Personal Finance Weekday Help and Victory Thread for the week of January 10, 2022 |
- Weekday Help and Victory Thread for the week of January 10, 2022
- The hidden cost is the repairs
- What to do with unexpected income?
- Should I Leave My Name Off The Mortgage?
- Are all inclusive resorts worth it compared to itemizing each part of a trip?
- My wife and I are 37 and just started a 401(k). Are we really far behind?
- Accidentally flooded hotel room
- Bad Day to start my Roth IRA?
- 23 with $16k in savings.
- Bank account fraudulently closed by identity thieves - What can they do?
- Parents bought level term life insurance for me when I was 5 and are now transferrin it to me. This policy doesn't seem worth the premium. Help!
- CC street vendor scam
- Anyone Experienced in IRS Tax Settlements?
- If your name is on the deed/ title of a property, but your name is not on the mortgage loan.
- FreeTaxUSA? or other alternative tax websites?
- Are manufactured homes always a bad idea?
- Starting career and gaining independence, need advice!
- Difference between brokerage accounts
- I want to start investing but don't know how.
- Financial Literacy Training
- Pay loandepot mortgage through PayPal bill pay with a credit card?
- Is it better to buy an OLD car ($8k-ish) vs a new car ($42k-ish)
- Wife lost job, now we are negative net per month.
- Finally got a secure salary job and apartment, but am overwhelmed at the financial catching up/balancing act
- Buying Home to Build Equity in 2 Years
- Have a post-tax 401(k) account, can I rollover to a taxable account?
| Weekday Help and Victory Thread for the week of January 10, 2022 Posted: 10 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] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The hidden cost is the repairs Posted: 10 Jan 2022 06:24 AM PST Do not underestimate the cost of home repairs when making a home-buying decision. My mortgage is $300 less than my rent was, and $500 of it is principal. So in theory I'm netting $800 per month. Inspection showed some older appliances so we asked for a warrantee and I figured we'd be covered. But how wrong I was. We've owned for 4 months:
By the time we hit the 1yr mark we will easily have sunk 20k into this house, very little of which will increase the value. The house was cheaper than others on the market and now I know why. When you include all the fees of buying and selling, I can easily see how it takes 5-6 years for home ownership to really pay off financially. [link] [comments] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| What to do with unexpected income? Posted: 09 Jan 2022 05:30 PM PST Im 24 and very unexpectedly inherited $600k. My family has always been mad at each other and turns out my out of state grandma liked me best. I have a decent job that pays the bills without leaving too much money to save or spend. I feel like telling everyone and am obviously pretty pumped about this but reading threads here this seems like a silly idea, so I thought Id at least mention it here. I have a degree unrelated to finance and have never had much money. So Ive been googling and came to the conclusion that maybe approaching Blackrock or Vanguard might be the best choice? But I have no idea if I need to negotiate with them or if they try and take advantage of you. And this advice only comes up every so often, so not sure if its actually the play or if with 600k Im too small of a fish. Or if I should approach a bank to invest in something that tracks an index? Any pointers would be very appreciated. [link] [comments] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Should I Leave My Name Off The Mortgage? Posted: 09 Jan 2022 09:47 AM PST Hi all, my bf (22M) and I (24F) have been together for two years. Our apartment lease ends in 9 months. My boyfriend is dead set on buying a house (in a town I do not want to live in) and I do not feel ready to purchase a house and I am also ready to leave this town. I recently graduated university and now have a stable remote job paying 60k a year with a very good credit score, 25k student loan debt. My bf has a stable job making 50k a year with a very low credit score and zero student loan debt. My thought process is to tell him I do not want my name to be on the mortgage but I would like to move in with him, will put some money towards a down payment and will pay half the monthly payment. My wish is that when we sell the house after a few years, I will receive all the money I put in and nothing more. (If we break up I am fine with walking away with nothing). I am not ready to put my name on a mortgage with someone else. I also do not feel prepared right now, I am just entering the work world and trying to get my feet under me. Do you think this is reasonable? I have a feeling my bf may be upset by this because he has very damaged credit and may be denied for loans/receive high interest rates. He would want my name on this to help improve the chances of getting a good loan. I am pretty new to the buying a home world and I want to make sure to protect myself until I'm ready to sign a mortgage with another person. (If it was myself alone buying a house this would be a different story) Is this reasonable? Any recommendations on how to navigate this? TL:DR; boyfriend wants to buy a house and I am not ready to buy a house jointly. I want to move in, pay half the bills and receive all the money I put in when he sells it. Looking for some advice/recommendations on how to navigate this. Edit: thank you all so much for the advice and recommendations. I am so new to this buying a house world so I really appreciate all your help. I have decided I am just going to offer to move in with him and pay a set amount of rent. I won't offer to pay any part of the down payment. I won't be putting my name on the mortgage or any other sort of paperwork, I will just pay him the rent + living expenses and let him handle the rest since he is the one wanting the house. When the house is sold I will expect nothing from it. Thank you all! [link] [comments] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Are all inclusive resorts worth it compared to itemizing each part of a trip? Posted: 09 Jan 2022 02:49 PM PST Trying to decide if all inclusive resorts are generally worth it comparatively. Edit: Thanks you for all the suggestions and reply's. I do enjoy booze, deserts and being lazy so all inclusive may just be for me. [link] [comments] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| My wife and I are 37 and just started a 401(k). Are we really far behind? Posted: 10 Jan 2022 09:36 AM PST My wife just started a new job with an engineering firm making about 60k a year. I was recently medically retired from a law enforcement position after I was injured in a fight and couldn't fully recover. I am collecting a partial pension, since I was retired early, of about $2,200 monthly tax free. I'm in the process of training for a new career, so I am also working part time right now bring in about an extra $1,200 monthly. We live in a LCOL area of California and our mortgage is only $700 a month after refinancing last year. We owe $130,000 on the home. My wife started a Vanguard 401(k) through her new employer and they are matching 58.34% on her contributions between 0 and 6%. We are both extremely new to this and feel overwhelmed, but despite my current employment situation, we have saved well and managed our money. There is about $52k in the 401(k) and we have another $30k or so in the bank. Here is what our current situation looks like. Are we really far behind? Should we be choosing different funds or retirement targets? Any other ideas or suggestions would help. [link] [comments] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accidentally flooded hotel room Posted: 09 Jan 2022 05:13 PM PST So, I had one too many drinks and was feeling super sick so I went into the hotel shower (it's a stand alone shower, no bath tub) to get under some warm water to soothe me. Well I zoned out focusing on not throwing up and to make the room stop spinning and when I came to, I heard a knocking on the door from maintenance. Jumped out the shower to answer and realized the whole room had water. After mulling over it all day, I must have been somehow covering the drain (it was in the middle of the shower where the water comes down) and blocked it. Anyway, I'm confused and in shock and the maintenance guy isn't happy of course. I see that the water made it out into the hallway and was approaching the doors of the two rooms in front of me. I don't know if water got in the rooms or not. Now luckily this hotel had all concrete floors and mostly concrete/brick walls (the rug was soaked but I hung it on the balcony to dry). I expect most of the damages to be the furnishings. Asked maintenance for some towels to help clean the room and used their squeegee to push water out the room from the balcony. Hotel staff relocated me to another room for the night. Upon check out there, they said someone would contact me in a few days to talk charges. I do have homeowners insurance with personal liability insurance so when I got home I called and started the claims process. I'm not sure if I should contact the hotel to tell them this or wait until they get back with me? I don't know what to do now, I'm just freaking out about how much this could cost. From my research my insurance should cover it (right?) but I'm just thinking what if they don't…and my poor boyfriend booked the room (he was asleep before I even got in the shower so he wouldn't have seen the water) but I tried to make it clear to the hotel staff that I was the one showering when this happened and they need to contact me about damage charges. Any advice for next steps? Anyone who experienced this have an idea of the price tag I could expect for this screw up? Also I'm an idiot, I know. I felt dumb trying to explain that I don't know what happened and to be honest still don't know fully because I was so out of it. I think they were annoyed I couldn't formulate and explanation either. I'm sick over this and feel so so bad. [link] [comments] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 10 Jan 2022 10:33 AM PST I just opened a ROTH IRA with Fidelity and excited to start investing for my retirement, however it seems today is a bad day for the stock market...and things seem to be going on with inflation and the Fed etc... It's all over my head, I'm a newb...is there ever a bad time to invest? Should I wait this out a bit? Of course I assume things are always in flux but I can't gauge the seriousness of the drops today. I was planning on a few Index funds and one focused on bonds but that also seems to be teetering on big changes. Thanks in advance for any advice. [link] [comments] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 10 Jan 2022 01:56 AM PST Hey all I wanted some advice on what I should do. I'm a 23 y/o community college student who moved back in with my parent. I've been working part time the last few months, but beginning in February I'll be working full-time at $19.50 an hour. I have 2 semesters left in school so about $6k left in tuition costs and I'm paying off a $6.5k car loan on a 2008 Prius w/ 113k miles. I could pay all this off and have $3k left in my savings, but I want to buy a house in the next few years. Maybe a duplex and have someone rent out one half or maybe just get another apartment. I don't want to live at home for much longer. As much as I love my mom, it doesn't feel right here. I miss having my own place. Any advice will be appreciated. [link] [comments] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bank account fraudulently closed by identity thieves - What can they do? Posted: 10 Jan 2022 07:56 AM PST A bunch of identity documents as well as some credit/debit cards were stolen from me recently (they have SSN, my passport, and my address..). I've taken all the steps to secure my accounts and report identity theft, but they've continued to try to commit identity fraud and get into my accounts, though I've been able to prevent them so far. However, their latest move was to call the bank and have them close my bank account and send a check to my mailing address (even though I had specifically called the bank and told them I was a victim of identity theft), and I'm not familiar with this situation and what their end goal might be. I called my bank and they said since the account is closed, there is nothing they can do to reopen the account or void/do anything with the check they will be mailing. My best guess is that the criminals are trying to intercept the check from my mailbox and cash it somehow? They do know my address and are likely in the same area as me... What preventative steps can I take for this outside of being very vigilant with checking my mail? And what else do I need to watch for regarding this bank account closure? And I'll also take any tips for dealing with identity theft as well, though I probably will have already done them. EDIT: Thanks for your responses. I am putting a hold on my mail. I'm definitely still open to any other ideas and things I should watch out for. [link] [comments] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 09 Jan 2022 09:53 AM PST I am a 25 year old male in pretty good health. My parents have been paying the premium since I was 5, and now have started having me pay the premium for the last few years. I finally got around to actually reviewing the policy, and it just doesn't seem like something that's a good idea or that I need, now that I see it converts to whole life with such a high annual premium. For reference of my current situation, I make $90,000 a year and have $16,200 in emergency savings, $72000 in retirement accounts, and $20,000 in a taxable brokerage account. Nobody relies on my income as I am single with no children. The details of the policy directly from the duplicate policy I have received are below: Company: United of Omaha Life Insurance Company Plan: Level Term Life Insurance to age 25 converting to Whole Life Paid Up at Age 95 This Policy provides Level Term Life Insurance to age 25, converting to Whole life Insurance paid up at age 95, payable at death. Premiums are payable for the years shown. Riders, if any, are listed. No dividends are payable. Face Amount: $24,000 Schedule of Benefits
Table of Policy Values Based on the Face Amount of This Policy
CASH VALUE AMENDMENT The interest rate used in determining the values of your policy has been changed to 5.75% as shown in the Table of Policy Values. Any advice as to what to do with this policy would be greatly appreciated as when I originally asked my parents about the policy, they said "We got it because your Grandpa told us it would be good to have if anything happened to you." I can certainly see the benefit for when I was young, but I don't see the benefit for the whole life conversion portion. I am really leaning towards getting this policy cancelled. Edit: Thanks everyone for the feedback. I really appreciate it all! [link] [comments] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 10 Jan 2022 05:21 AM PST A couple months ago I visited Brazil and stupidly used my capital one card with a street vendor. I had used it at a few beach vendors/restaurants so figured I'd be okay. They were charging me 70 Real for a souvenir and next thing I know I get a notification on my watch for ~$1257(7000 Real). Confronted the dude and he immediately ran off. I called Capital One ASAP to dispute and thought I was in the clear but just received an email back saying the charge was valid so it's back on my account. I plan on calling them later today to discuss more but what are my options here? I obviously can't contact the merchant like they want me to and I'm not going to pay this ridiculous charge that I got fucked on. Any help would be appreciated [link] [comments] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Anyone Experienced in IRS Tax Settlements? Posted: 10 Jan 2022 09:51 AM PST Hello. If I shouldn't post this here, I apologize. Please let me know where you think I should. Long story made short: I'm facing a large, multi-year tax debt (~$90k) and I understand that I need to reach a settlement for it with the IRS. I also owe around ~$40k in state taxes. I was hoping to talk to someone (who's either been through this or has helped others through this) to sort out my best options. I technically have money in investments in my name (~$220k) that could pay it off, but I'm trying to avoid taking that kind of hit. The interest and dividends from those investments go to supporting my father, who has no income. I pay the taxes on them, for his sake. For what it's worth, I also just lost my job last month. My Questions include: What does the IRS look for in reaching settlements? Will they care about my arrangement to help my dad, or will this not matter to them so long as the money's in my name? Basically, how can I just not get screwed here? I know I was irresponsible but am trying to not screw up my future. I'm already working with an EA, but he's very by-the-book and says I basically have no choice but to either pay the debts or agree to a deal to pay off the debt in installments (~$700-1000/month for many years). Is this true? Thank you very much in advance for your thoughts and suggestions. [link] [comments] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| If your name is on the deed/ title of a property, but your name is not on the mortgage loan. Posted: 10 Jan 2022 06:32 AM PST I have a tricky situation here. I've been living in a condo for the last 10 years that belong to my fiance who passed away unexpectedly two weeks before our marriage . She died four years ago and I am making the payments on the mortgage and have gotten the title deed to the property signed over to me by the owners who are on the mortgage loan and I already have made property tax payments but yet the mortgage is not in my name. I've been paying on the mortgage for the last five years by myself. There's only $50,000 left on the property but the mortgage is not in my name only the title and deed. I have a purchase agreement I just have not assume the loan yet and I'm confused as what my future holds if I have not assume the loan. I technically own the property because of the title deed correct? My goal is to be able to sell this property in order to get a bigger home. [link] [comments] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FreeTaxUSA? or other alternative tax websites? Posted: 09 Jan 2022 04:19 PM PST Hello, I am currently trying to file taxes for my immediate family member. I am wondering it there are any Tax websites that are straightforward in filing the SA-1099 form, 1099-INT, and 1098 mortgage payment along with 1099-MISC. Any advice, opinions, or recommendations is greatly appreciated. edited: I got recommended for FreeTaxUSA, but I did hear about H&R, Turbo Tax, and TaxAct so I wasn't sure which one is reliable and easy until now. Thanks for the input! I am learning as I go. Also I am grateful for this platform to be available for people like me to ask about filing taxes. [link] [comments] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Are manufactured homes always a bad idea? Posted: 10 Jan 2022 08:25 AM PST My husband (32M) and I (27F) live in an area with outrageously high cost of living. Husband has a few health issues and a dedicated health team in one of the nation's top hospitals and my mother is also providing free childcare five days a week to our new baby while we work so we can't just up and leave as much as I would like to. Husband makes about 40k/year and I make 55k. We have 50k in savings. Here is my dilemma- we are in a 1 bedroom apartment. It's about 550 square feet. Now with a baby, we are busting out. Baby's stuff is just in the middle of the living room because there is simply no space. There are no two bedrooms available in the foreseeable future according to the landlord. There are hardly ever any vacancies- people are lifers. This isn't a young building with students/ young couples. Our rent is $1,100/month. We got this rent from a friend- similar apartments go for $1,600-$1,800/month and 2 bedrooms are over 2k so it doesn't really make sense to start looking into other apartments. Houses within 45 minutes of my mother are, at the cheapest, 400-450k. I was looking into manufactured homes and I'm wondering if it makes sense to put that rent money into one of them instead of paying rent. [link] [comments] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Starting career and gaining independence, need advice! Posted: 10 Jan 2022 07:15 AM PST I'm 23 and I graduated from college about a year ago. I've been working a full time job since March 2021 and currently make $55k/year before year end bonuses. I have a few questions that I hope can be answered because I haven't received much financial wisdom from my parents. SAVINGS: I currently have $13k in savings account with a smaller regional bank. It's just sitting in that account and I'm not sure if there's anything better I should be doing with it? 401K/RETIREMENT (through work): I have a 401k with work. It's a traditional 401k that I am currently contributing 5% to. Is this adequate? Additionally, there is an option for a roth 401k but I don't know much about these and if a Roth 401k is the best option for someone young and at the beginning of their career. CREDIT CARD: Finally, I don't have an active credit card. I have great credit from being tied to a Chase Sapphire account that I paid off for expenses when I lived in Europe a couple years ago. I also was tied to an account that my parents didn't let me access in college that was used to pay for flights to and from school. I am typically very responsible and I tend to be frugale so I don't anticipate using a credit card beyond paying for groceries, monthly subscriptions (idk if this is a good idea?), and gas, flights (I don't fly too often these days) and any infrequent large purchases each month. In total will almost certainly be using a credit card for <$1000 in purchases/month and have no doubt that with my spending habits I will be able to pay it off each month. Question is, for someone in my position, what card is the best? I don't even know where to begin. Any advice at all on the above would be really appreciated. Thanks! [link] [comments] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Difference between brokerage accounts Posted: 10 Jan 2022 07:04 AM PST I recently opened a Charles Schwab brokerage account to invest spare money in index funds and etfs but I don't really like the app. I already have a robinhood account that has a nicer user interface IMO and most of the etf stocks I'm looking to buy are also on robinhood so I was wondering if there were any significant differences on why the Charles Schwab is better. Also any recommendations on stocks will be appreciated as I'm just starting to invest [link] [comments] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| I want to start investing but don't know how. Posted: 10 Jan 2022 08:58 AM PST I'm 28 and finally have enough income to stand on my own and live comfortably. I want to start using excess funds (maybe an extra $100 a pay period) to invest and build some kind of retirement fund so I can relax a bit more when I decide to retire. Unfortunately, I have no clue where to start. Any videos or books to give me some solid footing to start out? *Sorry if the formatting is rough. I'm on mobile. [link] [comments] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 10 Jan 2022 06:41 AM PST I'm an engineer for a medium sized manufacturing company and am now in charge of employee training. Most of the training is related to manufacturing and safety but I work with a lot of young blue collar workers that could really use the info here on r/personalfinance. We don't teach financial literacy much in the US. I owned a business for 6 years before working here and I still learn more about finance almost daily. Lots of things I now know I wish I knew when I had employees of my own. What are the issues with offering financial advice if I'm not a professional financial advisor? Maybe I should have a finance person from our 401k provider do the training. Often when people post financial advice online they follow with (not financial advise). How do I protect myself and my company and help my co workers? Mostly I'd like to provide basic info like the flow chart and what is a 401k and IRA and did you know credit cards have ridiculous interest rates? The podcast "No Stupid Questions" had a good episode on this today and one of the speakers, a Professor at Penn, didn't know exactly what an IRA was. [link] [comments] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pay loandepot mortgage through PayPal bill pay with a credit card? Posted: 10 Jan 2022 10:26 AM PST I recently became aware of paypal bill pay and how you can use that to pay some bills with your credit card that normally wouldn't be an option at all or would incur a fee. I understand it is generally hard to pay mortgages with a credit card (I know of the plastiq method). Has anybody on here ever paid their loandepot mortgage with PayPal bill pay? Loan depot did populate on the list in pp bill section (although it said credit cards underneath it) and it let me add my account number and took it as a bill. I'm wondering if this will work but wanted to try asking on here first before I try it. Edit: I should note this would be for the cashback purpose only. I do not plan to accumulate credit card debt on behalf of my mortgage. [link] [comments] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Is it better to buy an OLD car ($8k-ish) vs a new car ($42k-ish) Posted: 10 Jan 2022 10:22 AM PST Taking into account:
I'm very conflicted. I have the money for a new car, I could buy it with cash if I wanted, but if it's better for me to buy an old car and save the money I would have spent then I'd do that. I've just never bought a car before and I'm afraid to make the wrong decision. Maybe I should buy the old 2008 car now and wait for the used car market to die down and then buy a 2-4 year old used car when those prices become reasonable? [link] [comments] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Wife lost job, now we are negative net per month. Posted: 10 Jan 2022 08:46 AM PST To make a long story short, after being on disability leave for 3 years the company policy could no longer cover my wife for long term disability leave. They reached an agreement for her resignation, she got 3 months full pay. However this will only last us so long and so our household income has been cut literally in half. I bring in 3200/month after taxes, however our mortgage and general monthly bills typically average out to 5200/month. This is a rough average as utilities vary and putting groceries at around 300/month. I estimate that we will last about 4 months from now with what we have in savings plus my paychecks. We have already been planning to pull her son from private school, so that will save us 600/month. But we are still looking at a -600 monthly net and this is with buying barebones items with our monthly bills. I have no idea how I am going to keep us afloat... any advice is appreciated. Edit: Budget: Mortgage: 1900 Electric: 120 Water:110 Gas: 80 Gas (Car): 120 Groceries: 300 Internet: 80 Credit Cards (min payment): 250 Daycare: 1200 Tuition: 600 Car insurance: 375 Some numbers are rough estimates depending on the month, and note that tuition will be eliminate in May. [link] [comments] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 10 Jan 2022 08:43 AM PST I currently make just over $4,000/mo and am in just under $22,000 debt ($8k student loans from school and living, $9k car, and $6k credit cards almost entirely on furniture, washer/dryer, etc.) I am so lucky to have enough to make my living expenses and the minimum payments, but I'm stressed on the best way to balance it. Currently I've been paying as much as possible towards the debt to decrease interest paid over time, but it stresses me out cause my savings grow so slowly. I'm also getting to a point where big random expenses, such as car payments, make me feel as if I'm not going to break even overall. What is the smartest way to balance this mess? [link] [comments] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Buying Home to Build Equity in 2 Years Posted: 10 Jan 2022 10:13 AM PST I'm looking for advice on potentially buying a home and selling in two years for something bigger. My partner and I have the opportunity to reserve a new build, but won't be available until 2024. Would it make sense to purchase a home in the meantime to build equity and use towards the future? Or would it be a pain in the ass to purchase something now only to sell soon after? I'm a first time home buyer, currently living in the northern colorado and at my parents house. Rent prices out here are much too high [link] [comments] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Have a post-tax 401(k) account, can I rollover to a taxable account? Posted: 10 Jan 2022 09:48 AM PST Title says it all. Due to a quirk of how I was categorized (non-US) my old employer had been making a post tax contributions to a 401(k) account. Since that money is post tax can I deposit in my taxable account? [link] [comments] |
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