Personal Finance Asking for a raise |
- Asking for a raise
- Employer deducting 13 months of benefits instead of 12 from employee paychecks. What can we do?
- Pay aggressively on mortgage or invest?
- Buying a new car — is it worth it?
- Beating intergenerational poverty.. where do I start?
- Give up on homeownership?
- Purchasing Unregistered Shares - Was my family scammed?
- Lapsed car insurance tripled my premium
- I am confused, my dad claims I can’t be his dependent for tax benefits because I’m filing my own return and I made 18000.
- I apparently owe income tax for when I was six?
- Parents will pay for school if I enroll in the major they want vs. choosing something I want but take out loans?
- Newbie looking to invest, seeking tips/advice
- Mortgage Payments Increased by $750 Due to Escrow Shortage?? Help!
- Bank will not abide by our contract, and pocketing my $200
- Insurance denied me the medication that I really need. Doctor specifically said I need to be taking the med that they denied me.
- How do you split your money?
- I still have 22 car payments to make. Should I pay it off in cash because I can?
- Attack Debt or Store in Roth IRA
- Rollover mistake
- Refinance two mortgages? Stay the course? What is the bank not telling us?
- Getting kicked out of the house
| Posted: 29 Apr 2021 06:44 AM PDT I currently make under 45k. My rent is increasing this year, cost of living in my area is increasing and I need a raise. What is the best way to approach this conversation with my manager? Also, what's a decent percent increase that I should aim for? I will need to start the conversation above this percent because my employer will definitely push back. I've done nothing but work from home and save this past year. I don't want to start eating away at what I've saved just because I won't get a raise. I live within my means, but think I'm underpaid. Especially for my area. [link] [comments]  |
| Employer deducting 13 months of benefits instead of 12 from employee paychecks. What can we do? Posted: 29 Apr 2021 12:34 PM PDT Disclaimer: wife's job, not mine. TL;DR: Wife's boss overcharging employees for benefits. Justifying it with provably incorrect calculations. Small biz = no HR/Payroll to bring concerns to. Employer possibly keeping the difference. My wife noticed that the amount being deducted from her paystub was higher than the amount listed per-paycheck on her plan enrollment forms. She contacted her boss (I believe there's no HR, he uses ADP), but he insisted his numbers were correct. After asking him to show his work, we discovered that he's receiving a monthly benefit statement from the provider, and dividing the employee contribution by 2. Problem there is he pays his employees biweekly, not twice a month, so he's splitting the annual cost across 24 pay periods instead of 26, which will result in charging an extra month's worth of benefits by EOY. He justified the difference in amounts by saying the enrollment form amounts were just an estimate, but that's provably incorrect. Her boss has access to the same information she has, so I doubt the math alone would convince him of his mistake, since by he believes his calculations are accurate and the plan documentation is wrong. Are there any EOY documents that she'll receive to prove the discrepancy between the plan's cost and how much was deducted from her paycheck? Bonus Round: Her boss has been in private practice for years and is likely making the same mistake on everyone's paycheck. I imagine it would've come up in his accounting that he's overcharging benefits, if he's not correcting it then he's likely pocketing the difference. Are there any orgs or agencies that we should report him to? [link] [comments]  |
| Pay aggressively on mortgage or invest? Posted: 29 Apr 2021 03:42 AM PDT I make 130k/year, I bought a 410k house a few weeks ago with 20% down conventional loan @ 3.15 interest. My 30 year payment is 1400ish (not including taxes, insurance, etc) but I was planning on paying half my take home income (4kish) to get it done in 6-7 years. But I am wondering if this is dumb, because interest rates are low should I be paying the minimum and instead putting the rest in something like a Vanguard IRA? [link] [comments]  |
| Buying a new car — is it worth it? Posted: 29 Apr 2021 08:43 AM PDT Hi all. I'm hoping I can get some insight on buying a new car with our finances. My wife and I currently have a 1 year old, a 16 year old, and currently pregnant with a baby due in the fall. We both have 2013 cars that will not hold all 3 kids in the backseat (2 car seats). We want to buy a brand new mini van as we will keep it for at least 10 years (most likely more) and it will allow us to have room if we add another kid to our family (which we most likely will as we are foster parents). All the info I'm finding on the internet says not to buy a new car — however when looking at used mini vans (between 2017-2020) the difference in price is between $5-13k for a new minivan and these all have at least 30k+ miles on them. We are looking at the Toyota Sienna and Honda Odyssey. We get regular maintenance on our cars now and the only debt we have is our mortgage payment. Neither of us are car people and we use the dealership shops for regular maintenance on both cars. So, is buying a new car worth it? Or should we look at used? We can put between $7500 and $11k down plus a trade in. That still leaves us roughly $10k or more in our emergency/savings account. Currently we are able to put in savings ~$1500/month and both of us contribute to our 401ks. Online calculators say our payments could be roughly $485-$550 dollars depending on interest rate and total price of van. We both have excellent credit. Thanks for any help! [link] [comments]  |
| Beating intergenerational poverty.. where do I start? Posted: 29 Apr 2021 04:27 PM PDT Long story short, I came from a very dysfunctional family and only got out of the homeless status 7 years ago. I was never taught about money and lived most of my life being anxious and emotionally/mentally paralyzed about losing my home again.. Life has gotten a lot better but I see that I have a lot of work ahead of me to build a stable, secure life for myself.
I am not the most intelligent person but I am self aware enough to realize how much my life has been ruled by fear. I live a very frugal lifestyle and I have just been holding enough to cash because in the back of my mind, I am always afraid of losing everything. But I know that I need to start investing, I need to get a better job, and I am already late to preparing for retirement.. Being financial illiterate is not an excuse for me to live like this and I want to start taking tangible steps to achieve a peace of mind. Any experiences or advices would be greatly appreciated. Thank you for reading. [link] [comments]  |
| Posted: 29 Apr 2021 11:50 AM PDT I live in a HCOL area where if I'm being honest I'm likely to never be able to afford a home. I do like living here and have been renting for some time. I have 70k saved that I've been saving over the years when I was thinking maybe I'll be able to afford something but the market has just gone insane. At this point should I just invest the money and continue renting for the foreseeable future or start to think of an exit strategy from my area (Boston). Homeownership would be nice but I just don't see it happening as someone in my area who pulls in less than six figures but more than 70k per year [link] [comments]  |
| Purchasing Unregistered Shares - Was my family scammed? Posted: 29 Apr 2021 09:37 AM PDT It's probably too late to do anything about this now but I figured I'd see if anyone here could shed some light on the situation. Back in 2009 my uncle purchased shares in a company from a guy who was a business partner of a long time friend. He did it more as a favor to the friend and never really kept track of the stock value as the market was tanking around that time. Fast forward to last week and I was talking to my uncle about stocks and he offers to show me the certificates as I've never actually seen a stock certificate IRL. Printed at the top of the certificate in red letters it states: The securities represented by this certificate have not been registered under the securities act of 1933 as amended, or applicable state securities laws. The securities have been acquired for investment and not with a view toward resale and may not be offered for sale, sold, transferred or assigned in the absence of an effective registration statement for the securities under the securities act of 1933, as amended, or applicable state securities laws, unless the company has received an Opinion of counsel which is satisfactory to the company, to the effect that such registrations are not required. When I asked my uncle about this he says the guy he purchased the shares from said it was there because there was a two-year lock in period where he couldn't sell the shares but the window had passed so it was no longer an issue. I did some research though and my understanding is that you cannot sell shares with a "restrictive" legend even if you meet the requirements to do so until the legend is removed. Is that right? I feel like my uncle got scammed. He's not that put out by it since he's well enough off and wasn't really counting on these stocks to be of much value so I'm really just asking out of curiosity at this point. Edit Thank you everyone for your responses! It seems the consensus is that this was par for the course and likely not illegal. For my own curiosity though I looked up the company's filings on the SEC's edgar system and their last filling was in December 2009 terminating the registration of their securities. Form 15-12G if that means anything. I looked at the company's website and it looks like it has not been touched since circa 1998! My uncle literally doesn't care about any of this and has moved on with his life so ultimately it doesn't really matter. Still seems suspect to me though lol but oh well. Thanks again for all the replies. [link] [comments]  |
| Lapsed car insurance tripled my premium Posted: 29 Apr 2021 03:17 PM PDT Today I received what seemed to be a "love" letter from my insurance company, stating that my policy expires on May 31st, but I am such a great driver with no accidents, long time customer of theirs and participated in safe-driving program, so they are decreasing my premium drastically. On the following pages my jaw dropped, as my premium had tripled from what I used to pay. Naturally, trying to figure out the problem and they're saying that the lapse in my insurance are causing higher rates for renewal. Long story short, I lived in an apartment building, where randomly mail wouldn't come in, as the apartments are being marked as "vacant" in Usps system (not sure if it's Usps, or landlords doing). So I signed up with insurance agent, that all of the paperwork goes through them and then they call me to sign. In November 2020, when I needed my insurance card (it's online on the app), I realized that my insurance was cancelled about a week before. I called insurance company, they said it got cancelled, as underwriting department sent important paperwork to sign and I never returned it. So I got my agent's office on the phone. After looking around they realized it was their fault and they forgot to notify me. Going back and forth for couple of days, insurance company didn't budge in reinstating my car insurance, so they opened me a new one with the same rate I had before for the leftover time on my previous policy. Now I have a problem, as my insurance had tripled. I contacted a few different agents and different insurance companies, but the all are at least 2,5 times higher that what I used to pay, stating that I have almost 30 days of a lapsed policy on the record, so I won't get any better price. How long does lapse policy stays on the record? Is there any way of taking it off, as the agent took fault on the phone call with insurance and me? I'm really upset about all of this, and obviously had no clue that something like that can cost so much. Also, it definitely was less that 30 days, as my state is pretty quick with uninsured vehicle fines and request to surrender the plates and I got nothing from the state. TL;DR: my car insurance payment tripled, because my agent messed up last year and my previous policy lapsed. Now it stays on my record and every company gives insane high rates. [link] [comments]  |
| Posted: 29 Apr 2021 07:13 PM PDT The tax guy said I should file individual return, to get the previous stimulus. Correct me if I'm wrong because I read this almost everywhere else, I thought I can be claimed as a dependent by my dad regardless of the money I make, because I am a college student, under 24, full time, and depend more than half. Also, even if I file my own return, I thought I can still be claimed as a dependent? Im relying of this thread for clarification cause the tax dude doesn't even speak English so I cant communicate with him properly. [link] [comments]  |
| I apparently owe income tax for when I was six? Posted: 29 Apr 2021 02:35 PM PDT Hey guys, sorry if formatting is crappy I'm on mobile. I just got a letter in the mail from the IRS stating that I owe back taxes on income from when I was 6 years old. Sort of obvious but I had not been working at that time and it seems I owe back quite a few thousand dollars in taxes. Any idea what I should do about this situation? I have a feeling that my father had used my social security number when filing for his business. Any and all advice is definitely appreciated. [link] [comments]  |
| Posted: 29 Apr 2021 11:49 AM PDT Hello, My parents are limiting my major options to stuff like engineering or finance or biology (so I can be a doctor). However, my dream is to be a graphic designer. In fact, I did all the graphic design for a club I'm in in high school and I even got to do some stuff that was exposed to a lot of people at sporting events. I've won some local awards too for my work. But they want me to be something in the above fields or else they won't pay for college. Should I do what my parents want and just do graphic design on the side as a hobby, or enroll in my dream major but be saddled with debt for a long time? [link] [comments]  |
| Newbie looking to invest, seeking tips/advice Posted: 29 Apr 2021 09:58 AM PDT Young-ish guy (35) here. Over the years I've steadily been observing good money spending habits, and have been fortunate enough to get to a place in my career where I am debt free, have accumulated a good bit of savings, and have been promoted to a six figure salary - so I wanted to take that to the next level and start investing with the excess money that I have. Had a few questions for the more experienced investors here:
Thank you! [link] [comments]  |
| Mortgage Payments Increased by $750 Due to Escrow Shortage?? Help! Posted: 29 Apr 2021 06:25 PM PDT I bought a studio condo in December. Monthly payments were/are $578.38 Principal & Interest $389.09 Escrow $967.47 TOTAL I have been making this payment since January. Today I get a notice in the mail stating something about an escrow shortage or whatever and as of June 1, 2021, my new monthly payment is: $578.38 Principal & Interest $807.80 Escrow $331.30 Prorated Escrow Shortage $1,717.48 TOTAL My monthly payments are going to increase by $750! Jesus Christ. I can't believe this. Is there anything I can do?? [link] [comments]  |
| Bank will not abide by our contract, and pocketing my $200 Posted: 29 Apr 2021 05:18 AM PDT Hey all! Would really appreciate any insight into what my options are. Back in Dec/ Jan. we refinanced our mortgage, bringing monthly payments down approximately $200 beginning Feb 1,2021. However, due to clerical delays, our contract was signed Feb 12, 2021. The loan officer reassured me that since our contract was signed after the starting date of the new mortgage payment, the bank can retroactively apply the new P&I to honor the Feb 1 starting date. (Great in theory!) I waited about a month to see this reflected in our mortgage statement, with no luck. I contacted the bank about the issue and they became pretty contentious saying we got such a low rate and we should just be happy with that. To make matters even worse, they now want to mail me a new contract with March 1, 2021 as the new effective date, so their book records are correct. TLDR: Bank is trying to keep ~$200 as interest, instead of applying it towards principal. Would greatly appreciate recommendations. [link] [comments]  |
| Posted: 28 Apr 2021 08:30 AM PDT I don't know if this is the right place to post this. Went to r/insurance but it seems that the posts are only about car insurance topics. Scroll to the bottom for a TL;DR For context, I have an inflammatory bowel disease called Ulcerative Colitis and for the past 9 months I have been in absolute misery. Doctors have given me many different meds that haven't helped and I ended up in the hospital for about 4 days a couple weeks ago. I was discharged with some steroids that are no longer working (surprise, surprise). I have been in contact with my doctor and health insurance company back and forth for almost 3 weeks trying to get updates on the status of the claim for the medicine (prior authorization requested by doctor) only to find out yesterday when I called the insurance that they are denying me the medication (Humira), because I haven't tried drugs X, Y, and fucking Z. I have tried 7 different medications and none of them have worked and the insurance still has the audacity to dictate what I need for MY health. They told me I can appeal and have my doctor appeal on my behalf and that it usually takes 30-45 days. I absolutely cannot wait another 30 days. In the meantime I am going to have to try some other med that likely won't work because my condition is too severe. The out of pocket cost for the drug without using insurance is around $7000 and so there is no way I can do that. It's a biologic medicine where I would have to inject myself, which is why I really need it. It's an aggressive medicine that likely will work. I'm posting this because I am very desperate. Are there any tricks or is there any hidden information/loopholes that I can take advantage of in order to expedite this appeal process? How can I fight this with the insurance without having to wait a whole extra month? Or am I just SOL? Thanks for reading. TL;DR My insurance denied me a medication that I desperately need because I haven't tried certain other medications yet. Appeal process takes 30-45 days with no guarantee the scumbags with the insurance company will change their minds. Is there anything at all I can do to expedite this and find a quicker resolve? Edit: I am getting a lot of notifications that people are replying to this post, but I'm not seeing most of them. Only a select few for some reason. I'm not that savvy when it comes to reddit, so I'm trying to figure out why it shows I have 10+ comments but am only seeing like 3-4 on my post. Sorry guys. Edit 2: This post is getting a lot more attention than I anticipated. I am reading all of your comments, I promise! I just can't reply to all of them right now, but I see them and I am PROFOUNDLY appreciative of everyone who has commented providing me advice and words of encouragement. Thank you all so much Edit 3: Grammar and spelling. [link] [comments]  |
| Posted: 29 Apr 2021 08:08 PM PDT As of now, what % of your money do you have in regular savings vs 401k vs stocks? [link] [comments]  |
| I still have 22 car payments to make. Should I pay it off in cash because I can? Posted: 29 Apr 2021 06:15 PM PDT Hi I have been saving $ to buy a better and reliable car as my credit is just so so at 723. However, at 138,000 miles my 2007 Infinity is still running smoothly with a minor noise. I still have 22 payments to make. Should I pay it off or just pay it monthly until it's done in 22 months? [link] [comments]  |
| Attack Debt or Store in Roth IRA Posted: 29 Apr 2021 04:43 PM PDT Hi everyone! 2021 has been the year where I am trying to increase my financial literacy. I am 25 years old and trying to figure out the best option for me to budget. I will list the debts, interest rates, and minimum payments then talk through the scenarios. Quick background - I already match my employers 401K, own a home, and am working on some side hustle money, but that is new. I only count money that I "know" is coming in. Does not include year-end bonuses or potential pay increases. Edit: also, have a solid three month emergency fund and plan if things go completely awry. Truck Loan - $7,236.70 at 4.55% - minimum payment: $293.62 Student Loan - $2,982.72 at 5.05% - minimum payment: $50 Current Roth IRA contribution - $250 per month Option 1: Attack the debt Using the snowball method, put the $250 Roth IRA contributions into the truck debt first (since there is zero interest on the student loan) while making minimum payments to the student loan, which will take about 13 months to pay off. Then combine all three to attack the student loan which will take about 4 months to pay off. Option 2: Store in Roth IRA Basically, do what I am doing now which is just make the minimum payments and keep contributing to my Roth IRA. Or am I missing a better Option 3? Any help would be greatly appreciated! [link] [comments]  |
| Posted: 29 Apr 2021 05:48 PM PDT After quitting his job, my SO requested a check from his 401k. Half was 43K was Roth and 49K Traditional. He opened an account at another bank and deposited the check as a rollover, without specifying anything. Everything was put into a Traditional. A year later he has received two 1099-r one for Roth distribution and another for Traditional, he realizes he made a mistake. The bank says he can do an excess removal of earnings for his Roth and pay a penalty or we could just leave it as is I know we lose but which option do you think is better & what about the IRS? Any advice is greatly appreciated [link] [comments]  |
| Refinance two mortgages? Stay the course? What is the bank not telling us? Posted: 29 Apr 2021 07:06 AM PDT We have two mortgages, primary and vacation home, both on 7 yr ARM: 3.1% and 3.79%. We had refinanced both in fall of 2019 to reduce interest rates when they started to improve. Bank is telling us now we could refinance both to new 7 yr ARM at 2.469% on primary and 2.594%. Bank also suggested combining both into one on the primary home, paying out vacation home in full and have 2.434% on the combined new loan amount on our primary home. They say we would break even in 5 months. But that's all they are saying. I'm not familiar with the pitfalls of taking out equity on the primary to pay off the vacation home in full. We plan to downsize and sell the primary sometime in the next 2-3 years, there is decent equity in both, but especially the primary. Does refinancing make sense at all? Should we simply avoid resetting interest and stay the course as is? [link] [comments]  |
| Getting kicked out of the house Posted: 29 Apr 2021 06:44 PM PDT Hello! T minus 8 months from getting booted from my house. My parents are planning to sell the house and move back to their home countries so I'll be left in the states alone. I have $200k from investing (started very very early on). The capital is from my own college savings (own money) but my father has ownership of the account because I'm still a minor. Getting a college scholarship is 50/50. I'm a fairly good student and can finish college early because I have credits. I live in LA. Cost of living is super high. Really not sure where to go or what to do. I have not yet worked because I dedicated most of my time to school. Parents are not planning to provide me any financial support once I turn 18. I'm going to try to apply myself in a bunch of remote paid internships over this summer. It's crazy. Any advice appreciated, especially worried about the stocks ownership issue. F17 for reference. Did some research about emancipation but since I don't have a stable income, I'm not sure if I'll qualify. [link] [comments]  |
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