Personal Finance 1099 role, company doesn’t offer 40 hours and requests that I not take on other full time jobs. Should I raise my fee accordingly? |
- 1099 role, company doesn’t offer 40 hours and requests that I not take on other full time jobs. Should I raise my fee accordingly?
- Should I quit or let them fire me?
- Should I buy my company's stock that's discounted 5% from the sale price at a given date?
- Walmart Account Hacked, large purchase made
- Advice for my mom's hot mess of a retirement situation
- PTO Payout issues
- I thought I was always good with money but I feel like I put myself my newborn, and my wife in an financially uncomfortable place right now.
- Best place to start Roth IRA? Bank? Broker? Financial Advisor?
- what will be the effect on my credit rating if i cancel my amex green card?
- I (21) have $70k+ saved with no debt and I have no idea where to put it.
- Would I be living beyond my means?
- 401k loan vs traditional loan
- Getting out from my underwater condo is going to be expensive
- Do I make a mistake by not shopping around for a mortgage refinance?
- Items stolen while on vacation, claim on homeowners policy wise?
- I know nothing about finances; what's the best thing to do with my savings right now?
- As an adult, do I need to include my parents in "Household Income"?
- Help After Divorce!
- Medical bills, joint bank account with girlfriend. Can we split it up?
- What to put as allowance on w4
- 1300 cash (on a bad week) mini launder?
- Good financial tips for a 21 year old
- Gifting Rent to Family
| Posted: 31 Aug 2021 09:31 AM PDT Hoping someone can shed some light on this for me. I've never been self employed or worked anything other than as a w-2 employee. But recently I applied for a 1099 contractor role that makes me a little nervous. I think I would need to set aside probably 30% of my income for quarterly taxes and whatnot. I also don't expect to have many deductions to write off. The thing about this role is that they only offer 20-30 hours a week BUT they require that I be "on call" and available during their full business hours. So while I may be able to take on a few side hustles here and there, for the most part I need to dedicate my time to being readily available for this job but only get paid for 20-30 hours worth of work. So would it make sense to set my rate higher to ensure that I take home what I need each month? Also can I ask for a 20 hour/week minimum to ensure I get paid even if I'm used for less than 20 hours a week? I'm trying to crunch numbers but it seems like everything is so uncertain. I also don't want to oversell or undersell myself, but I'm not sure what a self employed executive assistant usually charges in a contracted role. Any advice? [link] [comments]  |
| Should I quit or let them fire me? Posted: 31 Aug 2021 01:25 PM PDT I have a meeting tomorrow with my manager where I'm 90% sure I am going to get fired. I was written up twice this year, once for taking long breaks and another for violating a rule about using work tools for personal reasons (I did not steal or break any law here). My question is, should I just quit before the meeting tomorrow or just let them fire me? From my brief understanding about unemployment this would count as a "termination for cause or misconduct" which would make me ineligible for unemployment benefits (I live in California). I'd like unemployment benefits but if this makes me ineligible I may as well just quit to make it easier to explain my exit from the company. I have enough saved up to last at least a year with no additional income. Appreciate any advice. [link] [comments]  |
| Should I buy my company's stock that's discounted 5% from the sale price at a given date? Posted: 31 Aug 2021 09:28 AM PDT I work for a well known, large tech company that's been around for over 40 years and I'm trying to figure out if I should buy discounted company stock. I can opt in for up to 10% of my paycheck to be withheld for 6 months at a time and at the end of each withholding period period, that withholding is used to buy company stock at 95% of the closing price on the last trading day immediately before the Exercise Date (end of the 6 months withholding). The stock has pretty much always increased in value for the past 20 years and it almost doubled since last year (probably pandemic related digital transformation of so many companies, who then needed our products more than usual). Is this worth doing? Are there any tax benefits besides the potential earnings on the stock? Let me know what other info I can provide and and thanks in advance! [link] [comments]  |
| Walmart Account Hacked, large purchase made Posted: 31 Aug 2021 01:30 PM PDT My wife's Walmart account was hacked and a PS5(along with some oreos) was purchased. The purchase was shipped to an address in another state that we have no ties to. The purchase was made using a credit card unfamiliar to us, though the Billing Address was listed as my wife's name, along with the previously unfamiliar shipping address. We immediately contacted Walmart, who stopped shipment on the order. Because we are only able to view the last 4 digits of the credit card, we're having a hard time finding out what financial institution issued the card so that we can contact them. There has been no activity on her credit report. Any tips on how to find out the financial institution associated with the card so we can contact them? Also would you say that is even necessary? Is it more likely that this card isn't actually in my wife's name, even though the billing address had her name listed on the order? It's perhaps just an unconnected card and her Walmart account was made to use the purchase for some reason? If anyone has any general knowledge or advice regarding this situation, it would be appreciated. Thank you! [link] [comments]  |
| Advice for my mom's hot mess of a retirement situation Posted: 31 Aug 2021 06:17 PM PDT I could really use the advice of people smarter than me on this one. Any advice, big or small is welcome. My mom has never been good with money. And I could write a book on the number of times she's undone my efforts to ease her financial situation. So I dip in and out of helping her for my own sanity. But my latest dip convinced me it's time for me to intervene in a much bigger way (quick sidebar, before I paint a picture of a completely incapable person, my mom is a lovely, kind and selfless person, she just terrible with money and anything that touches it). Here's the situation:
At this point, I don't think it's realistic to think that she could get + hold down a job for a long period of time, and even if she did, between the IRS garnishing her wages + the loss of prescription coverage...It seems the best way to go is to find a way for her to live under $1300/month....right? Is that even possible in Atlanta? I'm working on getting more concrete information about her IRS and prescription situation and am looking at options to get her cost of living way down (get a roommate, move somewhere WAY cheaper, get a cash side job, SNAP food stamps, etc) but am hoping that there is an alternative option that I'm just not thinking of?
While I can think of 1000 things my mom could have done differently to prevent this situation, it's messed up that she's stuck in a system that will basically keep her well below the poverty line, just so she can stay alive with the prescriptions she gets for free....Ladies and Gentlemen, the greatest country on the planet [link] [comments]  |
| Posted: 31 Aug 2021 04:37 PM PDT I recently resigned from a position in NYC. After resigning I requested that the company pay out the vacation I had accrued, approximately 2 weeks. I spoke with the head of HR who said they do not payout for accrued vacation. I asked where in the company's handbook does it state that upon separation the employee forfeits their accrued vacation. The handbook does state that at the end of the year any unused vacation time is forfeited. There is nothing in the handbook which specifically deals with vacation time and being fired or resigning. The head of HR also did not cite to any handbook provision. I did some research and found that under NY law, if there is no specific written policy, then the employer has to payout on unused PTO. I told this to HR and received no response. My question is should I include the head of the company on my next email. I left on good terms and would like to keep a good relationship, but I still would like what's owed to me. Any help or tips would be appreciated. [link] [comments]  |
| Posted: 31 Aug 2021 01:23 PM PDT My wife and I recently had a baby (yay) Technically I'm self-employed and I think my current employer is either dead or on the verge of bankruptcy each time I ask to be paid, it can take a whole week or more to get a response. (I'm starting a new job Sept 7 because of the poor communication and other reasons) Collectively, my wife and I make about 55k (down from 80k this time last year before I switched jobs) and her being out from maternity leave brings us down to 40K. And now that I'm not getting a response from the employer is even more troublesome. I try to allocate our money in its respective buckets (emergency fund, investments, baby fund, adventure fund etc) that was we are able to save what we can with what we have so when we scale in income, we bump up the allocations. With the medical bills coming in now and the lack of income, I hate that I put us in this position by naively thinking we are always going up in life never down persay. By moving into the house when we were doing well financially 2 years ago, the last thing on my mind was financial hardship. Now that our income is essentially cut in half due to a job change a few months ago to this crappy one and my wife on maternity, I'm really trying to find additional income sources and I almost can't look my spouse in the eyes because of what position I feel like I put us in with our money. I'm doing my best to allocate responsibly to avoid surprises but I can feel the expenses just around the corner and things are starting to get heated in the home. Fortunately, we do a little house hacking so a portion of our home is rented out on Airbnb. So for the mortgage we're covered for 2 months. I am not sure how much money we're using at the moment because I have gotten royally confused using YNAB and now I do not have a confident handle on our expenses. I like to know down to the dollar what money is coming in and out so we can budget accordingly. If I could go back I wouldn't even move into a SFH, get the dog or 2 cars because now the insurance is like us throwing money away. I might even consider selling one of our paid-off cars or something to get out of this hole. I'm not really sure what I'm trying to get out of this post but some resources to look at and or money management tips would be massively appreciated. Thank you guys. [link] [comments]  |
| Best place to start Roth IRA? Bank? Broker? Financial Advisor? Posted: 31 Aug 2021 10:56 AM PDT I really need to get my Roth IRA going, but I dont know who to go to. Do I just go to my bank? Do I go to a place like Fidelity or Stanley Morgan? [link] [comments]  |
| what will be the effect on my credit rating if i cancel my amex green card? Posted: 31 Aug 2021 02:03 PM PDT Hi Reddit, I have had Amex cards since 2011. I've had platinum, gold, green and their everyday credit card. I don't really use the Amex green card anymore, and I'd like to cancel it, but I don't want that action to negatively affect my credit rating. I want to cancel because the green card has a $150 annual fee, which doesn't make sense given that I don't use it. Thank you much for any advice. [link] [comments]  |
| I (21) have $70k+ saved with no debt and I have no idea where to put it. Posted: 31 Aug 2021 05:56 PM PDT I decided to get my real estate license during these unprecedented real estate times and found myself to be super successful and it all happened VERY quickly. I have about $70k+ saved up currently with no debt or bills to pay for as I am in college currently and it's paid off. I really need advice on where to put my money because I am reading about inflation and how "it's bad to leave your money sitting when it can be invested for a better return." When it comes to investing in the market (ETF's, Index Funds, ROTH IRA), I am absolutely clueless. So my question is, what the hell should I do next? I would like to put my money somewhere with a good return and with the ability yo pull out money when I need it (passive income?) All advice would be greatly appreciated. [link] [comments]  |
| Would I be living beyond my means? Posted: 31 Aug 2021 03:46 PM PDT I'm searching for my first apartment and make about 5040 monthly before taxes. I found a beautiful place that's $1700 monthly, which will be about 34% of my income. I've budgeted everything and hope to save about $1300 each month (apart from 401k contributions). I would be living alone and calculated my other necessary expenses to be about $550 ($220 for utilities, $250 food, $80 transportation- I wfh permanently and looking to move to a walkable city). Most places I've researched advise to stay under 30% for rent. Is this breakdown reasonable or should I try to find an apartment under 1600, closer to 30% of my income and have more savings and discretionary money? [link] [comments]  |
| Posted: 31 Aug 2021 05:59 PM PDT Recently put a lot under contract it was initially for 90k with 40k from me and 50k from lender(5% fixed 10 years). After appraisal the cost went down to 75k and I wanted to only take a loan for 30k from lender but lender said they can't legally do that in the state... I was talking with a close friend and he recommended I take it out of my 401k which I would be able to. In fact I would only need to take out like 23k of a loan from my 401k. Is this worthwhile? I'm with fidelity and I've started doing some research and the only pitfall I see is that if you lose your job or move jobs it can get bad quick. Any recommendation? Thanks you [link] [comments]  |
| Getting out from my underwater condo is going to be expensive Posted: 31 Aug 2021 07:07 PM PDT I had to move out of state to find a decent job, so I'm selling my condo apartment, the first place I've owned. It's in Oregon, if that matters. The price has gone way down because the old building has some big expensive maintenance projects that need to be done in the next few years. So now I'm underwater on the mortgage. I owe the bank about $129k. The highest offer I can reasonably expect is $120k, based on recent selling prices of similar units in the building. I haven't talked to the bank about this yet. I was unemployed for months and I've been taking advantage of the pandemic mortgage forbearance program as long as I can, although that's ending soon. I assume they're going to expect a big cash payment to finish off the mortgage when it sells. Anticipating this big hit, I've been trying to save as much as I can and I have $20k in a cash account. I expect my money will be mostly or entirely gone after I have to pay up the difference between outstanding principal and selling price (plus closing costs, realtor fee etc). I've researched the short sale process and that seems like a really bad idea for me. Any advice on how I can make this less painful? [link] [comments]  |
| Do I make a mistake by not shopping around for a mortgage refinance? Posted: 31 Aug 2021 06:48 PM PDT Hello everyone, In February of this year, I refinanced my 3.5% fixed 30 year mortgage to a 2.0% fixed 15 year mortgage with my existing lender. I did not shop around and am now second guessing how much of a possible deal I may have missed out on. I did drop PMI as part of the refinance but I know that a refinance isn't required to drop PMI. We plan on being in the house for a long time with no plans to move. Here are some details on my mortgage and the refinance costs: Mortgage Balance: 181k at 3.5% Previous monthly payment: $1520 (with 443 towards principal and 529 towards interest) My lender gave me an option of 2.65% with no points or 2.0% if I wanted to buy down the points. I took the option of buying down the points and my refinance costs looked as follows: Total Closing Costs: $9824 consisting of $2453 pre paid costs (prepaid interests, premiums, etc), $5371 for points, $995 origination fee and $1065 various other fees. My new monthly payment is $1670 with $918 towards principal and $312 towards interest. By my calculations, I am saving $217 a month in interest. When calculating the break even point, I am not including the $2453 part of the closing costs since these were for premiums. So I am left with a true closing cost of $7431 leaving a breakeven period of 34 months. Am I doing the math there correctly? If I would have not bought points, I would have saved roughly $100 a month in interest with a closing cost I believe around $2060 with a break even period of 20 months. However, since we plan on living in the house for the life of the mortgage I assumed that overtime the extra $117 savings in interest between the two rates would be worth it. I understand the interest paid each month goes down over time but still this seems to be like it would be worth it. My questions are two part:
Thanks! [link] [comments]  |
| Items stolen while on vacation, claim on homeowners policy wise? Posted: 31 Aug 2021 07:40 AM PDT We were on vacation in San Francisco and while parked near Fisherman's wharf our rental car was broken into and all of our belongings stolen. Seems like it's an ongoing thing down there and tons of homeless people but this isn't about that just if anyone has any advice if we should claim it on our homeowners policy or perhaps the credit card policy we used to book our rental car? My insurance agent made it sound like it wasn't a good idea to claim it without specifically saying it. Don't want our homeowners policy to skyrocket in Florida. Total value lost was probably in excess of 5k. We had 2 ipad pros, AirPods, medication, clothes etc. so it add up quickly. [link] [comments]  |
| I know nothing about finances; what's the best thing to do with my savings right now? Posted: 31 Aug 2021 02:35 PM PDT I'm in my early 20's, make ~$25k a year, and have $50k in a checking account. I'm only looking to move out now, so I don't have a good idea for what my monthly spending will be. I'm looking in the vicinity of $500-600 a month apartments. currently I only spend about $300 a month on food + rent to parents. I have nothing set up in terms of retirement, but my new job has 401k with match. I don't think that's available for a few months though as I just recently started. What amount of my savings would be wise to invest, and what's the smartest way I can go about investing it? Is there anything else I should be doing? [link] [comments]  |
| As an adult, do I need to include my parents in "Household Income"? Posted: 31 Aug 2021 01:13 PM PDT I'm trying to start therapy through my local health department that offers sliding scale fees. The price is based off my "Household's income". I am an adult (20) still living with my parents due to multiple circumstances I cannot currently change. My parents refuse to help me pay for therapy so all of it falls on me and I can't afford it to be based on thier incomes plus mine. Can I just list my own income as my "household income"? I pay for all of my stuff on my own, I just can't currently live on my own. [link] [comments]  |
| Posted: 31 Aug 2021 03:02 PM PDT Hello everyone! I am a recent divorcee. I was awarded the house in the divorce settlement under the condition that I assume the mortgage or refinance. My lawyer put into the paperwork that my ex-spouse had to file a quitclaim deed to relinquish his legal rights to the property. The principal is currently $124,000 and the property is worth $196,000 to $210,000. Which is the better direction to go and also what is the purpose of the quitclaim regarding the mortgage process? Please help! [link] [comments]  |
| Medical bills, joint bank account with girlfriend. Can we split it up? Posted: 31 Aug 2021 01:12 PM PDT I recently had to have an emergency surgery that's going to be very costly. I will have to pay a large amount outside of insurance, the hospital has financing/payment plan options. They are asking me to declare the amount in my checking and savings account. These accounts I share with my girlfriend, before I declare the amounts in the account is there anything stopping us from moving money from the shared account into an account that is "just hers"? I don't want to do anything fraudulent, however, as she is not my spouse they are not entitled to her assets to settle my debt. [link] [comments]  |
| What to put as allowance on w4 Posted: 31 Aug 2021 01:12 PM PDT I started a new job that is lower pay, 12.50 an hour, I expect to make around $16,000 the first year. I haven't gotten a paycheck yet so I'm not sure how to calculate anything. I'm single with no kids. Thanks [link] [comments]  |
| 1300 cash (on a bad week) mini launder? Posted: 31 Aug 2021 07:46 PM PDT I would like some suggestions on what to do with it instead of buying dumb shit (this is all extra cash my expenses are paid for by my job.) [link] [comments]  |
| Good financial tips for a 21 year old Posted: 31 Aug 2021 07:33 PM PDT I am a 21f college student and I have about 1k in my savings. I've never paid taxes, Paid rent, or done anything like that because I'm still under the care of my parents. I want to make good financial decisions in my life but I don't know where to start. Right now I know nothing about personal finance. Any ideas? [link] [comments]  |
| Posted: 31 Aug 2021 01:32 PM PDT My parents rent a house from me. My mom will soon provide childcare when I return to work. Rather than pay her (a situation in which we would essentially just circulate the same money between our accounts), I'd like to let her live rent free (i.e. gift her the rent). What considerations are there from a tax perspective with gifting rent/money to family? Is this the best avenue or should I have my parents continue to pay me rent (monthly) then I pay my mom the sum back (weekly) for childcare. What makes the most sense for tax purposes? The property is filed with the county as a rental property which is why I am under the impression that I have to charge rent to begin with; we have a lease in place and charge them the cost of the mortgage on the house (which is about $400 below market value for rent in the area). If I move forward with my plan to gift the rent, do I treat the gift as the mortgage payment value or the fair market value? Thank you for your advice! I want to make sure I'm handling this properly. [link] [comments]  |
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