Personal Finance Selling house to pull out equity and buy a condo |
- Selling house to pull out equity and buy a condo
- in a crisis; ruined my credit in high school with a gym membership
- Investing in Land and "sitting on it"?
- Can I transfer over money from my 401(k) to my soon to be ex-wife 401(k) account?
- Six years of personal expenses
- Monthly bill creep fatigue
- one way to curb impulse-buying...
- What physical financial papers (documents, invoices, paystubs, bills) should you keep, and which can you throw away?
- Attached Garage Question and debt
- Question about Bounced Check - This is the first time in my life a check written by me has bounced. This was my rent payment. How can I resolve this issue in a proper way?
- Parents used my credit without me knowing. So many questions.
- Wife is 37 with no retirement savings. Considering the best way to get her on track.
- Question about funding roth IRA on Vanguard's website
- How to maximize the value of a paycheck?
- Can a home equity loan be payable to myself only? Or must I share it with the co-owner?
- What next after maxing our 401K?
- Just got part of my security deposit back with surprise / excessive charges. Would these be worth disputing?
- Credit Card Advice
- Looking into getting a used car soon - Clueless and need advice?
- Can I afford to move to a new city?
- Investments at a Young Age
- Almost 50, Advice Needed
- Got a letter from IRS saying I owe 15k
| Selling house to pull out equity and buy a condo Posted: 02 Jan 2021 07:38 AM PST Hi everyone. So I'm 62 and my wife is 61 and we are getting near retirement.
The condo would have significantly less upkeep and insurance is cheaper. The interest we'd make on pulling the money out would pay for our mortgage payment. Other data points:
edit the question itself!
Thanks for your help in advance! [link] [comments]  |
| in a crisis; ruined my credit in high school with a gym membership Posted: 02 Jan 2021 08:06 AM PST Hello, I am currently a sophomore in college and recently decided to check my credit score on credit karma for the first time. I went on to find an essentially ruined credit score with a derogatory mark on it for $199. I think this is from a gym membership back in high school which I thought automatically cancelled after my one year agreement was over and I didn't update my payment method since my card changed (so i did not cancel it when i went off to college). I honestly have no idea what to do. I can't seem to be able to get a full credit report because i keep on failing to get authorized, so I can't find out who the collector is. I am freaking out that I basically just ruined my life by being an idiot in high school. EDIT: Im not sure why i keep having issues with verification, I just tried to make an account on experian so i can access things and it gave me this message: "We're sorry; we could not find your report with the information you provided. Please review your information for accuracy and then click Submit and Continue." I keep getting similar messages whenever i request my report from the other bureaus and also on annualcreditreport.com [link] [comments]  |
| Investing in Land and "sitting on it"? Posted: 02 Jan 2021 06:44 AM PST So typical post I see all over Reddit forums like this: I grew up in/live in Brooklyn, NY and looking to buy a parcel upstate in the Hudson Valley or Catskills region (I can get 3+ acres in the Catskills for what it costs to buy 0.6 in Hudson Valley, but it's further from NYC) - I know, I probably should have done this like 5-10 years ago but didn't have the money and was too young anyway. The thing is, I don't plan on really doing anything with the land anytime soon. I'd want to own it outright (or pay off as much as possible, minus any ongoing property taxes and any maintenance), but I don't plan on building or selling the land at least for a few years. I 'may' one day build a home something, or sell it if I can either make a profit or can't afford taxes anymore, etc. The old saying goes "buy land, cause God ain't making any more of it" but maybe I'm taking it too literal. Does it make sense to buy land in an area that 'could' become more valuable one day, without any plans of doing anything with it for years? I know it's all a gamble/hypothetical, but would love some advice or shared experiences. Go easy on me, I'm new to all this! [link] [comments]  |
| Can I transfer over money from my 401(k) to my soon to be ex-wife 401(k) account? Posted: 02 Jan 2021 07:01 AM PST So throughout our marriage I've been the only one with the 401(k) account and now we're getting divorced. Is it possible to transfer half the 401(k) into a new account that has her name on it? [link] [comments]  |
| Six years of personal expenses Posted: 02 Jan 2021 08:49 AM PST I've kept track of my families expenses for the past 6 years in order to have a better understanding of where our largest expenses are. I originally used Mint but went to Quicken as the reports were more robust even though it costs $$$. We don't formally set any budgets as a family, so I use our year to year expenditures as a form of budgeting. We are a single income, family of 4 in a VHCOL area and I think we do a decent job of keeping expenses low (single people or people from LCOL areas may be rolling their eyes, lol). We are pretty thrifty and spend money when we need to, we also don't eat out as much as most folks (usually when we are already out and it is too late to make dinner for the kids, our high restaurant costs are usually from taking out the grandparents and other family). For luxuries, we usually plan a head/shop around for the best deal and rarely impulse purchase anything expensive unless it is a great deal. When I was starting out, I was fascinated with other peoples budgets since I had no idea where my money was going. Also, when we initially started on the whole PF journey, I was pretty debt adverse and paid back any of my outstanding debt quickly (ie: student loans, mortgage) in retrospect, certain things like mortgage probably made financial sense to keep. Hope this helps anyone looking to set a budget or compare your expenses! [link] [comments]  |
| Posted: 02 Jan 2021 12:02 PM PST When I first started on the PF journey, I used to get so much joy fighting the dreaded monthly bill creep. Seeing an internet bill creep from $50 to $80 a month, and then talking them down back to $50 was a blast. But now, it's been a few years. My bills just keep creeping, but only by $5 or $10, and they get harder and harder to fight back down. I really want to fight these awful corporations, but the time it takes to haggle these poor service reps just trying to do their jobs doesn't feel worth saving such small amounts of money. Anyone else feel this way? Any way around it? Any other tips? [link] [comments]  |
| one way to curb impulse-buying... Posted: 02 Jan 2021 01:34 PM PST for the past month or so, every time I've wanted to inpulse-buy something online, instead I take $10 and stuff it into savings with a label of some kind. the money is still accessible should you need it, but if you don't, you're building towards a much more satisfying purchase later :) just thought I'd share in case this works for anyone else! [link] [comments]  |
| Posted: 01 Jan 2021 11:14 PM PST I've always been fiscally responsible. I do a monthly budget, balance my checkbook the old fashioned way, written by hand (at least on payday, often every Friday). I also hang onto almost every bill or paper statement I get in the mail. I've also had jobs in the recent past with no direct deposit, and I've always kept my paystubs. All of these things are sorted and filed, but sometimes I get overwhelmed and throw some away without looking. With everything in the world of finance becoming paperless, what items should I keep, and what is safe to disregard, or toss out? I don't own a paper shredder, so I usually tear up papers by hand, put them in my kitchen trash, and dump eggshells and wet coffee grounds on them. I hope someone can help me out because my friends think I'm too old fashioned, and I honestly spend too much time on my monthly budget (I want to briefly add that I have no interest in getting bookkeeping software. My middle aged brain can't comprehend, and I get a feeling of zen when I do my finances). Thanks for reading. And thanks in advance to anyone who can offer advice. [link] [comments]  |
| Attached Garage Question and debt Posted: 02 Jan 2021 06:56 AM PST I live in a 1400sq foot 3 bed 2 bath home. Current home value is $310k. We have a paved two car driveway that is connected to the house. We'd like to build an attached two car garage to the house. Initial research looks like it would be $20-$30k to get it done. We live in a hot market area and comparable homes with a one car garage typically go for $50k more. Two cars $80k. No brainer, right? Here's where we have hurdles. 1. We currently have about $16k on a credit card at 10% interest that we've been working down to pay off that will presumably take 3 years to pay off. ( I just paid off $6k on another credit card over the last 18mos. so we're better managing spending) 2. We just refinanced back In October from a 4.75% to 2.875% rate on our mortgage. We have about $208k to pay back over 30 years. The mortgage company would not do a heloc. 3. We could potentially move in the next 5 years out of state to follow the in laws when they retire Ideally, I'd like to do a heloc for about $45k. I think I could find a cheaper rate (800+ credit score) than the current credit card. Is this a good idea? Or should we wait until we pay off a credit card and apply for the heloc? Any help and advice you is appreciated. [link] [comments]  |
| Posted: 02 Jan 2021 08:43 AM PST I submitted the check and it bounced due to a pure mistake on my part. The funds were available on the 28th and the check was also dated 28th. Even though funds were available something went wrong and it got rejected due to NSF. I talked with the bank and even they were pretty apologetic about it. My landlord already charged me 50$ for the bounced check. I saw this on the due date for rent payment and immediately paid them through ACH transfer. So yes, my rent was posted on time on the due date as well as the 50$ charge. I also asked my landlord for mercy and asked them to waive the 50$ fee if they can. For added info, I am in colorado and my lease says the landlord can charge me 50$ or state mandated fine for rejected check whichever is lower. A quick google search shows its 20$. :/ I know a bounced check is a pretty bad thing. I am worried about further problems due to this. Can anyone let me know what else I should do? [link] [comments]  |
| Parents used my credit without me knowing. So many questions. Posted: 02 Jan 2021 05:04 PM PST Hey guys, so here's my story. I'm a 21 year old still in college with no credit history (so I thought) and I recently applied for my first credit card (Discover IT for students). My best friend and his brother received these without any credit history and were accepted. I got denied. Confused about this, Discover sent me a letter which I got today explaining why. Turns out I have a credit score of 564 and a collection that has yet to be paid. This came as a huge surprise to me as I've never had any credit cards or paid bills etc.. This collection was a Gas bill from January 2019. The amount isn't much, but it's obviously affected my credit score. Turns out this was my parents doing. I talked it over with them and they apologized and agreed they would pay the debt. They were in a tough place and have never been great with money anyways. However I am understandably so confused and pissed off. I know my best bet would be to report this and file a police report against my parents for identity theft, but I am not going to do that. I checked my credit score on Credit Karma and it came out to be "4 N/A". This report came from TransUnion and they have no credit history on me. I then went on to Equifax and on my credit report, there's a 524 credit score. This is obviously different to my 564 that Discover gave me on the letter I received. Can anyone give me some clarity / advice here? The debt will be paid ASAP. How much will that affect my credit score considering it's the only thing on it? How long could it take to rebuild it? Thanks in advance for any advice. EDIT: The debt owed is only a $330 bill. Does that make a difference? [link] [comments]  |
| Wife is 37 with no retirement savings. Considering the best way to get her on track. Posted: 02 Jan 2021 01:24 PM PST My wife came to the U.S. 5 years ago. We're in the process of adjusting her status (getting a green card) and have been in immigration limbo since that time. As a result, the kinds of jobs she can work have been limited to the lower end of the spectrum in terms of income. The fees for attorneys and government paperwork have eaten up the money she came here with. We've been focused on her adjustment of status thus far, and quite frankly never had discussions about her retirement until now.
It seems like starting a Roth IRA would be the way to go considering her income at this time, and the future expectation that her income will continually get higher over time.
Edit: Thanks to everyone for your input and emphasizing that what matters is the "joint" part. It's done a lot to change my perspective and will help US get on track. [link] [comments]  |
| Question about funding roth IRA on Vanguard's website Posted: 02 Jan 2021 05:36 PM PST Hi everyone, I would like to fund my 2020 Roth IRA using Vanguard. However I am a little confused how it works on their site. I do have a rollover IRA from my first job, but when I click in on it I am given the selection of "Is this a rollover from an employer sponsored plan or IRA"? If I were to click no then it seems I can fund it right away. If I click Yes, then the $6,000 contribution I can do screen changes. If someone can help guide me on how to do this or if I need to set up a new Roth IRA through them. I was thinking of calling Vanguard to ask, but if someone here has an answer I'd appreciate it. Thank you! [link] [comments]  |
| How to maximize the value of a paycheck? Posted: 02 Jan 2021 05:05 PM PST Just as a disclaimer, I have little to zero knowledge of finances and am trying to educate myself now so I am more savvy down the road. Right now, I live at home with my parents and have very few living expenses. I work full time and besides some miscellaneous purchases, I typically put away a majority of my paychecks into my checking account. What else can I do with this money so that it's not just sitting there stagnant? I don't have a savings account, so would that be a start? I have a little bit of money invested in stocks, and every month I automatically invest a small amount of my checking account into a Roth IRA. I have been investing the money in the IRA account into various domestic and foreign mutual funds. Besides that, the large majority of my paychecks have been sitting in my checking account. Any advice or suggestions help, thank you! [link] [comments]  |
| Can a home equity loan be payable to myself only? Or must I share it with the co-owner? Posted: 02 Jan 2021 04:25 PM PST I thought about taking out a home equity loan in order to come up with funds to buy out my ex/ co-owner. My question is can I take out this loan by myself (without my ex's knowledge) and have those funds payable to myself alone? Or would the check be made out to the both of us? FYI my the mortgage is in my name alone and I'm the only one who has paid for the place. [link] [comments]  |
| What next after maxing our 401K? Posted: 02 Jan 2021 05:24 PM PST I know this is probably a simple question but I have searched and researched and can't seem to figure out the answer. Currently my wife and I are maxing out our 401K. We also make above the threshold to have Roth IRAs. After monthly bills and savings, we have about an additional 5K. Stupidly, I've been putting it into the bank and not even into a high yield savings account. So that is my first task while trying to figure out to best invest it. So what is the recommended option to do with the 5K each month? I've read about traditional IRA's and possible back door Roth but still quite confused. The objective would be to grow this money for our retirement in the next 25 years. Thanks all Edit: also noticed I have an after tax contribution option in my 401k [link] [comments]  |
| Posted: 02 Jan 2021 02:36 PM PST This is an update from a post I made in November regarding security deposit charges, please read this first for the full context: To summarize, we had determined that I would most likely be unable to dispute any charges for professional carpet or window cleaning from my security deposit because they were mentioned in an addendum to my lease. The latter I felt was especially excessive and both lawyers and the people on this sub have never heard of a landlord charging a tenant for this, so I was a little upset. However, after cleaning the place up and having a short discussion with my landlord, they told me that I shouldn't be charged for anything else other than a $25 cleaning cost as the cleaners I hired had trouble removing some stains on the stovetop. Since I felt I could do this for less money and had a bit of time before my lease was up, I bought a stovetop cleaning kit and was able to clean it up, but couldn't remove the scratch marks on some of the burners that were created from my pots and pans. I figured this would be considered normal wear and tear and wouldn't be charged for something like that, so I thought I was good to go. I have included before and after cleaning pictures for reference. I asked them explicitly what I would be responsible for cleaning, and they said anything that was marked "clean" on the move-in checklist, since I noticed the 2nd-floor balcony and garage floor were quite dirty. Since they were not marked clean on the checklist, again, I assumed that I would not be required to clean those. Anyways, I got my deposit check in the mail today, and not only was I charged for the carpet and window cleaning but also an additional $100 for the scratches on the stovetop (they said they got bids between $300-400 for the repair) but "generously" only charged me $100 due to the scratches having no effect on the functionality of the stove whatsoever. However, they insisted that the scratches were a result of my attempts to come back and clean it (without providing any proof), but I am certain the scratches were already there previously just from me using pots/pans on it almost daily, so again I would think this should be considered normal wear and tear. They also charged me another $100 for 4 hours of extra cleaning including the garage floor and balcony (even though I was told previously I would not be responsible for this) as well as for touching up paint in a few places. They also said the tile grout in the master bathroom was dirty but again didn't provide any proof in pictures, and I am not sure who to be mad at because the cleaning service I hired was supposed to clean the tile grout. I mentioned in the previous thread that I was a bit hesitant to dispute any charges with them previously as we had a good relationship up until now, but feel like they have breached my trust with these additional charges which come off as an attempt to nickel and dime me. I even asked them multiple times to let me know when they would do the move-out inspection so I would know about any of these charges before sending me my deposit back and am dismayed that they ended up doing this without me and didn't follow-up. If you were in this situation, would you agree that I have a strong legal case to make a dispute, and would you go for it? [link] [comments]  |
| Posted: 02 Jan 2021 03:08 PM PST I got a Discover card when I started college, of course with no credit one of my parents had to be on my account. Fast forward 5 years later I called to remove my dad from the account, but they told me that I would have to completely close this account and open a new one. The main reason I wanted to remove him is to be independent and to raise my awfully low credit limit ($500). I'm not tied to getting another Discover card and feel that closing my only and longest credit history wouldn't be wise. So I guess now my question is do I get a new card from a different company and leave this one open or just have Discover bump the credit limit on my current account? [link] [comments]  |
| Looking into getting a used car soon - Clueless and need advice? Posted: 02 Jan 2021 06:58 PM PST Hey! I am still currently in college after getting a late start (25 this year) And only got a credit card last year(Credit right now is 708 :/.. Using it only for school supplies that I can pay back easily currently), my family is rather poor and my parents never taught me good spending/budgeting methods so I've been trying to figure out everything the last few years while going to college. Been trying to look into budgeting and saving for a car this year since I start a new job soon and don't have alot of outside expenses that are too terrible - Only loan I have is a 7k loan I had to take out in reference to school and I've been making damn sure I don't have to take out any more loans. Questions - What is a good starting point to shoot for a budget for a car? I do not care what car it is aslong as she runs and Is not too expensive/My dad mentioned something about financing but most things with my dad make me wary because as stated, he is not that finanically smart. So what should I watch out for? And what should I ask about? And what should I avoid listening to my dad about? He is very loan happy and I'm not going down that route. [link] [comments]  |
| Can I afford to move to a new city? Posted: 02 Jan 2021 06:54 PM PST I currently live in the salt lake City Utah area and the cost of living is very high, I'm looking to move out of my parents house and go to the Dallas fort Worth area. I make 16.50 an hour and have the option to make that same wage out there in Dallas. There is a possibility I can land another job that pays better but slightly better. I have noticed that there are a lot of studios in one bedroom apartments in the DFW area that go for $800 or under that would be about 13 or $1,400 here in salt lake. I'm 25, single, no kids, no student loan debt because I didn't go to college, my car is paid off and the insurance is $50 a month currently. My car gets over 40 MPG on the highway so gas is cheap. No other debts, and no pets. Do any of you guys think this is doable? Thanks for the input! [link] [comments]  |
| Posted: 02 Jan 2021 05:17 PM PST Hi everyone! I am currently in my 20s and attending graduate school. My grandma passed away and left me a a good amount of money to take care of myself. I just wanted some advice on the next few steps that I am going to take. I have a LOT of loans so I wanted to use part of that money to pay it all off first. For the rest of it, I want to invest in stocks or do something where I just don't let it sit in the bank. My relatives are trying to convince me to sign up for a variable annuity but I am not sure if that is the best action. Was looking for some guidance and where I can start off to learn more about stocks. Thank you! [link] [comments]  |
| Posted: 02 Jan 2021 04:04 PM PST Hello All I've always wanted to get control of my money but it's never worked. Looking for changes this year and any advice or experience would be helpful. I'm almost 50 married with 2 little kids. My wife works part-time and brings in maybe 25K a year. I've recently gotten into a new position that pays me $140K plus about 40K+ in commission. More money than I've had my entire life. I have about 5K in CC debt that I'm aggressively paying off. I have several 401K from old jobs $113K/4K and my current job I'm contributing 7% and have about 13K in there. Our expenses are on the high side for the "middle class" life we lead but we are spending on avg. 11K per month and my Net income is around 12-13K depending on the commission for the month. Mortgage is about $2900. I've accumulated about 33K in savings within 4 mos. that I keep in a checking account in my name. We have a joint savings account with about $2500 in. When my wife needs to pay for something and doesn't have in her account I just transfer what she needs. No system and no control over the money Where do I put this savings? I've been reading about vanguard index funds to maybe start and put 3K in? Want to also start putting money in kids account which we don't have as of now. Any advice or thoughts or resources to get me some clarity would be very helpful. Thank YOU! [link] [comments]  |
| Got a letter from IRS saying I owe 15k Posted: 02 Jan 2021 11:48 AM PST The IRS sent me a a my husband letters saying we owe them $15k and need to pay by next month. (Deadlines are extended due to covid but not much) They are saying they corrected our tax return from 4 years ago and decided that's what we owed. We made very little money 4 years ago so I'm very confused on how they came up with 15k. We can not afford even a fraction of this. Even with payment plans. Do I have any options to fight this? The first time we got this letter, we sent them a letter back saying we believe it was a mistake and gave them reasons as to why we thought it was a mistake and how much money we made. (They said we could write letter if you disagree with the balance) never heard back from them till now, and they didn't say anything just resent the original letter back saying we still owe. What are my options?/r/Tax [link] [comments]  |
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