Personal Finance Weekday Help and Victory Thread for the week of October 12, 2020 |
- Weekday Help and Victory Thread for the week of October 12, 2020
- Should I pay for my fiancé’s education?
- How to deal with financially inept parents
- Can I buy land with a USDA rural development loan?
- Is it worth exercising my options when I leave the startup?
- How does Renter's Insurance work and is it worth it?
- Advice on changing career out of nursing? Or upgrade education? All I want to do is afford to have kids...
- Wanting to start paying off my debt (help)
- General rules for increasing payments on mortgage principal
- Starting in your 30's
- Commission based sales role includes logistics management, not included in the salary. How to negotiate for the extra pay?
- How long after a hard credit inquiry will it take before I'm "safe" to apply?
- Help with potential collections scam
- My husband's school is making us resubmit fafsa because they claim i am not a college student.
- How to set a budget for a new car?
- What counts as income when applying for a mortgage?
- Should you count non-retirement stocks as part of your emergency fund?
- Auto/home/investments: What to prioritize now that I have decent savings and cash flow?
- Have 4k in an old retirement account... slowly going to $0 with account fees- what to do?
- How do I input my wages for weekly PUA claims?
- 300 dollars stuck on commuter benefit debit card
- Credit score change after Chapter 7 bankruptcy
- Open enrollment for health insurance through my employer. Should I change plans?
- Tips for someone looking to buy their first home
- Best place to store tuition money?
| Weekday Help and Victory Thread for the week of October 12, 2020 Posted: 12 Oct 2020 04:00 AM 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]  |
| Should I pay for my fiancé’s education? Posted: 12 Oct 2020 04:27 PM PDT Me and my fiancé (both 30) have been together seven years, and are getting married in another two years. I've been done with school for a couple years and am working full-time. He recently got his Bachelor's Degree, the good news is he has zero debt, the bad news is he's completely broke. He was going to get a job but covid hitting made that harder. It was around this same time that the education fund that my parents used to pay for my own schooling became legally mine. My fiancé has really wanted to go to graduate school but considered it an impossible dream because he doesn't have the money. But now I have way more money than I ever thought, due to the education fund that's now mine. There's $162K in the fund. (It's also one of those funds that keeps slowly growing over time) My fiancé's grad school education would cost about $20K. So I could pay for it, and still have a lot of money left. He has never asked me to pay for anything, but when I suggested this, although he was hesitant about using my money, he's down for it, grad school is his dream. And we both would be happy if we were both done with school by the time we get married/ move in together. However my parents made it abundantly clear that they don't approve and are against me doing this. Any advice? Is this a terrible idea? [link] [comments]  |
| How to deal with financially inept parents Posted: 12 Oct 2020 12:24 PM PDT Hi all, I (27F) have a stable job, decent savings ($40K liquid, another $30K in retirement, debt free) and am trying to build my life and save for a home in an expensive city. My parents, on the other hand, are pretty financially inept. Even though my mom makes good money (dad is retired), they still live paycheck to paycheck, have zero savings, a mortgage they can't really afford, and don't know how to budget or live within their means. My sister is just entering college and is taking out loans 100% for her tuition, luckily she is going to a public state school so tuition isn't too bad. I've told my parents time and time again to sell their house and downsize (their house is worth $500K more than what they paid for it) to recoup some money for an emergency fund and retirement, but they are stubborn and enjoy living in a big house. Back in June, I found out my dad hadn't been paying their HOA fees, which resulted in the HOA threatening to take out a lien on their house (or something, I can't remember the details). They needed $4,000 total to pay off the late fees and legal fees, plus the past due HOA fees. I know better than to "loan" my parents money, so I gifted them $3,000. No strings attached, no expectation of them paying me back. This month, I found out my dad still hasn't filed their 2019 taxes because they historically haven't owed any money. This year owe $2,200 and don't have the cash to pay this debt. My mom asked me for money again, saying they would pay me back $100 a month. I told her no because I am scared of enabling their bad behavior and I don't want them to rely on me as their "emergency fund" all the time. I told her and my dad to file immediately and contact the IRS about a payment plan. I can tell my mom is disappointed that I'm not willing to fork over cash, and I feel pretty guilty too since they raised me. But I'm only saving around $15,000 a year towards my down payment, and I can't just give up 30% of that every year to help them out. I'm looking for a bit of advice on how other people have navigated similar situations with aging, financially inept parents. Thanks in advance! [link] [comments]  |
| Can I buy land with a USDA rural development loan? Posted: 12 Oct 2020 06:33 PM PDT I finally found a piece of land that I love and it qualifies as "rural" I've been researching the USDA loan and it seem that I would qualify. My question is - can this loan be used to purchase land? I plan to build eventually, but maybe not for another year or so. If anyone has information or experience I would love to hear about it! Thank you! [link] [comments]  |
| Is it worth exercising my options when I leave the startup? Posted: 12 Oct 2020 05:42 PM PDT I'm leaving a very toxic startup that has wreaked havoc in my physical and mental health and will have X0,000 vested options. The company is early (<50 employees, 2.5 years old), but has been profitable for the last 1.5 years with ~$4 mill ARR and consistent 10-15% growth rate in MRR for the last 1.5 years as well. I have no insight into the exit plan and how long, but I'm going to assume it won't be for a long while. The other note is the company is very unethical so employees including me don't have an options plan, don't know the strike price and haven't seen the official beating schedule. I want out, but I'm scared I'll leave a potential 'fortune' on the table. I don't even know if I can afford to exercise my options. Is it worth staying and fighting for the paperwork and to exercise or should I leave now and try to move on with my life? (I'm Canada for tax comments) [link] [comments]  |
| How does Renter's Insurance work and is it worth it? Posted: 12 Oct 2020 09:45 AM PDT Renter's insurance seems quite affordable. I can get a $20,000 policy for $138 a year. If something terrible happens do I have to have receipts for all my items (furniture, electronics, etc)? Pictures of the place? Do they pay out the current, depreciated value of the items or original purchase price? Overall, is it worth it? I've also heard stories of people insuring their cell phones and laptops through the renter's policy. Is this usually possible? Thanks! [link] [comments]  |
| Posted: 12 Oct 2020 02:06 PM PDT Hi all, I'm a 33F RPN in Ontario. Currently am working on a 13 month contract in family practice, covering a maternity leave. The contact ends July 1, 2021. It's not great pay- I make $26/hr. No benefits, long hours (8:15am-5pm , x 5 days/week) occasional night or weekend and long commute (1.5h each way). The work environment is the best one I've had as a nurse and it makes me so sad that I have to leave after the contract ends,my coworkers and boss are the best. But: I want to have kids ASAP and will be the one financially supporting the kid and myself. Bf is f/t student- pays his own expenses, I live in his house rent free in exchange for housework. I have training in several areas, and options to go back to school, if needed (though that delays being a parent)... If I finish this contract and remain in the relief pool ( meaning I can pick up a shift whenever I want) it keeps my nursing license intact ( have to do so many hours a year to keep it, or do a nursing related training class). I'm also trained in sociology and gerontology ( gee whiz, so helpful, good decision 17y/o me) And have some web development training. I'm order to afford expenses and childcare, I basically need to increase my salary by half again at minimum, or by double... RPN jobs here max out at $32 an hour... In a different setting... I can upgrade to RN but that's 5 years 3.5 years *more training(f/t study) + the cost of tuition, and the province is making hiring RN inconvenient and is even laying them off amid a pandemic cuz they're more costly... Max salary for RN could be $110k... I could leave medical field altogether and try web dev... I'd likely start at the very bottom, making $18-20/ hr, and likely on a 1 year contract. Of course the Max salary for web dev, I feel like sky is the limit, especially if I keep doing courses to learn more... Maybe that web development job could be remote or work from home? If not, it's 1-2 hour commute to the city where those kinds of jobs are offered. Could try teaching with socio/gerontology education or nursing... No idea if more training would be needed... I'm torn... I am so happy at my current job I want to stay until the end of my contract and keep my foot in that door... But I am so impatient! I'm also terrified of web dev/ changing careers. Not even sure if I care for the work itself... I'm not particularly passionate about nursing either... I'd love a job in construction/ building or renovating houses, but I have no training, no connections and am female... And still terrified of attempting that... Help? What's the best plan financially? Do y'all have any tips? Advice on career changes? *Edited length of study for upgrade to RN. 3.5 years not 5. Thanks everyone [link] [comments]  |
| Wanting to start paying off my debt (help) Posted: 12 Oct 2020 06:42 PM PDT Help (Where to start) Hello everyone, I'm a 25 year student who has a full time job making 15.25 an hour and short story short, I need help or advice to see where I can tackle my debt. I lost my job during the start of the pandemic back in March but I was fortunate to find another job with an better income. Now to the debt part, honestly it's all credit cards CC #1 is at 11,000 CC # 2 is at 5640 CC #3 Is at 5000 I think CC 4 is at 600 I believe And there's a personal Loan of 5000 that I failed to pay I don't have a car loan or car payments What should I start, I'm honestly looking for the best advice to tackle my debt and be done with it once and for all. Thank you [link] [comments]  |
| General rules for increasing payments on mortgage principal Posted: 12 Oct 2020 07:11 AM PDT Setting up autopay for my new mortgage, I have the option of increasing the payment on the principal. I have a few questions.
[link] [comments]  |
| Posted: 12 Oct 2020 04:48 PM PDT Because of certain life circumstances I'll be starting to invest in my mid 30's. Any recommendations on books or other resources for people getting a late start? I've purchased bogles guide to investing and started to read the "If you can" ebook by bernstein. Tia. [link] [comments]  |
| Posted: 12 Oct 2020 06:36 PM PDT I have recently started a new sales position which I realized involves managing all the logistics after the placement of the order. This would be fine in a start up, but not in an established company, which would have a logistics coordinator. This role is strictly commission based and has monthly KPIs and various bonuses for reaching monthly targets, etc. However, no base salary... Now, I don't mind taking on the extra responsibility of the logistics, but shouldn't that be reflected by some form of base compensation, especially since it is unrelated to sales, in terms that it's not directly conducive to generating revenue? I believe salesperson should be focused on developing prospects, building the pipeline, following up on leads, and closing deals. And after sale logistics, as I quickly learned, require a tremendous amount of cognitive bandwidth, which should be utilized on sales tasks. The closest example (that I could think of) would be a car salesman closing the deal, and then going to change the oil, tires, and detailing the car, instead of focusing on the next sale. Being new to the company and facing an unprecedented situation, how do I bring this up to management? [link] [comments]  |
| How long after a hard credit inquiry will it take before I'm "safe" to apply? Posted: 12 Oct 2020 06:35 PM PDT I applied for a card two months ago and was approved for it. I know that many credit card companies will review your score details and decline you if you have too many recent hard inquiries. How long do I wait before I'm safe to apply? [link] [comments]  |
| Help with potential collections scam Posted: 12 Oct 2020 03:22 PM PDT I have a question on a potential scam. I've seen you guys deal with a lot of these, so thought I'd ask to make sure I've checked everything on my end I need to. Got a "Pre-legal Notice" in the mail today for an outstanding debt I didn't physically take out to a big box hardware store. The company on the letterhead is an actual company (doesn't mean it wasn't faked). Key issue number 1 is my name is spelled wrong in the letter. Issue 2, I pulled all 3 of my credit reports from AnnualCreditReport's website and this account was not listed on any of the 3 reports, my credit score is still where it has been, and none of the reports show any delinquency. The only thing I did notice is the Company name from the letterhead did pull my credit report 4 times in August. But again, the debt isn't shown on any of my reports. Should I be checking anywhere else? I assume this is a scam at this point. My plan was to call the 3 credit bureaus in the morning to put a potential fraud flag on my reports. Thanks, I appreciate the feedback. [link] [comments]  |
| My husband's school is making us resubmit fafsa because they claim i am not a college student. Posted: 12 Oct 2020 07:14 PM PDT My husband marked that i was a student for his fafsa application. I started my master's program this fall. His school is now saying that i am not considered a college student for fafsa purposes. This seems incorrect but i cant find much info for graduate level spouses. Can anybody give me some advice or info? [link] [comments]  |
| How to set a budget for a new car? Posted: 12 Oct 2020 09:51 AM PDT Hey guys! I am trying to buy a new car, I've been riding around in a hand me down for 9 years and it's giving out on me. I've never purchased a car and frankly don't know how to go about it. My dream car is a Subaru cross trek, which would run at least $18,000. I want to put $5000 down on a car and have excellent credit. How do I determine what I can afford? I would like to keep payments under $200 and if it's a great car I wouldn't mind paying for quite a few years. Any advise for a first time car buyer would be much appreciated!! [link] [comments]  |
| What counts as income when applying for a mortgage? Posted: 12 Oct 2020 04:04 PM PDT I have looked at several websites from local banks, but I am still not sure what counts as income when applying for a mortgage or a refinance. Can the income come from any of these sources without a proper paycheck? rent payments to you non taxable payments for being a caregiver, Spousall support / alimony Interest on a brokage account (not for retirement) Or would the income need to come from a paycheck? [link] [comments]  |
| Should you count non-retirement stocks as part of your emergency fund? Posted: 12 Oct 2020 05:57 PM PDT My family's 6 month emergency fund would need to be $40,000. With tuition and other expenses for the kids, we're about $6,700/month in spending, not including non-grocery shopping. Right now my emergency fund has about $20,000 in and I have a non-retirement stocks account with about $115,000 in it. I know my emergency fund won't cover six months but I don't think it's wise to sell $20,000 worth of stocks just to put it in cash. Thoughts? [link] [comments]  |
| Auto/home/investments: What to prioritize now that I have decent savings and cash flow? Posted: 12 Oct 2020 03:35 PM PDT My career has picked up in the past two years and I'm in a spot where I want to start making moves with my money, but I'm not sure how I should prioritize things. Here is a breakdown: Assets
Income/COL/debt
Goals
So I guess my main question is, given my situation, how would you generally recommend I strategize my finances? Should I get my cash into investments now and worry about down payments a little later? How much of my car should I try to pay for in cash vs financing? Up until now, my financial life has been extremely simple, so this is all new to me. Any wisdom is appreciated! [link] [comments]  |
| Have 4k in an old retirement account... slowly going to $0 with account fees- what to do? Posted: 12 Oct 2020 04:39 AM PDT More or less the title... i would think there is something simple i could do on my own. The money is just sitting there, not accumulating interest, and slowly dying from account fees over time. Any advice would be greatly appreciated! [link] [comments]  |
| How do I input my wages for weekly PUA claims? Posted: 12 Oct 2020 07:03 PM PDT I get paid every 2 weeks . When doing my weekly claim for PUA do I just input the wages I made based on the check date or enter half that amount for each week of that 2 week period? [link] [comments]  |
| 300 dollars stuck on commuter benefit debit card Posted: 12 Oct 2020 06:54 PM PDT I have a few hundred on my commuter benefits that isn't being used because covid happened, and my job emailed us saying any money on our commuter benefit is basically forfeit/cant be cashed out. My question is, would I be able to use it to buy say maybe an Amtrack ticket or train ticket? It is a little insane that money I worked for is locked away under a bunch of rules *shrugs*. Obviously, I don't want to do anything illegal either.. I saw some people in other posts I found from googling that I could email HR asking them to contact the commuter travel company to refund them the money but considering they sent an email saying it's lost seems I am shit out of luck? Thanks. [link] [comments]  |
| Credit score change after Chapter 7 bankruptcy Posted: 12 Oct 2020 06:53 PM PDT My score went from 600 to 698 and I only filed 2 months ago. This is per credit karma and I filed chapter 7 about 2 months ago. I just met with the trustee and creditors a few weeks ago. The bk is not final yet but creditkarma now shows all my debt discharged except my one car loan I kept and all my accounts closed.... yet my score is fairly high given the circumstances. Is this because I never had a late payment or collections before? The only derogatory mark on my report is the bk itself. I've never missed a payment. I've heard of people getting a 700 a year after BK but its only been a few months since I filed and it isnt even final yet. Oddly enough I got to keep one of my credit cards that I had paid off prior to filing so maybe the age of that account is helping too. Is this really my score or too good to be true? Only thing I can think of is credit karma seems to think I paid all my debt off because they all show zero balance. Once the bk is final does each individual account become a derogatory mark because they were discharged, or will they always show 0 balance and the bk itself be the only derogatory mark? EDIT: it appears the 0 balance accounts have been marked for being discharged because the notes on each account state "chapter 7 bankruptcy". So is this as bad as my score will get? [link] [comments]  |
| Open enrollment for health insurance through my employer. Should I change plans? Posted: 12 Oct 2020 12:48 PM PDT I'm trying to find out if my current health plan at work is actually the most cost effective or if I should switch to a lower premium plan. I'm (30f) with a husband (28) and daughter who is 7 months old. I currently pay the highest premium my employer offers to get the lowest deductable but I would like to find some sort of calculator to see if last year's costs would have been more or less had I used a different plan. [link] [comments]  |
| Tips for someone looking to buy their first home Posted: 12 Oct 2020 06:44 PM PDT Hey all, I'm (hopefully) going to be in the process of buying my first home in a couple of months here. I was wondering if there are any tips or tricks to help out with the process, or questions to ask realtors before choosing one? Any advice is appreciative. Thanks! [link] [comments]  |
| Best place to store tuition money? Posted: 12 Oct 2020 02:29 PM PDT I am currently attending college and have all my tuition money in my regular savings account. Is there a better place I could store my money to earn some interest? Such as a CD? [link] [comments]  |
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