Personal Finance How do I overcome the mental challenge of the “high” I get from seeing money in my bank account and start to invest it instead? |
- How do I overcome the mental challenge of the “high” I get from seeing money in my bank account and start to invest it instead?
- All the eggs were in one basket and I’m lost
- Company shipped me a product I requested to be cancelled, no returns accepted, what are my options?
- Is spending 40 percent of pretax income (about 60 take home) on rent suicidal?
- Collections notice, but EOB says $0 responsibility
- New Amazon Chase Visa promotion - 4% back on all categories.
- Finally got a salary job. Need help with allocating 401k funds
- How to get out of a hard-to-cancel monthly subscription?
- Soon to be college grad: Advice on student loans?
- Got into a car accident, definitely my fault and expecting my car insurance to go up. Tips in decreasing this amount?
- Someone applied for unemployment under my name [NY]
- Weird Industry Question
- My credit union is asking for paystubs for an approved auto loan. My manager is lazy and hand writes my stubs on a post it note
- Anyone have experience with ERISA law and LTD?
- I can pay off all my debt, but should I?
- Is it generally a good idea to seek to refinance shortly after your income increases?
- Question on Ally Savings having a higher rate than its CD
- False "Collections" finally taken off my credit score, but I'm still being denied credit cards
- How consistent do you make your budget?
- Need some guidance for the future
- Broke my arm a few months ago and now I have $30,000 worth of bills due next week. Any advice?
- Hospital Says They Cannot Discount Bill Due to Going Through Insurance?
- Splitting profits from house/Help setting myself up financially.
- What should I do with respect to the Social Security Tax situation?
| Posted: 11 Aug 2020 07:17 AM PDT Back story: I'm 23 years old, I have about 63k saved in liquid cash. 20k in a HYSA as my emergency fund. About 4K in different stocks using an app. The rest just in my regular bank savings account (I know I know). Part of it is me being an entrepreneur at heart and just wanting the cash ready when I'm ready to start a business and the other half is just he high of seeing the numbers. I have around 5k in student loans I've been paying $60 a month on. No other debts at all. I contribute 6% to my 401k and company matches up to 5%. I recently got a promotion/raise and am about to start making 90k from make 78k. How do I get over this "thrill" of seeing the numbers in my bank account and just start investing it in other places. Cause I really don't need the money on hand any time soon. I might buy a house in ~2years but that's it. After this raise I know I'll have a lot of extra cash flow. Any advice is welcome. Edit: Definitely didn't think this post would get this much recognition lol But I have decided to open up a personal capital account to start tracking my net worth, I will start by contributing the full amount to a Roth and paying off my student loans. Side question: for brokerage accounts, index funds, other ways to invest etc. are these done through apps or is it like banking? [link] [comments]  |
| All the eggs were in one basket and I’m lost Posted: 11 Aug 2020 11:12 AM PDT Hi- I was a stay at home mom, my husband was the breadwinner. He told me to cash out all my little retirement accounts from my jobs before we were married so I did to pay family debts. He made the money and controlled the money and now we are divorcing. He hasn't been court ordered to pay anything yet so I get my allowance of $300 twice a month and that's it. My credit cards are about maxed out and my score has dropped from 825 to 700 in the last 3 months. I have a car and a phone in my name and nothing else. I know he will eventually have to pay some support for a few years but I'm basically starting from zero at 35 years old. I'm trying to find any job that will have me, I plan to be frugal and maximize whatever 401k option the job provides but what else can/should I do? I don't want my kids to be a step back in life because one of their parents is making bank (he kept stalling on college funds so I doubt he will start anytime soon) and the other is scraping by and can't afford to fund the college fund. He was the money minder and I obviously can't ask him for help, so any thought are appreciated. Thanks!! [link] [comments]  |
| Company shipped me a product I requested to be cancelled, no returns accepted, what are my options? Posted: 11 Aug 2020 02:36 PM PDT I bought some ammunition from an online retailer on Thursday, Aug 6th. With the coronavirus and everything, there is an ammo shortage. Long story short I paid about double the standard price for the ammo. I sent them an email about two hours after placing the order to please cancel the order. Their website says due to covid19, they are not currently accepting calls and the only form of contact is to email them. Their company policy states that orders can be cancelled. Orders cancelled the same day that they were placed, before EOB, will avoid a 10% fee. I emailed them at 12:44 PM and 2:12 PM the day I placed the order to please cancel the order. I sent multiple emails to make sure they got one so that I wouldn't be charged the 10% cancellation fee. I sent two additional emails the following day, Friday Aug 7th. Sent a final email yesterday asking them to please not ship me the ammo and that I did not want it. There are no options on the website to cancel the order. I know the business is legitimate as I have ordered from them in the past. I get an email today, Aug 11th, that the ammo has shipped. I never received a response from the company. Ammunition purchases are typically not able to be returned. I paid with a credit card. Can I call my credit card company and tell them my situation and maybe have them refund my money? The company will probably then force me to ship the ammo back which will probably be ~$50 because it's about 25+ lbs. Edit: I responded to the shipping notice email and they responded back to me. They apologized for the miscommunication and said they caught it in time. They will be sending me a full refund! [link] [comments]  |
| Is spending 40 percent of pretax income (about 60 take home) on rent suicidal? Posted: 11 Aug 2020 07:25 PM PDT Here's the boat I'm in: I live in NYC. Long story short, my living situation is not working out and I need to leave. For reasons based on my lifestyle and mental health, I really really do not want to be in a situation where I'm stuck in close quarters with roommates I barely know in the event of another quarantine, which everyone in my orbit seems to think is inevitable. My top options are: I found an 8.5 month studio sublet for 1500k/month that I have to decide if I want ASAP. My pretax income is 45k. I'm currently spending 1000 a month so this would be a massive increase. I would have a small amount of parental support in this scenario (maybe 150 a month). I would not consider rent this high in any other scenario, but again, worried about another lockdown and that's absolutely the lowest I can find in New York for my own place. FWIW, I have basically no savings and a moderate but not absolutely crippling amount of student loan debt. The other option is I could move into my parents' basement until the end of the pandemic when my office reopens. Saves a ton of money, but for various complicated reasons involving my relationship with my parents as well as where they live, this is not at all something I'd be happy about. If the money wasn't a factor, the studio would be vastly preferred. I realize you anonymous redditors can't tell me what to do without knowing my life and my relationship with my parents and so on, but basically what I'm wondering is, would paying that much rent at my income be colossally stupid? [link] [comments]  |
| Collections notice, but EOB says $0 responsibility Posted: 11 Aug 2020 03:55 PM PDT I was pregnant earlier this year, and though the preparations worked with an in-network Durable Medical Equipment (DME) Company to get my covered breast pump. I paid a $20 copay for an upgraded pump, and thought it was all good. My insurance rejected the claim, but my EOB said that I had $0 responsibility. Shortly after I gave birth, I received a bill from the DME for the full amount. I called my insurance company to see what that was about since my pump should have been fully covered after my copay. They indicated that Per the company's agreement with my insurance company, they were not supposed to ship me the pump until after I gave birth, but they had sent it 5 months early. The insurance rep confirmed that I didn't owe anything. She took the information for the bill and said that they would work it out with the DME. A month or so later I got another bill, so this time I called the DME directly and explained everything that my insurance company had said. I was told that they would make a note on my account and have their billing people work it out with my insurance company. Now, I've received a letter from a collection agency for the full amount. I plan on sending the "I don't owe this debt" sample letter to them. What will the next step be? My EOB still says that I have a $0 responsibility. Would it be a bad idea to reach out to the DME again to see what the status of my account is? Or to check back in with my insurance company? Would I need anything else to show that this debt shouldn't be applied to me? Or was my insurance mistaken in telling me that I didn't owe anything? [link] [comments]  |
| New Amazon Chase Visa promotion - 4% back on all categories. Posted: 11 Aug 2020 09:22 AM PDT I just activated an offer for my chase card indicating a 4% back bonus on all non Amazon and WF purchases. Anyone else get this offer? Seems really nice if it does in fact work on everything. Edit: Promotion is valid until 2/11/2021 Edit 2: I've been a prime member for over a decade and use the card a good amount. I may have been targeted with a higher percentage than normal due to this. [link] [comments]  |
| Finally got a salary job. Need help with allocating 401k funds Posted: 11 Aug 2020 02:32 PM PDT My new position is salaried and my company offers 6% match. No one in my family has ever had a 401k so this is all new to me . I've found some good information but just wanted to get reassurance. I will be maxing out the 6% match and any other savings I will use to pay off some high interest debt first before increasing my 401k contribution. I'm currently 26 and gross income ~ 90k. I was looking at target date funds, but was told its either best to do 100% or nothing with target date funds. Any helps appreciated! My Fidelity Investment Options are: Asset Class: Stocks American Funds EuroPacific Growth Fund Class R, Net ER 0.510 Fidelity Growth Company Fund- Class K, Net ER 0.750 Jennison US Small Cap Equity Fund, Net ER 0.637 Northern Trust Daily Russel 2000 Equity Index Fund, Net ER 0.020 Spartan 500 Index Pool Class D , Net ER 0.010 Vanguard Russel 1000 Value Index Trust, Net ER 0.030 Vanguard Total International Stock Index Fund Plus Shares, Net ER 0.070 Asset Class : Blended Funds Fidelity Puritan Fund Class K, Net ER 0.45 T. Rowe Price Retirement 2005, net ER 0.38 T. Rowe Price Retirement 2010, net ER 0.38 T. Rowe Price Retirement 2015, net ER 0.38 T. Rowe Price Retirement 2020, Net ER 0.38 T. Rowe Price Retirement 2025, Net ER 0.38 T. Rowe Price Retirement 2030, Net ER 0.38 T. Rowe Price Retirement 2035, Net ER 0.38 T. Rowe Price Retirement 2040, Net ER 0.38 T. Rowe Price Retirement 2045, net ER 0.38 T. Rowe Price Retirement 2050, net ER 0.38 T. Rowe Price Retirement 2055, net ER 0.38 T. Rowe Price Retirement 2060, net ER 0.38 Asset Class: Bonds Fidelity US Bonds Index Fund, Net ER 0.025 Galliard Fixed Income Fund, Net ER 0.280 Asset Class: Short Term Vanguard Federal Money Market Fund Investor Shares, Net ER 0.110 Thanks again. Appreciate all your help!! [link] [comments]  |
| How to get out of a hard-to-cancel monthly subscription? Posted: 11 Aug 2020 11:53 AM PDT I have a monthly subscription for a GPS tracker that I use for my motorcycle. I no longer have a need for it and decided I want to cancel it since it is costing me $24.95 a month. I have tried contacting the company numerous times but they are not responding to my calls, e-mails, and just gives generic answers on their 24/7 chat support. Upon reading further reviews and complaints on Better Business Bureau, it appears that many people have had a similar negative experience with their billing department. I called my bank and they said they can't stop future payments from the company since they already have my credit card info. So if I just cancel my credit card and have my bank issue a new one to stop the auto-payment, will this eventually go to collections or affect my credit in the future? [link] [comments]  |
| Soon to be college grad: Advice on student loans? Posted: 11 Aug 2020 07:23 PM PDT Hi all, been a long time lurker and I think now is the time to ask for advice. I am about to graduate with a solid job lined up. I will graduate in December and my job will start in January. I will make $65k base, $7k signing bonus the first year, and a $4k relocation bonus. This job will set me up for a fast career progression and the salary will increase significantly over the years (will make about $100k 3-4 years into the job). Job security is also very high and while the career progression is not guaranteed, I am fairly confident it will play out how I want. My employer will match 75c per $1 invested in my 401k while contributing up to 6% of my pre-tax salary. My healthcare plans are also very solid and my employer has a pension plan. It all sounds good but the problem is that I will graduate with $40k in student loans. They all have different rates (4-5% for most but I do have 3 with 7%) with an average rate of 5.53%. I do not have any credit card debt or other type of debt whatsoever. I am not sure whether to pay these off aggressively or rather to invest all my disposable income. I was tentatively calculating a budget and I can afford to pay $1500 a month on my student loans and have them paid off in 2 years. However, it seems that directing $1500 of my monthly income towards student loans presents a huge opportunity cost for me. I believe that investing $1000 out of those $1500 would lead me to be better off in the long term (while paying $500 per month on the loans). Navigating this process is a little hard because I am new to all of this. I want to be responsible but I want to set myself up for large capital accumulation in the long term, and it seems that aggresively paying off my student loans will not be the most efficient use of my income. I will most likely use my signing bonus to get rid of the high-interest debt, but what about the rest? Any ideas? Important to note: I am not very risk-averse because I anticipate being a high-earner in the future. I don't mind having debt over my head as long as I know I will get returns that are better than my cost of financing (student loans). Has anyone been in a similar situation? Any advice? [link] [comments]  |
| Posted: 11 Aug 2020 09:01 PM PDT 24 right now. I'm on a family plan and the accident was severe as in I totaled someone's car and the front of my car is badly damaged. I think I'm going to end up having to get another car. I'm expecting my car insurance cost to go up by 1500-2000k and 3 points added to my license. I've never had any at fault Accidents or had any tickets in the past year. I've got a ticket for pulling over the left lane four years ago...and a warning for not turning on my lights but...that's about it. Tips on what to do to decrease insurance costs??? [link] [comments]  |
| Someone applied for unemployment under my name [NY] Posted: 11 Aug 2020 02:29 PM PDT Hi all, I just received a letter in the mail from the Labor Dept about successfully registering for unemployment benefits/payments. I'm a Registered Nurse and currently work Full time and also have worked contract this year with another agency. How can I go about clearing/rectifying this as well as protecting myself and my credit? I reside in New York. [link] [comments]  |
| Posted: 11 Aug 2020 05:44 PM PDT I process insurance for a small company. Why does nearly EVERY mortgage go to Florence, South Carolina? It's all pretty much to the same PO Box, too. Even when they're different mortgage companies. Is US mortgage actually a monopoly or something? Edit: The last line is a joke, but I'm genuinely curious what's going on in Florence. [link] [comments]  |
| Posted: 11 Aug 2020 06:34 PM PDT I used to work at companies with HR departments printed checks or direct deposit. Now I transitioned to a smaller medical private office as a tech. It's kinda run down, we do everything REALLY old school (here for the experience). Handwritten checks, paper medical records, dinosaur computers you name it. So I've asked my manager to print me stubs twice and she keeps saying we got the wrong checkbooks years back. She writes (with sloppy 10 year old writing) on a piece of post it note paper and a hand drawn chart of my earnings. She also forgot to put my rate on there. It's embarrassing really and if I tell this to my loan officer they're gonna think I'm fraud. The post it note is also not even signed, with our logo or phone number or ANYTHING. She says to call her if there's any problems (: I brought this up to a rep when I was scouting and they're like "every employer is required to give you a stub" and yes she gives me one...but it's not what they would expect. They won't accept pics of my mobile deposited checks (understandable) but what can I do in this situation to not look like I'm fraud?? PS I was thinking of making a chart myself and making it look nicer but I'm sure it has to be printed on a specific stub. Shit I even thought of offering to pay for us to get this. [link] [comments]  |
| Anyone have experience with ERISA law and LTD? Posted: 11 Aug 2020 07:54 PM PDT I'm approaching my own occupation period and wondering when I'll get notice if my policy will continue past that. [link] [comments]  |
| I can pay off all my debt, but should I? Posted: 11 Aug 2020 06:13 PM PDT Here's the rundown: -$19,000 in medical collections (probably could be lower with some negotiations) -$48,000 in student loans (Payments currently suspended) -$18,000 car note ($381/month 12%APR) Total is around $85,000 Credit score is around 640 Monthly expenses are about $2500 A little over $100,000 in my savings account My wife and I have our eye on a house that is about $250,000. I don't feel comfortable getting a mortgage with all of this debt, and I have been considering just taking my savings and paying it all off. Over the past year I found some success with a project I had been working on and now make approximately $230,000 a year. It is relatively stable income and I don't expect it to change anytime soon. Should I just pay off my debt and go for the mortgage? [link] [comments]  |
| Is it generally a good idea to seek to refinance shortly after your income increases? Posted: 11 Aug 2020 05:58 PM PDT My wife recently was fortunate enough to finally get a promotion at her job and is now making roughly 80% more than she had been. If you look at our combined income it is only about a 20% increase, but still. We have a few forms of debt that her name is on including student loans (just hers, had already refinance it as a private loan once a few years ago) as well as mortgage and a car loan (both of us). My question is, should we be looking to refinance these things considering she is now making more and we can possibly get better rates as a result? Her income was really low previously and I feel like the terrible debt to income ratio is why her student loan rate in particular isn't great (5.2%) Additionally, is there some sort of requirement on needing to make a level of income for X months before you can include it on a loan application? [link] [comments]  |
| Question on Ally Savings having a higher rate than its CD Posted: 11 Aug 2020 05:55 PM PDT I was under the assumption that CDs have better rates than Savings accounts since your money is locked in for a time period. However, looking at Ally bank's site, I see that their 1-year CDs offer 0.90% APY while their Savings offers 1.00% APY. This makes it seem like their Savings are strictly better than their CD. What am I missing? [link] [comments]  |
| False "Collections" finally taken off my credit score, but I'm still being denied credit cards Posted: 11 Aug 2020 04:13 PM PDT My dentist office put a paid bill in collections after an insurance mistake which was corrected. After finding it on my credit report, I called the dentist and they said they would cancel it. Nothing (at all) shows on my report now, but I recently tried applying for a Discover card and was denied due to collections. I'm quite confused on this. I'm (21 years old) trying to build credit, but now am stuck due to something out of my control. [link] [comments]  |
| How consistent do you make your budget? Posted: 11 Aug 2020 05:13 PM PDT I've historically not done a proper budget as I naturally save a good % of my income, but I decided I should setup a real budget. So I started to look at the last 3 months of spending. May: $1516 June: $2020 July: $1681 There weren't any particular reasons for the difference. I simply spent a bit more than average on everything in June, but there is a 500 dollar difference between May and June. This feels far too high. How much tolerance do you allow on your budget month to month? Do you keep your budget very consistent with the same amount every month or do you set a maximum allowed spend that you treat as a "do not exceed"? [link] [comments]  |
| Need some guidance for the future Posted: 11 Aug 2020 08:51 PM PDT Hi guys - I'm a new graduate who somehow managed to score a job in the middle of the pandemic. In order to do said job I need to move to Maryland. I found an apartment for $1475/month + $20/month maintenance fee. I'll be making $70k a year (pretax) and I kind of want some guidance on how I should be budgeting and organizing myself. I'm really not sure where I should start. [link] [comments]  |
| Broke my arm a few months ago and now I have $30,000 worth of bills due next week. Any advice? Posted: 11 Aug 2020 08:46 PM PDT Not sure if this is the right subreddit to post this, and I'm posting this for a friend. My friend broke her arm a few months back, and I guess she got her bill in the mail today? Apparently it's a little over $30,000 all together, and despite having 2 insurances (Primera Blue Cross and Tricare Retiree), she claims that they didn't spend a single cent on the entire bill. She's a student and works minimum wage, so she's pretty stressed about the situation right now. She also lives in the U.S if that helps. [link] [comments]  |
| Hospital Says They Cannot Discount Bill Due to Going Through Insurance? Posted: 11 Aug 2020 12:59 PM PDT So, as I was trying to negotiate my medical bills, Sutter Health mentioned they could've discounted my bill down to 20%, but because I used insurance, that is not possible now. They were only able to offer 5 monthly payments at full price. How could this be true? [link] [comments]  |
| Splitting profits from house/Help setting myself up financially. Posted: 11 Aug 2020 08:21 PM PDT Hello everyone, I will get right to the point and try to be be as clear as possible with you. I have a house that I am currently in the process of selling. Hopefully close within 2-3 weeks. I owe three people money who happen to be family members. Two of them get at least 30k. The rest is split with my Dad and myself. After the closing is all said and done... -How do I split the money? -Do I/They have to pay taxes on the profit? -Do I/They have to reinvest right away? I was planning on getting my own place to live in while I think of what to reinvest in...which brings me to the second part of the title; setting myself up financially. I have been at the remodel for the past 2 1/2 years. My credit is shot. And now I am coming into some good money. -Who should I get in contact with to help me with my finances and set me up for the future? -How do I get my credit back up? (I will be paying off 2 credit cards and one personal loan) -Is it possible to set up an account where my Dad has access to it? ( Parents are not financially set, hope is that the profits from this house will help them get out of their rut) I am not good with finances and neither are my parents. I am trying to make this a smooth easy process for everyone. Any help would be much appreciated. Also this is all happening in Ohio if that helps. Thanks [link] [comments]  |
| What should I do with respect to the Social Security Tax situation? Posted: 11 Aug 2020 06:09 PM PDT My employer sent out an email today regarding the decision of suspending the SS tax from our earnings. But it's my understanding that we need to pay it back, is that right? So what would be the prudent thing to do? Saving a percentage of my checks from now on in case I'm asked to pay it back at some moment? Sorry if it is a dumb question. I just found out and to be honest I had not heard anything about it until I got that email. [link] [comments]  |
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