Personal Finance Am I making the right decision? First Time Home Buyer |
- Am I making the right decision? First Time Home Buyer
- Is spending half my monthly income on rent a bad idea?
- Anyone have any luck calling a bank and asking them to float the current rate down as opposed to refinancing?
- Am I stupid not to pay into my pension?
- Bought a used card and it had a lien on it, will it affect with my credit score?
- Big big mistake on 401k - please help me
- What to do with $80k
- Help me decide 15 vs 30
- Tips to win max reimbursable insurance appeal against Insurance
- Personal loan to pay off car loan.
- How to navigate Required Minimum Distributions (RMDs) from a traditional IRA?
- What is the point of "shopping around" for a mortgage?
- Exempt to nonexempt- what can I expect?
- Roth IRA vs Roth 401k
- Inherited Edward Jones Account - Need Advice
- Mutual fund or ETF for Roth IRA.
- Company keeping deposit after they canceled our trip
- Wife & I are having our first child in December. Is this going to help our 2021 taxes, even if the baby is born at the end of December?
- Fidelity Retirement Analysis
- Can I afford a new car?
- Spectrum sent a debt collecter my way when I never used them?
- Setting up as a sole proprietorship
- Best way to pay my rent without having to switch banks?
- How long do I have to respond a offer?
| Am I making the right decision? First Time Home Buyer Posted: 15 Sep 2021 07:04 AM PDT Hello, first, the numbers. I'm purchasing on Long Island, New York, purchasing a 400k home, 5% down. I plan to live in the area as long as I can, around 10 years. Income: $3800/mo, 70k Annual Gross 3 Bed 1 Bath. The home appears to be fully move-in ready. Inspection came back flawless, and previous owner had all repairs done and upgrades such as paying for an expensive roof job that comes with transferable warranty. All appliances included. The closest thing for rent is 2 bed 1 bath for at minimum $2200, usually not including pets. I'm having cold feet about this, but is that because this really isn't right for me, or I'm overthinking this situation? [link] [comments]  |
| Is spending half my monthly income on rent a bad idea? Posted: 15 Sep 2021 07:44 AM PDT Hi, I live in Houston Texas and the only affordable place my roommate and I could find is $1,050 per person for a 2 bedroom in Memorial near our places of work. I only make $2,300 per month after taxes. Also, I currently have a credit card bill of 2,000 due to my online shopping addiction. Am I getting myself deeper into debt? [link] [comments]  |
| Posted: 15 Sep 2021 05:08 PM PDT I was thinking about refinancing my current loan, but the math doesn't seem to work out. The broker I was working with brought up the possibility of just asking the bank to float down to a lower rate. She said she had another client successfully do this. So, I'm inclined to call the bank and see what they say, but before I do how should I approach the phone call? Should I go with a strategy of telling them that I'm considering shopping around for refinance quotes but I'd love to stay with them if they can offer something? Some details:
EDIT: I just called them. They said they couldn't offer anything. In addition, their only refinance offer was 3%!! I'll try again later to see if I have any luck with another person. [link] [comments]  |
| Am I stupid not to pay into my pension? Posted: 15 Sep 2021 07:54 AM PDT Hi, I'm in the UK but I suppose it's applicable to most countries. I'm 24 and at start of my career and want to prioritise saving for a mortgage. The housing market is extremely prohibitive for 1st time buyers. I'll start paying into my pension after that, maybe in 4-5 years. I was paying £115 each month into my pension and my employer was matching that. I decided to opt out to have extra income now. That £115 turned into £68.06 after taxes and student loan repayments. (Paying back my student loan is not a goal as it's unachievable. I pay the bare minimum required as it all gets written off when I'm 54 or so). 5 years of pension saving would equal £13,800 in the pot. In my pocket it would be £4084 towards a house. My Mum says I'm an idiot for not paying into my pension but it's 40 years away. I can see it's very tax inefficient but is it the wrong move? Edit: thanks for all the advice. I think I knew I was wrong before posting but just wanted outside perspectives! I'll opt in for the scheme again [link] [comments]  |
| Bought a used card and it had a lien on it, will it affect with my credit score? Posted: 15 Sep 2021 04:59 PM PDT Bought a used car a month ago and the guy said there is a lien on the car but it will sort itself out when I register my car and because I didn't know much about all that I went through with it and now I have a title to the car with name and a lien on the car, will it have any negative impact on me? [link] [comments]  |
| Big big mistake on 401k - please help me Posted: 15 Sep 2021 01:03 PM PDT So I recently ended my employment and I had about 590k in my retirement, I requested a cash out like an idiot and received it immediately (minus the 25% which was sent out to IRS) so 150k was sent to irs and the remainder was deposited into my account, what would happen if I just enrolled the 437k into a traditional IRA instead of the original 590k, I don't have 150k sitting around to compensate for what was sent to IRS…. How would this effect my taxes next year??? Please help and be kind [link] [comments]  |
| Posted: 15 Sep 2021 06:56 PM PDT I've $80k to invest and no idea what to do. I read and read and read through the information here but everything goes over my head. I know I should open a Roth IRA, should it be fidelity or vanguard? I'm 31, make $75k a year, have an emergency fund (in addition to the $80k) and am debt free. I'm currently contributing 6% of my income to a Roth 401k and 6% to a 401k through my company (they use guideline). What do I do with the rest of the money after the Roth contribution? [link] [comments]  |
| Posted: 15 Sep 2021 07:50 PM PDT Guys I've done my research but I'm still feeling overwhelmed with the decision. Maybe some advice on my specific situation would help me decide. Basically, I am purchasing a $500k home and putting 20% down. I can afford either a 15 or 30 year payment. Obviously the rate is better on the 15 (2.379 vs 2.955 APR). The thing is that I don't really know how long I'll be in the house. I hope it's more than 5 years but I doubt it will be more than 10. Ideally, I would upgrade down the line and keep the house as a rental. Right now I'm leaning towards the 15 to lock in the low rate. Is there any advantage to the 30 other than a lower payment? With rates this low should I be getting a 30 and investing the extra every month. I should be able to max out my retirement accounts either way... [link] [comments]  |
| Tips to win max reimbursable insurance appeal against Insurance Posted: 15 Sep 2021 03:10 PM PDT I am about to file a claim with my insurance company to get reimbursed for mental health services, as I was part of a DBT program for 6 months that I paid for out of pocket. My insurance does not have any in-network DBT program, so I had to go out of network. What can I do to increase my chances of my claim being accepted and getting an appropriate amount or money back? This is in the US, and it is an American insurance provider. [link] [comments]  |
| Personal loan to pay off car loan. Posted: 15 Sep 2021 07:21 PM PDT I currently owe exactly 9,500 on my existing car loan. Currently paying 510.51$ on my car loan on a monthly basis and insurance 150$. (Inserting here because i could put my car on liability) i was wondering if it was a good idea to take out a personal loan for 5,000 since i have 4,500$ given to me by my beautiful mother. Current situation: 23 and only working 2 days as a server at the moment since i left my other job. [link] [comments]  |
| How to navigate Required Minimum Distributions (RMDs) from a traditional IRA? Posted: 15 Sep 2021 05:41 PM PDT So I've been helping my dad with his retirement savings lately, but one thing that's still tripping me up are RMDs. My dad has about $1 million in a roughly 60% stocks 40% bonds total market portfolio (all traditional IRA), but he's in a position where he really doesn't need the withdrawals now because his expenses are low enough for his social security benefits to cover them. He turned 69 this year, so he'll need to start taking RMDs in 3 years when he turns 72. My question is, what is the best way to navigate these RMDs, given that my dad will not need them for income? Is there a single best solution, or are there a number of options that work equally well? As I see it, the options are: 1) Withdraw the entire RMD on January 1st of each year to avoid the chance of a market downturn depleting a higher percentage of the IRA, and then investing that money in another vehicle (e.g. taxable account, 529 account for possible future grandkids, etc.) 2) Wait until December 31st of each year to take the RMD, as the market is going up most of the time anyway, so more times than not this will lead to the RMD depleting a smaller percentage of the IRA 3) DCA the RMD withdrawals -- a healthy balance between the two above options, but more complicated and time consuming 4) Backdoor Roth? Is this applicable here? I'm not too familiar with this Am I missing something? Does it even matter since the withdrawals will be reinvested anyway? Or, because the withdrawals will just be reinvested, is option 2 best since it keeps the money in a tax-advantaged account the longest? Thanks in advance! [link] [comments]  |
| What is the point of "shopping around" for a mortgage? Posted: 15 Sep 2021 05:26 AM PDT We are in the process of *hopefully* purchasing our first home. I understand everyone says to "shop around" for a mortgage lender, but I am confused on why. In our area (as I am sure most areas these days), your offer will not be taken seriously if you are not pre-approved so that's what we are going through now. When I spoke to a lender yesterday she made a comment around the rate "today" being 2.75, however, she can't lock in a rate until we are under contract. I was under the impression the whole point of checking out different lenders was to get the best rate, but if we can't "lock in" a rate, then what's the point? Are you more just shopping around to see who has the lowest fees/ seems the best to work with? Thank you in advance from a very confused first time home buyer! [link] [comments]  |
| Exempt to nonexempt- what can I expect? Posted: 15 Sep 2021 05:22 AM PDT Hi all, So yesterday my boss came to my office and informed me that all employees in my position are being switched from exempt to nonexempt. I don't have a clear understanding of what this will mean in the real-world sense and my boss did not explain it well. I also would think that this would warrant a new job description that is put in writing, not just a random conversation at the end of the day. Any insight is appreciated. Thanks! [link] [comments]  |
| Posted: 15 Sep 2021 06:58 PM PDT I'm 28 years old. I have both a Roth IRA and a Roth 401k. I have 16k and 100k in the accounts respectively. My employer will match up to 3% of our salary (I match that portion). I contribute 10% of my salary to my 401k I also contribute 10% of my salary to my Roth IRA (Acorns Later account) Would it make more sense to just contribute 20% to my 401k and eliminate the Roth IRA completely? Does it not matter? Any help would be great. Thank you! [link] [comments]  |
| Inherited Edward Jones Account - Need Advice Posted: 15 Sep 2021 05:07 PM PDT Hello all, Recently, I inherited an Edward Jones single select account. From all I have read, I know I want out from Edward Jones. I am meeting with the descendants' advisor soon. I'd like to transfer all of the funds in the account to my personal bank account as soon it is transferred to my name. My question is, what are the ramifications? Any advice on doing this? Thanks everyone [link] [comments]  |
| Mutual fund or ETF for Roth IRA. Posted: 15 Sep 2021 05:02 PM PDT recently started new job and I'm enrolled in 401k. I like the lineup in that and believe it is slated to do well over my career. I rolled over my previous jobs 403b into a new Roth IRA with fidelity. I have been looking at several large growth funds vs ETF to use. I may get more than one fund but I have about $20k to use. Was wondering what you think is the better way to go: ETF, or get a large cap growth mutual fund with high turnover and dividends? I really see no downside to ETF but I did want to take advances of high turnover and dividends given it is a Roth account. Thanks. [link] [comments]  |
| Company keeping deposit after they canceled our trip Posted: 15 Sep 2021 11:48 AM PDT So I had a fishing trip planned in Venice Louisiana for the beginning of this month. I had paid over a thousand dollars to one of the fishing charter companys. Unfortunately due to hurricane Ida, all of Venice was flooded and the company closed their doors for that week. They are now telling me my deposit is still good if it's used within a year, if I can find a different time to come after they get operational again, but they are refusing to refund my deposit I already paid. I'm really not sure if I can get another week off work within the next year. And I'm discouraged because it is so much money. Would I have a case with small claims court? I know the weather isn't their fault but since they weren't open the week we planned, I feel like they should be more willing to work with people... any advice is appreciated! [link] [comments]  |
| Posted: 15 Sep 2021 03:22 PM PDT This is all new territory for me, and I heard there's a new child tax credit too. I have no idea how this works (I usually just file for my wife & I on TurboTax). Thanks for any input! [link] [comments]  |
| Posted: 15 Sep 2021 06:04 PM PDT I don't understand how this tool works. It says I have a potential gap of 10k$. I am 24, earn 105k, contribute 100% to my ira every year (2 years now). I have 4 funds, FOCPX, FSKAX, FTIHX, FXNAX, with a lot of it going to FSKAX [link] [comments]  |
| Posted: 15 Sep 2021 04:24 PM PDT Full disclaimer—Im not a flashy person but I am a slight car guy. I just like those little machines. Anyways my wife and I have a 3 kids. We just got a new house early this year and we have 1 sedan and 1 SUV. Packing the kids up in this mid size SUV is a pain in the but especially when my oldest has to enter via the tailgate. My wife and I make about $180k/year combined. Mortgage is around $2400, the suv car payment is $600 (other car is paid off). Wife has student loans I do not and we have credit card debt but it will be gone in 2 months (I'm on attack mode). We pay a crap ton in daycare (about $1400/month).And we have the normal household expenses (power, cell phones, etc). Oh and I also contribute $500/a month into ETFs. My question is can we afford a SUV at $650/month? I know i know pull out a calculator and do the math but I can't get a gauge on if its a dumb purchase or its justified. Am I being cheap or can I not afford. What would you do? [link] [comments]  |
| Spectrum sent a debt collecter my way when I never used them? Posted: 15 Sep 2021 01:18 PM PDT I just got an email from a debt collector stating they want to collect my $274 debt. But I never even used spectrum. I bought a router from them and they told me it would take 3 weeks to get a person to install it so I just canceled and switched to at&t. My house still doesn't even have the thing that allows you to use a spectrum router/internet. I thought they just got the wrong person but the information is correct in the email. What should I do? [link] [comments]  |
| Setting up as a sole proprietorship Posted: 15 Sep 2021 07:55 PM PDT Hey guys, I'm Looking for some advice. I'm 22 and I started a new job a couple of months ago making $1000 a week off the books. This setup has been working fine as getting paid off the books I didn't have to file taxes and was able to keep all of my earnings. Things in the office have been going good and my boss has decided he would keep me on full time. We were talking about salary and getting me added to the books and I was told my salary would be $72,000 a year. He explained that by paying me that amount I would still only we walking away with around the same $1000 a week. I brought up getting paid with a 1099 and filling as a sole proprietorship. My boss said he wouldn't mind but added that it might not save me money on taxes. I know that $72,000 a year is a great salary, but something about forking 16% to the IRS doesn't sit right with me. If I were to set up getting paid as a sole proprietorship would I be able to create enough business expenses to save money on my tax bill? Realistically, how much can I save by going this route? Thanks in advance, A kid that knows nothing about taxes [link] [comments]  |
| Best way to pay my rent without having to switch banks? Posted: 15 Sep 2021 07:54 PM PDT I just signed a new lease in nyc and found out that the landlord (mid sized property company) will only accept checks via mail for the rent payment. I only have one bank account, it's a mobile bank. I love it, but they don't offer checks. Honestly, I'm a bit shocked because I've never actually been asked for a paper check before. Yeah I'm young, but also it's 2021, there's no reason they shouldn't be able to take an ACH payment or echeck. I just am kind of at a loss as to how I can pay rent without switching to a brick and mortar bank, which I'd like to avoid at all costs. I found a couple of apps that claim to split your rent payment into installments called FLEX and Boompay then pay your rent in whatever form the landlord chooses. However, I read the reviews for flex and it looks like they're extremely unreliable. Then I tried to get boompay and they texted me that despite their app pretty clearly stating they mail checks, they don't do that. I literally sent a screenshot of the faq in the app which clearly states they pay rent in any form, including mailing checks and they said, that feature is getting discontinued. Which is wild cause 100% of their advertising is built around this. It was seemingly the main feature. But I digress. So that's my dilemma. Are there any tricks I can use, or apps that can mail checks automatically on my behalf (reliably)? Or am just going to have to switch to some awful brick and mortar bank? [link] [comments]  |
| How long do I have to respond a offer? Posted: 15 Sep 2021 07:53 PM PDT you got an offer! you want to talk to current employee. How long is "appropriate" time to reply the offer? and what do you tell you new employee? "Hey I need 24 hours to give an answer"? [link] [comments]  |
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