Personal Finance Carmax price went from $10,500 to $15,000 for an offer on my subaru |
- Carmax price went from $10,500 to $15,000 for an offer on my subaru
- Is it too late to start investing?
- I was duped into signing into Whole Life Insurance at 19. Four years later I don’t know how to handle the account.
- I have exactly $500 sitting in my CashApp account, but it's not from people I know and I'm worried it might be from scam(s)?
- How do you attach a monetary value to things that don't have a clear monetary value?
- Looking to buy a home with my low income. Is this a smart move and is my budget reasonable?
- Im exactly 20 with exactly $30k... what do i do now?
- Should I leave Transamerica TPP and use Vanguard to do own IRA MANAGEMENT?
- 20 y/o college student investing questions
- Is the cost of the overpriced housing market worth a really low fixed mortage rate in the long run?
- Should I buy a used car at a great price now or keep driving my paid-off car until I'm in a better financial situation?
- Does this budget for new used car seem reasonable?
- Should I sell stock to payoff credit card debt?
- The lifestyle consequences of iffy financial decisions in your 20s
- What's considered a "good" interest rate on a car loan right now?
- Rent back agreement.
- Childcare Tax Credit
- Is this hot market sustainable?
- Suggestions on how to pay tax bill?
- Salaried employee vs 1099 contractor for FAANG - Help me decide plz
- Received a check from the UK, living in the US - any advice?
- Buying out auto lease and selling the used car to Carmax
| Carmax price went from $10,500 to $15,000 for an offer on my subaru Posted: 08 May 2021 08:00 AM PDT Hey everyone, I tried to sell my Subaru 2017 47k base legacy to Carmax in October of 2020 and they offered me $11,500. I tried to sell it privately over that time period with no luck. I went back in April of 2021 and they offered me $15,000 and I had an additional 2k miles on the car. The people there claimed there is a capacitor shortage right now which is driving the car costs. Figured I'd share this and let people know if they have a car they are planning on selling what they could expect if they take it to Carmax. [link] [comments]  |
| Is it too late to start investing? Posted: 08 May 2021 07:30 PM PDT I'm married (35m/33f) and neither of us have much in terms of investments outside of our 401k. There are a ton of strategies & recommendations online. We're wondering if it's too late for us, and is there a simple strategy we can use? For our age, would it make sense to do a 2 fund portfolio. I see vti/vxus recommended a lot. We would initially start small with $100/mo and increase when and where we can. [link] [comments]  |
| Posted: 08 May 2021 07:38 AM PDT Edit: Thank you for your advice, everyone. I have decided to pull out and invest in another index fund. I needed the encouragement although I kind of knew what I had to do. I'm not someone who will need life insurance at any point. Here's to financial literacy. Edit for clarity: I contribute $350 monthly. I can take that amount and add it monthly to wherever I move the existing funds if I go that route. The company is Ohio National. They are de-mutualizing after a century and I'm not sure what that means for my projections. Account cash value is at $9K even though I have invested $17-18K so far. It won't be worth the dollar amount I put in until 2031, at which point I can cash out $60,000 and put it somewhere that will accumulate more quickly (if I don't take it out at that point, it will be at $430,000 cash value by the time I retire which is relatively low). The death benefit is a couple hundred thousand now and only goes up, but it's not something I care too much about, being young and healthy with no dependents and already investing in multiple places. I was duped into signing but I'm kind of stuck with it now unless I want to liquidate now for half the value I sunk into it. I am wondering if I should cut my losses, pull out the current cash value, and invest it elsewhere where it will hit $60k before 2031 if I keep contributing $350 monthly. I'm aware there are tax benefits (I think the earnings are not taxed?) in the long run but I don't know if it's worth it. I can really use some perspective on my situation. Do I take the loss now or later, and if so what do I do with the retrieved cash? I have an index fund with Acorns, a ROTH IRA (maxed), and emergency fund. I'm not eligible for HSA or employer retirement. [link] [comments]  |
| Posted: 08 May 2021 06:12 PM PDT I don't open up CashApp for months at a time, and I recently saw that I have $500 sitting in it. I look at my transaction history and it's filled with a variety of transactions from strangers.
About 8 in total over the course of the year. If I transfer the $500 out to my bank account, am I at risk of anything? Were these people trying to scam me but lost money in doing so? Did some people mistakenly pay me and never realized it? What gives? [link] [comments]  |
| How do you attach a monetary value to things that don't have a clear monetary value? Posted: 08 May 2021 07:28 PM PDT For example, moving out of your parent's house (you can attach monetary costs to expenses and rent but not to independence and freedom), stress, mental health, commuting (although you can kind of attach a monetary value to that), and starting a family. I'm finding it difficult to figure out how much of this I'm willing to tolerate or sacrifice without monetary indicators. [link] [comments]  |
| Looking to buy a home with my low income. Is this a smart move and is my budget reasonable? Posted: 08 May 2021 03:31 PM PDT I'm currently still living at home with my mom, but because of health reasons I've been looking to move out. I dont trust my mom to give me good financial advice so I'm wondering if you all think this is a good decision. I make about 36k pre-tax per year (1409.80 every 2 weeks) and after taxes, insurance, and 401k (12%) I bring home about 900 per paycheck. For simplicity's sake, I'm just going to say I make 1800 / month and I'll treat the extra paychecks as savings. I live in a LCOL area, but a non renter friendly one. At the low end, 1 bedroom apartments are 800 / month not including utilities and with a pet fee (we've had them for years and there's no way I will get rid of them now) so, at the very least, I'd be paying about 1000 per month. Way out of my budget. So I was looking to buy a house for no more than 140k, this gets me a 2-3 bedroom starter home even in the current market. With 10% down, 3% interest rate (I have a 800+ FICO according to experian), and taxes/ins I'm estimating a payment of 750. Does this seem correct? I wasn't sure about taxes/ins so I just added about 200. My monthly budget would be: 1800 net income -750 mortgage -200 utilities (based on our current expenses w wiggle room) -200 car (gas and ins, I don't currently have a car so this is an estimate. Gas is based on what my mom spends) -200 groceries + eat out (again LCOL plus I cook a lot) -100 fun/misc -15 subscriptions -20 phone (after Verizon contract ends I plan on switching to mintmobile or similar) = 315 for savings (95 is for short term sinking funds, 220 will be long term savings and/or investments) I feel like I won't be saving enough money, but I'm trying to keep in mind that A. I dont really make that much money and B. Im currently saving 700 every paycheck so anything less than this will feel like a failure. I am on track with my 401k, Im contributing 12% and my employer matches 2% plus an additional 1080 per year. Currently, I have about 30k in the account. I've saved up 31k so far. 10k of that is my EF which I won't be touching so this leaves 14k for the down payment (at most) and 7k for closing fees and other costs. Plus I'll be saving an additional 700 every 2 weeks that I delay. Oh and I forgot to mention that I don't have any debt. I've already paid off my student loans and I have always paid off my credit cards. Also when I buy a car I will be buying used with my savings. I'm trying to put a lot of thought into this and not be stupid. What do you all think? Am I missing anything? Do you think it's a good idea? I can't forsee myself moving anytime soon and I won't be having any kids, so as long as I find a house I like I definitely think I'll stay long term. [link] [comments]  |
| Im exactly 20 with exactly $30k... what do i do now? Posted: 08 May 2021 07:46 PM PDT Some background, made the money by starting business in high school at 16 years old, saved, invested, worked a job, ect. I now got my first job as a plumber apprentice. The 30k i have is all invested and I'm about to take it out and put it in a savings account. My question is, is that enough to qualify for a mortgage? Im only 20 years old and am not sure what to expect to qualify for a home loan. Helpfull info: My credit score (730) only exist because last year i put Spotify + apple music and other subscriptions on it Any help would be great, also any other investment recommendations would be good, thanks :) [link] [comments]  |
| Should I leave Transamerica TPP and use Vanguard to do own IRA MANAGEMENT? Posted: 08 May 2021 05:50 PM PDT I'll try and keep this short. Started new job in feb, I rolled over all 401k. I was clueless in investing then. Since then I've been really educating my self in investing. I just looked and I pay TPP 1.03% to 1.06% in annual fees on both my Roth IRAs. I have a total of 80k spread across both accounts. Love advice on if I open an acct with Vanguard and invest my IRA in their target funds and save me the annual fees I'm paying to Transamerica? Oh no penalty for terminating services with Transamerica. [link] [comments]  |
| 20 y/o college student investing questions Posted: 08 May 2021 07:39 PM PDT Hey all, sorry if this is one of those repetitive questions, I looked through the 18-25 Wiki and still had some questions. I'm a college student now and have enough savings at this point that I'm wondering whether I should invest some of it into index funds. I've got about $10k USD saved, my summer expenses (4 months) are low, around $500 a month, and make around $1500 a month. During the school year I get financial aid which covers tuition and food, so I only spend like $100-$200 of my own money each month. I'm not spending that much, and I make much more than I spend, so I figured since I have no immediate needs or wants that I should probably start investing at least a little bit. Are index funds a good place to start? Is there a preferable source/type for them? How much is a good amount to put in? I've Googled around a little bit but wanted to get some personalized/current advice that isn't from a static website. [link] [comments]  |
| Is the cost of the overpriced housing market worth a really low fixed mortage rate in the long run? Posted: 08 May 2021 01:25 PM PDT Is it as simple as 50k+ overpriced house vs low fixed mortage rate? Are there other aspects to factor in? [link] [comments]  |
| Posted: 08 May 2021 05:38 PM PDT About a year ago I moved to New England and I needed a car, so I have been driving my dad's old 2012 Chrysler 200. I ended up taking over his payments and recently paid it off and it's in my name. I never really liked the car, it's a 2-door convertible with over 100k miles on it that gave me incredible anxiety driving in the snow in the winter and has basically no room in it, but at the time I just needed something to get me to and from work. I also had to fix some issues on it, but for now, it's ok. I'm a first-year teacher so my salary isn't amazing, and I have been paying off my credit card debt and student loan debt (about $500 a month to each). I'm going to have my credit card debt completely paid off when I get my tax return, and I was originally planning on looking at getting a different car once that was paid off. However, now that the time has come, I started rethinking my desire to get a new car. I had some work done on the car and it doesn't have any major issues, and at this exact moment I don't really need it for anything other than getting me to and from work (a 10-minute drive). I know I will probably feel a bit different once winter rolls around, but I'm really looking forward to my credit card bill being gone and I'd hate to just immediately replace that with a car payment. Also, this past year I took over a class vacancy during my unassigned period and it has been paying me a daily rate which has given me an extra $600 a month, but I'm going to lose that part of my paycheck over the summer. I'm finishing my masters this summer, so next school year I will be getting a raise that will bring me back up to what I have been making this year, but for July and August my paycheck is taking a hit. My only dilemma is that my dream car rolled up at an amazing price. It's a 2017 Subaru Legacy with 47k miles on it for $11,700. I really want a Subaru (or anything with AWD) because driving in the snow in a convertible SUCKS. I also live in a really hilly area. It has a reconstructed title, but it comes from a mechanic my family has used for years that sells fixed cars. My payment will be about $200-260 depending on if I choose 3 or 4 years of financing and my downpayment. I know I won't see this deal again for a car this "new" and with so few miles. I'm really torn. Once I crunched the numbers for my summer budget I realized it would be TIGHT with a car payment. I'd probably have to pay a little less on my student loans and also take a significant cut on my personal/grocery budget. I was really leaning against getting the new car, but I also know that this is a crazy deal on this car (according to kbb a 2017 legacy can go for 16k+) that I won't see again. I know if I miss out on this car now I probably won't find one I like as much if I wait. Plus my tight budget will really only be for a couple months. Also, I went to carmax and got an appraisal on my car and it was significantly less than I was expecting. My car goes for anything between $3,000-$6,000 on craigslist/kbb/edmunds, but they only offered me $2,000 for it. I would've justified getting the Legacy if I could hang on to some of the cash from my Chrysler to use over the summer, but at that price I'd have to put all of it towards the downpayment. What should I do, take the great deal on a car now and suffer a really tight budget or a couple of months, or wait until I'm in a better financial situation but risk getting a car that either isn't as affordable or as nice? [link] [comments]  |
| Does this budget for new used car seem reasonable? Posted: 08 May 2021 06:41 PM PDT Hello! I'm a resident physician with 1 year left in my program that has an old car that really is struggling and won't make it for much longer (2002 honda that I bought for ~$2500 about 6 years ago). I've been looking for a used car to replace it with in the $10-15k range but with COVID car prices are running higher for older and higher mileage cars unfortunately. I found a 2015 Honda CRV with 38k miles for $17300 locally which is higher than what I hoped to spend but also I anticipate it lasting me for several years so it seems like a good investment. I plan to put 10% down and finance the rest. Below is my budget--does this car seem reasonable to buy? Yearly Salary: ~$60,000 Monthly Post-Tax Income: ~$3400 Debt: $150,000 ($140,000 in federal loans currently in COVID forbearance and 10k in private loans) Rent: $750 Utilities: $100-150 Groceries/Dining Out: $250 Gas: $30 Phone: $35 for mine. $60 for my parents phones Subscriptions: $25 Current Car + Renter's Insurance: $33 Roth/Savings: $500 Misc: $200-400 (come from poor family and often need to send money home/pay for things) [link] [comments]  |
| Should I sell stock to payoff credit card debt? Posted: 08 May 2021 06:33 PM PDT As the title says im debating if I should sell off some of my stocks to help alleviate my credit usage by paying of all the cards in my name. I have pretty poor credit, I had a family member use my credit for about 5/6 years from the time I was 18 till about 24. They racked up quite the debt and it keeps climbing up and up. They are unable to keep up with the payments, I know this because I get updates from the credit bureaus. I have quite a bit of RSU stock that was given to me, and I'm debating if it's worth selling about 6k of those to clear my name of their debt, or at least relieve myself of a large portion. I figure using the rsu was best as they were awarded to me, and I didn't purchase them anyways. I don't know much of anything about stocks. As for my credit usage Im always on time and pay over minimum for my accounts. My biggest loan is student loans and a car payment. [link] [comments]  |
| The lifestyle consequences of iffy financial decisions in your 20s Posted: 08 May 2021 03:21 PM PDT As an intro to this quick story, I just wanted to say that I know that all of my financial burden is on me and me alone. I am a 29 year old man. On the outset, my life isn't anything necessarily bad. I drive a decent car, I am well put together, I have employment, I can talk about a bunch of different subjects. Unfortunately, I'm not able to live the lifestyle I wanted at this age, mainly because of a series of "less than optimal" choices in my early and mid 20s. I expected to be well out on my own, in much less debt than I am now, and in general just living the life of a single bachelor but that's not the case. I have been "financially aware" since about the age of 24 but I didn't really implement anything until 27. I am 29 now. My current direction, my set of goals and where I want to go in life has really made me be introspective as to how I got into this situation in the first place. Maybe you'll find a jewel of wisdom from this, or I hope so. My story begins in earnest at 21 in 2013, just graduating from college with a student loan bill of 22,000. Not bad. But it took me a while to find a job and I got an injury during that time that made me have to postpone that for several months. I then recovered and started looking in earnest. I was another 8 months before anything showed up. I then get a job in 2014, making 10/hr. Lesson: make sure you always have some form of cash coming in, even if you have to work at a job you don't like. Use it as a launching pad for something else. Next year, I jump ship for a job that makes 40k/year. I should have pushed back and negotiated for a higher salary but I felt lucky to work because I was relatively unskilled in my chosen career. Lesson: always seek jobs that have high salary ceilings early in your career and don't just feel "happy to work" because employers will take advantage. Over the next 2 years, I split my funds between a combination of saving, paying bills, paying off debt, and investing in a Roth IRA (my company I worked for did not offer retirement plans). I also open up a credit card (my first) to pay for a trip to see my ailing aunt in Europe with my mom. I didn't have the money and she certainly didn't have the money, so this was the next option. I did it out of my own volition. I don't regret the trip as it was the last time I saw her alive, though I was $1850 in the red. That was 2015, I was 23. Lesson: Don't put yourself in such a financial situation where you need to rely on a credit card to get what you want from life. I keep on plugging away at that debt, while opening my side hustle on nights and weekends. The business had little traction but I said "this would definitely take off if I were to do it full time". I got my wish. Several months later in June 2017 I was laid off. I took this as a sign to go "all in". Failure or bust. At this point, I was 25 and wanted to move out but I was unemployed and wanted to work on my business. My friends were enjoying life, going on vacations, moving to new cities, and generally doing the whole "adulting" thing. I was trying to generate cash and start a business while living at home. Lesson: If your business isn't generating at least a livable salary from part-time efforts, you should keep your day job until you do. My problem is that I wasn't generating enough cash flow. I was making money but I was also losing it in pretty short order. I should have been looking for a job/working at it at the same time. If I was employed and working, I could have prevented by credit calamity, probably paid off my student loans, and definitely moved out by now. At the end of 2018, I understood that this wasn't working and that the business was failing. I shuttered operations at the end of 2018. It took me until February 2019 to get a job and April 2019 to start getting paid. At the height of my financial calamity, I was $16,000 in credit card debt, my student loans had ballooned to 45k, and I had 18k in car loans. I spent a good amount of 2019 and 2020 paying it off (again sacrificing moving out) because I knew it would be extremely difficult to do so living on my own. Then in 2020, I get laid off once again but this time due to COVID. Now, I recently got employed making 75k/year and I have estimated my side projects will bring me around an additional 20k, putting me at or close to 95k for the year. I'm committed to cleaning up the rest of my financial mess and hopefully put my life on a decent track leading into my 40s. So what is the point of this post? Not much, except to do the things you don't want to do early on so you can do the things you want to do later. Back in 2017-2018, I had no business starting my business full time. Those years literally fucked me because I was pretty much losing money. I put virtually everything on credit during those years and now I'm paying it back. It's going to take me anywhere from 3-5 years before I'm like "good" and by that time I'll be 35 and I'm already behind in life. Unfortunately, you'll never get your 20s back and I can honestly say that I spent much of this decade in financial straits due to a combination of laziness, self-indulgence, bad planning, and lack of foresight. Don't be like me. Always find some way to have something coming in, spend less than you make, and don't go after a business idea unless for sure your current job is holding you back from 10xing it during full-time hours. I hope this helped someone. Cheers. [link] [comments]  |
| What's considered a "good" interest rate on a car loan right now? Posted: 08 May 2021 05:57 PM PDT I recently applied for a car loan with BOA and they offered me 2.99% on a used vehicle / 2.79 on a new vehicle. I also went to my local credit union and without pulling my credit, they said they would likely be in the same range, so I decided not to even apply to avoid having another pull. Since BOA did pull my credit, I know for sure I have a 750 credit score (even though Credit Karma says I have a 774) so I thought I would get a better rate. I make around 80k per year, and my bills are under $1,000 per month. I've seen a few people mention getting car loans for under 2%, so I'm not sure why my rate is so high given my credit profile and financials. Is this a normal rate right now? [link] [comments]  |
| Posted: 08 May 2021 04:43 PM PDT Hi r/personalfinance first time poster longtime lurker. I'm currently in the process of searching for my first home to buy and I've finally found a house I'm willing to put an offer on. The issue is my market is incredibly hot and houses are going for significantly over asking. The owners of the house I'm currently looking at do not have a purchase lined up so if they are looking for some flexibility with closing. I was wondering what are y'all's opinion on including a leaseback provision in my offer. I'm currently on a month-to-month rent so my living situation is not an issue but from my research a rent back agreement might make my slightly lower offer more compelling to these buyers. I'm going to go over my offer with my agent tomorrow morning and I wanted to get your guys's opinion on this. For reference I live in MA. [link] [comments]  |
| Posted: 08 May 2021 03:14 PM PDT So I have this right? The 2021 childcare tax credit credits you 50% of childcare expenses up to $8k as long as your AGI is <$125k? And that's on top of the $3600/year for children under 6? We have a two year old we're considering putting in daycare. We have about $70k AGI and both work. Let's say daycare is $1000/mo. Would that mean I get $500/mo in credit along with the $300/mo in child tax credit, leaving me with only $200/mo not being credited? Or am I totally misunderstanding this and it's too good to be true? [link] [comments]  |
| Is this hot market sustainable? Posted: 08 May 2021 02:28 PM PDT Homes are skyrocketing in price due to low interest rates and inventory. Lumber is skyrocketing. Used cars are skyrocketing. Seems like the only thing in my lifetime that has gotten cheaper is electronics. And even then we're seeing that market hurt by semiconductor shortages. I worry this is hurting the middle class and isn't sustainable. Seems ok if you have a lot of money saved or make a lot of money but if you're just an average joe making 50k a year it seems like you're screwed. [link] [comments]  |
| Suggestions on how to pay tax bill? Posted: 08 May 2021 01:33 PM PDT In 2019, I exercised a bunch of ISO options before leaving my job. This resulted in a tax bill of almost $450,000 and I've paid all but $160,000. I am not able to sell the stock in the company due to corporate bylaws. I expect an IPO within two years (it's an extremely profitable multi-billion dollar startup) but obviously anything could happen. The amount was due last year and I've paid nothing for a year. I'm currently unemployed but am starting a new job this month earning around $240K per year plus $50K bonus and $350K stock (that I again can't sell yet :) I see a few options and I am wondering which one is best: I have $25K in credit card debt and a $50K HELOC.
Any suggestions? [link] [comments]  |
| Salaried employee vs 1099 contractor for FAANG - Help me decide plz Posted: 08 May 2021 07:24 PM PDT Hey folks, help me decide. I am currently a salaried employee in a very stable Life Science company, base+ bonus is 170K with a 6% 401K match and decent insurance in SoCal region. I am getting an opportunity to work as a 1099 contractor for FAANG in Bay Area @ 140/hr which is equivalent to 290K approx. per year. Should I accept. Can you please help me calculate if its worth it ? PS: Married couple with a kid, own home in SoCAl, and spouse earning 90K as well in Socal [link] [comments]  |
| Received a check from the UK, living in the US - any advice? Posted: 08 May 2021 02:57 PM PDT Hey everyone - so have a bit of a niche situation here, I'm a British citizen but have been living in the USA for four years as a green card holder. I received a tax rebate from the UK for the year that I left, it comes to about £1900 /$2400. I still have my UK bank account, but mobile deposits only allow up to £1000 to be deposited. Can I deposit this into my US bank account? I bank with KeyBank. If this isn't the case, does anyone have any other suggestions? Thank you! [link] [comments]  |
| Buying out auto lease and selling the used car to Carmax Posted: 08 May 2021 11:08 AM PDT With the used car supply being extremely low, I am surprised to see that Carmax would offer 23,000 for my current car. My lease end is approaching and I can buy out my current lease for 20,000. If I buy it out at 20k and sell it for 23k I would be netting an extra 3k. Has anyone gone this route before, are there any pitfalls I should look out for? [link] [comments]  |
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