Personal Finance Currently owe $8800 on a vehicle that needs a $7200 repair |
- Currently owe $8800 on a vehicle that needs a $7200 repair
- I have $10k sitting around and want it to do some work.
- Making a 5 Year Plan kept me from becoming poor
- Banker I called about fraud charge told me this year the hacking and the card skimmers are at their highest.
- We’re buying a house! Oh crap - we’re buying a house....
- 18, moving out using money made through game development. Buy or rent?
- Are CD rates really that low? I'm confused.
- 31, No Savings, 43k in Debt
- Employer forgot to pay dental/vision premiums and group coverage was terminated at the end of September. Has anybody dealt with this situation before?
- Purchasing a house that my parent will rent. Should I consider the house a rental for tax purposes, or just use the house as a 2nd home and pay the mortgage off.
- My Uncle passed away and I received a letter that I am to receive his salary continuation benefit.
- Chase Freedom Unlimited vs Alliant Platinum Rewards
- Traded in upside down car, then got denied for loan. What do I do?
- How do I open a Roth IRA?
- Aggressive Student Loan Payments Vs Aggressive Investment
- Need urgent help figuring out how to budget to survive getting kicked out
- Should I Pay Off My Car?
- 401k contribution: lessen tax burden
- What would be the best way to take advantage of an HSA account?
- Any reason not to add my toddler as an authorized user?
- Is there hope for me in the future?
- 24 yo soon to be not living paycheck to paycheck, what to do?
| Currently owe $8800 on a vehicle that needs a $7200 repair Posted: 24 Oct 2020 10:54 AM PDT Hoping this is the right subreddit for this. Within a week my car that still has a loan balance of 8800 broke down, I was told by the dealership that the repair estimate would be roughly 7200 as they have to basically replace the engine and a number of other parts. I already know that I could find an honest mechanic that may be able to do repairs for as much as 40% less, if not more, however, that is still way out of my budget for what I was expecting. Also most articles recommended not going through with such a repair cost as it was either as much as the vehicle worth (currently $9-10K if running with no issues), or if it was as much as a year of monthly payments, which it is. My credit is not good but I have been slowly building it back up for the past year, just got back over 600 (it was/is pretty bad). So its not likely I'd get approved for any loans, much less any credit cards that would enable me to get repairs done. So it seems for the moment, I am stuck making payments on a car that I cannot currently afford to fix. My insurance wont offer any repairs unless the car was involved in an accident. What would be my best course of action at this point? I am not without a car (I have another I can borrow from a family member) so the main concern I have is what I can do in the meantime, I can't really sell as is because then i'll still have to pay up what I still owe to the lender for the car. My current monthly payment is $364 (high because of my low credit). Other than parking it in my driveway and taking off the collision and leaving comprehensive insurance to save a little, I'm out of ideas. Just to add on since I should've had it in here first. The car is a 2014 Chevy Volt. In excellent cosmetic condition, and running with no issues its value is around 10K as it has all the premium sound and navigation features, leather seats, etc. I've had it for almost 2 years now, no issues, always maintained oil, just started having electrical issues and after a week it broke down. Selling as is I always thought the most I could realistic be offered is the value of the car minus the potential repair cost, which would still have me owing the lender around 2-3K I believe. Update: Thank you to everyone who commented, this got way more attention than I hoped for and I got some really good answers/advice. With my current financial situation, I'll have to wait as I save up more money for repairs and shop around with local mechanics who can either inspect the car themselves and see what it would really cost to get it running normal again. In the mean time I'll be making the car payment as normal, that's the option I can afford to do right now. I appreciate all the help [link] [comments]  | ||||||||||||||||||||||||||||
| I have $10k sitting around and want it to do some work. Posted: 24 Oct 2020 06:14 AM PDT I have $10k cash sitting around and I want to invest or put it somewhere so its doing something if you know what I mean. I want access to it whenever I need/want it so i dont want it locked up in an account. What do you think? Thanks! Edit: wow, Wasn't expecting all the advice. I really appreciate it guys. [link] [comments]  | ||||||||||||||||||||||||||||
| Making a 5 Year Plan kept me from becoming poor Posted: 24 Oct 2020 04:36 PM PDT For some context, I grew up with 3 brother in a single parent household. My mother never made much and we were definitely considered poor. I absolutely hated the thought that I could end up becoming poor when I was out in the world by myself. My senior year in college I decided to make a strict financial plan. A 5 Year Plan. The breakdown is as follows: End Goal: Making 100k and be debt free Year 1: Get a job in an industry where end goal is possible (I chose medical device sales) Year 2: Become debt free (30k in cars, 2k in business loans, 2k in personal loans, and 18k in student loans) Year 3: Max out all income at current job in regards to bonuses, raised and promotion opportunities. Year 4: Have 10k of side income independent of making job. I plan on having one rental property and hopefully a monetizable YouTube Channel. Year 5: Make over 100k and be debt free. So far I am in year 2 and my debt should be paid off in December which is right on track! I technically make over 100k now, but that is including benefits and bonuses, so I moved my goal to make 100k salary. It may sound like I'm bragging, but having this intentional framework developed is the only reason I was able to be put in the position that I am in today. Growing up, I saw my mother handle problem as they came. I realize now that being proactive, intentional, and prepared are the most important aspects when it comes to having a financially healthy life. [link] [comments]  | ||||||||||||||||||||||||||||
| Posted: 24 Oct 2020 12:29 PM PDT I just saw a $474 charge from Vast Conference this morning and Banker in fraud dept gave me provisional credit. She informed me this doesn't surprise her as it is the highest this year for fraud charges and card skimmers are on the rise. She herself got skimmed or had her card hacked at a restaurant she went to. She also informed me that the crooks doing this are international and not in mainland US or Canada. So be careful out there guys because this year is seeing highest card fraud ever. She also recommended I use either Apple Pay, Google Pay or Samsung Pay as those link to my card but are more secure. [link] [comments]  | ||||||||||||||||||||||||||||
| We’re buying a house! Oh crap - we’re buying a house.... Posted: 24 Oct 2020 04:53 AM PDT My wife and I are purchasing our first home! We've rented and saved for the last few years and we just had our offer accepted on a house we love. Our home inspection is today and closing would be about a month away. Now that we're actually buying, it's a little frightening to think of all the expenses that come with it! It was easy when renting to just call the landlord because something wasn't working. What personal finance/budgeting advice do you have for new homeowners - specifically after purchasing the house (not really about the buying process)? What should I plan for and expect? [link] [comments]  | ||||||||||||||||||||||||||||
| 18, moving out using money made through game development. Buy or rent? Posted: 24 Oct 2020 09:33 AM PDT I've recently turned 18, had success in game development and made $150k the past year including $35k the past month. I also have $5k saved up from before. I haven't done much yet with the money except upgrading my equipment. The income is stable, and I have no expenses so I can't go negative. I want to move out and become independent, but I'm not sure whether I should get a mortgage and buy an apartment or rent, and what would be the best option financially long-term. I am planning to stay in the area I am moving to for at least 7 years, as I'm doing a 5-year university course there. The apartments are expensive, and the ones that are of interest to me are $300-400k. A mortgage in my country requires 15% down payment, so $45k-$60k, while renting costs about $2k a month. I appreciate any advice I can get :) EDIT: I'm from Norway, so mortgages work differently than in the US. [link] [comments]  | ||||||||||||||||||||||||||||
| Are CD rates really that low? I'm confused. Posted: 24 Oct 2020 07:23 PM PDT Back when I was in my early 20's, I threw a ton of cash into CD's at a rate of 2.5% and 3%. Then when they had this promotion for 5%, I took the early withdrawal fee and withdrew all of my accounts and put it all into one for 5 years at 5%. Made tons of cash back when I was smart. Anyways, I came into some money recently and don't need it. I figured I would throw it all into CD for 10 or 20 years. I looked at my local bank's rates and they say .08%. I was excited as shit because 8% is really high. Then I put it into a CD calculator and realized .08% is really low. Like insanely low. I looked online at best rates and .85% is the highest right now. Is this for real? Are rates really this low? Are there better solutions out there? What are they? I'm not going to do CD's for pennies a month. EDIT: I appreciate the quick responses. I will do my research tomorrow. Going to bed now. [link] [comments]  | ||||||||||||||||||||||||||||
| Posted: 24 Oct 2020 04:45 PM PDT Hey folks, I just wanted to say I'm recovering from some mental health issues/addiction and I'm trying to right the ship. I recently got sober and faced my demons/reality and decided I would try to be kind to myself instead of self-destructive for a change. Part of getting my life together is getting finances back in order, obviously. I make $3,050 a month, and this is the crazy debt I ran up over the course of 5 years that I'm trying to pay off:
Other Monthly Expenses Phone+Internet=117.47 Electricity=$70 Gas=$35 Rent=$775 (water/sanitation included) Car Insurance=$72.19 Fuel=$30 --------------------------------- I'm trying the snowball method (currently on CC2 at $500/mo) because I just paid off my first card and saw the psychological benefit. Can you share your thoughts on this budget/payment plan going forward? Thanks for letting me share this. [link] [comments]  | ||||||||||||||||||||||||||||
| Posted: 24 Oct 2020 05:45 PM PDT If it matters, I live in WI. At the beginning of September, my company switched from one company covering medical/dental/vision, to two different companies covering medical and dental/vision. The dental/vision is Principal, if that matters. The dental/vision payments didn't get made, and now Principal says my coverage was terminated at the end of September. I was never notified of this, I just saw it today when I happened to log in to my online account with them. We're a small company where the CEO/owner begrudgingly covers administrative stuff, so I don't see this as a "cash flow issues, red flag" situation... I think he just messed up because he had to make two payments instead of one. This would not be the end of the world if I had perfect teeth, but I saw the dentist for a cleaning/perio maintenance/x-ray in October, and a claim has already been submitted for that. I'm getting a filling in November, and early next year I have 3 appointments scheduled for another round of cleaning/perio maintenance and getting the crown placed on a dental implant. So in the worst case scenario that my dental insurance stays terminated, this could cost me a lot of money. Has anybody encountered this situation before? If so, how did it play out? My boss will cough up the cash as soon as he can get in touch with Principal, probably Monday morning. With any luck, once that happens it's water under the bridge and my insurance is retroactively reinstated... but it's hard not to worry a little, haha. I appreciate any advice/knowledge and will try to pay it forward. [link] [comments]  | ||||||||||||||||||||||||||||
| Posted: 24 Oct 2020 06:38 PM PDT Background: parents are 70, retired, and sold their house to downsize and don't want to deal with a mortgage anymore. They have good credit, but don't want to be responsible for repairs and other issues of being a home owner. I suggested I could buy a rental house and they would rent from me instead of someone else at a FMV, so that's what I did. My question is should I treat it like an investment property and take advantage of all the tax breaks, or should I just consider their rent as a gift (will be under 15k a year) and not bother? Do the tax breaks offset just having my mortgage paid for? [link] [comments]  | ||||||||||||||||||||||||||||
| My Uncle passed away and I received a letter that I am to receive his salary continuation benefit. Posted: 24 Oct 2020 01:33 PM PDT My Uncle, was a Presbyterian minister for 20+ years. He left everything to me in his will. Yesterday I received a letter from "The Board of Pensions of the Presbyterian Church" saying that I am to get his salary continuation benefit. Has anyone had experience with this? With scams being so prevalent now a days, how do I go about this? [link] [comments]  | ||||||||||||||||||||||||||||
| Chase Freedom Unlimited vs Alliant Platinum Rewards Posted: 24 Oct 2020 05:11 PM PDT Hello. I have had a Discover Cash Back and a Amazon Prime Rewards credit card for over 2 years. I have paid every month in full. I have a credit score of 769. The Discover has a rotating category 5% while the Amazon has 5% on Amazon, 2% on restaurants, gas, and drug stores. Both have 1% everything else. I have very little expenses other than gas and a few groceries.. Most of my spent money is on food, gas, or online shopping. I like cash back because I don't really travel much on my own dime and get more freedom with cashback rather than points that can only be spent in some places and can be devalued. My spending will not increase with a new card and I am great about paying it off in full on time. I also do not want an annual fee. Since my 2 cards are certain categories, I get a card that is a more flat rate for things not in the categories. I noticed that Chase added 3% for restaurants and drug stores and 5% on travel through their rewards or whatever. It was only 1.5% before. I don't shop at drug stores or book travel, so the only valuable ones is the 3% restaurant (instead of the 2% I already get) and 1.5% everything else. Though it also has bunch of good benefits like extended warranty. It has a $200 bonus if I spend $500 within 3 months, but I am not sure I would be able to meet that requirement. I also sometimes see deals for Chase freedom unlimited. I also noticed Alliant Credit Union has the Platinum rewards point where you can get flat 2% everything, but has a $20 minimum to redeem as cashback. Also does not have as many benefits. I also think that Chase's website and app is a lot better than Alliant's. I have a checking and savings with them and they don't even have the option to notify you of a purchase on the debit card. While I spent less than normal this year because of Covid, I calculated the cash back would be like a difference of $7. Would it be better to get the better service, benefits, and app from Chase along with a potential sign up bonus I might not be able to get, or get a flat higher rate from alliant? [link] [comments]  | ||||||||||||||||||||||||||||
| Traded in upside down car, then got denied for loan. What do I do? Posted: 24 Oct 2020 02:03 PM PDT I bought a full size SUV in March to best fit my needs, coronavirus made my job obsolete and I had to get a new job. My new job is over 60 miles away from my house and I was paying $300-400 a month in gas getting 18 mpg. So I decided about a month ago to purchase a hybrid worth about the same but due to trading in so early I was a bit upside down in the new loan. Even though I lost a lot of value trading in so early I still save money every month with the significantly better gas mileage. A few days after the dealership calls me back to sign a different loan at triple the interest rate and says they already sold my trade in. I felt trapped and signed figuring maybe I could refinance in a few months. (It's worth noting that I had fantastic credit before the coronavirus but had to run up my emergency credit cards and used all my savings to stay afloat when I lost my job) Now I've gotten letters in the mail from the dealership and the new bank, saying I was completely denied for any auto loan. What happens now? Will they take the car back? Will I be on the hook for how much I was upside down in the other car? Please help, no car=no job as I live in a rural area. [link] [comments]  | ||||||||||||||||||||||||||||
| Posted: 24 Oct 2020 08:07 AM PDT I already have my 401K maxed out and want to take the next step. Who should I open the account with? Is this a one-time decision or should I open new ones if better options become available? [link] [comments]  | ||||||||||||||||||||||||||||
| Aggressive Student Loan Payments Vs Aggressive Investment Posted: 24 Oct 2020 03:09 PM PDT Looking at paying $1,000 per month on my student loans for the next ~32 months to pay them off completely (~$30,000 today). Would it be wiser to put $1,000 into the S&P 500 every month instead? Edit: the loans all vary in amount, but overall the average is about 5.5% [link] [comments]  | ||||||||||||||||||||||||||||
| Need urgent help figuring out how to budget to survive getting kicked out Posted: 24 Oct 2020 05:16 PM PDT Hey reddit, Sorry for the bug. I'm in a really bad way right now and dont know what to do. I'm going to start off with a quick story about what happened. drama below, skip for finacial only
I have been applying to jobs left and right all day and night today (probably over 20-30) and look to leave my job when i get accepted for one in baton rouge (as i have some skills). Currently though in my banking account I have 1,350$ in my active account and 400$ cash. I also have a credit card with a limit of 3000$ ( I owe 0$ on it) I own a paid of 2007 Dodge Charger and the insurance on that is 164$/m My apartment rent with my wife will be 352.50$ a person so thats x2 costing a total of 705$/m unfurnished with a 250$ pet fee 1 time and 25$/m after(my daughter german shepard we cant let go for other apts)and 72$ of other fees 1 time. the lease is for 10 months and at the moment I make 300$/w working part time for cabelas but i have been looking for full time careers and would love if anyone knew anyone in that area hiring. But my main reason for this post is How much do me and my wife have to make to support ourselves food and all? around 1000-1100$ initially moving in will leave us with around 650$ which isnt enough for the second month but hopefully i get a job by then.. 164$/m car insurance100$/m cell phone contract plan that we're stuck with for 12 more months (we didnt expect to get kicked out so we got new phones and unlimited plan on ATT last year)30-40$ in netflix and hulu like servicesI have two mid tier gaming desktops to sell if need be as well. We just want to survive. I never did this on my own and me and my wife are scared as she has nothing saved up either. Thank you for your help so much Edit: my wife will start at a 9$/h full time job next week as well Edit 2: THE PET FEE IS ONE TIME and 25$ a month for just me then on [link] [comments]  | ||||||||||||||||||||||||||||
| Posted: 24 Oct 2020 01:38 PM PDT Hey folks! I recently (Aug 2020) purchased a used car (2018). I have a small-biz (s-corp) and I have enough money in the business to distribute a payment to myself and just pay the car off. 18.5k is what is left on the loan. I can write off certain things on the car such as mileage, some maintenance, etc. My question is: Should I pay off my car early, if I have the means to comfortably do so? What else might I want to consider if the answer is "no?" [link] [comments]  | ||||||||||||||||||||||||||||
| 401k contribution: lessen tax burden Posted: 24 Oct 2020 04:46 PM PDT Hi, Does contributing more to a 401k at the end of the year reduce the tax burden for 2020 tax year? Example: Single filer Gross income 100k (for simplicity of calculating) 401k contribution: 5% $100k x 5%= $5000. (Much less than max allowable yearly contribution). Scenario 1: Would opening a Roth IRA and contributing reduce the tax burden? Or would the single filer be making too much for it to help? Scenario 2: Can Employee increase contribution for remaining paychecks to reduce tax burden? [link] [comments]  | ||||||||||||||||||||||||||||
| What would be the best way to take advantage of an HSA account? Posted: 24 Oct 2020 07:22 PM PDT Hello! My partner and I are wanting to improve our finances and we are in need of advise on how to best approach open enrollment. I am currently in a PPO plan that covers both me and my spouse but we are considering switching over to an HSA plan to take advantage of the financial benefits. Both of our employers offer the same funding, $500 individual / $1000 family coverage. This past year we really only used our plan for vision and dental. A little bit of background on what we have going on and what we'd like to accomplish: Clear our debt (mostly credit card) Save enough for an emergency fund Save a downpayment towards our first home (FHA or conventional) Upgrade our car to an SUV We make about $53k combined after deductions and working on increasing this prior to buying a home by taking advantage of our employers tuition assistance to expand our skills set. I should also mention we are already maxing out our 401k's at a 6% match. [link] [comments]  | ||||||||||||||||||||||||||||
| Any reason not to add my toddler as an authorized user? Posted: 24 Oct 2020 06:42 PM PDT We pay off our statement balance every month. Is there any reason we shouldn't add my 2 years old as an authorized user on our credit cards so as to give him a heads start on building good credit? If we did, would we need to use "his" card occasionally? [link] [comments]  | ||||||||||||||||||||||||||||
| Is there hope for me in the future? Posted: 24 Oct 2020 06:26 PM PDT I'm 29, my credit score is 462, had my car repoed. Got it back but I am 3 payments behind after making a payment to get the repossession order off my car. Only hope I see in the future is these 30 dollars every check that is being taken for my 401k. I mean I'm okay if this is what I got to look forward to, guess its just surviving until I can cash out right? [link] [comments]  | ||||||||||||||||||||||||||||
| 24 yo soon to be not living paycheck to paycheck, what to do? Posted: 24 Oct 2020 08:36 PM PDT As title states, I'm a 24 yo just getting a job within my degree field where I will not be living paycheck to paycheck anymore. I'm wondering what the best checking account, for debt card, is as well as what's the best savings account where I can actually grow my funds by allowing them to sit. Any recommendations on credit cards as well? My credit is at 762 and will be rising soon. Also, would it be worth investing in a retirement fund or setting up something that's a little more aggressive on stocks? I'm new to this and haven't had the opportunity to really learn what I need to know about setting myself up financially for the future, since I was just working on my degree going paycheck to paycheck. [link] [comments]  |
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