Personal Finance Is it better to invest in a plot of land and build your own house, buy an old house and renovate it, or just buy a new house? |
- Is it better to invest in a plot of land and build your own house, buy an old house and renovate it, or just buy a new house?
- My Dad has been paying for insurance on a car he hasn't owned in 4 years.
- If I live in NY but get a remote job out of a different state, how will it effect my taxes?
- Sold my house. Quit my job. What do now?
- $1600 water bill
- A reassuring story about market timing and a lesson about 401k fees
- Is it time to exit a business
- Rent price in lease is $350 higher than what was advertised.
- Should my mother declare bankruptcy?
- WHERE to save money for a house? Savings? Investments?
- I need help saving money
- I was just officially laid off and have no work for the first time since I started working in 2009.
- Past 16 weeks for my Amended tax return
- Father diagnosed with oral cancer, 16k in savings, house paid off, no outstanding debt
- Is this a good plan to get rid of a good amount of my debt?
- I have 50K saved up what should I do with it.
- 22 year old student, getting 5k loan from student loans to pocket, and have 7k credit card debt. Pay credit card or invest/try to grow?
- Hurt my wrist, MedCo ER and said and PROMISED insurance would cover it, ended up charging me $3987.
- Company wants to buy out my contract, offering me 3 years of payments as a lump sum, is this fair?
- Vanguard mutual funds min
- Is the 2020 “above the line” deduction for charitable donations doubled (from $300 to $600) for married filing jointly?
- Helping my brother start a Roth IRA
- Opening a savings account in US but moving to Canada?
- Did I invest in the wrong Mutual Fund? Fidelity Freedom Index Investor 2020...
| Posted: 30 Sep 2020 08:09 AM PDT I was thinking about investing in some property overseas and even here in the US. I would like to know which would be a good option especially where I want to invest overseas, now is the good time to purchase or look at property to buy. I thought of purchasing the land and then building it but then I see what they do in HGTV is that they buy a really old property or a run down property and then renovate it. Then where I want to buy property overseas they already have many apartments and houses being built. The only issue with those is that they are not really my style. [link] [comments]  | |||||||||||||||||||||
| My Dad has been paying for insurance on a car he hasn't owned in 4 years. Posted: 30 Sep 2020 02:53 PM PDT Help! Back sometime in 2016 my elderly father purchased a new car that he couldn't afford. It got repossessed almost immediately and shortly after my father got diagnosed with alzheimer's. He is still alive and doing OK, but has never owned a car since. Today I learned that he has been paying for insurance on that car this entire time via auto bank draft. Multi family members help take care of him and check his bank account. We all thought this payment was homeowners or some other legitimate insurance payment. An incident of all of us thinking someone else would know what it was. [link] [comments]  | |||||||||||||||||||||
| If I live in NY but get a remote job out of a different state, how will it effect my taxes? Posted: 30 Sep 2020 05:15 PM PDT That's the million dollar question right now. I've been offered a job out of Ohio making substantially more than I do now. Does anyone have any guidance? [link] [comments]  | |||||||||||||||||||||
| Sold my house. Quit my job. What do now? Posted: 30 Sep 2020 03:57 PM PDT Hello r/personalfinance! Longtime lurker; first time poster. I finally sold my house after years of fixing it up. With the current housing market, I was able to sell at my asking price which will end up being $107,000 after realtor and processing fees. I currently have $54,000 remaining on my home loan, so I'm anticipating a net of $53,000 after the mortgage. However, I have also taken on a lot of debt with repairs and remodeling, in addition to a car loan, credit card, and student loans. Here is a quick breakdown. (all amounts are approximate).
Another factor in all of this is I just recently quit my job (ethical concerns with COVID; long story). I have one months salary heading my way ($4,200), a payout of unused leave ($2,500), and about a month of emergency fund ($4,000). I feel comfortable that I will find employment within the next two - three months, and my partner is okay with providing some support with necessities. My question: what would be the best use of this money? Would it be better to be completely debt free while looking for work and having approximately $11,000 to last me a bit? Or would it be smarter to pay off the high interest debt, make regular payments on the rest, max out a ROTH, and keep more on hand in case work doesn't come easily? I was planning to pay everything off and then just work like hell to get another job. I'd like to know if this is smart or if there are other strategies that would be smarter! More context: the only potentially big expense I have coming up is a new laptop. That's not a necessity, because I have a working one, but it's at the end of its days. I thought it was worth mentioning. Looking forward to any insight I can get from y'all! The knowledge in this community has helped me pay off credit card debt and get my finances in order before, so I hope you can do the same now! [link] [comments]  | |||||||||||||||||||||
| Posted: 30 Sep 2020 07:20 PM PDT I recently built a new home on a new street of about 4 homes. I'm a single person in a 2000sq ft home I do average amount of laundry, water the grass and nothing that seems out of the ordinary...or so I thought. I opened my first water bill today and was shocked to see that I owe $1548 for 327 HCF for 49 days. I'm almost in tears because I can't for the life of me understand how it is that high ? The first tier I used 24hCF and the second 303hcf which confuses me because the times I did water was the first few weeks I moved in. I plan to call the water company tomorrow because it has to be an error? Maybe an extra Three was added or maybe it's water for the whole street? I don't think there's a leak where it's a new construction? $1500 is a lot of money for me to come up with for some water? Any advice, input or suggestions? [link] [comments]  | |||||||||||||||||||||
| A reassuring story about market timing and a lesson about 401k fees Posted: 30 Sep 2020 06:41 AM PDT I started a 401k Rollover to a Traditional IRA a week or two ago. I wasn't getting hammered with fees in my old 401k but I knew it would be higher than Vanguard so I did it. When the old company cut the check, my fund's share price was at $39.85, and today, after getting the check, mailing it to Vanguard and waiting for them to deposit it, and buying my target date funds back, it's at $40.42. That amounts to a 2% loss in value! Knowing compound interest, that floored me what that hit would amount to by the time I retire. But then I calculated the annual fees on my old 401k, a very respectable 0.70% honestly. Then I calculated the difference in appreciation of that over 40 years vs. the Vanguard fund, which is just 0.15% fees. The latter account comes out ahead 14%! So even a 0.55% difference in fees can be huge and timing the market is not a good reason to wait. tl;dr: a one time 2% hit on my 401k due to bad luck, to reduce fees by 0.55%, still amounts to 14% increase in my estimated retirement nest egg. Or $130,000! [link] [comments]  | |||||||||||||||||||||
| Posted: 30 Sep 2020 06:21 AM PDT I have a small business that is a website that is 20 years old. I have 2 partners that are pretty much silent at this point. My equity share is 60%. In 2008/9 I was offered 500K and walked away from the offer, I thought I could make more in the long run. 2012 I was offered 270K also walked away. Its now 2020 and I am once again offered 265K for the site. The site has been steady income for me for past 5 years, I still work a day job but for the last 4-5 years I make average 40k per year salary with minor maintenance. The site is also losing ground. I was at 600K visitors per month in 2015, after a disastrous relaunch and completely messed up the urls in 2016, I lost SEO and nows is 120K visits per month steady but still dropping. I could sell, take the 4.5 years salary upfront. Or wait another 3-5 years, rinse repeat. The advertisers on the site has guaranteed 2 years revenue. Not sure I have the energy/ stamina to try another idea. And 20 years is a long time to work on something. Thoughts? [link] [comments]  | |||||||||||||||||||||
| Rent price in lease is $350 higher than what was advertised. Posted: 30 Sep 2020 06:19 PM PDT Hey, all! My girlfriend and I are trying to get a 1bd/1ba for around $1600. We love the price and the apartment, so we went ahead and applied. We were both approved and when it comes time to sign the lease, the rent went up to around $1950. Is something like this common? It's not the legal definition of a 'bait and switch', but we both feel deceived. We're gonna contact the leasing office tomorrow and ask. Thanks for reading! [link] [comments]  | |||||||||||||||||||||
| Should my mother declare bankruptcy? Posted: 30 Sep 2020 03:05 PM PDT I have no idea where to start. My 62yo mother recently left an abusive fiancé and came to live with me in FL. She spent all her money updating the house she lived in with the former fiancé. The house was his, and she is entitled to nothing. She is completely broke and has about $30k in credit card debt. She had a divorce settlement from when she split with my dad. All the money is gone. She also has health problems that require costly meds. I'm a teacher and got her set up with an aide position to get health insurance. The pay is terrible ($12k for 9 months of work), but she gets benefits(about $100 for insurance, pre-tax). She is devastated to find out how little she'll be making knowing how much debt she has. Can anyone offer some advice? Should she declare bankruptcy? Her job options are limited. She's not too far off from social security right? I don't know how I can help her. I appreciate any insight. Thank you so much. [link] [comments]  | |||||||||||||||||||||
| WHERE to save money for a house? Savings? Investments? Posted: 30 Sep 2020 06:42 PM PDT I've read in a lot of places online about how much to save when considering a house. I'm told I should at least have $40,000 (20% for a $200k house), but I have no clue where to actually put the money where it'll be safe and useful. I already have a savings account for ~6 months complete expenses, and it feels like even that isn't really earning me anything extra. Does anyone have any answers? It would be greatly appreciated! [link] [comments]  | |||||||||||||||||||||
| Posted: 30 Sep 2020 04:33 PM PDT Here's the thing I'm terrible at saving money. I grew up with a mom who showed me that even though we're struggling it's ok to spend money as if we were rich. Obviously I can't keep blaming her because I'm 19 now. The thing is she's been borrowing money from me since I was like 10. I used to be really good at saving but I guess in my mind I thought that if spent all my money she wouldn't have to ask me for anything or that I should spend everything on me because I never get to. My dad just called me and told me that I need to learn how to save some money and I felt bad because how do I tell him that I spend all my money on my self so that my narcissistic mother doesn't use all of it. I was never able to buy anything for myself I've had the same pair of shoes for three years. I never get to treat myself. I always have to give my money to her. I'm not trying to come off as a whiny and I hope I'm not explaining this poorly but I need help learning how to save money for myself, I don't want to be trapped. My whole preteen life to now I've spent all my heard earned money on a family I didn't even make. My mom has no job and she's constantly borrowing from me I'm always left with nothing for myself. I genuinely am not trying to come off as a spoiled brat who doesn't know how to control herself. As you have read I have deep rooted problems with money. *edit: I still live with my mom and I have two younger siblings who are autistic so they need to be fed. Neither of my parents work. [link] [comments]  | |||||||||||||||||||||
| I was just officially laid off and have no work for the first time since I started working in 2009. Posted: 30 Sep 2020 03:07 PM PDT If you're curious about the details of the layoff, the details are in this post. I am currently analyzing my finances to trim away anything unnecessary. I am waiting on unemployment insurance to process. What else can I do to protect my mortgage, car, and other bills and utilities. I'd like to add that I have already had some bills reduced and am working on more reductions. Do I need to file for food stamps or anything else like that? I have never been in a situation like this before and I would love to make it out of it with my house and everything else I have worked so goddamn hard for. I live paycheck to paycheck and try my best to save up but something ALWAYS happens. I am not wealthy enough for most of the suggestions in the megathread/sidebar. [link] [comments]  | |||||||||||||||||||||
| Past 16 weeks for my Amended tax return Posted: 30 Sep 2020 08:03 PM PDT I did my 2019 Amended tax return 1040-X. I sent it certified mail 2020 May 11th thats when it says they received it when I check the tracker. Its been 20 weeks. Nothing shows up on the IRS website for where is my amended tax returns. Anyone have a clue? [link] [comments]  | |||||||||||||||||||||
| Father diagnosed with oral cancer, 16k in savings, house paid off, no outstanding debt Posted: 30 Sep 2020 09:04 AM PDT Edit: I found out the 16k is actually an emergency fund. My parents do, in fact, have a savings setup that they will not disclose. Coming to understand my parents were just very frugal people, but the fact still remains they have had to sink a portion of their savings into unforeseen issues with the new house they purchased. Still digging for details but they have only told me not to worry about it and that they are fine financially speaking. Just having a hard time understanding it myself because of the fact we always "got by" growing up. My worry is that they aren't fully understanding the kind of financial impact that my fathers diagnosis is going to have. I just want to do anything I can to make sure they can stay on their feet until my father can make it through his medical issues. /edit So my father was diagnosed with oral cancer this week. Him and my mother just moved halfway across the country before COVID hit and we're able to purchase a home with about 16k left over after purchase. No car payments or debt and they thankfully decided to purchase health insurance for the first time after moving. Found out today that he will be requiring multiple surgeries to remove a portion of his lower jaw, the lymph nodes in his neck and possibly more once they are able to get a look and see the full extent of the affected area. Father hasn't worked in a few years due to a previous injury that resulted in him losing his business of over 20 years. My mother isn't currently working after the move and may be unable to for the foreseeable future so she can help to take care of my father. My concern is that 16k they having in savings will quickly be depleted, and I'm personally not in a position financially to offer much support. So I guess my question is, what, if any kind of medical support/disability or any other government programs can they sign up for to try and stay afloat. They currently live in Tennessee if that helps at all. If also seen some tips in the reddit recently about setting up payment plans or asking for a discounted cost when visiting the hospital. Is this actually a thing? Any help is greatly appreciated. If I need to provide any more info please let me know. Kind of a stressful time and I'm hoping to somehow ease the financial burden they are about to have so my father can focus on his recovery. [link] [comments]  | |||||||||||||||||||||
| Is this a good plan to get rid of a good amount of my debt? Posted: 30 Sep 2020 02:22 PM PDT Hello Everyone, I made a post on here about a year ago to get out of debt but unfortuatenl I didn't follow through and some how got myself deeper in the hole. Let me give you guys a break down, its going to be a long post so bare with me. Expenses: Rent: $1400 Utilities: $154 Total: $1554 Debts: Amzon: $616 Best Buy: $2547 Amex: $197.90 Capital one: $1,400 Credit Union: $7,000 Other Loan: $6,500 Total combined payments to my debts a month = $900 My monthly income comes out to $3,257 after taxes. My debts come out to a total of $18,261. I do have a car In which I owe 24k on which I did not add on here since I am not paying it, someone else is paying it for me. After rent and all the bills paid I am left with roughly $586.83 to put some into savings or other random expenses such as food and what not. So my plan was to sell my car that I owe 24k on to to the dealership that offered me 31k for and as well selling the aftermarket parts that I have on my car for 3k. In total it would net me close to 9k. I would then use that 9k and pay off my Amazon, Best Buy, Amex, and Capital one completely off which then the remainder I would use to bring down my "other loan" to 3k. Leaving me with a total remaining debt of roughly 10k. I then would use all the payments I was going on all the other cards and use it to tackle the remaining 10k left. If all goes will I will pay it off within a year giving roughly 1k a month. Does this sound like a good plan? it hurts me to get rid of my car but I can not live with the stress of having this debt on my shoulder. As for the car my parents will be kind enough to let me borrow the spare car in the mean time. Thank you for reading all of this and I would appreciate as much feed back as possible. Thank you! [link] [comments]  | |||||||||||||||||||||
| I have 50K saved up what should I do with it. Posted: 30 Sep 2020 07:11 PM PDT I don't have a 401K or anything. I just been saving my money in a savings account. 33 years old, renting an apartment, saved 50K. What should I do with my money? [link] [comments]  | |||||||||||||||||||||
| Posted: 30 Sep 2020 07:08 PM PDT I am aware that the 5k won't reduce the debt to 0, but obviously will make a significant difference. Or I can put the money towards business (Ecomm + b2b sales) use as leverage. Any advice? [link] [comments]  | |||||||||||||||||||||
| Hurt my wrist, MedCo ER and said and PROMISED insurance would cover it, ended up charging me $3987. Posted: 30 Sep 2020 06:54 PM PDT This happened at the end of March. I, like many other people, decided to buy a long board due to the stay at home orders so I thought I would skate around my neighborhood. Long story short I fell and pretty much broke my wrist the third day long boarding. Couldn't move my wrist at all what so ever. I am a software engineer and couldn't even type with my right hand so I was very concerned and went to the local MedCo ER down the block, just to talk to them about pricing. I specifically told the If they are gonna charge me more than $300 then I am going to leave. They asked if I had insurance, I said yes, the said it would cost $250 to get an x ray and I was 100% covered. I agreed. (I just gradated in 2019 and have been working for only a year, idk how insurance works) They do the x ray and my wrist isn't broken and they assume I have a fucked up ligament and put me in a cheap wrist cast and say it's gonna take about a month to heal and there is nothing else to do. Long story short again fast forward three weeks ago and they sent me a bill for $3987. I was furious and confused. I drive to Medco ER and show up and ask to see the owner/manager. I am not rude but let them know this is wrong and they lied to me, and that they promised I was covered. I then pointed to the sign outside that said "No surprise billing" and that this is EXACTLY surprise billing. They went silent after that comment and said they will talk to there billing department and get back to me. TODAY they sent me a new bill only totaling $1341 and asked me to pay this now instead of the original amount. What do I do? Do I continue to argue this is wrong? What if I don't pay? Will this hurt my credit? Will it cause issues buying a house down the road? They PROMISED to my face that I would not pay over $250 and now I have bills. Am I in the wrong and should pay or are they in the wrong? Edit: my wrist is still fucked up and am wearing a brace, and I'm afraid to go get it checked out again because I can't have more bills [link] [comments]  | |||||||||||||||||||||
| Company wants to buy out my contract, offering me 3 years of payments as a lump sum, is this fair? Posted: 30 Sep 2020 06:47 PM PDT Contract is currently perpetual, with no end date set. I maintain a web service, and company pays for that. Company wants to end that web service and change my contract from perpetual payments to 1 lump sum. My question is, is there some kind of industry standard for having a contract be bought out? Am I being shorted out by getting 3 years, as opposed to 4 or 5? [link] [comments]  | |||||||||||||||||||||
| Posted: 30 Sep 2020 06:07 PM PDT Where mutual funds in vanguard have a min of say $3000 or $10000 does that mean you need $3000 to be able to start investing in those funds and any future purchases need to be a min of $3000 or does it mean the 1st purchase needs to be $3000 and any future can be any amounts. [link] [comments]  | |||||||||||||||||||||
| Posted: 30 Sep 2020 10:29 AM PDT It seems like this should be easy to find out, but I've seen conflicting information since the CARES Act was announced. Early on, I remember reading that the law just says $300 and doesn't say anything about different filing statuses. Since then, I've checked periodically for a definitive answer, but most sources just say $300 and make no mention of filing status (I've seen a couple of non-profits say $600 for married couples, but I'd prefer a more official/authoritative source). Can anyone link something? Thanks! [link] [comments]  | |||||||||||||||||||||
| Helping my brother start a Roth IRA Posted: 30 Sep 2020 01:02 PM PDT Hi all, My brother is 22 years old and we've setup his Roth IRA. Currently he only has 2k invested but will be contributing some money per month (I'm trying to get him to the max per year, but we'll see how close we can get). His IRA is in a Fidelity account and currently we've put the funds at 70% in FSKAX and 30% in FTIHX. Is this a good allocation for him? There are no bonds held just because he's young and I don't see the point just yet. If not, should I ask him to switch the entire allocation to FDKLX (Fidelity target 2060 fund)? For comparison, my allocation is the same in my Roth IRA (I'm 26) [link] [comments]  | |||||||||||||||||||||
| Opening a savings account in US but moving to Canada? Posted: 30 Sep 2020 03:40 PM PDT Hello, My partner and I hope to be moving to Canada (specifically Quebec but more likely wherever I can get a job) within a couple years. We're also wanting to open a joint checking/savings account. We're looking at banks that operate in both Canada and the US, but are unsure of moving with an account at such a bank is actually easy or not. So, 2 questions:
Any help would be greatly appreciated! Thank you! [link] [comments]  | |||||||||||||||||||||
| Did I invest in the wrong Mutual Fund? Fidelity Freedom Index Investor 2020... Posted: 30 Sep 2020 05:38 PM PDT First of all, I only made my first contribution in August. I dropped another $500 this month but the value has been slightly below my initial investment since August. My understanding is the market has generally been trending up. Is this a bad mutual fund? I saw Fidelity had several categories based on the year. [link] [comments]  |
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