Personal Finance Weekend Help and Victory Thread for the week of February 18, 2022 |
- Weekend Help and Victory Thread for the week of February 18, 2022
- Student Loan Dilemma
- My financial advisor just keeps losing.. when do I pull!?
- Should I pay cash for a used car in this market, or finance a car for the first time in my life?
- Groceries for a single person?
- Should I just cash out my old 401k? $3600
- Roth IRA to pair with a Vanguard Target Retirement 401k?
- Someone keeps calling me and asking for my address...
- Should I rollover my 401K into an IRA?
- My ex died and now I own his house... Do I need to do my taxes differently?
- Rented a room for 6 months at $650
- Should I even bother negotiating with this job offer?
- Are there penalties to withdrawing from Index Funds?
- Estate planning for a hoarder with refined tastes
- 1099 vs W2 - Which one to go for ?
- Minimum balance on transfer balance
- Midland Credit Management Hell - Advice needed to seek freedom
- Staying married for financial reasons-
| Weekend Help and Victory Thread for the week of February 18, 2022 Posted: 18 Feb 2022 09:00 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: 18 Feb 2022 04:07 AM PST In 2018 my father had no job for 2 years prior and we were able to finance my sister's college education while owning close to $16,000 at the end of it all (this year 2022). She went to a State college and got some benefits from it. I was prepared to also get help from my parents (they insist I go to college and also insist I pay for my own education or else they'll kick me out and/or ship me away at 18) but they are apparently not planning on helping.. at all. I got admitted to NYU early admissions, but my CSS profile was submitted late (courtesy of my lovely mother). The school is offering $0 in-school need based financial aid because of this and the fafsa only comes around to 14,995. The cost to attend after deductions is still 76,755 yearly. I was offered a $3500 subsidised loan and a $2,000 unsubsidised loan. I was also offered a $68,313 federal plus loan. My parents are trying to reject this for me even though they aren't paying anyway and I won't let that happen. Chose this school out of hundreds because it is my dream. I know it ma sound a little quaky, but is here any advice on how to go about this? Update: thank you for all your advice. I'm literally 17 so the downvotes are kinda petty lol. But I'm going to call tomorrow and see if I can increase my need based aid and if I can't then I'll decline the offer. Thanks again! [link] [comments] |
| My financial advisor just keeps losing.. when do I pull!? Posted: 18 Feb 2022 06:05 AM PST 2 years ago, I gave a large chunk of savings to my families financial advisor he's done great things for them, my dad having given him a little over 100k has almost doubled. I had given him a little Under 100k and I'm down HALF. Every time we talk, he Blames the economy.. and the fact that he's never worked with a lot of "small accounts" though he feels bad.. in the end of December I said I think I may be done and he said give me one more month and let me see if I can at least get you back even with what you gave me.. He's lost almost 20k since. I'm at a loss for words.. I know the DOW is lose right now.. but I'm scared as this was my savings and it's almost gone.. he has most of it tied up in Taiwan simiconductors and I fear all it will take is China putting pressure on Taiwan for that to break. What would YOU do, when would you pull? I know if I pull I lose out on making it back I suppose but.. I've had better luck with my own stocks.. [link] [comments] |
| Should I pay cash for a used car in this market, or finance a car for the first time in my life? Posted: 18 Feb 2022 06:44 AM PST I have 4k cash saved up for a car. The only cars I see in that range that still have an engine and tires are 02 Toyotas and Hondas with at least 200k miles on them. I also see 01-05 Ford Focus come up a lot in my search, with less miles, less than 150k. Should I take the chance with an older, high mileage car, or just finance a car for the first time in my life and use that as a down payment? I live in a rural area without uber or a lot of mechanics, so I need a reliable car that won't leave me stuck on the side of the road. [link] [comments] |
| Groceries for a single person? Posted: 18 Feb 2022 06:39 AM PST How much do you budget for your groceries? I feel like I spend way too much on groceries. I'm trying to save up money by rebudgeting my bills. [link] [comments] |
| Should I just cash out my old 401k? $3600 Posted: 18 Feb 2022 07:45 AM PST I have a 401k from a previous employer. There's only $3600 in there. I didn't roll it over out of laziness, and it's been sitting there for over a year now. I heard that if over 60 days have passed, I'll need to pay a 10% penalty fee on top of other fees for a rollover. Since it's just $3600, should I just cash it out? I could use the funds to upgrade my office setup. Should I just keep it there? I don't really see the point, unless I keep it sitting there until I retire. Should I roll it over into my current company's 401k? The idea of paying a 10% fee isn't very appealing to me, and in that case I'd rather cash it out or just leave it there. Thank you! [link] [comments] |
| Roth IRA to pair with a Vanguard Target Retirement 401k? Posted: 18 Feb 2022 05:04 AM PST My Vanguard 401k currently comprises VSMPX, VTSNX, VTBNX and VTILX. Shopping for a Roth provider that allows me to start hands-off. I read the wikis, lurked, read some more — suggestions? [link] [comments] |
| Someone keeps calling me and asking for my address... Posted: 18 Feb 2022 06:31 AM PST Hello, I keep getting calls weekly and it sounds like possibly a debt collector, but I have nothing on my credit report or any balances I know that are due. These people will call weekly asking for my address cause they have papers to serve me but I have my most recent address on my driver's license for over 6 months now... and I figure if they're legit...they can get my address. They won't identify what the papers are for or anything...they just repeatedly ask for my address and I don't give it to them cause they won't identify what it's for. They're very vague. Its gotten to the point now, they're calling my retired parents and sister asking for the info and I feel like its borderline harassment. Any advice/ideas would be greatly appreciated. Thank you. [link] [comments] |
| Should I rollover my 401K into an IRA? Posted: 18 Feb 2022 08:10 AM PST I have about $18K in my 401K from my old job. I quit in June and the money has just been sitting there. I got a new job but won't be eligible for their 401K program until mid-April. Should I just leave it alone and roll it over to my new job's program in April? Or should I rollover into an IRA now? Note: Regardless, I intend enroll in my new company's 401K program when eligible. [link] [comments] |
| My ex died and now I own his house... Do I need to do my taxes differently? Posted: 18 Feb 2022 08:27 AM PST I bought a house in Florida with my BF when I was 22. Fast forward we broke up and I was leaving the state so we agreed he'd keep the house, pay the mortgage and I'd eventually sign my half of the house over to him. In the years since I'd brought up going ahead and getting my name off the mortgage, but he passed away this fall before that happened. He didn't have a will and since I was a co-owner it won't go through probate - I now own the home outright. His parents are paying the mortgage and are in the process of looking for a lender so they can buy the house (for the amount still owed to the bank - I do not want to make any money off of this home and I will not budge on this so please don't try and convince me otherwise). So my question is do I need to do anything different on my 2021 taxes? I believe he had been claiming the house to get a tax break, but since I don't live there I'm assuming I cannot do that. I feel like I don't need to do them different, but I wanted to make sure so I don't mess it up and make this whole process more complicated once his parents find a lender and are ready to buy. Thanks! [link] [comments] |
| Rented a room for 6 months at $650 Posted: 18 Feb 2022 07:31 AM PST |
| Should I even bother negotiating with this job offer? Posted: 18 Feb 2022 08:58 AM PST I've been interviewing lately and I got a job offer with my #1 company but they gave me, to me, an extreme lowball offer. I'm currently making $82.5k with an 8% bonus target (can increase to 12%) for all in comp of ~$89k. Other recruiters and companies I've been talking to have been telling me they can get me in the $85k-$90k base range. This company came back and offered me $65k base with no bonus. Do I even try negotiating? Or do I just tell them thanks for the offer but it'd be over a $20k pay cut and we're probably way too far off? [link] [comments] |
| Are there penalties to withdrawing from Index Funds? Posted: 18 Feb 2022 06:44 AM PST I wanted to start off by saying I am very very very new to investing... to be honest... I'm new to "taking care" of my finances in general. It's not something my parents did so this is all very new to me. So if you can explain this in layman's terms, it would be greatly appreciated. I recently set up a an index fund. I currently have the luxury of putting 1,000 per paycheck into my index fund which is what I plan on sticking to for at least this year (and hopefully next). However, my only concern is that I am putting so much into an index fund instead of a regular savings account where I can withdraw with no issues. So lets say I have 25k in my index fund and I decide to take out 10k for whatever reason. Will I have to pay taxes on that 10k? EDIT: This is a brokerage account that I opened with Fidelity. The index fund name is FXAIX. [link] [comments] |
| Estate planning for a hoarder with refined tastes Posted: 18 Feb 2022 08:15 AM PST My dad is nearing end of life. He has spent his life amassing a house filled with antiques, art pieces, a few rare books, exotics lamps, etc. I am 1 of 3 kids trying to plan his funeral with him and how to sell this stuff - we live in Minnesota and I have no idea how to get rid of it. I probably need to hire someone because selling 1 thing at a time would be nightmarish. I also don't want to get fleeced. He has 2 antique books that sold 20 years ago for 2000 each. He also has a lot of Maxfield Parrish prints that I think are worth a fair amount. The current plan is upon his death his estate is to be sold and split 3 ways. We might take an item or 2 but most will need to get rid of it as we all have our own smaller places. Any advice is greatly appreciated. [link] [comments] |
| 1099 vs W2 - Which one to go for ? Posted: 18 Feb 2022 08:06 AM PST Hi, I got an offer from a consulting firm with an hourly rate and are asking me if I need to go for W2 or 1099. The employer will NOT provide any benefits such as health insurance, 401k etc. and it is just the hourly rate. I am currently on a full time position, but have decided to transition to independent consulting. So checking with this group, if you have any pros/cons in going with W2 vs 1099. Based on my research so far, I understand that if I go for 1099, I am responsible to pay for Social and medicare taxes, but at the same time, I have freedom to select the correct health insurance plan and reimburse along with other work expenses. Any insights on this will be helpful. Thank you. [link] [comments] |
| Minimum balance on transfer balance Posted: 18 Feb 2022 07:56 AM PST I transferred $3k of debt to a 0% APR Bank of America credit card. How bad will my credit score be if I only pay the minimum for a few months until I can pay the full 3k? [link] [comments] |
| Midland Credit Management Hell - Advice needed to seek freedom Posted: 18 Feb 2022 05:55 AM PST The TL;DR of the first half is young and in college with 2 credit cards and little means of repaying them, loses one major form on income during crazy time of school year and quickly falls behind on both cards. The only advice I had on credit cards at the time was to 'always pay in full' and when I wasn't able to pay in full for some reason my under 20 brain told me if I only paid in part I'd get in trouble so I panicked and paid nothing?? *defaults* A year or so later but still young and very naive ends up in court being forced to agree to repayment without a lawyer but because I was still poor they said I can pay 25$ on each account. It's now a few more years later and I'm arguably no more intelligent but I do make more money and I have healthier spending and credit habits (4 cards revolving limits north of 15k with below 10% utilization and never carrying a balance as well as an auto loan on 3 of 5 years) but my score is constantly harmed by the two MCM collections on it which always appear as derogatory on my credit report despite making regular payments. To be succinct they are hell to deal with even when trying to earnestly repay; Their entire set up is design to confuse and discourage interaction and I'm exhausted I'd like to wipe my hands free of them completely. I've read online that I should just make an offer and write a letter requesting the deletion of the report after payment but nowhere can I find information on how this letter should be written or what it should contain and I'm hoping the kind folks of reddit can lend some advice. Assuming they would do a 'Pay to Delete' I believe it's called, what should the request letter look like. I do make more money now but still not personal finance lawyer kind of money (someday we hope). Thanks in advance for any help (: [link] [comments] |
| Staying married for financial reasons- Posted: 18 Feb 2022 07:13 AM PST My husband and I have been separated for 3 years- not legally- but we live in two separate houses- operate with separate finances and we share a child- just about 50/50 custody. Our relationship is respectful but not without some challenges. We have a mutual want to grow a real estate portfolio to accumulate long and short term wealth. We were planning to get divorced. My question is- would it be beneficial for both of us- if we stayed married and kept our current situation and built out our portfolio. Is having an arrangement like this even realistic and does it have financial perks? The most obvious one I see now is that we would qualify for a larger mortgage with our combined income. We'd have legal paperwork in place- kind of like a pre nup that outlines what happens if partnership was dissolved. [link] [comments] |
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