Personal Finance Weekday Help and Victory Thread for the week of May 31, 2021 |
- Weekday Help and Victory Thread for the week of May 31, 2021
- Struggling Dad in school working 2 jobs needing advice
- When do you think the auto chip shortage will end? There’s zero room for negotiations at car dealerships right now
- What are the downsides to taking a personal loan for debt consolidation if the monthly payments would be lower than your current debt?
- I inherited a house that I no longer want to live in but I'm afraid I'll never qualify to buy another house if I sell it. Advice?
- Who gets my portfolio if i DIE?
- Co-signing on a house, name on title?
- Advice on protecting down payment for a house during inflation and oversaturation of buyers, causing an over inflated housing market.
- Need advice regarding elderly mom's finances - no retirement savings - should she sell her house? Or maybe refinance?
- Parents retirement fund
- Question re Savings Bond Limits
- Refinance into new 30 year?
- 25 yr with 30k save and I need some help
- My Mom died, Sister was beneficiary for CDs and IRAs, Dad left with house and medical debt.
- My father is depositing his gf's checks into his account, is this ok? (more below)
- Stuck in the mud 25 year old with nothing to show for..
- Adding current etf price at Google sheet.
- Can my old employer give my bank information to collections? Is that legal?
- Leasing a car and buying when the lease is up
- Changing from a perfect job for more money?
- Payoff Student Loans OR Min. Payments w/ Investing the Rest
- Dad is in Real Estate and is guaranteeing an investment.
- Roth IRA - what to do when I become ineligible mid-year?
- Refund to a canceled debit card - stubhub
| Weekday Help and Victory Thread for the week of May 31, 2021 Posted: 31 May 2021 04:00 AM 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]  |
| Struggling Dad in school working 2 jobs needing advice Posted: 31 May 2021 05:39 PM PDT Hello all, I (25m) am a husband and father of 3. My wife is a stay at home mom and really good at it too. I am currently an apprentice low voltage electrician, and I am also an employee at shake shack. I work at my apprenticeship from 6am to 4pm Mon to Sat for two weeks and then Mon to Fri for a week (60-60-50 alternating hour schedules.). Mon-Thurs I work at shake shack from 5p to 11p. As an apprentice I go to school 1 day a week 10 weeks on 10 weeks off. It's going to start again June 22nd. The reason I am posting is because although I am making good money, I am getting very little sleep trying to support my family and I am worried I cannot sustain this much longer. I have crohn's disease and it's sapping my energy in addition to the lack of sleep. I guess my question is if you guys know if I am eligible for any type of aid in this situation? I am a proud contributor to my community and I am just trying to get through this apprenticeship to when I will be making more money. I'm trying so hard but never seeing my kids is becoming harder everyday. Anyone have any advice? I bring in about $1500 a week on average and I need to make that in order to continue contributing to savings and retirement. For debt I only have a mortgage and loan that was put on a credit card with a no interest promotion for a new furnace and AC. I am happy to give more details. Thanks. Edit: thanks to everyone for all the great advice. I can't respond to everyone here because I am at work (go figure). I appreciate the kind words and everyone who took the time to read this. I hope you are all having a good day and happy memorial day if you're American [link] [comments]  |
| Posted: 31 May 2021 05:23 PM PDT Every dealership I've went to has their price set :/. I'm trying to get a new Corolla hybrid and the market value for that is at 27-28k whereas about a year ago you could get that at 22k. [link] [comments]  |
| Posted: 31 May 2021 03:29 AM PDT Let's say the loan is for $20,000. Monthly payments would be $480 for a total of 4 years. The APR is 6.99% The outstanding debt is a $10K car loan (APR 4.75%) and $6000 of medical debt. Monthly payments towards this debt total $650. They cannot be lowered. Paying off the debt as is would take 36 months. Paying off the loan would take one year longer. Any help would be appreciated. [link] [comments]  |
| Posted: 31 May 2021 08:19 PM PDT I'll start with the TL;DR - I'm being told I should prob sell my inherited aging house in order to accomplish my goal of going to grad school and switching careers. I'm tired of owning this house, but I'm afraid I'll never be able to buy another house if I do sell. I'm having a hard time picturing how having $300-400k and no home is better than having a home + being able to sell it for a at least twice that much when I retire. Help! Here's the long version: I inherited my childhood home twelve years and it has saved my ass during some really tough financial and emotional times. I was in my mid 20's and had no business being a homeowner, but now I mostly have a handle on it. I always imagined using it for rental income and then selling it when I retire, but my husband and our financial planner both think it's obvious we should sell it. I'm pretty risk averse and very suspicious of financial advice after seeing my family turn into greed monsters when my dad died. It makes me suspicious that the financial planner hasn't adequately explained how having a large chunk of cash now is better than potentially having a house worth close to a million bucks when I retire. I will admit that the house is starting to need expensive repairs and I think I'd rather spend money on grad school and switching careers than repairing the roof and foundation and whatnot. I definitely can't do ALL of that without going into a lot of debt. Debt scares me. I live in Austin and I could prob sell the house for around $440k right now (it's fully paid off), but I would probably never be able to afford a house in Austin proper or any non-suburb ever again. That obviously freaks me out. I'm pretty sure I'm done with Austin, but I don't know where I want to go. It feels dumb to sell without a real plan. But maybe the plan won't come till I sell? My biggest worry is that I'll never be able to buy another house period unless I pay cash. I've never had large loans in my adult life and have only recently gotten my credit into the good range, so getting approved for a loan is a foreign concept to me. My husband and I both work in the film industry and I've heard it's really hard for people in the industry to get loans because we switch jobs so often and have long periods of unemployment between gigs. Not sure if it matters but our annual take home after taxes is around $100k and my credit score is 717. I would love any insight you guys have about this situation! Thanks! [link] [comments]  |
| Who gets my portfolio if i DIE? Posted: 31 May 2021 06:55 PM PDT Seriously though? Does Robinhood offer any type of beneficiary option? Ive looked all over the app and i can't seem to find anything regarding that. Looking for any insight on the subject, thanks [link] [comments]  |
| Co-signing on a house, name on title? Posted: 31 May 2021 01:43 PM PDT So my parents recently bought a house. I paid the down payment on it, as well co-signed. I have a stable, well-paid job and I've been wanting to do this for them for a very long time. My parents will be making the mortgage payments. I trust them 100000% but in the event they don't, I'm fully prepared to pay the mortgage as well. The bank and real estate lawyer representing us asked my mom if my name should be on the title, or if I'm just co-signing. Now, my husband and I want to also buy a house in a year or two. I don't want to put my name on the title, because I don't want it to interfere with our taxes, and also later when we go to buy a home. Is my understanding here correct? Can I stick to just co-signing? Thoughts? Thanks! PS: sorry if this is hard to understand, long night with the baby haha [link] [comments]  |
| Posted: 31 May 2021 11:25 AM PDT Hi everyone. I apologize if my title is worded badly, or if this has been discussed to death already. My wife and I saved up for a down payment for a house at the end of last year and started house hunting. We live in the Dallas Metroplex, where a number of people from other states (welcome to all the new Texans!) have flooded to. We did walkthroughs of properties the same day they were put on the market, and there were already 10+ bids offering $60,000+ over the asking price. Some of these offers were in all cash with no inspection. It's getting worse every month. We have known our realtor for over ten years and completely trust her. Her advice is to not buy right now, and to wait it out for awhile. So, my question (finally) is should we wait it out or try and buy right now? If the advice is to wait it out, how should we protect our down payment through the inflation happening? I've read so many articles; posts; threads; etc on the topic, but they all sidestep what I'm needing to know/understand. I've read advice on buying physical gold, Bitcoin, stocks, bonds, etc while other advice is inflation will be temporary and to keep our money in a savings account. What's the best way to protect our down payment until it makes sense to purchase a home? I'm sorry for the long winded post. Trying to give as much information as possible to make giving advice is a little easier. Thanks in advance for taking the time to read and comment. [link] [comments]  |
| Posted: 31 May 2021 06:48 PM PDT Hello everyone, I could really use some advice. I'm trying to help my 74 year old mom with her finances. She is thinking about selling her house and I don't know if that is the best course of action. Here's the relevant info: Mom is 74. Husband passed away 5 years ago. My parents weren't very financially literate and don't have any retirement savings. She lives in FL. The house is a little more than 1800 sq ft and there is about $123,000 remaining on the mortgage at a 4.625% interest rate. Her monthly payment is about $767. Besides her mortgage, the only other debt she has consists of about $9500 of credit card debt (split among 5 cards). Her monthly bills including food, water, electricity, internet, phone, etc total about $500/mo. In addition to monthly bills she also has:
She also recently had a small dental emergency and it looks like that is going to cost about $1700. Her only income consists of social security which is about $1740 / month. She has about $8000 between bank accounts and cash. She is thinking of selling the house because she thinks it is too big for her and it is in need of some work that she can't do and that she doesn't think she will have the money to get done. For example, she said it needed a new roof. She may have lucked out, because due to a recent hail storm, she was able to get about $15k from insurance for that, so it looks like that may be solved. But the bathroom also needs some work, there are problems with the tub and shower not working properly. I really don't know the details or what it would take to fix, if she is looking at a whole new tub or piping? Home repair is really not my forte. The AC also died recently and thankfully I have some money put aside so I bought her a new AC system. She has a friend who is a realtor who thinks with a new roof she could list the house for $205,000 (though Zillow estimates $259,000). She also recently got an offer from Chase to refinance her mortgage to 3.078% which would make the monthly payment about $523/mo. I know this is not the ideal financial situation for someone her age to be in. What do you think she should do? Would it be wise to sell the house, maybe pocket $50k and move into an apartment? Or buy something else like a condo? She's been in the house 40+ years. I don't know if she should sell. The one intangible is that her neighbors have also been there for nearly just as long and they help each other when needed. What do you all think would be the best course of action? What would you do in this situation? Sorry for the long post, but I hope I provided enough details. [link] [comments]  |
| Posted: 31 May 2021 09:02 PM PDT My parents have worked hard all their lives and made a couple good real estate investments so will have a sizeable fund to retire with. My dad is the worrying type and is worried about having some kind of income from investments when he retires. He is fixated on having an at least 7% return for some reason. He asked me for advice and I told him he needs to talk to a professional. Enter my brother in law who thinks he's a pro at investing because he made a couple bucks in crypto. I guess my dad mentioned his problem to him and now BIL is feeding him tons of advice about different things to invest into. BIL doesn't actually know shit about investing and is just going to end up losing my parents a ton of money. I need some way to convince them to get professional advice and get setup up with a stable income when they retire. Can anyone give a recommendation of what to invest into, or who to talk to etc. Would be much appreciated. Thanks. [link] [comments]  |
| Question re Savings Bond Limits Posted: 31 May 2021 07:35 PM PDT We are looking at buying some series I savings bonds for ourselves and our children. With the $10,000 per person limit, we each want to gift 10,000 to each of our three kids. Can we each gift them $10,000, or does the $10,000 limit apply so they can only receive $10,000 each per year as a recipient? So four the two of us and our three kids, can we purchase $50,000 ($10,000 for me, my husband, and each child), or $80,000 ($10,000 for me and my spouse, $30,00 from me to the kids, $30,000 from him to the kids)? I've read all through the FAQs and cannot seem to figure this out. Or would we have to create LLCs to hold any additional per year we wanted to purchase? [link] [comments]  |
| Posted: 31 May 2021 08:31 PM PDT Hi this is probably a really dumb question but I keep confusing myself trying to decide whether or not to refinance my house. My existing mortgage is 22 years remaining of 30yr fixed @ 3.625% balance ~148k. I am looking at a 30 year fixed @ 2.75% which will drop my payments by just over $200 a month. I plan on staying in the house for at least 5 more years. It would be nice to reduce the payments to put more into my 401k. Closing costs would be about $3k and I would need to roll them into the loan. It seems like a good deal for more cash flow now for savings, but I have never refinanced before so I am trying to understand all of the potential impacts. It doesn't seem like rates are going to go any lower, so it seems like if I am going to refinance now would be the time to do it. Let me know your thoughts and if I am making a terrible mistake by refinancing. Thanks! [link] [comments]  |
| 25 yr with 30k save and I need some help Posted: 31 May 2021 07:26 PM PDT So I have saved about 30k the past year and a half living with my parents. I have opened a Roth IRA with fidelity and I'm wondering should I put the lump some in now or passively put about a grand in until the end of the year? I'm kind of in a paralyzed state of not knowing which option to choose. I do hope to put it in the 2065 freedom fund/etfs and maybe a few other things I'm just not sure how to go about it lol. Would love some advice on my next steps. Thanks [link] [comments]  |
| My Mom died, Sister was beneficiary for CDs and IRAs, Dad left with house and medical debt. Posted: 31 May 2021 06:08 PM PDT My sister was executor of my mom's estate. When my mom died my sister was very hush hush and got several death certificates. After some probing I found out my sister was the beneficiary of my mom's CDs, IRAs and even her Life Insurance. She took it all and whatever. Well now my dad is telling me that my mom has unresolved medical bills and they are going to put a lien on the house, it was in my moms name not his. My mom passed about 2 months ago after a lengthy battle with cancer. The bills are worth WAY more than the house, and probably more than the CDS, IRAs and Life insurance combined. Do I have any recourse to secure my dads home for the future? I live in Pennsylvania, US. [link] [comments]  |
| My father is depositing his gf's checks into his account, is this ok? (more below) Posted: 31 May 2021 11:22 PM PDT My father has been dating his gf for a little over a year and she is from another country, she recently moved in with us for 6 months until she has to return to her country since she is on a regular visa, she can't work legally but she is doing so under the table. They were having a problem finding somewhere that would cash her checks, so they decided to just deposit her checks into my fathers bank account. I am fairly young and don't know much about personal finance, but isn't the irs going to see those deposits and wonder where that extra money is coming from? He also put the car that she recently bought under his name while she pays for it, he just purchased a truck for himself as well. I'm just worried that my father could possibly see legal trouble over this in the future. Thanks for reading yall. [link] [comments]  |
| Stuck in the mud 25 year old with nothing to show for.. Posted: 01 Jun 2021 01:28 AM PDT Good morning/evening peeps. I'm new to the community and don't want to start off on a bad note however I've been bouncing between jobs for the last few years. *I got into a bad accident a few years ago and I'm still waiting to see things through however I just feel like this it it for me. There's nothing left in my tank to keep going. Do you guys have any advice how to get out of this seemingly endless rut? [link] [comments]  |
| Adding current etf price at Google sheet. Posted: 01 Jun 2021 12:51 AM PDT Sorry for my noob question. How to add SXR8 etf current price at my Google sheet? What is the command? Thank you. [link] [comments]  |
| Can my old employer give my bank information to collections? Is that legal? Posted: 31 May 2021 10:50 AM PDT Long story short, I used to be a Licensed Life / Supplemental Health Insurance agent. This was about 2-3 years ago. They claim I owe them back pay for commissions on canceled policies and without ever noticing me went straight to collections. So far, I've only received one call from collections, no emails or letters in the mail. They're threatening to sue if I don't work something out with them in the next 30 days. Because the old company I worked for had my checking and routing number (I got paid through direct deposit) is it possible that they gave my bank account information to collections? I'm afraid of collections cleaning out my bank account if that's the case. Is that even legal for my old employer to just give away my bank info / personal information like that? [link] [comments]  |
| Leasing a car and buying when the lease is up Posted: 31 May 2021 03:34 PM PDT My GF is looking at getting a second car for commuting. The salesmen said that leasing it is the best way to go even if she plans on buying. He said that when the lease is up, the only taxes she'll pay is on the balance of the car as apprised to the total if she just bought it. Is that right? Or is there something else to consider? [link] [comments]  |
| Changing from a perfect job for more money? Posted: 31 May 2021 02:33 PM PDT Hey all, I've seen a few posts of this kind of the years and have seen some great advice so wanted to put my own personal dilemma out into the reddit-verse. I am a 30 year old getting married next month, living in Europe, working as a Senior Video Editor for a reasonably known travel company that has been about for around 20 years. I am paid a pretty reasonable wage for where I live in the world and I absolutely love my work, the company, it's culture, the people and everything it offers me in terms of non-financial benefits such as business trips, working from home, autonomy and flexibility. I have also had an annual payrise of about 8-10% over the past 3 years. I have recently been scouted for a position as a Motion Graphic Designer and Video Editor for an online learning platform that is about 3 years old for a pay increase of about 33%. This new company seems nice, but doesn't have the same fun and friendly culture as my current position, with more of a 'start-up', volatile environment with less benefits in terms of working from home and 'company activities' to help the culture of the company and the interactions between employees. As a full disclosure, I am leaning towards not leaving my current company, but I'd be interested in seeing everyone's opinion and if anyone has experience in either decision. I have no debts, no children, but with the thoughts of having them in the next few years and we currently live well within our our means. So, I would like to ask whether you think I should: 1) not leave and stay where I am, using my energy to get promotions/payrise once the coronavirus situation has ended 2) use the offer as leverage to get a salary increase 3) take the job Thanks for you time, and I appreciate any advice! [link] [comments]  |
| Payoff Student Loans OR Min. Payments w/ Investing the Rest Posted: 31 May 2021 12:38 PM PDT Hello All, My wife and I have 110k in SL to pay off. If we were to pay it 100% aggressively, it would take us 3 years. If not, we would make minimum payments (we're expecting maybe up to $1k total/month (we make 130k/yr)) and invest the rest of our extra money. Update: Interest rates are 4.5% to 6%. All are either Sub or Unsub fed. loans. 100% payment would be $3,100/month OR $1,000 to SL, $2,100/month to investing in low-cost, high return, dividend-paying index fund ETFs. So question:
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| Dad is in Real Estate and is guaranteeing an investment. Posted: 01 Jun 2021 12:01 AM PDT My dad has been in Real Estate for over 37 years, and has found a niche in the market that he has demonstrated expertise in, and that has proved lucrative.
Some context: He had some heart issues last year before the pandemic, but handled the vaccinations well, and is doing better. That being said, is health is in question, as he is getting on in years. This is reassuring in one sense, because he says he is working more for us (his children) than for himself these days, which is why he wants to make these investments. On the other hand, if he purchases the properties and dies, leaving us with property and no experience with which to sell it, we end up in trouble. (Sorry if I sound dismissive when talking about my dad's declining health so casually. It has been a heavy weight on the family, but I'm focusing more on the financial aspect for this post.) My brother (who is also financially savvy) is putting in 30k, and my SO and I could together put in 40-50k. Not sure what my sister is putting in. My Question: What questions should I be asking? How will this affect my taxes? P.S.: This is my first time posting in this sub, so apologies in advance if I have broken any rules or misused any flairs, etc. Thank you so much everyone!!! [link] [comments]  |
| Roth IRA - what to do when I become ineligible mid-year? Posted: 31 May 2021 07:44 AM PDT It's really important to me to understand what I'm doing with my money and my retirement. I've been contributing to a Roth IRA for the last five months, but I'm about to change jobs and will no longer be allowed to do so based on my new income. What should I do with the contributions from 2021, step by step, to avoid getting in trouble or future complication? Will a tax person be able to figure this out? I can probably easily figure out the contributions but what about the growth? Also when should I try and fix this, now or later? [link] [comments]  |
| Refund to a canceled debit card - stubhub Posted: 31 May 2021 01:04 PM PDT Two years ago I bought tickets to a concert that ended up being postponed and eventually canceled due to covid. Stubhub originally gave me a 120% credit but recently decided that they would give out cash refunds. They have stated that the refund will be applied to the card that originally purchased the tickets. The card I bought them with was lost and cancelled over a year ago. Stubhub claims that this does not matter and it will still find my account anyway. They are saying that the refund was cleared by my bank. I called my bank and they stated it is impossible for me to receive this money because they delete cancelled cards after six months. I called stubhub again and they assured me my bank was in error and that I would receive the money. Except now they claim it will take 5-8 business days instead of 3-5 as they originally stated. I called my bank again and after transfers to multiple departments and conversations with managers they stated it is impossible to receive this money and started a dispute against stubhub. I planned poorly and need this money desperately. So my question to you is who is telling the truth here. Is it possible for me to receive a refund on a card that no longer exists? Thank you for taking time out of your day to reply, if there is a better sub to post this in, please let me know. Edit - This is the same bank account for both cards [link] [comments]  |
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