Personal Finance Pay $3000+ for rent or $2500 for mortgage |
- Pay $3000+ for rent or $2500 for mortgage
- Mortgage payment surprise!
- my neighbor. paid me for some odd jobs last year
- Do condos appreciate less long-term than single family homes?
- 401k recovery after market drop
- Every dollar during 2021
- How should I spend my bonus?
- Wells Fargo denied my fraud claim, my life savings are gone, what can I do?
- I’m 39k in credit card debt. Company is offering to charge a monthly fee to dispute my creditors.
- I got a job offer and I need to know if they are low balling me or if I am delusional.
- Worried I got scammed- company says a refund takes 90 days?
- Reduce emergency fund to invest in taxable brokerage account?
- What should we do to protect our online accounts?
- Am I being too aggressive with retirement saving?
- Insurance saying “not medically necessary”
- Brother drove my car and hit the curb. Bumper needs to be replaced. Is my premium going to increase?
- Mom died unexpectedly and I have to sell her car. She left no will, I'm her only child and living relative. Can someone ELI5 how to take ownership of the car and then sell it?
- Live in a high COL city, worth doubling my rent to increase my standard of living?
- Generational wealth and frugalness
- From my 20s in serious debt to mid-30s and living comfortably. What's next?
- First Time Investor and Trying To Maximize and Grow Income: Any Tips & Advice For A Newbie?
- Where should I put my down payment fund?
- Left my old employer and my 401k is being managed in Fidelity - Should I move it?
- $11k taken out of my account by ACH transfer
- Is now a good time to buy a starter home?
| Pay $3000+ for rent or $2500 for mortgage Posted: 18 Jan 2022 07:41 PM PST My wife and I are both graduating dental school and starting associate jobs. Our plan is to work as associates for 2-3 years before I open a private practice and she stays on as an associate until she can open a second practice. We will be graduating with roughly $600K in student loans and will start out making roughly a combined $290K. My dilemma- In the area we will be working, a 3br 2ba 2500sqft house will cost around $550K (up around $100k over the past year) and a 2br 2ba apartment goes for around $2500/mo or $3000+ for a 3br 3ba (1500sqft) apartment. My thought would be that renting would he smarter if I could put more towards investing for my future practice/retirement and paying off loans, but the way rent is also inflated has me at a loss for what is best. Edit 1: If we do buy, we are considering a Physician Mortgage loan which would not hold our student debt against us, no down payment dor homes up to around $750K, no PMI and usually lower rates. [link] [comments] |
| Posted: 18 Jan 2022 06:49 AM PST I just got off the phone with our mortgage company regarding an almost $200 increase to our monthly mortgage cost. My husband and I are set up for automatic payments, so I normally just let the system do it's thing. My initial thought was that our taxes increased, or homeowners insurance increased. When I spoke to the customer service rep, she advised it was our taxes that increased and translated into the more expensive payment. She also noted that we should've received the monthly breakdown in the mail, which we did not. Add an extreme urgency to try to get me to refinance (she was really pressing), it left me hoping for an outsiders piece of mind. I went to our borough's tax site, and pulled up our property - from what I can see, our taxes have not increased and 2022 costs are quite nearly the same as last year. My next thought was to contact our borough directly to confirm our 2022 total tax payment due, and then call back our mortgage company? Has anyone else run into this? Am I missing something so obvious that I'm just not aware of? ***Quick edit: First, THANK YOU for all of your comments and advice - I am super appreciative of you all! We are in NJ and purchased our 1960's home in 2018. Our insurance and taxes combined increased roughly $400 total for the entire year. No big jumps in taxes or insurance to be found! We also have a fixed-rate mortgage, so we are locked in. Mortgage company states they sent the escrow analysis, but we never received, and there is no electronic copy in their "hub", so I'm trying to obtain that! [link] [comments] |
| my neighbor. paid me for some odd jobs last year Posted: 18 Jan 2022 03:58 PM PST dog walking and sitting, running errands, etc... now she's doing her taxes and requesting my social security to send me a 1099. this is potentially going to screw me up since I was on PUA last year. she's all worried about the new $600 Venmo and PayPal rules that go into effect this year. I told her it didn't apply to last year but she didn't listen. I no longer work for her and don't plan on doing it ever again cause she's a handful, but I feel like asking me retroactively to become her employee is really lame. had I known, I would never have agreed. any thoughts on how to handle it? thanks in advance. [link] [comments] |
| Do condos appreciate less long-term than single family homes? Posted: 18 Jan 2022 01:43 PM PST I hear a lot of people claim that condos appreciate less than SFHs, but I'm wondering if that's due to short-term trends since the pandemic and whether it holds true long-term. My reasoning is that even if we assume only a small difference, long-term the compounding gains would result in a very large difference that should shift greater demand back to condos. For example, consider a SFH valued at $500K and a similar condo valued at $400K. Even though the SFH is 25% more expensive, many would prefer the house due to increased privacy, increased land ownership, no HOA fees, etc. Now let's jump forward 20 years and assume the SFH increased 5%/yr while the condo increased 3.5%/yr. The SFH is now $1326K while the condo is $796K. With the SFH being 67% more expensive, I imagine more people would be pushed to buy a condo. What are people's thoughts? Am I missing something? I know much of house value is tied to land ownership rather than the house itself, so maybe that would explain an increasing disparity between them? [link] [comments] |
| 401k recovery after market drop Posted: 18 Jan 2022 04:50 PM PST I have a general question that I am wondering about; It won't stop me from adding to my Roth IRA 401k, I am just generally interested.. When the market drops say like it did in 2008; and all the value is wiped off 401k Did people eventually have it regain its value or was the value lost forever? Please explain to a simpleton like myself 😊 [link] [comments] |
| Posted: 18 Jan 2022 10:38 AM PST I was reviewing my expenditures from the previous year (2021) to make sure nothing jumped out at me as unusual. I would like to hear any suggestions for areas of over/under spend and ideas for improvement. Thanks For context: single income family, spouse at home with 4 kids. Medium cost of living in suburban city in the US. [link] [comments] |
| Posted: 18 Jan 2022 04:15 AM PST I received a 5.5k bonus (about 4k after taxes). I have no debt besides my car which has about 5k left on it. I currently put $500 in a Roth IRA and $500 in index funds every month. I have 6 months expenses in an emergency fund. I don't currently have a 401k because my company doesn't match. I also received a 5k raise so I'll have a little room in the budget to invest more monthly. Should I pay off my car? Put it in 401k? Or put more in index funds? The index funds are considered my house fund [link] [comments] |
| Wells Fargo denied my fraud claim, my life savings are gone, what can I do? Posted: 17 Jan 2022 04:34 PM PST I got a letter from Wells Fargo last week saying that they've denied my fraud claim and I don't know what to do. Right before New Years, someone got access to my Wells Fargo account online. They added themselves to my Zelle recipient list and made three transfers of $999.99. They also made one ACH transfer for about $500. I made a separate claim for the ACH transfer and that was approved. So I got that $500 back. But the three Zelle/Bank transfers were upheld. I called Wells Fargo support and they said there's nothing they can do, no appeals process or anything. I'm devastated, I was saving up to pay for a couple months of mental health therapy and now everything is gone. Is there really no appeals process? I've contacted them on twitter as a last ditch effort and they just said they "share my concern," which seems like a brush off. I don't understand how the ACH claim was approved but this wasn't. I'm located in California if that matters. Any help would be greatly appreciated [link] [comments] |
| I’m 39k in credit card debt. Company is offering to charge a monthly fee to dispute my creditors. Posted: 18 Jan 2022 09:37 PM PST So I'm not sure if you're familiar with the company called litigation practice group but I'm trying to research if this is a good option for me or not. From what I gather they have me stop making payments to my creditors which I've not been able to afford making payments a Anyways. And I believe they'll work with my creditors trying to negotiate a settlement agreement for each credit card company. I am unfamiliar about companies like this and have avoided them in the past but given my current circumstances I'm thinking it may not be a bad idea to try it out for once. Its worth noting i have terrible credit at this time and I don't think my bank would allow me to refinance my truck and consolidate my credit cards into a new loan at this time like I have done years ago. If anyone has experience working with a company like this I would really appreciate any advice you have for me. Sorry to be so naive in this field but I've just fell into this hell of a situation within the last three years and used to have superb credit up until 3/4 years ago. Thanks a lot for any insight you can give me. Cheers. [link] [comments] |
| I got a job offer and I need to know if they are low balling me or if I am delusional. Posted: 17 Jan 2022 05:22 PM PST Quick back story on me I am a graduate of the Culinary Institute of America,I worked in NYC for years, and I even studied and worked abroad in some of the best restaurants. I am a level three sommelier, and I even teach classes now. I also have competed nationally and internationally in cooking and cocktail competitions. A man I met months ago recently reached out to me and asked if I would be his familys private chef for at least 3 days a week. But, he has some really rare allergies that are going to be a challenge to cook for. He wants a whole pantry made from scratch, bases for soups and stocks, spice blends, condiments that are allergy free. So re organizing his whole kitchen and pantry, as well as meal prep for my off days, grocery shopping, snacks for his children for after school, and building a garden for him. Mind you this is for one of his THREE homes. And he also wants me to do dinner parties for his friends this summer with wine pairings, AND he wants me to help him open a restaurant for him. Take a moment to visualize a number that YOU think would be acceptable. Keep that number in your mind. He offered me $18-$19 an hour. I could quite literally walk into McDonalds and get a starting pay of $15.. for a fast food job. And this man is wealthy and flaunts it, and basically wants me to run the food in his and his family's life. Let me know if I am being ungrateful, and if I'm not.. what should I do? [link] [comments] |
| Worried I got scammed- company says a refund takes 90 days? Posted: 18 Jan 2022 10:29 AM PST I'm dumb and fell for the high-pressure sales tactics of a potentially fake wedding photography company. They advertised "full refund at any time" so I just went for it. Upon further research, I found all the pictures on their website are stolen, the webinar they pretend is live is fake, their few reviews on the the Knot are likely fake, and there's no trace of them online other than their website despite claiming they've been around 14 years. I became very uncomfortable once I saw this and asked for a refund. They said no problem but it will take 90 days. I'm nervous that this is just a tactic to delay my ability report them or try to reverse it with my credit card company? Why would it make 90 days anyway? I should mention they are "connected" to a well-reviewed video company with the same owner. Should I wait the 90 days or call my credit card company right away? [link] [comments] |
| Reduce emergency fund to invest in taxable brokerage account? Posted: 18 Jan 2022 08:29 PM PST Hi all. I am a single 30yo renting my own apartment. I don't have kids, or debt. Between roth ira and 401k, I am putting aside 15% of my income for retirement savings. I have an $18k emergency fund (8 months worth), $20k saved toward a house, and $6k in a taxable brokerage account invested in an SP500 index fund. The rest of my savings are in aforementioned retirement accounts. I would like to buy a home (condo or townhouse) within the next few years, but do not need one immediately. I can save approx $20k per year toward a house, and the homes I am interested in can be purchased today between $250-300k, so I am planning to save about $60k. I am thinking to reduce my emergency fund to about $14k, and invest another $4k into my taxable brokerage account. That would put my taxable account at about $10k. My goal for this account is to steadily grow my portfolio over time at a rate that outpaces the dismal interest rates in HYSA these days (edit: the rate is 0.4%). I think I feel comfortable reducing my EF, because:
What do you all think? I have steadily decreased my EF from $24k over time, as I have realized that I probably have no need to keep that much in liquid assets, and I have alternative safety nets should anything happen to my vehicle or my job. [link] [comments] |
| What should we do to protect our online accounts? Posted: 18 Jan 2022 06:48 PM PST I saw the post from the individual who was out their life savings on their Wells Fargo account. I was always under the assumption that of there was any fraud the company/institution would make us whole. But I guess this is not always the case. This got me really concerned. I do ALL of my banking online. We have two credit union accounts.and one account with citizens. We use Venmo, PayPal, and Treasury direct. Roth IRAs. Ect. Sure I use passwords and multi-factor authentication (when available). But some of the post indicated that even multi-factor authentication sent to your phone isn't safe. It seems like it's so easy to hack a password now. What should we do? [link] [comments] |
| Am I being too aggressive with retirement saving? Posted: 18 Jan 2022 02:34 PM PST Posting from mobile, so I apologize for inevitable formatting errors. Basically the title. For the new year, I've upped my 401k contribution from 6% + match to 20% + match as I'd like to max my 401k as early as possible. This is the main area of concern/question… The details. 23, graduated college May 2021 Gross: $70k Salary Net: $3920 w 6% 401k contribution Net: ~$3200 w 20% 401k contribution (estimate based on calculators, have not received a paycheck since changing contribution %) Rent $1150/mo most utilities included Electric: $15-$30/mo (yay for renewable energy) Roth IRA: $500/mo Student loan A: 53,000 @ 2.75% ~ $516/mo Student loan B: 9,000 @ 1.88% ~ $100/mo Car insurance: $50/mo Furniture: $240 @0% until august… $40/mo Food(Groceries + Restaurants): $300/mo Misc: $100-200/mo (I don't buy a lot of things, this is more of a placeholder for if I want something) = $2886/mo Any leftover cash goes into either my Roth IRA until it's maxed, or goes into an emergency fund. The caveat… my emergency fund is only at $1,000. Should I focus more on building my emergency fund before maxing my IRA and 401k? Or is the leftover ~$300/mo going into emergency fund an acceptable rate? My thought, while ill-advised, is I can access Roth IRA contributions if absolutely necessary while the emergency fund is being funded. I'd appreciate any thoughts, questions, concerns or blazing holes you may have/see with my plan. [link] [comments] |
| Insurance saying “not medically necessary” Posted: 18 Jan 2022 12:33 PM PST I had a pain in my groin for a few weeks so after doing blood work which came out fine my dr had me do a ultrasound(which came out fine and pain is gone) but then I got a letter from my insurance saying that the ultra sound was not medically necessary which seems really bizarre. The code my doctor provided was R1031 to the imaging facility. It seems crazy to deny an ultrasound for a testicular pain that lasted a few weeks. Did my doctor not provide enough information to the insurance company? Or the wrong codes ? Need some help to appeal this. [link] [comments] |
| Brother drove my car and hit the curb. Bumper needs to be replaced. Is my premium going to increase? Posted: 18 Jan 2022 11:59 PM PST My brother drove my car (with my permission). He slid on the ice and hit the curb. The bumper is broken. Car is running fine. We left it at the body shop. The mechanic said that there may or may not be other damage and gave an initial estimate of $1700 We made a claim with our insurance. My brother is currently on my insurance. He will get his own insurance next year when he moves out (maybe next year). Will this increase my insurance premium, even after my brother gets his own insurance? As I am not the driver at-fault [link] [comments] |
| Posted: 18 Jan 2022 11:54 PM PST I don't drive and have never owned a car, so I'm completely lost, and honestly, I'm having a difficult time dealing with Life Stuff in general at the moment. I've tried Googling for answers, but I could use a more detailed guide on what to do. Edit: I should have mentioned both of us reside(d) in Hudson county New Jersey. [link] [comments] |
| Live in a high COL city, worth doubling my rent to increase my standard of living? Posted: 18 Jan 2022 06:24 PM PST So I've been living in my dumpy little studio apartment for about 7 years now. I moved in before I started working my career, so my rent was $800/month in a really high CoL city. I've since started working and moved my salary up to $120k/year so I'm saving a LOT. The thing is... I can't handle my apartment anymore. My issues: - Cockroaches, mice, and ants. Tried to get rid of them over the years, but they keep coming back. Ick. - Things keep breaking, I fix lots of them myself, but some aren't. For example two of my lights don't work, my bathtub still leaks, and my front window has a condensation issue where mold constantly appears around it. - Slumlord who won't fix anything. He doesnt answer his phone half the time. He wants me out so he can double the rent 'cause of rent control. - Ground level, had my bike stolen twice now, and sketchy people near my windows sometimes. - Neighbours are sketchy as hell, start fights with me a few times. I've put up with it for a long time, I've really made peace with a lot of my issues, but I'm 32 now and I feel like I can't really deal with these issues anymore. Saving is great, and I know this sub loves living below your means, but moving would mean probably putting my rent closer to 1800 in this city. When is it ok to up your rent and take a hit on your savings? My budget: - No debt -100k in savings -No car, bike everywhere - Cook at home all the time [link] [comments] |
| Generational wealth and frugalness Posted: 18 Jan 2022 04:25 AM PST What level of frugalness is ideal to keep wealth for generations to come without losing out on life? As a personal background story, my family made a small fortune in the late 18-hundreds, owning half the industry and the newspaper in the city they lived in. This lasted for a couple of generations before my great grandfather lost almost all of it with a lavish lifestyle and risky business decisions. The next two generations saw his downturn and lived extremely frugally, but were able to recoup most of what he lost. Now it's my turn, and I'm wondering, what is the right approach to assure that neither I or my children squander away what we have been given? I have been brought up extremely frugally, but I'm starting to think I'm missing out on a lot of opportunities because of it. On the other hand, I know that any life-style-creep in my generation will probably multiply in the next. [link] [comments] |
| From my 20s in serious debt to mid-30s and living comfortably. What's next? Posted: 18 Jan 2022 02:56 AM PST tl;dr - at 28 I was over $50k in debt including student loans. At 34, I'm comfortable and at a loss for what to do next. At 28 I was in bad shape. Stereotypical story: soul-sucking toxic relationship, tons of debt, ~500 credit score. Eventually, I crawled my way out. If you feel like this is your boat - it gets better. For added context, I was earning $35k my first year out of college and had zero savings. You can do it. Stick to a plan and set realistic, actionable goals in increments spread out over weeks, months, and years. Quick recipe on what I did below, for those who may find it helpful:
This is my current situation:
My goal right now is to buy a house, but it's tough. I live in an area where the median home value is $486k and rising every year. Despite my earnings, pulling the trigger on a house is heavy. I'll likely be buying with my long-time girlfriend, and rising home values (and now, rates) are definitely pumping up our stress levels. Our combined income is $230k+. I also want to buy something nice for myself despite every frugally-conditioned bone in my body telling me just to sit on the money. Where do I go from here? Do I just wait for the market to settle? Learn stocks? Buy that project car? I didn't think that I'd feel stress in this situation but it's like I'm stuck on a treadmill with a carrot forever in front of me. I always followed the guides to the right. Each step up into any of my hobbies requires considerable investment. I can always learn golf. I've been keeping myself up at night thinking about what I'm doing and where I'm going. All feedback is welcomed, and happy to answer questions. [link] [comments] |
| First Time Investor and Trying To Maximize and Grow Income: Any Tips & Advice For A Newbie? Posted: 18 Jan 2022 10:00 PM PST Hi there! [19F] I'm currently becoming more interested in the investing community but I always get so discouraged and intimated by the vastly wide terminology, methods, and tools you need to know and learn in order to get really good in investing. I really want to get into it, eventually reaching into the cryptocurrency realm but that's a long time goal and not for awhile now. I just want to dip my feet into the waters of investing and see what I can accomplish and learn. So I'm here asking if you guys have any tips, advice, words of wisdom, links?, books, websites, articles, LITERALLY ANYTHING to get me started. The only piece of advice I've truly gotten was to invest in companies that you truly enjoy like for example, since I'm 19 & a female, I would invest in Starbucks or a makeup brand. Is that even sound and solid advice? I also want to get into investing to procure more money and have multiple streams/sources of incomes. Do you guys have any tips of other alternative streams of incomes as well? If you do that'll be greatly appreciated! :) As well, since this is also a community about personal finance, any advice on how to save, maximize and make the most financial gains out of the income you already have? I'm trying to do all of this now so I don't have to worry later. My family always tells me they wish they invested and saved and did things a lot sooner and younger so I'm trying to take their advice and apply it. Let me know! If it helps, I'm currently working in ABA therapy (therapy for kids with autism) and I am also a full time student as well as living & paying my own rent. Thanks again guys! :) [link] [comments] |
| Where should I put my down payment fund? Posted: 18 Jan 2022 07:01 PM PST I (M - 25yo) am currently renting a extremely affordable apartment for $700 per month (roughly $1,000 with utilities). Because of the cheap living expenses, I have been able to save an emergency fund of roughly $10K and I currently have around $29K in a second savings account for a down payment fund. As of right now, my plan is to rent for the near future (maybe 3-5 years) due to the fact that my rent is very low and I enjoy the flexibility of renting (no cost of repairs etc. and I'm month to month). I am going to receive a hefty bonus in March that should be around 13-14K after taxes and my salary should increase to roughly $85K. With this being said, my thought is to take the down payment fund that I am estimating will be $45K in March after my bonus and put it into a S&P 500 index fund and continue to contribute to it for the next 3-5 years. Is this the smartest thing to do or should there be other options that I should take into consideration? Thank you all in advance for your input! Other notes:
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| Left my old employer and my 401k is being managed in Fidelity - Should I move it? Posted: 18 Jan 2022 08:05 PM PST Company A (ex employer): 401k was (and is being) managed by Fidelity. Company B (current employer) : 401k from this company too is being managed by Fidelity. Question, Is there any reason why I should move 401k funds from CompanyA to some other service? I kind of understand that I can't move the 401k funds from CompanyB as I am currently employed there. So, the question really for the funds associated with CompanyA. [link] [comments] |
| $11k taken out of my account by ACH transfer Posted: 18 Jan 2022 09:25 PM PST Just as the title says. This month I received a message from my bank account saying suspicious activity was present on my account. So I called the bank the next chance I got and they told me they were going to freeze my online account and push my money over to a new account. Fast forward a few days later to check up on everything going on, I called my bank. They said that everything was all set to go and XX amount was ready to be moved over to the new account number. I interrupt the rep and tell her the amount she just told me was about $11k short. She puts me on hold for a few moments. Queue panic. She gets back on the phone and says that there was a transaction the day before I called to freeze my online banking for that amount to a Crypto wallet. I have never heard of this platform before nor have I ever been a part of it. I confidently tell her that's not mine nor do I authorize this transaction. She says okay, I will need to call you back in a few and we will go over our next steps. About an hour goes by and I am contacted by their manager who tells me the next steps going to be taken. She was very nice and eased by stress a bit and helped me through the process. Fraudulent claim was submitted and they gave me a whole new account and credited the stolen money. I was told that it's a temporary money until the fraud team comes to a conclusion. Better than nothing. I am still currently waiting. My confusion lies here: This account that was stolen from, was a savings account that RARELY gets touched. There has only been one time in the past few years I have taken money out of it and that was for my closing for my house. This was a month before all of this happened. Most likely a coincidence, but how the heck does this account get an ACH transfer for that much on a almost rarely visible account? Was I hacked? Socially engineered? What? I rarely log into that bank account online as it is. So after all of this happens, I receive notifications the other day that someone was on my Ebay account buying game codes for play station and xbox off my saved debit card I had on there. This was probably the only other thing I forgot to change passwords on when everything went down. How does this happen? -I had two step authentication on my bank, but didn't get anything from that day. -I rarely log in to that bank in the first place. -It was a savings account that was only "exposed" once in the past several years due to my closing check (pretty sure that's just a coincidence) -Did I have a virus? If so, I don't think I've physically typed my password for this bank account in months. It was all saved to the browser, but also had 2SA. -Do you think I'm going to get my money back? [link] [comments] |
| Is now a good time to buy a starter home? Posted: 18 Jan 2022 09:22 PM PST I'm a 28 year old male who's been renting in a major US city for the last 6-years, my wife and I have been considering buying a starter home rather than continuing to rent. However, I admittedly don't know all the nuances and considerations that go into buying a house. I have enough saved up for a reasonable down payment along with emergency funds for 2 years. We currently make around $200K annually as a couple with no debt. My main concern is everything that I'm seeing in terms of the housing market and investing a big chunk of my savings. I constantly hear that the market is inflated and prices are higher than ever. We've decided this will not be our forever home and we'll probably only be there for around 5-years. If that's the case, does it make more sense to wait and rent another year or are there more benefits in buying now? [link] [comments] |
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