Personal Finance Let's say the housing market crashes/bubble bursts again. What happens with my current Mortgage? |
- Let's say the housing market crashes/bubble bursts again. What happens with my current Mortgage?
- Median Personal Income vs Median Price of House (United States)
- Why is there a feeling out there that paying off a mortgage/loan with low interest a good thing to do financially?
- How can I negotiate down a $1,500 ambulance ride that was essentially a taxi ride?
- Bank says accounts were compromised and closed accounts. Next day new accounts compromised again. How?
- Broken car was given to me when the owner moved across the country, I can't get ahold of him now that I have fixed it to have it titled under my name. Do I have any options?
- What is the the best way to utilize down time at my job
- Father is in ICU and he was head of household
- How can I help my aging immigrant parents plan for retirement in Massachusetts?
- I just bought a car that’s too expensive for me.. what now?
- Best vanguard fund for a child
- I sold my house, I now have a chunk of change to invest. Looking for ideas
- Rising interest rates
- Seeking advice for a stressful financial situation in my transition from graduating college to a full-time job
- Need advice on Payroll Clerical error at my job ASAP!
- Why are credit card points/miles such a big deal?
- Weighing job options: stock vs higher salary
- How much do you need to make monthly to afford rent at $1200
- Credit Score, not available
- My vehicle got stolen, does insurance company base their settlement amount on the purchase price or market price of vehicle?
| Let's say the housing market crashes/bubble bursts again. What happens with my current Mortgage? Posted: 15 Dec 2021 07:26 PM PST Ok, so weird question. We're in the US, NJ if that makes a difference. I have a mortgage on a house currently valued at 1.1m, which I recently bought for ~900k. I put down 300k downpayment, and got a 600k mortgage at 2.875%. I have around 580k left on the loan. My family and I can afford the payments (~4500/mo), and I've made multiple contingency plans for loss of income so I'm not really worried about that aspect of it. I've just been reading random articles saying that we're currently in a housing boom/possibly a bubble, etc. I want to get educated on what the long-term effects of such a situation is. What if the housing market crashes? What if the 'bubble bursts'? Thanks! [link] [comments] |
| Median Personal Income vs Median Price of House (United States) Posted: 15 Dec 2021 04:40 PM PST In 1985, the ratio of the median home price to the median personal income in the United States was about 2.5, today the ratio is over 10. Next time your parents ask you why you haven't bought a house, you can tell them that it's 4 times harder to buy a house today compared to a quarter-century ago when they bought their house. Sorry boomers you had it easy. Sources:
Edit: Boomers had it harder :/
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| Posted: 15 Dec 2021 06:52 AM PST I have had so many people tell me I'm a fool for not paying off my mortgage or a loan or something but I can't wrap my head around it no matter how much I try. If I have a 30 year fixed mortgage say at 3% or even 5% for that matter, why is it a good idea to pay that off? Instead I can put money into even an S&P index fund and get 10% YoY pretty much guaranteed. https://www.businessinsider.com/personal-finance/average-stock-market-return This is just a simple index fund/ETF, you can easily make more than 10% if you are more aggressive even. This applies to all other kinds of loans too. Say I have a car loan with 3% interest, why would I sink my cash into a depreciating asset to just be happy it's paid off rather than invest that money and actually make more money in return? I feel like I'm just not following the logic so hoping someone here can explain it to me. [link] [comments] |
| How can I negotiate down a $1,500 ambulance ride that was essentially a taxi ride? Posted: 15 Dec 2021 10:10 PM PST My mom went to the ER, got checked out, was fine, didn't have a ride because it was 2:30am, so the ER just sent her home *in an ambulance*. They didn't even call us to see if we could come pick her up. She doesn't have a cell phone or driver's license, but they had our phone numbers on file. In no way did she need to be sent home in an ambulance. The hospital just did it for their own convenience and liability concerns, I believe. My mom doesn't know anything about money and was just ready to go home so she didn't argue with them. Naturally, Medicare denied coverage of this ambulance trip because it was medically unnecessary. The ambulance company sent us a bill for $1,500 to drive her literally two miles back to her home. The hospital is basically saying too bad, it's between us and the ambulance company. The ambulance company said we took her home in an ambulance because that's what the doctor said to do. I looked into appealing Medicare's decision but there is no basis for an appeal. What can we do? This is outrageous. [link] [comments] |
| Posted: 15 Dec 2021 08:23 PM PST My parents - not super tech savvy - were notified by their large bank that their checking and savings accounts were compromised. The bank closed both accounts and opened new ones for them. This was all done in person by my parents sitting with a bank employee. The only "damage" done was someone transferred $50 from savings to checking. The next day my father got a notice that two new people had been added to his accounts. These are not people he knows. How on earth did this happen? He told me this on the phone and we don't live in the same town. I'm not sure he even understands what has happened. [link] [comments] |
| Posted: 15 Dec 2021 04:13 PM PST I live in Illinois. Basically the title. My father's friend moved to Portland back in 2018, and gave me his broken car. He told me if I wanted to fix it, I could have it. I had the car towed to my house, and have worked on it off and on for the past few years to get it running. Now that it runs, I am unable to contact the owner of the vehicle. Ideally, I would like to sell the car along with my current car and upgrade to something a little nicer. I also don't want to f**k up along the way and end up in trouble for selling a vehicle I don't own. [link] [comments] |
| What is the the best way to utilize down time at my job Posted: 15 Dec 2021 03:40 PM PST Hi I am 20 years old a college student and just got a job where I basically sit at a desk and Watch out for suspicious activity that never happens. I was wondering what's the best thing I can do on my down time ? I am able to use my laptop and do whatever I want. Wondering if I should take more college classes online during this period ? Read books ? Watch videos on learning a skill or find a program to join ? [link] [comments] |
| Father is in ICU and he was head of household Posted: 15 Dec 2021 08:33 PM PST My dad got a bad case of COVID pneumonia and has been in critical condition for a week now. I've been unable to talk to him or contact him, but we do get an update from the doctor daily or every other day on his condition. He has been fluctuating and will get a bit better, but lately appears to be losing the battle. I'm beyond devastated at the moment and my mom has been freaking out about the bills to pay. Unfortunately, my dad was the main one who took care of all of that. We don't know what all the bills are that need to be paid or how they are going to be paid. I can afford to pay my share, but how do I even figure out what all the expenses are for the household? My mom doesn't know anything about our home finances. I only ever paid my dad my portion of rent and utilities. I have zero idea what needs to be paid so that we don't get screwed by missing a payment on anything. Are there resources for situations like this? I imagine my father will be in the hospital for a while from now and that's even if he's able to muster up the strength to keep fighting. My life has drastically turned upside down within the past week and I don't know what to do. [link] [comments] |
| How can I help my aging immigrant parents plan for retirement in Massachusetts? Posted: 15 Dec 2021 08:17 PM PST Hello everyone, I was hoping to get your advice on how to best help my aging parents. They are located in Massachusetts and live in low income housing. My father is about to turn 65 and my mother is 58. My father is working part time and will probably continue to do so, but the work is laborious and I am not sure how many more years he has it in him. My mother works full-time, but has a number of alignments (chronic physical pain, gut issues, etc.) and is looking to quit her work at some point in the future (the company may fire her due to her wanting to continue working remotely). We are immigrants from the Russia area and they did not have a good opportunity to establish a healthy 401K and their Social Security will not be very high either (around $1,300 per month per individual). They have some money in 401k, but nothing substantial, around $160k together. They have some savings, but not much. Ultimately, they have some money which prevents them from qualifying for some things, but not enough money to actually do much beyond surviving. Their housing is relatively cheap and is not an issue but their health insurance is going to be a problem. They currently get it through my mother, but since she is planning to quit at some point in the near future, they will lose that. My father is looking at Mass Health, but he is looking at something like $500 a month for the coverage he would need – my mom would probably be in a similar boat. Do you have suggestions on resources (collateral, sites, non-profit groups, etc.) that can help navigate this space and guide them on this journey? Would something like Food Stamps be an option for food? Any other programs come to mind that could be helpful to look into? Appreciate your help and guidance. [link] [comments] |
| I just bought a car that’s too expensive for me.. what now? Posted: 15 Dec 2021 07:36 PM PST Totaled my old car and was in a rush to get a replacement, late model used cars cost about the same as a new Honda so I just signed for one. Put $5k down and my credit sucks so my rate is 6%. I'm realizing I will barely be able to afford the payments now that student loans are restarting and some other expenses are rising. Yes I can make them but it's gonna make everything tight. So what's the smartest thing to do? Sell to carmax right away and get a $5k car off Facebook? Just keep making payments and refinance in a year or two? Or just keep the car until I pay it off? I make about $60k a year and can pick up overtime to increase that. Emergency fund is 1-2 months expenses right now. No other debt besides federal student loans, no other real assets (<$5k in other accounts) [link] [comments] |
| Best vanguard fund for a child Posted: 15 Dec 2021 07:54 PM PST I want to put some many away for my 8.5 month old. Obviously the money has a lot of time to grow. I have vtsax and a few other vanguard funds for myself. Looking for a recommendation that will be good for long term growth. [link] [comments] |
| I sold my house, I now have a chunk of change to invest. Looking for ideas Posted: 15 Dec 2021 06:27 PM PST https://www.reddit.com/r/personalfinance/comments/r63y9w/should_i_sell_my_home_or_should_i_keep_it/ Long story short after talking to a tax accountant, reviewing my individual circumstances I discovered I could sell my house for a healthy profit and not pay taxes on the gain. I want to thank /u/threevestimesacharm I ended up negotiated the price up to $255k after having an independent appraiser value the home at $240k I told the company wanting to buy my house if they want to buy the house they are going need to add a premium on top because I'm not all that keen to sell. The agreed to $255k. After various costs, paying off the mortgage I'll have about $150k~ + I now have $10k that was in a savings for repairs so really $160k. Here is my current financial situation
So at the moment my game plan on what to do with this $160k
This will leave me with $80,000. I'm thinking of employing a strategy where I divide this money up between low risk, medium risk, high risk, gambling risk. My idea is this
Thoughts? Am I missing anything? I'm in my 30s, would really like to retire 55-60 I'm 32, wife and I both work. Wife actually owns property as well in her home country, which we will likely one day retire too. O the reason why I'm using CDs alot is cause its what my Grandpa always told me to do when I want to park money that I know I'm going have a use for soon but it doesn't need to be completely liquid. Like my Roth IRA future contributions and my Tuition I know one day I will have to spend that money, but its not going be in a year. A question on college My wife actually thinks I should reduce how much I put towards my college, and simply do grants + scholarships (I have a few) + Subsided loans + pay whatever the difference is in cash But my thought is although I don't think the subsided loans is a bad deal (fairly low APR, doesn't include interest until after I finish) keeping my student loan debt to a min is a good thing. It will also free up my cash flow when I finish. FYI I'm going for a computer science degree. [link] [comments] |
| Posted: 15 Dec 2021 09:37 PM PST Anyone else think gen z, and even some millennials are in for a rude awakening once they inevitably raise the interest rate? It's been absurdly low through gen z'a entire adult life. [link] [comments] |
| Posted: 15 Dec 2021 05:13 PM PST Hello, So I'm graduating from college on Friday with 0 student debt and have accepted a well-paying engineering job (75k) with a large defense contractor. Sounds great right? Well here's the situation: The job requires a security clearance before receiving my start date and relocation bonus (3k). The security clearance process typically takes a long time so you apply for an interim (temporary) clearance so you can start working. I've applied and the HR person estimated I would receive my determination either beginning or end of January. Ok great. My current lease ends in January anyways so I found an apartment in the state I'm moving to and signed a lease there starting in January. I did this because the area I'm moving to is REALLY hard to find a good place to live for renters. It's a smaller city with a few options and most of the choices I did have were bad. So I signed at this place (which I was honestly lucky to find trust me) before someone else took it. The rent is $1050 Ok so here's my concern and why this is a stressful situation: What if my interim clearance gets denied and my start date is delayed for a while? I'd be on the hook for paying this rent with no job. I talked to the HR person about this and they said I made a good decision finding a place to live because the market for renters is compeditive. They also said its pretty common for some candidates to have their interim denied and then receive their full secret clearance down the road as they still continue to investigate you. If I don't get my interim, it just means I have to wait until I get my full secret clearance to set my start date. Here's my current plan if my interim gets denied: I have enough money to pay my current January rent, and the new place's deposit and January rent (and expected utilities). After paying all of this and the cost to drive to where I'll be living I'll have nothing, will most likely owe a couple hundred on CCs. I'm expecting to receive some money for graduation from relatives (maybe like $300). I also have 120k Chase rewards points I might be able to use if I have to but I would like to save them. I have no debt and good credit (750) and opened up a new credit card with a $6000 limit and 0% intro APR. I figured if worst came to worst I could just coast on that until I start working while making minimum payments. I haven't explained this whole situation to my mom yet. I think she thinks that I'll be starting sometime in January no matter what and I'll be fine. I could ask her for money but I would feel really guilty about it. The reason I don't have that much saved up is because I told her I had made money from working a part time job to support my self in college and save money (I barely made enough to pay rent and buy food) And you may be wondering why I was in a rush to sign a lease and didn't just go back home. The reason is that my mom lives in another country and the plane ticket would be 2k round trip. I also do not want to go home for personal reasons. In addition to coasting off that 0% APR credit card I'm planning to try to find part time job looking for immediate hires (food service, grocery store, idc I'll do anything) once I move to the area in January. Sorry that this is so long. So is this a good plan? Will I survive? I'm really stressed out and worried and have stayed up all night for the past few nights just trying to plan things out and think about what to do. [link] [comments] |
| Need advice on Payroll Clerical error at my job ASAP! Posted: 15 Dec 2021 09:22 PM PST Hello all, first time posting here so hopefully I'm doing this right. So long story short, I work for a company where pay raises are automatic after X amount of hours worked. In April I took a temporary work from home position with the company which included a raise to supervisor pay with my company. I was previous classified as a "clerk" for simplicities sake and the pay raise was still under the same classification as "clerk" but with the supervisor premium which makes me topped out on the pay scale + 1.50 premium. To clarify this, I was making 19.00/hr before I started the temporary position, and then the raise put me at 27.20 (the topped out rate on my scale) + 1.50 (the supervisor premium). Now here comes the issue. So at the beginning of this month they informed us very suddenly that the program was ending (was supposed to end in January with a possibility for a permanent position) and that we would have to start going back. During this 7/8 month period, I moved several hours away and transferred into a new office (same company, just a different building). So in my transfer paperwork as I was transitioning from Work From Home to working back in the office, it showed my previous pay rate of 27.20+1.50 premium (28.70 total) with my new rate of 27.20. I was transferring into the building in the same position of "clerk." All parties signed all paperwork, finalizing the transfer and I thought all was good to go at my rate of 27.20, which is the topped out rate of a "clerk" and minus the 1.50 premium for supervisors. Sounded great and just as I expected. Unbeknownst to me, however, was that apparently temporary positions in this company means that my pay goes back to my old pay once the position was over. This was neither communicated to me before I took the position, nor is it in the employee handbook which hasn't been updated since 2019 (the year I was hired). I spent at least an hour scouring over that thing to see why my recent paycheck showed a rate of 20.00/hr instead of the 27.20. The amount of hours worked since my 19.00/hr was calculated and gave me the raise from 19 to 20.00/hr, in case you're wondering where that 20.00/hr came from. So I'm wondering if I have any legal recourse here due to the signed paperwork stating I would be receiving 27.20/hr. It should be noted that I tried explaining this to my payroll who emailed corporate and apparently when they did their audit, they noticed it and changed it to the "correct" rate of 20.00/hr. One of the assistant general managers also pulled me in the office to just say this was a "clerical error" and that I wouldn't be getting that incorrect rate of 27.20/hr and that I would have to sign some paperwork saying that. It blows my mind that no one would include in the posting about the temporary pay (minus the supervisor pay which of course I wouldn't get) and that it's not explained in the employee handbook! So I really need someone's help and/or advice on what to do and what my options are! Sorry for my long post! [link] [comments] |
| Why are credit card points/miles such a big deal? Posted: 15 Dec 2021 05:05 PM PST I understand that rewards cards essentially give you 1-3% cash back on everything, but that is not a lot compared with the amount of hype it gets. I put all of my non-rent spending on a 2% cash back card. Between myself and my SO, we spend maybe $15k per year outside rent, and so we get at most $300 per year in points. That is nice , but it's not enough to buy even a single flight for one person. How on earth can people say "never spend money on airline tickets, always use points" when it would take 2 people's combined spending 4 years to earn a single free flight ? I understand churning is a thing, but it can't be that all points preachers are also churning cards, right? How do points deserve so much hype? EDIT: looks like the direct answer to my question is people who like CC rewards just spend enough money that they get a lot of points. I just don't spend enough to make a meaningful dent. The ways people might spend more include:
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| Weighing job options: stock vs higher salary Posted: 15 Dec 2021 07:45 PM PST I've been with a tech company that offered me common stock at 0.06 cents a share. Was offered 67,000 shares that vest 25% each year over a period of 4 years. I've hit my 1 year mark but was offered another role that would increase my salary by about 30%. I don't know if I should give up the stock options and take the higher salary. This company is going to for sure IPO or sell in the next year. What does that mean for me? Is it silly to consider another job? I don't know much about stock so I don't want to make the wrong decision but I also know nothing is guaranteed. The clause in the stock agreement states that vesting would accelerate if acquired or that the acquiring company would match the incentive plan. [link] [comments] |
| How much do you need to make monthly to afford rent at $1200 Posted: 15 Dec 2021 09:34 PM PST Thinking of moving out of my crowded townhouse. Hoping to get an idea on how much I'll need. [link] [comments] |
| Posted: 15 Dec 2021 07:14 PM PST So I am 46 years old. I had a ton of credit in my early 20s, big mortgage, bunch of cards, etc. Sold off the American dream, paid off all debt, and never took a loan or a card again. So I am trying now to build credit again, not because I need credit, but because in covid I went through a situation where I was in a non residency country and lost access to my money with no backup plan. I now want credit cards, not for credit, but for emergency use. So I applied for, and got, today, my first credit card in over 20 years. I was worried I would have a negative credit score, but turns out, I dont have a credit score at all. I got a basic card with a $500 limit and high interest. I was surprised I got that, I was aiming for a secured card, which this isnt. So, some questions for the more credit score aware. 1). I understand using the card, but keeping the balance low is important. I plan to use it a lot and literally pay the balance right away, like 3 or 4 times a month, pay the balance even before I am billed. Am I right? A lot of blogs are a bit ambiguous about this. 2) I want to apply for a second card with another bank. How long should I wait to apply for the second card? Will applying for a second card negatively affect my score if I do it too soon? I want a second for redundancy, again going back to my covid experience in a country that is not mine. 3) Not a question, but a statement, my goal is to get two different cards with $10k each credit, for emergency use. I will never carry a balance on either in any situation other then another covid level shitshow. I hate credit, I hate owing money, I buy what I can afford and that is that. But I suddenly realize the modern world requires credit as a backup, which literally costs nothing if properly managed. I love simple life, but life isnt so simple anymore. So 46 year old dude, non existent credit score, wants to build fast. Would love advice. [link] [comments] |
| Posted: 15 Dec 2021 10:44 PM PST My 2020 Lexus RX 350 got stolen off from my driveway yesterday. I already reported to the police and insurance company (Aviva). [link] [comments] |
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