Personal Finance Weekday Help and Victory Thread for the week of August 10, 2020 |
- Weekday Help and Victory Thread for the week of August 10, 2020
- Never give out personal or financial information on a call you did not initiate
- I owed $3600 to the federal government due to stock sales in 2019. Today I received a check from the US treasury department sending back the money I paid them
- $1900 rent or monthly mortgage of $5000? Also, are those rent/buy calculators actually accurate?
- Help! I don’t think my mom has enough to retire
- Keep getting bills from hospital saying I owe $500. When I talk to the hospital, they say it's paid off. And yet, the bills still arrive..
- I created an online business under my mothers name without her knowing and I may have caused her to lose all of her money.
- Is it better to invest in multiple index funds or focus on one or is there a middle ground?
- Should I shoot for a 15 year mortgage or invest the extra money?
- Highschooler needing new bike + laptop, what do i do
- Aging parents need financial help
- Sold house, will need to pay cap gains, wondering if there is a general rule of thumb on the capital improvements to avoid some automatic audit flag? (USA)
- Merchant ran same transaction multiple times on credit card. Now credit card company rep is advising paying full amount and waiting for 6-8 weeks until investigation is complete.
- 33 and Living at Home Again. Need Advice.
- Mortgage lender comparison. Trying to understand the numbers.
- (CAN) Worried I'll never be able to retire
- How should I ask for a raise?
- I owe 750$ to LA fitness for going there once in 2018.
- With a pension, is it stupid to divert all my savings toward a condo rather than investing some for retirement?
- Investing vs saving short term goals
- Are we going to be allowed to write off parts of electric and rent for this tax year from working at home?
- I currently have $15k in credit card debt. I'm about to get an inheritance in a few months that will wipe it out. In the interim, what steps should I take if any?
- Cash out retirement plan for parent with dementia?
- Is vanguard incorrectly reporting a wash sale?
| Weekday Help and Victory Thread for the week of August 10, 2020 Posted: 10 Aug 2020 04:07 AM 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]  |
| Never give out personal or financial information on a call you did not initiate Posted: 10 Aug 2020 11:26 AM PDT It happens often, and it seems like common sense. But, how often have you been called by your loan company, or your phone company, or your insurance company, or internet company, and that call has started with something like:
And then you just tell them. This is insanely easy to spoof. It doesn't matter if you have legitimate business with the company, or if you owe them money. It doesn't matter if you're worried that ignoring them will "make them angry" or anything like that. It doesn't matter if the caller ID matches the number you expect it come from. Even these simple phone calls should be refused.
If they refuse, then hang up. If you are worried, then call the official number anyway and tell the representative that you just received a call that got disconnected, and you'd like to know what the call was about. Do not let them make you feel crazy. Do not let them make you feel paranoid. Do not give in no matter how reasonable it may seem. Once, I was 45 days late on my car payment. They obviously called me about that. They always tried to verify. I always refused. This didn't result in anything extra on my credit, this didn't result in anything worse for me, it didn't make them pursue legal action. It didn't affect my future customer service with them. I simply called back on the number that I usually contacted them, then verified who I was, then I explained my situation and when I planned on bringing my account back up to date. Never, ever, ever give out any Personally Identifiable Information on a call unless you made the call and you trust the other party. This includes, but isn't limited to:
Don't give any information to someone who calls you and claims to be with a company that has business with you. EDIT: I should note, this includes calls from a government agency that calls you, such as a tax authority, a licensing board, or a welfare agency. No government agency is going to throw you in jail for refusing to give personal information over the phone in nearly every country on the planet. EDIT2: This also includes asking them questions which reveal personal information. Such as, "do you have my new address?" or "Did you send an email to [address]?" or "What was the amount I paid last month?" You might ask these questions in an attempt to reverse it and make them verify themselves. But even questions like the last example above give away information you don't want a scammer to have. You don't want a scammer to know for sure that you have made payments to a specific company, you don't want them to know you recently changed addresses, you don't want them to know your email address. This is why, as I said above, you should hang up instead of trying to make them verify who they are. This is true even if it's from a company you know you do not have business with. If you get a call "from Comcast" about your account, but you have a different provider, don't let the caller know that you don't have a Comcast account, and don't let them know who your provider actually is. Tell them the same thing you would tell them if you did have an account: "What is the matter about so that I can call the normal customer service line and discuss it?" EDIT3: This is true even if they volunteer some kind of verification. A scammer might know the last four digits of your SSN, or know the last four digits of your credit card, and then leverage than into getting more information from you. It doesn't matter what they say, or what they provide as proof. You still never give out personal information over the phone unless you made the call yourself. [link] [comments]  |
| Posted: 10 Aug 2020 12:36 PM PDT Okay so sold off a decent amount of stock in 2019. Some long term some short term. I did my taxes through TurboTax and they automatically upload all my stock information if I give them my Etrade information. I did that and and they said I owed the government $3626. This seemed accurate to me and is what I expected. I sent the money to them via the IRS website in July, by giving them permission to withdraw it from my ETrade checking account. They did it. I can see the withdrawal on my account back in July. Today I received a check from the US Treasury Department pay to the order of me, at my address for $3630.76 In the bottom it says 12/2019 tax refund, Interest $ 4.76 What is going on? Can anyone tell me how to proceed, is this legit? What happened!? Edit: Resolved: IRS somehow processed the withdrawal twice, me being incredibly financially irresponsible didn't notice the double debit on my checking account....good news is I made $4.76 in interest lol [link] [comments]  |
| $1900 rent or monthly mortgage of $5000? Also, are those rent/buy calculators actually accurate? Posted: 10 Aug 2020 10:12 AM PDT We live in a nice neighborhood in Los Angeles and don't want to leave this area due to proximity to work and other reasons. Our apartment is essentially a two bedroom. We have a down payment of $200K. We don't have kids but even if we did, one kid is all we'd have. We're happy in our apartment although having a backyard would be nice. We both can probably get the best interest rate out there too. We are not interested in buying a condo and unfortunately homes in our area start at 900K. Rent versus buy calculators online say that we should never buy a house at this price range when we rent for $1900, even thirty years down the road with inflation and increases in rental prices. Are these calculators accurate? To complicate things, we also spoke with a financial manager who said that we shouldn't buy a home either and should just invest some of our down payment instead. This is probably biased information coming from him..but is it still sound advice based on the above numbers? Any of you guys looking at the same numbers and if so, what did you do and are you happy you made that choice? Thanks ahead for your insights. [link] [comments]  |
| Help! I don’t think my mom has enough to retire Posted: 10 Aug 2020 05:49 PM PDT So I just learned that my mother (63) only has 30k in her 401k and another 70k in cash from refinancing her house which still has 15 years left on the loan but is worth about 470k. I am in shock because she was making 170k a year plus bonus. I am completely perplexed as to where her money has been going. She recently lost her job due to Covid (CPA) and I am nervous at her age how easy it will be for her to find another. My mom is a VERY difficult personality and not the type that wants to be lectured by her daughter about finances. What do I do?! I'm seriously concerned for her!! This is not enough to retire and in 7 years she will be 70! I've nicely mentioned selling the house and downsizing somewhere and paying cash for a small condo but she is just not having it. Her social security will only be around 2 or 3k. Any advice? How do I approach this? Or do I not and just cover her when she needs help later on? Parents are divorced so it's just her [link] [comments]  |
| Posted: 10 Aug 2020 05:56 PM PDT Not sure how to handle this? The first bill came, I paid it. The second bill came, saying I still owed them, so I called the hospital up and they said I had a zero balance and to ignore it. Today the third bill comes, we're 3 months in now, and it still has the balance and now with a little note warning us about collections. At this point I literally drove to the hospital, spoke with the cashier, and she confirmed I had a zero balance and sent an email to the billing company to tell them to get their act together. They're supposed to call me.. I didn't get a time frame for that, though. What should I do? Just wait a week and call back if I haven't heard anything? I just paid off a bunch of credit cards, my credit has improved dramatically, and the last fucking thing I need is being sent to collections over nothing. [link] [comments]  |
| Posted: 10 Aug 2020 09:15 AM PDT Im age 17, I created an online reselling business on ebay where I would buy items I find on sale at stores and resell them on ebay to make profit. I also made a paypal account under my mothers name using her SSN without her consent . I recently come clean about this to her and realized that I may have made a huge mistake. My mother and I are somewhat poor she only makes around $40,000 a year but the problem is her only source of income is from Social Security benefits, because she has a disability. I've made around $35,000 in sales on ebay but actually made only around $3,000 in actual profit. My issue is that ebay reports if you have made over $20,000 to the irs and Im well over that amount. If my mom where to ever make over $30,000 in a year she would get her benefits to removed and have 0$ coming from social security which is her only source of income. Is there a way to explain to the irs that I used my mothers Identity to create a business without her consent to where she could still receive benefits or is there no way out of this and I pretty much caused my mom to go broke just to make a little money. [link] [comments]  |
| Is it better to invest in multiple index funds or focus on one or is there a middle ground? Posted: 10 Aug 2020 06:35 PM PDT So I currently put 100$ a month into my index fund but I've made a few good investments in companies when the stocks crashed and am thinking of selling the company stock to open a new index fund so I have more diversity in my investments. Should I hold onto company stock for dividends, should I just put everything into the index I already have or should I pay the 2000 or so $ to start a new index? Should I keep opening index funds to be more diversified or stick to just one two or how many is smart???? I'm only 29 but only plan to keep aggressively investing for about 17 years more. [link] [comments]  |
| Should I shoot for a 15 year mortgage or invest the extra money? Posted: 10 Aug 2020 01:31 PM PDT So I am not quite sure how simple of a question this is to answer, but I aas unable to do so myself. Basically, I will be purchasing a ~$250,000 home in 2 years' time and through mortgage calculators I have been able go estimate my total monthly payment for a 15 year mortgage to be $2,040 and the monthly payment for a 30 year mortgage to be $1,513. So essebtially there is a $500 dollar difference. It is quite clear to me that paying the smaller amount is the worse deal, totaling $544,680 over the course of the loan vs. $367,200 total for the 15 year loan. My question is, if I did the 30 year loan, and invested the ~$500/month difference every month would it make up the difference between the two or would I be better off just going with the 15 year loan? Thanks in advance. [link] [comments]  |
| Highschooler needing new bike + laptop, what do i do Posted: 10 Aug 2020 03:25 PM PDT Hi everyone Im 16 I work a part time job as a math tutor, i get paid 13.15/hr which will be 13.40/hr as of october, i work about 45 hours/month usually I also babysit during the school year but probably either won't be at all or just doing 1 day a week (i get paid $75-100 per week depending on hours, 1 day is probably just $35) So my laptop is 12 years old and i use it for work currently as we are closed, so we offer online classes for our students. in september we will offer one irl class per week and 2 online per week so i definitely need something to continue working on. The reason i need a new laptop is because since it's so old it can't run without being plugged in and it crashes a lot when i'm working with students. also it has started making weird noises and just not being reliable and i think it will die soon. I need something that can run minecraft cause it's the only game i really play, can video conference for work + school and can be used for schoolwork. Also, due to some circumstances my bike has become the family bike and i need to share with my little brother. this is ok for now but i think i will need a new one come september for this reason:
I hve about 7k saved but I was saving to move out/buy a gaming pc. I wanted to put 2k aside for my pc but i think getting a new bike and new laptop will cost me that. So i really don't know what to do because either i cheap out on bike/laptop/both and have to buy a new one within a year or so or i spend a good amount and don't have enough saved for a gaming pc or to move out after 2 years. I would really appreciate any advice :) [link] [comments]  |
| Aging parents need financial help Posted: 10 Aug 2020 03:54 PM PDT My dad and his wife are having financial issues. They live off social security only. After the recession, they lost their jobs and house so I offered to use their funds to buy a house in my name as they no longer qualified for a mortgage. It was quid pro quo as they were able to get a fixed housing payment for the remainder of their lives and I was able to build equity. It worked out for them as similar houses in the area are renting for $1850. They pay me $900 + $150 HOA. Mortgage is $954 so I pay $54/month into mortgage too. The house currently has about $75,000 in equity. My dad has always been awful with money management his entire life. Last year, he asked me for $5K, which I declined to give him. I asked him to share his finances with me so we can figure out a solution together. He never did. Here we are a year later, and he asked me for $1,000 or else his checking account will be overdrawn. In addition, he asked to decrease the rent he pays me from $900 to $500 for "6 months or so" so he can catch up on his credit card debt (all his cards are currently maxed out). I once again told him that the only way I will give him the $1000 is if he shares his finances with me so we can figure out what the problem is, as continuing to ask me for money is not the solution. It's just a band aid and I prefer to get to the root of the problem. He blew through the $2400 COVID stimulus on who knows what. I feel he should just declare bankruptcy instead of trying to catch up on the cc debt. I recently got quoted to refinance the home, which will save $175/month, and with the way the loan closes/timing, we would be able to skip 2 months of mortgage payments, essentially saving him $1800. Him and his wife are currently on title (not on the loan), and I told him I would move forward with the refinance IF they get off title as after they pass, I don't want their debts to become liens on the house/estate. They plan on living there until they pass, and there is literally no reason for them to be on title. He has yet to respond to this possible solution to at least a bit of his financial troubles. He's in his early 70s, wife in mid 70s and neither are in good health but still trucking along. He's also a veteran. He's tried applying for SNAP last year, but he was turned down due to their income (he told me they JUST missed the mark). She also has 2 daughters who are about 10 years older than me. He's the one who completely manages the money, and she doesn't even know of their dire situation (she's not the sharpest tool in the shed TBH). I told him that between the 2 of them, they have 3 children and it's not fair to put all the burden on me. Are there any resources I can reach out to for assistance in either financial planning or government help? I'm still waiting for him to send me financials (not sure if he's going to but I made that a stipulation prior to me giving him the $1K,) but happy to answer any questions I can. Thanks in advance! [link] [comments]  |
| Posted: 10 Aug 2020 02:37 PM PDT First off, yes I already know about the $250K exclusion (I'm single). I sold my house that I owned for over 25 years, and will have a very large capital gain even after deducting the purchase price, and the $250K single person exclusion, and the capital improvements -- which I'm working on calculating now. It sold for 5 times what I paid, and of course real estate prices have inflated a lot in 25 years (along with general inflation). I've googled and see publication 523 from the IRS -- which explains the kinds of things that can be counted and not counted, and have double checked from other sources. I'm including things like a new basement bathroom and new basement bedrooms, new garage, new siding and windows, fence around property, lots of landscaping, two new decks, etc, etc. I'm not counting normal maintenance (painting, replacing old roof, etc). The capital improvement amounts are adding up to the point that they are now almost as much as the original purchase price -- which makes sense if you understand that I changed it from a 2 bed 1 bath house with no garage, into a 4 bed 2 bath house with a garage, over the course of 25 years. It had an unfinished basement and now that space as 2 bedrooms and a bathroom. I used one of the online tax site programs to see how much detail it asked for about the capital improvements for a house sale -- and was surprised that it just asks for the final amount -- no itemized details asked for; it just adds the purchase price to the improvement price to get the cost basis. I do have some receipts for some of the work, but given that this work was done over the span of 25 years, I can't find all of the receipts and so I'm going from memory and estimates. (I had originally planned to own this house forever, so wasn't thinking about keeping receipts for a later sale and taxes). So I'm wondering if the IRS has some audit trigger that says something like: if capital improvement amount is more than x% of the original purchase price, or x% of the sales price, trigger an audit. [link] [comments]  |
| Posted: 10 Aug 2020 04:01 PM PDT As the title says, merchant ran a $500 transaction 6 times because he was having glitches. We now have a bill for $3K from the CC company. I have original receipt showing the $500 purchase. I contacted the CC company and told them about the duplicate transactions, but they told me I would have to pay my bill first and wait for a refund for 6-8 weeks until they complete an investigation. This would mean I'm basically fronting them money for 6-8 weeks, which I don't want to do. What are my options? [link] [comments]  |
| 33 and Living at Home Again. Need Advice. Posted: 10 Aug 2020 10:38 AM PDT I was living with my girlfriend for around 2 years but we broke up so I moved back to my parents. I would like to turn my finances around and be more responsible. I take home around $1300/month and my bills total around $600. I have $2300 in credit card debt at 25%. I also have a personal loan of $1200 from a family member that I would like to pay off. I currently have $17k in college debt and am about halfway through my degree. I don't have any savings or insurance but need dental work. I have a car to use from my parents that's junky but it gets the job done. I used to spend alot of my money on collectible junk but I'm done with that. Any advice helps. EDIT: I really appreciate all of the feedback. I wasn't sure which order to pay things off and everyone has been extremely helpful. A safety fund is something I really never thought of before this. My parents were never great with money and I'm sure it has rubbed off on me. I want to buck the trend and be financially sound earlier in life. [link] [comments]  |
| Mortgage lender comparison. Trying to understand the numbers. Posted: 10 Aug 2020 04:41 PM PDT I'm trying to compare two lenders for a refinance. Lender 1 is the current loan holder for the property. Lender 2 is a new lender. Here are the numbers: Both have a 2.75% rate. Lender 1 has a loan amount of ~$244K. Lender 2 has a loan amount of $255K. Lender 1 also has ~$1.2K credits and ~$6.2K of the existing escrow applied towards the closing costs. Lender 2 has no lender credits, and in that scenario, the ~$6.2K in existing escrow is paid to the borrower by Lender 1. With Lender 1, PMI goes away starting Year 3 of the loan, while with Lender 2, PMI goes away starting in Year 4. The principal paid off in 5-years is ~$50.1K for Lender 1 and ~$51.2K for Lender 2. The total amount of interest paid over the loan term as a percentage of the loan amount is 30.166% for Lender 1 and 30.227% for Lender 2. I would have thought Lender 1 would come out significantly ahead in comparison based on the loan amount being lower, lender credits, and the closings costs similar. But Lender 2 appears to have a higher principal paid off after 5 years even though it is a higher loan amount. I would think going with Lender 2 would make sense since the borrower gets ~$6.2K in cash (escrow money) that they can deposit in a higher interest bearing account. What do you think? [link] [comments]  |
| (CAN) Worried I'll never be able to retire Posted: 10 Aug 2020 06:41 AM PDT Hi all, The more I read about retirement savings, the more I think I'll never be able to retire. I'm 32 years old but started late as I messed around during/after university and only got my shit together in the past 5 years. Most of the things I read online basically say 'save as much as possible as early as possible for retirement' and with my situation I'm wondering how it is ever going to be possible for me to pay off my student loans, save for a house and save for retirement. My rent is currently a really good price for my area (20 minutes outside downtown Toronto). I live with my grandma so she charges me a fair price. I don't have any employer retirement savings contribution match, still trying to pay off student loans and my income makes me want to switch careers but of course I don't have the money to do that. TFSA savings: ~10k RRSP savings: ~5k Emergency Fund: 1000 I take home ~3250$/month Expenses: rent: 700 cell phone: 73 group benefits: 78 spotify: 6.5 car payments: 261 (4k left on it, ) car insurance: 172 gas: 200** parking at work: 320** student loan (OSAP): 200 (10k left on it @ 5.4%) groceries/food: ~400 gym: 35 RRSP (retirement savings) contribution: 200 Emergency Fund Savings: 100 trying to save for a house fund: 250 TOTAL: $2995.50 left over each month: ~154.50 **I've been working from home for the past four months, so I've barely been driving my car but want to budget for when things are back to normal. Also, I can take public transit but my commute would be 1.5 hours each way instead of 30 minutes. I do take public transit sometimes during the summer and drive in the winter months usually. I do expect my income will increase, abeit slowly, and any extra money I have I use it to pay down my student loans but i'm basically living paycheck to paycheck. Every time I get paid, it all goes out the window and I don't see any of it left over. I'm worried that the amount I'm saving for retirement is not nearly enough, but I also want to prioritize paying off my debts. Any suggestions or insight would be helpful. Thanks! EDIT: thanks all who have provided input. much appreciated [link] [comments]  |
| Posted: 10 Aug 2020 06:33 PM PDT Hi everyone, I'm gonna make this as short as I can any help will be appreciated! I'm a 22 year old woman and I've been a HHA in Michigan for about 5 years now, for 3 of those years I've been working with the home health company I'm currently at making $13 and $14 weekends, the company isn't too big yet not small with around 170-200 employees. I've had 1 client Ive stuck to since the beginning and occasionally would pick up and work with other clients when need be. Just wondering what the best way would be to ask the CEO for a raise, (I'm hoping by email) on my 1 year anniversary with them I was given a $1 raise ($12 to $13) and with the email they sent along it sounded like it'd be a yearly thing but it hasn't budged since! For the 3 years i've worked with them I've called in maybe 3-4 times, compared to other who probably have 10+ call ins every couple months id say im doing well! I show up to all shifts on time, and as I stated I feel I always carry some weight by picking up when they were desperate to cover a call in Thank you! [link] [comments]  |
| I owe 750$ to LA fitness for going there once in 2018. Posted: 10 Aug 2020 03:42 PM PDT I have been receiving spam calls from LA fitness demanding that I pay them since I went there with my dad once back in 2018. I tried to cancel it a week after, but we weren't able to cancel my subscription online and we were told that we could only mail them the money, we weren't even able to pay the fee in person. Ever since then the amount owed has been increasing. I don't plan on paying the $750 or the increasing price. Would I be able to skip out of the amount I owe by just ignoring the calls or would it be possible to go bankrupt or something? I'm only 15 now so I don't have that many things in my name, so I won't lose much by going bankrupt. [link] [comments]  |
| Posted: 10 Aug 2020 04:38 PM PDT Stats:
I'm saving aggressively toward a down payment on a 2br condo. Monthly costs would be comparable to renting a similar place, maybe 200 more. Aiming to have 35K down (10%) plus 12K in closing costs + 12K emergency fund = ~60K. I'm confident I can get there within a year. So far, I've put nothing into higher yield instruments. My original plan was to be putting 500-1K/mo in a backdoor Roth IRA and plunk that into some target date fund. Hoping to retire in 25 years with enough cash to buy a house someplace cheaper, and then live off my monthly pension, which should be at least 3K/mo. With this pandemic and the rock bottom interest rates, I'm now looking to buy property in my HCOL city. Houses are out of the question, with median >600K. So condo is my only option. I'm looking at the 300-350K range. HOAs are 300-400. Am I making a mistake? Should I be investing rather than saving toward property, or doing both while saving down payment at a slower clip? I keep thinking I have this pension, so I don't need to worry about retirement investing as much as other people. [link] [comments]  |
| Investing vs saving short term goals Posted: 10 Aug 2020 04:12 PM PDT Hey all, first post here so if this needs redirected/re-flaired please let me know. I'm a second year student in law school. Never started saving or investing too much in my life. My summer job paid me decently and offered extended employment through my school year and for the foreseeable future into next summer, with a small raise when I start again this fall. After I graduate I should have around 90K in loans including my undergrad and law school. This really isn't that much for law school but obviously still daunting. I recently wanted to get into saving/investing for my future. I know it's probably late to be thinking about it but it's still better late than never. My question is this: would allocating $100/month be better spent in a low-interest savings account through my bank or distributed via stocks/ETFs/bonds? I currently have no bills other than gas for my car as my parents are letting me stay rent free through law school. Figured now would be a good time to build up some savings seeing I have a steady income for the first time. My concern is that stocks/ETFs seem more geared towards long term future plans and I'm not sure if this is a smart path to go down considering I'll be having to pay my loans after I graduate in about two years. Although a savings won't grow very fast over these next two years it would be more liquidated and "safer" in the short term. I would appreciate some advice on the better option or an entirely different option not listed. Thanks in advance. [link] [comments]  |
| Posted: 10 Aug 2020 05:41 PM PDT I would argue that it should be considered a business expense that has been taken on by the employee that the company is not needing to pay since we are not in the office. But everything I can find is underself employed or for owning a business and nothing about hourly employees working from home. [link] [comments]  |
| Posted: 10 Aug 2020 07:26 PM PDT Long story short, medical debt sucks, covid sucks, furlough sucks, I have $15k in credit card debt now. I'll leave the emotionality out of it, but a dear family member died and I was left a small fortune in their will. Their estate will be out of probate next month and I will be getting the inheritance in a few months, earliest end of September. It will be more than enough to pay the credit card debt. Depending on who you look at, my FICO is 650 to 708. I'm gonna go ahead and assume it's 650 or lower. I have a car note that I would like to refinance sooner than later, and I know there is a lag in paying off your credit cards and the increase in your credit score. I have 4 credit cards. Three have about 19.50% interest, one has 0% interest until February 2021 with about $6000 in debt on it. Should I: A. Wait until I get my inheritance and pay it off. If so, should I pay off the interest accruing credit cards and pay off my 0% credit card debt with my now resumed job income or just get it all over with? B. Take out a personal loan at about 13% interest, pay off the interest accruing credit cards with it, and pay off the personal loan when I get the inheritance (suggested by credit karma). C. If I can qualify, get a 0% interest credit card to do a credit transfer, which would increase my credit limit and stop a decent portion of interest over the next few months? D. Some other thing that I haven't thought of because I'm a person with $15k in cc debt. I'm paying 5.99% on my car loan and I've had it for a little over a year. Despite my past terrible decisions, I managed to pick a car that has an incredible resale value, put down $4000, and paid extra to the principle so I'm not upside down. I could also pay off my car loan with my inheritance, but I would like to refinance and continue to pay more towards the principle so I can build my credit. [link] [comments]  |
| Cash out retirement plan for parent with dementia? Posted: 10 Aug 2020 05:11 PM PDT Mom is 63 and has had dementia for several years now. She is in assisted living and her cash savings are dwindling. She gets a small Social Security disability payment and that has been her only income for a couple years. She has about 62k in a 457 retirement plan. That would pay for about 16 months of assisted living. I'm thinking about cashing out this account to protect her from changes in the stock market. Does this sound like a good idea? Or is there a better way to stretch her money further? My main goal is paying for assisted living as long as possible. [link] [comments]  |
| Is vanguard incorrectly reporting a wash sale? Posted: 10 Aug 2020 07:25 AM PDT Or am I not understanding this alert correctly? I got an alert on the realized gains/loss tab next to UAL saying "Your total loss of $2322 has been disallowed because of a wash sale. This amount has been added to the cost of the security acquired in the wash sale transaction." My total loss for UAL was $6882.55. Here's what happened: 6/10- Purchase 216 shares of UAL at $45.75 and wanted more so I bought 391 shares of UAL at the same price. 6/15- Sell 350 shares at $35 and then a little while later sold 255 shares at $33.43 the same day. I kept 2 shares for no particular reason. I have not bought any more UAL expecting to be able to claim 3k of the loss on taxes. Since then I've bought KO, F, THC, BAC, NIO and T but no aviation. Edit: I did not buy any UAL before 6/10, ever Edit 2: I called the brokerage and was told that because I sold within 30 days of holding, it's a wash sale. I still don't see anywhere online that you need to hold 30 days before selling to avoid a wash sale. [link] [comments]  |
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