Personal Finance IRS announces interest rates will remain the same for the first quarter of 2022 |
- IRS announces interest rates will remain the same for the first quarter of 2022
- First child on the way. What financial advice do you have for me to ensure she has a shot at a great future?
- Mother passed away and I don’y know the next steps
- Where’s the best place to passively invest into specific stocks?
- Easiest and safest way to transfer inheritance money from Colombia to U.S.
- May have to short sale/foreclose just months after buying a home with problems! [Ohio]
- 23 y/o in the US, I need help making a financial plan
- What Roth IRA should I invest in?
- Graduating from college in the spring, what's the smartest thing I can do?
- Invest 60% of my checking account money into index funds?
- Is it even advisable to purchase a car as a college student in this market?
- Consolidating multiple retirement accounts
- 529 fully funded?
- Expat returning home
- Lower paying professional trade job vs high paying shift job?
- Should I stop contributing into my 457(b)
- Does it make more sense to stay in my studio apartment or to look for a condo/house?
- Sold a house - would like my money working...
- Just received a hefty direct deposit from a company that I no longer work for, it has been about a yeah since i quit. mistake? or bonus?
- Purchasing a home savings route
- (California) Car dealer sold an illegal car, wasn't discovered illegal until deal was made and financing approved. What can be done?
- Thrift savings plan
- In regards to the whole 4 percent rule
- How to take advantage of FEMA for Credit Cards
| IRS announces interest rates will remain the same for the first quarter of 2022 Posted: 25 Nov 2021 11:18 AM PST The Internal Revenue Service announced that interest rates will remain the same for the calendar quarter beginning January 1, 2022. The rates are: • Three (3) percent for individual overpayments (refunds) • Three (3) percent for individual underpayments (balance due) Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For Taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points. Source, at IRS.gov: https://www.irs.gov/newsroom/interest-rates-remain-the-same-for-the-first-quarter-of-2022 [link] [comments] |
| Posted: 25 Nov 2021 09:16 AM PST Hi everyone. Was hoping for some advice on 1) what type of accounts I should open (i.e. 529 and other) as well as 2) any tips on how you have navigated teaching your child(ren) about money, starting at a young age. I have thoughts and ideas, but transparently neither myself or my husband came from families who were the best at this sort of thing, everything we know is self-taught and both of us learned from mistakes along the way. So I know we may have gaps in knowledge. Was just curious what worked for you and what didn't. Edit: Wow thank you everyone for your responses! I really appreciate this and you taking the time to provide very thoughtful responses. So much helpful information on the accounts and lots of creative ways to educate your child. My daughter will thank you. 😊 Edit x2: Also the comments about ensuring you take care of your retirement first are spot on and often overlooked. This really resonates as my husband and I are often concerned about our family members - it's obvious they aren't saving enough. I don't want my child to think these things about us. Fortunately we are taking steps to make that not the case but it just drives the point home. [link] [comments] |
| Mother passed away and I don’y know the next steps Posted: 25 Nov 2021 03:43 PM PST My mother passed away recently and I don't know what to do. She has around $30K in credit debt+parent PLUS loan. She has around $50K in her savings account, $4K in her checkings. Her house is paid off, her car is paid off, and she has retirement benefits that I do not know about. I've been seeking help—I'm making this post a couple days afterwards—and I'm wrapping up my degree soon. I am lost currently. [link] [comments] |
| Where’s the best place to passively invest into specific stocks? Posted: 25 Nov 2021 08:12 AM PST Happy thanksgiving! I tried Fidelity, but unfortunately they only let you automatically invest into their own mutual funds. Is there a better platform where I can pick the stocks that I want the money automatically invested in? I want to invest into my Roth IRA. Thanks in advance. [link] [comments] |
| Easiest and safest way to transfer inheritance money from Colombia to U.S. Posted: 25 Nov 2021 10:04 AM PST A relative of mine is getting an inheritance in Colombia where she is a citizen and wants to transfer this money to a U.S. bank where she is also a citizen. Can someone recommend the best way to do this? I was thinking maybe she can use a bank that operates in both countries? [link] [comments] |
| May have to short sale/foreclose just months after buying a home with problems! [Ohio] Posted: 25 Nov 2021 09:10 AM PST So I'm in a panic right now. I bought a home in August this year for $123k. Just two weeks after buying the home the house ended up having multiple problems. The sewer backed up and the sewer lines were discovered to be broken. I had to get the front yard dug up and it cost me 5k. The furnace went out too. At the same time this happened I got laid off. I took on a factory job but ended up quitting it after a week because something there was making me physically ill. I couldn't stick it out it was that bad.. So no more unemployment benefits as you can no longer get benefits if you quit.... I've applied to other places, over 500 in the past couple months but haven't heard anything back. With all the stuff going wrong with the house, losing my job, and everything else I just want to be done with it. My girlfriend is on the mortgage but she's not going to be able to afford it either as she's on disability. I have a roommate but she's on disability as well and cannot afford to make payments on anything other than a few small bills. I'm not sure what to do at this point. We all have family members we can move in separately with but thats it. This purchase has been a total and complete disaster and I regret buying this house. I have a couple months of savings left before I start getting behind in payments. I've been considering talking to the bank early as next week to consider options. What are my other options? [link] [comments] |
| 23 y/o in the US, I need help making a financial plan Posted: 25 Nov 2021 06:18 PM PST I'm 23, I currently make $33,150 annually. I'm trying to make sure I set myself up to be in a good place financially as I get older and I know the sooner I start the better. However, I don't know where I should start on this financial journey. I was considering opening a Roth IRA but my husband pointed out that it might not be a good idea to do that until I pay my debts. What should my plan of attack here be? My husband is military and makes about $35,924 annually, so if there are any military resources I can take advantage of please let me know My Debts: Student Loan 1: $1,053 Student Loan 2: $5,917 Federal Student Loan: $14,250 Credit Card Debt: $3,043 I also have $1,400 in the stock market that I was considering cashing out to either pay off Loan 1 or putting it into a Roth IRA Thank you in advance! [link] [comments] |
| What Roth IRA should I invest in? Posted: 25 Nov 2021 09:14 AM PST I am a beginner in investing and want to make sure my money goes to the best Roth IRA out there. For context, I am 23F and don't have a full-time job yet, but can add (at the very least) $500 into my first Roth IRA account. I am stuck between Charles Schwab, Fidelity Investments and Betterment. [link] [comments] |
| Graduating from college in the spring, what's the smartest thing I can do? Posted: 25 Nov 2021 07:27 PM PST I'll try to keep things short: I'll be graduating in the spring with a degree in civil engineering in the PNW region of the US. I will be graduating with zero debt, and have a job lined up that will be paying in the 65-70k range based on my research and from talking to other people in my major who've recently accepted offers. I'll be moving to an expensive downtown city, and will probably be paying ~$1650-1700 total (utilities, parking, wifi, etc included) if I get a single bedroom apt. I want to live in my own place within waking distance to work at a complex that has been recommended to me. I have a 2004 Hyundai with only 120,000 miles on it (mostly highway), completely paid off and just got new brakes and tires, so I plan on keeping it for a few years. I also have $1,200 in in an acorns account. Anyway, I'm nervous about starting post college life and would love some advice on how to best start saving/investing. [link] [comments] |
| Invest 60% of my checking account money into index funds? Posted: 25 Nov 2021 02:08 PM PST Finally want to do something with my money instead of just letting it sit in my checking account. Have about $61k sitting there. Have $14k in student loans which will begin next month. And a car payment of $350/mo with 0% interest. $5000 in car payments left. I maxed out my Roth IRA for 2020 and 2021. Will max out for 2022 next year. No other expenses other than health insurance. Make about $4,500 a month post tax. Thinking of leaving $24k in my checking ($14k for loans and 10k for daily expenses/car payment/emergency) That leaves about $36k to invest. Not sure if this is ideal. [link] [comments] |
| Is it even advisable to purchase a car as a college student in this market? Posted: 25 Nov 2021 07:06 AM PST I'm a computer science student who's graduating in a year. No student loans or credit card debt. I don't have much expenses besides phone bill ($33). I have 2K in savings but I have it in a high yielding savings account and I would prefer not to touch it. Currently passively looking for a used car around 5~6K. However the ones I am finding are borderline about to fail as soon as I drive off the lot. I have an internship coming up in January that will require me to drive 10 miles every Mon-Wed. School starts again at the end of January and will be in person. That would require me to drive to school every Mon-Th 16 Miles away (round trip). Plus my current job is mostly remote but I sometimes need to visit the office about once a week (37 miles away round trip). How in the world can I get a car in the following months that's within my budget? I really do not want to finance a used car for 12~13K when I currently make around 14K a year. What are my options ? Edit: My credit score is 770 if that's any help [link] [comments] |
| Consolidating multiple retirement accounts Posted: 25 Nov 2021 06:03 PM PST My employer used to run two retirement accounts: 403(B) and 401(A). We could contribute to the 403(B) with a 50% match on the first 4.5%. The employer contributed a discretionary annual amount to the 401(A). At the beginning of this year, the 401(A) value was rolled over to a new 401(K) and employee contributions and the match now goes there. The 403(B) is still sitting out there with funds and continues on with my elected investments but has no new funds going to it. What are the considerations here? Should I initiate a rollover to consolidate all the funds into the 401(K)? Is there any advantage to having the two separate accounts? They currently have slightly different investment allocations. Thanks! [link] [comments] |
| Posted: 25 Nov 2021 02:59 PM PST At what point do you consider a 529 for your kid to be fully funded? Projected future value by college age I mean more specifically. Assuming in state and not the most expensive school in the state. [link] [comments] |
| Posted: 25 Nov 2021 03:26 AM PST Hey guys. My husband to be and I are moving back to the US. He hasn't lived there in about 20 years or so. He has filed taxes and done his tax returns and he maintains his credit card with a credit rating of around 700 I think. My question is will they consider his foreign jobs as his 2 year work history since he has filed his taxes and declared income. We don't expect to use his foreign income on the mortgage application as he will have a job when we move there but we don't want to wait another 2 years to apply after we move. Can someone please advise. If it's any help we plan on relocating to South Carolina from Ireland [link] [comments] |
| Lower paying professional trade job vs high paying shift job? Posted: 25 Nov 2021 03:53 PM PST Hi all, i am seeking opinions/experiences on your pros and cons for example working as a mechanic with lower pay or a high paying shift job not related to mechanics? The shift job would be paying double or over twice the amount of the mechanic job. I am thinking maybe it is better to stick to jobs related to mechanics if that is what you plan to return to. Long term wise...losing some years of experience would make it difficult to get back into but then would the amount of income from the shift job make up for it? The shift trade job would not be something that can be done long term, maybe just a few years. Thinking of working for a few years enough to buy a house, but I think the current salary with the mechanics and it would go up in the future through experience; we would still be able to pay off a mortage and enjoy ourselves within our means. We wouldnt have much debt if you dont include the future mortage apart from my 10k/12k aud loan from school. Thanks all. Does anyone have similar experiences in something like this and how it affected you? [link] [comments] |
| Should I stop contributing into my 457(b) Posted: 25 Nov 2021 12:50 PM PST So I recently found out my 457(b) plan did not work quite the way I thought it did. Apparently you can't rollover a nongovernmental 457(b) into anything And I would essentially be forced to liquidate my 457(b) after leaving my job. Considering this, I'm not sure there's any point in putting much money into it because it would put that money into higher tax bracket than what I'm making now. Maybe I'm misunderstanding how my plan works but is there any point in contributing any more money into my 457? I only have $1500 in it as of now. I make roughly $75,000 per year. I would probably be moving my contributions to a 403(b) instead. [link] [comments] |
| Does it make more sense to stay in my studio apartment or to look for a condo/house? Posted: 25 Nov 2021 07:25 PM PST I want to preface this by saying that I'm just an ordinary lower middle class person. I'm not living in poverty, but I am a single elementary teacher making $51k so I always need to be a bit more careful with money. I also do not have dependents (besides a 9 month old kitten). I am 32 and I've lived in a nearly 500 sq ft apartment alone for almost 6 years. Generally, rent only has increased $16-$20 each year. This year, it's jumping from $763 to $833 and I find that nuts to pay for a studio in the suburbs. I would not struggle financially to pay this amount, but it feels like a rip off for the space. I'm not used to a $70 rent increase. I know housing is more expensive right now, so I was wondering if people think it makes more sense to stick it out one more year or to look for more space anyway/put my money into something I could invest in. While I know a condo or house require more maintenance, I could also be paying a mortgage that is the same amount as my upcoming rent. For context, I'm single with no kids. I have a little over $27k saved up (excluding about $50k in retirement funds that I can't touch) and I'd be looking for something up to maybe $180k (I'm in the Midwest suburbs). My only debt is $13k in school loans. I completely own my car. Does it make sense to look right now though in this market? I'm looking for advice based off the funds that I have in this present moment. My lease is up in March but I need to give notice by January 19th. Thanks! [link] [comments] |
| Sold a house - would like my money working... Posted: 25 Nov 2021 07:00 PM PST Sold our home, want the $300K working, who's the lowest fee over time for an equity index fund? What's my best option? I used to use Schwab, but that was 25+ years ago. Suggestions? Thanks PF. [link] [comments] |
| Posted: 25 Nov 2021 01:40 PM PST As the title states, I have just gotten a direct deposit for a large amount (more than $1500) from a previous employer (the home depot) I quit working there about a year ago, and I just received this on my bank account, I am fairly young (20) and I want to know if it is maybe a mistake or some sort of bonus or something. I just don't want to get into any sort of trouble if I spend that money and it was a mistake and they request it back or something, i don't know much about this sort of stuff. I would appreciate any help, thanks. [link] [comments] |
| Purchasing a home savings route Posted: 25 Nov 2021 04:07 PM PST I am hoping to get a duplex or if I can't find one within my price range, a sfm/condo I can get roommates with. I am single. Going into a job that will pay me 70k in a couple weeks and I was originally making 50k mid year from getting out of school. I would like to buy a some real estate within 1-3 years. My budget for a place is 350k or less. I am hoping to get an FHA loan and pay between 5-10% of a down-payment and then like 3% for closing costs so my range to save is 20 to 40k. The thing is, is that I don't know with inflation if I want to keep my savings in a HYSA that only gets 0.5% return or if I should have my financial fiduciary take it and invest it like he is doing with my roth? Thoughts? [link] [comments] |
| Posted: 25 Nov 2021 05:03 PM PST Posting this for a friend that doesn't have reddit "I did a trade-in at a used car lot. My new car started having issues almost immediately. Took it back to the dealer as I had bought a warranty through them. Upon looking into the issue, it was discovered that the car had straight pipes. Straight pipes are in no way legal in California. They have now had the car for 2 weeks and gave me my old car back as a "rental" while the new car gets fixed. They also gave the option to "undo" the deal and keep my old car. I'm not sure how to proceed here to cover myself from getting screwed over and not have it marked negatively on my credit as a positive repossession. Any advice on this would be greatly appreciated!" [link] [comments] |
| Posted: 25 Nov 2021 05:02 PM PST My grandmother recently passed and I am listed as beneficiary. I was wondering what taxes would need to be paid for inheritance? We also had it set up with online access so I can currently get into. They have not been notified yet so I was wondering issues if we're to just close out as is. [link] [comments] |
| In regards to the whole 4 percent rule Posted: 25 Nov 2021 01:47 PM PST Hi, I know when it comes to the 4 percent rule when it comes to investing you can withdraw 4 percent and reinvest the rest. My question is would you be fine, withdrawing more like 5 percent for example, in like an index fund. [link] [comments] |
| How to take advantage of FEMA for Credit Cards Posted: 25 Nov 2021 11:03 AM PST Recently recieved an email from Apple saying that I qualify for FEMA assistance since my address falls under a Natural Disaster zone. This would allow for pausing on Credit Cards, no interest for the month enrolled, and etc. I was wondering if this applies for my Apple card which has a low balance, would this apply to my higher usage Chase card as well? Would appreciate any advice!! [link] [comments] |
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