Personal Finance I'm really confused about my auto loan payment regarding principal and interest. |
- I'm really confused about my auto loan payment regarding principal and interest.
- Downgrading from car that's out of my financial league.
- Working remote from Chicago for a company in California.
- $30,000 in Credit Card debt and I need advice
- My bank will stop providing check images. Is this bad? Or am I just old?
- Take a couple of minutes and check your state’s unclaimed funds for any money that may belong to you waiting to be claimed
- Ally unexpectedly dropped their instant Zelle limit to $500/day. Again. Is your bank behaving similarly?
- Shopping for first home loan
- Build, buy, or rent?
- Company stopped matching 401k -
- Savings Account Hacked?
- Amusing/ironic Chase experience
- Would I have to file any taxes if my losses were more than my gains
- Mega Back door roth questions
- Just expressing appreciation
- My mom is in debt and I am afraid her solution will be my doom. I need advice.
- Should I file for taxes (F-1 Visa student)
- having trouble raising credit score
- Cash out or rollover company equity?
- Excess Contributions to Traditional IRA (Vanguard) for 2020
- Backdoor Roth - Do you have to purchase funds before converting?
- Can I opt out of tax withholding?
- Advice on selling a car
| I'm really confused about my auto loan payment regarding principal and interest. Posted: 02 Dec 2020 06:25 PM PST I bought a pre owned car a couple months ago. Loan is $22,349. 12.6% interest. Before I made the first payment I asked an agent from the bank a few questions. Me: "If I make a payment that is more than my regular payment will the extra amount go towards principal." Agent: "Yes its a fixed interest rate. Any extra or additional payments will go to the principal." Me: "Ok so if my payment is $444 and I pay $500 then $56 goes to principal?" Agent: "That is correct." Pretty straightforward. Regular payment is $444.65. I made a $500 payment on October 15th. $272.81 went to principal and $227.19 went to interest. I made another $500 payment last week. $148.39 went to principal and $351.61 went to interest. Loan is down to $22,051.80 I emailed the bank asking to them to explain this to me since I was confused. This was there response. "To make a principle only payment you will need to add the amount that you wish to go to the principle to your monthly payment. If the payment is sent separately for principle only and is not received on the same day that the payment is made, interest will be taken from the payment and the remaining would then go to the principle. When the principle only is added to the payment all the funds intended for principle are then processed to the loan balance. The loan is a simple interest loan, which means that the interest is accrued on a daily basis. If you have further questions please call into the contact center at...." Look, I'm not very smart. I'm not saying the bank is being deceptive but I'm very confused about their explanation. I know I'm simply not understanding something. So I welcome any ELI5 comments. Thank you. [link] [comments]  |
| Downgrading from car that's out of my financial league. Posted: 02 Dec 2020 12:29 PM PST Hello, I'm considering making a change in my vehicle situation and am wondering if my plan is advisable. I currently make 38k per year before taxes. My expenses aren't vast, food, car insurance, car note, phone, gas, occasional rent payment to parents. Currently I drive and pay for a 2014 dodge charger 5.7l awd hemi. From dealer and through a refinance I will end up paying a total of around 24k for this car. My current remaining principlal balance is 14,000 with 288$ payments and a 5% apr (about 6 months into a fresh 5 year refinance) plus 200 a month in insurance. I am considering doing a trade in on this vehicle and getting a vehicle worth no more than 10,000 and no larger than a v6. My current financial goals are to maximize my available per month funds in order to rent a place of my own. And to drive a reliable, somewhat nice looking, economically viable vehicle that is more practical to my wealth level. I understand that the trade-in on my vehicle probably won't be worth much more or any more than my current owed amount. I bought this vehicle at a time in my life that I believed I was going to be making a relatively significant amount more than I am now. Yeah I know, chickens, counting, hatching.. lesson learned! Any advice or resources on making the best of this situation would be greatly appreciated, as I currently feel financially trapped. Thank you. [link] [comments]  |
| Working remote from Chicago for a company in California. Posted: 02 Dec 2020 06:09 PM PST Hi, I was working for a company in CA while living in CA. I am now moving to Illinois but will be working for the same company completely remote. This is not temporary. I will be living in illinois for the forseeable future. Should I still have a CA tax withholding? I emailed our my HR Dept and they say that because I report to a California office I will still have that withholding. Is that accurate? We do not currently have an Illinois location. Also would I still also need to pay illinois income tax? [link] [comments]  |
| $30,000 in Credit Card debt and I need advice Posted: 02 Dec 2020 06:43 PM PST I have, unfortunately, racked up about $30,000 in credit card debt over the past few years. I am feeling so hopeless and defeated and need any and all the advice I can get. I have been making payments monthly and try to pay more than the minimum payment whenever possible. I currently have two cards that are almost maxed out; both with APRs of about 20% - so even when i do make payments higher than the minimum I feel like I'm barely even making a dent. I've stopped using the cards and have truly re-evaluated my spending and budgeting. I do not qualify to balance transfers and can not get approved by any credit cards to even consider that. I wanted to get some advice on personal loans and which ones people think are the best option. I am looking to pay off this debt as soon as possible and to have the least amount of interest accrue as possible, as well. Please please please someone, anyone, tell me what I should do. [link] [comments]  |
| My bank will stop providing check images. Is this bad? Or am I just old? Posted: 02 Dec 2020 04:03 PM PST I was surprised to learn that my bank will not include check images in monthly statements. Moving forward, I'll be able to receive images of only two checks per month upon request. This just seems stupid. I've always liked having copies of the checks so that I can review payments and amounts and so I can have them in the event of an IRS audit. Or maybe I'm just getting old? I'd love to hear what you think. EDIT: Images will not be available online or via mailed statements. [link] [comments]  |
| Posted: 02 Dec 2020 02:01 PM PST Following the death of my wife last year, the estate attorney who helped settle things suggested I check for any unclaimed funds held by the state in her name. I didn't follow through on it then. I was furloughed a few months ago, which has been pretty fantastic if I'm being totally honest, but it got me to take stock of my finances. I remembered the unclaimed funds thing, and it turned out that, of the four states I've lived in over the past 20 years, I had a little over $160 worth of unclaimed funds between two of them. They looked to be returned deposits and refunds from overpayments that didn't get forwarded to my next address. It's not a ton of money, but that's more than a week's worth of groceries for us. It only takes a few minutes to look yourself up and you could find some money out there in your name. [link] [comments]  |
| Posted: 02 Dec 2020 05:21 PM PST So yesterday rolled around, and I went to pay my landlord rent via Zelle instant payment with my Ally checking account. Just like I did for the last several months. My rent is $840/mo for reference. I got an error something to the effect of "you have exceeded the daily limit". I checked and sure enough, the limits say $500 for an instant transfer, per day. Except I know this wasn't always the case, I've been paying the same rent. So I google it and find this post from 1 year ago by /u/sallythetimid. I called Ally and the Customer Service rep (Judy I believe, nice lady) said that due to the increase in fraud, they limited it to $500 "temporarily". I am guessing that this is a holiday thing, but seriously, Ally could program their fraud detection a bit better. If I for example am repeatedly sending the same amount to the same person, there should not be a safety blanket on that transaction. I get that reversing these instant transfers is a hassle for the bank, and I am not a programmer, but I find it hard to believe Ally can't develop a smarter fraud detection system for Zelle. [link] [comments]  |
| Posted: 02 Dec 2020 06:29 PM PST Hello, can anyone share advice or your experience on your first primary home purchase regarding how you shopped the mortgage or your approach?
[link] [comments]  |
| Posted: 02 Dec 2020 03:04 PM PST I am soon to be engaged, we are in our late 20's-early 30's and will be moving in together as soon as we can. I am currently renting a nice house with my brother for $1700 a month, but need to find somewhere else thats cheaper and in a more central location for us both. we've talked about buying a house or renting, and both of us aren't too excited about being in the area for the next 5 years. that being said, with the current state of the job market Im thinking it may be best to settle in here for awhile. we'd be searching for a house in the low-mid 200's, or renting for about $1500 per month maximum. unfortunately the housing market has been disappointing when finding a rental or buying a house. this has got me thinking about our current climate: home loans are currently have realllly great interest loans, but home prices are skyrocketing and are literally selling the same day they're listed (4-5 coworkers have bought or sold houses sameday this year). my thought is this: since loans are cheap and houses are expensive, is now a great time to build a house? I never would have considered it, but given the current climate, it may actually be the cheaper option? for reference: combined income is about $120K , we both have credit scores above 760, I have no debt, she has about 25k in a mix of student and credit debt. thanks for you thoughts. [link] [comments]  |
| Company stopped matching 401k - Posted: 02 Dec 2020 07:23 PM PST My company just announced that starting in 2021 they'll be moving from our Safe Harbor retirement structure where they matched employee contributions up to 3%, to a profit sharing model where employer contributions are based on company performance and made at the discretion of the owner. Has this happened to anyone else? What's the best course of action from here? My wife already maxes out her 401k, but what are some things I should consider when thinking about how to maximize our retirement investments in the immediate future? If it matters, I'm 34 and have a 13% rate of return on my 401k right now. I've been pretty hands off and contributing 6% of my salary, and my company matched up to 3%. Thanks in advance for any feedback or resources etc. [link] [comments]  |
| Posted: 02 Dec 2020 07:19 PM PST Is there any way that someone could get my savings account number without me giving it to them? Someone charged my savings account $2,03 yesterday, and it definitely wasn't me. The bank said it was probably an accident, but I don't see how someone could accidentally charge my savings account $2.03. The other thing is that the account didn't have much money in it, which makes me think that this person couldn't see the amount of money in the account. Any thoughts? [link] [comments]  |
| Amusing/ironic Chase experience Posted: 02 Dec 2020 07:42 AM PST Update: Today I initiated a second transfer after re-verifying the external account, which yesterday the agent said would be fine. A few hours later I got a call from Chase. They said they could not get my bank on the phone to verify funds so they were cancelling the transfer. Yay, another hurdle! I'm going to try pushing the funds the other way but at this point I'm doing it for the principle (and the $500, which after tax will only be $400). There's no way I'd leave my credit union for Chase at this point! -- I just found this mildly amusing, no real point here. :) Chase recently sent me a $500 bonus offer. To get the full $500 I need to deposit case in a savings account for 90 days and have a direct deposit made into a checking account. I like them for my visa and I'm taking some vacation and have free time right now, so I thought I would do it. Free money is free money and I figured it wouldn't require a lot of time. So I created my Chase accounts and linked my regular credit union account using the small deposit verification method. Once the linking was done, in the Chase portal I transferred the required sum of cash from my regular account to my new Chase savings account. About two minutes after I initiated the transfer I got an email that the transfer had been cancelled. I went into the Chase portal to find that all of my accounts, including my visa, were locked for suspicious activity! Took about 30 minutes on the phone (mostly on hold) to get it unlocked. According to the agent it was locked automatically because it looked suspicious. I have to laugh because apparently they are flagging people for suspicious activity for following Chase's own instructions! I guess the bonus arm didn't tell the fraud arm about the promotion! [link] [comments]  |
| Would I have to file any taxes if my losses were more than my gains Posted: 02 Dec 2020 04:12 PM PST Uni student. I used Robinhood for stock trading. My parents have me listed a dependent. I've made both gains and losses. Tried options trading. I managed to profit on a few trades (around 2k) but in the end I lost it all( 5k). I done some gig work and only made around $300 .after that, I decided to focus on my school work instead. Would I have to owe anything if my losses are more than my gains? Would the irs audit me even though I barely made anything for the year? Would I have to file an amended return or something [link] [comments]  |
| Posted: 02 Dec 2020 05:11 PM PST Hello, this past year I am finally on target to contribute over the max of $19,500 to my workplace's Roth 401k Plan. Overall I will contribute about 20500 this year, and I have found out that the extra 1000 will go to an "after tax" plan. I spoke with HR/Retirement and I have the ability to roll the extra 1000 into my roth, but I will just have to pay taxes on any potential earnings. My question is:
Thanks everyone [link] [comments]  |
| Posted: 01 Dec 2020 08:48 PM PST I hope this isn't too off topic, but I just wanted to express my appreciation for all the information and organization that is in this sub. I am more of a lurker here than anything else, but just going through the wikis, and seeing the advice given...I feel like I have already learned a lot. It's hard being an adult sometimes. Thanks for the steady guidance! [link] [comments]  |
| My mom is in debt and I am afraid her solution will be my doom. I need advice. Posted: 02 Dec 2020 03:23 AM PST 1st off, I'm using my mobile app - sorry for format errors. 2ndly, I'm mentally processing as I write this, so, sorry for rambling and any grammar/spelling errors that will definitely be in this post. Our finances got entangled about 2 years ago, when my mom (I'm not allowed to say age / F) asked if I (37 F) would co-sign with her so she can refinance her house. Basically mom wanted to reduce her monthly payments. She's living mostly off Social Security and apparently that wasn't enough income for a lender to agree to refinance, hence her request. At that time I was very hesitant, but after she assured me she can cover her bills and promised she would give me warning should she run into trouble - I reluctantly agreed. Honestly, I felt guilted into it. But considering she had great credit due to years of on time payments and reducing her monthly mortgage payment would lighten her financial load, I couldn't think of a reason to say no. Now, I'm not poor per se, but I have been living pretty much paycheck to paycheck. This last year I moved to a cheaper place, but in a more ... Questionable... location and finally started building that Emergency Fund those financially smart people rave about. Every once in a while mom would call me to help with a bill, but otherwise she seems to have everything handled. Things seemed to be fine. Skip to early 2020, mom doesn't have money to cover property tax (it's not rolled into the mortgage payments per mom's request because the city offers a discount if you pay them directly). Shit. That's a lot of money because it's the full annual amount, since mom missed the partial payment deadline. I pay it. (goodbye emergency fund). A few months later mom needed money - reason undisclosed. Apparently I needed to "trust her". (I sent the requested money.) A few months later, she confesses she got involved with a scam but she's ended it... She needs more money to help recover from the damage the scam did. (I send the requested money.) I get another call, she needs a couple hundred in the same day, urgently. I tell her I can not get her the money the same day, either she has to wait or she can ask a family friend who I will reimburse later (they live in her state). She goes to the family friend. During all this time I'm trying to get details out of her but she is stubborn and sticks to vague answers, claims she too tired to go into it, or accuses me of not trusting her. I'm secretly hoping the family friend will get more info out of her. Family friend gets a long story, but no details. I'm sure you've already guessed where this is going. After a few more urgent bills (which I pay directly), she informs me she can't pay the Oct mortgage. Shit, I can't afford my rent/bills and her mortgage. But Covid is going on, and congress passed a CARES Act - I contact the lender, we are now in forbearance... With a balloon payment at the end. I've had enough. I call her and after 5 hours of me refusing to let her avoid telling me what's going on I have a better idea of her income (although not details... She's purposefully vague); I'm pretty sure I know her bills and debts; and I have a clearer picture of what happened - but I know she is withholding information... Which seems I will never get out of her until "the time is right"... Whenever that is. From what I can figure this is mom's story: 1) She was a victim of a couple scams. 2) Either as part of the scam(s), or as a desperate attempt to stay afloat she's taken out multiple payday/speedy loans. 3) Due to suspicious activity her bank closed her account and she lost some money for the bank's fees. Here I am, basically getting myself hunkered down. I've given myself pep talks - "you can't take on all her problems" " focus on her NEEDS (i.e. water, heat, etc) and the mortgage - don't let your financial future get fucked because you're too nice" etc. I'm also trying to figure out a way to cover that balloon payment. Last week, mom says she wants to refinance again. The interest rates are lower now apparently. But the lien the city has on the house will no longer be subordinate, so it will have to get absorbed by the mortgage. This will make the projected monthly payment LARGER than it is now - but its ok "it'll just be tough for a little while until we can refinance again." Now, granted mom wasnt very forthcoming so I'm not 100%, but from my calculations, mom must have been a god-damned magician to cover all her bills as they are currently... NOT including all the extras she's implied she would like me to help pay (storage unit, 2 worldwide phone plans for her mobile, a car maintenance club, life lock, life insurance, maxed credit cards, and all those speedy loans). How she figures she can cover an even larger mortgage payment is boyond me. Then she calls me today. She's working with someone who's been like her personal champion advocate. Champion has wrestled with the bank and Champion is the reason they gave (some) of her money back (minus some fees). Champion is also working with the police and mom's all for that. Nevermind that when I tried to get a police report going mom refused to provide me with enough (any) details, and apparently "my mom says she got scammed" isn't enough to go on. (I'm not bitter, why do you ask?). Anyway, Champion seems to be genuine in their desire to help and if mom found someone she can confide in, that's awesome. However, Champion has presented mom with the idea of brokering deals with all her debtors and then rolling all of the residual debt in with the refinanced mortgage. ... Refiniancing doesn't work without me due to her income and credit it score dings (from the speedy loans not getting paid). My brain went blank. I got off the phone and have been silently freaking out since. Am I overreacting? What's at risk here? How should I go forward? TL/DR: Mom got into financial trouble (not entirely her fault) and racked up debt. Now she wants to consolidate her debt in a refinanced mortgage... With me a co-signer [I apologise for being lame. It's past my bedtime and I've tuckered myself out writing this, so I'm going to post this and sign off.] ** Edit: I see a lot of you have kindly taken the time to reply and message me. Thank you. I've slept in, so I won't be able to respond to much before I start work, but I'll do my best to read and respond to questions and comments on my breaks and after work. [link] [comments]  |
| Should I file for taxes (F-1 Visa student) Posted: 02 Dec 2020 02:25 PM PST So, I have had personal income and capital gains in 2020, but I haven't been in the United States for more than 183 days this year. In 2019 (my first visit), I have been present in the US for less than 183 days and didn't have any income. I am a little confused here, so I would appreciate using some help here! I just want to make sure I am doing this correctly. Also, if I am obligated to file for taxes, do you think it is possible to do it from outside the United States? Thank you! [link] [comments]  |
| having trouble raising credit score Posted: 02 Dec 2020 02:12 PM PST I don't have a bad credit score. I just feel like I've hit a plateau. It's at 684 right now according to Experian FICO Score8. And it's been bouncing around the 'almost 700' range for years now. The 2 main things affecting it are: I missed some student loan payments in 2014 (120 days), and high credit usage. But even when I keep my credit usage below 30% for months, my score doesn't go above 700. And USAA doesn't want to increase my credit score even though I've only missed 1 payment in 6 years (by 30 days). Experian says that I have a thin credit file and need to open more accounts, but when I click on the 'pre-approved' credit card offers on their site, it actually tells me I'm only approved for the higher APR/low credit limit cards. Do I need to just accept one of the crappy credit cards that they're offering me? I know closing credit card accounts temporarily lowers your score as well. What should I look for in a new credit card? Or is there something else I need to be doing to improve my credit score? Bonus info: aside from my 1 credit card and checking account, I also have a car lease, and am a cosigner of another car lease. Thanks in advance! [link] [comments]  |
| Cash out or rollover company equity? Posted: 02 Dec 2020 05:57 PM PST Hi! I'm in my 20s and lucky enough to work for an amazing company that has gifted me equity in recognition of my contributions (and NOT as someone anywhere near the c-suite). The equity felt very abstract until now as there was no way to cash out, but our current PE firm is exiting and my shares now have real life value (a value much higher than I ever thought, think enough to buy a modest house outright in a medium CoL area). I have the option to cash out all the money, or rollover some amount (as long as it's at least $50k) to new Class A shares. The new PE firm is targeting exit in 3-5 years with an expected return of anywhere from 2.5-5x. If I choose to leave before then, I'm owed fair market value. I'm very happy in my job, believe in the future growth of my company and am secure financially so am really struggling with the decision of how much to rollover (hypothetically if I rolled over everything and all went to plan, I'd have more than a million dollars in less than 5 years - which seems absolutely bonkers). My current financial health: - No debt - Low-mid six figures salary (I was at $70k when I started at this company a few years ago so this is a recent increase) - Medium CoL area that I plan to stay in (my rent is $1500 that I split with my boyfriend, modest houses start in $300s) - $85k in retirement accounts (all in ETFs) - $50k in savings - $25k in Robinhood in individual stocks My boyfriend and I are planning on getting married and buying a house in the next year or two, and having kids in the next 5 years (not considering his finances in my decisions at this time as he has negative net worth and a more modest income). I have no idea what to do with the money that I do cash out as it seems too risky to put it all into stocks given the current market. Any advice on how to approach this decision on how much to rollover, and what to do with what I DO cash out would be very appreciated! I have two days to give my answer. Thank you! [link] [comments]  |
| Excess Contributions to Traditional IRA (Vanguard) for 2020 Posted: 02 Dec 2020 02:07 PM PST Hello, I am an investing rookie and it appears I made a mistake on my very first investment. I had a summer job and made around $1300, the only income I've earned in the 2020 tax year. However, I contributed more than that to my traditional IRA (specifically VTSAX). Is this a grave mistake, and how should I fix it? Thanks! [link] [comments]  |
| Backdoor Roth - Do you have to purchase funds before converting? Posted: 02 Dec 2020 05:44 PM PST Hey Guys, when converting an ira to a roth ira, does the money in the ira have to be in purchased funds? or can it just be sitting in a money market/settlement fund? [link] [comments]  |
| Can I opt out of tax withholding? Posted: 02 Dec 2020 07:26 PM PST I would prefer to make estimated payments myself directly to the IRS rather than having my employer make deductions. Is that possible? [link] [comments]  |
| Posted: 02 Dec 2020 03:33 PM PST I'm trying to sell a 2017 Mercedes-Benz GLA 250. I've listed it on FB Marketplace, Nextdoor, Autotrader, and Craigslist. Since I posted it on 11/5 I've only had one serious buyer who ended up turning it down because of the size - she really wanted an SUV. The KBB private party value ranges from $23,279-$25,560. I originally priced it at $25,500 with room for negotiation, but today I reduced the price to $24k with the hopes of finding a buyer. Should I give it more time (versus selling it to a dealership now)? As of now I'm paying to insure it and garage it and I really want to let go of the responsibility of having an extra car. Is this a particularly difficult time to sell a car due to the economy and COVID-19? Any help and suggestions welcome. [link] [comments]  |
| You are subscribed to email updates from Personal Finance. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment