Personal Finance Always ask for proof of debt! |
- Always ask for proof of debt!
- My senior parents (Ontario, Canada) say they'll be homeless in 2 months, but I can't imagine they've done all they can for their situation.
- Someone stole personal info, made paypal account in my name, and took a $1000 from my bank of america acount.
- How did you learn how to invest? Any resources I should know?
- Company is withholding pay raise (corresponding to a promotion) pending a review into all salaries from an outside firm
- Small Cap > S&P 500?
- Getting car insurance, where do you even start?
- My father is gifting me 15k to buy my first house at 19,but I’m not sure it will be a good idea right now
- I have $45.76 to my name, what should I do?
- Just Got First Job Offer to Leave Job I Dislike But It's Way Less Than What I Make, What to do?
- Rear Ended, and at fault party wants to pay outside of insurance...what to do? [MD]
- Where to place money??
- Received settlement from car accident - pay off loans first?
- How do I ask for a pay raise give the circumstances?
- [Credit] Chase sent me a long and confusing email alluding to changes to the "My Chase Plan". I'm not sure if I have this service or not. I have a card.
- Refinance auto loan advice/help
- Should I consolidate my CC debt?
- Student Loan Forbearance
- 401(k) contribution made after termination?
- Got denied a loan in Wheelhouse CU and in Discover (even though I have good credit score with them). No loan history, any help where I can get a Personal Loan in the US?
- How much cash do you keep in your checking account to ensure you don’t run out of cash?
- Need advice choosing mutual fund for IRA Roth account
- Need to pay my mom 25k back, how do I do it without any tax ramification for either party?
- Help in how can I invest a settlement money!?
| Posted: 27 Jan 2021 06:29 AM PST I got an email about a $200 debt from a collection company. I called and they said I made a transfer of that amount in November of last year, but that account had been closed since February. I asked them to send me proof, and they sent me a letter stating that my balance wasn't paid in full. I called today to again request proof of the debt, and he said since it's such a small amount they'll just drop the whole thing and won't report anything to the credit bureaus. I did research the company and they're legit, and I legitimately didn't owe the money, but it's always a good idea to make collections companies send proof before paying them. [link] [comments]  | ||||||||||||||||||||||||
| Posted: 27 Jan 2021 06:18 AM PST I'll be honest, I'm a 23 year old who knows nothing about money besides to save it, hence why I'm here. My parents are seniors (68f, 70m). My dad has worked his whole life as a self contractor doing carpentry. He was working up until September where he got chest pains, went to the ER and found out he immediately needed a triple bypass heart surgery. He was in the hospital for two weeks for prep and tests, and then another two weeks or so for recovery. They've told him that he cannot go back to work anymore - especially something so labour intensive. It took him over a month to be able to walk for more than a few seconds and he still struggles with breathing, plus he constantly needs to take a ton of heart medication now (for the rest of his life). Plus now he's at high risk due to covid. My mom has small scale babysitting (under five kids) but that came to an end when covid started. My dad is in a lot of debt. I don't know the exact number but I'm guessing close to 100k between all his credit cards. My dad has a lot of credit cards with interest rates as high as 20%, and he's too stubborn to find a better option because he refuses to admit he's made bad financial decision. I believe my dad got his pension sorted out and gets $700 a month. My mom hasn't applied for hers because she said she'll get $400 at most so it's not worth the effort ($400 is better than $0 Imo). They don't get any other government support in Canada. They're also Polish citizens. I don't know the exact details but my mom is getting some retirement money in Poland but she can only get it when someone visits Poland and brings it back for her - which I'm not sure why. I don't believe my dad is getting anything in Poland. My sister has been pushing for my dad to file for bankruptcy to help with the debts, which he seems to be in the process of pursuing. They don't own anything. They rent an apartment and borrow my brothers car when they need it. I paid for uni out of my pocket so they weren't affected by that either. Their rent is ~$1400, which is really cheap for our area. My dad made about 35k a year before. Is there any other financial assistance they can get? I just can't understand how two seniors can only be getting $1100 in support when the average rent in my city is $2100 and so many others seem to have found at least some top up through covid relief (especially since my dad can't work anymore and my mom is his caretaker) or elsewhere. I hope I included all the important info. Please ask if there's anything I missed. Edit: I just want to thank everyone so so much for their input. I never expected so many of you would take the time to help me our and offer advice to guide me and my parents through tough times. I wrote this up before work on a whim thinking I'd get a few responses if any. I wish I could reply to everyone individually. If anyone has asked a question I will try my best to get to it when it slows down at work. Thank you again!!!!! [link] [comments]  | ||||||||||||||||||||||||
| Posted: 27 Jan 2021 07:10 AM PST Not long ago someone dont know who or how stole my personal info and made a paypal account in my name. About a week later i check my bank of america account and see that there was a transfer done from bofa account to paypal for a $1000. So then i call paypal but could never reach them by phone or messaging so then i called BofA to do an investigation and filed Unauthorized ACH return form. So my question is can BofA investigate other bank accounts such as the paypal account even though its not theirs or do i have to get in contact with paypal? I would like to know what transaction were made on paypal might give me a hint of somehting.please let me know thanks. [link] [comments]  | ||||||||||||||||||||||||
| How did you learn how to invest? Any resources I should know? Posted: 27 Jan 2021 07:59 AM PST I'm interested in learning about investing in stocks and in the future home real estate (but not in the near future). I'm 22 with student debt and I have my sights on setting up a Roth IRA soon. Edit: My first goal is to build up a good emergency fund first! So in the meantime I want to learn about investing! [link] [comments]  | ||||||||||||||||||||||||
| Posted: 27 Jan 2021 04:35 PM PST Hi All, I work for a fairly established consulting firm and was "recently" promoted in November as part of the latest 6 month review cycle (pretty standard process at consulting firms, you have reviews every 6 months and its decided at that point if you are promoted or not). I was told to expect a salary increase in December after that promotion (nothing official, just verbally by a manager). Hadn't heard anything the week before our monthly paycheck so reached out to HR to ask and told it was not going to be included in that paycheck, kinda bullshit but whatever. After my salary increase was not included in January I went to a manager, who directed me to HR. I was told by HR they forgot to email me (insane) but that they brought in an outside firm to review salaries in December (they know exactly when promotions will happen, so no clue why'd they wouldn't do this before) and that I won't know what my increase in salary would be until March. So i would remain at the same salary until then. They said once the new salaries are announced it would be backdated to January. Besides the general horrible communication, i feel like that is honestly one of the most ridiculous things i've ever heard. "Work for the next 2 or so months at a salary we will determine later". There is no guarantee it'll be what I think it is and my expectation is that it should be a sizable increase (potentially 25/30K) based upon the projects i've completed and feedback received. And yes, i know Reddit quickly goes to the "leave the company" and "the company is always wrong" type answers (not that they arent) but i've been able to assume a lot of responsibility, gain a significant amount of experience and am (seemingly, but who knows) poised to quickly advance my career. I have started interviewing and it seems like i shouldn't have an issue moving companies, but I feel like I will have to regain the trust and responsibility i've been given in my current position so it will be a slight setback. I have a meeting set up to discuss this with HR/ a department lead and more so am looking to get some thoughts on if others have ever been in a similar situation and its more typical that i am thinking. Or if this is batshit and the company might potentially not be able to pay salaries and Im right to be as pissed as i currently am [link] [comments]  | ||||||||||||||||||||||||
| Posted: 27 Jan 2021 06:26 PM PST *Note: also cross-posted to r/SmallCapStocks but posting here for hopefully some more views!! Hi all. I'm new to Reddit. I'm 30, and I've finally committed to try to invest my retirement account funds properly, instead of in some high fee & low return target date fund.. I want to put it in something high return and am fine with the risk, hence: interested in small cap. I have now read numerous articles saying that small cap (& in particular, small cap value) outperforms the S&P 500 over the long run. However, I look up the funds they recommend, and it just is not the case... I can't find a single small cap index fund that outperforms S&P 500 index fund - I'm so confused. I think I am missing something - is it really dependent on the measurement period (have small caps been doing badly the past 50 years or something)? Let me list it out, for example, 2 below very popular and established small cap funds - I won't list all, but I have googled SO many popular small cap index funds (Fidelity, Vanguard, etc.) & it's all about the same as the below - they seem to not perform as well compared to S&P 500:
And yet, in the below article by Paul Merriman - and many others support this: "Fortunately, we have data that lets us look at every 40-year period since 1928. I think the numbers are very instructive. Taking all those periods into account, the S&P 500's average 40-year return was 10.9%, considerably less than the 16.2% average for small-cap value stocks. The best 40-year period: 12.5% for the S&P 500 and 19% for small-cap value. The worst 40-year period returns were 8.9% and 11.6%, respectively." Huh? Would really appreciate any guidance. I've been googling this for days now... I just don't get it. And if you do know any small cap value fund (preferably some sort of index fund) that actually does outperform S&P 500, what exactly is it??? Thanks so much!! [link] [comments]  | ||||||||||||||||||||||||
| Getting car insurance, where do you even start? Posted: 27 Jan 2021 06:14 PM PST I'm getting off my parent's insurance and getting my own. I don't even really know where to start. To an insurance agent? I feel like I can't trust them because they will just say whatever to sell their product to me. The internet? I don't feel like I can trust that either. But here I am. [link] [comments]  | ||||||||||||||||||||||||
| Posted: 27 Jan 2021 07:20 PM PST So I make 2,000 a month but once I got back to school I'll be making 1,300 because I took a break from school this semester because I'm undecided right now .My father is gifting me 15 grand to get a house or townhouse .Would this be a good idea ? Bills =524.41 Food=200 or 100 depends honestly Transportation=150 (unfortunately I have to get medium grade and it's expensive) Shopping =200(im redoing my room so) Saving =300 Take out=100 Donation =5 Loan repayment =150 [link] [comments]  | ||||||||||||||||||||||||
| I have $45.76 to my name, what should I do? Posted: 27 Jan 2021 08:17 PM PST I [20 M] currently work at an amazon warehouse full-time, I earn $1700/month. My rent is $733 a month, bills are $85, car payment is $365/month $85 for insurance(full coverage), phone bill is $166 /month, groceries $120 a month (feeding 3 people), $10 spotify, $10 discord, $85 for pots and pans my mom bought :/. [link] [comments]  | ||||||||||||||||||||||||
| Just Got First Job Offer to Leave Job I Dislike But It's Way Less Than What I Make, What to do? Posted: 27 Jan 2021 07:09 PM PST Hi all, I currently make 135k at my current job, but I am quite unhappy in the role, and I feel like I have little to no growth in the company in the next 2-3 years. It's a fairly large company that I work at. I interviewed at a small start up in a similar field and received the below job offer. This would also be a management position: Base Salary: $85,000 Signing Bonus: $15,000 (paid after 90 days employed) Bonus: 10% of base Equity: 1,000 Shares They said the signing bonus is rare for employees. But, I don't think 85K is enough to leave my job, regardless of the signing bonus and equity. I am going to counter, but I feel conflicted at what to counter with, because I'm not sure anything less than 115K would make sense for me to take a paycut, and they've made it clear to me that they could not reach a number that high. I also know this job would most likely be more work on a smaller team than my job right now. Just wanting thoughts on this and where to go from here. A little finance background, I have a mortgage that is 2.4K a month and my fiance brings home 95K a year. I've never done much negotiating in my career. [link] [comments]  | ||||||||||||||||||||||||
| Rear Ended, and at fault party wants to pay outside of insurance...what to do? [MD] Posted: 27 Jan 2021 02:10 PM PST I was rear ended, a police officer was there and I have police report showing I was rear ended while idle. The other driver's insurance is saying no (for whatever reason) and my insurance said I have to go through small claims court. I was recently told that the mother of the driver wants to pay for damages outside of court. But im not sure how risky this is or what steps to take? Anyone have advice on next steps? [link] [comments]  | ||||||||||||||||||||||||
| Posted: 27 Jan 2021 08:10 PM PST Hi, for starters here are some background info: Im 23, turning 24. Currently work a 80/hr week position, but almost treated like a part-time with 80 hours. Im still able to contribute to a 401k, and my company matched 3% which i contribute to. Now, I have 8k in my savings, and a 4k credit card balance which I dont have to pay off till May of 2022. I have a goal of 10k in my emergency fund before I want to start investing/and paying off the credit card. The 10k is just a number I set in my head. In addition. Im in the process of opening up a LLC for my photography business, which should make it a little bit easier to separate my accounts. So the questions I have are, I like to be organized, and thats what I seem to be struggling with. Where would you recommend putting my money to keep it organized? Currently my emergency fund is with an online bank. But if someone can point me in the right direction much would be appreciated! Trying to get as much knowledge as possible. Thanks in advance :) [link] [comments]  | ||||||||||||||||||||||||
| Received settlement from car accident - pay off loans first? Posted: 27 Jan 2021 07:47 PM PST I am a noob when it comes to personal finance. I got hit by a car last year and received a settlement of $111k. It was a painful and traumatic recovery process but at least I got something out of it. I have about $70k in student loans. Should I just pay off my loans in full? Or should I invest the money? Any advice is much appreciated. Thanks!! [link] [comments]  | ||||||||||||||||||||||||
| How do I ask for a pay raise give the circumstances? Posted: 27 Jan 2021 07:27 PM PST I got my review today at work and I'm not happy with it. Last year I received a 9.5% increase which was nice but there wasn't really a change in my work load from previous years. This year, I feel my responsibilities have increased quite a bit to where I have far less down time than I've had in previous years. On top of that, I fly for work so have been exposing myself to COVID without receiving hazard pay. I've repeatedly gone on business trips with as little as a days notice so I'm valuable in that regard. Also, we went through a restructuring of management which included removing the top 3 paid employees in the company. Along with removing these employees, our employee handbook has been updated this year to max out at two weeks of vacation. I'm an hourly employee who works a lot of overtime on business trips so I used to generate more than a two weeks worth of vacation in a year so I took a cut back there which I don't mind so long as I'm getting compensated for it. My job is pretty niche so it's a bit hard to compare wages apples to apples but my company suggests doctors office pay full time med-techs more than I receive and they don't perform even half the task me co-workers and I do. I've worked at the company for 5 years now and think along with everything else that I've stated, my loyalty and hard work over the years deserves more than the 6.5% increase I was given during my review today. Don't get me wrong, I'm thankful to still have a job during this pandemic but I still feel undervalued. The only rebuttable to my argument for a higher raise is that I'm consistently late to work in the mornings. I still get my work done at the end of the day but I can see this being mentioned and I'm not entirely sure how to respond to that. My question for you is how do I start this conversation with my boss? How high of a percentage increase is too high to ask for in a raise? How can I prepare myself for any mention of punctuality? [link] [comments]  | ||||||||||||||||||||||||
| Posted: 27 Jan 2021 02:00 PM PST Title says most of it. There's some talk of changing fees and other things, I'm not sure what to make of this email. Am I going to have to start paying a service fee for my credit card? That seems ridiculous, I didn't sign up for a card with any annual fee. I will post the full email text in the comments. [link] [comments]  | ||||||||||||||||||||||||
| Refinance auto loan advice/help Posted: 27 Jan 2021 07:11 PM PST Hey guys, I'm trying to refinance my car loan now that my credit is somewhat decent (706) can anyone give me some advice on who has the best rates for my credit? [link] [comments]  | ||||||||||||||||||||||||
| Should I consolidate my CC debt? Posted: 27 Jan 2021 05:30 PM PST Hey Reddit users, not sure if this is the right subreddit to post on but here goes, this is my first ever Reddit post so be gentle. I have about $13k in CC debt. I'm 24 and single and make about $30k per year. I made a lot of bad financial choices but now I'm trying to deal with it. Would it be a bad choice to take out a loan (hopefully with lower interest) to pay off my CC debt? I also have a car payment, but I don't have to worry about that) [link] [comments]  | ||||||||||||||||||||||||
| Posted: 27 Jan 2021 08:59 AM PST Good Morning, I have a question about the student loan forbearance that was passed today. I have just under 10k in debt and if I keep paying my student loans I can be done in around 2.5 years at the same $400 a month payments. I have also heard about the possibility of loan forgiveness from the Biden administration and that was around 10k. So my question is, should I continue paying the $400 a month that I can make or should I take advantage to save money and if the loan forgiveness goes into affect, then I will have all the debt gone. My concern today is if I make payments from now till September, it is interest free. So if I were to hold off on paying them for these remaining 8 months, I would still have the same amount and then continue paying it with the same interest. I am just lost on where to go with the forbearance and the possibility of forgiveness in the future. Thanks to all that have read. Thanks to everyone who commented. This helped me a lot and I feel confident in what I should be doing in these unprecedented times. [link] [comments]  | ||||||||||||||||||||||||
| 401(k) contribution made after termination? Posted: 27 Jan 2021 06:32 PM PST Hello, I have a situation going on with one of my 401(k) accounts. I have recently left one job, and started working at another. I want to roll my old 401(k) into my new 401(k), but I was waiting for the final contribution from my last paycheck to be added to my old 401(k) account. However, my old 401(k) account now says that I am listed as terminated from my old job, and is prompting me to decide what to do with the account, e.g. roll into an IRA, roll into a 401(k), etc. It has been about two weeks since the date of my last check and my final contribution has not been added into my old 401(k), despite my pay stub showing a contribution towards it. How should I go about resolving this situation? If I attempt to roll over my 401(k) without resolving the missing final contribution, will that money just vanish? I am honestly pretty confused about where the money went in the first place. [link] [comments]  | ||||||||||||||||||||||||
| Posted: 27 Jan 2021 01:56 PM PST Hey everyone! Thanks in advance. So I went to a credit Union to ask for a personal loan and they denied it supposedly 'cause I don't have any loan history, and then I also applied at Discover loans and they sent me a letter with the comments below: "Your credit score 704 Scores range from a low of 300 to a high of 850 Key factors that affected your credit score were as follows: Key Factor 1 % OF BALANCE TO CREDIT LIMIT TOO HIGH ON REVOLVING ACCOUNTS Key Factor 2 TOO FEW ACCOUNTS CURRENTLY PAID AS AGREED Key Factor 3 LACK OF RECENT LOAN INFORMATION Key Factor 4 LENGTH OF TIME ACCOUNTS HAVE BEEN ESTABLISHED" I'm a permanent resident of the US with a full time job earning 80k a year, I don't have any debts and my discover card recently upgraded my lending to $3.6k and I pay 2k each month for rent, don't have car expenses or any other major monthly payments. My spouse earns 12k a year but he's in another country (adjust of status pending). With this in mind, does anyone know where I could get a personal loan? I'm looking for 20k but if that's too much, what amount do you think I can start off with? I found the opportunity to buy a house in another country but they want all the money upfront and I only have half. Any thoughts or experiences are appreciated, thanks! [link] [comments]  | ||||||||||||||||||||||||
| How much cash do you keep in your checking account to ensure you don’t run out of cash? Posted: 27 Jan 2021 08:40 PM PST What amount do you like to keep in your bank account to prevent you from dipping into your emergency fund? Do you like to automatically save or invest the excess cash, or just separate it? Thanks. [link] [comments]  | ||||||||||||||||||||||||
| Need advice choosing mutual fund for IRA Roth account Posted: 27 Jan 2021 06:24 PM PST I just opened a Roth IRA account this past December and dropped $2,700 into it. I've been researching on how to invest it and am starting to wrap my head around it. I settled on a some kind of mutual fund. I want it to be hands off, just max out my IRA contributions every year and not have to worry about it. I also considered maybe an index fund instead because I'll have less money taken out of my earnings but figured mutual fund is better because its actively managed. I thought about putting it into a target date fund but already have one through my employer. Don't know if it makes sense to invest in another different TDF. This is the mutual fund I'm thinking about and the reasons why I'm considering it but I am also open to other suggestions. Vanguard STAR Fund (VGSTX) https://investor.vanguard.com/mutual-funds/profile/overview/vgstx -The minimum investment on some other funds started at $3,00 and STAR was one of the few I found that I can actually invest into. I can't contribute any more to the IRA account right now because I am currently unemployed. -Its 60% stocks, 40% funds and listed as moderate risk potential. I am open to investing in another riskier mutual fund since I don't plan on touching the money anytime soon. I have another 30 years before I retire. -Expense ratio is .31% which doesn't seem bad to me. Also the load type is no load so I believe that means I don't have to pay anything to invest. -The morning star and lipper ratings seem good as well. Five out of five. Is there anything else I should consider when it comes to this fund or other funds in general? [link] [comments]  | ||||||||||||||||||||||||
| Need to pay my mom 25k back, how do I do it without any tax ramification for either party? Posted: 27 Jan 2021 08:33 PM PST Do I have to write her separate checks for under 10k or can I write one check? Or something else? [link] [comments]  | ||||||||||||||||||||||||
| Help in how can I invest a settlement money!? Posted: 27 Jan 2021 08:30 PM PST Greetings, Hope everybody is doing great. I am feeling overwhelmed looking for information about how can I take care of a money that me and my wife received in a settlement. I have to be honest that I am really bad with investing and understanding everything involved in this environment. I have received some advices but I can't get the picture of what are the steps in doing this properly to get retirement early. I am 36 my wife is 31. Making 50k annually, no debts, renting a house with two kids. My employer is paying my 401k. We have 240k from a settlement and from that money I started investing in stocks. I have planned to open some emergency funds accounts and a house down payment account. The rest of the money will be for investing with the plan for retirement early, probably in 20 years. 21k will be in 6 month emergency fund account and we are not going to touch that money. 3k in another emergency fund if something occur and 25k for a house down payment and probably 15k for medical expenses if something happens. We will have 176k left for investing. We don't have to pay taxes of that money, thanks God. I have been reading here and there a little bit but honestly I feel like if is more complicated than in reality is. But some of the suggestions that I have received are to open an Roth IRA, open a Brokerage account and put more money into the 401k. The 50k annually is just enough for the living expenses and I can't put more into the account. Just I want to use the settlement money wisely and let it growing over the time. My question is how can I do the investment. What are the steps to do this, the sequence or order in opening each one. Can we Open the Brokerage account first with 176k in 1 to 3 index funds and then, pull out the annual contribution for the Roth IRA annually? Or do we have to do the opposite?. How we are going to pay the taxes if we do this?. I know that for the Roth we have to pay taxes over the contribution. But if we take money out of the brokerage account, do we have to pay taxes over the gains, and then, pay more taxes when we add the funds to the Roth IRA?. Or just opening a brokerage account with ETFs or index funds with 176k and let it grow maybe adding a couple of hundreds throughout the year?. What would be the best option to pay less taxes?. This post contain to much information. I apologise because I am still feeling overwhelmed. What I don't want to do is waste the money taking the wrong steps or taking bad decisions. I really appreciate in advance any advice or suggestions or recommendation. [link] [comments]  |
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