Personal Finance 30-Day Challenge #10: Cut spending meaningfully! (October, 2021) |
- 30-Day Challenge #10: Cut spending meaningfully! (October, 2021)
- Weekend Discussion and Victory Thread for the week of October 01, 2021
- Should young adults starting their careers invest in 401K?
- Managing our minor brother's (16) inheritance and finances
- Paid dentist out of pocket for procedure they said my insurance would not cover. They then filed a claim and collected money from my insurance without telling me.
- Venmo has terrible instructions for someone receiving a payment they didn’t request from a stranger, or for what to do if you accidentally sent money to someone you didn’t mean to.
- Citi Bank Credit Card Fraud - How I eventually got Citi to reimburse my account for fraudulent charges
- Mortgage broker is asking me to sign a loan estimate that we didn't agree upon because it's just a "working document" and the real loan can be worked out later, how accurate is that?
- I’m 22, and I just found out that I’ll be inheriting 20k in the upcoming months…what should I do with this?
- Trying to help parents estate plan, my brother lives with them and wants their house when they pass.
- Insane year. Lost job. Moved countries. Homeless. Moved 5 more times. Finally back on our feet and filed our w-4s incorrectly. Please help!
- Actual income is less than estimated when enrolling at healthcare.gov in May. If it turns out I qualify after-the-fact for subsidies, will I get a credit on my 2021 taxes?
- Workload doubled at new job after somebody quit, should I ask for a raise?
- Accept matched offer from current company?
- My mom owes $8000 in property taxes
- How much money should I have/make to move out and live on my own? (Low COL city in Midwest USA)
- Only a Roth IRA. Everything else in taxable account?
- Financial Stress - Horrible Divorce - Special Ed Kids - Advice Needed!
- Car lease is about to end, is this possible?
- "Cashing Out" company equity from old job
- the best you can do with $3000 usd?
- Building Credit When Retired on Fixed Income
- I’m a homeless 18 year old in dire need of financial advice
- Gf just got a form saying her 2019 taxes have proposed alterations. Owes 10k
- Getting a mortgage without my spouse?
- How can you protect senior parents from their financial predator children?
| 30-Day Challenge #10: Cut spending meaningfully! (October, 2021) Posted: 01 Oct 2021 06:00 AM PDT 30-day challengesWe are pleased to continue our 30-day challenge series. Past challenges can be found here. This month's 30-day challenge is to Cut spending meaningfully! What does "meaningfully" mean? You get to decide that for yourself, but it should be a bit of a challenge. Set a goal that is neither too easy nor too difficult and track your progress. This month's challenge is about making intelligent spending choices so you can better allocate your money and reach your financial goals. Here are some tips to get you started:
Challenge success criteriaYou've successfully completed this challenge once you've done each of the following things:
Good luck! [link] [comments]  |
| Weekend Discussion and Victory Thread for the week of October 01, 2021 Posted: 01 Oct 2021 02:00 PM PDT If you need help, please check the PF Wiki to see if your question might be answered there.This thread is for personal finance questions, discussions, and sharing your success stories:
A big thank you to the many PFers who take time to answer other people's questions! [link] [comments]  |
| Should young adults starting their careers invest in 401K? Posted: 01 Oct 2021 06:55 AM PDT I'm starting my career and I put 6% (company matches up to 6) of my paycheck into a 401K. Would I be better off putting that into something else? Just really confused about all this and want to set myself up for the future. Edit: Thank you all, this seems to be widely agreed upon so that's great to hear. Older coworker nearing retirement was talking to me about things like IRA and 401K and social security and I was just so confused about it all. Edit two: thank you all SO much for helping me understand all this. I am putting 6% into roth 401k, company is matching that. After reading all your comments and researching more myself, I've also decided to put money into Roth IRA, especially while I'm at a lower tax bracket. You all have been so helpful, thank you [link] [comments]  |
| Managing our minor brother's (16) inheritance and finances Posted: 01 Oct 2021 11:46 AM PDT Our father died in June, and myself and two adult siblings have legal custody of our 16 yr old brother. Mom died a few years ago. We've been working on pretty much everything since, notably the estate, custody, and $400k mortgage. Our little brother was collecting money from SS each month for mom, and will now be getting 3x that each month from dad. He has a high school checking account which was under dad's guardianship, which we're now trying to move over to us. He would typically buy himself recreational things, pizza out, movie tickets, harmless things that were noted to dad via email to keep track of. However, this week we got a notification that he took $350 from an atm, and I believe he gave that to his friend on a gift card for his birthday. I'll be blunt, I want to restrict how much he can spend, while managing his payments for his portion of the bills and mortgage, and other costs for his well being (which is what the SS payments should be for). I also want to set up a trust, and learn more about them. He stands to receive $90k cash from the life insurance death benefit, and $130k of our dad's IRA, on top of monthly SS payments until he is 18. I'm deeply concerned that if we don't start this soon, it could be a financial detriment to him as he gets older, as we all have to manage the rest of our lives without our parents, and he will have to do so for the longest. I'd like to know more broadly about trust accounts and options and advice for me from you on Reddit. I do plan to talk to CPAs more, but please understand that I have been talking with professionals about a myriad of other things related to this, so I'd prefer to get some knowledge or leads here that I can then present to professionals when I speak with them. Thank you. [link] [comments]  |
| Posted: 30 Sep 2021 04:30 PM PDT The dentist's office confirmed they accepted my insurance over the phone. However, when I got there for my appointment and they did the preliminary mouth check, they told me I'd require a different kind of cleaning procedure which my insurance wouldn't cover and I'd have to pay out of pocket for it. I needed it done, so I agreed, got the cleaning, paid and left. A few weeks later I got a call from their billing department telling me that I owed them some money for the visit. I told the lady I had already paid out of pocket. The lady checked the system, told me I was correct and we hung up. This got me thinking. I called my insurance to see if the dentist's office had filed a separate claim. They confirmed that a claim was indeed filed, and that they had paid the dentist part of the procedure fee. The dentist's billing dept was reaching out to me to collect the balance. My insurance provider has confirmed that this is fraud, which the dentist's office committed knowingly since the billing dept lady didn't mention to me that they had filed a claim. I can just call the dentist and ask them to refund me the whole amount, or what ever they collected from my insurance, but I'm pissed that they did this, and want to see what other options I might have? It's not right that they're scamming people like this! Edit: Thank you guys. I was pretty upset after talking with my insurance today. But after going out for dinner and coming back to the responses here, I feel... more calm. I'm going to speak to my insurance and dentist tomorrow. My insurance's benefit summary says that cleanings are covered 100%. I'm going to talk to them and find out exactly how much I should have paid for the type of cleaning I got, and then call my dentist and speak to the dentist herself and explain the situation. I'll take it from there, and If they give me a hard time refunding my money, I'll threaten to report them to my state's insurance commission and dentistry board. UPDATE: Jesus Christ insurance is so damn convoluted. I spoke with both my insurance and the dentist's billing department today. I got the full bill from the dentist's office, and the claim they filed with my insurance. In summary, what I got done at the dentist was:
What I paid for out-of-pocket was additional stuff they had to do to perform the FMD, stuff which isn't covered by my insurance:
The claim they filed with my insurance was for the comp exam, x-ray, and FMD, and they got the pay out for the portions that my insurance covered (the codes check out). And the rest I was responsible for out-of-pocket. There's nothing I can argue here. Unless I can prove that the additional stuff they did to do the FMD, stuff that wasn't covered by my insurance, was not required. Perhaps some dentists can fill me in on that? Otherwise there is no refund. That being said, non of this was properly explained to me at the time of the visit; I walked out with the simple understanding that my insurance wouldn't cover the cleaning, which is partly true. Like some of the people who have worked, or are working, at a medical office here have said though, because of how different insurance plans and coverages are, the office won't know about the full break down until after the claim has been processed. After which I feel like they just mess around with the numbers until they get their max monies. And the reason I say this is because what they billed my insurance, and the charges I was told and what I paid for in my bill are different. My guess is that they see what the max the insurance will pay out, and then mess with the charges for the other items on the bill to get their total? This is all speculation of course. Regardless, it's so fucking confusing, and unnecessary IMO. But that's a whole other discussion. Thank you again guys. I got some great answers here, especially from the people who tried to explain how the whole billing aspect of this process works. I found those insights interesting. I was ready with my pitchfork... But it turns out that this whole (insurance) system we have to abide by is incredibly complex, making it difficult for patients to make sense of what they're being charged for. [link] [comments]  |
| Posted: 01 Oct 2021 07:22 AM PDT I was going to add screenshots but they're not allowed. However, from their FAQ: A stranger paid me. What should I do? If you receive a payment from a name you don't recognize, you can simply send the payment back to that user with a note explaining that they paid the wrong person. If you receive a payment request from a stranger, you can decline the request. Remember: When you pay someone on Venmo, that person does not have access to the payment method you used (for example: your bank account information or your debit card number). In other words, when you pay them back, you won't be sharing any new information with them, aside from whatever you write in the payment note. Learn more about payment activity and privacy. ———————— What do I do if I accidentally paid a stranger instead of my friend? Send them a charge request for the same amount with a note asking them to pay you back for the money you sent by mistake. If you don't hear back from them or need help sending a charge request, feel free to check out this article for instructions on how to contact us. [link] [comments]  |
| Posted: 01 Oct 2021 11:07 AM PDT I went through hell trying to get Citibank to reimburse my credit card account for fraudulent charges made against my credit card. After reading a ton of reddit posts about this, it seems like Citi is notorious for denying credit card fraud disputes, so I wanted to let you guys know how I was able to get some fraudulent charges reimbursed to my account. Quick backstory - $1,500+ in fraudulent charges showed up in my Citi Double Cash credit card transaction history on 6/5/2021. I called Citi on 6/6/2021 to report the fraudulent charges. I called the next day because more fraudulent charges showed up and the representative told me the person I spoke to the day before never actually submitted my claim...That representative confirmed they would cancel the credit card and submit the claim, but it would take 1-2 billing cycles to get reimbursed for the charges. Fast-forward almost four months later - I had called Citi's credit card security department roughly 35 times, been hung up on in the middle of the conversation during half of those calls, spent hours on hold/trying to reach the right person, had multiple fraud disputes rejected by Citi despite providing evidence to support my claims and was constantly told something that wasn't consistent with what I was told on the previous calls. Eventually (on 10/1/2021, to be exact), the fraudulent charges were finally reimbursed to my account. HERE'S HOW I GOT REIMBURSED FOR THE FRAUDULENT CHARGES: 1st step (6/6/21): Called general customer service who usually tried to forward me to the fraud department >> (877) 601-8029 2nd step: Called the fraud department. It's really difficult to reach a human at this number, so I would just have the customer service representative (previous phone number) transfer me to a human >> (866) 442-7479 3rd step (9/22/21): Because I didn't have any luck with those two numbers and it had been almost 4 months since I started trying to get reimbursed for the fraudulent charges, I tried reaching the CEO (Jane Fraser) by calling the corporate directory and asking for the office of Jane Fraser >> (212) 559-1000 An operator picked up the phone and I asked them to transfer me to the Executive Customer Service department (this is separate from the general customer service line in step 1 - this customer service department opens cases on behalf of customers and investigates internally). They told me to submit my case via email... 4th Step (9/22/21): Sent an email to [citieru@citi.com](mailto:citieru@citi.com) explaining what the situation was. They actually followed up a couple days later and said they were investigating the situation. 5th Step (9/22/21): Because it had been roughly 4 months after the fraudulent charges took place, I was fed up and filed a complaint with the Consumer Financial Protection Bureau (https://www.consumerfinance.gov/complaint/). 6th Step (9/22/21): Simultaneously filed a complaint with the Office of the Comptroller of the Currency (https://www.helpwithmybank.gov/file-a-complaint/index-file-a-complaint.html) Steps 4, 5, and 6 seemed to do the trick. On 10/1/2021, both Citibank and the Consumer Financial Protection Bureau sent me an email essentially telling me they were finally refunding the fraudulent charges. TL;DR - IF IT TAKES CITIBANK MORE THAN TWO BILLING CYCLES TO REIMBURSE YOU FOR FRAUDULENT CREDIT CARD CHARGES, SEND AN EMAIL TO [CITIERU@CITI.COM](mailto:CITIERU@CITI.COM) AND SUBMIT A COMPLAINT WITH THE CONSUMER FINANCIAL PROTECTION BUREAU AND WITH THE OFFICE OF THE COMPTROLLER OF THE CURRENCY. IF YOU DO THAT, YOU'LL LIKELY GET YOUR ACCOUNT REIMBURSED WITHIN ONE WEEK. I hope that helps someone. Hang in there. Don't lose hope. Don't let Citibank screw you over. [link] [comments]  |
| Posted: 01 Oct 2021 06:06 AM PDT My mortgage broker quoted me a rate of 2.875% with no points over the phone, when I checked the documents on the web portal the loan had an interest rate of 2.315% with 2.88 points. When I asked about this he said that the lender was having some technical problems and that that was the first estimate and there should be a second estimate with the actual loan terms. He sent a screen shot of just the 2.875% rate showing that it was locked, and said that it was fine to sign the first estimate since it's just a "working document" and can be changed later. When looking on the web portal I don't see a second loan estimate, I've asked him about that and am waiting for a response, but in the meantime I'm wondering how accurate what he is telling me is and if this is commonplace or not? Edit: I am not asking if I should sign it, there's no way I'm signing something that aren't the terms I'm agreeing to, I am just curious how accurate what he's saying is Thank you [link] [comments]  |
| Posted: 01 Oct 2021 01:42 PM PDT Hey guys, I'm a 22 year old male thats currently employed as a general contractor for a construction company. I'll be inheriting around 20k soon, and I am a bit lost with what to do with the money. Right now, my gut is telling me to keep a safety reserve in my savings (6 months of rent), and after that put (70%) into safe mutual funds and the other (30%) into more risky personal stocks. Does this sound like a good path? Part of me wants to also potentially use it as a down payment for a house within the next few years, once the markets drops down. Any feedback and advice is welcome! Edit: I have about $1000 worth of personal debt. I make about $34,000 a year ($2,800 a month), and my rent is around $800. Thank you. [link] [comments]  |
| Trying to help parents estate plan, my brother lives with them and wants their house when they pass. Posted: 01 Oct 2021 02:32 PM PDT I am one of three adult children. My parents own their own beautiful home free and clear and almost 100% of their wealth is tied up in it and its contents. Due to age (in their 80's) and rapidly failing health they want my help to write a will. They had always planned on having the home and it's contents sold upon their passing and then split three ways among us. However my youngest brother (46 years old) moved home 2 years ago and lives there with his GF of 20 years and their 6 year old daughter. He wants the home when my parents pass and my parents would love for that to happen but they want him to pay my sister and I each one third of the homes and its contents value. My question: Would a bank/mortgage company give a loan for two thirds of it's appraised value using my brothers one third as collateral and giving my sister and I our third each in cash? Is this something happens often in wills or would this be so unusual that no reputable lender would consider it? The other option would be to sell it and my brother trying to buy it on the open market without the money to do so before receiving his one third. Edit: My brother lost his home to foreclosure to due a streak of tough luck he doesn't have the savings (or credit obviously) to purchase the home straight up. My parents home is conservatively worth 300K. His third would be roughly 100K if the home were cashed out, will a reputable lender loan 200K using his willed 100K value equity as collateral? [link] [comments]  |
| Posted: 01 Oct 2021 06:07 PM PDT My husband and I got married overseas, after living abroad for several years. During the pandemic, we lost our jobs and our legal right to work - and schlepped our way back to the U.S. We moved 5 times, through 5 different states, from November - September, couch surfing and staying in oddball accommodations, just trying to make something stick. We worked some during this time - I did self-employment when I could and my husband worked part-time for a few months in one of our longer stints. We're finally back on our feet, working full-time, but completely confused. We filed our w-4s as married filed jointly - and completely messed them up. Neither of our new employers have HR departments. And we're stumped as to how to correct them... How do we withhold correctly with all the weird income all over the place? Do we need to redo this in the new year, as our yearly income will greatly increase? (Because we only worked full time for 09/2021-12/2021 of this year?) [link] [comments]  |
| Posted: 01 Oct 2021 04:21 PM PDT I expected some consulting income that did not materialize and ended up paying full price for my individual insurance plan (ouch.) Hoping to get some credit back for that at tax time when 2021 income - or lack of - is all reconciled. [link] [comments]  |
| Workload doubled at new job after somebody quit, should I ask for a raise? Posted: 01 Oct 2021 06:59 AM PDT I recently started a new job a month ago and found out today my coworker is quitting. We were hired at the same time and are the only two people in the position so in a week when she leaves I will have double the amount of work to do. I also found out that she was hired at a higher rate of pay (not much higher but still). They plan on hiring up to 2 more people to my position but it takes a while to interview (my whole interview process was about a month and a half) and then train for three additional weeks. Do you think I should ask for a raise? [link] [comments]  |
| Accept matched offer from current company? Posted: 01 Oct 2021 04:52 AM PDT So here is a little context, I was not looking for a new job at all - I am perfectly happy at my current company. I get flooded with LinkedIn spam all the time, so I am typically pretty closed off to recruiters unless it sounds like truly a solid opportunity. Well, a recruiter finally piqued my interest enough and after 2 months of interviews I finally got a new job offer. It is basically what I am doing now, and their pitch was "significant growth opportunity" within the org. It was a solid pay increase as well (~$25k more per year). So yesterday morning, I messaged my boss and told her to give me a call when she can. Upon calling me, I told her I had a new job opportunity that I planned on accepting and thanked her for her support and all I have learned in my current role. She immediately asked what it would take to keep me. I am a top-performing Account Manager at my current company, being promoted from within to Account Executive (one step below the senior-most level) within a short period of time due to my incredible performance. I am not tooting my own horn by any means, but I know my name carries weight as the VP has publicly sang my praises multiple times. I say all this to say, they came back and matched the offer. I love my current company, it's stable, and I wouldn't have to change anything. In sales/account management, relationships are key. I have busted my *** the past few years building key relationships with my customers and within our organization, and leaving I would have to start all over. I am confident I can do just as well at the new company, but nothing is guaranteed. Again, I am happy at my current company and just got offered a $25k raise to stay. If I do move on, I plan to put in my notice Monday. If I plan to stay, I will have to tell the new company Monday that my current org matched the offer and I am staying there. The recruiter mentioned if they counter to take into consideration that ~80% of employees who embrace counters are gone within a year. I do not forsee them firing me because I am one of the the top-performing AEs. With them matching it so quickly, I see it as they see the value in me and want to retain me. I am torn on what to do. [link] [comments]  |
| My mom owes $8000 in property taxes Posted: 01 Oct 2021 12:56 PM PDT My mom has been lying to me about a lot of finances. Over drafted account statements came in the mail once a week until I made her close her accounts and open a joint account with me. I had to buy her a car because she was using her friends car and the friend need their car back. Bills come up late. I was paying property taxes and something told me to look up her house as well just in case she forgot to pay (today's the deadline). She owes back taxes last year and didn't pay this year totaling $8000 dollars. One of the payments is eligible to be bought. I don't know what to do. She might lose the house if I don't pay, but $8000 is pretty much all my savings. I specifically asked her about this bill multiple times and she said she had it covered. I'm so mad because I've already sunk thousands of my savings into her mess already and she isn't being honest and being an asshole when I bring these issues up. Edit: I kind of ranted here but I'm not sure what to do. If anyone has been in a similar situation I'd love to hear how you handled it. Edit2: She's 62, $1600 a month after taxes. Says she has saving in a IRA, she did at one point, I doubt she still does after seeing this. Looking at the options for housing, I think staying put is one of the better options. Her tax bill per year is around $5000, she'll get about $800 off in 3 years due to the senior discount and and get a senior freeze at 65 as well. There's no place to rent for less than $600 a month. She just became eligible for social security. Before I knew how f'ed it was, I wanted her to wait but it looks like she needs the money ASAP (Not sure how that would work with the social security income caps) [link] [comments]  |
| How much money should I have/make to move out and live on my own? (Low COL city in Midwest USA) Posted: 01 Oct 2021 05:42 PM PDT Hello everybody, I am currently living with family but really want to move out due to a number of reasons. For some background I sorta wasted my early adult years but started heading in the right direction a couple years ago. I have a burning desire to have my own place and start standing on my own two feet. I am a college student halfway through my undergrad which I plan to finish. The state I am in is Indiana for reference and the city I am in is relatively low COL. Currently I have gained 2 years of experience in my career field, and in the process of applying to a full time job. The jobs (I believe and hope) I am qualified for state the salaries are around the $38000-$50000 mark. Working full time and going to school will be quite difficult but I am determined to power through these next 2 years. For payments that I make each month are $470 for car $130 for cell phone $120 auto insurance $35 gym $50 health insurance ~$300 food, gas, misc (rough estimate) My current internship covers these and I don't really worry about money as of this moment, but the thing is I don't pay rent and I realize I will be moving forward (hence the search for full time employment). I don't have much savings at the moment but I have about ~$12,000 in investments that I would like to use as a last resort. Are there loans that I can get just to comfortably move out? As I make money at my full time job I would pay it back over time. Also, is it better to rent a house or apartment? Decent apartments in my city in a good part of town range from $750-$1200. I also know utilities and other misc. things will play a factor, I just don't know to which extent. If I can afford it with the salaries I mentioned I would prefer that option over the less costly options. Sorry for the long post, I am not that financially savvy and just want to make sure I have a proper plan beforehand. Also wanted to mention I will be living by myself, so I don't have any dependents but also won't have anyone helping with bills/splitting rent. [link] [comments]  |
| Only a Roth IRA. Everything else in taxable account? Posted: 01 Oct 2021 03:56 PM PDT I'm a small business owner with a handful of employees, so I don't have a 401k. I'm in my mid-30s, have no debt, and own a home. Savings: $173,000 Roth IRA: $24,626 Taxable: $19,820 As you can see, I'm a little late to the investment game, but I'm looking to do more and catch up for lost time. I don't have plans for any major purchases in the future and would like to make better use of the money in my savings account. Is it wise to take a large percent of it and throw it into my taxable account? [link] [comments]  |
| Financial Stress - Horrible Divorce - Special Ed Kids - Advice Needed! Posted: 01 Oct 2021 03:41 PM PDT I come to you via the famous google search.... I was googling, looking for options, for the mess I'm in. And I saw where someone asked a similar question to mine on reddit. I've only heard of Reddit, I've never actually have been here. So, I'm probably posting this all wrong! I apologize if so. Long story short, I've been in the middle of a extremely nasty 5 year, soul sucking, never ending divorce, with my abusive ex. He is dragging this thing out for as long as he can, as this is the only form of control he has left over me. I am 100% responsible for our 2 kids, my oldest has special needs, so that means lots of therapy. They are young, and my youngest is always at home with me due to her age. My issue is that I'm constantly robbing peter to pay paul type of situation. Something that I never knew until this divorce (as pre him I made decent money and had no money issues). But due to my situation, everything is different now. I do work from home, but the pay isn't great, but its my only option with such young kids and having 4-5 different therapies each week (sometimes they combine 2 sessions into 1 and that way I only go 4 days then and not 5). I've gotten to the part where I can no longer rob peter to pay paul, and I have no idea what to do about it. I have credit card debt, and I'm working on probably doing a credit relief place for that. Not my first choice but, I have shit credit now. I wanted to just do a normal debit consolidation loan, but the bank basically laughed at me. I've also checked into multiple places online (ones that I figure are probably not so great in the first place, but they still deny me). Where my troubles come in, are that I need to come up with 6,500.00 by Nov 8th. I have nothing that I can sell as I have already done that ages ago to make ends met as my lovely ex just likes to randomly not pay child support for a month whenever he feels like it. He has done it to me so many times, I cannot recover. (yes he has gotten in trouble with the courts but that doesn't solve my issue) Can anyone please offer me any ideas as to how I can come up with the 6,500 in a month? Is there any place out there who will make a loan (that's reasonable) to someone with crap credit? [link] [comments]  |
| Car lease is about to end, is this possible? Posted: 01 Oct 2021 07:27 PM PDT So i drive my mom's car its lease is about to end in December. Its under my mom but I have the login info and I make the payment. We are thinking of doing a lease buyout and get approved for a car loan through a bank. So my dad will go through that process. Im about to get a sign-on bonus of $6k and I was wondering if its possible for me to put that towards the car so I can lower the car payment that I pay for. Can I just write a check to the bank? [link] [comments]  |
| "Cashing Out" company equity from old job Posted: 01 Oct 2021 06:57 PM PDT I have some equity in the current company I work for. I just accepted a new job and would prefer to offload these shares at their current value to just move on with my life. The company is not public and they have not done a great job at explaining how equity works or what it's worth, or where to find out. All I know is I have some shares and I'm wondering if there's a way to liquidate these upon leaving the company. Or do I have to wait for them to go public? What are my options, if any. I'm going to ask our HR department on Monday for clarification but wondering if I can get any useful information in the meantime. Thank you! [link] [comments]  |
| the best you can do with $3000 usd? Posted: 01 Oct 2021 06:45 PM PDT Hi I have that amount extra and i'm not sure how can i take advantage of it. what do u recommend? [link] [comments]  |
| Building Credit When Retired on Fixed Income Posted: 01 Oct 2021 05:32 PM PDT I'm posting this for my aunt. She is not savvy with personal finance or technology, so I'm trying to help her by soliciting responses here. She is 68, retired, with relatively little savings. She receives about $1,250/month in Social Security benefits, plus a couple hundred a month in miscellaneous gifts from family. She has roughly $5,000 in savings, a whole life policy with a cash value of $17,000, and no pension or retirement account such as 401(k) or IRA. Her FICO credit score is about 640, and she wants to increase it enough that she can qualify for a bank loan and purchase a mobile home. She currently rents. (I know that a mobile home is not considered a good investment, but it's a point of pride for her to own a home of some kind, and a mobile home is probably the only thing within her reach.) I have already suggested that she: (1) Get copies of her credit reports and make sure they are accurate. In particular, she had a bankruptcy 11 years ago, and I told her to make sure that it's not on her credit reports, or, if it is, that it gets removed. (2) Open a secured credit card account, use it for normal living expenses to the fullest extent possible, and always pay it off in full, never carrying a balance. My questions are: (1) Is it even realistic for someone in her position to get a bank loan for any kind of home? (2) If so, are my suggestions sensible, and what else can she do to build credit and make it happen eventually? Thank you. [link] [comments]  |
| I’m a homeless 18 year old in dire need of financial advice Posted: 01 Oct 2021 06:35 AM PDT Let me give a backstory no-one asked about I am an 18 year old who was neglected as a child at the age of 6 and was in foster care till now. Throughout this time I was never informed of any related to finances and now I feel like an idiot though it's not my fault. During my teen years I worked a hefty amount and now I've saved 13000$, realistically speaking this ain't a big amount but for me it is since I've sweat and bled 3 years for it without spending a single cent on anything. Now for the advice. I need to have 40000$ in a year from now, in what can I invest 13000$? I am not scared of working hard and I am not scared of taking risks but I don't want a gamble, I'd like something a little more in my odds. [link] [comments]  |
| Gf just got a form saying her 2019 taxes have proposed alterations. Owes 10k Posted: 01 Oct 2021 05:25 PM PDT In 2019, my gf made approximately 19k. She moved some money from one institution to fidelity. It was over 50k of SO stock which she transferred in kind. That money was originally a gift from her grandpa and had grown from when she was little from dividends being reinvested. Once it got to Fidelity, she sold it all and dumped it in an index fund. Because her income was so low, the LTCG tax on this should be 0% for her income level. So how come two years later she got a notice in the mail from the IRS asking for taxes owed on this money? Even now in 2021 her income is well below the threshold for paying any LTCG tax [link] [comments]  |
| Getting a mortgage without my spouse? Posted: 01 Oct 2021 01:27 PM PDT I'm starting the process of getting pre approved for a mortgage and it seems that the company is willing to offer me a mortgage without my spouse also being on the loan. I had expected that we'd both be involved in the process but I'm not sure that I see any major reasons to include them if we are already going to be approved, is there something I'm missing here? What are the pros and cons of only 1 person in a couple being the mortgage recipient? [link] [comments]  |
| How can you protect senior parents from their financial predator children? Posted: 01 Oct 2021 05:09 PM PDT Long story short my brother is 40 years old and never moved out of my parents house. He is absolutely horrible with money and as far as I know the only bill he pays is for cable and internet. When he turned 30 my mom and I had a fight about how much of a slacker he is and how much she lets him get away with it. I then took a none of my business approach and we haven't talked about it since. Fast forward 10 years he's still in the basement and has no plans of moving out. One positive thing I will give him is that he has always worked full time.. albeit in a under paid, but respectable position ( nurse aid for the elderly). A few months ago I saw on the public docket sheets that he was being sued for around $6,000 in unpaid credit card debt. That bill must have been paid off because shortly after the filing the creditor withdrew. I'm guessing my parents helped him. He was driving what is now probably a 20-year-old SUV. I don't know the details but according to Facebook he made a post that he just ordered a brand new F-150 for $62,000. There is no way he has the credit rating for that so I'm thinking my parents may be co-signing. My parents are not rich but they are blessed because my dad was a County employee and he gets a pension each month on top of social security. They don't really have other retirement savings. I do have power of attorney set up. Is there anything else I can do to try to prevent this type of thing going forward? I am worried that he is taking advantage of them financially and that this will continue until they die. I don't even want to stop them from co-signing the loan (he probably can pay a $700 a month car payment, because he literally has no other bills), but I want to make sure that he has no access to do any more damage. [link] [comments]  |
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