Personal Finance just discovered my 401k is charging high fees for advisors I don't use and "trustees" ? |
- just discovered my 401k is charging high fees for advisors I don't use and "trustees" ?
- Motley Fool? Open your wallet to find out who the fool really is...
- Leased vehicle is selling for more used than what I payed for it when I signed the lease.
- I’m 27 and still haven’t earned a dime. What should I focus on once I actually start working?
- Does anyone use Schwab as an all in one solution?
- Mortgage down payment
- Is it common for people to pay $50k+ for trucks and suvs? How do they afford it?
- Received a Collections Letter for a Medical Debt I Was Never Billed For
- Should We buy This House? Am I being overly cautious?
- How valuable are pensions?
- Stay at company with amazing benefits and meh pay or find something better and risk losing good benefits?
- Another IRA Question for Self-Employed
- Mortgage increased by almost $1k. I cannot find anything indicative of such a huge leap in cost. Any advice?
- Adding An Authorized User To My Card — Will Their Score Hurt Mine?
- Can I get a credit card or a personal loan or something if I have a job offer that is having start in a little over a month?
- Does it make sense to pause 401K contributions temporarily while I aggressively save for a down payment on a house?
- Whole Life, Term Life, & 1035 Exchange - Please Help!
- Is planning for retirement without traditional retirement plans a terrible idea?
- is it bad to have multiple target-date funds in 2 different brokerage accounts?
- Bad time to buy a car?
- I have to respond to a job offer on Monday. What questions should I be asking?
- I'm 28, newly single, with no savings, car, or place of my own - but no debt or rent to pay either. How do I approach rebuilding?
- Where to save to hedge for inflation?
| just discovered my 401k is charging high fees for advisors I don't use and "trustees" ? Posted: 30 Oct 2021 08:10 AM PDT so i noticed the performance on my 401k is really low, like 2% ytd. But i have the exact same funds in my rollover account and the performance averages around 10%. So after researching- I discovered i am paying fees constantly- like every 2 weeks for every fund. Basically its costing me all my gains. Argh! i am 51 & independent so i have been saving the absolute max i can afford into this 401k. currently it is worth 123k and i contribute about 500 a week. I have no employer match. Is this a big mistake? Will i continue to pay these advisor and trustee fees even if i stop contributing? Should i borrow 100k out and invest it elsewhere? I also have a roll over account, roth ira and brokerage account worth about 110k. Update: BIG thanks for all the suggestions and advice. I appreciate all the different points of view. I am def. going to discuss with my employer. Its a really small family owned business. there is no HR department . hopefully they'll make some changes. I am thinking i will drop my contribution from 18% of my pay to 5%. Use after tax money to max out my roth IRA and keep investing on my own. My retirement accounts are not super impressive I know, but I have paid off my home which was a huge goal for me. [link] [comments]  |
| Motley Fool? Open your wallet to find out who the fool really is... Posted: 29 Oct 2021 09:40 PM PDT With my tail tucked between my legs, I want to share my experience with an "award-winning stock advisory" service... Upsells, Upsells, Upsells First and foremost, moving to a paid tier means almost nothing. Members receive the same info you'll get for free on the blog and YouTube channel. I cannot believe I fell for their marketing. If you go to their website, you already know the stocks they push to their paid members. Who's the Fool? After becoming a member (Stock Advisor + Rule Breakers), guess who is the fool? Me! Despite paying a $409.54 membership fee, everything I seem to want is still behind a paywall. I feel like I paid money so they could send me marketing videos. Performance so Far Now for the best part...I have been a member for 9 months (since Feb 27, 2021). Stocks have been on a tear during this time. The S&P500 is up 19%. I purchased 4 stocks that Motley Fool was pushing as "Rule Breaker Buys" when I joined. Three are massive losers.
That is unbelievably hard to do in this bull market. This service has literally cost me thousands of dollars in about-to-be realized gains. That doesn't even include opportunity cost. And I managed to lose this money in the ultimate bull market. It's Me. I'm the Fool. Don't be a fool like me. Read /r/personalfinance instead. Disclaimers
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| Leased vehicle is selling for more used than what I payed for it when I signed the lease. Posted: 30 Oct 2021 07:29 AM PDT 9 months left on the lease and because of the shortages I am starting to plan my next move. I will owe around $26,000 at the end of the lease and am seeing used versions of mine selling for around $45,000. Anyone with experience could give me some pointers? I should say I'm open to purchasing this vehicle or leasing a new vehicle. Edit: Thank you, everyone, for your input. I think I may approach the dealer and see what they're offering on new leases and how far out a new car would be if ordered. I may go with the buy it and sell it option Edit: lots of conflicting advice. If the dealer offers to buy it back it may save on the hassle of buying the current vehicle then selling, purchasing/leasing a new vehicle and paying taxes from all of that but could be a waste of the equity due to the possibility of a total loss in the event of an accident. But the majority of you are saying to buy it at lease end then sell it and pocket the extra cash. But some people have had good luck selling to 3rd party dealers and starting from scratch again. I have some time to consider all this at least. Thanks all! [link] [comments]  |
| I’m 27 and still haven’t earned a dime. What should I focus on once I actually start working? Posted: 30 Oct 2021 09:44 AM PDT I'm going to be finishing my orthodontics residency in July next year. By then, I will have accumulated 350k in student loans. I'm currently still on the job search but I'm getting starting offers ranging from 225-275k a year. My girlfriend/soon to be fiancé earns about 100k a year right now and has no student loans. I currently have a car that I got as a gift that is entirely paid off that I intend to keep for some time. My question is, once I graduate and start earning money, what should my focus be on? Paying off the loans as fast as possible? Putting money into investments? Should I rent or buy a house? I've spent so much of my life in school I honestly have no idea what to focus on when I'm finally no longer a student [link] [comments]  |
| Does anyone use Schwab as an all in one solution? Posted: 30 Oct 2021 05:27 PM PDT I have been using SoFi for banking, investing and credit card but am getting fairly sick of them always trying to upsell. Schwab seems to be the only other real option out there to have checking, savings (SoFi uses "vaults") and investing with the option to add a credit card also. Does anyone out there use Schwab in this way? If so, what has your experience been? Thanks! [link] [comments]  |
| Posted: 30 Oct 2021 06:03 PM PDT Is it better to put 20% down to avoid PMI or put 10% down and take the extra 40k, in this case, and invest it in the stock market? [link] [comments]  |
| Is it common for people to pay $50k+ for trucks and suvs? How do they afford it? Posted: 30 Oct 2021 07:50 PM PDT I've been looking at buying a new car the past couple months and I've not been in a rush. Something with < 40k miles and under $18,000 so I can afford a 50% down payment. $9000 loan over 36 months I figure the payment will be between $275-$325 depending on the interest. And of course would like to average at least 30mpg combined. My options seem very limited but I think I could find a 2014+ Prius within my budget. Which would beat my expectations for mpg and insurance. I see a lot of suvs and trucks in the 40-60k range and I'm just curious how do people afford these vehicles? Is my pay just really low compared to most people or do they just throw a lot of money at a car loan every month? [link] [comments]  |
| Received a Collections Letter for a Medical Debt I Was Never Billed For Posted: 30 Oct 2021 02:44 PM PDT Today I received a letter in the mail from a collections agency over a medical debt that I was never billed for. A few months ago we lost our second pregnancy of the year and unfortunately had to have it scraped out. The first thing we had to do when we arrived at the hospital was pay them. We paid a four figure sum of money and then went on with the worst day of our lives. We then spent the next several months carefully watching for bills, matching up insurance statements, and paying everyone and their brother for the hospital stay (actually outpatient, but I doubt it matters). Fast forward till now, when we finally thought we were months past all this bullshit and lo and behold, the day after we decide to try again, a collections letter shows up. The hospital claims that we never paid them a two figure sum of money. After a bit of panic and combing back through every bill, we finally figured out where they are coming up with this sum. When comparing the explanation of benefits they sent us with the amount they billed us the morning of, there is a difference of the exact amount of the collections. I don't have an issue paying my bills, and this isn't a hardship for me, but the issue I have is that they never sent a bill and I don't want my credit dinged for something I was never asked to pay. Has anyone gone through this? Is there any magic words I can use to to protect myself, things I can do, or do I just pay the debt and kiss my great credit goodbye? [link] [comments]  |
| Should We buy This House? Am I being overly cautious? Posted: 30 Oct 2021 06:38 PM PDT A $760,000 Home - should I buy? We've been looking for a new home for a long time. Finally found something we love. Fits the location, school district etc. We had an offer verbally accepted but now I'm getting cold feet. Here's our situation - would love to get opinions. Gross annual from full time employment- ~$150,000 Gross income from side hustle - ~$100,000 My wife currently is a stay at home mom but would likely be returning to a job in the coming year or two and add about 50-60k gross. We'd be putting down 20%. Estimated monthly mortgage/tax/insurance $3750 We'd still have about $75-100k liquid as emergency fund after close. Very minimal debt. About 300/month car loan. I admittedly have a hard time spending and with change in general so having a hard time with this. My biggest concern is if my side hustle were to fall off or go away completely (it's e-commerce and I don't have full control over what happens), but it's been stable for about 4 years and no indication it's going anywhere. We're currently in a townhome and like it but feeling cramped for space with growing family. If we purchase this home I can't imagine we'd move for a long long time. Thoughts? [link] [comments]  |
| Posted: 30 Oct 2021 11:39 AM PDT I work for a local government. In my field I could be currently earning around $50-70k more than my current compensation if I were to work for a private company. I enjoy many aspects of my job right now, but my husband and I are starting to look for a house and housing prices where we live (major city) continue to climb steeply year after year. We are very likely looking at a monthly mortgage of about $6k/month for an ordinary house. Having kids will only add to our expenses. I'm struggling with figuring out whether my pension is worth being significantly underpaid for the rest of my career, especially with rising cost of living. I've tried to do the math on my pension but I find it hard when I'm not really sure what I'll be making in my last years of employment. But assuming I will have 35 years of service and a final avg salary of $190k, then with a factor of 1.75, I would be getting around $9500 per month. That's great in today's dollars, but how much will that actually be worth in 2055? My pension plan has a COLA of 1.5% compounding annually, but would that really change things that much? The COLA doesn't kick in until I start drawing on the pension so I would still be starting with the above amount. And my pension plan requires me to contribute 7% of my salary. I know pensions are considered valuable in that you are guaranteed the payments for life and your employer bears the risk, but with inflation, what will $9500 actually be worth 30+ years from now? Am I better off (from a purely financial perspective) getting a higher paying job and just maxing out my 401k contributions each year plus saving/investing what I can on the side? [link] [comments]  |
| Posted: 30 Oct 2021 07:42 AM PDT Currently trying to figure out what to do with my husband's job situation. Here's the rundown: Our current situation: -Just had a baby last month -I work and make approximately $4.5K a month (varies because I am paid per visit as a home health SLP) -Our expenses monthly are ~$5k -Not much in savings and would like to buy a house in the next 5 years -I have $30K in student loans from my masters which i graduated from in May -No other debt -I can add me and my child to my work's health insurance but it is way too expensive to add all three of us. And the plan has a rather high deductible/OOP. -husband's degree is communications and business and he is 2.5 years graduated Current job: -2 years at company -Net pay after tax and insurance deductions is $2.4K -AMAZING health insurance that kept us out of medical debt this year between several hospital stays. We are all on his insurance. -it's an airline, so we can travel for free -decent retirement -is looking for a new job internally that could potentially come with up to a 12% raise (company's max allowance for lateral movement) Potential Job: -Found through a friend so we have some idea of pay and benefits though he hasn't been offered a job yet -sales, so anywhere from $3-7K a month -benefits are not great (our friend doesn't have his wife on the insurance because it's too much to add) -this is not the only potential job, he could continue looking. I'm just not sure what he could find that would have such great benefits. Also worried about a gap in benefits between current job ending and potential new job starting. edited for formatting [link] [comments]  |
| Another IRA Question for Self-Employed Posted: 30 Oct 2021 07:06 PM PDT I've been self employed for a couple of years now, still in my 20's. I decided to started saving right before Covid started and recently have been looking into retirement accounts. I have no employees, I do marketing online by myself. I was wondering if a SEP IRA is the way to go or Roth IRA, what people's opinions are. [link] [comments]  |
| Posted: 30 Oct 2021 06:46 PM PDT This is a bit long, but I want to be thorough because at this point, I just want to sell the house and leave. So last year we purchased our first home for $183k with an FHA loan. We purchased a townhome and when they closed on the house, they sold us the wrong insurance. We had to be refunded a check of the amount we paid upfront, call to cancel the active insurance, and use that check to purchase the new insurance. This goes back and forth for close to 3 months with just incident after incident (the check got lost in the mail, they kept selling us the wrong insurance and the check in the mail was passed around quite a few times). If no one has been through this process, the check takes like a week each time it gets sent out, so this left us in a bad place. The terms of our loan state that we have to have insurance on the home or they will provide us with forced placement insurance. WELL, after 3 months of back and forth, we get a letter from our mortgage company stating that they are selling us the forced placed insurance at a rate of about $4,600 a year. No choice, so we take it as we don't want to lose the house we LITERALLY just bought. This somehow (idk cause this house is new) puts our escrow at negative $6k. Our mortgage payment goes from sub $1300 to sub $2200. Next year rolls around, I totally forget about the insurance and the mortgage company sends us a letter stating they are renewing the $4600 insurance. HELL no. So I call an insurance broker, he gets me insurance for $2300 and I take it (it's FL, so with hurricanes, I'm not getting much cheaper than that honestly.) I constantly watch the mortgage account online and see that they purchased the new insurance and credit us the difference from the old one. Prior to the new insurance kicking in, we also put in money to this somehow VERY negative escrow account to offset the difference. We get to sub 2k in the green in escrow (yay!) but the payment stays the same (boo!) It's been 2 months and no change. We are calling the mortgage company to see what's up, but if they give us some story about the numbers that keeps it like this, what are my options? I don't want to sell, but I could've bought 2 houses at this point. Insurance and tax increases are expected, but not $900 a month worth. Any advice is very welcomed. [link] [comments]  |
| Adding An Authorized User To My Card — Will Their Score Hurt Mine? Posted: 30 Oct 2021 05:16 PM PDT Hello good people. I've been thinking about adding my parent to one of my credit cards as an authorized user. They were previously super irresponsible with credit cards and money, mostly out of ignorance. I'm not making any excuses for them, but either way, they've been working hard to get their financial life together since we began learning more about it. They currently hold a card of mine to use for certain things and as an emergency, and they use it responsibly, so I was thinking about helping them out on their journey and adding them. I know the consequences of adding them if they should mess anything up. I don't think they will, and I figured it would give them a boost they never got to have. I was started on credit by my grandfather co signing a card for me. My real question is, will their score that they have now impact me at all? They have like a 590-something, maybe very low 600s. Will that impact me, or only be impacted if they did something stupid with that particular card? Thanks in advance. [link] [comments]  |
| Posted: 30 Oct 2021 07:42 PM PDT Graduated in may and I just signed an offer for an engineering job and I was going to stay with family until I started but I really want to get out of this living situation now. I have $1500 in my bank, $250ish of spending money left on my credit card (900 limit). No car payments or anything except insurance. What can I do to get myself out and living on my own now? My new job is going to be paying 70k and my start date is set at Dec 6th. Can I get a personal loan? A new credit card with a decent limit? I just need money to rent an Airbnb for like 2 months until I start getting paid. Nobody is going to co-sign anything. Credit score is like 700ish and I have decent credit history. Please help. I can't stand these people anymore. [link] [comments]  |
| Posted: 30 Oct 2021 07:35 PM PDT I'm 32F, recently got a raise so I'm now making $140k/year and I am finally in a place where I can save a substantial chunk of money for a down payment. Right now I'm on track to save about $2000-$2500 per month, and I already have $13k in the bank. I'm really hoping to buy my first house next summer or fall. However, I live in the Denver area and the cheapest houses are $400-$500k, and prices are rising rapidly (as with most places in the US). I'm really concerned that the home prices are going to continue to outpace my savings. I've been faithfully contributing to my 401k for the max employer match since college. Right now my employer matches 50% up to 6%, and I've been contributing the 6%. Would it be a terrible decision to pause my 401k contributions for the next 6-8 months to allow me to save even more for a down payment? This would allow me to save an extra $700/month. [link] [comments]  |
| Whole Life, Term Life, & 1035 Exchange - Please Help! Posted: 30 Oct 2021 05:00 PM PDT Hi all, I have a few questions if you guys can kindly help. To preface, I'm a 32 year old male, healthy, and have had whole life insurance (ugh) for 5 years now, paying $74/mo. No kids, single. It's through Knights of Columbus. I'm wanting to switch to term life after doing a lot of reading on this subreddit. I contacted my insurance guy asking him how do I go about surrendering, and he suggested I either lower the face amount of my current whole life policy, or do a 1035 exchange. He stated " if you are going to trade policies- do a 1035 exchange instead of a surrender- meaning you will get likely 4-5 times of paid up coverage once you roll over your $2600 , and more now, - if you do a change I suggest against term". Also stated " Term looks better on paper because you get more death benefit for less but if you aren't in dire need of it to protect a large mortgage for family or kids college in case you pass, you are making your future insurability more expensive..". Overall, he seems really intent on me staying and/or not going with a term, as most salesmen probably are. 1) Can someone explain a 1035 exchange to me like I'm a 5th grader? Does it apply when switching from whole life to term life or only whole life to whole life? 2) As I've had my whole life for 5 yrs, and paid $74/mo, I've paid around $4440. My understanding is, if I surrender, cash surrender value that I receive will be considered a tax-free return of principal up to the amount of premiums that I've paid? So if I receive less than $4440 in a check, no taxes to be paid? [link] [comments]  |
| Is planning for retirement without traditional retirement plans a terrible idea? Posted: 30 Oct 2021 11:22 AM PDT Hi everyone, thank you in advance, I'm kind of lost in all this. I'm 33 and only this past year have I been taking retirement seriously. Before maybe late 2019, my income was so low it was depressing to even really think about how long it would take me to retire so I was essentially deliberately, completely ignorant. At present I'm self employed and while my income is good, probably around $250k after my business expenses, I don't have a 401k, IRA, or any kind of retirement account. I have a couple grand in old employer retirement accounts that are just rotting, so I guess my first question is, how do I go about rolling that over into something else? At the same time, I'm able to save/invest about $100k per year. I have money invested in a few indexes which I am hoping will provide growth, I have some monthly dividend stocks and a couple rental properties that are producing some income. I reinvest ever penny of that income and intend to continue doing so until I retire. If things stay the same, I should be able to bring in a six figure mostly passive income by 45. Honestly, I feel like I can get the job done without a traditional retirement account and I'm really reluctant to lock my money away in an account where I won't be able to access it for over 30 years. Am I being stupid? Should I seek professional advice and if so then from what type of professional? [link] [comments]  |
| is it bad to have multiple target-date funds in 2 different brokerage accounts? Posted: 30 Oct 2021 01:41 PM PDT I have my 401k with my company and a ROTH IRA with fidelity. Both accounts are invested in their respective TDFs. I'm wondering if this would be a bad thing? and what can I do? [link] [comments]  |
| Posted: 30 Oct 2021 03:08 PM PDT With the supply chain issues and backlog of microchips there is a huge backlog in goods be it cars, computers or anything else. There is a big demand for both used and new cars. Currently I and my son are sharing a car. Works out most of the time because I'm working from home. However, we feel the pain over the weekend when we both need to be somewhere. Should I wait it out for a year or so or pay more and buy a car now? [link] [comments]  |
| I have to respond to a job offer on Monday. What questions should I be asking? Posted: 30 Oct 2021 01:52 PM PDT A prior employer, who I left because I was doing the work of 3 and making the least of everyone on the team, has extended an offer to me to return. 25% increase over prior pay, plus only working 10 months instead of 12. Job duties reduced to the things I enjoyed last time I worked there (which is a reasonable workload). Institutional support for pursuing a graduate degree. Retirement match and health care are top notch. I would be reporting to someone I trust implicitly, and enjoy working with. It honestly sounds a little bit too good to be true. What questions should I be asking? [link] [comments]  |
| Posted: 30 Oct 2021 10:05 AM PDT Hi there, first time poster here - my apologies if I'm doing this wrong. I've never been great with money, and I feel like "just get a job and try to save up" isn't going to be good enough to achieve the financial security I want as I approach my 30s. Long story short, I just got out of a bad relationship and was forced to relocate myself and my dog from Europe to the US, leaving me with less than $100 to my name. I'm now living with my parents and trying to figure out where to go from here - beyond the obvious part of trying to make as much money and spend as little as I can. In terms of income, I have a part time remote job that pays ~$150/week, and next month, I'm starting an additional full time remote position that will pay ~$600/week. I am planning to take on some serving shifts, nannying/pet sitting gigs, or whatever else I can find. As for my expenses, my parents are graciously letting me stay rent-free, but I need to get a car and health insurance asap. Getting my dog trained is also going to be a priority, since she has some complex behavior issues that need to be ironed out in anticipation of the likelihood that we will have to live in an apartment and/or have roommates in the near future. I have an excellent credit score and a credit card with a $10k limit, which I keep paid off in full every month. My parents agreed to cosign on any loans I need, so financing a (used and hopefully inexpensive) car shouldn't be too difficult. My ideal outcome would be to remain mostly debt-free, have a significant amount in savings, and hopefully be able to go to graduate school/relocate to another city in the next couple of years. Once I get my master's, I should reasonably be able to make at least $80k+/year in my field - I just need to get there. I want to get back on my feet and achieve financial independence quickly and efficiently, so any tips for organizing my finances accordingly would be very much appreciated. Thank you! [link] [comments]  |
| Where to save to hedge for inflation? Posted: 30 Oct 2021 06:23 PM PDT I want to save a sizeable chunk of my net income (70%). Up until now, I was saving into a HYSA for a home down payment but decided not to buy a house this year. Not sure if we will use all of the new savings to supplement down payment on a house (planning to move to HCOL down the line), but if we do use some of it, it will be in 3 years or so. But definitely not all of it. We already have HYSA account which holds the actual down payment. That will sit there for the next 3 years (or sooner if things pan out) so I'm already losing out on inflation there. I was thinking of putting the new savings in a vanguard S&P 500 etf. Is that a bad idea? Especially considering we may need to withdraw some of it after 3 years if the down payment we have saved isn't enough? [link] [comments]  |
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