really intensified after losing my brother last year. I don't have any sort of counseling nor am I too thrilled with the idea of seeing somebody. Actually that makes me anxious too. Most of my peers from high school have now graduated and are either working great full-time jobs, living on their own or about to be, and some have children. My sister lived on her own at 18. My mental state, my personality, everything fiber of my being is against the idea that I could ever make it on my own (at least right now). I am not strong enough. Financially I'm a ruin. Though I have money in the bank and have no expenses right now besides internet, and I'm careful with my money, what I have will not help me if it comes to not having a home. That is what I'm faced with: homelessness, or living in terrible, exposed conditions in a living room in an abusive family (I'd rather take homelessness). My narcissistic mother hatched the idea of moving. It's a downsize from our current home and it won't have room for me. I won't have a private space to study, do any online work, or just relax in peace. I need to be able to escape from the chaos and I can't. I can't survive. I can't live without a private bedroom with a lock on it. I can't live on my own yet. I can't find a studio anywhere that will be affordable and still able to reach places I need to go. I don't live in a major city, and the bus routes are sparse, so a car is mandatory if I hope to return to university. I don't have a license or a car, but if I get a license (hard with anxiety) my family might have an old car I could take. My first objective is to find work, even part time, despite my social anxiety because I know the money is vital. It is hard, though, terribly hard with the mindset I have. My second thought is to try to seek emergency affordable housing or something along those lines with my university, state or town. This is what I need help with. I have no money to pay for student housing on or off campus. Do state universities offer assistance to students in extreme financial need, facing unstable living conditions or homelessness? How would I demonstrate these things? When I say "emergency assistance" I mean severely reduced rates to live in a decent place and attend school. I do not mean to take out a giant loan, I am in the lowest socio-economic status, I can't ever pay back these loans that some students take out. I need government financial housing assistance for my situation and need help finding out how to take advantage of it. Thank you. I want to find the way to my own success, but I need your help. I am not equipped to do this alone. I don't know enough about how the world works. [link] [comments]  |
| Posted: 08 Jul 2020 05:39 PM PDT My credit score is mid 600's but I don't have much, if any, credit history. Time to change that! So I have a few questions, but I also would really appreciate any advice you have for someone in my position. 1) what are the main factors I should consider when applying for my first card? 2) what is the best credit utilization ratio to maintain? Could I just spend that much at the beginning of the month, leave my card be, then pay off that amount at the end of the month? Wash, rinse, repeat? 3) can someone explain the merit of getting a secured card vs anything else? Is this route best for most people starting off or for people who aren't financially disciplined? 4) what are some things you wish you were told before beginning the credit building journey. Again, I have a decent sized savings account now so I'm not worried about getting in deep debt. More so need some pointers on how to build credit as it seems to be fundamental in developing good financial health. Thank you! [link] [comments]  |
| Posted: 08 Jul 2020 04:04 PM PDT I have an elderly couple as neighbors and they don't have much money and are scared of contracting Covid. I have tried to help out by buying them groceries and mowing their lawn. Their property tax bill is now due. Is there any way I can help other than loaning them the money to pay for it? I don't want them to feel dependent on me, however I know they could use the assistance. [link] [comments]  |
| Posted: 08 Jul 2020 03:48 PM PDT Will cosigning on an apartment effect my ability to get a mortgage loan? A family member is trying to get first apartment. They have no credit history. Im currently looking for a house. They could pay at least 6 months up front to the apartment or give money to me and I would pay each month. I have rented before and didn't need a cosigner. But I know i had a good score. This is all new to me. Thanks! [link] [comments]  |
| Was supposed to be full-time but onboarded as contract. Do I qualify for unemployment? Posted: 08 Jul 2020 06:19 PM PDT I interviewed for a full-time job ($80k-120k) right before shelter-in-place hit, and was offered the role right after shelter-in-place kicked in. The terms of the offer had changed, with the reasoning that they had more experienced applicants, but they saw a lot of potential in me and wanted to treat it as more of an internship (based on the job description, I was definitely qualified for the role). When I pushed back about my qualifications, they admitted that it was due to uncertainties surrounding COVID. The new terms were $5000 a month for 3 months (equivalent to $60k a year, half of what I was going to negotiate for) with opportunity for conversion after the 3 months. I was able to negotiate up to $5500 ($66k annual, still significantly lower than initial salary range). It's been a little over 3 months because I have yet to reach my deliverables due to the company not realizing the scope of my actual deliverables. My contract has been extended to 6 months with opportunity for conversion. Do I qualify for Pandemic Unemployment Assistance? If so, should I talk to my employer before applying? I'm scared of jeopardizing my chances of conversion/coming off as threatening. Appreciate the help! [link] [comments]  |
| Employer 401K Match Cut - should I cut too? Posted: 08 Jul 2020 12:59 PM PDT My employer offers a very generous 6% 401K match so I contribute 6%. They recently announced that, due to COVID, they are cutting the match to 3% until the end of year and plan on going back to 6% in January. My husband and I are working to pay off debt using the snowball method. We have about $23K in debt between credit cards, a car, and a student loan. Should I cut my contribution to 3% and put the extra money towards debt or should I keep it at 6%? Our budget works with the 6% and we are not struggling but I REALLY want to be debt free ASAP. But it seems like a not great idea to cut my investments with the market where it is. Any input would be appreciated! ETA - my husband and I both in our early to mid 30s [link] [comments]  |
| Employer is asking for screen shots of bank account during maternity leave Posted: 08 Jul 2020 08:04 PM PDT My wife is currently on maternity leave through a state sponsored family leave program which provides compensation of up to 90% of your salary. (Washington State - Paid Family Leave Program) Do we have a right to reject the HR request to have us provide screen shots of the deposits? It feels invasive to ask us to comb through our statements and provide them with screen shots of our bank account. Does anyone know if this is overstepping / illegal to request such things? I'm basically frustrated with the way the employer has been unable to do their job, educate themselves on how this program works and set my wife up for a restful leave and is now putting it on us to help them figure out their mess. [link] [comments]  |
| Employer continued to pay me after I resigned- How do I deal with taxes? Posted: 08 Jul 2020 12:24 PM PDT I resigned from a job in August 2018 and got paid through October 2018. They asked for the money back in 2019 and I paid it all back. They say they can't give me a corrected W2 because the repayment occurred in a different year than the year in which I was paid. How do I deal with this on my 2019 return? I'm filing electronically. Also, the job I resigned from in 2018 is in a different state than the job I had in 2019, so the tax rates are very different. Not sure if that makes a difference in terms of recouping the taxes paid. Thanks in advance! [link] [comments]  |
| 1850 rent Manhattan 40k salary Posted: 08 Jul 2020 07:18 PM PDT hello, I found an apartment in the east village for 1850 with steam and water included. I would have to pay for electricity. My mother lives in the east village so I wanted to be close to her, which is why I would be willing to pay a premium for being so close. I make 2360 after taxes so I have 510 a month to work with before electricity. I plan on living mostly with my mom because I want to have freedom to chill with women and she will not let a woman stay over, let alone visa. 25 years old if that matters. my question is how likely is it that I can sustain this for 12 months starting with a 1850 deposit, 1850 broker fee and 1850 first month rent? My savings is 4500 and ill have 7000 by august 1st [link] [comments]  |
| Better to pay off student loan all at once or make payments to boost tanked credit score? Posted: 08 Jul 2020 03:30 PM PDT One of my student loan servicers got liquidated and payments were suspended for over a year while they were transferring loans to the new servicer. In that time, I moved, and when they sent the letter notification that the loans could be paid on again, I didn't get it. I only learned that I was missing payments after I got an alert saying my credit score had tanked 100 points. I've only ever missed one other payment in the past ~six years of having a credit card. The loan was divided into four parts (or maybe four loans), so it said I was deliquent on four payments in the same month. That was in March. Because of the COVID thing, payments were suspended, so in April/May I became in "good standing" with the loan servicer without actually having done anything. My credit score has improved, but only a little bit. My FICO credit score went from 790 before all this to 619, and now it's at 707. tl;dr: I can pay down the entirety of the loan(s? around $2.6k worth) right now and avoid the 4.5% interest, but I want to confirm that there's no benefit to making monthly payments. I have a vague understanding that credit score is partially determined by making payments on time, so I don't know if more payments is better. The only other regular payment I have is my monthly credit card payment. [link] [comments]  |
| How long should you keep paper copies of CC bills, bank statements, etc. as financial records? Posted: 08 Jul 2020 05:49 PM PDT Hi everyone, I'm over due for sorting through paperwork in my house right now as I consider the possibility of moving. That means that I have a good pile of bank statements, 401K statements, CC bills, etc. accumulated. I generally try and keep the last year of relevant statements for accounts that don't have any online servicing (ex. city water bill) and shred anything past that. I also keep paper statements for bills that I am unlikely to remain under the same provider (ex. health insurance bills) and won't have digital records I can look back on. I'm wondering how practical it is to keep all of this. I guess the biggest question I have in relation to this topic is how likely is it that I could request duplicate copies of old monthly statements from financial institutions or service providers if I provide them with my account information? Is it likely they would still have info on an inactive account? Would they be obligated to send me duplicate records of this information if I requested it? Let's say in terms of requesting a copy of statements between Apr - June 2017 as an example, not my full financial records. I'm thinking of this in terms of a situation such as a bill going into collections that I had to dispute years down the road when I am no longer an active customer of the institution or provider. That's about the only reason I'd worry about. [link] [comments]  |
| Benefit of extra principal payments for mortgage payments Posted: 08 Jul 2020 06:34 PM PDT I've found many calculators that help show how much money you can end up saving by paying more principal on your mortgage payments over time, and in the long run, it can show that you will "save" thousands of dollars by not paying interest. I understand that concept IF you complete the payments and get to the end of the loan. I am struggling to understand the benefits if the house is sold. Since it would be a bulk payment that would end up closing the loan, would that just end up being the principal balance remaining, and you won't actually see any benefit of extra principal payments? (other than that money being "profit" - assuming the home sold for at or above the original value). My end question I guess would be, is it worth it to pay extra principal into a loan if you know that you won't see it until the end of the 30 year term? [link] [comments]  |
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