Personal Finance How to get over the emotional aspect of finding out a junior coworker makes more than you? |
- How to get over the emotional aspect of finding out a junior coworker makes more than you?
- Car just got paid off and mortgage payment lowered
- I left my job to become an independent contractor, what should I do with 401k I had with my previous employer?
- Ask for a raise now or wait?
- $10k IRA withdrawal for first-time home purchase - tax question
- Does money in Wells Fargo Advisors under cash and sweep balanced count as liquid funds?
- Is SIP really a good way to invest?
- Should I buy a single family house?
- Brokerage portfolio question regarding BND
- What’s the closest way for someone to be in “full control” of their money?
- What is the best airline and credit card for people who want to travel more?? Fairly new and lost, here.
- How much more expensive is full coverage for a new driver?
- Have about $35k in bank. Suggestions?
- What a way I can be a good role model for personal finance to my nieces and nephews?
- Advice for my retired father regarding first time home purchase & mortgage
- Wells Fargo emails about an account we didn’t open
- Married Filing Separately or Jointly?
- What's the best 401k/savings option for me?
| How to get over the emotional aspect of finding out a junior coworker makes more than you? Posted: 06 Mar 2022 06:10 PM PST I work at a big company where I've been given a lot of responsibility because I am usually a workhorse and can produce a lot in a shorter amount of time. Last year, I was told I was likely going to be promoted and one of the projects I was on was going to be a 'test' to see if I was ready. Apparently, I did not pass that test and was told to try again next time. Cool, fine with me. But when I first started out at the company, I found out I was making significantly less than a coworker while doing a larger volume of work. I went to my boss about this and was given a lukewarm response and a promise that it would be looked into later, around review time. It was, thankfully, and I was given a very good raise last fall and felt heartened! However, I still feel like I am fulfilling the responsibilities of higher role at my company right now, just without the promotion (and title/pay that comes with it). I was content to wait until next review period and test myself against the gauntlet again, but just recently found out something that made me feel like crap. An associate/junior we hired was recently promoted and given a raise in the fall as well. Which they totally deserve, they're amazing!! But they've been at the company less time than me, came in with less experience and currently have less responsibilities than I do. When they were given a raise (at around the same time) however, their salary became higher than mine. I feel disheartened that my management seems to be taking advantage of my work ethic. And this feels like the second kick in the stomach. The first was finding out that I was getting underpaid at the beginning, and I thought that was solved and it was just an oversight. But now that it's happened again, I feel like they've lost my trust again. I know my best courses of action are 1) ask what I need to do in order to be promoted, 2) advocate for myself hard during review time and/or 3) start looking elsewhere. But I guess my question is, in the meantime, how do I not be bitter? I know life isn't fair and this happens in WAY worse scenarios to way more people than me, but it's still really hard for me not to take this personally. It just gets under my skin because I'm always given praise about how I'm the most reliable, and I do great work, and I get things done fast blah blah blah but when it comes down to it, I don't feel super respected. Does anyone have any tips for getting through the in-between time where I'm pretty upset but also not really in a position to do anything about it? (Other than apply like crazy to other places lol!) EDIT: Thank you all so much for your amazing and thoughtful responses! I've only been in the corporate world for a few years now so I appreciate the patience when explaining how things work. I've gotten some really great advice so far and feel WAY less bummed than I did when I originally wrote this question. I feel fired up now, ready to use this as an opportunity and see what else life has in store for me :) Thank you all so so much! [link] [comments] |
| Car just got paid off and mortgage payment lowered Posted: 06 Mar 2022 07:48 PM PST The car and mortgage payment are unrelated, just happened to both be around the same time. I just made my final payment on my car, which was $498.98/mo and due to taxes and PMI changes, my mortgage payment just went down $224.41/mo. I'm stuck on what to do with the savings. I'm already contributing 8% to my 401(k), adding $1500/mo to an investment account, and have all my credit cards paid off each month besides 0% promo installments which are around $5600. I have $431k remaining on my mortgage, $61k in personal loans, and I'm wondering if I should start tackling these? The payments total around $5300/mo. The original plan was to continue making the car payment to myself in a separate investment account for when the time comes to buy something new, but now I'm wondering if tackling other debt would have a greater benefit. My credit score isn't the best at 730, but it's not hindering me in any way so would a snowball/avalanche approach be better than investing the extra $724/mo? [link] [comments] |
| Posted: 06 Mar 2022 09:06 PM PST I left my job to become an independent contractor and after doing a lot of reading...I'm still not sure what I should do with 401k I had with my previous employer. I have formed my own LLC and I'm planning on opening a solo401k, mainly because I'm on IBR for my student loans and want to keep my adjusted gross income as low as possible. I'm open to suggestions on what to do with my 401k/how and where to roll it over to. I'm open to suggestions on retirement accounts for independent contractors as well. Edit: I currently have a Roth IRA but looking to open another retirement accound to lower my AGI Thank you in advance! [link] [comments] |
| Posted: 06 Mar 2022 07:31 PM PST My performance review was at the end of December and I scored a 4 and my manger was very proud since usually workers in the department get a 3. (range is 1-5, 1 is terrible and 5 is excellent). I have been with the company just a little over a year. There was no discussion about salary/pay increase or what percent increase I'll get. (I didn't open the subject cause I didn't want to feel too aggressive). Just going over my accomplishments , what went well, achieving KPI's, etc. Our annual merit increases occur in April. Do I schedule a meeting with my manager soon to discuss or wait and see what pay increase I'll receive in April then schedule a meeting after if I am not satisfied? [link] [comments] |
| $10k IRA withdrawal for first-time home purchase - tax question Posted: 06 Mar 2022 07:52 PM PST Per title, I am planning to withdraw $10k from my traditional IRA for first time home purchase. Mainly I'm doing this because I realized I was over the (EDIT: I meant income limit) limit for traditional IRA tax deduction AFTER I had already bought index funds within the IRA. The tax benefits are basically non existent so I want to free up this money and also use it to help for down payment. My question is: I never received a tax deduction on the IRA contributions because my income was above the limit for the deduction. Do I still have to pay taxes on withdrawals from this account? And if so, are the taxes only on the profits or the full contribution amount (i.e. double taxation)? I'm super confused so any help would be greatly appreciated. [link] [comments] |
| Does money in Wells Fargo Advisors under cash and sweep balanced count as liquid funds? Posted: 06 Mar 2022 07:53 PM PST Basically I need to prove that I have direct funds. I have money in my wells fargo advisors account under cash and sweep balances. It's listed as Standard Bank Deposit. Is that cash thats readily available. Is it liquid funds? [link] [comments] |
| Is SIP really a good way to invest? Posted: 06 Mar 2022 10:13 PM PST It is- no doubt. I am not from finance background, but I have read about Dollar Cost Average. So SIP in a good fund is a good way to invest (not the only way of course). But last year, some index funds had a P/E ratio of 35+, even 40. From what I know, P/E above 20 is little overvalued and costly (may not be the only factor, but in general). So If I had an SIP which I started during the time when the P/E was 40, I would be in loss right now when the P/E is 20, right? Isn't it better to start an SIP, do investments regularly, as long as I know the P/E is not too high. When the P/E reaches something super high, like 35+, I would stop the SIP, book profits and wait for some correction till the P/E is again near 20. Am i wrong in thinking like this? Please advice. Thanks in advance. [link] [comments] |
| Should I buy a single family house? Posted: 06 Mar 2022 07:24 PM PST 31M this year. Single. Making 140000 a year in south Portland, Beaverton Oregon area. I'm paying 1400 in rent right and utilities now. I have about 40k in my 401k, 60k in a taxable investment account. 5k in emergency savings. 20k cash which came from a liquidity event. My only debt is a 25k car loan left at 3 percent interest for the next 5 years. I know that I am going to be in my job for another 2.5 years. I am able to save 3000 dollars a month after taxes / 401ks / debt payment expenses currently My folks are willing to spot me 50k, if I can come up with 50k cash (which I think I can do by the end of the year). They are telling me that they will only support me if it's for a single family home that as upside in appreciation. But those cost about 500k to 600k. With my salary, and capital access, and current interest rates rising and housing market, should I do this? I also qualify for the first time home buyer benefit, and I'm okay renting a room out to a housemate etc [link] [comments] |
| Brokerage portfolio question regarding BND Posted: 06 Mar 2022 10:02 PM PST Hey folks, I opened a brokerage account through Fidelity last year and finally started investing. We held off on investing outside of a retirement account for years but after buying a house I bit the bullet, did the research, and started a 3 fund portfolio. I DCA'd around $20k/mo from a money market account until reaching $100k total. I have a 64/16/20 allocation between VTI/VXUS/BND. While all are down, I'm wondering if I should re-allocate BND to VTI as I'd expect VTI to grow more over a 5 year period than BND. BND was purchased to help safeguard against a market crash but perhaps I-bonds can serve that purpose instead (see below). A few sides notes: We are in our mid 30s. Wife and I work, and both max out our retirement contributions I'm holding a 6 month emergency fund in the money market account We'll probably buy $20k together in I-bonds Thanks for any suggestions! [link] [comments] |
| What’s the closest way for someone to be in “full control” of their money? Posted: 06 Mar 2022 07:10 PM PST I don't like having my money in a bank as you can see when there's a National issue like what's going on in Ukraine, Russia, Afghan etc., banks have too much control over my money for my liking. But I also don't like the idea of having larger amounts of cash in a safe in your home as if you travel a lot or aren't home much you're taking a big risk on getting robbed when compared to a bank. [link] [comments] |
| Posted: 06 Mar 2022 07:34 PM PST I just recently got the travel bug after spending 2 months in Europe for work. My paralyzing fear of flying also seems to have mostly subsided. So, now I want to do a lot more travel, both domestically (US) and internationally (primarily Europe). I figured since my debit card isn't doing me any favors, I should get a card that earns me points, put all of my purchases on it, and pay it off each month. But I started looking into cards with airline rewards, and good lord, there are about a hundred options out there. Some people I know have told me to get cards that earn general points, and others are telling me that the ones that earn airline points are better, and those people are all on different pages about which airline card has the best rewards - it's almost overwhelming. I plan on flying 2-4 times annually. I'd like to earn points toward flights and upgrades. I see that an airline or two has perks such as early boarding, free checked bags, a few complimentary seat upgrades annually, companion passes, etc., and all of that sounds just about as appealing as the points themselves. So with that in mind, and considering that I'm not loyal to any particular credit card or airline at this point, could someone help to point me in the right direction or show me some resources I might have missed? Thanks! [link] [comments] |
| How much more expensive is full coverage for a new driver? Posted: 06 Mar 2022 11:19 PM PST I'm trying to get started getting my permit and then my license, but I was curious about something. How much does it generally cost to get car insurance as a new driver, and especially full coverage? I always heard it was more expensive for people just starting out, but I'm curious by how much more. Are there any general estimates for how much full coverage would cost? Presuming that the car in question is in say the $5k range or something in terms of costs? Also I'm older(in my 30s), so wondering if that would also cause my insurance to cost more as opposed to a teen learning to drive. [link] [comments] |
| Have about $35k in bank. Suggestions? Posted: 06 Mar 2022 09:03 PM PST First off some background. I have graduated college about 2 years ago. I have roughly $45k of federal loans that are on pause currently until May (who knows what will happen regarding that lol). My plan regarding the loans at least for the short term is to do an income repayment plan, just due to the uncertainty surrounding it. My company does 5% matching for 401k, which I currently do. I also have an HSA which I max out and any money excess of $3k is transfered to an account that invests into the S&P 500 index fund. I plan on increasing my 401k to 10% soon. Now to the main point. I currently have $35k sitting in my bank account. Originally I was just letting it sit there due to plans of paying off large amounts of my loans when the interest started again. However given the whole situation surrounding that I'm less likely to do that (if you still think I should go that route then please do share). I'll keep roughly $8k in the bank for emergency funds. However that still leaves $27k. My initial idea is to invest it into a total stock market fund like the VTSAX. But yeah, I'm definitely no expert when it comes to investing. So looking for suggestions from more experienced and knowledgeable people. Thank you! [link] [comments] |
| What a way I can be a good role model for personal finance to my nieces and nephews? Posted: 06 Mar 2022 06:34 PM PST My siblings are NOT good with money so when my nieces and nephews are with me I tend to be more on the generous side. I'm thinking that I'm only perpetuating the squandering their parents show them. What are good ways to be a better role model here? Or help show them the value of a dollar? [link] [comments] |
| Advice for my retired father regarding first time home purchase & mortgage Posted: 06 Mar 2022 06:21 PM PST We own an investment property that my dad currently rents - he's lived there for 10+ years, but as he ages the house isn't practical for him, so he is considering a move. He's been a renter most of his adult life; he and my mom owned a home before they divorced in the 1980's, but has rented since then. Rents in our area are sky high at the moment - not to mention availability for a single family home is pretty scarce. I think his monthly costs would be cheaper if he bought a house, which he is open to, so I am curious what advice others might have. I think of him as a first time buyer, since he does not own property now. Some background: He's 74, 1 year into retirement and has a fixed income of about $75k a year through pensions and social security. He has about $400k in a 401k and about $100k in checking/savings/money market accounts. He has good credit. Right now, his expenses are minimal - he leads a modest/frugal lifestyle and isn't planning to do anything particularly costly in his retirement. I imagine he would live in the new house for 5-10 years. From a practical/house maintenance standpoint, he would be moving close to us, and we are experienced DIYers who could help with quick fix issues, etc. that he may not be able to handle on his own. Some questions I have: do mortgage lenders look differently on fixed income through social security and pensions? What sort of mortgage product is a good fit at his age? Is it a big no-no for someone in retirement to take on a new first-time mortgage? Is it best for him to do a small down payment, keeping his savings in tact, or wiser to put more down on a property? What else should we be considering? [link] [comments] |
| Wells Fargo emails about an account we didn’t open Posted: 06 Mar 2022 07:43 PM PST I'm on mobile, so the formatting might be shit. Sorry for that. I'm 95% sure this is a scam, but my wife is pretty uneasy, as we are on vacation in another country. From 4:35 AM to 4:51 AM, my wife got a series of 6 emails from a number of different Wells Fargo accounts. 1) WellsFargoApplications@notify.wellsfargo.com - received application for Everyday Checking Account 2) Applications@wellsfargo.com - access code to track application Big link to click "View your application" 3) AccountDocs@wellsfargo.com - Big link to "Access account documents now" 4) ofsrep.fmcmigw@wellsfargo.com - application has been approved, fund your new account 5) alerts@notify.wellsfargo.com - a link to "Complete my enrollment" 6) alerts@notify.wellsfargo.com - updating contact information. The email was changed to "s**********o@dbzmail.com" We forwarded these emails to Wells Fargo as phishing, and my wife changed her email password to be safe. We tried to call customer service, but can't get through from the country we are visiting. Does this seem like a scam, and are there other steps my wife and I should be taking? We will not be back in the United States for 6 more days. Thanks! [link] [comments] |
| Married Filing Separately or Jointly? Posted: 06 Mar 2022 06:03 PM PST I am going through FreeTaxUSA to file me and my wife's taxes this year. We just got married in 2021. I always thought being married filing jointly was, in most cases, more beneficial than filing separately but it appears that we would owe $156 when filing jointly vs. $21 when filing separately (according to the FreeTaxUSA software). What could be the explanation for this? For context that might provide insight into an explanation, in 2021 I made $95k pre-tax and my wife made $53k. We both contribute to HSAs through our employers (my wife received $1k in distributions, I did not receive any distributions), and both of us contributed to Roth IRAs. My wife also works in a different state than we live. [link] [comments] |
| What's the best 401k/savings option for me? Posted: 06 Mar 2022 09:27 PM PST I started a new job that offers a 401k after being employed for x amount of time. I'm getting closer to reaching that length and am wondering how I should go about my savings. I decided to pay off my car (400$ month) in between starting this job and being eligible for my works 401k to maximize contributions to my savings and have less debt/bills. My work has a yearly incentive program/progression with its 401k (to keep people employed I guess.) I can start contributing after a probation period and the company will start matching in 20% increases every year after till 100%. 1st year my contributions 2nd year my contributions + 20% match from company 3rd year my contributions + 40% match etc... till they match 100% I was thinking 1 of 3 main savings options for myself.
Thanks for your advice. [link] [comments] |
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