Personal Finance Father is soon to pass. Please help, any advice appreciated. |
- Father is soon to pass. Please help, any advice appreciated.
- More people should be using and recommending the personal finance wiki
- Got an offer, countered, but received no response yet & have work on Monday
- 18 year old with 26% interest car loan
- Recruiting company offering me a $55k raise for a 6 month contract that is likely to turn into a full time job
- Bought a mobile home, got scammed, what's the best way out?
- Bank refeusing to refund $800 fraudulent charge from debit card
- I’m an idiot and signed up with a wealth management firm, please help!
- Sold our house for way above asking price. What is the most cost effective plan to get into a new house?
- How to afford rent in NYC on 50k salary?
- I’ve been working my first job for about 4 weeks and I haven’t yet been paid and they never had me out any paperwork either
- Got a scam text that from chase that said my account was suspended for suspicious activity
- Relative $10,000 upside down on $1,000 car
- Paid off an account and credit score dropped 31 points. Is this normal?
- Mortgage loan officer not communicating
- Does credit utilization rate matter?
- How long do you have to switch car insurance when you move to California?
- Types of Banking Account for Wealthy Clients
- Am I stupid even considering taking out a student loan?
- I need help calibrating my priorities (Long Read)
- Which loan to pay off first...HELOC or car?
- Living in Texas (no state income tax) and getting a job with a company based in an income tax state-how does this work?
- Up until today I was always told I didn’t have to pay taxes because I was a minor. Now I know I should have paid the last two tax seasons.
| Father is soon to pass. Please help, any advice appreciated. Posted: 19 Jun 2021 07:52 AM PDT My father is being brought home today for hospice care. His ability to communicate is very diminished and his liver disease is causing his mind to fade. I am the power of attorney and I have a very supportive family of aunts and uncles (his brothers and sisters) and we all make unified decisions. For the first time in my life I am taking the lead in a dying/hospice scenario and like I said my family is very supportive and helpful and we all communicate well. However I am lost on what financial things I need to do next. What I should look for/think about. How to get everything processed for his death. He has banks, TCF bank. I recently learned he has life insurance but I can't find any paperwork yet. The two cars and I can't find one of the titles, car insurance. Also I don't know what I need to do to process his Medicare/social security properly. The hospice is being fully covered and we won't have any expenses from that. The family is all coming together for funeral expenses. My father wants to be cremated and not buried. Any help or assistance would be greatly appreciated. I have a lot going on and I am hoping there are things I can get help with that I may be not thinking of. Thank you all. [link] [comments]  |
| More people should be using and recommending the personal finance wiki Posted: 19 Jun 2021 03:08 PM PDT Seems kinda weird how most people here give worst advice than whats on the wiki. The mods put so much time into it, I feel like its not being used to its fullest potential. Also it should be a rule that before you post you check the wiki. Seems like if we as a community followed this advice we could become more efficient and not waste peoples time asking questions that are easily answered. And it could also prevent people from consuming bad information from people who are not knowledgeable on the subject. Just my two cents. I love the r/personalfinance wiki. I'm in high school and its the best resource I've ever used. For Example on this post: https://www.reddit.com/r/personalfinance/comments/o3g3kl/im_an_idiot_and_signed_up_with_a_wealth/ The top comment recommends the bogleheads.org wiki, when they should recommend the investing section of the r/personalfinance wiki https://www.reddit.com/r/personalfinance/wiki/investing Similar thing with this post: https://www.reddit.com/r/personalfinance/comments/o36zsq/credit_score_487_accounts_closed_single_mom_no_job/ This persons questions could easily be answered using the wiki. Same with this post: https://www.reddit.com/r/personalfinance/comments/o3dcl2/18_year_old_with_26_interest_car_loan/ [link] [comments]  |
| Got an offer, countered, but received no response yet & have work on Monday Posted: 19 Jun 2021 08:54 AM PDT Everything feels very rushed and it's stressing me out. I received an offer Friday night to start on Monday. I already work with them part-time, so I'm just switching full-time. For that reason I can kind of understand why everything is so last minute? But anyways, now I'm confused on what to do because I'm going to go into work on Monday full-time before they respond to my negotiation email. Wtf do I do? Lol [link] [comments]  |
| 18 year old with 26% interest car loan Posted: 19 Jun 2021 03:48 AM PDT Let me start off by saying that yes I know this is the stupidest thing I could have done but I'll learn from this. In January of 2021 I went out with my dad and financed a 2010 Dodge Challenger srt8 at 699 a month 26% interest, the loan is under his name but I am the one who is maintaining the car and making the monthly payments. My question is what do I do to quickly pay off the car as soon as possible because I currently make 3650 a month and 699 goes toward the loan, 200 towards groceries, 105 towards insurance, 76 towards phone bill and about 150 a month towards gas. That leaves me with around 2420 a month ,should I make extra payments towards the principal or save up 20k which I can do in about 9 months to do a full payoff. I don't think refinancing is a choice right now as my dads credit score is not so good and I'm currently 6 months into building my credit score and I have been making all of my credit card payments on time and have been keeping the utilization below 30%. [link] [comments]  |
| Posted: 19 Jun 2021 10:55 AM PDT Edit: I'm not in the bay area. One redditor pointed out that $200k salaries there are more like $120k where I'm at. Cost of living here is significantly less than, say, San Fran. I currently make $70k. I have a wife (stay at home, non-negotiable) and two younglings (2 years and 2 weeks). I've always been very good at budgeting, and thus we've always got along fine on my salary, but recently I've been teaching occasional night classes as well to help bring in roughly another $8k a year at the local community college so that we can save and pay student loans a little more aggressively. I am 27 years old with a BS in Software Engineering. I very much enjoy my current job, I like my boss, I like my coworkers, and I love how flexible it is. Furthermore, I love teaching so much so that I'd do it as a hobby. I also get perks like encouraged personal and professional development, a dirt cheap master's, and pretty good benefits. The only qualm I have with it is that it's low-paying, incredibly boring, low-stakes, and just overall pretty easy. That being said, I've always been sought out by recruiters as I have a very solid background for a younger professional (I meet some of the more ridiculous requirements you see on SE job applications in terms of experience with tech stacks, started a contracting company out of college and decided to sell my shares when I had kids). I have always just ignored recruiters pretty much since I started working, and finally I decided to respond just to get a feel for what was out there. I have been underpaid in upper/senior SE positions for a few years now, and I wanted to know what I'm worth, not to mention with a newborn I'd like to earn more. The first recruiter I responded to got me an interview and offered me a 6-month-to-hire contract at $60/hour, and said that the company I'd work for will fully onboard me for a $125k salary once I'm hired. The position also sounds like it would be interesting work, which I'm severely lacking in my current job. Obviously, this is a substantial pay raise, so I'm wondering if anybody has had experience with a situation like this, and if so, how did it turn out? Is this common? Is this even worth considering, given that I have no guarantee of getting hired? The recruiting staff has indicated that most of their placements for this company's positions are hired, but I also understand that they'll probably say anything I want to hear just to get me to interview. Interview is next week. What are your thoughts? Good financial decision to risk job-searching in 6 months? Edit: Updating stuff here from early discussion.
I'm getting notifications for some responses but they don't show up when I navigate to them. I'm assuming they're either being moderates or not cached when I refresh. My apologies if I missed your response, I'll keep refreshing :) [link] [comments]  |
| Bought a mobile home, got scammed, what's the best way out? Posted: 19 Jun 2021 08:40 PM PDT My husband and I live in Alaska. In 2017 we bought a mobile home (in my husband's name) to get out of a moldy apartment. We didn't have much of a choice because the market for rentals up here is prohibitively expensive for normal folks and extremely pet-unfriendly as well. The mobile home turned out to be in much worse shape than expected and the inspector did an incredibly poor job of inspecting the place. For the last four years we've been fixing things like the furnace as they break. We also caulked things that should have been caulked in the first place where we still could. Contractors would keep ghosting us after having a look at the place, however. The credit union who gave us a loan for the home decided just a few months later they were no longer going to bother with homes of this age. A guy who works at a hardware store gave me his number a while back and I decided to text him, since we weren't hearing back from more contractors. He had a look at the place and he told us in no uncertain terms we needed to make a plan to get out, because we were sold a thoroughly rotten home with a fresh coat of paint on it. There's all sorts of other things wrong with it too, just adding to the rot problem; from poorly installed windows to an old, saggy membrane roof. To 'repair' the damage we'd basically have to strip everything down to the trailer frame under the home and completely rebuild it. This thing is done. He mentioned a chapter 11 bankruptcy, but from what my husband was able to find out that'll haunt us for the next decade and make it impossible to rent or take out loans for anything. We have about $44,000 left to pay on the mortgage and we are pretty sure we can't sell it for that much. My husband will be trying to pick up extra hours to pay off some other debts like hospital bills for the time being. The whole reason we got into this mess is because we were inexperienced buyers on a time limit. I wasn't even in the country when the deal got closed due to family business. I made this throwaway account to get financial advice from people who know what they are doing and aren't trying to screw us over. Any advice would be greatly appreciated. [link] [comments]  |
| Bank refeusing to refund $800 fraudulent charge from debit card Posted: 19 Jun 2021 11:17 AM PDT Howdy! I had a $800 fraudulent charge mid-May--guess someone wanted to buy something from Nordstrom Rack (I'm guessing they bought a bunch of gift cards?). The last thing I bought from Nordstrom was some Raybans back in 2014. The closest purchase to that $800 charge was me buying dogfood at Petco. I caught it the DAY of the charge as I check my accounts pretty often. I immediately canceled the card and went to the bank to get a new card and to apply for a credit card (which I have now--lesson learned). However, the bank just got back to me today saying that charge will remain permanent. Aside from requesting the branch manager first thing Monday to escalate this, is there anything else I should do? It's a small credit union so either way, I'm thinking I swap banks soon... :( [link] [comments]  |
| I’m an idiot and signed up with a wealth management firm, please help! Posted: 19 Jun 2021 06:28 AM PDT I may have made a huge beginner mistake. Last year I opened up a Roth IRA and a taxable account through a wealth management firm. I'm clueless when it comes to investing and what to do, so that's why I went to the firm. I have roughly 70% stocks, 20% bonds and the rest cash. Roughly $30,000 total between the two accounts. When I login, I see all sorts of stuff I have, and have no idea what it is, I'm just trusting the firm based on their great reviews. So there's one mistake. Another mistake is that I probably don't even need what I have to be managed, since I just plan on depositing once a year and that's it. Worst of all, the total price that is being deducted per quarter....is 0.35%, that includes all deductions, investments purchased, their fee etc. Ugh, so how dumb am I? The account has done well so far, yet I'm definitely worried about the deductions adding up over time. Isn't 0.35% per quarter extremely high? Or is that average? What can I do? Stick with them if they've been doing well so far, or somehow break off ASAP? Please help! [link] [comments]  |
| Posted: 19 Jun 2021 05:21 PM PDT We put our house in the market 2 days ago assuming we would would have time to think over our next steps. We wanted to take advantage of the low interest rates and get a slightly bigger house in the process. Boy were we shocked when we got over 20 offers instantaneously, well over asking price, with no one even bothering to seeing the house yet. We have now accepted a cash offer $120k over what we paid on a house that we bought only a few years ago. And only ONE day on the market. Obviously this got us thinking… If this is the new normal, there is no WAY we can afford a better house right now with people putting up cash offers tens of thousands over the asking price. What is the most frugal way to utilize this unexpected windfall towards owning a home in this area? (Sarasota, FL). Do we rent for a year, eating away about $16-20k in the hopes that prices go down a little. Or does the math usually workout that if we use this extra money towards a new house immediately, the increased price of the new house is canceled out? Sorry if this doesn't make sense. We really didn't expect to sell immediately and for so much. We have so little time to make a decision now. [link] [comments]  |
| How to afford rent in NYC on 50k salary? Posted: 19 Jun 2021 12:49 PM PDT So I'm a male/35. I recently restarted working again after having a disability for years. I had to enter into a new industry and start from the bottom. My take home is around 2700-2800/month and if I go by 30% of your net income or 40x's rule it's impossible to find a place in that price range. I still have a disability and unfortunately can't have a roommate. Am I out of luck or are there certain programs? I called local PHA and they couldn't help me because I make more than the requirement for section 8 and too little to afford a place. [link] [comments]  |
| Posted: 19 Jun 2021 08:38 PM PDT Hey everyone! Just have some questions related to my job that I started a few weeks ago. I started working on May 25th, and they never had me fill out any paperwork before I started. I also haven't yet been paid at this point either…. I just assumed that this is how it is when you first start and that they'd pull me into the office to fill out everything eventually, but my family is telling me that this is wrong, and that the place I work is violating labor laws by not having me fill out anything for taxes/working there, and not paying yet. I'm going to try and speak to a manager tomorrow during my shift. Anyone have any thoughts on this or any other advice? Thanks! [link] [comments]  |
| Got a scam text that from chase that said my account was suspended for suspicious activity Posted: 19 Jun 2021 05:30 PM PDT I got this text just right now and I mindlessly clicked on the link but backed out fast as soon as I realized it was a scam. The link didn't load to anything and I can't reach customer service because they are closed right now. What do I do and what info can they get from me clicking that link? [link] [comments]  |
| Relative $10,000 upside down on $1,000 car Posted: 18 Jun 2021 06:55 PM PDT My wife's aunt was trying to contact us, apparently she needs someone to co-sign. I'm not sure why MY name was top of mind. I wouldn't co-sign a hotdog for my own blood relative, which my wife let her aunt know in no uncertain terms (wife's got my back here). Apparently aunt qualified for help getting a mobility scooter, but now she needs a minivan to cart it and wants to trade in her sedan. Wife and I agreed we could gift her some $100s for down payment, just no cosigning. (We're not ungenerous; we just want to be able to choose our liability up front.) Further texting reveals she still owes $11,000 on the sedan. I don't remember exactly what it is, but picture a 2005 Chevy Malibu or equivalent. Certainly not worth more than $1,000 private sale. She did NOT buy it new. She has been making payments on it - for YEARS. Wife and I are like - WTF? How does this even happen? [link] [comments]  |
| Paid off an account and credit score dropped 31 points. Is this normal? Posted: 19 Jun 2021 06:17 PM PDT I have two accounts. A student loan and a car financing. I just paid off the car. My credit score dropped 31 points. Why? This normal? [link] [comments]  |
| Mortgage loan officer not communicating Posted: 19 Jun 2021 12:50 PM PDT Hello ! I have a terrible loan officer for refinancing my home. I am now on my second extension. I had to have the bank manager contact him so I could find out what is going on. Does anyone have any advice? I have already paid for my appraisal which was way above the estimate. He has assured me everything is fine but we are going into the 5th month . [link] [comments]  |
| Does credit utilization rate matter? Posted: 19 Jun 2021 06:59 PM PDT I am trying to build credit. I see some of the website mention that I should keep it below 30%, but I only have $500 credit on my first credit card. Does it really matter? Or as long as I pay the statement on time is okay? [link] [comments]  |
| How long do you have to switch car insurance when you move to California? Posted: 19 Jun 2021 07:02 PM PDT Hello all, if moving to CA from another state, how long does one have before they're required to change their existing insurance policy to that state? I read online that it's usually between 30 - 90 days, but I can't find the specific rule for CA. [link] [comments]  |
| Types of Banking Account for Wealthy Clients Posted: 19 Jun 2021 05:38 PM PDT Hi everyone. I have a hypothetical question. Let's say a family member offered someone 500k to do as they please. Given COVID-19, high inflation rates, a potential housing bubble, a near 0% interest rate, and a pretty high unemployment rate, what type of banking account should he/she open up to place the money in? Is it best to open up a checking and/or savings account at a local, regional bank or with the JPM, GS, or Bank of Americas of the world? [link] [comments]  |
| Am I stupid even considering taking out a student loan? Posted: 19 Jun 2021 06:51 PM PDT Hey friends, currently thinking about taking out a loan to finish school. I have an okay job that somewhat helps with my tuition and I can pay for my school without having to skip meals to afford it.... however I am considering taking out a loan through fafsa, that is interest free until I graduate. With all the talks of student loan forgiveness, should I just take out a loan and pay it back in full if student loans aren't forgiven by the time I'm graduated? [link] [comments]  |
| I need help calibrating my priorities (Long Read) Posted: 19 Jun 2021 06:50 PM PDT The Summary: I have roughly 30k in savings and need to choose between car ownership, future home ownership, emergency savings, and investing. I am not under the impression that I could comfortably do more than two of these. I can not change my immediate money situation but I'm looking for guidance on what to do with what I have. The Story Bit: I'm turning to the advice of strangers because the "adult adults" I know are bad with money and my similarly aged friends are, seemingly, unconcerned with the same things that I am because they have an emotionally secure relationship with financially secure parents. I do not. I'm going to be 30 this year and I make roughly 30k a year as a single person. I've managed to acquire 30k ish in savings in the last three years. I've done what I can to keep my expenses low without completely depriving myself. I rent a room from a family member, I meal plan in order to eat leftovers with some frequency, I don't own a car but instead I have driven a large scooter for the past 9 years. I have an "Excellent" credit score. I have 12k in student loan debt with payments on pause until...whenever the government decides to do something or not do something (more on that later). I already put some "crisis" money in a High Yield Savings Account. I have been with my company the last three years and recently took a slight pay cut to take a new position so that I could be less miserable and I am comfortable staying in this position for some time yet to see what I can learn and how that can help me in the future. Problem being, of course, I am not earning enough to meet my goals. I am not maxing my 401k currently which I know is somewhat verboten around this sub (with good reason). I'm understanding that I'm going to have to pick up a "side hustle" to get where I want to be financially. *Is putting all of my eggs in one basket for a house down payment foolish? Context: I think I know the answer to the above question but I'll explain my reasoning. I realized at the beginning of this year that my number one goal is home ownership. More than anything, for the whole of my life, I've wanted a place to call mine without having to tip-toe around others. I've considered the pros and cons of renting because I know that I'm probably in the category of people who should give up on wanting a house but I've decided that it's all I want. I've already made a lot of compromises in my life and this is one I don't want to make. I don't know what the future of remote work looks like but if I could work "anywhere" then I could live "anywhere" as long as a place didn't make me miserable. I haven't decided on a place to live yet but I'd like to be able to put down 10% at least to get a place that is decent to very good. If I keep saving over the next two years I might just be able to make it. But this means not having savings for anything else and I know that's bad. I know timelines should be arbitrary but a house is the thing I long for most. *Should I stick it out with my scooter or finance a used car to diversify my credit? Context: I don't have a car license and I don't have a car and I don't know how to drive a car. My parents were averse to enabling me to drive as a teen and we were a single car household. When I got to university I paid $1500 for a scooter (a big, fast one) and a motorcycle license and this has been my primary transportation since. Each year or two it requires a pricey repair (therefore, I've repaired it for more than it's worth) but I reasoned that it was cheaper than making payments on a car and insurance (my state doesn't require insurance for motorcycles!). It gets 60 mpg. But my bike is getting long in the tooth and there are tasks I can't do with my bike. If I live almost anywhere else having a motorcycle would be useless because of the weather. If I buy a car outright or put 50-75% down this could take a third of my savings (and I'll need driving lessons). A car would bring certain benefits with it and I imagine it might help to diversify my credit but it's going to be an arduous process. I think it would be reasonable to spend 7-10k on my first car, and a used car at that, but I don't know if I should just get something cheaper and deal with it. I know financing might increase my debt to income ratio. If the government can forgive even a bit of my student loan debt, then I'm golden. If they don't, I'm not sure if lenders (auto/mortgage) take that ratio at face value or, because everyone has student loan debt, I'll be fine. *Where should my emergency savings sit in all of this? Context: Common wisdom says to have at least 3-6 months of your monthly expenses saved. You should save more depending on your situation. I can attest that having several months of savings really eased my situation when the pandemic hit and I was furloughed and unsure when I could work again. In theory, I'd save all of my money for an emergency. In practice, that's not practical. My current savings are a year's salary. Putting half down or one third or twenty percent away for emergencies would take a big chunk of my house fund. I know I should collectively view this as a "life fund" and prioritize survival because I wouldn't want to be penniless if the house plan goes bottom up. *Investing Context: Easily the lowest priority in all of this. I got excited at the beginning of the year at the idea of investing in index funds to grow my wealth/savings but I faced the same dilemma of using an amount of my savings. I didn't have anyone IRL to bounce ideas off of. I know you can put in small amounts over time because the average person should be building a nest egg over decades vs gambling and trying to pull your funds to finance your lifestyle. Either way, you need money to make money and if the above novel didn't convince you that I'm strapped for cash, well, here we are. In Conclusion: I know people with vastly different incomes are facing the same problems as I am in this economy and I know I'm privileged to have savings to discuss in the first place. I'm trying not to lose hope and be patient with myself and my situation but some days it's really difficult. I appreciate anyone who took time to read this and any insights you have, positive or negative. [link] [comments]  |
| Which loan to pay off first...HELOC or car? Posted: 19 Jun 2021 04:36 PM PDT I've got two loans with pretty much the same interest rate, a HELOC and a car. I owe $9000 on the car which I purchased in 2018 and $37000 on the HELOC. My regular mortgage has about $40,000 left and is on track to be paid off in 2027 which I intend to do. I have no credit card debt and an emergency fund plus have been maxing out my 403b retirement options, so I am working on paying off the car and HELOC now. Does it make financial or any other type of sense to prioritize one debt over the other? Thank you. [link] [comments]  |
| Posted: 19 Jun 2021 05:23 PM PDT I live in Texas and a company in another state is looking to hire me as a remote worker. Their headquarters is in a state that has income taxes. There are only a handful of employees here so I'm not sure if they will pay me out of Texas or their state. How does that work with state income Taxes? Would I owe them for the state they are based in? Or would I be exempt since my state is exempt? Any other questions I should be asking? [link] [comments]  |
| Posted: 19 Jun 2021 06:25 PM PDT My mom kept telling me the past two years, I didn't need to pay taxes yet. Today, I was having a conversation with my boss when I mentioned how lucky I am I don't have to pay taxes. He told me I should have paid the last two years. What do I do? I have no idea how much I owe or how to figure out how much I owe? How do I send money and where do I send it to? I'm so confused; please help me [link] [comments]  |
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