Personal Finance Is refinancing right now too good to be true or is my family trying to make $$ on me? |
- Is refinancing right now too good to be true or is my family trying to make $$ on me?
- If you make $58,000 a year, are single, have no kids and no pets, and your car is paid for, can you afford $1700/mo rent (or more)?
- What is a general good rule of thumb as to how much money a couple should be spending on groceries per week?
- Loaned family member 10k as a gift for closing cost on a house. When he gives it back within the next 2 weeks, should he send it back as a gift or just send it as is?
- Are there any real major downsides to Roth?
- Attempted to negotiate salary, got discouraged and gave in, left comment on my annual review stating this. Need advice.
- Selling Car Privately - Forms of Payment
- About to ask boss if I can be put up at a hotel next week for a project that I usually drive to. Is this ok?
- Cancelling credit cards
- What's the best way to negotiate an ER bill? Just got an absurdly high bill for minimal effort from ER
- Engine Died, Still owe 4k+ on car, Insurance won’t cover anything, Next steps?
- Index 500 or Blue Chip Funds
- Bought used car from dealer in NY, three major issues in 5 months. What is our best way forward?
- 70 year old father in difficult financial situation and hoping options are out there for him?
- What’s the next step?
- Vanguard vs Fidelity
- Investing in high dividend stock solely to get a mortgage, and then selling stock?
- Is it worth paying (up to) $2000/year to make an HSA available to me as a retirement account?
- Is this ethical?
- Will or Living Trust?
- Looking for advice in negotiating job offer with startup!
- ESG Funds that focus on clean energy
- Already near to maxing tax-advantage accounts. Opinions on next investment moves?
| Is refinancing right now too good to be true or is my family trying to make $$ on me? Posted: 10 Aug 2021 06:24 AM PDT EDIT: Thank you for the sound advice, all! I cannot respond to each comment, but read most of them. I will be pursuing the refi... wish me luck! Background: My wife and I bought a house in 2017 for $235,000 @ 4.125% interest for a 30-year mortgage. We put a 50,000 down payment on the house, bringing our remaining cost down to $185,000. Our mortgage payments are roughly $900 and we pay an additional $200 to the principal. If we continue to pay $200 toward the principal, we would cut our 30-year mortgage by just over 6 years. As of today, we have $163,000 remaining on the house. Thankfully, we are well off enough to not be in any financial trouble and have no issues meeting our mortgage payments at this time. My wife's uncle works at a mortgage broker, and with the not-so-recent drop in mortgage interest rates, he has been trying to get my wife and I to refinance for a better rate. During the last conversation we had, he had said that he can get our interest rate down to 2.125%, effectively dropping our rate by 2% (from 4.125% today) with a 15-year mortgage. Our monthly payment would increase from $900 to $1100 after refinancing, but this is a wash to my wife and I since we pay an extra $200 anyway. He then said that there would be closing costs involved approximately totaling $5-$7k pending on the escrow requirement/title/etc. By refinancing, he said would we have the ability to take the money out of our existing escrow and use it to fund the new escrow, and the first 2 mortgage payments are waived (the first is actually waived and the second is pushed to the end), so we would not have to pay 2 months mortgage up front. Without rambling too much, we would be able to use the cash back to resolve the closing costs and bring the remaining mortgage payment back down to $163,000. All-in-all, it sounds like by refinancing to a 15-year mortgage, we would be shelling out the same monthly payment with the ability to payoff the house in 15 years, as opposed to paying off the house in ~24 years (current 30-year net ~6 years from paying an extra $200 continuously). My wife and I have had a few issues with her uncle with money, and this really sounds all too good to be true. I think he is trying to get one over on us some how by having us refinance and him getting a payout with no long-term benefit to us, and my wife thinks he is genuinely trying to help. I am looking for someone to tell me if refinancing sounds good or if we are getting bullshitted as we do not know enough about the process to make this decision. [link] [comments]  |
| Posted: 10 Aug 2021 01:12 PM PDT Obviously depending where you live $1700 can get you alot or get you nothing (hello San Francisco, NY, etc.) but for this particular question the concern isn't what you can get but just how much you can afford so you can start to figure out what options you have or don't have. Take home of about roughly 4000 a month. Monthly expenses and bills just under 500 a month. No debt. [link] [comments]  |
| Posted: 10 Aug 2021 05:30 AM PDT My boyfriend and I have some debt that needs to be taken care of and we are about to start budgeting for the first time. Problem is, we eat out…. a lot. It's embarrassing to be honest. Anyways, I've accepted we need to change but don't know what a typical food week consists of cost wise for a couple. What do you think is an average amount to limit yourself to for food per week? At least in the beginning before having to tweak and make adjustments? Any help is more than appreciated, thank you [link] [comments]  |
| Posted: 10 Aug 2021 03:49 PM PDT By as is I mean should we not even bother with sending it as a gift or should we look into that? Edit 1: He asked for a loan of 10k & that he will pay be back in 2-3 weeks & I was told to send it as a gift [link] [comments]  |
| Are there any real major downsides to Roth? Posted: 10 Aug 2021 05:04 AM PDT Whether in an IRA or through a 401(k), I can't really find any major downsides in a Roth. Am I missing something? Like, yeah, it kind of sucks that you can't tax defer some of your income. But that seems to be far outweighed by the fact that literally all your gains for decades are TAX-FREE. Even if you, theoretically, were to have a higher income in retirement than you do now, I still don't see where it would make sense to choose traditional over Roth if you have the option. Am I missing something? [link] [comments]  |
| Posted: 10 Aug 2021 07:36 PM PDT So I'm going to try and keep this as vague as possible. I receive annual reviews and raises from the company I work for. It's standard for all employees. I was working an entry level position, historically receiving 7% raises annually for 6 years. Note: I've been told this is above top rate and it is because of my worth within the company. A year ago I accepted a project management position with the same company in the most textbook definition of the role. Market compensation for this is 60-85k, DOE. I didn't know what I was getting into, so in my transition, I accepted a 7% raise (45k) for this new role. It has come time for my review and they offered me 4%. I said that I wanted to be brought up to market rates for the role. They countered 7%. ID BE MAKING MORE IN MY PREVIOUS ROLE. This role and negotiation process has drained me mentally and emotionally so I gave in, and accepted. I can leave feedback on the review for my file and stated I was disappointed and discouraged. This was days ago. I just received an email stating upper management would like to discuss and also explicitly stated this will have no affect on my raise as it's been submitted already. During my review process I was also told "if you have a number that is bottom line, let us know because we don't want to lose you" and I had, and they continued to offer me mediocre compensation. I don't want to have this conversation with upper management about "why I'm discouraged and disappointed". I've already started job hunting. How do I handle this in the most professional way? Do I disclose I'm ready to walk because of this and see what happens? If so, and we begin discussion of numbers, how do I stick to my guns about proper compensation? [link] [comments]  |
| Selling Car Privately - Forms of Payment Posted: 10 Aug 2021 08:14 AM PDT Hey everyone. I'm selling my wife's car tonight for $8,200. The buyer came and looked at it last night and liked it, so he wrote me a check for $3,700. He is bringing the rest in cash tonight when he takes it home, along with the title. My only concern is this check. It is a Wachovia check, and they were bought out by Wells Fargo in 2008-2009. I've taken the check to my local Wells Fargo, and they were able to cash it for me. So now I have the $3,700 in cash. I was told by the teller that if the buyer did not have the funds in his account then they would not be able to cash it. Is there anything else I should watch out for regarding this check? I took a photo of it. I'm assuming it will not "bounce" as it was not deposited. I am going to get a copy of his driver's license tonight and get him to sign a bill of sale that details these payment methods. [link] [comments]  |
| Posted: 10 Aug 2021 09:18 AM PDT I am driving 1 hr 10 min (20 in personal car, then company van pickup & 50 mins from there) to where I have been working every day and it's a cleanout that should be done by the end of the month when the lease is up - my boss, however, says he can extended the lease of the building another month, but wants to strongly avoid it. Should I suggest that I be put up in a hotel like I was for a 2 hour drives away project in the spring? The hotel near where I'm working right now is $80/night & for 5 nights so that's $400, plus meal reimbursement (dinner only). While I hate to sound like a weak man, but the commute to get here is a drag & about 2/3rds of the way is a non-freeway slow route (tucked away area) - and also believe this makes me less productive and more warn out when I arrive. Also keep in mind I am the only one really doing this project. [link] [comments]  |
| Posted: 10 Aug 2021 07:00 PM PDT So I have a total of 5 credit cards with only 1 credit card that has a balance. Would it be a good idea to cancel out a few of the creeit cards that I dont use or just keep them. [link] [comments]  |
| Posted: 10 Aug 2021 02:38 PM PDT So I got bells palsy less than 2 months ago. I've had it before so I knew exactly what it was (and definitely was not a stroke.) Urgent Care turned me away even though I said I just needed medicine and they said I needed a neurology scan. I went to ER and they didn't even have a neurologist. I was there for maybe 10 minutes and was with the doctor for no longer than 2 minutes to tell me I was fine, what I already knew, and prescribed me the medicine. I just got my bill and it's almost $600 after insurance. I'm not exactly sure how to go about negotiating an ER bill and I would love some tips! Thanks in advance! [link] [comments]  |
| Engine Died, Still owe 4k+ on car, Insurance won’t cover anything, Next steps? Posted: 10 Aug 2021 03:55 PM PDT I bought a 2007 Forester last year with 140K miles on it, Quick 3 year loan at 4%. Engine is completely dead and I am being quoted around 6k for a complete replacement. I do not think that is worth doing, however I still owe 4k on a car that doesn't run anymore. I don't really know where to start and I am just wondering what my options would be in this situation, If anyone could provide some insight I would really appreciate it. Maybe insurance won't cover it becusse it is unrelated to an accident and I do not have a warranty or anything like that on the vehicle. [link] [comments]  |
| Posted: 10 Aug 2021 06:41 PM PDT Last week I was helping my gf (26, Internal Medicine doctor) set up her 401k and had her invest in Fidelity's FUSVX premium index 500 fund. She saw that the blue chip growth funds way outperformed the index 500 funds and wanted to invest in that instead. I recommended against it, but honestly didn't have a good reason other than blue chips are less diversified. I gave the example of investing in sees candy or Sears 10 years ago. What's the going recommendation for people in their 20s? I'm ok with volatility, just wanna max long term gains. Rn me and my gf retirements are 100% in index funds (VTSAX and FUSVX) 0% bonds 0% annuities [link] [comments]  |
| Bought used car from dealer in NY, three major issues in 5 months. What is our best way forward? Posted: 10 Aug 2021 10:46 AM PDT We bought a 2018 suv in February for our daughter. In April it had to have the motor replaced (metal filings in engine). Got it back after nearly a month. In June it blew all of the engine oil throughout the engine compartment due to a faulty gasket. Towed back to dealer, another three weeks. End of July, dashboard repair light came on while out of state. Immediately pulled over, called tow to dealership in that state. Serpentine belt spilt due to oil spill (tech wrote this on the bill). The company's roadside service towed the car from the turnpike to the nearest dealership. Out of state dealership didn't have any loaner vehicles, she had to call a cab and waited two hours alone at night to be brought to a hotel. I drove up the next day and paid the bill, because warrantee considered belts normal wear and tear. Due to these issues, and being stranded at night in an unfamiliar city/state for 12 hours, my daughter is now fearful to drive the car. What can I reasonably ask for? Our purchase place said they will reimburse me for the belt. I'm also out a day's work, cab, hotel, etc. Would this come under NY Lemon law? Should we just cut bait at this point and ask for a refund? I'm not trying to scam anyone, I'm frustrated that we dropped $20K to have peace of mind for college kid who has to drive to clinics as part of course only to be worse off that when she was using the 2007 vehicle. EDIT to add: Mazda-cx3. Bought at 52,000 now has 58,000. [link] [comments]  |
| 70 year old father in difficult financial situation and hoping options are out there for him? Posted: 10 Aug 2021 07:17 PM PDT I'm hoping to find some advice that may help my father who, at 70 years old, is in a place where the only asset he has is the equity in his home. He was just laid off and now he has to find financial stability for his future. We've never been a sharing family so I don't know all of the details but here's what I do know: No income, no 401k, no savings, bad credit and credit card debt (fairly certain quite large). His only asset is the equity in his home that he must now sell. The scenario I'd like to see him avoid is having to spend the money from the sale of the house on rent. He has said that he will have enough for the next 10 years when he sells (I have my doubts). He could spend the money from the sale and buy something much smaller outright but have little remaining and no income. Obtaining a mortgage seems extremely unlikely and co-signer is not an option. Are there options out there that could help his financial situation for the long-term? His kids are very concerned about what may happen when the money runs out. [link] [comments]  |
| Posted: 10 Aug 2021 07:36 PM PDT 20m. Hello so I just paid off my car(29k in 12 month's) woo hoo, so I now have 0 debt. My monthly expenses are 250$ for insurance about 170$ for gas I pay my parents 120$ for phone and another thing. Then about 50$ in subscriptions. I live with parents so no rent. I have 5k in savings as emergency fund soon to be 10k. Just about 9k in checking account. And 2k in a Roth IRA. I make on average about 4K a month. On to the question what should I do next? Save for a house? Move into an apartment to experience living on my own? Stay home? I live in Utah and house prices are crazy right now which is way I don't really think buying a house is smart. Any help is appreciated! [link] [comments]  |
| Posted: 10 Aug 2021 06:17 AM PDT Hello, I have a Traditional and Rollover IRA in Vanguard. It only lets me select mutual funds for my positions. If I move it to Fidelity, will I be able to choose stocks, ETFs, mutual funds, REITs, etc? Is that process to move it seemless? thanks a lot [link] [comments]  |
| Investing in high dividend stock solely to get a mortgage, and then selling stock? Posted: 10 Aug 2021 03:13 PM PDT Say someone has $1,000,000 in the bank with no income. No income = no mortgage. So invest a ton of it into a stock with a high dividend yield of 15%. Year 1 dividend income = $50-100k year 2 dividend income = $50-100k apply for mortgage with proof of income, mortgage accepted, now sell stock to a low dividend yield stock 2% year 3 dividend income = $20k Is this legal? I feel as if you are sort of "faking" an income with the intention of getting a mortgage, only to know that your new income is going to be around $20k per year. Basically there is no way to get a mortgage without income, not sure if this is lying [link] [comments]  |
| Is it worth paying (up to) $2000/year to make an HSA available to me as a retirement account? Posted: 10 Aug 2021 01:00 PM PDT I'm single, no dependents, 31, and in good physical health, but not so good on the mental health side. I'm deciding between the PPO and HDHP+HSA options for 2022. Both are no cost to me--my employer pays 100% for employee-only coverage on both plans. I can usually get away with one annual physical to my doctor but next year I plan on starting therapy. PPO:
HDHP+HSA:
If I'm thinking about this correctly, the cost of having an HSA would be $2000/year at most (out of pocket max minus employer HSA contributions). HDHP+HSA is the way to go here, right? I plan to max out the HSA contributions in Jan/Feb and invest it immediately. Rinse and repeat annually and save all my receipts to cash out at retirement (or whenever I need the money). I got a late start to retirement savings so I am looking for ways to utilize all of the tax-advantaged accounts available to me.
With my mortgage at 2.5%, it doesn't make sense to pay extra, right? I followed the flowchart and all that's left is an HSA and taxable brokerage. If anyone has any input on what else I could be doing, that would be greatly appreciated! Edit: my math was wrong but the HDHP+HSA is still the better choice for me despite my projected medical expenses. [link] [comments]  |
| Posted: 10 Aug 2021 04:27 PM PDT I apologize for the vague title. I hope this question is permitted, I don't know where else to ask it: My landlord is the (private) owner of the unit I live in. He owns a few other properties, all in the same neighborhood. His day job is as a financial advisor for a large national (US) wealth management chain. He's a good guy, and a kind landlord, but a not a good property owner in that he barely invests any money in necessary repairs. I've noticed that most of the repairmen he uses are clients of his (as he's told me) and I've gotten the sense from him that he barters his service for theirs. I don't have any specifics, other than him saying things like "I have an arrangement with the landscaper, my client". I wouldn't care about that, it's none of my business, except that the people who work on his property are not great, IMO. There are many issues with the house that don't get fixed properly, or left half-finished, or delayed far too long, and he never contracts with anyone other than these tradespeople. Calling an alternative plumber/builder/landscaper never seems to be an option, but there are plenty of tradespeople in the area. Anyway, that's the background, here's my question: is it ethical for a financial advisor to use the services of their clients (my gut says yes but it also seems like something like a conflict of interest) and if so, is it ethical/legal for an advisor/portfolio manager to trade or discount services with their clients? That seems hinky to me. I'm sure this will come up: moving is presently not an option for me. I'm asking a philosophical question, not looking for rental advice. I'm also not looking to bust him, I'm just curious about this scenario. Thanks for your insight. [link] [comments]  |
| Posted: 10 Aug 2021 04:21 PM PDT I am a single father and recently bought a home. I never really had a lot of assets so I didn't worry about a will or trust. My kids are 17 and 20. I want to make sure that if something happens to me they get the house. I am in the process of getting enough life insurance to pay off my bills including the mortgage. But I'm not sure if a will is all I need or a living trust. I am on California if that makes a difference. Thanks [link] [comments]  |
| Looking for advice in negotiating job offer with startup! Posted: 10 Aug 2021 08:01 PM PDT Hello all, I have been interviewing for a while and have received a job offer today from a promising consulting startup in the DevOps/IT/Cloud Computing space. Some information about the startup:
Some info on the offer:
I'm a bit unsure as to how to negotiate. TBH, I'm happy with the offer but also know that you are supposed to negotiate. Since it's a bootstrapped startup, I figure cash is really tight and would like to see if I can get more equity if possible. Other than that, I'm happy with everything else. How do you negotiate with startups? Is this offer good? I'm 32 and live in the NYC area if that helps. [link] [comments]  |
| ESG Funds that focus on clean energy Posted: 10 Aug 2021 05:28 PM PDT I'm curious what funds you all like that are focused on clean energy, or just favorite ESG funds in general. Not looking for specific investment advice, I'll do my own research, just would like some help with where to start digging. [link] [comments]  |
| Already near to maxing tax-advantage accounts. Opinions on next investment moves? Posted: 10 Aug 2021 07:34 PM PDT Spouse and I are on track to max IRAs, 401ks, and 1 HSA, on top of allotting a good chunk into a taxable account. Our plan was to continue to max those accounts and spill everything else into that taxable account. I'm reading through the wiki and need to look into backdoor roth stuff, but I'm also reading up on real estate. Seems like RE is great if you're already in a safe spot and can make use of the leveraged returns and favorable tax treatment. if we bought property it'd be managed to produce rental income. It'd probably be managed by my parents who have 1 rental property already and plenty of experience. So apart from stepping in in emergencies and the initial time/effort investment it'd be fairly passive as well. Anyone have strong opinions about either plan? Or about anther plan? Just beginning to look into what's next. Thanks! [link] [comments]  |
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