Personal Finance I am currently quitting my job as a Financial rep at a Retirement Record keeper. Here is a little of what I have experienced. |
- I am currently quitting my job as a Financial rep at a Retirement Record keeper. Here is a little of what I have experienced.
- Where do you keep your emergency fund?
- Someone is trying to steal my identity, what do I do
- Living Alone V.S. with My Roommate of 1.5 Years. Happiness V.S. Lots of Retirement Money?
- Need help on deep underwater rental property
- Very confused about tax notice from IRS. Help appreciated!
- Getting gifted a sum to pay off half of our credit debt. Not sure how to apply it.
- Upside down on a car I can't afford. Could use help on best course of action
- 43 Years old, just started my first Roth IRA w/Fidelity
- Debt from Deceased Parent
- Name on Roth IRA with no access
- ROTH(401k)?? What is it.
- Would it be realistic to live on about 24k a year?
- Best umbrella insurance form?
- 401k options - Rollover, Roth Conversion, Cash Out
- US Bank App Update Observation
- I jumped from manufacturing to corporate
- Emergency Situation & Getting a Loan with Bad Credit
- Self-Employed eBay seller, confused if I need to report my income or not, wasn't sent a 1099 by eBay or PayPal
- Long term Car rental alternatives?
- Question about my wife’s 403b plan
- Missing W2--What Should I Do?
- Seller Paying Points on Mortgage
- Transferring funds from individual brokerage account to Roth IRA
| Posted: 27 Apr 2021 12:12 PM PDT As the title states I am quitting my job with a reputable Retirement Record keeper. In essence I used to take alot of phone call regarding regular 401k accounts. I see alot of advice given on this board is not bad but in most cases where I disagree its just my personal opinion and in that case take it or leave it. I just wanna say So long as you are saving towards retirement I don't think it matters how you do it so long as you are doing it. By that I mean, Not stashing the money under your bed. REAL retirement savings is Discipline. Money Management. and a understanding of where the horizon is. Even the shittist 401k plan that offers no direct matching is still pretty decent place to park your money due to the options/ mutual funds available to you to invest in. Tax or not I do not see why anyone would not at least contribute some of their paycheck towards these. Even if you have a great pension. As for picking investment options in your 401k something I notice: I have seen people in default target date funds do just as well as people who micromanage the fuck out of their investments each day. If you want to change your investments thats fine. There are people who certainly do outpace the Default target date fund. But do not lament on the fact that you aren't switching alot or need to be outside the default target date fund. Saving is better than not saving. A mistake I often see is people treating their retirement plans like a savings account. People keep thinking "its my money so gimmie it" not fully understanding the limitations set by the IRS. Each day I have spent many calls explaining how it works and each of those calls I am basically cursed out on the phone. I never took a call personally because I know that Karma will get you if you are scratching at your 401k account that has less than 300 dollars in it. Another mistake is people not wanting to roll their money over but instead cashing it out because its a lower amount. I wish I could always say. "how do you think the people with tons of money start out?" A rolling boulder gathers no moss. you have to start somewhere. If you keep cashing it out you will always be at base 1. It's a viscous cycle. At the end of the day I just want to say: COMMIT TO YOUR RETIREMENT THATS HOW YOU RETIRE. SPEND TIME EXPLORING YOUR OPTIONS BUT AT THE END OF THE DAY CHOOSE AN OPTION(S) IF YOU DONT START YOU WILL NEVER START. BETTER LATE THAN NEVER. also I think the Knicks are going to let everyone down this year. It's alot of hype but I feel like they will fuck it up some how. [link] [comments]  |
| Where do you keep your emergency fund? Posted: 27 Apr 2021 07:01 AM PDT Some keep it in a money market account, others their savings account. I've started my first full time big boy job and making about $91,000 a year to start. My employer has a 403(b) but does not match. My goal is to build up about $8,000 in emergency fund and I was wondering what are some relatively safe options to store it in. My friend went against the grain and put it in a safe ETF stock, and should he need his money for emergencies he would sell it off and use his credit card if need be until the money is in his account ready to be used. His reasoning is that the traditional way of storing emergency funds in a savings account, the money just sits there when it can be put somewhere else and grow a little more. Beats the purpose of a "traditional emergency fund account" but I kind of understand his logic. Regardless, I wanted to ask how many of you fairly do something similar to that? I have an account with a credit union (NYMCU) that I was thinking of keeping it in. Only problem is, there seems to be login issues every now and then with their online banking. And I forgot my pin code since I don't use it all that much. As of now, it only has a measly $400 dollars or so in it but as soon as my first check hits and every check following, I'll be adding about $700-$800 biweekly until I hit my goal of $8,000 to $10,000... depending on my finances. After I reach this goal, I'll start contributing the maximum amount to my 403(b), which is roughly around $800 per check. My take home after taxes and before contributions is around $2450 per check. I live at home with my parents so I don't have any rent expense. Is this a solid plan to start saving and investing? What would your game plan be if you were in my situation? I have just under $2500 in credit card debt, and I plan on paying that off ASAP. [link] [comments]  |
| Someone is trying to steal my identity, what do I do Posted: 27 Apr 2021 06:26 AM PDT They opened a bank account and applied for student loans just a few days ago. I have stopped these from happening thankfully but what do I do to stop and prevent things before they happen? Freeze my credit? How or where do I do that? What does it entail? What other things can I do? [link] [comments]  |
| Living Alone V.S. with My Roommate of 1.5 Years. Happiness V.S. Lots of Retirement Money? Posted: 27 Apr 2021 09:35 AM PDT I'm buying my mother's home at the end of the year for a deal. The payment with taxes and everything is around $1,600. The other utilities will be around $400. After I've done my calculations on my spreadsheet I have used for years it comes down to saving $1000/month alone, or $1600 with a roommate. I just don't think I can live with someone anymore. He has scared away girlfriends. He has added stress to my life at various points like any roomate would. Its just every fiber of my being screams about how much I like money. What do you think? Is the sound of silence worth the extra cost? [link] [comments]  |
| Need help on deep underwater rental property Posted: 27 Apr 2021 04:59 PM PDT Hi All, this is my first Reddit post so please be gentle. I purchased a single family class D property as a rental home back in 2010 for $54000, which is what it appraised for at the time. 11 years later, the house has been without a paying tenant for about seven years, and I currently owe $33k on it but it's worth about $10-12K in the current market. My financial situation has improved the last few years and I have paid off all debt besides the home (I sold my personal residence due to military). After all monthly expenses, I am saving $4-5K/month. My question is should I pay off the house over the next year and be done with it, keep it and get it ready to start renting again using a property manager, or some other option? Edit: mortgage is $389, house can be potentially tented for $650-700, and assume $70/month property management fee (10%) so possible monthly cash flow is $190-240 [link] [comments]  |
| Very confused about tax notice from IRS. Help appreciated! Posted: 27 Apr 2021 08:49 AM PDT My wife and I accidentally claimed a credit for an EV that actually didn't apply to our vehicle (because we bought it used) in 2017. As a result, we received a letter from the IRS (letter 525) that stated upon reviewing our tax return we owed a balance of $10,236.23. This was a bummer, but it made sense to us--we owed the credit back and then incurred additional expenses via fees and interest. We used the online portal to may a payment for that exact amount to the IRS. Problem solved, we thought. However today we received a notice from the IRS stating that we owed a balance of $21,230.35. This number broke down into three categories: (1) Additional Tax - $7,500; (2) Interest - $12,230.35; and (3) something only labeled as "787" for $1,500. (There is a note to "see enclosed note" for this, but there is no enclosed note...) This makes very little sense to us. The $7,500 makes sense because that's how much the EV credit was for, but $12,000 in interest?? Further, if the IRS is claiming we owe $21,000, why did the first letter state we owed $10,000? Naturally we tried calling them at the number they suggest, but as expected they are unable to assist with the issue over the phone due to high demand. So... now what? Any help is appreciated! EDIT: Finally got ahold of someone after multiple attempts and waiting for 20 minutes. They helped as much they could and then told me they were going to transfer me to someone else to dig into this deeper. After holding for 30ish more minutes I got through to someone who asked some verification questions and then said they were going to put me on hold for no longer than five minutes while they looked into this. While I was on hold with this person, the call ended. (I'm hesitant to use the word "dropped".) This sucks. EDIT #2: Currently called the number that was successful for me to getting through to someone again and am now scheduled to receive a callback in 25 minutes. Fingers crossed. EDIT #3: Got my callback and began speaking to someone. They asked the usual questions (confirming who I am) and is looking into things while I'm on a 5- to 7-minute hold again. Hopefully nothing goes wrong this time. EDIT #4: The person we spoke to in edit #3 set up an appointment for us in May with the local IRS building. So at the very least, we've got that where we'll be able to speak with someone in person. Then they offered to transfer us to the balance department to see if this can get resolved over the phone. 30ish more minute wait and then hopefully we'll be able to speak to someone there and not get disconnected this time! EDIT #5: Got through to the next person in the balance department and they were incredibly helpful. For starters, when I told them about how the call was disconnected last time and I was a little nervous every time we were put on hold, they said they'd just mute me so I didn't have to go on hold while they did their work to start. Eventually, however, as they dug deeper into the issue, I did get put on hold a few times (they kept coming back saying "we need three to five more minutes" which is understandable). Finally he returned and said from his perspective we have done everything we needed to do and are in the clear. The letter we received today was likely in error due to them still working on processing the $10,000 payment and in fact sending some of that money back to us because of abatement. They said our payment should post on May 10th, so we'll check it out then and hopefully this will all be squared away. And if not, we still have our appointment scheduled for the local IRS branch later in May. Whew. What a day. For anyone going through a similar process for the IRS, we found it most helpful to contact the number to set up an appointment in person with the IRS (844-545-5640) and from there they would set up an appointment or transfer us to the department we were trying to reach. It was the only number that wouldn't just tell us they were busy and end the call. [link] [comments]  |
| Getting gifted a sum to pay off half of our credit debt. Not sure how to apply it. Posted: 27 Apr 2021 05:04 AM PDT Good morning! My husband and I made some very poor credit choices, and we have been chiseling away at our debt. At one point we were over 30k. We are current around 20,410. My mother is gifting us 10k to put towards it as it's been hard to get out of the rut we created for ourselves. We are trying to decide the best way to apply this to our debt. Credit Card 1: Balance: $7929.87, APR: 23%, Monthly Payment: $200 Credit Card 2: Balance: $421, APR: 23%, Monthly Payment: $25 Credit Card 3: Balance: 1561.37, APR: 14.24%, Monthly Payment: $40 Credit Card 4: Balance: 2401.19, APR: 14.24%, Monthly Payment: $104.95 Loan 1: Balance: $8096.97, APR: 9.9%, Monthly Payment: $483. We currently have two cards with 0% APR for 12 months and 18 months, with no balances and available limits of $5600 and $4000 respectively. Combined income we make 6 figures, and have budgeted to cracking down and putting $1200 a month towards paying this down. (It should have never got this high to begin with). Any suggestions on how we can split this up? Thank you very much! [link] [comments]  |
| Upside down on a car I can't afford. Could use help on best course of action Posted: 27 Apr 2021 03:41 PM PDT Hi all, I am in a situation where the car is more than half of our income. Yes, I rolled other negative equity into it. Yes I am dumb. The value of the car is about 26.5k to 27k. We owe 34k Would we be better off getting a personal loan to cover the negative equity and sell it? Thanks all [link] [comments]  |
| 43 Years old, just started my first Roth IRA w/Fidelity Posted: 27 Apr 2021 12:19 PM PDT I've finally been able to save up a bit and am getting a late start on creating a retirement account. I've created a Roth IRA and maxed out both 2020 and 2021. I have all of it in FZROX, and Fidelity is telling me this is too high a risk. I'm just at a loss at what steps I should be taking. I was previously told to just throw it into the the FZROX and let it grow for a decade or two. Am I at serious risk of losing money? Edit: Hey, everyone. Thank you so much for taking the time to comment. I appreciate the insight, and I have a bit of a better understanding of what I'm getting into. Obviously, there is a lot to learn, and it's about damn time I open a book. [link] [comments]  |
| Posted: 27 Apr 2021 07:10 PM PDT My Mother in Law bought 4k of Furniture from Room to Go in her name, and I have been paying the bill using Direct draft from my personal bank account. She passed in July of 2020 and we have continued to pay for it. The current balance is around 2.3k. We still have the furniture but are not fond of it. Can we quit paying on this without any penalty to our credit? Are we responsible for the debt? And will they try to repo the furniture if payment is stopped? Trying to determine best options. [link] [comments]  |
| Name on Roth IRA with no access Posted: 27 Apr 2021 04:57 PM PDT My Dad and I have an interesting relationship. We hardly ever talk, and I don't trust him as far as I could throw him. He has done something I can't quite explain...because he won't explain it to me. He recently started sending me annual statements from a Roth IRA that he opened in both of our names. One day, out of the blue, I got this statement saying my (and his) Roth IRA balance is about $3k. I asked him what it was, and all he would say was something like, "I thought it was a good idea." Now, I'm 30 years old. I never asked him to do this and I do not have access to the funds. More importantly, I'm making a good enough salary now to start my own Roth IRA, and max out the annual contributions to it. The most recent statement I have from the account my dad opened doesn't show any contributions for all of 2020. But I don't know what he's currently doing with it. What should I do? Ask him to close the account? Ask him to take my name off of it? Leave it be? Does that account contribute to my own annual contribution max? Here is how the statement is addressed: Cust Roth IRA FBO (my name) (Dads name), custodian [link] [comments]  |
| Posted: 27 Apr 2021 07:18 PM PDT Turns out I have a Roth(401k). How does this differ from a Traditional 401k or a Roth IRA? I know it's post tax earnings, but what are the other differences. I have been with my company about 3 years and vest in September. Once vested the account will have approx. $22,500. I am only 25. The holdings are pretty diverse, I can mention the split in the comments. But my question is, given I make ~68,000, would I be better off long term rolling to a traditional 401k and just getting a separate IRA on the side? Tl;Dr - 25 y/o, ~$68k salary. $22.5k vested. Rollover from blended account to traditional? Differences between retirement investment accounts? [link] [comments]  |
| Would it be realistic to live on about 24k a year? Posted: 27 Apr 2021 01:57 PM PDT So here's the deal: doing some rough calculations for a job offer I've received, I would be making roughly 24,051.6 a year (tax already reduced) before any overtime hours are introduced. The job pays 13.10$/hr and would have me work from 7 AM until 5:30 PM. I'm unsure of their break policies. It would be Monday through Friday. I plan on moving to statesville NC, which has decently low property prices all things considered, it's not a great area but my current area is incredibly expensive to live in thanks to property prices going up so fast. I plan on living with myself with a dog or two, and I would like to move into a modular home where the base price is 120,000$ before any other expenses are introduced. Plots of land in my price range are generally are anywhere in between 20k-50k in statesville. I'm of course open to just buying a house and going through a realtor. With all this considered, would my pay be enough to live semi comfortably on the pay I may get from this job? [link] [comments]  |
| Posted: 27 Apr 2021 02:28 PM PDT Has anyone done a deep dive on umbrella insurance options, including the different coverages and exclusions, and figured out which one offers best coverages (setting aside premium differences for now)? There are some things on the web that purport to do this, but they are either very stale or seem like they might be spam-y clickbait of doubtful quality. [link] [comments]  |
| 401k options - Rollover, Roth Conversion, Cash Out Posted: 27 Apr 2021 05:21 PM PDT I'm a financial advisor and a client recently told me that he has an old 401k he forgot he has worth ~$6k. He also has about $2k in savings and clears $3.5k a month net against $3.3k a month in expenses. He's also racked up about $10k in credit card debt at 20+% interest. His current employer doesn't have a 401k. He is late 30s with a teenage daughter. I know that we are trained to never take funds from retirement accounts unless people will starve without it, but I'm torn between recommending he convert it to a Roth (would pay 12% at his tax bracket) and cashing it out (12% taxes + penalty) to boost savings, clear some debts and lower his monthly expenses (probably $300+ a month more in cash flow). Option 1 leaves him strapped for cash but with a start to retirement, Option 2 wipes out his retirement but makes life more stable now and accelerates him being in a position invest. Both options put him closer to buying a house, which he really wants. My plan is to show him the math and let him decide, but as I recently discovered this subreddit I thought it could make for an interesting discussion. [link] [comments]  |
| US Bank App Update Observation Posted: 27 Apr 2021 11:16 AM PDT I just updated the US Bank App. Logged in to pay my monthly credit card bill. It showed the Minimum Payment Due as my default amount due. It took me through 4 pages before it let me select the Statement Balance as the amount I wanted to pay. This is not how it used to be before this latest update. It felt like US Bank is pulling a fast one on me by making me pay the minimum amount so they could charge interest. Anyone else notice this? [link] [comments]  |
| I jumped from manufacturing to corporate Posted: 27 Apr 2021 07:30 AM PDT Im not too sure if this is where I should post this, but here we go. I made a big jump from a manufacturing job to corporate world, from 17/hr to 27/hr. I have no business casual clothes and have a hefty dose of imposter syndrome. Does anyone know where I can get affordable business clothes? I looked at johnston murphy, and it's pretty pricey, is that normal? I'm sorry if I sound ignorant but I was working a position that required heavy double stitched jeans and steel toes & safety glasses. Edit: thanks you so much for all the great ideas/suggestions. I was so clueless yesterday, and now I have so many avenues barely after finishing lunch. This is what makes the reddit community awesome. [link] [comments]  |
| Emergency Situation & Getting a Loan with Bad Credit Posted: 27 Apr 2021 02:30 PM PDT Hiya all. Hope you're all doing well today! I have found myself in a financial emergency situation. To make a long story short, I have Leukemia and have had astounding medical bills to pay for. On top of that, I've lost my job recently. My savings has dwindled to nothing, and credit cards won't be of any help. My credit scores range from 536-549. I've tried applying for those "bad credit loans" which have high APR, but I've been denied for literally any option I've found recommended. Cash Advance or Payday Loans aren't available in New York State. My own bank won't even consider me for a personal loan either. I'm at my wit's end. What can I possibly do to keep myself afloat during these trying times? I don't know that there's any hope. And when hope is lost, I must admit that I'm emotionally in a bad place at this point. Any feedback and recommendations would be fantastic, and I appreciate you all in advance! [link] [comments]  |
| Posted: 27 Apr 2021 06:46 PM PDT I'm finally done putting off taxes and am trying to finally deal with them, but I'm confused where to start. I started reselling on eBay mid February of 2020 and have had sales each month since then, I consider it my job and it's my only source of income. I figured eBay or PayPal would have sent me the appropriate tax documents but I have received nothing from either source. I've learned that you apparently need to make over $20,000 AND have over 200 sales in order to be sent the forms. I did not break those thresholds. Since I didn't make enough income last year, do I actually have to report anything? I was under the impression that any profit you make is income, and all income is taxed. I've meticulously saved all information on a spreadsheet since I started reselling, I got the acquisition dates, sale dates, money invested into the item, what the item sold for, what fees were taken by eBay/PayPal, and the exact profit the sale made me after everything was calculated. I was saving all this info not just for the sake of tracking my progress, but to make taxes go by smoothly since I'd have every number I needed on hand. What do I do? Can I just skip taxes this year since I didn't reach a certain threshold? Or is there a different tax form I'm supposed to be filling out? I don't want to commit tax evasion, but I'm honestly confused due to the spot I'm in. Any advice would be appreciated, and I'm happy to answer any clarification questions. I do got all the numbers after all. [link] [comments]  |
| Long term Car rental alternatives? Posted: 27 Apr 2021 03:35 PM PDT Not sure if this would be the correct sub, but wondering if anyone has any life hacks around this. I have a mother-in-law coming to stay with us fir 1 month and she wants to rent a car, but the cheapest rate I could find is $1200 and that's so much money. I'm wondering if anyone has had any experience circumventing this issue? Like a cheaper way to have a car for a month? Live in Maine btw! But she'll be flying into Boston if that matters [link] [comments]  |
| Question about my wife’s 403b plan Posted: 27 Apr 2021 02:48 PM PDT My wife was a music teacher in a rural MN town for about 9years. She quit working back in Feb of 2019 (after the birth of our 2nd child). She has a 403b plan from her work with 10k in it. Each quarter now she makes $0.13 on investments and we pay $14.00 in fees. Instead of this bleeding a dry, is there anything we can do with this? I am a dentist and have a 401k and matching at work. Unless I am mistaken we cannot bring her 403b into my 401k, correct? Thanks In Advance [link] [comments]  |
| Posted: 27 Apr 2021 07:53 PM PDT Hello there, I am a college student who moved addresses for the new school year and as a result did not receive a W2 from one place I worked last year. However, I only worked there for less than 1.5 months and made less than $1k. Is it worth it for me to go through the hassle of contacting the company and trying to retrieve the W2, or should I merely estimate (FYI: I made about 6k last year total)? Thanks! [link] [comments]  |
| Seller Paying Points on Mortgage Posted: 27 Apr 2021 07:50 PM PDT Hey everyone. Buying a house and the seller has offered to pay more in closing costs to go towards mortgage points, but will increase the purchase price by the same amount. My question is, does it make more sense to raise the purchase price and have them pay for mortgage points or keep the price as is and a higher rate. I calculated the break even period of about 10 years. Does time value of money come into play at all here? [link] [comments]  |
| Transferring funds from individual brokerage account to Roth IRA Posted: 27 Apr 2021 05:01 PM PDT Hello everyone! Was wondering if someone smarter than me could provide some sage advice on a retirement account question that I have. I've recently transferred all of my cash and stock positions out of Robinhood into a Vanguard individual account. I learned how to invest on Robinhood and was feeling like it was time to exit the app and focus less on day-to-day trading and more on contributing to long-term investments, with retirement in mind. Was wondering if it makes any sense liquidating all my positions from my individual account and using that capital to fund 2020 & 2021 contributions on a newly opened Roth IRA? As previously mentioned, I learned about stocks and investing through simple stock trading and never had a proper retirement account until a year ago with my 401k. Now that I'm meeting my employer match, I'd like to max out this new IRA I have through Vanguard before I return to individual stock trading again. I have about 12k worth of positions that transferred over from Robinhood to Vanguard, so I guess the next move is to liquidate those positions and fully fund my 2020 and 2021 contributions? Is this move unwise from a capital gains perspective? Is there a smarter way to do this? Sorry if this is a confusing breakdown. Any advice is greatly appreciated! Thanks! [link] [comments]  |
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