Personal Finance I may have to evacuate my house due to forest fires. How can I make my financial life easier in the event that my home is destroyed? |
- I may have to evacuate my house due to forest fires. How can I make my financial life easier in the event that my home is destroyed?
- Is a 1% brokerage fee for a 401K rollover to IRA reasonable?
- Husband *way* overpaid in check - what are the implications?
- Is progressive’s snapshot worth the risk of using?
- What is a healthy relationship with money?
- If you have insurance issues see if your employer has a benefits advocate
- My mom “borrowed” $3000 from my account
- Insurance says they are denying my hospitalization
- 18yr old son in ER right now - overcharged for copay
- College Student -> First Time Investor
- Should I move into my dad’s condo in exchange for equity?
- Will my income as a minor affect my families eligibility for SNAP and Health Insurance?
- How do I get my Roth IRA started
- Successfully challenging a debt from a "free" cosmetic offer (California, US)
- Buy-and-hold strategy: market-cap index funds or equal-weight ETFs that track an index?
- Big mistake, lots of regret
- Buying vanguard ETFs: market, stop, limit, limit stop what does it all mean for a noob just trying to let some money grow.
- Refinancing Jumbo Loan
- My Brother is 40 and has no credit history whatsoever. Fastest/best way to establish it?
- Is it better to pay off PMI or invest lump sum?
- How best to buy new house?
- What to Do After Identifying Scam
- Can a lower (but not bad) credit score as a co-signer hurt the interest rate on a mortgage loan?
| Posted: 09 Sep 2020 04:59 PM PDT I have home owner's insurance. I've started taking pictures of everything I own, with model numbers of appliances and stuff. I'll save it to the cloud tonight in case I somehow lose my phone. We're packing go-bags in case our evacuation order goes from "get ready" to "GO". What else should I be doing to prepare? I feel like I'm missing stuff. If we have to evacuate we'll try to pack all of our valuable stuff in the cars, assuming we have time. If we don't.. well then we'll already have the go-bags. [link] [comments]  | ||||||||||||||||||||||||||||||||
| Is a 1% brokerage fee for a 401K rollover to IRA reasonable? Posted: 09 Sep 2020 03:53 AM PDT It's time to rollover my 401K into an IRA. I talked with an LPL Advisor and she said there would be a 1% annual fee. Doing some quick math, that would be thousands of dollars lost every year. She says that they'll make me the money for that fee to be inconsequential, but stocks are stocks and this has been an unfortunate year so far... What do you all think? [link] [comments]  | ||||||||||||||||||||||||||||||||
| Husband *way* overpaid in check - what are the implications? Posted: 09 Sep 2020 09:46 AM PDT My husband received his first check with a new company and was overpaid to the tune of almost six digits. He contacted payroll last week, who just said they are aware and looking into it. We know he has to pay it back - we want it gone ASAP, but I'm concerned that this could have further implications. Two main concerns off the top of my head - 1, there was a note on his paystub that he has satisfied his social security tax limit and two, his 401k was unfortunately already effective and received a 10k deposit from this. All said, once the actual overpayment is corrected, will this still bite us in the ass come tax time? What other implications should we be on the lookout for? [link] [comments]  | ||||||||||||||||||||||||||||||||
| Is progressive’s snapshot worth the risk of using? Posted: 09 Sep 2020 04:52 AM PDT Progressive offers the snapshot tool and apparently you can be rewarded with up to a 30% discount for good driving. My husband is currently working from home and barely using his car. We are wondering if it would be worth trying out snapshot right now. We currently pay around $450/mo and are in Louisiana. The last time we tried a tracker type program our insurance actually went UP because he braked a lot when he was driving in a heavily congested metro area. [link] [comments]  | ||||||||||||||||||||||||||||||||
| What is a healthy relationship with money? Posted: 09 Sep 2020 08:04 PM PDT I have been told that I have an unhealthy relationship with money and that I am stingy. I have gotten into friction over how to split things with two friends and my sister. My sister asked me to pay a higher portion of the rent because I earn a little bit more than her and she gets frustrated that I want to split things evenly. I think about finances a lot. I have been able to be fully financially independent since early adulthood, been able to have savings and stay on top of my loans all while living comfortably. I do not have a high salary and my boyfriend (who I see a future with but do not live with/ share finances with) does not either. I worry about my future so I want to save as much as I can. I check my account frequently and stress that I am not saving enough. I want to openly talk about money with friends but it feels awkward. When I go out with friends I typically like to split things. I don't pay for others unless it's a special occasion or they have done something for me and I am thanking them. I like to buy my boyfriend gifts for special occasions. If others offer to pay or pitch for things I accept their offer. I have let my family members borrow thousands of dollars and worked for them for free. Does this sound like I am stingy or I have an unhealthy relationship with money? How does this compare to the average person? [link] [comments]  | ||||||||||||||||||||||||||||||||
| If you have insurance issues see if your employer has a benefits advocate Posted: 09 Sep 2020 11:59 AM PDT I got my annual physical and blood work which should be 100% covered under my plan. Got a bill from the blood testing company for $46. I chatted with my insurer and they said the claim was valid and to snail mail in an appeal. I instead emailed my company's benefit department and explained it in more detail. Two days later they'd talked with the insurer and the claim was covered 100% by insurance. This probably only exist in larger companies. [link] [comments]  | ||||||||||||||||||||||||||||||||
| My mom “borrowed” $3000 from my account Posted: 09 Sep 2020 11:09 AM PDT My mom wouldn't let me open an account by myself, so she cosigned with me. She told me that the bank switched the account from checking to savings and that I couldn't access it until I'm 18. I turn 18 in a few months and I'm unsure if I can make my own bank account. The money in the account was saved up from me working and was supposed to help transition me into adulthood. My mother prior to having my checking switched to savings, she took three grand out of my account. I know there's not a lot I can do because I'm under 18, but is there any way I can get my money back, or do I have to just secure the money I have left. [link] [comments]  | ||||||||||||||||||||||||||||||||
| Insurance says they are denying my hospitalization Posted: 09 Sep 2020 04:53 PM PDT I went to the ER Monday night about 9pm because of really bad stomach pain. They did a CT scan, and Ultrasound and found out my gallbladder needed to come out. They admitted me for surgery that day. Got moved out of the ER at 5am into a hospital bed. Antibiotics via IV, then surgery at 10:30am. Out of surgery at about noon, and they wanted to keep me overnight to make sure the pain was in control and no infection / problems. Left noon the next day. I just got a letter from insurance (Blue Cross of Idaho) saying that gallbladder removal is a outpatient surgery and they won't pay for the hospital stay, and I can appeal it. What are my best options for appealing it? Me writing insurance? Me talking to the hospital? I just don't know what to do, and any suggestions welcome. [link] [comments]  | ||||||||||||||||||||||||||||||||
| 18yr old son in ER right now - overcharged for copay Posted: 09 Sep 2020 07:43 PM PDT My son is 18, covered under my insurance. Our insurance card clearly says $250 ER copay. Due to Covid, I could not accompany him to check-in. He says he tried twice to give registration the insurance information. They told him it wasn't needed bc they already had it. They then informed him the copay was $500 and he handed over my credit card to pay. What is the recourse here? If it wasn't Covid I would have been able to advocate for the correct copay. He is young with no experience with hospitals and insurance. [link] [comments]  | ||||||||||||||||||||||||||||||||
| College Student -> First Time Investor Posted: 09 Sep 2020 03:48 PM PDT I'm a college student and luckily after paying tuition I have some extra money due to some scholarships. I currently have a High Yield Savings Account, but am looking to start investing, most likely in small amounts. Any recommendations on investing platforms, such as SOFI, Robinhood, Fidelity, or another one that is highly recommended? I appreciate any and all help! [link] [comments]  | ||||||||||||||||||||||||||||||||
| Should I move into my dad’s condo in exchange for equity? Posted: 09 Sep 2020 12:55 PM PDT My wife and I currently live in a NYC 1br and we are in serious need of space. My father currently lives in a relatively nice condo community in NJ and plans to move to FL later this year. He would sell the place, but would also be open to renting it to my wife and I so he can have a steady income flow. My dad is rather well off, and wants to also help us out. To incentivize moving into his place, he is offering 25% equity in his apartment. Assuming that equity equates to over $100k, we are seriously considering it. I guess the question is should we do it? We feel like we are selling ourselves short of any aspirations of getting out of the NYC area. We are both from the same NJ town and have been here all of our lives. But also weighing how a bulk payment of 6 figures will also greatly and positively impact our future selves. What are your thoughts?? [link] [comments]  | ||||||||||||||||||||||||||||||||
| Will my income as a minor affect my families eligibility for SNAP and Health Insurance? Posted: 09 Sep 2020 01:43 AM PDT I have a single mother and want to get a job to support my mother. We discussed this, but she is worried that if I get a job that it will make us lose our benefits which we need really bad. I am 17 and live in PA. Are there any laws surrounding this (income of a minor or anything like that) or rules (maximum hours worked or calendar time spent working) I really want to support the family, but I won't be making a lot so it wouldn't be worth us losing the benefits [link] [comments]  | ||||||||||||||||||||||||||||||||
| How do I get my Roth IRA started Posted: 09 Sep 2020 08:20 PM PDT I'm 25 and I work part time , I have 8k in a high yield savings account. I never had a 401k since none of my jobs offers it.I want to have money by the time I retire and I heard Roth IRA was the way to go. Can anyone point me in the right direction and tell me how it works and what I need to do. Thank you [link] [comments]  | ||||||||||||||||||||||||||||||||
| Successfully challenging a debt from a "free" cosmetic offer (California, US) Posted: 09 Sep 2020 10:47 AM PDT Background:
So a couple weeks ago my wife gets a letter from collection agency. We puzzled over it and realized it was for the free face cream. Apparently the fine print said she would have to call to cancel a subscription within 30 days. I found the original flyer advertisement for the cosmetic and it said nothing about a subscription. So using r/personalfinance guidance (https://www.reddit.com/r/personalfinance/wiki/debt and the plethora of posts on bill collectors) we found a template letter for asking for proof of debt,
and mailed it certified, return receipt requested. She noted the "free offer" brochure as her basis for asserting that she didn't owe the debt. This morning my wife got a long winded email from the bill collector. It explained why it believed she owed the debt. Then buried in the middle, but to their credit in bold type, it said:
Victory! A couple notes:
Lessons learned here:
Of the three above, lesson 3 was a new one for me, and unlike lessons 1 and 2 for me, I didn't learn lesson 3 the hard way. There is a fourth, albeit meta lesson. As with any other practical subject matter, reading daily on personal finance topics pays off. It prepares you and trains you for the unexpected. [link] [comments]  | ||||||||||||||||||||||||||||||||
| Buy-and-hold strategy: market-cap index funds or equal-weight ETFs that track an index? Posted: 09 Sep 2020 04:45 AM PDT Hi, All, I'm in the midst of deciding how to allocate my investment portfolio in a taxable account using equal-weight ETFs or low-cost market-cap index funds for a buy-and-hold strategy. Two financial advisors I recently spoke with recommended equal-weight ETFs (in a general sense), because, in theory, it's better to have an equal representation of equities that constitute a market index. But I'm not interested in theory - I'm curious how equal-weight ETFs actually perform relative to low-cost index funds. Everything I have been reading suggests that equal-weight ETFs outperform index funds in bull markets, but I can't find data on bear markets. Moreover, I'm not sure if the studies which suggest equal-weight ETFs outperform low-cost index funds account for fees, taxes, and the ability to automatically re-invest dividends. Any insight from investors who have built a portfolio around equal-weight ETFs relative to low-cost index funds? Or visa versa? Thanks. [link] [comments]  | ||||||||||||||||||||||||||||||||
| Posted: 09 Sep 2020 05:54 PM PDT Hello. Back in September 2019, I bought my first car by myself, a 2018 Nissan Altima 2.5 SL. I was making what I felt like was a lot of money for my age at the time (21, ~$1900/paycheck). I lost that job due to Rona and my current job pays far less. Since it was my first car and I had only been building my credit for about a year, I was slapped with an 18.75% interest rate for 76 months (weird term length). I bought the car and hugely regret it mainly for two reasons 1) I was feeling cocky with my money 2) Impulse I regret it a lot. My car payments are $479.92 a month so the first part of the regret is that I bought too much car, from a financial stand point. The second part of the regret is that I have come to really not like that car. The sound system and heated seats/steering wheel are nice but.. The transmission sucks. It has no power. It's a 2018 but the interior feels and looks like it's from 2013.. I talked with my lender about refinancing the car but they said they wouldn't be able to complete my request. I forgot the reason why. I had planned to talk to USAA/NFCU about refinancing with them but I've also been considering forfeiting my car back to the lender. Is there a way to estimate what effects this will have on my credit score? I know it will be negative, but how hard will it hit? How much trouble will I realistically have getting a far cheaper car after doing so? (About a $11,000 different between current car and car in eyeing) Should I trade-in my car to the dealership? The only problem with that is I have negative equity in my car (~$7000). Would it be worth getting that $7000 possibly rolled into a new loan? With my current job, I wouldn't be able to easily pay the $7000 difference until probably next Summer 2021. Thanks. [link] [comments]  | ||||||||||||||||||||||||||||||||
| Posted: 09 Sep 2020 09:02 PM PDT I have some cash from a house sell that I want to sit in the market for a few years before making a large hobby purchase. I was thinking of putting it in a mix of high and low risk vanguard ETFs to get a nice balance. I went to buy and it had the options listed above. I know next to nothing about investments. I googled them and got a rough idea of what the options mean. I was thinking since it is a fixed amount in going to let sit for 2-3 years, I would just buy at market and let it ride. Please tell me if this is reasonable or is there a much smarter way to play this money. [link] [comments]  | ||||||||||||||||||||||||||||||||
| Posted: 09 Sep 2020 07:10 PM PDT Our original mortgage was a nightmare. I wasn't a US resident and we had a $1m loan and 25% deposit. Chase was one of the few that would serve us and it was a long process with them changing things along the way, suddenly requiring 9 months of payments in the bank for example. We ended up with 4.125% on a 7/1 ARM. We are now 3.5 years in, with $850k outstanding and approx 60% LTV, thanks to some bonuses we put against the principal. I'm now a US resident which should simplify things. Does anyone have any advice on refinancing in this situation? I'm thinking it should be a no-brainer, we should be able to get a much better rate on a 30yr fixed? [link] [comments]  | ||||||||||||||||||||||||||||||||
| My Brother is 40 and has no credit history whatsoever. Fastest/best way to establish it? Posted: 09 Sep 2020 07:48 PM PDT My brother is 40 and suddenly my new business partner due to nepotism, etc. He has some money but no credit history whatsoever. Never had a card or a loan anywhere. Bought his house cash. We tried to get his credit score today and could not. I have future plans with him that involve loans/mortgages. Should he get a credit card? What's the fastest way to establish history to look OK to a lender? Can we apply for a mortgage anyway? Does it matter? I have great credit. He has none. We're going to try and buy another building for our business but need a mortgage. Sorry if this is tired material here. I searched through pst content but didn't find an exact match/answer to this situation. [link] [comments]  | ||||||||||||||||||||||||||||||||
| Is it better to pay off PMI or invest lump sum? Posted: 09 Sep 2020 05:02 AM PDT I recently bought a new house and sold my old condo for a bit of profit. With the current low rates and the desire to get out of our old condo, we purchased a bit earlier than expected and were only able to put a bit over 15% down. With the proceeds from the condo sale is it better to pay down the remaining 5% (~$25k) or invest that $25k somewhere and swallow the ~$60 a month PMI? Conventional wisdom would tell me to pay down the mortgage, but $60 a month isn't that bitter of a pill to swallow. We are already planning to invest a decent amount of the remaining proceeds of the condo sale. [link] [comments]  | ||||||||||||||||||||||||||||||||
| Posted: 09 Sep 2020 04:18 PM PDT We want to purchase a new house in FL in the $350k - $450k range. Our liquid cash is ~$250,000 plus we expect to net ~$100,000 from our house sale. If we buy a house that is $400k, how much should we put down? We will do at least 20% but does it make sense to put more liquid cash down or to invest it? We also have a car loan for $18,000 (@ 2.9%). Does it make sense to pay that off so we free up more cash ($338 per month) for a higher mortgage payment? Assets:
Debts:
Monthly:
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| What to Do After Identifying Scam Posted: 09 Sep 2020 06:25 PM PDT My fiancee and I went through most of the steps in a commonplace rental scam. We were asked to get a cashier's check with a security deposit + 1st month's rent and then directly deposit it in person to their "attorney's account" at Wells Fargo (all major red flags). Now, we thankfully caught ourselves before doing something stupid and hasty. However, last night we filled out a "lease agreement" along with a rental application that requested various sensitive data, including our full social security numbers. The scammers may not have any access to our finances, but they definitely have a digitally scanned copy of this rental application on their end now. What do I need to do? I've placed credit freezes at all 3 reporting agencies, and am awaiting a call from my cell service provider to make sure my number can't be ported over w/o my knowledge. Aside from having my fiancee do the same tomorrow, what else should I look out for? I worry that my SSN is no longer safe... [link] [comments]  | ||||||||||||||||||||||||||||||||
| Can a lower (but not bad) credit score as a co-signer hurt the interest rate on a mortgage loan? Posted: 09 Sep 2020 08:14 PM PDT I have a ~720 credit score- I made one late payment years ago, <5 year average credit history & don't have too much credit history as I didn't take much student loan or any car loans. I have high revolving credit at some points since I charge everything to my credit cards and have it on autopay, however I just paid them off and will now manually clear them every week, so hopefully it will look a little better soon. We have been casually house searching and found one we really liked. My husband has a 800+ credit score as he's way more established than me and received an estimated interest rate on a mortgage loan based on 740+ credit score. The current house we can swing on whatever credit his income provides us if my credit score would reduce the interest rate. However, we would like to include my income in the loan to get a higher line of credit for flexibility as the housing market we are in is extremely hot and there's a good chance we won't get this house and will need to keep looking. [link] [comments]  |
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