Personal Finance Weekend Help and Victory Thread for the week of December 31, 2021 |
- Weekend Help and Victory Thread for the week of December 31, 2021
- Worth taking a job that adds an extra 27 minutes to my commute one way?, just to make $8 more an hour.
- Current car needs work, at what point do I jump ship and get a new vehicle? Parents pushing me to keep up with the Joneses but I want to make a smart financial decision
- Started travel nursing and my income increased by 4x. I paid off all my debt, except for the house I just bought, and obtained a healthy emergency fund what should I do now?
- How can I help family that may have lost everything to the Marshall Fire near Boulder, CO?
- How to move money between bank accounts the right way?
- I feel like I'm never getting out of this hole, there must be some way out that isn't going to break me
- Current car is a deathtrap. Whats a good budget I should stick to for buying a new car
- Was gifted stocks for Xmas and they're worth ~$10k. What do I do?
- Employer switched from w2 to 1099 without notifying me
- Is my boss in the wrong?
- I thought Turbotax went on sale every December? I have been checking slickdeals, but have not seen it. Did I miss it?
- About to have a fairly long hospital stay. I work for a large company and have short term disability. How can I weather this and pay my rent?
- Anyone have guidance on what to do at a pre-IPO company, close to IPO?
- Fraudulent charge from Avis rental car
- I am beneficiary to my dying mother’s IRA and she has substantial credit card debt
- MetLife denied my short-term disability insurance coverage application. Any grounds for appeal?
- I know nothing about mortgages, but my FIL (72) received a call from Loan Depot and switched right away. Is this company legit?
- Update: Treecard closed my debit account over a month ago, will not tell me why. Treecard still has $1610.57 of my money and has ceased contact.
- What do you use for filling taxes?
- 401(k) Theft - Any Other Excuse?
- Anyone use a UGMA or UTMA to try and jump start their kids retirement?
- Childhood whole life policy- keep it cash out?
- Estranged Parents Have Credit Card in My Name
- Is it still worth allocating money to my Roth IRA?
- Debt vs Reduced Retirement Investing
| Weekend Help and Victory Thread for the week of December 31, 2021 Posted: 31 Dec 2021 01:00 PM 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] |
| Posted: 31 Dec 2021 03:47 AM PST I currently make $34 an hour, with a 20-25 minute commute to work one way. I have been offered a position for $42.11 an hour, with a 45-50 minute commute one way. The longer commute is pretty much getting on a highway and it's a straight shot driving through farmland and getting to the other city that has the new job location, so no stop and go traffic that I believe, shouldn't be present. I did the math and it should be a little above $800 a month more take home for the higher paying job. I just have never driven that far for work before. Any thoughts? [link] [comments] |
| Posted: 31 Dec 2021 09:15 AM PST I've had the same 2012 Toyota Camry (now with 157,000 miles) since I got my license. I didn't take very good care of it in high school and college, with about two oil changes a year as the extent to maintenance. It's starting to have some mechanical issues and I'm thinking about buying my first new car, but I want to make sure I'm making the right financial decision. I haven't gotten a quote yet to fix everything yet because I was quarantined and all the holidays. I've found online a few nice 2017/2018 Toyota Rav4s with between 25-40,000 miles on them for between 24-28k. I've figured up that with money down and loan rates I can get one for $310 more per month than I'm currently spending on my car, with payment, gas, and routine maintenance and all other car expenses included. My thoughts are if I can get my car fixed for less than $3600, I should keep it. More than that would be close per month to what the Rav4 would be, plus I'll have warranty again and I should be in the shop less with a new car. Am I on the right track in my thinking here? My parents trade in every other year so their advice was to run down to the Toyota dealership today and buy a 2022 Tacoma before the end of year deals are over. I don't think that's a good idea when I haven't even priced fixing my current car, and I would like to stay without a car payment. TL;DR - my car still has life but needs a lot of work in the shop. I found newer vehicles for $300 a month more than now. Am I right in my thinking that if the mechanic quotes $3600 or more in work that I should get the newer vehicle? [link] [comments] |
| Posted: 31 Dec 2021 08:48 AM PST My net income went from ~$3500/month to $13,500/month and that's without any overtime. Some of this money is from unused stipends which is untaxed and not counted towards income. I make $70/hr hourly so roughly $10,000/month thats taxed. I will be taking home roundly $53,000 by the end of this contract come the end of April. I'm not counting on this income to last forever, but I want to make smart investments now that will set me up for the future. I have $26,000 invested in a 403b through Fidelity over the last 3 years at my old job with that I'm still technically employed at. I put in about $2500 into 403b roth this year. Can I still contribute to my 403b by transferring money from my checking? The only way I know how to contribute is through my paycheck and I haven't had one there in 2 months. I'd like to max out my Roth contributions, can I make up the difference through a Roth IRA? I can contribute to a 401k through my agency, but they won't match (3%) until I've worked with them roughly 6 months. There is also a chance I could switch agencies for different contracts so I may never have any employer matching. My level of financial/investing knowledge is limited, but I've always been responsible. I didn't start my career until later in life and I'm trying to play catch up financially. I'm doing my best to learn I just need to know where to start. As mentioned I just bought a house for 245,000 with 5% down. I have a loan for about $232,000 with a 3.25% interest rate. Part of me really wants to pay off another 15% so I can have the PMI removed (~$40/month), but I realize there may be better places to put my money. Finally, My fiance (getting married in September) is a teacher and her income is roughly $3,000 per month. She has a pension and a 403b I thought about just having her put most of her check into her retirement funds. Sorry for the lengthy post and thank you in advance. edit: I forgot to mention that portion of my income is stipend money which is untaxed. so If I was to maintain this rate all year it would be $127,000/year. Mind you my rates can fluctuate so I may be making less in 4 months or possibly more depending on the needs. [link] [comments] |
| How can I help family that may have lost everything to the Marshall Fire near Boulder, CO? Posted: 31 Dec 2021 07:59 AM PST My family was in the middle of the evacuation zone. Some maps suggest their house was spared, others suggest it is likely gone. They evacuated and are safe. I'm trying to get ahead of the mountain of hassles they are about to endure as they find shelter, handle insurance claims and chase off assholes trying to take advantage of the vulnerable. What can I do while I'm not physically present in the same local area to help them? I've seen the posts about how to meticulously describe valuables in order to get the most from insurance claims and I'm already starting to write out a list for them. If their house wasn't burned to the ground, what should they be checking on and looking for in terms of less obvious damage? This thread from the Carr Fire seems helpful. Anything you think they missed or over-emphasized? Feel free to add additional advice that could be helpful for everyone affected by this fire. UPDATE: Early indications are that their block and house was not directly affected. Still waiting further confirmation their house was spared. [link] [comments] |
| How to move money between bank accounts the right way? Posted: 31 Dec 2021 10:44 AM PST Me and my boyfriend are looking to buy a house soon. I just deposited almost $10k in cash into my bank (some was a gift from parents, some was just cash I had from selling stuff on offerup). My boyfriend is holding (or owes me depending on how you frame it) about another $10k for misc reasons. How do we transfer that money into my account safe and correctly? A friend of mine warned me that I might get flagged for structuring or something because I've been moving a lot of money around this year. I'm not trying to be sketchy (I have 0 debt or anything like that), I just don't really know what the proper way to do this sort of stuff is. I also deposit about 1k a month from my paypal and paypal is sometimes weird so I'm not comfortable trying to use that for such a large amount. Edit: I got it done. Thanks. My bank just did it when I asked them to. [link] [comments] |
| Posted: 31 Dec 2021 12:39 PM PST I don't frequent this sub, and perhaps I should. I hope this post doesn't violate the groups rules, because I'm really not sure what to do or how to get out of this situation. I also don't have all the numbers in front of me. Age: 53 Weekly take home pay: $920 Rent and utilities (winter) $1000 A few lines of credit, mixed aprs, debt totalling around $30k ($2k left on car payments, $3k on furniture I no longer want). No house, property or children. Nothing of value, just debt. I have about $4k in crypto and stocks, and maybe $15k in a 401k. I need a divorce laywer; my wife has a warrant out for her for domestic violence, I am the victim. That's likely to cost a couple thousand dollars. It's been a few months since she's left, I am most likely going to cash out my crypto and stocks to pay for this (and apply the rest to debt). My debt more than quadrupled during the 5 years I was married, and now I see no way out. I have a demanding from home job that I actually like most the time, and have been there for a long time. I am not ready to leave and I am too mentally and emotionally burnt out to work more than I am. I was able to get it down just a little over the past year, but not enough. It's feeling really grim, like that I may be hobbled by debt for my remaining 'good years', and that's just incredibly depressing. Due to the nature of my work and the PTSD that I'm still experiencing, getting a side hustle is only going to burn me out even more. Should I be getting a financial advisor? I'm wondering what they can do for me, aside from giving me finanical tough love, and how much they would charge. I have no experience with them. Are they known for trying to push debit consolidation loans? I feel that would only increase my debt and make things worse in the long run. I'm also wondering about bankruptsy - however, it's scares the shit out of me. I was arrested last year for DV after my wife attacked me and I pointed a knife at her (from a distance) because she wouldn't stop punching me -- the DV charge may likely prevent me from finding a new apartment when I need to move (hoping my month to month rental doesn't change), and bankrupsty on top of that would mean, I think, noone would rent to me. To a certain degree, I was wreckless with money at times, but generally speaking, I'm really not. My wife stopped working, and there were a lot of expenses due to her violent and erradtic nature. I don't spend much on my self of frivious things, chipping away at the little things will only get me so far. To be completely frank, I am afraid for my future. I'm not here for tough love, or being told to not pay for cable tv (I don't), subscription services (I have 2), etc. I'm looking for larger solution and somehow get put on the right track. I'm wiping tears and praying to the Reddit gods that someone here can offer a direction. Thank you, and Happy New Year. [link] [comments] |
| Current car is a deathtrap. Whats a good budget I should stick to for buying a new car Posted: 31 Dec 2021 11:24 AM PST Monthly income is $3,470 ~$1730 every two weeks After rent and utilities and other monthly costs I'm sitting around $2000 I'm sitting at $13,084 in my checking account so I can put a pretty juicy down payment on something. My current car is paid off but too dangerous to drive and maintenance on it would cost more than I paid for it. Wondering what a good range is I can spend on a "new to me" vehicle is [link] [comments] |
| Was gifted stocks for Xmas and they're worth ~$10k. What do I do? Posted: 30 Dec 2021 07:47 AM PST I was gifted company stocks as a present from a relative who acquired them at their job. They've had/acquired them over the last few decades. When they initially acquired them the price of the stock was under $2 but now it's over $100 per share. Do I sell a portion of them to cash in on the stock being the highest price it's ever been? If so, what are the tax implications? Is it better to wait at least a year before selling anything? Or is this a little nest egg that I just don't ever touch? Appreciate the help as my financial knowledge is very limited! EDIT: CA. I'd be taxed 22% as a single filer, the stock is NVO (large cap), and this makes up about 8% of my assets. I have no debt and am not strapped for this cash ATM [link] [comments] |
| Employer switched from w2 to 1099 without notifying me Posted: 31 Dec 2021 04:44 AM PST I started at a new employer (restaurant) in June of this year, everything was fine until late September when payroll was "done late" so I got paid through Venmo. Starting in October all direct deposits stopped and I only received Venmo transactions labeled "payroll for week 10-12" or whatever the relevant week was we were getting paid for. I didn't realize my checks weren't having any taxes taken out until the first week of November when I started looking into it. I approached him a few weeks ago about the change in taxes and he kept beating around the bush telling me "it's better for everyone" and "my accountant is coming in to explain it in early January". This was when I asked if we moved to a 1099 and he confirmed it, which was about 6-8 weeks after not receiving a direct deposit. I know this is BS and am working my way out towards another field. I make $17 an hour and average About 40 hours a week, sometimes more, prior to October my checks were consistently around $590, after October they're now $680ish. Basically my question is will my tax burden just be that extra $100 a week or should I be putting more money aside to pay these taxes as I know SS and med are my full responsibility. Also is it legal for an employer to make a change like this without notifying employees? I honestly feel like I got fucked. Edit: Thank you all for the info. I'll be sure to file the proper forms and get DOL involved as well. Already have another job lined up I start training for Monday. [link] [comments] |
| Posted: 31 Dec 2021 04:34 AM PST So I started a part time job at a liquor store working from Thursday to Sunday where I work 2hrs on Thursday and Sunday and 4hrs on Saturday and Friday and the owner of the store said he pays from the 1st to the 15th which is every 15 days in a month and with that I should be paid twice a month on the 15th and at the end of the same month but he doesn't pay me on the actual due pay days. In the beginning he did but after that he would pay me 5 or 6 days after the 15th and since then has continued to do so and recently he payed me on the 11th of December of 2021 and it was for the work of the 16th to the 30th of November which was last month and since then hasn't paid me for any work done this month and it's currently the 31st of December and I don't know if I'll get paid today or not and it's concerning because I feel like he's paying me late and I don't like it one bit. So is my boss paying me late or?? Also if you have any helpful advice it'll be much appreciated. 👍 [link] [comments] |
| Posted: 31 Dec 2021 12:35 PM PST I use to do my own taxes with pen & paper, but it turned into a nightmare when the IRS mistakenly took a minus for a positive. Turbo tax helped me out, and I don't think I will ever go back. [link] [comments] |
| Posted: 31 Dec 2021 09:26 AM PST I have 2 weeks PTO and some retirement savings. I've been assured I will not be fired for this gap in work. [link] [comments] |
| Anyone have guidance on what to do at a pre-IPO company, close to IPO? Posted: 31 Dec 2021 12:52 PM PST Hey there. I'm at a pre-ipo company and it seems like it may IPO shortly (in the next 6 months would be my guess) Any guidance on what to do? It all seems a bit overwhelmingly complicated. I stand to potentially make a solid bit of money, maybe several hundred thousand. EDIT: specifically I'm confused about whether or not exercising options is wise. It uses a lot of my liquid funds [link] [comments] |
| Fraudulent charge from Avis rental car Posted: 31 Dec 2021 11:58 AM PST Not sure if this is the right place to post, but I am wondering what options I have remaining to get my money back. I rented a car from Avis in LAX in early December. The car wasn't great and when I asked the employee at the gate if they needed to do an inspection before I left, they said no. I returned the car in the same condition I got it in. 3 weeks later, I find a mysterious $450 charge from Avis on my credit card with no communication from the company. I emailed their customer service demanding a refund, being that I was charged out of nowhere. They responded saying they found "heavy smoke presence" in the vehicle I rented and I have to pay the cleaning fee of $450. I don't smoke. This is total fraud. They provided photos in the damage report (which they only sent me AFTER I made an inquiry to customer service), which were blurry and dark and definitely don't prove smoke presence. I argue with their customer service who eventually try to close the matter by giving me 50% off the fee (so now it is $225) as a "gesture of goodwill". Yeah, okay. I left a complaint with the BBB to which Avis responded with a hand-wavey "we already gave you 50% off". They have many same and similar complaints on the BBB which have varied results. I did dispute the charge with my credit card company who is currently investigating but I'm concerned that they won't be able to do anything. Do I have any other avenues I can pursue? [link] [comments] |
| I am beneficiary to my dying mother’s IRA and she has substantial credit card debt Posted: 30 Dec 2021 07:35 PM PST Can the money designated to me from the IRA be affected by her debt? She lives in CT, I'm in NY. [link] [comments] |
| MetLife denied my short-term disability insurance coverage application. Any grounds for appeal? Posted: 31 Dec 2021 12:51 PM PST I signed up for short-term disability insurance during my employer's 2022 benefits election period. The servicer, MetLife, required I submit a statement of health form to determine insurability. In the form, I disclosed my history of controlled depression. This is something that would be apparent at the first glance of my medical records. I take medication for it daily. The denial letter states that I can make a written request for more detailed information about their decision. It also has an ominous sounding warning that disputes become a part of my record and will be shared with other parties upon request. Is there any grounds to dispute this denial? Can disputing it affect insurability or premiums in the future? [link] [comments] |
| Posted: 31 Dec 2021 08:37 AM PST Like I said above. He just had $500 removed from his savings account to "get the ball rolling". I guess he is lowering his interest down from 4.5 They promised 3.5 I'm more or less looking to see if anybody has had dealings with them. Any info would help. Thank you. [link] [comments] |
| Posted: 30 Dec 2021 06:46 PM PST Update to: https://www.reddit.com/r/personalfinance/comments/r62k44/treecard_is_closing_my_account_no_reason_given/ and https://www.reddit.com/r/CreditCards/comments/r62mkm/treecard_is_closing_my_account_no_reason_given/ Treecard, a debit card that uses transactions fees to plant trees, has closed my debit account with no reason given. Treecard is withholding $1,610.57 of my funds in the closed account. Treecard has refused to return the funds and has stopped communicating with me. I have no means to get my money back from Treecard. Timeline of events: * 11/3/21 - I sign up for Treecard * 11/10/21 - Treecard emails me and requests additional information to activate my account. I am asked for (and provide) a photo of my drivers license, screenshot of a bank statement showing the last 4 digits of account number, a self photo. * 11/11/21 - I'm told that my account has been approved and that I need to contact support once I receive my card to activate it. * 11/19/21 - I receive my Treecard by mail and email support to activate the card * 11/22/21 - Treecard activates my card. I add funds from my primary bank over the next few days and make a few minor purchases. * Approx 11/24/21 - My treecard stops working with Google Pay and Paypal. I tinker with the card for a few days to see if I can figure out the problem on my own. I send a few requests through support in the Treecard app, but I do not have access to those request dates as I'm locked out of the app. * 11/29/21 - I email Treecard support * 11/30/21 - I'm told by support that my account has been closed. No reason is given. I'm told I must contact my primary bank to retrieve my Treecard funds. I still have access to the Treecard app, but cannot make transactions on the card and cannot withdraw my funds. Treecard says to contact Treecard card ops after a six month waiting period to have my funds returned in the form of a check, if my primary bank is not able to retrieve the funds before then. * 12/1/21 - I contact my primary bank, who says they can retrieve the funds. I email Treecard with an update. * 12/13/21 - I receive a letter via USPS from my primary bank, informing me that they are not able to retrieve the Treecard funds after all. I contact Treecard and inform them of this news. I request again for my funds from the Treecard account. Treecard ceases contact with me. * 12/22/21 - I email Treecard and request an update. No reply from Treecard. * 12/30/21 - I notice that I am no longer able to sign into the Treecard app and view my account information - I receive a message in the app that my account has been blocked. As of today, Treecard is still in possession of my $1,610.57. * 12/30/21 - I file a complaint with the Consumer Financial Protection Bureau - I'm hoping this gets a resolution. I'm not sure what else I can do. I deeply regret taking a chance on this supposedly eco-friendly company in good faith. All I want is my money back and to not have to deal with Treecard ever again. I found their Facebook page and it sounds like they've done this to a few people and are withholding funds without communicating: https://www.facebook.com/pg/treecardapp/reviews/?ref=page_internal Edit: I've received an update from Treecard. Update below: Thank you to everyone who commented on my previous posts. I'm not sure if it was the CFPB complaint or the Reddit post's visibility that initially got Treecard's attention, but I did receive several emails from Treecard this morning. Treecard has promised to return the funds to me. All I have to do is re-link my primary bank and they will initiate the transfer (I had un-linked my bank during this fiasco since the app only allows me to move funds into the Treecard account and not out). Treecard is also adding a further $50 to the transfer as an apology for the stress and confusion, and the lack of response by their support staff over the past month. Treecard has reinstated my account and has asked me to give them another chance, guaranteeing me that I will not have a repeat experience like this. I told them that I would be willing to consider it because I care about their mission, but I would need one of two assurances:
I appreciate everyone who commented and shared advice in previous threads, particularly those who pointed me in the direction of the Consumer Finance Protection Bureau. Thank you as well to James at u/Treecardapp for commenting on my post and getting in touch with me by email. Have a happy new year! [link] [comments] |
| What do you use for filling taxes? Posted: 31 Dec 2021 02:09 PM PST I used to have a tax adviser file mine. In 2020, I used taxslayer under the low income thing, but this is no longer an option for me in 2021 as my income increased substantially. I'm thinking about using a paid version of turbotax/taxslayer. Any suggestions? Thanks! My taxes for 2021 shouldn't be difficult. I'll just be taking the standard deduction. I have 1 child and file as HoH. I had 2 jobs, both paid in cash and have W-2s for both. I had some interest from banks and a Vanguard dividend for index fund investments. So given this, I think my taxes should be fairly straightforward and I don't need to buy anything fancy? Also, I need to file both Michigan and NY state taxes. [link] [comments] |
| 401(k) Theft - Any Other Excuse? Posted: 31 Dec 2021 01:34 PM PST My company operates a 401(k) Profit Sharing Plan & Trust. We have a trustee that manages a few pooled accounts (separate accounts for employee contribution, company match, etc.) and is responsible for tracking each employee's share of each account. I recently found out that during a dip in the market, the Trustee used the accounts' funds to "make whole" the account of a retiree that took their full distribution during the dip, so that person would not have felt the losses. Essentially, the Trustee took money from our accounts to increase the retiree's account balance. This is based on the plan administrator saying the plan performance ended with gains, but my generic quarterly report showed losses in my account. But also I was verbally told this. Is there any possible legitimate way that my account can have funds taken from it and given to another account? Like even though I was told this is what happened, is there some other excuse they could use to legitimatize their actions from a legal standpoint? [link] [comments] |
| Anyone use a UGMA or UTMA to try and jump start their kids retirement? Posted: 31 Dec 2021 10:38 AM PST So I've got a toddler and I have pretty much out enough into their 529 that it show grow enough to cover the average tuition cost for their college. My question is has anyone used one of the other accounts to help jump start their kids retirement. I was thinking of $1 a day from birth to 18 should be enough so that when they retire it would be a million give or take. Anyone do this? Looking for pros and cons. Also any idea of doing it better (my kid is a toddler so Roth isn't an option as I don't know anyone who is going to pay my toddler and I don't own a business). [link] [comments] |
| Childhood whole life policy- keep it cash out? Posted: 31 Dec 2021 08:37 AM PST I know...whole life policies are usually a terrible idea. Unfortunately I didn't have the foresight to tell that to Grandma when she started a policy for me when I was 9. I finally got all the things sorted out so the policy documents come to my house instead of hers, updated beneficiaries, all that jazz so Grandma won't see what happens to the policy that she's been diligently paying $12/month for for the last 30 years. So, what should I do with it now? The premiums are $12/month. The current death benefit is $21,000. The current cash value is $4500. Loan rate is 5%. I'm 38, married, with a 6 year old. I have a $1M policy through my employer (stable govt. job). Partner and I have about 2/5ths of our target retirement number saved. No debt outside of our modest mortgage. If we cashed it out, we'd probably stick the $$ in a general brokerage account in a low cost index fund. Is that the right move? Should I figure out how to use the dividends to pay the premiums and thank Grandma for her generosity? Keep paying the $12/month because there's something else I'm missing? Cash it out and stick an extra $12/mo. in my Roth? [link] [comments] |
| Estranged Parents Have Credit Card in My Name Posted: 31 Dec 2021 12:48 PM PST Hi all, For some context, I am a recent college graduate, and I received my first salaried job earlier this year. I have a poor relationship with my parents and I have not spoken to them in several years. I recently discovered via Experian that they have a Capital One Card under my name - I have no access to this card, and I did not know of this previously. It says on Experian that the history of the card is six years old. My parents are also known for being fiscally irresponsible and previously placed debts they incurred under my name while I was a minor, lowering my credit score. As of currently, I do not have a credit card under my name, though my credit score is reported to be in the high 600's. I wouldn't trust them to pay the card balance off in full; they tend to be very erratic and irregular people. Is there a way of suspending this card or transferring it to my ownership? I thought about reporting fraud to Capital One but I think it would really do some heavy damage to my credit score. All advice is appreciated; thank you. [link] [comments] |
| Is it still worth allocating money to my Roth IRA? Posted: 31 Dec 2021 12:46 PM PST I know it's a very broad question. But we're (25y/o) saving for a house purchase in a couple years so I'm trying to figure out if I should still max out our Roths for the new year. We have the funds for it but is there a better place to put our money? My elementary understanding is that a Roth IRA is more of a long term investment for retirement years and it grows over time. I have 70% in total market and 30% international index funds if that's relevant. Should I focus on allocating the money to something more "short" term and inflation protected like a Series I Savings Bond? Should I put money in both? Neither? Am I overthinking this? LOL [link] [comments] |
| Debt vs Reduced Retirement Investing Posted: 31 Dec 2021 09:59 AM PST My wife and I are expecting a baby in the next several weeks, we both make good money, our household income pre-tax is about 140K. Because of the shortage in available daycares, we can't put our child into daycare until about August, which means that my wife will stop working through that time period, which also means our household income will go down roughly 45% (her company doesn't offer paid maternity leave and she only gets 4 week short term disability at 60% pay). I'm afraid between the hospital bills and our required expenses, what's remaining of my salary will fall short to cover our cost of living. Right now, I'm investing heavily into my 401K and Roth IRA, roughly 15-18% of my income is going into my retirement funds Would it be better to cut back on my retirement investment to cover the difference in terms of expenditures until my wife goes back to work, or (if ultimately necessary) take out a low interest personal loan to cover the costs my salary can't cover. [link] [comments] |
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