Personal Finance New to /r/personalfinance? Have questions? Read this first! |
- New to /r/personalfinance? Have questions? Read this first!
- Bank never came to get my car after voluntary repo.
- Parents setting up a life insurance policy for my (1 year old) son.
- My boss told me to stop talking to my coworkers about our wages, finances, etc.
- Going to lose my insurance bc there’s too much money in my bank account due to my child’s recent inheritance
- Should I buy the house my parents rent?
- Is what I make considered ok
- Getting corrective eye surgery (ICL)
- Renting during unpaid leave and no 2.5 yearly rent in savings
- Pay off my mortgage or keep the low interest loan?
- My bank sent back my entire gas pump total, what happens to me?
- Past landlord overcharged me and sent the bill to collections. How do I go about fighting it?
- Lost My Job, Had A Car Crash, and Have Bills To Pay - What Do I Do??? Please Help
- Which brokerage?
- Financial Advice for a high schooler?
- Father (60yo) is underemployed in VA, will lose housing soon, needs to move back to NJ
- Lost HSA from previous job
- Moving in with GF who owns her home
- Are there any free or cheap resources with reasonably accurate salary ranges for potential jobs?
- Surviving in California without car and bad credit.
- Should we sell our rental house? (CO, USA)
- Money Market vs. High Yield Savings Account, did I get bad advice?
- How would you save for retirement and children's education expenses in this situation?
- [California] What are the implications if I never purchase a home?
- Appealing time billed from a doctor's visit
- My PayPal credit went to collections years ago, but now I need to use normal PayPal for something.. can I use or will they try to deduct my account?
| New to /r/personalfinance? Have questions? Read this first! Posted: 16 Sep 2021 06:00 AM PDT Welcome! Before making a post, please check out some of the great resources that we've provided to answer your questions:We have a simple guide answering most questions about what to do with money and how to prioritize your finances: Click here: How to handle $.We have a wiki covering dozens of topics: credit, debt, retirement, investing, and more: Click Here: Personal Finance Wiki.We have age-specific guides too!15 to 20?18 to 25?25 to 35?35 to 45?Also be sure to check out our regular series:Weekday HelpWeekend Discussion and VictoryWhen posting here, please treat others with respect, stay on-topic, and avoid self-promotion.[link] [comments]  |
| Bank never came to get my car after voluntary repo. Posted: 16 Sep 2021 01:04 PM PDT Back in 2017 I financed a 2002 GMC Sierra 1500 from a used car dealership. The loan was through my bank. A few months later I experienced some serious financial trouble, and called them to file a voluntary repossession. I filled out the paperwork and sent it to them, and they requested I just leave the truck out front of my house so they can get it. They never came to get it. 4 years later, and 3 cross country moves for work after, I still have it. It is not registered and has no insurance on it, but it drives and is totally torn up from not being used. The loan was for ~7200, and its been in collections for quite a while. The value of the truck is likely around 1500-2500 sold private. Its beat up. My question is, if I were to contact the bank and offer a sum of money, say $1500, would there be a chance they would close out the loan like a "settlement" with a credit card? Or is it different because theres property tied to it. Or should I call them and try to arrange for them to pick it up. What options do I have at this point? Thanks all! [link] [comments]  |
| Parents setting up a life insurance policy for my (1 year old) son. Posted: 16 Sep 2021 12:15 PM PDT So, apparently my parents have done this for all of their grandkids (my son is their 13th!) I knew they'd been doing this, but didn't really know the details. Now that my son has arrived, they would like to do it for him, too. My mom asked me for his SSN, height, weight, etc. I asked if she could send me a policy description, or even just the name of the policy, before she did anything so I could better understand what it was all about, and she became very offended and said I was being ungrateful. She explained that it was something that would be transferred over to him when he turns 18, and he could either 'cash out' or keep paying into it, and that's all I needed to know. Am I crazy for wanting to know the specific type of policy they're buying? It's very unlikely that my parents will still be around by the time he's 18... I just want to understand my son's finances while he's still a child so I'll be better able to explain it to him when he's older. Can anyone help understand what kind of life insurance policy this may be, and why she would not to offer any transparency on the issue? EDIT: My parents aren't filthy rich or anything, but they've definitely done well for themselves. If there's a better option out there that would cost the same but would be a better investment, I'm all ears! EDIT 2: So, it seems like some people responding think I'm hellbent on stopping my mom from doing this. Really, I just simply wanted to know what she was doing with my kid's SSN - I don't know a lot about life insurance, and am careful with my finances. When someone tells you "I'm making a financial investment for your baby", it's my responsibility as a parent to at least know what it is. That's all. If she wants to waste her money on it, that's her prerogative. If we had a healthier relationship around financial decisions/information, I might suggest the 529... but I know she's not capable of having a reasonable conversation about this, so at least now I understand what she's doing. Appreciate all your feedback, I've learned a lot! [link] [comments]  |
| My boss told me to stop talking to my coworkers about our wages, finances, etc. Posted: 15 Sep 2021 04:28 PM PDT She told me that I need to stop talking to my coworkers about our wages, or any financial situations we are in. Personally, I have not had a raise in over 3 years, my job duties have doubled and we are immensely short staffed. I have already made the decision to look for another job and have been actively applying. I was asked into the office managers office and she sat me down and told me to stop. I told her I didn't know it wasn't allowed, and asked her if it was illegal. She rolled her eyes and said it's a preference of the partners (law firm). My question is, can they actually stop us from discussing this? Is it not our right? Many of us were promised substantial raises, and they company ended up going back on their word. Nothing was written or signed by any of us, but we are all naturally pretty upset. [link] [comments]  |
| Posted: 15 Sep 2021 11:01 PM PDT Hey guys. My daughters estranged mom died recently and left her $20,000. In my state, you can't have more than a few thousand in savings to qualify for state-funded insurance. Now, I just got a notice saying our insurance will be discontinued because of my account balance. I have diabetes and now I am worried all that money, that is meant for HER, is going to be spent on me and my health issues. I don't have much to give her and I really want her to atleast have this when she goes off to college. Is there anything I can do to make it so this money isn't counted in my assets? She's only 9. ETA: we are in MA [link] [comments]  |
| Should I buy the house my parents rent? Posted: 16 Sep 2021 10:58 AM PDT Long story short: The landlord of the house my parents rent (Also where I live) is looking to sell the place due to an investment opportunity. Currently they pay $1200 in rent. He's looking to sell for $180k. Currently my parents are planning on moving back to their home country in about two years, in the meantime they have expressed their desire to help with the bills should we take over. Even if they did not this is something my gf and I could still afford. My gf and I were looking to buy a house but not for another half year or so as we both got new, better paying jobs this year. Optimally, we were looking for something closer to our jobs but anything decent in that range starts at about $230k. Here's our current plan: Buy the house with 5-10% down and use a bit of other money to spruce it up, live here maybe 3-4 years, then sell and buy in the area we were hoping originally (assuming we still work in the area). Is there anything I should take into consideration? First time house buyer and a bit overwhelmed. I can provide any more details that need be. [link] [comments]  |
| Posted: 16 Sep 2021 12:31 PM PDT This is a throwaway account. I'm asking this knowing that it's a loaded question. But I'm hoping to get some insight since I don't have anyone in my life that I can discuss this with. I have no family. My take home each month is $2,400 a month after taking out taxes, benefits, and pre and post tax retirement contributions. About $53,000 a year gross. I live in Boston, MA. My monthly expenses amount to $1,800 (bills, rent, debt payments) leaving $600 for food/savings/misc expenses. I have been out of college for almost 10 years with a bachelors degree and I work as an admin in education. I can't tell if I'm not making much, or average, or ok. It's just that I don't make enough to be able to afford living on my own at the moment, and homeownership is a faraway dream. I've only been able to get a handle on my finances recently so my personal savings is less than $1000. [link] [comments]  |
| Getting corrective eye surgery (ICL) Posted: 16 Sep 2021 01:00 PM PDT I had been saving up for a while to get LASIK treatment. However, after getting the required tests done, it turns out I can't get LASIK due to my corneas being too thin. I can, however, get ICL treatment (which is a reversible operation if need be). This is more expensive than what I had saved up for. I currently have about 3000 euro saved up for the treatment, but the total price for the ICL treatment is 4500 euros. I could get a loan from my parents and pay them back gradually. My other savings are all invested, and I would much prefer not to touch them, if possible. I make about 2000 euros net per month and can save up around 4 to 500 euros per month at best. With my current expenses in contact lenses and glasses, I calculated it would take around 17 years to make back the price of the operation. I am 25 years old now. Is this a financially sound investment to make, or should I keep my savings? [link] [comments]  |
| Renting during unpaid leave and no 2.5 yearly rent in savings Posted: 16 Sep 2021 06:09 PM PDT Hello all, my wife and I find ourselves in the horrible situation of looking to rent a place in the US (Bay Area) while waiting for our Employment Authorization to be processed by the USCIS. Every place we've talked to requires either paystubs for the previous two months (ours amount to $0) or combined savings that amount to 2.5 times yearly rent (we don't have roughly $100k in savings). We do not qualify for restricted income housing because our yearly combined income is too high (even when we don't actually receive any income). We are currently living on our savings and have 15 days left before needing to vacate our corporate housing. USCIS estimates a 5-7 month wait time and has denied our requests to expedite our EAD (because of financial hardship and humanitarian reasons) 4 TIMES. We're also expecting our first baby in November. My question: HOW ON EARTH DO WE FIND HOUSING? TL;DR On unpaid leave while waiting on EAD to be issued, expecting baby in two months and no one will rent us a place to live without 2.5 yearly rent in savings. Edit: grammar [link] [comments]  |
| Pay off my mortgage or keep the low interest loan? Posted: 16 Sep 2021 05:07 AM PDT I have a mortgage of about $400k at about 4% interest. It is currently a rental property. It was originally a primary residence but my career forced a move and I am renting in another city while I rent out my home. The mortgage payment is $2,800, and after mgmt fees I gross $4,100, netting me $1,300 in positive cashflow every month. I have $800k in index funds. Should I sell half, pay off my mortgage, and turn my rental property into a $4,100 positive cashflow asset? Is my money better off being borrowed relatively cheaply at 4%? What would you do? Because it isn't a primary residence, I'm under the impression I can't refinance at a lower rate. Edit- thanks for all the Input. I'm going to look into recasting or refinancing, and if those options don't pan out I'll just keep things as they are and I'll get over the feeling of the mortgage hanging over my head. [link] [comments]  |
| My bank sent back my entire gas pump total, what happens to me? Posted: 16 Sep 2021 07:40 PM PDT I pumped gas two weeks ago and it put me into the negative, after 2 weeks (a day before my check hit) it sent the charge back to the gas station. What happens to me and can I contact the gas station to pay the amount? [link] [comments]  |
| Past landlord overcharged me and sent the bill to collections. How do I go about fighting it? Posted: 16 Sep 2021 04:56 PM PDT I'm having an issue with a former landlord who elected to fully replace some perfectly operational appliances that had minimal damage (small dents and scuffed paint) without contacting me and billed me the purchase price for "irreparable damage" (about $2000). I got a quote from a local appliance repairman to fix the dent/paint scuffs (about $200 for a trip out, labor, and everything) and paid that to the apartment management company. I wanted to take them to court to clear the rest, but I was advised by a lawyer (who agreed that I had a case) that this would be more expense and trouble than it's worth. The lawyer's advice was that I wait until it hit collections and contest it then. I recently got a call and asked for verification, the collections agency mailed me a list of my apartment lease and a list of bills, which included the "irreparable damage" to the replaced appliances, and an added $600 for "collections". There's nothing there beyond what the apartment manager billed to justify the debt. I have pictures of the appliances and an official on-paper quote from the appliance repairman saying that $200 was all that was needed to restore them to good condition. How do I go about contesting this debt? Should I just contact the lawyer and let them do all the communications? EDIT: State is Arkansas. [link] [comments]  |
| Lost My Job, Had A Car Crash, and Have Bills To Pay - What Do I Do??? Please Help Posted: 16 Sep 2021 03:41 PM PDT [20M] I am at a complete loss of what to do. Within the last month, my Walmart job's boss stopped giving me hours. The reason she gave? I, being a busy student, can't weekends anymore, and "If you can't work weekends, you can't work for me." So I'm never getting hours there again, and they are basically laying me off. The only reason they haven't outright fired me is because they don't wanna pay unemployment. So i haven't had a consistent job for a while. Even with needing a job that at least pays 15 an hour in Georgia in order to support both me and my grandma, both of us need to work in order to provide for ourselves (all of our family are abusive assholes, so we take care of each other). I needed to start the search immediately. So I did. But no one has interviewed or hired me yet. In waiting, I started Door dash, but that hasn't been consistent. I earned only 107$ in the past week working with it, but even that I can't get right now because I don't have Fastpay, and payday isn't until Monday. I currently have 70$ to my name. Just yesterday, I also got into a car crash for the very first time. Thankfully no one was hurt, but both of our cars got scratched up, both of us got tickets/citations (though I was the one at fault completely, I made a very bad u-turn call). So now I have a 250$ insurance deductible to worry about, and a fine later to pay too, unless I want to do the court summons. So all of that has happened in the span of only one month, and things are not looking good at all. I don't have a consistent job, I only have DoorDash and art commissions to rely on personally, and I have both bills to pay *tonight* and a deductible/fine to worry of too. I am at an ultimate loss. What do I do?? I don't know where or how to get an okay job, I don't know where or if to get a loan, I don't have anyone to help me, and I don't know what to do. I am at rock bottom right now. Please, please help. [link] [comments]  |
| Posted: 16 Sep 2021 07:24 PM PDT I've already maxed tax advantaged accounts, and am looking at investing after-tax and just grabbing VTI, VXUS, BND, and BNDX (vanguard index ETFs). It would be a lum sum to start, and additional investments 1-4 times a year. I already have accounts at E-Trade and Schwab from prior employer based stock, so could just transfer funds there, I'm just trying to make sure I'm not missing some fees or other considerations. Any strong reasons to go with one of the brokerages over another for this particular use-case/plan? (Not necessarily limited to just the 2 above if there's reason to go elsewhere) [link] [comments]  |
| Financial Advice for a high schooler? Posted: 16 Sep 2021 12:58 PM PDT Hi, I'm 17 and I really want to use the money I make from my part time job (around 500/wk) to get ahead of my peers and start maximizing the amount I can make. I currently have around 2k saved up on a debit card. I'm willing to spend a little money to learn and experiment with "risky" ventures but I have no idea what to really do outside of things like the stock market. Any advice or pointers? [link] [comments]  |
| Father (60yo) is underemployed in VA, will lose housing soon, needs to move back to NJ Posted: 16 Sep 2021 08:29 AM PDT Looking for any guidance here. My father is 60yo and currently works at a liquor store in Virginia. He has been living with his own parents in VA for 2 years, due to various circumstances he has been unable to afford rent of really any kind and has been lucky to be able to stay with his parents. However, they are aging and will need to sell the house soon (6mo to a year from now) to move to an assisted facility. This will leave my father broke and without housing. Myself and my siblings live in New Jersey where dad is from. He had a good career in journalism/PR which took a nose dive years ago and he has had no luck finding new employment in that field, hence the liquor store job. We want him to move back to NJ, but the question is housing and employment. We're looking into Section 8 / Rent Assistance housing, Union City seems to be one of the only places with an open waiting list. I'm also concerned that the end of the foreclosure moratorium will mean lots of people looking for aid. It doesn't help that he's trying to move into the state, is not already a resident. I'm not very familiar with the systems at play for gov assisted housing. Can anyone suggest a path of least resistance here? It would be great if he could move to NJ, find a job, and then find permanent housing. But none of us are in a position to host him at our homes for short/medium term. Any help is much appreciated. [link] [comments]  |
| Posted: 16 Sep 2021 11:25 AM PDT Not sure if this is the right place for this but here goes: I had an HSA from a previous job from about 3-4 years ago. Being in my 20s and naive, I had no clue what an HSA was and assumed it only mattered if I kept the insurance and used it. As I've been learning more about financing lately, I've discovered what a mistake that was. I've since moved and have no longer received any mail pertaining to the HSA. Long story short, is there a way that I can somehow find the HSA account holder or any info about my HSA without using a sketchy "findmyaccount.whatever" kind of website that also charges for the service? Any help is appreciated! [link] [comments]  |
| Moving in with GF who owns her home Posted: 16 Sep 2021 08:11 AM PDT Hi guys, a couple quick questions. I'm moving in with my GF who has owned her home for 4-5 years. We both make pretty good money in a fairly large city and have agreed to split living costs 50/50; I have no issues with this despite the home and mortgage, etc., being in her name. Tbh I'll be paying much less than my current rent so this is really a win-win for both of us from a cash flow standpoint. What I am unsure of is: Should we execute a basic lease since I am technically her tenant? Also, is it worth it for me to have a separate renters insurance policy in addition to her current homeowners policy? Would that become an issue should anything ever happen where we need to claim on both policies? Would she need to change her homeowners policy since she now has a live in tenant? Mods - I'm tagging under the "housing" tag for now, please lmk if the "insurance" tag is more appropriate [link] [comments]  |
| Are there any free or cheap resources with reasonably accurate salary ranges for potential jobs? Posted: 16 Sep 2021 07:16 AM PDT I'm aware of salary.com, payscale.com, glassdoor, etc. How accurate are their salary estimates? [link] [comments]  |
| Surviving in California without car and bad credit. Posted: 16 Sep 2021 05:03 PM PDT I was sent over here from the advice Reddit. I am currently making $3500 before taxes in California. My rent is $600/mo. I have two jobs at 60 hours or more to from 8 am to 10 pm. One at $14 an hour for 40 hours and the other at $16 an hour for 20 plus hour a week. My main issue is my schedule is 6 am to midnight with less than 6 hours of sleep per night. Having a hard time functioning. What can I do? I don't have a car. I'm reliant upon my roommate. [link] [comments]  |
| Should we sell our rental house? (CO, USA) Posted: 16 Sep 2021 03:59 PM PDT Currently have rental, deciding whether or not to sell it or come up with some better options for the equity. Current variables: - Rental house; $116K mortgage remaining at 4% ($989 month) - Zestimate®: $528,900 (I know this isn't always accurate) - Renting for $1500/month (same renter for 10 years) low maintenance/always pays rent on the 1st - Fair market rent: $2200-$2600/month - Trying to figure out the best options whether to sell, rehab/raise the rent, other. Fearing we'd get killed on capital gains if we sell to pay off the primary house. - Primarily house; $515K mortgage remaining at 3.75% What would you do? No CC or vehicle debt [link] [comments]  |
| Money Market vs. High Yield Savings Account, did I get bad advice? Posted: 16 Sep 2021 05:42 PM PDT Earlier this year my wife and I got a financial advisor. This was mainly due to the fact that about 10 years ago I bought some stock in Tesla that is worth quite a bit now and needed some guidance in what to do with it. We also managed to build up quite a bit of savings that we wanted to leverage somehow. I had about $20k dollars in a High Yield Savings account. Post-Pandemic, with low interest rates it was paying out about $10 a month. Our financial advisor insisted we put the money in a Money Market account, so we transferred the funds to one, and it's been there for about 2 months. Recently I took $3000 out of the Money Market account. I noticed I was charged a $6 commission for it. I had been wanting to dig through statements to find out how much the account had earned in the last 2 months, but this motivated me to do a little digging and ask him where I should look on the statements. He admitted the Money Market account had only gained $2 in the last two months, but it was b/c the markets were down or some such thing. So at this point, the Money Market account has cost me money in that I'm charged a fee to take it out (High Yield Savings account had no such fee), it's doing piss poor compared to the HYS account which would have produced more money, and it's not out performing the HYS account as he said repeatedly it would. Now I know it's just a couple bucks here and there, but that's not really the point. The point was that this money was making me a bit more money and I wanted to put it to better use, and now at this point, it's cost me money. Also, if the Money Market wasn't doing well, why not wait until it bounces back before transferring my money to it? I don't want to be reactionary and take all money out of it just yet and transfer it back to my HYS account. I want to understand if maybe I'm just not seeing the full picture here. Any insight would help. Thanks. Edit: I don't know if it was a commission, it's listed as "handling fee" [link] [comments]  |
| How would you save for retirement and children's education expenses in this situation? Posted: 16 Sep 2021 06:50 PM PDT Will try to keep this brief but provide the necessary details... Spouse 1: earns between 160-190k, salaried/W2. Maxes out traditional 401k. Spouse 2: earns between 40-60k, independent contractor. Maxes out traditional IRA. Three children ages 1, 3, and 5. Would like to save some money for college but still unsure how much as of yet, but know we need to get started. Objectives (in order of priority. Tax savings is a tiny bit ahead because Spouse 1 gets a pretty decent contribution to retirement from employer): 1.) Tax savings 2.) Retirement funding 3.) College funding for kids What type of account would you fund now? Some kind of mix between a 529 and a backdoor Roth? And would funding a backdoor Roth limit my current tax savings? I'm getting the sense that tax savings is at odds with retirement funding/college savings in this situation but I'm not sure. Thanks for any suggestions! [link] [comments]  |
| [California] What are the implications if I never purchase a home? Posted: 16 Sep 2021 06:46 PM PDT I'm 30 and while everyone around me is buying homes I'm still not sure where I want to live and I enjoy moving around ever 1-2 years. I don't feel comfortable purchasing a home and typing up significant equity. I have a sizable net worth (mostly investments) and feel comfortable renting. I would like to explore other areas outside California especially since that would be beneficial from a tax perspective. However, I feel lost when it comes to home ownership. Does it really matter that much? I also don't really care to own multiple properties and have someone manage it - seems like another thing to think about. Would I really fall that far behind if I just kept investing my money the way I already am? Or should I just buy a property somewhere cheap in America and just call it a day? [link] [comments]  |
| Appealing time billed from a doctor's visit Posted: 16 Sep 2021 08:05 PM PDT Hi guys, I got a bill from my doctor visit for over $1k for 5 minutes visit. They submitted bill to my insurance saying the visit was for 45mins+ . They put me in the room, waiting probably for 40mins. Isn't this a scam? Any idea the best course action is? Appeal to the insurance or to the doctor? Thanks [link] [comments]  |
| Posted: 16 Sep 2021 02:46 PM PDT I haven't used it in years. The Credit part went to collections back in like 2016.. [link] [comments]  |
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