Personal Finance Rent vs buy sanity check |
- Rent vs buy sanity check
- Dealership made a "mistake"; wants us to drive 50 miles to fix the contract
- My dad, who has a reverse mortgage, died unexpectedly today. What happens now?
- How do bill negotiation companies like Billshark work to reduce cable/internet bills?
- 15-year mortgage or 30-year mortgage with prepayment?
- Roth IRA Mistake - Married, Filed Separately
- Emergency Fund - Cash or Equities?
- Bond Breakdown by Risk (2yr)
- Two Job Offers, different pay structures - what is the better move?
- Can I keep a motorcycle on my insurance even if I sold it?
- I believe someone used my identity to open a checking account/debit card.
- I have been paid under the table for around 7 months, what should I do?
- How do I deposit a 401k check written to me from my previous provider to my 401k account with my new provider?
- Just notified I have a balloon loan due in one year
- Question regarding stock market profits
- how much should i spend on a car as a new grad (considering my circumstances)
- Student Loan Dilemma
- What should i do with my money?
- 22 years old, in college, and will graduate with ~80-90k in loans.
- How to buy a home
- Taking over mortgage for parent?
- Is it unwise to buy a house right now when the prices are so recently inflated?
- What would you all do work GSU
- Question about investing my savings.
| Posted: 09 May 2021 07:11 AM PDT Landlord is selling our house-offered to sell it to us for the appraised price, allowing us to bypass the insane bidding wars that are going on right now, with houses consistently going for above asking price. But we're probably going to be moving out of state in 2 or 3 years. Obviously not a good time to buy. But doing the math and looking at available rentals, we'd be paying $400-500 more for rent than we would for mortgage on this place, including taxes and fees. Maintenance and repairs are a concern of course, as is being able to sell when the time comes, but house prices here are going up and don't show any signs of slowing down. All things considered we'd strongly rather stay if it won't cost us a ton of money-the available rentals would be a step down in terms of location, commute, and freedom to have things like a dog door or garden beds. We do have enough money to put down a 20% down payment and still have $30k left in the bank not including our retirement funds. Am I totally crazy for considering this? [link] [comments]  |
| Dealership made a "mistake"; wants us to drive 50 miles to fix the contract Posted: 09 May 2021 07:32 PM PDT My brother purchased a new Corolla from the Toyota dealership last weekend. He was getting a good financing deal at about 1.7% but was told that if he can put more money down, he can qualify for their promotional 0% APR. He managed to scrounge up the extra needed for 0%, signed everything, and got to go home with 0%. Today, he gets a call saying they made a "mistake" and that he should be getting 0.9%. My brother wasn't able to give me a detailed explanation of their mistake but glad he at least informed me, as he was about to drive 50 miles to correct a mistake they made, which is not fair to him. I don't trust dealerships. I hate everything about them and things like this confirm why I don't trust them. I am going to suggest to my brother to have them send their request to change the contract in writing. Specifically, have them highlight areas in the contract where they believe they made the mistake and a full explanation of the numbers as to how it was a mistake. Also, have them highlight the areas in the contract that give them the right to cancel such an agreement. My question to r/personalfinance is: How often do dealership make these "mistakes"? What should be the best course of action? Is my suggested action above best? My brother is young and goodhearted, so I worry about a potentially predatory dealership exploiting him. Thank you all in advanced. [link] [comments]  |
| My dad, who has a reverse mortgage, died unexpectedly today. What happens now? Posted: 09 May 2021 12:59 PM PDT My father, who inherited his father's house, took out a reverse mortgage against our pleading six years ago. Today, he died suddenly. He was living off social security and very private about his finances, but does not have any savings or other assets we know of. What happens now? Is there any way to get the house back from the bank? Edit: Thank you for the replies. I'm his only "heir" and I don't own a home or have enough cash on hand to pay back the bank. Who sets the terms of repayment and how do I negotiate this with the bank? Am I obliged to get a loan from elsewhere? [link] [comments]  |
| How do bill negotiation companies like Billshark work to reduce cable/internet bills? Posted: 09 May 2021 08:45 AM PDT I have always wondered that. Do they call cable companies on behalf of a customer to lower their bill? Is that legal? Edit: So I realized that many companies negotiate bills and their reps pretend to be the customer themselves. While it's iffy but that's pretty common. Some become authorized users on the account which to me is more ethical and less "fraudulent" Thank you everyone for your replies. Greatly appreciated! [link] [comments]  |
| 15-year mortgage or 30-year mortgage with prepayment? Posted: 09 May 2021 05:38 PM PDT Looking to buy a house quite soon, and have been planning on getting a 15-yr fixed rate mortgage and paying it off quickly to improve cash flow as soon as possible. However, I'm sure most of you know how tough this current housing market is for buyers, and most of the good options are a bit beyond what we'd normally want to be spending. One place we want to put an offer on would put us at monthly payments at just under 30% of our take-home, which is a little high. As such, we've been considering getting a 30-year and paying additional payments on a regular basis, so we can still pay the loan off over the same period as the 15-year, but with a slightly higher interest rate affording us a bit more flexibility if need be. Would appreciate any thoughts/experiences regarding the tradeoff b/w a 15-yr and 30-yr + prepayment. Thanks [link] [comments]  |
| Roth IRA Mistake - Married, Filed Separately Posted: 09 May 2021 06:07 PM PDT Hi everyone, In 2020, I maxed a Roth IRA through the backdoor method. My wife also maxed out her 2020 Roth IRA directly. We got married near the end of 2020. We ended up filing 2020 taxes separately. However, I didnt realize until after we filed that the Roth IRA contribution limit was 0 if filing separately. We plan to file jointly next time. Two main questions: 1) What are the implications of this for both of our Roth IRAs and what steps can be taken to correct this? 2) I already maxed out my 2021 Roth IRA through the backdoor method and my wife has already directly contributed to her 2021 Roth IRA. Our combined income is likely to exceed 208k this year. Can she reclassify her roth contributions as traditional and then reconvert to roth to avoid the income limit? My income is ~140k and hers is ~80k. Roth IRAs are with Schwab. [link] [comments]  |
| Emergency Fund - Cash or Equities? Posted: 09 May 2021 06:20 PM PDT 25 y/o. $15,000 Emergency Fund. Stable job. Only big expenses in next five years might be an engagement ring / down payment which I can otherwise save for given time until those would occur. [link] [comments]  |
| Posted: 09 May 2021 08:31 PM PDT First Post Bottom Line Up Front - I'm looking for advice about bond allocation and specific individual and index bonds and bond funds. Is it even worth the effort versus a money market account? I'm selling a couple homes and buying another in 2.5yrs (SEP2023). From the profits, I'd like to invest 40% towards stock indexes and 60% towards less-risky bonds. I plan to liquidate enough in 2 years to put towards my goals. My risk tolerance is aligned with my goals:
From the 60% in bonds, I want to ensure the first goal and give myself the best shot with the others. Assume $3k and higher buy-ins are possible with any and all. If there's a better way to search for these than Fidelity and Vanguard's websites, please let me know. I'm looking for diversity and high returns relative to the risk. Should I be looking for new issue bonds? I'm also hoping to do some laddering for the 3rd goals. Bond Breakdown (60% of total) 35% of total - [Lowest] risk bonds
25% of total - [Medium] risk bonds
[link] [comments]  |
| Two Job Offers, different pay structures - what is the better move? Posted: 09 May 2021 04:41 PM PDT Hello, Wife got two job offers, and we are trying to see what is the better move here. For reference, we live in Texas. No state income tax. My wife will make money based off the transactions of the company she works for. The bonuses she will receive through out the year are like commission checks.
Where as the first offer, the only guarantee is $55k a year, and her bonuses are much less often. Trying to understand what this does to her tax bracket, and assuming she made the same gross at both companies (75k), after all bonuses are tallied in a 12-month period, which job actually yields her more take home pay in the end?
Not sure if this is the right place to post this, but figured I'd ask here first. Thanks. [link] [comments]  |
| Can I keep a motorcycle on my insurance even if I sold it? Posted: 09 May 2021 03:25 PM PDT I sold one of my motorcycles, I was going to remove it from my policy, but it would increase my premium $122, what happens if I just keep it on their even if I have signed all ownership away? Edit:I got my answers. I am probably going to purchase a grom, I was thinking of getting one anyway. However, if I don't within 30 days, I will probably just take the L. I would go searching for a new provider, but they were the cheapest for my other bike for the policy coverage. That and I haven't even made the first payment yet. Thanks everyone! [link] [comments]  |
| I believe someone used my identity to open a checking account/debit card. Posted: 09 May 2021 01:46 PM PDT I will tell this story from the beginning: 3 days ago, I get an email from Google Ads (which I have never signed up for or used before) saying "Automated rule "666" ran with 1 changes", and a $13 charge. So I go to "my" Google Ads account and see that this person is running two advertisements worth about $60 total. So I do some more digging, check the card being use to pay these charges. Thankfully, it isn't a card of mine so I think nothing of it, someone must be using my email and using their card to pay these charges. I log out and for some reason, I don't change my password like an idiot. The next day, I get the same email, saying that the automated rule successfully ran and blah blah blah, I take a more aggressive approach and cancel the Google Ads account. However, this time I dig further into the card being used... the info has my name and a ZIP code in Texas. Ok weird... as I live in California and I've never seen the last 4 digits of this card anywhere in my life. I get a free credit report from 2 different agencies. The only credit card under my name is the one I opened last year, but never used once. So I rule out the idea of this card being a credit card. Is it possible that someone is using my name and identity to open an entire bank account, and is basically living their life as me? Any help will be greatly appreciated! [link] [comments]  |
| I have been paid under the table for around 7 months, what should I do? Posted: 09 May 2021 10:04 AM PDT I'm 20 years old. I have been working for my grandfather as a painter since October of last year. I recently discovered, in my county, you need a contractor's license to paint legally and of course you need to pay taxes. I now realize the legal circumstance I am in so I stopped working for him this month. Basically I'm trying to figure out how to pay taxes on the money I earned. I have been tracking every hour I have worked on a notepad in my phone. I only started tracking the amount of money he paid me about mid February this year. Before that, I can probably calculate the amount I made as I was making around 13-15/hr. I also want to avoid getting my grandfather in trouble. So what should I do? Am I supposed to fill out a "Form 1040" or something? Honestly, I'm young and confused. I've never really been taught any of this and I am trying my best. If this isn't the best place, please point me in the right direction. [link] [comments]  |
| Posted: 09 May 2021 02:45 PM PDT So I have this check that was from my 401k savings from my last job from the company I worked for, which already pissed me off because I don't know why they gave my last payout in the form of a check instead of just keeping my money suspended in my 401k account. Because now the issue that I am having, and it is becoming a real pain in the ass, is I can't deposit this check into the 401k account under the new provider for the company I am working for now. I called my current provider, and explained to them what happened, and they said it will be pretty difficult to deposit that check since it is already made "to the order of [my name]" but they said I should be able to call my old provider and ask them to change the naming on the check from it being to me (my name) to instead the name of the current provider I have right now. So I call them, and two things were already problematic, first thing is the customer rep somewhat had a thick accent so I couldn't fully understand them (nothing wrong that, just objectively stating I had difficulty understand them) and secondly, I also simply didn't understand everything since honestly I am not very knowledgeable when it comes to finances and 401k stuff etc, but the one thing I did understand was that she said they actually can't change the name of the payee on the check. So then, I was back to square one, so I asked you know, is there some kind of alternative way I can get this check to be deposited into my 401k because I don't want to just deposit this money into my regular bank account, the whole point was for it to grow in my 401k account and now its in the form of a check that I can't do crap with. I asked her if there was maybe a way that I could deposit into my bank account and then from there transfer over to my 401k account somehow, and she said "no". She did say though that what I could do is open up an IRA account, and deposit in there, and asked if I wanted to speak with a specialist to know more about opening that account. I hesitated to say "yes", because again, I truly don't know much of anything when it comes to this stuff unfortunately and didn't want to open up something new in which I don't fully understand what I am getting myself into. But I did say "yes", and was on hold for a while, but eventually I had to hang up before I got the chance to speak with a rep because I was on a short break at work, and had to get back to work. So I still haven't resolved this issue, and I need to do something soon or this check is going to expire eventually. So any help as to what I could do would be greatly appreciated. Thank You [link] [comments]  |
| Just notified I have a balloon loan due in one year Posted: 09 May 2021 09:29 AM PDT I have to start with a caveat that I've spent what feels like ages, but has only been five days, mentally berating myself being a total f*ing moron for being in this situation. I've run the numbers to show how easily it could have been avoided (by paying only $250 a month more). Personal finance was something I thought I'd mastered—having worked hard to get my spouse and I out of $50K credit card debt with minimal interest paid. To find myself where I am is a huge blow. Please be kind. In 2005, we bought our house for $255K with no money down. We had great credit, but significant credit card debt. We had a not-great mortgage broker who assisted us with obtaining two mortgages. The larger mortgage was a conventional mortgage, which we re-fi'ed in 2010. That loan balance is now $181K. I (stupidly) thought the smaller was also conventional. Last week I got a letter notifying me that we have 360 days until a balloon payment of $36K is due. We basically have no savings. We've recently (finally) invested in some major home improvements. Those are fully paid off, but we only have about $5K in savings now. Our house is maybe worth $275K. I'm thinking our only option is to save as much as possible until the end of the year and then refi next January and combine the two mortgages. We do have other options: borrowing against our retirement funds or taking out a personal loan (which will mean paying MORE interest on the $36K, besides the interest we've already paid on it). I don't love either of those. Anyone have any other suggestions I should consider? TIA! [link] [comments]  |
| Question regarding stock market profits Posted: 09 May 2021 06:57 PM PDT First time really getting into the stock market and had a quick question - Started investing for first time last April and lost some $$$ off the bat. From there, picked some good ones and also went a little bit into crypto, and my modest initial investment has since doubled. It's not a lot of money, but to make numbers easy, let's say it's a portfolio now valued at $25k with an initial investment of about $12k. My question is - how does one balance taking profits against paying capital gains tax? Would you recommend waiting the 1-year period to take anything (around August/September for the investments that worked well) in this market, or taking profits early and paying the tax? Thanks for any viewpoints. [link] [comments]  |
| how much should i spend on a car as a new grad (considering my circumstances) Posted: 09 May 2021 12:46 PM PDT so, a few details about myself 1) i am over 30, just finished grad school 2) i live in a low cost area in texas 3) i just signed my first job offer, just over 100k pre tax 4) it's a remote job, so no commuting i currently drive a 20 year old corolla and basically use it for shopping, in a 10 mile radius.... i am not a car enthusiast, hardly go out, and it's hard to justify occasional long drives with the wife in an old light car like this i was thinking of getting a toyota/honda suv that's a several years old, around 15-18k.... i never had any financing experience before in anything, and so would appreciate advice on such a venture, considering full coverage insurance, costs and everything.... this amount of money feels like a huge deal for frugal people like ourselves (i wasateaching assistant, wife currently is the same, and it's extremely low income), so i was hoping to gain some perspective in your experience, what are your opinions? how much of an impact can this be and what should i look out for as far as a sensible investment is concerned? also to add, we are in a low cost area with sub 1k rent.... and thanks to my frugal lifestyle, i have good credit score, not sure if it's relevant thanks in advance [link] [comments]  |
| Posted: 09 May 2021 02:48 PM PDT Here's my situation:
Should I continue making payments with the income driven repayment plan to work towards 120 and full forgiveness? Or would it make more sense to start paying down the loans more aggressively (especially since there is no interest right now)? I'm kind of clueless on this stuff. Any insight on the best way for me to move forward? I really want to get rid of this debt. [link] [comments]  |
| What should i do with my money? Posted: 09 May 2021 04:59 PM PDT I have been recieving settlement payments due to losing my father, im expected to recieve the full amount (about $100k) by the end of next year. I feel as if this could be a great cushion for my life in case something extreme happens, but i also feel as if its being wasted by just sitting in savings. Any and all suggestions would be greatly appreciated [link] [comments]  |
| 22 years old, in college, and will graduate with ~80-90k in loans. Posted: 09 May 2021 12:57 PM PDT Hello everyone! This post is a long time awaited. To give a little background: I'm a 22 year old fulltime college student. I'm getting my master's degree in a healthcare field that will (unfortunately) not pay the greatest (Athletic Training...). That's my first regret. I wish I had chosen a nursing degree but I have one year left until I graduate so I'm riding out this degree before I figure anything else out. Starting salary? Anywhere from 40-55k. I'll have the ability to work per diem on the weekends. Anyways, getting back to my debt: I have ~60k in private loans. My parents never attended college and I was the first person in the family to go to college. They never saved for me nor did any form of financial planning so I was "forced" to take private loans out. (I'm not blaming them at all, just wish I was more financially aware when I was a stupid senior in high school). I pay $129 per month to cover the interest for half of the loans, but the other half I do not need to make payments until after I graduate. I will graduate with ~$20-25k in federal loans. Some subsidized, some unsubsidized. I believe they have been in forbearance for the last year. My total debt by the time I graduate will be anywhere from ~$80-90k. Currently, I'm in my last 12 months of school. A part of my program is taking summer classes this summer, then a fall and spring semester where I will be "Working" fulltime (NOT getting paid, it's a part of my 'education') until I graduate in may next year. My expenses for this upcoming year will be: - 6 months of rent ($3-5k). After 6 months I will be living home for the spring semester to complete my residency. Fortunately my parents will not charge me any expenses (I have this covered in my bank account) - One year of tuition ($15k, but I will have the ability to take out federal loans that will reduce my cost ~$2.5k per semester) If all goes well I will graduate, pass my boards, then seek a fulltime position. In addition to this, I can work do a lot of per diem work that pays $25-35 an hour. I plan to do this AS MUCH AS POSSIBLE. Additionally, I plan to refinance my loans when I graduate. Like I said, I will be living home (if I can find a position near my parents house) for a couple years as they have given me the option to stay for as long as possible. Moving on, I'd like to note that I have $30k invested between ETFs, stocks, and cryptocurrency (10% of my investments). I've worked my whole life and if I haven't spent money on rent, books, food, or any other living expense, it goes to my investments. I would like to note that my spending is not out of control, if I would even consider myself to have spending money. I rarely go to bars, I don't buy things for myself, and I do a great job at saving my money (whatever money I make, if it's anything), seriously. Currently, my only form of income is through gig-work. Last year I made over $10,000 with Instacart and have recently started up Doordash. It has given me the freedom to not need to take out any more private loans and I'm so blessed because of it. These are the only jobs that work for me because my academic schedule between tests, quizzes, and residency is hectic. Some weeks school requires 80 hours of work and other weeks it requires 20 hours of work. This part stinks because it leaves a regular paying job out of the picture. Also, I will be moving home after the next 6 months so I'm not sure if I can even get a job that will want me only for me to leave in a couple months. Either way, I'm open for any form of work, and if I have the time to do it, I'll do it. Side work, tasks, anything, I want to take it on to make some money. If anybody has ideas regarding this, please let me know. Finally, I'd like to seek some opinions about what I should do regarding the money I have, the money I owe, and the interest that will accrue in the future. Please avoid any negative comments as this has given me GREAT deals of stress -- I've lived the last 2 years of my life regretting my degree (I wish so badly that I didn't tell myself "I only have a couple years left" when I had the opportunity to switch), jealous of friends that are making $60k+ out of school, and overall depressed regarding allowing myself to go into this kind of debt. Summary:
My current plan: continue to keep my investments invested, get a fulltime salaried job, and begin paying off my loans to their maximum extent. I'm talking, 90%+ to each paycheck will go to some of my student loans (my parents are great enough to cover my car, phone, any other living expense). Being in debt is so depressing. Thank you for taking the time to read this. I will be available to respond to anybody as soon as possible as I have notifications set on my phone. [link] [comments]  |
| Posted: 09 May 2021 08:20 PM PDT Im a single mom looking to buy. I found a super cute place within my price range but haven't even begun the loan process because I don't even know where to start. My salary is embarrassing at 26k but I've been saving and I'd have around 15k to put down. Do I start with a realtor or do I start with a bank? Is FHA loan the better route to go? [link] [comments]  |
| Taking over mortgage for parent? Posted: 09 May 2021 08:04 PM PDT TLDR: my mom owes about $300k on her mortgage loan that's at a 4.25% interest rate. She is retired and has no income to refi, no retirement savings. What's the best way for me to help get her a lower rate? Edit: I'm on the title of the house so I have a stake in it too. Please don't say we should sell. I've been down that road and it's not the best financial option for my family anymore. This isn't just a decision that affects my mom and her finances. It's about the family's finances. Appreciate it if you could keep that in mind. Edit: redacted some details to keep focus on what I need advice on. I bought a house back in October but it was much less than what I was preapproved for so assume I'm in a strong enough financial position to take on my mom's mortgage. I also have over $500k in assets (stocks cash etc). Should I refi with my mom, using my income, and then we're both on the loan? Or, is it possible for me to somehow just be the sole person on the loan after refi, and if so how would that work? Any other options we should consider? [link] [comments]  |
| Is it unwise to buy a house right now when the prices are so recently inflated? Posted: 09 May 2021 08:00 PM PDT We want to move, but we want to upsize. The market is insane right now. I hate the idea to buy if this is potentially the height of a bubble type scenario, but maybe prices go up and inventory gets more scarce. I also don't know if there's an adjustment anywhere in sight. If they start allowing evictions could that have an effect on house prices? It's so intense it's hard to know what to do. [link] [comments]  |
| What would you all do work GSU Posted: 09 May 2021 07:57 PM PDT I got a pretty sizable GSU grant (135K over 4 years), and I'm about to get my first shares. Google is obviously a pretty good stock, but I don't necessarily feel comfortable putting 135K into (essentially liquid since I can sell my shares except during blackout periods). What ratio would you all do between Google stock and just VTI/SPY/boring ETF. Especially since the shares vest over 4 years, I am essentially investing 135K in google right now, just that I can't sell my shares until specific dates, I feel like keeping any Google is overkill since I already have so much "invested" over the next few years. [link] [comments]  |
| Question about investing my savings. Posted: 09 May 2021 07:55 PM PDT So I have a small little savings account that has about $1000 in it. I was thinking about investing it all in VOO. I want to be safe with this and was wanting to get some feedback on weather or not this would be a smart idea. Its just sitting in my savings gaining nothing and I plan on adding about $300 a month to it. Thanks! [link] [comments]  |
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