Personal Finance Weekend Discussion and Victory Thread for the week of January 08, 2021 |
- Weekend Discussion and Victory Thread for the week of January 08, 2021
- Employer pays wages with reloadable card
- Dave Ramsey Alternatives?
- Best response to "Why are you leaving your current company"?
- I owe $8500 on a credit card that was closed out and sent to collections what should I do?
- 8 months to make things happen. Please help
- Stocks used for tuition
- Won a charge back for defective/incorrect merchandise... now over a year later the merchant is contacting me asking about it.
- Does anyone invest when they still have debt?
- Max out IRA Jan 1st or throughout the year?
- Want to start my roth IRA with vanguard this montH. Confused o if I need 1k or 3k to invest.
- When to get back into the stock market after selling in March.
- What is PTO worth to you?
- Significant IRS debt
- How do I get better at spending on essentials?
- Are annuities worth it?
- I think I’m about to be evicted. What’s steps can I take?
- 15 almost 16 yr old looking to put my money somewhere safe where it can grow. (All help really appreciated)
- US Tax Question, did not file debt cancellation
- What is the max percentage return one can guarantee for their 401k?
- Returns not showing in IRS account
- How are 401k withdrawals taxed after retirement?
- Tell me how much I should have for an emergency fund
- Should I build a nest egg or pay off student loans?
- I want to invest in the stock market under a custodial account. However, my parent has significant debt. How will this affect me?
| Weekend Discussion and Victory Thread for the week of January 08, 2021 Posted: 08 Jan 2021 01:00 PM PST If you need help, please check the PF Wiki to see if your question might be answered there.This thread is for personal finance questions, discussions, and sharing your success stories:
A big thank you to the many PFers who take time to answer other people's questions! [link] [comments]  |
| Employer pays wages with reloadable card Posted: 08 Jan 2021 08:06 AM PST I just started working retail, and received my first paycheck in the form of a reloadable debit card. Is this normal? I've polled friends and family and no one has ever heard of that being done except with under-the-table side hustles. FWIW, my employer is a national chain with almost 2000 locations. Normally that would give me comfort, but there doesn't seem to be any organized onboarding process like I'd expect from a national chain. The whole operation is rather chaotic. Edit: thank you all so much for your comments. I feel a lot better now. I am still working to switch to direct deposit, but it's comforting to know this isn't tax evasion or a scam. Thank you! [link] [comments]  |
| Posted: 08 Jan 2021 11:06 AM PST I've known about Dave Ramsey for a while, but only knew him as the guy who hated credit cards and the like. I recently discovered his YouTube channel about a month ago and have watched a lot of his videos, I'd like to think I agree with him more than I disagree, but I am looking for similar shows or YouTube channels that put out some good content along the same lines that go along with the live within your means narrative, but not necessarily eat rice and beans every night. Specifically, what to do with your extra money once you are out of debt and want to start investing for medium term things or saving for kid's college or down payment on the next house, instead of maxing out our 401ks. [link] [comments]  |
| Best response to "Why are you leaving your current company"? Posted: 08 Jan 2021 05:58 PM PST I don't have a good answer other than "money" and/or Im tired of the bullshit at my current job. I've interviewed other people for my company recently, and I know it's really easy to use the pandemic as an excuse. However my industry has been untouched by covid. And the company I'm interviewing at knows my current company very well (we're a major contractor). So I can't use the "layoffs" excuse or anything like that. I know this is an extremely important question to recuiters/interviewers so I don't wanna screw it up. [link] [comments]  |
| I owe $8500 on a credit card that was closed out and sent to collections what should I do? Posted: 08 Jan 2021 10:34 AM PST So I've had a credit card with a bank that I racked on $8500 of debit on and I was paying it down until last year when I couldn't. At the time I was a college student and I didn't have a job and only had some money in a savings that I was using to pay it down but the payments became too much for me to make. I spoke to a bank representative to lower the payments but he said since I didn't have a job he couldn't do anything for me. It ended up closing in December and going to collections and I just got the first letter. I recently graduated and was able to get a job and If everything goes well I should be starting in February and it will pay me about $1000 a week after taxes. I really want to pay this off and boost my credit which right now is in the low 500s, what should I do first to help me pay off the debt and help boost my credit up? Some information: my bills total $1000 a month and the other debt that I owe is all medical/hospital related debt. I have no other loans or credit cards. I know the obvious answer is to pay it off but is there anything I should do when I contact the collection agency? [link] [comments]  |
| 8 months to make things happen. Please help Posted: 08 Jan 2021 05:32 AM PST Good morning reddit. Please go easy on me. Firstly. I'm in a bind. I have till the end of August to relocate my living situation. It's my fiance, toddler and myself. Of which I'm the only one with income. Not much either. Bring home 550 each week. During covid we lost the apartment we were in and moved into my parents to save and move on but that's got a time limit. I'm not expecting to take my crumby 560 credit score and buy a house and live lavish. But living in NJ is too expensive and we're thinking we should try to get down south. Maybe north Carolina. I should Be getting around 5k for taxes plus stimulus. That will be my initial savings to start with. I plan to tuck aside 250 a week till. August. Giving me 1k a month in savings. So. I'm hoping by then I should have around 12 or 13k tucked aside. I'm a general laborer. Work in a factory. I don't have a degree. I'm just a worker bee. Can someone here possibly helpe come up with a solid plan so I don't screw this up. Or reasonable expectations. I've never moved out of state. I don't have great finances or credit. But overall I have to provide my family with a stable housing situation. I figure I'll have to find a location and Scout the employment opportunities that I can fit into. And try to make a transition. But I'm not exactly sure how or where to start. Are there programs that can help low Income families. New buyers. Anything reddit can recommend would mean the world. Do I need to Do specific things to boost credit? I have 2k.in medical debt collections. I'm sure you read this and think oh another broke delinquent trying to climb out of the rutt they dug. And yeah I suppose that's the truth. But I have a child and need to make things better so that he doesn't have to go without. I just don't know where to start or what steps to start taking other than saving at this point. I do know I'll have to find a location and work and Def work on credit. I just need advice possibly from people who have been in similar situations or someone who understands finance better than I do. 8 Months to relocated with just over 10k in savings at that point. Poor credit and low income. Please give me some sound advice. Thanks in advance [link] [comments]  |
| Posted: 08 Jan 2021 08:20 AM PST So, I have graduate school coming up and tuition alone for the entire schooling will be around $44,000. I have about $55,000 in stocks and mutual funds ready to be withdrawn and used for school thanks to my Grandpa passing and leaving this behind for me. CLARIFICATION. He did not leave me the stocks he left me money that was used to buy stocks. My question is, what is the best way to do this? Do I just sell, face capitol gains and move on? Is there any way to transfer funds into something more tax favorable since they'll be used for education? I've seen something where you'll pay 0% capitol gains if you make under $40,000 a year. I'm working a low paying job right now so only make about $28,000 a year. If I withdrew my stocks, would it go towards my 2021 income? (Tax knowledge very poor) Because after May I won't be working anymore, so I'll have about $13,000 made in 2021. If sell under $27,000 of stock, will I pay 0% capitol gains? Is is in brackets like taxes too? Where if I sell $28,000 of stocks, will it all be taxed, or just the $1,000 that puts me over the $40,000 mark? Thank you for any advice and help you can give me. [link] [comments]  |
| Posted: 08 Jan 2021 09:08 AM PST Long story short, I successfully won a charge back a year ago for a set of tires/wheels that didn't fit my car. The online merchant was basically terrible to work with, prior to the charge back they made me visit 3 different shops and I paid each one for work/evaluation, all the shops agreed the wheels aren't correct, yet because merchant's database said they are the correct wheels, they refused all attempts by me to either return or exchange them. At the end of a 4 month long fight and charge back process I had the money I paid the merchant credited back to me, though I was still out a few hundred I paid the shops. I also still had the tires/wheels in my possession, multiple attempts before/during the charge back process to return them and they refused each time. Today, out of the blue, I got a VM from the merchant essentially asking if I still had the tires/wheels and for me to return them. Now I don't mind returning them, they don't work for my car and ultimately I didn't pay for them... but I'm worried that by re-engaging with them I'll be opening a can of worms where they expect me to pay for the return (which would be a lot of time, energy, money for me), or that if by acknowledging I still have them I'm opening myself up to them attempting to invoice me or something else. Any advice? EDIT: Thank you all for the advice, it seems a bit split, but what I haven't heard is that engaging w/ them to arrange the return is going to open me up to anything worse. I agree that these aren't mine, which is why I've stored and not done anything with them. I intend to call them back and ask if they can arrange for pickup. I'm willing to tape labels to the each one, but I'm not hauling or packing them up. If that's not enough then that's on them, I've done more than my share. [link] [comments]  |
| Does anyone invest when they still have debt? Posted: 08 Jan 2021 12:37 PM PST I have student loan and credit card debt totaling around $34k with like $4k of that being credit card debt. Just wondering if anyone has started investing while also paying this off? [link] [comments]  |
| Max out IRA Jan 1st or throughout the year? Posted: 08 Jan 2021 07:31 PM PST I usually have money to max out my IRA on Jan 1st. But I know about not timing the market... Does it make the most sense to add all 6k and put it in the market or spread it out throughout the year? I'm guessing the answer is by adding it all on Jan 1st year after year, it is spread out enough over time, I just want some other opinions before I pull the trigger once again. [link] [comments]  |
| Want to start my roth IRA with vanguard this montH. Confused o if I need 1k or 3k to invest. Posted: 08 Jan 2021 06:36 PM PST I am new to my career and finally have money to start investing in a roth IRA. I want to use Vanguard because I heard they have low fees and they're generally popular. I am super confused on how much I need to buy my first investment. Is it free to open the account or is the minimum 1k? I can't find a straight answer. And I heard most mutual funds are 3k? Edit: Sorry for the typos in the title... typed too fast. [link] [comments]  |
| When to get back into the stock market after selling in March. Posted: 08 Jan 2021 05:33 AM PST Using old account b/c my friends know my current one. 2020 was a crazy year. Like many people I panicked once the market tanked in March. Luckily, I have a go-to friend that works in finance. In March when panicking I asked him what I should do. He told me to go ahead and sell off all my holdings and just hold cash. He said that the market would go lower and I could enter at a later date for cheaper. I work in the medical field and am very unknowledgeable about investing so I listened to his advice. He said he would let me know when to get back in. Now, 9 months later, I'm worried that I am not back in the market. I talked to my friend and asked him again when I should jump back into the market. He told me its over valued right now and we will see a crash. He suggested I invest in more guaranteed assets through him like life insurance. I do trust my friend, but I also wanted to get feedback on how to proceed. Are guaranteed investments like he is suggesting better than the stock market? EDIT: Thank you everyone for your feedback and advice. I realize now that I made a mistake and I should not have sold in March. I do think my friend meant well, but I need to start getting second opinions on investment decisions. I will be listening to the advice here and buying back into the market. [link] [comments]  |
| Posted: 08 Jan 2021 07:44 AM PST Let me start off by saying I count myself as extremely lucky in 2020 - I work in an industry that has been extremely busy to the point that my position has experienced increased value across my industry. I received a promotion in March with a moderate salary increase - my employer tends to give large increases with promotions and minimal annual increases. At then end of the year, I received an offer for a similar job at a competitor and accepted it - the increased base salary was about 35% higher. My prior employer has just reached out to me to try to bring me back, with an offer that would be an increase of about 22% from my prior salary with them, but I would retain my seniority/years worked as if I never left. While this is obviously less pay, my original employer offers 30 PTO days because I had been there long enough to max out their sliding PTO scale. My new employer offers 15 days of PTO with upgrade to 20 after 5 years. When considering compensation, original employer also offers higher 401k match so the base income if I return to my original employer would come out to about 10% less than being paid by new employer. TL;DR - which would you find more valuable, 15 days of PTO or approximately $10k in annual salary? [link] [comments]  |
| Posted: 08 Jan 2021 11:18 AM PST I got a letter a week or so ago saying I was nearly 29k in backed IRS debt (span of about 6 years) due to being an independent contractor and a few years of hardships. I only make about 35k/year on average. I just logged in to the IRS site, and it now says I owe over 35k. I was on a repayment plan and doing well, then sometime in 2020 the payments stopped without me realizing, and I never checked up on it. Then COVID kicked my financial ass, and I was not eligible for any assistance during the pandemic. I've been avoiding doing anything about it because the anxiety I get from it is paralyzing. I've heard of Offer in Compromise and those programs where you can pay a company to settle your IRS debt, but I've also read about how most are scams. I have no idea what to do since I'll end up also owing a few grand more from last year. I have all if $4k in my savings because I wanted a cushion in case we had to move or any emergency medical bills (no health insurance). I would GLADLY hand over all savings I have to have it significantly reduced and have a lower payment, so I can start paying quarterly so I never fall behind again. I'm looking for advice on what to do/who to contact to work this out, so I can be in better financial standing to eventually buy a house (in a couple of years or so), and to reduce my financial anxiety. Thank you! [link] [comments]  |
| How do I get better at spending on essentials? Posted: 08 Jan 2021 06:32 PM PST Hey! So I've been having a real problem spending money on essentials. I feel bad every time I do it. For context, I make 42k a year and live at home for free. This is my first job. All I spend on is my transportation ($500 a month) and my student loans ($1000 a month but I make 4x payments). I'm saving and investing in my retirement. I went to Costco today to try to get some fruit so I could try and eat better. I spent $22 and regret it tbh. Is there a way to get over this feeling for essentials? In college, I made a lot less to the point I never had more than 2k to my name. I have significantly more now, but I feel bad spending money on essentials (food. Clothes. Gas) [link] [comments]  |
| Posted: 08 Jan 2021 06:30 PM PST I am not even close to retiring, but I have always been curious if I should buy an annuity when I retire. [link] [comments]  |
| I think I’m about to be evicted. What’s steps can I take? Posted: 08 Jan 2021 04:01 PM PST Long story short, COVID kept me out of work for a long time and when I finally got a job, the pay wasn't enough to pay down the late rent charges. I just received an email today saying that if I don't have the rest of the money ($5k+) by Sunday, then my account will be sent to their attorney to pursue legal action and that I will be paying the legal fees. What can I do?? [link] [comments]  |
| Posted: 08 Jan 2021 02:20 PM PST Hey 👋. I'm 15, almost 16 years old, and I have about £1000 after saving for a couple of years. It's come to the point where it feels useless just lying around, and I'd like to invest it somewhere. This money I would like to try to grow and save so I have a decent portfolio for the time when I'm in uni, just to make life easier when I'm there. I have looked at a few options, including investing in stocks and shares with Trading 212, Junior stocks and shares ISOs, and other things along those lines. At the moment I am leaning into the trading 212, buying stocks and shares, but I am unsure whether to go for something like Tesla, and buy a whole stock or 1.5, or spread it out a lot. I am also not 100% if trading 212 is the best option, but it has a very user-friendly UI, and the fact that you can buy fractions of shares is useful to me. I'd like to hold the money for around 2 to 3 years in whatever I invest, so.. Again, all help and advice is appreciated :) [link] [comments]  |
| US Tax Question, did not file debt cancellation Posted: 08 Jan 2021 05:59 PM PST So back in 2018 I guess I got a debt cancellation from Wells Fargo. I had a loan for education from Wells Fargo many years ago, I could not pay, they would not work with me, so I quit paying it. They sold it to a debt collection and I guess eventually cancelled it. I do not remember getting a 1099-c or whatever. Now the IRS is stating I owe money due to this oversight. What are any forms or steps I should make? [link] [comments]  |
| What is the max percentage return one can guarantee for their 401k? Posted: 08 Jan 2021 05:57 PM PST Let's imagine you are speaking to a 45yo man, with approx 1.5 mm in their 401k. Imagine this man is thinking about retiring and they need approx. 100k/year to live comfortably (roughly 7%) of their 401k. Could they retire now? And if so, what are the safest options for their 401k that ensures a guaranteed return while insuring the account never drops in value (i.e. lower than their 7% withdrawal). Thanks. [link] [comments]  |
| Returns not showing in IRS account Posted: 08 Jan 2021 05:49 PM PST hi again, after creating an IRS account trying to find information on my missing 2019 refund (prior post, return electronically filed July 7th but still "being processed"), I noticed that only the 2018 return is showing. Prior returns do not display but refunds were received. The only thing I can think could have happened is multiple moves during 2015-2020 (and change in filing status). Is this normal? Calling them is close to impossible right now, not only because they are not answering but because work (teaching) does not make it easy to call during the time IRS phone service is open. Any other way to contact them? Old fashioned letter? Thanks for your help [link] [comments]  |
| How are 401k withdrawals taxed after retirement? Posted: 08 Jan 2021 01:51 PM PST Simple question I couldn't find a good answer on by googling - the results kept talking about IF you are taxed and how much. But I am curious about when? Do you have to pay quarterly like some workers? Is it annual? Or is there some mechanism that taxes as you withdraw? [link] [comments]  |
| Tell me how much I should have for an emergency fund Posted: 08 Jan 2021 05:36 PM PST Hello Guys, I wanted to get your opinion because I have a bit of a unique situation. I current own a duplex which I house hack and my current mortgage is 715 a month and the rental I receive is 1100 a month. I'm a frugal/investing nut case HAHA so my finances are dialed in. My tenant has proven to be very reliable over the years and has a stable job. My total bills per month are around 1315, so minus the rental income it comes to about 215 per month out of my pocket. As you can see I save a considerable amount of my income each year. I'm 30 single, no kids. Net worth of around 325k. No debt other than the mortgage. I am having a really hard time holding an emergency fund of, typically 20k in a high interest saving account (high interest my a**) current rates around .4% (BS). I want to put 15k of this into the market. So this would leave me with 5k emergency fund. My car is good to go, my house does not have any known problems. My risk tolerance is high due to my age, net worth and monthly expenses. With my current situation and the current economic climate, do you think this is a good idea? TIA! [link] [comments]  |
| Should I build a nest egg or pay off student loans? Posted: 08 Jan 2021 01:26 PM PST I have 50k in private student loans (only debt) at 3.36% apr. I'm 26 years old and make 70k per year. I'm currently contributing 6% to my Roth 401k and receiving a 4% employer match. So far I have 17k in my Roth 401k. I also max out my HSA annually with $3,600 tax free dollars. I've ran a few scenarios through my mind and can't figure out which one makes the most sense. 1.) Contribute 0% to my Roth 401k, stop receiving the match, and go crazy on my loan. Invest heavily after being debt free. 2.) Contribute 4% to my Roth 401k to continue to receive the 4% match and attack my loans with the rest. 3.) Contribute 15% to my Roth 401k and receive the 4% match and pay minimums on my loan. In my mind building a nest egg is so important after reviewing different online calculators. Having 17k at age 26 vs have 40k at age 26 yields about $250k difference at age 55. At the same time I hate debt with a passion and can't wait until that weight is lifted off my shoulders. I spend a lot of time thinking about being debt free and it's very important to me. Any advice from you seasoned personal finance gurus? Thanks [link] [comments]  |
| Posted: 08 Jan 2021 05:11 PM PST Please excuse my financial illiteracy. I'm 17, turning 18 in the summer. I have $1500 saved that I would like to invest. My understanding is that minors can invest under an account operated by their parent. My dad has a couple thousand in debt. He's on SSD so debt collectors can't take money from that income. If he were to get a job, then debt collectors can take a portion of that income. Any income that isn't from social security can be taken by debt collectors. My question is, if I were to invest under a custodial account with his name, would debt collectors take a portion of whatever money I made? Would I be better of waiting until I'm 18? I'm in the US. [link] [comments]  |
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