Personal Finance Weekday Help and Victory Thread for the week of June 28, 2021 |
- Weekday Help and Victory Thread for the week of June 28, 2021
- My finances are ruined
- $4,000 held check to allow workers into an HOA neighborhood?!
- $70k saved for a down payment but the goalpost keeps moving in this market...
- Waiving home inspection entirely
- Beginner Investing with Vanguard
- I want to save 15% of my income for retirement. Should I open a traditional IRA?
- In 10 hours, I’ll be in an attorney’s office to finalize my first home purchase ever and my feet are stone cold frozen.
- I’m looking at buying a modular home in a park, but the owner is asking $50k (59%) above market. Is it worth it?
- Long term capital gains tax and amt tax credit
- Reality check: Piecing together side gigs to quit job
- My mom somehow has over $60,000 in parent plus loans. How did this happen and what should I do?
- Is it worth it to just keep the whole life policy I've had since 1990
- What should I ask my financial advisor?
- 24 Y/O in search of a financial check-in
- I've shied away from filing my taxes in several of the past 12 years, & some years I haven't filed, I want to get organized & get everything straightened out but not sure where to begin
- $28K worth of credit card debt. debt. Baby on the way. Need to buy a car. Expenses going up. Feel like I'm on the edge of a cliff.
- Renting - Month to Month or Renew Lease?
- Help with advising mom with home sale proceeds and retirement planning.
- Advice for a part-time freelancer?
- Should I buy a smaller condo now and maybe sell in 5-10 years and move, or continue saving for a 20% deposit on a bigger place?
- Can I invest money won from competitions in Vanguard VTI?
- Looking to buy a house while tackling student loans - What additional steps should I be taking?
- Should I invest in an Index Fund before college/post grad?
- 18 yrs old. Should I go to Ally banking and Discover?
- Is it worth it to find a financial advisor? Thanks!
| Weekday Help and Victory Thread for the week of June 28, 2021 Posted: 28 Jun 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]  |
| Posted: 27 Jun 2021 11:23 PM PDT I crashed my brand new car while driving for GrubHub into a tree trying to avoid a deer, progressive won't cover because I had my insurance on the personal option, I have 2 broken ankles and a severe laceration to my knee cap , small crack on my spine and concussion, I won't be able to walk till at least august and since I need screws on my ankles I won't be running so soon, I can't make any monthly payments to anything since I can't work due to my condition , I own 37k to the bank for the car and my next payment is July third, I don't have money and i don't know what I am going to do with my life now, what options do I have ? [link] [comments]  |
| $4,000 held check to allow workers into an HOA neighborhood?! Posted: 27 Jun 2021 08:51 PM PDT My MiL just bought a generator for her house in South Florida. Her neighborhood HOA told her that because they have had some problems with other contractors accidentally destroying landscaping, she needs to write a check for $4,000 that they will hold until they determine there was no damage to neighborhood property by her contractors. Obviously she is using an insured company. How does she get around this? Do I just go with her and yell at them? Is this legal? I should mention there are no cameras who monitors who is doing the damage so it could be anyone coming in and out of the neighborhood including tons of construction companies. Also, HOAs are garbage. [link] [comments]  |
| $70k saved for a down payment but the goalpost keeps moving in this market... Posted: 27 Jun 2021 12:15 PM PDT Hi all! I am 28 years old and bring in about 60K after taxes. I have been saving and saving for a down payment and it seems like I might have missed the "sweet spot" in the market. I am purchasing alone, by the way. My goal was to put 20% down on a house (ideally about 300k). I started working with a realtor about 6 months ago and every offer I made was rejected because I was getting beat out by all-cash offers or people offering $15-$30K over asking price. The realtor said I needed to consider dropping my down payment to 10% and throwing that extra money as a higher asking price and I just couldn't stomach that. I might need to get over this mental block if that's just how to market is going to be. I'm a first-time buyer and the other buyers around me are waiving inspections like no one's business, willing to adsorb the appraisal (not sure if I'm phrasing that right) and overall I just am not sure how I can compete. After this experience, I decided to pump the breaks and save more but the longer I wait, the more housing prices increase. It feels like I'm in a hamster wheel. Also, I'm very lucky because I live in a studio on my parent's property and they only charge me $350 a month so there's not a huge pressure to move ASAP--just that I would really like to have my own space. I have been living with them for 3 years as I work on saving. Anyone else in a similar position? Thoughts or advice? Edit: sorry, I also meant to say that this money is currently in a HYSA which is not bringing in a ton of interest. I'm nervous to put it into stocks in case I need it soon but maybe it's time if this housing market is going to be like this for a while? [link] [comments]  |
| Waiving home inspection entirely Posted: 27 Jun 2021 07:04 AM PDT My wife and I are looking to buy a home in a MCOL area in the southeast US. We recently put an offer in on a home we would love, but we were beaten out when someone else matched our offer and also offered to not inspect the home at all. We had already offered to do an as is inspection. We were given the option to match their offer of no inspection, but we declined as we are just not comfortable spending a half million dollars on a house without inspecting it at all. We offered more money instead but they are prioritizing speed. Our realtor says skipping the inspection is becoming more and more common. Should we reevaluate and consider skipping the inspection in the future? Right now I just can't imagine doing that. Edit: thanks everyone for the validation, good to know we made the right call [link] [comments]  |
| Beginner Investing with Vanguard Posted: 27 Jun 2021 03:44 PM PDT I'm 18m and recently started working. I've been reading that Vanguard is a pretty solid choice for investing but I don't know how to go about it. My only experience so far with Investing has been with Robinhood where I made a few bucks buying stocks, but thats all. For Vanguard, I was thinking starting with $500, pick some etf's and add money to the account every month or so until I have enough to buy an index fund. Is this a good idea? and is there anything else I should know? [link] [comments]  |
| I want to save 15% of my income for retirement. Should I open a traditional IRA? Posted: 27 Jun 2021 05:45 PM PDT I make $68,000 per year. I get paid 24 times a year so that ends up being a total of about $2833 per paycheck. Every paycheck I put $250 into my Roth IRA so I can get the full $6000 contribution limit per year. I put $85 into my 401K, which comes out to 3%. This the max amount my employer is willing to match. I still have $90 left over. Should I open a traditional IRA? Or use some other investment tool? I also save 10% of each paycheck and put it into a high yield savings accoun [link] [comments]  |
| Posted: 28 Jun 2021 01:26 AM PDT Thwy for details. I can't sleep. I feel like I fucked up somewhere. It's too good to be true. People around me who make 75k+ are complaining that they're forever priced out of owning real estate, so how could my broke ass manage with a measly 45k income? I must be missing something. Is the area significantly worse than I remember? Am I underestimating general expenses? What terrible flaw is the building hiding ? To give the numbers: 2bed 1 bath, purchase price: 250k, down payment 55k, mortgage $900/mo, condo fees $500/mo (all inc). Income: monthly take home is about 2700/mo. I'm planning to either rent out the second bedroom or put the place up on Airbnb on weekends, which I think will net an extra $500-600/mo. Expenses currently are limited to student loan repayments ($300/mo), and the occasional takeout/little treat purchase ($100-ish, per Mint) but will probably be around $600 more once I move out and need to be paying for general life necessities (food, transport, internet, toiletries, meds...). The math should work out but I feel like I'm looking up at the sky and missing a canyon. [link] [comments]  |
| Posted: 27 Jun 2021 04:24 PM PDT I'm looking at buying a 1,100 square foot 3 bed 2 bath modular home build in the mid 90s in a mobile park. It is valued at $85k online, and there seller is asking $135k. Lot rent will be around $610 a month and includes water. The park is well-managed and maintained, located in the Pacific Northwest. I know the seller and have been offered the house before it goes to market. I currently have about $30k in equity on my current place (single wide 2 bed 2 bath), and I have a possible buyer lined up already. With the market as crazy as it is right now, I know he won't have trouble getting his asking price if it goes to market. My concern is that if I go in anywhere near asking, I doubt the home will ever actually be worth what I paid for it. But other modulars in the area are much older, and the lowest houses are going for $400k in areas I don't want to move to… is it worth it, or am I better off waiting for the market to calm down? [link] [comments]  |
| Long term capital gains tax and amt tax credit Posted: 28 Jun 2021 05:01 AM PDT Hello Fellow Redditors, I am trying to understand the pros/cons of exercise and hold vs same-day sale for ISO's (stock options). And while searching through the internet stumbled upon this example https://kbfinancialadvisors.com/same-day-sale-vs-exercise-hold-case-study/ The example is a good one. But the math behind exercise and hold on that page has got me totally confused. The first thing to point The second grant came in 2018, for 40,000 ISO at the exercise price of $3. To date, half of those 40,000 are vested, giving her 20,000 ISO at this price point. For those 20,000 ISO, she's got a $940,000 bargain element. $50-$3 = $47. $47 x 20,000 = $940,000. To exercise and hold her vested shares from her 2018 grant, it would cost her $120,000. -- Wouldnt the cost, in this case, to execise and hold her shares from 2018 be $60,000 as opposed to $120,000. ? If we ignore that and move on, I understand the amt calculation of $469,397 but the Year Two: Pay Long-Term Capital Gains Tax I did not When you sell 35,000 shares at $60 each with a regular cost basis of $150,000, that equals a long-term capital gain of $1,950,000. However, because of the AMT Stephanie paid, she gets to adjust her gains, so her AMT gain is only $290,000. Can someone please explain how did we arrive at the $290,000 number? Also, this line did not make sense either This would add an additional tax of $113,595 in year two, because she'd get to use $342,813 in MTC and carry forward $121,987. If you have links to a similar example that would be helpful unfortunately the internet is filled with jargon and technical terms and very few examples that break it down this way. [link] [comments]  |
| Reality check: Piecing together side gigs to quit job Posted: 28 Jun 2021 06:05 AM PDT I currently WFH at an incredibly boring job where I make 40k a year. I have a 401k with a company match that I contribute 10% to and they match half of that. I also contribute to a roth IRA on my own. The company is small and family owned and is turning into a pretty toxic place where rules are constantly changing for no apparent reason other than the owners daughter (HR) is in a bad mood (ie. hours we work, vacation time, other random stuff). Its also not really secure, I could lose my job on a whim based on the economy or someones mood. I am married and my husband does well for our area, he makes 150k a year in a union and we have excellent health insurance through his job. His job is secure. The bills I am responsible for are: Mortgage- 800 Contribution to monthly expenses including gas and groceries-1200 Personal loan (on something I use for business)- 300 car-250 Right now I waitress 2 nights a week and bring home 500 dollars after taxes. My plan is to continue to waitress at 500/week, possibly add one more night @ 250/a shift. This money has been reliable for years, so I unless there is a huge economy crash I dont foresee it going anywhere. I owned a house cleaning business for 5 years and made 900/week after taxes. I would like to go back to this bringing home 500/week. I will have no issue getting clients, I have had 4 former clients this month ask me to come back to work for them. I live in a pretty affluent area with a booming real estate market (like everywhere else I guess) and there are a lot of families coming here from a large city who are accustomed to having cleaning companies. Finally, the real reason I want to leave, I bought a machine in order to quilt for others. I have done a lot of research on this and talked to several people who do it for their full time job. It would be incredibly reasonable to do 500 dollars a week worth of work through this and go up from there. I have my website, my branding, everything is ready to go and I will start as soon as the machine arrives, hopefully next week. My plan is to stay at the current company until my quilting business is steady and then leave and start cleaning again. In the end I will be working less hours than I am now and I believe I will be bringing home more money. Please go ahead and pick this a part now so I can see the holes in this plan. [link] [comments]  |
| My mom somehow has over $60,000 in parent plus loans. How did this happen and what should I do? Posted: 26 Jun 2021 07:15 PM PDT I always thought that all the loans for my university would be in my name. I never really understood what a parent plus loan is until a week or two after I graduated. I could blame all my advisors and myself for not doing basic research but I realized that my family is now in a really shitty situation. My mom doesn't speak much english and works part time as a teacher's aid in a pre-school. She's a permanant resident because her ex-husband, my dad, helped her with the process. They divorced about two years before I started college and they basically made a deal where my dad got to stay in the house and in return my mom wouldn't need to find a "real job" because he would pay for everything. During my college application process my mom was the one who signed off all the documents a parent needs to sign and I guess somewhere along the line agreed to take on over $60,000 in parent plus loans. My first question is how come the government granted her the loan? On paper she's an underemployed divorced woman with no citizenship. She's makes something like $15,000 a year (in NJ.) She doesn't even own a car because her bank didn't approve the loan. My dad bought her a car so she can drive to work. So is it seriously easier to get approved for student loans than a car loan? My main question is what should I do next. I would like to be able to somehow take on the debt.. Is there anyway to do it? I plan on immigrating in the next couple of months to a country with a higher standard of living but slightly lower wages and so I'm concenred if a private lender would approve of the transfer. What are my other options? [link] [comments]  |
| Is it worth it to just keep the whole life policy I've had since 1990 Posted: 27 Jun 2021 04:57 PM PDT My mom purchased a whole life policy for me in 1990 for $25k coverage. The annual cost is $166 and for the last 31 years the dividends have just been rolling into the plan to purchase additional coverage at the same rate, now it's around $56k in coverage. As a stand alone plan it's useless, but I have a large personal term policy that will last through my daughter going to college along with another work term policy which is more of an added benefit than a true plan. This whole policy falls in line with the work policy, I'm not banking on that being the policy that would keep my family afloat but it's so low cost it just doesn't seem to make sense to ditch it. I can cash the policy out and get the lump sum cash value right now, but I have no need for the money right now. I already contribute 18% to my 401k, plus maxed both mine and my wife's roth IRAs the last few years running. The way I see it, the policy runs until I'm 98 (which no way I'm reaching that age) and is guaranteed to pay out when I pass for somewhere around 60-75k depending. At 62 years old the dividend will be enough to pay for the policy so I don't have to worry about carrying the cost into retirement and whenever I do pass my wife or family will get a tax free sum that can pay for my EOL costs and a trip to spread my ashes somewhere. I ran a calculator of instead taking the cash value, throwing it into a mutual fund and contributing the $166 to that each year instead and the value would come to about the same, but I'd have to pay capitol gains on those profits. I have gone back and forth on this for a while, I know the PF standard is whole life is trash but at such a low cost, does it really make sense to give this policy up? [link] [comments]  |
| What should I ask my financial advisor? Posted: 27 Jun 2021 07:28 PM PDT I'm a grown-ass woman but I feel like I need an adult. I have a meeting coming up soon with my financial advisor, and I'm not sure what to ask or what to expect. Some background: I work and started a retirement account years back even though I won't be retiring for decades. That retirement account has quite a big chunk of money in it and is tied to stocks. I'm not into risks at all so I have it in a low risk account, or whatever the proper verbiage is.... if that doesn't make sense, I mean that I didn't want to gamble with high-risk stocks so I chose a safer (and more boring) option. I'm a little afraid of getting conned by not understanding what I need to know and being told to do something I'm not sure about. This is a new advisor since I moved so that's why I'm not feeling 100% comfortable. My only question at the moment I want to ask is can I take money from my regular bank account and put it into my retirement account. What other questions should I ask? What should I know? What should I do or not do? Thank you! [link] [comments]  |
| 24 Y/O in search of a financial check-in Posted: 27 Jun 2021 11:09 PM PDT Hello! I'm looking for some additional perspectives/advice on my current situation. I've had some financial setbacks in the past but I'm looking to improve now rather than later. We're halfway through 2021 and while I am content with my progress thus far, I am a little disheartened when "comparing" myself to others younger or even my age that are better off. I believe in my progress and the positive changes I'm making in contrast to last year or even a few years ago, but I'm on the way to greatness (I hope, haha). So I'm (24F) making $18/HR, about $37440/YR. At the moment my job does not offer a match for the 401k. My take home pay is about 2K/mo, that can vary slightly depending on if I work OT, but generally that's where I stand. I'm adjusting my budget in terms of savings/investments but my month expenses is roughly ~1.2K/mo. Factoring in savings/retirement, I'm just about spending my entire monthly income. My NW is -5K because of an upside down car I'm financing. Heavily considering trading it in for a lease or another car, I cannot deal much longer with Chrysler. General Monthly Expenses ($1,165)
Miscellaneous Expenses ($32)
Savings/Investment Contributions ($800)
I have 17 credit cards (about 55K CL across all cards), all but one is paid of. Credit score is about ~770 last time I checked CK. AAoC about 3Y. I'm wondering is something missing that I've overlooked as far as progress goes. I have been reading up on passive income ideas but nothing that I can wholeheartedly put the effort in as of this moment. [link] [comments]  |
| Posted: 28 Jun 2021 02:50 AM PDT Wall of text incoming. So, I haven't done several years worth of state / federal taxes, some of which are too far in the past to get a refund on, as I understand it. I usually have the excuse that "I always get a refund anyway, so any years I haven't done, I won't get in trouble for/don't have to worry about" (which I still wonder if it may be true to some extent/in certain situations? But I obviously realize this is no way to handle my life, not knowing whether or not I'll get in trouble in regards to my taxes- hence this post and effort to get things straightened out). So for some potentially relevant background, I'm 28, single, male, no dependants, live in my own apartment, and I don't rely on anyone for financial support. Working part time right now, not a current student. I lived in Iowa up until December of 2020 when I moved 10 minutes away to Nebraska. I worked in Iowa exclusively up until 2015, when I worked in South Dakota up through 2018. Ever since then I've worked in Iowa (including now, although, as I mentioned, I now live in Nebraska.) I've sold stuff on Ebay a bit since 2017 but have never received a W2 from them or anything about doing my taxes. It's my understanding that because I never received anything from them, I don't have to worry about doing adding them to my income. Is this true? I could be misguided there (which is probably not surprising given my history of lack of understanding and vigilance towards taxes and finances and etc.) I recently had my 2017 taxes done just before the cut off date- it was like April 29th or something. I got my refund for that in the mail. I need to do '18, '19, & '20 and I might need to address years past, like between '08 and '16, there were certainly some years in there where I lost out on refunds, and I think one or two years where I maybe only did federal taxes? I'm single, 28, no huge expenses or assets. Rent is $650 a month, I have about $10k in savings… I have no idea where to begin in getting this straightened out. Is it safe to assume that I would have already gotten letters in the mail regarding penalties and etc. for anything 3+ years ago? I really just want to get things organized, I'm tired of having these questions weighing over my head and having to placate myself by assuming that I don't have to worry about this stuff so much because "I always get a refund anyway". Please advise on what steps I should take to get things straightened out and let me know if there's anything that would be useful for y'all to know. Thanks in advance [link] [comments]  |
| Posted: 27 Jun 2021 01:57 PM PDT Throwaway account because I don't necessarily want this tied to my personal account. I am in a constant state of regret, panic and borderline depression, so I kindly ask that any replies refrain from judgment, as I know I have already fucked up. My spouse was in school full-time and out of the workforce for the past five years. He recently started a new job, and on paper our prospects look great. Now, we have a combined income over $170K. I'm in my late 30s. He's in his mid 40s. The reality underneath is far messier. I supported us while he was unemployed, and due to many bad decisions and various unforeseen expenses, I accumulated $40K in credit card debt. In two years, I clawed my way out of a good chunk of it, and it now totals around $28K. Since he started his job, I had the ability to become more aggressive in payments and in rebuilding my savings (now about $15K) and making greater contributions to my 401K (now around $175K). We haven't had a car, so no car payments or insurance. No student debt. We have paid VERY below-market for our rent, despite living in a HCoL area, for what is essentially a three-bedroom+office space near public transportation for $1,300/mo. Our rent had only been raised once in like five years. However, due to debt, it was very much a struggle while we only had one income. I freelance on the side for extra cash. Depending on the month, it can bring in anywhere from an extra $200-$1,000. Historically, I've pushed it toward debt/bills, but lately I'm funneling it toward savings. We have really cut a LOT of expenses (no cable, work pays for my phone), don't really go out to eat (especially not this past year) and rarely buy clothes, etc. Haven't taken a real vacation in years - maybe a long weekend once a year. Last year, after much hand-wringing, we finally made the decision to try to get pregnant. Age-wise, we were worried time was running out. We figured that if my spouse was still unemployed by the time baby, he could cover child care. We would make it work. And if he got a job, even better! So, I got pregnant very quickly -- honestly, far sooner than I expected given my age. Spouse landed a job with a good salary, and splitting the bills finally was a HUGE relief. He also has some smaller debts to pay, but eventually he will be able to help me with mine. And then we found out our rent was going up -- significantly, to $1900/mo. The landlord wants to renovate and rewire the unit, requiring us to relocate for two months. It is not optional. We considered just moving, but in our area, frankly we would pay more and get less in terms of space, and the upfront costs of changing apartments (first month, last month, security deposit, agent fee, etc.) just felt like lighting our savings on fire. We are not in a position to buy, especially not in this market. And while our apartment isn't perfect, $1900/mo is still a steal for what we have. Baby is arriving very soon. Every day, I am completely wracked with shame, panic, regret and dread during what should be a happy time. I feel like we seriously, grossly miscalculated the financial aspect of this decision. When I try to draw up a budget for our anticipated basic expenses (not counting food, diapers, etc.), it's doable but VERY tight. And I'm now about 5.5 months along, so there is no going back. And we have to buy a bunch of shit for the baby, as I don't think anyone will be throwing me a shower. Meanwhile, this debt feels like an anchor pulling me underwater. I am devastated just thinking about all this money I'm throwing at credit card debt that could instead be put toward financial stability and a future for our family. Every day, I wish we had waited another year to start trying for a baby. I probably could have knocked out another $8-10K, which would still leave a lot left but feel more like the end is in sight. Since I know people will suggest this: I have considered taking a personal loan with a lower interest rate for the credit card debt, but frankly the lack of flexibility in monthly payments makes me a bit nervous -- especially as I prepare to go on maternity leave and so many other expenses are suddenly in flux. Maybe it sounds crazy, but it feels somewhat "safer" right now to have the option to only make minimum monthly payments on the CCs if needed. In terms of immediate needs and my purpose for this long, rambling, emotional post: We need to get a car for the baby, who is due at the end of October. While the area we live in is relatively urban and walkable -- with access to public transportation, Uber and Zipcar -- it's not a downtown metro area. We're just outside a major city and will require a car for getting baby to/from doctor's appointments and, eventually, daycare five days a week (another upcoming new expense). We can't make a move on getting a car until September due to the renovation/relocation (we're subletting a place without parking). I am hopelessly torn between buying used or leasing. I know the market for both is terrible right now and that this sub hates leasing, but I feel like a lower monthly payment is probably we what we need to survive this period. And leasing could take some of the worry out of major repairs, right? (Neither of us are car-savvy people.) And I would not be taking on a new loan on top of this already absurd amount of debt. If we bought used, we would need to get a 60-month loan, which I know is also horrible, but in terms of monthly payments, I just don't think we'll be able to swing a 36-month loan without dipping into savings (which I would already need to do to put money down on a car). But of course, owning a car means the payments would eventually stop and I wouldn't sweat every little ding or dent in the vehicle. I'm very partial to an older model Honda HR-V, as it seems safe, reliable and would last a long time. And I know the list price on leasing doesn't include taxes, titles and fees, so maybe it breaks even... ugh, I don't know what to do. Sorry, I know this post is like 90% whining and 10% personal finance question. :( [link] [comments]  |
| Renting - Month to Month or Renew Lease? Posted: 28 Jun 2021 05:44 AM PDT Hi! I live in downtown Fargo, ND and I'm thankful that only 17% of my income ($68k) goes to all housing expenses. I've moved here for a job and might stay for about 5 more years (no interest in a house but that might change) My landlord is letting me go month to month (mtm) at the same rate when my lease ends and I know of two other tenants that have been mtm for over a year now. My lease ends this Aug. Should I go mtm? I like the security of having a lease and I fear she may raise the rent on me as downtown is growing fast. Should I negotiate renewing my lease at the same rate? The lease requires 60 day notice if I leave. I like the idea of being able to move during the fall/winter time as rates tend to be lower. [link] [comments]  |
| Help with advising mom with home sale proceeds and retirement planning. Posted: 28 Jun 2021 05:25 AM PDT Hi guys, My mom, 54 years old, is selling her house this month. She has claimed bankruptcy within the last 5-10 years. All she has for retirement is a pension, she is a school bus driver. She is selling her home and will be walking away with 240-250k dollars and I want to make sure I help guide her the best way possible. She's already talking about a brand new car because she's never had one, I told her we'll look for a 2-3 year old car, working on that. So, with 200k dollars left. How should I go about doing this? Can we open a ROTH IRA and max it out at 6k a year? Put the whole 200k into a mutual fund? She will have a place to stay for free, as her and her boyfriend are moving in together. Truthfully, I just want her to invest into retirement so I feel a little relieved that I won't have to provide (as much) when the time comes. Any suggestions? TIA. [link] [comments]  |
| Advice for a part-time freelancer? Posted: 28 Jun 2021 05:19 AM PDT I'm currently employed full-time but have been considering offering freelance services (design) on the side to build up my portfolio and make some more money. I've found some information for full-time freelancers, but unsure how that applies to someone likely making under $10k a year in extra income (particularly things like self employment taxes, sole proprietorships vs. LLCs, etc.) Obviously want to talk to a real accountant as well, but thought there might be some good advice/anecdotal stories of freelance finances floating around in here. I'm in MD if that makes a difference. [link] [comments]  |
| Posted: 27 Jun 2021 09:47 PM PDT I'm thinking about getting out of the renting scene in Seattle and buying a place of my own, and considering my options. I have a great credit score, ~65K income, but only about 50K saved in bank and investments, not enough for the desired 20% down payment for places I'm looking at (350-500K). I could potentially try to buy something in like 9 months when my lease is up, or wait and continue saving. Should I... a) Buy sooner, with a 10% down payment on a 500K place I'd be more likely to want to stay in long term (maybe 2 bedrooms, some more space), b) Buy sooner, but a studio or 1-bed in the 350-425k range so that my down payment is closer to 20%, and then in 5 or 10 years move into a bigger place after the value has (theoretically) increased and I can sell it, c) Continue renting for 5 or 10 years saving as much as possible and have the 20% covered, and buy a bigger condo or possibly townhome then? d) Other? Thanks [link] [comments]  |
| Can I invest money won from competitions in Vanguard VTI? Posted: 28 Jun 2021 01:32 AM PDT I'm 18f and just starting to invest. I won a few thousand dollars from competitions and it's just sitting in a checking account. Am I able to invest this money or am I only allowed to invest money from a salary? [link] [comments]  |
| Looking to buy a house while tackling student loans - What additional steps should I be taking? Posted: 28 Jun 2021 04:50 AM PDT Hey PFers, I've been following this sub on my main account for over a year and you all have helped me tremendously! I've paid off all CC debit, changed my 401k to contribute up to the company match (I hope to max out one day),max out my HSA and started contributing to a roth Ira! I'm 28, single, no kids and live in a HCOL area. I would like to buy elsewhere soon, but like many I have student loans looming over me $96k to be exact, Johns Hopkins wasn't cheap. I have no other debts, no car payment etc. I applied for a mortgage assistance program in august 2020 (qualifed for about $190k on a $65k salary) and did all the trainings and counseling, but backed out because I needed family's help with closing costs etc and frankly I'd rather chew glass. Fast forward do this year: My financial outlook is Income: $86K base (recently promoted in the last month!) Retirement: $27k Savings/emergency fund: $11k Other Investments: $14k Student loans $96k (all federal direct) Monthly Bills: $2100 (rent, utilities, grocery, insurance, younger sibling's tuition, leisure, dining, beauty, and streaming services) Fico 2 as of 6/25: TU 754 Ex 745 and Eq 751 I'm looking to buy in the range of $210-250K. What else should I be doing before my next pre-approval application? How should I be attacking these loans? [link] [comments]  |
| Should I invest in an Index Fund before college/post grad? Posted: 28 Jun 2021 04:42 AM PDT My initial plan has been to turn 18 in 2 months, and shovel as much extra income into an index fund. I figure the more I can contribute early on, the longer compound growth has to do it's thing haha. The problem is I still have to get through college and post grad. With my current savings so far I should graduate college with 10-20k debt. Coming out of med school I should be owing a ton more. Should I keep my savings in a savings account or should I put it in an index fund knowing that i'm going to be needed to pay of loans in the next 15ish years? [link] [comments]  |
| 18 yrs old. Should I go to Ally banking and Discover? Posted: 27 Jun 2021 11:39 PM PDT Hey all, so after looking around this subreddit for a while, I decided to just shoot my shot and throw a post out into the void in hopes someone will help me out. I'm 18, and currently on a joint BOA account with my parent. I want to move on to a different bank as well as start a credit card ( i have never had one before) since I'm interested in purchasing my own car soon. I've heard a lot of good things about Ally for debit and Discover Student IT for credit. Am I on the right track by going to these two companies? I'd love some help. I'm so clueless right now. [link] [comments]  |
| Is it worth it to find a financial advisor? Thanks! Posted: 27 Jun 2021 08:58 PM PDT I'm trying to not struggle financially. After reading a number of articles, I've been looking for a financial advisor. However, I cannot afford some of their fees. Is it worth it to find a financial advisor? Thank you so much! [link] [comments]  |
| You are subscribed to email updates from Personal Finance. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment