Personal Finance Buying the lot next to ours |
- Buying the lot next to ours
- 1 Year of homeownership - unexpected costs
- House visit from the IRS?
- Sell stocks at a loss?
- I'm 14 years old and have $4000 dollars. What is the best way to invest my money?
- Can someone explain like I'm a 5 year old what it means that the company I work for failed 401k nondiscrimination testing
- Paying off Parent Plus Loan for parents.
- Stay home and tough it out or rent?
- 4k a month after taxes. How much car/rent can i afford?
- Sanity Check on goals - buy a house or focus on other things?
- Selling car with an active loan and already approved for a new loan. Should I wait for one to be paid off before starting the other one? Does it affect my credit at all?
- buying new vs used car in todays market
- Realizing short term capital gains for the sole purpose of raising 2021 income?
- Financial Checkup at 50
- 25 Years Old, 458 credit score and I’m completely overwhelmed.
- What to do with extra money after maxing out IRA for the year?
- Financial checkup at 27
- How to deal with loss of a loved one?
| Posted: 27 Dec 2021 05:57 PM PST My wife (26F) and I (26M) moved into our current home 4 years ago. The home sits on a 0.3 acre lot. Recently, the home next door to us went up for sale, and sits on 0.7 acres, which would bring the total lot size up to 1 acre total. The house on the other lot is very small (600sqft) so the total asking price is $50,000. Could work as a rental, but the main draw to the house is the extra land for our dogs and future children. The previous owner was also an avid gardener and left an abundance of fruit trees. My wife and I make a combined $130,000/year. We both have 800+ credit scores. Only remaining debt outside of our current mortgage is her student loans at about $19k, but those will be paid off come April after receiving a sizable tax credit and a few other things. Our current remaining mortgage is $139,000 @ 2.25% for 10 years on an appraised value of $185,000. Should we do it? [link] [comments] |
| 1 Year of homeownership - unexpected costs Posted: 27 Dec 2021 05:37 PM PST I have seen a few of these posts, and wanted to share our experience as first time homeowners! It's been a ride, and I know there are people browsing who are beginning the journey of homeownership - so feel free to learn from our mistakes! My husband and I talked about and researched homes for about 2 years, and then began the buying process in 2020. We live in a large midwest city where nice homes were selling for $300,000 (listing at $250,000). Our budget was $175,000 for a condo with less than $200/month fees or a house <$240,000. We had a spreadsheet for cost/property taxes/fees that we used. We found a gorgeous, spacious, 25 year old half duplex for $245k. 2 full bath, 2 legal bedroom, a basement "legal" bedroom and an office. It's in a very nice area. Our relator assured us that if we got the house for $245k it was a steal. We ended up getting all of our closing costs covered and a credit for carpet. Part of the sale was that it was not contingent on inspection and seller was not expected to pay for repairs. Here's what we really spent this year: Things for 2022/The future: [link] [comments] |
| Posted: 27 Dec 2021 04:11 PM PST My mom told me she got a house visit from the IRS stating that they wanted to talk for an hour and a half to ask her questions. She also never received her tax returns all year. Anyone know what this might be about? Did her tax preparer do something wrong? Did she do something wrong? What should we expect if we're getting house visits and calls from the IRS? [link] [comments] |
| Posted: 27 Dec 2021 05:24 PM PST I made 260k this year, and am gonna planing on making way less (around 150k) next year. I've got 210k in an individual stock account, mixed between individual stocks and an index fund. I've got some stocks I'll lose money on if I sell. Can I sell all the ones I don't want anymore and write off the losses? I max a 403b and backdoor Roth if it matters. Thanks [link] [comments] |
| I'm 14 years old and have $4000 dollars. What is the best way to invest my money? Posted: 27 Dec 2021 09:48 PM PST I've been really bored lately and suddenly felt the urge to make money instead of just playing games all day. I would really appreciate any suggestions on how I should invest my 4000 dollars? (CAD). [link] [comments] |
| Posted: 27 Dec 2021 12:13 PM PST I got back an email that we will be receiving our contributions back and taxed on them. What does this mean? Did I have zero 401k contributions this year? [link] [comments] |
| Paying off Parent Plus Loan for parents. Posted: 27 Dec 2021 04:47 PM PST My mom has somewhere around $50k left on a Parent Plus Loan that funded my degree. Since graduation I have made every payment. My wife and I recently inherited a large sum of money and would like to pay off all of my student loans. The loans vary from 6-8% so it makes sense to just get rid of the burden. My question: Can I just pay the PPL balance from my bank or should I gift my parents the money and have them pay the loan off from their account? [link] [comments] |
| Stay home and tough it out or rent? Posted: 27 Dec 2021 01:54 PM PST I'm 27 with two daughters and I've finally finished college and got a job this past nov that brings my income gross to 71.3k yearly. The downside is I am paid monthly. Currently I live at home and pay for groceries, cable (250), and electricity(varies 120-170 lately). I also pay 176 in car insurance and my partner pays the entire car payment. My family dynamic is toxic and it has been a big strain on my mental and emotional health heavily because my parents boundary stomp. Not only that they financially have taken advantage of me in the past and they're very irresponsible with money. The thing that makes me pause what may seem like a no brainer decision is if I can afford 1580 rent and the fact I'd like to save to purchase a house. But the constant turmoil pushes me to want to leave. Im here because I am more so interested in if the math checks out for that kind of rent. This is my first real job and time with all of this. Side note: I also do side jobs that can get me an extra 500-1000 monthly and work from home. [link] [comments] |
| 4k a month after taxes. How much car/rent can i afford? Posted: 27 Dec 2021 06:16 PM PST Im tired of living with my parents. I became a RN and got a job that gives me 4k take home pay after taxes. However. I need to finance a car. And i want to move out. How much rent and how much car can i truly afford? I see some people paying $280 in car payments and I don't understand how. [link] [comments] |
| Sanity Check on goals - buy a house or focus on other things? Posted: 27 Dec 2021 08:42 PM PST I'm in my 30s, single / no kids (unlikely to change soon). live in the Denver area, and want to live here permanently. I've recently upgraded to a pretty good job ($150k+/yr). When I first moved here a few years ago, I wasn't making much and spent beyond my means on credit at first, but now I'm absolutely crushing my debts and building up savings. Plus, the new job's 401k match is pretty damn good, so that's also growing fast. Here's the situation:
The big question mark is this:
So like, normally, it would make more sense to keep killing off debt, bumping savings, retirement, investment, etc., but, considering that waiting 12mo might cost me $100k+ for the same house, which is waaaaay more than the amount I could 'get ahead' on my current income even if I lived on ramen and did literally nothing but work and save money - I'm leaning towards jumping into the house hunt late winter / early spring and seeing if I can get something. I just want to get outside opinions if I'm letting FOMO get to me and making a bad decision. It's insane to me how fast I'm knocking down bills and building up savings on my current income, and part of me thinks I should just keep doing that, but OTOH, I don't wanna be in an apartment forever. I want a house...and historically, house prices at best stagnate for short periods; mostly, they go up...and here, lately, they're going up, up, up. If I want to live here permanently, and be a homeowner, unless I get lucky and catch another killer job offer in a few years, it's feeling like it might well be 'now or never'. [link] [comments] |
| Posted: 27 Dec 2021 06:31 PM PST Have excellent credit (~820) & I'm essentially wondering if starting a new loan before paying off the previous one makes any difference credit wise? The new loan is already approved with the best APR they offer, I am in the process of getting my new car delivered very soon. Just selling my current car and paying off the existing loan might take a little longer. Since there is no hard pull, the only thing changing is my total debt briefly (at least for a week or 2 until the new old loan is paid off), right? Will going either direction have any impact on my credit score at all? If it doesn't make a difference, I might take delivery of the new car while the existing loan is still active. Thank you kindly, Reddit. [link] [comments] |
| buying new vs used car in todays market Posted: 27 Dec 2021 11:31 PM PST I'm about to graduate college and start a full time job with a salary of 70k in North Carolina. I am debt free and have about 20k saved up to start my life after college. My original plan was to purchase a 2-3 year old car once I graduated but with the current market of used cars costing nearly as much as buying new my plan is starting to make less sense. I'm looking at basic economy cars like a Mazda 3. These MRSP for around 23k. I'm trying to decide if I should find something used around 10k to get me by for the next few years or bite the bullet now on a new one. Buying a 2-3 year old car seems like worst case scenario since I'd imagine they will tank in value if the market ever normalized? Just looking for some input/reassurance ** overall I'm looking to get the most value out of my purchase over the next 5+ years [link] [comments] |
| Realizing short term capital gains for the sole purpose of raising 2021 income? Posted: 27 Dec 2021 10:51 PM PST I'm 24 years old and planning on buying my first house in California soon. The first time I talked to realtor they told me I really couldn't afford any houses because I would only be approved for $250,000. In California that would get me a shed. I got a new job and make a lot more now but I'm worried it's not enough. I have some unrealized gains on stocks and crypto and just wanted to know if realizing those gains would help me get approved for a higher mortgage. I have heard stories on this sub that some realtors will not accept cryptocurrencies as income/assets unless they get statements from their broker/exchange, and coinbase does not help you with getting it But selling now would force me to write that as income in my taxes so realtors would have to accept that, right? Looking for advice to confirm or deny this [link] [comments] |
| Posted: 27 Dec 2021 09:17 PM PST Married with 2 kids (elementary and middle school) Assets Income - $250K 401K - $500K (Target Date Index) Roth IRA - $80K (Target Date Index) Wife Roth IRA - $20K (Target Date Index) Brokerage - $10K RSUs vesting in 2022 - Should net around $120K RSUs vesting in 2023 - If stock stays where it is , net around $120K NQ Stock Options fully vested - $550K (pre-tax) Cash - $120K Debt Mortgage - Owe $170K at 2.5% on house estimated value $550K Wife student loan - $15K at 2% 2 cars - own 1 and owe $20K on other at 2.8% Max out 401K at $26K (plus about $4k after tax) Backdoor Roth for me - $7K Backdoor Roth for wife - $7K God willing, I plan on continuing working in high tech for another 15 years. My intentions are to sell my RSUs in Q1 of 2022. That will allow me to payoff my current mortgage while keeping $25K in emergency. Then, exercise 1/2 my NQ options for retirement home down payment. Of course, I would still maximize my retirement contributions. Thoughts? Where am I going wrong? Thanks in advance! [link] [comments] |
| 25 Years Old, 458 credit score and I’m completely overwhelmed. Posted: 27 Dec 2021 07:50 PM PST Well, here I am. I've hit the wall of realization on how bad I've screwed up and that it needs to be fixed asap if I want to enjoy my life. I'll own I was extremely irresponsible and still have a lot to learn. I'm a lineman and would love to buy a bigger truck and a camper down the road. I can't even begin to look at finance options until this credit score is fixed a lot I would imagine. I don't have the exact number in front of me but I would say with looking at all three credit reports I have 10-12 items in collections. I currently have no other debt outside of a truck payment and cell phone. I do not pay rent. I've attempted to obtain a secured card but was not approved from multiple locations. So where and the hell do I even begin to fix this? I have about $7500 saved right now and don't mind putting a decent chunk to getting on track. Do I pay off the collections and request a pay to delete? I did some reading where credit score checks are changing and it's not as effective as it used to be. I've always heard get a secured credit card, but obviously I can't do that. These are FICO scores, btw. Thanks Y'all [link] [comments] |
| What to do with extra money after maxing out IRA for the year? Posted: 28 Dec 2021 12:31 AM PST I know this is more relevant for next year but my question is just literally what does one do investment wise after maxing out IRA contributions? My work has a 401k but no match. Should I dramatically increase the percent I give to that? Though I don't know how good of a return that gets. Other investments? Any ideas? I'm only talking a couple or few thousand a year. Nothing nuts. [link] [comments] |
| Posted: 28 Dec 2021 12:30 AM PST Saw someone do this at 50. I think it's cool to get second opinions. Here's my status at 27. Salary: 220k between my wife and I Debt: 270k on a 460k home (mortgage 1500 a month at 3.25%) 24k car loan (459/month at 2%) 401k/roth: 90k between my wife and I. I reinvested it into SP500 Cash on hand: 300k (50% is in ETFs, waiting for a crash or want to start a business with the rest tbd) Stocks: 300K in my company's stock plan that I can pull out, probably will next year Ultimately planning to travel for a while and the maybe start a business. Let me know what you guys this and what you guys would do. [link] [comments] |
| How to deal with loss of a loved one? Posted: 27 Dec 2021 08:39 PM PST Mom just passed away. Just want to make sure things go smoothly for my dad, this was very unexpected. Thanks for any advice. [link] [comments] |
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