Personal Finance Weekend Discussion and Victory Thread for the week of June 04, 2021 |
- Weekend Discussion and Victory Thread for the week of June 04, 2021
- How to get an actual human being on the phone at the IRS (for 2021)
- How do I take care of him?
- Dealership canceled my financing and put me into a higher rate
- Capital One scary experience: money frozen, no reason given—a warning
- If you don't expect to reach retirement age, does a 401k still make sense?
- Parking guy scratched my car. They admitted fault but want to bring the car to a crap of a body shop.
- Running Out of Time: Panic Mode (Student Loan Debt)
- Need some advice since I am now a highschool graduate. $14 an hour $15 weekends
- Ally vs. Marcus savings account only
- Two Job Offers and Not Sure Which to Choose
- After emergency fund how much of my income should I invest?
- Questions About Assuming a Parent's Mortgage
- Maxing out 401k?
- Standard % to use as an estimate to calculate take home pay?
- Roth vs traditional 401k with an employer match?
- I'm an idiot who signed up on Lendingtree without reading the fine print and now I won't stop getting phone calls and emails?? Will this affect my credit?
- My 30 year mortgage is suddenly paid off
- Rental car (wrongfully?) charged us thousands, how to save us?
- Risks of sharing login credentials with budgeting apps?
- I have a 401k from a job I just left and my new job doesn’t offer one until I’ve been there 1 year.
- Need some advice from the vets!
- Building wealth without owning a house
- Any recommendations or tips for rolling over an old ira from an ex employer to a new ira account?
- Banks say they can't verify my identity.
- Completely Foolish to Relocate and Take a Financial Hit?
| Weekend Discussion and Victory Thread for the week of June 04, 2021 Posted: 04 Jun 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]  |
| How to get an actual human being on the phone at the IRS (for 2021) Posted: 04 Jun 2021 11:25 AM PDT Call 1-800-829-1040. Press 1 for English. Press 2. Press 1. Press 3. Press 2. Now you'll be prompted to enter your SSN or EIN. Enter it. Press 1 to confirm, then press 1 to confirm again. At this point a computer will begin talking, prompting you to press buttons for certain options. Don't do anything – eventually the computer will stop talking and you will be queued in line to speak with an actual human being! However, if there are too many people queued in line, the computer will tell you they are too busy and will hang up. I personally called once a day 4 days in a row, it wasn't until the 4th attempt that I actually got through and was placed in the queue. Also the phone number is only available 7am–7pm local time, Monday–Friday. Edit: People are advising caution in the comments not to call a phone number posted on Reddit and provide your SSN, and rightfully so. In my initial post, I should've included a link to the official webpage on IRS.gov so users can verify themselves the phone number is correct. Also fun fact about the IRS phone number! The numbers 829 spell "tax" on the keypad. And the number 1040 is the personal income tax form people are required to fill out. Even the spawns of Satan at the IRS have a fun sense of humor sometimes. [link] [comments]  |
| Posted: 03 Jun 2021 12:59 PM PDT Please don't attack me. Really. I'm embarrassed, struggling, and asking for sound advice. My husband and I married at 19. We're 46 now. We've no kids. My husband's been an RN 21 years at his hospital. I received my bachelor's in political science in 2002. Here's where I anticipate judgement: I have treatment-resistant depression. 12 years being beaten before being taken into foster care resulted in brain changes for me which I've struggled with my entire life. I know, everyone says they're depressed these days. I get it. I've been taking meds and trying every form of treatment since 1988. My brain has made living…tough. This is a subject I'm very private about. All I can say is I've done my best. Never tried alcohol or drugs, didn't have kids so I wouldn't hurt them, dragged myself through college and have always lived frugally. My husband and I have an old school division of labor. I budget, pay bills, handle all business, cook, clean and run errands. He works and has no other responsibilities. This has worked for us for 28 years, with neither of us feeling we got the short end of the stick. We play to our strengths; where I'm weak, he's strong, and vice versa. Here's my problem: my husband has a disease which means he will likely need to retire within the next 5 years. I need to be able to provide for us for the rest of our lives. It feels hopeless to me. I'm a 46 year-old woman with no work history the last 28 years. I graduated Summa Cum Laude in 2002, but because that was near 20 years ago, I'm not sure my BA will get me into any master's program today. I'm open to anything from trades to bachelor's/master's degrees. I'm reasonably smart, detail-oriented and willing to consider any type of career. Nothing's beneath me. I've been out of the world for so long that I don't know what the realistic, most cost-effective, best-paying options would be for someone in my unusual circumstance. I see young people venting about employers asking why they were unemployed for one month. I read that not having social media is a problem for employers. I've never existed on social media: not My Space, Facebook, Instagram or Twitter. Not ever. My husband needs me to take care of him now. He has busted his arse all his life. I have to find a career which is likely to pay well enough to keep him secure, and one that'll realistically hire a woman my age with no work history. I've considered a master's in social work, public health, education and accounting, but it takes so long and is so expensive now. I would consider any trade, but don't think it's practical to begin a physically demanding job at 50, y'know? I appreciate advice on how best I can provide for the kindest, most supportive person I've known in this life. I'm confused, humiliated, afraid and trying to find solutions. I don't want to let him down. EDIT: I never anticipated the support so many would offer me. I thought I'd hear from a handful, at best. I've spent the last three hours responding to every single person before I noticed 76 messages. I will respond to all those messages because you're kind enough to offer help, and I appreciate your ideas. But it's been hours and it's late. I'll finish tomorrow. I'm truly moved by your compassion and grateful for your good ideas. [link] [comments]  |
| Dealership canceled my financing and put me into a higher rate Posted: 04 Jun 2021 11:35 AM PDT I purchased a truck on Sunday. I went in with my own financing though b of a at 2.39%. I called b of a today and they state I do not have that loan active and was canceled by the dealership. B of a told me that there is another loan at a higher interest rate of nearly 4%. I never authorized a credit pull from the dealership. However, I did fill out an application. They told me that they needed a physical application to match my financing. What is my course of action here? All of my paperwork states that I have a loan at my rate, however, that is not what b of a is saying. [link] [comments]  |
| Capital One scary experience: money frozen, no reason given—a warning Posted: 04 Jun 2021 10:03 AM PDT Upon graduating from high school, I received several graduation checks from kind family members for roughly $2,500 and $25, as well as a work-related check for $490. As usual, I deposited them into my account, and Capital One soon sent me an email telling me to demolish my checks. Several days later, I received an email saying that my funds had been locked. I had to call a support number to even learn what happened to my money. After waiting an hour on hold, I was given the lowdown: Capital One needed to confirm the checks were legit. Until then, I was denied access to my funds and debit card. Unfortunately for me, the confirmation of these checks required much participation one my part. Capital One could perform these validations in one of two ways: by calling the check-giver directly using a phone number, or by having me bring in the check giver into one of their branch locations. Of course, the first option sounded ideal to me, as I live in a rural county a good distance away from a branch location. After doing some research, I called back, and after another hour of hold was able to get the $490 check verified through a call on their part; a subsequent call (and extra hour of hold) allowed me to verify the $25 check. Unfortunately, the phone numbers of the person who gave me the largest check weren't "verified" by the mysterious "system," and so the only option I had was to drive an hour-and-a-half with the check writer to the nearest Capital One branch location. After coordinating with the check-writer, we took the truck down to a branch, and were able to resolve that dilemma with relative ease. After a nearly week-long saga, I finally had access to the money I had been saving for college for years. At no time was I given even a semblance of an apology. At first, I figured this sort of unexpected money freezing was normal, but I quickly came to doubt this because (a), the check denominations, while generous, do not represent an enormous amount of money transfer for the average person—indeed, one might write larger checks for used furniture; and (b), everyone who I talked to during and after the ordeal had never had anything like this happen to them, and hinted at bad faith on Capital One's part. Thus, Capital One failed in the following respects:
I guess the risk you take with these big, modern, online banks is that sooner or later their impersonalness will catch up with you. I've had family members recommend credit unions, local banks or even some bigger alternative like Chase—any recommendations are welcome. For now, I'd like this post to serve as a warning that you should guard yourself against the whims of whatever bank you use—if they can freeze your funds for any reason, without telling you, you would do well to make sure you have a backup plan, or many such plans for that matter! [link] [comments]  |
| If you don't expect to reach retirement age, does a 401k still make sense? Posted: 04 Jun 2021 04:40 PM PDT Let's say I find out I have a health condition that will kill me before I'm 55. Is it more advantageous to... • Invest in a tax advantaged account, and eat the 10% penalty when I want my money? OR • Ignore the 401k and just use a brokerage account? Let's assume fees, etc. are the same. Yes I know there are ways to avoid the penalties. [link] [comments]  |
| Posted: 03 Jun 2021 11:55 PM PDT [UPDATES: It looks like the post is getting popular. I am happy to share the current status so it can help someone else in the future as this valet parking bull*** seems to happen very often. I called my insurance this morning, as you all recommend, and the guy told me that I can file a claim with them, pay the deductible and have the car repaired to any body shop at a reasonable cost. Then, if they are able to pursue the parking company's insurance and collect the cash from parking company/insurance, they will reimburse the deductible and I won't see the accident labelled as "at fault". He told me to he is very confident that this is a very likely scenario because I have solid proof of liability. However, today I will try to talk to the parking company again. They are still the valet parking where I have parked my car for a year now and I want to avoid to make a fuss, despite I have all the rights. They will keep parking my car in the future unless I decided to leave and go to another garage. So an advice for the future: always check the car after leaving a valet parking, either you left the car an hour or you have monthly parking. Never leave without check the car.] Parking guy (valet parking of my building) damaged my car scratching a wide part of the left rear side. No functional damage fortunately. Now, the garage company (SP+) admitted fault and they will cover the damage. However, today I received a letter from the company. They say they will get an estimate from their preferred body shop to have my car immediately repaired. If I do not want to have it repaired at their body shop I have to send others estimates and they will only pay the amount of the cheapest. Also, It looks like they are repairing the car without involving their insurance and pay the damage themselves directly. Guess what? I looked for reviews of their body shop and there are very few ones and a couple are very bad saying that in the past he was involved into insurance scams. So for me is a no-no.(Also, I do not know how they work, with kind of cars etc...) I very believe that their estimate will be the lowest one, no matter what I send to them. So if this happens, is there anything I could do to have the car repair by my trusted body shop and receive the full amount?Is this something worth to go through legal ways eventually? P.s. It is a 2021 BMW G20 with only few miles. Thanks everybody for any advice on how to proceed. [link] [comments]  |
| Running Out of Time: Panic Mode (Student Loan Debt) Posted: 04 Jun 2021 06:37 AM PDT I posted this in the student loan advice forum as well but I need all the help I can get. So I am a first generation college student with little financial support other than my mother who has always had excellent credit. She was passionate about me persuing my future however I wanted to and encouraged me to pick a school without concerning myself about the cost - we would figure it out. I chose a school where the tuition isn't the worst but it isn't cheap. With no college savings and little scholarship funding but great credit, I attended all four years on private loans. I was strongly recommended Sallie Mae by a highschool teacher so thats what I went with for a lender even though I had a gut feeling that it was the wrong desicion. They don't really have any repayment options and they don't consolidate. Here I am, a year post graduation with nearly 120k spread across 7 private loans (only one year was I smart enough not to borrow per-semester) all accruing interest. The payments total around 1.5k a month (not including my federal loan payment which i easily consolidated through Great Lakes) while I'm still only making 20k a year between two jobs... (Edit: Some commentors pointed out that my math was a off, originally I was somewhere between 25k and 30k but today I was able to secure a $5 raise at one of my jobs to 20/hr. That position is still part time for now but at least I'm leveling up a bit.) I've attempted all of the major refinancing providers with my mother as a cosigner and while she was able to increase her annual income this past year, we keep getting denied, usually due to a poor debt:income. We've worked hard getting any other debts down in order to prepare for this but it hasnt been enough. I don't know how I'll be able to pay this debt if I can't consolidate it into one payment and my forebearance ends in July (two months) when we are supposed to be moving across the country from Chicago back home to New England (obviously that alone will be financially stressful). Anybody I ask for advice doesn't know what to say, I've even tried asking friends who are accountants or low income financial aids by profession. I'm running out of options and out of time, I've worked hard to build my own credit, at 23 I already have a perfect score but it's already rapidly declining after only a couple months of interest. This past month my equifax dropped 50 points, at that rate I won't be able to qualify for anything by the end of the year. I'm afraid this is going to just completely destroy my life... And my mother who is single heavily relies on her credit. Any advice is much needed, thanks. [link] [comments]  |
| Need some advice since I am now a highschool graduate. $14 an hour $15 weekends Posted: 04 Jun 2021 05:06 PM PDT I work on an egg farm/packing plant making $14 an hour and $15 on weekends. Starting pay was $11 when i started and ive only been working there for a year and make $14 an hour because I am a hard working employee who is very valuable to the company. I just graduated highschool today and am worried about where my future is going. I love working at the egg farm but know that the pay isn't very livable. There are other jobs around that pay loads of money but I'm not interested in the work. Not planning on college or any other tech schooling. If anybody could give me some advice I would appreciate it. Thanks in advance :) [link] [comments]  |
| Ally vs. Marcus savings account only Posted: 04 Jun 2021 04:46 PM PDT I'm looking to open a savings account and two that I've seen recommended are Ally and Marcus. Both are offering 0.50% APY. Beyond that, I don't know which is the better of the two. Some of the older posts mentioned the checking account or CD benefits of one bank over the other, but I'm interested in just a savings account (a lot of those posts I mentioned are also out-of-date). My intent is to use this savings account simply to hold my emergency funds. I would appreciate any insights from people who have experience with either or both. [link] [comments]  |
| Two Job Offers and Not Sure Which to Choose Posted: 04 Jun 2021 07:01 PM PDT Hi all, Hoping for some help here. Currently I work for a large SAAS company in a Customer Success role in the upper Midwest. It's a great company, awesome benefits, but the job is changing significantly to be much less autonomous and the pay is pretty below market for the role (57K), so I've decided to make a switch and go back into my previous industry: advertising. Here's my dilemma, I have two offers on the table and I'm not sure which to take:
On paper, job 2 sounds like a clear winner. But they've been in business 6 years compared to the nearly 15 years of job 1. Job 1 is local and do business with my old company, who recommended me for the role. Both jobs have expressed really extreme enthusiasm about bringing me aboard (maybe the market is desperate haha). I'm drawn to job 1 because of the potential advancement, but they were aware of my offer of 70K throughout the interview process, and the 65K seems like a low-ball offer especially when they're like "you just blew us away and we know you're going to be amazing." Really not sure what to do here, and would appreciate an unbiased opinion. Thanks! [link] [comments]  |
| After emergency fund how much of my income should I invest? Posted: 04 Jun 2021 06:38 PM PDT Starting late this year, got a job that pays 65k. I live in a MCOL area. I've got $15,000 saved up. Which is 6 months living expenses plus the $7,000 out of pocket for my health insurance just in-case. I take home $49,440 after taxes, and have about $1200 in monthly expenses. My company's 401k is Humaninterest and they suggested 51% invested for the rest of the year to hit my 401k contribution. Does this seem reasonable? I am cynical about the future, but I also know Americans are given no other option to secure their future than the stock market. [link] [comments]  |
| Questions About Assuming a Parent's Mortgage Posted: 04 Jun 2021 07:45 PM PDT I want to buy the mortgage from my dad, I understand that dealing with family is not advisable but I am aware of the risks. My dad bought the house with an FHA loan of 226,000. He has a remaining balance of 170,000 and the property value is now up to 250,000. We came to a private agreement and I want to know if it is possible to assume, buy, or whatever other option is available so I can just own the 170,000 left on the house with no relation to the equity or anything like that. In essence, he wants to be absolved of ownership of the house and I will own the house and I will be making the payments myself. Is that possible? Will there be any gift taxes or anything like that? I am very new to the world of financing and just wanted some help. Thanks. Edit: I verified with the broker that the mortgage is assumable sorry for neglecting this. [link] [comments]  |
| Posted: 04 Jun 2021 11:46 AM PDT Is it always best to max out your 401k if you make enough to do so comfortably? I just got a new job that's at 105k so I'm wondering if it's best to contribute the max of 19500 to reduce my taxable income. Only debts I have are my car. EDIT: Seems like the consensus is it's good to do if I don't have other obligations. I don't have any high interest debt and I have an emergency fund so I'll just up my contributions to hit the max. Thanks for the info guys! [link] [comments]  |
| Standard % to use as an estimate to calculate take home pay? Posted: 04 Jun 2021 03:02 PM PDT I'm currently 20 pages deep into a big writing project about personal finance and I'm looking to provide some mathematical examples using a consistent number representing the total percentage that comes out of an average persons paycheck. Assuming a single person with no dependents, I'm looking at taxes, healthcare, social security, and the likes... NOT INCLUDING RETIREMENT CONTRIBUTIONS. My mind tells me a good average would be about 35% comes out of a check to cover all categories before the remaining funds go to the individual. This figure isn't meant to be exact, just used as a base example, but I'd like it to be relatively accurate. Can anyone provide insight or thoughts as to if that is a good number to work with? Or let me know what a more accurate figure might be? Edit: U.S based. EDIT 2: Thanks for all the help everyone, got what I'm looking for. :) [link] [comments]  |
| Roth vs traditional 401k with an employer match? Posted: 04 Jun 2021 06:58 PM PDT I was curious to hear people's thoughts on the advantages and disadvantages of a Roth 401k vs a traditional 401k. The general advice seems to be that a Roth 401k is the better option, but if I'm understanding it correctly, wouldn't you end up paying greater taxes on a Roth 401k, as you're paying Medicare and Social Security on top of the income tax you'd end up paying on a traditional 401k? Also, how would a Roth 401k work with an employer match? Is the employer match also taxed? [link] [comments]  |
| Posted: 04 Jun 2021 02:19 PM PDT As written above, I was interested in getting a mortgage quote and found Lendingtree on Google. I put in my information like an IDIOT without reading the fine print thinking I would get some quotes/rates/etc but it's a loan request and now I won't stop getting dozens of calls from different loan officers and banks. I want it to stop. I work at night, I can't have people calling my phone multiple times every hour. they don't have a customer service number I can find and since it's multiple organizations calling me telling one of them to stop calling. Is there any way any way to get them to stop giving out my information and are these people going to affect my credit? tldr I'm an idiot and now I have hundreds of loan officers calling me and emailing me and I don't know how to make it stop [link] [comments]  |
| My 30 year mortgage is suddenly paid off Posted: 03 Jun 2021 09:24 AM PDT Bought a house in November of last year. Made 6 payments to Service Mac and owed about $422,000 just last week. Suddenly, and without any trail on the internet portal, the site says balance due is zero. I called them to confirm and they confirmed the mortgage was paid off. I am obviously both thrilled and scared. Not sure how to proceed. I imagine they will catch the error at some point soon but I dont want to get in trouble by keeping quiet. Any advice appreciated. UPDATE: LOAN WAS SOLD TO ANOTHER MORTGAGE COMPANY. BACK TO WORK FOR ME. Thanks for the replies everyone! [link] [comments]  |
| Rental car (wrongfully?) charged us thousands, how to save us? Posted: 04 Jun 2021 09:21 AM PDT Thought I could get some guidance here. I recently rented a car abroad. Price was cheap, but they take out a huge deposit and for a reason I was soon to find out. Upon picking up the car, they gave us a list of 15-20 dents / damages to the car, excluding interior damage and the fact that the key was cracked, barely worked and the steering wheel would lock up sometimes. There's no way anyone can possibly capture through picture for proof the damage to the car beforehand, not to mention after the long flight to get there. Their insurance does not even cover the most common things to happen to the car (wind/rock/water damage). They will charge you over 1000 USD for any dent to the car, but its obvious they do not even get them fixed as all their cars are covered in dents. (happened to someone while we were there and apparent in all the other reviews). We were charged over 2000 USD for broken door hinge. Upon inspection to the door hinge, the broken one is a different color than the rest of the car and the bolts have obvious markings of loosening/retightening. Us opening the door was not reasonable action to break the hinges. Strong winds are common in the area so I have reasonable suspicion / evidence it was broken before maybe not fixed correctly. It's clear we were set up for failure. We've looked into insurance through our credit cards, long story short the price was over the limit so we had to use a debit card. Looking into personal car insurance now. Company feels scammy and fraudulent, greater actions feel just especially since I have photo evidence of how the broken door hinge is different the non broken one. Not sure what to do... or just look back upon the vacation bitterly. [link] [comments]  |
| Risks of sharing login credentials with budgeting apps? Posted: 04 Jun 2021 10:55 AM PDT I really want to better track my income and spending, and I'd like to use an app (currently planning to trial Monarch Money). But I'm really averse to giving any third-party app my login credentials for any of my accounts. My understanding is that if they get hacked and my money is stolen, I will have fewer remedies available with my bank than if I kept my login private. Can anyone confirm this? I'm also considering sharing just my login credentials for my credit card, the reasoning being that you can't do too much damage with it. My bank account number is saved on my profile, but that would still only risk an unauthorized ACH withdrawal, to which I'd have some recourse. Does that sound correct? Of course, all these apps and services will swear up and down that they're 110% secure because they use encryption, as if that means anything. Or because the backend (Monarch uses something called Plaid) only provides read-only access -- but that doesn't help if the backend itself is hacked. So what's the real story here? Is there a general rule that applies to all financial institutions of a given type (bank, broker, credit card) regarding whether I'll be made whole? Or do I have to read through the ToS and whatever other fine print there is for every account I have? [link] [comments]  |
| I have a 401k from a job I just left and my new job doesn’t offer one until I’ve been there 1 year. Posted: 04 Jun 2021 08:13 PM PDT I am totally and completely ignorant to how most of this works so please eli5. So I have a small 401k with about 3 grand in it from a job I recently left. I was hoping to transfer it somehow into my new 401k at my new job. Then I found out I can't do that until I work there for 1 year. I'm sure I won't be able to keep the money in the old 401k for a year without contributing to it. And from what I've seen on Google you can't contribute to it unless your employer signs on or whatever.. so I have no idea what to do with this money. I'm guessing I'd have to start some other type of retirement fund and see if I can roll the money into that ? Or just take it out and put it in savings account? I'm also under the impression that it's not possible for me to add this money into my 401k at the new job a year from now..? [link] [comments]  |
| Need some advice from the vets! Posted: 04 Jun 2021 07:57 PM PDT I'll start off by clarifying that this is my first post on reddit, so I apologize if I sound like a complete troglodyte. So some stuff about me! I'm a single 23 year old guy one semester out of college. I got insanely lucky and landed a job in January which pays 10,000-12,000 monthly. To say I'm overwhelmed would be a colossal understatement. I honestly have no idea what to do with the money. I've read through some articles about Roth IRA's, 401k's and such, but the company I work for doesn't allow employees to start a 401k until a year with the company. I'm really just looking for some guidance because right now I'm just putting everything into a savings account and letting it sit! (I don't really want to do anything too risky because I'm saving to buy a house next year) Any help would be appreciated, thanks guys! [link] [comments]  |
| Building wealth without owning a house Posted: 04 Jun 2021 06:05 AM PDT We make a very comfortable living but housing prices are out of control and houses in my area are going for literally 5x our gross income. Everyone here is jumping on the bandwagon but I just can't liquidate our emergency fund to put down a 3% down payment then be saddled with a huge mortgage. While renting has its drawbacks I never enjoyed being a homeowner years ago before moving to my current location. Since I'm priced out of the market and will miss out on the associated ROI, what other ways can I build up wealth? Just increase retirement plan contributions? Should I invest in REITs to have an indirect stake in the housing market? Thanks. [link] [comments]  |
| Any recommendations or tips for rolling over an old ira from an ex employer to a new ira account? Posted: 04 Jun 2021 03:27 PM PDT Anyone have any recommendations for a bank or an institution that I can roll my IRA account into? My ex employer is my ex father in laws company, so i don't really have a choice in keeping it at my old jobs account. I want to make sure it rolls over without dinging me and if there is a decent trustworthy financial institution you recommend. I also welcome any tips or advice ...thank you for your expertise and hope you are all doing spectacularly well. [link] [comments]  |
| Banks say they can't verify my identity. Posted: 04 Jun 2021 04:58 PM PDT I turned 18 yesterday and I'm trying to open a savings/checking account. Every bank I apply to online says they can't verify my identity. My social is right, I'm able to sign into credit karma and it show me my "n/a" score. I filed taxes last year. It shows me my return. Not sure how to move forward from here other than just giving in and going to an in-person bank and seeing if they can help me. Does anyone on here have advice or a similar experience? Or perhaps a solution? [link] [comments]  |
| Completely Foolish to Relocate and Take a Financial Hit? Posted: 04 Jun 2021 02:08 PM PDT My wife and I are in the Boston area and have recently purchased a home. Throughout the pandemic we have been musing about "starting a new life" somewhere totally new; unfortunately, these daydreams started coming to the fore after we purchased the house and moved in. Now, there is a chance that we could relocate to SoCal (the dream) as there may be a job opportunity that would pay comparable to what I make now (not a huge uptick in compensation; more of a lateral move). The strong appeal here is to move to a new, beautiful area that we have been dreaming about. I am doubtful that this new company would pay substantial enough relocation benefits to offset the damage of broker fees when selling a house that we had just bought. The question is: is it totally stupid and foolish to eat a -$40k hit on selling a house we just bought, to start a new life in SoCal? We wouldn't be destitute after taking that big a loss, but it would certainly hurt a lot. It's hard to separate emotion from rationality at times I suppose; curious as to how others would approach this conundrum. [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