Personal Finance Be wary. "Network marketing" has evolved. |
- Be wary. "Network marketing" has evolved.
- I just lost my job. Confused where to move my 401k
- How much should a highschool student put away for a car?
- What should my next steps be as a 22 year old?
- A New Rule Lets Debt Collectors Text and Email You. Expect Scams to Follow
- Becoming financially independent from parents and buying a house
- Could use some parental advice on what to do with my money...
- Is refinancing too often a bad thing?
- Why can’t I have Medicaid?
- Employer didn't notify me of insurance loss after leaving job
- Where are the LCOL places with high enough wages to justify moving?
- Super beginer retirement choices
- How to go about getting money back from a business
- Saving account vs checking account
- How do you account for your passions, hobbies and quality of life against your personal finance goals?
- 23 Looking to move states...need tips on planning.
- Property Value Significantly Increased - Rent It Out or Sell?
- Credit Card Debt Advice
- Vacation/PTO is almost always negotiable (and relatively easy to get) when countering a job offer.
- Need advice for Lump Sum Deferred Compensation
- Paid off my car, credit score dropped. What’s a good line of credit to replace it?
- 401K Early Withdrawal Under The Care Act
- How does Credit Card interest work?
- Salary of EU employee working for the US based company
| Be wary. "Network marketing" has evolved. Posted: 05 Nov 2020 09:37 AM PST I was recently approached on LinkedIn. It seemed innocuous enough at first, when they began following me and commenting on my posts, which soon moved to my inbox. We set up a call and they suggested one of the books that have been mentioned in previous posts. What's new was that instead of attending a seminar, I was invited to a Zoom Call with a set of rules. It should have been clear what it was, because until this point, it wasn't exactly revealed what this magic formula for generating wealth was - becoming a foot soldier for Amway. [link] [comments]  |
| I just lost my job. Confused where to move my 401k Posted: 05 Nov 2020 04:41 AM PST Hi, I just lost my job where I made $101K yesterday, and do not know when I will get a new job. I currently have my 401k that has $42k with Charles Schwab that contains my vested amount from my previous employer. I also have a personal roth IRA with Vanguard. I do not have a traditional IRA. The expense ratio on my CS account is .47, and I would like to move it out of there. Should I move it to Vanguard with my roth IRA or open up a new traditional IRA account with vanguard? I have been reading that if I move my 401k over into a Roth, I will be taxed, and I don't know if this is something I should avoid, or plan to move money over in a certain manner to minimize taxes. Thank you [link] [comments]  |
| How much should a highschool student put away for a car? Posted: 05 Nov 2020 07:34 PM PST I'm 16 and I got a job mid August of this year. On average my weekly pay is about $250 give or take abit, but as a first job I'm happy with it. Over the few months I've managed to save $2400 and I'm planning to buy a car (nothing very expensive, $5000-$9000 with my parents pitching in abit) by spring of 2021 (April?). I'm also wanting to buy a few things just for myself but I'm unsure if its gonna throw off my saving since I'd usually spend a max of $15-$20 per pay cycle. So just wondering how much should I really be saving or if my timeline is realistic. [link] [comments]  |
| What should my next steps be as a 22 year old? Posted: 05 Nov 2020 01:17 PM PST Hello, I got my current job as a secretary back in July making $15.50 an hour with benefits, I am currently 22 and still living at home (wanted to make sure I had healthcare before being on my own) and feel like i still don't know anything about finances. I have $9k saved up and am looking to move out in March or April 2021 with full intent to keep on saving. I have just opened up an American Express credit card to start building up my credit after being a little too nervous to start one. I also have an opportunity to go to college for an associates degree free of charge for working during Covid, still deciding what I would go for. What should my next step be? I don't currently have a 401k started up and I bank with a credit union and haven't done anything with the stock market. Thanks! [link] [comments]  |
| A New Rule Lets Debt Collectors Text and Email You. Expect Scams to Follow Posted: 05 Nov 2020 05:31 PM PST Starting in 2021, debt collectors will be able to contact consumers via text, email, social media, and voicemails. When Congress passed the Fair Debt Collection Practices Act (FDCPA) in 1977, it was designed to take federal action against abusive and invasive debt collection practice by limiting the time, place, and methods of communication debt collectors could use. Because the bill was passed over 40 years ago, modern modes of communication like text messages and emails were not included The rules apply to all forms of collection covered under the FDCPA, such as mortgages, credit cards, medical debts, and any consumer debts for personal or family purposes (including delinquent student loans). A debt collector cannot generally tell anyone about the debt without your permission, although they can ask others about your whereabouts. Every time the collection industry tries out a new technology to reduce their cost or increase saturation, it does more damage than good. [link] [comments]  |
| Becoming financially independent from parents and buying a house Posted: 05 Nov 2020 07:52 PM PST Hi all, I (28M) have been wanting to buy a house for quite some time now so that I can move towards becoming financially independent. Right now I live by myself in a house which technically has my name and my mom's name on the deed, but it was my parents who had originally bought the house. My plan is to move out of my current house, remove my name from it completely, and buy a cheap condo at 20% down (which can run for $80k or less here in southern AZ). I'm hoping to make this happen at some point in the next 3 months or so as long as the math checks out. ASSET BREAKDOWN:
POTENTIAL ROADBLOCKS:
QUESTIONS:
Thanks in advance for any advice/observations you provide! [link] [comments]  |
| Could use some parental advice on what to do with my money... Posted: 05 Nov 2020 06:37 PM PST Love getting advice from internet strangers on how to live my life and spend my money, so let me tell you my situation: Recent college graduate who moved back in with my parents due to COVID, but am fortunate to have landed a great, stable job at a global firm making $55K in a MCOL. Only debt is a remaining $17K on a car loan with a low rate and a car that depreciates much slower than others, relatively speaking (Jeep Wrangler - NADA & KBB quote its worth the same as when I purchased it 18 months ago). Have about $30K in cash/liquid assets right now. What do I do with all my money? Would love to move out soon - would prefer to purchase a house as rent in my area is $1.2K while a pretty nice condo would run me about $.9-1.1K per month after a 20% down payment, which I could reach by July 2021. While I would love to buy a house, I've lived and went to school within 30 minutes of my hometown throughout my whole life. I have an itch to explore a new city, but not sure I will ever follow up on it. My company allows for easy relocation after the first 2 years. Someone please tell me what to do with my money/life/career! Tl;dr - When can I move out? When am I ready to buy a house? Should I buy a house? What do I do with my decently large savings? How do I justify paying rent during COVID when I can live rent free with the parents? [link] [comments]  |
| Is refinancing too often a bad thing? Posted: 05 Nov 2020 06:31 PM PST I have refinanced my student loans with various companies over the years and have been able to get a pretty attractive rate. Today I just refinanced from SOFI to ELFI and moved from 4.21% to 3.7% fixed. I was able to drop my co-signor finally and was happy. Tonight I randomly remembered that Splash was having trouble pulling my rate and I never actually checked it. When I ran the check with Splash I was approved for a fixed 3.54% rate... Is it a bad idea to immediately refinance with Splash prior to even making a payment with ELFI? I am obsessed with lowering my interest, but not sure this is worth it. I've been paying $1300 a month, so not sure how much extra I will be saving with a 0.16% APR reduction. Sofi- 10 year loan, 105 payments left, 4.21% APR, 85K left, 1053 Minimum Elfi- 10 year loan, 3.7% APR, 85K, $860 minimum Splash- 10 year loan 3.54% APR, 85K, $842 minimum Not sure if I am just splitting hairs at this point [link] [comments]  |
| Posted: 05 Nov 2020 07:30 PM PST Hello, I'm a 20 year old college student living in Texas. I make about 1,300 a month working at Walmart. Why am I not able to qualify for Medicaid? I have applied in the past and have been denied. [link] [comments]  |
| Employer didn't notify me of insurance loss after leaving job Posted: 05 Nov 2020 08:47 PM PST I'm a little in the dark on some employer obligations for health insurance. I quit my job this September, and initially assumed my health insurance with my employer would end at the end of that month. However, I didn't hear a word from HR after quitting and received no kind of information regarding any cancellation from them or the insurance company. A few days ago, I received a letter stating that the coverage "was going to end" on 9/30, but obviously it is now far past that point. My main question is, were they required to notify me in September of this cancellation? Should I have been entitled to health insurance coverage until receiving some kind of notice? Does this affect my COBRA eligibility timeline in any way? Thanks for any clarity you can provide! (this is a large employer FYI) [link] [comments]  |
| Where are the LCOL places with high enough wages to justify moving? Posted: 05 Nov 2020 03:14 PM PST Current area is RTP, NC One option is to move to Guilford county, but the wages for my job would decrease by about 20%-30%. [link] [comments]  |
| Super beginer retirement choices Posted: 05 Nov 2020 07:51 PM PST Hello! I want to start saving for retirement. I have 50+ years until retirement. I have a 6 month emergency fund as of rn.
Thanks! [link] [comments]  |
| How to go about getting money back from a business Posted: 05 Nov 2020 07:24 PM PST So I keep to a super strict budget and thought I would budge a little last month and buy some more expensive clothing that I thought looked good. Well I didn't do my research well and turns out the products were awful and not at all what was advertised. It promised 30 day money back guarantee, but it took that long to get the clothes shipped. Now I can't get the money back because for the last week and a half all I keep getting is awful customer service asking for me to keep the clothes. Or give me $5 to keep. Now its up to $15. I spent close to $100 and really want it back to buy actual quality clothing that fits me. I'm not entirely familiar with all the different subreddits so if this belongs in a better place please let me know. I understand its my fault for not doing my research but is there anyway to report it to my bank and try to get it back that way? I know it isn't the banks fault but I feel totally scammed and ripped off. And it completely ruined my budget for the last 2 months. Additionally, thank you for letting me vent a little. [link] [comments]  |
| Saving account vs checking account Posted: 05 Nov 2020 07:17 PM PST Im a fresh graduate after months of applying I finally have my first real job (work from home). Im trying to open a new account. Im very new to this kind of stuff, I never had a debit card before this is the first time. My question is which one should I choose? Saving account or Checking account? I really dont know the difference between the two of them. And also do they have like a monthly fee? [link] [comments]  |
| Posted: 05 Nov 2020 11:17 AM PST Hello all - I've recently turned 31 and find myself where I feel like I'm properly "established" and I can start enjoying what the career I've built is able to provide. I've been reading personal finance advice for years, but never really put much thought into "okay, now I'm financially good... what now?" I want to really explore my interest and live my life fulfilled... I recently went on a spending spree and bought a bunch of nice things I always wanted and didn't flinch at the price, but when I went back to look at my finances I was over on all my budget for that month. For context, I make 135k base with a 5k-15k bonus annually. Maxed out my 401(k) for the 1st time this year and have 48k in there so far, have 46k in the stock market, 21k in crypto and 35k in the bank. I bought a house when I was 25... the mortgage has 170k left on it and my tenant cover the full cost of mortgage so I make a couple hundred a month from the rental property (bought for 200k, now could sell for over 350k) Financially, I feel like I could ball out and really notice, but know that is a slippery slope. I'd like to create some type of metric in my budget that can be used to measure and account for the cost of living a full life. BTW, no kids or any dependents. [link] [comments]  |
| 23 Looking to move states...need tips on planning. Posted: 05 Nov 2020 02:36 PM PST I currently live in Arizona and I hate it with a passion. I've always had my eye on Colorado. It's really beautiful there, nice people, and amazing transportation. I'm ready to get out of this boring desert. I am a little anxious about this. Usually, when I move states I have a foundation...meaning I always have someone to stay with until I get my own place. However there's absolutely nobody that I know in Colorado. I have exactly $12k to my name, credit score in the 690 range, no car, no place (living with parent), & no furniture. If I move I'll just have a suitcase full of clothes & small personal items. Now, I can't just up and leave with no plan which is why I'm asking for tips. As of now my plan so far is:
Now I know it won't be easy as i made it seem. I know I should keep cost of living in mind. I did google some tips but they didn't really apply to me. I don't have a car, furniture, etc. which lifts a huge weight off my back. It still feels like there's a lot more I should be keeping in mind so any tips would be great. [link] [comments]  |
| Property Value Significantly Increased - Rent It Out or Sell? Posted: 05 Nov 2020 01:30 PM PST I bought a condo in 2014 for $205,000 and it is currently valued around $415,000. I have ~$150,000 left on the mortgage. I am considering buying another property and renting out the condo. If I were to rent it out, I could probably profit around $300-$400 per month after paying the mortgage, taxes, insurance, and condo fees. I believe that conventional wisdom would say to hold on to the condo and rent it out. However, it is tough to pass up that amount of cash. If I were to sell, I would likely use the profits as down payments on additional rental properties. What's the best play here? Additional info: single, fully stocked emergency fund, max out 401k and Roth IRA [link] [comments]  |
| Posted: 05 Nov 2020 08:39 PM PST I found myself again too complacent with my credit card and noticed the actual balance on it was way higher than expected. I've transfered the balance to a lower rate card, but in total my debt is HIGH. My car only has 3k left and I'd like to use my 2k savings to pay it down faster and use my now non existant car payment to my CC debt. However, my husband would rather I not use the savings (we have another house hold savings accout) and use the money I was spending on my car for a down payment on my next car in a year or so. ( I have a tiny car and a growing family. I would be stretching the use of my current car). "My savings" is primarily used for vacations or other fun things. Am I wrong in thinking my money is better directed to my debts vs future purchases? [link] [comments]  |
| Vacation/PTO is almost always negotiable (and relatively easy to get) when countering a job offer. Posted: 05 Nov 2020 06:17 PM PST I see a lot of people talking about "losing vacation time" when changing jobs. Negotiate for it. I have managed department budgets- PTO has never been a line item of serious interest as long as it isn't absurd. A $2000 salary bump is much more visible than $2000 worth of PTO. I have changed job 3 times in 12 years. I have never lost a single hour of PTO while changing jobs. I have hired people- I have never thought twice about a reasonable PTO request. [link] [comments]  |
| Need advice for Lump Sum Deferred Compensation Posted: 05 Nov 2020 08:22 PM PST Hello- My husband is getting a Lump sum of about $38K in December from a profit share from his previous job. We know it will be considered "income" for us this year which means we will get screwed with taxes on it right off the bat. Any advice is appreciated [link] [comments]  |
| Paid off my car, credit score dropped. What’s a good line of credit to replace it? Posted: 05 Nov 2020 05:44 PM PST After I paid off my 4yr car loan, my credit score dropped 23pts from 780. I already have one credit card with a $3000 limit that I use here and there just for building credit. That is now my only line of credit and I'd like another. Should I just go with another credit card? If so, which one? [link] [comments]  |
| 401K Early Withdrawal Under The Care Act Posted: 05 Nov 2020 07:13 PM PST I want to withdraw my 401k and would like to take advantage of the CARE act. From what I've read you can withdraw up to 100k penalty free but still pay the taxes on it over a 3 year period. I've read the deadline is Dec 31 2020, is that correct? Also, how do you go about withdrawing the money? Als as a side note, if today I have 100k in my 401k and I initiate a withdrawal, how long before I receive my money and what happens if the market crashes between the time I initiate the withdrawal to the time it's actually paid out. Thanks. I think I'm going to pay my house off. [link] [comments]  |
| How does Credit Card interest work? Posted: 05 Nov 2020 06:53 AM PST I am embarassed to ask this because I am 25, but I never really carried a balance on my credit card but recently have begun to hold larger ones due to various big expenses. My question is this: If I was to spend $3000 on a card one month, lets say on Jan 3rd. By Jan 31st, do I need to pay the full amount to avoid interest, or is it by the end of February? Then lets say I spend $3000 on Jan 3rd, and then another $1000 on Jan 30th. On Jan 31st I pay back $3000. Do I still take interest on the $1000 ? Basically, I am not sure if I literally have to make my balance 0$ every month to avoid interest or if it only pertains to the amount spent the month before? I hope this question is clear and thank you for any help on this guys! [link] [comments]  |
| Salary of EU employee working for the US based company Posted: 05 Nov 2020 04:50 PM PST My employer offered me salary based on my current location. Right now in this company as a designer I earn something like $25k/year. In the US starting salary for my position is $55k I believe (based on different web search results). [link] [comments]  |
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