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    Wednesday, January 26, 2022

    Personal Finance Very worried that my financial advisor isn't legit

    Personal Finance Very worried that my financial advisor isn't legit


    Very worried that my financial advisor isn't legit

    Posted: 26 Jan 2022 08:06 AM PST

    He is with Primerica, and ai started with him about 3 months ago. All of my investments are in Invesco mutual funds. He is paid by the funds he sells (commission). I have lost a few thousand in the past month or so, but I am assuming that's just the market? Or is this not a good spread?

    I think I am being charged $20 per purchase every month. I am going to double check. Is that normal?

    Here is what I current have going:

    Trad Roth: $80,071

    Invesco VAFAX - 15%

    Invesco OPTFX - 10%

    Invesco OEGAX - 15%

    Invesco LCEAX - 10%

    Invesco ACEIX - 20%

    Invesco OPGIX - 10%

    Invesco ASMMX - 10%

    Invesco ITYAX - 10%

    Roth IRA: $1058.71

    Invesco VAFAX - 25%

    Invesco OEGAX - 25%

    Invesco ACEIX - 25%

    Invesco OPGIX - 25%

    Mutual Fund Acct: $11,956.11

    Invesco VAFAX - 20%

    Invesco ORNAX - 10%

    Invesco ACEIX - 70%

    Any advice would be appreciated.

    Edit: thanks for all the input. All of you confirmed what I was afraid of. I will be cutting my losses and running. I already have some appointments set up to vet some fee based financial advisors. Thanks everyone for commenting.

    submitted by /u/Techfuture2
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    Dealer wanted to charge me more then I went to local Credit Union and this is what happened

    Posted: 25 Jan 2022 05:36 PM PST

    Hello friends, basically my Honda lease was due and I had to make a decision. I decided to buy the car. I went to the dealer and they run my credit, basically, they want me to pay $5000 more if I want to own the car and buy it off.. They also want me to finance through their preferred bank which has 5% interest rate. According to them, my credit is an excellent and yet they want me to have higher interest rate, I requested to check BECU through the dealer and they run one more credit check and they said BECU offered you 2% interest rate.

    Okay, now we agreed on the interest rate but what about the balance, I thought I only awe 19k, where's the 5k coming from? Well, it's the taxes and dealer fees and license fees and so on.

    Okay, fine, I went to my local BECU Credit Union to take the loan directly from them and then pay honda without dealing with their dealers.

    The Local BECU Credit Union already saw my application from the dealer, they showed me that they already approved 24K through the dealer. I told them I don't want to go through the dealer because they're charging me 4k Extra, if I can get the loan from you, I will have to pay only 19k plus taxes, that's 21k to be exact, that's 3000 dollars difference.

    The local bank said they will contact the dealer and they need to resolve the dispute between me and the dealer, they're saying the dealer should not charge you more than 19k plus taxes, that's the amount you awe according to the Honda buy out the form. They said they will contact the dealer tomorrow and then they will call me back after that.

    Is anyone experience this situation before?

    submitted by /u/bishaarcc
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    Can I use a cashback credit card everyday for cashback on everything?

    Posted: 26 Jan 2022 04:16 AM PST

    So I just got my first cashback credit card (Capital One Quicksilver) and it was 1.5% cashback on every purchase, I keep my monthly balance payments from 10-30% of that cards total credit line (What I've been told is best) but my question is with this credit card can I use it for every purchase I make and as long as I don't go over my credit line and keep paying it off throughout the month so when I get my monthly balance payment it is still in that 10-30% range do I essentially get 1.5% back on every purchase with no repercussions? it sounds too good to be true which is why I ask before I try it.

    If anyone has any other tips I would love to hear them, I'm trying to build up my credit to buy a house! :)

    submitted by /u/TheNukaColaGod
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    CFPB Seeks Public Input on Fees on Bank Accounts, Credit Cards, and Other Financial Products - please submit your input.

    Posted: 26 Jan 2022 07:33 AM PST

    In short, Govt Agency wants our input on junk fees, hidden fees, ambiguous fees within credit cards, loans, prepaid cards, student loans, mortgages to get a better picture of to shape rulemaking on abuse, predatory practices in consumer finance.

    If you have ever been pissed and felt misled. Do a solid and submit a comment.

    Here's where the email to submit a comment:

    [FederalRegisterComments@cfpb.gov] (mailto:FederalRegisterComments@cfpb.gov)

    Include Docket No. CFPB-2022-0003 in the subject line of the message.

    Junk Fees - Request for Comment

    WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) launched an initiative to save households billions of dollars a year by reducing exploitative junk fees charged by banks and financial companies. Today's request is a chance for the public to share input that will help shape the agency's rulemaking and guidance agenda, as well as its enforcement priorities in the coming months and years.

    "Many financial institutions obscure the true price of their services by luring customers with enticing offers and then charging excessive junk fees," said CFPB Director Rohit Chopra. "By promoting competition and ridding the market of illegal practices, we hope to save Americans billions."

    Companies across the U.S. economy are increasingly charging inflated and back-end fees to households and families. This new "fee economy" distorts our free market system by concealing the true price of products from the competitive process. For example, hotels and concert venues advertise rates, only to add "resort fees" and "service fees" after the fact. And fees purportedly charged to cover individual expenses, like paperwork processing, can often greatly exceed the actual cost of that service.

    The CFPB's research has found several areas where back-end fees might obscure the true cost of a product and undermine a competitive market:

    In 2019, the major credit card companies charged over $14 billion each year in punitive late fees.

    In 2019, bank revenue from overdraft and non-sufficient funds (NSF) fees surpassed $15 billion.

    The CFPB will strive to strengthen competition in consumer finance by using its authorities to reduce these kinds of junk fees. To craft rules, issue industry guidance, and focus supervision and enforcement resources to achieve this goal, the CFPB is seeking input from the public. Public comments provide valuable insights that allow the CFPB to target the most pressing needs and concerns, including uncovering potential illegal practices or fees.

    The CFPB is interested in hearing about people's experiences with fees associated with their bank, credit union, prepaid or credit card account, mortgage, loan, or payment transfers, including:

    Fees for things people believed were covered by the baseline price of a product or service

    Unexpected fees for a product or service Fees that seemed too high for the purported service Fees where it was unclear why they were charged

    The CFPB is also interested in hearing from small business owners, non-profit organizations, legal aid attorneys, academics and researchers, state and local government officials, and financial institutions, including small banks and credit unions.

    [detailed document - junk Fees imposed by financial product producers](https://files.consumerfinance.gov/f/documents/cfpb_fees-imposed-by-providers-of-consumer-financial-products-services_rfi_2022-01.pdf

    submitted by /u/internetwebpage
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    Having to pay for something that I wasn't told about beforehand

    Posted: 26 Jan 2022 06:16 AM PST

    So sometime around last year I needed to make an appointment for a root canal and I did it over the phone and told the lady what insurance I had and she made the appointment. I had to sign a contract and I also put which insurance that I had on the contract. Then comes the day of the appointment and once they finish the job they asked to see my insurance card and said I would have to pay $1,350 because they don't accept my insurance. Now I'm getting a letter that if I don't pay in full within 10 days it will be sent to collections

    submitted by /u/adviceneed3d
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    Wealthfront Acquired By UBS

    Posted: 26 Jan 2022 09:10 AM PST

    According to Marketwatch, UBS has agreed to acquire Wealthfront for $1.4B.

    As a long time Wealthfront user, I'm disappointed because it seems to me that there will be a lot of pressure to improve monetization rather than continue the passive, lower-cost model that the company was founded on. On the other hand the economics for Wealthfront were always very challenging, so I'm not surprised that something like this has happened.

    Curious how other users are responding.

    submitted by /u/worm600
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    I'm 30 and dying, how can I use my 401k without penalty?

    Posted: 25 Jan 2022 05:07 AM PST

    Hi,

    I'm looking for someone who may be able to help me. There are some free services online for people in my position that so far I have been a little intimidated about using.

    I have stage 4 pancreatic cancer and don't have a lot of time left so I have been working on getting all my things in order. I have a 401k with only about 15k in it. When I pass I'm sure my medical debt from 2020 will be a problem. From what I've been told the 401k would be an asset they could take to try to pay it. I would like it to be used for this current year's medical expenses, including if I may need to pay for room and board at a hospice facility.

    A little information about me that may or may not be helpful. I am 30f and was diagnosed December 2020. My cancer has left me unable to work and am currently on SSD. I have a husband and daughter and we own a home in MN, USA. I just gave my car to my sister and have no other assets or large accounts other than my 401k.

    I've looked into pulling the money from my 401k and was told there is an extra penalty for pulling money out before retirement age. But, I'm dying... shouldn't there be a way to avoid that penalty? Fidelity(my servicer) had no more information for me.

    Am I in the right place?

    Thanks in advance!

    submitted by /u/dannibeauboop
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    Received items from a company after being refunded via dispute - Should I keep or return the items?

    Posted: 26 Jan 2022 08:35 AM PST

    On 12/19/21 I placed an online order with a delivery promise in 7-10 business days. I immediately received confirmation of my order and the funds were immediately withdrawn from my account. I never received an order update or shipping or tracking information.

    1/11/22 - With the 7-10 business day deadline long passed, I checked my order status and it was still showing as unfulfilled. I contacted the company through their website contact form to request cancellation of the order since it hadn't even been started at that point. No response. Googled to try to find a phone number to contact the company directly and found their Google business listing as permanently closed with multiple 1* reviews.

    1/14/22 - I sent an email from my personal email as well as a message on Facebook explaining the same and that without any response I would contact the bank to dispute the charge. No response to either of those so I contacted my bank later that day to dispute the charge. The bank submitted the paperwork as goods not received and I received provisional credit for the full amount.

    1/17/22 - The company sent me a response to my Facebook message stating they apologized for the delay, (yada, yada) and that they had shipped the items the day before.

    Flash to now, I received the shipped items and I still have the credit in my account. Am I obligated to *pay the shipping* to return these items since I have received the credit via dispute? Or can I keep them?

    *TLDR - Ordered online and did not receive items in promised delivery window. Contacted company multiple ways and times with no response. Successfully disputed the charge with the bank and have now received the items after I have already received the refund. Can I keep or should I pay to ship it back?

    submitted by /u/tfnydm
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    What to do with inheritance?

    Posted: 26 Jan 2022 05:06 AM PST

    Hey guys. Following the death of a family member, I have now inherited the equivalent of $170,000, but I dont know what to do with it, though I know I should invest it.

    Some say I should invest it through the bank and let the algorithm sort me out. Some say I should use it as a down payment and invest in real estate. But I'm hesitant to act, but because I am careful as a person, but also because I'm worried about an economic downturn in the not too distant future. What to do?

    I am 19 years old, finishing the equivalent of highschool and from Denmark for context.

    submitted by /u/tyranus2002
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    I want to tidy up and diversify my portfolio, where should I continue to invest?

    Posted: 26 Jan 2022 06:34 AM PST

    So I'm 25 and invest $1000 into the stock market every month. I put $500 into a regular investing account, and $500 into a Roth IRA. Here's my current holdings in my regular account:

    VOO - 37.67%

    XLK - 16.18%

    AAPL - 9.63%

    ACES - 8.88%

    TSLA - 7.88%

    MSFT - 6.18%

    AMZN - 5.53%

    O - 3.92%

    ZG - 3.24%

    I then have a Roth IRA that is 100% SWYNX.

    Lately I've just been putting everything into VOO and SWYNX. I'd like to touch on other areas of the market (healthcare, international, ect.) but not quite sure how much of a percentage they should make up. I take a lot of risk in crypto and would like my stocks to be relatively safe with a little risk while I'm young. Where should I continue to invest?

    submitted by /u/pm_me_ur_bamboozle
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    If I swap jobs from one that is a 401k to one that has a government pension, what should I do with the money in my 401k?

    Posted: 26 Jan 2022 08:45 AM PST

    My first job had a 403(b) since it was a not-for-profit, then my current job has a 401k which I transferred my 403(b) funds to when I got hired, but I am potentially looking to move back into the public sector with a job that would have a government pension. I'm assuming you can't transfer 401(k) money into anything involving a pension, so what should I do with it since I'd obviously no longer be receiving matching contributions from my current employer.

    submitted by /u/Besso91
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    What happens if I don't fill out a W9?

    Posted: 26 Jan 2022 09:21 AM PST

    My band played a bar gig last September and were paid over $2k. They never asked us for a W9 at the time and I got an email on Sunday asking for one. After the gig they told us we arent invited back due to low bar sales. What happens if I don't send in a W9 in this scenario and ignore their email blast?

    submitted by /u/mino120938
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    I'm homeless, used a friend's address w/ permission to open a bank account, bank started charging me a bad address fee 7 months later despite my information not changing. what can I do?

    Posted: 26 Jan 2022 10:06 AM PST

    I didn't realize it until months later that my bank had been siphoning money out of my savings account. I never lost permission to use the address. I think it began when a tijuana flats app order was rejected for invalid zip code, which is technically accurate but I don't know how they would know that. online payment for tijuana flats, chilis, and my phone bill will no longer go through. everything else works fine for now. My quick googling tells me that they're supposed to inform me of fees like that. The bad address fee is listed as a possible fee, but they never told me they were going to start charging it. I don't see how they can justify it when they accepted that address as good and valid for months and it's still my "current address" can I get the money they stole back?

    submitted by /u/whatsbobgonnado
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    Pay off CC in one payment or multiple?

    Posted: 26 Jan 2022 08:33 AM PST

    I am getting ready to pay of a CC balance of $6,000 with 24% APR. My question is should I just make one lump payment to pay this card off, or break it up into multiple payments (2-3). Does this have any effect on how it reports or have any effect on the interest charge when doing this?

    Thanks in advance!

    submitted by /u/CasanovaDOTAudio
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    Got an email from a debt collector notifying me of an outstanding debt, 99% certain I paid it off last year

    Posted: 26 Jan 2022 06:40 AM PST

    I received an email a few days ago from Hunter Warfield regarding an outstanding debt from my last apartment. Problem is, I paid everything last summer and I never received another notice from my old complex before. Any advice on what to do?

    submitted by /u/Heavyweapons057
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    23 years old with $26,000 in the bank… what’s next?

    Posted: 26 Jan 2022 10:00 AM PST

    Title. I'm currently still living with my parents, very comfortably, however I'd like to move out in about 1-2 years. With everything blowing up like NFT's and crypto, should I be investing into something like that? I thought about consulting a financial advisor to see my options… but should I even do anything. I've saved up all this money throughout the years, however, I can't help but feel that money should be earning interest somewhere until I need it. Any advice??

    Currently making 50/k a year at our family business, with a 401K in place until my brother and I become owners in the very car future. Monthly bills range from 800-1000 a month.

    submitted by /u/Staker17
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    I know I should budget/watch my weekly and monthly spending but I am struggling

    Posted: 26 Jan 2022 08:41 AM PST

    Hi guys, I know I should budget and watch my spending (and save and invest) but I have a hard time following my weekly and monthly spending because.... well it's so boring (mint, cleo, emma are not working for me).

    Are any of you guys in a similar boat? (or were you in a similar boat?) How do you guys handle it or how did you guys handle it?

    I even looked at apps like fortune city (gamified budgeting) but I don't like that I have to manually enter it all the time.

    Also, I have a friend who doesn't care about budgeting at all even though he should be (I think he's in a state of I don't want to think about it)... what are some ways to get him to care? (and maybe even budget but if even I can't when I do care haha... idk)

    Thanks

    submitted by /u/Temporary_Sea8729
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    Selling house, not buying right away. What to do with profits?

    Posted: 26 Jan 2022 07:40 AM PST

    All

    I am selling my house, closing end of March. Im going to make about $250k on the sale. The house we are buying will not close until end of August. We are, obviously, taking the proceeds of the sale as a cash down payment on the new house, however until we close on the new house, Ill have $250k cash in our saving account which currently has basically a 0 APY. I never have enough money in there to make any difference so it hasnt mattered to me much. Is there something I can do with it to get a little return before we cash back out for the new house?

    submitted by /u/DrNism0
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    Can I file my taxes with Cash App if I have a Roth IRA?

    Posted: 26 Jan 2022 10:00 AM PST

    I got a 'Form 5498' for my Roth IRA but it doesn't look like it's a form supported by Cash App.

    https://taxeshelp.cash.app/s/article/What-forms-and-situations-does-Cash-App-Taxes-support

    On the other hand, Cash App has a spot to list how much I contributed to my Roth IRA - is there anything I need to do with Form 5498 in terms of tax reporting or is it more just for record keeping?

    submitted by /u/ayee007
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    Do I need to find a new Finacial Advisor?

    Posted: 26 Jan 2022 09:59 AM PST

    I've had an account with Morgan Stanley for probably 20 years. I started out with a Finacial Advisor who was a friend of my father's. When my original advisor retired I was past to his son, no issues. I move to a new state and the prior advisor wasn't licensed here so he passed me off to a third Advisor, I have no history with the newest one but been with him 7 years. This advisor does not live in my state.Ben

    Due the pandemic I was let go from my job (re-hired by the same company now) so had to roll over $157K to a new 401K to get the money out of my previous account. All this happen last February. My current advisor told me the market was going to go through a correction, so we should wait to invest the additional $157K and it's been sitting in my account since. In the late spring last year Apple was at $122 and I saw they Morgan Stanley had a target price of $164, I reached out to my advisor to invest the money Apple. My advisor was against it and talked be out of it because I already have 650 shares and he wanted me to be more diversified, I get it. But the stock went above $170 and I could have had a $50K bump to my account.

    Still to this date my money is in an account but not invested in anything. Should I be looking for a new advisor? I'm starting to feel like I'm not being taken care of.

    submitted by /u/KCHank
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    I had a bad year but am back on my feet, best way to consolidate CC debt?

    Posted: 26 Jan 2022 09:14 AM PST

    So I had what I'm going to call an extremely irresponsible year (lots of bad decisions after a bad breakup, plus some unexpected medical bills that I put on my credit card) but I'm back on my feet now.

    The only problem is I managed to acquire ~$20,000 of Credit Card debt over the last year, and now need to pay it off. How good/bad of an idea is it to take advantage of one of these personal loan offers I keep getting in the mail that offers a 24month loan at 5.99% APR? Are there better ways to consolidate Credit Card debt?

    For perspective, my income is ~$98,000 before taxes, and my credit score is ~700

    submitted by /u/thewolfonlsd
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    Unusual Tax situations - Dog sitting + Farm renting

    Posted: 26 Jan 2022 08:54 AM PST

    Outside of our normal 9-5 jobs, my fiancé (29M) and I (30F) co-equally host dogs through Rover. We are in VA so required to file for any income over $600. The Rover account is under my name, however my fiancé withdrew all our incoming payments using his PayPal account, so he should receive the 1099-K. All of our Rover earnings were added to our joint account and totaled somewhere around $6,000. I'm adding up all the deductible expenses for operating Rover out of our home and quite honestly we can write off a substantial amount (wifi, phones, dog food/treats, home office where we communicate with clients, cleaning supplies, gas/travel etc.) so our tax burden is likely to be negligible. Do I need to have PayPal reissue a 1099-K in my name? Which one of us would file the 1099K or should we somehow split the earnings?

    We also rent a farmhouse - we have 2 acres surrounded by cornfields that our landlords also rent out to a local farmer who manages the corn production. The property/land is in conservation easement. Last year we had a substantial crop (vegetable and fruit tree) and livestock (poultry and egg production) which had a lot of expenses and a lot of time spent working on - including gas for tractors (which we lease), herbicides/pesticides, tilling equipment, feed, seeds and plants, supplies, etc. We manage the property with regular communication with our landlords, bought the majority of our equipment and run it as a "mini-farm". Our income was minimal/nonexistent as we mostly ate everything ourselves, received cash for eggs or gave whatever surplus we had away. I'm looking at Schedule F to see if we can reduce our tax burden and I believe for our responsibilities we would be considered material participation - but I'm unclear as to whether we should or should not fill this out.

    submitted by /u/SheDoesMyStonks
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    Any way to get a positive balance off a credit card besides purchases?

    Posted: 26 Jan 2022 07:04 AM PST

    Got a refund of about $2k applied to my Chase card that I'd long paid off (flights, honeymoon, covid). Is there any way to get the money into my checking account, or just slowly use it by using this card exclusively to make purchases? Will take a while to buy that much, would rather have the cash.

    Edit: thanks y'all! Apparently it didn't occur to me to just call them facepalm

    submitted by /u/jamaicanmecray-z
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