Personal Finance Weekend Discussion and Victory Thread for the week of November 27, 2020 |
- Weekend Discussion and Victory Thread for the week of November 27, 2020
- My Dad has terminal cancer, at 23, I will become the main earner of my house supporting my mum and my sister, keeping the house running & supporting my family. (UK)
- My partner has inherited $20k and doesn't know what to do with it.
- IRS says I owe $5,000 from 2018
- Landlord did not get rent, did not tell us until a year and a half later.
- I am $50,000 in debt and I don't know what to do.
- Question about accepting a job offer after just starting a new job.
- Getting married. What are some gotchas to look out for?
- What is your favorite sheets template to keep track of your monthly shared expenses on spread sheet?
- Only 7 months into 30-year housing loan. From 3.25% to 2.625%. Is it too soon to refinance?
- What percentage of my savings should go towards retirements if I'm in my late 20s and I want to buy a house in 5 years?
- Inheriting stocks bought for me when I was a minor
- HSA: How/where to invest?
- Is it worth it to open at 529 account for grad school (MBA) that is happening in 2 years?
- 2 debit cards hacked in same day???
- Does paying off a car make sense at 0 percent interest?
- Kindly Help ME Understand One Aspect of My Brokerage Account Statement
- Hospital sent bill to collections that insurance already covered
- Getting all these letters about denied credit card applications in my name... but I haven’t applied for any credit cards...
- I have enough in my savings to completely pay off my student loans, should I pay it off or keep saving?
- Company Switching to Safe Harbor 401k with new matching I don't understand
- Mom passed away, Dad needs help with Moms Credit Card Debt.
- Car Loan Arrears
- Multiple checking and savings accounts at multiple banks
- New 401(k) match..
| Weekend Discussion and Victory Thread for the week of November 27, 2020 Posted: 27 Nov 2020 01:00 PM 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]  | ||||||||||||
| Posted: 27 Nov 2020 02:33 AM PST Hi, over the entirety of my life my dad has been the main earner of the house, supporting me through university, had bills sorted and everything. Today, it has come to my attention that sadly he doesn't have much long left, and i have concerns around how things are going to progress once he is gone. As things go i aim to have a conversation about finance and "the future" but as you can imagine its a hard conversation to initiate. I am aware he has a "death in service" scheme through his employment, and life insurance through his mortgage and house insurance, which potentially means the mortgage is going to get paid when he passes. But in terms of Bills, ensuring my mum is able to keep the house going. Do you guys have any resources or information about preparing for these changes, managing personal finance, and ensuring things go as smoothly as possible. I am currently living with my mum, dad and sister, but hopefully plan to get my own place eventually. Currently in a stable Job with a modest salary for my age. But lots of uncertainty is ahead of me and i'd love as much advice as i can get. Thanks Edit: Thank you for all the helpful responses. I will send a follow-up if necessary later down the line, but for now i will take on board all of your advise and keep this thread as a reference. This is the first time ive used reddit for something like this and its been very nice being able to see different viewpoints and support. I cant possibly respond to all of these comments but please know i am entirely grateful. Mum has a part time job, and my sister has been furloughed, Planning on providing as much support as necessary until we've got everything sorted. Apologies in not being able to get back to more people, He's gone back into hospital today with further kidney complications that cant wait until his appointment early next week.. i feel that im going to have to buckle up as shits going to get tough. Thanks again for all of the support. [link] [comments]  | ||||||||||||
| My partner has inherited $20k and doesn't know what to do with it. Posted: 27 Nov 2020 01:01 PM PST So, she inherited a house and it sold and she got a $20k check she hasn't cashed yet. The year is almost over and I suggested cashing it and splitting it between her emergency savings and an IRA. If that is what she does, is that wise? And would the remainder be taxed if it's in an IRA? It's just a lot of money that she has to cash soon and we want to put it to good long use. [link] [comments]  | ||||||||||||
| IRS says I owe $5,000 from 2018 Posted: 27 Nov 2020 06:39 PM PST I'm 23 years old and have recently begun my professional career. In 2018, I worked for a shifty company that committed tax fraud by paying their W2 employees as 1099-MISC employees. I was naive when I got the job and didn't know what to do. Anyway, I did all the right things and calculated and paid my quarterly estimated payments. Tax season came around and, shocker, I ended up still owing. I paid what I was told. Fast forward to now, I've not had any tax issues until now. They are saying I didn't pay SE tax, and a few others. But my quarterly estimated payments, paid to Federal and State, are supposed to cover that. And it shows $0. Is it possible that the system I used to file with (Credit Karma Tax) didn't allocate the funds correctly on my tax forms, showing a $0 where it should've been distributed? The other issue is, the company I left in 2017 I guess I had a 401k enrolled. I don't even think I knew what was happening, I don't remember enrolling. Anyway the IRS is saying I owe money on the "retirement payout" I received in 2018 from this 401k. I'm waiting to confirm with my bank, but I'm 90% sure I never received that check nor did I know about it. I also never received a 1099-R for the funds. The last piece of the puzzle, I noticed my transcript from the IRS website shows I had a $2,921 refund that year. I didn't get that, I got $189 back (which $173 was used to pay what I owed), I have bank statements confirming this. What are my options? I have all my estimated payment receipts saved, as well as my 1099 and tax documents. [link] [comments]  | ||||||||||||
| Landlord did not get rent, did not tell us until a year and a half later. Posted: 27 Nov 2020 07:09 AM PST I paid my landlord the rent in April of 2019. I pay using Chases quickpay. The funds were debited from my account. Fast forward to 18 months later when I'm moving out. My landlord says she did not get the payment from April 2019 and showed me on her bank statement that she did not receive it. So she took it from my security deposit. I know that if she did not get the money, then I have to go get it from the bank. However, my question is, if the bank says that was so long ago, we can't track it down any more, doesn't my landlord bear some fault here? For not notifying me until a year and a half later? And if so, can I sue her for being negligent? Edit: First of all, thanks to everyone that offered advice, it is appreciated! Second, I contacted Chase and they did verify the money left my account but they also said they don't see the money entering my landlord's account, so then where did the money go? They have opened up a case for me and a claim so I will have to wait to see what happens. But if I can't get the money back from Chase then I think I'll pursue this matter thru small claims court. My contention will be she waited too long to say something. [link] [comments]  | ||||||||||||
| I am $50,000 in debt and I don't know what to do. Posted: 27 Nov 2020 06:54 PM PST Hello guys, I am once again asking for your help. Like the tittle says, I have $50,000 in debt and I don't know how to work this out. Please help me budget. I have the following debts:
My expenses are as follows:
My income:
I really don't know how to budget any of this. Please give me some idea of how to work this out. Any help is appreciated. Thank you. Edit: I also have $500 in Robinhood. I know I should cash out, since it is petty cash. [link] [comments]  | ||||||||||||
| Question about accepting a job offer after just starting a new job. Posted: 27 Nov 2020 07:39 PM PST I'll start by saying sorry if this doesn't belong here. I wasn't sure where else to post. Like many people during this time I've been looking for work for quite awhile. I just got offered a new job and have been training for about 2 weeks. I'm supposed to go on my own shortly for my assigned shift. Yesterday I got offered another position for a different company making about 10k more a year. My question is what is the proper way to accept the new position without burning any bridges? I was very excited for the first job offer but really want to take the one for more money. Is it ok to accept the 2nd job offer after just starting a new job? Thank you for any advice. [link] [comments]  | ||||||||||||
| Getting married. What are some gotchas to look out for? Posted: 27 Nov 2020 01:15 PM PST We've been planning to get married next year, but starting to consider just doing it at the courthouse this year. We've been together 9 years and are just ready to do it. My question is, what are any financial gotchas we might need to consider? I got a raise in March and then again in may, and currently make 100k. Fiancé works a little, but less than $1,000/mo. We both have substantial student loans, and I'm on an IDR while he hasn't started repayment yet due to still being in school. We have significant credit card debt (20k) we're working hard to pay off. I understand that either a tax credit, or just a higher standard deduction will be beneficial, and there's a high chance I'll get a semi-substantial refund instead of breaking even like usual since I will have had far more taxes withheld than necessary. From a student loan perspective, it's my understanding that our total debt - his and mine - count as total debt owed, and total combined income factors into IDR. So that said, I would imagine it would help drive my payment down because income won't go up, but total debt will. Am I wrong here? He's currently 25, I'm 28. He's still on his dads health plan and we planned to put him on mine once he turns 26 (a week before the planned wedding next year) but we'll do that of course when we do get married. What else should we consider and prepare to have costs go up besides healthcare and maybe student loan payments on the IDR? [link] [comments]  | ||||||||||||
| What is your favorite sheets template to keep track of your monthly shared expenses on spread sheet? Posted: 27 Nov 2020 10:49 AM PST I recently bought a house and share it with a partner. There are several expenses each month and I am trying to figure out the best way to keep track of who spends what. I'd love to be able to do a summary and find out: "In 2020 X amount was spent on lawncare, etc." I am an utter noob when it comes to google sheets and my sheets are abominations. Any advice on how to keep track would be appreciated. [link] [comments]  | ||||||||||||
| Only 7 months into 30-year housing loan. From 3.25% to 2.625%. Is it too soon to refinance? Posted: 27 Nov 2020 04:58 PM PST I purchased my very first home approximately seven months ago at an interest rate of 3.25%. At the time, it was considered a really good rate in my area (Illinois, Will County). Now, everyone's talking about how the rates are hitting "record lows" and the six-month period of when we can refinance is up and now I'm starting to consider refinancing. Right now we have an offer for 2.625% at the usual 30-year fixed rate. I did a little research and saw that if someone was to refinance, that the new rate should be about .5 to 1% lower. Is it as simple as that? We are barely half a year into our current 30-year loan, so I'm assuming the sooner we take advantage, the better the saving in the long run? I'm still relatively new to all this, so an "explain like I'm five" version is nice, but not necessary. Thanks! [link] [comments]  | ||||||||||||
| Posted: 27 Nov 2020 11:29 AM PST I recently noticed that a large percentage of my savings (60%+) were going towards tax sheltering accounts (401k, Ira Roth, HSA, etc.) and will be locked away for years or decades. I'm in my late 20s, still renting an apartment, and I wish to purchase a property within the next 5 years which will require 200k down payment. Should I be putting more money in a traditional investment account instead to have more readily available funds? For reference, my spending and saving breakdown roughly looks like this:
[link] [comments]  | ||||||||||||
| Inheriting stocks bought for me when I was a minor Posted: 27 Nov 2020 05:44 PM PST 31/m/US-Georgia. My aunt passed a little over a year ago, and in sorting through her safety deposit box and desk drawers, found stocks she bought me when I was a minor. They're still current, because she receives small dividend checks from them. They have mine and her name, and next to mine, there's something called "Transfer to Minors Act" . How do I get these under my full control so I can start them making some money for me? [link] [comments]  | ||||||||||||
| Posted: 27 Nov 2020 07:56 PM PST I have an HSA account with First American Bank and they told me I can only start investing when I have $1,000 in the account. How do I know the options they have to what stocks could I buy within the HSA account? Sorry, I'm 22 and new to all of this! Thanks. [link] [comments]  | ||||||||||||
| Is it worth it to open at 529 account for grad school (MBA) that is happening in 2 years? Posted: 27 Nov 2020 05:29 PM PST Planning to enroll in MBA in 2022. Ofc MBA is expensive and I want to be smart with my money. I often hear the advice of opening a 529 plan for tax advantages. But is it worth it to keep an account for such a short time horizon? I currently have 30k in HYSA and 16k in a taxable brokerage account. For the next 2 years I estimate that I will be able to save 35k more. My questions:
The cons of a 529 plan for me are the administrative stuff that comes with opening the account. In addition, if I end up not going to grad school, I know I can keep the account for my children, but that would be years away and the prospect of keeping my money locked up for a future possibility makes me uncomfortable. If the benefits can't outweigh the above cons then I plan to put money in my taxable account - is that a terrible idea in itself? [link] [comments]  | ||||||||||||
| 2 debit cards hacked in same day??? Posted: 27 Nov 2020 07:03 PM PST I have two bank accounts, two separate banks. This morning I get a call from the fraud department from the first bank. I told them I didn't make the charge and then the card is canceled. Not an hour later, I received a call from my second banks fraud department, with the exact same issue. My account showed someone attempting to make a purchase that was thankfully denied. On one of the accounts, my husband and I both have cards. On the other, there's only one card. His card wasn't compromised. How does this happen? I mean I know how hacking occurs, but two different bank cards hacked from out of state? [link] [comments]  | ||||||||||||
| Does paying off a car make sense at 0 percent interest? Posted: 27 Nov 2020 02:54 PM PST Does it make sense to pay a car loan off early if the interest rate is only 0 percent? I hear people saying it is important to pay them off early, but then I hear others say it would be better to invest the extra money since it would have a higher return. [link] [comments]  | ||||||||||||
| Kindly Help ME Understand One Aspect of My Brokerage Account Statement Posted: 27 Nov 2020 04:14 PM PST According to the terms of the trust I am an outsider looking in albeit still a very fortunate one. The trust has beneficiaries not of my choosing if that is relevant. I have zero say in how the funds are invested. The trust pays an asset management firm AllianceBernstein a percentage as well a Trusts and Estate Attorney. The trust is rock solid. I am unable to change anything. I am entitled to quarterly income distribution. Trust was funded January 30th of this year. I was able to delay any quarterly distributions until the end of this year, 2020. I am trying to get a best estimate on what kind of payout I will be getting ballpark figure for 2020 between the months of January 31st and December 31st. Trust currently sits at approx. 1m and started out at about 960k pre pandemic. During the pandemic the funds dropped to the mid to low 800k range if that is relevant also. I am aware of how volatile the market has been this year. I see two figures, one from the monthly statement on the first page regarding annual income and another figure when I look a few pages in on the brokerage statement also pertaining to annual income. The first pic is the info I believe to be pertinent regarding income distribution year to date for the statement ending Oct 2020. The second pic is Portfolio Summary and at the bottom of Portfolio Summary the third pic shows Estimated Annual Income of close to 20k. Why is the first figure in picture one much less than in the snap from Estimated Annual Income in picture 3? Thoughts and explanation appreciated. [link] [comments]  | ||||||||||||
| Hospital sent bill to collections that insurance already covered Posted: 27 Nov 2020 12:04 PM PST A medical provider I got care with months ago sent me two bills that were hundreds of dollars in excess of what I was supposed to owe. My insurance covers visits with a specialist with only a $50 copay, however the provider tried to bill for the full cost of service, ignoring insurance. I sent them my explanation of benefits at their request back in July while disputing the bill, but they stopped responding to my emails before the issue was resolved. After not hearing from them in months, I now have received a letter in the mail stating they sent the bills to a collections agency. I know for a fact my insurance covered these services. Do I just have to dispute the bill with the collections agency now? I'm not sure how this works. [link] [comments]  | ||||||||||||
| Posted: 27 Nov 2020 05:48 PM PST Actually this situation isn't happening to me, but it's happening to an elderly relative. She's a little old lady who sits on the couch, and doesn't leave the house because of COVID. Yet she's getting letters from Nordstrom, Jared jewelers, Macy's, etc about denied credit card applications. I'm 100% sure it's not her and she's somehow gotten her info stolen and scammer is trying to go on a shopping spree. I say "trying" because none of these applications have been approved. Some of them reference an address she hasn't lived at for 2 years. Whoever is applying is still using her contact info from a few years back, and keeps misspelling her name. And these companies are following up with calls and emails like "Is this you??" And it definitely isn't. The most recent letter was dated 2 weeks ago and lists her credit score in the 300s, but she has documentation that her credit score was in the lower 800s earlier this year. What is going on? And what can I do about it? How do I get this scammer to stop? Whom should I contact to get this situation sorted out? [link] [comments]  | ||||||||||||
| Posted: 27 Nov 2020 08:50 AM PST Hi all I'm 27F, I have about 21k in student loans and about 26k in my savings account. I don't necessarily have job security right now as I'm a temp but I make about 42k a year and usually save about 40% of my income. I'm considering getting another side job to boost my income by a couple hundred dollars a month. I still feel like I'm a little bit behind compared to my peers and want to make sure that I'm making good financial decisions. [link] [comments]  | ||||||||||||
| Company Switching to Safe Harbor 401k with new matching I don't understand Posted: 27 Nov 2020 05:29 PM PST Hi - apologies in advance if this seems simple. For some reason the terminology has me confused as to what this all means. We are switching to a Safe Harbor 401k in 2021. Below if the provided verbiage regarding company contributions. I am not understanding it completely. Why is this split into two percentages for their contribution? Are they saying they will contribute 3% no matter what, but the other 2% is conditional based on me contributing? What's the min % I should be contributing in order to max out my benefits from them? Thanks in advance!
Example: Your Compensation for the Contribution Period is $10,000 and you contribute 6% ($600) of it to the Plan as Deferral Contributions. You will receive Safe Harbor Matching Contributions of $400 calculated as follows:
Total $ 400 [link] [comments]  | ||||||||||||
| Mom passed away, Dad needs help with Moms Credit Card Debt. Posted: 27 Nov 2020 02:28 PM PST Hi all, my mom passed away 2 weeks ago and my mom was the one that handled all the bills and payments for the house. She also had a few credit cards with a total of several thousand dollars worth of debt, they were married but the cards were in her name and he had a few in his name too for which he doesn't have balances. He's now left with just one paycheck now a week now that my mom passed. He said he's just gonna pay the minimum payment amounts per card which I told him is a bad idea cause the interest is more likely more every month than the payment. So what I was wondering was is there a easier way or method to get my dad to pay down my moms credit debt easier? Mind you again it's now a one income house hold. Thank you. [link] [comments]  | ||||||||||||
| Posted: 27 Nov 2020 04:35 PM PST Hey all, I have a question hopefully someone can assist me with. I have a car loan with St George, I've had this loan for over 2 years now and have never missed a payment. 2 months ago I started paying extra on top of my already weekly direct debit. This morning I've check my loan statement online to find that my extra payments haven't been taken off the loan total but have been added to a balance called arrears. What does this mean and am I wasting my time putting extra money on this loan if it's not taking it off my total? Thank you! [link] [comments]  | ||||||||||||
| Multiple checking and savings accounts at multiple banks Posted: 27 Nov 2020 04:31 PM PST Hey! So this is just a general question for those of you that have multiple checking and or savings accounts at multiple different banking locations. I am greatly interested in:
Recently I've been looking into multiple different banks for multiple different reasons, so I want to see how other people move their money around and utilize the various banks at their disposal. Thanks! [link] [comments]  | ||||||||||||
| Posted: 27 Nov 2020 08:16 PM PST Maybe I'm just super cynical but my work just made a change to our 401k matching rules. I'm skeptical because the benefit sounds too good to be true.. or just kinda odd. Previously, they offered a 1 for 1 % match up to 8%. Now, the rules go like this: match 2 for 1 contributions up to 4%. So if you contribute 4%, company will match you at 8%. But, if you contribute anything above 4%, they will remain contributing 8%. Total contributions: @2% = 6% @3% = 9% @4% = 12% @5% = 13% What's the catch and what actions, if any (currently contributing 10% to the 401k), given this benefits structure? [link] [comments]  |
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