Personal Finance Employer charging fees to get 401K when quitting a job? |
- Employer charging fees to get 401K when quitting a job?
- CarMax accidentally paid off my friend's car loan
- Brand new condo flooded. Not sure who to turn to for guidance.
- Does it make sense to put 3% down on a house and pay PMI so i can leave the rest of down payment in the market?
- Does it ever make financial sense to buy instead of renting in the Bay Area?
- I just failed out of med school.......now what?
- Webull sends me an email to say they can't reach me by email
- Do Fidelity and Vanguard Have Quarterly Magazines on Their Websites Like Schwab?
- Why I feel people in my generation cannot catch a break (Discussion)
- First timer credit card advice
- Are we making a mistake by continuing to rent?
- 27 yo buying a car for the first time-advice?
- What do you do if you cant find your 1099-INT form and cant remember who issued it to you?
- How can my mom safely drain her retirement in order to buy the house she rents?
- I was hired at a new job recently and my paycheck is much lower than expected... I’m very confused
- 14 earning $60 a week. How can I save and budget for my PC
- Advice for what a 23 year old should be doing money wise right now?
- Saving for Retirement when you likely won’t make it that far
- Equifax data breach
- Possible Scam Help
- I am deathly afraid to invest big amounts at a time...
- Fell for a fake IRS phishing scam, need help.
| Employer charging fees to get 401K when quitting a job? Posted: 06 Apr 2021 07:59 AM PDT So my wife is changing jobs and was looking into getting the money out of the 401K she has been contributing to. However, the company she is leaving is telling her she needs to pay $800+ in fees before she can have access to the money in her 401K. I've changed jobs many times and have always rolled over my 401Ks into an IRA at my bank and I don't recall ever having to pay fees to do that. Depending on the vesting period, I may not have gotten the company match but then that wasn't yet even in my 401K yet on those occasions. I've done some googling around and can't seem to find any info on what these $800+ fees are. Is this legal? [link] [comments]  |
| CarMax accidentally paid off my friend's car loan Posted: 06 Apr 2021 04:46 PM PDT Alright this is kind of a crazy story, but I was curious if this has ever happened to anyone before. So I went and test drove a '20 Tacoma TRD Off-Road 6sp MT 4x4 for my buddy about 2 months ago now. He moved to Maine recently and he wanted this exact truck, but was having trouble because the 6sp MT's have been back ordered. I looked at it and went over it with a fine tooth comb and advised him to purchase it, it had 10k miles on it and was practically brand new. So he gets it shipped to Maine and buys it and trades in his car for $14k and puts some money down. I can't find the text of what he financed, but the asking price of the car was $36k and lets say he put $8k down so $16k was what he financed (It is around this amount.) Well fast forward to a few days ago, he gets a notice from his bank that the loan has been paid in full and they will be sending him the title of the vehicle. He contacts his bank and they inform him, "Yep, CarMax disbursed a check for the remainder on the loan and the car is paid in full. You are good to go." So he contacts CarMax to see what's going on and they basically tell him that it shows in their system that the vehicle has been paid in full and all of their numbers in their system check out. The credit issued for the trade-in was $14k in their system and the down payment was $8k, etc. His brother is a VP at a bank and told him to keep records of all of the convos, but told him just to let it go and see what happens. His thought is that if nothing comes up by the end of 2021, they will probably just write it off as a loss. His bank told him he should have the title in hand in 15 days or so. Has anyone heard of this happening? [link] [comments]  |
| Brand new condo flooded. Not sure who to turn to for guidance. Posted: 06 Apr 2021 07:16 AM PDT 2 months ago we moved into a ground-floor condo unit. Brand new construction, so it came with a 1 year builder's warranty. Yesterday our master bedroom flooded. An exterior hose spigot (likely?) froze over the winter, and when our upstairs neighbor used it to water our lawn yesterday, gallons of water sprayed out of the valve and ran down our interior wall into our bedroom. We called the builder and he drove over, and did not immediately claim responsibility. So we called a water restoration company and they ripped out drywall, carpeting, and left blowers and dehumidifers running over night. But from a financial perspective, we're not sure who is on "our side" here. There seems to be a lot of finger pointing. We called our insurance agent and they said "they'd be there if we needed them". The builder is trying to wipe his hands of this, saying it's not a workmanship issue and to call him if we need any repairs done (paid for by insurance, of course). He's also suggesting we contact our building HOA's insurance policy to file a claim, since it was a common element that failed. Of course, I'm not 100% convinced it wasn't a workmanship issue, but how do you prove that? I guess I need to get a plumber out? Probably want to fix that before fixing the drywall so we don't accidentally flood it again.. Maybe you can tell that my head is spinning a bit. Is there someone we should turn to that can advise us on this process? Is that our insurance agent? Do we need to hire someone (a lawyer? A general contractor to make sure repairs are being done right?) [link] [comments]  |
| Posted: 06 Apr 2021 06:35 AM PDT So the S&P goes up 10% on average per year (including inflation). To make the math easy let's say i buy a house for $100,000. So I have to put 3% = 3k down and leave 17k in the stock market instead of paying full 20k down payment. I have to pay 1% PMI on the rest of the loan so 1% X 97k = $970 per year. I make 10% per year on the 17k i save by not making a down payment which comes out to 10% X 17k = 1.7k. So i come out ahead each year quite significantly. I know the stock market does not go up 10% every year and that past performance does not predict future behavior. With the assumptions above the stock market could go up 5.7% on average per year (for below its historical average) and I'd break even. Also keep in mind a 1% PMI is quite high and I'd likely get lower than that as I'm a well qualified buyer. Is my math off here at all? Am i missing something? Does it make sense to incur PMI if i leave the money i save in the stock market? [link] [comments]  |
| Does it ever make financial sense to buy instead of renting in the Bay Area? Posted: 06 Apr 2021 08:52 AM PDT I'm moving to the Bay Area in the fall and I was shocked when I started looked into housing prices. A 1000 square foot starter home easily runs over $1.2 million. The area also has the highest home price to rent ratios in the country (at 37 to 53 depending on location). My mortgage payments would be about 30% more than rent for a similar home. I plugged my info into the New York Times rent-buy calculator, and it looks like renting is clearly the better option. Should I start saving for a down payment, or should I just rent forever and invest in the stock market? Are all the home owners in the Bay Area making a financial mistake for buying a home or am I just missing something? A bit about me. I'm single, with 10k in savings and no debt (I'm just about to finish grad school). My credit score is in the higher end of the "good" range. I have a job lined with with a starting salary + bonus of 200k and I'll be making 290k after 4 years if I stay with my current job. Edit: Thanks for the advice everyone! Just to clarify, I'm not looking to buy anytime soon. I'd need to save up $200k and that's going to take a while. I just want to know if I should save with an eye towards buying in 5 or 10 years or just invest for long-term growth [link] [comments]  |
| I just failed out of med school.......now what? Posted: 05 Apr 2021 09:45 PM PDT Edit: thank you everyone for the advice and words of encouragement. I'm going to be reading through every comment I get since I have all the time in the world now. Your words of encouragement and support honestly helped. I came for financial advice, but you guys have me so much more. I have over 300k in student loans and I just failed out of med school. I just couldn't cut it and now I wasted years of my life and I'm walking away with less then nothing. The payments in the near future are going to take so much of my income, I'm worried I won't be able to save for the future, provide for my kids when they get to college, or even be able to buy a house at the rate prices are rising in my area. Majority of the loans are federal (except for 30k). Some specific questions: I'm engaged, should I officially get married? My fiance is currently making a little less then 100k a year and is a PA and I'll be lucky if I get a job that pays 50k right now. Should our future house (if I could afford it) be in her name only just incase something happens to me? (Been together for 10 years and honestly if we do break up, she'll most likely still get the house) Currently don't have a car payment since I baught a hail damaged reliable car 1 year ago. I'm on my parents phone plan and moved back in with them. My only monthly subscription is for the gym. Currently at the lowest point of my life and not sure what to do so any advice will be appreciated. [link] [comments]  |
| Webull sends me an email to say they can't reach me by email Posted: 06 Apr 2021 08:17 PM PDT Our clearing firm was unable to reach you electronically with the current e-mail you have on file and you were automatically enrolled in Paper delivery to ensure you receive your statements/confirmations. ... These Paper Confirmations/Statements have fees of 2 dollars for confirmations and 5 dollars for statements. isn't this funny? [link] [comments]  |
| Do Fidelity and Vanguard Have Quarterly Magazines on Their Websites Like Schwab? Posted: 06 Apr 2021 07:40 PM PDT I read some concise, practical and timely information in the Schwab spring quarterly publication that I received in the mail which also happens to be available on their website. I was wondering if you all know if Vanguard and Fidelity have similar quarterly publications on their websites as well. TIA. [link] [comments]  |
| Why I feel people in my generation cannot catch a break (Discussion) Posted: 06 Apr 2021 06:28 PM PDT Long story short, I am 30 and have been saving up for a house during the past 5 years. Due to circumstances, I pulled the plug at an agreeable worst time (huge sellers market.... and pandemic) to start looking. I lucked out and found a house in my area after a month and half, plus losing out on 4 others. I was able to get it under asking, but I still think it was over-priced and the house is a fixer upper. So yay, I got a house and one hurdle accomplished, but now.... I work in an construction field but more management/engineering. So when coming up with a budget for material, holy crap... No wonder turn-key houses were going 20-30k over asking. Which comes to my question to you folks, I should be happy to have purchased a home (my first), but for some many of us first time home buyers only able to look at places that need work because we can't afford much and now material prices are 200-400% higher. How do you not get discouraged, everyone says its a waiting game, but wait until when? The house needs work before i can live in it, i cannot wait, just have to power through and over-pay on OSB and 2x4's that were 1/4 less last year. /end of rant. thanks for reading. Also, I didn't want to make this a millennial thing, there are many other age groups affected by this, but it does feel terrible to have every milestone of your life stilted by a huge outside factor. [link] [comments]  |
| First timer credit card advice Posted: 06 Apr 2021 07:39 AM PDT I'm looking to start creating some credit history and I went through the wiki reading over the general credit card recommendations for beginners and I'm probably just going to get one of the Discover It cards that are recommended there. But I've also been an Authorized User on a family member's card for few years so I wanted to check and see if that made any difference in the recommendations, or if I should still just follow the beginner cards (like Discover It). According to Credit Karma (which I've been told is not 100% accurate), my current score is 691, I'm a pretty frugal person, just want something simple to start making some credit history on my own with planned expenses and pay it on time every time. So should I stick with trying out the Discover It cards (whichever one is most convenient) or is there any other card that is recommended? If there's anything I should know/advice you have as a first timer that's late to the game let me know! [link] [comments]  |
| Are we making a mistake by continuing to rent? Posted: 06 Apr 2021 03:22 PM PDT Need some outside perspective because all I hear from my family/friends/social circle is BUY BUY BUY. My wife and I are early 30's, no kids, make $140k/year and currently rent in Denver. We have been saving up cash over the last year to buy but now aren't so sure what we want to do. Having a house would be great as we intend to stay in the area but the insane real estate market is making us second guess everything. We have been looking sine January and prices only continue to go up and inventory keeps dropping. We are pre-approved for 300k and have been looking for a townhouse. Anything below that is "affordable housing" which we don't qualify for...anything around that price has been going for 30k+ over asking. Sure we can afford a bigger mortgage but that is the opposite of what we want to do. We don't want to settle for a condo and a SFH here is unaffordable in this lifetime. The last townhouse that sold without going way over asking in our price range back was in October. Feels like we missed our chance to own by six months. Our current rent is $1,300 for a 1br and has gone up ~$100/month each year we renew. I have a feeling that will only continue to increase with housing prices. We don't have a problem continuing to rent and we aren't really in a rush...only in a hurry to not get priced out of owning forever. Even though it feels like that already occurred. I know you can't predict the future but the trend is worrying. The last thing we want is to have to move away because renting becomes unaffordable 5-10 years down the line. I'm looking at you SF. It feels like we are stuck in limbo. The answer seems to be: pay way more than we want for a house or rent until we are priced out and have to move. Neither are ideal. Anyone else deal with a similar situation and have advice? If we continue to rent we will keep the flexibility to move whenever/wherever we want. We don't really have a desire to go anywhere else though and buying would come with a few perks you don't get renting. Renting would also be cheaper than owning (for the foreseeable future). We don't plan to have kids and want to retire early. Is renting really the best option? Here is our financial situation Cash After tax investments Debt Retirement Monthly net income Monthly expenses Monthly pre-tax savings Monthly after-tax savings [link] [comments]  |
| 27 yo buying a car for the first time-advice? Posted: 06 Apr 2021 02:33 PM PDT Need help with buying a car- I am 27 yo and financially stable, but killing myself deciding on how much to spend. I have never purchased one myself, I just moved to a suburban area in the midwest after living in Chicago for 4 years and never needed one there. My situation: *Salary: $65,000 / yr *Debt: 5k (student loans @ 3.5% currently 0% until sept 2021) *Bills: $900/month rent *Savings account: ~ $8K *Portfolio ~$20k *Retirement: ~$88K My credit score is 800, I never carry a balance on my credit cards. I am currently taking a step back in salary this year as I am in training for a sales job in a new industry. My income will significantly increase as I will be making commission (100k+ total compensation) after the end of this year. I have a girlfriend who I have been dating for quite some time, and buying a ring/downpayment on a home is in the near future (1-2 years away). She has ~80k in cash savings, no debt, and makes 100k per year conservatively. It's also important to note that both she and I work from home, and can safely assume that we will both be working remote for the forseeable future... so the car isn't for necessary for commuting to work, but necessary for our sanity as we are sharing a car now and feel like we have to plan our days/weekends around what the other is doing and who can use the car that day etc. I have two schools of thought in my head now: 1.) purchase a Used car (2018/19) with less than 20k miles on it, and drive it until i run it into the ground 2.) lease a new car Knowing myself, i like to have nice things so having a decent set of wheels that is comfortable is important to me. I dont imagine putting a ton of miles on the car in the forseeable future, and holding on to as much cash savings as I can now before we purchase a house is a priority. Currently approved for a 20k auto loan with $430 monthly payments over 48 mos, but would need to put 8k down to get the kind of car I want. Leasing a newer version of the same car would be about 2k down payment with ~$400 monthly payment for 72 mos. Thought process on 3 options: 1) Buy Used Car - more money down now, for a more responsible financial decision long term. However i am giving up significant amount of savings 2) Lease New Car- a lot less money down now, monthly payments are relatively the same or less, less maintenance costs, no commute so fewer miles driven on the car, but bad financial decision long term 3) Buy a beater used car for 10-15k- less money down, lower monthly payments, but higher likelihood of sudden repair costs that could eat into my savings while im on a salary now. Any help would be much appreciated! [link] [comments]  |
| What do you do if you cant find your 1099-INT form and cant remember who issued it to you? Posted: 06 Apr 2021 07:16 PM PDT I never filed for 2015 taxes and am almost done with filling out the paperwork. The only issue is that through the irs.gov records transaction, it says for that year that I was issued a 1099-int, which I do believe and know its not a scam. It says most of the information that I need except the FIN is truncated. I dont remember who this was from, Ive went through all my emails and docs and cant find anything. Ive called the company I worked for then and they told me that since it wasnt them that issued it, they have no clue how to get me a copy of this nor can they tell who issued it to me. Does anyone have any idea how to proceed from here? Should i just give in and call the irs directly? Per irs rules, you cant cut off any numbers when filing paperwork. [link] [comments]  |
| How can my mom safely drain her retirement in order to buy the house she rents? Posted: 06 Apr 2021 04:31 PM PDT Hey everyone, it's me, but from my throwaway acct. I need to help my mom secure housing. She has been renting the home she lives in for $1700 a month, and would like to purchase it for ~$370,000 in the next few months. The owners are interested in selling it to her, but if she can't commit, it will end up on the market soon. I know that she should look for a cheaper house - she basically can't afford this one - but she won't budge. It's either buy this house or rent (elsewhere?) for life. She is willing to live a frugal life in exchange for a roof over her head that keeps her happy. Questions:
Here are the facts: Age: She turns 65 in 2022. Expects $1,200/mo in social security Debt: No debt. Assets:
Really important context:
Lastly - thank you. Thank you so much. My family has been through a lot of dark times [link] [comments]  |
| I was hired at a new job recently and my paycheck is much lower than expected... I’m very confused Posted: 06 Apr 2021 06:03 PM PDT Hi, so just to clarify, I'm only 23 and haven't had a lot of knowledge in the world of finances, employment, taxes, etc. I was recently hired at a new job, and the job listed as $13-18 hourly on Indeed. I interviewed and was very excited, my employer said $13 an hour is fine. I have been working there for the last two weeks. On my first day I filled out just a W9 form - not a W2. I didn't realize until researching, that this means I'm an independent contractor and not an actual employee. I don't know if that's something I should be concerned about, honestly. I'm paid weekly, and my first check was for about $338 - in that first week, I worked 26 hours total. In my second week I began my regular 10-5 schedule, for 35 hours total, and my check was only for $290. I feel stupid for asking, but am I not supposed to be paid a steady wage because I'm an independent contractor? If anyone could give me any sort of advice or help, I really would genuinely appreciate it. [link] [comments]  |
| 14 earning $60 a week. How can I save and budget for my PC Posted: 06 Apr 2021 02:01 AM PDT So I work once a week earning $60. I am saving up for a $1500 PC and I have been putting $20 into my bank savings and the other 40 goes towards my PC. Is what I am doing a good way to budget and save or should I be doing it differently? How else can I earn some more money? What experiences and advice can you give me? Thanks :) [link] [comments]  |
| Advice for what a 23 year old should be doing money wise right now? Posted: 06 Apr 2021 07:43 PM PDT I'll be 23 soon and what would you have told yourself at my age knowing what you know now? Thanks 🙏 [link] [comments]  |
| Saving for Retirement when you likely won’t make it that far Posted: 06 Apr 2021 04:23 PM PDT I have a lot of health issues and an unknown, but like 60ish life expectancy. I am just wondering what people think about saving for retirement/investing when you likely won't make it to 65. I am looking to put some money away, but it seems like maybe I should just spend it. Is it irresponsible to not be saving every month? I am 29 now and have always just added the default amount from my paycheck, but if I had a longer life expectancy I would probably be doing it differently at this point. I am not very well versed in finances, but I have a small 401k and Roth IRA with not much in it. Currently I am questioning if I should add monthly into my IRA or opt for a high yield savings instead. [link] [comments]  |
| Posted: 06 Apr 2021 07:23 PM PDT Did anyone actually receive their complimentary identity theft protection from the equifax data breach settlement? It's been what 2 years since the settlement and I never heard anything else about my identity theft protection. [link] [comments]  |
| Posted: 06 Apr 2021 02:54 PM PDT Hello, so I got a job as a personal assistant for a doctor and it's been about a week. I got the job through my school (an email was sent of the job posting.) So I assumed it was legitimate. I've also looked up the doctors name and as far as I can tell he is a legitimate doctor. However, I've never spoken on the phone with him or anything like that, all our communication has been through email or text. Anyway, one of the things he wants me to do for him as his assistant is make a donation to an orphanage that he supposedly donates to. He said he is going to have his assistant email me a check, I need to print the check out, sign it, and deposit it through my mobile banking app. Is this a scam? It seems really weird to me. [link] [comments]  |
| I am deathly afraid to invest big amounts at a time... Posted: 06 Apr 2021 03:55 PM PDT Hi All, Long time lurker. I came here as sort of a sanity check. I'm a 26/m with a pretty well paying job(~80s in Florida), Purchased a home in 2019, and have a 401k at work, a Roth IRA and I also dabble in the forbidden crypto space. I need some advice on letting some of my cash go. Currently I'm sitting on about 46k of savings and I really really don't feel comfortable ever investing more than $500 at a time. How do I tell myself that I don't need this reserve? When I see those posts saying to use up to 30-40% of income on investing I think it's insane! I always think my financial situation is pretty decent but know I'll regret missing out on great investments if I can't stop clutching my savings like this. Any advice is appreciated, and yes, I am aware that money loses value if it is not parked in an interest accruing account/investment vehicle :) [link] [comments]  |
| Fell for a fake IRS phishing scam, need help. Posted: 06 Apr 2021 08:20 PM PDT I'm not sure if this is supposed to be posted here, if not I'll take this down. As the title says, someone I know fell for a phishing scam where they were sent a replica IRS-looking website. They submitted their information including SSN, date of birth, drivers license number, and income. This person is 19 years old in college and has no prior credit history or anything. They don't even have a credit card, nor know anything about credit score etc. Can/should they still place a security freeze on their credit. What are some things the scammer can do with this information. What are things we can do to prevent any misuse or identity theft. I'm scared they're going to be able to take out credit cards in her name. I really don't know much about this, and the person who is in this situation knows even less than I do so I came to this subreddit for any possible help or advice. Thanks so much for your help. [link] [comments]  |
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