Personal Finance Weekend Discussion and Victory Thread for the week of May 28, 2021 |
- Weekend Discussion and Victory Thread for the week of May 28, 2021
- I owe $15k on my car. I have the cash to pay it off, but the loan was cheap. If I pay off now, I will save $2k in interest. Should I pay it off or keep the cash?
- Should I consolidate my retirement accounts?
- My girlfriend plans on buying a new car soon but I don’t know if it’s the best idea
- Maiden name on stocks
- Should I be using bill pay instead of submitting payments though the payee's web-site?
- How to budget enough to survive as a single college student?
- I received a random depsoit
- Received an unexpected deposit from the IRS
- Can I retire after 10 years?
- Anxiety with my finances and worrying about spending too much. Am I spreading myself thin?
- I'm in credit card debt and don't know how to fix it!
- bought my leased car. Need advice on what to do next.
- 38 Years Old Financial Checkup
- Taxed different rates on paychecks?
- Received an offer! Help with Salary Negotiation
- Has anyone taken adv of the used car market?
- I opted in to a managed 401k years ago. Need help firing my account manager
- I posted a vehicle for sale on Craigslist and I got this email which looks like a scam. But I cant understand how this scam works
- Just graduated from high school and received a nice chunk of change. What's my next move?
- Chase charged me interest on full credit card balance when I paid in full on time using the “remaining statement balance” amount on the payment screen.
- Salary negotiations without ability to leave
- First Car, up to around 9-10k budget
- Wrong name on payslip?
- Need guidance on how to properly allocate my 401k distributions. Not sure where to start.
| Weekend Discussion and Victory Thread for the week of May 28, 2021 Posted: 28 May 2021 02:00 PM PDT If you need help, please check the PF Wiki to see if your question might be answered there.This thread is for personal finance questions, discussions, and sharing your success stories:
A big thank you to the many PFers who take time to answer other people's questions! [link] [comments]  | ||||||||||||
| Posted: 28 May 2021 10:12 AM PDT I have plenty of cash on hand and have always lived by the "cash is king" mentality and to take money when it is cheap. In this case, my car loan is relatively cheap, however, if I pay it off now I will save roughly $2k over the life of the remaining load. Pay it off or hold onto the cash and continue to make payments? Edit: Wow, I got way more responses than I thought I would. Thanks a lot for your advice!! [link] [comments]  | ||||||||||||
| Should I consolidate my retirement accounts? Posted: 28 May 2021 08:49 AM PDT 56 years old, ~9 years from target retirement. From previous employers, I've got $360K in an IRA, $280K in a 401k, and $65K in a TSP. I also have $280k in a 401k with my current employer. (Have also started maxing out my HSA at the advice of this forum - thanks!) Which (if any?) of these should I consolidate, how and when? [link] [comments]  | ||||||||||||
| My girlfriend plans on buying a new car soon but I don’t know if it’s the best idea Posted: 28 May 2021 10:08 AM PDT She's 18, has 15k in savings, and wants a 30k car. She makes at ABSOLUTE MAX 2k a month (that's working over 30 hours a week) . She plans on putting about 20k down (assuming her parents help her out or she gets more money in the time between buying this car and now. Would this be a good decision financially? I was referring to the 20/4/10 rule and then she told me she wanted to put that massive down payment on the car, so that changed things in my head around. [link] [comments]  | ||||||||||||
| Posted: 28 May 2021 12:40 PM PDT Not sure if this is the forum to ask but we'll see... I have some stock (not much but several shares of one company) that is still under my maiden name. The "trading company" (?) the shares are under is telling me that in order to change the stock to my married name, I have to essentially 'sell' and 'repurchase' the same stock to myself. This would also involve locating the stock certificates which I have most of but not all (that's a whole thing I'd have to figure out). Is this correct? Is there another way to change my name on the stocks? [link] [comments]  | ||||||||||||
| Should I be using bill pay instead of submitting payments though the payee's web-site? Posted: 28 May 2021 03:43 PM PDT For some reason I've never used bill pay. I guess I never really understood how it worked. It sounds like it might be easier/safer to use bill pay to pay bills instead of using each utilities web-site (CC bills, electric, etc). Is bill pay generally reliable? It sounds like the bank/CU either sends an electronic payment or sends out a check? [link] [comments]  | ||||||||||||
| How to budget enough to survive as a single college student? Posted: 28 May 2021 05:44 PM PDT Hi I'm 18, working and studying full time. I'm unfortunately in an abusive relationship where I was abused physically and financially a few times this month. It's left me worried it'll happen again, but I couldn't exactly break up and leave because I don't have a plan or backup support. I don't have much family or friends to begin with, when my dad died things went downhill and other living family kept saying things like how he still loves me regardless of what he does. I'm down a couple hundred because he borrowed it without asking, and I contemplated going to a homeless shelter but I'm afraid he'll find out my plans and do worse than he's already been doing. I have no car, $7k in savings + financial aid and college covid relief. I make a little under $9 per hour and work near 30 hours a week sometimes less or more. I found a place on Craigslist that charges rent for $400 per month, or $100 per week and a $200 security deposit. I make between $900-1000 per month, but if I do take this place which is still available for rent along with 3 other roommates, I'll be left with $600 for expenses of Lyfts, groceries, and essentials. What's the best way to be able to sustain and afford to live on my own? I haven't looked into public assistance because I'm not sure if I qualify. I'm just new and scared to this, so I apologize if I might sound dumb or don't understand. I haven't even thought about credit or getting insurance and a car yet. [link] [comments]  | ||||||||||||
| Posted: 28 May 2021 04:39 PM PDT I received a random deposit of $20,833 dollars. What the fuck. It says "Ben Cap". I'm not going to touch it but what do I do from here? I'm only 19 and I'm so worried right now. Please help where do I go from here [link] [comments]  | ||||||||||||
| Received an unexpected deposit from the IRS Posted: 28 May 2021 02:27 PM PDT Title. I received a payment from the IRS this morning in the amount of $1083.72. I've already received all three stimulus payments as well as my tax refund. Does anyone have any ideas what this could be about? Thanks in advance. Edit: I live in Texas, if that matters. [link] [comments]  | ||||||||||||
| Posted: 28 May 2021 03:37 AM PDT I'm 26, started working 1.5 years ago. I have lived in a 100 sqft (9m2) studio for 1 year (rent) then bought and started living in a 180 sqft (17m2) studio for 6 months that I have fully paid today. If my math is correct, then I should be able to buy more of these small studios or small appartements every 1.5 years and rent them out. Which would generate me after 10 years an income equivalent to what my job pays me now. It seems so straightforward that it starts feeling like a dumb idea. So I wanted to know if that's the case. PS : I live in France, I started work at 25 because I did a PhD. No student loans. 180 sqft studios are popular where I live because of university, each of them is worth 30-35k € and are rented for 280-320€ per month. [link] [comments]  | ||||||||||||
| Anxiety with my finances and worrying about spending too much. Am I spreading myself thin? Posted: 28 May 2021 06:52 PM PDT I have recently moved into my own apartment at 25. I have a decent office job that's stable. I've got 4K in savings and after all my monthly bills are paid I have $550 left over. Am I leaving my budget too tight for any emergencies? I think that I'm in a decent position but lately I'm so cautious about spending and really anxious about my finances. I think I just expect the worse to happen. This is still a learning curve for me and I'm new to budgeting. [link] [comments]  | ||||||||||||
| I'm in credit card debt and don't know how to fix it! Posted: 28 May 2021 04:40 PM PDT Okay so. Before the coronavirus pandemic, we were in good finances. My credit score was right beneath the excellent spectrum and my husband's was good. Long story short, the pandemic has caused us to go into debt and deplete our savings between medical bills and some relocation and housing issues. We're 15000 in the hole and now living paycheck to paycheck trying to pay it off. But the interest is making it so hard. It's like we take two steps forward, and 1.5 steps back every month. First off, I am totally ashamed about the debt. I hate it. I didn't realize it is the norm for most Americans until recently my husband told me most of us are actually in debt. My credit dropped to 650 in less than a year 😥 and is going to continue dropping if I don't figure something out fast. My mother, who is not in debt and is actually quite wealthy came into a large inheritance and has offered my husband and I a good amount of money to put down on a house as a gift for our family. She doesn't know about the debt. I told her that we accept the offer, but we are going to wait until next summer to act on it so we have time get our finances in order. I don't feel good about taking her money to spend on a house when we are in debt like this and I'm afraid to tell her. My husband suggested that we just be honest with her and ask if we can use a chunk of the money she's offered us to pay off our debt. It would be gone in a blink, a very attractive thought to me. My mom is really generous, always giving her money to people who need it and helping people. I know she has a lot of money but I feel so guilty about our debt and am ashamed to tell her, but at this point I feel like my husband's suggestion is the only way to correct our situation before it gets wildly out of control, and damages our credit to death (I know sometimes laying off debt too fast can damage credit too?). I know most people don't even have the opportunity to ask their parents for help and so I am grateful. But I just feel so ashamed! Idk what it is, I can't explain it. My mom is so kind and generous but her standing in life is kind of intimidating and she taught me to be smart with my finances and I felt like I was but the pandemic just screwed us over so bad. Should I tell my mom and ask for her help? Edit to say: please be kind! I already feel really low about this to the point of asking strangers for advice. [link] [comments]  | ||||||||||||
| bought my leased car. Need advice on what to do next. Posted: 28 May 2021 08:17 PM PDT The residual on my 2018 Infiniti Q50 with ~34K miles was $21,328 + TTL. The car's value is currently at 28-29K due to the crazy market. I financed the car through my credit union for 48 months at 2.59%. First payment is in 90 days. $500/month. The car has about 3 years of warranty left. Would you sell it to pocket the equity and buy something used or keep driving it for now? Curious what you fellow redditors would do. I was considering buying a 2015 Q50 but would end up spending more on a car without warranty given the current prices. Doesn't really sense to do so. Thx for reading [link] [comments]  | ||||||||||||
| 38 Years Old Financial Checkup Posted: 28 May 2021 07:53 PM PDT Hello, I am 38 and doing a bit of a financial checkup and looking for advice and recommendations. My goal is to save more cash, but I am also not sure if I am saving enough for retirement. I also don't want to over-save in non-liquid retirement accounts (if that's even possible). My employer has a pension plan which requires a mandatory 9% contribution. I am also currently sending 2% of my gross income to the optional 457b retirement account through my employer. After some research it looks like I should be targeting at least 15% to my total retirement so I plan on boosting my contribution to the 457b to from 2% to 6% which is reflected in my budget below. I have recently paid off some 0% interest promotional project loans which has freed up monthly cash flow (approx. $2k/month) which I plan to divert into my high yield savings account ($1,800) and Betterment ($200). Budget Gross Income $144,000.00 Gross Monthly Income $12,000.00 Pension Contribution (9.5%) $1,140.00 457b Contribution (6%) $720.00 Monthly Net Take Home $6,656.00 - Monthly Net Expenses (70%) $4,637.00 - Monthly Net Savings (30%) $2,018.00 Liquid Assets: - Cash & Emergency Fund $30,000.00 - High Yield Savings (ally) $7,000.00 Liquid Assets Total: $37,000.00 Post-Tax Investments: - AAPL $5,000.00 - Betterment (70% stocks) $13,500.00 (Deposit $200 per month) Post-Tax Investments Total: $18,500.00 Pre-tax Investments / Retirement Accounts: - Vanguard Traditional Rollover IRA (VFIFX) $55,477.00 - Employer Pension (annuity, mandatory 9% of gross income) $95,000.00 - 457b (VFIAX 64%, VBTLX 14%, VTIAX 22%) $24,000.00 Pre-Tax Investments Total $174,477.00 Debt: - Car Loan $25,000.00 (60month, 2.95%) - Mortgage $150,000.00 (30yr fixed, 22yr remaining, 3.625%) Debt Total: $175,000.00 Assets: - House ~$400,000.00 Thanks for any advice or recommendations! [link] [comments]  | ||||||||||||
| Taxed different rates on paychecks? Posted: 28 May 2021 02:28 PM PDT Sorry if this is a stupid question, I just can't figure out why. I started a new job about a month ago, the first paycheck was only 1 week of work, I was taxed @ ~21% total (What I was estimating), now I get my second paycheck, I am taxed at 26.6%. My filing status and exemptions are the same, no update of address or anything. Why is this?
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| Received an offer! Help with Salary Negotiation Posted: 28 May 2021 03:58 PM PDT I received a job offer today! I was told early on the range would be 80k-120k. The job offer is 82k base with eligibility for 5k bonus every quarter based on revenue (I really hate this bonus structure, but this is a startup so I understand I guess) My target is 115-120k, and I honestly may walk away if comp is less than 115k. I am a finalist for 2 other jobs that are in the 115k range. However, if this job does offer at least 115k, I will take it, as it is the best career wise. I wrote an email to the hiring manager, after receiving an emailed offer, that said " I really appreciate the job offer! (Company Name) is my top choice and I sincerely want to join the team. Based on the skills needed for this position, as well as insight gained from exploring other opportunities, my target compensation in this job search has been 120k. Would we be able to bring the base closer to 100k? Can you also please explain a bit more about the quarterly bonus revenue goals? How do these goals compare with last year's (are they much more aggressive, etc.) , and were last year's goals achieved each quarter? *bold is just for this Reddit post. I actually would like 100k, but I'm worried by my verbiage, the company may come back with 95, or worse something lower than target? I was worried to say "Can we do 100k" bc naming a number can be very black and white. If they come back with say 95 or lower, I think I would then go back a 2nd time and say, "How about we say 98 and I will sign write now?" Bc I really am looking for something between 115-120. And not 115 or lower Please help, thanks. [link] [comments]  | ||||||||||||
| Has anyone taken adv of the used car market? Posted: 28 May 2021 08:57 AM PDT With the used car market being so hot right now have any of you sold or traded in your vehicle? We have a 2017 accord touring with 44k miles and carmax site gave an offer of $24k (I put excellent condition as it has one nickel sized ding that can be popped right out). Our same vehicle with 70k miles is at a local dealer asking $30k 🤯 [link] [comments]  | ||||||||||||
| I opted in to a managed 401k years ago. Need help firing my account manager Posted: 28 May 2021 03:25 PM PDT Growing up, I never paid much attention to my long term finances. Several years ago I signed up for a managed 401k with a 1% annual fee. I was single with no kids. I figured that paying someone to manage my account would help my money grow faster, right? I've since learned that more than 90% of managed accounts do not outperform the market. My guy takes his fee even if my account underperforms ☹️. Add insult to injury, the 1% annual fee can amount to HUGE losses in potential growth once compound interest is factored in. The most embarrassing part is that I tried to fire him once already but he had slick answers for each of my objections and used pressure tactics to talk me into sticking around. I'm in my mid 30s now, married with a kid + a bun in the oven. I'm ready to take control of my finances for my family's sake. Reddit , what do I need to know before I call my account manager and let him go? [link] [comments]  | ||||||||||||
| Posted: 28 May 2021 08:16 PM PDT Here is the email (sender info etc removed), but this is the email verbatim - can someone explain if this is actually legit or how this scam works?
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| Just graduated from high school and received a nice chunk of change. What's my next move? Posted: 28 May 2021 02:01 PM PDT I received roughly 5,000 dollars from my graduation parties and what not. I want to turn that 5k into more, but I'm not positive on what to do next. I do not plan on going to college, I have a car that runs decent, and I currently live at home. [link] [comments]  | ||||||||||||
| Posted: 28 May 2021 03:58 PM PDT I went back through statements and found this happening each time I had a return or a credit from a "10% back at Petsmart" type of deal. Basically they show the statement balance net of that, but they still consider my payment short and charge me interest. Is that right? Also, how far back can I dispute these? Yes, I am dumb and haven't been noticing that they were charging me interest on a card I thought I was always paying in full. [link] [comments]  | ||||||||||||
| Salary negotiations without ability to leave Posted: 28 May 2021 07:34 PM PDT I love nearly everything about my job. It's a small team that works together very well, my tasks are autonomous, I can work from home as much as I want, it's close enough that I can bike to work anytime, I schedule my own time and can take unpaid vacation anytime and it's regarded as one of the best workplaces in the region of its sector. The only part I don't love is that despite working there 5+ years, there have been no raises above cost of living increases (~3% annually) and it pays well below other sectors and without any insurance/PTO benefits. I know the typical r/pf advice is to bail and find something else, but this is a relatively small region and the only similar options I've found are less appealing work and we're settled here for a long time (house & kids in school). I don't need to make more money, but it's annoying that there's no opportunity for raises. I also am a major part of budgeting so I know that there isn't extra to pay. We do good stuff but basically have zero margin. Has anyone in a similar situation found a way up? [link] [comments]  | ||||||||||||
| First Car, up to around 9-10k budget Posted: 28 May 2021 07:28 PM PDT Okay so recently very serious things have occured and due to that i will have a decent amount of cash in my pocket cause of it. I am going to buy my first car with some of the money and i want some advice on what cars would be good to look at, and what to look out for/what is best to do when dealing with dealerships. used or otherwise as this is all new to me. My budget is 10,000 but there is some wiggle room just incase, as long as its good on gas and reliable and wont kill me with insurance i am all for it. also big and comfortable enough (im 5'10) im not tall or fat by any means but im fairly big so id like something i can comfortably step out of. i plan on buying it outright, no financing if possible. any advice or suggestions? [link] [comments]  | ||||||||||||
| Posted: 28 May 2021 07:12 PM PDT When sending my manager my bank details, I didn't write it exactly as it is on my card. Instead of N R Miller, I just wrote Nicole Miller. My bank details are all correct though. Will I still get paid or will the money not go thru into my account because of the name situation ? & how easy is it to get sorted. I'm in the UK btw [link] [comments]  | ||||||||||||
| Need guidance on how to properly allocate my 401k distributions. Not sure where to start. Posted: 28 May 2021 04:47 PM PDT 25 yr old male. Graduated from college approx 9 months ago and got hired on by a company working full time. 401K is through fidelity. Employer matches up to 5%. Currently investing 5%. I've been wanting to learn / get a grip on my personal finances with the goal to save as much as possible while maximize my ROI. Currently, 100% of my distributions are being invested on Fidelity Advisor Balanced Fund Class M. I know this isn't the most optimal. However, there's so many options I am not sure where to start. Account value is $3,223.56 ( I know not much). Which is why Iam trying to optimize it. Here's a list of all my options for distribution via my company's payroll/ HR system. Bond - Fidelity Advisor Government Income M - 0% - Fidelity Advisor Limited Term Bond M - 0% - Fidelity Advisor Strategic Income M - 0% - Fidelity Advisor Total Bond M - 0% Equity - Fidelity Advisor Balanced M - 100% - Fidelity Advisor Dividend Growth M - 0% - Fidelity Advisor Equity Growth M - 0% - Fidelity Advisor Equity Income M - 0% - Fidelity Advisor Freedom 2005 M - 0% - Fidelity Advisor Freedom 2010 M - 0% - Fidelity Advisor Freedom 2015 M - 0% - Fidelity Advisor Freedom 2020 M - 0% - Fidelity Advisor Freedom 2025 M - 0% - Fidelity Advisor Freedom 2030 M - 0% - Fidelity Advisor Freedom 2035 M - 0% - Fidelity Advisor Freedom 2040 M - 0% - Fidelity Advisor Freedom 2045 M - 0% - Fidelity Advisor Freedom 2050 M - 0% - Fidelity Advisor Freedom 2055 M - 0% - Fidelity Advisor Freedom 2060 M - 0% - Fidelity Advisor Freedom 2065 M - 0% - Fidelity Advisor Freedom Income M - 0% - Fidelity Advisor Growth Opportunities M - 0% - Fidelity Advisor Mid Cap Ii M - 0% - Fidelity Advisor New Insights M - 0% - Fidelity Advisor Overseas M - 0% - Fidelity Advisor Small Cap M - 0% - Fidelity Advisor Strategic Dividend & Income M - 0% Money Market - Fidelity Government Money Market Dly Mny - 0% Any additional advice relating to personal finances is highly appreciated. [link] [comments]  |
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