Personal Finance Do I now owe the IRS $40,000? |
- Do I now owe the IRS $40,000?
- City water meter was broken and they’re trying to charge me $698 while they “monitor” our water for 6 months..
- Would you leave the public section for private sector if offered more money?
- How do I escape the poverty mindset
- 401(k) with 10% match no limit - when to stop?
- Took Ramsey's advice, ended up buying a cheap car that cost THOUSANDS in repairs with more on the way. Now I need a new car
- Roth IRA - same day, same amount ($12K) invested by me and a friend in Vanguard vs. Schwab. Our returns are VASTLY different - mine is at 13.6K (13.3%) and theirs 17K+ (>41.7%)!!
- Had a fire in my kitchen, called 911. Managed to put it down before they arrived, called my landlord and 1st thing he asks is how many firemen were here. Will this land me a huge bill?
- My mom passed away early this year. Pension plan?
- How Can I Remove Myself From a Co-Signed Loan?
- My girlfriend (28) recently moved into my apartment with me (30). This is my first time living with a girlfriend, and I’m looking for a good way to manage shared expenses.
- I got an offer - prorated per hour $30 per hour based on flat rate of 37.5 hours per week.What does it mean.Can anyone simply explain me? Is it good for worker?
- Wanting to move out on minimal income
- New to banking/ Need to deposit tax refunds--Same day avilablilty?
- Is there really no alternative to stocks? (the TINA trade)
- My car was stolen and totaled. What do I need to know about insurance?
- Boss just floated the idea of transitioning me to general manager within a few months; a few questions for you guys
- U.S. Treasury Series I Bonds as a strategy for saving for a house?
- Mentally Ill Mother Financial Issues
- Leaving job with $3k in the retirement account
- Trying to rebuild credit...got a question
- Refinance question
- I-Bonds and good math and a little help and Thank you
- Worth pursuing buying/building small home instead of renting?
| Posted: 18 Nov 2021 06:18 PM PST Hi. So this year I turned $25,000 of stock (options) into $180,000. Meaning I bought $25,000 worth of options and then sold for a profit. I then bought more options with the $180,000 and now do not have the $180,000. I took a loss. Do I now still owe the IRS the same amount of capital gains tax as I would if I still had the money to pay it? Or can I declare it as a loss somehow? [link] [comments] |
| Posted: 18 Nov 2021 06:22 PM PST So at the beginning of the month I got a higher than average water bill ($250~) I called the city, they came out and fixed the meter (it was flickering between .60 and other numbers, now says 0 unless someone's using water obviously). They said they were going to monitor our water usage for a week or so to see if any abnormal high spikes happened again. After a week I called and they confirmed the problem was on THEIR side and THEY fixed it. Now comes this bill which I figured would be absurd but it was $700!! I immediately called them and they're now saying I need to pay the $700 and they monitor my water for SIX MONTHS to quote "gauge an accurate usage to figure out the correct charge" and then I'll get my money back in the form of a bill credit. I was shocked. I also have to fill out a form stating the city came out and repaired their meter/pipe and that it fixed the issue. Does ANYONE have experience with inaccurate city bills and how to resolve it? I'm finding it hard to believe I need to pay $700 only to have it credited back SIX months later.. Also want to mention my family's lives here at this address for 20 years, consistently had the same water usage up until two months ago when the first sudden higher bill happened. Any advice is welcomed and appreciated. [link] [comments] |
| Would you leave the public section for private sector if offered more money? Posted: 18 Nov 2021 05:02 AM PST I currently hold a state job where I am making about 70k a year. Benefits are great, pension, annuity, union, job security, annual raises, 20 minutes from home are all pros. Cons I work evenings, holidays, and every Saturday. This won't change bc it's a hospital setting so unless I move into a different role. I recently got a job offer for a 100% wfh position with an insurance company, weekends off, holidays off, making 6 figures with annual raises. The pros here are obviously especially having children. I'm concerned about job security. What would you guys do? Edit: I just wanted to thank you all for taking to time to write responses. I am reading through and many have made great points. I certainly have a lot of numbers to run and thinking to do about my particular situation! [link] [comments] |
| How do I escape the poverty mindset Posted: 18 Nov 2021 09:50 AM PST I (23f for context) told my father I was approved for my first apartment and credit card and instead of a congratulations he said both are bad things and that my money will be going into an abyss instead of staying at home and saving for a mortgage. At this point in my life I'm really not interested in having a mortgage, never have been. However now I'm feeling annoyed and regret saying anything because it's sending me into a panic about finances and I was fine before. I was planning on moving and being free to build sources of income, I have two jobs but I hate relying on payday so I was working on other streams of income. How do I escape the type of mindset that thinks credit cards are a bad thing and just constantly thinking money is hard to come by. I just think there are so many opportunities to build income now more than ever, I just haven't found what works for me yet, but when people make me doubt myself I start to panic and feel like I'm going to fail. [link] [comments] |
| 401(k) with 10% match no limit - when to stop? Posted: 18 Nov 2021 04:39 PM PST Hi everyone, I've read through the wiki, and it seems like I should be contributing to my employer matched 401k until I at least hit the limit/max of their match. However, my employer gives me 10% of my contributions (not salary) with no limit. It IS on a vested timeline, but at this point in my career I'm 100% vested. Assuming I can save a large chunk of my income per year, should I be trying to max out the annual 401k limit of ~$20,000 before I put any money into other savings? If I don't plan on/for whatever reason can't hit this annual limit, when should I stop and focus savings elsewhere? Here's what I'm currently working with, in order of what I contributed the most towards this year: HSA (don't normally max this out but I did this year for the first time) I don't plan on actually pulling from it again but I maxed it out to pay for the birth of my second child 401(k) with 10% company match, no limit on employer side Mutual funds (currently used for overall large purchase savings (wedding, house, etc) Roth IRA 529 (college savings for kids) Individual stocks/crypto, etc: I try to throw whatever extra cash (if any) here. How would you recommend moving things around? What percentage of my income should roughly go to each of these categories? Other info that may be helpful - I'm in my early 30s. Northeast USA. Gross income (pre-tax) is roughly 70k. Living in apartment, will likely look for a house in roughly 2 years. 2 kids under 2 years old. Info is essentially based on my income alone (wife is going back to school and currently unemployed. ETA on her finishing school/getting job is roughly 2 years out). When this happens I will likely match/double what we're already saving - within reason of course. Edit: The 10% is based on my contributions, not my salary. So if I contribute $100, they toss in $10. I guess match was a poor choice to say, as they are not matching anything just giving me 10%. I assumed that was just the standard lingo [link] [comments] |
| Posted: 19 Nov 2021 02:31 AM PST I took Ramseys advice that a car should be paid for in cash. I agreed with this because I hate being in debt (my credit cards are paid in full every month, $0 in debt). At the beginning of this year, I paid for a car outright for $3500 off Craigslist. Even had a mechanic friend look it over to give me the go ahead. Not even A YEAR LATER, and I've spent THOUSANDS on repairs for this car. The worst part is the clutch started to slip along with major leaks. I've already spent around $2,000 on repairs. These next 2 repairs alone will cost more than I paid for the car. Every day I worry whether the car will turn on or not. My first car was paid for outright and this same thing happened. Less than a year later, the repairs cost more than the car. I could have used all this money as a down payment on a car that was actually reliable. I'm sick of cheap, high-mileage cars, but I hate being in debt. I don't know what to do. I've had car payments I couldn't afford once and I never want to experience that again. For a reliable car on the low-end it looks like it'll be <$25,000. What should I do? [link] [comments] |
| Posted: 18 Nov 2021 02:34 PM PST We literally did all of this together (opened accounts same day, invested same day) and compared our current status this week - I was shocked to see their gains so much higher. Both investments were left untouched after the initial selection of funds. The investments were made in a "target date fund 20xx" for both, I think it's the same year but if not the max difference would be 5 years (e.g. target date 2050 vs. 2045). Should a 5 years target date difference lead to a difference of over 28% in returns over a 10 month period?! Edit: Mine is all in VFIFX. I will get theirs tonight. [link] [comments] |
| Posted: 18 Nov 2021 09:42 PM PST I don't have renters insurance, I didn't know this was a thing (I'm not from the US). My landlord does have property insurance, but he'll come here in the morning to assess the damage. The fire was oil fire and it damaged the ceiling and walls, melted half of the microwave above the stove. 2 firetrucks, an ambulance and two SUVs showed up, 8 firemen, even the chief. They just looked around and took pictures, put fans to air out the house and took my name and phone number. Aside from the house repair costs and considering this is America, will the fact that I called 911 also land me a huge bill? My country has socialized emergency services but I never called 911 here in the US due to fear of the costs, but this time my roommate yelled to call them and I did it on impulse. I live in Massachusetts. [link] [comments] |
| My mom passed away early this year. Pension plan? Posted: 18 Nov 2021 04:25 PM PST Hi everyone, I'm (23F) currently in a rough financial spot as my uncle has been in charge of my mother's pension plans and had explained that we'd be getting a full lump. We haven't talked about this financial plan since her memorial and I don't know what to do. I don't know how any of this works as I am coping. I also hate to bring this up to him as it might seem like a plea to get my dead mom's money even though it's still hard on itself as a whole. How do I go about this? How long does this money actually take? what truly is a good plan? Anything will help thank you. [link] [comments] |
| How Can I Remove Myself From a Co-Signed Loan? Posted: 18 Nov 2021 01:34 PM PST My fiancé and I are looking to buy a home together within the next year. I am trying to improve my income to debt ratio before the pre approval, so I'd like to remove myself from her car loan. How can I go about this? Will it hurt my credit? What are some other things I should know? [link] [comments] |
| Posted: 18 Nov 2021 11:09 AM PST My girlfriend and I are finally taking the big step of moving in together. On my own, I have always been very budget-conscious, knowing how much I am spending and saving each month. My girlfriend is fairly good with her money as well. For dinners we typically will trade off who pays (yes, I tend to pay more often for date nights!) and for obvious splits (ie. I bought a hotel room) we'll Venmo each other. However, with gf moving in, I know we'll have many more expenses to share (thinking groceries, nights out, internet, utilities, cleaning supplies, etc.) I find any nitpicky splitting of this in Venmo or Splitwise to be too tedious and also a bit awkward. I ran across a product Pay Tgthr that looks like it automatically splits what is charged to the debit card without requiring us to get a shared bank account (I'm not ready for that yet). Has anyone tried it? Any other ideas, systems, and/or advice? [link] [comments] |
| Posted: 18 Nov 2021 06:38 PM PST |
| Wanting to move out on minimal income Posted: 19 Nov 2021 03:15 AM PST I'm in a toxic household and it's getting worse every day. I've secured a super casual job - 3 hrs a day when i can work but the pay is decent imo. Average rent is $300/week and if i manage to secure enough shifts, i can get $340/week My friend wants to move out with me so that's $150/each, maybe less if we're lucky. I calculated my expenses which would average $300 max per week. So i'd be with $40 excess, maybe more as i get allowances for studying and might get more when i move out. I am still looking for a more permanent job that can guarantee a more stable income, but is it crazy to think i can move out with the amount i've mentioned? i'm gonna be working and savings everything as we aim to move out Mid Jan, but my mental health is declining at home and id rather struggle than be here any longer. i'm just scared it'll be in over my head and have to return home. My friend earns plenty, she could move out alone but hasn't yet. and i couldn't afford it myself either. idk sorry if this isn't allowed i feel i need some motivation or advice? thanks. [link] [comments] |
| New to banking/ Need to deposit tax refunds--Same day avilablilty? Posted: 18 Nov 2021 08:39 PM PST Hello, so im having a HUGE issue depositing a tax refund because i DO NOT have a bank account, I just recently got an ID and dont have my Id or Birth certificate, but i have a picture of them.. Im having a hard time depositing this check or getting a bank account because everywhere i seen wants me to go in in person. I was looking for a bank that can 1) let me be able to deposit the check, and have some of the funds avilable, and if anyway i can do it instantly. Make an account, verify my ID and such, deposit check and have access to funds, or partial funds immediately. I would like to then continue usage of this account, and have a savings account, and a spending account for online purchases. Sorry for the dumb questions, im jsut so lost with this bank account stuff, and i get so lost in the process, its all overwhelming to me. [link] [comments] |
| Is there really no alternative to stocks? (the TINA trade) Posted: 18 Nov 2021 04:53 PM PST I am in my 20s with a decent income. I have 12 months emergency funds saved up in a high yield savings account, little debt, I don't have a 401(k) at work but I max out my Roth IRA each year and put all my excess money into my regular investment account. My portfolio consists of: 60% VTI (total US stock market etf) / 40% VXUS (total international stock market etf). In other words, I am 100% in stocks. This is because I don't see any good alternatives for my money. There is a term for this: TINA (there is no alternative). So is there really no alternative to putting your money in stocks? Let's look at some of them:
So, are there really no alternatives to my current strategy of putting all my money into stock market index funds? I'm not too concerned about a crash or volatility due to my age and income. Despite the diversification I get from owning basically every publicly traded company on the planet, it feels a bit un-diversified to put all my eggs into the basket of stocks. Especially when there are a lot of articles coming out saying how the stock market is overvalued and low interest rates have pushed it to a bubble, etc. But I can't think of any other good investments. [link] [comments] |
| My car was stolen and totaled. What do I need to know about insurance? Posted: 18 Nov 2021 05:12 PM PST Ugh. I just want to make sure I don't do anything monumentally stupid here. My boyfriend and I were using his dad's truck to run an errand. The truck was stolen in broad daylight in a grocery store parking lot. It happened so quickly that We actually witnessed the thief driving off and we were able to call the cops quickly enough that they caught the guy. However, during his joy ride he attempted to escape and drove the truck in to a house. There is literally a truck sized hole in a strangers house, made by my boyfriend's dad's truck. That we were technically responsible for at the time it was stolen. What happens now? Who's insurance covers this? Certainly not the thief who was apparently high on meth and likely doesn't have insurance. Can the homeowners sue us for any reason? The police also told us there are victim resources for this type of thing but we're still dealing with the base level problems here so we didn't get in to that. Will our insurance rates go up? Etc. Feeling a bit overwhelmed. [link] [comments] |
| Posted: 18 Nov 2021 11:40 AM PST Hey everyone, Disclaimer: I know that I'm going to have to do plenty of my own pondering/budgeting/etc in order to approach this situation the right way, so I'm not looking for some wizard to give me "all of the right answers" here. I'm really just hoping to hear additional opinions/perspectives/etc, because there may be things that I should be thinking or considering, but haven't even thought of yet.
Not terribly long ago, I applied for a job at a small liquor store nearby. The owner had been looking to hire someone for a very long time, and I was offered the job the day I applied. When I was asked how many hours I was looking for, I said "as many as you can give me," and when asked what sort of pay I was looking for, I said that I was hoping to start at $13/hour — adding that I'd eventually like to earn more than that. The owner trained me and got me up to approx. 38-40 hours per week pretty quickly. I recently had my 90-day evaluation, and long story short: the owner & his wife (who sort of helps runs the place with him) said that they were thrilled with my performance, and that they were giving me a $1 raise. Then they asked me if I had any interest in transitioning — over the course of the next 6 months or so — into a "general manager" position. Basically, the owner wants to be able to pull away from his daily/weekly duties a bit (wants time with family, time to travel, etc). They mentioned that the idea is that I'd be trained to run the day-to-day of the store, to be the one who places orders from distributors, decides what needs to be ordered & when, and essentially "run the store." The conversation was just an introduction to the idea, so we weren't tossing around official numbers or anything like that — they just wanted to know if I'd even be interested in that sort of thing. The next two months will be super busy, but when January comes, things will slow down considerably, and they said that would be the ideal time to sit down again and really talk it over.
Anyway….I haven't really been in a position like this before — at least, not in an industry even resembling this one — and I'm trying to get a sense of the types of things I should be considering/questions I should plan on asking/etc. I googled "average liquor store manager salary Maryland," and $34,878 came up as a figure. That's not a great salary, but I'm in a position where I could swing that for 1-2 years without too much hurt. Not sure if I should quote a similar figure if/when asked about pay raise? I assume I should ask about benefits such as health insurance/etc, but since I'm dealing with a small family-owned business, I don't know if that's extreme….like, maybe something that's more of a "corporate" question? I don't want to do this for the rest of my life, but the combination of the pandemic and some major family events have caused me to start a significant industry switch, and I could see me doing this for 2 years or so while I prepare myself for plans further down the road. I don't currently pay rent (a living situation I've worked out with my brother), so this could perhaps be a good opportunity to build up some savings and invest in training programs for what I'd eventually like to do. Long story short: are there things I should be considering that I haven't really mentioned yet? With a smalll business such as this, is there a "line" (so to speak) that I should try to avoid crossing when inquiring about pay and benefits? Sorry if this is scrambled. I'm writing in a hurry before a shift, and I just wanted to get this post out while it's on my mind. Thanks! [link] [comments] |
| U.S. Treasury Series I Bonds as a strategy for saving for a house? Posted: 18 Nov 2021 11:40 AM PST My wife and I are saving for a down payment on a house (goal is at least $40,000 down payment; 10% of home value). We will definitely not buy until at least three more years. Given the interest rates in cash right now are 0.nothing, I was thinking about moving our house funds into Series I bonds. Thoughts? [link] [comments] |
| Mentally Ill Mother Financial Issues Posted: 18 Nov 2021 11:02 AM PST I love my mother (56), but she is also schizophrenic and a hoarder whose mental health has been declining over the years. Ever since I can remember, she has depended on others for financial help. She is a sweet woman, but she is extremely paranoid of others, always talking about conspiracies people have against her, and hasn't been on any medication since I was born. My father and her divorced when I was in high school which forced her to begin working again. While I was in college, she lived and worked at a hotel for a while then travelled around the Midwest doing odd jobs. She is quite resourceful when she needs to be. She even has a college degree, but she's in no mental state to use it anymore. I've always tried to help her where I can. I do her taxes every year. She then lived with my grandparents who took her in once again and it ended horribly with my mother pushing her father down, breaking his hip, and they had to get a restraining order against her. On top of that, she gave them bed bugs because of her hoarding. Once I began my career, I found and co-signed an apartment for her. I was meant to support her for a while until she could find a job and support herself. I spoke with her every week pleading her to job search and she never did. Supporting her spread my finances very thin. Her hoarding and strange habits eventually got her evicted after a year, which almost ruined my credit. I had to appear in civil court to try and fix it. When the pandemic hit, she got on unemployment and lived another hotel for the past year. She still didn't get a job, granted the car I gave her broke down. She also didn't reapply for unemployment so when it ran out she thought someone was taking money out of her account. The hotel kicked her out a couple of weeks ago for collecting cans around the property and storing them in her car. I now live across the country from her because of a job opportunity and my partner. I've been giving her a few hundred dollars a month to help her out. She's been mostly homeless since then. My dad (her ex) did fix her car for her, so that's good. I've been begging her to reapply for unemployment and she refuses to. I've tried to reapply for her but there are security questions I haven't been able to answer. She even refuses to go to a shelter and would rather alternate between staying a night in a hotel and camping in state parks. I can't fully support her financially without sacrificing my life, and I can't let her live with me because of her awful habits. When people get to close to her, she burns them. She's burned all of her bridges with her family and anyone she's lived with. Whenever she is offered financial support, she thanklessly leans on it and won't take action to help herself. She's incredibly stubborn and refuses to take any advice. I'm at my wits end because I love her and I want her to be safe but she just won't listen and I need to maintain boundaries with her so I can retain some capacity to help her. I know it's not her fault that she has mental illness but I feel such burnout from trying and failing to help her. My aunt has offered to buy her a mobile home where it'd be harder to evict her and she could live with some independence, but it's a slow going process finding a place. Even when we find one, I'm worried I'll be sucked dry again through lot fees and utilities. Is there anything else I can do for my mother that is sustainable for me? Edit: Thank you to all of the amazing and kind people who took the time to read this. I appreciate all of the great advice and insights you've given me about her and her situation. I feel so much better about what I can reasonably do to help her going forward. Thank you. [link] [comments] |
| Leaving job with $3k in the retirement account Posted: 18 Nov 2021 12:55 PM PST Hi all, long time lurker of this sub and I am now in need of some help. I am leaving the nonprofit that I have been working for the past year. I have 3k in their 403(b). What should I do with this 403(b) account? Do I leave in open and stop contributing, do I roll it into another account, can I do that? If it helps it is through Victory Capital. [link] [comments] |
| Trying to rebuild credit...got a question Posted: 18 Nov 2021 06:45 PM PST My credit was so shitty, when I was younger I just ran bills up and put them off. After several years of paying I'm out of it all. I have 2 loans I took out from tool trucks in hopes of improvement. So far it has shown to be positive on my credit report. I pay at least 50% of my payment extra each week and the payments are affordable. I notice it says only having 2 accounts open is a red flag to some companies on my credit report. So, should I apply for a credit card? Don't need it but paying in full monthly is no issue. If so, what card? My avg credit score is 625. Any help appreciated! [link] [comments] |
| Posted: 18 Nov 2021 05:38 PM PST So we recently refinanced to a new lender (closed at the end of Oct). Within days, we received notice that the new lender had already repackaged our loan and sold it to a new lender. We initially were told we wouldn't have to make a mortgage payment until Dec; I think the Nov payment was getting added to the principal. Now that it has been repackaged, I'm being told we don't have to make a payment until January 2022! Question 1) how do mortgage companies make money repackaging these? 2) Am I getting screwed? 3) What is the wisest course of action? I thought that perhaps they make money off of people because the natural instinct is to think "Score! No mortgage payment for 1-2 months!" but then the new lender makes more money off of the borrower bc the principal/interest is that much higher. Welcome informed comments! [link] [comments] |
| I-Bonds and good math and a little help and Thank you Posted: 18 Nov 2021 06:02 AM PST I want to purchase I-bonds per Clark Howard. But I am fuzzy about the math. Could we use $100 as a number to help my understanding? And cover this like I am in first grade. Questions on timing
Questions on Interest
Thank you to all for your time and help with this [link] [comments] |
| Worth pursuing buying/building small home instead of renting? Posted: 19 Nov 2021 12:31 AM PST I wanted to just ask if it's worth pursuing purchasing a home or building a home after buying land instead of renting. I am currently struggling to find any apartments that meet my budget (1-1.3k/month) that aren't absolute rip offs in terms of amenities and/or condition, etc. Currently back home while I apartment search, but have obviously started to look at other options. My current annual income is roughly 50-55k (could potentially be higher given some work variable) but my biggest concern and I'm sure my largest obstacle is the amount of student loans I have which currently is approximately 85k give or take. Is it worth pursuing? Advice? Help? Tips? Currently fairly dejected. I understand my student loan situation isn't ideal, but would like to see if anyone has some insight on whats possible. Thanks. [link] [comments] |
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