Personal Finance Weekend Discussion and Victory Thread for the week of July 31, 2020 |
- Weekend Discussion and Victory Thread for the week of July 31, 2020
- To all the graduating high school seniors and those turning 18 - Get a bank account that's only in your name.
- Did I mess up by putting 30% down on a car loan?
- Fired after giving notice. New employer pushed back date.
- Employer owes approximately $25000 among 15 employees.
- Notified of upcoming lay-off 2 weeks before closing on house
- Access to my bank account randomly suspended, support can't do anything
- What is the best strategy when my country’s currency falls dramatically in relation to euro/dollar?
- Retirement: Do I really need bonds at 22 years old? Can I just invest in an S&P500 index fund and then switch over to target date funds in a decade or so?
- 28% APR car loan plus $2500 fees - is it a scam?
- At what point do I give up applying for engineering jobs?
- BOA charges me $3 to $30 to transfer money from my BOA checking to my Schwab checking...
- $68k job out of college. How to save for a home and retirement
- Sell or keep Isuzu Rodeo 2003
- Is getting an apartment for $1400 a month a bad decision for me?
- Discover locked my account and is asking for pictures of my ID, Social Security Card, and the SSA 89 form. I do not have my SSC. What do I do?
- College student here -- what are the most important things to know about the US tax system?
- Vanguard Digital advisor?
- Is there a website to help calculate the benefits of paying off a loan faster?
- Got married and my tax withholding went down - will I get hit at tax time?
- I got paid an extra paycheck.
- Paying Car Off Early
- My SO company called a ambulance for her while she way at work and are charging her for procedures she did not need.
- Thinking about buying a brand new car from Mexico and bringing it back to the US. Pros and Cons anyone?
| Weekend Discussion and Victory Thread for the week of July 31, 2020 Posted: 31 Jul 2020 02:05 PM PDT If you need help, please check the PF Wiki to see if your question might be answered there.This thread is for personal finance questions, discussions, and sharing your success stories:
A big thank you to the many PFers who take time to answer other people's questions! [link] [comments]  |
| Posted: 31 Jul 2020 03:11 PM PDT For minors, it's generally required for a parent to co-sign their bank accounts. Once you turn 18, it's best to establish an account in your name ONLY, so you have sole control of it. It would even be better if you can establish the account at a different bank/credit union than the one the minor account was in, to avoid any inadvertent connections between the previous and new account. There are a couple reasons for this. It doesn't take too long to find stories of people who are still using the accounts they had when they were minors who are shocked when their money is suddenly taken away for reasons beyond their control. The parents could have financial problems and either use the money to pay off their debts or the money is seized by the institutions that they owe. There could be disagreements between parents and their kids, so they take the money away as a punishment. Or, it could just be old fashioned greed and the parents decide to just take the money. It doesn't matter who earned the money that's in the account. If two people are on it, the money belongs to both parties and the bank isn't going to stop someone on the account from withdrawing the cash. Keep in mind also, having your own account does not mean that your parents can't send you money if you need it. All they need is your account and routing number (the same information that would be on a check) to deposit money into the account. In addition, there are any number of banking apps today they could use to send money to you if you're still being supported by them. Other excuses may have good intentions at heart, but from a safety and security standpoint, it's best to establish an independent banking account. [link] [comments]  |
| Did I mess up by putting 30% down on a car loan? Posted: 31 Jul 2020 07:20 AM PDT I recently bought a used 2017 Subaru Forester. I love it so far and has all the bells and whistles. It's my first car purchase and I held out for as long as I could (I'm 29 in a couple days). I put 7500 down on a car that was about 24k. The dealer kept making a big deal about it and asking if I was married to the "huge" down payment and why I wanted to put so much down. Then I was talking with friends and they were shocked as well and now I'm starting to question that decision. My whole reasoning was I wanted a decent car but didn't want a huge monthly payment or to pay a ton in interest. What are the potential cons from my decision? Edit - the loan/interest rate was 3.29% over 48 months [link] [comments]  |
| Fired after giving notice. New employer pushed back date. Posted: 31 Jul 2020 09:31 AM PDT I gave my two weeks notice in good faith. I was terminated on the spot, with no payment for my last two weeks. I was supposed to start this Monday at a new company. They pushed my start date back for a month. I'm now unemployed. Would I be eligible for UI? Can I ask the first company for payment for two weeks (I'm on salary)? I feel lost on this. This happened in Florida. Thanks all, feeling pretty low. [link] [comments]  |
| Employer owes approximately $25000 among 15 employees. Posted: 31 Jul 2020 06:58 AM PDT I work for a unionized organization. In the beginning of this year our contract was agreed upon. In this is provided a 5% wage increase over 3 years to all employees of this orgnazation. Plus 15 employees got a 26%-34% wage increase while they're assigned to do specific duties. This is all based off seniority and qualification (thus the reason it only effects 15 employees) The contract went into effect janurary first. Feburary 1st they started paying the new 5% rate of pay. June 1st they started paying the 26%-34% rate of pay. It is now august and we still have not seen any back pay/retroactive pay. Our union is being very relaxed with this issue. The only information were given for the last 6 months has been "they're working on it" or "it was supposed to be last pay you'll get it the next" What options are there available? Grievances are possible but when we were going to file we were berated and told we need to be more patient. Location is ohio [link] [comments]  |
| Notified of upcoming lay-off 2 weeks before closing on house Posted: 31 Jul 2020 05:57 PM PDT We are mid-way through closing on a house, past the inspection and appraisal. We are putting 20% down. My husband found out that his position is being eliminated as part of a department shut down. His last day of employment will be in 6 months and then he will receive an additional 4 months of severance. I am currently a stay at home mom, but previously held leadership positions with a high enough salary to cover our living expenses. . We will both begin job searching immediately as well, knowing the covid makes it harder than usual to find something new. We still want to purchase the house. We have enough cash savings to live on for at least 3 years with no changes to current budget, probably over 4 years if we reduce some discretionary expenses. This would be used after his 10 months of notice/severance expires, if neither of us has found a new job by then. It does not including our retirement accounts or unemployment benefits. He will technically still be employed when we close, but I imagine the lender will ask about likelihood of continued employment??? I don't know how the company will respond to that. And If we are asked, we would need to answer truthfully. So, is there any way to save this deal? Should we be proactive and notify our lender? If so, what's the best strategy for doing so? [link] [comments]  |
| Access to my bank account randomly suspended, support can't do anything Posted: 31 Jul 2020 08:53 AM PDT I have a Schwab checking account and last week, I was suspended from accessing it. I called Schwab the day I found out and they told me they didn't know why it was suspended, and sent an email to their team to get it back up - they said it should be fine in a few days. I called a few days later, and the person told me it should be good to go by Wednesday (exactly 1 week from my first call). On Wednesday, as you can probably guess, I still couldn't access my account, so I called them again and told them about what had happened. The person told me they're going to try and escalate my issue to get it resolved within the same day. They asked me for my number so they could call me back the same day and let me know my account is back to normal. It's Friday now and I still don't have my account back. Is there anything I can do? I'm getting discouraged from calling since it's leading nowhere. I've tried reaching out on their social media but they just tell me to call their number, which I have; I tell them this, and they ignore me. TL;DR Schwab randomly suspended my account. Called 3 times and they couldn't help. Tried reaching out on social media, but ignored. Anything I can do? [link] [comments]  |
| What is the best strategy when my country’s currency falls dramatically in relation to euro/dollar? Posted: 31 Jul 2020 11:30 AM PDT I am currently studying in Europe. My parents can send me only so much money, but I can live on it pretty comfortably. The currency my parents are paid in now worth almost 40% less in euro that it did last year. So, what is the best strategy in this case? Should I wait till the course stabilizes or should I convert all my money in euro right now, before it gets even worse? It's just so annoying to watch the course go down and to realize that your money is practically being thrown in the air. The currency: Russian rouble. [link] [comments]  |
| Posted: 31 Jul 2020 04:15 PM PDT Finally got around to opening a roth IRA. I currently have a brokerage account with Schwab so I chose them for the IRA as well. My brokerage account has one fund: SWPPX. I was looking at target date funds and even the one with the latest retirement date (SWYNX) has 5% bond allocation currently. I just don't see the point in having bonds this early in life. I'll probably retire in my 50s; why not just buy SWPPX or SWTSX for the next decade and then switch over to buying a target date fund? [link] [comments]  |
| 28% APR car loan plus $2500 fees - is it a scam? Posted: 31 Jul 2020 05:58 PM PDT I'm in my early 20s and when I graduated high school my parents gave me the car I learned to drive in and put it in my name. That car is 15 years old, has 200k miles, and has cost me $2k in repairs the last year so I've been looking to get something newer. I found a very promising 4 year old low mileage Ford at a local large dealership but the only problem is the financing. The car is just under $17k after tax. They say the only way to get approved is through their guaranteed acceptance program. They give the old car $2500 trade in value but will only give me $1000 of that as a credit since there is a $1500 application fee associated with the loan. In addition the interest rate is 27.99% even after $5k cash down meaning the principal is less than $12k. The payment is $330 monthly for 6 years including $1000 fee for mandatory gap insurance. This is my first experience with auto financing but frankly it smells like a ripoff. I'm thinking about taking the proposal to my credit union to see if they can do better. The sales person said that a credit union would deny me due to my young age even though I have a record of full time employment. Any advice? Is this as much of a scam as it seems? What are some good options or should I be walking away from this car and find a different dealership? [link] [comments]  |
| At what point do I give up applying for engineering jobs? Posted: 31 Jul 2020 12:45 PM PDT I've been unemployed for 4 months now. I've been sending out resumes for engineering and have only had 1 single interview that didnt materialize into a job. Technically, I can live off of my savings for almost 2 years, but I would rather not burn up my emergency fund. At what point do I start applying to other lower paying roles? [link] [comments]  |
| BOA charges me $3 to $30 to transfer money from my BOA checking to my Schwab checking... Posted: 31 Jul 2020 10:43 AM PDT Is there a way to transfer money for free and QUICKLY from my BOA Checking Acct to my Charles Schwab Checking? If I want to transfer $1000 from my BOA Checking for example, there are 3 options online on the BOA website: 1. $3 fee - ACH, 3 business days 2. $10 fee - ACH, next business day 3. $30 fee - wire transfer, same business day Is there a better way that is free and FAST? Like should I withdraw this $1000 to Venmo and then deposit it via Venmo to my Schwab? Use Zelle? Thanks! [link] [comments]  |
| $68k job out of college. How to save for a home and retirement Posted: 31 Jul 2020 12:51 PM PDT Hello! I start full time at my current internship down the road at $68k/year. Only have ~$18k in college loans and no credit card loans. I've got a dog and will need to replace my car once it finally breaks down. I've never really grown up with money so having such a large change in income leaves me with a lot of questions. How do I properly save, plan for retirement, and get a new to me car? I know that I'll be paying off my student loans at the same time. So I'm just really overwhelmed on where to start. Best, Trevor [link] [comments]  |
| Posted: 31 Jul 2020 07:56 PM PDT My friend gave me a isuzu rodeo, idk if i should keep it or sell it, insurance on it is like $65 and the gas mileage is kinda bad but not the worse, i like fixing cars but its a rwd and im going to spend money on it to maintain it. Im in the air force in germany and i dont really need a car since work is walking distance. I know its not that specific but maybe some outside perspective on it will help me decide if i should keep it or sell it. Thank you [link] [comments]  |
| Is getting an apartment for $1400 a month a bad decision for me? Posted: 31 Jul 2020 06:13 PM PDT I am 25 and still live at home with my parents. I pay $250 a month to them for "rent" to help out with some bills, but other than that my only real expenses are student loans, car payments/gas, and food. I have $40k saved right now, however I have about $95k in student loans still to pay off (~$1200 a month before COVID for student loans, and currently paying ~$900 for the private student loans a month). For the past year and a half I've commuted 45-50 minutes each way to work and I feel like it's finally time for me to get my own place closer to work. However, wow rent is EXPENSIVE! I'm an engineer at a pharmaceuticals company making $67.5k. After taxes I'm taking in $4200 a month. So, minus student loan payments and $400 for car payments/insurance I'm left with $2600 a month. The cheapest apartment I have found is going for $1300 a month 20 minutes away from my work. With apartments closer to my work (5-15 minutes) all going for around $1400 a month and the newer ones going for $1500 (these prices are for studios and 1 bedrooms). With my salary and student loans/car payments I'm already paying, would getting an apartment for $1400 be a bad decision? I am not exactly sure just how much I'd have to expect to pay for the rest of my bills as I have never moved out on my own (expect for college dorms). I feel like I'd be able to afford $1400 a month rent, however there really wouldn't an opportunity to add much of anything to my savings. [link] [comments]  |
| Posted: 31 Jul 2020 07:25 PM PDT I've had my discover card for nearly 3 years. I've never had any issues nor have I needed to do anything like this before. They randomly locked my account today. When I called, they sent me an email saying that I needed to upload pictures of my ID, SSC, and the SSA 89 form. However, I have no idea where my SSC is. The last time I saw it was nearly 2 years ago and I've moved 4 times since then. My discover card has been my lifeline during this pandemic. I pay it all the time. My discover account is also my oldest revolving credit account. My account will close in 14 days if I do not upload these documents. Is there anything I can do? [link] [comments]  |
| College student here -- what are the most important things to know about the US tax system? Posted: 31 Jul 2020 01:08 PM PDT Hi there. I'm a college student who will be graduating and entering the US job market soon. I do not have the best personal finance background and want to know what you guys think the most important things to know about the US tax system are. To be specific: I recently read Rich Dad, Poor Dad as my first book on personal finance. It felt very scammy, and by God so repetitive, but there was one repeated line that stuck out to me. He kept emphasizing that "rich people pay expenses, then get taxed" whereas "employees get taxed, then pay expenses." What does that mean? How do I implement this philosophy in my life going forward? Thank you so much for your help. I'm eager to become more financially literate. [link] [comments]  |
| Posted: 31 Jul 2020 04:16 PM PDT Does anyone have any experience using this service? It's $4.50 a year per $3000, I have all my Roth IRA in a target date fund and it sounded like I needed to sell all of that and put it somewhere else, does that make sense? [link] [comments]  |
| Is there a website to help calculate the benefits of paying off a loan faster? Posted: 31 Jul 2020 06:36 PM PDT I was wondering how much benefit adding an extra $5/10/20 a month on my car loan would have over the duration of the loan. Is there a website where I can tinker with some numbers to see how much faster and how much less I spend on interest? [link] [comments]  |
| Got married and my tax withholding went down - will I get hit at tax time? Posted: 31 Jul 2020 05:33 AM PDT So I got married in 2020 and adjusted my W4 at work around the same time I adjusted my benefits and such. I noticed on my next paycheck I was actually taking home an additional $200 or so. I didn't think a lot of it at the time, but I started questioning why. I looked at my app on ADP and realized that only about 20% is going to taxes. Is this common for this to happen just because I changed from "single" to "married filing jointly"? Am I going to get hosed when it comes to filing 2020 taxes? It looks like I can withhold additional amounts of my pay. Maybe I should add that $200 back in on that line? Any help is appreciated. For additional context, both my wife and I make just north of $100k per year. Edit: Thank you all for the feedback. I used the IRS calculator that many of you suggested and found out that if we kept things like this we would owe a substantial amount. I have made some adjustments to get things back on track. [link] [comments]  |
| Posted: 31 Jul 2020 08:01 PM PDT A couple weeks back, my boss shorted my paycheck. I asked to have it fixed and they paid me the remainder PLUS another paycheck. I talked to them in person, explained what happened, and we agreed to skip the following paycheck. I sent a reminder email the day they prepare paychecks. Well, come today, and I got paid again. Any thoughts on what I should do? Do I keep going at it till they correct it, or let it go with the expectation that they might ask me to pay them back in the unforeseeable future? [link] [comments]  |
| Posted: 31 Jul 2020 01:56 PM PDT I have about $12,000 left on my car with a 6.64% APR which I know is super high for a car but it was the first serious line of credit I had ever gotten. I have about $30,000 in savings bonds, none of which are currently fully mature. I am currently 24 and make $56,000 per year. Would it be wise to just take the tax hit, cash in bonds, and pay off my car so I can allocate that car payment, which is $400 a month, to other things like house down payment, investments, etc. [link] [comments]  |
| Posted: 31 Jul 2020 07:28 PM PDT Somewhat of a long explanation. My wife is in debt with hospital/ambulance bills. She had a accident at work the company called a ambulance for her they took her to the emergency room, they gave her some medications that (not 100% sure if this is legal) make her coherent where she does not remember giving them authorization to do a procedure now they're charging her for all of it. Is there anyway we can wipe this debt? [link] [comments]  |
| Posted: 31 Jul 2020 03:39 PM PDT I had a beater car for the longest time, and finally last year I went and bought myself a 2019 Honda Civic here in the US for about 27k-28k. Anyways, my parents have two beater cars too but I was looking and saw that in mexico they could get a brand new 2020 Honda Civic Touring for the equivalent of 20/21k in USD. Would it be a good idea to on one of the visits to see family in mexico to stop by and buy a new car and bring it back to the US? [link] [comments]  |
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