Personal Finance Buying a house costs more than just a down payment. |
- Buying a house costs more than just a down payment.
- I'm 26 and currently investing 45% of my monthly income to buy land, rather than enjoying my earnings. Am I doing this right?
- My daughter's routine cardiology bill for an EKG and echocardiogram after insurance is $3,379. Do we have any way to negotiate this?
- How do you "live off your investments?"
- Brother (25) cannot find work
- [US, CA] Homeowner for 18 months. Value is way up. Does it make sense to refinance or too early?
- Bank is requiring my PARENTS to provide bank statements for MY refinance to go through.
- Worried about the future as a disabled man.
- Are home warranties worth it?
- Mom just passed and have a question about a bank account
- Just got $15,000 from an insurance payout. Now what?
- Is there a reason to use the Chase Freedom Unlimited once you're signed up for the Sapphire Preferred?
- Full-time student, full-time work, need a part-time job just to afford food?
- employment background check
- Investment Vehicles
- How to negotiate for a job I hate?
- Should we buy or rent?
- Should I take a higher hourly rate with no benefits or stay in my hourly role with benefits?
- Self employed, looking for a new apartment near Philly. How much can I afford?
- [US] Can I get back my $6K 2021 Roth IRA contribution?
- Estate Tax Married then Widowed
- Refinancing mortgage costs vary greatly
- Looking to buy engagement right. Debit vs. Credit
- Laid off. What to do with my 401k?
| Buying a house costs more than just a down payment. Posted: 14 Sep 2021 10:26 AM PDT EDIT: Wow, this got way more attention than I expected it to. To everyone who has congratulated us, sincerely, thank you. But there's been a good bit of negativity because, and I recognize this, the home we're buying is unique and has unique costs. We wanted an older home and we knew that there would be unexpected expenses going into this, which we prepared for. This is also part of why we went with a lower down payment; so that we had more money left over for required maintenance. I think that this comment really got to the heart of what I wanted to express so I wanted to feature it here:
For everyone who paid 1.2k down for their VA / FHA loan and has had absolutely no maintenance issues, there's someone who put 20% down to buy a newish home and had to eat $20k in unexpected repairs within the first 3 months. Basically...buying a house can easily cost more than just your down payment, and you should be prepared for it to, and be pleasantly surprised when it doesn't. I'm sure most of this is known to many here, but my wife and I are about to close on our first house and I thought I would write up some of the process and costs here (mostly to solidify it in my head, tbh). We offered 305K on an asking price of 299K on a home in a small rural village in Vermont. Initial deposit / earnest money - $2000 (goes towards closing) Upon our offer being accepted, we needed to put down a deposit to show we had "skin in the game"; basically to keep us honest. It would have been refundable if we pulled out of the sale for a "valid" reason, which included things like failure to obtain funding / homeowner's insurance, or just finding the house wasn't to our liking after getting inspectors in. This deposit ultimately went towards closing costs. Buyer's Inspection - We bought an old house (built 1870) so there was no chance of us waiving the inspection / contingency period. We basically had two weeks to get a bunch of people in to look at the place and tell us all of the awful maintenance nightmares waiting for us in the home. Fortunately, ours was pretty good. They built them pretty solid back then. The home's water comes from a private well, and we wanted to test it for contaminants before we agreed. We also suspected lead paint on the home's exterior so we wanted to make sure if there was lead, it wasn't leaching into the water. EDIT: So many people were yelling at me about the inspection I looked back and realized three things:
So the actual cost here was Inspection - $781 Well Water Test - $125 Septic Inspection - $450 We had a dedicated septic inspector come over to take a look, because the septic is old (from the mid '80s) and in a weird spot, with a couple of large trees nearby. We wanted to make sure it was in working order and that it would be replaceable and that it wasn't damaged by tree roots. Lead Paint Test - $400 We also had a painter come by to check to see if the exterior paint is lead-based. We probably could have done this ourselves but he took multiple samples and I trust his results - seemed worth it for something which could be serious. Total cost to this point - $4175 At this point, we'd spent over 2k on inspectors, and a LOT of time communicating with and coordinating their visits with the seller, plus agonizing a bit over the results of the inspections. Don't count this out - it was several days worth of time overall where I struggled to focus on anything else. This is mostly money which would have been lost if at this point we decided to pull out. (if we weren't able to afford / didn't want to do the needed repairs which were brought to light by the inspections, then you could also consider this money spent as a small up front cost to keep our money later on.) Anyway, we decided to go ahead with it because we love the house and have the time and money to spend working on it, and it seemed worth it because we plan to live there for at least 20 years. We are both 30. Homeowner's Insurance - $1400/yr (first year up front at closing) The next item was homeowner's insurance. I contacted an agent and got some really good quotes (~$700 /yr). Then they went to go see the place and went running. The home has an attached barn and the roof is a bit rusty; they wouldn't insure it unless
Right now roofing contractors in our area are SWAMPED. I called three different ones and none of them could even get to us to give us an assessment in time for closing. So, we backtracked a bit and contacted the agent currently insuring the home. She was able to help us, but the insurance costs twice as much as before ($1400) and they also stipulated that the barn roof be painted (just painted, though) and that the home's exterior itself be painted in the first year of residence. Homeowner's came down to the wire; I started just after we got our initial disclosures and it wasn't until just before labor day that I got this hammered out. Don't put this off. Barn Roof Paint - $4800 So, cue up the painters. I got three quotes and went with the middle one to repaint. Plus, he just seemed like a nice guy. I live in a rural area which doesn't have a lot of shysters so I'm apt to go with my gut on people. Exterior paint - ~$10,000 I haven't gotten any official quotes yet. I'm going to get one from the guy painting the barn roof and a couple more after that, but he gave me an "estimate" and he ballparked around 10k. Closing costs: $13,683 Down Payment: $9,150 (yes yes, very low, I know.) Cash to Close: $22,833 Closing costs include 1/yr payment of insurance premium up front, taxes, title lawyer, yadda yadda. Even with a very low down payment, we still owe more than double that up front to pay for closing, and that's once again not including the inspections and the requirements from our homeowners. In total, our full cost to get to this point in the process is Total Cost - $27,008 Total Cost including currently known required work - $41,808 There's some other work in our peripherals; the kitchen sink needs replacing, the bathroom floor needs replacing as well, and some other smaller things, which we estimate will add another 5-7k of cost. I suspect that in the long run, the sky's the limit in terms of cost. ;) And this isn't even including incidental things like:
Anyway, the whole point of this post is that many times in the past several years I've thought to myself, "hm, I have enough money for a down payment on a house! I should buy one!" and had I tried before we were in a more confident financial position, it definitely would have ended in tears and anxiety. I hope someone finds this ramble helpful! [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 14 Sep 2021 01:23 PM PDT I'm 26 (male, unmarried) with 3 sisters. I accept that I'm very thrifty with money, atleast I think that people believe me to me. I have very little to no financial responsibilities. So I'm currently investing 45% of my monthly income to buy land. 25% goes to my expenditures and rest 30% is spent as demand arises. In a nut shell, at the end of the day, I'm left with very little to no money to enjoy my earnings. Just needed an unbiased opinion on my strategy. I mean, I could spend that 45% of my income (which is almost half, and is alot for me) I could enjoy the month really well. I've been investing in this land for more than a year now, which is a very good area and will definitely provide a good return in 5-7 years time. But investing like this, for almost 1.5 years now, I'm getting tired and having second thoughts. The land will be mine after another 1.5 years now but I'm having second thoughts. Maybe I should quit investing and start enjoying my income? What are your thoughts on this? I know some of you will say investment is definitely good and all, but at this age doesn't it mean a little overkill. I mean, I still have my whole life ahead of me. Maybe I could start investing at some later stage in my life? What are you thoughts? [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 14 Sep 2021 06:43 PM PDT To give some background, my daughter has a congenital heart condition so we are starting to see a cardiologist at a children's hospital near us for a regular electrocardiogram (EKG) and echocardiogram (heart ultrasound) twice a year. Everything was in-network. Her last visit was in March and we received an initial bill for $635 ($8,277 amount billed - $7,642 from insurance). However, we discovered the cardiologist had billed the wrong insurance plan, so we informed the hospital and our insurance company so that they could correct this before we made our payment. Fast forward to now, September, and we finally receive the updated bill, for the exact same March visit, now for $3,379.49 ($10,678.15 amount billed - $7,298.66 from insurance). I am just blown away and I am seeking any advice on how to handle this. Here is the breakdown of the visit according to both the medical bill from our cardiologist and the explanation of benefits from our insurance company:
As you can see, this single visit has completely thrashed through our $2,800 deductible and then some. Is that normal for a routine cardiology visit? Because holy cow I feel that's crazy. We just popped into the office, took like 15 minutes for the EKG and some basic measurements like weight and height, 30 minutes for the echo, then doctor saw us to give us the summary, and then we were out. My daughter's next visit is next month and according to this bill, we'll probably expect another $1,139 (20% coinsurance of the $5,697.43 member negotiated rate) to come in. From the CPT codes provided, I was able to look up the Medicare rates for the same procedures (rightmost column of above table) in my billing area and they are much less than the amounts billed here. I just have so many questions, but right now does anyone have an idea for the following:
I plan to call hospital billing and my insurance company, but any help from this community on how to prepare for them would be much appreciated. [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| How do you "live off your investments?" Posted: 14 Sep 2021 05:31 AM PDT I see in a lot of articles, videos, etc. about how after you've invested X amount in Y funds, you can "sit back and live off the investments" but I'm not sure how that works in practice. Does this work with a Roth where you just withdraw each month what you need at the time? How does it keep growing if you're pulling money out? Sorry, pretty new to this. Thank you [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 14 Sep 2021 07:35 PM PDT My younger brother recently moved in with me — got him an air conditioning unit to stay comfortable, a new bed; everything he'd need for a best possible start in a new city. I am also paying all the rent myself. However he sleeps all day, plays video games, watches movies, drinks my coffee and beer, eats my food, and has a general rotten attitude toward me when I try to give helpful advice (like don't drink coffee at 6pm). I have yet to see him go out for a single interview in the 6 weeks he's been here. It took him over 24 hours to freshen up his resume the other day. He wanted it to be "perfect" but he only has 30 credit hours from a community college — could very well have a learning disability. He wants to break into the same industry I am in but I am hesitant to share his resume with friends and business contacts for fear that he will end up embarrassing me. I hate feeling this way and want to see him succeed, but my faith in him is shaken by his behavior. I get the sense that he feels he's on vacation, yet still has car and phone payments to make (which I will not offer to cover). I tell myself he's a heartbeat away from homelessness and it's kind of true. Are there any social programs or resources that could help him overcome this behavior and generate some enthusiasm within himself? [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| [US, CA] Homeowner for 18 months. Value is way up. Does it make sense to refinance or too early? Posted: 14 Sep 2021 03:02 PM PDT Hi all, First time homeowner. I bought last March during the early parts of the pandemic really kicking off. The market was already heating up. The house I ended up buying was around $360k. I put a 10% down payment on it, so I'm still paying partial PMI. Interest rate is around 3.325% The market has been absolutely crazy since then though. This area keeps going up and up. Houses in my neighborhood are selling same day for over asking. I'm seeing houses smaller than mine (lot size + sq footage) going for $450k. I've seen even higher estimates for my own home, but I imagine a number of those are likely inflated. As it stands, we've put some work into the house. Not TOO much that was substantial, as it only needed nominal improvements, but we have completely replaced the entire fence (old one was what came with the house in the 80s and was patchwork and rotten). We've upgraded the electrical box, and done a number of smaller improvements in the house (such as replacing all the outlets). Objectively, the house is in better condition than we bought it, the valuation price is up nearly $100k/25% as it stands, and I've been seeing marketed interest rates around 2.8%. My credit score is also good (good at the time I bought, better now). I'm aware that most folks tend to wait longer to refi, but with how crazy things have been and being a first time owner, it's not obvious to me if it's worth what my payment will be reduced by and whether it'll be worth the tax tradeoff. FWIW, I'm not in any financial hardship. I can afford my loan as it is, and am only seeking this to be proactive and reduce monthly costs. There's no undue stress by carrying the mortgage as it is and I have zero intention of pulling any money out. [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bank is requiring my PARENTS to provide bank statements for MY refinance to go through. Posted: 14 Sep 2021 11:48 AM PDT Hey Everyone, Currently, I'm going through a refinance with a larger United States Bank. In the month of July, my parents gifted my fiance and me a $5,000 check for our wedding to pay for wedding expenses. Through the same account, I pay my mortgage monthly. When I provided my statements to the bank for our refinance we started, they asked about the $5,000 check and where it came from because it's "out of the ordinary" for my account, which it is, however, I explained that it was from my parents for the wedding. They're now requiring my parents to provide bank statements in order to let my refinance go through to show that the money came out of that account. Is this normal? I've gone through the refinance process before and never had this come up. My parents absolutely will not provide their statements (mainly being old-fashioned and thinking it's sketchy, which I don't blame them). I'm thinking about trying out another bank. Thanks! [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Worried about the future as a disabled man. Posted: 14 Sep 2021 01:56 PM PDT Basically I'm a 30 year old male suffering from autism. I currently work a data entry job remotely but I'm worried about my future. I struggle with details and I'm not good at socializing. I'm worried about my future because ever since I graduated from college I've been struggling to find a career or network with anybody. I'm worried about my professional future because in all honesty, I don't think I can work with people at all and I'm quite mentally slow. I have $36K saved up and my previous experience mainly revolves around administrative and data entry type work. [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 14 Sep 2021 01:55 PM PDT We are in the process of buying a new house, and I'm a little torn about what to do. Many people say we should buy a little bit of a home warranty just to protect us against something in the first year, but others have told me that they aren't worth it. My step dad—who had purchased a lot of homes over the years—claims that the home warranty companies will almost always find some sort of technicality or loophole that keeps them from paying out. What does this esteemed group think? [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mom just passed and have a question about a bank account Posted: 14 Sep 2021 05:08 PM PDT So my mom just passed today and I just talked to my step mom. She tells me it's possible my bank account could be frozen since my moms name was on my bank account from way back when I opened it when I was 16 which I'm 31 now. Her name is on it but she never used it and probably hasn't put a penny in it at least 5 years at minimum. I'm going to the bank tomorrow to ask more questions but I wanted to see what I could learn here tonight. [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Just got $15,000 from an insurance payout. Now what? Posted: 14 Sep 2021 06:05 AM PDT A few months back I was in a car wreck that totaled my car. The other driver was at-fault and I suffered some moderate spinal injuries (3 bulging disks), the insurance company issued about 4k for the car payout, which I used to put on a down payment on a very nice car I've wanted for a long time. Due to the back pain, I filed a personal injury settlement. I just now got my official payout amount that the insurance would pay, which was about 35k but after medical bills and lawyer fees, I'll have about $14,440.00 left. I have $20,489.27 worth of overall debt. This is including $17,497.44 of auto loan debt. Credit cards and misc. debt like my phone are $2,993.64 in total. So my real question is this: what debt should I pay off first? The dealership I bought my car from doesn't refinance but my monthly payments are pretty high (around $359/month) so I want to get them down but I'm not sure the best way to manage this money. Edit: I just recently moved and have been managing my finances fairly poorly. I have no savings and no emergency fund. I was looking at this as a sort of restart button. Interest rate on the car is 9% and on my credit cards about 24.99%. [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 14 Sep 2021 06:13 PM PDT I'm anticipating some big spending soon, so I decided to sign up for the Sapphire Preferred to get the welcome reward for spending $4000. I already have a Chase Freedom Unlimited card which I used for everything, but is it now obsoleted by the new Sapphire Preferred? Also, what are the considerations for cancelling the Sapphire once I've gotten my reward and used it? Losing that credit cap will hurt my score, right? What do I need to do with the Sapphire in a year to make it worth the annual fee over the Unlimited that I already have? [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Full-time student, full-time work, need a part-time job just to afford food? Posted: 14 Sep 2021 05:11 PM PDT Hello, I am currently a full-time Master's student who works full-time during the day (school hours). I took a considerable pay cut leaving my previous career so I could go back to school and currently work in a public school during the day and attend classes in the evenings. I live alone and cover all my bills alone - rent, utilities, phone, car, food, etc. I'm coming to the realization that my full-time job will not even be enough to cover all that is expected monthly. It's seeming like I will need to find a part-time job to afford things like food and utilities, but I do not know how I could possibly fit another job into my schedule. I've completely cut out all unnecessary bills or anything that isn't 100% necessary to survive these next 2 years of my Master's, but I don't know what to do. I'm afraid I'm going to reach a point where I can't afford rent or basic bills. I'm unfortunately trapped into my lease for nearly another year and it costs 300% monthly rent to break this lease, which is NOT affordable or else I would move to live in a dump. My rent is really expensive for a single bedroom single individual and it nearly takes my entire paycheck at this point with the pay cut. Any ideas, advice, tips would be appreciated. I'm so overwhelmed and don't know what to do or where to look anymore. [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 14 Sep 2021 04:51 PM PDT My friend was trying for a new job (federal related) and was flagged for having two jobs (one of it was recently started just a month ago). They flagged it why the 2nd job was not mentioned on their resume? I was wondering what kind of background check provides the employment history? I know about credit and criminal bg checks, etc. but was suprised they found actual employment track!! [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 14 Sep 2021 04:03 PM PDT Hi all, I'm looking for some advice for employing a little more capital in investment accounts. I don't have access to an employee retirement account as I am a graduate student but plan to have one by mid 2022. I currently have a maxed out Roth and a rainy day fund. No dependents so I don't have use for a 529 and do not see a need for an HSA. I would like to minimize taxes but the only viable investment vehicle I can think of is a traditional taxable brokerage account. If anyone has recommendations I would love to hear them. Thank you! Edit: I don't think I am eligible for HSA at this time and likely won't be in the future. [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| How to negotiate for a job I hate? Posted: 14 Sep 2021 03:55 PM PDT So this is kind of a weird situation. I'm currently working as a contractor and the job I'm at has been run absolutely horribly. It also happens to be a rough commute for me (about an hour 1 way in heavy traffic). The contract has resulted in a lot of overtime and scrambling and I've personally developed a lot of processes in order to clean up the process. Additionally the work I do is on a proprietary software that hasn't existed prior to this development. All of this is to say that I'm in a weird way, kind of an expert on some of the software that they use and they're really scared to lose me. My contract is up in a couple of months and I've been clear that I'm not interested in extending my contract. However the company and top brass has reached out to me, now twice to see if they could find a way to keep me around in the company (including should I choose, moving departments to better match my normal skillset). The most recent conversation indicated that they would be highly interested in buying me out from the company I contract for. The conversation included phrases like I could move anywhere I want within the company, they have the resources to make it work for me (financially), etc. Basically I was without directly being told, told that I could name my price. I have no idea where to go from here. I don't particularly like the company, but being able to name my price is really nice. I also have no idea how to name my price. I currently make around ~80ish a year. I honestly don't know what I should be asking for? I'm debating possibly asking for ~120, but I don't know if that's unreasonable? I did some quick math, and it's a little uncertain but I believe my contract costs somewhere around $5K a week. What should I be pushing for/asking about/etc.? I also just really don't know if I'd want to stay, but a pay bump like that would be too much to pass up. [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 14 Sep 2021 06:27 PM PDT Hey folks, I did a quick search for "buy or rent" and some of the responses helped quite a bit in the r/RealEstate, but I feel the need to add a spin to our question from a personal finance perspective. It seems that cost of rent in our area (Alexandria, VA) has gone up quite a bit. The places we're looking at to accommodate our work-from-home situation costs about $2.5k+ per month in rent. We're coming to the end of our lease this October and we currently have about $20,000 in the bank and some student loan debt ($50k) and credit card debt ($10k). Some quick crunching of numbers tells me maybe we could buy a cheap condo $350k and payments on that will be about the same as rent or less. Should we keep renting and I throw our savings at our debt? Or...would buying a condo be justified/smart if we plan on moving out of it in two years, turning it into an investment property? Thanks! [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Should I take a higher hourly rate with no benefits or stay in my hourly role with benefits? Posted: 14 Sep 2021 09:03 PM PDT Hello! I am a nurse working in a hospital that has offered a new position to try and retain people who are interested in leaving for higher paying travel contracts. I have an opportunity to take on this new role but I'm unsure if it makes sense financially. I am married with a toddler. We have some cc debt, mortgage, and student loans. We live pretty comfortably on our combined income and are chipping away at that cc debt. New role: pays $65/hr with no benefits Current role: pays $29/hr with full time benefits. I looked at how much my employer pays (based on their benefit paperwork) and it came out to ~$16/hr. Total ~$45/hr Potential issues with new role:
If I can provide any additional info please let me know! TIA [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Self employed, looking for a new apartment near Philly. How much can I afford? Posted: 14 Sep 2021 07:16 PM PDT Currently 23 years old, self employed and on pace to make 95-100k this year, pre tax. My current apartment lease expires in December and I am thinking of moving to a different spot. Right now I am paying $1336 a month in Philadelphia - that includes parking and all utilities except electricity, which varies per month. There is a spot that I really like that would run me probably closer to $1800 a month all in. I know this is a big jump in rent but Philadelphia has a brutal wage tax that I would escape from if I moved from my current place to the spot that I like since it is not technically in Philadelphia even though it's basically right down the street (Bala Cynwyd, for my PA people). I also think that my business will continue to grow and it wouldn't surprise me if I made 100k+ next year (again, before tax). I have no student debt and my car is fully paid off. Do you guys think that I could comfortably afford moving, or should I look for something cheaper? I really want to get out of my current building. [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| [US] Can I get back my $6K 2021 Roth IRA contribution? Posted: 14 Sep 2021 06:51 PM PDT I put $6K into my 2021 Roth using cash, however I would like the money back if possible. The transaction occurred just a couple weeks ago. Instead of paying cash for the Roth, I'd like to just move money into it from my Traditional (rollover) IRA, if there are no tax implications. [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Estate Tax Married then Widowed Posted: 14 Sep 2021 08:22 PM PDT In a married couple, the current max estate amount allowed before taxes is something like 24 million. Let's say the single person is 12 million. If one of the couple dies and the widower is left with their estate but then they die later, is the estate taxed after 12 or 24 million to the heirs? [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Refinancing mortgage costs vary greatly Posted: 14 Sep 2021 04:58 PM PDT I've been looking around to refinance my mortgage, I'm at 4.75% fixed 30 year. I've gotten quotes from a couple of lenders via phone and the closing cost differences are unexplainable while the actual rates are pretty much the same. I've been quoted as much as $14k and as low as $4k. One lender went from 14k to 12k to 9k in about 20 mins of talking with them so they're clearly just milking it the best they can. I've gotten mail from local banks where it's $300 closing costs, all fees included, according to the letters. I plan to look into this further but wonder if anyone can offer things to look for that make this not as good as it seems. I know some places slap the closing costs to the loan total and say "no closing costs" but are there any other tricks out there that make up the wild difference? I'm very skeptical when it comes to these things that seem too good to be true. [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Looking to buy engagement right. Debit vs. Credit Posted: 14 Sep 2021 08:40 AM PDT I am looking at buying an engagement ring soon and am buying it without any sort of financing. I am not sure which would to be better, buying the ring with my debit card or putting the purchase on my credit card and immediately paying it off for the rewards. My credit limit on my card is 6,700 and in total the ring will be just shy of 5,000 and I currently have a balance of just over 100 on the card. I am leaning towards the credit card but didn't know how using that much of my available credit would affect my credit score if any even though it will be paid off in time. [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Laid off. What to do with my 401k? Posted: 14 Sep 2021 02:19 PM PDT I just got laid off a few weeks ago. Aside from looking for a new job, I'm also researching options for my 401k. My former employer used Fidelity and I had about 36k in it. I've been reading that I can rollover to an IRA account (I currently have a separate Roth IRA) but its investment options won't be as great. What happens if I don't touch it? [link] [comments]  |
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