Personal Finance I have most of my savings in an S&P 500 index fund. Should I diversify with a DJ index too? |
- I have most of my savings in an S&P 500 index fund. Should I diversify with a DJ index too?
- A driver destroyed my parked car and their insurance has been giving the runaround for weeks - what do I do?
- Former employer keeps paying me
- Made less than $600 with door dash (US)
- 49 years old with zero retirement
- I have a 401K roll over into a Vanguard account thats only made $300 in 6 years. IDK what this account type is tbh. How can I make this grow better?
- I have $5k set aside and a child on the way. I want to invest it for them when they’re 18. But, I have no idea how to invest.
- Should we change our retirement investments?
- Financial security advice - mother susceptible to scams
- How to get refund from airliner?
- Liquidate investments to pay off debt or hold steady?
- FIL wants to open a trust for our newborn son and wants his social security number. My husband and I are not comfortable with that. How best can we navigate this?
- I bought a new car and the dealer told me I had to trade in my old car or the bank wouldn’t approve my financing. That doesn’t seem right to me
- 20k in collections debt, best way to tackle this?
- I have a question about trusts
- How much money and or percentage of income should you have leftover each month?
- Is it true if you can’t meet certain qualifications for a mortgage, you can go private and then later on refinance with a normal bank?
- What to do with credit card I can’t pay?
- I need help, i just went completly broke
- What happens if my payment is due on my credit card but I’ve transferred it to a new card?
- Buying a home at 59 years old
- Wells Fargo Customer Remediation Department Settlement Checks
- Will pay from a form 1099 effect mortgage approval amount?
- Funds unavailable for 401k loan
- Employer witholding final paycheck
| I have most of my savings in an S&P 500 index fund. Should I diversify with a DJ index too? Posted: 20 Jan 2022 04:47 AM PST Hey friends Basically just the title. I have about 60-70% of my investments in VOO, which has been good. I'll soon be adding a bit more, should I make a point of buying another index? Is my current split too risky? Thanks :) 👏🏼 EDIT thanks everyone! I've learned I need to diversify with Mid- and Small-cap indexes (US and Intl) and the DJIA won't help with that. I'm gonna start with VXUS and go from there. [link] [comments] |
| Posted: 19 Jan 2022 09:47 AM PST The other cars insurance (Farmers) said they accept responsibility but not much else, and have left my car in paid city street parking, leaking oil, both axles snapped in half. It's only a matter of time until parking tickets and a $600 tow to impound occurs. I've missed days of work and have to get rides to work from friends. I only have liability insurance (AAA), so when I called my insurance they said they couldn't help whatsoever. I feel like Farmers is ignoring me as a bullying tactic before lowballing some settlement, hoping I'm exhausted. I don't know what to do. [link] [comments] |
| Former employer keeps paying me Posted: 19 Jan 2022 08:02 PM PST I left my previous position in December, and have received three checks since my employment has ended. I have emailed the Payroll Department, my former Supervisor, and the Personal Assistant to the Head of the Department I worked for. I have received no responses. I have also tried calling the Payroll Department every day, but the phone hangs up after a dozen or so rings. Finally, I called the General HR phone number, and spoke with a representative who told me I needed to email my Supervisor so that I could be marked as Inactive in their PeopleSoft system. He said there was nothing else he could do. What other steps should I take besides continuing to follow up on the emails I have sent? [link] [comments] |
| Made less than $600 with door dash (US) Posted: 20 Jan 2022 07:01 AM PST Hi I hope this is the right place to post. I made less than $600 with door dash and after some googling it looks like they won't send me a 1099 but I can file a 1099 Misc on my own? I have my bank records of deposits from them and mileage through an app I can export. Will that be enough to file with? [link] [comments] |
| 49 years old with zero retirement Posted: 19 Jan 2022 04:35 PM PST I am 49, wife is 47. We have zero money in retirement of any kind. I own a small company (7 employees including my wife working there). Both of us make 100k/year plus the profits from the company which might be 30k or so. I guess my main question is how do you know who to go with. I mean do you do it all yourself, go with an advisor from edwards Jones, Morgan Stanley or who? I'm not certain where to start, just know I NEED to start. EDIT: OK to clarify a bit because I've had a cpl messages/notifications talk about how stupid it is to be almost 50,with our income, with no retirement or investments. Understand over the past 5 years or so I paid off roughly 225k in back taxes from when I made stupid decisions years ago. We have also put 3 kids through college (Troy, Auburn, and S Alabama) . One has graduated already (Troy) , one graduates this spring (auburn) and the other one also graduates this spring (s Alabama) but will have grad school afterwards. So it's not like we have just pissed all our money away. I guess we have just invested in our kids future more than we have our own. [link] [comments] |
| Posted: 19 Jan 2022 07:19 AM PST Hi all, I had a 401K with an employer that became a rollover "Vanguard Cash Reserves Federal Money Market Fund Admiral Shares Prospectus." What the heck kind of account is it now? And why has it only made $300 in 6 years? Can I do something to make it grow more? Should I pull it out and invest elsewhere? The amount of the 401k before rollover was at 4k. TIA for you help!!! I appreciate you all! EDIT: Thank you guys! I really (clearly) did NOT understand what happened when 401Ks rollover or all the lingo associated. Big oof, lesson learned. EDIT: Tldr, "user does not realize 401k rolling over into an IRA means they needed to pick new investments, and that the 401k investment picks did not transfer to the IRA automatically. More news tonight at 6. " [link] [comments] |
| Posted: 20 Jan 2022 07:26 AM PST I know this is a very broad question with no right answers. Maybe an ELI5 of my options would suit me best? Thank you for any time and input. Edit: some elaboration may be helpful, so I'll quote myself from a comment I've made
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| Should we change our retirement investments? Posted: 20 Jan 2022 07:15 AM PST I am 90% Fidelity 500 index, and 10% company stock. It is a Roth 401k, and I put in 6% with a 5% company match. My wife is 6% BlackRock Lifepath Index 2060 K in a traditional 401k. Should we switch hers to a Roth 401k since the company offers that? We are low income right now, roughly 75k and plan to earn more later on. So I'm thinking it would benefit us. I'm also considering changing hers from a target date fund to 100% index. I understand the Target Date funds are made of several things including index's and rebalance themselves. But the fees and returns aren't up to par with say the Fidelity 500. That's why I switched mine over from a TD. Edit: I should clarify we are both 27. My wife also has a pension through her employer. [link] [comments] |
| Financial security advice - mother susceptible to scams Posted: 20 Jan 2022 05:33 AM PST My 70 year old mother put $5k cash in the mail yesterday. This is the second time something like this has happened in the last two years. Her mental health is obviously not there to make good judgement calls. I learned in speaking with my father he has his life savings sitting in a checking account. I'd like to provide him with a few options that will secure these funds better rather than just telling him what to do. I think he is generally untrusting of investing and I'd like to give him some conservative options. Do these options sound good? 1.) Keep 6-12 months in checking, invest (70% bonds) the rest. 2.) If he must keep his funds in checking, lock my mother out of all access and provide her a smaller account for spending money. [link] [comments] |
| How to get refund from airliner? Posted: 20 Jan 2022 06:42 AM PST I'm not sure where else I can post this but I live in poverty but I saved up enough money to buy a plane ticket to visit for my family for Christmas. Well my flight back got cancelled and I had to go to work so I bought another plane ticket that was twice as expensive so I could get home. Well I've been calling them and calling Spirit trying to get any kind of reimbursement and they keep saying yeah it should be review within 10 days and you should get credited but then I hear literally NOTHING. It's sucks and I need that money. It's been almost a month now, I even sent a complaint to department of transportation like a week or 2 ago and haven't heard anything. Is there anything else I can do? [link] [comments] |
| Liquidate investments to pay off debt or hold steady? Posted: 20 Jan 2022 07:22 AM PST 37 yr old. Make approx $75k/year. Not the most financially savvy individual. B/w vehicle loan and some credit cards, I have about $25k in debt. I currently have ~$10k in digital assets (mostly ETH), ~$10k in the stock market (mostly VTI), and about $20k in savings for an emergency fund. Should I liquidate and pay down the debt, or just hold steady? Thanks! [link] [comments] |
| Posted: 19 Jan 2022 01:25 PM PST For context, FIL has money but has a past history of domestic violence and alcoholism; he's been better for a few years now but we don't trust it. Fortunately, he lives in Texas; we live in Pennsylvania. He wants to open a trust exclusively for our newborn, but there is no way in Hell I'll give him our son's social security number; my husband agrees. What course of action can we take (or suggest to him) to keep our son protected? We don't know much about trusts or how they work. We are leery but don't necessarily want to turn down the opportunity. In addition, I have plans to freeze our boy's number just for the sake of preventing identity theft until he is older. I don't want to misstep and freeze prematurely if it will need to stay open for the sake of opening a trust or other financial vehicle. Any advice is appreciated. Thank you! Edit: We were going to freeze his credit before this was ever a conversation. That decision is unrelated to the FIL. [link] [comments] |
| Posted: 20 Jan 2022 09:23 AM PST I bought a 2022 telluride and wanted to put $10k into the transaction between down payment and trade in. We told the dealer that and they looked at our car we were trading in (2009 Hyundai Santa Fe no financing on it, we own it outright) and told us they would give us $1000 for the trade in on it. I said okay I'll write a check for $9000. After thinking about it for a bit I figured I'd rather just keep the Santa Fe as my son is getting his drivers license in 18 months so I'd just hang on to it for him. I told the dealer this and they said they'd have to check with the financing to which I said that's fine, I'll just write the check for $10,000 instead so the deal would be the same. He came back after a while and told me the bank wouldn't do the financing if we didn't trade the car in. I questioned it and he said that by trading in a car with no loan on it it shows we are financially responsible and able to pay off a loan. I told him that we never had a loan on it, we bought it with cash 10 years ago. He said that's just what the bank says. So I went through with it and traded it in, but it's been bothering me. So, is this a legit thing or did the dealership screw me over? [link] [comments] |
| 20k in collections debt, best way to tackle this? Posted: 20 Jan 2022 08:42 AM PST I really have nobody to go to, so I'm hoping that Reddit folks can give me some advice here. I also apologize that this is gonna be long, but I just wanted to give the full info. I'm 20 years old, and I went to 1yr of college after HS, ended up not being able to afford it because of circumstances, and had to stop attending once the pandemic hit. This left a 20k tuition bill that I couldn't afford, and I only have one parent who also cannot afford to contribute(and is ignoring the issue). This bill has since been assigned to a collections agency since it is over a year old (and more than 120 days). I have $4k in my savings right now. I'd of course love to be able to pay this in full, but that is not possible for me. And my credit score is low 500s (the only thing I have on my report is this bad account:/) so I can't even take out a loan to pay it off, or to go back to school, which I NEED to do. I want to pay this off as soon as I can so I can start rebuilding my credit (I'm aware that paying it off will not necessarily increase my score, also) and start saving to get my bachelors degree(of course doing it the smarter way this time). I currently work 2 jobs, one that pays $15/hr and I work for 30 hours and another that pays $13.50 and I work for around 15-20 hrs a week depending (and I'm out this week for the second one because I need to get a covid test unfortunately). I'd love to increase my income, and I'm unhappy in both of my jobs anyways (plus idk what I want as a career so nothings holding me back anyways). My monthly rent is $875, with $12 insurance(this is the cheapest I've found in my area right now, I've been looking for cheaper but the credit doesn't help). I do pay for my medications, my cats, and I just eat whenever I can get my hands on food, I'm not really a big eater anyways. I try to keep my monthly expenses to min. and then I'll contribute the remainder to my savings for debt. I would like to get this paid off within the year, even quicker I'd it's possible I can negotiate a settlement for a lower amount and a pay for delete from the collections agency. This has really screwed my life and it doesn't help that I have depression I'm dealing with as well, so is just really like to figure a way to get this taken care of…like yesterday. [link] [comments] |
| I have a question about trusts Posted: 20 Jan 2022 08:31 AM PST At what point, if any, does it make sense to consider setting up a trust? I do have a decent amount of assets at this point and a good income. Does a trust help protect assets in the event of future health expenses, etc? What are the basic benefits and challenges around them? [link] [comments] |
| How much money and or percentage of income should you have leftover each month? Posted: 20 Jan 2022 09:29 AM PST My wife and I are looking at buying a new house. Overall the new house is going to run around $850 more per month between the increase in mortgage payment and utilities. My question is how much money and or percentage of income should you have leftover each month? This would be after taxes, all bills (groceries, utilities, car payments, hobby commitments, etc), and after any retirement (401k, ROTH IRA, etc) contributions. What I would also like to ask is if the below amounts of income leftover each month after taxes, total bills, and 401k contributions (currently at 15%) sounds reasonable or worrisome to you? These numbers are also factoring in daycare which is a huge expense at the moment per month. My wife and I are are 36, combined 401k's are $420k. Combined incomes are $160k. Current house
Proposed new house
Thank you [link] [comments] |
| Posted: 20 Jan 2022 06:42 AM PST Is there any truth to the idea of people not being able to meet certain qualifications for their mortgage (ex not being able to meet the stress test, but successfully meeting other qualifications; etc), so they end up going with a costly private lender to close (but have open terms with the private lender). And a few months after closing, they go to a regular bank and then switch their mortgage over to them / refinance with them? Won't the banks hold them to the exact same standard as if was the situation before or are they more lenient on certain qualifications or terms because you already have the house? If this is true I wonder if this is how a lot of people are able to get in the market. I'm getting conflicting opinions from friends, others so was just curious what is the truth. [link] [comments] |
| What to do with credit card I can’t pay? Posted: 20 Jan 2022 09:23 AM PST I have a credit card with an admittedly astronomical amount of debt on it, $11000. Yes I know it's terrible. I had a manic episode a couple years ago and this is how I ended up with that amount, after you adjust for the interest. Here's the problem, last year because I started working mid year I wasn't paid my full salary so I was having trouble making payments. I entered into a payment plan and they reduced my interest. Cool. Paid every month on time, no issues. Then August of this year I ended up giving birth to a 25 week baby which meant a long nicu stay. Because of my job and covid I decided not to go back to work and honestly the anxiety of being an hour+ away was killing me. So I've been collecting disability since then which is about 2k a month. We have been paying all our bills and dipping into savings a lot since for about 2 months my husband was also unemployed (he is now working again). Savings have officially run out, I cannot go back to work since my kid can't go to daycare because of medical needs, and I'll be quitting next month which means no more disability checks. I reached out to the credit card company and told them I cannot pay but I can pay $50/mo until I can get a job as a good faith type deal. They said I don't qualify for a payment plan since the one I was previously in ended in November and I need 12 months between. And they didn't give me any other options, I'm not sure what to do at this point. I'm in a HCOL area, I'm trying to find a WFH job but it's proving difficult. I'm thinking about selling my car but I don't have equity so it'd just be getting rid of a payment and leave us as a one car household which would be difficult since my husband works about 30 minutes from home and there's no public transportation here other than Uber. [link] [comments] |
| I need help, i just went completly broke Posted: 20 Jan 2022 06:32 AM PST Hi, Im 20 year old guy, self-employed as Junior UI UX Designer but I have a an unofficial deal with a company that I work for, I have stable income, but as Im just a Junior at the moment it's not that big amount of money. I struggle with gambling addiction, ive been coping with it pretty well lately, i can control my urges and don't have to gamble but I got myself into a pretty bad financial situation when I wasn't doing anything about the addiction. After I gambled most of my savings and money away, I had to apply for a personal loan to pay for rent and insurances and other neccesities. I did but then gambled the rest of the money away again.. Now I have 30€ to my name, still have to pay some bills in the upcoming days, even for rent, my girlfriend had to pay a chunk of my half for me, and i feel fucking horrible for that, she had to spend her money just for my stupidity. My paycheck should come in 10 days, which is too late for everything to be paid on time. I paid off my monthly bill for the personal loan so atleast thats good, as the interest is sky high. When I recieve the paycheck even that is not going to be enough for everything for the next month and I don't know what to do, I want to plan out my financials but can't get to it cause I just don't want to see all the debt and the amount which will be free for me to "enjoy" It will be in 10s of euros, not more than 60€ for month. Please I need any advice I will read every one I just need some direction. I will very thankful for every one of your advices! If there is anymore information needed for you to give me some kind of advice i will give it to you. Thanks again edit sorry for some grammar fails, im having pretty bad anxiety attacks and my hands shake [link] [comments] |
| What happens if my payment is due on my credit card but I’ve transferred it to a new card? Posted: 20 Jan 2022 02:37 AM PST Let's say I've just transferred all my balance to a new credit card but the original one still shows payment due in 5 days even though the balance is 0. Do I still need to do the payment and lose money or it will show as negative balance? [link] [comments] |
| Posted: 20 Jan 2022 04:22 AM PST I will be turning 59 1/2 years old in a couple of months. I'm still working and expect to work for at least another 5 to 6 years. I currently rent but now I want to purchase a home - should I use some of my 403b to assist with the down payment? There won't be a penalty, but I believe it'll count as income. How is this taxed? Should I consider borrowing instead? [link] [comments] |
| Wells Fargo Customer Remediation Department Settlement Checks Posted: 19 Jan 2022 10:55 AM PST I'm posting this for future Redditors who get a $150 settlement check from the Customer Remediation Department for "improper holds placed on your account." My advice to you is to not cash the check. Call the number at the bottom of the letter and ask them to do better. I was able to negotiate a $650 settlement for all the problems they caused me in about 45 minutes on the phone. Do yourself a favor and don't settle. In my case, they placed fraud holds, then closed my account out of nowhere a few days later, opting to mail the funds in my account to me via USPS; a process that took three weeks. I racked up a lot of fees, debt, and interest from their actions. Remember, they screwed us over and they are required to pay for that. [link] [comments] |
| Will pay from a form 1099 effect mortgage approval amount? Posted: 20 Jan 2022 07:40 AM PST I am looking to apply for a mortgage but I am wondering if my pay situation will effect how much I will be approved for. My pay is split between 2 companies owned by the same parent company, $77k from Company A and 8K from company B. I get a biweekly salary from company A, but company B wants to pay me through a Form 1099 which I wont see any pay until the end of the year in one lump sum. Will this make it so I am only approved based on the $77k? [link] [comments] |
| Funds unavailable for 401k loan Posted: 20 Jan 2022 07:29 AM PST Looking to take out a 401k loan. I know it's frowned upon generally but necessary right now. Last week I looked at my account and 50% of funds were available as one would expect. This week I decided to pull the trigger and when I log in it shows 0 available for a loan. Voya says they will investigate but it can take 5 days. They say it's an issue on the employer end. Kinda panicked. Any speculation what could be going on? Thanks. [link] [comments] |
| Employer witholding final paycheck Posted: 20 Jan 2022 09:29 AM PST I was warned by a coworker (who had left and come back over the years) that the owner is likely to not send the last paycheck when I quit. I'm a teacher at a small private school. I'm salaried and have w-2s. I don't have a contract, but rather a "written agreement of cooperation". I do see that I'm well over my allotted sick days (I have a toddler in daycare for the first time, during a pandemic...). But I also know that I still lose a sick day when I work remotely, and I never get bonus hours when I come in on my days off. Truth is, I'm not too worried about myself. I don't get paid much, and I'd quit tomorrow if I could get past abandoning my students. I'm mostly concerned about some of my coworkers who are much more dependent on this income and don't have the time and resources to fight this. I don't want to let her get away with any of this and I'm quite pissed that former employees have allowed it to happen for decades. So what do I need to look out for? Do I need to bring any proof, or does that burden rest on her? Thanks. [link] [comments] |
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