Personal Finance Tax Filing Software Megathread: A comprehensive list of tax filing resources |
- Tax Filing Software Megathread: A comprehensive list of tax filing resources
- Weekday Help and Victory Thread for the week of January 17, 2022
- Using Emergency Fund.
- 35. No degree. Just laid off from a job I hate but need. No car. $900 rent. $1700 to my name. 750 credit score. $1500 IRS debt.
- 26, feeling super stuck and being everyone my age
- Is a $90 gym membership worth it for a month or two?
- Do you consider education an investment?
- I’m getting taxed on my own money because I paid for a few repairs out of my pocket at my company
- Am I doing the ROTH IRA correctly?
- My position got changed to a Senior Lab Technician without a raise/promotion. Should I ask for one?
- Cashapp Taxes (formerly Credit Karma) vs FreetaxUSA
- Employment Dilemma: Spouse New Job Offer, Would Essentially Require Me to Quit My Job For Now.
- I’m (28) basically starting over… help
- Nephews father passed and left him money.
- Worth it to pay for appraisal to remove PMI?
- What's the difference between an emergency fund and having a savings account?
- Is $50/h better than a Salary?
- Can I use leftover 529 funds to pay off future wife’s student loans?
- The Best Strategy to Protect Yourself from Credit Card Fraud
- Is it crazy to keep $20,000 in a savings account?
- Is paying a financial planner 1.25% of actively managed accounts annually exorbitant?
- How do you split household costs and bills with your SO?
- Do employers still mail you a W2 if you don’t work for them anymore?
- The potential lemon car saga
- trying to guess how much an emergency funds account should be??
- Outgrew Roth IRA. Do we just leave the balance there?
| Tax Filing Software Megathread: A comprehensive list of tax filing resources Posted: 17 Jan 2022 05:00 AM PST Please use this thread to discuss various methods of filing taxes. This can include:
If you have any specific questions, or need personalized help with taxes that don't belong here, feel free to start a new discussion. Please note that affiliate links and other types of offers are not allowed. If you have any questions, please contact the moderation team. [link] [comments] |
| Weekday Help and Victory Thread for the week of January 17, 2022 Posted: 17 Jan 2022 03:00 AM 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: 17 Jan 2022 05:19 AM PST Hi All! I live with my girlfriend and we are financially stable had a nice emergency fund built up. We just had to spend $780 to fix my car and probably about the same to fix my girlfriend's car this week. There is still income coming in. I'm kinda just looking for validation that this is the kind of stuff you use an emergency fund for and like it'll be built back up. Any kind words or additional advice would be appreciated. Thanks in advance! [link] [comments] |
| Posted: 16 Jan 2022 11:21 PM PST I have little job prospects. Only worked manual labor jobs. Suffering from debilitating depression. I have no money management skills, but willing to take any and all advice I can get. [link] [comments] |
| 26, feeling super stuck and being everyone my age Posted: 17 Jan 2022 05:36 AM PST Background : 26 yo female. I make about 25,000 a year in the Midwest. This is between my 40 hour a week job at $15 ph, as well as various side hustles through the year. My bills are a $300 car payment, $245 consolidated credit card payment (this is paid off in august) $145 uplift (from a vacation that i took a loan out for) $125 braces payment (no interest in this) and various gas, food, etc. Have about $65,000 total debt between school, car, and my loan for my vacation. I'd say i spend about $1700-$2000 a month on bills and various entertainment. I live at home, so i don't have rent (parents are older and i help out, but trying to get out if possible). No 401k currently. Apparently i missed the sign up in November and nobody at my work told me. I can't sign up again until may. I have a BA in Criminal Justice, mainly because i liked learning about law and just tried to finish school. I thought about going back to school to get a MA but i feel so stuck. I'm 26. I live at home. I feel like so many of the people i know / went to school with have careers and are living their lives. I work in the same town i went to high school at. I still live in the same room i grew up in. I'd like to maybe find my own place, but there's no places around me, and i don't really want an apartment at my age. Savings is only about $1,000 that i keep stashed in cash as i can find myself wanting to spend it. I've cancelled various subscriptions and stayed out of stores (namely ulta) to curb spending I feel so stuck. I don't know what i want to do with my life. I work Ana counting job i found on indeed and only took it because it close to my house. I've been kind of kind of looking for better pay somewhere else, but i feel bad if i up and leave (i know, i know, i owe them nothing, but i feel guilty). Please tell me I'm not a freak / completely lost. I feel so judged when i say i live at home. I feel like i don't have much life experience. I always thought I'd have a career and be traveling, instead I'm stuck in debt, with no idea what I'm doing or where to begin. Is there something i should be doing? As 30 creeps up on me, i can feel myself freaking out because i literally have no life plan. [link] [comments] |
| Is a $90 gym membership worth it for a month or two? Posted: 16 Jan 2022 01:55 PM PST I usually prefer to workout outside, but since I live in Alaska, and the sidewalks are just sheets of ice, that's not possible in January and February. The cheapest (and one of the only) gyms in town is $91/month. I like it, but my gosh, it's so expensive. I'm on an Americorps budget so this is expensive for me but if I don't find a way to get active, I might go crazy. Is it worth it? It is just so much money. I can also cancel it — the membership is month to month and no contract/enrollment fee. Help me justify/talk me out of this [link] [comments] |
| Do you consider education an investment? Posted: 16 Jan 2022 06:03 PM PST M33 LCOL. My spouse and I have lived off of my salary for the last several years pretty comfortably (110-125k) depending on bonuses. This year we decided to send her back to school (nursing school) we live in Houston which is the biggest healthcare market in the US. RNs won't get hired into hospitals here typically without a BSN. The bright side of this is she will most likely be making 80k or more her first year out of school. However right now with her not working, I am not only footing the bills but paying for school out of pocket. It's really put a damper on our savings and any amount I can invest. Do you consider education an investment? I'm trying to convince myself that is what we're doing to make myself feel better about our lack of savings right now. [link] [comments] |
| I’m getting taxed on my own money because I paid for a few repairs out of my pocket at my company Posted: 17 Jan 2022 06:54 AM PST I work for a trucking company and I had bought several things for the truck and made a couple of repairs here and there because I couldn't get ahold of them to pay for it over the phone they said they'll reimburse me and these fuckers added it on my check so now I'm getting taxed several hundred dollars on my own money [link] [comments] |
| Am I doing the ROTH IRA correctly? Posted: 16 Jan 2022 12:42 PM PST I'll keep this short.. I made a ROTH IRA last year on Schwab. I've been buying VTTSX(retirement for 2060) with $500 every month. It looks like Schwab charges almost 10% per buy(around $50 each time). This seems like a lot but I'm not familiar with ROTH IRA accounts so just wanted to make sure I'm not losing too much money here.. [link] [comments] |
| My position got changed to a Senior Lab Technician without a raise/promotion. Should I ask for one? Posted: 17 Jan 2022 07:23 AM PST My company got bought out. And with that, I lost a couple of my benefits. I did receive a sweet bonus before the company got handed over on New Years. But I also got switched to a Senior Lab Technician from a Lab Tech. So far, I have the same responsibilities. I'm not sure if in the future, I'll be given more responsibilities. Been working at the place for 9 months. I'm wondering if the switch it due to the new company's pay grade for lab techs being lower than my salary. Or because it's an actual promotion? Can I actually update my resume and LinkedIn as a Senior Lab Tech? Should I ask for a raise? If not, when should I? None of my managers actually spoke to me about this. I just saw it on my online portal and asked my manager. [link] [comments] |
| Cashapp Taxes (formerly Credit Karma) vs FreetaxUSA Posted: 16 Jan 2022 01:15 PM PST As a longtime Turbotax user I was wary of trying other solutions, but wanted to ditch Intuit. So this year I did, and spent time filing using both FreeTaxUSA and Cashapp Taxes. Here's my take on both with my (slightly) complicated tax filing situation. I have a couple rental properties which involve depreciable assets along with other deductible expenses. Both filing services were very easy to use, and ended up with the same refund calculation. Overall, FreetaxUSA is much easier to navigate. You can navigate to specific parts of the process using links and tabs. Cashapp makes you click through many questions just to get to one field at the end of a sequence. FreetaxUSA also imported all of the info from my Turbotax 2020 return, including depreciable assets. Only 1 number was off. Cashapp doesn't appear to have this option, and in the past I believe was only able to import your basic information from prior returns. FreetaxUSA created a detailed Depreciation and Amortization report, similar to the one that Turbotax generates. This is important to have for audit purposes and for filing taxes in future years. I could not find an option to create or view this in Cashapp, although support did mention that something like that should be available "once the site goes live before the 24th." The site is already live, so I'm not sure what they mean. Cashapp also only asked for info about section 179 depreciation and not the special depreciation allowance, which I took in some prior tax years. FreetaxUSA accurately recorded this. It looks like one of the major Turbotax features that both are missing is importing current tax year forms. As far as I can tell, you have to manually key in W2s, 1099s, etc. If you have a lot of stock sales, it may be worth it to pay extra to be able to import forms. Although I still wouldn't advise handing money to Intuit. Edit: Other users are mentioning that if your broker reports to the IRS, you only have to enter aggregates, not every transaction. I also used the web version of the Cashapp software - some users are mentioning that they were able to snap a photo of their W2s - so it may be possible to import certain forms via the app. For now, I'm going to be paying $15 for FreetaxUSA. For me at least, it felt just like Turbotax. For my situation it seems to have more pertinent features than Cashapp Taxes with regard to the depreciation and amortization schedule. If Cashapp improves their depreciation reports, I'll defintely consider saving the $15 and use Cashapp. For anyone filing a basic return without depreciation, I think Cashapp Taxes is a great, easy to use service, for no cost to file both federal and state. In either case - don't give your money to Intuit/Turbotax. We should have a easy, free universal filing option from the IRS, but companies like Intuit have lobbied to prevent this from happening. I'll update this post once I e-file, and please share your experiences for the 2021 tax year (2022 filing) for others. [link] [comments] |
| Employment Dilemma: Spouse New Job Offer, Would Essentially Require Me to Quit My Job For Now. Posted: 17 Jan 2022 08:15 AM PST Background : I am happily married to my spouse of 6 years (have been together for 15). We have 3 kids all under 5. I am a teacher of 6 years. I have expressed in other posts on my profile, that I am not happy with the current state of things in education & I have considered leaving if the right opportunities came up. My spouse is a nurse and told me a month ago she was going to apply for a new job as a travel nurse. I fully support her in this. She came home from work today and said the travel nurse company wanted to hire her. They offered her a position where she would make my yearly salary in 8 weeks. I asked her about the benefits & health insurance, as well as options she would have if she arrived at a position that wasn't willing to keep her safe with appropriate PPE as she will most likely be caring for Covid patients. We also considered me continuing to work, & hiring a nanny / sitter for our younger children. Unfortunately the going rates for a Nanny in my area, for the amount of time we would need them, would cost somewhere between 1/2 to 2/3 my yearly salary over the course of a school year. Is there any other questions you would ask from the travel nurse company before making a big decision like quitting your job? Additionally, I don't like burning bridges & in the future when my children are all school aged I would consider going back to teaching if something else didn't come to fruition. I would be willing to leave my position at the end of the school year & I have heard teachers who left in the middle of the year who weren't able to get re- hired in the future. Could any other teachers share their experience with leaving a position mid school year for a spouses employment opportunity & if there was any advice you would give to another teacher in a similar position. Appreciate any and all advice. [link] [comments] |
| I’m (28) basically starting over… help Posted: 17 Jan 2022 03:36 AM PST So long story short I've been having a mental health episode for the past nine months and didn't realize how much debt I had accumulated and bills I was ignoring. I'm currently preparing my house for sale and stand to make ~$40k with about $10k coming from taxes and my yearly bonus. I have around $24k in my 401 with my job that I'm planning to leave and have a loan out on the 401, so no clue what to do about that. I only have about $4500 in CC debt, so that will be paid quickly and in lump sum (unless I shouldn't do that?) I also have a pension through the company and have no idea if I stand to keep any of that when I leave. My credit is a 605 right now, so I need time to rebuild and repair before I even consider buying a place. I currently make $3100 a month and I'm spending about $1100 on mortgage and utilities right now. My car is $319 a month, insurance is $120. I am willing to cut out any other expenses to get my bank account to a place where I'm comfortable again. My head is just a mess right now and I need help with creating a new budget, figuring out how to invest this money (I'd like to RE if I can play my cards right). I'm just now starting to actually learn about financial independence, investing, IRAs, etc and I'm really lost. Sorry if this was a bit ranty, and TIA for any advice. Update: I don't have the option of keeping my house. My relationship is ending and we own it together. He needs his half of the equity to get a new place and my credit score isn't high enough right now to be approved for a refinance. [link] [comments] |
| Nephews father passed and left him money. Posted: 16 Jan 2022 07:57 PM PST My nephews father passed a few months back and his life insurance paid him around 300k. He is 19 years old and a freshman in college. I'm the most financially savvy person in my family but that's not a high bar. Need advice on setting him up right. He doesn't have big expenses since he still lives with my sister. He wants to buy a truck. My plan is to have him open a fidelity account and invest 280k in a SP index fund. Keep 20k -35k for a new car. Teach him about leaving it alone and the value it can and will grow to over time. Is this good advice? Update: Hi thank you all for taking the time to reply this was very good for me to make sure I help steer him as much as possible because as someone stated this can be life changing money if treated properly. 2 questions I saw below are if I've been asked to help and what are his expenses. Yes I've been asked to help from my sister (his mom) and him. His dad was smart with real estate in addition to a good job. The dad came from Nothing and my nephew wants to be smart financially like he was. He's also 19 so we have to navigate youth and money. He will also get some rental units but that is in the court since he had other step siblings so they need to work all that out and it's been slow. Will for sure get a couple of multi unit property's but we will cross that later, whole other story but this money is here now. Expenses are very low. He lives at home and goes to a in town computer state school on a free ride (just text him and he said it's a academic scholarship). I can see college expenses playing a role in grad school ( if he chose that route) because it's only free for his undergrad. He drives a 17 ish year old Honda so I agree on the needing a new car but will try and steer towards nice but reasonable. When I say truck I don't mean a top of the line truck I think he just wants a new car but prefers a truck. Could be a Tacoma base model. He's not a car guy but does understand his car sucks haha. I do want him to enjoy something during a tough period. Thanks again! [link] [comments] |
| Worth it to pay for appraisal to remove PMI? Posted: 17 Jan 2022 04:30 AM PST We purchased our house in 2019 before the market went crazy for $275k. We didn't have the 20% at the time and got PMI which is $36/month. Last year we refinanced for an even better APR. I think original APR in 2019 was 3.8 and now it's 2.875 (we ended up even in year one with the costs of refinancing because my FIL is a private client so they waved some fees. ) Zillow is showing our house is worth $357k today. We have $238k remaining on our mortgage. We plan to live here for at least 5 more years before selling. Assuming the cost of an appraisal would be around $500 (would it be more?) and we are paying approx $450/year in PMI, would it be advantageous to have our home reappraised to remove the PMI? I think I did the maths correctly and if it appraises for what Zillow is suggesting we have over 30% of our home's worth "paid off" but I could be incorrect. I did our current mortgage balance / home's Zillow value. [link] [comments] |
| What's the difference between an emergency fund and having a savings account? Posted: 17 Jan 2022 06:21 AM PST Are they the same thing since both aren't getting spent until necessary anyway? Edit: Thank you! [link] [comments] |
| Is $50/h better than a Salary? Posted: 17 Jan 2022 08:17 AM PST I'm 32m with a Bachelors degree and experience managing a team of 30+ ppl for over 5 years where I was making 60k and worked 60+ hours a week. But when the pandemic hit I switched to a side gig that pays $50 an hour cash but you only work 4 hours a day, 5 days a week. The take home pay for the two jobs is basically the same. I really enjoy the side gig but there's no growth opportunities, benefits, retirement, etc. Basically everyone is telling me I should go get a more traditional 'real' job even though I'd be making the same amount of money for 3x the working hours. So what do we think, should I go back to a more traditional salaried job? [link] [comments] |
| Can I use leftover 529 funds to pay off future wife’s student loans? Posted: 17 Jan 2022 08:29 AM PST My girlfriend has around $19,000 in student loans, which she has diligently been paying down. I was lucky enough to have my college education paid for by a 529 plan put in place by my parents. But what's more, I didn't use all of the money in the 529 account - there's about $38,000 still sitting in it. My girlfriend and I plan to get married within a few years, and I read online that the beneficiary of a 529 plan can be changed to the spouse of the original beneficiary. I also read that, with the passage of the SECURE act, 529 money can be used to pay up to $10,000 worth of student loan debt per beneficiary penalty-free. Therefore, once we get married, we should be able to use this money to pay off up to $10k of her debt, correct? She's currently saving around $10k annually and putting almost 100% of that towards her debt - so she'll pay it off within a couple years regardless. But if we are in fact able to eventually use the 529 money for her debt, we are thinking she'd be better off using her savings to max her Roth IRA (since she'll never get these years back) and putting the rest ($4k or so) towards the loans. Then by the time we get married she should only have around $10k left, which we can finish off with the 529 money. Does this seem like a reasonable plan? Is there anything I'm missing here? [link] [comments] |
| The Best Strategy to Protect Yourself from Credit Card Fraud Posted: 16 Jan 2022 07:38 AM PST I've seen countless posts here about people who are the victims of credit card fraud. Most recently, new parents whose credit card was fraudulently charged over 100 times on Amazon. I've seen people lose thousands of dollars or months of their lives trying to deal with this. There's a simple way to protect yourself. First of all, always use your credit card. NEVER USE YOUR DEBIT CARD. If there is fraud with your debit card, you have lost your own money and you've gotta fight to get it back. If there is fraud on your American Express credit card, American Express has lost their money. When it is their money, they don't screw around. They will do everything in their power to get their money back. Every time I get a debit card from my bank, I refuse to activate it, and I cut it up. If I really need money, I will go into my bank's office and use my Driver's license to make a withdrawal. It's just not worth the risk. Anyway, this brings me to the strategy - simply turn on text message alerts for any and all transactions. Most credit cards let you turn on text alerts for transactions of any amount. So set them up to be anything > $0.00 (or $0.01). If you get a text message alert from a transaction that you don't recognize, don't pass GO, don't collect $200, immediately call your credit card company and report the transaction as fraudulent. Immediately. Seriously, do not wait. Over the past 10 years, I've received three text message alerts for transactions that I didn't recognize. Every single one has been resolved relatively easily by either one or two phone calls. I never lost any money, and charges were immediately removed from my account. The first one was for one of those "by the hour" motels in a state halfway across the country. Within 5 minutes of getting the notification, I called Visa and explained the situation. They asked me a few questions about where I lived, did I make the charge, etc. After a few minutes, they cancelled my card, created a next day air label for my new credit card, and told me they were rejecting the authorization on the account. They also gave me a reference number to use if the charge went through, for some reason. It didn't, either Visa revoked the charge authorization or called the hotel. Maybe both. The second time was an unscrupulous webhosting company that I won't name. I cancelled my hosting account, but they still decided to charge me anyway. This can be an issue because even if you cancel your credit card, if you have a merchant that automatically rebills you (e.g., Netflix), they can still use the old credit card number. Regardless, I called Visa within 5 minutes of the charge and they fixed it. The merchant tried to make another charge so I called Visa again. This time I had to provide information that I had indeed cancelled my account. The third time was a mistake on my part. I got a $500 alert from a vendor that I didn't recognize so I reported the charge and requested a new card. Later that day, my wife told me that she forgot to cancel a free trial and that was the cost of the annual. I just called Visa back and told them the issue. They said since the charge hadn't gone through, I can figure things out with the vendor if that's easier for me. The CSR was sympathetic and said its better to be safe than sorry. I decided to contact the vendor, and they refunded me 11/12ths of the amount (we fucked up, they deserve the 1-month portion of the payment at least). The CSR couldn't revert the request for a new CC, but that's alright. Anyway, always use credit cards, never use your debit card, and always enable text-based transaction notifications. It will eliminate almost every issue that you'll have with fraudulent transactions. [link] [comments] |
| Is it crazy to keep $20,000 in a savings account? Posted: 17 Jan 2022 09:01 AM PST I've been trying to set up my budget/savings/etc. and read that I should keep an emergency savings fund of 6 months of expenses. I have about $3,000/mo in expenses between mortgage, groceries, utilities, etc., which puts me at $18,000. I also want to keep savings for Christmas presents, car insurance bills (which hit every 6 months), and other random things, which puts me at about $20,000. I do have a high-yield savings account which will net me $100 or so annually in interest, but it just feels wasteful to keep so much money locked up in a relatively stagnant account rather than investing the money in the stock market or bonds. Is it wise to keep such a large amount of money in savings, or is there something else I should do with it until I need it? Edit: Thank you all very much for the responses! I will stick with my current plan then. Just wanted to make sure it was logical! Thanks again [link] [comments] |
| Is paying a financial planner 1.25% of actively managed accounts annually exorbitant? Posted: 16 Jan 2022 06:44 AM PST BACKGROUND: S.O. and I have been wanting to get a better financial plan in place for a number of years. Biggest goal for the near term is to buy a house, but frankly we've been overwhelmed by how to properly spend the decent chunk of cash we've been lucky enough to be able to save up. Add to this, S.O.'s career has been taking off as of late, and it seems likely that we'll have more income coming in than we've had in the past. We've both saved for retirement, but I'm sure could do better. NOW: A colleague recommend we talk to his financial planner (fiduciary). We had a very long "getting to know you conversation" with her this week, and came out of it fairly impressed. Her rate would be 1.25% annually of the retirement accounts she would manage (~$200K), plus a yearly fee of $500 (more the first year). I've always subscribed to the low-cost interest funds approach, so this feels like a lot to pay, but the comfort of having an overarching plan, particularly in areas BESIDES the retirement arena seems particularly valuable to my S.O. and I at this moment in time. Obviously, going forward with this would be a luxury. But are there any red flags here that we should be aware of? [link] [comments] |
| How do you split household costs and bills with your SO? Posted: 16 Jan 2022 03:40 AM PST I finally got a job which means that it is no longer just my partner supporting both of us. I earn about 40% more than my SO, and while he suggests that we split rent, bills, taxes etc 50-50, I don't really know if that's the fairest given how I will be earning more. We've decided to have pots for monthly recurring costs like rent and bills, slightly variable costs like groceries and other household stuff, a common saving pot for say a car or a house, and our personal savings. However, I am still not sure how we split what each of us contribute. So couples of reddit who live with their SO, what is your advice? How do you do it? [link] [comments] |
| Do employers still mail you a W2 if you don’t work for them anymore? Posted: 17 Jan 2022 08:15 AM PST My old job hasn't sent me my W2 from last year and I really don't want to have to go in person to get it because my old manager is an ass and we didn't end on the best terms. They're supposed to mail it right? [link] [comments] |
| Posted: 17 Jan 2022 08:32 AM PST Hi y'all, Throw away because some folks know my actual account and this situation has me mad embarrassed. So in November, I traded in a car to buy a newer car at a local dealership. Almost immediately, it started having problems. Dealership said they'd get it fixed, gave me a loaner, took it back. A day later, when the loan servicer called I told the truth that the car was not in my possession. Finance guy called and asked me to tell them it was so they could get paid bc "you know we'll get it fixed" so I did. Took over a month to get the car back and one day later I'm out and when I go back to turn the car on every warning light is on and it won't turn over. It is now 5 days short of a month, I texted the finance guy and the sales person this morning. Sales person tried to say that bc the deal had already been financed blah blah that there wasn't anything he could do. Finance guy said he would go in and see what could be done, because I told him honestly I want my clunker back and that I feel uncomfortable and stressed about the situation bc I lied to the loan servicer at his behest. He said he'll call me by 12. I feel like I should have stood firm and refused to lie bc I didn't have the car, but he made it sound like it wasn't a big deal. I've never financed a car before, the point was to get something with better mileage that would last me longer than my trade but honestly I feel like I got ripped off and the only reason he's trying to fix this for me is bc they committed fraud to get paid? Am I right? If so, who should I speak to about this, because if this is fraud, I certainly don't want to participate. I'm terrified I'll get in trouble myself but I'm not sure what to do. I don't know if they still have my trade, I'm hoping they do, and that I can just get it back. If they don't, I know I don't want this car anymore, I've only gotten 3-5 days of use out of it since mid November, the rest of the time it's been in the shop. Add to that I just found out they had it listed 10k over the blue book value AFTER they took my trade and I didn't know and I'm feeling really stupid. Who should I contact, if anyone? Edit: car is used, not new. Update: filed with state attorney general's office while waiting to hear back from the dealership finance dude. Will be calling the loan servicer when I get a moment later. [link] [comments] |
| trying to guess how much an emergency funds account should be?? Posted: 16 Jan 2022 04:38 PM PST hi! last year I (24f) hit all of my financial goals and paid off all of my student loan debt! with this in mind, one of my financial goals this year includes creating an emergency funds account (already kinda started on this goal throughout 2021 but need to buckle down and take some action steps). I read a couple of articles and saw that an emergency funds account should have 3-6 months of salary. I plan on saving 6-9 months of salary (might tap into some funds in my checking account but in general I think saving at least 2 quarters in a fiscal year would give me more piece of mind than just one? im considering if I do end up leaving my current position or for some reason need to spend some time out of my job). do people who create these emergency funds account just create a new savings account in their bank and not touch it? is it worth creating a cd and a new account? or create a high yield savings account through a sep institution? I noticed most of these institutions are online only and have some concerns about getting access to money if I do need it. [link] [comments] |
| Outgrew Roth IRA. Do we just leave the balance there? Posted: 17 Jan 2022 08:02 AM PST My spouse and I are on track to make $235k this year which I'm told pushes us out of our Roth IRA contributions. We have about $70k in there now. Do we just leave the money in there to grow until we retire? Also we have about $70k in a savings account (already have our forever house, student loans paid off, no other loans/debt to pay off.) Is it wise to take a chunk of that and drop it into whatever new retirement account we set up? We will have about $3-5k leftover each month after all expenses. Thanks for the help...grew up poor with terrible spending habits so this whole "money management" situation is fairly new for me. [link] [comments] |
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