Personal Finance Is life insurance really worth it? |
- Is life insurance really worth it?
- When’s the right time to buy a house?
- Stranger sent me 1000 euros on Paypal, is it a scam?
- Single Income Family Retirement
- First time homebuyer what do I need to ask the mortgage lender to get the best deal? I was told to ask for things related to points and other things. Help (planning 20% down)
- Is this the correct process for home buying?
- Merchant keeps changing the shipping date for my order.
- Mental money model.. is there an app that works like this?
- Does early mortgage payoff impact SSI?
- Opinion on "The Index Card: Why Personal Finance Doesn't Have to Be Complicated"
- Unemployment Tax Question
- Single mom, Jobless, Having a hard time recently lost job, Masters Degree in Graphic Design
- Global Market Cap vs Overweighting Domestic?
- Ive been maxing out my Roth IRA for 8 years and only recently maxing out 401k. Am I losing money by abandoning my contributions to Roth IRA?
- Worth having our home re-appraised after 2 years?
- Cap 401k contribution or not
- What's the harm in doing a cash-out refinance if you're disciplined?
- Going from public to private sector and negotiating salary?
- What to do with Traditional & Roth IRA
- High vs. Low-end car insurance
- How to buy Pre-IPO shares?
- 2020 Expenses Summary
- Bill accidentally went to collection
| Is life insurance really worth it? Posted: 03 Jan 2021 07:45 AM PST My financial advisor is trying to talk me and my wife into life insurance. We are late 20s, no kids, so he says we can sign up for term and then later roll it over to full life. From what he told us it sounds like the whole life policy would turn into an investment. I don't really see how this will be all that beneficial. Why wouldn't you just invest elsewhere. I have another meeting with him soon so I'll ask him about it again but I wanted another opinion on the topic. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| When’s the right time to buy a house? Posted: 02 Jan 2021 09:39 PM PST I'm 27f in southern California. I make 100k a year and have about 105k in savings with no debt, and around 50k in my 401k. My company does a 4% 401k match and also contributes to a cash balance pension which is 7.5% of my income. My goal has always been to buy a house and I'm wondering when it will financially make sense for me to. I feel like I'm in a good spot right now and renting just seems like I'm throwing money down the drain when I could be building equity (my rent w/o utilities is $2200). Homes in the area I want to live are selling for 750k+, so it would take me at least another 2 years to save up for a full 20% down payment. Does it make sense for me to buy now and just do a smaller down payment? Or is it smarter to continue renting until I can come up with the full 20%? Should I consider taking a loan from my 401k? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stranger sent me 1000 euros on Paypal, is it a scam? Posted: 03 Jan 2021 03:04 PM PST Hello there, A complete stranger sent me 1000 euros on paypal, shortly after which they contacted me via email, asking that I return the money. I've no intention to keep the money, but I'm weary of returning it, because I assume it is a scam. Firstly, this person claimed they sent it to a wrong email, by selecting a wrong 'paypal contact.' I don't know who this person is, nor am I a seller of any goods. I don't know how they would've gotten my contact in the first place. Futhermore, in the additional information field for the transaction, they claimed this money is 'For Markus.' My email is my full name and it does not come close to the name 'Markus,' so I don't see how such a mistake could've been made, if not deliberately. Another strange thing is that they tried to dispute the payment via paypal's resolution center, but paypal decided the case was in my favour. In the email I've received from paypal about this case, they asked me for a tracking number for the supposed wares that this stranger purchased, which I did not do (Since there were no goods to begin with.) This is when I received a second email, where the stranger expressed that paypal wouldn't return their money, because they made a payment to friends and family, which I know to be a lie. They are now threatening legal action and I am unsure what to do. I've read that it's a common scam that once I return the money, they initiate another refund and I basically get charged twice, meaning I will lose a thousand euros of my own money. I'd appreciate any insight and advice on this situation. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Single Income Family Retirement Posted: 03 Jan 2021 05:46 AM PST Last year, my wife and I moved. Due to childcare costs for two kids and her profession (nursing), we have decided to continue being a single Income family until covid subsides. Between the two of us, we have ~$315k saved. We are in our early 30's. Are there any guides on retirement savings factoring in a non-working spouse and children? Everything that I have found is based on a single or dual income family without consideration for dependents. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 03 Jan 2021 05:02 PM PST I am looking to buy a home but I want to ensure I'm getting the best deal possible. Are there any ways to make sure I will be asking the right questions? Like points (what are these?) And closing costs and rate benefits and payment benefits, what do I need to ask for? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Is this the correct process for home buying? Posted: 03 Jan 2021 05:20 PM PST In a very broad sense, is the process below correct? Just want to make sure I'm understanding this correctly. Thanks in advance!
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| Merchant keeps changing the shipping date for my order. Posted: 03 Jan 2021 03:47 PM PST About 2 months ago, I ordered some custom made jewelry on Shopify. The merchant advertised the turnaround time to be 3~5 weeks for it to be made and shipped. He even put on his order form that the orders should arrive no later than Christmas. Well Christmas comes and my order hasn't been shipped. I was given a USPS tracking number prior to Christmas, but when I paste it in the USPS tracking system, it just says that the shipping label was created not shipped. I've already tried reaching out to him several times. Last week, he finally sent me a pic of my order to prove that it's been made. However he keeps changing the shipping date without my permission. I understand that the holidays and the ongoing pandemic may have delayed his orders, but I find it weird that he keeps changing the shipping date every time that I message him. What should I do? Is a chargeback reasonable?(the 60 day time limit isn't up yet) [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mental money model.. is there an app that works like this? Posted: 03 Jan 2021 06:07 PM PST https://imgur.com/gallery/vCD49jA not sure if my quickly made messy mental model graphic makes sense, but basically when I am saving for something (ie a bedroom makeover) and then a few months later after saving for it I buy a $500 bed, my budgeting apps all get messed up because its $500 more than I usually spend, and they'll say I overspent. In my current app (Emma) I can exclude the purchase, but then I can't track how much money I've spent on the bedroom makeover that I am only allowing myself to spend so much on. Plus, when I under spend on my budget, I'd like an app that recategorizes that elsewhere. I think this is like the bucket or envelope method sorta? Some of our money is meant to be spent monthly (in green) some is meant to be saved (but spent on something!) (in yellow) and some are "locked" until a certain date (longer term savings, in red-- maybe a down payment would be a better example than a vacation) [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Does early mortgage payoff impact SSI? Posted: 03 Jan 2021 06:07 PM PST I know of an elderly couple who receive monthly SS, but it's not enough to cover all of their expenses that includes mortgage. Their kids pitch in every month to support them. They refinanced their mortgage couple of years ago to lower the interest, but they're still paying a good chunk towards interest. I'm wondering if the kids who primarily support them figure out a way to pay off the mortgage early, will that reduce the monthly SSI that the parents get? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Opinion on "The Index Card: Why Personal Finance Doesn't Have to Be Complicated" Posted: 03 Jan 2021 11:43 AM PST Seems like a pretty stellar start to personal finance. I'm in my early 20s and trying to learn as much as I can. Not everything but a good first step nonetheless. For those who are familiar, what do you think the book did well and what it missed in your opinion? Any supplemental recommendations (books, podcasts, youtube channels)? Thanks! [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 03 Jan 2021 06:03 PM PST I received $231 a week from nj unemployment. From that I got $208. However, I also got that $600 a week as well. That 600 was not taxed it seems. How screwed am I. Am I going to owe a boatload of taxes now? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Single mom, Jobless, Having a hard time recently lost job, Masters Degree in Graphic Design Posted: 03 Jan 2021 07:28 PM PST - My middle school teacher of arts and drawing is currently without a job. She is a single mother, and having very hard for her currently. Recently lost her job she lives with her daughter. She is a good hardworking woman and her family had a hard time. She was recently divorced also and is low financial status currently without a job. This will affect her young daughter. She lives in Serbia where and cant get project or a job. Those projects that she finds are mostly low paying. Her current salary is 250 a month. If you could please help. She is talented and i can promise from what i have saw that she is very professional and hardworking. -She is a diplomated Graphic Designer with a masters degree. Thank you for your offers and suggestions [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Global Market Cap vs Overweighting Domestic? Posted: 03 Jan 2021 06:55 PM PST So debating if I want to put my 401k into VTWAX, a split of 60/40 or 80/20 VTSAX/VTIAX, or all in VTSAX. All the funds would have to be mirrored via a different fund since I don't have VTWAX, VTSAX, VTIAX in my 401k. I have FZROX, FTIHX and other Fidelity funds. I see that Vanguard and Fidelity recommend 40% to go to international. Do they just keep a fixed domestic international allocation or do they base this off of the market cap? If so, should I aim to just copy VTWAX if I do decide to go market cap weighting? What considerations should I take when deciding how much $$$ to put towards international? I'm confident that no other country in the near future can get close to US tax laws and the ease of doing business here but I also admit that in 40 years that could easily change. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 03 Jan 2021 11:15 AM PST I'm 32 and make $110k per year. When I was 24, I received advice to max out my Roth IRA and will be a millionaire when I retire. Now that I earn more money and have an employer matching my 401k (up to 4%), I've started maxing out my 401k. I can't afford to max out both, so I'm thinking of focusing solely on 401k. Am I losing any sort of benefit or money that I gained by investing in a Roth IRA at a young age if I switch to only investing in the 401k? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Worth having our home re-appraised after 2 years? Posted: 03 Jan 2021 06:40 PM PST I live in the tri-state NY metro area. Home values have skyrocketed this year. Homes are sold quickly, often over asking and with multiple bids. We bought our home 2 years ago. We put down 10% and are paying PMI. I lost my job due to Covid so we want to refinance- if my home's value has risen because of the market would that help in getting rid of or reducing the PMI? Would it have any impact at all? Since we moved in, we've made some small aesthetic changes, redid the driveway, replaced the septic system, boiler and furnace but nothing earth shattering. I realize this is a naive question but that's why I'm here! [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 03 Jan 2021 06:25 PM PST I am currently putting 18% into my 401k ($160k) and it has been doing pretty well (currently 20.1% return from 1/1/20) and my company matches 4%. I'm 45 and have never had an IRA. Should I cap my 401k contribution % and start putting money into some type of IRA or continue upping my 401k contribution? Thanks [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| What's the harm in doing a cash-out refinance if you're disciplined? Posted: 03 Jan 2021 06:23 PM PST We purchased a home a few months ago and rates seemed to have gone down even more. Our down payment was 33%, and we put the remaining 67% on a 30-year term. I'm looking into refinancing since rates seemed to have gone down, and our loan amount is still big where it's worth looking into. Aside from that, I feel like we may have put a little bit too much down and we could use extra money now for investing in the market. Would it be crazy to refinance and do a cash-out where we get 50K or 100K back, and just have that be added to the loan amount with the interest being what it is? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Going from public to private sector and negotiating salary? Posted: 03 Jan 2021 02:21 PM PST Anybody have tips and knowledge for me? My entire adult life, I've always worked in the public sector - salaries were on a scale predetermined by the state legislature, and you get what you get. There wasn't any negotiating to be had. Now that I'm looking to get out and get into the private sector, I'm kinda scared and lost when it comes to salary. I make about $50k now. But after I added insurance, retirement matching, and paid days off, and losing PSLF the total package is worth about $70k a year to me. I've looked at jobs I feel like I'd enjoy doing and be good at in my field, and I am confident I can sell my skills - but I'm not confident about salary. Is there a finese about bringing it up in interviews that I need to know about? Tips and tricks about how to bring up total compensation? I'm so lost here. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| What to do with Traditional & Roth IRA Posted: 03 Jan 2021 06:01 PM PST Hey everyone. I am 38 turning 39 years old this June. I started a new job with a union a couple months ago, and have a little over 100k in a Vanguard traditional IRA(split up into three funds). I also have a Roth IRA with Vanguard with about 5k in it. Should I look to do anything with either account specifically, or simply leave as is? I understand the max I can contribute is 6k so should I look to split that amount in between both IRAs? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| High vs. Low-end car insurance Posted: 03 Jan 2021 05:51 PM PST For whatever reason, I've been getting bombarded with car insurance ads lately online. It got me thinking, what is the difference between a good, more expensive car insurance vs. a one that is cheaper? My goal is to get cheaper insurance if it's all the same. My wife and I don't really drive, since I only drive when we go out at family (I use public transportation for work), and my wife only drives to go grocery shopping, and only when she's not getting things delivered. Since we don't drive that much, it seems to make no sense to pay something like $360 every half a year (we have a '07 Camry). So my question boils down to this:
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| Posted: 03 Jan 2021 05:46 PM PST Hi guys, as the title suggests I'm looking for a broker to invest in Pre-IPO shares of big companies like I missed our favourite Palantir or Airbnb. Would anyone like to share it with me or if you live in US can someone do some research for me on this? Thanks, I live in Canada though interested in US pre-IPO shares. I have one broker not sure about it's legitimacy yet and they are asking for minimum 15-20k USD. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 03 Jan 2021 08:13 AM PST After seeing a post here yesterday that many people found interesting, I thought I would share our breakdown of where the money went in 2020. We are a 35 year old dual income professional couple with a 2 year old son in the Boston, Massachusetts metro area. I started tracking my expenses in 2004 at the start of college when I was living on my own and needed a way to keep track of where money was and what was owed. I did this in Excel and have kept at it since. It's grown from tracking 5 accounts to tracking 15. I still do it in Excel and input line for line all transactions so I can correctly categorize them. I update it every 1 to 2 weeks and it takes me 20-40 minutes each time depending on how much has been happening. It's great to have all the data available and to see year on year trends. We also worked with a financial planner this year for the first time and it made it super easy to get him all the info needed. After the plan was delivered I modified it further to make sure that we're staying on track to our plan. Below is a simplified summary of where the money went. My tracker has many more categories, but many of them were less than 1% so I added them to other categories for simplicity. For example, I track restaurants, groceries, coffee shops and alcohol all separately but lumped them into one "Food" bucket. Hope you find it interesting.
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| Bill accidentally went to collection Posted: 03 Jan 2021 07:45 PM PST Hi there, About a year ago I had a procedure. Afterwards, I called the hospital three different times to check if I had a copay. They assured me I did not. Fast forward to today, I was visiting my parents and apparently I did have a copay and it has gone to collections. I hadn't seen any letters for the bill because they sent it to my previous address. I am extremely responsible and I'm really concerned about how this might affect my credit. Nothing has appeared on my credit report from what I can see so the letter was a surprise. The amount of money I owe is really petty ($50) and I can pay it immediately but is there anyway that I can ask for a guarantee or assurance that this won't end up on my credit report in exchange for payment? Thanks! [link] [comments]  |
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