Personal Finance Weekday Help and Victory Thread for the week of August 02, 2021 |
- Weekday Help and Victory Thread for the week of August 02, 2021
- My credit score dropped 30 points because I have "no loan activity." If I continue to not have "loan activity" will my score keep dropping?
- Should I put a full 20% down on a house?
- Mother trusted a friend as a contractor and due to unwritten business practices now is in a bind.
- I am literally imprisoned by debt. What are some psychological coping strategies?
- Target RedCard Change
- Getting Charged for Rental Car Damage I Didn't Do
- Alliant Credit Union is removing over draft fees
- Backdoor Roth IRA with no tax penalty
- Help with mom's unexpected death
- Is my salary wrong?
- Just putting a portion of your income to S&P500?
- Car got sideswiped on parking lot, lady left her insurance, no police report.
- Is it okay to save less than 15% for retirement if I also have a pension?
- Is it better to pay off student loans quickly, or pay minimums and save/invest?
- Need to buy car outright, new or used?
- Out of network anesthesiologist
- Should I negotiate on the salary offer?
- [Texas] The self employment tax rate for 2021 is 15.3% -- is it sufficient to store 16% of every check I make?
- Credit card cold call from "J.T. Marlin"
- Opinions on credit union?
- Early escape from a bad van loan
- Gambling got the best of me
- Help ! Recent college grad (25 y.o). Feels like I’m drowning in credit card debt from college.
- Think I've done everything right so far, but I can't shake this feeling I should be doing more?
| Weekday Help and Victory Thread for the week of August 02, 2021 Posted: 02 Aug 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]  |
| Posted: 02 Aug 2021 09:50 AM PDT Damn. I went from 820 to 790. I know that's still good, but I was proud of my credit score being above 800. I checked my score on creditscorecard.com and it said that the reason why my credit score dropped was, "Your credit report shows a $0 balance on your non-mortgage loans (such as auto or student loans) or a lack of sufficient recent information about your loans. Having a non-mortgage installment loan with no missed payments and a low balance along with other types of credit demonstrates that a person is able to manage a variety of credit types." As someone who has no plans to get any loans any time soon, will my credit score continue to drop due to this reason? EDIT: For the record, I do have a credit card, and I use it exclusively for everything (I honestly can't remember the last time I paid for something in cash), and pay it all off every month, so it's not like I'm completely devoid of paying debt. [link] [comments]  |
| Should I put a full 20% down on a house? Posted: 02 Aug 2021 07:41 AM PDT Hi everybody, I am 26 years old and currently living at home. Due to some changes in my family, it looks like the free ride will be coming to an end way shorter than I thought, so I am looking for a place to live. I have absolutely zero debt and $56,000 saved in the bank. I have been looking at townhomes lately and found one for $234,900. My question is: Do I plop down $47,000 as a down payment and get out of PMI, or do I put less down, pay the PMI but have more money in the bank to fall back on? I can afford both payments but there is a fear about not having any money in the bank. Less down (around $25,000) would increase my payments about $300 a month. What would you do? [link] [comments]  |
| Mother trusted a friend as a contractor and due to unwritten business practices now is in a bind. Posted: 02 Aug 2021 01:06 PM PDT Hey guys! Long time lurker, first time poster. I'm really out of my depth here and want to pick your magnificent brains: Mother unfortunately had a good deal of water damage from the ice storm across Dallas in February. We're talking water under floorboards, busted piping and showers, inflated walls and trims, and other things. Father is sadly no more, so this is out of the picture, but we have had friends in our community step up and help her in things outside of her scope. Well, one of these friends is a general contractor who has done work in her home before (renovated a bathroom and reformed the front porch into a walkway). He offered to help out and they started by seeing what they could get from the insurance agency, which came out to be around $7k, and she also had him charge $2k from her CC for some additional expenses. Then as work was going underway, I suppose there were some upgrades along the way and the contractor told my mom to not worry about things like too much cost, making it seem like he was absorbing costs outside of this amount. Well fast forward to 5 months later (I found out about all this as of last week) and apparently the work is still not done. Basically the floors are done, but the bathroom has almost no operating water utilities (no sinks, no shower, only a toilet). He is not doing any more work until the price has been paid, and apparently the current total is $13000. She's absolutely fed up with this and is now deferring this to me for whatever reason, so I am trying to consider my options. She currently has no more money to finish payment, and I don't have $4k to lend at the moment. He is threatening to take legal action and I have no idea if/how to deal with this. So key red flags:
Any and all insights are greatly appreciated! Thank you for reading this far! TL;DR - Mom had water damage and hired a contractor friend to repair it. Contractor kept extracting higher costs and refuses to finish the job until the inflated cost is paid. Mom doesn't want to deal with it and is pushing it to me instead and I have no idea what to do. [link] [comments]  |
| I am literally imprisoned by debt. What are some psychological coping strategies? Posted: 02 Aug 2021 06:02 PM PDT Eleven years ago, I bought a very inexpensive house ($40k) in a crappy neighborhood. The plan was to live there through three years of law school and then move somewhere nicer when I automagically started earning six figures the day I passed the bar. I maxed out student loans on similar logic, graduating with $165k of them (now more). I graduated into a crap job market in 2013 and made $45k my first two years as an attorney. I then suffered an exacerbation of my chronic mental illness and became unemployable. Struggling to make it as a self-employed solo attorney, I racked up credit card debt, a home equity loan, and $65k in credit card debt, while also falling behind on taxes. My total debt load is now about $350,000, with assets being a house worth $80k, a car worth maybe $20k, and a law practice with two employees who keep me from committing malpractice due to my mental illness. Things are actually looking up, though. I got my salary up to $75k, I got the VA to rate me at 90% which is almost $2k a month, and I've started driving Uber on weekends bringing in often an extra $500 or more per week. I did a credit counseling plan on the cards and now have them all below 6%. I'm paying almost $2000 a month extra toward my debts and I'm on track to have all but the student loans paid off within three or four years. But meanwhile, I'm miserable. I'm 40 years old and can't really date. My house is a shithole, and I can't move because my DTI is too high to afford anything better. I've had to reduce my recreational activities to some kayaking every other weekend and right now I feel literally trapped in my little house with my asshole neighbors blasting their subwoofers at all waking hours (and then some) and honking car horns all through the night. I can't even take on roommates right now (which might give me enough breathing room to rent a weekend escape place) because of overdue home renovations. My life is basically all work except an hour a day at the dog park where I still feel overwhelmed by all the noisy people. Last year at this time I just packed up and took a cross-country road trip, but now that I'm driving Uber I feel I can't afford the unpaid time off. (I could still do my legal job 100% remotely; last year's trip ended up actually being my most productive month of the year.) So anyway… what can I do to stay sane through the next 3-4 years of intense focus on work to get unburied? What can I do for my mental health with limited time and without spending much? I am not asking for any advice on debt reduction strategies or the like. It's under control with a very detailed plan and a spreadsheet that tracks every transaction in my financial life from now until retirement. I don't need to be told to sell off the last few dollars of post-Konmari possessions I still have to make one extra payment on one loan. I already know to refinance the HELOC but paradoxically, my DTI with the tax debt is too high to even do that right now. Bankruptcy is not an option because apparently I make too much for chapter 7 and don't owe quite enough relative to my income for chapter 13 to help. I just need to know how to stay sane. Ideas? [link] [comments]  |
| Posted: 02 Aug 2021 03:15 PM PDT Don't know if this the best page to post this on. Target has discontinued their 10% anniversary discount for RedCard holders FYI. I wanted to post it somewhere so some poor soul doesn't spend a bunch of time on google trying to figure out why they didn't get their discount this year. [link] [comments]  |
| Getting Charged for Rental Car Damage I Didn't Do Posted: 02 Aug 2021 07:39 AM PDT The wife and I rented a jeep from Hertz for our honeymoon for a week in May. They emailed me during our trip to say they'd been notified the jeep's tracking system malfunctioned and if I could bring it in. We had one day left on our honeymoon and were in the mountains so I told them I'd have it in on the day we were scheduled to drop off. There was no response, but I was tacked with a $400 repo charge before I ever returned the vehicle. The lady at the counter double-checked I hadn't been towed then removed the charge. A few weeks later the charge (still a tow charge) reappeared, claiming they were billing me for a tow expense since I didnt answer calls or emails (but I did). I called the manager and so far he's ducked further calls. The credit card company removed the charge but then it was reinstated with them citing I didn't respond to calls/emails. Any advice on if/how I can fight this? There was no warning of the charge, and I did reply to correspondence from them. [link] [comments]  |
| Alliant Credit Union is removing over draft fees Posted: 02 Aug 2021 02:50 PM PDT Just got an email from them stating Overdraft fees will no longer be a thing. " As of August 2, you'll be automatically refunded within 1-2 business days for Courtesy Pay or non-sufficient funds (NSF) item fees you incur until we can program our systems to completely eliminate them!" So for anyone thinking of joining. I've really enjoyed them so far. Only thing I wish is that they did shared branching, but the shared ATM network is great. [link] [comments]  |
| Backdoor Roth IRA with no tax penalty Posted: 02 Aug 2021 07:41 PM PDT I promise that I spent some time research this ... I think I am still a little confused by backdoor roth IRA conversions. Let's say that my income prohibits me from making Roth IRA contributions. I have brokerage accounts with Ameritrade and Vanguard. I have a 401k account from my work. My partner and I each have a Roth IRA. He also has a retirement plan with the state. We do not have any traditional IRA accounts. To do a backdoor Roth IRA conversion, we each would open new traditional IRA accounts. Deposit $6000 in each account. Then request a backdoor conversion shortly thereafter. By doing this, we would not incur any tax penalties. Is my understanding correct? [link] [comments]  |
| Help with mom's unexpected death Posted: 02 Aug 2021 06:03 AM PDT Hello everyone, I'm not sure if this is the best place to post this but I am so lost and in need of guidance, I figured I'd start here. Background: I am 34f, I recently (2 years ago) moved in with my mom and grandmother because a series of strokes left my gran wheelchair bound. My mom has had 13 back surgeries due to a car accident when I was a baby and can't work (on disability) and was having a hard time taking care of my gran (and their 4 pitbulls). About two months ago, my gran fell and broke her hip and has been recovering, slowly, in a rehab center. My mom's only other child, my younger brother (28), was recently released from jail (theft) into a recovery house about two hours away from our home. The accident: A week ago, today, my mom was driving to the recovery house to bring my brother clothes, toiletries, etc. that he would be needing for his two month stay. According to the witness driving behind her, she was driving "fine" and then slowly veered off the road where she crashed into a guardrail. The guardrail went through the engine bay, into the passenger compartment where it nearly severed her leg and caused other "devastating" injuries (in doc's words). She was flown to the trauma hospital where she died in the operating room. The whole process has been slow-moving and full of unusual occurrences & confusion. I was finally able to track her body down on Friday and it is now at the funeral home and the death certificate isn't complete yet. My main question, I suppose, is what do I do now? I know she had a life insurance policy (that I am the beneficiary for) and I've been looking for the paperwork for. We don't have money otherwise to pay for things. Will her car insurance pay out? And how do I go about doing that? I was told SSI/disability might be able to help with funeral payments. I am just so lost, alone and overwhelmed. I know I have to be strong and take care of things to give her a proper goodbye but I'm afraid I won't be able to pay for it. Also, she has already been embalmed and her wishes are to be cremated. We have a few burial plots that my great grandmother left for us but I think I want to keep her ashes with me. TL;DR - my mom died unexpectedly and I am the only one left to handle everything. What do I do? How do I pay for her memorial/viewing? [link] [comments]  |
| Posted: 02 Aug 2021 09:27 AM PDT So I started a new job with a starting salary of 65,000/year. I started the job on a Wednesday so for my first paycheck I got 3 days pay or 24 hours. Except my gross pay was $1250. The pay stub states 31.25/an hour as my rate, and 24 hours. But the math doesn't work out. If I multiple 31.25x24 it equals 750 and not 1250. If I do 1250/24 it's more around 52 an hour. Is my math wrong? is there something I'm missing? Or do you think there's a mistake on the pay roll? [link] [comments]  |
| Just putting a portion of your income to S&P500? Posted: 02 Aug 2021 03:52 AM PDT So how valid of a strategy if you only put a portion of your salary into an ETF for example S&P500? I imagine id have some minor gains. For someone who is not really interested in diving deeper in the stock market or anything similar, is this a viable thing to do? Im 27, and i dont plan to touch this until im close to retiring. I flaired it investing but could easily flair it as savings or retiring i guess. P.s.: not from the USA. [link] [comments]  |
| Car got sideswiped on parking lot, lady left her insurance, no police report. Posted: 02 Aug 2021 02:46 PM PDT My car was parked, lady was pulling in and side swipped my car pretty bad on her truck. She made the effort to go to store front desk, call me on intercom to meet her by my car. She admitted guilt, left her insurance info. She had multiple kids with her and had to leave. I called police and officer said he can't write a report without all parties present. I opened a claim with my insurance so they can deal with hers and expedite it. Just got off phone with my rep that said since a police report was not filed, she would open a claim with the lady's insurance. Should I be worried about not getting paid? Can the lady just deny ever hitting me? Will adjuster low-ball me since the claim will be under the lady's insurance? Edit: thanks everyone, you've settled my anxiety a bit :) [link] [comments]  |
| Is it okay to save less than 15% for retirement if I also have a pension? Posted: 02 Aug 2021 01:38 PM PDT Hey! I'm currently saving about 15% of my income, so about $1,000/month in a 457(b) and 401(k). My government employer also has a pension, so $698.39 is deducted monthly from my check for the pension retirement system. Am I good to lower my contribution to the 457(b) and 401(k) to 10% since so much of my income is going to retirement? [link] [comments]  |
| Is it better to pay off student loans quickly, or pay minimums and save/invest? Posted: 02 Aug 2021 04:24 PM PDT Hi everybody, Im 21 years old and graduated from college about 6 months ago. I wasn't especially efficient about getting my degree, and my total student loan debt is in the range of $140,000. My minimum monthly payments are around $1500. I am fortunate enough to live with my parents effectively rent free and the rest of my personal expenses add up to about $1500 dollars as well. My gross income varies, but I can generally bring in about $2000 per week/$8000 per month, leaving me with about $6000 per month after taxes. This leaves me with approximately an extra $3000 per month that I can either save or put towards my loans. I would like to purchase a house in the next 5 years, but I would also like to pay off my loans and get out of debt as quickly as possible and Im unsure of which to prioritize. [link] [comments]  |
| Need to buy car outright, new or used? Posted: 02 Aug 2021 04:47 PM PDT Hi reddit, I will be moving from Canada to Chicago in the next few months for a new job and need to get a car when I arrive. I will be in Chicago for 2 years on a contract, possibly up to 3. I have been looking around for cars like a Hyundai elantra but the used prices seem absolutely bonkers. I'm seeing some 2018 elantras with ~40k miles on them for 17k. Brand new 2021 elantra's are going for around 21k. Because I have no US credit history I cannot finance or lease, I will need to buy outright it cash. Is it worth buying a 3-4 year old car for 4k less in this market? I can afford to buy new, but I'd rather not spend a ton if I am only going to have the vehicle for maybe 2 years. [link] [comments]  |
| Out of network anesthesiologist Posted: 02 Aug 2021 07:18 PM PDT I never thought I'd let myself have this happen. I had an elective surgery. In network surgeon, in network surgery center. That was all covered 80% because my deductible was already hit prior to this. Of course the anesthesiologist I had no say in was not in-network. I actually tried to find out ahead of time, but I couldn't ever get a name up until I saw it on the board getting prepped for surgery. So they want me to pay almost all of the $1800 anesthesia bill. I'm in Texas. If I'm reading right only state regulated health insurance is covered from surprise billing. Any tips? [link] [comments]  |
| Should I negotiate on the salary offer? Posted: 02 Aug 2021 07:00 PM PDT For reference I am posting for someone but going to use first person for ease. I recently received a call back for an NP position and was offered 97,500 but have researched and heard from other people in the same field that they have received more and also negotiated up. I am more than happy with their offer, but do think it should be more. Is there a typically percentage to counter at? I was thinking around 10% and pretty much stating that "based on my skills, experience, and the market, I would be more comfortable with 107K. Is that number flexible at all?" Thoughts or other opinions? [link] [comments]  |
| Posted: 02 Aug 2021 05:18 PM PDT Basically, see the title of the post. Is 16% of every check sufficient to cover the 15.3% self employment tax rate? Am I missing something? Everywhere I look it seems to give the same information. However, I've seen a few places suggest storing 30% of each check. Thanks! [link] [comments]  |
| Credit card cold call from "J.T. Marlin" Posted: 02 Aug 2021 02:56 PM PDT I literally just received an obvious scam/spam call on my cell phone about an offer to get a new credit card. The live agent on the call said he was from the firm "J.T. Marlin". It took me a second and then I said "You realize that JT Marlin was the fictional brokerage name from the movie Boiler Room, and it was a total bucket shop scam?!!?" He laughed a stoned sort of laugh and said, "Yeah like Boiler Room". Buh bye. The irony was funny for a bit. [link] [comments]  |
| Posted: 02 Aug 2021 05:03 PM PDT Planning on opening an account with a credit union. Also planning on applying for a secured credit card. Any other opinions for credit cards to build credit? [link] [comments]  |
| Early escape from a bad van loan Posted: 02 Aug 2021 06:24 PM PDT Hey there. I decided last year to finance a cargo van to convert to a camper in July. At the time I had visions of living in the van and also using it to commute so that I would theoretically save money because I was paying less for my car payments than I was for rent, or at least that I would be considering that I live in Seattle and rent is definitely not cheap here. Anyways there are more ideals that are wrapped up into what caused me to make the decision to finance the thing, but I now see that the financial situation doesn't make as much sense as I thought back then. I justify that because I had a high credit score and could get away with very low interest payments that it would still be affordable, but I neglected to realize how much I really would be traveling and how much gas I would be spending especially considering the fact that gas is extremely expensive right now. I also wasn't able to convert my van enough to live in it with the amount of money that I had left over, and I also realize that I would be much less comfortable in that situation, and that the van life isn't really for me. I also have to pay $200 a month for full coverage insurance so basically with the $350 payments and the $250 a month for gas, I am spending $800 a month on this van and I don't even make more than $2000 a month. Thankfully I have a very cheap rental situation at $542, but I'm transitioning to going to school next year and in order for that to be feasible and in order for me to be able to save up any money right now I probably just need to get a decent commuter that's used and has good mileage, but isn't too expensive. Some options that I've heard about include selling it to a private buyer and then taking them to WSECU Which is my lienholder and then selling it there, or trading it in. I am a little worried about whether I have depreciated the value of the van by working on it, Because even though I insulated it and put in some framing and paneling, I am no Carpenter and I wonder if it would be better to take all that stuff out or to leave it as is and sell it that way. I'm away from my van right now so I can't take any pictures but if somebody thinks that would be helpful to give me more specific feedback on what I should do then I will provide them later. I'm just trying to figure out what the best option is so that I might have a couple extra Thousand dollars sitting around to go towards getting a much cheaper vehicle where I wouldn't have to I have full coverage insurance because I'm not making payments, and I would also have a significantly reduced gas expense. The principal is currently at $16,100 and I bought it with the tabs and all included for around $21,000. So that's precisely 12 payments so far out of a five year standard repayment schedule. Any feedback on how I could come out of this situation positively would be greatly appreciated. Especially since I am a gardener and my work will be significantly reduced by the time winter rolls around and so the clock is ticking on me making this work so I can actually save up for my goals. Thanks. And I am happy to provide clarification if necessary. [link] [comments]  |
| Posted: 02 Aug 2021 12:47 PM PDT I'm 22 years old After just a few months of gambling I now have About 1500 in cc debt 7000 in personal debt -3400 in my bank account 3800 in employer debt 9500 In family debt My credit score is 620 No missed payments I make around 2800 a month Minimum payments are 2200 Today I signed up for self excluding for problem gambling I can only go up from here I'm thinking I'm going to have to default on the loans or just stop paying them until I can start tackling them one at a time if anyone wants to pick me apart and give me some advice how I can unfuck myself here I'd really appreciate it. [link] [comments]  |
| Help ! Recent college grad (25 y.o). Feels like I’m drowning in credit card debt from college. Posted: 02 Aug 2021 08:11 PM PDT Income -$1,900 bi weekly Debt Credit card debt - $12k (across 4 cards) Medical debt - $500 ($100/month) Dental debt -$800 ($50/month) College loan payments - $380 (on hold, $30k federal student loan) + $40 (small loan, $2k) Fixed Expenses - Rent - $1,100 (including water, maint, pest control fees ) Electric- $144 (working from home in TX with 2 pets , temp is on 72 all day ) Phone - $100 Internet- $80 Car payment - $330 ($16k loan) Car Insurance - $120 Pet insurance- $40 Pet food - $75 Payment plans - $45/month (gift) - (400 balance) Flight - $44/month (300 balance) Credit score - ~650 Any recommendations on how to best attack my credit card debt ? I'm also worried about the managing the student loans once the pause is lifted. Been in Texas for over a year now and I feel like I haven't made any progress. I've been helping my family with bills back in NJ. It's been one step forward three steps back. No judgements please. Just helpful advice. Trying to do better. [link] [comments]  |
| Think I've done everything right so far, but I can't shake this feeling I should be doing more? Posted: 02 Aug 2021 11:59 AM PDT I've read the PF advice for people 18-35 and Prime Directive, but could use some confirmation one way or another about if there's anything more I should be preparing for my future short/mid-term and retirement goals. I'm a single mid-20s government employee in the DC area making $40k annually. Student loans are paid off and living at home rent-free. 750+ credit score. $20,000 in a high-yield savings account, taking the full employer match in my TSP (L fund), and have been funding low-cost index funds in my Roth IRA for the past few years. 70% of my take-home pay goes into my savings account while the other 30% goes towards whatever expenses I have that month. What I want: Grad school, moving out/home ownership (yeah right), and retiring before Social Security dooming actually becomes relevant to me. Retirement: Should I bump up my TSP contribution up to 15-20% and call it a day? Is there anything else I can do? Assuming I keep expenses the same, do I toss the rest of my net income in my HYSA and let it sit? Grad school: This is the other big one that sits in the back of my mind a lot. First off, raise your hand if you also wish your academic interests were in significantly more profitable fields. Currently debating between an MPP and MPH and would like to be going somewhere in the next 3 years. Part of the problem is that I don't have a clear vision of what I want to do as a career, but I feel like whatever I want to pursue as a career will end up requiring one of those advanced degrees. Considering applying for an MPH in Europe if I go that route, but fear-procrastinating on looking up details on it. Financially speaking, no, my current job will not pay for grad school, only loans that are in repayment. It's looking likely at this rate I'll need to resort to loans, but maybe my first goal should be looking for a new/higher paying job that would be open to paying for me to go to school? Is there anything else I should be doing at this point if I eventually want to go to grad school? Moving out: Having typed everything else out, it really hits me how financially unrealistic this seems, even with roommates, unless I find a better job (this seems to keep popping up). Or at least trying to do so while following the 30% rule. Living at home isn't terrible. Funny thing is I could live at home until 50 if I really wanted to. I would just rather not. Is there anything I'm missing or don't know about would put me on a better financial path? Is there something I should be doing that I'm not seeing? [link] [comments]  |
| You are subscribed to email updates from Personal Finance. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment