Personal Finance 19, struggling to understand why my Dad is losing our house |
- 19, struggling to understand why my Dad is losing our house
- Step father passed away mother is agoraphobic and can't mentally deal with things I need help figuring out what to do.
- How to build wealth with a tiny bit of disposable income
- 22 years old with 20k saved and graduation coming up what’s next?
- Paying off student loans and credit age?
- Best Fidelity Index Funds for Roth IRA?
- 62 y/o mother has no retirement account. Best option for her?
- 22, Landlord suddenly asking for a year's worth of internet bills when it was stated a year earlier that it is part of the rent
- What are options for minor's $? Where to put money for teen?
- Can I request my current mortgage holder sell my mortgage to different company?
- Advice on purchasing my first vehicle
- Under extreme stress worrying about my parents financial situation..
- Does it matter who puts money in HSA/FSA between two almost similar salary spouses?
- Lender offering settlement on debt owed. What should I know? What should I ask?
- Got a letter from a debt collector saying I owe my previous employer 7k
- Should I withdraw my 2020 IRA contributions since it was with unearned income?
- Running a soft credit check for mortgage approval, my old address is listed
- Investing advice- let Fidelity manage it or try on my own?
- United airlines refund for travel ban
- Met my health insurance deductible for the year. Now what?
- Long term care insurance
- Opening Roth IRA
| 19, struggling to understand why my Dad is losing our house Posted: 01 May 2021 10:15 PM PDT I'm 19 and because of coronavirus my life has been on hold since 2020. My dad was laid off his job because of corona. His age (64), limited skill set (he was like a hotel delivery boy), and limited English (his primarily language is Vietnamese) means he hasn't been able to find a new job. He's been telling me for a while now we were going to lose our home and today he said it was going to happen for sure. I'm his only daughter so it's just me and him for our family. My dad really doesn't like talking with me about financial things (he is old fashioned) and because of the language barrier sometimes it's hard to talk to him in general. There are some things I'm trying to figure out on my own since I don't think I'll get much answers from him. Is there a way for me to understand our financial situation, the reason we're losing our home? I thought we owned our home so how do we owe money to someone and is there a way for me to find this out on my own? I was told there was a hold on evictions because of corona, did that run out or is there a chance my dad isn't being completely truthful about the house situation with me? Is there anything we could look into try and help us stay in our home longer? My friend suggested local community groups and a social worker but so far the first hasn't helped much and I don't know how to do the second one. Any help or advice or information would be appreciated. Thank you. Edit: We are in the USA in Virginia Edit 2: Check my follow up comment from my profile [link] [comments]  |
| Posted: 02 May 2021 06:18 PM PDT They were down in florida living in a camper in a campground my step father had a quick battle with ALS and he passed away suddenly. I flew down and drove her back up to vermont, she couldn't fly because she has no in date ID. My step father has family down south who can take care of the hospital and stuff but we have to deal with finances. Tomorrow I am going with my mother to the bank and have no clue what to ask for or what to do. They left a camper which is still on payments with their bank and a truck which still has a loan as well, I'm unsure about where that loan is. They do not have money to pay off or even pay the monthly loan for these now that they don't have his SSI benefits. We have no passwords for computers. Or any passcodes for their phone bill or anything. My mother doesn't have anything to do with their finances except she is on their bank account. Any tips on what I should ask for and do at the bank would be greatly appreciated! [link] [comments]  |
| How to build wealth with a tiny bit of disposable income Posted: 02 May 2021 11:32 AM PDT I am currently a student in South Africa living away from home. I mostly support myself but recently I've had a lot more expenses and so my grandpa has kindly given me some cash to help leviate some stress. I currently run a small business so I don't necessarily need/want to spend all the money he has given me, instead I want to put it towards something that can help me in the long run. The money I am wanting to invest/save is equivalent to around 200usd per month. I think I want to invest but I am pretty clueless. Any advice on where to begin? Thanks in advance for the help :)) [link] [comments]  |
| 22 years old with 20k saved and graduation coming up what’s next? Posted: 02 May 2021 05:43 PM PDT As the title says I am 22 years old and have managed to save up 20k from working my part time job over the last few years. My credit score is currently 740 on transunion and 746 on experian. I don't have any expenses because luckily my parents are able to help me with stuff like phone bill, health insurance, etc, and I don't pay rent since I moved back in with them during the pandemic. As for other life style choices I generally don't spend too much- on a weekly rate of about 560 I spend about $100 a week - mostly on weed lol- which I can cut back on. The only reason I know this is because I started using MINT to track my spending and help me create a budget. Honestly that's probably what I spend the most money on and I'm planning on quitting once I really start job searching. I am about to graduate college in a week or two. Which is stressing me out but I'm still going to continue working at the job I'm currently at for the summer until I get my first "real" job. I also currently owe $25,347 in student loans. My question is what should I do next. I know keeping money in checking/low yield savings is a waste of money bc of inflation. I also know I should open up an IRA - but my question on that is should I just max it out every year putting in 6k every year? My student loans are all federal and some are subsidized and some are unsubsidized. The highest individual balance I have is $5,500, and the lowest is $2,000 with the others falling between those. As of now I have some money to pay them but no real plan on how I'm going to do it. Obviously eliminating debt is beneficial because the interest payments on student debt would likely exceed the capital gains and dividend interest from stocks, but at the same time it would allow me to get that many years of compounding. Besides that I have $300 in individual stocks (I'm the next warren buffet I know) and $300 in physical cash as sort of a good luck charm/ emergency money. I don't know how much to hold in checking either - probably around 1k? I know I'll have some big purchases coming up soon too - first last & security, furniture, and monthly loan payments - so I'd like to have a good amount in there. I don't know what to do with the excess. Obviously the safest bet would be to put it in a mutual fund like vanguard or something, but idk I'm young and have time and risk tolerance to make riskier choices. I've managed my own stocks before and when I'm hyper focused and into its fun but the rest of the time it's a lot of work. Should I put some into an ira then the rest into mutual funds? What's a good repayment strategy? Thanks for taking the time to read this. [link] [comments]  |
| Paying off student loans and credit age? Posted: 02 May 2021 01:32 PM PDT I have around 7k in student loans and have enough money to pay them off from investments that I'd have to cash out. My credit score is good but will fall if I pay them off because my credit age will drop a good amount. I also just got an internship as a software developer and am the forefront of a career in it. Is there any merit in paying off 95% of my loans but no fully to give my other accounts time to mature? [link] [comments]  |
| Best Fidelity Index Funds for Roth IRA? Posted: 02 May 2021 09:51 AM PDT I'm 22 and recently started a Roth IRA with fidelity. I just put 8,000 into the account since I could still contribute 6,000 for 2020, and I'm trying to determine the best index funds to use as my core holding for the long term. I know there's a lot of options, but the one's I see most recommended are these and I'm trying to determine between them, but I'd appreciate any other suggestions also. FXAIX vs FNILX - If I'm not mistaken I believe these are supposed to be about the same type of S&P 500 fund aside from FNILX having the zero expense ratio FSKAX vs FZROX - same as above but for total market and zero expense ratio for FZROX So as of now I think it would be smart to have a large portion of my money in 2 of the above funds, but I'm trying to decide if the zero funds are really the better option. I know that the expense ratios on FXAIX and FSKAX are still very minimal, but I still want to consider it since it'll keep adding up over time. I see a lot of people recommending the zero fund since they've had about the same returns as the ones with expense ratios and at some points in time even slightly better, but one thing I don't know if people are considering when picking the zero expense funds are the dividends. Since I'm far away from retirement I'm just going to reinvest all my dividends, but isn't this something that would affect overall returns by a measurable amount? According to yahoo finance, the funds with expense ratios (FXAIX and FSKAX) have a higher dividend yield than the ones with zero expense ratios, so even if the zero funds save money on fees wouldn't I end up with a higher increase in amount of shares with the others because of the higher dividend yield, which over time should give me higher returns and higher portfolio value even if they still charge the expense ratio? Or am I not understanding right how the dividend reinvestment works? Any other input if there's some other factors I'm not thinking about or other index fund recommendations would be appreciated. Like I said I'm only 22 so I'm looking for the best funds to hold long term [link] [comments]  |
| 62 y/o mother has no retirement account. Best option for her? Posted: 02 May 2021 07:17 PM PDT I'm 25 and have just started researching Roth IRAs. After lurking on this subreddit I'm still deciding between Vanguard and Fidelity so please cast your votes (I'd rather be passive "set it and forget it" than hands-on). But my biggest question is how to help my mother. I asked her about retirement accounts and she said my father never supported her in opening one because he "was providing for the both of them." For most of my life she has worked part-time jobs, she might've had fulltime work when I was very young, so I don't think she has any 401 type account. After talking to my father [60] I've gathered that he has an IRA but has never been able to really contribute to it. I'm pretty sure my parents are relying on my dad's 401 or pension plan for retirement - my parents and I don't talk much and they don't like to talk about money with me so I don't have more details. I know my mom has money in a savings account, but she refuses to tell me how much, just that she wishes it was more and regrets not opening an IRA. I am an only child and I'm not pursuing a lucrative career, so I'm really stressed about my ability to provide for her in retirement. Both of my parents expect to work until they're 70 or they can't anymore. Is it too late for my mom to open a retirement account? What's the best thing she could do right now? ETA: She does want to open something, so advice on what would be good at her age would be very helpful, thank you. TLDR: 62 year old woman works part-time and has no retirement account, what should she do? [link] [comments]  |
| Posted: 02 May 2021 07:48 PM PDT Hi, I'm an international student in Sydney, Australia, currently renting in an apartment with my friend. We're both struggling financially. I am right now jobless, while my friend is holding two jobs. To make things worse, my landlord is now asking us to pay a year's worth of internet bills, worth over $1000. This much money we can't source in such short a time. This was NOT in our previous agreement, as it was stated by him that the previous owner of the apartment paid for the internet bills because of good will (fellow countryman). I have begun looking for written proof, in text messages and internet correspondence, where he said that internet payment is unnecessary but so far, nothing. Any and all advice on how to dispute this payment is highly appreciated. [link] [comments]  |
| What are options for minor's $? Where to put money for teen? Posted: 02 May 2021 04:32 PM PDT My teen was given some money by family. She will be going to college in 2 years. We will pay for school, so this is truly her own. But before she can decide how she wants to use it, I need to figure out where to put it. Banks pay nothing right now, and the stock market makes me feel pressured to grow it for her/worried about it losing money in 2 years. Is there some magical product that earns more than a CD but isn't high maintenance/risk? [link] [comments]  |
| Can I request my current mortgage holder sell my mortgage to different company? Posted: 02 May 2021 07:54 PM PDT We automatically pay bi-weekly which means that sometimes there are three payments in a month, based on paydays and deduction from paycheck. The problem, when there are three paydays in a month, is that the company applies the payment to the principle rather than a payment and then after a couple of months will call about a missed payment. This happens a few times over the year and no matter how many times they contact us they will not correct it on their side. The excuse is that the system that they have won't allow them to make the needed change. We did not have this issue with our original mortgage holder so I know there is a way to do this. Every time they call they acknowledge that this is a repeated problem that is noted in their system and the solution is always on their side of the transaction. I would just like to deal with a competent company and not worry about a possible late payment showing up on my credit. [link] [comments]  |
| Advice on purchasing my first vehicle Posted: 02 May 2021 11:26 AM PDT Hello all(: so I (21yrs), walk 5 miles to work and 5 miles back home every day to work, I have been saving up and budgeting my income for a while now, I have saved up 45k and am a new driver, I was in a tough situation which is why I was never able to get my license around the time most people do. I need advice on what vehicle I should purchase and what would financially be the smartest thing to do. I overall want a sedan in the Toyota-Honda-category, and I was looking at a 2018 Mazda 6 that just catches my attention, I got an insurance quote for roughly $113/MO. But I'm not sure if it's financially the smartest idea, its not a brand new vehicle and everyone says Mazda's aren't expensive cars to maintain but I'm not sure if I should just get a old beater car..like would I actually save more money if I were to get an older car? I did get an insurance quote on a 2008 Honda Civic but for some reason it was more money to insure than the 2018 Mazda 6..my sister says I will end up putting more money into an older car to keep it running rather than a newer car..is this true?? Any advice would be helpful thank you! [link] [comments]  |
| Under extreme stress worrying about my parents financial situation.. Posted: 02 May 2021 07:28 PM PDT My parents lost the family house back when there was a housing crash in 2008. My mom divorced my dad after him gambling and drinking for years, he still hasn't changed. She will never be able to buy a home again. She is almost 70. She is a manager at costco and has been there for a very long time, and has good benefits/some retirement, but by herself she will never be able to buy a home again and she constantly vents about how sad she is that she lost everything she worked so hard for in life because of my father. She went bankrupt back when they lost the house.. has no debt and lives in a cute apartment but she wishes she could own something again to pass down to her kids. We live in a very very HCOLA. My dad is couch surfing and still gambling all his money away, he is on unemployment/disability and gambles every cent. And also cries to everyone about how he lost everything after working so hard... It wearing on me. It makes me so depressed to see my mom work so hard her whole life and not be where she wants to be. I actually went through a depression phase where I couldn't get out of bed because of how sad I was about the old house/the fact that she's unhappy that she lost everything. With how the housing market is, it's hard to rebuild your life. I'm there for her emotionally as much as possible. Anyways, had to get this off my chest. Anyone else have similar issues with worrying about their parents well being and finances, or does everyone else have parents that have huge equities in their homes and are siting pretty right now? Feeling pretty alone at the moment. And I don't know how to help my mom. It just sucks worrying so much about my parents and also trying to enjoy my own life without feeling guilty about getting ahead, etc.. [link] [comments]  |
| Does it matter who puts money in HSA/FSA between two almost similar salary spouses? Posted: 02 May 2021 03:38 PM PDT My spouse makes around $101k and I make around $82k. Currently, I have been maxing our family HSA and spouse doesn't add anything. Also, starting next year we are thinking of putting money in Dependent care FSA. Does it matter which spouse does it or it really doesn't matter as far as taxes are concerned? If it matters we are in CA. [link] [comments]  |
| Lender offering settlement on debt owed. What should I know? What should I ask? Posted: 02 May 2021 07:08 PM PDT Lender offered huge settlement on remaining balance, what questions should I ask? FL, USA Vehicle was repoed recently. After auction the remaining balance was $5k-ish. Been a little unstable in the job department (hence the repo…) but have a job offer just waiting for start date. So have not been able to figure out what I'm doing with that balance yet. Really hasn't been long since auction, so imagine my surprise when lender called to offer a settlement for $1k. The only question I could think to ask was would this report to my credit as paid in full? Settled? Closed? Not sure how that all works and if either looks different to the others in terms of how it affects credit. Lender said they would accept the $1k, then credit the remaining $4k to the balance, and I would get tax forms at the end of the year and owe taxes on that $4k as if it was income and then they would report the account paid $0 balance. That still sounds like a hell of a lot less than 5$k. Any other questions I need to ask? Any "gotchas" I need to look out for? Is it worth paying or is the repo and past due payments prior to now already so significant that $5k on my credit for 7 years makes no difference? (I feel like paying off debt should always make a difference, but I'm very uneducated on credit and debt) $1k is significant, but I can do it, if it is the beneficial path to take versus just letting that debt sit there. Thanks for any advice/insight! [link] [comments]  |
| Got a letter from a debt collector saying I owe my previous employer 7k Posted: 02 May 2021 06:14 AM PDT I'm not even sure if this is the right spot to post, so feel free to delete if so. I left a fortune 500 company for a new position back towards the end of September 2020. I did the exit checklist/survey that was needed. Consisted of reaching out to HR, IT, my manager, etc. Leave on good terms and take on my new role. Fast forward to yesterday and I'm hit with a letter from a debt collector saying I owe 7k. Obviously, I'm confused by all this as I've never received a letter, phone call, or voicemail from the company saying I owed them money. The letter states that per a rule from HR, since I left before a full calendar year, I owe them money for educational reimbursement benefits. But now the company believes its time to repay them after freezing debt collection for 2020 due to covid. I looked back at my financial statements from school and had 4k in tuition the one semester I went. My question is can a company immediately forward something like this to a collector? I've never received any indication I owed them prior to leaving. If so, I would've handled it before leaving. Also, me and my fiancé are trying to buy a house (lol this market) so it would be better to pay in full after getting this situated or a payment plan? I realize I'm going to need to pay one way or another, but it sounds weird it was sent immediately to collections? TL;DR blindsided by debt collector bill contracted from my previous employer. Unaware I owed money prior to leaving or any notifications afterward. In process of trying to buy a house. Puts a damper on house money. [link] [comments]  |
| Should I withdraw my 2020 IRA contributions since it was with unearned income? Posted: 02 May 2021 08:37 PM PDT Last year I was unemployed. I started working March 2021, so I created an IRA and contributed $6k towards 2020. Should I withdraw this money immediately and not log it? I was doing my taxes and realized there's a penalty, but I'm not sure I understand it. [link] [comments]  |
| Running a soft credit check for mortgage approval, my old address is listed Posted: 02 May 2021 08:23 PM PDT I am 25 and live at home with my parents. I lived on my own for 2 years in an apartment but other than that, I've lived with my parents except for 2015-2017. applying for a mortgage and doing a soft credit check as the first step. It asked me to enter my name, address and social. Every time I did it, it said couldn't find my credit history and recheck my info or check with Experian to see if I had a freeze on my credit. As a last ditch effort, I tried entering in my address of my rental apartment and that worked. Does this pose an issue with anything? Should I proceed with the form or is there someone I should be calling to straighten that out? [link] [comments]  |
| Investing advice- let Fidelity manage it or try on my own? Posted: 02 May 2021 03:19 PM PDT Where should I invest $100k? I have a managed account with Fidelity that I'm now slightly regretting after reading other posts. I let them manage $100k and they're grown it to $127k in a year (1% fee). Instead of giving them another $100k from my savings account, should I try the bogle method or another fund, S&P etc? I'm also not clear on if you can buy a target date fund with non-retirement money.. About Me: No debt, maxed out my 401k contributions, make too much for IRA (looking into the back door method), 6 month emergency fund, bought a car in cash last year. Read how to handle $ and the investing page on here but still unsure what is the best next move. I'm a bit scared to pick my own funds (hence being wooed into the fidelity managed account) I'd greatly appreciate some advice. [link] [comments]  |
| United airlines refund for travel ban Posted: 02 May 2021 08:06 PM PDT I purchased tickets for my grandparents and cousin to fly from India to the US this summer. Unfortunately, with the steep rise in India's case count, the US has issued a travel ban. As such, my family can no longer fly to the US. I am now attempting to get a refund from United for the flights, but they are forcing me to pay a $200 fee per ticket. I spent three hours on the phone today getting transferred farther and farther up the food chain, but they would not wave the fee. How can I circumvent this $600 fee (for the three tickets) and refund the $6000 worth of flights. I (who purchased the tickets) am located in the US, and the flight is for May 9th, 5 days after the ban is instituted. I greatly appreciate any advice! Thank you all so much! [link] [comments]  |
| Met my health insurance deductible for the year. Now what? Posted: 02 May 2021 11:21 AM PDT I am not sure what the right sub would be for my question, but since I'm seeking an answer from a finance point of view, I figured I'd post it here. Long story short, I unfortunately had a brief medical situation come up earlier this year that resulted in me going to ER and such and thereby now having crossed my deductible phase of my Health Insurance. This means, any in-network visits and medical processes are now covered at 90% by my insurance. While I'm not happy about the costs involved with meeting my deductible, I am now thinking of the best way to utilize this situation, from a personal finance perspective. I was wondering what kind of medical procedures/examinations/service, etc do exist out there that I could perhaps make use of since I have met my deductive for this year. For reference, I'm a 29 y/o male in southeast US. Should I post this to another sub too? Any suggestion is appreciated. Thanks [link] [comments]  |
| Posted: 02 May 2021 07:53 PM PDT Considering purchasing this product. Possible serious medical need. What are the questionnaires like? What is a reputable company? What are termination rules? I realize these are kinda open ended questions. Thanks [link] [comments]  |
| Posted: 02 May 2021 07:50 PM PDT Planning on opening a roth Ira with vanguard before the 2020 tax deadline. I already filed my taxes, and I contribute to a roth 401k. I can just open one and put 6k in it before tax deadline and I'm good for 2020? I can then put in another 6k in for 2021? Thanks! [link] [comments]  |
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