Personal Finance I received 500$ via Zelle. Two different people reached out claiming I need to send it back to the person who had a different gender and reason each story. What are my options? |
- I received 500$ via Zelle. Two different people reached out claiming I need to send it back to the person who had a different gender and reason each story. What are my options?
- Should I (UK 18) forego gaining a qualification in exchange for a well-paying full-time job?
- Credit card nearly paid off and unsure about whether to prioritize emergency fund or paying down $40k remaining in student loans
- Mom (61) left me (24) with inheritance. No clue what to do (Maryland)
- Help! I'm thinking too far ahead!
- 22 years old with virtually $0 in the bank, want advice on saving
- Discovered damage in our bathroom that is going to set us back at least 10k. We have no way to pay it.
- 17 y/o, and my parents control the money I work for.
- Should I buy a condo?
- Should I mention desired salary before receiving an offer?
- 32 year old moving back in with parents temporarily to save
- Still Debating Between Roth IRA and Traditional IRA
- Debt - emotion v interest
- Waiving capital one savor AF
- Please help me! I feel like I have no options left
- What are some budgeting categories that are often ignored/forgotten?
- Where to save/invest money needed in 10 years?
- Opinions needed. Payoff a rental or keep the tax shelter....
- Paying off an older student loan with higher interest rate with newer student loan with lower interest rate. Makes sense right?
- Are stocks/bonds the onky option after the prime directive?
- Buying a condo vs house in the near future?
- Loan application to bank that only sees 50% of my income.
- Pay off Collections vs Opening New Credit
- Used car purchase
| Posted: 09 Aug 2020 04:27 PM PDT So, as the title says, last night, I received 500$ posted into my bank via Zelle. I immediately called both PNC and Zelle this morning, frantic someone had hacked into my account and I was about to become a victim of a scam (I'm aware it was a deposit to my account and NOT a withdrawal, but still). They calmed me and said my bank information was not stolen nor am I at any fault. If I felt better, I could dispute this and get reissued a new bank card. I asked if they could simply reverse the transaction in which Zelle said no and PNC said I could dispute it. Both had warned me while the money is legitimate, I could be part of a scam in which money is sent to my account "by accident" and then I receive a text or phone call from the sender for the money back via Zelle in which they could get my bank information that way. I asked for my rights and they let me know I'm at no fault, to never accept someone asking for the money back and to guide them to speak with their bank, and even then, I am not obligated to send money back. Fast forward to 20 minutes ago. Two different numbers reached out to me regarding the money. One number with my area code claimed their female friend got the number off by 1 digit and the other had a NY area code said HE needed that money to pay his rent. I'm going to type both of them a message I feel uncomfortable returning money through a third party app and will politely request they dispute with their bank or credit union. Did I do everything correctly? Am I being too paranoid about this whole thing? Any other steps I should be taking to protect myself? Please let me know! EDIT I commented on the post a while ago, but I deleted both numbers and will not reach out to them whatsoever. You're right that they will contact the bank IF this is not a scam. Just like I did when I saw the deposit. As much as the money may seem like a blessing in disguise, all those stories I just read online about people getting "free money" only for their spending it all to bite back made me nervous I could be in that same position and if this IS an accident, this is their money, not mine, and I want to make sure they get their money back through dispute filed through the bank and not just through some money transfer app. (Though my fortune cookie did say I'd gain financial prosperity. I just thought I'd get more overtime and my quarter bonus or a raise or I won a scholarship for CSU or the 2nd stimulus check was gonna happen or something.) So the money will sit there untouched and hopefully either gets claimed by the right person or by the bank or in some weird way down the line, I get to keep it. Probably not. But I'll do nothing in the mean time except speak to the bank about any extra security measures I can take on my account and continue to daily check my bank account for unsolicited withdrawals. Thanks for the advice all of you. P. S. Sorry my post is from such a common question that gets on here. Someone remarked this is a popular question on this subreddit/popular scam, I believe. I should've looked before I posted and taken advice from there. So, sorry for the repetition to anyone annoyed. That's my bad. Sorry again. EDIT 2 To those who are calling me names or verifying this is a scam, this was not what I'm asking. I was asking IF I followed the right steps and any other recommendations. I just want suggestions if I missed anything. [link] [comments]  |
| Should I (UK 18) forego gaining a qualification in exchange for a well-paying full-time job? Posted: 09 Aug 2020 10:40 AM PDT Hi all, I am an 18 year old, capable male still living with my mom and currently I am working towards a Level 3 Business Administration NVQ as an Apprentice, I have about 400 days left until I get my qualification. Along with this, as usual with an apprenticeship you'd be employed earning apprenticeship wage, which here is about £4.15 an hour. Although because of the Coronavirus pandemic I am currently not even employed and as such not earning any income and will not be for the foreseeable future. Because of this unemployment, I am unable to complete a lot of the work being given to me and chances are high my apprenticeship will be put on a freeze until I can get some kind of work, which is also unlikely anytime soon. I should also note the only other qualifications I have are my GCSE's which were all-around C's and B's. On a higher note, I have been offered a full-time job to work in the local railway through a family relative, which pays around £29,000 annually, netting me enough money to finally begin saving for driving lessons, a car in and of itself, any other essentials I may need and finally to move out and get my own place. I feel as if it may be better for me to take this job, work, work and work, save, save and save, get a car, move out, be financially stable and Then go back to college for a qualification. What do you think? Thanks in advance. [link] [comments]  |
| Posted: 09 Aug 2020 09:52 AM PDT I am 30 years old and currently live at home. I finished grad school earlier this year and got a federal job at the end of May. I make about $3600 per month and contribute ~$2-3k towards debt. As it stands, I have $40,000 left in my student loans with ~$500 minimum payments that I have put on pause since the pandemic began to focus on paying down my credit card debt. I now have $4000 remaining for the cc that I hope to pay off by the end of the month. My next plan of action was to build up a $10-15k emergency fund by the end of the year, which I feel is imperative during these uncertain times. Hopefully then I can move out afterwards. It has been really nice being able to focus on other priorities while not having to worry about student loan payments. However, I can't help but feel I may be making a mistake by not paying down the principal while there is still 0% interest. I guess I'm just looking for feedback on what to prioritize next. Particularly those with student loans that have been able to balance their budgets while still taking advantage of the memorandum. Has COVID made a big difference for you? [link] [comments]  |
| Mom (61) left me (24) with inheritance. No clue what to do (Maryland) Posted: 09 Aug 2020 07:48 AM PDT I know you guys get plenty of these scenarios and I tried to look through them but couldn't find any I relate to. Anyway, my mom passed away at 61 due to cancer. It was about 10 months between diagnosis and death. She retired from her government job in April. Things were looking good in February when she did all the retirement paperwork. We expected her to live atleast 5 more years. Then March happened and doctors gave her a few months to a year. I'm 24(F) my mom has 3 other children (30F, 34F, and 42M). So I'm left with two life insurance policies of $33.3k and $12.5k. A retirement mutual fund of about $72k, a pension from what my mom contributed totaling $66k and of that about $1.5k is non taxable, and I'm left with 16.6% ownership in a house worth maybe $150-200k after loans are paid off. A little bit about me. I'm 24F with a BS in business and I work in banking. I'm great at helping customers but I don't want my emotions to lead me to bad decisions. I make about $47k before taxes. I have about $33k in government student loans at 3-4% interest (income based payment at $11/month). I have $2k in Perkins loans at 5% ($120/quarter). And lastly about $5k at 4% in private loans ($200/month). I recently bought a car for $20k at 2.19% ($300/month). I pay about $250/month in bill. I'm still living at my mother's house and the mortgage is paid up to October 2020. That's not much of a worry since she instructed my brother to take out 6 months of house payments for me to use in case this happens. I have about $10k in savings, $3k in retirement funds, and $7k in a blue chip mutual fund. So my understanding is life insurance isn't taxable. I was going to use that money to pay off the Perkins and private student loans. And maybe some towards my government loans. Put the rest in savings/money market since I will probably buy a home/apartment within a year. For the $72k in retirement mutual funds I believe I have to choose between liquidate now and pay taxes or a 5 year and 10 year plan before I have to liquidate and either roll into a Roth or another mutual fund but either way I have to pay taxes on it (26%). My mom kept most of her money in a blue chip and made about $100k since December 2018 when the market kept going down. I know I have lower risk options that give about a 1% return rate. And a new horizons fund that gave my mom about 20% rate of return. For the pension ($66k) I can liquidate now and pay taxes or roll over into an inherited IRA with the 5 year rule. Should I do that and max out a Roth every year? But then what do I do? As for the house, I feel like it will be a while until I see that money. My moms estate is pretty much in the house. She only had $10k in credit card debt, owed $100k on her mortgage and $19k in a HEL. My sister (34F) owns 50% of the house. She is greedy and difficult to work with. I recently had to get a protective order against her after she attacked me so communication between us is non existent. My brother (42M) is the only one who would possibly communicate with her. My brother, sister I do communicate with, and myself were interested in buying out my greedy sister. We own 16.6% each, totaling 50% against the greedy sisters 50%. We considered buying her out and renting out the house until we can afford to redo it. But I'm not sure if the greedy sister will sell to us. Sorry for the long post. I hope this all made sense. Please let me know if you have any questions! [link] [comments]  |
| Help! I'm thinking too far ahead! Posted: 09 Aug 2020 06:39 AM PDT My SO has complained that all I talk about is money and they are probably right. Usually, I do like to plan for my future and think Im doing a good job financially but I find myself looking 30+ years in advance to retirement. While thinking about it is important, how do stop looking so far forward and focus on daily life? I think people usually look forward for a vacation, event or change in life but right now because of COVID, who knows when anything will happen so I think I am reverting back to finances which I can control. Has anyone ever felt this consuming feeling of looking too far ahead? How do I get better about letting things just sit and accrue interest while not checking my brokerage every day? [link] [comments]  |
| 22 years old with virtually $0 in the bank, want advice on saving Posted: 09 Aug 2020 06:25 PM PDT I work and make about 700-800 usd per paycheck (every 2 weeks, after tax), so about 1400-1600 per month. My bills break down per month: Rent - 650 Hulu - 7 Electric - ~100 Food - ~100 Gas - 60 Smokes - 30 Spending - ~100 Hygiene/household supplies - ~100 I try to live frugally but i also am supporting my mother and 2 brothers, she is unable to get a job right now due to medical problems but does help with rent once in a while. Currently struggling, what would be some steps i could take now in order to lessen this kind of burden should i encounter it again in the future? Also, what are some tips on saving on a tight budget? [link] [comments]  |
| Posted: 09 Aug 2020 03:31 PM PDT We had a simple issue with our bathtub spout. I began to work on it and replace it and tile broke. Behind the tile I discovered black mold and extensive water damage. All of the walls will have to be stripped to the studs, the subflooring will have to be replaced. From previous quotes on a potential renovation, we were looking at 8k. Now with all of this damage, I can only assume it will be more. My wife (34F) is the sole owner of our home and has a current credit score of 617 according to Rocket Mortgage. Her yearly income is 52k pretax. Our original home loan was for $75500 over 30 years. Our current balance is $58956.66 and we have been here for almost 11 years. Our lender is US BANK. We have a little over 16k paid into our house. We applied to refinance for some home repairs in the late winter/early spring and was declined. Today she applied with Rocket Mortgage to see about doing a "Cash Out" loan for home repairs and switching to them. They told us they couldn't do the cash out option, but we could refinance to a new 30 year loan on the current balance and pay $80 some odd dollars less. We literally have no emergency fund for our house, and have nothing in our bank accounts after paying bills. We have NEVER missed or been late on a mortgage payment since the loan was taken out, but that doesn't seem to help us. We are current without running water until a plumber can make it over to fix our pipe, and without a way to bathe for the foreseeable future. Any recommendations as to how we can secure the money to get our bathroom fixed would be greatly appreciated. [link] [comments]  |
| 17 y/o, and my parents control the money I work for. Posted: 09 Aug 2020 06:30 PM PDT So recently, I got off a dispute with my parents over who takes control over my money. My parents keep about more than half of my biweekly salary. It started when I got my first job at 16 at my dads work. My dad saves the my money for me because he was my boss. The rest of the money is kept by my parents and only to be used for emergencies. My parents say it's to keep you from spending too much money. That made me angry. I work for the money, I keep it. Then I got a different job about ten months later and this time without my dad, which made me happy thinking my parents wouldn't ask for half of my money, but NO, as I got home after cashing my first check in my new job, my parents still expected me to give them half my salary to save. So then that led to the dispute a few hours ago. How can I convince them to let me control my money? [link] [comments]  |
| Posted: 09 Aug 2020 10:43 AM PDT I can't figure out what's the best plan for me. Some background information on me. I'm 26 and I have a job at fortune 10 company that pays just under 100k per year. I recently came into a significant amount of money thanks to some crypto investments. The problem is I don't know if I should buy a condo. I'm single with no kids so I don't really need a house, and I'm so young I don't even know if I'll end up moving to another city. Would it be a good idea to just buy a condo in full and possibly just sell it later? I've only ever lived in apartments and it feels like a waste of money paying rent if I can outright purchase a condo and instead just save that money. My rent is my only large monthly expense and takes about 36% of my income. If that went away I'd basically have to pay for nothing but utilities, food, and gas. Also are condos difficult to sell in majors cities? [link] [comments]  |
| Should I mention desired salary before receiving an offer? Posted: 09 Aug 2020 06:29 PM PDT Hey guys, I applied for a position similar to mine and had an interview. During the interview they asked for my desired salary but I didn't want to say a number first and asked what their range is. We had a bit of back and forth, they asked me what is the market rate for this position, that they have a few more candidates with a lot of experience, etc, then they mentioned 65k This is lower than my current salary, and lower than market rate, which has a wide range but usually 80-120k, with the latter for more experienced positions. Two interviews later, I've been invited for a third interview and they've also asked for references. The number they mentioned is not what I would accept, should I tell them now before the interview I am looking for 25-30% higher so we don't waste everyone's time? Or wait until I actually have an offer in hand. [link] [comments]  |
| 32 year old moving back in with parents temporarily to save Posted: 09 Aug 2020 08:35 PM PDT Im a 32 year old single woman. I work at a university, and because of the pandemic, I won't be required to work on campus again until late April or early May 2021. My goal is to purchase a home by 35. I currently live in an apartment and my lease is up at the end of October. I'm thinking of going to live with my parents, who are two hours away, November through April, to save until I go back to work in person. I'll probably save between $10k and $12k, which would be awesome! As a 32 year old who has lived on my own since 25, going back to live with my parents will be a little weird. My parents are great, but I'll temporarily lose some of my autonomy and independence living under their roof. My social and dating life will also take a hit, but I'm not really comfortable dating right now anyway due to Covid. I'm leaning towards not renewing my lease because in my adult life, I don't think I'll be ever get another opportunity to just save for 6 months while working from my parents home. Plus with the pandemic, it will be nice to be around family instead of in my apartment alone. What are y'alls thoughts? [link] [comments]  |
| Still Debating Between Roth IRA and Traditional IRA Posted: 09 Aug 2020 05:03 PM PDT So, I just left my employer and am planning to roll over my 401K money into another account (currently deciding between traditional and Roth). However, I'll have to pay a lofty $5000 tax if I roll over to a Roth IRA. Is it really worth it, or are there some specific ways you can go about it that will reduce the tax? On the other hand, I imagine that if I withdraw money from my traditional IRA in retirement, it'll be a steep tax. However, let's say I withdraw that money only after a year of unemployment. I won't get taxed at a high income (even if I left a high-paying job 1+ years ago), correct? If that's the case, maybe traditional is wiser. [link] [comments]  |
| Posted: 09 Aug 2020 04:15 PM PDT So in 2016, when my husband got the best paying job he's ever had, we made a plan to pay down our debt. As I had better credit than he did, I transferred $4700 from his sole credit card to one of mine. He had zero credit card debt. He opened a new card and I suggested that he use it only for work expenses for reimbursement. I made it clear that he would be responsible for that balance himself (we each got allowances). Well, he lost the job unexpectedly, was unemployed for about 8 months (during which our balances went up), and his next job ended up being on contract. It was cut after three months and then he got a diagnosis of cancer. He could not work during his treatment of 16 months, although he managed a consult here and there. We lived on the generosity of gifts and then credit cards. It took time to recover his strength and find a job. He started his new (well paying) job March 1 his year and we re-assessed our debt goals again. Turns out, he maxed out his card to the tune of $27,000 at 24.99% APR. 🤬 We agreed that anything charged would be paid immediately and I would make sure the minimum payment was paid from our joint funds. Now that we've saved up 3 months of expenses, we tackling debt hard core again. My cards are close to max too from supporting the family, about $27,000 as well, but at 15.99% APR. ETA: Correction - my cards total $12,400. Whoops. The rational part of me knows paying his card down first saves us the most money, but the salty part of me is angry that he racked up this debt on himself - a workout club he didn't attend, dining out, drinking beer at bars, fraternity trips... None of it was to pay our family bills. If I pay his card last instead of first, it'll cost us $300 more in interest and a month longer in paying it off. I'm seriously thinking about doing it. What would you do? [link] [comments]  |
| Posted: 09 Aug 2020 01:01 PM PDT I just got charged $95 today for the annual fee after having the card for a year. I called capital one to see if they could downgrade me to the savor one card or see if they could waive the yearly fee. I told the rep that because of the current pandemic I wasn't really using the card as much anymore and before I could even finish talking she said that they will waive the fee and Ill see a credit on my account within a few business days. I definitely wasn't expecting this and I thought the best they could do is do a product change to the venture card or something like that. Hopefully this helps anyone whos gonna hit with AF soon. [link] [comments]  |
| Please help me! I feel like I have no options left Posted: 09 Aug 2020 03:20 PM PDT I have a credit score of 520 currently. I don't believe I can apply for Discover IT secured card because of my debt. I have a charged off closed account from a car loan 5 years ago and a collection of $1,000 I'm about to pay to have deleted since it's from Portfolio Recovery. I'm thinking about asking about a Pay to Delete letter for the car loan as well. Credit Report recommends getting OpenSky but I've read mix reviews about it. Does anyone here have any recommendations on what I should do to improve my credit? [link] [comments]  |
| What are some budgeting categories that are often ignored/forgotten? Posted: 09 Aug 2020 02:00 PM PDT As the title says. I'm working on redesigning by budget, but I'm just curious if there's any categories/types of spending that are often forgotten or skipped. [link] [comments]  |
| Where to save/invest money needed in 10 years? Posted: 09 Aug 2020 10:54 AM PDT Assume that 401k and Roth are maxed out every year. My folks have about 150K in a simple savings account. They don't need all of it for a little bit over 10 years. What's a better way for them to store their money besides the current low-interest savings account? Choices where they can and can't touch the money are both welcomed. Thanks! [link] [comments]  |
| Opinions needed. Payoff a rental or keep the tax shelter.... Posted: 09 Aug 2020 08:19 AM PDT Have a rental property that currently nets me approx 3,800 a year. I have 20 years left on the loan. Currently P&I is 667.00 with an outstanding balance of 108,000. I can pay if off, should I or use the funds to find another rental/investment. I'm nervous now because the housing market and stock market has got a little out of control and think the bubble will pop soon. I'm thinking if I pay it off I'll net the 667 a month x 10 years grossing 80k (of course taxes not accounted for). Not sure what my tax exposure would be without the write off. What's the best way to figure this out? [link] [comments]  |
| Posted: 09 Aug 2020 05:55 PM PDT Hello people of PF, Due to the corona virus my school has been lo longer doing the thing where they return the unwanted loans to the loan servicers for the students. So I have to handle this myself. I have about $10,000 dollars that I can return (yes, I didn't really think and got max gradplus loan, and didn't go out much during this pandemic). I realized that last year's plus loan interest rate is around 7.6% whereas this year's interest rate is 7.08% Not to mention I have much higher loans taken out due to not being an in-state resident at the time. $53,151.83 with 7.6% interest rate vs $39,930 with 7.08% interest rate It makes sense to pay off the one with higher loans and interest rate with the newer loan money, and there's nothing stopping me from doing this right? (aside from origination fee) [link] [comments]  |
| Are stocks/bonds the onky option after the prime directive? Posted: 09 Aug 2020 07:28 PM PDT I'm in the very lucky position to have checked every box in the prime directive, but now I'm wondering what's next. It seems like the last thing to do with my money is to pour it into index funds and bonds. Looking at how out of touch the market seems to be worries me considerably. I realize that every downtown has been met with significant growth over time, but should I really charge down that path or do I have other options? My current consideration is to buy a house and rent out the rooms, but that seems like a lot of work to manage. Thanks for any help! [link] [comments]  |
| Buying a condo vs house in the near future? Posted: 09 Aug 2020 04:41 PM PDT I moved to the DMV area, MD specifically, due to a Software Engineering job that pays 6 figures before taxes. I'm just 24 and still paying down a car and around $20k in loans. My first plan of action is to pay off loans and the car, but in the near future (after most of the payments are settled) I'm looking to buy a first home. I'd love to live in DC but I also know that taxes and fees there are a lot. So I'm looking wether to stay in the suburbs of MD (home) or buy a condo in DC. Any advice is welcome. I'm looking for any kind of feedback. [link] [comments]  |
| Loan application to bank that only sees 50% of my income. Posted: 09 Aug 2020 06:58 PM PDT I have bank accounts at two separate banks (BankA and BankB) and I split my income direct-deposit 50-50 between both. If I apply for a loan from BankA, would they only check my transaction history with them and assume I only make half as much as I do? Or would they consider my income that goes to the different bank account at BankB? [link] [comments]  |
| Pay off Collections vs Opening New Credit Posted: 09 Aug 2020 03:08 PM PDT Hi Guys, So I've been paying off my collections the last few months and reduced my total debt from ~$10,000 down to ~$4,000. The collections are paid in full and to my surprise are being removed from my credit report the following month after paying them. My FICO Score right now is at 520 and hasn't moved during the pay off. From what I understand paying off collections doesn't necessary raise your score, but will obviously lower your debt and help in the long run. I have no accounts open other than my Self Reported Telecom account therefore I have no positive activity being reported. I want to start showing some positive progress but I'm torn in between paying off the rest of my collections or opening a secured credit card. With the secured card I want I will take a hard pull inquiry for it but I'm willing to do it to get some progress going. Do you think I should finish paying off my collections first and then apply for the secured card or should I get the card now and stop wasting time? [link] [comments]  |
| Posted: 09 Aug 2020 05:09 AM PDT Wife (33F) and I (32M) are expecting our first baby in a couple months and need a safer and larger car (single car family). Looking at a 2019 CPO Subaru Outback with 6K miles. Can get a 1.9% loan for 72 months at $300/month. Currently we take home $5K/month. Only debt is mortgage PITI ($2700/month). We spend $900/month in food/utilities/etc. We max our 401Ks and an ESPP. We have 75K in cash that we were going to use towards a car and a "baby moon" vacation but COVID ruined our travel plans and this 1.9% loan is enticing...what is the best move? Thanks! TLDR; $5K/month take-home with $3600/month expenses. Pay cash or finance a used car for $300/month at 1.9%APR for 72 months? Edit: just wanted to say thank you to everyone for the replies! Certainly a lot to think about but leaning towards financing 80% of the car at 1.9% and dumping the remaining value of the car into a mutual fund. Will give us a good mix of cash on hand for baby, ROI in the market, and low-ish monthly car payments. We will hopefully drive this car into the ground, or until the power train warranty is almost up :-) Y'all are awesome! [link] [comments]  |
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