Personal Finance Weekday Help and Victory Thread for the week of November 30, 2020 |
- Weekday Help and Victory Thread for the week of November 30, 2020
- Great resource for unemployed citizens
- My dad insists I invest my money in silver. I’m unsure if this is actually a good idea.
- Family paid for a trip, company filed chapter11
- Are there any financial services to help with assisted living facilities? I am living a nightmare.
- Mortgage missed the closing deadline, any recourse?
- Student graduating without a job
- I plan of saving a decent sum of money through investing - but then what?
- What is an HSA? How do I use it? Explain it to me like I'm 5.
- Contractor NOT wanting to get paid
- Will my rent deposit be returned with a percentage over the years that it's been held?
- Gym gave me a surprise charge.
- How should I go forward with a company that won’t fulfill my order or give me a refund?
- Excess Money in Savings (20 y/o)
- 26 recent graduate. Deciding to buy a house
- Home refinance or no?
- Am I liable if my doctor is fraudulently billing my insurance?
- Gambling tax question
- What constitutes 15% with employer match in ITA
- I want to close my credit card but I am confused if I should.
- MIL has extreme memory issues. What options exist for medical retirement?
- Should I sell stocks to pay off debt?
- Do you have to report CDs that you have for taxes?
- Need financial advice asap
- WFH budget not used up yet, need to spend ~$300
| Weekday Help and Victory Thread for the week of November 30, 2020 Posted: 30 Nov 2020 03:00 AM PST 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]  |
| Great resource for unemployed citizens Posted: 30 Nov 2020 06:50 AM PST I was laid-off last month and have been actively searching for an opportunity since then. My friends recently mentioned about a CNN report and it seems to be a great find! A great news indeed for anyone who are looking out. I'm in healthcare profession and myself applied to couple of positions listed there. I wish the pandemic gets over fast and good-old office days will be back soon. But until then, remote work might be the only way around to survive. Hope this resource is as useful to you as mine! [link] [comments]  |
| My dad insists I invest my money in silver. I’m unsure if this is actually a good idea. Posted: 30 Nov 2020 02:50 PM PST He's been bugging me about silver for a little over 2 years now and from the research I've done it doesn't seem like the most reliable investment but he insists it is. Now he wants me to purchase a silver mining index for like $400-$500, but I don't know if I trust his judgement on what's a good investment and what's not. So I'm just looking for an unbiased opinion on whether or not it's actually a good move. I don't want to do something that I will regret too much, especially since I don't have that much disposable income and am trying to save. [link] [comments]  |
| Family paid for a trip, company filed chapter11 Posted: 30 Nov 2020 06:22 PM PST My parents paid in full for a tour earlier this year. Due to COVID of course everything got postponed and pushed back. Parents just received notice that the company declared bankruptcy and were sent a letter. Parents paid 7k for everything and they are only offering 3k in return. No other options. Either take the offer or get nothing in return. Any advice or should my parents take what they can get? [link] [comments]  |
| Are there any financial services to help with assisted living facilities? I am living a nightmare. Posted: 30 Nov 2020 07:07 PM PST My mother and I live with my grandmother in her house and is incredibly senile and literally cannot do for herself. We have to explain to her step by step how to use the bathroom every time she goes, she gets hateful when we try to stop her from doing things that would hurt her (touching the hot stove top, putting fingers in sockets, etc.) , and on more than one occasion she has threatened to kill us. My uncle has power of attorney and has done fuck all about putting her in a nursing home for over 2 years even though it is very clear that she needs to be in one. I'm pretty sure he's siphoning her retirement checks for himself. The rest of my family seemingly can't be bothered by the situation and they have the general mindset of 'not seeing a problem'. We can't do this much longer, my mom is physically unwell and I'm not mentally stable enough to do this anymore. Neither of us have gotten any sort of decent rest or relaxation in over a month and every one I talked to about the issue just gives me a very black-and-white, no substance answer that hurts more than helps. Our overall problem is that we live in her house and have been told that if we personally take her to a home, the home will take the house and we will have to vacate that day. We can't find another place to live when that happens because with her here, she literally takes up all of our time and energy. Is there anything we can do about this or are we stuck in this waking nightmare until she dies? Any help would be greatly appreciated, to say I'm desperate is a massive understatement. If it helps I live in VA, USA. [link] [comments]  |
| Mortgage missed the closing deadline, any recourse? Posted: 30 Nov 2020 07:15 PM PST Throwaway to avoid accidentally doxxing myself. I have made a non-contingent offer on a condo here in Bay Area in the beginning of the month. A banker in AmeriSave promised to make the closing date happen if I sign with them. Long story short, they dragged their feet, misplaced some paperwork and as of the day before Thanksgiving, my application did not make it into underwriting yet. Since then, they went into complete radio silence, neither my agent nor myself can reach either the processor or the banker on any channel. I understand that I have at least three more business days once the seller issues a notice to perform, and I am certain that I can negotiate an extension, but at this time I don't even know what to expect — whether it is going to take another day, week, month, or whether they even intend to get my loan to closing. Today was the target date for the escrow closing and I can't even get anyone in AmeriSave to answer my calls. Is there anything at all I could do? I don't assume something like that would qualify as a reason for a CFPB complaint, even though I am miffed enough to go through with something like that. Ps If it comes to that, I will pay cash for the condo, but I really really do not want to. [link] [comments]  |
| Student graduating without a job Posted: 30 Nov 2020 04:34 PM PST One of my students (higher ed) has just asked me about obtaining a personal loan without collateral or a co-signer. They aren't close with anyone that would act as a co-signer, and essentially have nothing, as they're about to graduate college. They're not in a position to "move home" either. I suggested talking with a loan officer at their bank to discuss options for people in that situation, but apparently they were met with laughter instead (which I then suggested to call another branch and get someone else on the phone). I also suggested talking with the Financial Aid department and/or Career Services in our institution. What do people do in this situation? Is there anything else I can tell this student to steer them in a helpful direction? [link] [comments]  |
| I plan of saving a decent sum of money through investing - but then what? Posted: 30 Nov 2020 07:12 PM PST I'm one who likes to plan things, however I know life never goes as plan. However, for the sake of my sanity lets entertain it. Say I plan on saving $250,000 over the next 5 years. I'm not a home owner, as I'm not sure I want the responsibility of upkeep of a house. I live in the Midwest, so I could easily get property with the funds. However, like I mentioned above, not sure that's for me. What is another appreciating alternative to continue saving and building on what I will have hopefully established? [link] [comments]  |
| What is an HSA? How do I use it? Explain it to me like I'm 5. Posted: 30 Nov 2020 01:11 PM PST My company offered me an HSA account and I am completely blind on how to use it? I know it's a Health Savings Account and I have my debit card for it but I don't know much about it at all. I don't even know how to properly utilize it if I'm being honest other than put money inside it for the doctor? [link] [comments]  |
| Contractor NOT wanting to get paid Posted: 30 Nov 2020 10:40 AM PST Earlier this summer around June I had hired a landscape contractor to do a job in my backyard for about $3000. I was happy with the results and as soon as he was done I give him my email for him to invoice which he acknowledged. However weeks went by without any invoice or any communications from him. I followed up with him several time by text and phone call bust most of the time he's not answering or replying. I managed to get a hold of him once again in July when he said he was busy this whole time and out of town but I will hear from him soon. Since that time I still have not received an invoice or any other form of payment request from him and all my attempt at communications went unanswered. I know for a fact that he's been in town as I can see him posting progress photos of various other jobs he has been doing within our town. I just want this man to take my dam money, is there anyway I can force him to now, instead of who knows when he decides to remember in the future when I could have forgotten about it? [link] [comments]  |
| Will my rent deposit be returned with a percentage over the years that it's been held? Posted: 30 Nov 2020 07:47 PM PST I've started renting an apartment in 2001 and still rent it to this day. During the move in I had to provide a rent deposit in the amount of 1 rent payment (I think it was $600 at the time) currently the rent is $1250 / month and the deposit is the same. I'm not planning on moving out of the apartment, but if I did would the landlord have to return the deposit with a 2% yearly interest multiplied by 20 years? Or would it just be a flat $1250 that would be returned? Based on what I counted, even if not accounting for the increases in the amount, my initial $600 deposit with 2% interest over 20 years would amount to $840. Also is there any room to account for inflation? Edit: Location - New York City [link] [comments]  |
| Gym gave me a surprise charge. Posted: 30 Nov 2020 03:02 PM PST So I cancelled my gym membership 5 months ago and had settled all charges at time of cancellation. I even have a physical copy of the form showing my debt is zero. Today, a collection agency called me and said I owe $180 for the gym fees. I called the gym, and they told me I can pay $110 and they will take it off, which is still bogus because on my cancellation slip, it shows nothing is owed. Furthermore, I had a credit card and bank account on file, but they never attempted to charge any of those accounts. Even if I pay now (which I probably won't), will a collections show up on my report since they already have the debt? [link] [comments]  |
| How should I go forward with a company that won’t fulfill my order or give me a refund? Posted: 30 Nov 2020 04:30 AM PST This could go in a couple subreddits or with a few different flairs. So, I'll start here and see where it takes me. I made an online purchase 11/16/2020. It was from a smaller business located in the midwest (USA). I've bought from them twice before. The first time, I suppose was fine. It was ~4 years ago? I don't remember it much. I don't remember if there were issues or how long it took to receive my items, etc. The second time was over the summer (June-ish 2020). I hadn't received any updates on the item for four days, contacted them, told me it just hadn't gotten updated, saw the items on my doorstep the fifth day. Third time, purchased November 2020, two weeks ago. Same place, same type of order. I assumed it'd be about the same amount of time to get to me, give or take a few days. I figured with COVID, the Holiday season, and just life in general, that my order would take up to twice as long to get to me. Four days after I placed the order, still no updates. No email correspondence, no shipping updates, nothing. Except the charge was posted from my credit card and the money was officially gone. I checked their FAQ/Help page to find the status of my order. The automated bot said orders are made and shipped within 48 hours, but that delays do happen. And if so, reach out to them and find a resolution. Again, with everything going on I figured it probably would be more than 48 hours, but at four days still no updates. I sent them a message, which was replied to in the middle of the night (which is ~8am ish for them). They said they apologized for the delay, as things have been hectic. I said sure, whatever. That's fine. Conversation marked as "closed". Two days later, no updates, reached back out to them. "Sorry for the delay, we are experiencing some delay from our supplier. You will get an update from us within 48 hours" Sure, fine. Conversation marked as "closed". Two more days later, no updates, emailed them again. This time asking for a cancellation. While I'd love to do business with them and receive my items, I just can't afford to be our $100 right now. What was a little indulgence for me, ended up becoming a burden. I figured I might as well put the $100 to a good use instead of myself. "Unfortunately we can't cancel your order, as it has already been moved to production. However, you can mark it as "refused" when you receive it. Once we get the returned item, we will issue you a full refund" Conversation marked as "closed". [Store policy says they can cancel an order and issue a FULL REFUND if the items have NOT been shipped] I figured, fine. If it's in production, maybe I'll see an update soon. Two days later, no updates, sent them a new email asking for status update. "Sorry for the delay. Your items are currently waiting in production. We have seen an increase in orders recently and were waiting on items from the supplier. We will get your order made and shipped as soon as possible!" Conversation marked as "closed". You get the idea. This went on for two weeks. My items still have NOT been made, have not been shipped, and I have not received any updates. I keep asking for help and status updates and each time they say "We're going to make your order next! We are waiting on supplies and to ship the product!" I've asked for a cancellation and refund for a little over a week now and each time they say they can't cancel because it is "in production" even thought it HASN'T been shipped yet. And that I can "refuse" once it arrives and I will get a refund once they get the product back again. I spoke with my credit company about my options, they said I could initiate a dispute. I started one, but as I am going past each day, I feel as if I may have put myself in a legal issue and might end up owing even more money rather than getting my money back. I looked at going through the BBB, but see that it won't do anything except "mediate" as a third-party interest. My items have not been shipped, they have not been made, the company REFUSES to cancel my order and give me a refund, and they refuse to offer me any salable information that can help the issue. Again, I'd love for the items to just arrive so the whole thing can be dropped and I can just go on my way never contacting the company again and leaving my disappointment reviews. But at this point I'm afraid I won't get my products, I will be out $100, and I just get to live my life reflecting on the poor financial decision(s) I have made. Should I just keep waiting it out? Should I continue working with my credit company? Should I just drop the issue all together, accept my $100 loss, and move along hoping I don't make as many stupid financial decisions? I feel like I'm in a mental rut, and the financial bombs just aren't helping. But honestly, at this point I feel like I deserve it for shopping with this company, that isn't a major/highly credible company, again. [link] [comments]  |
| Excess Money in Savings (20 y/o) Posted: 30 Nov 2020 06:00 PM PST Recently just turned 20 with about 40k in savings with no debt to my name. I'm currently self-employed doing ecommerce. I live below my means and try to be minimalistic as possible. For rent (living with parents), cellphone, and car insurance, I only pay $300 a month total. I'm not too sure what I should be doing with the money sitting in my savings. I do plan to move out by the end of next year to get an apartment or live with my partner. The only investment thing I have done is maxing out my Roth. What else can I be doing to grow my money? [link] [comments]  |
| 26 recent graduate. Deciding to buy a house Posted: 30 Nov 2020 03:26 PM PST Hello there. I'm 26 year old recent graduate deciding to buy a house because I'm tired of living with roommates and paying rent. I'm currently living with a roommate and paying $800 a month for a rent. My commute to work is about 1 hour from my house and I'm just tired of spending 2-2.5 hours a day driving to and from work. With mortgage rates being so low now I thinking of buying an apartment somewhat close to my job with about 20-30 minutes of driving for about $150K in suburbs of Chicago. Good credit score and have no debts, no student loans, car is paid off, and already have 6 months worth of funds as an emergency. I can make a 20% deposit so I'll be looking at $1200 - 1400 of monthly payments. Do you guys think its a good idea, or should I just rent 1br apartment for $1K - 1.2K. and invest remaining in stocks for few more years. [link] [comments]  |
| Posted: 30 Nov 2020 05:54 PM PST I'm exactly four years into an FHA loan on what I expect to be my family's permanent residence. The original loan amount was $162,000 and we now owe $146,500 on a 30-year mortgage with 3.375% interest. Over the past eight months, I've been rounding the $1,160 monthly payment to $1,400. The home was just appraised by the county for $175,500. My credit score is 785. Right now, we pay about $715 in principal and interest, $125 for hazard insurance, $105 for mortgage insurance and $215 in county taxes each month. (Plus a "bonus" $240 toward principal.) I'm considering refinancing with a 15-year fixed rate. I have enough cash to pay down the principal to 80% of the home's value. Assume that I will continue "overpaying" each month by $240 on my 30-year mortgage until it is paid off. Also assume that I could pay $1,400 (or even $1,500) monthly on a 15-year mortgage. Does refinancing make sense for me? [link] [comments]  |
| Am I liable if my doctor is fraudulently billing my insurance? Posted: 30 Nov 2020 04:45 PM PST I was told that I was to pay a "copay" (which I understand as meaning "fee with an in-network provider"). It was higher than expected, but I assumed it was just because of weird billing with psychologists. Or maybe they were out of network, but it was a rate negotiated with my insurance or something. I more closely read one of the letters my insurer sends with what services I've used, and from what I understand, not only am I actually being billed to a different doctor (not simply a practice named after the doctor), the doctor I'm being billed to is in-network. My insurance thinks I'm paying my copay only, when I'm paying twice as much. I think technically, I might be coming out ahead (Or am I actually owed a few hundred?). I'm not sure if the doctor I actually see is out of network, but I assume so. But I'm very uncomfortable about being lied to about the cost of services and being made part of fraud. Beyond not seeing the doctor, is there anything else I should do to cover my ass? [link] [comments]  |
| Posted: 30 Nov 2020 08:22 PM PST Hi all, I live in NYC and my income is about 200k a year. I'm single and no dependents. I was issued w2g for a 30k gambling win, but I also have 29.5k gambling losses I was able to deduct. Does this mean I can't take the standard deduction and I essentially just paid an extra 12k*(my marginal tax rate) in tax? I don't think I normally itemize deductions but if that sounds stupid and I'm wrong please let me know. I'm a little confused here. Thanks! [link] [comments]  |
| What constitutes 15% with employer match in ITA Posted: 30 Nov 2020 06:42 PM PST So my company matches the first 6% as we are working to get through debt I always here everyone say 15 percent is the magic number for retirement can I put my 9 percent in and they will match the first 6 would that be technically 15%. I'm only throwing 6 percent in at the moment but would like to up that next year now that myself and my wife have full time jobs now. [link] [comments]  |
| I want to close my credit card but I am confused if I should. Posted: 30 Nov 2020 05:27 PM PST So basically a few years ago I got a credit card associated with a store brand. I didn't qualify but the employee pressured me into lying ugh...It was such a stupid mistake. Anyways, I always kept my credit score above 700 and paid on time. But I haven't been using it lately because of the pandemic and also I am trying to save money. I checked my credit score now and it says it is 650 ):. I literally have $0 balance and have not bought anything so I am unsure why it went down. The graph shows its been consistent since October to November. Regardless, I just don't feel right having this card, especially since I don't have a regular income, and I want to close it so I don't use it for unneccessary spending later on. My question is will it hurt my credit score? I plan to get like a credit card for college students or one when I start working later, so I am hoping that if I close my current card, my credit score will remain unaffected, and then I can start improving it later. Is that possible? [link] [comments]  |
| MIL has extreme memory issues. What options exist for medical retirement? Posted: 30 Nov 2020 11:47 AM PST My MIL is 61 and works in a high level administrative position with a law firm. She has been working various jobs in that field for roughly 35 years. Over the last 2 or 3 years, she has developed extreme issues with memory. For instance, when visiting she will ask the same question 5x an hour. She has told us that after working on a given case, the moment she sends it off she basically can't recall what she has just done or any of the details. While she is managing now by working extra hours, she wants to retire before she makes a major mistake or causes problems that other employees must clean up. It is placing her under a large amount of stress. Currently, they will only go to homeopathic doctors, but that's another story. She has a mortgage with a 269k balance, but no other debt. The house is worth roughly 500k. She has roughly 80k in savings and retirement, as she is very generous and has bailed her siblings out of trouble several times to the tune of six figures. Her husband works at a minimum wage grocery store job. They estimate they need about 4.5k a month in retirement. My question is what options does she have for early retirement, given that she seems to have a medical condition preventing her from effectively working? Obviously 80k wont go very far, but are there other programs or options I can be looking in to? What is the process for medical retirement if such a thing exists? I would love and appreciate advice from anyone who has experienced a similar situation. I am happy to provide any other information or clarify if more information is required. [link] [comments]  |
| Should I sell stocks to pay off debt? Posted: 30 Nov 2020 07:58 PM PST I have let my debt get away from me a bit over the past few months, but I have also been investing heavily into the market and have a lot of unrealized gains. I would like to leave my money in the market and let it continue to grow, while slowly paying off debt and throwing any extra money I have at the debt also. but I would just like some advice based on the information I will provide: My Current Debt is as follows: $5,618. CC at 11.65% $5,893. CC at 15.99% $14,286 in Robinhood Margin at 5% Total Debt = $25,797 I have a little over 70K invested between individual stocks, Roth IRA, 401K and HSA. This is everything I have saved and invested over the last 15 months (+gains). I won't be pulling from my IRA, 401K or HSA which leaves roughly 48K in individual stocks which I could sell. however anything I sell will be taxed as short term capital gains since just about everything in this account has been purchased starting in Feb 2020. I know the Margin has the lowest interest rate and it's the largest number so by the snowball and avalanche methods it should be tackled last. However I hate how dangerous margin is so I typically put my extra money towards that (plus if I sell stocks it will be paid off first automatically anyways). I would really like your advice. Should I sell 26K worth of stock and tackle the debt and then buy back in slowly over time. should I leave the stock, and pay off the debt over time. and if so in which order should I tackle this debt. If I sell stock I will also have to pay a shot term cap gains tax next year. I estimate a rate of 20% based on my income bracket. Also my individual stock account is up 116% this year. which is why I have been more focused on investing than paying down debt. Please help me! and let me know if there is additional info you would like to know. (also what do you think about opening a 0% APR CC and consolidating my CC debt onto that and paying it off over the year at 0% APR? ) Edit: forgot to mention I (will) have 6K in cash available as well at the end of the week. I am not sure If I want to put that towards Robinhood margin (to increase that buffer so the stocks don't get sold off if the market crashes. or if I want to lump some pay off one of the CCs (I have an emergency fund on top of this cash as well) [link] [comments]  |
| Do you have to report CDs that you have for taxes? Posted: 30 Nov 2020 06:02 PM PST I have 3 CDs (3mo, 6mo and 9 mo). the 3mo matured a month ago that i renewed to 3month CD, and will renew the other 2 CDs. do i have to report the first CD for my taxes? [link] [comments]  |
| Posted: 30 Nov 2020 07:29 PM PST I'm 22 years old and have no real knowledge when it comes to money. My situation right now is: I'm on medical leave at the moment because I just had a major surgery (it was paid by insurance aside from my deductible and copayment). I asked them to split the fee into two payments of $966 since my credit was considered too new to qualify for CareCredit (I've had credit for less than two years). More fees could possibly show up in the future. I've paid half my medical bill already, putting my main credit card balance into the negatives. I have to pay the other half of the bill within 40 days or risk it going into collection. I don't know if i should use my other credit card on paying this medical bill or my other bills first so I don't lose anything or WHAT. Since I'm on medical leave, I'm not guaranteed any money from my job for 30 days minimum. I'm trying to get approved through Sedgwick, the company that will pay me for being medically unable to work, but they are arguing and saying that the dates my surgeon wrote on my paperwork is inaccurate and doesn't "prove" that I had the surgery.....so who knows when or if I'll ever get a paycheck. I can't even drive because of the surgery. I'm stressing out because Christmas is coming and I'm expected to buy gifts for 4 other people regardless if I have the money. I still have rent to pay, car insurance and my car payment. I've never been behind on any payments before so I don't know what to expect or what to do, especially while being physically handicapped. My credit is already in the fair range and I'd really like to not screw it up any more. If anyone has been in a similar situation or has any advice on what the good path is to get out of this, please help me! Is it a good idea to apply for a third credit card, or take out a loan??? Any advice helps. [link] [comments]  |
| WFH budget not used up yet, need to spend ~$300 Posted: 30 Nov 2020 07:13 PM PST Hey all, Need to spend some money my employer has given me towards a WFH setup. Don't need anything in particular as I already have everything I need. Any creative ways to use these funds? [link] [comments]  |
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