Personal Finance 14 y/o wanting to earn money and prepare for the future, need advice |
- 14 y/o wanting to earn money and prepare for the future, need advice
- Should I roll my $99k 401k into a Roth IRA if I will be unemployed this year?
- Doctor's office tells me determining if doctor is in-network is MY problem
- How can I access a fortune I received as a minor now that I am an adult?
- Repair or replace broken AC unit before refinancing home?
- I (18) was just kicked out of my house and have no where to go, I’m lost
- Why would a person invest in a CD at 0.6% when the rate of inflation usually hovers at 3%?
- Where to store $10,000 savings for a year.
- Should I disclose to my lender that I received a Warn Act Letter?
- How do I find a fiduciary or financial planner for my soon-to-retire parent?
- A little lost on financial literacy
- Traditional or Roth IRA? No Employer Sponsored Plan.
- Has anyone tried purchasing dry groceries with amazon prime?
- Front Rush prospective college athlete data breach letter
- My temporary pay cut is probably going to be permanent and I don’t have enough experience to get another position
- Should my wife keep claiming unemployment benefits?
- How much house can I afford?
- Can I use the Amazon Prime Visa Signature Credit card on my friend's amazon prime account?
- Bought a used car and now regret it. What can I do?
- Buy at the peak or keep renting
- Accepted a M-F, 8-5 job and employer sent a W9 to complete
- Receiving inheritance money next week. What should I do with it?
- What length of an auto loan term if I plan on paying off the loan in a month or two? Going to buy a used car and then try to sell mine afterwards and use proceeds to clear the loan. ZZa
- How many times can I refinance a loan?
| 14 y/o wanting to earn money and prepare for the future, need advice Posted: 02 Aug 2020 04:10 PM PDT Not sure if this is the right place to post. I need to be able to handle things myself financially once I'm older. Basically my goal here is to learn to "adult". Worst case scenario is that I can't afford what I need to and am generally incompetent when I move out. I want make as much money as I can. While I wouldn't want to overwork myself right now, I also want to be confident in this sort of thing especially once I'm older. Anyways. I want to start now. Here are a few things:
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| Should I roll my $99k 401k into a Roth IRA if I will be unemployed this year? Posted: 02 Aug 2020 10:57 AM PDT I am 27 and left my job in August 2019 to attend graduate school. I have 99k in my 401K and 12k in my Roth IRA. Should I roll my 401K into my Roth IRA since I will be unemployed this year? What tax or fees should I expect to pay, if any? Is this a backdoor IRA? I don't expect to make any income in 2020. NYC, NY [link] [comments]  |
| Doctor's office tells me determining if doctor is in-network is MY problem Posted: 02 Aug 2020 01:27 PM PDT Very long story short: Called doctor's office and asked if a certain doctor was in-network for me. She said she had no idea, that there are ten doctors there and it's impossible to keep track of what plans they are on as this changes day-to-day. She said it's patient's responsibility to handle this. Insurance company's web site and online chat with "customer service" confirms the doctor is in-network. Sent copies of web pages and chat transcript to doctor's office. She said despite this evidence, it's possible insurance company could bill me at out-of-network rates and this would be my problem to fix. Does this sound right or is the doctor's office incorrect? Thanks. [link] [comments]  |
| How can I access a fortune I received as a minor now that I am an adult? Posted: 02 Aug 2020 02:03 PM PDT Hi I am 19 years old and about 2 months ago I came across some paperwork that showed that I was awarded a couple hundred thousand dollars out of a settlement with the hospital I was born at due to medical errors surrounding my birth. My parents sued the hospital on my behalf and they won the money. I live in Maryland so we have a Title 13 law where money that is given to minors can only be accessed by the guardians if that money is being used to pay any health expenses or to further the education of the child. Neither applied to me as I'm lucky enough to have great health insurance and my parents are paying for my college out of their own pockets (and I always went to public schools growing up). Obviously my parents never made me aware of my small fortune while I was growing up which is understandable but not that I'm an adult, they have still kept it in the dark from me. I know the money should've been handed over to me when I turned 18 since that's when I became an adult but that has not happened. I will say that I'm not in a rush to have complete control over all that money and I am thankful that my parents have been handling it in a way that has allowed it to accumulate about $70k more in interest over the last 14ish years but I now want to access some money and I have no idea on how to do that. I just want to withdraw (or transfer) $6,000 to my own private bank account for personal reasons and I'm not sure if I can even do that. I don't know the account numbers for either of the two banks that the money has been split up into and I wouldn't even know what questions to ask to gain access. I do know the names of the 2 banks where the money is being held in along with the amounts in each account and I also know (at least from what I could kind of understand) that they are brokerage accounts so I don't know if that makes a difference. Basically my question is does anybody know if it would even be possible for me to access either account without being forced to empty the whole account and the steps I would need to go about this? I'm mainly worried that since I'm no longer a minor and that the money should have been handed over to me by now, that all the money may be transferred over to my account rather than the $6,000 that I want (if that makes sense). Do you think I could just walk into one of the branches of the bank and just access the account that way without my parents being present? I'm also worried that I won't be able to access the accounts without my parents or that my parents will need to officially hand the money over to me which I 100% know they won't do. I don't think my parents are planning on holding onto the money (because they legally can't even spend it on their own wants) but I also know that they clearly aren't keen on me having complete control over that money right now, mostly out of fear that I will move out as we do not have anything close to a good/healthy relationship. Sorry if this post was all over the place or not descriptive enough. I'm trying to relay as much information as possible without giving away too much information at the same time. Thanks for your time and help. [link] [comments]  |
| Repair or replace broken AC unit before refinancing home? Posted: 02 Aug 2020 03:49 PM PDT Hiya, so I owe about $220k on a home worth $260k with a 30 year loan (2 years in) at 4.75%. The AC unit is over 16 years old at this point and gave out a couple months ago - the plan was to have my dad, a licensed contractor, come out and replace the system for free but thanks to the pandemic, I'd prefer to have him stay at home since he's out of state. I'd like to take advantage of the current rates and refinance, but I won't be able to have an appraiser come out while the AC is broken. Will replacing the AC significantly impact my appraisal vs. repairing the current one? I'm wondering if I should just bite the bullet and pay for a new system, otherwise I could just pay to have the unit fixed for the appraisal and have it replaced later for free. [link] [comments]  |
| I (18) was just kicked out of my house and have no where to go, I’m lost Posted: 01 Aug 2020 02:21 PM PDT *I made a throwaway account as you can easily identify who I am on my regular. Hello everyone, I hope I'm posting to the right place. As stated in the title, I was kicked out and currently homeless. My mom kicked me out because I don't agree with her political opinions. She's very conservative, and I told her that even if I don't agree with her own opinions, I still respect her. Today hit the breaking point where she told me that Covid-19 is fake, and I argued back. She lost it and told me to find somewhere else to live. I called my dad (they're divorced), but he isn't letting me stay with him. I am really lost, I feel like I'm at the lowest point in my life and I have nowhere to go. I do have a savings account with $1,500 in it, but no credit and she took my car away. I paid for the car completely but it's in her name and told me that if it goes missing she will report it to the police. I had a friend come pick me up and take me to work. I work as a manager at a pizza chain making $10.50 an hour, but my paychecks are only around $600, which is hard to live off. She didn't give me my birth certificate, or social security card, and told me I need to "get it myself", which I don't know how to. Currently I have plans to stay at a friends house, but I don't want to rely on others constantly. I am thinking of moving into dorms at my university, which I wasn't planning on it before as I lived 15 minutes away but now I am thinking of just being in debt for the next couple of years if that means I can have a place and food. I need advice, and any is appreciated. I'm sorry if my spelling or grammar is terrible, I'm just a wreck right now. *Edit-Hi everyone, I haven't replied to comments yet, but I plan on it when I have more time. To those who have been inboxing me/plan to and tell me to "suck it up and stop being a brat" for disagreeing with my moms political opinions. There's been many years of emotional abuse, and this is just unfortunately the breaking point. You have no idea how someone's life really is, and all I ask for is to please keep hateful comments to yourself. Or those who have told me to live with my dad, he's going through a very rough patch, and has recently faced homelessness himself. I cant rely on him to care for me when he barely can for himself. Thank you for all the kind and helpful comments. *Edit 2- Many people keep asking where I'm from an I was hesitant to state but I live in Cleveland, Ohio. [link] [comments]  |
| Why would a person invest in a CD at 0.6% when the rate of inflation usually hovers at 3%? Posted: 02 Aug 2020 08:55 AM PDT What are good alternatives for those that aren't the Warren Buffet types? Edit: I appreciate all the input. I learned a lot through this discussion. It's clear to me that I need to look at the entire range of options. [link] [comments]  |
| Where to store $10,000 savings for a year. Posted: 02 Aug 2020 03:32 PM PDT I want to buy a house next year which is why I don't want to lock my money in somewhere for more than a year and want to be a little on the safe side. I'm just now looking into savings/investing and as of now I was thinking about storing my money in a CD at 1% interest, which is the best I can currently find. Does anyone have advice for short term investing (1yr)? Or some resources for me to educate myself? I am also up to be riskier than a CD. [link] [comments]  |
| Should I disclose to my lender that I received a Warn Act Letter? Posted: 02 Aug 2020 10:42 AM PDT I close on my home on August 19, yesterday I recieved a Warn Act Letter from my union, it basically says that I might be affected of any furloughs that might happen as soon as October 2020. It also states that this letter doesn't mean I am actually going to get furloughed, that the company by law have to send these out 60 days before. It also says that any notice of actually getting furloughed would come in September. Since I won't be getting any furlough letter until september (if I do end up getting furloughed), is this something that I HAVE to disclose to my lender? Edit: I already have another great job lined up if anything were to happen, i'm not worried about losing this job or making payments. [link] [comments]  |
| How do I find a fiduciary or financial planner for my soon-to-retire parent? Posted: 02 Aug 2020 02:26 PM PDT tl;dr - I would like to know where to find someone who can tell my dad whether it's safe to retire or not. Sorry if this is off topic. Also sorry if this is an obvious question. And, throwaway because of minimal details about someone else's finances. My father is about to retire--maybe. I personally believe he has more than enough savings/assets to retire comfortably, but neither of us feel qualified to make that judgment, especially given Covid worries. He has many different types of assets, including a paid-for house and a 401k. His job pays well but is really stressful and demanding, and I'm afraid he is wasting the last healthy years of his life for a job that doesn't care about him. He is a workaholic, but a procrastinator regarding financial things. I know it's not my job to manage his life, but I think if I can do some research and point him in the right direction it could make a big difference. Ideally, I would like for him to sit down with a professional who can look at all his assets, and tell him if it's safe for him to retire. And, this person should help him decide where to put the money he has in his 401k so that if the economy s***s the bed he doesn't have to work for another decade. And, lastly, this person should not try to sell my dad on crappy high-expense ratio mutual funds. As I understand, I should be looking for a 'sworn fiduciary', but I don't know where those are. Does Vanguard have those? [link] [comments]  |
| A little lost on financial literacy Posted: 02 Aug 2020 06:43 PM PDT Hello everyone, I am a fairly new Physician Assistant graduate with 250k in school debt and I just don't know where to begin and what path to take. I am slowly learning about finances and management of in different ways but I just wish I had a mentor. Does anyone have advice because this is all overwhelming [link] [comments]  |
| Traditional or Roth IRA? No Employer Sponsored Plan. Posted: 02 Aug 2020 05:37 PM PDT Hello! Looking for some advice as to if it would be smarter to invest in a Roth or Traditional IRA. I'm 30 years old and make $82,000. My new employer does not offer a 401K. I'm thinking Roth for the flexibility to withdraw my contributions, but am curious to see what others think. Thank you! [link] [comments]  |
| Has anyone tried purchasing dry groceries with amazon prime? Posted: 02 Aug 2020 02:34 PM PDT Trying to do a couple of things here:
Does anyone purchase majorly of their household stuff on Amazon or do you just purchase it at Walmart? Typically what I was doing was setting a grocery pick up for dry goods at Walmart, and then fresh produce and meats (ON SALE) at somewhere like Safeway or Sprouts. [link] [comments]  |
| Front Rush prospective college athlete data breach letter Posted: 02 Aug 2020 04:24 PM PDT Hi everyone, I just received a letter from a company called Front Rush, who I've never heard of before, saying that it's possible that my personal info like my SSN, name, and birth date may have been compromised from an accidentally public-accessible website/server (? I'm not super tech literate so not sure which) that stored this info. The site/server was apparently public from 2016-2020. It specifically states that the people whose info may have been exposed were prospective college baseball players or other athletes using recruiting services. I believe the breach may have been through using the online recruiting agency NCSA while I was in high school. The letter recommends that I contact/create an account on a site called MyTrueIdentity. This website claims to be owned by TransUnion, but I need to be absolutely sure that this isn't some scheme for me to basically hand over all my information to some scammers. Has anyone else received this letter, or does anyone know whether MyTrueIdentity is in fact owned by TransUnion? I'm not exactly knowledgeable about how to do this research with certainty. [link] [comments]  |
| Posted: 02 Aug 2020 08:09 PM PDT Long story short, I need help Maybe the answer to this lies in 'just keep applying for new jobs' I'm 24. Been a restaurant employee for years but have a BA. In December I started working at a bankruptcy/foreclosure (creditor's side) law firm. I work in the bankruptcy department. I was picking up multiple night shifts a week at the restaurant along side this first ever desk job I was making about $20/hour at the firm and good money at night. Covid happened and the restaurant closed. The federal eviction moratorium caused the firm to terminate the entire foreclosure department and gave the bankruptcy department a 25% pay cut despite most of our clients continuing their operations. Because they cut my team I actually have more work to do The restaurant is running with a skeleton crew still and the people working are hardly making any money. Because the eviction moratorium was extended until the 31st and now potentially longer with a new coronavirus relief bill I might not see my pay reinstated for a long time. I have less than a year of experience and no one will hire me. I have 10k saved but now that I make $1800 a month, and my bills are about 1,200 I don't know what to do. I'm taking savings out every month to salvage my sanity and get chipotle some times. My student loans, car, and I lose my free health insurance (through tricare. Spouse just left military) on sept 1 so ill be uninsured are all creeping up fast What the hell do I do? Second job at Walmart at night? Are my restaurant friends fucked if the relief bill doesn't help them? I'm honestly terrified. Idk what to do. [link] [comments]  |
| Should my wife keep claiming unemployment benefits? Posted: 02 Aug 2020 04:17 PM PDT My wife was ~4 months pregnant when covid shutdowns began in March. She's a bartender and has been claiming weekly unemployment benefits this whole time. We just had our baby this last week and she's not receiving any maternity leave compensation. Should she continue to claim her weekly benefits? I know one of the questions asks if you were willing and able to accept full time work this past week and the answer to that, I guess, would be no this time but what about the following weeks? Just looking for advice. We need the money but I don't want us to get screwed later on either. [link] [comments]  |
| Posted: 02 Aug 2020 06:13 PM PDT Using a different user name for privacy. Location: NC I am trying to determine how much to spend on a house- trying to avoid being house poor. Husband and Wife mid 30's - both working in public schools, NO DEBT! Combined gross- 110k, no credit issues Savings Liquid- 135k, certainly will put down 20%, maybe more? Participate in pension program and save additional $800 in 401k per month (45k in 401k currently) After taxes, deductions and 401k, combined take home is about 65k, 5.4k per month. I am thinking a house in the 230-250k range? Thoughts? Property taxes would probably run around 200 a month in that price range. [link] [comments]  |
| Can I use the Amazon Prime Visa Signature Credit card on my friend's amazon prime account? Posted: 02 Aug 2020 05:08 PM PDT I have an an Amazon Prime Visa Signature Credit card. My friend wants to get 5% cashback but he didn't have an amazon credit card but have a amazon.com Prime account. So, if I use my prime visa signature credit card in his account for his shopping, will I get a 5% cashback or that offer is only tied to the amazon account with which I apply for the card? [link] [comments]  |
| Bought a used car and now regret it. What can I do? Posted: 02 Aug 2020 04:14 PM PDT I bought a used car 4 days ago from a used lot using a loan from the bank. I am now having serious anxiety and buyers remorse about it. And I'm realizing the car isn't really for me. The whole thing felt really rushed and I felt pressured into buying it. I really don't know what I should do so I am wondering if anyone has advice or what my options are? Thanks in advance. [link] [comments]  |
| Buy at the peak or keep renting Posted: 02 Aug 2020 08:49 AM PDT Hi Seniors, I am looking to buy my first home in Tampa, FL. Since the Covid 19 started prices for single family homes have gone up due to shortage of inventory and low interest rates. My lease is ending in Feb 2021, is it wise to buy at overprice either in resale or brand new from builder? Currently, houses in resale and new builder homes are almost same price. I'm thinking of two scenarios:
Would you buy over priced now? or wait till 2022 to see if the real estate market corrects? [link] [comments]  |
| Accepted a M-F, 8-5 job and employer sent a W9 to complete Posted: 02 Aug 2020 08:27 PM PDT I accepted a FT position at a company and just received the HR paperwork. It's a W9 with a contractor agreement but the position is for a Monday-Friday, 8 am to 5 pm position paying $14/hour. The schedule will not change. This doesn't seem correct at all and like I'll end up screwed when it comes times to file. Am I overreacting? [link] [comments]  |
| Receiving inheritance money next week. What should I do with it? Posted: 02 Aug 2020 08:02 PM PDT I will be receiving a little over $300,000 next week. After I pay off debt, cars and put money into my emergency fund I will have about $250,000 left. I opened a High Yield Saving account but the percentage rates have dropped since COVID so I am not sure this the best place to put some of this money. I really would love to find a way for this money to make me some money. All suggestions welcome. Thanx [link] [comments]  |
| Posted: 02 Aug 2020 01:52 PM PDT Looking to buy a used van this week for 11k, but I don't want to pull any money out of my investment portfolio or emergency savings to pay in cash. My current car is fully paid off and KBB has a private seller price of 10,000. I can't go without a car so I need to juggle both unfortunately. My plan is to get an auto loan for 11k, purchase the vehicle I want and then list mine for sale. I'm hoping to get 10k for it but whatever I sell it for I will take that cash and pay down the loan. I have a few grand I can add on If my proceeds form the sale don't cover the loan. Do I go with an extended 80 month loan for super low payments, or do go shorter. I guess interest rates are pretty irrelevant as long as they are low (800+ credit score) if I plan on only having the loan for a short period of time. [link] [comments]  |
| How many times can I refinance a loan? Posted: 02 Aug 2020 07:44 PM PDT I have about $60,000k in student loans. They started with about 4 separate loans and I refinanced last summer to consolidate them into one. I am realizing now that the interest is what really kicks your ass and would love to get an even better interest rate (because my credit has gone up since the refinance). Simple question since I lack the education, can you refinance a loan, a student loan in particular more than once? If so, are there any pros/cons to refinancing through different finance companies? How long between each refinance? etc. [link] [comments]  |
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