Personal Finance Weekday Help and Victory Thread for the week of July 05, 2021 |
- Weekday Help and Victory Thread for the week of July 05, 2021
- Boutique hotel won't give back $200 incidental hold; I checked out a month ago
- Lost inheritance in unknown swiss bank account
- Depressed after buying a home recently
- USA folks, check your tax withholding.
- Need advice for paying down debt
- Guidance for my Father
- How can I separate from my financial advisor?
- Credit Score: Does it matter if you pay your credit card off before the end of the month or EXACTLY on the end of the month.
- Advice on saving on low income
- Capital One vs. Discover as an all in one banking institution ?
- PG & E “no balance due@ the last three months
- Which brokerage should I pick?
- I was buying a car this weekend but he said asking price was not final
- AMEX BCE Upgrade Downgrade Question
- A different take on getting a market adjustment/raise
- Does anyone have experience with ABLE or STABLE accounts?
- Unsure whether my Canadian wife can open a Roth
- Is it really true that it's not how much you MAKE but how much you SPEND?
- sanity check - I swore to never buy a new car... but...
- Ally Bank keeps rejecting my application for a credit and savings account and refuses to tell me what the issue is.
- Do newly built apartments typically have lower rates?
- 20 years old got $15k saved no debt and starting my 401k w a company match What should I do? How can I scale my income? Any passive income ideas?
- Disputing a charge with a travel company that failed to actually book my hotel?
- Use your card locking features
| Weekday Help and Victory Thread for the week of July 05, 2021 Posted: 05 Jul 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]  |
| Boutique hotel won't give back $200 incidental hold; I checked out a month ago Posted: 05 Jul 2021 10:12 AM PDT My boyfriend and I stayed for one night in early June at a small hotel in Florida. There was a $200 incidental hold that I was supposed to get back within 7 days of checking out. I opened a dispute on my Apple card. Almost two weeks ago I got someone on the phone there who said they didn't know why I didn't have it back yet and that they supposedly fixed it + it would be back in 2 business days. I still don't have it. I talked to Apple/GS and they said that it would be more like 10 days and to wait. I still don't have it. I just called the hotel again, and the only info I gave when they answered was my name and how long ago I checked out, and with that the person on the phone just said they don't know why I don't have it back and that they would check with the billing department and get back to me. They probably didn't even actually get my name. I talked to Apple again and asked if there's anything else I can do, and they said to just wait on the merchant to give it back—well, they're NOT. THAT'S THE PROBLEM. This is driving me crazy. I've never really had a dispute on a credit card, so how often do these things go in your favor? Is there anything else I can do? Am I going to just be out $200 for no reason? EDIT: Thanks to all the helpful advice. I think that the 'hold' and hotel room cost were put together as a single charge, because my card support told me there was no hold listed. The charge didn't decrease by $200 within 7 days of checking out like it was supposed to, and if I remember correctly, didn't say 'pending,' which is why I opened the dispute. I am being told by some that I incorrectly described it as a hold and confused the hotel. But when I called the hotel, they seemed to know what I was talking about and supposedly fixed it with the click of a button. IDK. I described it as a hold because that's what it was, or at least what it was supposed to be. I don't get why they can charge my card but can't distinguish between a hold and a charge...IDK (2). I'm going to leave it from now on since talking to neither card support nor the hotel seems to help here, and hopefully it will be sorted. If not, I'll worry about it some more. Thank you. [link] [comments]  |
| Lost inheritance in unknown swiss bank account Posted: 05 Jul 2021 12:49 PM PDT Hello. I come here out of pure desperation with the hope that someone out there might be able to help me. Many decades ago, my grandmother and her husband setup a trust fund for all of their grandchildren, this was with a bank in Geneva, Switzerland. They did a lot of business over there and my understanding is that the account is holding a significant sum of money, probably in Swiss francs. Unfortunately both of them died over 15 years ago, and we have no paperwork or information about this account other than my mothers knowledge that it exists. From family gossip we have discovered that the grandchildren on the husbands side (of my grandmother), managed to get their share of the money, which involved flying to Geneva and proving their identity, this was at least over 5 years ago and they kept it a secret from us. Unfortunately the remaining grandchildren (myself and my siblings) are not on good terms with that side of the family, and they are refusing to provide us with any details or information about the account. I wonder if they have managed to take all of it despite our names being on the policy? We are at a total loss regarding how to move forward, is there any hope at this point? Thank you. [link] [comments]  |
| Depressed after buying a home recently Posted: 05 Jul 2021 02:54 PM PDT My wife and I have been saving really hard since we started working and have always wanted to buy our first home, especially since having a baby. We recently bought a home at a very HCOL area and paid a lot over asking price. The location is good, close to work with good school, but I realized we've overpaid too much and I don't really like the house upon moving in. I have since felt pretty depressed and lost interest in other things. Financially we're okay, we only used 1/3 of our NW as downpay and we can afford the mortgage, but I still feel helpless because we can't really sell the house now that the market is not as hot; I am probably going to be stuck here for a few years after the price goes up to resell the house. The feeling is simply paralyzing. How can I get over this? Thank you. [link] [comments]  |
| USA folks, check your tax withholding. Posted: 05 Jul 2021 11:44 AM PDT The IRS provides a calculator you can use to check your withholding: https://www.irs.gov/individuals/tax-withholding-estimator Usually, it is advisable to aim for your withholdings from your paycheck to match your tax liability so that you owe no money at tax time, and aren't due a refund either. Check your withholding amount to see if you are on track for this year at the IRS link. All you need is your most recent paystub. Also note: the IRS withholding calculations changed in 2020. It might be to your benefit to calculate your withholding under the new W-4, and submit a change to your withholding to your employer. I ran this calculation for myself and I was under-withholding, if I hadn't caught this now I might have found myself with a bill for thousands next April. [link] [comments]  |
| Need advice for paying down debt Posted: 05 Jul 2021 08:21 PM PDT My wife (29f) and I (26m)) have about 72k in debt. 66k of that are my wife's student loans (private school is a b*tch), 3.8k is my credit card debt, and 9k is my vehicle loan. Credit card rate is 20%, Student loans are 10%, and car is 5%. For awhile, I was the only one bringing any income. But recently my wife landed a salary position. Combined income makes about 90-95k before tax. We have an emergency savings of 7k currently. We also just had our first child. We are not big spenders at all, and recently just started a YNAB account budget to keep on track. We are renting and our monthly expenses are usually $2200-2300 a month. I was wanting to build up our emergency fund to around 15k-20k before tackling our debts head on. Would love advice on ways to attack debt or any suggestions on savings / what a solid emergency fund is. We're really new to a lot of this stuff. All help is welcome [link] [comments]  |
| Posted: 05 Jul 2021 08:19 PM PDT My father is 91, and in failing health. He's had a good run, and he has planned pretty much everything out, with the exception that he didn't count on his health failing him. He had a minor stroke about 10 years ago and along with the mobility issues, he's slowly losing his memory. We moved him and my mother into assisted living after we convinced them that they couldn't take care of the house, the yard, the pool, etc. My mother had a couple of fender benders, and my father was no longer driving. My mother passed about 18 months ago. Because of his failing memory, he forgets that his wife of 60+ years has died, and he's constantly asking where she is. It's quite sad, to be honest. After my mother died, we had him move in with my sister, who is retired. She has found the assisted living place, and they had room for him. To be honest, we (Dad included) all figured that my father would pass first, and it would be my mother who moved in with my sister. While he is still alive, my sister has power of attorney for both medical and financial matters. When he passes, it's my understanding that I'll be the executor of his estate. Like I said, he planned all of this out, and I know pretty much all of the details. Being 91, he's a child of the great depression and WW II. Rather frugal, and very deliberate with money. He basically started saving $300/month as soon as he was able, and that's become a sizable inheritance for my two sisters and I. We all have two kids each, and one of my sisters has grandchildren. Of my father's grandchildren, mine are the only ones that are still minors. His money is mostly in a trust, and the trust is invested in both common stocks and mutual funds. There are also a couple of IRAs, but they are small compared to the trust. We suggested that a fiduciary manage his investments, and he eventually agreed, as he just can't keep up with it all. He asks about them constantly, and the firm updates him at least quarterly. He has zero expenses and no liabilities. They sold the house, and the cars. He's retired military so his medical expenses are low. Burial /funeral expenses are taken care of. I know he's taking his minimum required distributions, but to be honest, I dont know what he does with them. As income, he has his military pension and Social Security. He pays his taxes quarterly. I'm curious as to any possible motivation/rationale for having my father gift some of his savings before he passes, as opposed to afterwards. I don't really know if any of us kids desperately need any help, but something to help with our kids and my sisters' kids and grand kids seems logical to me. [link] [comments]  |
| How can I separate from my financial advisor? Posted: 05 Jul 2021 07:28 AM PDT Sorry if this sounds like a dumb question, but I have a financial advisor that I've used for over a decade, and the more I read and understand about investment strategies, the more I think I can do what they're doing myself and not pay a 1% fee… I have a Traditional and Roth IRA and two 529s with their firm….so how does one go about essentially having the same accounts with the same funds (presumably) but not have it be managed by the financial advisor (and therefore not pay fees)? ALSO, I'm starting a new job soon so my existing 401k needs to go somewhere, so any high-level instructions on how to move that myself would be helpful. Do I just go to a place like Fidelity, open a(nother) Traditional IRA with VSTAX like my other IRA, and just roll it in? Can anyone offer some guidance (and maybe some reassurance) that this is a good idea? Btw, I know I haven't given a ton of details but essentially I'm planning on maxing out my new 401k and then my Roth IRA, and periodically contributing to my 529s for the foreseeable future. So nothing too crazy right now. Thank you in advance! [link] [comments]  |
| Posted: 05 Jul 2021 09:24 AM PDT I've heard that for improving your credit score ( US ), that it helps to pay off your balance each month exactly on the due date, rather than paying off charges as they come in during the month. I read this article about how to improve a credit score and did not see this mentioned. Have I been the victim of being told a personal finance myth? Edit: Thanks for the fast answers! [link] [comments]  |
| Advice on saving on low income Posted: 05 Jul 2021 07:00 AM PDT Hello all! I'm looking for a bit of advice on saving money. I am a full time employee working at $12/hr and have absolutely no money saved up. I live paycheck to paycheck and honestly have barely enough to scrape by. Luckily I live with my in-laws basically for free and am able to only worry about groceries and little expenses like my personal bills. I'm also the only one with an income at the moment which doesn't make it much easier to save Anyways, I am just looking for ways to save any money that I make I am trying so hard to get out of that place and get my own home and be able to live a financially independent life. Thank you all for listening. TLDR: I am a single income FT employee looking for advice to try to save money on a very low income. [link] [comments]  |
| Capital One vs. Discover as an all in one banking institution ? Posted: 05 Jul 2021 06:47 PM PDT Hey! i'm trying to essentially have all my banking in one place im terms of checkings , savings , maybe a credit card, etc, i've narrowed it down to what i seen to be the best two options which are Discover and Capital one, so my question is , if you were to have to do all your banking at one of these institutions, which would it be and why? [link] [comments]  |
| PG & E “no balance due@ the last three months Posted: 05 Jul 2021 05:33 PM PDT I've lived in my place since November 2020, the pg and e bills have been relatively low. I called back in January and the representative says this checked out with my use. The past three months my statement says no balance due. I became concerned and realize my bill openly shows gas and not electricity. What's going on? Will I have to pay a huge amount? I have the statements that say keep for record with zero balance. I tried to call again today but closed for the observed holiday. [link] [comments]  |
| Which brokerage should I pick? Posted: 05 Jul 2021 06:37 PM PDT A little background, I'm an O-1 in the Army, and have been contributing to the TSP, as well as buying single stocks here and there. I'm interested in investing into accounts with higher returns. I understand that opening a Roth IRA is most likely the best option, but I would also like to open a more "short term" investment account. I know everyone says that Vanguard, Fidelity, and Charles Schwab are the best no commission "zero" fee brokerages. I'm having trouble picking between Fidelity and Schwab and would appreciate advice on which to switch to. I would have a Roth IRA account as well as a standard brokerage account. I'd also appreciate recommendations on what to invest in (specific names, I'm a noob). Thank you in advance! EDIT: I almost fell into the First Command trap. Would it be bad to seek help with a different Financial Advisor? [link] [comments]  |
| I was buying a car this weekend but he said asking price was not final Posted: 05 Jul 2021 12:03 PM PDT So the sticker price on this used car was $17K, we were gonna negotiate for a deal but he said we couldn't negotiate yet since car hasn't gone thru inspection yet and car might need some touchups. It will add to the final price. Can they even do that? [link] [comments]  |
| AMEX BCE Upgrade Downgrade Question Posted: 05 Jul 2021 07:56 PM PDT If I upgrade my BCE to the BCP to take advantage of the the sign up bonus they provided. How would I go about downgrading? Should I let the first annual fee hit then downgrade or should I wait right before the second annual fee hits and then downgrade? [link] [comments]  |
| A different take on getting a market adjustment/raise Posted: 05 Jul 2021 06:16 AM PDT I'm not ranting but I just found this out, so I'm trying to be rational about knowing exactly how much I'm being "underpaid". I'm not looking to make a stink at work and I know that essentially I need to ask for a raise while giving good reasons. I'm processing the information and going through all the phases of grief. That being said, someone did something stupid at work and I now know that I'm being "underpaid", at least in comparison to my peers, by between $30k and $50k. To answer some of the questions before they come up.
I know that I can look for another job, but I'd like to not start over if I can help it. I also wouldn't want them to make a counter because they generally don't, and while the counter is an "admission of poor prior behavior", it's only because you caught them and not because they know they kinda suck. An ultimatum is off the table, I know that, and I don't want to go that route and burn or even singe a bridge. I know they will always pay the least they can for the job. As a manager I don't work that way and am always advocating for my people, but the corporation doesn't play by those rules. I've been promoted once and had a decent bump at the time, but that was multiple years ago. Annual increases and bonuses have been okay but nothing earth shattering. So I guess I'm looking for advice on how to approach a salary adjustment. Is it worth trying to fix (hard question to answer without all of the details, I know)? Should I start looking and hand in my notice as soon as I find something else and just walk? I'm really looking for tactics that could remediate this situation in as positive a manner as possible with the current employer. Also, whether I want to or not, I'm dusting off the resume and starting to look because I should be doing that anyway. **Update** Thank you for the validation, the suggestions and helping me to question some of my assumptions and thought process. I also want to answer some of the questions that have been asked or better explain what I meant by some of my original statements. Not by way of justification, just for clarity. I was more vague than I needed to be.
I also recognize that I shouldn't knee-jerk react and set up a meeting with management tomorrow. The comments below have been very helpful and appreciated. I know that while it needs to be addressed, I need to prepare ahead of time and proceed calmly. I also need to take the time to outline what the acceptable options are to me, and have a plan of action for each one. [link] [comments]  |
| Does anyone have experience with ABLE or STABLE accounts? Posted: 05 Jul 2021 07:18 PM PDT Does anyone have experience with an ABLE account (a tax free investment acct for people with a disability diagnosed before 26 years of age) either for themself or for a loved one, and could tell me their experiences? Is the interest worth it? The asset forfeiture is kind of worrisome, but would love to hear your thoughts on it. Thank you! [link] [comments]  |
| Unsure whether my Canadian wife can open a Roth Posted: 05 Jul 2021 07:01 PM PDT Hi all, I am married to a Canadian citizen who is residing right now in the US with me (We just purchased our first home last month). I am trying to look into whether we can open a Roth in her name - she does work not currently as we're waiting for her work authorization and green card to process, so we would open a spousal Roth for her. I plan to max out her contribution limit with my salary right away. We filed a joint tax return for the 2020 tax year. I am trying to open an account in her name on Vanguard, and deciding whether she would fit under "nonresident alien" or "resident alien." I am little confused because I declared her a resident for tax purposes on our return but she is technically a nonresident in every other sense. Vanguard won't let me open it if she's a nonresident alien. Am I able to open an account for her? [link] [comments]  |
| Is it really true that it's not how much you MAKE but how much you SPEND? Posted: 05 Jul 2021 07:00 PM PDT I've been reading that it's not necessarily how much you make, but it's how much you spend, which leads to how much you keep/save. Can people really save enough money to make a difference while on a lower income and also meeting every day expenses? [link] [comments]  |
| sanity check - I swore to never buy a new car... but... Posted: 05 Jul 2021 01:21 PM PDT I drive a rusty old beat up beater (runs fine, but it has cancer.) I'm just tired of looking at it. So I'm looking into buying used, as per common wisdom, 1-3 years old... But, demo cars I see are only like $1500 cheaper than new (why would I care about 1500$? and I'd probably get a higher rate and less incentives) Am I missing savings here? I expected to save like 25%+. Though, maybe I'm understating the value of 4k, because 4k when compared to 26 is 15%.. that's not insignificant [link] [comments]  |
| Posted: 05 Jul 2021 02:49 PM PDT It shows a page when I'm finished with the application that says: "We weren't able to approve your application." I call customer support and go through my information and read them the reference number and they essentially stonewall me. All the lady on the phone can tell me is to try again. I've tried like 5 times at this point. The letters they send after 7 business days just say they can't verify my identity. But there is no process where I can do that manually. Does anyone know how to prevent these rejections? Or does anyone know of banks similar to Ally that I won't have this problem with? I'm 18 and I need a bank account. EDIT: meant checking account in title, not credit. [link] [comments]  |
| Do newly built apartments typically have lower rates? Posted: 05 Jul 2021 06:33 PM PDT I'm in need of an apartment very soon and found this complex that is finishing up of the building and don't have any information regarding pricing yet on their website. I was just curious if they typically charge less due to being new and incentivizing people to move in. I know any answer would be pure speculation, but I was curious if anyone here has ever rented a unit from a brand new apartment complex and what the monthly rate looked like for you. Did they run any crazy specials? [link] [comments]  |
| Posted: 05 Jul 2021 06:28 PM PDT Also thinking about switching to a credit union and building my credit via a secured credit card [link] [comments]  |
| Disputing a charge with a travel company that failed to actually book my hotel? Posted: 05 Jul 2021 06:19 PM PDT I recently booked a vacation with a well known travel website (not sure if I'm allowed to say who, but you've most likely seen their commercials on TV) that bundles air and hotel packages. All was seemingly well, I got a separate charge for the flights from the airline directly and another charge for the hotel stay from the travel website. All seemed to be in order. Today we took our flight and showed up at the hotel to find they did not have a reservation in place for us. Trying to find a solution, I called the website's customer service line only to find that due to high call volumes they would have to call me back "in 2 hours". Meanwhile, we're stranded in the hotel lobby. So I tried using the website's support chat. They attempted to resubmit the reservation, but the hotel still saw nothing. We requested a refund and the chat person said they were going to have a "relocation specialist" call us. We got the call, only for them to put us on hold for 30 minutes with no answer. Meanwhile, people were walking up to the hotel counter and booking rooms while I was standing there. I was worried we would end up with no room, so I booked a room at the desk. The line got disconnected on the call and we haven't gotten a call back. Now I've tried to call the customer service line yet again and they claimed they'd call in an hour, but it's now approaching 2 hours. I don't know if they're going to call me or what and their chat is now stating that agents are not available to chat. My question is I suppose, am I entitled to a refund here since they failed to actually place my reservation?? If they try to refuse, should I dispute the charge on my credit card? The charge was placed a couple weeks back. Are there other steps I should take? Thanks. Update: I finally got a call back from the travel company. They said they have to do an investigation, mainly getting into contact with the hotel to figure out what's gone wrong but I should get a refund if I'm not lying about the screw-up. If they try to avoid refunding me at that point I will dispute the charge. Only reason I'm waiting is that I read that my dispute may fail if I don't try to work it out with the company first. I suppose that gives me another question... am I under a time limit to dispute the charge? [link] [comments]  |
| Use your card locking features Posted: 05 Jul 2021 06:11 PM PDT Hey all! I see posts on here from time to time that you should use your credit card for all your purchases for the extra layer of separation you have from your bank account, but I'm here with a different opinion from a person that's used credit cards pretty significantly but prefers to be on a cash-only setup now without giving up all the reward perks. Banks want to make sure you feel secure. Any bank I've dealt with will immediately refund your account with stolen monies in the event that it unfortunately happens to you. Plus, they have to abide by Reg E and tend to go further than required to keep your confidence in them. Some banks, such as Discover bank or some credit unions or whoever, also have cash back programs. Some go even further and provide you credit card-like insurance such as rental car insurance, basic trip protection, etc (e.g. Schwab's Visa debit cards). In my opinion, there's no need to use a credit card when it's easier to keep track of your "real-time funding level" using a debit card. I like knowing immediately that my bank account has gone from $500 to $468.83 after a purchase, certain gas stations notwithstanding that don't charge you immediately. However, one habit I think everyone should get into, whether or not it's with a debit card or a credit card, is card locking. Banks offer this as a common feature in their phone apps and websites now, and it's very very helpful regardless of your bank and card network's protections. For example, I recently used my debit card to do an ATM withdrawal. It was an ATM in a drugstore, because my bank is an online bank, and that's where the ATMs typically are. I immediately locked my card afterwards, like I normally do. About two weeks later, I noticed that someone attempted to use my card twice, at two separate locations. Too bad for them that my card is always locked, because they were denied both times and seem to have given up for over 2 weeks after that. And, with any luck, they were caught when trying to do it to someone else. So, just make sure you use your card locks. It's an extra level of protection that has tangible benefits with just the minor inconvenience that you have to remember to unlock your card each time before use. Stay safe! [link] [comments]  |
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