Personal Finance Feeling like I'll never get there. |
- Feeling like I'll never get there.
- Starting a career
- Is pet insurance worth it?
- My teenage son just inherited 20k
- 19 with inheritance.
- Company unwilling (unable?) to make good on partial cashless exercise of options
- Is there a way to access a 401(k) from a job I left almost 7 years ago?
- Why are there Roth IRA contribution limits based on MAGI?
- Selling vehicle with 34k wire transfer[FL]
- How do capitals gains and federal income tax work together?
- Friend needs advice on investing large amount of money he's been letting sit in the bank
- Take a loan out on a car even if you have the cash to buy it to mitigate risk?
- Selling house that was recently put under my name
- Tax filing help for nanny paid under the table.
- Finance for a 20 year old
- Pay more mortgage or save lump sum?
- Need Help with direct deposit
- 18 year old investor
- Car at end of useful life - what should be my next steps in this market?
- (US) Am I a victim of identity theft here?
- Roofing Disaster: Need Advice
- Favorite personal finance books for a college student?
- Cash Out Refinance to Pay Back Borrowed Downpayment From Family
- Vanguard Trouble Shooting
| Feeling like I'll never get there. Posted: 08 Sep 2021 11:49 PM PDT 36 single female. I work a less than $15/hr job. I really enjoy it and get lots of OT. But my checks are between $400 and $1000 after taxes, health(173.85) dental(7.00), mortgage(150.03), and $49.97 savings, 15% Roth 401k. Biweekly. Monthly bills: Property tax: $125 (sinking fund) Insurance: $131.59 (house & car) Internet: $74.99 Electric/gas: $100 Water: $150 Living: $350 (cat, food, gas, miss) I live comfortably frugal and my house will be paid off in October (foreclosure bought for $45,000 after 08 housing bubble burst) but I only have about $100,000 in retirement. I max out Roth IRA every year and in years I have a HDHP available I max out my HSA. My employer matches 25% if I put in 6% but it gets matched in an ESOP plan. Most of my funds are Roth and in VTSAX & vanguard TR2055. I live off about $12,000_$15,000 a year very comfortably but I understand my costs will be higher in retirement. I keep hearing by the time I retire I'll need between 1 & 3 million I'm not sure if that's even possible or necessary on my income. Any thoughts?
I have a $10,000 Emergency fund. I understand everyone thinks I should make more money but my question is really about what moves I should make to utilize the income I have well and set myself up for a realistic retirement. [link] [comments]  |
| Posted: 09 Sep 2021 04:28 AM PDT I'm 26 and finally received an offer to start in my dream field. I've been working at my current job for 2 years (started at $14 and currently at $16). My Roth IRA has $10,611, my stock portfolio has $1835, and I have $2000 emergency fund(normally I like to have it at $5000). The starting salary for this career is $70,000. I was open to negotiation, but I didn't expect such a high number so I just accepted. I probably did leave 3k or 5k on the table but I would've work for them for 10k less so honestly I'm happy. This is such a big jump to me I don't know what to do. Employer match is 1 to 1 on the first 5 percent of eligible pay. If I'm correct that's 3500 so I'll try to continue maxing out my Roth IRA as well.I just wanted to know if anyone has any advice on how much I should be saving or any tips like planning a budget. I do want to move out and be on my own too. In terms of debt I have a car note of $200. My apr is 2.74 so instead of doubling up on car payments I put $200 in my stock portfolio to combat it. [link] [comments]  |
| Posted: 09 Sep 2021 10:37 AM PDT Looking into getting an Irish Wolfhound to join our family. With all of the larger dogs come huge vet bills. We currently have a senior dog and spend about $500 a year on vet bills (prior to her losing her sight and hearing, we just spent money on basic checkups, so maybe $200 a year). She's small and we were lucky in that she's never had any major issues, so it made more sense to just put the cash into savings and dip into it if we had some sort of bigger expense. I honestly kind of always thought pet insurance was a bit of a scam. We know however that things will be different if we get a wolfhound. A 170 lb purebred dog prone to all sorts of health issues (average age of death is 7 years old) is much different than a 20 lb rescue that's at least 13-14 years old. We are working with one of the best breeders in the country so we will hopefully avoid some of the backyard breeder ailments, but we really can't put up 10k for an unexpected surgery without dipping into savings, and I want to be prepared for a rainy day. I've been looking at Trupanion insurance. Anyone have any sort of experience with them? If there is another company you would recommend, I'd love to hear about it. Or if perhaps it does make sense to just put away the cash every month for an emergency. Thanks! Edit: Sorry, forgot to add (I have a quote from Trupanion for $65/month with a $700 deductible, we can easily afford that deductible if needed). [link] [comments]  |
| My teenage son just inherited 20k Posted: 09 Sep 2021 01:34 PM PDT I'm in CA. My grandmother who died 18 months ago had a living trust and left my 15 year old son $20k Today my son receives the $20k check in the mail from trustee. What kind of account should I open? And what kind of taxes would there be? Thanks in advance [link] [comments]  |
| Posted: 09 Sep 2021 03:23 PM PDT Hi, I'm new to Reddit but I'm in need of advice nd after a little research it seems like this would be the best subreddit to go to. Two years ago my father unfortunately passed away, however, I've been left with a substantial amount of money (about 100K+) that he left in my name. Now I can't say I'm not excited, 19 with all this money to my name, I could blow it all on dumb shit nd watch it disappear within a blink of an eye. but I'd like to move smart with this. I want to invest this money properly. I'm currently not employed but I've been wanting to get into investing for a while now, just never knew where to start. Of course I'd love a short term way to invest nd make profit, but I know that with that comes risks, however I don't mind getting into something secure nd long term as well. I'm open to all aspects nd willing to educate myself, I'm just hoping someone can point me in the right direction. If you're able to help, thanks in advance nd I appreciate any advice :) [link] [comments]  |
| Company unwilling (unable?) to make good on partial cashless exercise of options Posted: 09 Sep 2021 02:15 PM PDT Going to try to make this concise, so apologies if I'm leaving anything out. I left my job in April of this year with vested options that I needed to exercise within 90 days. Admittedly, I put this off until this last week, but was in contact with HR throughout. I was told that I would be able to do a partial cashless exercise (upon approval of the CEO) where some amount were purchased with cash and the some percentage of the rest were purchased with the value of the remaining stock. I sent my documents and check in 4 days prior to the due date via UPS overnight. I have UPS confirmation they were delivered the day prior to the due date, but did not receive confirmation from HR that they were received until the following week. The HR rep I was communicating with then went on maternity leave, and I did not hear any updates despite repeated attempts on my end. Only after I directly contacted the CEO did I get any traction. (As a note, documents were sent in mid-July; I got in contact with CEO in late August.) I'm now being told that they believe they are unable to proceed with the cashless portion of the exercise due to IRS rules because they "didn't receive any instructions regarding the cashless exercise" or approval from the CEO within the 90 days since my termination. They do believe they can honor the cash portion of my exercise because it arrived in the mail prior to the due date. Do I have any recourse here or am I SOL? [link] [comments]  |
| Is there a way to access a 401(k) from a job I left almost 7 years ago? Posted: 09 Sep 2021 08:53 AM PDT I am fairly certain I forgot to have the money rolled over. I don't think I ever set up online access or anything. Is the money still mine? To complicate matters, I think the company was recently bought out. In case it matters I worked in NH, company HQ was in ME. Thank you! Edit: Thank you all for all of your helpful responses! I will try to contact the company or servicer, then try unclaimed.org. [link] [comments]  |
| Why are there Roth IRA contribution limits based on MAGI? Posted: 09 Sep 2021 07:13 PM PDT Why are there Roth IRA contribution limits based on your MAGI? In my understanding, if you make more than a certain threshold (varies by filing status and which year it is), you become inelligible to contribute to a Roth IRA. However you can still contribute the max contribution limit ($6k currently) to a traditional IRA and then immediately convert it to a Roth IRA. This is essentially the same exact financial situation at the end of the day, but with more steps/paperwork. Am I missing something? Is there a reason to have this complexity rather than just letting everyone contribute $6k to a Roth IRA regardless of income? [link] [comments]  |
| Selling vehicle with 34k wire transfer[FL] Posted: 09 Sep 2021 07:12 PM PDT I posted an ad on Craigslist for my F150 about a month ago and just got an offer for exactly what I owe on it(34k). My loan is through PenFed Credit Union. All physical branches of the Bank are 2+ hours south of me. My buyer lives 2 hours north of me. They have not seen the vehicle in person. They are wanting to pay by wire transfer. Tomorrow, we are going to their bank (Bank of America) to initiate the wire transfer to my bank(Chase). We have agreed to then go to my bank to ensure the transfer is cleared. Then sign bill of sale. I will send them title after it gets sent to me from my PenFed. What do I need to do protect myself? Should I be worried? Context: All communication has been professional. Buyer is a couple and this is for their personal use. I Was texting with husband extensively and spoke to wife today because her English is better. Very polite and courteous. Husband first contacted me 7 days ago and has rushed to get the deal done but i don't know why he urgently needs the vehicle. [link] [comments]  |
| How do capitals gains and federal income tax work together? Posted: 09 Sep 2021 05:36 PM PDT I'm surprisingly having a difficult time find the answer to this on the internet. What I want to know, for example, is I earn 40,000 dollars through income, that puts me at 12% in the progressive tax bracket. I also earn another 40,000 dollars in realized long-term capital gains (which wouldn't be taxed on its own.) How much of that 40,000 dollars is taxed, if at all, after combined with my income. [link] [comments]  |
| Friend needs advice on investing large amount of money he's been letting sit in the bank Posted: 09 Sep 2021 04:03 PM PDT Hi, I have a friend/colleague (26m) who's been REALLY good at saving, but no much at investing. He recently told me he invested $25k in crypto and my response was "Look, I have some money in crypto too but it should be a small portion of your portfolio". He responded that he has barely money in money in the long term investments besides a 401k he opened a couple of months back + he has $150k that's been sitting in the bank. My colleagues and I convinced him he's money is losing money sitting in the bank from inflation alone and he NEEDS to set some money aside in other investments besides crypto. He's completely on board and is now ready to invest up to $100k but needs guidance. This is the advice I gave him: 1) Max out his Roth IRA / IRA 2) Pick a few Vanguard ETFs or Mutual Funds to put $10k in each ($30-$40k total). 3) Put in $2,500 to $5,000 periodically into these funds (ex. DCA monthly basis) and if the market is down, be a bit more aggressive. This way he still has plenty of money in the bank if he needs it and will be able to deposit funds via his ongoing base/commission. However, I'm not a financial advisor or any sort of personal finance guru. I told him to post his situation on reddit for opinions and he asked me to do it for him haha I just invest in Vanguard ETFs heavily, retirement funds, and gamble a minority of my portfolio in some riskier stocks that I believe in. Any advice would be greatly appreciated! I don't want to stear him the wrong way. [link] [comments]  |
| Take a loan out on a car even if you have the cash to buy it to mitigate risk? Posted: 09 Sep 2021 05:39 AM PDT After leasing a couple cars in the past and being required to have GAP insurance (if you owe more on the car than it's worth, the GAP insurance will pay the difference) it got me thinking about whether or not this would be a good idea to get on all cars. My thinking is that if I pay cash for the car, I am tying up the cash and due to the fact that the insurance company will most likely not give you what you paid for the car (even if it's a used car and the depreciation curve is pretty flat) if it got totaled a week later that I could possibly lose any and all cash that I used as a down payment. So, it seems to me that it would be safer to finance as much as the bank will allow on the car (especially since interest rates are so low) and simply purchase GAP insurance, which is less than $10 a month. If my thinking is reasonable, it seems like it would be best (I'll be it a hassle) to refinance a car every time you pay the loan off and cash out the equity. Is there something that i am missing here? [link] [comments]  |
| Selling house that was recently put under my name Posted: 09 Sep 2021 08:08 AM PDT The house is not my primary house, and has not been since the end of 2018 so I'm pretty sure I'm not exempt from paying capital gains. The house is paid off too. I make about or less than 50k a year, and was wondering how much tax I will be subject to paying when I sell. The house has been in the family since 1990, so there is a decent profit. Edit: single no kids [link] [comments]  |
| Tax filing help for nanny paid under the table. Posted: 09 Sep 2021 05:40 PM PDT Hello! My partner is a nanny and has been working with their current family for the entirety of the 2020 tax year. They did not receive a W2 for 2020 and has been mostly been receiving paychecks in the form of checks. Long story short, we paid the estimated tax amount for both state and federal, and filed for an extension back in May. I asked my partner to have their employers talk to their financial advisors on how to proceed, because neither party has paid taxes for this. My partner is now set up on a payroll service, but we still have not had anything to account for 2020. We've tried asking for a W2, but their employer's financial liaison has indicated we wouldn't get one and wouldn't need one. I'm a little in the dark as I'm really just getting information via my partner, but I'm 95% positive we'll need a W2 as their 2020 take home was in the ballpark of 30k. Obviously, my partner would like to avoid rocking the boat with their employer, but that seems unavoidable in my opinion. If we don't manage to get a W2 by the extension deadline for filing, what steps do we need to take to make sure we are fulfilling our legal obligations? Some steps I saw listed in another thread regarding another nanny suggested the following:
If this is adequate, then this is my basic game plan at the moment. If anyone has any other thoughts or if I am missing a step, I'd love to hear other opinions. [link] [comments]  |
| Posted: 09 Sep 2021 05:35 PM PDT Good evening everyone I'm currently 20 years old working full time, I'm earning around 3000-4000 a month as an electrician. I saved about 80-90 percent of my earning the rest go to my car payments and entertainment purposes. I'm not paying rent or food because I live with my parents. My credit is classified as "excellent" I never missed a payment for any debt that I had. I became an electrician because my father is an electrical distributor (he has his own company) and I'd like to open an contracting company so we can merge the two to maximize profits. When I'm 21 I'm projected to have 30k saved, do any of you have any advice as to how much cash I should have a "cushion" when I open my business? Thank you for the help [link] [comments]  |
| Pay more mortgage or save lump sum? Posted: 09 Sep 2021 07:45 PM PDT Hello all, My wife and I will be purchasing our first home (240k) here in a few weeks. We have set up our finances in a way that all of our expenses come from her take home pay (mortgage included). We have planned to use my salary (50k after taxes) to attack our mortgage. We would really like to have our home paid off as soon as possible. My question is this - Is better to apply each of my paychecks directly to the mortgage or is it better to have the lump sum grow and then eliminate the mortgage all at once. Is there a benefit to keeping our lump sum nearby or do we save more by paying more each month to make it worth it? [link] [comments]  |
| Posted: 09 Sep 2021 07:39 PM PDT Hi guys, looking for advice on what is going on. I am 16 and recently got a job at Dunkin Donuts. While I was filling out paper work, I had some trouble setting up direct deposit because I only have a savings account and the offical website I was using to fill out the paperwork required a voided check. Because I could provide a routing and account number but not a check, I ended up using my mother's checking account with a voided check, however I kept my own name and SSN. Im not sure if this messed it up but on my first day they gave me a Wisely debit card so that if the direct Deposit didn't work I could get the money on that. I got an email today saying my first paycheck was scheduled to be paid to the card and after I set up the card using the info they gave me, I was able to confirm this was true. Now im super skeptical to use the Wisely app give that they have poor reviews and were asking for my full SSN. Someone told me that the first few paychecks may come in on the card before direct deposit works but im worried that because of how I set it up, direct deposit may not work at all. I also don't know what to do with the card given that the wisely website is shit and the app is sketchy. What should I do? Thank you very much [link] [comments]  |
| Posted: 09 Sep 2021 07:37 PM PDT For my retirement, I currently hold a Roth Ira account with Vanguard. In my TAX ADVANTAGE account, I plan to invest in VTI, VT, and BND all at once. My asset allocation will consist of 90% stocks and 10% bonds. For any of the more experienced members of the group. How do you feel about these three investments? I've also heard of qqq, ark, schd, VUG, and others, but I'm not sure what to do with them. I just my account to be simple as possible and the most efficient growth. ( I'm not focusing on dividends I just want growth. I'll set a taxable account with Robinhood for dividend investing) [link] [comments]  |
| Car at end of useful life - what should be my next steps in this market? Posted: 09 Sep 2021 05:47 AM PDT Hi PF! I just turned 25 years old and graduated college last May. I've job hopped a few times and just landed a job offer at $105k. It's signed, I start later this month. This is in FL, which means no state tax. I have 25k cash total and 14k in student loans. No other debts. I also have to save $6,000 to purchase a home through a special program through HUD. $105,000 after bennys and 401k cont and taxes is $5500/m. I have ~$3,000 in monthly expenses, $1200 in rent/utilities, $100 in gas, $1,000 in food, $500 or so in events/dating. I've been driving the same 2003 civic for years now, at least 7. It has 225,000 miles. I have 0 problems/issues with the driving the car, but the car is at the end of its useful life. It drives perfectly fine, but I refuse to dump anymore money into it. Issues: - The inside driver door handle just broke - the side view mirror is tapped on - I have a BAD PS leak and a bad rack & pinion, I have to refill PS fluid every 2 days - I have no motor mounts - I have bad struts - Valve cover gasket leaking Around $2,000 in value to fix the car. I predict it will last like 2-3 more months if I keep refilling it with PS fluid. With my financials, and this market, what car makes sense? Like, I want a new Hyundai Accent, just a car to get around, but then again I don't care about cars at all. I don't mind driving something old, cheap and unattractive. However, I'm seeing 2001 civics with 175k going for $3,000 asking. Ideally, I'd want a car that's $14-$16000 at the end of the depreciation curve (3-4 years old), but this isn't a normal market. These cars are like, $20,000 now. Does anyone have any suggestions? TL;DR - Do I keep running my car into the absolute ground until prices come down or is there anything reasonable to purchase now? [link] [comments]  |
| (US) Am I a victim of identity theft here? Posted: 09 Sep 2021 07:23 PM PDT Several days ago, I got an email from Nike, thanking me for registering an account with them. I didn't think too much of it. Then today I got an email today from Nike, which was a receipt for $800 worth of shoes from an in store purchase in Australia (I live in the US). I looked at the credit card they used and I don't recognize it as mine. I also just checked my credit, and don't see any new lines of credit or unusual activity. Is this some kind of identity theft or scam? I reset the password of the nike account and logged in, and the person's name is completely different from mine, so I don't think it's someone accidentally entering the wrong email. [link] [comments]  |
| Posted: 09 Sep 2021 05:20 AM PDT A little while back, we were approached by a roofing company. Yes, I'm aware that door to door roofers are the worst, but I got a good vibe from this guy. We file a claim and the insurance company fully approves a new roof. Tuesday (9/7) the roofing job begins. About an hour into it, they've taken off the roof cap vent that runs along the apex of the roof and most of the shingles and underlay on the back side of the roof. Then it begins to downpour… Long story short, we have water damage because the roofers weren't ready to tarp it when the shower popped up. They finally got the roof tarped, waited out the storm, and then finished the rest of the back half of the roof before cleaning up and leaving to come back Thursday. The roofing company has assured me that they will do everything to make this right. They brought ServPro out to assess and we're looking at a lot of insulation replacement, drywall cutting, carpet pad replacement, dehumidifiers, fans, etc. We also had a second mitigation company come out and assess the damage and they were in-line with ServPro. Ultimately, I'm trying to figure out how to handle this. Do I get my insurance company involved since the original claim was for the roof and this damage is from the roofing company? Do I withhold funds from the roofing company until they've completely paid for the mitigation and repairs? Would love to get thoughts UPDATE: The roofing company is fully paying for the remediation piece from ServPro. I'm in contact with the roofing company's higher ups in figuring out the plan for the repairs once ServPro is done. [link] [comments]  |
| Favorite personal finance books for a college student? Posted: 09 Sep 2021 07:10 PM PDT Hello! I just joined this sub and briefly looked through the book suggestions. I was wondering if any of you have suggestions for a personal finance book that may be targeted towards young adults/college students? I am trying to learn more about Roth IRAs, 401K, taxes, investing, and budgeting. Thank you in advance! [link] [comments]  |
| Cash Out Refinance to Pay Back Borrowed Downpayment From Family Posted: 09 Sep 2021 01:36 PM PDT I bought about a year ago and our house has gone up in value considerably (at least that's what Zillow says). We borrowed 30k from family to make our down payment on the house. I HATE owing family money; it feels like such a huge burden. Of course they don't expect interest but the guilt is interest enough. I want to pay it back and move on with my life and am considering a cash out refinance. I'm aware that it's a dumb practice to "secure" an unsecured debt with your home, but I feel this is an unusual circumstance. The house has gone up from 305k to 370k currently. Other nearby houses are listed at 400k, so I suspect it may even be valued higher but I'm not sure. Loan is at 268k. I have about 5k ready to give back and could probably come up with another 5k over the next few months, so I'm thinking maybe 20k cash out. Rebuilding our emergency fund and fixing/getting comfortable in the new house costed a bit which is why it took so long to get the 5k. Lastly, we currently pay $85/month in PMI which this will eliminate. The downside is we will almost certainly need an appraisal done which I've read can cost a good 1k. Is this a bad idea? Thoughts? Summary Income: 105k/year [link] [comments]  |
| Posted: 09 Sep 2021 03:46 PM PDT I'm not sure if this is the right place to post but anyway I have opened a vanguard account and bought an ETF and index fund, I want to set up reoccurring investments so I dont have to think about depositing more money every month. I have found that it is possible however all the information I've found indicates that I need to log on to the vanguard website. whenever I do this it just takes me straight to the investment portfolio site( the dashboard) with no options to change any investment settings. TL:DR my question is how do I log in to the vanguard website without being automatically redirected to my investment dashboard also if this isn't the right subreddit can someone direct me to the right one [link] [comments]  |
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