Personal Finance Very late in the game @ 57 and I need advice on opening a Roth IRA and which funds to invest |
- Very late in the game @ 57 and I need advice on opening a Roth IRA and which funds to invest
- Fiverr is accusing me of charge-backs for work done.
- I'm 27 and I've never had more than $1000 at a time.
- Am I being scammed? A stranger sent me $5 on venmo, then a couple hours later messaged me that it was a mistake and requesting I pay it back to her.
- Same job pays 20-30k more. Applying for a job internally?
- New Job Offer, but about to start parental leave
- Asking for more than a 3% raise post-Master's Degree?
- Car I Can’t pay for, Please help!
- Started a Roth IRA yesterday and have put in my max $6k into it. What now?
- First meeting with a financial advisor
- There was an unauthorized purchase made with my bank and now my balance is -$98. What can I do?
- My Bank of America VISA credit card was cloned by Chip or what is called EMV Shimming
- Sell house and make $50k or rent it out?
- Investing vs debt
- Should I open a retirement account with my current company?
- W2 showed up in the mail open— am I vulnerable?
- Single stock has become a large portion of my assets
- 29yo, just learned about the existence of a custodial UTMA account. Could I owe the IRS back taxes on dividends?
- Capital Gains question!
- Me and my gf are running out of savings. What to do next?
- Forgot to Include a W2 While Filing Taxes - Questions
- Declined for excessive obligations in relation to income but have no debt?
- Owe $6.5k to IRS and CA’s Franchise Tax Board
| Very late in the game @ 57 and I need advice on opening a Roth IRA and which funds to invest Posted: 02 Feb 2021 08:03 AM PST I know, I know and I'm forever kicking myself. I want to open a Roth IRA before filing my taxes this year and am thinking of using Fidelity or Vanguard. I know next to nothing about investing and the stock market and I would appreciate any advice. I would like to invest in renewable energy and funds that include companies like Amazon, if that's possible. Thank you! EDIT: I do have a retirement account through work, but haven't voluntarily contributed anything yet. I also have a decent amount of savings and a pension from a previous job that will be available in a few years. I net ~57k annually, right now. [link] [comments]  |
| Fiverr is accusing me of charge-backs for work done. Posted: 02 Feb 2021 11:20 AM PST Hi everyone, I use Fiverr a lot to hire people to help me with my work, and Saturday I got 20+ emails from them saying that basically my account has been closed because of violations to their terms and services, and that I had initiated charge backs from my back on work that was done. I never did this, and I called my bank to find out what was going on. They said there is absolutely nothing indicating a charge back on my account. The initial work was paid for through my card through PayPal, and I also got emails from PayPal saying: "We received notice that you disputed the following transaction with your financial institution or credit card company.
We Can't Investigate or Decide This Case You filed this dispute with your financial institution or credit card company, not PayPal. We can't provide additional details or updates on this claim because we don't have access to your financial institution's investigation details. Please Contact Your Financial Institution You will need to contact your financial institution or credit card company directly for additional information and final resolution regarding the disputed transaction. If you want to cancel that claim you will also need to contact your financial institution directly (clicking Cancel case in the PayPal Resolution Center won't cancel the claim with your financial institution). Thanks, PayPal" I have had at least 5 of the people I hired email me asking why I cancelled orders that were already finished and why I did a charge back. One guy said they took his entire balance of his bank account as a charge back. The thing is, none of that money has gone back to my back account. I have no idea where it is going and Fiverr has been completely ignoring me. The last time they responded to my ticket was over 24 hours ago. My question is, does this sound like some kind of hack or fraud? How could you do a charge back and not have the money go to the original bank account? I am at a complete loss and feel terrible for these guys who are being robbed. Is there anything I can do that I haven't thought of? [link] [comments]  |
| I'm 27 and I've never had more than $1000 at a time. Posted: 02 Feb 2021 05:42 PM PST I've been working since I was 16. I've never really been good at money. If I ever made good money, I spent it recklessly. If I ever needed money, I got bailed out by family and usually pay them back but they're too nice to give me shit for it. I'm a complete fuck up and a junkie with nothing going on. I have $6 in my savings and about $20 in my checking. My friends and everyone I grew up with have a lot more money than me saved. I have no degrees or talents. I don't think I'll ever see more than $2000 in my hand for as long as I'm alive, and I patiently wait the day I'm on the streets or worse. I've always had the mentality that I'm gonna die young anyway so it doesn't matter what I have saved, I can't take it with me so might as well have fun while I'm here. I wish I was given better financial advice than "get your degree." School just isn't for me, it never was. But then again nothing is because I have no interests and no will to try. Well I've been sober for 2 months and I guess I need help coming up with a plan to have money saved. [link] [comments]  |
| Posted: 02 Feb 2021 04:40 PM PST Surely she can have Venmo cancel it, right? ETA: I only rarely use venmo (or paypal, or anything else). Is there any reason I shouldn't be sending it back, if it really can't be canceled?? [link] [comments]  |
| Same job pays 20-30k more. Applying for a job internally? Posted: 02 Feb 2021 04:13 PM PST I have worked with a company full time for 18 months now, plus another 6 previous as a casual worker. My salary is 42.5k a year and I haven't been given a pay rise before and was looking elsewhere for jobs. One of my colleagues in the same department resigned today (team of 4) so we are very much under the pump and in need of more staff so I have decided to wait a bit longer to quit. I decided to check out the advertisement for the new staff member and I discovered the salary pays at 65-75k, at least 20k plus a year of what I am making. Is it possible to submit my application for the same job or do I ask for a pay rise. The previous worker had more experience than me in the role but the new member will need to be trained from scratch (likely by me) [link] [comments]  |
| New Job Offer, but about to start parental leave Posted: 02 Feb 2021 09:28 AM PST The dilemma: Just got a job offer that would result in a substantial raise ($50k above my current salary). My spouse is due in the next week, and I am scheduled to go on parental leave. I am going to be having a conversation with the potential employer around parental leave now that the offer is on the table, but are there any big "gotchas" that I may not be thinking of? A bit more context: My current salary lets us do "ok", but I'm ready to move on, not just for financial reasons. I am worried this may be way too many unknown variables all at once, because there is no guarantee the labor will go well/my spouse's recovery/etc. [link] [comments]  |
| Asking for more than a 3% raise post-Master's Degree? Posted: 02 Feb 2021 12:10 PM PST I've been at my Communications job for one year now, and just graduated from a two-year Master's program in December. I have been out of undergrad for three years, so I'm in the "entry" to "mid" career level at this organization that only has ten employees. I've been wanting to work on larger projects, but since COVID hit I'm working on daily "tasks" to keep us afloat. Today, I got an email from our CEO out of the blue saying that our salaries were "re-examined" to meet industry-levels, ensuring we are on the same level as other orgs. He emailed me directly saying my salary was increased 3%. How do I 1) gently remind my CEO that I just completed my Master's program and 2) possibly bring up a higher raise? It seems slightly tactless to ask for a raise after only one year —and during a pandemic— but this is one of the key reasons I obtained a grad degree in the first place. I'm pretty sure even though I've mentioned the program, he doesn't know I actually graduated from top school (like top 10 in my industry). Thoughts? [link] [comments]  |
| Car I Can’t pay for, Please help! Posted: 02 Feb 2021 04:52 PM PST I purchased a car when I was making enough to easily afford it. Life has changed and now I can't afford the car without being completely (and I mean $0 or -$) broke. Getting rid of the car would save me roughly $900 a month. Is there anything other than voluntary repossession? My credit score is terrible (~540). Idk what to do but I need help. [link] [comments]  |
| Started a Roth IRA yesterday and have put in my max $6k into it. What now? Posted: 02 Feb 2021 08:04 AM PST For more background, I am 23 years old and currently make $54,500. I have put in the maximum $6k into my Roth IRA for the 2020 year and am a bit lost on what to do now with it. Since it's only $6,000 I don't exactly have much capital to diversify into different things (or so I think). What do you guys think is a good idea to put this first $6k into? Also, since I'm pretty clueless on investing (but have been reading quite a bit on it the past month), I would really appreciate it if anybody can throw me some essential readings when it comes to Roth IRAs and what to invest in. [link] [comments]  |
| First meeting with a financial advisor Posted: 02 Feb 2021 11:36 AM PST My wife and I had our first meeting with a financial advisor and I just want to see how legitimate his plan is for us. We haven't implemented anything because this is our first time focusing on finances like this we are asking around for opinions. We have no debt and are great about saving but know very little about investing, etc. So we thought we'd start with an advisor until we feel comfortable potentially branching off on our own down the road. The plan is our investments are managed by the advisor into Franklin Templeton mutual funds and bonds for retirement, college fund for our child, and a major purchase account(home down payment etc) He said it would be split up into 3 class A funds: FKDNX, FGRAX, and FKFSX. The first two have a front load sales charge of 5.5% and the last one is 3.75%. This seems to be kind of the average for these types of class A funds unless I'm missing something or misunderstanding something. I get the feeling alot of y'all run your own accounts which I think I'd like to at some point but is this a good route to start off with? Or are these percentage fees a scam? I understand there would be fees involved to have more educated people work the accounts but again I'm not familiar with what a fair percentage would be. Any advice/opinions would be greatly appreciated. Edit: I didn't expect 13 comments in 30 minutes, and all with generally the same advice. Thank you all so much for your replies. I'm googling all of this examining the wiki now. We really appreciate this [link] [comments]  |
| There was an unauthorized purchase made with my bank and now my balance is -$98. What can I do? Posted: 02 Feb 2021 07:57 PM PST I had $15 in my checking account. It was just enough to make it to the next paycheck. I only have 1 reoccurring fee (hulu, $1.99) so I knew I was in the clear. But I checked my account today, and now I'm negative $98. There were 4 transactions from a company I never heard of nor signed up for and they put me in the negative, including me being hit with an overdraft fee. I can't afford to pay $98, and I really don't want to considering the fact I didn't purchase anything from this company. Would I be able to call my bank, explain the situation, and get my money back + refunded overdraft fee? This is new territory for me, I've never had something like this happen before so I'm not quite sure where to start. [link] [comments]  |
| My Bank of America VISA credit card was cloned by Chip or what is called EMV Shimming Posted: 02 Feb 2021 07:22 PM PST I have received a email alert from Bank of America "Your credit card ending in #### was used, ammount 920$" In that moment I was driving arround the City and I had the credit card in my wallet with me, as soon as I saw the email I called Fraud department and my credit card was blocked and the bank issue a new CC, operator says it will be an investigation. After some days I received the 920$ back in to my credit card. 15 days latter I received a notification from Bank of America saying: "Our research included the information you provided with your claim, your account history, and if available, information from the merchant, such as a signed receipt or contract. We confirmed the following: - We confirmed your card was used for the charge(s). The chip was read, your PIN was entered, and/or you signed for the merchandise or service, which indicates you or someone you allowed to use your card was present." And the charged me again 920$. After a lot of investigation I have realized that Credit Card can be totally cloned even the chip and NFC with a method called EMV SHIMMING. Anyone can help me to get my money back from Bank of America? [link] [comments]  |
| Sell house and make $50k or rent it out? Posted: 02 Feb 2021 05:30 PM PST I'm looking to relocate across the country but I need helping figuring out which may be a better financial decision. I can sell and according to the realtor walk away with $50k. I can rent it out, using a property manager, for $1400 (a guess so far based on what I've seen in area, haven't gotten comps from a prop manger yet). If I pay 10% of the rent to the prop mng that's $140 + $840 mortgage + possible $20 once in property taxes as home appraisals have been going up year after year. So that leaves $400. I'd save all of that $400 for the first year to build up repairs money. Selling my house sounds like it'd be a much simpler process but I'm finding it hard to let go of how affordable my mortgage payment is. I pay $840 a month with tax and insurance. I know with the prices of homes always increasing I'll never be able to enjoy such a low mortgage again. If things don't work out one day across the country the backup of moving back in and keeping my mortgage so low is a huge draw. How does one determine what is a better financial decision when it comes to renting or selling your house? Are there factors I should consider? [link] [comments]  |
| Posted: 02 Feb 2021 11:23 AM PST Hello there! I'm 26 and decided to finally take finance seriously. I'm currently $18000ish in debt. I dumped my RRSP ($6000ish) to get it down to there. I don't think this was the best decision in the long run. I've heard saving while in debt costs your money because the interest would cost you more over time than the interest. However my question is, if I'm saving and also investing would it make sense is my investments offset my interest charge and I take a little longer to pay the debt off? Thanks in advance! Slim [link] [comments]  |
| Should I open a retirement account with my current company? Posted: 02 Feb 2021 04:50 PM PST My current company offers 403(b) and 457 accounts as well as a 2% match. However, I'm only planning on staying with this company until my contract ends (18 months), and my mother told me that I won't be able to get the match when I leave (she used to work there also, and she didn't get the match when she left). I'm also planning on opening my own Roth account after I pay off my credit card debt. Would it be worth it to open an account with them? [link] [comments]  |
| W2 showed up in the mail open— am I vulnerable? Posted: 02 Feb 2021 07:27 PM PST I got a W2 in the mail today and the perforated strip on the side of it was torn off giving easy access to my SSN. I live in an apartment building with a locked mailbox so I'm not terribly concerned, but it does seem kinda weird. Do I need to take any steps to ensure I don't get my identity stolen and/or report this to someone? [link] [comments]  |
| Single stock has become a large portion of my assets Posted: 02 Feb 2021 03:32 PM PST I came into about 8,000 shares of a single stock last year. It was a very large sum of money and I was required to hold the stock for a year, which is now coming up. While it was a large windfall 1 year ago, the stock has quadrupled in price and completely changed the way my portfolio looks. Because of how much the stock grew, it now represents almost 65% of my assets. I'm 36, with a good salary of $110k per year, am fully putting away my 401k each year and paying into a college fund for my child. How fast should I diversify the 8k shares? I would normally sell out, but with the stock still rising I'm hesitant to sell it all. I have a financial advisor who has advised me to diversify but he tells me he can't specifically provide a sell price for this stock because it was acquired outside of their services (and thus is also not subject to any fees from them, which is great because it's a large amount.) Any resources for how I should manage selling this stock? [link] [comments]  |
| Posted: 02 Feb 2021 07:25 AM PST This week I learned of the existence of an UTMA account, for which my dad was the custodian. I'm 29 years old and he just (Jan. 2021) transferred it over to me as sole individual owner of the account. (Better late than never, I guess.) The problem is, he's been receiving 1099-DIVs for the past ~10 years, while separately I've been a grown-up filing my own taxes for my own income. I saw a copy of the 2020 1099-DIV for the account and it indicates his SSN. I THINK it always should've been attached to my SSN, right? And just when I was his dependent he could pay the taxes on dividends on my behalf. When I started generating my own income, I should've been paying taxes on the dividends. My question: Why have the tax documents had his SSN attached all this time, and could I owe ~10 years of back taxes on the 1099-DIVs that I never knew existed until now? I have some reassurance that all prior 1099-DIVs were reported to the IRS under his SSN, but I believe that's now how it should've been. [link] [comments]  |
| Posted: 02 Feb 2021 08:27 PM PST Hi everyone! I was trying to file my taxes for the year until I realized I had a small $10 quick buy and sell stock trade last year that is now holding up my taxes. Considering that it would most likely be somewhere around $2 in capitals, do I need to have the exact number that will be sent from my brokerage as a 1099 or can I estimate a bit higher so that I'm able to file now as well as not being in trouble with the IRS. Also If I buy stock one year and 3 months later I sell in the next year, is my capitals gains taxed on the sale or the date at which I bought in? I'm very sorry for my lack of knowledge and I appreciate it! [link] [comments]  |
| Me and my gf are running out of savings. What to do next? Posted: 02 Feb 2021 12:53 PM PST Hey everyone, Me (m28) and gf (f25) are currently living in a rented apartment for a year. My gf has lost the job during second covid outbreak in our country so Im the one who is paying rent, bills. We have a saving fund but its running empty. Problem will be next month. My car will need bigger service and wont be enough to cover everything. We have talked quite a bit on this topic and came to a conclusion that we have 4 options; Ask landlord if he can excuse next month rent Get a smaller loan Move to parents house (mine or hers) If my gf finds another job until 14th of February then she will get her pay on time and we can pay for everything but its not looking promising. I was thinking of asking the landlord first and see from there. Either loan or moving out. Any advice appreciated. Tl;dr me and gf will be in a little financial problems next month and dont know what to do [link] [comments]  |
| Forgot to Include a W2 While Filing Taxes - Questions Posted: 02 Feb 2021 05:37 PM PST I filed my taxes today only to realize the second W2 I failed to include was for the first ~2 months of work in 2020. I received the two W2s due to the company I work for being acquired very early last and changing names, EINs, etc - pretty much becoming a new entity. I was careless and assumed it was a copy. With having only filed with what I'll call my "10 month" W2, I am getting a small but respectable refund. I know I will have to file an amended return with a 1040X form. I have seen similar questions on this sub, but my questions are: I am receiving a refund based on the "10 month" W2 used in my initial return - will I receive that refund regardless of my mistake or will the IRS hold it until an amended return is filed and processed? If the former, then I assume the IRS will adjust what I am owed or what I owe accordingly - is this correct? It's approximately ~$9800 in unreported income at the moment. Since my efiling has already been submitted and the IRS isn't accepting returns until 12 February, I'm a bit nervous about the whole situation. Is there any reason to assume I won't be able to file my amended return via efile? I assume I can, since the IRS started allowing efiling for 1040X last year. Thank you [link] [comments]  |
| Declined for excessive obligations in relation to income but have no debt? Posted: 02 Feb 2021 01:51 PM PST I have been trying to get a secured credit card but I was rejected for the reason in the title (excessive obligations in relation to income). I don't understand because I have no debts or student loans and I verified this on credit karma. Any advice on what to do next do get a credit card would be greatly appreciated, thanks. [link] [comments]  |
| Owe $6.5k to IRS and CA’s Franchise Tax Board Posted: 02 Feb 2021 06:36 PM PST My partner and I received our W-2s from work and entered the numbers into TurboTax. Results are not good; we owe Uncle Sam and Mini-Sam (CA) combined $6.8k total. We were shocked in how much we owe the government, but we made the most money ever in our lives together (our current tax rate is 22%). Currently, I setup to have $150.00 from our checking account transfer to our savings every week to save enough for next year's taxes and a few extra just in case. However, if curious to know if there is a better solution to not pay this much in taxes. I am thinking of asking HR to withhold more funds from my paychecks, but then I could use that money and let it grow in my savings account. I was also thinking of opening a Roth IRA account to see if that could lower our tax burden. I am also asking my HR department to see if I can contribute more funds to my 401 and 457 accounts. TLDR, owe $6.5k in taxes, want to mitigate that tax burden for future years to come. Would opening a Roth IRA account be helpful? [link] [comments]  |
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