Personal Finance Father dying in hospital. Need some advice |
- Father dying in hospital. Need some advice
- 29 years old, paid off house, I want to quit my job.
- IRS announces interest rates will remain the same for the second quarter of 2021
- I’m sick of researching index funds for my Roth, can I just pick one and be done?
- Mentally Ill - Inherited Money
- Contemplating a move from NY to Texas with the family, is this feasible?
- So I married an Au Pair who never paid US Income tax prior to us getting married and I'm getting mixed messages on filing for her back taxes and paying penalties.
- 4% Per Year - But How Often To Withdraw?
- Just received 5k, and wanting to know my best routes to use it.
- I know nothing and need help.
- Bank screwed up my IRA and refuses to fix it
- My dad passed, I got a small amount from his insurance, what can I do with it? I'm clueless.
- Employer does not pay on time, and this week has not paid at all. What should I do?
- Lost my job for about a year and completely ruined my life. How can I get things back on track?
- Invest money into stocks or pay off debt?
- Should we sell this condo that's earning good rental income?
- Book Recommendations
- Opinions Wanted: When I Should Buy a House vs. Paying off Loans??
- Getting my first job, want to learn how to start my life off right financially
- Is ETF tax efficiency a good trade off for a lack of auto investing in taxable accounts?
- Boyfriend got charged travel agent fee
- Should I manage how much money my child has?
- Recently turned 30 and am admittedly late to the game. Searching for some much needed coaching on how best to utilize savings.
- How would a smart 25-year-old invest a substantial, semi-regular amount of money?
| Father dying in hospital. Need some advice Posted: 02 Mar 2021 05:23 AM PST My father has a day or two at best left in the hospital ICU. I'm his only son and sole immediate survivor. He has a will leaving all assets to me and absolutely no mortgage / debt other than normal bills to maintain the house that I plan to keep. I'm authorized on his main checking and saving accounts and have been for some time... so no problems there... but he does have a modest 401k and owns stock through his former employer that both total around $200k. I don't need to touch those at this time... but I'm guessing they'll need informed and transferred in my name at some point? Needless to say... I'm new to this. About all I know right now is I'll need numerous copies of the death certificate... but are there folks who specialize in sorting this process out that I can seek... or is it best to just work it all out on my own since his affairs are fairly basic? Also... our copy of his will is in my safe deposit box that I haven't touched in years... and unfortunately can't find the keys to. It was drawn up by an attorney over 20 years ago. Should I try to get our copy... or is it on legal record somewhere? Thanks very much for the help! [link] [comments]  | ||||||||||||||||||||||||||||||||||||
| 29 years old, paid off house, I want to quit my job. Posted: 02 Mar 2021 12:00 PM PST Hey everyone, first time posting here. I am 29 years old, and I'm facing a time in my life where I feel I am genuinely not happy and beat down. I have been working consistently for my company for about 7 years, making about 80k/yr. I work so much I feel like I have been missing out on what life is all about. I have close friends that make half of about what I do and have wives and kids. And I'm genuinely jealous of their lifestyles. My job is very demanding in its hours (60-70/week). And I'm just ready for a change as I feel like maybe I will actually be able to meet someone if I didn't live at work. I have about 25k in savings. 25k in 401k, and 15k in various other accounts (HSA, stock portfolio My house as it sits is worth about 240-250k. (4bd 2 bath) if I renovate the bathrooms and fix various things about $300k. I have the opportunity to be able to do these things myself as I used to build houses in my teens, early 20's. My job now has nothing to do with construction though If you were in my shoes, what would you do? I need to do something. Do I sell my house, take all the cash and buy some rental properties? Then refinance those and buy more ? I want to eventually have enough passive income to not have to work for someone other than myself. Thanks guys [link] [comments]  | ||||||||||||||||||||||||||||||||||||
| IRS announces interest rates will remain the same for the second quarter of 2021 Posted: 02 Mar 2021 05:54 PM PST The Internal Revenue Service announced that interest rates will remain the same for the calendar quarter beginning April 1, 2021. The rates are: • Three (3) percent for individual overpayments (refunds) • Three (3) percent for individual underpayments (balance due) Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For Taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points. [link] [comments]  | ||||||||||||||||||||||||||||||||||||
| I’m sick of researching index funds for my Roth, can I just pick one and be done? Posted: 02 Mar 2021 04:43 AM PST Open the Roth IRA a few weeks ago and have a small amount of cash sitting in it waiting to be invested. I'm fairly new to all of this. It seems like my best option is to invest in a target index fund but there are many many options. Right now I'm looking at FZROX and FNILX. I really just want to pick one so my money isn't just sitting there doing nothing. Will I regret choosing so quickly? If I go with these two how hard would it be to change funds down the road? Thanks for any input. [link] [comments]  | ||||||||||||||||||||||||||||||||||||
| Mentally Ill - Inherited Money Posted: 02 Mar 2021 02:31 PM PST Someone I know of distantly inherited over $300K in cash from his father. He has been unable to work his entire life due to mental illness and relies on social security and Medicaid. His father is now gone and he has no one. Social security stopped his supplemental income payments and Medicaid said he will lose coverage soon. Now that the Father's income has stopped and 100% of bills are on him, the $300,000 will last a number of years until we consider having to pay for private health insurance premiums and medications. Is there any advice for this type of scenario where no estate pre-planning was done? I've heard of "medicaid compliant annuities" or special needs trusts but I'm very unsure which options he should research to get the ball rolling. [link] [comments]  | ||||||||||||||||||||||||||||||||||||
| Contemplating a move from NY to Texas with the family, is this feasible? Posted: 02 Mar 2021 02:51 PM PST We are 29 with a 1.5 year old. Combined household income: 184k I make 106,575 base here. No debt except home with 100k equity and 82k in student loans. Now, correct me if I'm wrong, but this sounds like a no brainer to me. Please fill me in if I'm missing anything. We have about 80k in retirement accounts, 15k in cash, and could save another 10-20k before the move. Sell the house here in NY and make 100k. Pay off the 82k in student loans (removed a 450k monthly payment). Buy a house for 350k in Texas. Put down 5-10% and have a 25k emergency fund. We will transition to a 1 income household in Texas. I expect a 35-40% salary decrease. No income tax in texas and a calculator shows that 67k salary in texas is equal to my 106,575 in NY. Sounds too good to be true. Bigger home (1300sq ft home on Long Island now), better family life (wife would stay home with baby and have another baby), less property tax etc. I currently work remote in Ny and I'm thinking of approaching my director soon to ask her thoughts about moving and keeping my job, though I expect a pay decrease, I won't hint that until she brings that up Does this sound like a good plan? Am I missing anything? Thanks. [link] [comments]  | ||||||||||||||||||||||||||||||||||||
| Posted: 02 Mar 2021 04:54 PM PST I'm 36 and in 2020 I married an amazing girl who had worked as an Au Pair for 3 years. An Au Pair has a special J-1 visa and their employer, a host family, is not required to withhold taxes or even provide them with a W-2. Long story short she never filed for 2 of the years but did in 2020 as we are now married and I do my own taxes. My question is, is it worthwhile to file and pay for those back taxes? When doing the math, the penalties, fees, and interest would equal almost HALF of what she made at that time, which seems a little crazy. Her friends who were au pairs who got married here never had the issue come up and never filed/paid/addressed the back taxes, however I do make a good income and fear the long arm of uncle Sam digging deeper into my accounts. I know the right answer is to file and beg for forgiveness but my wife and our friends think I'm looking for problems with the tax man. Has any ever experienced anything like this? Worth the risk to skip out or would you fall on the sword and beg for forgiveness? [link] [comments]  | ||||||||||||||||||||||||||||||||||||
| 4% Per Year - But How Often To Withdraw? Posted: 02 Mar 2021 06:20 AM PST I'm not planning on retiring for another 15-ish years, but have been investing for quite a long time and have seen the debates around when to BUY and how to buy, circling around whether you buy "all at once" or cost average. What about selling during retirement? My thought is, if you take out say 4% all at once at the beginning or end of the year, you risk taking that 4% out during a market downturn. Where, if you take out .07% every Friday like a 'getting paid weekly' kind of thing, you are able to protect from larger realized capital losses during market downturns. Any thoughts / conventional wisdom on this? Obviously if that 4% is covered by dividends, it doesn't really matter, but what if you are dealing with principal withdrawals? [link] [comments]  | ||||||||||||||||||||||||||||||||||||
| Just received 5k, and wanting to know my best routes to use it. Posted: 02 Mar 2021 02:03 PM PST I have currently enough in my savings for a rainy day fund. Further I make enough to cover my bills. I received $5000 today that I can really do what I please with it. I want to "make my money work for me". I don't know anything about stocks, crypto currencies or any other investment options. I was wondering what routes I have to make this amount of money to increase beyond just having it sit in my bank account. Furthermore are there options to make it increase over 30% in the next 4 years? sorry about my lack of knowledge. [link] [comments]  | ||||||||||||||||||||||||||||||||||||
| Posted: 02 Mar 2021 07:14 PM PST So I'm 41. I've been teaching for 6 years. I know nothing about retirement. Never thought I'd be anything more than a cook at shitty restaurants my whole life. Fyi- I own a house and have no savings-.What can I do with my NC State retirement to make more money for retirement? I appreciate any thoughts. [link] [comments]  | ||||||||||||||||||||||||||||||||||||
| Bank screwed up my IRA and refuses to fix it Posted: 02 Mar 2021 03:57 PM PST I had an IRA directly transferred from one bank to another. I put it in an annuity for 2 years. When I went to take it out and reinvest I found the bank did not code it correctly when first transferred in as an IRA from the first bank. The coded it as just plain money. Now I cannot transfer it anywhere because it is out of the 60 day rollover time limit. Now I'm looking at thousands of dollars in penalties and taxes. The bank keeps telling me they will rectify the situation but it's been 4 months and they have done nothing and never return my calls. Is there anything other than hire an attorney that I can do to force them to code that money correctly as an IRA? [link] [comments]  | ||||||||||||||||||||||||||||||||||||
| My dad passed, I got a small amount from his insurance, what can I do with it? I'm clueless. Posted: 02 Mar 2021 06:48 PM PST I'm in my 30s, I don't gamble, I don't invest in anything, I have a very small 401k, but that's about it. My dad passed a few months back from cancer, and I recently received a check for around 13k. I deposited it into a savings account with my bank, but that's about it. I'm a single father to a 6 year old child, I work, and I can afford our current living conditions. What is my best choice to go with this money I've been given? I know there are so many options but I'm clueless with this stuff, and I feel like I'm wasting it just letting it sit in a basic account at my bank. Is there something I should be investing it in? Or a specific kind of account? Some way to make it earn more money? Thanks in advance to any and all replies, still trying to deal with all this. [link] [comments]  | ||||||||||||||||||||||||||||||||||||
| Employer does not pay on time, and this week has not paid at all. What should I do? Posted: 02 Mar 2021 01:30 PM PST Late/Non-Payment Late/Non-Payment Hi all, Any guidance or recommendations on how to handle our particular situation would be greatly appreciated! Thank you. Anyways, my partner started working for a staffing agency about almost 2 months ago and every week he is faced with the same issue; the agency not setting up his direct deposit and having him wait until Saturday (the day after promised payday) to receive his paycheck in the mail. He's been calling them every week for a status update on his direct deposit, and every week they give the same run around; "the accountant is submitting it -or- the accountant had issues with the bank etc." (mind you, this has been going on for the past 2 months) So fast forward to present time, this week he did not receive his paycheck in the mail nor direct deposit. He called his credit union to see if he can get an explanation as to what issues they (the agency) are referring to, but the bank stated there has not been any attempt to add direct deposit by anyone.. It is now Monday and still no paycheck, and when he calls the agency, they just tel him that he has to wait for accounting to contact him, which they never do. Again, any advice or guidance on how to go about this would be greatly appreciated. We're just trying to make our rent and bills on time, and this is seriously taking a told on him/us. Thank you [link] [comments]  | ||||||||||||||||||||||||||||||||||||
| Lost my job for about a year and completely ruined my life. How can I get things back on track? Posted: 02 Mar 2021 01:29 PM PST I grew up poor, didn't finish school and just generally had a bad start in life but around my mid 20s things started coming together for me. I had a decent job making about 40k a year and had gotten my credit score into the 700s. I had just paid off my car that I bought from a terrible used car dealership, at a ridiculous interest rate, and things were looking good. I was able to finance a brand new car for less than what I paid for a used car with over 100k miles in the past, I was buying a house and even able to save money. Everything was stable. That is until I found myself unable to work at my job for the next year. I figured I would consider this a vacation and things would be fine until I could get back to work. Well things weren't fine. I ended up drinking a lot and doing drugs and basically just not caring anymore. Before long I was living in my car. Shortly later that car was repossessed. $15,000 in credit card debt piled up. Got a woman pregnant. My credit score plummeted. I basically threw everything away that I had worked for up to this point. I was worse off than where I started. I'm now back to work, making more now. About $60,000 a year. Living in a cheap apartment and just trying to get by, but lost on where to even start. I mainly focus on trying to take care of my family now but find myself not even able to finance a vehicle, which is what brings me here. My old beater recently broke down and I've been struggling to find a vehicle which really made me see that I need to get my finances back in order. Where should I start in trying to get my credit going back up? Should I work on paying off my old debt? Is it even worth it to try or would that just be a black hole for my money? What about the repo? Should I file bankruptcy? [link] [comments]  | ||||||||||||||||||||||||||||||||||||
| Invest money into stocks or pay off debt? Posted: 02 Mar 2021 04:32 PM PST Hello, I'm going to get straight to the point. I owe just about $14,000 on my 60 month $25,000 loan on my car. The loan has a 6.39% interest rate. I have just enough money to pay off the car. I am also a 20 year old, still living with my mom only paying $150 a month for rent and my only other expense is food. So, I'm very fortunate to be in a good spot right now. I am still going to school full time & about to be done with community college (transferring to a 4 year). I also work a part time job. So, I really am not sure if it is better to pay off my car loan and have all that extra money that i make from working to save/invest or invest everything now & continue paying off the loan? Please help me out, I'll appreciate any advice. [link] [comments]  | ||||||||||||||||||||||||||||||||||||
| Should we sell this condo that's earning good rental income? Posted: 02 Mar 2021 06:18 PM PST Hi, I'm hoping to get a bit of advice. My spouse and I recently finished the "student" phase of life and entered the income earning phase. We're in our 30s with 2 kids. During grad school we squeaked by and bought a small condo that we started renting out when we had to move for internship/postdoc. When my spouse landed a job last fall we bought a second condo, using the rental income from the first to offset its debt. Here's a quick breakdown of our current assets and liabilities:
Current income is about $125k per year (up from under $50k last year) The condo has been rented out for 2 years 9 months. There's a big tax deadline coming up where if we sell it in the next 3 months we don't have to pay capital gains tax on its (substantial) appreciation. We're strongly considering selling it and using the cash to nuke the student loans. But there's a part of me that really likes owning a physical income-producing asset. The rent easily covers all the expenses and then some. We're also way behind on saving for retirement, having only started that like 4 months ago. I hope to increase our contributions and diversify a bit when things stabilize. The question is: what would you do in our situation, specifically with the 1st condo? Side note: I'm really excited to have found this community. (I found it through a NYTimes article.) I've been trying to talk to a financial advisor for advice, but they seem to be busy with tax season and stuff. [link] [comments]  | ||||||||||||||||||||||||||||||||||||
| Posted: 02 Mar 2021 02:56 PM PST Any good books to recommend for: -Investing -Retirement -Family Planning -Mindset (maybe?) [link] [comments]  | ||||||||||||||||||||||||||||||||||||
| Opinions Wanted: When I Should Buy a House vs. Paying off Loans?? Posted: 02 Mar 2021 11:47 AM PST Hello everyone, I would just like to start with a quick summary of my wife and I's current financial situation: I am currently 26 years old, and I graduated almost two years ago with a master's degree and ~142k in student loan debt from both my undergrad and graduate program. My wife graduated with her master's at the same time and ~42k in loans for a total of ~185k in student loans. Our gross annual income is ~160k per year together and our goal from the start was to aggressively pay off our loans within a couple of years. About a year and a half into it, we have so far reduced the 185k to 115k after paying a few thousand in interest and taking a two month deferment during a Covid-related pay reduction. Since the start, we have been renting an apartment because I did not want the possible financial burden of owning a home hanging over my head while also having such a large amount of student loan debt. Our original plan was to rent for 3-4 years, which would give us enough time to completely pay off our loans and save for a down-payment. The predicament: I really like the idea of being debt free before taking on the responsibility of owning a home, however we are already starting to grow tired of living in an apartment and know we are "throwing our money away" by renting. We currently live about 40 minutes outside of a major U.S. city and the housing prices have been continuously climbing for the last couple of years. We know we are missing out on great appreciation. We are about to sign our third lease at this apartment complex (which has had increasing prices every year), and want to know if it is a good idea to potentially purchase a house around this time next year. The catch-22 is, because the vast majority of our monthly income goes to bills and loans, the only way we can even save up for a very small 5-7% down-payment on a house would be by reducing our loan payments by approximately 2k per month-thus extending our loan payoff even longer. We watch the housing market closely in our area and see the skyrocketing prices and appreciation that we are missing out on, but I also don't like the idea on taking on a mortgage with pre-existing debt. The only other alternative to this is if a certain *cough* crypto *cough* investment gets to a particular level where I would be willing to cash out the majority of it to cover a down-payment on a house and therefore not have use that money that should be going to loans instead. Thoughts??? Thanks in advance! [link] [comments]  | ||||||||||||||||||||||||||||||||||||
| Getting my first job, want to learn how to start my life off right financially Posted: 02 Mar 2021 09:08 AM PST Hi! So I'm 16 and totally new to the world of finances. Some adults close to me have made some very poor decisions that have messed up their whole lives so I don't want this to happen to me. I have no clue if anything I do now will even affect my life nor do I understand what legal rights I have as far as controlling my money. So I have a few basic questions about things that I just don't understand from what others have explained to me. What do all of these forms I have to sign do? Obviously they need to identify my information and such but I thought most of the forms are designed to determine how much money goes into savings and other long term financial things like retirement. This wouldn't apply to me so how does the information I put on these forms change my finances? What is the difference between a savings account and a checking account? When I'm not looking to make interest right now and I don't have a credit card, why do I have to have separate accounts for savings and checking? Does anything I do now, affect my finances for the rest of my life? I don't legally control my money since I'm not 18 (right?) so I can't have credit or anything like that. Is there a reason to be very careful around certain things or will my stupid decisions now not hurt me forever? How much control do I have over the money I earn at my job? Is it actually my money or is it my parents' money (legally)? Obviously a lot depends on my family dynamic but legally will they have complete control over my debit card or other methods of paying? Can they transfer funds from my account to theirs without my permission? And lastly, can they choose where my paycheck goes, like choosing to put my money in their account or putting my money in a savings account instead of a checking account? So far in my life, I have lived by the philosophy that I will spend the rest of my life paying bills and worrying about money so why should I waste my childhood saving when it's the only time I can spend my money without consequences. My school doesn't offer a personal finance class and my parents aren't great at explaining the stuff I want to know so I'm hoping you guys can help me out? Feel free to throw in any advice that you wish you had at my age financially. Thank you! And warning I can be easily confused so be prepared to stick around for a convo haha [link] [comments]  | ||||||||||||||||||||||||||||||||||||
| Is ETF tax efficiency a good trade off for a lack of auto investing in taxable accounts? Posted: 02 Mar 2021 07:39 PM PST Basically, title. I will be in school for the next 2 years so I'm not eligible for an IRA right now. I've been investing in ETFs in my taxable account but I recently realized you can't auto invest in them (I'm using Fidelity). So right now I'm just auto investing into my core account and I'll have to manually distribute the money every month. I'm wondering if I should just start investing in an index fund because manually allocating funds across ETFs every month will probably get annoying pretty soon. I always heard to keep mutual funds in tax advantaged accounts only, but how bad would it be really? The Fidelity total market fund, for instance, has a 2% turnover rate but I'm not sure how that translates to real dollars $$$ [link] [comments]  | ||||||||||||||||||||||||||||||||||||
| Boyfriend got charged travel agent fee Posted: 02 Mar 2021 04:46 PM PST So my boyfriend booked a flight with Alaska air recently and needed to cancel it, get a flight credit, and rebook another flight. I knew Alaska was doing this right now because I had just canceled another flight - when he googled "Alaskan air phone number" a travel agent ad popped up first and he didn't realize it was not Alaska directly, when he canceled it they charged him a fee ($150). When he told me this I was like.. they don't charge fees?? And that's when we realized it was a travel agent. Is the $150 lost or can we dispute it somehow??? (Let me know if there is a better sub for this) [link] [comments]  | ||||||||||||||||||||||||||||||||||||
| Should I manage how much money my child has? Posted: 02 Mar 2021 05:13 PM PST My daughter is 12 and very good at earning money. She first started making and selling slime at school. Now her dog is pregnant and she wants the money from the pups. I have no problem with the fact that she wants the money. I will be the one having to actually speak with buyers and sell the pups but I am not interested in the money The issue, is that I am not sure it is wise for my 12 year old to have several thousand dollars in her pocket. Especially since I get the feeling her mother will be asking for some of it. I have considered paying it to her in payments, or putting it into an account for when she wants to buy a car. [link] [comments]  | ||||||||||||||||||||||||||||||||||||
| Posted: 02 Mar 2021 06:42 PM PST Hi all, new to the sub (and investing in general) and was hoping to get some opinions from folks on my current situation. Please excuse the naivety, as I'm sure these questions get asked a lot. Just a quick snapshot of where I'm at: Only major debt besides mortgage- - My car: ~$8.5K remaining @ rate of 3.19% - Wife's car: ~$6.8K remaining @ rate of 2.9% Salary is about $78K take home. Retirement: - $33K in Vanguard 2055 target retirement fund (previous employer) - $22K in AIG 2055 target retirement fund (current employer – still contributing to). The main issue I have is the money just sitting in my savings account being wasted (~$47K), which I know needs to change like yesterday… Based on my current monthly expenses/bills, occupation, and the fact we currently are not saving for any large purchases in the near future, $15K should be conservative emergency fund balance. That leaves the rest to make some long overdue moves. I originally thought it would be a good idea to just attack the auto loans, but from my researching similar situations expressed in these subs, it sounds like the rates might be low enough where our savings would be better utilized elsewhere. Questions/thoughts:
Thanks in advance for the help! [link] [comments]  | ||||||||||||||||||||||||||||||||||||
| How would a smart 25-year-old invest a substantial, semi-regular amount of money? Posted: 02 Mar 2021 06:33 PM PST At age 25, I am blessed with a substantial windfall ($750k). Now I'm investing this money, and I have no idea what I'm doing. Here's some context: I have a 401(k) plan & my only debt is some student loan debt ($10K). The only thing I own outright is my car. Not savvy with investments or the stock market, but I do have $200,000 in cryptocurrency and I just quit my job (I was a electrician since 19). [link] [comments]  |
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