Personal Finance The used vehicle market seems insanely overpriced, do you think there is still value to be found buying used? |
- The used vehicle market seems insanely overpriced, do you think there is still value to be found buying used?
- The Venmo Scammers are getting smarter
- Landlord wants to see my renters insurance claim
- Home caught on fire. Everything lost.
- ALWAYS check the accuracy of your debts
- Earning $18/hr. at 40 hours per week, moving out into my own apartment. What should my maximum rent payment look like?
- How does my gf get out of her car payment??!
- 529 Plan Question
- Portfolio Diversity
- Sketchy Payroll
- Lifestyle Creep: When to move into a bigger home?
- Car is broken, can't fix and I owe so much
- Options for transitioning out of career.
- Chances of Chase Sapphire Reserve card dispute being in my favor?
- questions about backdoor Roth IRA account for year of 2020
- Car and medical procedure
- Re-finance question
- Employer provides 457 retirement. Utilize 457 or no? What to do with extra cash sitting in bank?
- I’m 26 with limited credit history and $12k in the bank, looking to buy a car but loan application was denied.
- I'm being offered stock for a new job that vests over a number of years. How do the tax consequences compare with ordinary income like my base salary?
- Fell delinquent on a Chase card a few years back. Account is now paid in full, any way to salvage the account?
- Mortgage Forbearance w 2nd mortgage
| Posted: 03 Feb 2021 02:33 PM PST Hey guys, hoping to start a discussion, vent a little, and maybe pick up some advice! TL;DR: Does the used car market seem crazy to anyone else? Is there still value to found by buying a used vehicle? I have been fortunate during 2020 and while so many lost their jobs I manage to get hired to my dream job. The new pay and benefits have allowed my and my fiance to purchase a house and pad our savings. With two young kids and a new house, we decided it was time to look into upgrading our vehicles, namely buying me a truck. I have been wanting to buy a truck for a while, but I am not after a luxury model; I need a crew cab and a bed, period. I bought my current car, Subaru crosstrek, new and I'm not to keen on going that route again, so I started browsing the listing for used cars. My brain nearly melted after what I saw. I live in a rural-ish area and trucks are common and a commodity, but the prices I saw for used trucks nearly killed me. Im talking 10+ year old trucks over 100k mi being sold for 15-20k. Trucks 4-5 years old with 40k being sold for 85-90% the msrp of brand new trucks. My fiance is interested in a Kia Telluride(which is a hot car, so the market is nuts anyway) and the few used ones I see are being sold for full msrp with E:"20-30k" mi on them. I've had my car for almost ten years, and I haven't looked at cars until recently, but when did the used market change? I'm fortunate to have the resources to afford a new vehicle and to being buying a truck as a luxury, but im aghast at the state of it all. As in the TLDR, do you guys think there is still value in buying used vehicles? Is it more a game of searching out the diamond in the rough? Does anyone have different experiences in their areas? Thanks everyone!! Edit: The Telluride I saw had 23k* miles on it!! [link] [comments]  |
| The Venmo Scammers are getting smarter Posted: 02 Feb 2021 09:06 PM PST This happened a few months ago but it still shocks me a bit. It started out around noon. I got an email saying someone tried to reset my password. I ignored it. Hours later I got a call from someone pretending to be from venmo; very professional sounding. Said they had a breach on my account and asked about me authorizing a payment for a few hundred bucks and that I should've gotten an email about someone attempting to get in and that they were successful. I of course said no, and was a little alarmed for a second but decided to play along. They had tried to spoof venmo's number I think. All except the last digit of the number were the same, I know because I googled it while on the phone. What really set me off was them saying I needed to reset my password to some password they were giving me in order to reverse that "fraudulent charge." At this point I decided to play dumb and messed with them for a bit, kept them on the phone for a good 5-10 minutes by pretending I didn't know the layout of the app and was trying to do what they said. I eventually got bored, told them I knew it was a scam. The man got angry and hung up on me. It was obviously a scam in the end but I've never seen one they elaborate. Took them actual prep to try and reset my password so I'd get an email so I was on alert, then to call later acting like there was in fact a breach. Edit: holy cow this blew up😂 thanks for the rewards [link] [comments]  |
| Landlord wants to see my renters insurance claim Posted: 03 Feb 2021 03:45 PM PST Going to try to make this a quick story. Renting a house in Nevada, managed by a rental company and the owners of the house are some LLC. Moved in Aug 1st. Flood happed Aug 20th. Repairs take till January to be complete. I was promised a rent credit of $99 per day while the house was un livable. Now that we are back in the home the rental company and homeowners are trying to determine how much of a rent credit we are owed. I filed a claim with my renters insurance when it happened in Aug. It was a small claim of just a rug and dresser, they were able to give us 2 weeks of housing costs while they sent a certified letter to our rental company. Unfortunately our insurance could not get in contact with the rental company or home owners. This $1000 is all we received from our claim. why is our rental company asking for this information. Does this help or hurt us to supply them with our low claim. [link] [comments]  |
| Home caught on fire. Everything lost. Posted: 03 Feb 2021 08:28 AM PST Last night at around 11 pm my family's house caught fire. Everyone inside was fine but everything I've ever owned is completely gone. After everything was sorted the red cross have us $800 to get a hotel and some supplies. My family was already living paycheck to paycheck before this and I honestly believe we won't financially recover from this for a long time. At the moment we have about $1000 between us. We have nowhere to stay other than a hotel and our extended family doesn't have much money to give us either. Are there any other organizations that would be able to lend us a hand? If not, how should we best go about finding another place to live? Edit: It was rented with no renter's insurance. [link] [comments]  |
| ALWAYS check the accuracy of your debts Posted: 03 Feb 2021 10:26 AM PST Ran a credit report a few days ago and found that the debt I owed to my old school was a solid $1000 lower than what was reflected on the page of the payment processor I was paying them through. I gave my school and call and they were extremely helpful and rectified the issue in under 24 hours. I am now debt free! If I hadn't checked, I would've easily paid that extra $1000 on top of the money my school is going to send me from the overpayments I had already put through. [link] [comments]  |
| Posted: 03 Feb 2021 10:53 AM PST Hey everyone, I'm in the process of moving out into my own apartment in the greater Philadelphia area located in the United States and I am just wondering what my maximum rent payment should look like at 18 dollars per hour earned at approximately 40 hours per week. Should I pay between $800 and $1,000 per month? I'm looking at my food bill and it appears to be $185 per week excluding the weekends. Earning a paycheck weekly so I will be taxed a little more. [link] [comments]  |
| How does my gf get out of her car payment??! Posted: 03 Feb 2021 07:09 AM PST **My initial post had lots of missing information. My gf is currently paying over 50% of her income for her vehicle that she bought 5 months ago. She has been diligent with the payments. She pays $850 monthly for a fully loaded 2016 Ford explorer directly to the used car dealership. She put $1,000 as a down payment. The purchase price was 32k. APR is 18.94%. Term is 48 months. I've been helping her with changing her entire spending habits and I mentioned that she needs to change up the car situation What is the best way to get out from this loan? Unfortunately I don't think private party is an option as it looks like she got ripped off considering she has no social. Update: I realize I may have the monthly payments wrong.. she told me she was paying $400 something biweekly. Also car has 96,000 miles. UPDATE 1: GF sent over paperwork to me. $32,382.68 was the purchase price. She put down $2,000. Not 1,000. [link] [comments]  |
| Posted: 03 Feb 2021 07:35 PM PST Hey There! 👋 Looking to set up a 529 for a recent addition to our family. Now I want to maximize what I get in here to the most tax free benefits for my kiddo. Let's say I put in 15,000 a year as $1,250 a month with an estimated 5% annual return (conservative). After 18 years there's likely $425,000 in that account. $270,000 is what I contribute and $155k are the gains. Let's say school costs 40k undergrad and 115k grad. Can I specifically use the $155k gains towards the tuition tax free and then withdraw the $270k without the 10% penalty? In theory Thanks! Goal is to maximize tax free gains and then rest back to the wife and I :) [link] [comments]  |
| Posted: 03 Feb 2021 04:04 PM PST Have had a Robinhood account and realized I don't want to trade individual stocks anymore. I have spent way to much time researching and really just want to set it and forget it now. What do you guys think of a portfolio devoted to 30% VOO, 20% VO, 20% VB, 20% QQQ, and 10% VXUS. I cover large cap, medium cap, small cap, and international and I just really love QQQ. I was thinking swapping VGT for QQQ but unsure about it. [link] [comments]  |
| Posted: 03 Feb 2021 06:33 PM PST I have been working at this office for about 4 years now, and I am the youngest employee there. I used to be super hard working because I wanted to prove that I was fit for the position. I am also a part time employee and work whatever hours but always according to my school schedule. Because of this, my hours are always different and are never consistent. But recently, I have noticed that the hours I write down aren't the hours I get paid for.. I have complained to the dentist at my job and the office manager (who does payroll) and she always brushes me off and tells me oh it's only 1/2 and hour or it's only 3/4 of an hour and I'm honestly tired of the bull. What should I do? I want to write an anonymous tip to like the department of labor but like I don't want to get into any trouble LOL. Should I do it? P.S. this office works like it's 1980 and they still do everything manually. We clock into a book and the office manager calculates our hours using a huge calculator. AND THEN she calculates how much taxes are being deducted🤦🏻♀️ we have asked for a clock in machine but keep getting brushed off and we get nowhere. I apologize for the long post, I'm just super frustrated because idk how long I've been cheated. [link] [comments]  |
| Lifestyle Creep: When to move into a bigger home? Posted: 03 Feb 2021 07:50 AM PST I need some of my savvy friends to talk me down from lifestyle creep. My partner and I both got significant raises this year (well-earned and long-waited) where our total income is set to be about $70k more than it was in 2020. Well now I find my partner is feeling like we "deserve" many things I see as excessive. Expensive take-out every week, buying new clothes multiple times, looking at nice SUVs, and the last piece: we are looking at houses that are twice the price of our current (current is fully paid off). I'm not sure buying a bigger house counts as lifestyle creep as we have 2 kids that we didn't have when we bought our current 2200 sq ft house, but where to draw the line? We aren't trying to keep up with anyone, as these are things enjoyed in private and we're homebodies so a bigger house would be just for us. When do you know you should spend your money on a house? ETA: Thank you for responses! Definitely a lot to think about and discuss. I also think it's funny a few commenters assumed I am the man and my partner is spendy woman...quite the opposite. Shout out to my frugalista ladies :) [link] [comments]  |
| Car is broken, can't fix and I owe so much Posted: 03 Feb 2021 03:43 PM PST I'm embarrassed to be admitting this but I've gotten myself into a crappy financial situation. I'll try to be as clear as possible. After a divorce and unavoidable bankruptcy, my vehicle (which was reliable and almost paid off) was repo-ed because my ex didn't ask to leave it out of his bankruptcy case like he was supposed to and confirmed he had done. It was a total surprise to me. So I went and financed a reasonably priced used car with a horrific interest rate because I'm a single mom who needs a car. My plan was to repair my credit as best as I could and refinance after a year or 18 months. Then covid happened. There were a couple of months over the summer that I had to take advantage of my loan holders covid relief option and skipped payments and I wasn't able to improve my credit as much as I'd hoped due to loss of income and heavier reliance on credit cards. So at the beginning of this year I had a car that had been well maintained that was upside-down by 4k at least and a still horrific interest rate. I was hoping to pay off the difference with covid stimulus money and trade it in for another used car at a better interest rate this spring. When I took it in a couple weeks ago to have a leak looked at, I was told the power steering is out and there's at least 3k worth of damage to repair. So now I can't trade it in, I can't drive it without causing more damage, I don't have the cash to fix it and can't get approved for a payment plan. I still have a 9k loan on the vehicle that I am responsible for. I'm at a loss. Should I scrounge up the money to fix my clunker, try all over again to fix my credit, pay off the difference and trade in the car? It's going to cost me at least 8k and at least a year if I'm lucky. My other options seem to be having the car voluntarily repo-ed and trying to negotiate a settlement price on the balance of the loan. But that will set me back even further credit wise which is the opposite of my ultimate goal. I guess, I'm trying to decide which is the best option so I don't make anymore mistakes and dig my hole deeper. Are there any options I'm missing? My credit is not even 600 right now. I can't get approved for anything. [link] [comments]  |
| Options for transitioning out of career. Posted: 03 Feb 2021 06:39 PM PST Hello all, I'm a lurker who seldom posts, but would love some honest perspectives on a financial (and life) planning issue. I currently hold a well paying, high stress job. I'm near the top of my field, and am about to start a new role that I feel is truly the epitome of my particular discipline. However, the relentless stress and expectations of the job, coupled by the isolating effects of the pandemic have really driven me to a near-breaking point. I feel I'm on the edge of a breakdown, most of the time. I maybe have a year or two of this left in me. However, I'm nowhere near FIRE. So the only option I'm left with is either sticking it out, or changing course. The numbers: I make 275k, plus a bonus expected at 25k. My previous role paid 260k. My wife makes 70k. We are 37, and have a one year old. Our assets: 130k in 401K's / 100k in brokerage / 200k in home equity / 30k in stocks / Another 15k or so in jewelry and art which would be relatively easy to liquidate. My wife has a pension. Our debt is 7k left on the car (750 month), 3300 on mortgage (508k balance) and 38k on a student loan (interest is paid off, 550 a month). Our total expenses come to 7k a month, without our nanny. That includes everything, from mortgage to car to food and utilities. I max out my 401k, and we should be adding about 4-5k a month into brokerage if not more. I'd like to look into investment properties, or any other method of replacing my income with a more sustainable source. Is there a strategy, or approach to best accomplish this? Anyone here experience a similar process and successfully transition out of their current career? Thank you in advance. [link] [comments]  |
| Chances of Chase Sapphire Reserve card dispute being in my favor? Posted: 03 Feb 2021 03:39 PM PST Hey all, My partner and I are in a bind as we booked a long-term furnished apartment rental in a new town while in between homes. The listing on the website (which we've used plenty of times in the past) did NOT mention the building itself was under construction and as we're working from home, the noise has proven unbearable. The rental company has only offered a $3K credit to their site if we leave early (approx. the rent for our 1.5 month reservation) or 15% off if we choose to stay. I was seriously hoping that showing them proof of their error and a video of the noise would lead to an exception, but they will not give us our $3K back directly to our credit card. I used my Chase Sapphire Reserve and support agent seemed in two minds about whether or not I had a strong case. I unfortunately would have to first move out (stressful to find a new place on short notice for long term) and then go forward with the dispute, assuming I don't take the offers from the rental company. Has anyone had a similar experience that went in their favor from any credit card company? I personally cannot imagine taking a $3K credit for this company as we'll be moving into our new home in 2 months and it's a damn pandemic, I don't plan on travelling anytime soon! Edited to add: the company is called Sonder, very similar to an Airbnb or VRBO EXCEPT the company itself owns all the units. There's no owners of each individual unit posting their spaces on the site. We're based in California and are renting in California through this company directly. [link] [comments]  |
| questions about backdoor Roth IRA account for year of 2020 Posted: 03 Feb 2021 05:32 PM PST Hi there, first post here, but have been reading many many posts and learned a lot from this sub. Here is my current situation for 2020:
My question is :
Thank you so much! Really appreciate any input! [link] [comments]  |
| Posted: 03 Feb 2021 06:55 PM PST Hello, my wife is wanting to both refinance her car and open a new credit card to pay for a medical procedure. Currently, her credit score is around 760, and she has never missed payments or anything. As an average guess, how much will these two items affect her credit score? From our understanding, the car refinance will pull a hard credit check, and so will the new card. Is this correct? Does it matter which order we do these in? [link] [comments]  |
| Posted: 03 Feb 2021 02:09 PM PST So we currently have a 15yr loan (10mos in) at 3.249% With taxes and insurance built-in it comes to $2,471.04 ($997.62 Principal, $625.43 Interest and $847.99 taxes and insurance.) Current loan balance $219,453.70 14yrs 2mos left. We would like to pay it off in 10 Years from March 2021. So ending March 2031. According to their Amortization Calculator, if we increase our payments to principle and interest payment of $2144.38 we could accomplish this. Our total with tax & ins would then be $2992.37 They are offering a re-finance at 2.625% APR 3.071% with the P&I at $2151.91, same taxes and insurance for a monthly of $2999.90 for a 10 year loan. Does it make any sense at all to switch to a 10yr loan when we can simply make more principal payments, or would we save a lot of interest doing this new loan? Thanks! [link] [comments]  |
| Employer provides 457 retirement. Utilize 457 or no? What to do with extra cash sitting in bank? Posted: 03 Feb 2021 02:48 PM PST Hi, I am 30 and max out Roth IRA every year (via backdoor) and have two 529 accounts. I also have an old 401(k) from a previous employer, I'm just going to let it sit there and grow via target fund. I am given opportunity for setting up 457 with no employer match. I hope to buy a home within 2 years in California and I have over $200k sitting in a checking account. I am thinking of two options, should I invest in the 457 or open a brokerage account? [link] [comments]  |
| Posted: 03 Feb 2021 09:49 AM PST So up until this point I've been driving used cars, either handed down from my father or bought with cash. My 2000 Civic blew the head gasket and was no longer economically viable to keep so I sold it and planned to buy a new car through Carvana. However, I've never owned a credit card, did everything through debit, never had any debt. This means I have no credit history and cannot finance through Carvana as they require at least 6 months of credit history. Decided to pursue a $10k loan from the local credit union and was denied due to no credit history. What are the best options available to me? [link] [comments]  |
| Posted: 03 Feb 2021 04:59 PM PST The stock is valued today at about $152k that is vested over 4 years. Is it taxed as it's vested? What kind of rates? Also, future bonuses will he heavily be compensated by more stock which takes 2 years to vest. So, same issue there. Thanks! [link] [comments]  |
| Posted: 03 Feb 2021 01:13 PM PST I don't want to use the excuse young and dumb, but that's what it boils down to. I spent and spent and obviously couldn't afford it. Instead of calling chase then thinking I could "dig myself out" I let it go. It went 150 days delinquent when I contacted chase for a payment plan. Chase and I worked something out I paid them on automatic payments monthly (balance was $2,500) they stopped the APR so I was paying 0% interest. I paid off the full balance the other day of $757 well before the payment plan ended. My finances are stable now, 670 credit score. I'm no longer a habitual spender or young, dumb, and irresponsible. I sent a letter to chase asking if I can salvage the account somehow even if it's on a reduce credit limit. I don't plan on using it I just don't want the available credit to go down. On my credit report and in the chase app I am still showing $2,500 is my credit limit. Is there a way to salvage the account or is this more or less take it as a loss and lesson? I also don't need lectures regarding how stupid all of this was. [link] [comments]  |
| Mortgage Forbearance w 2nd mortgage Posted: 03 Feb 2021 03:40 PM PST I am currently in mortgage forbearance due to Covid . It will expire soon. I would like to do a loan modification because I do not have the lump sum payment but I'm wondering if that is possible if I have a second mortgage on the home (actually a lien). I would live to lower the payments, so, it's affordable and stay in my home. Any thoughts? Thank you! [link] [comments]  |
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