Personal Finance Weekend Discussion and Victory Thread for the week of September 25, 2020 |
- Weekend Discussion and Victory Thread for the week of September 25, 2020
- Pay rent through CC for 1.5% cash back
- Ditching BoA: I need a bank that doesn't charge me $144 a year and has local atms/branches?
- You can request student loan payments back!
- Unemployment deposited $4k into my account, I haven't applied for benefits in over a month!?
- I have an irrational fear of debt
- 23 year old considering filing bankruptcy
- Filing for FASFA when parents don't file taxes
- Working remotely from California for a company in Texas, do I still have to pay CA state tax?
- I got my mom to cancel the whole life policies she was sold on my brother and I! I made the right choice..... right?
- 2020 is a mess in the event business. I'm in dept and I struggle to find a way out.
- Can I lease a car being unemployed with great credit and great savings?
- Parent is considering drawing SSI at 62 with no savings
- Am I misunderstanding this auto insurance offer?
- Maxing out 401K early and company match setup
- Should I hold off on opening a 401k?
- Canada: Employer stopped paying me without notice while I am currently on a paid administrative leave
- 50k in CC debt and feel screwed/stuck
- Just got a platinum credit card from capital one with a 300$ limit
- Should I be looking for a new job?
- Wife’s Father died with no will- Questions about Debt and Bank Accounts (Oklahoma)
- What can I do if employer refuses to pay out PTO after quitting?
- Want To Double Check; If I Withdraw Money From an IRA Savings Account in Say February 2021 I Can Count That as Income on My 2020 Taxes, Right?
- 401k Direct Rollover Rejected, 63 Days Have Passed
- Does closing accounts with major banks impact credit card applications at the same bank?
| Weekend Discussion and Victory Thread for the week of September 25, 2020 Posted: 25 Sep 2020 02:00 PM 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]  |
| Pay rent through CC for 1.5% cash back Posted: 25 Sep 2020 08:17 AM PDT I have a credit card that gives me 1.5% cash back on purchases. Since I'm the primary resident in my apartment, I'm the one who pays the full balance of rent/utilities, while my roommates Venmo their share to me every month. Does paying the rent/utilities through the CC make sense for that additional cash back? It would account for about 75% of my credit utilization, but I would pay off the balance the next day to guarantee I never max it out. I understand credit scores take utilization into account but I don't know how much it would impact my score. Current credit score is around 730 EDIT: a lot of you are commenting about a potential fee on the landlord side. I checked the website FAQs and it says credit cards are accepted and there is no fee [link] [comments]  |
| Ditching BoA: I need a bank that doesn't charge me $144 a year and has local atms/branches? Posted: 25 Sep 2020 10:03 AM PDT I have simple and chime, but getting physical cash in them in insanely convoluted. So I keep BOA for locale deposits, check cashing, etc. But they charge me 12 a month and I do not have direct deposit or enough minimum balance to waive. ( Who can I move to for my brick & mortar backup that doesn't have ridiculous yearly fees like this? (Ps., I'm in Nashville TN if that matters) [link] [comments]  |
| You can request student loan payments back! Posted: 25 Sep 2020 11:33 AM PDT My husband just ran out of his unemployment and we didn't know what we were going to do, and then I realized that I could request back the payments I made during CoVid. It's not a lot, but certainly helpful during this time of uncertainty since we don't know when he will get called back to work. [link] [comments]  |
| Unemployment deposited $4k into my account, I haven't applied for benefits in over a month!? Posted: 25 Sep 2020 08:39 AM PDT When I applied for my unemployment benefits back in March, I hadn't yet filed my 2019 taxes. Since the UI was taking either 2018 or 2019 tax info to apply, I ended up writing in my 2019 income (made $21k) but sent in my 2018 (made $36k) filed taxes. I realized my mistake at the time and tried calling the office everyday, but the call would never be connected or on hold and then dropped. I sent numerous messages through the online portal with proof of 2018 and 2019 income, never heard anything back. I ended up getting approved for unemployment benefits based off of my 2019 ($21k) income and I thought all was said and done. Stopped applying for benefits on August 5th as I got a new job. I informed unemployment and haven't done anything on my account since. Then on September 23rd, I received a message from the unemployment office that they had updated my 2019 income from $21k to $36k, and were reimbursing me for the remaining benefits amount (came out to a little less than $4k total) that I had not received from March-August. I'm confused on what to do now, as they had the correct 2019 income in the first place, and it certainly shows that 2018 was the year I made $36k on my forms? Also, with the multiple attempts to contact them and message them with no response, I'm not sure if I should bother trying to contact them again about it, or if I should just hold on to the money until next tax season? What's the best thing to do in this scenario? [link] [comments]  |
| I have an irrational fear of debt Posted: 25 Sep 2020 05:36 PM PDT Background info about me: Im 20 years old in my 2nd year of university for nursing. I grew up in a very poor household. When my parents divorced in 2012, I was left with my dad who neglected me. That forced me to provide for myself at a very young age (12) . Through the past 8 years I've been able to work and save up 10k. However, this upcoming semester I'm planning to move out with my girlfriend of 5 years. I think I have enough saved for about one year of expenses while still working on the side. However, after that year I'll most likely have to take out loans. I'll also have to take out loans for my last two years of school The problem is that I have an irrational fear of debt. It seems like taking on debt during college is the norm, however, I can't seem to do it. How do I get over this fear? The most debt I'd probably take out is 30k max and I'll be making around 60k out of school. Edit: Stayinf at home is not an option anymore. I have to move out of this toxic household [link] [comments]  |
| 23 year old considering filing bankruptcy Posted: 25 Sep 2020 05:45 PM PDT I just added up all my debt and it is pretty much as bad as a thought. A little over $16k in medical bills, court cases, credit card, rehab, and car repairs. Very uneducated about personal finances and I don't really understand how deep I've really dug myself. I am considering filing for bankruptcy but I only barely understand what that means. My ultimate question is $16k in debt an amount that a 23 year old should be considering bankruptcy? Not sure if it is relevant but I live near Denver making just above minimum wage ($13) but fortunately I am staying back with my parents for the foreseeable future and have next to no bills coming in currently. I am most likely looking at hiring a debt consultant but wanted to throw this up here for any opinions. I really appreciate any insight. Thanks. [link] [comments]  |
| Filing for FASFA when parents don't file taxes Posted: 25 Sep 2020 01:31 PM PDT Hi guys. Long time lurker of the sub, I wanted to ask and see what my options are when it comes to the title. I feel like I'm stuck in a heavy bind. My parents don't file taxes- at all. My father works under the table. (Idk if this is relevant but idk what his citizenship status is; he has no SSN but has an ITIN) He gets paid through personal checks from his employer. His employer has never given him a tax form (W9, 1099 etc etc.) So all of my parents income is untaxed. Where do I stand with filing FASFA? I saw on Question 92h that I can fill in their total untaxed income. Should I just put in how much they earned? I'm sorry if I'm asking a ridiculous question; I have no idea how any of this works and I'm worried. Anyone have any ideas? [link] [comments]  |
| Working remotely from California for a company in Texas, do I still have to pay CA state tax? Posted: 25 Sep 2020 03:02 PM PDT As stated above. I got a job located in Texas, but due to COVID I still have not moved there yet and am working remotely. Can I avoid CA state tax? [link] [comments]  |
| Posted: 25 Sep 2020 07:06 AM PDT My mom had whole life policies as a "savings vehicle" for my brother and I that we would eventually take over when we got older. After learning about how garbage these things are (thanks to all of you), I passed my education onto her. I made it clear that I would never take over the premiums for this policy as if I ever needed insurance, I would strictly buy term. Following my lecture, she called the LI company and asked for the forms to surrender them. Shortly thereafter, the life insurance agent that sold her them called her and made it seem like this would be the worst financial decision of her life, that these policies could set up my sibling and I as well as my future children. I explained to him that at best, these policies can average a 4.5% return (based off of their illustrations assuming their dividends stay the same). These agents are really good at guilt tripping by the way. However, I know what the right decision is and i'm not falling for the BS. [link] [comments]  |
| 2020 is a mess in the event business. I'm in dept and I struggle to find a way out. Posted: 25 Sep 2020 07:26 PM PDT Hey guys, this is my first post here and i try to make it short. For a little background info: i work as an event technican in southern germany and since corona hit my life got really messed up. Our loans got severly cut since we don't have any events anymore. I earn about 300 Euro right now which is about 20 percent of my normal loan. I can't keep up with my bills and I guess this mess is gonna take a while longer. I'm glad that we get a bit of money even if we don't work at all. But I'm about 3000 Euro in dept right now. 6 months of not getting your normal loan isn't easy afterall. Could you guys give me any (legal) advice to get me out of my dept? Should I look out for another job and start from zero again? Should I keep this (in other cases) finacial stable job and just hope for things to Change? Sorry for my poor english, it's not my first language. [link] [comments]  |
| Can I lease a car being unemployed with great credit and great savings? Posted: 25 Sep 2020 04:41 PM PDT My fiancee and I are moving from NYC to Texas, we won't have jobs right away but we have great savings and we both have great credit. Will it be hard to lease a car under these conditions? [link] [comments]  |
| Parent is considering drawing SSI at 62 with no savings Posted: 25 Sep 2020 09:00 AM PDT My mom is 60 this year and all her friends are retiring. She keeps talking about taking early SSI retirement at 62 and continuing to work a part time job to supplement it. She has zero savings, 401k, or pension. She was a single mom and did the best she could but only earns about $28k per year. My parents divorced like 20 years ago and my mom never remarried, she has read that she can base her SSI income on half of my dads (he makes about $200,000 per year). I ran those numbers through the SSI calculator and it still only yields about $1100 a month at age 62. Would this be as crazy a financial decision as I believe it to be? Are there any upsides to her retiring early that I am not considering? *Note as far as her housing situation is concerned, I actually own her small townhouse, I only charge her the exact cost of the house payment which is $900/mo. [link] [comments]  |
| Am I misunderstanding this auto insurance offer? Posted: 25 Sep 2020 05:48 PM PDT Hey all, looking into insurance as I'm looking to buy my first car. The quote I'm being given seems weirdly good, from what I've heard of my friends and even parents insurance quotes. So I want to lay it out here and see if I'm missing something or wouldn't be covered enough? 6-month package: 44 for first month, 115 for the other 5 months. Has: Liability 50k/100k/50k Uninsured: 50k/100k Underinsured: 50k/100k Medical: 1k per person 500 dollar deductible for compressive and collision. I'm 22, and the quote is for an old 2010 car. Does this seem like an accurate quote? Is the coverage high enough? Does progressive do surprise fees I'm just not seeing in the quote small print? Thanks! [link] [comments]  |
| Maxing out 401K early and company match setup Posted: 25 Sep 2020 04:10 PM PDT I've already asked our HR department (brand new employee) so waiting to hear back via email. I have an upcoming larger than normal check coming in for commission and I want to just max out the remaining amount of the max $19.5K this year. Is there a quick way to see if I'm hurting my company match by maxing it out now? For example if the company just gives me the max match possible, or if I have to submit every pay period until 12/31? Is it different per company or only different per payroll/HR provider? For example Paychex, ADP, Trinet etc [link] [comments]  |
| Should I hold off on opening a 401k? Posted: 25 Sep 2020 05:34 PM PDT I have been at my current job for almost a year, a job for which I had to wait a year until I was allowed to open a 401k. My employer does not match contributions. I can open the 401k beginning October 1st, but I am planning to leave the job by the end of the year. I do not make much money and am currently putting away $300/month, $100 in savings and $200 in an IRA with Schwab. If I do open the 401k I would instead put $100 in my IRA and then use the other $100 to put into my 401k. Obviously, this is not a lot of money and I will not have put much into the 401k before I leave. Should I even bother opening the 401k? [link] [comments]  |
| Posted: 25 Sep 2020 03:50 PM PDT I've been on a paid administrative leave from my job for a year. I've been getting payed the same amount bi weekly since I was placed on the leave, however I noticed that they stopped paying me back at the beginning of August. No follow up has been made regarding the reasoning of the leave and I was given no notice before they stopped my pay. Are they allowed to do this? [link] [comments]  |
| 50k in CC debt and feel screwed/stuck Posted: 25 Sep 2020 10:14 AM PDT I'm in my late 30s and own a small business that was affected by covid. It's my only income and I am working in getting a part time for extra income. I've made some mistakes the last few years and living off CC to get my business going and now i feel like I'm screwed. What are my best options? Credit score is mid 600s. Should I look into debt consolidation loans? I don't own any assets. I've been making min payments($1500) and never missed one. [link] [comments]  |
| Just got a platinum credit card from capital one with a 300$ limit Posted: 25 Sep 2020 05:10 PM PDT This is my first cc , it's not to start making credit as I already have some , it's to start increasing it more . What would be some tips on doing that ? How much of my credit should I use every month ? Also I'm a bit confused , if I only use let's say 60$ worth of credit will that be the full amount I should pay when my statement comes in ? [link] [comments]  |
| Should I be looking for a new job? Posted: 25 Sep 2020 01:35 PM PDT I work for my father who runs a wood moulding business. He has had this business for 30+ years and I have been working there for my entire adult life (I'm 27 now). I make $30/hour doing basically everything except actually running the moulder which includes but not limited to: taking and processing orders, make drawings and make sure the guys in the shop know what to do and run other basic machines around the shop. I also program and run the CNC router but I only know the basics as I am basically self taught and my father taught me how to draw with AutoCAD. So basically I don't have any real training for programming with CAD/CAM. So to the personal finance part of this; I make $30/hour which supports my wife and my baby and a house that I bought 2 years ago. I don't have an official job title as I do basically everything (jack of all trades, master of none) so I can't just tell anybody exactly what I do. My father doesn't provide any benefits like PTO or good health care. I also probably could be making more at a different job with all my experience with the CNC and other machines around the shop. What should I do? My wife doesn't want me to leave because in a few years, my father will retire and hand over the business to me which means I would be running the shop and making more money and I could make my own hours potentially. I always thought of myself as an employee and not a boss but I am bossy (according to my co-workers and wife). I think I could be making more money elsewhere, go to school to learn CAD/CAM for real, and get PTO and health care from a different company. I think I should make a Linkdin profile so recruiters could find me if I could figure out a job title and a good description. I would also need to make a resume but I also don't want to leave my current job as the benefits are I work for my dad who will always be lenient with stuff I do or don't do. What would you do? [link] [comments]  |
| Wife’s Father died with no will- Questions about Debt and Bank Accounts (Oklahoma) Posted: 25 Sep 2020 03:00 AM PDT My wife's father passed away a few days ago and I'm confused about where to start so I thought I would ask here. Here are some of the details of what is happening- Wife's dad died with debt, he owes about 3000 from a chapter 13 bankruptcy settlement, and a few thousand from medical bills (He died in the VA, so I'm assuming that most of his bills will be paid by them). He owns a 2004 Pontiac Vibe worth about 1200 and he lived in a low income apartment with no property. He had about 6,000 in his bank account that my wife also has her name on in order to write checks with and he has a CD worth 10000 that is payable upon death to my wife with the same bank as his account. (This CD is from when my wife's mother passed a few years ago). He died without life insurance because he was too unhealthy to get it. My question is, does the bank account have to go through probate court to pay debts or can we withdraw from it now? We need to pay cremation and funeral costs from it but I don't want to break the law and I have read conflicting ideas on law websites on the internet. From what I have read, since she is on a joint account with him, the account will skip probate to pay debts. Thank you again for your help. [link] [comments]  |
| What can I do if employer refuses to pay out PTO after quitting? Posted: 25 Sep 2020 08:57 AM PDT I'm not sure if this is the right place for this, but here it goes. Recently, my SO quit her toxic job, of 2 1/2 years, at a fast food restaurant. She worked her way into a leadership roll and had 60 hours of unused PTO, but couldn't take the way she was being treated unfairly anymore. She was in contact with HR to see if she would be paid her PTO which they didn't give an answer to until after she received her last paycheck that didn't include her PTO. They then explained that they weren't going to pay out due to her not being an employee. Is there any course of action we can take to make them payout? We live in a state that's laws state that they must payout if there is consistent practice, or documentation that they do payout after employment termination. Thank you for your time and input. We appreciate any help that can be given. [link] [comments]  |
| Posted: 25 Sep 2020 04:33 PM PDT |
| 401k Direct Rollover Rejected, 63 Days Have Passed Posted: 25 Sep 2020 08:16 PM PDT Asking for advice because I keep Googling things and talking to customer service representatives and I feel like I'm floundering at this point, no progress has been made. Rollover Roth 401k from previous employer to current employer. Current employer uses a middleman trust company to process the rollover check. My company changed its name a while back but the rollover instructions I was given still instructed me to use the previous company name. I filled out the form as instructed and in the THREE days between the rollover form being submitted and the trust company receiving the check, my company name had changed and they were like "that account doesn't exist anymore, we reject funding that account with that money, but we ARE still going to cash the check, here's a return check to give back to your previous employer" Previous employer was like "we can take the check but you will definitely have to pay the closure fees to roll the 401k out again and you might incur tax penalties, unclear, please tell the trust company to stop and reissue" Trust company won't talk to me, only my current 401k plan advisor. Current 401k plan contact is saying I should just send it back and pay the fees to reissue the rollover. (I am in an email chain with them and my HR woman who patched us through to each other) I asked them why I should have to pay these fees out of pocket when I did exactly as instructed and there were no warnings of these upcoming changes from either my employer or retirement company NOR anything in place to catch anything during this weird lapse period. If that is indeed my only option I told them I need info from the trust company my original company needs to process their check, which they declined to provide me when I called them. Haven't received a response yet so I'm still just anxious and not sure what to expect, but I'm feeling real crap about the whole situation. I've found a lot of things about 60 day fees/penalties but I'm not sure if direct 401k rollovers apply here or if it just means like 401ks to IRAs. The check I was mailed back however (addressed to original retirement company, not me personally), expires in 90 days so that's a clearer, but still avoidable, problem at this point. Any help or advice is appreciated, as I don't have anyone IRL I can go to about this short of hiring some kind of professional but I don't even know what type of professional I would need to seek out. [link] [comments]  |
| Does closing accounts with major banks impact credit card applications at the same bank? Posted: 25 Sep 2020 08:11 PM PDT Not sure if this is a dumb question but would closing my checking and savings account with chase impact my credit card applications to chase? I moved my direct deposits to Fidelity and Chase charges monthly service fees. [link] [comments]  |
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