Personal Finance Weekend Help and Victory Thread for the week of January 07, 2022 |
- Weekend Help and Victory Thread for the week of January 07, 2022
- New Scam alert for 2022
- Can someone explain how this scam works?
- I have around $10,000 in my bank account and I don't know if I should continue to keep it in there.
- Are "Annual alcohol screening" and "Annual depression screening" typical charges from a gynecologist?
- Just paid my first auto loan off.
- Advice for investing $4,000 every month for long-term growth?
- Self Income/Expenses Spreadsheet
- After a hard inquiry for my mortgage refinance, can I get a car? Or do I have to wait until closing?
- $12,000 USD debt, SSN used (with consent) by family
- Invest or Pay off Student Loans?
- Roth IRA For Minor, Was This A Mistake?
- From a taxes POV strictly, is it meaningless to donate to charities if I am claiming the standard deduction.
- At what income level should I start doing traditional 401k?
- I'm having debit card issues
- Hacks to find a single unit home to rent?
- What do you have in your Roth IRA and Why?
- $10,000+ medical debt
- Whar should I be doing with my savings?
- How do I calculate my MAGI, and should I contribute to a Roth IRA?
- Can I/should I start a Roth IRA for my parents?
| Weekend Help and Victory Thread for the week of January 07, 2022 Posted: 07 Jan 2022 01:00 PM 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: 07 Jan 2022 09:04 PM PST I got another scam call, and normally I block them, but I was feeling frisky and wanted to hear what they were trying. They said I had a $900 iphone purchase on my Amazon account, and to get it off I needed to download 'Remote Desktop' app. We all know that this allows them so much more access than just one bank account. Please tell loved ones that might fall for this scam. Next level BS. [link] [comments] |
| Can someone explain how this scam works? Posted: 07 Jan 2022 03:38 PM PST I have an older neighbor who is getting scammed, but I'm not sure how to explain why. He has met a younger guy from overseas that he has "fallen in love with." They have talked for a year. The overseas younger guy is now saying he is going to send 30,000 Nicaragua and to open up a new bank account and put it in there. The younger guy then wants bitcoin bought with it and the Bitcoin transferred to him. I need a sound explanation as my neighbor is in denial, and I feel badly about him being scammed. What's the advantage or goal of the scammer here? Edit: Thank you all SO MUCH for the help here [link] [comments] |
| I have around $10,000 in my bank account and I don't know if I should continue to keep it in there. Posted: 07 Jan 2022 11:06 PM PST Hello! After working for around 6 months (and continuing to work), I've been fortunate enough to save up around $10,000. I'm currently 19 and going to community college and luckily, with the help of financial aid and my job's tuition reimbursement, I'm basically not paying for college until I transfer. I'm planning on transferring to a state university where the cost of attendance is around $37k a year but that is almost 1.5 years from now and until then, I don't know what to do with my money. My goal is to be able to transfer and pay off my college without ever taking out loans or going into debt (unrealistic goal I know) and that's why I'm currently not using the money. After browsing this subreddit for a bit, I learned that having your money just sit in your bank account isn't the smartest thing to do and I'm wondering what should I do with it? Thank you guys so much in advance! [link] [comments] |
| Posted: 07 Jan 2022 10:17 PM PST I just got a bill from a visit to the gynecologist late last year, and noted with surprise these two charges (codes G0442 and G0444). Is this typical? They are both listed as 15 minutes long, and I definitely did not receive screenings for each that were that long. At most I filled out an intake form and responded to a few questions the gynecologist asked. Should I contest it? They are charging me $80 after, and with other stories racking up 100s of dollars maybe I should just bite the bullet and be sure to ask if they're charging me next time. That's more than a week of groceries though and it doesn't sit right with me that I was charged this without knowing it would be charged. [link] [comments] |
| Just paid my first auto loan off. Posted: 07 Jan 2022 01:20 PM PST Well about a month ago, I paid off my first ever car loan. It is now January 7th 2022, and credit karma has dropped my score 9 points. I have closed my Independent bank account (who I used to finance vehicle). I'm young and not super smart here, but shouldn't my score have gone up ? Since paying a $12,000 loan off? Loan was for 48 months and Was paid off early. Thanks in advance pimps [link] [comments] |
| Advice for investing $4,000 every month for long-term growth? Posted: 08 Jan 2022 01:37 AM PST Hello, community! I've recently found myself in the very fortunate position of being on a high salary at age 26 whereby after my expenses I have just over $4,000 to invest every month (note: I'm U.K. based). I've worked very hard to get here and I'm pretty proud. Of course, I'm looking to maintain and grow my wealth over the next 15-20 years as my salary increases and as I look to achieve some life goals. I've never really been taught financial wellbeing by my parents so I've learnt through a lot of trial and error; being broke, overdraft debt etc. I wanted to ask what your investment advice would be for someone in my position at my age who is looking to get onto the property ladder and save towards my eventual retirement. I invest in stocks and funds (mostly tech ETFs, global equities and energy) and a little crypto. For those of you that have done investing long-term, is there something I should start or stop doing? Perhaps areas/industries I should consider investing in? I'm open to all ideas and suggestions. Would also be interesting to hear about non-financial investments you have made that have benefitted your life. Thanks in advance! [link] [comments] |
| Self Income/Expenses Spreadsheet Posted: 08 Jan 2022 02:34 AM PST I was wondering if anyone has any templates for a spreadsheet on Google docs to track expenses/budget? Thanks in advance. Just want something simple where I have my wage income and then all of my bills/expenses to see how much I have remaining and can afford to save etc. [link] [comments] |
| After a hard inquiry for my mortgage refinance, can I get a car? Or do I have to wait until closing? Posted: 08 Jan 2022 04:49 AM PST First time home owner. Just really bad timing, totalled my car and live in a car city. The house I own is for my parents and I need to get rent to be cheaper for them. Obviously that's priority but I'm also moving at the end of next month and will need to send rental applications for apartments. I've already signed the papers and gave them permission to do the credit inquiry, but that all happened today and it's now the weekend. Thank you in advance! [link] [comments] |
| $12,000 USD debt, SSN used (with consent) by family Posted: 07 Jan 2022 12:42 PM PST Hello all, I'm at a loss and freaking out about this. To elaborate on the title further, my step father opened up a business a couple years ago and I consented to back it up using my SSN. I was 19 at the time, but I still should have known better. Long story short, the business predictably went under and I thought naively that my parents would take care of it and I avoided thinking about all of the papers and letters being sent to me. My parents have effectively ghosted me and I am now stuck with the debt alone. The biggest issue I'm currently facing is my bank account being garnished. I called the attorneys office that levied against me and they explained that they will be taking as much as they like whenever they see fit. This obviously causes me some problems, primarily being able to afford to have a roof over my head and food in my stomach. I'd like to avoid bankruptcy at such a young age, but I'm not seeing really any options. I make around 30k per year and have about 2,000 USD left. Any and all advice is greatly appreciated. Thank you. [link] [comments] |
| Invest or Pay off Student Loans? Posted: 07 Jan 2022 07:05 PM PST I owe $6300 in student loans at 3.4% (currently 0%). Over the past 6 months I have saved this amount in a savings account (.3%) in anticipation of paying it off when payments resumed this month. Now that the 0% interest rate is being extended again I'm considering just investing the money instead and then returning to monthly payments whenever payments start again. Part of me would love to just pay off the loan since I have the money for it but the practical part of me thinks that since the rate is pretty low that I could make more money by investing now and not just letting it sit in a savings account where it is surely losing value due to inflation. Any insight or suggestions or other options I haven't considered? [link] [comments] |
| Roth IRA For Minor, Was This A Mistake? Posted: 07 Jan 2022 11:35 PM PST My son (14 y/o) earned 6k in 2021 from working for me doing legitimate things outside of house chores, he is big into personal finance and wanted to put it all into a Roth, so I figured I could set one up and he could put it all in and then come tax time he would file as self-employed and pay some taxes but ultimately get a headstart on compound interest. So after reading more and more about custodial ROTH IRA accounts, it seems it might be more pain than it's worth. He already contributed the money and it has gained interest over the past 6 months and tax season is coming up. Was this a good idea or will this be too complicated and should I look to a different route and wait until the earned income is more simple like a W2 once he gets one? Also, if that is the case, is there any way to reverse the IRA account and close it down without any major tax complications? [link] [comments] |
| Posted: 08 Jan 2022 03:01 AM PST Before I get downvoted to oblivion for asking this, the charities that I donate to mean a lot to me. I never donated to them as a means of avoiding taxes. No matter what people tell me today, I will continue to donate to them. Now I claim standard deduction every year. I am a salaried employee. Single. With just some dividend and capital gains income on the side. I don't own an apartment or a car. Given all of this, the standard deduction is the best for me. But in a given year I donate like 1000$ to 1500$ to charities. Is there a way I can get a sort of tax write-off for those donations? I file taxes using Turbo tax sometimes and sometimes I just do it myself. [link] [comments] |
| At what income level should I start doing traditional 401k? Posted: 07 Jan 2022 11:11 PM PST I heard that people making <$100k should be doing Roth 401k, and then move on to Traditional 401k? Single filer. Thank you! [link] [comments] |
| Posted: 08 Jan 2022 05:03 AM PST I'm facing problem regarding "international transactions through my debit card". I have checked on different sites like contabo and etsy to pay, but I'm unable to pay: Explaination: So I have received my Debit Card 5 days ago, and I registered for internet banking to enable the use of "International transactions". Now I'm facing problem that, it has got enabled but the transactions are not happening. I'm getting messages through my bank that "your card is not enabled for domestic online services". I have also called bank support but they are telling that it has already got enabled. What to do now? [link] [comments] |
| Hacks to find a single unit home to rent? Posted: 08 Jan 2022 04:57 AM PST For reference, I'm in the Denver metro area. Been looking on the usual apps (Zillow, rent.com) for single unit homes in my area to rent. They are definitely few and far between. Anyone have tips/secrets on how to find houses to rent that aren't listed on most apps? [link] [comments] |
| What do you have in your Roth IRA and Why? Posted: 08 Jan 2022 04:56 AM PST What do you have in your Roth IRA, and why do you have it in there? Also, who is your Roth IRA opened with? I'm asking you to make a list of what you have in your Roth IRA and who is it opened with because there are a lot of things you can put in a Roth IRA and this post can help a lot of people now and in the years to come. This post is to not just give me something to think about, but others in the coming years as well. So keep that in mind and please be very specific with your answers. [link] [comments] |
| Posted: 08 Jan 2022 04:56 AM PST So recently I've fallen mysteriously ill and I have seen a lot of doctors/been to the hospital a few times over the past few months. I have also been unable to work as almost every day I feel so nauseous that I can barely eat let alone work a full time or part time job. The doctors have been unable to find any cause for this so far so I don't think I would be able to get any kind of disability. The bills are starting to add up and I have zero dollars left in my bank account now. Im not sure what to do now. I currently live at my dads so a place to live and food arent as much of an issue. Currently my only income is some doordash money I do when I feel well enough, which isnt often, so its not much, about enough to buy food. Realistically what happens if i just dont pay any of these medical bills? The only real things of value I own are my car(which is also in my sisters name, not sure if that matters) and my pc. Should I just take the credit hit? Can I do that? Any advice is welcome. [link] [comments] |
| Whar should I be doing with my savings? Posted: 08 Jan 2022 04:46 AM PST I'm currently living rent free. I have a total of $330 mandatory monthly expenses, and I'm making $13/hour working full time. I've made some very poor financial decisions, which has lead to me having only $2500 in my savings. I've decided to turn things around and start aggressively saving money, but I'm unsure of the best thing to do with it. Im going to be living rent and expense free for at least another year, and I want to take full advantage. Should I keep the money I save in a savings account, or is there a better use of it? I've considered government bonds as well as investing in the stock market, but I want some outside opinions. [link] [comments] |
| How do I calculate my MAGI, and should I contribute to a Roth IRA? Posted: 08 Jan 2022 04:39 AM PST Hi all, Somewhat complicated question here (at least for me); I'm wondering if I should continue to contribute to a Roth IRA, where I may be over the income limits for this year. For context, I work for a government agency in the US, so my employer requires I contribute to retirement, makes a matching contribution, pays a portion of my health insurance. My base income is under the $140,000 limit (I'm unmarried); however with overtime it is likely (almost certain) that I will be over that limit. I'm wondering how to calculate my MAGI to see if I should continue to contribute to the Roth IRA, or if I no longer can what alternatives I should explore (especially in light of the federal government's seeming intention to do away with Roth conversations). I do not have any student loans and am not currently paying for school. Would appreciate any help or suggestions! [link] [comments] |
| Can I/should I start a Roth IRA for my parents? Posted: 07 Jan 2022 06:51 PM PST I'm graduating college this year and will be making $80k income. I have $20k in student loans, but am planning to make a $10k lump sum payment when interest rates start again and so I'll have ~$10k left after that. I'm also planning to go to law school within the next 3 years and trying to save some for that as well. I'll be living in a high COL city, so I expect rent to be ~$1500/month. My parents' combined income is less than what I will be making, and as they're entering their 60s, I'm increasingly worried about their retirement. They don't own a home or any other major assets and have ~40k saved between the two of them for retirement. Their plan is to essentially rely on social security (estimating $3k in payments per month). They're planning to retire in the next ~7 years. If I have my own Roth IRA, can I start a new Roth with one or both of my parents listed as beneficiaries when I start working full-time? I would be able to contribute ~$300/month. Obviously that's not enough, but I don't know what else to do at this point. Is there a better way for me to strategize this? Will they actually be able to rely on social security? [link] [comments] |
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