Personal Finance Is dipping into my 401K worth it to prevent losing my house? |
- Is dipping into my 401K worth it to prevent losing my house?
- Does saving 15% of income for retirement include company match?
- Pros and cons to starting a 529 plan 5-10 years before planning to have kids
- Wife Fell at post office, Broke her Arm
- "Buy, Borrow, Die" Strategy
- No insurance, on welfare, and desperately need Wisdom Teeth Extraction.
- Refinancing my car with $5600 left and 18.2% APR?
- What can someone do with your Routing and Account Number from your bank?
- Credit score dropped 105 points over night
- Just turned 18, in 12 months I will have 20k in savings and no debt. How should I go about investing that money for at least 4 years while outpacing inflation?
- [CA] Someone crashed into my car, third-party claim appraisal too low
- Does the "70% of income in retirement" rule apply for those making above-average amounts of money?
- Advice on where I should open a savings account?
- TIAA SEC new disclosure filed with the SEC shows that TIAA configured unethical conflicts of interest for their investment consultants and advisors for apparently many years.
- Proposition 60/90
- Do pfd remove the original charge offs?
- Should I refinance my car soon or wait 6+ months?
- Financial Implications of getting Married
- Buying lunch at work
- Potential Fraud? Not sure what to do
- 21 Years old have family pay my mortgage instead of rent?
- Need help with settlement
- Checking account fee avoidance for new account
| Is dipping into my 401K worth it to prevent losing my house? Posted: 10 Jul 2021 01:13 PM PDT New to this sub, so forgive me if this is a redundant question. I definitely should have been more proactive about my current job situation as well as saving more, but I am where I am and now need to deal with this. My company has been struggling a lot for the past year. It's been struggling to pay its bills for several months and as of Friday, they missed payroll (meaning, no one got paid). Even if they figure out a way to pay people by next week, I would not be at all surprised if the company goes bankrupt very soon and I'm without a job. Of course I am spending this weekend job hunting, but looking into the near future-I only have about a month's worth of expenses in savings and I'm a single mom of two kids. Other than my savings account, I really don't have any assets other than my house (which is mortgaged) and about $30k in a 401K/IRA. If I'm unable to find a job right away and run out of savings, does it make sense to cash out my retirement to keep my family in our home? If it matters, I'm 37. Edit: Adding that the 401K I'm talking about potentially withdrawing from is from a former employer, not my current one. Several people have suggested I take a loan from the retirement fund rather than a withdrawal and it sounds like that might only be possible if the fund were with my current employer. [link] [comments]  |
| Does saving 15% of income for retirement include company match? Posted: 10 Jul 2021 04:55 AM PDT Basically the title. I just started my first full time job out of college and my company offers 4% 401k contribution as well as a 4% match. This means of I contribute 0%, I get 4% of my salary in a 401k from the company, not my paycheck. If I contribute 4% from my paycheck, I get an additional 8% from the company through their contribution and the match. If I'm trying to get to that "magic" 15% yearly retirement savings number, should it be 15% from my paycheck or 7% from my paycheck and 8% from the company? Standard info: 22yo, ~$80k salary, $25k student loans, no other debt, low COL [link] [comments]  |
| Pros and cons to starting a 529 plan 5-10 years before planning to have kids Posted: 10 Jul 2021 08:24 AM PDT Hi, I'm thinking a lot about my financial future, would it be beneficial to open a 529 plan in my name and put $100 in per month; or is there another savings option I should consider? I was thinking that if something happened where I couldn't have kids or didn't want any, I could always use it for grad school in my name 🤷♀️ [link] [comments]  |
| Wife Fell at post office, Broke her Arm Posted: 10 Jul 2021 06:53 PM PDT This morning my wife (26) and I (27) went to the post office. I stayed in the car with our 7 month old daughter, while she went in. In her way out, she fell down the stairs, landed on her right arm, and fractured and dislocated one of the bones in her arm (I think the radius). We were at Urgent Care 5 minutes later, and after taking a look they sent us to the emergency room, where my wife has been all day, so I'm still waiting to hear if they are going to do surgery or what to fix it, and I have no clue what to expect for medical bills yet. We do have insurance, but it's the kind where we pay 100% up to $1400 per person, then 20% up to $4000 per person. I guess the most we'd have to pay should be $4000 then… Is anyone aware of anything I can do to help minimize the costs? My wife is a stay at home mom, though I make just over $100K/yr, so I've never qualified for any sort of assistance I've seen, but this year has been financially stressful, and a big bill will not be very easy to deal with. Probably worth mentioning our tax return should be $8.5K, but the IRS is taking forever this year, so I don't feel comfortable counting on that. [link] [comments]  |
| Posted: 10 Jul 2021 06:10 PM PDT The WSJ just published an article talking about how the ultra-rich routinely borrow against their securities for personal expenses, so they don't have to incur capital gains or miss out on asset appreciation. I'm just curious if this is a strategy that wealthy (say over $2 million in assets) can do as well? Or is this just the province of billionaires? [link] [comments]  |
| No insurance, on welfare, and desperately need Wisdom Teeth Extraction. Posted: 10 Jul 2021 05:32 PM PDT For context, I live in Canada ( Ontario ) and the teeth that are effecting me have literally almost completely emerged in my mouth - except for one, which has the flap of a gum slightly covering it. Not only have they impacted, but they've dramatically changed my bite since I've gotten them in. I do not have the necessary income, nor do I have any aids towards the inevitable bill. I'm only 19 so I don't really have a lot of savings for this occasion, my parents are honestly more poor than me, and I haven't built much credit. Any recommendations? I've been given the same advice over and over again, and yet the dentist I went to previously before being dropped ( due to Covid ) disregarded it and said it wouldn't work.The advice is that I should contact my family doctor and get a referral for it to be taken care of at the Hospital. If it's classified as an emergency which a lot of people think it is, it SHOULD be covered and taken care of at the hospital. That's how my mother got hers out, but then again, far different times. Edit:: No dependable insurance. Welfare covers like 400 dollars a year for me lol. And most dentists don't bother with it. [link] [comments]  |
| Refinancing my car with $5600 left and 18.2% APR? Posted: 10 Jul 2021 08:24 PM PDT Hey ya'll! I've been heavily considering refinancing my 2013 Mazda 3 that I got 2.5 years ago. Right now, I'm currently paying $244 a month with 18.23% APR (I was 21 with newish credit) and it's definitely manageable but I feel like I can lower my monthly payments and a lower rate. My main question is if it's even worth it to go through the hassle of refinancing a car that old with only $5600 left on the loan? Would it be easier to shop for rates online with websites like lightstream and such? Or go to a bank in person and shop around like that? My credit is 702 and I've never missed any payment. Would I even get lower rates? I'm still new to this but I'm trying to research everything but would like some outside perspective on my situation. Thank you! [link] [comments]  |
| What can someone do with your Routing and Account Number from your bank? Posted: 10 Jul 2021 08:46 AM PDT I've seen posts of people getting their checkbooks stolen and people being able to drain money from their accounts with just that information only. To me this is absurd. Is it still possible for this to happen? [link] [comments]  |
| Credit score dropped 105 points over night Posted: 10 Jul 2021 11:45 AM PDT According to CreditKarma my score has dropped 105 points to 656. I know the catalyst for this drop. My name was on my parents house as a co-signer and they just refinanced and took my name off so I'd be free when I wanted to buy a house. I was on there originally two years ago to help them get a better rate since I was mid to high 700s at the time. Why such a drop though? I'm sure it has something to do with used vs available credit? I figured it would drop but I didn't think it would be this much of a low compared to where it was before I was on the loan. [link] [comments]  |
| Posted: 10 Jul 2021 07:41 PM PDT I joined the US Navy and leave for bootcamp in 10 days. In 12 months 20k of my 38k bonus will be in my possession, I am trying to find a good way to invest this money to ultimately use as down payment on a house. Looking for any and all advice. [link] [comments]  |
| [CA] Someone crashed into my car, third-party claim appraisal too low Posted: 10 Jul 2021 05:51 PM PDT I am trying to figure out what the correct procedure is to deal with the insurance company. I opened a third party claim and they offered me $800 but the damages are $1,800 according to my body shop. Their appraisal is a joke (wrong paint, missing items, etc). What leverage do I have and how do I get my repairs covered? [link] [comments]  |
| Does the "70% of income in retirement" rule apply for those making above-average amounts of money? Posted: 10 Jul 2021 11:32 AM PDT I was using BankRate's retirement calculator to try and figure out how much I'd need for retirement. Using my current income of $100k and increasing 5% income a year, it suggest I'd need 70%, or $350,000 a year in retirement. Given by that time I'd own a home, have no kids, won't have any expenses for work or anything, I hardly see how I'd need that much money. A screenshot of the form: Am I just thinking of this wrong? [link] [comments]  |
| Advice on where I should open a savings account? Posted: 10 Jul 2021 05:26 PM PDT I have this plan for a birthday gift for my younger sister. She is currently 10 years old and I am planning to open an account somewhere and putting 5 dollars everyday in that account until she's 18. My problem is I just don't want the money to sit there I want it to grow even by a little bit. Any advice is appreciated! And if this is the wrong sub sorry in advanced! [link] [comments]  |
| Posted: 10 Jul 2021 07:08 PM PDT Many examples of Steering to internal products in the document, here is one on Page 29 of the ADV below : " Financial results for Advisory Consultants also include an assessment of the number of times the Advisory Consultant's client-base has taken any of the following actions: (1) the transfer of external assets to TIAA , and the transfer of assets from one type of account at TIAA to another (for example, rollovers from a Plan to an IRA), " https://www.tiaa.org/public/pdf/tc_adv_program.pdf
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| Posted: 10 Jul 2021 02:26 PM PDT My parents who live in Santa Clara county asked me a question about this the other day and I had never heard about it before so I decided to look into it. I'm not 100% sure I interpret what I read online correctly so I'm making a post here incase anyone is more familiar with it than I am? So in 2012 my parents purchased a home within Santa Clara County for $574k and now it's valued at about 1.5 million (lol). They are both over 55 and thus would qualify for this proposition. Now if my understanding is correct, they will be able to sell their home for $1.5 million, buy a house AS LONG as it's within Santa Clara County or any other of the counties that participate in Proposition 60/90 at $1.5 million or less and still pay their current assessed property taxes based on their purchase price of $574k in 2012 with the 1-2% yearly incremental increases if any? [link] [comments]  |
| Do pfd remove the original charge offs? Posted: 10 Jul 2021 09:09 PM PDT So long story short. My younger sister is working towards fixing the mistakes of her early 20's. She's currently sitting at a 620 fico 8, but has a decent amount of collections. We started going over them and what agencies currently hold them. So she paid 2 off that were previously car insurance premiums. The agency agreed to remove them. After some research on here I found others had the same agency remove them with no issue. But now she's down to 5 that are all from previously charged off credit cards. So the last card is from 4 years ago. 3 of these accounts are with midland who are pretty open about removing them. So my question is if she pays midland, does it just remove the collection or does it remove the original charge off as well. Also if it doesn't, will getting the collection removed really help her credit out that much. Thanks [link] [comments]  |
| Should I refinance my car soon or wait 6+ months? Posted: 10 Jul 2021 06:43 PM PDT So around last December I tried to refinance my brand new car. I only had it for 5 months at the time and only made 4 payments on it and I tried to refinance through my credit union and got denied because of so. They ran my credit and left a few hard inquires on it and as of today, 10/07/2021, I have 12 hard inquires currently and about half are going to fall off after December. My credit score is around 720-730. I've made every payment on my car on time for the last year (12 payments) and I've never missed a payment on my credit cards. According to credit karma my credit age isn't the best at 1yr 1 mo but I've had my credit cards for 3+ years now. My current loan is 72 months at 6.5 %. My car payment is 475. I've made 12 payments which brings me down to 60 months. I'm trying to keep the loan term from going up but i want the payment to go down as much as possible. From the information I've given, do you think I can get approved if I tried to refinance through my credit union now? Or do you think I should wait? [link] [comments]  |
| Financial Implications of getting Married Posted: 10 Jul 2021 12:40 PM PDT Throwaway account. Obviously marriage is more than just financial but I'm just focusing on that. I'm (26M) and been with my gf (26F) for 5ish years. I make around 230k and she's in grad school. By my off the cuff calculations we would save around 11k in taxes but as I understand the tax code is written to incentivize marriage especially when there is an income disparity. We live together and share living expenses. I think we would get a prenup but that seems to be a 1-time cost. Financially, what else should we be considering? [link] [comments]  |
| Posted: 09 Jul 2021 12:40 PM PDT So I recently started working for a very big Fortune 500. They offer chef prepared meals for cost to us. For example I can get salmon with green beans and rice for 4.35. Or a nice burger with fries and a drink for 3.50. I originally planned on bringing lunch everyday to be frugal but it's very tempting to just buy these lunches because I feel they are good value. Any thoughts? If it matters I have no debt, including no car payment or mortgage. I own my car and rent right now. Update —— just wanted to say thanks to everyone on the thread. I really appreciate y'all taking the time to put your thoughts here. [link] [comments]  |
| Potential Fraud? Not sure what to do Posted: 10 Jul 2021 08:26 PM PDT Hey all, So today I got a text message from "HSBC" fraud department saying they received a suspicious charge of X amount at target store #xxxx. Reply yes if it is legit or No if it wasn't me. I am not an HSBC customer, so I just replied no without giving it much thought. A few minutes later I got a phone call from a 800 number claiming to be HSBC asking if I made such a charge. They called me by my full first and last name but did not ask for nor offer any other personal info. I told the gentleman that I was not an hsbc customer and he simply said sorry for the confusion and hung up. A few minutes later I thought it was strange so I googled the 800 number and the official hsbc website came up. I then called back the 800 number that called me and got the official hsbc customer service recording/press X for X menu. I followed the prompts to the fraud Department where they confirmed there is an account holder with my same first and last name in my home state. They asked for SSN and Driver lic number but I refused to give except last 2 digits. The rep said they did not match the last 2 digits for the account they had with my name. Furthermore they did not have any record of my phone number in their database. This left me very confused since they called me from their official listed CS number and knew my whole name, but I ended the call and forgot about it. Fast forward a few hours and now I got a text from CITI Bank saying my account has been locked due to a fraud alert. I am also NOT a CITI Bank customer. Now I'm concerned someone has my name and cell and is trying to use it somehow to rip me off, but not sure how or what to do about it. I did contact my actual bank and let them know what's been going on and they "made a notation about it", but wanted to get this communities opinion on this. What could be happening? How did I get contacted by these banks official CS numbers? What steps, if any, should I take? [link] [comments]  |
| 21 Years old have family pay my mortgage instead of rent? Posted: 10 Jul 2021 02:51 PM PDT Greetings to all of reddit I am a 21 year old male residing in the metropolitan area of Jacksonville, Florida. I am currently enrolled in a 5 year Plumbers/Pipefitters and Hvac apprenticeship with my local union and plan on going into business for myself when I finish. I plan on operating this business while I enroll back into college to get a bachelor's degree. For most of my life I was raised by my single mother with no siblings in the household. My mother sacrificed a lot for me and we took care of each other. And to top it all off her disease has made her health decline. So ultimate goal is to own a fully paid off house for me her and other family members. About two years ago she met a nice man and got married however none of them own anything and have no sort of retirement plan at 50+ years old. Further down the line I met my current girlfriend of 2 years and her family apparently are in a similar situation. All of them rent and own nothing no retirement plans bad credit etc. My question to you redditors would be is it worth it to purchase a house and have my mother, stepfather girlfriend other family pay my mortgage for a big house instead of them renting? My credit score is 747 my only issue is I dont want to be stuck with a house I can't sell. My mother and stepdad also lightly talk about moving when I finish my apprenticeship so thats another thing I'm scared of. Is a house too much of a distraction to accomplish these goals ? What kind of house should I choose that I could sell quickly? [link] [comments]  |
| Posted: 10 Jul 2021 11:51 AM PDT I got a settlement for 12,000 over an injury and now my husband and I are deciding what to do with the money. We have 14k credit card debt and my husband wants to throw all the settlement money towards the credit cards to lower the monthly payment and I also want to get rid of credit card debt. I guess I'm asking is it smart to pay 12k in credit card debt or save some of the money for emergencies. I also starting nursing school and I still need to buy my books which are 2,000. My husband said we can just pay the credit card debt off and then buy the books with the credit card and then when my scholarships come pay it off with that. I'm so tired of the credit cards and being poor! We grew up poor and are still poor because we don't know how to manage our finances. I know we need to pay off debt and start saving money but need advice on where to start now that we have this money. [link] [comments]  |
| Checking account fee avoidance for new account Posted: 10 Jul 2021 07:20 PM PDT Hi everyone, I've opened a chase checking account today because of an offer for $225 with a new account. I am currently waiting on the new checking account to link to my old one so I can transfer enough money to avoid the $12 fee. I have to wait for chase to make two deposits into that account before I can link them. Will I be charged the $12 fee because my account balance is $0 while I'm waiting on them to link or is there a grace period when you first open the account? [link] [comments]  |
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