Personal Finance 31, terrible credit and nothing to my name. Six months to get my life in order. California |
- 31, terrible credit and nothing to my name. Six months to get my life in order. California
- Seriously considering moving somewhere where houses cost $80k. Major pros/cons?
- I'm turning 30 years old in 4 months. No savings, no retirement. No 401k. What do I do?
- Should I continue to contribute 10% of my check to my 401k?
- $50K+ in loans...drowning and could use some advice...
- My friends landlord sold their house to a new land lord, do housing deposits transfer?
- a client disputed the charges for the service that i provided.
- I’m 21 years old and bring home a bit over 4K a month. What should I do with my money?
- Trying to buy a house and arguing with wife about the future mortgage
- I’ve got 50k sitting in my checking account.
- Did something stupid need advice.
- Someone wants to pay via venmo to buy a music instrument after meeting in person. Is there any reason not to trust such a thing? Anything to do to ensure I don't get scammed?
- Prepaying Mortgage to Remove PMI vs Investing
- Buy a house or rent for now?
- Best way to deal with fiance's MOUNTAIN of student debt at insane interest rates?
- Debt collector sent letter stating I can make 6 payments of 60$ a month. How do I proceed in writing?
- Saving for a house in Florida
- Do tips get deducted from paychecks?
- Help! Trying to budget but suck at it!
- New car now vs in a couple years?
- I just refinanced my house and went from a FHA with MIP at a higher rate to a traditional fixed with a lower rate and no MIP. Will I get taxed depositing the 20k buyer refund check?
- Renting or Buying for 4 years
| 31, terrible credit and nothing to my name. Six months to get my life in order. California Posted: 04 Jan 2022 07:03 PM PST So, happy new year to all. I spent the last two years getting off and on sober with a track record of six months off meth. During my meth spree, I ruined my credit all out, made a black mark in cheqsystems or whatever it's called. I have a 509, no car(transmission just gave out) and I live at an extended stay hotel for the next six months paid due to my disabled wife's help. I'm ready to take full accountability and full responsibility for my life and get my shit in order but I have no idea where to start. Any advice? [link] [comments] |
| Seriously considering moving somewhere where houses cost $80k. Major pros/cons? Posted: 04 Jan 2022 09:22 PM PST I'm a 27 year old single guy, grew up and currently live in the greater Philadelphia area. I work in healthcare and make around 60k/yr which after taxes, 401k, etc. comes out to around $3k/mo. I pay $1200/mo plus utilities for a small 1 bedroom (which was the cheapest I could find in the area). I live pretty close to the ground and still save very little every month despite a reasonably high income… Houses in my parent's neighborhood are $500k and up. Even in a nearby neighborhood known for having a large population of meth users, houses are still $300k+. I don't see how I have any kind of future here. A major increase in pay is not realistic. I can't afford a $2k/mo mortgage. I can't afford to have a family. I'm looking at some of these exurban communities in Indiana, like "gas city". I could buy a small house there for $80k. Working in healthcare means I'm virtually guaranteed a job anywhere with a hospital, and surprisingly based on my research I wouldn't really be making all that much less in Indiana, maybe $50k/yr. Which would be fine if my mortgage is $400/mo. Probably very little in ways of dining or entertainment, but I work nights and am generally a shut-in anyway. Anything else I should be considering? [link] [comments] |
| I'm turning 30 years old in 4 months. No savings, no retirement. No 401k. What do I do? Posted: 04 Jan 2022 05:09 AM PST Hi everyone. I have a stable security job at the moment. I have no savings, no retirement fund, no 401k, no stocks (don't understand how they work). I need help or resources. I'm turning 30 in 4 months and I have worked for 12 years with next to nothing to show for it. I have no higher schooling or high debt. I have a 2012 Honda that I'm upside down in. Pre-Pandemic it was worth $4000. I still owe 6700$ on the car. It's reliable and gets me around. My car is the only major debt that I currently have. What should I do? I don't want to end up like my grandma. A caregiver for 53 years, with no retirement or 401k. She only earns 1.1k a month on social security disability, unable to work. I don't want to end up like her. I take care of her a lot, most of my money ends up paying for stuff for her, getting her things she needs, etc. I cannot end up like her because she's been in a lot severe depression for many years due to finances. What can I do or what resources can I get to save enough for a retirement fund, or a 401k, or a Roth IRA, to ensure I have a future? Thank you. Please keep comments respectful. I'm trying to learn here. My parents never taught money management or anything. I'm learning from YouTube many days just to be able to get by. [link] [comments] |
| Should I continue to contribute 10% of my check to my 401k? Posted: 04 Jan 2022 07:28 AM PST I'm in a fortunate position that I'm able to contribute such a high percentage of my income but I can't help but feel that money might be better spend elsewhere since my company only matches to 3%. I would probably use that money in my own personal investment account. [link] [comments] |
| $50K+ in loans...drowning and could use some advice... Posted: 04 Jan 2022 08:27 PM PST 30M here. During the pandemic I racked up about $45k in CC debt, have $8K+ in other loans, and that's NOT including my impending 40k student loans. Basically, spent more than I had. Got married in September to my wife (30F). She did NOT know the extent of my debt, because to be honest, neither did I....it all happened in the span of 2 years, and I just...turned a blind eye to it I guess. Prior, I had about $10k CC debt. We haven't merged finances yet for no other reason than laziness. She currently has $9k in CC debt (only 1 credit card with actual debt, but 4 cards total) but is paying it down with a budget and plans to have it paid off by April. She will have no student loans. I make around $3800/mo NET. Wife makes maybe 1.5x-2x my salary. We live in a HCOL area, and our rent for a 1 bedroom is $3100. Believe it or not, this was a pandemic priced apartment that usually rents out for $3800, so at the time it was a steal. I pay $1300 and wife pays $1800 and all utilities. We are currently looking for a cheaper place to live, but right now the market doesn't look so good. Needs to be safe, animal friendly (we have a cat), and big enough for two people... pick two. We are actively searching and have reached out to some buildings/landlords, so may be able to drop rent anywhere from $2400 to ~$2800 if we get approved...honestly, any drop will help. I feel like I'm drowning. I feel incredibly guilty, and wife is rightfully disappointed/upset. Although she's been supportive, she also feels deceived and that her personal goals are out the window (she wanted to buy a house in 7 years and had a financial plan, wanted to go back to school for her masters, etc) but now she is in this with me. I want to dig both of us out of this, but I don't know here to begin, so here I am. To start, here are the CC debts I owe: Credit Card 1 (BoA): $17,000, minimum payment of ~$450/mo. 18% interest Other debts: Car Payment: $7800, minimum payment of ~$400/mo. Current plan is to start with the smaller payments. Personal loan first, then car (need car and specifically the SUV I have for work purposes). Hopefully a tax return will make some sort of dent. I'll also try calling BoA and Chase to see if they would consider dropping the interest rate. Wife will be holding on to my credit cards and paying for groceries. She will also start paying rent at $2000 and I will pay the remaining amount (right now $1100 but hopefully that drops with a new place). I want her to be able to pay off her card by April so I don't mess with all of her goals, but she will start helping in May when student loans come around. Would love for some advice/resources...anything. Feeling like I can't get myself out of this. [link] [comments] |
| My friends landlord sold their house to a new land lord, do housing deposits transfer? Posted: 04 Jan 2022 05:25 AM PST My friend is currently paying 1500/mo and has to pay up front 4500 for first last and security this is in central mass. Now the new landlord is asking for the same deposits. Does the old landlord just get to keep those deposits, or do we need to pursue legal action to get them back? [link] [comments] |
| a client disputed the charges for the service that i provided. Posted: 04 Jan 2022 09:16 PM PST i serviced 2 permanent makeup procedures on a client of mine. i had her sign a waiver/permit form prior to her service. unfortunately i made the mistake of not taking before/after photos to support my documentation. she then tried to dispute the entire transaction! stating that she was dissatisfied with the service and/or goods. she left my salon happy! i gave her after care instructions thoroughly and told her what to expect, and when to return for a touch up. she tried to contact me a week later to schedule the touch up. in which i did not have access to my work phone for a few days. once i received her msg, i immediately responded and explained and received no response. come to find out, she had tried to dispute the transaction which is why she didnt respond. shes extremely upset with my "lack of communication." i submitted the documents she signed but i have not received any info regarding my dispute challenge. what can i do to further assist my company from losing out on this sale? i worked tirelessly for hours on her. i can ask the girls at my salon if i can get the recording of the lady walking in/out of my salon. and i have text messages to support my cause. some gals told me to report her for theft of service. i did this and the claim was denied and they told me to take as a civil case with the court. [link] [comments] |
| I’m 21 years old and bring home a bit over 4K a month. What should I do with my money? Posted: 04 Jan 2022 09:05 PM PST So I got my first real job about 4 months ago and I feel like I'm making great money for where I live(Rural Indiana). My cost of living is next to nothing, I inherited my home that's been on our family farm for generations, have no vehicle payment, and my monthly bills and expenses don't exceed 1,500. About 17% of my weekly income goes into my 401k & Roth, and outside of taxes that is my only deduction. In the span of a little less than 4 months I've saved up almost 10k, but I don't feel it's the best to just let it sit in my savings. What should I do? [link] [comments] |
| Trying to buy a house and arguing with wife about the future mortgage Posted: 04 Jan 2022 02:04 PM PST So here is all the info: I have a credit score of 760 and my wife is 740. The house we currently are in is in Huntsville Alabama and I have it fully paid off. The price the realtor said we could get for it is between 225k and 250k. We are looking at a house that is 400k. My wife says the loan person said we could put 30k down on house and when we sell our house putthe full (we'll say 250k) as a payment on the house and our mortgage would be around 1k a month with a 2.5% (this isn't the interest rate I was just using the number as a placeholder) interest rates. I told her that's not how home loans and mortgages work. That our mortgage payment is a direct reflection of our down payment and interest rate. She is saying this (via text): "When I spoke to XXX, he told me we could buy and then sell our house. We would have to put the $30,000 initially down and then once we sold the house, we could pay off however much of the loan we want to get the monthly payment to where we want." Who is right here? I think she misunderstood him. Edit: I only said 2.5% as a placeholder number. I don't know what the % is because we are just now in the first steps of all this. [link] [comments] |
| I’ve got 50k sitting in my checking account. Posted: 04 Jan 2022 08:00 PM PST I'm 37/M and I've got 50k in my checking. This is money I'm saving as a down payment for a home when I'm ready to buy. Hoping to see the market come down a little because prices are asinine. Did I mention I live in Cleveland where cost of living is low? Lol. Yikes. Anyway, I'm really trying to figure out how to get the most out of what I have, but not have it locked up for x amount of time. I appreciate any suggestions, I just joined this sub 3 minutes ago. [link] [comments] |
| Did something stupid need advice. Posted: 04 Jan 2022 07:58 PM PST I went to a fraudulent covid testing place and gave my ssn, unaware that was a big no no and a fraud. I froze my credit on 2/3 credit websites, the third wouldn't let me because even I didn't know all the answers to the security questions, but credit union said it would share the freeze with the other two. Is there anything else I need to do? I feel so ashamed because I'm usually smarter than this. I Thought because it was a medical procedure you had to give all asked information. :/ Thank you. [link] [comments] |
| Posted: 04 Jan 2022 02:53 PM PST In the past I had heard of people doing scams on paypal, purchasing something then challenging the charge. any thoughts? It's an expensive instrument [link] [comments] |
| Prepaying Mortgage to Remove PMI vs Investing Posted: 04 Jan 2022 08:23 PM PST Hello I am due to receive an annual bonus in Q1 2022 and was debating what to do with the money as my current plans (vacation) have been derailed by COVID restrictions. Currently, my emergency fund is fully funded/401K and IRA are being maxed. I was debating between (1) paying down my mortgage (3.5% interest) to the point where I no longer need to pay PMI or (2) putting the money into a taxable brokerage account for basic index fund investing. I have confirmed there are no pre-pay penalties. Under normal circumstances I know the rule of thumb would be to put the money in the investment account as in the long run I'd make more than 3.5% interest saved by paying down. I wasn't sure if I am thinking of the potential return of saved PMI correctly. I'd need to pay $22,196.18 to bring the mortgage balance to the point of no longer needing PMI and would save $2,422.80 in PMI payments as a result. My thoughts are this is an 11% "gain" plus an additional 3.5% saved because of the interest not paid. Interested to know if I am thinking through this in the correct way or missing something in my thought process. [link] [comments] |
| Posted: 04 Jan 2022 06:33 PM PST Context: I'm 21(M) and make about 60k a year after taxes. Live with parents right now and have 0 debts. Pay about 300$ for car insurance and 120$for phone. Other bills are 200$ for gas 50$ subscriptions. That's pretty much all monthly expenses. Everyone at work and family tells me to buy a house because "you can never go wrong buying" and you always make money. But I don't think I can afford it. Especially since the housing market in UT is crazy. I've done the math and most websites say I can afford up too 200k. I feel like I can rent for a couple years until either a raise or I get a SO with a extra income. Any thoughts or ideas? [link] [comments] |
| Best way to deal with fiance's MOUNTAIN of student debt at insane interest rates? Posted: 04 Jan 2022 10:40 AM PST Background info:
I knew she had this student debt and now that we're hoping to get married it will become my problem as well. We both planned for her to be making about twice what she is now, but the job market in her field hasn't allowed that. I'm convinced we won't be able to buy a house or do much of anything with this hanging over our heads. I estimate that the annual average interest alone will be somewhere on the order of $15,000. The problem is I don't see how she can realistically pay it off since:
What should we do? We've considered trying to both live off of my income alone so she could put 100% of her income towards these, but I am worried that will fail and leave us worse off. Am I correct in my understanding of income recertification and loan forgiveness? Are there any free student-loan financial advisor services out there? Should we just plan to always have this debt, making minimum payments but never outpacing interest? Will it keep us from being able to get a mortgage? I would really appreciate any advice from folks who have dealt with a similar student loan burden with high interest rates. Thanks for your help! EDIT: Things I left out are that her degree is in physical therapy. Not sure if that has many public-service applications, but we are looking now. We do not believe her condition allows for total disability. [link] [comments] |
| Posted: 04 Jan 2022 10:37 PM PST So I received this letter stating that they are willing to reduce the debt by 45 percent and allow me to make 6 payments of 60$ every month. Is this proof enough in case they try to backslide some how, or when I call to try and accept/redeem this offer do I need them to send me more paperwork before I pay them. [link] [comments] |
| Posted: 04 Jan 2022 10:03 PM PST So, im 26, have 30k in debt, living with parents, and planning to save for a house instead of an apartment and I make 37,000 salary. Im thinking of starting a CD of 2 years with 1% interest from Capitol One and save up for a house in Florida of $30k. I do know that house market in Florida has gone up a lot in recent years and will most likely require a bigger down-payment but is starting a CD of 2 years for a house is the best plan for now? [link] [comments] |
| Do tips get deducted from paychecks? Posted: 04 Jan 2022 03:53 PM PST I live in Massachusetts (MA) where the minimum wage is $14.25. I work as a cashier in a takeout restaurant and the first day I applied she said the pay was 15/hr plus tips. Sounded too good to be true since I'm a teenager in high school. Anyways, I've been working there for around 3 months now and I usually work 4-5 hrs per day and 5 days a week. Like she said, we get tips plus an hourly rate. The tips are both cash and credit and there's definitely more people who tip with credit card vs cash. At the end of the shift she makes me write my hours down and the amount of tips I make (cash and credit card). However, when i get my paycheck I notice that the tips are deducted from the paycheck and the hourly rate is $11 not $15. It's clearly lower then minimum wage. I heard that deducting tips is a normal thing for restaurants to do but is she supposed to deduct the cash and credit card tips or just one or the other? $11 seems pretty low. [link] [comments] |
| Help! Trying to budget but suck at it! Posted: 04 Jan 2022 08:14 PM PST Not so much budgeting, but I'm trying to figure out how much I'm bringing home every month. I'm going to be working 2 jobs soon and I'm trying to figure out how much I'll actually be taking home after fed income taxes. I live in FL so there's no state taxes that are withdrawn. At job A I am making $11/hr at 40 hours At job B I am making $14/hr at 30 hours What is my total take home biweekly and monthly? (You can round up the decimals but get a whole # value if you can) [link] [comments] |
| New car now vs in a couple years? Posted: 04 Jan 2022 09:32 PM PST Obviously none of us can predict the future but if I have the money and I was planning on getting a new car in a couple years, does it make sense to do it now? New car prices are high now…but if they are higher in a couple years I'll feel dumb for not getting a car now when I could. (I don't have immediate need for a new car so it would be purely based on what would make the most financial sense in terms of paying the lowest amount for a car) [link] [comments] |
| Posted: 04 Jan 2022 11:28 PM PST The FHA was 19.5yrs left the traditional is now 20yrs. My payment rate stayed relatively the same. Am I just being a dummy here? [link] [comments] |
| Posted: 04 Jan 2022 09:07 PM PST I just got news that I was accepted into a PhD program in my hometown, so I am going to be moving back soon! I am 19, got a head start on college and am now beginning my program young. I don't have much credit history since I just got a credit card a few months ago, but my credit score just hit 700. Since I will be in the PhD program for 4 years or so most likely, I am questioning whether to buy or rent a house. There are hardly any rentals available at the moment, but with a low-ish credit score and without a full time job, I don't know how hard getting a mortgage would be. I stress over small decisions and this is a big one, so I am naturally freaking out, any advice would be very helpful! Also, if I were to buy a house, I don't have hardly anything for a down payment as I've stuffed all my savings into my Roth IRA these past few years, so would it be beneficial to take my contributions out of my Roth or try to find a loan with no down payment requirements? [link] [comments] |
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