Personal Finance Weekday Help and Victory Thread for the week of October 26, 2020 |
- Weekday Help and Victory Thread for the week of October 26, 2020
- Unauthorized Credit Card found
- 401(k) contributions unchanged at $19,500 for 2021
- Tw: I received a $12,543.00 ER bill in the mail.
- Pharmacy gave me brand instead of generic, now owe $1800 to insurance
- Reduced debt from $45k to $17 in 28 months need advice..
- 22 years old and body needs several surgeries. Tired of the pain. No money, no idea how to get it, no idea what to do.
- 32, still living at home but want to get an apartment
- UPDATE: First "Adult Job:
- Is it better to have several retirement accounts (IRA/401K) or 1 big one?
- Trying to Stop Social Security from garnishing my wages
- Cancelled surgery in collections
- Why do home sellers prefer cash offers vs a buyer who gets a loan? Doesn't the bank pay in cash to the buyer?
- Should we request a credit limit increase
- Got hired as an "independent contractor". Employer wants to pay me through paypal and will send me a w9 form. Should I bother with this?
- No Longer Eligible for Roth IRA with Schwab
- 23 with financial trouble, but coming up on $30k. Looking for advice
- Searching for the Best Vehicle while Paying Down Student Debt
- What is "market value change" on a 401k?
- Got a $200 refund check from a hospital, 2+ years after my son's procedure
- 19 Y/O in College with Disposable Income. What to do with my money?
- Dumb question about Roth IRA's
- How to protect Grandma's Money
- Identity stolen, lots of bank accounts opened, not sure why or what to do.
- Pretending to buy car at dealership
| Weekday Help and Victory Thread for the week of October 26, 2020 Posted: 26 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]  |
| Unauthorized Credit Card found Posted: 26 Oct 2020 08:16 AM PDT So Credit Karma was actually helpful in notifying me that I had a new Capitol One card that was opened a month ago. Of course it wasn't an alert. More of a,"Congratulations on your new card!" Funny since I had frozen all three credit reports a year earlier. Call Capitol One, notified them this was unauthorized. Call the three agencies and filed disputes. Then called Capitol One back to confirm account was canceled, and to inquire what was the address used, and how could it have been approved with the freezes in place. Their response? "Please send your request by fax." [link] [comments]  |
| 401(k) contributions unchanged at $19,500 for 2021 Posted: 26 Oct 2020 06:29 PM PDT |
| Tw: I received a $12,543.00 ER bill in the mail. Posted: 26 Oct 2020 03:38 PM PDT I went to the ER for a sexual assault and my insurance company paid 0 dollars and I was billed the entire amount. I checked the mail when I got off work and it's too late in the day to call them and honestly I'm extremely anxious that's more than half of what i make in a year. Does insurance not cover sexual assault care? I've been to this Er before with my insurance and I wasn't charged but in this case I am. I have Blue cross blue shield of SC and honestly I don't know what to do someone please help!!!! [link] [comments]  |
| Pharmacy gave me brand instead of generic, now owe $1800 to insurance Posted: 26 Oct 2020 02:59 AM PDT I recently filled a prescription that I've been on for about 5 years. I have only ever received generic and a 90 day supply of this medication. I went to a new PCP/pharmacy after moving and received a 30 day supply of brand name meds which apparently cost $3600/mo. My insurance covers half, so I'm still stuck with $1800 for 30 days of a pill that usually costs me $8 for 90 days. Is there any way to contest this with the insurance company, or potentially the pharmacy? Although I'm assuming that medications fall under the non refundable category. [link] [comments]  |
| Reduced debt from $45k to $17 in 28 months need advice.. Posted: 26 Oct 2020 04:44 PM PDT So, I've been with this program for about 29 months now, the lawfirm that the program is run through has notified me that due to consistent on time payments that I was eligible for a loan to help negotiate the remaining balances on my cards. Thing is, I dont understand where they are getting their numbers from or if it's a good decision to go ahead with the loan or continue paying how I have been. So here are some specifics. Repayment program $596 per month no concrete end date as negotiations are on going based on what is in the savings account that the frim uses. Loan Loan amount: $17694.37 Monthly payment: $590.09 or bi weekly $272.35 Interest rate: fixed 21.99% Loan length: 45 months So the loan would be for this amount but would be used to negotiate lump sum payments to the creditors in hopes that they will reduce the amount owed, then if the amount needed was less than what was loaned the balance would be used to pay down the loan. How do these numbers work? $17.6k loan at 22% should be like21.5k right? Not only that doing the 590 x 45 is like $26.5k Should I go with the loan or stay with what I've been doing? Why isn't the math adding up with the loan details I was e-mailed? [link] [comments]  |
| Posted: 26 Oct 2020 04:12 AM PDT I live in Texas. WeI'm poor. I'm working (right now I'm jobless) to put myself through school and struggling with that. Have always been poor. I'm a college student but right now I'm not taking classes at University. I'm enrolled in classes online for a trade program on the side. I did sports, sports leads to injuries. I haven't had insurance as an independent adult ever. I'm not on anyone's insurance. My mom doesn't even have it. Last time I went to the emergency room when my injury started to get my knee looked at they cut me a check for $1700 lol. I don't know who or what they thought what was gonna happen but even explaining the circumstances to them fell on deaf ears, so they can have a safe bet that they ain't getting $1700 from me any time soon. I still have loose bodies in my knee and it's locking it in place but I have no money for an MRI. I also have really really bad hemorrhoids and if it's TMI sorry but shitting is fucking hard. And I have intense lower back pain because of it and my physical labor jobs. It's been this way for years. I feel like shit, it feels really unfair because I'm trying really hard but I'm done living this way I want to have a normal life again. What are my options as a 22 year old male in Texas for getting some affordable healthcare to get basic human treatment? [link] [comments]  |
| 32, still living at home but want to get an apartment Posted: 26 Oct 2020 07:52 AM PDT I am 32, live in western NC, work full time as a grocery stock clerk (will be promoted to team lead in January), and still live at home with my mom. I would like to get an apartment close to work (rent in the area for a 1 bedroom goes for $800-$900, depending on the building). However, when I crunch the numbers, I don't think I will be able to move for another 3-5 years (I need another $1k per month) I am asking for some suggestions on what I need to do to be able to move. Income: $1,848 per month Savings: $0 Investments: $0 Expenses: Car payment $456.55 Car insurance $255.42 Gas $100 I had an accident in April and totaled my car, which is why my insurance is high Cell phone $125. 65 Perkins loan $59.34 Gym $49 Groceries $200 I have $90k in student debt (I made a major mistake in going to a school that was near my home and was too expensive. I did not graduate. This amount includes the Perkins loans, federal loan, and tuition.) I owe $31k on my car loan. I also try to not spend so much on food, but I hover around $200. In January, I will have health and dental insurance through work which will deduct $168.16 per month from my paycheck. I apologize if this post is too long, but I wanted to give as much detail as possible. Be completely honest. Thanks. [link] [comments]  |
| Posted: 26 Oct 2020 05:30 PM PDT Hi all, I just wanted to thank you all for the advice given close to two years ago. Sine starting the job, I've managed to save $40,000 AUD. I've now moved onto a higher paying job around the area of $80,000 PY. With all the great advice given in the previous post, I would like to ask for some suggestions regarding my next step. The 40k is broken down as follows $8,000 Emergency fund $5,000 in savings at 2.3% $7,000 in the market $20,000 in a two-year locked account at which point I plan on purchasing a rental property. With my level of income being higher than the medium, I'm able to save a lot more now and would like some advice on where to be putting my money. I feel like I deserve a "treat" after such a rough year but I'm not sure what % of my savings/income is a sensible amount to spend on myself/fiance. About 6 months ago we decided to join our finances (I know this sounds silly but we have legal agreements in place and it just makes sense for our situation) Any suggestions would be amazing. Thank you again [link] [comments]  |
| Is it better to have several retirement accounts (IRA/401K) or 1 big one? Posted: 26 Oct 2020 07:36 PM PDT Does having 1 big one make it go up faster? But higher risk? Where as several goes slower but spread my "eggs" out? Which is better? [link] [comments]  |
| Trying to Stop Social Security from garnishing my wages Posted: 26 Oct 2020 06:29 AM PDT I'm here at the suggestion of r/legaladvice; maybe someone can help me here... Around 1999, when I was 17 (read: a minor), my parents (it was made out to my dad, whose name is the same as mine) received a check from Social Security for roughly $7100. I was not informed of this at the time. Come late 2018 early 2019, Social Security starts mailing me things informing me that the aforementioned check was a mistake, and that they'll be garnishing my paychecks until they get "their" money back. Problems arising immediately: A) I was not aware my parents were paid out like this roughly 20 years ago; B) I learned of said check when they told me the garnishing was going into effect; and C) My dad died in June 2016. I've tried several times to go through the S.S. office to get them to understand and stop this, but all they've allowed for was a couple of temporary reprieves before they'd go right back to taking my hard earned money. I'm at my wit's end trying to get this to stop. I mean, can they even do this? How do I get them to stop this one and for all? And how do I get back the money they've already taken from me? [link] [comments]  |
| Cancelled surgery in collections Posted: 26 Oct 2020 05:08 PM PDT I'm just feeling down on my luck. Last year I was supposed to get some teeth pulled but I cancelled the appointment a month beforehand because I couldn't get the money together. I have the call record of me canceling (6min) and the call record of me having a panic attack and arguing with them for 16 minutes that my appointment was cancelled well before them trying to confirm my appointment. The lady literally said my appointment was cancelled and hung up, never said anything about being charged. Now I owe them about 1300$. I signed a paper saying if I didn't cancel the appointment prior to two weeks of be charged a percentage of the total, and I called 3 weeks prior. They didn't care, I didn't remember the women's name who cancelled my appointment, so to them it was like nothing happened... I disputed it on credit karma but I'm not sure how well it's going to go over even though I have call records. Basically I'm stressing because people are lying to get money out of me [link] [comments]  |
| Posted: 26 Oct 2020 03:55 PM PDT I hear often that in some hot markets, many buyers are purchasing homes in cash, and that a seller would prefer to sell to an all cash offer compared to selling to someone who needs to get a loan from the bank. I don't get it. Doesn't the bank pay the seller in cash for the full amount immediately? Why would the seller care who pays him? Does the bank make the seller jump through a lot of hoops or something? [link] [comments]  |
| Should we request a credit limit increase Posted: 26 Oct 2020 08:20 PM PDT Have not had a credit line increase in a number of years. 780+ credit scores, had the carded for 8-10 years. Should we request limit increases to decrease utilization and just in case we need it? Are there any drawbacks to this? The two cards we primarily use one started in my name one in my wife's. Both before we got married but we are then authorized users on the others. When they ask for income should it just be the one whose card it is or both of us combined? [link] [comments]  |
| Posted: 26 Oct 2020 03:35 PM PDT They said I'd be an independent contractor up front, but they mentioned nothing of paypal. What do you think? This is just another side gig for me, so I don't mind dropping it. [link] [comments]  |
| No Longer Eligible for Roth IRA with Schwab Posted: 26 Oct 2020 03:33 PM PDT My hourly rate puts me as eligible for Roth IRA, so I already contributed my 2020 max and invested in them. However, due to not having set hours and having a lot of unexpected overtime this year, I am now no longer eligible for Roth IRA. I have looked into backdoor Roth IRA on this sub, but I am still confused on how to set it up properly. I've seen comments that said Schwab chat can help me. I contacted customer support on Schwab but they said I would have to talk to a tax advisor to set up a backdoor Roth IRA, and the most they can do is for me to fill out a form to take out the contribution and they will sell the funds I placed my money in. Am I able to create a traditional IRA, sell some funds and move my contribution in my Roth IRA to the traditional IRA, and then back to my Roth IRA? [link] [comments]  |
| 23 with financial trouble, but coming up on $30k. Looking for advice Posted: 26 Oct 2020 12:28 PM PDT Hello, I'm a 23 year old college student finishing this semester. Debt: Student loans: ~40k Car loan: 20k / $400 per month CC debt: ~5k I work a full time job at $17 right now. I make around $2,400 a month. I'm coming across $30k from a deceased family member. I want to know the do's and do-nots with this money. I want to invest some of it. Not exactly sure what the best thing is, whether I should pay down all my CC debt or pay off a portion of my car loan or invest in some sort of long-term security. Looking for advice. Thank you [link] [comments]  |
| Searching for the Best Vehicle while Paying Down Student Debt Posted: 26 Oct 2020 06:55 PM PDT I am beginning to question the reliability of my current vehicle. Even though it is a Honda, I understand that I will have to come up with a plan sooner than later. While doing some research, I began breaking down the costs of ownership and it got me thinking about the benefits of an electric vehicle in my situation. I am trying to determine if this move would be financially irresponsible. Any feedback is appreciated. I want to make sure that I am not making a huge mistake by taking on more debt and underestimating my student loan payments. My monthly payments for my loans are around $750/month and I do not have other bills at the moment other than gas, a few meals per week, and entertainment every so often on the weekends (~$250/month) . I have about $12,000 saved up and I do not have any credit card debt. The biggest benefit to purchasing an electric vehicle would be eliminating gas costs (~250/month). There are also no oil changes, no fluid replacements, no timing belts to replace, less frequent brake component replacements due to regenerative breaking, etc. The maintenance costs would basically be tires, windshield wipers, and wiper fluid over the lifetime of the car to the best of my knowledge. I already have a 220v charging outlet in my garage at home and would be able to charge the car overnight at a cheap rate, eliminating the need to pay for charging elsewhere. Electric vehicles also appear to hold their value very well. I told myself I would never buy a new car, but used electric vehicles that are a few years old are going for a few thousand under the purchase price of a new one. The difference in insurance costs are also minimal, only a few hundred dollars per year difference. If I were to purchase a used vehicle, I would most likely end up dealing with similar issues that I have now. Is it worth it to bite the bullet and make the investment now or deal with the costs of owning a used gas car until my loans are fully paid off? What is a reasonable amount of money to spend on a car while having this amount of student debt? Finances:
Student Loans:
Commuting Habits:
Current Vehicle: 2004 Honda Accord EX V6
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| What is "market value change" on a 401k? Posted: 26 Oct 2020 08:59 PM PDT My wife pulled up the 401k details from a company she left ~4+ yrs ago and we noticed a +1,000-ish line on the statement that says "market value change" from Oct 2020. We can only see a 13 month statement, and we only see one "market value change" item in the history. We've both been sitting here googling and still have no clue what this means. Please help me understand what this means. The closest reddit link I found was an unanswered question similar to this: https://www.reddit.com/r/personalfinance/comments/9d3bj7/401k_conversion_out_market_value_change/ [link] [comments]  |
| Got a $200 refund check from a hospital, 2+ years after my son's procedure Posted: 26 Oct 2020 04:47 PM PDT My son had appendicitis in June 2018. [link] [comments]  |
| 19 Y/O in College with Disposable Income. What to do with my money? Posted: 26 Oct 2020 08:24 PM PDT I am a 19-year-old studying computer science at college. I have no expenses other than a few subscriptions. How should I be saving my money? I have a ROTH IRA and a few investments account along with a high-interest savings account (or what used to be high interest). Ive got a couple thousand in savings? Should those be invested since I don't need an emergency fund at my age [link] [comments]  |
| Dumb question about Roth IRA's Posted: 26 Oct 2020 11:39 AM PDT For context, I am a recent college graduate who has just started making a consistent salary, and realized I should probably be doing something with that money. Thus far, I have a individual brokerage account with Vanguard that I am investing in ETFs with, and I just now opened a Vanguard Roth IRA (and put $800 into it). I watched a bunch of YouTube videos about how important it is it start your Roth IRA early because of compound interest, how it's tax-free later on, and how there is a yearly cap of $6k. What somehow escaped me, is that I have to actually invest it? My perception was basically I throw $6k per year into this Roth IRA, and I'd just watch it grow. But apparently that's not how it works? What if I invest it into all the wrong things and my poor investments completely negate any growth from compound interest? Can someone explain that aspect of the Roth IRA to me? Thanks! [link] [comments]  |
| How to protect Grandma's Money Posted: 26 Oct 2020 02:21 PM PDT Hello all, my grandma has recently been asking me for financial advice. I found out she had about $90,000 sitting in a normal savings account. I recently moved that to a Discover HYSA which makes about .6% APY. She has other income (SS, 401k, survivor benefits), so she does not need this money on a monthly basis nor depend on it for income. What is the best way to preserve its value? What would be the safest way to invest it, without it shrinking? Should I keep it in the HYSA or move it somewhere else? Should I put it in some type of IRA? She is currently 83 years old and wants to divide the money between her 3 kids when she passes. [link] [comments]  |
| Identity stolen, lots of bank accounts opened, not sure why or what to do. Posted: 26 Oct 2020 11:01 AM PDT Hi, Really not even sure this is the right sub, please let me know if there is a more appropriate one. About 6 weeks ago, I had my identity stolen. At first I thought it was just a few accounts hacked - got notifications about attempted purchases and such. Naturally, I went through and systematically changed all of my passwords using a password manager. That seemed to stop the attempted charges, but 2 weeks later I started getting letters in the mail congratulating me on all these new bank accounts. They all had $0 and no activity. I froze all my credit bureaus that day. Since then, though, it's been at least a month and they are still rolling in. I'm playing whack-a-mole and I don't understand how or why. In addition, I moved about 8 weeks ago, across the state. 100% of these that I've received have been forwarded from my old address via USPS. That forwarding service, if I understand correctly, should be ending soon, if not now. At that point I won't even know about these new accounts. I'm trying to get a handle on a few things: What can I do to get a handle on what all is going on and what is impacting my credit score? Why is this happening at all? I see no benefit to anyone past the attempted charges. Is freezing my credit effectively keeping me safe or do I need to be doing more? At least some of the accounts have been opened without my SSN and were virtually only tied to me via name and address - how is that even possible? Thank you for advice in advance... [link] [comments]  |
| Pretending to buy car at dealership Posted: 26 Oct 2020 08:01 PM PDT Hi everyone, I recently came across a series of videos on YouTube talking about the scams that dealerships use. I don't have any negotiating skills and I had the idea of going to a dealership to pretend to buy a car so I can go through the process. I'd end up walking out since I'm not in a position to buy a car at the moment. Do you think this is a good idea or how did you learn how to negotiate? Thanks! [link] [comments]  |
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