Personal Finance Weekday Help and Victory Thread for the week of November 22, 2021 |
- Weekday Help and Victory Thread for the week of November 22, 2021
- 23 yrs old, $3,500 in my bank account, 0 debt, credit score is 717. Tips to improve?
- Is it true that if there are two applicants on a mortgage, the lower of the two credit scores is considered when determining the interest rate?
- I plan to stop working at 57 and just enjoy my life living frugal.
- Quit without notice and no final check
- Dealership says they need to inspect car before lease buy out. Is this normal?
- Should I surrender my Life Insurance policy to afford a house?
- Help with understanding Roth IRA
- Amazon told the state I was a subcontractor during auditing; supplied an EIN number. I don't recognize any of it. How can I check?
- Trying to keep my deceased brother-in-law's car from getting repo'd.
- If your money was stolen from a checking/savings account does your bank really not help you?
- I started a Roth IRA this year, and now my job offering a 401k, how do I handle this?
- What happens when a pension becomes insolvent before you can withdraw from it?
- Critique our financial goals for the year.
- Which textbooks do professors assign for "Intro to Personal Finance" courses?
- Is putting money into my 401k enough?
- Escrow Surplus in excess of $500 not refunded, twice
- Broke man trying to make it in life
- Does the desire to retire early evolve as one gets older?
- If someone knows my bank account number, is there a risk of fraud or someone stealing money from me?
- 21, $85k invested, $10k in cash. 0 debt. Graduate college in spring
- Deposit cash USD in UK or Europe
- Selling home in Florida, walking out with 75k. Unsure whether to buy current market here, wait, or rent and invest elsewhere.
- Enrolling in healthcare.gov for 2022; I'm unsure how much much I should be spending
| Weekday Help and Victory Thread for the week of November 22, 2021 Posted: 22 Nov 2021 03:00 AM PST If you need help, please check the PF Wiki to see if your question might be answered there.This thread is for personal finance questions, discussions, and sharing your success stories:
A big thank you to the many PFers who take time to answer other people's questions! [link] [comments] |
| 23 yrs old, $3,500 in my bank account, 0 debt, credit score is 717. Tips to improve? Posted: 21 Nov 2021 06:14 PM PST I'm still in college and just work retail. I've only been working on and off since I was 20 (wish I had started working earlier) but I've saved up most of my money (only major thing I bought was an iPad for like $250) but otherwise most of it is saved. I've been at my current job for 7 months and plan to pick up way more hours during the holidays. Also planning on getting a paid internship during the summer. Never made a late payment on my credit card, use it responsibly. No debt. But I feel like I should be doing more? Should I be investing? Idek where to start. Any advice would be helpful. [link] [comments] |
| Posted: 21 Nov 2021 10:38 AM PST Say, if the husband has 800 and the wife has 750, 750 is used to calculate the interest rate. Is that right? [link] [comments] |
| I plan to stop working at 57 and just enjoy my life living frugal. Posted: 22 Nov 2021 12:21 AM PST I make 100k/yr and just turned 47. I don't see myself working until 62. How would it affect my SS money? My goal is to pay off my house in 3 years. I only have 120k in my 401k right now. I contribute 5% but will increase it by 1% per year until I'm ready to stop working in 10 years. I'm worried about health insurance expenses too. I don't have any health issues right now but who knows in a few years. Also, I'm in grad school (30k) right now. I don't even know why I decided to go back to school. I'm just bored. I have a year and a half left. After grad school, I will pursue a job that does not require heavy pulling, pushing, and lifting and less stress. Perhaps, that would allow me to work more years than I originally want. Honestly, I just wanna pay off my house right now so I can relax. After that, I'll go full blast on investing (mutual funds, etfs, a little bit of crypto). I have a gambling problem that's why I wanna pay off my house soon. I wanna secure my living condition first before I lose control. I've been very good not gambling lately so I'm proud of myself. Anyhow, I guess I should post this under rant or wherever but thank you for reading. [link] [comments] |
| Quit without notice and no final check Posted: 21 Nov 2021 11:14 AM PST I worked for this company as a summer job and ending up quitting around august with no 2 week notice. To my belief, I thought I was going to receive my last pay check through the mail but did not. I never received an email from my employer about my final check. Just an email a day after I left to make me feel bad about it. It is almost December, so I emailed him if I was getting the check. He replied that "after 90 days they expire and that the company was sold, all accounts closed". I live in the state of Georgia. What should I do? Or what can I do? [link] [comments] |
| Dealership says they need to inspect car before lease buy out. Is this normal? Posted: 21 Nov 2021 05:09 PM PST I am trying to buy out a Mercedes Benz lease (of which I have 8 months left on). I did a cash up front lease so I have no monthly payments and a paper that indicates the lease end price. The dealership says they need to inspect the car prior to me buying out the lease. Why is this the case if I am going to buy the car? Does this seem odd? [link] [comments] |
| Should I surrender my Life Insurance policy to afford a house? Posted: 21 Nov 2021 09:36 PM PST Long story short, I was young and was making a really good income well above the average at the time. I was single and all, and my financial advisor suckered me into a life insurance policy with a dividend scale payout. The plan was to have a retirement savings plan / "tax shelter" in which I can borrow against my cash value as collateral and pay interest to the bank. That way, I wouldn't have to pay income tax on the amount that I borrow from because my tax bracket is already so high. When I die, the payout will cover whatever I owe if I were to borrow. I don't want to say how much I pay for the premiums, but it's a pretty big chunk of my salary (like 10%). Even worse, the dividend payout sucks compared to inflation and my estimated premium offset keeps getting delayed year after year... Fast forward today, I'm outpaced by inflation and growing number of high salaried workers and housing costs. I currently own an apartment which is really love living in, but I would ultimately want to just buy a house as both a residency and long term investment and not have to deal with strata and all. Unfortunately, I live in Vancouver, and houses here are super expensive. I'd like to purchase the best house I can possibly get because I feel a good roof over my head is personally life's utmost importance. All said, I do plan to get married very soon and maybe have kids, so it would help protect my eventual family in a forward thinking perspective. But I just don't know if I should bother keeping my life insurance policy because it's eating so much of my capital. I could just borrow against my cash value, but geeze... with the wild swings in the world today, who knows what's going to happen 20-30 years down the road honestly. Borrowing against my cash value will also mean I'll be paying prime + x interest rate, which I think is around 4.x% to the bank. I think my dividend payout might be able to cover that interest though. So if I surrender my policy, I think I'll lose maybe 6-7k of my premium. I've been contributing to it for around 5-6 years now, and I'm 35 years of age. Can you guys let me know what your thoughts are? Should I borrow against my cash value, or just surrender it, or any other alternatives? [link] [comments] |
| Help with understanding Roth IRA Posted: 22 Nov 2021 03:50 AM PST I've never had a job that had a 401k and thought it'd be a good idea to contribute to a Roth IRA on Fidelity for retirement as I'm 28 and have nothing for retirement. However, I've read many posts on here as well as a few specific ones on explainlikeim5 and this process is still very foreign to me. My brain just shuts out any information I try to retain and I honestly start to panic and give up, I have no idea what I'm doing. I have an account with fidelity. And have been putting in $50 a month for several months, but have not invested any of it. It's just sitting there. I try to invest and it asks me to pick an asset class, and I have no idea what any of it means and I'm too scared to do this wrong. Please be kind, I'm trying to learn but have never learned any of this in school and am struggling to understand. Thank you in advance. [link] [comments] |
| Posted: 21 Nov 2021 01:18 PM PST I worked at Amazon from Q3 2018 to Q1 2019, and received W2s for both years. I just got a letter in the mail from my former state's DOL asking me to complete a worker classification questionnaire due back 2 months ago (USPS mail forwarding). The letter stated that I worked at Amazon from 2017-2020 as a subcontractor with a listed EIN number. I have never seen this EIN number in my life. DOL is demanding copies of business invoices, insurance, advertisements, etc. I have none of these because I was a W4 employer. I emailed the auditor copies of my W2s; but now I'm concerned about identity theft. At best, this was a clerical error. The site were I worked had a terrible HR department. I resigned in February 2019 but they didn't process my separation until May 2019. At worst, someone has stolen my identity. I did have an issue with a Wells Fargo debt collection scam 2 years ago but that has since stopped. Is there a way to search for EIN numbers? I see an "EIN identify theft" option on IRS site but I don't know if this is actually theft or incompetence on Amazon's behalf. Not sure what to do here. I just want to protect myself and financial wellbeing. [link] [comments] |
| Trying to keep my deceased brother-in-law's car from getting repo'd. Posted: 21 Nov 2021 09:13 PM PST My brother-in-law died unexpectedly last week. He had a Tacoma purchased through a loan through GM financial, and was late on payment(s). They wouldn't tell the family anything about how much was still owed or how far behind he was, and just kept asking what his latest address was. Naturally, we've hidden the truck until we can work some things out, but nobody really knows what the next step is. What do we do from here? What other paper work do we need? If the "Bank" decides that they'd rather have the truck to auction off than take a payout on the remainder of the loan, do we have any grounds to stop them? [link] [comments] |
| If your money was stolen from a checking/savings account does your bank really not help you? Posted: 21 Nov 2021 12:31 PM PST Or maybe im reading too much /r/personalfinance. Every day I read a story of one user who has had money stolen from his account and their bank not helping them so the top comment is usually file a complaint with ccfb (or something like that). Does that nromally happen? [link] [comments] |
| I started a Roth IRA this year, and now my job offering a 401k, how do I handle this? Posted: 21 Nov 2021 11:11 PM PST I'm not the best at saving money, and now I'm overwhelmed with opportunity. What should I do? What are the pros and cons? [link] [comments] |
| What happens when a pension becomes insolvent before you can withdraw from it? Posted: 22 Nov 2021 04:17 AM PST If one is lucky enough to have a pension which they pay into for a given amount of years, they expect a certain payout. As pensions continue fading away, there are fewer and fewer people paying into ur system for the existing pensions to satisfy their obligations. What happens if a public employee paid into a pension for a certain amount of years, became vested in that pension, and then the pension becomes insolvent? I know that in the US, the PBC is supposed to come in and save the day. But even the PBC is close to marginal insolvency unless serious measures are taken. Should a contributor to a pension have have a plan for the pension becoming insolvent or is there a way to transform the existing pension credits to a liquid asset? I would have posted this in r/pensions but that community seems dead. Please forgive me if I'm breaking a posting rule. Thanks in advance! [link] [comments] |
| Critique our financial goals for the year. Posted: 22 Nov 2021 06:46 AM PST Hi all, 30 years old, married with a 2 year old and planning for another. The plan is for my wife to stay home for 1 school year (Teacher) with our next baby so we are trying to line things up properly. Current income for this year: ~207k Will go down to around: 120k for the year when she takes off (in about a year). Debt: 377k mortgage (around 190k in equity) Private student loan: 48k at 3.2% Federal loans: 30k one at 6% the rest less than 4% Cash: 21k Crypto: 22k 529: 4k Vehicles: 30k (paid off) Retirement: 91k Our plan is to pay off the 48k in June to free up 700 a month to make the monthly a bit more relaxed. At that point, we'll go down to around 10k emergency fund and will be able to continue 401k investing, funding two 529 accounts (new baby), and saving around 100-300 a month extra. We have everything budgeted from going out to car/home maintenance etc. So, the 100-300 after is including after all expenses. I am currently contributing 7.5% and my job contributes another 7.5% We have paused my wife's retirement so we can add more to the debt this year. Then after her year off we will increase hers to 15% After the year and my wife goes back to work we will ramp up our retirement savings and get back to normal. Does this sound like a good idea? Should we not pay the 48k loan off and keep all the cash in savings and pause 529 saving for the year then pay loan after she goes back to work? I'm not too fond of that option. TIA! [link] [comments] |
| Which textbooks do professors assign for "Intro to Personal Finance" courses? Posted: 21 Nov 2021 07:26 PM PST I want to take a structured approach to self-teaching personal finance but everytime someone recommends a book, it's not an actual textbook (ex. The Millionaire Next Door, Rich Dad Poor Dad, etc). Has anyone taken a personal finance course? If so, which textbook did you use, and would you recommend it? [link] [comments] |
| Is putting money into my 401k enough? Posted: 21 Nov 2021 06:32 PM PST I'm 26 and just started contributing into my 401k through my job. I make about $35k a year before tax and I contribute 5% into my 401k and my employer matches up to that 5%. I do plan on upping my contributions by 1% every time I get a raise, which is yearly. I also have $2000 in a Roth IRA that was set up earlier this year. I do not have any plans to put more money into that yet because I can't afford it right now, though I would eventually like to start putting some money in there when I have the spare change. But if I were to just stick with the extra percent a year into my 401k and not add to the Roth would that be enough for me to retire by the time I'm 65? I don't really know how investing works or how the interest for 401k's work so I would just like to know if I'm in a good spot for my future. Thanks! Also I live in Michigan if that helps! [link] [comments] |
| Escrow Surplus in excess of $500 not refunded, twice Posted: 21 Nov 2021 10:34 PM PST I recently took over the finances because I have greater attention to detail and had heard my husband say "I thought we had more paid off than that" when it came to our home loan. So I began to audit our accounts with the help of Moneyspire and good old paper and pen. I've nearly done with all the payments dating from May 2017 (origin of the loan) to present. And I've discovered some fairly alarming discrepancies. One being an an escrow surplus of $500+ from 2018 that was not refunded, nor applied to 2019. And then in 2019 they said our escrow had a shortage of $400 in April, so we paid that and the disbursements still went over by $200. Then in 2020 we had another surplus of $850+ which was not refunded nor applied to 2021. And then in 2021 they said we were short by $4000! They then did large installment payments of $800 for 5 months.. it was at this point it caught my husband's attention but then he got bogged down with his job and it slipped his mind. Massively inconvenient to me is that our mortgage lender was bought out earlier this year by PNC so I have zero access to our old statements at the moment. I have no idea where the money went or how we can get it back since I can't track it down, and I'm hopeful that PNC will pay it out to us but also scared they'll say we're SOL since the previous lender is gone. I have begun to compile documents for a complaint with Consumer Financial Protection Bureau in regards to the missing money. Any advice or tips for me? [link] [comments] |
| Broke man trying to make it in life Posted: 22 Nov 2021 05:59 AM PST I'm trying to find a solution to make money or at least learn more about money in a way where I can use that knowledge to save myself from being in debt and choosing bad financial decisions/wasting time and money, and living off better financially. However I'm 20 in university but taking a break to find out what I really want and it's simple making money it's always been about it but don't know how to do it, I'm a novice at this and don't know where to start Everything I think of or want has money involved in it in some way long and short term goals. And whenever I chose a job or career money is the top priority but I don't want work all my life for it. I've come to the point in life where I'm stepping into the world and seeing how things are not fully but I'm realising how much money plays a role in a sense of renting/buying a house or a car, the insurance MOT the parking permit and etc there is so much. I just want the freedom to do what I want and not rely on others but want my family to depend on me to help them out financially. I know it will take some time to get there. So I want advice on how to make myself financially literate and learn beneficial skills. [link] [comments] |
| Does the desire to retire early evolve as one gets older? Posted: 22 Nov 2021 06:41 AM PST I see a lot of high income people wanting to retire early, like in their 40s. I'm 29 and have a kid. I picked a very lucrative career route and could retire eraly, but I feel like I'm going to get really bored if I'm not working a full time job. My profession is intellectually stimulating which is a plus for me. If I retire early, I don't know what I'd do with all the free time. I can't see myself traveling full time, don't really have any hobbies that I could see myself spending significant time on, and I'm not really passionate about anything. So my mindset right now is to continue working into my 60s and increasing my net worth so I can pass it down to future generations or whatever. Did your mind change as you got older about when you wanted to retire? [link] [comments] |
| If someone knows my bank account number, is there a risk of fraud or someone stealing money from me? Posted: 21 Nov 2021 04:57 PM PST I had this random thought while driving home today - I have had the same bank account number for a decade now and I have written numerous checks with my account number and routing number on the check. On top of that, I have been sending copies of my bank statement (which has my bank account number) to a lender as I've been house hunting. Because my bank checking account number is now out there, and routing numbers for every bank can be found online, how easy is it for someone to wire/steal money from my bank account to something else? Thanks and sorry if this is a stupid question. [link] [comments] |
| 21, $85k invested, $10k in cash. 0 debt. Graduate college in spring Posted: 22 Nov 2021 05:44 AM PST I've worked all through college and feel secure. What next? I start work in a new city in 6 months. I feel super confident in my ability to make ends meet with my new job. Do I just keep investing in mutual fund / S&P / retirements for the rest of my life? [link] [comments] |
| Deposit cash USD in UK or Europe Posted: 22 Nov 2021 05:36 AM PST Hi, I have a question, I have USD cash and live in UK and Bulgaria, what would be my options to deposit cash (dollars) into bank account or some sort online account? I know I can open USD account in UK in most banks but they won't accept cash USD. I don't really want to exchange the currency too because the rates are bad for the amount I have (greater than 10k). Money are legit no shady business, just don't want to pay 500-1000£ for conversion. Thank you [link] [comments] |
| Posted: 21 Nov 2021 08:15 PM PST I'm unsure as to whether or not I should try to buy land to hedge and rent until the market drops, or if I should go ahead and try to buy a fixxer upper / rent to own with a % down? I'm not eligible for a mortgage as covid shutdown my business 2020 and lapsed my income. Won't be eligible until 2023. [link] [comments] |
| Enrolling in healthcare.gov for 2022; I'm unsure how much much I should be spending Posted: 21 Nov 2021 03:42 PM PST I live in the United States, I'm in my late 20s, before taxes I make around $32k a year, I pay 20% of my monthly income on rent and utilities, I have 6 months expenses saved, no debt, and I don't live a very lavish lifestyle–– meaning I'm able to max out my Roth IRA each year, while also contributing a few thousand more to a brokerage account that I'm hoping to one day use for a downpayment on a house. I feel like I'm generally on top of my personal finances, but the thing I've had a hard time wrapping my mind around since turning 26 is my health insurance situation. My employer doesn't offer health insurance, and so I'm left to fend for myself on the healthcare.gov marketplace. I'm currently healthy, I'm active, and I eat well. I have physicals every few years with my PCP and twice yearly dental cleanings, but otherwise very few costs. I theoretically could purchase just about any coverage on the marketplace and "afford" it, but it would be eating into my ability to save, and given my expected low use of medical care it doesn't feel to me like I need better/cheaper copays and deductibles. How do I go about figuring out what coverage I actually need? All of the plans I'm looking at are in the $20-$100/month premium after tax credit range. [link] [comments] |
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