Personal Finance Does buying a house in this market even make sense?! |
- Does buying a house in this market even make sense?!
- Should I leave my new job after 100 days for a company I was previously interviewing with?
- Currently a contractor, manager from the client asked me to apply for internal job but 401k hasn’t vested yet (3 months away)
- Financially lost even though I make decent money. I'm working towards home ownership as a goal, but it's insanely expensive. Unsure of what to do from here. Advice?
- Stick it out with a Useless™ degree, or switch degrees and stay an extra year, blowing ~all of my savings on it
- My parents want to give me the house
- Amerisave is a scam
- Credit Card Question
- Employer touts our Employee Stock ownership Program as a reason why our salaries are not on par with the market, is this valid?
- I made a mistake when filing taxes. Should I ammend or will the IRS correct it?
- Rolling budgets?
- How do we compare the cost of living for 2 countries?
- My 50 year old parents who have no understanding of how to handle their finances are seeking investment advice.. I don’t know where to start
- Is pet insurance an option after a mass is detected in pet's abdominal area?
- (US) Company offers shares, how much do I put in?
- When to negotiate pay?
- Is it better for my credit score to pay a utility provider directly or to deal with a debt collector
- Escrow Shortage
- Locked out of Bank Account - Hiring Lawyer - Advice?
- I just rolled over 39k into Fidelity, should I invest it all into FSKAX?
- Should I stop contributing to retirement?
- 529 For Godson that doesn’t want to go to college
- Pet Insurance, Expenses
| Does buying a house in this market even make sense?! Posted: 03 Mar 2021 06:56 AM PST Is it a bad idea to buy right now?? I am looking at a single family home and I want to be a home owner. In my area (Minneapolis and metro) homes all over are seeling for 25-45k over asking price. It's hard to tell thought since IMO, the list price is lower than it should be so it attracts multiple buyers in order to get high bids, sort of like a silent auction. Houses are listed Friday with offers due early Sunday and get 15-30 bids. They know people are willing to spend up to 50k over. So.... I think if I am able to get a house for ~15k (or less) over asking, you are in decent shape. Anything over that, doesn't seem worth it. It's just crazy and stressful. Not fun being a first time home buyer. I am 0-4 on bids with 3 being 10k over asking and the most recent one 17k over. For the sake of the post, I am in good financial standing to be a homeowner so lets leave that part out. Let's assume there are no financial issues and that I am absolutely staying under my budget (which makes it tougher to find a house and bid since I typically have to look at cheaper houses and bid more to even have a chance). Thanks! [link] [comments]  |
| Should I leave my new job after 100 days for a company I was previously interviewing with? Posted: 03 Mar 2021 06:31 PM PST I was unemployed from May—November of last year due to COVID. I interviewed with two companies at the same time, and company A ultimately had to put the position on hold due to some internal restructuring. Company B offered me a job, so I felt obligated to take it. Is it something I'm good at? Yes. Is it something I enjoy? Not particularly. It was a classic "bird in the hand" situation after applying for 500+ jobs and 100+ interviews. Here I am, ~100 days into this job that I'm pretty good at, and company A reaches back out to me to continue the interview process. I keep crushing the interviews and today I received an offer for the job, yay! This particular role helps me build a skillset I've been wanting to develop and happens to pay me 20% more in salary, plus loads of reimbursements, 401k and even vested stock options (I think they're called restricted stock options, I guess I can buy 18,000 stocks that vest 4% in 5 years or something like that). Even though I'm so new at the first company, should I accept this job offer? What would you do? Looking forward, will this look odd on a resume? What am I not considering? [link] [comments]  |
| Posted: 03 Mar 2021 04:32 PM PST I'm 25 years old and got hired almost 3 years ago (right out of college) as a contractor for a tech company. I got a long term contract for a major client and have been here for most of my time at this job. I get paid $65,500 yearly and my company has an amazing 401k plan where they match 150% up to 6% of my salary. I take full advantage. Today, my manager from the client side asked me to apply for an internal position. This has been a dream of mine since I started, but it brings me to a conundrum. Currently, there is $36,000 in my 401k account. I own $17,000, my company owns $19,000. Unfortunately, the vesting schedule doesn't end until this coming June (3 months away). The application is only open until tomorrow night, and I'm am really stuck on what to do. Especially because I have no clue what the new position would pay. I'd just apply and see what happens, but I don't want to get through the whole process and then turn them down since I'd be leaving $19,000 on the table. Any thoughts? [link] [comments]  |
| Posted: 03 Mar 2021 05:56 PM PST 32 years old. Late bloomer. Started career at 28. I have 11,000 in debt for car payment and surgery, and I have hardly any liquid cash currently. I will pay this off mid next year ahead of time. I have 150k for retirement (includes 401k, Roth IRA, HSA, general investments). 401k, Roth 401k, HSA are all maxed out yearly. My salary progression for 4 years was 70k -> 78k -> 97k -> 100k. I live in an HCoL area. Average home costs 750K. I am now currently living at home with parents. I'm following the PF flow chart and am basically on the last tier, and I'm still confused. I made some bad financial choices the past 3 years including a failed side business, crypto trading, travelling, and picking up an expensive hobby (woodworking). I made a decision this year to not spend so much on fun stuff or risky ventures and my goal is to save for a house, but as you can see 750K is out of reach with my salary so now I don't even know what to do. The prices went up 14% this year and it just seems like it will never drop. The money I usually use for fun is now being put into index funds right now. I'm hoping increase my income by 20-30% this year or next year, but I feel like I'm chasing something that is impossible. I would like to move out from my parents house, but I hate the feeling of knowing I'm just sinking money into an apartment. I can find decent condos for about 550k, but I'm unsure if condo's are worth a purchase (and even then my salary is probably too low for that). According to calculators, I would need to put a 60k down + closing costs to afford a 511k house. Any advice? Do I need to move away? Should I just focus on early retirement? Should I just suck it up and just move to an apartment? TLDR: Make 100k/yr. Max out 401k, Roth IRA, HSA yearly. Have some general investments. Low liquid cash paying off 11k debt. Living at home for now to save up money for house. House too expensive even for my income. Need advice. Do I need to move away? Should I just focus on early retirement? Should I just suck it up and just move to an apartment? [link] [comments]  |
| Posted: 03 Mar 2021 03:28 PM PST Hi r/personalfinance. I considered posting this to r/cscareerquestions or maybe the college subreddit (might still do so) but mainly interested in this from a long-term financial perspective. I'm currently on a year off and, staying in my current major (Philosophy), I would have one year left of undergrad. I've been working and will have a good amount of savings by the fall. For a while I thought I'd kinda wing it career-wise after college and use the savings for a tiny house. It seems like there are places you can rent a spot for one for a few hundred a month, and I thought that'd be plenty doable even if I'm a mess for a bit regarding jobs. The major I'd switch to is Comp Sci. My parents paid my tuition thus far (I know, I know) and I won't be in debt with either plan. That's honestly the biggest reason I got cold feet on the original one. I feel so guilty that I didn't do something like engineering where you can confidently say every penny is worth it because it gives you a path post-college. On similar threads from CS perspectives, like cscareerquestions, I'd see people say to just finish the original degree, save money and learn CS independently. I will be honest, for me that would be a ballsy move. I'm a good student but I don't know if I would put my future in my ability to learn that shit on my own, if I can help it, y'know? Thanks for any advice! [link] [comments]  |
| My parents want to give me the house Posted: 03 Mar 2021 12:46 PM PST First I'm doing this from mobile so sorry for any errors. My parents want to give me the house. This is what they came up with and I'm happy with this plan: Currently they owe about $150k on it. My plan was to go to the bank and ask for $400k and have my parents sell me the house for that price. If that happens they could clear the $150k they owe and use the $250k to buy themselves something smaller and not make any payment on a house for the rest of their lives. This seems like a good idea. I can handle a $3.5k mortgage payment but the house they want to give me is a multifamily house so I would be getting help with the mortgage anyways from the income from rent. I also want to say that $400k is WAY under the market value. My parents aren't trying to scam me haha. I originally felt bad even considering it but they really want to do this and it would help me and my wife out a ton. Is this the best way of going about this where I get the house and they have money to buy their own place? [link] [comments]  |
| Posted: 03 Mar 2021 07:31 PM PST I literally engaged them to refinance, then they just... didn't do that. 4 months later, they finally admit to me that my "rate lock" had expired entirely through their own faults, and the best they could offer me in exchange? A higher rate, for more closing costs. Stay away from this company. IDK if maybe they used to be good, but read the recent reviews - they are a sinking ship [link] [comments]  |
| Posted: 03 Mar 2021 07:32 PM PST I am a 22 year old and I got my first credit card 6 months ago. I use it to make small purchases and build up a credit history. It is a 23.99% APR and I have a current score of 690. I have recently been offered to get a new card with 24.99% APR and 1.5% cash back on all purchases. I have never missed a payment and can confidently say I never will, I come from a good financial situation. Would it make sense to get this new card? If so, would I cancel the old one? Thanks. [link] [comments]  |
| Posted: 03 Mar 2021 01:56 PM PST So some things up front before I go into detail.
Our company is relatively small, based in the healthcare sector and very successful. Awhile back the company opened an employee fourm and there were many questions in regards to pay not being consistent with other comparables. Most times the answer was because we are benefiting in other ways like 401k, ESOP and our profit sharing bonuses. I could see this being okay if you were a low seniority entry level employee because you're getting a big jump start on your future. But I'm a mid level manager of 10 years. I'm not trying to be greedy, Im failing to see how money in a retirement fund that I dont even control until retirement age is a good reason to underpay employees, it doesn't help anyone, especially in a high COL area we are based in. What am I missing? [link] [comments]  |
| I made a mistake when filing taxes. Should I ammend or will the IRS correct it? Posted: 03 Mar 2021 04:47 PM PST When filing my taxes, I entered that I had received both of the stimulus checks for $600/each. The mistake is that I actually received $1200 for the first stimulus and $600 for the second. Now my return is about $600 more than usual. I have not received any money yet and the .gov website says they have received my return and it's processing. Will the IRS find and correct this, or do I need to take action? [link] [comments]  |
| Posted: 03 Mar 2021 06:31 PM PST A long time ago I used mint. And while I liked it, it didn't have everything I needed to manage my expenses and it had trouble with some of my account. For the last 6 years I've been tracking my spending on excelsheets. Now what I did like about Mint was the option to rollover a budget into thr next month. So if you only speny $60 out of a $100 budget, Mint would simply add that into your next month. Does anyone have ideas about how to set something like this up without Mint? It doesn't have to be excel. I'm only thinking of using pen and paper at the moment. [link] [comments]  |
| How do we compare the cost of living for 2 countries? Posted: 03 Mar 2021 06:31 PM PST I'm trying to see how much expenses are going to come from New York City vs Austin, Texas. I calculated the annual income for New York City I calculated the annual income (without state tax) for texas I'm trying to live under my means and put as much money as possible into my investment accounts ( 401k/ ROTH IRA/ non-registered account). I'm wondering how lucrative it would be for me to live at NYC vs Austin. I'm not sure what % are going to be at expense vs % are into investments due to both countries having different expenses! [link] [comments]  |
| Posted: 03 Mar 2021 03:47 PM PST To preface my parents immigrated to the US in their mid 20s with two kids. From what I understand, their home country did not have "retirement plans." They did not invest their money in the stock market. Because my dad had a very stable and high paying job, they did better than most. Then they immigrated to the states and continued to use the same mentality, thinking that through hard work they will be able to achieve what they wanted. My parents decided to invest in the family and bought a house without having the money for one. They still have that mortgage (I believe its a 30 year one). They racked up about 20k credit card debt. My dad started his own transportation business therefore never had a 401k or an IRA. They also lease their cars and believe that they're saving money long term because they don't have to pay for car repairs. They pretty much live paycheck to paycheck from what I understand and have little savings. I dont think they have an emergency fund. My dad has been talking to his buddies who have been investing from a young age and opened up a fidelity account. He put 1k into random stocks that he heard "are doing well" and is seeking advice from me because I work in finance. I am not a financial advisor or an investment banker and only know what I know from work and my own research but I feel like I am in no position to give advice, especially knowing that debt and emergency savings are priority over investments. The only thing I could think of i advising them to open roth iras or SEP iras but even then I dont know what I'm talking about. My dad's goal is to invest for 5-10 years and have something to give to his children because he realized he doest have much to provide for us. I am very stressed and feel like my parents need a reality check from someone other than me. Where do I point my parents? Should I point them to a financial advisor? (I dont know much about financial advisors but also heard fee based ones are best?) Please advise! [link] [comments]  |
| Is pet insurance an option after a mass is detected in pet's abdominal area? Posted: 03 Mar 2021 07:32 PM PST Our vet found a mass in our 11 year old dog's liver. We don't know if it is cancer or not. It could be benign. Would we be able to get insurance? Any idea? [link] [comments]  |
| (US) Company offers shares, how much do I put in? Posted: 03 Mar 2021 05:43 PM PST My new company offers employees the option to contribute between $20 and $20K per paycheck toward their share program. It's a mid-sized company with decent growth, do I contribute or not? I have no idea where to start. There is an option to contribute this month and an option to change it in September. What are some questions I should ask myself? I am maxing out my 401K match and planning to save for a house this year if that matters. [link] [comments]  |
| Posted: 03 Mar 2021 12:39 PM PST I just realized that I don't know when to negotiate pay in the hiring process. Today I interviewed for a job in which I have good connections, I made a great effort to interview well, but I didn't mention pay. I feel like that's good though, because maybe the implication of asking about pay would come off as arrogant, as if there weren't a bunch of quality candidates that interviewed before me (there were). In my mind, you negotiate at the offer, when pay is brought up anyway. Am I right or wrong here? I'm a grown ass man, realizing I've never negotiated, only taken what's given to me...but now I've got experience and a degree, so I've got a little more weight behind me than when I was 20. [link] [comments]  |
| Is it better for my credit score to pay a utility provider directly or to deal with a debt collector Posted: 03 Mar 2021 07:41 PM PST I will give the entire story here to try to get the most educated response possible. So I've recently been trying hard to get my credit score up and I've been doing a good job. It went up 40 points over a couple months to around 700. However I have one open collections item against me. It is an internet bill from when I was a broke college student a few years ago. I definitely forgot to pay this bill and just hoped it would go away because I was literally too poor to afford the $60 I owed them. Eventually they sent the bill to a collections agency, and that agency called me a lot but I never answered. A year or so later that item disappeared off my credit report. I thought I was home free. It was off my credit report for like 6 months. It showed up again 2 months ago with a different collections agency than before. This collector has never called me. I don't know why it's a different collector or why they haven't contacted me but it is on my credit report. Anyways, I called "internet provider" and said I didn't know why I was getting a $60 collections bill because I had no memory of owing them money and because I thought I returned their router on good terms. (I did return the router on time but i knew i owed them money years ago). Since i had never even acknowledged this bill before i figured it was a pretty likely story. They said they would look into it and I had to go to work at this point so I ended the call with a callback number. I believe they might give me the option to pay the bill if I call them again. So what approach should I take. Should I call the internet provider, pay the old bill (or try to get it wiped out) and then dispute the debt collection on my credit report? Or should I deal with the debt collector directly. Thank you for anyone who responds, like I said I'm fortunate enough that this is the only collections item I have to deal with and I've steadily been working my credit score up from advice I found here. [link] [comments]  |
| Posted: 03 Mar 2021 05:25 PM PST Just passed my first year of home ownership, and late last year I received a check from my lender, saying that I had overpaid on escrow. Yay money! Starting in January, my total payment even dropped $20. Flash forward to my March payment, when my mortgage jumps up $188. I dig into it, and apparently I have an escrow shortage, roughly in the amount that my lender paid me out late last year. I don't understand why they would pay me the overage, only to then decrease my mortgage, followed by a sudden increase, well above what I was prepared for. I'll survive it, but I'm certainly not happy. Especially as they could have just kept the money I'd already paid rather than "reimbursing" me. Why would they give me escrow money back like they did, only to then say there's a shortage? Is it possible to pay the difference up front rather than spread it out over 12 months? Probably need to ask the lender for the latter.. I don't know. Just frustrated and confused. Thanks for any clarification! [link] [comments]  |
| Locked out of Bank Account - Hiring Lawyer - Advice? Posted: 03 Mar 2021 10:28 AM PST Hi All, I opened a CitiBank Accelerate Savings account roughly around 7/1/20 and deposited $6,000 USD to the account, I later learned there was a $20 a month fee associated with the account. I called, asked for the fee to be waived (which it was), I then removed all my deposits and called customer support and asked to close the Accelerate Savings Account. The customer support representative informed me they terminated my Accelerate Savings account and I then deleted username and password. A few weeks later I was notified via text message that my Citi Accelerate Savings account had incurred a $20 a month service fee and the account was now -$20 balance. I called CitiBank and they apologized and confirmed they waived the fee and closed the account. The same issue then continuously occured escalating to now a -$120 balance. Citibank is unable to verify me on phone and all physical locations are closed due to Covid, they ignored my mail I wrote with copy of my passport. Debt collectors are now calling threatening to pay bill or debt will be sold to 3rd party. I have money, want to fix issue. Problem is with CitiBank not me. Citibank is unable to verify me over the phone since I do not have the 16 digit bank account number. I've given my SSN and other security measures but they cannot move forward without the account number which I deleted. Cannot recover account with email address without account number either. I already submitted complain with my state's Attorney General, awaiting their response. Outside of hiring a lawyer is there anything else I should do here? The nearest physical branch open to me is 3-hour drive one way. Thankful for any suggestions you all can provide. [link] [comments]  |
| I just rolled over 39k into Fidelity, should I invest it all into FSKAX? Posted: 03 Mar 2021 04:41 AM PST I just rolled over 2 old 401k's from previous jobs into a Fidelity rollover IRA. I honestly never really managed or messed with my 401k's and just let them grow on their own over time. I'm looking to do the same thing and have a fairly hands off approach. Is investing all 39k into FSKAX Index Fund a smart choice? [link] [comments]  |
| Should I stop contributing to retirement? Posted: 03 Mar 2021 01:42 PM PST Hello, I am 26 years old and am thinking of going to CRNA school. If I apply to school I likely won't start until May of 2022 or May of 2023. School is expensive at $32,000 a year for tuition alone. It is three years so without any savings I would likely be about 200k in student loans. My question is should I stop contributing to retirement to save money to live on while in school? I currently max out my Roth IRA and contribute $350 a month to my 403b. My reasoning is I would be able to maybe have $50k in cash before school to help alleviate my debt burden. Thanks [link] [comments]  |
| 529 For Godson that doesn’t want to go to college Posted: 03 Mar 2021 06:15 PM PST Good evening everyone. I'm looking for some advice on a 529 that I currently have open for my godson. He graduates high school this upcoming May. The thing is he doesn't want to go to college. He would rather work for his dads company. I'm planning on going back to school. But since I'm a veteran, I get the post 9/11 Gill Bill. Which pretty much all my schooling. Should I keep it keep it open in case my godson changes his mind? Should transfer it under my name in case I use the funds? Or should I pull the money and pay off some debt that I have collected and put the rest in a Roth 401k? Thank you all in advance [link] [comments]  |
| Posted: 03 Mar 2021 08:16 PM PST Hey all, I'm going to be getting a dog for the first time soon. Sort of an unexpected (i.e. unplanned for) situation. I have not had a pet of my own before, just dogs and cats growing up, so not sure what to expect in terms of cost. A few questions for pf users with animals:
Thanks all [link] [comments]  |
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