Personal Finance Landlord offered to sell me half the house I live in |
- Landlord offered to sell me half the house I live in
- 45 Nothing Saved. What Should I do.
- Caring for special needs brother as parents get older
- Dad wanting to start giving us cash, or transfers each year
- US citizen, residing in TX, working remote for a Canadian company. What's the tax situation?
- Please HELP: Chase account got hacked EVEN after I enabled 2FA and changed password... Not sure why the hacker can still log into my account.
- [NC] Discovered an UTMA account in my name that could be life changing. How do I secure it under my abusive parents?
- Rejected for Discover Student it. Do I wait and re-apply, or get the secured card?
- What is an acceptable amount of debt to be in while simultaneously taking on a mortgage?
- Should I give up on my dream of home-building?
- 15 year or 30 year mortgage?
- FHA loan after bankruptcy
- 10 years away from retirement (Advice)
- Selling stocks to increase cost basis
- Financial advice for a 28 year old with only 5K to their name
- Cash out refinance to consolidate debt
- Starting late for retirement
- Just found out my mom has a large outstanding credit card bill. How can I help her? Here are the details.
- Vanguard or Fidelity for Roth IRA?
- Confused on credit limit
- Make higher student loan payments or contribute to 401k?
- Late start for retirement, but making adjustments to get back on track, any suggestions here?
- Use a credit card to build credit vs co-signing?
- Advice for an incoming graduate student?
| Landlord offered to sell me half the house I live in Posted: 02 Oct 2021 12:00 PM PDT for most of the past 15 years, i've lived in the downstairs unit of my landlord's house with her living upstairs. with our respective dogs, we've kinda become our own little family. three years ago she bought a second home in the san juan islands and now alternates homes each year. shortly after leaving for the islands last month, she emailed and offered to sell me half this house. i'd be responsible for a mortgage of ~ $225k, plus taxes, half utilities and repairs in my downstairs space. she would then leave me her half in her will. she said that there's not much benefit for her to do so but is offering it as a favor to me if i'm interested. home ownership has never been a priority for me and have always been content renting- especially here. it's a lovely home (< 25yrs old) with a 5-star view in a semi-rural area in the mountains outside anchorage alaska. although i'd eventually like to live further north, i wouldn't complain spending the rest of my life in this house. i don't like the thought of a large % of my net worth to be tied up in something. i also really enjoy my lifestyle- much of my income is derived from trading and am able to cover my monthly expenses by working part-time. i can work as much or as little as i need or want at that job. i have a lot of flexibility and free time, and that's about all i've ever wanted in my adult life. i keep my expenses low so that i can get by on a minimal income. i don't want to go back to work full time to be able to afford to buy half of this house. in fact, i don't ever want to work full-time again for the rest of my life. as a result, my first reaction was that i was not interested in buying half the house. at the same time, i'm open to the possibility that i have a blind spot and am being a supreme idiot for not jumping on this opportunity. am i? relevant info: me: 47 y/o, single, dog dad; no debt, credit score of around 750 (2011 bankruptcy just dropped from my record last month), currently paying $800/month in rent (a total steal for where i live), make $27/hr working 15-25 hours a week at my job, income from trading is variable (if i were living off of trading income only, i could probably consistently cover my monthly expenses without the part time job. i'm definitely not getting rich from trading anytime soon but have become capable in the 3 years i've been doing it); current total liquid assets of > $60k, no retirement account; and am about as content as i could imagine being. edit: this has already gotten more comments than i expected- and thank you for them. got chores to take care of before the falling snow gets too deep so will be a few hours before i can respond to comments. thank you. [link] [comments]  |
| 45 Nothing Saved. What Should I do. Posted: 02 Oct 2021 01:28 PM PDT Bad Decisions, Self Employed and a Sick Spouse on Disability and here I am at 45 with nothing saved. Fortunately I am healthy and can continue to work as long as I need to. I don't know where to begin . There's so much information online, Ill admit I'm not very financially literate so I don't know and understand much of the terminology. I do know that have to take action now. I know doing something now would be better than waiting 20 years and finding myself in the same boat, just older. Can you point me in the right direction. Please. [link] [comments]  |
| Caring for special needs brother as parents get older Posted: 02 Oct 2021 07:41 AM PDT Hi everyone, I have a brother who has special needs and cannot take care of himself day-to-day. He lives with my parents who are his primary caretakers + a nurse who comes by a few times a week to care for my brother's medical needs. My parents are unfortunately getting older and due to their own medical needs, it will become more difficult for them to take for my brother on a regular basis. When it's time for me to step in, I'm trying to figure out what my options are for governmental assistance (in the US) or some type of private program where my brother can be taken care of. My wife and I don't have the means to pay for an expensive care program nor do my parents. What are our options? A big fear is my parents pass or become too old to care for my brother, and the right care isn't established for him long term. I'm trying to get ahead of it now so my family can be prepared. Thank you [link] [comments]  |
| Dad wanting to start giving us cash, or transfers each year Posted: 02 Oct 2021 10:54 AM PDT My dad is in poor health and keeps pushing me for my bank account info to start transferring money to it. Its not a ton of money but way more then I have ever received. I always told him to spend it, he earned it. I can not see him making it on his own for another year and he seems ready to go into the VA for care. As much as I push he will not "burden"us by moving in. He told me he can transfer 10,000 dollars before year end and another 10 once 2022 begins. Is this the right way to go? Then do I have to claim this on my taxes? Or does he claim it on his as a gift? I told him it is all going to my kids for college. We have 529's now so what should I do with this money to make the best use till my kids need it for school. Kids are 11 and 5. I am in USA. Thank you EDIT Thanks everyone. I sent him a bunch of info you guys suggested. The whole time I have been telling him to save his money for his own care but he is adamant on giving us some. He also has been breaking off big chunks fixing family members houses which I think is nice but unneeded. I cant tell him to spend your money on yourself and if that is what he chooses I wont say anything. [link] [comments]  |
| US citizen, residing in TX, working remote for a Canadian company. What's the tax situation? Posted: 02 Oct 2021 04:12 AM PDT Is there a resource somewhere that will help me figure out what the tax implications of such a set up would be? I'm finding lots the other way (Canadian working remote for a US company) but not much for this set up. I assume I still pay full US tax, and no state tax in TX, but is there a % that would be owed to the Canadian Revenue Agency as well? Or any other parties? I'm anticipate getting to salary discussions for a new job next week and don't want to accidentally short change myself. [link] [comments]  |
| Posted: 01 Oct 2021 10:18 PM PDT Hi guys, On Monday, my gmail was hacked and the hacker logged into my chase account using saved passwords and redeemed all my points. After I realized it, I called Chase to replace my old card with a new card. Since then, I shut down my pc and stopped using that old computer. I modified my chase account's user id and really complicated password (I made the change yesterday night). I stored the user id and password in anti-virus app which is also secured by a really complicated password. Also, I set up 2FA via text and changed my verification email connected to chase. Today, the weird thing happened. Around 4 hours ago, my cell phone received a verification code. I didn't share it with anyone as I was sleeping at that time but the login history still showed that someone logged into my account on a Windows 7 machine using Chrome (I didn't even own a win 7 device)... I am so worried. I don't even know how he achieved that. [link] [comments]  |
| Posted: 02 Oct 2021 03:09 PM PDT Hello all, I'm a teenager that doesn't really have a strong understanding of money so sorry if it's vague. I was looking around for my parents' W2s for FAFSA and discovered a receipt from Bank of America of an UTMA account made to me under my name. There is a substantial amount of money on the account that could set me up decently for early adulthood. I never knew this UTMA account existed and honestly believed I had 0 savings for college and worked accordingly. But this information changes everything— it's not enough to cover all four years, but it's a decent cushion to get me started. One problem: my mother is abusive and controlling, and the NC State of Majority for UTMA accounts is 21. I planned to leave the family at 18 and estrange them for good. Is there anyway to get the money at 18? The fact that my mother has NEVER mentioned this is also suspicious and makes me paranoid that she closed it or made it inaccessible somehow— I'm not really sure on the specifics of UTMA accounts. There was another UTMA account made in my brother's name valued at around $50k. I called my brother to ask if he received the funds at 18 or 21, and he told me he has never even heard of the accounts existence. Now I'm unsure about the security of my account. How do I secure it? What do I do/who do I need to call? Thanks in advance. Edit: The account is owned by my mother only and the beneficiaries are explicitly made to my brother and I. Edit2: My mother is the custodian on the account, and the account to me is under BoFA, the account to my brother is under Chase. [link] [comments]  |
| Rejected for Discover Student it. Do I wait and re-apply, or get the secured card? Posted: 02 Oct 2021 04:26 PM PDT I applied for the Discover Student it cashback card, and was rejected due to limited credit history. I have a 645 FICO currently, and no accounts open outside of a student loan. I spoke with a rep (their customer support is insanely nice), and they suggested that I either wait and apply again in a few months, or get the Discover it Secured card. I asked if, assuming I were to apply for the secured card, I could "upgrade" to the Student Cashback card after graduating, and was told that I'd keep the same rewards structure and would need to re-apply for the student card. I currently have the Chime Credit Builder "secured" card. I use it for small purchases (food every few weeks, textbooks annually, and a Netflix subscription... essentially all my expenses as a student). Should I apply for the secured card, or wait and try re-applying for the student card in, say, 6 or 8 months? Admittedly, I know some but not much about credit. My ultimate goal is to build credit, and eventually apply for a good travel rewards card (and, whatever I do, I'd eventually like to get ahold of the student card, the rewards are great). Thanks guys! [link] [comments]  |
| What is an acceptable amount of debt to be in while simultaneously taking on a mortgage? Posted: 02 Oct 2021 02:29 PM PDT Obviously there will be factors....but I feel like my mentality of waiting until I'm 100% out of any other debt such as credit cards, personal loans, etc (besides possibly a car payment) is becoming counter-productive and it may be worth taking on a mortgage sooner rather than waiting. Or is that a poor/bad thought process? [link] [comments]  |
| Should I give up on my dream of home-building? Posted: 02 Oct 2021 03:05 PM PDT Hi there, I have about 35k in liquid cash, live in Hudson Valley region. Make about 65k a year, first home. No debt. My credit has blemishes like a CC pay off, but it's been rebuilt to 700 My dream really is a nice little 1000 square foot home, loft. And then later a 750 sqf steel framed structure that I put a movie theatre/gym in. (These are about 10-30 per sqf) I guess skip this for now Land parcels go from 50-150k. Let's say ~75k for mine. Probably have to put down 20% for construction loan. Then how on earth can one finance the build? I know septic, foundation will probably cost 15gs also. What would you do? [link] [comments]  |
| Posted: 02 Oct 2021 05:30 PM PDT We just signed a new home and weighing the options on the mortgage loan. Is it better to go for a 15 year loan if we can afford it or a 30 year loan to keep the payments low and inflation play it's part in making the later years' payments negligent? Not sure if I worded the question right. To reiterate, we can comfortably afford to pay the monthly payments on a 15 year fixed. [link] [comments]  |
| Posted: 02 Oct 2021 06:00 PM PDT Hi all, I'm having trouble finding some answers to some questions I have about an fha mortgage. Everything I've read says that there's a 2 year waiting period after the discharge of chapter 7 bankruptcy or 1 year in the case of extenuating circumstances. What would those circumstances be? Would filing bankruptcy due to the loss of income from the breadwinner becoming disabled be an extenuating circumstance? Also would having a qualified co-signer get around that requirement? Thanks for any help! [link] [comments]  |
| 10 years away from retirement (Advice) Posted: 02 Oct 2021 06:58 PM PDT In need of some advice for my parents. We moved to the States a little while ago and so don't have too much experience with investing and finances here. Up until now they had high expenses (my and my brothers int. college tuition). They have a 401k and an HSA account, but are now are looking to start actively investing for their retirement, which would be about 10 years away. Their combined income is about 200k and are also paying off a house mortgage. What would be the best strategy for their path, any help is appreciated! [link] [comments]  |
| Selling stocks to increase cost basis Posted: 02 Oct 2021 11:49 AM PDT Let's say I have a year with low enough income that I won't pay taxes. Would it make sense to sell some of my mutual fund shares and then repurchase them, so that I'll have a higher cost basis for later years? [link] [comments]  |
| Financial advice for a 28 year old with only 5K to their name Posted: 02 Oct 2021 04:56 PM PDT My friend is a bit lost; he's gone through a lot in his life and only has 5K to his name. He lives with his parents and is going to be working a minimum wage job if the company picks him. He also has a collectible he can sell for 100K but he doesn't know where to put it if he sells it. I'm making this thread for him to look at the replies since he's not on reddit. He wants to know; should he put it through a registered side business he can make and invest it through a Roth + 401K + company contribution 401K? The goal here is to catch up to other people who got a head start; the side business can be anything and he knows he won't invest capital in it. It's just for managing the money to give himself a savings on top of working a legitimate business That should come around 57K max combined for that one year. He thinks he should do this since he got such a late start in the job market and never had a Roth or 401k while all his friends and classmates got jobs out of college 7 years ago. If not; what should he do? Just for context; he wants to set aside money for braces and a dermatologist even if he doesn't get the job; since those are issues that severely affect him. [link] [comments]  |
| Cash out refinance to consolidate debt Posted: 02 Oct 2021 01:30 PM PDT I currently have 3 credit cards: $26,000, $14,000, and $10,000. One is maxed out and the other two are close as well. I have managed to cut spending so I am not gaining more debt, but I feel like I am drowning in payments. I purchased my home in October 2020 for $280,000 with a down payment of about $23,000. It's current estimated value is $370,000. My credit score since the purchase has tanked due to my massive amount of credit card debt so I know if I refinance my rate would go up quite a bit. Would it even be possible to refinance and pay off my credit card debt? And if it's possible, would it be worth it? [link] [comments]  |
| Posted: 02 Oct 2021 06:35 AM PDT 36 and spent all of my savings on nursing school and am pretty much starting over. What are my best options for saving for retirement? [link] [comments]  |
| Posted: 02 Oct 2021 04:01 PM PDT So I had no idea but I just found out that my mom has about $5000 outstanding on her credit card, most of it were serious purchases things she needed but apparently her income just doesn't cover her expenses and so it has been racking up. I had no idea and I'm guessing her interest rate is pretty high. I just asked her and she can only afford about $250 per month paying down the card. I was thinking in my head I could give her about $1000 and she can pay me back every month instead of the credit card and it will help with some of the interest, but… I realized, if I give her $1,000 now, and she pays the credit card $1,000 down, that's only this months payment. She could give me $250 this month, but next month the credit card company (American Express) would still require another $200 minimum payment so.. she couldn't pay me and her next months bill. I could loan her $1,000 or $1,500 right now, but due to my own upcoming expenses I can't pay off the whole thing. Is there a way my $1,000 or so can help this situation now while still getting reimbursed? For the record I help her with a lot of costs, thousands of dollars in other areas not long ago. Thanks :/ [link] [comments]  |
| Vanguard or Fidelity for Roth IRA? Posted: 02 Oct 2021 03:59 PM PDT I am 22 years old and want to start a Roth IRA as well as personal account for investing. I was considering Fidelity because they have in person branches. I also heard they have an easier online interface to use. However, majority of people are telling me to go with Vanguard – especially because of their mutual funds and ETFs. Any suggestions? [link] [comments]  |
| Posted: 02 Oct 2021 05:21 PM PDT Hey everyone, I am a bit confused on why I can't get a credit limit increase. Recently, I signed up for a credit card with capital one with a very good credit score and good income. I was approved for $1000 limit. My understanding is that it's a good idea to keep your credit utilization under 30%. I was talking to a friend of mine who has a $10,000 limit on the same card and was approved at the same time. She makes less money than me. I called capital one and they said I wasn't eligible for an increase. I am frustrated that I can't make this happen because I need to pay my credit card every couple days to keep the utilization under 30%. I went over this for a short period of time and I was notified through the app that my credit score dropped! Any suggestions on how I can get around this? I have no debt, enough savings, and good income plus an excellent credit score. I have no idea why I can't get approved. I was even told on the phone there is nothing that can be done. What's going on here? Do I need to find a different company or wait it out and try again? [link] [comments]  |
| Make higher student loan payments or contribute to 401k? Posted: 02 Oct 2021 07:20 AM PDT I had a career change a few years ago so Im 40 and I still have a lot of student loans (200K). I make about 180K a year (150K annually + 30K bonus). My student loan payment on a 15 year plan is 1150 but I make 2000 monthly payments. Interest rate is 3.64% and I contribute 5% to my 401K which is what my employer matches. In addition, I save about 1000 a month which I've been putting in crypto. I've accumulated about 100K in my 401K and 10K in crypto and other savings. Since my interest rate on the student loan is 3.64%, should I continue to make the 2K student loan payment or should I only make the minimum payment of 1150 and contribute the 850 to 401K? If the former, at what interest rate would it make sense to do the latter? Edit: thanks all for the advice. This has been helpful [link] [comments]  |
| Late start for retirement, but making adjustments to get back on track, any suggestions here? Posted: 02 Oct 2021 06:32 PM PDT I'm a little behind in saving for retirement but I believe I have enough time to recover. I'm 41 and looking for some investment advice. I am currently saving for a rainy day fund but on January first I want to make significant adjustments. Currently:
Considered Options:
What are your suggestions on how I should distribute these? [link] [comments]  |
| Use a credit card to build credit vs co-signing? Posted: 02 Oct 2021 06:21 PM PDT Discussion with my parents (obviously I'm an adult and they have no say as to whether or not I get a credit card but it's just something we talk about):I'm 22, in college, focusing hard on school and other field related learning, I make $50 a week and save 50% of it (not a legit job, just mowing lawns). I have decent money habits, but to be fair, I also have very little responsibility (I worked a job in high school, spent most of what I earned, and I learned a very important lesson from it). I don't spend money mindlessly, I go through my checking my and savings every week to be conscious of my money going in and out, like I said transfer 50% of the little bit of money I make every week into savings. I really enjoy seeing that savings number go up, I really hate seeing my checking balance go down. I think getting a credit card would be wise because it can help me build my credit which as I understand is a beneficial thing. Helps later on with loans (car, house, etc). This is things I've heard from different sources, and it seems wise. Although I admit I don't have as well rounded understanding as I could or should. Hence posts like this. My parents used credit cards very poorly in their early adulthood, and have been credit card free for 24 years after getting out of that hole. They have house and car loans, but never credit cards. Both of my older brothers have credit card debt. My parents say I don't need to worry about credit. I won't need credit score because they'll co-sign on my first apartment and whatnot, and a credit card won't make much of a difference anyways as far as my credit score goes. So the question that my mom was wondering, (although I'm wondering about credit cards in general, not specific to apartments) is "what's wiser? Getting a credit card to just build credit as I still live at home, or not worrying about that crap and just let my parents co sign?" Although as I said, I think credit score would be beneficial for more than just apartment. Opinions? [link] [comments]  |
| Advice for an incoming graduate student? Posted: 02 Oct 2021 04:04 PM PDT I'm going to be starting a master's program which will be for 2 years this January. Thankfully, I won't have to pay for tuition but will need to pay for room and board. I have 28,000 in loans from undergrad that I have been putting in minima payments to. Any tips or advice for the next two years before I graduate? Our program usually does not allow for working but I was going to look into maybe some other form of income. This could be any advice you wish you knew beforehand. Thank you in advance :) edit: planning to take loans for that period of time. Curious to hear about things maybe other people had done in my shows to keep saving money. Or other financial advice that they took to be successful upon graduating. [link] [comments]  |
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