Personal Finance High student loans (med school) - pay minimum for life or super aggressive ($5000/month)? |
- High student loans (med school) - pay minimum for life or super aggressive ($5000/month)?
- Repaying previous employer for quitting a nursing job?
- Father passed away suddenly and I’m his next of kin and most likely his sole beneficiary - help?
- I’ve Been making payments manually for IRS installment plan (and never missed one) but certified letter coming in today’s mail from IRS?
- Parents are both ~80 and starting to show obvious signs of memory loss/dementia(?).
- Child Tax Credit monthly amount keeps increasing…
- How useful is it to have a good relationship with your bank?
- Long term stock picks
- I want to refinance my car loan for better rate(currently 5.08%) and shorter term. Is there a way to shop/get approvals without applying and having credit run at a bunch of places?
- Is it wise to finance a first car?
- 19 needing help with Roth IRA and 401 (k)
- Overtime and additional taxes, payroll. Utah.
- Any ways to get some sort of secured card under 18?
- Mid-Career - How to Start Planning for Retirement After Years of Procrastination?
- Is it financially worth it to join in on this class action lawsuit/settlement?
- Refinancing home into one spouse's name while still married?
- Looking for Financial Review, 45 years old and Never Taught Finance.
- Job offer, but waiting on interview for a better position at current job, how should I handle this?
- Best way for four heirs to pay late father's monthly mortgage?
- I'm now making more money than every. No clue what to do with it.
- May need to default on 401k loan. Will I lose my retirement account?
- Question about Roth IRA
- Supposedly have a tiny 529 but don't know where.
- Buying Individual Stocks with IRA?
| High student loans (med school) - pay minimum for life or super aggressive ($5000/month)? Posted: 18 Sep 2021 04:58 AM PDT Hi, So I have an embarrassing story that I have been trying to figure out. I'm 33 years old single male. I left medical school before residency started. I now have $170,000 in debt. I am currently working as a nurse and I love the job. In fact, I'm doing 5-6 days work for over 5 months now with some ridiculous bonuses. I still love it. I'm projected to earn a little over $180,000 for this year. I did some math all night and it looks like if I pay $5000 per month when I earn about $10,000-$12,000 (depending on what shift bonus they're offering), this will allow me to pay off student loans in about 3.5 years. But that's working the way I do. The reason I am able to do what I do is because I have been telling myself I am working towards a house and car and I told myself I would pump $5000 into student loans after I have those two. I do not own a home. I'm living in a crap area to keep rent low. I have an old ass car that's on it's last leg. I would like to own a home. I would like to buy a car. But these things will be put on hold because my main priority will be the loans. Of course, I'd buy a used car if my shits the bed. If I pay the bare minimum of $300, which I got approved when loans start again in 2022, I will be in debt for my life. If I die around 80 yrs, I would have paid about $160,000. But paying $300, would allow me to work towards having a home, family, etc. But this line of thinking isn't what most people think. I'm conflicted on what to do because I've spent my 20s working forwards medicine then made some terrible choices. I'm just trying to figure out how to stay motivated and keep my mental health in check. Any advice is greatly appreciated [link] [comments]  |
| Repaying previous employer for quitting a nursing job? Posted: 18 Sep 2021 09:59 AM PDT Without getting too into the details, my wife--who just became a nurse--started a job at a hospital under a "StaRN Program" that was like an internship, but where she was treated rotten, left directionless, treated poorly, and spent most of the time sitting for her entire shift watching patients sleep because they were short on CNAs. Needless to say, she left for a better opportunity. We just received a bill from some agency called "Benefit Recovery", stating that she owes them almost $10K? Is this legal? Are we really expected to pay $10K because she left a job she signed up for expecting on the job training for a better opportunity? Looking around on the internet, and in other subreddits, this institution is known, and others may've run into this. My question is what is our obligation? Can they sue us or send her to collections for not repaying this? If it's helpful, I can provide more details or info on the state we live in, if that makes a difference. For someone who just became a nurse, this is going to crush her. [link] [comments]  |
| Father passed away suddenly and I’m his next of kin and most likely his sole beneficiary - help? Posted: 18 Sep 2021 06:48 PM PDT My poor Dad finally lost his battle with alcoholism a few days ago. He was only 48. I'm struggling, but I have to deal with his personal matters and estate so I need advice from y'all. I've seen similar posts on here but I'm struggling to find them. Apologies if this isnt the right sub. I was to preface with the fact that I am NOT good with large sums of money, or money in general. I've been in poverty for the last 10 years so anything I get I typically spend to make it through and occasionally treat myself. I'm finishing my last semester of grad school now so money won't be as tight starting January of next year… Now, I am almost 100% certain I am his beneficiary for his pension and life insurance policy through the operators 101 union. Benefits office can't tell anyone and the beneficiary will find out via a letter… whenever? Idk. I'm pissed. Such an antiquated system. Anyways, I see my father has about 87k in his pension. It's vested. I've been trying to understand how these pensions work and how much I can anticipate to receive. More than likely it will be 100% lump sum but idk how much that would be. I plan on splitting the amount with my younger brother. Dad has a life insurance policy but I figured all that will go to laying him to rest. I have no idea how much it will be. Now, my question for y'all is… what do I do with this money from the pension? I need savings, as I have none. Do I need to hire someone to help me? I'm so overwhelmed with the responsibility and I'm scared of doing the wrong thing with this money. [link] [comments]  |
| Posted: 18 Sep 2021 05:25 AM PDT So I'm out of town as my grandmother is in the hospital and very ill. This morning I got my informed delivery update and see there is a certified letter from the IRS in my mail at home. I'm freaking out and have started having panic attacks quite honestly. I'm 25 and the IRS scares me to no end. I called and set up a payment plan last November for my 2018 balance and haven't missed a payment since they started last December. I had a 1040 loss in 2019 from a business that failed that year so I didn't file and then didn't need to file for 2020 because I had very little income. So this must be about 2018 and my payment plan, right? On 8/16 I got a warning letter in the mail from them saying I missed a payment. I know that Isn't true (I have all the bank records and confirmation emails). I made my payment as scheduled in August. Does anyone know what this certified letter could be about? The only thing I can think of is that I had set up a brand new checking account for them to withdraw the payments from when the plan started but they never did so I made the payments manually each month and closed that account. [link] [comments]  |
| Parents are both ~80 and starting to show obvious signs of memory loss/dementia(?). Posted: 18 Sep 2021 11:22 AM PDT Both are physically healthy and come from parents that lived long lives. Is there anything to do about long term care at this point? They are well off, but not rich. [link] [comments]  |
| Child Tax Credit monthly amount keeps increasing… Posted: 18 Sep 2021 05:28 AM PDT My wife and I file jointly and have a 4 year old. I opted out of the monthly payments, but she did not. We are eligible for the full $3600 ($900 in advance payments to her since I opted out). We owed money for 2020, so the child tax credit payments have been coming to my wife via check. Since she should be receiving $900 over 6 months, they payments should be $150 a month, but each month the check has been for a different amount: the expected $150 for July, then $180 for August, and now she just received a check for $225 for September. Does anyone have any insight as to why the amount keeps going up? I've tried googling and found absolutely nothing. Thanks. [link] [comments]  |
| How useful is it to have a good relationship with your bank? Posted: 18 Sep 2021 06:19 AM PDT I was recently approached by Chase for their Private Client membership and while I had heard that it isn't worth having one, I agreed to get on a call with them. Most of the perks they offered were fairly dated: easy withdrawals, higher limits on check deposits, free wires etc: things that I don't anticipate taking advantage of any time. When I told them about my indifference to the perks, they said that the biggest perk is actually the relationship you would build with the bank and then the bank can take care of all my needs. I know it is just sales talk but before I decide not to go further on this, I want to check if this really means anything. Are their real-life situations where a good relationship with the bank might be very useful? For context, I am an immigrant in the US on a work visa, have good credit, with no immediate plans to take any loans or start a business. [link] [comments]  |
| Posted: 18 Sep 2021 06:32 PM PDT As title says, I have APPL, AMZN, GOOGL, MSFT in my portfolio, time horizon is 15-20 years. Any stocks I could add/ replace in my portfolio. Edit: I have 401K and ROTH IRA, where I have total US AND international funds. So planning to keep individual stocks in my brokerage account. [link] [comments]  |
| Posted: 18 Sep 2021 09:21 AM PDT Just like the title says. I want to refinance my car loan for better rate(currently 5.08%) and shorter term. Is there a way to shop and get approvals without applying and having credit run at a bunch of places? Like, is there a place I can put information in once and get the best rate possible? Thanks for your help! Edit: I'm less worried about the credit impact than I am about having to fill out a ton of applications. My credit is good, but I still want to minimize its impact as much as possible. [link] [comments]  |
| Is it wise to finance a first car? Posted: 18 Sep 2021 05:15 PM PDT Been looking at cars to get for a first vehicle, however, my dad wants me to get one from a dealer, and I don't really want to do monthly payments for a first car if I were to get mine from a dealer…I was hoping to be able to find a nice used car from a private seller that's already been paid off so I don't have to worry about paying monthly payments for it. My parents said they would help me get my first car and so they gave me a $4-$5K budget. if I get a car from a dealer, that would most likely be my down payment and I'm just gonna have to pay off the rest of the amount each month. Rn I'm not working cuz I'm in school, but like when I get a job, my thing is is that I don't want to be setting huge amounts of money from my paychecks aside for monthly payments on a first vehicle. Its a first car, so I'd rather not have to do monthly payments on it. My question is, is it ever wise for someone like me to finance their first car? Or is it normal for a lotta people to finance their first car? Any advice and input would be greatly appreciated, thanks. [link] [comments]  |
| 19 needing help with Roth IRA and 401 (k) Posted: 18 Sep 2021 09:30 AM PDT Hi , I recently got a job that offers 401(k) through fidelity and I'm trying to set up how much of my income will go into it. It's at 4% now but I wasn't sure if it should be higher or if I should also invest in the Roth IRA as well. For more info I'm 19 and I don't have much saved but I will be making 40,000 a year. Just could use some advice on how much percentage I should contribute. Thanks! [link] [comments]  |
| Overtime and additional taxes, payroll. Utah. Posted: 18 Sep 2021 07:52 AM PDT I've recently caught my boss adding up my hours for the pay period, and when the total is under 80, not pay me any overtime. I have 45 hours one week and 30 the week after which results in 75 hours. This has happened a few times and I'm starting to get upset, but I don't know if rightfully so. I make 18 an hour and OT rate is 27. If I only make 4-5 hours of over time on a paycheck is my take home pay going to be smaller than if I had no OT? I have no idea how to tax increase works, just have heard about it. [link] [comments]  |
| Any ways to get some sort of secured card under 18? Posted: 18 Sep 2021 06:44 PM PDT Hello, I'm 15 and I've been using paypal for most of my online purchases, through my debit card. Is there any card I can get that's secured while still being a minor? thanks. My parents would most likely be willing to sign as long as it's not connected to their credit [link] [comments]  |
| Mid-Career - How to Start Planning for Retirement After Years of Procrastination? Posted: 18 Sep 2021 02:10 PM PDT So I'm one of those people who never put much thought into planning for retirement. Even though I've made some questionable financial choices over the years resulting in overspending for schooling and choosing riskier jobs with stock options that didn't pan out, I've always been fortunate enough to make enough in salary that I didn't need to worry about living the way I wanted to. Plus, I've never been much of a spender. But I got a rude awakening during the pandemic where I've essentially been out of work for a year and a half, lived off of my savings and realized I have no long term plan. I recently received a very lucrative job offer (at least for the short-term) which will alleviate some of these issues. But I realize I have a lot to do in terms of planning for my retirement, and I just don't know where to start (other than the general invest more, pay down your debt, etc.). Would it be worth it to use the services of a financial planner? Any recommendations of good resources with specific examples of what to do given my current situation? And Just to give you a little information about my situation: - Single, mid 30s, no kids - No real property assets, have a car now worth ~$10k fully paid off - ~$100k in cash, ~$85k in 401(k), no individual stocks or other investments - Salary between $100k and 280k per year depending on how much I want to work, but it is a contractor position so responsible for all healthcare/benefits/taxes - Around $85k remaining in student loans is only debt, but this may be paid off fully in return for pro-bono work legal work on a contentious business estate matter for a family member - Contracting position may not be long-term so plan on spending ~$20k on coding bootcamp which should provide a more reliable salary of at least $120k in the event the contracting position ends Thanks for the help! [link] [comments]  |
| Is it financially worth it to join in on this class action lawsuit/settlement? Posted: 18 Sep 2021 07:01 AM PDT So I — like many of you probably — have received notice from www.bcbssettlement.com that I'm eligible to participate and likely benefit from this class action lawsuit agains BCBS. I've done the research and found that it is a legitimate website and settlement, but what I'm curious of is, at the end of the day, is it even worth it to go through with anything? Do any of you have any experience that would prove I would actually benefit enough financially to help improve my finances at all? [link] [comments]  |
| Refinancing home into one spouse's name while still married? Posted: 18 Sep 2021 04:22 PM PDT Not sure if this is the right subreddit for this, but I am looking into refinancing my home for several reasons, but in talking with the lender they're saying we'll get a much better rate if we put it in just my husband's name. It's still possible to put it in both of our names, but his credit is pretty stellar and while mine has 100% on time payment history, and has been open longer I have more debt. Mainly student loan debt and old credit cards I've been trying to pay down from when I irresponsibly took out credit cards and more student loans than I needed while in college. My husband and I have been married 8 years, and we have a child together. There is no sign of divorce in the imminent future but we all know life happens. I don't like thinking this way, but I don't want to screw myself. I'm hesitant to put it in just his name in case something like that ends up happening later in life. We live in Texas. My question is- should we put it in just his name to get a better rate? Or does this mean the house would be all his and if things ever go South I'll be SOL? We both work and have a shared bank account. I make more money than him, but there's no way to decipher who *really* pays mortgage since everything is combined. So I def pay my part if that matters. [link] [comments]  |
| Looking for Financial Review, 45 years old and Never Taught Finance. Posted: 18 Sep 2021 03:35 AM PDT I am 45 years old and I don't feel like I am very prepared financially for the future and don't know how to make my money work for me. I just want to run what I have going on past reddit to see where I can improve. My income is $112,000.00 I own my home and owe $238000.00 $1400 a month at 2.8% I am paying a PMI on it as well of $54 a month which will drop off at $203000 Lease a car for $330 a month No other outstanding debt, credit cards etc are all paid monthly. I have a $45000.00 401k with a previous large company that I am not contributing to but is still increasing. I have $10,000 IRA no contributions New 401k at my current company which I have only been at for 6 months, contributing maximum match $5000 in an ETrade account that I dabble with stocks (not very well)and contribute $200 a month to. $103,000.00 in two savings accounts in which one I contribute $2000.00 a month. I am paranoid as hell about locking up money for fear of losing it or needing it. I would like to keep a healthy savings and get the rest of the money into my ETrade account and buy Vanguard. I was considering keeping $30k in savings and the rest in Vanguard. I am doing a bit of work on my house so of that $30k at least $10k will be going into the house. Another option is to pay down the house to get out of the PMI, $35k to the house and $35k to Vanguard while keeping the $30k savings. Is 30k in savings a bit much? I feel comfortable with it and absolutely freak out when it drops below $30K like if it hits $28k I will jump on eBay and start selling things I don't really use even though the reality is if I just wait a few weeks it will be right back up to $30K Tell me what I am doing wrong or which direction you think I should be going. I was never taught personally finance and wish I would have been at a much younger age. [link] [comments]  |
| Job offer, but waiting on interview for a better position at current job, how should I handle this? Posted: 18 Sep 2021 06:02 PM PDT Hello, Here is my current situation. I currently work nightshift and have an offer for a day job, I was planning to work both jobs concurrently for a short time, however I now have an interview with my current company for a much better position and during the day(interview is this upcoming Thursday). How should I handle this? My concerns are I would much rather stay with the current company I'm at if possible but don't want to miss out on the new opportunity. I also am concerned with revealing my hand and them thinking I'm a flight risk from my current job. Many thanks! [link] [comments]  |
| Best way for four heirs to pay late father's monthly mortgage? Posted: 18 Sep 2021 03:05 PM PDT Hi. I recently was granted power of attorney for my late father's estate, which includes his $400k mortgage and townhouse he owns. We are looking to keep the townhouse for a minimum of two years so our 16 yr old brother can stay here and finish HS with as much normalcy as we can give. We have custody and are living with him, etc, that's not my question. There are four heirs to my dad's estate, and a $400k mortgage to be paid. I have an attorney, who has advised me not to retitle the house because the mortgage will get called (this is debatable because I've read the Garn St Germain act for this circumstance), so we will pay the monthly payments in my dad's name. What kind of account can we have or open to ensure accountability and transparency as we pay the mortgage four ways? Ideally, something that is easy to track, so that some day when we do sell, we have an easy trail of who paid what into the mortgage. I don't plan on us falling through, but in the event two or three of us end up taking on the mortgage, I want that accounted for and made up for appropriately when we sell, too. Should we make an escrow account? Or a digital contract I heard about? Should the other three just pay me their share monthly and then I pay out of my account? What do you think? (And just to reiterate, we will not sell and rent somewhere else now, please see above, that is not an option) [link] [comments]  |
| I'm now making more money than every. No clue what to do with it. Posted: 18 Sep 2021 07:56 PM PDT Just to start, this isn't some weird flex. I honestly don't know what to do. I now make around $25,000 a month. I've been making this amount for almost two years now. I just maxed my contribution to my IRA for this year (as I do every year). My house is paid off. I don't know what amount I should contribute to taxable investment accounts. Market seems bloated (but I'm no economist). It was always obvious what to do when I made far less money. I don't care to be the richest guy in the nursing home. I'm trying to balance having fun now and also building future wealth. I just can't decide what amount should be allocated to investing. Any advice would be greatly appreciated. [link] [comments]  |
| May need to default on 401k loan. Will I lose my retirement account? Posted: 18 Sep 2021 07:34 PM PDT I have a 401k loan I had to use for house repair, it's for about 4800. I have 46k in my 401k. If I leave my job for something better without being able to pay it off, what happens? I read online it defaults after like 60 days and it's treated as an early withdrawal. If I do this, will I also lose the 46k in my retirement account or can I just roll that into my new employers retirement program? [link] [comments]  |
| Posted: 18 Sep 2021 07:16 AM PDT I understand there is a contribution limit on a Roth IRA. My question is if this is a calendar year basis or when I opened the account? For example, I opened a roth IRA yesterday, does that mean I have until 9/17/2022 to hit the $6,000 mark, or will it reset on 1/1/2022? Thanks for any help! [link] [comments]  |
| Supposedly have a tiny 529 but don't know where. Posted: 18 Sep 2021 08:31 AM PDT My mom just told me she made a 529 when we were younger and put $100 into it, but stopped and doesn't remember what bank, or financial institution. I know it's not a lot of money, but I want my $100 lol. Any help on how to find it? Update: Solved. It was through upromise. [link] [comments]  |
| Buying Individual Stocks with IRA? Posted: 18 Sep 2021 07:25 AM PDT Every Google search tells me that IRAs can be used to buy individual stocks, but when I go to purchase, my only options are mutual funds. Am I not understanding this correctly? I have a Vanguard account and a Capital Group account, both Simple IRAs. And I'm aware that mutual funds are best for retirement accounts, but just wanted to buy a few individual stocks for my portfolio as well. [link] [comments]  |
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