Personal Finance I owed the IRS 9k+. I'm almost done paying it off. I've heard of some type of forgiveness program for first time tax debt. Does this apply to me? |
- I owed the IRS 9k+. I'm almost done paying it off. I've heard of some type of forgiveness program for first time tax debt. Does this apply to me?
- I have 77k in credit card debt
- I tallied all of my expenditures for the last month and was shook
- (17) Is it possible to close my parents out of my bank account?
- What should I do with my son's SSI disability checks?
- What are people doing with their Savings given low interest rates?
- Is buying and maintaining a parking lot a viable investment?
- Overwhelmed - just received a six-figure amount of cash. How do I ensure I won’t screw this up?
- How expensive are children?
- Fafsa problems: dad out of the picture mom is illegal and doesn't do taxes
- 26yr old, poor decisions lead to debt, still with parents
- I called my Dr. office in July to pay any due balances. They said I owed $8, I paid it. Now it is October and I just got a bill from a debt collector for $150 from the same Dr. office.
- Am I in a position to buy a condo/townhouse?
- Parents want to pay off Student Loans
- Putting my children as Authorized user on my credit cards
- 22 y/o with a good job, no debt, some savings in the bank and I'm looking to buy a car. Should I take out a loan or use my savings?
- Keep whole life insurance that has cheap premium?
- Percentage in Savings Account v. Market?
- How do I best allocate an inheritance? 27yo
- 40 (F) starting all over as a single mum with nothing and no idea really how to budget and save
- Can my partner gain equity in my home by paying the mortgage?
- What to do with cell phone bill of someone in prison?
- Savings or pay Mortgage
- Beginners advice for Investing?
| Posted: 04 Oct 2020 07:15 AM PDT Essentially I was working as a contractor and underestimated the amount of taxes I needed to save. I saved 25%, needed more like 35%. I've been on a payment plan for 2 years and haven't missed a month. I'm almost done paying it. I've heard there is some sort of forgiveness plan that waives the fees for first time offenders. Does this apply to me and is there anyway I can find out more about it? [link] [comments]  |
| I have 77k in credit card debt Posted: 04 Oct 2020 04:07 PM PDT Well, the title says it all, due to me being young and stupid, I have about 77k in credit card debt. I am a truck driver and I gross about 3-4,500$ a week. After fuel and expenses with my truck,, I probably take home between 1500-2000k a week depending on the workload. I have just been stupid with money and some very big repairs that I ended up putting on my credit cards because they had 0% interest for awhile. Work was very busy until some plants got shutdown so I went from making steady 5,500k a week to more like 3,500. And I kept spending money as if i was making the big amount. Anyways, my debt is Chase freedom buisness---45k$ min1,200$ Chase freedom personal---13k$ min 450$ Bank of America----------------11,500$ min 430$ Discover-----------------------------3,500$ Amazon------------------------------4,200$ Amex----------------------------------2,700$ My bills Car. 330$ Semi truck loan 1,000$ John deere zero turn and trailer 300$ Insurance for personal- 200$ Insurance for semi truck-500$ Rent--free for now Electricity,Water--‐-‐---------240$ Misc------‐-------------------------200$ Food---? I use to spend about 25-30$ a day in food while I work but I have cut out all my road food and now pack a lunch. We also use to eat out about once a day for one of the meals. We have cut that out as well. I sold my new pickup I got before I accrued this debt so that saved about 1,500$ a month including insurance. We also moved to a new place and since we put so much work into the place, the owner said we would get free rent for awhile since he lives across the country. So that saves us 500$ a month. Its my wife and I and our 2 year old and we also are the guardian of a 9 year old for the foreseeable future. I am only 23 and as you can see I am just plain stupid. Please don't be rude because I know I am the dumbest person alive. Thank you in advance for any help! [link] [comments]  |
| I tallied all of my expenditures for the last month and was shook Posted: 04 Oct 2020 04:37 PM PDT This was my first time going line by line through my credit and debit account and breaking it down into groceries, restaurants, transportation etc. I've been saying I'll do it for months but now, as I apply for new apartments, I knew I had to crunch the numbers. I am upset, I can't lie. I've let stuff slip through my fingers like water. But I also feel weirdly relived (and also weirdly empowered). I now know how much I spend. I can take it in hand and honestly, I could afford a nicer apartment if I place realistic expectations for my income. I have done a great job in the last 9 months paying off credit card debt as well as some student loan debt. I'm currently lurking the sub to find more info about savings accounts so if you've got any suggestions about it I'd love to hear it! [link] [comments]  |
| (17) Is it possible to close my parents out of my bank account? Posted: 04 Oct 2020 09:40 AM PDT Hi Reddit, I'm 17 years old and currently working my first job. When I started my parents promised me they would not take out of my account as this was for savings. I was not even going to touch it myself. I got up this morning to find out over 140 dollars gone now i'm down to 6 dollars and they didn't even tell me. I thought that someone else had gotten into my account but I saw the transactions. I believe we have like a joint account or something since i'm under 18 but I knew exactly that this was going to happen. Can someone please tell me how I can possibly stop this? This is seriously supposed to be for my savings it wasn't supposed to be touched at all but now i'm scared that they're going to continue to do it. Can someone please give me advice i'm so upset that that didn't even tell me and I know i'm about to be yelled at for being upset. Thank you all. [link] [comments]  |
| What should I do with my son's SSI disability checks? Posted: 04 Oct 2020 05:49 AM PDT My son, 18, has been declared incapacitated and I am his court appointed guardian. He has a rare disorder that is progressive and degenerative. He will be receiving SSI. I'm not sure how much yet. But I don't know what to do with this money. I would like to save it for him but he's not allowed to have any accounts or estate or he loses all his support and services. How should I save it for him? [link] [comments]  |
| What are people doing with their Savings given low interest rates? Posted: 04 Oct 2020 03:57 PM PDT Given the low rate environment we are in, the interest on my Marcus HY savings account has decreased to 0.60%. I've noticed rates on CDs are barely any better. I have more in savings than I would need for an emergency fund, but also feel like I already have a reasonable allocation to equities, and not sure about allocating more to the equity market given some of the recent headlines and volatility. So, I'm wondering what people have been doing to earn some more interest? Allocate more to equities? Corporate bonds? [link] [comments]  |
| Is buying and maintaining a parking lot a viable investment? Posted: 04 Oct 2020 09:26 AM PDT I've been thinking about this a lot lately. I want to buy a parking lot because A. It seems like a very easy business to run with little upkeep and overhead B. From what I have read, it provides a very steady income, usually giving a 6-8% return on investment. C. The end goal would be to sell the lot in the future at an inflated price to a contractor looking to build on the lot. Of course there are property taxes and various beaurocratic hoops to jump through. I don't live in the US so I would have to find out what those are. The biggest obstacle I can see so far is actually finding a lot to buy. A lot of parking lots here are municipally owned, and there aren't a lot of private ones for sale because no real reason to sell them. Is this something that is feasible? Or am I out of touch with reality? Is there some really important aspect that I'm overlooking? Thanks in advance [link] [comments]  |
| Overwhelmed - just received a six-figure amount of cash. How do I ensure I won’t screw this up? Posted: 04 Oct 2020 02:32 PM PDT Hey, y'all. I'm a 21F that works a blue collar job in manufacturing making just about $40k a year. I do not have a college education, no debts and no real financial obligations. I pay $700 a month to live - this includes my share of rent and bills, car insurance, etc. Anything over this is money I invest or put into a savings account. I have been saving diligently since I was 16 and now, my world is about to change. I need some serious advice, but I'm not ready to get a financial advisor. I'm not even sure I would get one, realistically. I don't want to get into circumstances or my story or anything like that, but let's just say I received a sizable amount of money. $500,000. This money does not have to be taxed, and is 100% mine. I have been browsing and reading up on investing, budgeting, and planning for a good future and now that this has happened, I'm a bit anxious. The first thing I've decided is that I WILL NOT TOUCH the money. I'll split the money between two FDIC insured banks until I have a concrete plan on how to manage this. The goal, ultimately, is to grow it. I don't want to make the mistake of buying a flashy car or a house or anything like that. At my age, I'm more interested in saving or investing the cash, and being able to eventually live on interest. I could live comfortably on a 5% return a year and be able to frugally live my dream of road tripping across the USA. Does anyone have any advice? I don't know what other subs to post this on, but I'd really appreciate some guidance. I would consult the good ol' Google, but my brain is so fried right now, thinking of everything. I'm bound to forget an important point. Cheers. [link] [comments]  |
| Posted: 04 Oct 2020 01:19 PM PDT Roughly how much should someone make and already have saved before having one child? [link] [comments]  |
| Fafsa problems: dad out of the picture mom is illegal and doesn't do taxes Posted: 04 Oct 2020 07:44 PM PDT Hello Reddit, I am a 17 year old applying for FAFSA so I can get financial aid for next year when I go into college as a freshman. On the FAFSA it asks about tax returns but my mom is an immigrant from Mexico and doesn't do taxes but on the FAFSA it says that I put parent will not file for tax return and that the amount reported for parent's income appears to be over the minimum amount required for filing a tax return. My mom makes around 20k a year and has 3 children who depend on her, my dad was deported in 2014 and is basically out of the picture for any type of financial aid so I just put my mom as single on the FAFSA. I put the 0's in for the SS as advised from google but what am I supposed to do for the tax return on FAFSA? When I googled it it led me to more question and to file IRS Form 4506-T but when I put "will file" on the FAFSA it doesn't put that as an option it puts (IRS 1040, a foreign tax return and something about Puerto Rico taxes) I have lived in Texas my whole life. Please help me as soon as possible, I am already 3 days late for applying to the FAFSA but I didn't think it was going to be this difficult. Also sorry if this isn't where I post this could somebody tell me where to post, Thank You. I am a citizen of the U.S. and have SS if that makes any difference [link] [comments]  |
| 26yr old, poor decisions lead to debt, still with parents Posted: 04 Oct 2020 07:05 PM PDT Hi everyone, so today I finally woke up to realize how bad I am with my spending. There's no excuse for it, but I do know I spend emotionally. I work as a RBT or registered behavior technician. I typically conduct therapy services with autistic children covering daily tasks and behavior modification etc. needless to say it is a mentally draining job. As a result I found myself buying things I don't really need as a way to feel better after a long rough day. Recently I spent a couple grand after my mom got her third heart attack. It was my way of coping I think. Anyway, some background. I am 26 years old, living in Hawaii. Rent here is astronomical even in the ghetto so I still live with my parents and want to work to change that and to continue my education goals into grad school (currently a senior at university studying psychology). I would love to go out of state for my masters but my finances are stopping that plan. I have one more remaining semester in the spring next year. I also really want to treat my mom to a trip next year in november time, to fulfill a dream of hers. But I know I need to get a grip on my finances first. I am a hobby photographer and videgamer, so I have a decent game collection and some photography gear though I just sold a camera lens that I know I barely used. The remaining gear I use or if I were to sell, would be at a loss. I also do photography for money though it is quite rare during these times. I am trying to sell some stuff I don't use like my macbook air 2019 and a few games. I own my own car (2013 Dodge Charger), do not pay rent other than electricity ($50/month) and all streaming services the family uses (Netflix, Hulu, Amazon Prime, Youtube Premium, and Spotify) that's about all I am responsible for with the occasional dinner purchase. Broken down, here is the damage. Chase Amazon Card $9,509.28 - 0% APR until 4/14/21 then 22.24% Discover Card $4,712.51 - 12.99% APR (v) Citi Card $985.40 - 0% APR until 11/26/20 then 16.49% (v) Best Buy Store Card (Citi) $2,454.56 - 0% APR until 8/18/22 Amazon Store Card $664.57 - 25.99% APR (v) Paypal Credit $2,332.89 - 23.99% APR (v) of which 1,575 is 0% APR until 3/23/21 Upgrade Consolidation Loan $14,562.15 remaining of 16,500 (348.63/month) School loan (federal sub and unsub loans, repayment next year after graduation) $39,684.30 For my job I work full-time $21/hr and bring home about 1500 to 1700 every two weeks. Varies due to cancellations or school holidays when students are not in class/unavailable for therapy sessions. [link] [comments]  |
| Posted: 04 Oct 2020 12:12 AM PDT My credit has already dropped 20 points. What should I do in this situation? [link] [comments]  |
| Am I in a position to buy a condo/townhouse? Posted: 04 Oct 2020 05:16 PM PDT Hello, I am a 30F in SoCal, I just got kicked out of the place where I live and I don't know what my next move should be. I planned on staying here until I was ready to buy a house. Since I can no longer stay here, I am wondering if I could just go for it with what I have. I just don't know if it's a good move or if I even could. But rent is expensive here, I feel I would never be able to continue saving for a house because I would be living paycheck to paycheck. I guess my train of thought is, if I'm living paycheck to paycheck, it might as well be in something that I can own. I am at a loss for what to do now. I have 9k in savings, and stocks that are worth about 7k, that's about 16k for a down payment. But, I'd be emptying out my savings account, I was thinking of maybe only putting down 10k and using the rest for any other expenses I might have (since FHA loans you can put down less). Last year I made about 32k, but recently, with the combination of a promotion and a wage increase I now make 21/hr. I think that puts me at about 40k, but, since I didn't work for three months this year, and the wage increase just happened, I don't have a way to prove that I make that much, and I don't know how much I would actually be making. I have a credit score of 761 I have 7k in student loan debt and 3k in credit card debt. But, because I have been working so much overtime recently, I should be able to pay off my credit card very soon. (I was also thinking of using some of my savings to pay it off in order to lower my DTI). Am I in a position to buy a condo? If not, do you have any suggestions of what to do with what I have? I don't have family or friends to rely on, so staying with someone until I am in a better position is not really an option. [link] [comments]  |
| Parents want to pay off Student Loans Posted: 04 Oct 2020 05:59 PM PDT I heard there was a gift tax if you get more than $15k? Other than, is there anything else to worry about financially? [link] [comments]  |
| Putting my children as Authorized user on my credit cards Posted: 04 Oct 2020 08:15 AM PDT Hello everyone, I have a quick question regarding authorized users on a credit card. My wife and I have great credit and are financially responsible. We want to add our daughters, who are both under the age of 2 years old, as authorized users on our credit cards to start building them credit. What are the pros and cons other than if our credit tanks so does our kids? Also is there a better way to build them credit then this method? Is this even worth it? Please let me know your thoughts. [link] [comments]  |
| Posted: 04 Oct 2020 02:17 PM PDT Hi r/personalfinance. Here are the facts: I'm 22 years old and I graduated college with a 4 year technical degree in May of this year, debt free. This summer, I got a job at a startup as an engineer making just over 6 figures annually. Right now I have a little over $35k to my name and I pay roughly $1100/mo in rent. I understand that I'm in a very lucky position, and I'm grateful for that every day. However, I have very little knowledge of saving and investing, so when it comes to purchases such as a car, I want to make sure I go about it in the best way possible. For context, I live somewhere that gets a lot of snow (like a lot). This means I need a vehicle with preferably 4WD (truck or SUV) or at least AWD and chains. Trucks and SUVs are not cheap, especially since they retain their value well (or so I've heard). The way I see it, I have several options:
Please keep in mind I'm new to all this stuff, so if one or any of these ideas are ridiculously stupid, please be kind about informing me lol. Thanks for the help. [link] [comments]  |
| Keep whole life insurance that has cheap premium? Posted: 04 Oct 2020 06:40 PM PDT My parents took out a whole life insurance policy when I was kid and are signing it over to me. The policy provides approximately 75k in coverage and has a cash value of around 7k. The monthly premium is $26.75. A lot of the stuff I've read searching online here has people that have $200+ monthly premiums so it seems like a no-brainier to cash those out. Currently my spouse and I both have our own term life through our work for double our salary and it's like <$10 a month. Hoping for kids in the near future. Both around age 30. Would you cash this out even with it's lower premium? It would take around 28-29 years to get that death benefit amount by investing at 7% returns. [link] [comments]  |
| Percentage in Savings Account v. Market? Posted: 04 Oct 2020 06:31 PM PDT I'm near 30. I have no debt and decent but still modest savings. How do I make the money I do have "work for me"? I only have about 5k invested in the market. I'm afraid of investing more because I don't want to lose the savings I've worked so hard for. I've been approaching investing my money like I approach gabling with the "how much am I willing to lose?" mentality. But I know people who have most of their savings invested in stocks, bonds etc and are better off because of it. So my questions is, people with lots of money, what percentage of your money is invested and how much is in the bank? Of the money invested, what type of investment is it? [link] [comments]  |
| How do I best allocate an inheritance? 27yo Posted: 04 Oct 2020 05:57 PM PDT My dad passed away last month, and I'm shocked by the size of the inheritance I'll be receiving. I'm expecting between $200-$250k and am looking for advice on how best to use this humbling amount. About me: 27 yo; 75k salary Here's what I have:
Debt:
Here's what I save:
Here are what I see as my options:
How would you prioritize the inheritance towards these goals? Thanks for your help, it's much appreciated! [link] [comments]  |
| 40 (F) starting all over as a single mum with nothing and no idea really how to budget and save Posted: 03 Oct 2020 04:22 AM PDT Just a bit of a backstory, I left my abusive husband 2 years ago, after 18 years of hell. He was in charge of EVERYTHING. He made all the decisions. I had no money, he controlled all of it. I would have to borrow money from my parents to get my kids new shoes or clothes, because he would tell me that I couldn't have any money to buy those types of things and 'the kids could make do with what they had'; even thought their shoes would have holes and their clothes would be so old and small, that they didn't fit. There was always money for things that he wanted (like a kayak, and a new car every 4 years), but nothing for me and the kids. I couldn't even go to the grocery store without him, and have him approve of what food I bought for us and the kids. He wouldn't allow me to have a job, a credit card, money of my own (he was the one who worked and his pay went into his own personal account that I had no access to). I had nothing in my name, because he wouldn't let me sign anything. On the rare occasion when he would give me a little bit of money, I would have to give the receipts of what I bought and if he didn't think that we needed it, he would get angry at me and I would have to return the items (this would be things like kids clothing, shoes, and even food). So this is the type of fucking bastard I was married to. Anyway, I left 2 years ago, and haven't looked back. I've been trying to build a life for me and my kids (he is court ordered to have no contact with the kids, and they don't anything to with him). He has made things financially hard for me the last 2 years (he did so much damage to our house that there was a debt left with the house when it finally sold, I have finally paid off). I'm finally getting on my feet, and I feel good about myself again. I started a new job at the beginning of this month and I'm studying full time to become a nurse, and finish in about a years time. I really need help with how to budget and how to save up money for a house. I'm starting all over in my 40's with nothing, and I have no idea how to budget or to save. I live off government benefits, as well as working part time now, so I can study. I don't know where to begin, what tools are available, and how to make sure that I save each pay. I'm tired of paying rent and living pay check to pay check. It's been so stressful trying to figure out a way to feed my kids, pay the bills, and to keep a roof over our heads. I really need some help. I would really like some advice on what I can realistically do to budget, save and to finally get ahead a bit. TIA UPDATE: WOW!! Thanks everyone who has given me advice and encouragement. I logged off after posting this, went to study, put kids to bed, studied some more and then went to bed. I didn't expect this much help, and I haven't been able to read all the replies yet, but thank you for all your help. I really appreciate it, and I have gotten some really good tips from the replies that I have read so far. So thank you everyone. :) [link] [comments]  |
| Can my partner gain equity in my home by paying the mortgage? Posted: 04 Oct 2020 07:49 PM PDT I 31/f own my home and am the sole name on my home loan. My partner of 3 years is moving in with me, and we would both like a way to help him gain equity in our home as a shared asset. My first thought was that any money contributed to the mortgage could be considered money towards a percentage of ownership. Is this something that would be possible? What type of professional might help with such an agreement? [link] [comments]  |
| What to do with cell phone bill of someone in prison? Posted: 04 Oct 2020 09:21 AM PDT No need for extreme details, but me and my gf have one of her family members on our phone bill, they ended up going to prison and now my gf wants to keep paying the phone bill so they "won't lose their phone number".... It makes absolutely no sense for us to be paying for a bill that will never be used for over a year. What do we need to do in order to cancel the payment but still keep the phone number? [link] [comments]  |
| Posted: 04 Oct 2020 05:18 PM PDT Hello, I am wondering if it's better to put more money towards the principal on my mortgage or into savings. Currently my wife and I put $400 away a month into a savings account and we make an extra $100 direct to principal on our mortgage. Is it better to put more towards the mortgage? Or more into savings? Thanks! [link] [comments]  |
| Beginners advice for Investing? Posted: 04 Oct 2020 05:09 PM PDT I know there's a lot of advice here on this category, but I wanted to get some tips to start investing based off my current situation. I am 26 and have a job that makes me about $32k a year. I know that's not a lot, but I have worked really hard to get where I'm at and have accumulated about $15k in a regular savings account. I try to contribute between $200-$300 to that a month but it may start being less as I am setting up a 401k plan through my new job. I don't have any credit card debt, but I do have about $9k left on a student loan and about $19k left on a car loan (recently refinanced that with a 2.4% interest rate.) Besides that and having to pay for some medical expenses, I am in a pretty good place financially and really want to start making that savings work for me. What are some good ways to get started on this so that I can both start gaining money and paying off those two loans? [link] [comments]  |
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