Personal Finance When is downsizing smart both personally and financially? |
- When is downsizing smart both personally and financially?
- Should I tell CC company to deny payment to ATT?
- I'm getting an $1100 tax refund. (About the same as last year) What do I do to get that to $0?
- Building More Wealth Early On
- 30-Years-Old Starting to feel like I'm only just becoming financially stable. Would like advice on how I can save for a house, invest money, save money.
- I have an extra $1k net income per month, what do I do with it? Im 32 with no debt and will only live until my 60s.
- My Social Security number is invalid and I cannot get it fixed
- American living abroad for 5 years. I just realized I haven't been reporting taxes. Could use some help.
- W2 delivered opened
- Credit Union froze my debit card due to missed credit card payments?
- What's the true opportunity cost when you buy a car, renovate for kitchen or buy a bigger home?
- Questions regarding taking profits on stock or holding
- Moving in with a partner when one owns a property and the other doesn’t.
- My fiancé and I have the opportunity to buy the family house, is it really a no-brainer as his dad is suggesting?
- How to invest savings for use in 3 yrs, and 10yrs
- Is retiring at 40 an option? If so, what should I invest in.
- Fees to Expect from Vanguard after Leaving Employer with 401k?
- Law school or find a job?
- How to negotiate hospital bill?
- High-yield Savings Account for Emergency Fund
- Building new: Pay down existing mortgage or keep it cash?
- Opportunity for career retraining, want to make sure I’m making the right decision
- Unemployment says I received more than I actually received
- Basic stock performance computation question
| When is downsizing smart both personally and financially? Posted: 30 Jan 2021 05:52 AM PST (Edited to add: THANK YOU ALL SO MUCH! These replies are life changing. Ive read everyone and I'm taking notes on what you're saying. THis post alone makes reddit worth it to me.) OK this is a silly question, and I'm not sure ill get much input but its still worth a try. You all are so nice most times after all. Background: I'm single guy, mid 40s and I live about 30 min north of a medium sized midwestern US city. I own a large (3k sq foot) house I bought 18 months ago when I relocated for this current job. The house is in a very suburban, family-oriented town. Its very quiet here, and boring. As a single dude, its not awesome (even before Covid) but it IS one of the hottest real estate markets in the state. Ive recently been promoted to a more executive position at a very good salary with the best perk of being 100% remote and able to live wherever I want. Scenario: In the 18 months Ive lived here, Ive learned a lot about me and living here: #1- A single guy with no kids has zero to do here. I'm pretty unhappy with it. My quality life isn't BAD per se, its just .... empty. #2- This house is too darn big to take care of. In warmer times of the year, my weekends are literally 100% chores to maintain the house. It never ends. #-3 I love home owning, but don't need 4 bedrooms/3 floors etc. I can easily afford the mortgage here though. Being that the market is really extra hot now, I THINK I could sell it and at least break even if not make a little. There's a high chance that it would sell the day I list it. There's also a chance I could take a loss after you add in realtor fees. I'm NOT savvy with FSBO. Maybe rent an apartment, maybe buy a townhome, maybe move to another part of the US and get an apartment/buy something. As soon as I start thinking about the above though I start to fear that this is a really BAD financial move and I don't know why. Downsizing is something people do at retirement not in their 40s. So, my question is that Ive made a mistake buying what I did, where I did. With the above info, what would you do? EDITED TO ADD: - This is so poignant now because I JUST got the promotion that came with the remote work option. I asked for it during the promotion conversation and they said "of course". I never thought it was possible. - Renting out is probably not an option as the rental market for the cost wouldn't be there. Ive done it before as well, and Ive found Im not cut out for the stress of being a landlord (even with prop managers). [link] [comments]  |
| Should I tell CC company to deny payment to ATT? Posted: 30 Jan 2021 06:46 AM PST So, AT&T store in Puerto Rico approves me for a $1,000 trade in credit for my old S9+ in September. 2 months later, AT&T sends a letter saying I'm denied the upgrade, and I'm gonna have to pay the full $1,000 credit they said I was eligible for 2 months ago. Went back to the store in Puerto Rico to talk to them - the week AT&T denied my eligibility, they sold their PR contract, so the store in PR has 0 record of the transaction and 0 access to my account. Since then I've spent hours on the phone (0 success) and hours in the brick and mortar store back in the states, and no luck. Basically, I am totally fucked, and on the hook for the $1,000 dollars they denied me, 2 months after approving me for it. So I send them a letter of intent to begin arbitration in early January - no reply. Supposedly they have 30 days to reply, whatever, they haven't replied. I am so goddamn mad. I'm about to call my credit card company and demand they refuse any payment to AT&T, and see if I can seek compensation or refund or whatever it's called for past payments to them. Am I missing anything? Do I have any other options? Edit: whoa. I took a nap and this blew up. Thanks for the feedback everyone. I'm gonna find a lawyer with a free consult Monday, and go from there. One poster said they were livid, and I must be too - buddy you NAILED it. It ain't even (entirely) about the money anymore. Ive spent some 14, 15 dealong with this and thats lost time and income, it is f***ing insulting to me, and I'm pissed. Way more than pissed. Thanks again for the feedback. I'll keep yall updated. [link] [comments]  |
| I'm getting an $1100 tax refund. (About the same as last year) What do I do to get that to $0? Posted: 30 Jan 2021 05:30 PM PST That's about $42 per paycheck that is being taken out of my paycheck that doesn't need to be taken out. I am single, no dependents so I'm not sure if checked the right boxes when filling out the tax documents with my employer? [link] [comments]  |
| Posted: 30 Jan 2021 06:55 AM PST If I'm a young adult with a job already investing as much as I can in a 401(k) and Roth IRA with an emergency fund, is that all? Do I just dump any extra money I can save into a taxable account? Is there no other way to make my money work for me aside from starting an entire business (which could be difficult considering I have a full time job)? I looked into real estate a bit but it seems like even that (flipping properties or renting out) would take a considerable amount of time. [link] [comments]  |
| Posted: 30 Jan 2021 02:40 PM PST Up until now, I've always considered myself what I consider poor, or just above poor. I'm only now able to afford a townhome, car payment, and have money to buy things without sweating. And even that is more due to having dual income. My goal is to be able to buy a house. I've always lived in an apartment, even growing up, so this would be new to me. Houses in my area start in the $150-200K range for anything in a decent neighborhood. I was looking to start investing, but from everything I can see, you need to put in a few thousand to start if you want to see any meaningful gains. I would only be able to put in a couple of hundred, maybe. I wonder if there is any hope for me to get a house in the near future? My hope is that I can give my daughter (1-year-old) a better start to life than I had.
Main questions in the TL;DR at the bottom.
Income $40,690. Every 2 weeks, my gross is $1560, but with deductions, my net pay is only $888 (though really closer $953 since my SO pays half of the additional insurance cost for having our daughter on there).
Expenses Largest Recurring monthly payments include -$550-$600 for rent and utilities (my share) -$200 for child care (my share) -$135.55 for my car -$70 for student loans (currently suspended) -$75 IPTV, Adobe CC -Rest of my money goes to food, gas, stuff for the kid, items for the house, etc.
Debt -Student Loans of $30K at 5.600% -Car Loan of $2,800 at 6.990% -Monthly Rent and utilities comes out to about $550 for my share. -Will likely be getting much needed braces this year for $3,000 (Long story, born without 6 teeth in the front, need braces before I can get partials. I feel like it's necessary for business purposes). -No credit card debt. Just one card with a $500 limit Rest of the money goes towards food, gas, and the kid.
Retirement Plan I'm in the FERS program, which seems to be pretty good. I have a TSP instead of a 401(k). -I put 3% of my gross towards retirement, -Job contributes 1% automatically. In addition my job matches that 3%. Totaling 4% -If I wanted to, I could go up to 5%, in which they would match an additional 1% (0.50 for every dollar after 3%, up to 5%), meaning my employer would also match 5%. [We also invest $1.00 for every $1.00 you invest for the first 3 percent of your basic salary, and 50 cents for each $1.00 you invest for the next 2 percent of your basic salary.] -I would also get a pension of 1.1% of my 3 highest grossing years. -I do have about $5,900 in my TSP using the L Funds which is a diversified mix of G, F, C, S, and I that changes based on how far out from retirement you are. (In the L 2050 Fund).
Advice Needed/TL;DR
Any advice appreciated! EDIT: Thank you for the advice everyone. I greatly appreciate it. I will make sure to max out my retirement contribution so I'm not leaving free money on the table. Setting up a real budget and paying off this car ASAP are next on my list. [link] [comments]  |
| Posted: 30 Jan 2021 12:31 PM PST I'm 32 years old. Between paying off my student loans and getting new job, and not having to pay for Healthcare(my company pays premium, no deductible, very good coverage), I find myself getting an extra 1k per month net. I don't need this to afford my lifestyle, in fact just cutting down a little would save me an extra 500 a month. I don't have debt, or own a car (live in the city & use mainly public transit paid by my company), no credit card debt, mortgage. 817 FICO score now. have 3 months of paychecks in my savings account right now. But,, I increased the amount I put into savings ($400 per month to 800). I contribute currently 10% to 401k. Here's the kicker...I will only be able to work until approx age 45-55. I have Huntington's disease and will be disabled and too cognitively deteriorated to work sometime between 45-55, and my life expectancy will be around 10 years from then. So I don't even know how I'll be able to access the 401k since I won't be retirement age? What do I do with my new extra money? Keep putting it in savings? An IRA? Invest? With small lifestyle adjustments I can start saving an and 500 a month without sacrificing things like travel. I need to think about future Healthcare and find some way to pay for my needs once I am disabled, but what's the best way to get the most out of my money? [link] [comments]  |
| My Social Security number is invalid and I cannot get it fixed Posted: 30 Jan 2021 04:41 PM PST So a while ago Paypal unlinked my bank and said I was unverified I had nothing to think a about it It turns out my SSN seems to be invalid. I am looking at my SSN card its and not improperly put in. I tried to call my local office they are closed due to covic unless u schedule an appointment for emergency. HOWEVER U NEED A SSN TO REGISTER FOR APPOINTMENT. I try to make an account on the SS website and it says my ss is invalid and asks me to verify by my state ID it rejects my state ID number. I try to verify by credit card and it also rejects my credit card. Any service that requires my SSN tells me it is an invalid number. I cannot even pass a background check for a job because they tell me my information is invalid. What do I do? [link] [comments]  |
| Posted: 30 Jan 2021 02:51 AM PST Title. So for the past five years I've made under 30k USD yearly. Same job for the past five years. The bank I work with / my company pays me through did have me fill out a W-2 form when I started working for them. Obviously I want to stay on the good side of the IRS, so what should I be doing to report my taxes correctly? I also have supporting local tax documents. EDIT: Sorry for being absent from this thread for so long. I actually posted it and went to bed, let me read through everyone's replies... EDIT 2: this was basically just meant to be one year abroad. It turned out in to something different. Ignorance isn't a good excuse but I remember talking to my father over the phone one day (in 2015?) and at the time he said if I made under 85,000 USD a year I didn't have to pay taxes. I suppose I got this mixed up with not needing to file taxes? [link] [comments]  |
| Posted: 30 Jan 2021 06:14 PM PST My w2 was delivered slightly opened today, enough where you could see my social. Someone advised me to freeze my credit with all three bureaus. How do I do this? What does it affect? Am I still able to use my credit cards? How long should it be frozen for? [link] [comments]  |
| Credit Union froze my debit card due to missed credit card payments? Posted: 30 Jan 2021 03:53 PM PST So like many retail workers affected by the pandemic, my hours at work these past few months have been severely cut. i'm managing around ~$400 each paycheck with barely enough to eat. As you can guess, i haven't had the $50 for payments each month. I didn't know they could freeze the only money I have with no notification or anything. It took me 15 calls between yesterday and today just to get a reason as to why because they decided to freeze my account the night before their offices close for the weekend. I was told I would be able to withdraw from an atm by a supervisor - which led to the ATM keeping my card and telling me to call my (closed) bank. They told me to call back Monday. I feel as if i was lied to so that I could "turn in" my card. I really feel like i'm being punished for being poor and I don't know what to do. How can they freeze the only money i have to survive until I can pay them. Any advice would help. [link] [comments]  |
| What's the true opportunity cost when you buy a car, renovate for kitchen or buy a bigger home? Posted: 30 Jan 2021 04:45 AM PST For background we are 30 and my wife and I make 185k. We have 65k cash, 300k in retirement and have a 287k mortgage left on a 415k home. Everytime we decide to buy a car, or want to renovate the kitchen we hold off cause of the nagging feeling of not investing into an index funds or just spending in general. How do you overcome the FOMO by diverting money into stuff that has residual value? [link] [comments]  |
| Questions regarding taking profits on stock or holding Posted: 30 Jan 2021 07:48 AM PST I've had about 60 TSLA shares since before the stock split. Held for many years, very volatile, had huge unrealized losses for a while. I even sold some shares at a loss years ago to offset some gains so now have the 60 shares. It's run up a lot recently. I'm up 1300% (about 50k from $3000 investment). I never had this happen so not sure what to do. Looking for things to consider. I do like the company as a whole and think it's a long term hold but does it make sense to take some profits? I don't need the money for anything but if I took profits I would probably invest it in some etfs or index funds. Just wondering what makes more money in the long run, holding for decades and ignoring the minus $3500 unrealized swings, or sell it all and just buy on large dips and essentially trade it. Or another choice I am not considering? I hear of people holding AMZN or GOOGL forever (getting in super cheap/early and not trading ever, just buying the dips). Is that really better than realizing profits along the way? [link] [comments]  |
| Moving in with a partner when one owns a property and the other doesn’t. Posted: 30 Jan 2021 07:40 PM PST Basically as the title says I (22F) currently own a property and have a bf (22M). We are talking about moving in together and was just after some advice on how other couples have dealt with this. I was thinking of going half on all bills and just charging him rent. But is there anything that I should be prepared for? Where I live after 6 months of living with someone they are entitled to half. Does anyone have any precautions they have put in place to protect themselves just in case something were to happen? Don't want to sound negative but also don't want to lose my house! But I also in no way can afford a pre nup as they are 10k plus where I am. Basically just after any and all advice from people who have been in this situation and have worked it. Thanks! [link] [comments]  |
| Posted: 30 Jan 2021 10:09 AM PST We currently pay $3,500/month in rent in Jersey City, New Jersey. His grandmother passed away a couple of months ago and left the entire estate to his dad. The dad wants to keep the house in the family so is offering us the deal of buying the house for $450,000 with the condition that we cannot sell for 10 years. He feels the house is valued between $800,000-$1 million. It's 4 bedrooms, 3.5 bathrooms - about 3,500 sq.ft. on a little less than an acre in Bergen County, NJ. We have good credit so think we could get 3% interest on the loan. The property taxes are about $20,000/year. I don't know if we're required to put any money down in this situation, but could put anywhere between 5-30% down depending on what made the most sense financially as well as how much we'd like to keep for renovations. We also have the option to 'rent to buy' since we want to get a feel for living there before we makes a final decision (for the price of probably just covering property taxes/utilities which would be significantly less than the $3,500/month we're paying currently). [link] [comments]  |
| How to invest savings for use in 3 yrs, and 10yrs Posted: 30 Jan 2021 02:10 PM PST My wife and I would like to start having kids in about 3ish years and move to one income (she and I may be able to have part time work). We would like to try and come up with a plan for how much we should save up for this adjustment. My wife and I currently making about 45 k each a year, after taxes about 5.4K a month total. Our bills take up about 1.8 k (mortgage, HOA, energy, auto insurance). But we'd also like to add on long term disability for both of us soon, and add on life insurance whenever she gets pregnant. We have a 15k emergency fund and about 8k in student loans. She's 25 and I'm 27. Any recommendations on how to plan for this? Do you have advice on how to conservatively invest the money that we set aside? In addition to this we'd like to save for a 2nd home about 10 yrs from now. I'm assuming that money saved for this can be invested with a bit more risk at the moment. Thanks for your help and advice :) [link] [comments]  |
| Is retiring at 40 an option? If so, what should I invest in. Posted: 30 Jan 2021 07:00 PM PST If I were to want to retire at the age of 40, what would be the best investments for me to make over a 20 year period? [link] [comments]  |
| Fees to Expect from Vanguard after Leaving Employer with 401k? Posted: 30 Jan 2021 05:21 PM PST I may leave my current employer to work for a government agency. The agency does not have a 401k plan. The 401k that's offered through my current employer is through Vanguard. I really like the plan because I can choose my own investments, receive Vanguard customer service, etc. It's also convenient because I use Vanguard for my Roth IRA and Brokerage. I have the 401k completely invested in a target date fund. I know that the fund itself has a P/E expense, but are there any other fees that Vanguard will start charging me if I leave my current employer? I literally just want to let the money sit there and do nothing to it. [link] [comments]  |
| Posted: 30 Jan 2021 12:55 PM PST I'm 22 years old. I have a double major in criminal justice and psychology and graduated recently (August 2020). I have $20,000 in student loan debt from my undergrad degree. I will be moving out March 1st into a very cheap basement apartment owned by my cousin ($400/month in downtown Toronto). I'm currently working full time minimum wage ($16/hour). I've always wanted to peruse a career in law, but my GPA was only a 3.2 (could be hard to get into schools) and I calculated the average cost of a law degree in Toronto at about $60,000 total. My grandmother is a double amputee in a wheelchair, she raised me and I love her dearly. She has put away $20,000 for me in her will, which would take care of my undergraduate loans. She's 77. Should I just stop with school and find some average paying job? Or dive into 3 more years of school and more debt for a higher paying job later? I'd love some advice. Very confused, thanks! [link] [comments]  |
| How to negotiate hospital bill? Posted: 30 Jan 2021 05:11 PM PST Hi all. I (23F) have to have surgery and unfortunately my insurance will only kick in after the $6,000 deductible is met. I'm a full time student on my father's insurance and work part time, so I certainly can't afford that and don't want to go into debt over this. How should I go about talking to the hospital to see if I can get the bill lowered? [link] [comments]  |
| High-yield Savings Account for Emergency Fund Posted: 30 Jan 2021 06:02 PM PST Lately I've been really taking hold of my financial life and I'm in the process of building up my emergency fund. I've heard that a high-yield savings account is a good option for letting your emergency fund sit in. I've only got about $2.5k at the moment, but want to build it up to at least $6k. The credit union I'm currently a member of gives me only .10% APY. I'm looking at T-Mobile Money right now, but I am not a T-Mobile customer so I would be looking at the base 1.00% APY. I'm also considering Ally because it seems to be a well liked option here, but it comes in at a lower .50% APY. Is a high-yield savings account a good option for me? Am I wasting my time researching all these options? Thanks! [link] [comments]  |
| Building new: Pay down existing mortgage or keep it cash? Posted: 30 Jan 2021 07:45 AM PST Quick question, I'm building a new home, it's going to take 12-14 months. So I'll be very cash flow positive for 12-14 months. Paying down existing mortgage - 2.625% interest, if I pay it down, I'm saving interest on every dollar or Keep it cash - I can keep it all cash and instead of risking any very slim chance that my house doesn't sell, I have a fat downpayment. In my eyes, paying down existing is probably the right thing to do but it does tie the money up/not liquid. Just looking for other thoughts on it, thanks! [link] [comments]  |
| Opportunity for career retraining, want to make sure I’m making the right decision Posted: 30 Jan 2021 03:54 PM PST I have been unemployed since July of 2019, when I was laid off due to my company moving overseas. Despite the fact that I was good at my job and (I think) fairly well-regarded, I didn't find a job before COVID hit and now everything seems to have dried up. Even though jobs are coming back, I'm not getting any traction even for jobs where I'm overqualified. I'm starting to get seriously depressed about my prospects. Due to the fact that my job moved overseas, I qualified for something called the Trade Act which makes me eligible for additional unemployment and will also pay for me to have new career training. The training I choose can be quite extensive, I could even go back to school for an advanced degree if I wanted to. I am a pretty smart person and I feel like I could do well in any sort of training that doesn't require specific technical skills as a prerequisite. At this point I just want to do the training that will be most likely to get me a decent paying job. There are certain things I am legitimately bad at, mostly sales and other things that focus on networking/schmoozing/pitching. I am also a middle-aged lady so I need a job where I will fit in with the culture or at least can work remotely. I am very focused on using this opportunity productively. My ideal line of work would be something that I could do remotely if needed, find work either contract or full time, something where it would be possible to build a strong reputation and/or work portfolio (because I'm pretty sure my interviewing skills are shit), and of course something where it wouldn't be too difficult to jump from training to actually working in the field. I'm looking for something that will at least be able to replace my previous salary of 80k + benefits, tho I am willing to work back up to that level if necessary. Other than that I'm really not picky! Some of my ideas so far: Project management Data analysis Bookkeeping or Accounting Sustainability Analyst I would love to know if others have had experience with the viability or current job market for these areas, or if there are some avenues I'm overlooking. Like I said, I'm very open to possibilities. Also if there is another better subreddit where I should post this, please let me know. [link] [comments]  |
| Unemployment says I received more than I actually received Posted: 30 Jan 2021 07:09 PM PST I got a letter from unemployment stating that I received over 3.5k in 2020. That would have been swell, however I only received $600. I have the bank records to prove it. I did file for months but gave up. I did receive a letter when I first filed saying I was eligible for around 7k if that makes a difference. Of course I will be calling them Monday, but I'm curious if anyone has had this issue? I'm new to dealing with finances, is there any special way to handle this? I'm sure I will have a hard time with this with the way things have been. I'm kind of worried how this will pan out. Thanks for any advice. [link] [comments]  |
| Basic stock performance computation question Posted: 30 Jan 2021 04:53 PM PST I'm looking at MACGX. All the sources say it has average annual returns of around 35% over the last five years. But looking at the ticker, it went from a price of around $25 five years ago to $35 now. What is up with that? If I'm trying to compute, say, its Sharpe index, how do get its real performance data? I see there are sharp periodic drops. I assume that's connected, but I'd like details! I know I can get Sharpe and other data from the link above, but I'm trying to compute this myself as part of a larger portfolio, so I really want to know how I can compute the real performance data rather than the price? [link] [comments]  |
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