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Human: I recently applied to rent a house, and discovered that my credit score is 815. I haven't done anything to cause bad credit, so I'm not expecting to have bad credit, but I've been looking at a lot of credit scores from people at lendingclub.com, specifically in the Grade A loans, and I've noticed that I have a higher credit score than people who make twice as much as I do, have a very low debt to income ratio, and have no delinquencies on their credit report. This seems really strange to me. I make 110k per year, and previously owned a home that I lost to my ex in a divorce, so I now have no debt at all. I've got three credit cards that I pay off every month. Sure it seems reasonable given my circumstances that I would have decent credit, but I'm really confused as to why my score is so high.	As was mentioned, credit has nothing to do with how much money you have, how wealthy you are in general or anything like that. It's possible to be in terrible financial shape with amazing credit and great financial shape with terrible credit. Though yes, they are usually correlated. Credit scores just measure how much of a risk you are to pay back a loan, if you have a history of always paying things, then that's where you get it. But say a wealthy person makes a strategic default, they will have terrible credit. A person who is far too overextended in debt but ALWAYS makes their payment will have excellent credit (that's exactly what lenders want)	I added topic flair to your post, but you may update the topic if needed ([click here for help](/r/personalfinance/wiki/flair)). You may find these links helpful: - [Credit-related wiki pages](http://www.reddit.com/r/personalfinance/wiki/faq#wiki_credit) - [Credit Reports](http://www.reddit.com/r/personalfinance/wiki/credit_reports) - [FICO / Credit Scores](http://www.reddit.com/r/personalfinance/wiki/fico) - [Improving Credit Scores and Building Credit](http://www.reddit.com/r/personalfinance/wiki/credit_building) I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.
Human: Obviously everyone needs to save early and as much as is reasonable, but everything I read seems to focus on the idea that you'd need your retirement amount to support you for as many years as you end up living. How much would this be affected by not wanting to quit working? Work a few extra years at your job? Maybe quit your job and get something simple like working at Walmart or Circle K? The thought of not working at all actually isn't very appealing to me to begin with. I know something unexpected can happen at that age and I may become unable to work. But if I've pushed myself until that point, it may be likely that I could handle the years I have left on my savings. Am I crazy?	>How much would this be affected by not wanting to quit working? It's not. It may not be your choice when you stop working.	I added topic flair to your post, but you may update the topic if needed ([click here for help](/r/personalfinance/wiki/flair)). You may find these links helpful: - [Retirement Accounts wiki page](http://www.reddit.com/r/personalfinance/wiki/retirementaccounts) - ["How to handle $"](http://www.reddit.com/r/personalfinance/wiki/commontopics) I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.
Human: What constitutes an acceptable use to use money from your emergency fund? Long story short, my cousin and her boyfriend are expecting their first child, and they are extremely unprepared financially to deal with life, let alone to deal with life as parents. My uncle (her father) is extremely into money management, and has been attempting for the last 22 years to instill financial wisdom into her. Obviously, he's failed thus far, but the other day, he was trying to help them build a budget, and I was giving some input along the way. She made several remarks that once they have their first $1000 in their emergency fund, she's going to buy a $500 pair of cowboy boots that she's been "eyeing". God help us all. Which brings me my question...what constitutes an acceptable use of your emergency fund? I'm still in the process of building my emergency fund (goal is six months of income, currently have two months income/four months expenses), but I did lay down some rules for myself for what I'm allowed to spend the money on, and what is considered "an emergency". * Necessary repairs on automobile * Veterinary emergencies * Medical emergencies/bills * Living expenses in the case of job loss * Living expenses in the case of home loss (fire, flood, etc) And that's honestly about it. My car obtained a pretty nasty scratch/dent a few weeks ago in a parking lot. It's all aesthetic and would cost about $500 to fix. I was prepared to take the funds out of my emergency fund so my car could be "pretty" again, but decided that since it's not inhibiting the function of the car, it can wait. In January, my dog needed a $600 procedure done (and I work in the field, so this is after a gigantic discount). I have a CareCredit card, which offers 0% APR for six months - so put the expense on the card, and paid it off within three months by reworking my budget a bit, therefore not depleting a large amount of my emergency fund.	Money is spent on things that you NEED and things that you WANT. The emergency fund is only for things that you NEED and that the budget cannot cover.	I added topic flair to your post, but you may update the topic if needed ([click here for help](/r/personalfinance/wiki/flair)). You may find these links helpful: - [Emergency Funds wiki page](http://www.reddit.com/r/personalfinance/wiki/emergencyfunds) - ["How to handle $"](http://www.reddit.com/r/personalfinance/wiki/commontopics) I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.
Human: Hi all! So I'm fairly on track with my personal finances. My investments and savings together are worth about AU$200k and I'm saving about 30 to 40% every month. The thing is, I have a 6 month emergency fund, but I'm wondering if it's too much and whether I would be better off to invest half of it: - I don't own a car - I have adequate health insurance - I work in a stable job in the digital sector (plenty of work) - My partner has a full time job - We don't have any plans for children Do I slim down my emergency fund to 3 months?	I'm actually looking at hitting close to 9 months of expenses. I know it's a bit much but I haven't worked for anyone in 5 years and I really don't want to be forced to if things go south with this venture.	No! Now go on a three month vacation!
Human: A little background for you guys. The job I would take would be a big step above what I was previously doing however, the company is a subsidiary of a pretty large trading firm and I would be entering only a few months after it's starting. My last salary was 60k. I would really like to make 80k and feel this position would warrant that type of salary. Should I negotiate back to this point if offered less or should I take what they give me regardless? I have a feeling the combination of being out of work for 5 months coupled with the fact they are just starting out that negotiating a salary would put me in a bad spot with these guys. If I do negotiate, how should I go about doing so?	See what they offer, they might surprise you in a good way. Always let the other party start and don't reveal your cards until you have too. If they didn't ask you range, previous salary or such; their stab in the dark might be low, high, or average. Let them lead. Given your unemployment and you don't mention other offers, I'd let them lead and if it's decent, just take it. Like zipackta said, search for something else while employed if you want more.	Always try and negotiate it, and push the limits of what you're asking for. If they want to hire you, they will hire you. And the worst thing that will happen usually is they'll offer you less than what you ask. But chances are it will still be more than if you never negotiated at all. Because every employer will literally try and pay you as little as they can get away with. And if you don't do your research and figure out how much you should be making, you will get low balled every time.
Human: Hey everyone, So currently my paycheck comes in around $3,800 monthly. I currently live in a one bedroom and pay $1765 monthly without utilities. However, the complex had a move in special of one month free so I think calculated out I am paying around ~$1600 monthly. With utilities it comes out ~1700-1750. I understand that at the current rate I am probably using too much of my paycheck for rent, but being a meticulous budgeter I still am able to save >20% of my paycheck into savings without sacrificing anything. However I am currently hearing from a lot of peers within my job that they are paying too much and looking for cheaper options, but most of them pay only ~$1200 for monthly rent. As I am moving into DC in a few months (more expensive, but I'll have a roommate), my price range for an apartment is around $1200-$1500 (MAX $1600 if all utilities are included) per person. I'm wondering if what I'm paying currently is really abnormal, and if what I'm searching for in DC is too out of my price range?	If you are putting 20% into savings, have all your food and clothing needs met, then whose business is it what you do with the remainder? Spending it on rent means you don't have it for other things...like an overpriced car, eating out all the time, expensive vacations. But maybe that is fine with you. It is none of their business.	When I lived in the SF Bay area, I paid a little over 40% for rent. This isn't ideal, but I was still putting money away, because I had almost no transportation expenses (no car, little mass transit needed because of location, etc.). If you're able to take the expected ~10% of your income assigned to transportation and slide it over to your housing budget, then going over the ~30% rule of thumb isn't the end of the world. Honestly, you're still saving 20%; could you save more? Sure. But sometimes it's not just savings rate, it's what you're doing with your money/time/life that matter.
Human: 2 years ago, my grandfather passed away, and after selling his estate, he left my mother ~$150,000. What's the best way to bring it to the US and how much, if any, will get deducted? I was thinking of consulting a lawyer, but thought this would be a good starting point. Thanks for any advice.	go to a lawyer	Don't answer the spam email.
Human: First time poster here, so apologies if I'm breaking any rules. I have had a credit card with my bank for a few years, and was just notified that they will be changing their cards from Visa to Mastercard, and so I should expect a new card with a new number in the mail next month. At this point I have only really been keeping this credit card active (it doesn't have particularly good benefits) because it is my oldest one, and length of credit history helps to improve your credit score. Upon canceling my current Visa and replacing it with the new MasterCard, is my credit history going to remain intact? Should I just cancel the card and get a new one with better benefits? Thanks in advance for the advice!	Nope, this should not affect your score. Also, if you're looking for added benefits, ask your bank about doing a product change to a card with a better rewards system. In addition to this, it doesn't hurt to have multiple cards. See the AutoMod wiki page on FICO / Credit Scores. As always, only use credit for planned expenses. Always pay your statement balance in full every month.	I added topic flair to your post, but you may update the topic if needed ([click here for help](/r/personalfinance/wiki/flair)). You may find these links helpful: - [Credit-related wiki pages](http://www.reddit.com/r/personalfinance/wiki/faq#wiki_credit) - [Credit Reports](http://www.reddit.com/r/personalfinance/wiki/credit_reports) - [FICO / Credit Scores](http://www.reddit.com/r/personalfinance/wiki/fico) - [Improving Credit Scores and Building Credit](http://www.reddit.com/r/personalfinance/wiki/credit_building) I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.
Human: So around nine months ago I quit my warehouse job and started selling Aflac to get my foot in the door of the insurance industry. It worked, I now have a salaried position in claims with another company after not making any money with Aflac for four months. But I just got a letter in the mail from them today saying I owe $216.53 in premium advance chargebacks due to a policy I wrote going no-pay after I stopped selling. It's accruing interest at half a percentage point a month. Is there anything I can do to fight this? The policy that defaulted isn't even one that actually should have been in my name, my district manager had me sign it but it was his business - at the time I thought he was doing me a solid because I needed some income but in retrospect it seems like he knew this guy wasn't going to keep up on his payments and didn't want to foot the eventual chargeback. I know I'm probably in the wrong here because I never officially terminated my contract, I just got another job at a better company and forgot about sucking Aflac's duck for my resume but now it feels like they called me and told me to get tested. What can I do? Or am I out of luck? It's not the biggest charge in the world but I'm moving and $200 is really something I'd rather not spend right now.	This is called unearned premium in the insurance industry. If someone signs up for a year policy the insurance company will pay the producer as if they paid that policy in full and didn't cancel it. So if the customer fails to make a payment or cancels the policy the producer has to pay the difference back to the insurance company. For most producers they do not have to actually pay back anything as the company just takes it out of their commissions. However since you didn't sell very many policies you'll have to pay it back. As far as I know it's the standard practice.	I had a job doing this for awhile too. I live in Canada, not sure where you are, but here you don't have to pay that money back, it acts as a lein if you go to work for another insurance broker, and it's up to your new employer to look at that lein and decide if they want to hire you. Basically, if you write a bunch of bad business to make a bunch of commission and then quit before your bad policies get cancelled the next company has a heads up, meaning you can't go from one company to the next doing the same thing. At no point in time does that money need to be "paid back" unless it's substantial and preventing you from future employment in that industry, and that's up to you. I'd suggest calling a local bank to find out about how that works. Your company is likely to be dishonest or misrepresent the truth, but your bank works with insurance too and will know how that works, and you can get actual answers.
Human: Roughly two weeks ago, [/u/beached89 shared](https://www.reddit.com/r/personalfinance/comments/4e8n3n/how_to_spend_your_money_the_flow_chart/) an informative flowchart on how to prioritize spending of personal income. I like what he shared and think having a flowchart of that calibre can be a useful tool, so I decided to make some alterations and revise it into something I felt would be more polished in terms of reflecting what is in the PF Wiki as accurately as possible. My goals for this revision included: * Major aesthetic redesign to more closely reflect the [Simplified graphical version](https://i.imgur.com/fb7Dtmh.png) of the [How to handle $](https://www.reddit.com/r/personalfinance/wiki/commontopics) PF Wiki entry * Removal of arbitrary numbers and streamlining of certain node paths * Reordering of certain nodes to more closely reflect the PF Wiki * Reworking of some information to more closely reflect the PF Wiki * Replacement of the "Entertainment Expenses" node with a footnote on entertainment expenses due to its highly discretionary nature and its absence from the PF Wiki No single personal income spending flowchart can truly be a "one-size-fits-all" thing, there are scenarios where certain nodes might need to be moved around, but the vision was to have something as close as possible to a "gold" standard. Keeping that in mind, here it is— The Flowchart v4: [PF - Income Spending Priority Flowchart](https://i.imgur.com/CcEVQAV.jpg) Previous Versions [1](https://i.imgur.com/Fsf0HNg.jpg) [2](https://i.imgur.com/qaXYcwz.jpg) [3](https://i.imgur.com/1rPEkGQ.png) Changelog: * ~~Relocated "Pay Any Non-Essential Bills in Full" node after employer match nodes~~ * Added title text to indicate this flowchart is US-centric * Reattached missing arrow * Changed phrasing from "low risk, low volatility investments" to "savings or checking account" Due to the progression of the [How to handle $](https://www.reddit.com/r/personalfinance/wiki/commontopics) entry, there is some overlap present in the flowchart, particularly related to the emergency fund steps. I've tried a couple different things, but haven't been able to successfully rework the layout without the flowchart becoming unnecessarily convoluted/hectic. I'd love to get any feedback or insights regarding this, or anything else. Your thoughts would be appreciated :) Again, the inspiration came from /u/beached89, so thanks to him for laying the groundwork for this. I'd also like to extend thanks to /u/dequeued who has given extensive feedback to help shape this into something that aligns well with the PF Wiki. I hope this is beneficial, and thanks for any feedback or thoughts you leave. If the consensus is there, I'll make sure to update as soon as I'm able to. *Edit 1:* I am reading the feedback! Thanks for all the comments, I truly appreciate it. I have uploaded a new version of the flowchart. Changes may be slow, we want to make sure that any changes made stay true to the PF Wiki, so thank you for the patience :) *Edit 2:* After some discussion, I have reverted the changes implemented which relocated the "Pay Any Non-Essential Bills in Full" node. As much as it seems logical that it would be something done after employer matching, it's not realistic or reasonable, particularly when we consider that many people will be utilizing a chart such as this will already be on contracts for Internet/phone services. As such, these bills do need to be paid before employer matching.	I made one too, for those of us who don't have $20-50K to set aside. http://i.imgur.com/0JhQbdN.png	Dave Ramsey would be proud!
Human: My parents decided to come visit me this past weekend and while taking a walk through a local park, we got to talking about retirement. My father is 52 and has owned a residential construction business since about 1995 that he built himself and my mother is 50 and has worked on and off during that time. They owned a rental property from 2003-2015 which they originally intended to flip but ended up renting and managing that property instead. They recently started working with a real estate mentorship/management program because they were looking for the passive income from a rental house, without the stress from managing the property. When discussing my retirement plan with them, my Dad suggested that I at least look into the management company they're working with because "You know, no one has ever saved themselves into retirement." To which I responded "Of course people have," meaning saving and investing. My Dad scoffed at me and said, "Well what if we have another 2008?" (conveniently ignoring that it was the subprime real estate loan market that fell through). I wasn't really sure what to tell him at that point. I always figured that the reason they were putting all their eggs in the real estate basket was due to them starting their retirement saving much later than most. But now it seems apparent that my Dad is skeptical of all investment, besides real estate.	Retired here. Saved. I hold real estate as a small portion of my portfolio. Most Americans are way over-invested in real estate (a single house!), and hampered by its volatility and illiquidity in downturns.	I added topic flair to your post, but you may update the topic if needed ([click here for help](/r/personalfinance/wiki/flair)). You may find these links helpful: - [Retirement Accounts wiki page](http://www.reddit.com/r/personalfinance/wiki/retirementaccounts) - ["How to handle $"](http://www.reddit.com/r/personalfinance/wiki/commontopics) I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.
Human: I've been very interested recently at the idea of buying property that I can live in but also rent out space. Does anyone have any experience (good or bad) or any suggestions to pass along? Basic information on me Debt free 73k salary Low cost of living area Credit score 700+ (pretty sure I'm around 740) House I'm currently interested in would be ~215k. It has 4 individual apartments, so besides myself i could find 3 other renters (I have my current roommate who would be a for sure 1).	My only suggestions are: 1) Make sure you can pay the mortgage / upkeep with zero renters. 2) Do background / credit checks. You can have people who apply for the apt to pay for them as well. IIRC the last place I had was a $50 application fee that would be applied to first month rent if accepted. 3) Make sure you have an actual lease (even for your current friend / roomate) that specifies everything you need to.	The 215k figure you stated would mean more if you put it in perspective: are these apartments ready to rent, are they desirable (will they rent quickly), and what is the projected return? How much are taxes? I find the ratio between rents and property prices quite instructive in evaluating whether to rent somewhere. I have rentals in a location where rents are high and property prices [used to be] low. Good deal. However, I remind myself that I have a day job that is not landlording. Therefore I do try to outsource some work (e.g., some plumbing work) rather than doing it myself even if I could. Sometimes when I don't, I seem to regret it... Time is money, too. Another thing: treat your well-screen tenants well. Fix things when they break. Be responsive and quick. Don't raise the rent too much, but do raise it a bit. IF you treat people well, they will stay, and that is a very good thing. My first place is still rented to the same people, now going into the 5th year.
Human: I recently made a career change, so while I am not inexperienced, I am pretty new to the field (writing/editing/publishing) I am applying to. Answered an ad, from a magazine, requesting "commission-based interns". Actually met with one of the editorial board, thought we got along very well. At the end, I agreed to submit an article for their next issue and, if they liked it, we could start discussions from their. Just heard from him. He said that he and the rest of the editorial board liked my piece and that it would be in the next issue. That's pretty much all he said. When I inquired about the internship position, he mentioned setting up a meeting to discuss "volunteer options". Is this a bait and switch? Not sure how to steer the conversation back to a position which would earn me some money.	[Don't work on spec](https://youtu.be/essNmNOrQto) You just gave them free content to make money with, and you got nothing.	do not move forward with this. It's complete horse shit.
Human: My GF suggested this last night and said there is no need to have separate accounts when we can lump everything together and consolidate. I know this is what some couples do. Is this a good idea? We're both college students.	Imo you shouldn't have a joint account with someone you've been dating for two months. There's no reason to have any joint finances at this point. Some couples do this. Typically couples that are married or have been dating for years.	Hell. No. Nope. Nope nope nope. "Keep you both accountable" to... what? Date money? Condom expenses? In my last serious relationship, we were together for 3 years before opening a joint account, and that coincided with moving in together. There is absolutely ZERO reason to do it 2 months in to a relationship, and pretty much no reason to do it before you have actual shared expenses.
Human: I'm 23 years old and this is my first real job. The reasons given for us being able to opt out of SS is that we are a technically a government job (through a university) and that our employer exceeds what SS would provide for retirement benefits by having a generous pension and 403b contribution. The benefit is obvious, an extra 6% on my paycheck that doesn't go to taxes. The con is that I won't be earning credits towards SS in the future, though hopefully this can be offset by my own retirement planning. So what do y'all think? Would you recommend that I remain opted out, and why? Assistant: This depends on several things. 1) How sure are you that Social Security will be around in a similar form when you retire? Different people will answer this question different ways. If you are of the opinion that SS is going bankrupt/will be radically reformed, this is an argument for opting out. 2) Does opting out increase other benefits for you? Yes, SS takes 6.2% of your pay. But, your employer also MATCHES that amount. So, if by opting out they also are avoiding their 6.2%, I would expect you to get something for that. Maybe the something you get is better benefits all around, but this is worth considering. 3) How disciplined are you? Can you force yourself to contribute 6-12% EXTRA to retirement on top of "normal" amounts? One of the nice things about SS is that it is "hidden" in the sense that most people don't think of it as forced retirement savings but instead as "taxes" and therefore an expense. 4) How long do you think you will live? The benefits you get from SS NEVER expire. If you live to be 110, you will keep getting checks. This is somewhat true with other funds (you can spend interest only and not principle), but still SS is more valuable the longer you live. Human: You've been awesome and super helpful. Thank you. Essentially my current status is that 9.2% of my wages goes into my 403b which is set up with a portfolio that I'm pretty happy with. On top of that my employer matches 8.1% of my gross pay into my pension (they would only match 5% if I opted into SS). I feel pretty comfortable with this setup for the time being, though y'all have raised some good points. I will definitely be considering getting back into SS for my next job if/whenever that happens.	Whether or not you see yourself working for current employer "for life" is actually a pretty decent way to evaluate your options. They put more into your defined benefit pension if you opt-out of SS because they themselves don't have to pay the employer portion of SS on your behalf. However, almost all public sector pensions are structured to reward longevity vs. working for a few years and moving on. On top of that, being "eligible" for all the potential benefits of Social Security usually requires 10 years of paying into FICA (fewer years for some things like disability) - so if you decline and then changed employers you'd be starting fresh on eligibility criteria, I think.	They would match 5% of your 403b if you opted in to SS. If you did, would they also match 6.2% SS payments? It seems like you would be getting more free money from your employer if you opted in. Even if the SS return rate is lower than whatever you're invested in through your 403b, it's not the same as comparing apples to apples. You need to look at SS as a deferred annuity and also consider the value of the disability coverage (vs buying your own disability insurance). Sorry I don't have the knowledge to calculate this for you, but it might be something worth researching.
Human: Currently have student debt split as: $16,651.73 in two loans through Sallie Mae @3.5% (For Now) $388 unsubsidized $112 subsidized I make 9.25/hr, normally have 7 Hour shifts which comes down to $53 per shift after taxes. 4-5 shifts per week means I get around $848-$1060 per month. My expected expenses since I will be living with my SO: Rent: $290 Water+Trash: $20 Fixed Internet: $30 Electricity: $25-50? (No idea on this since I have only lived in Electricity included housing before, I'll know by July/August how much the A/C chews up) Food/Personal Items: $100 (I know it's low but since I eat (very well) at work, I tend to hardly spend anything on food. Last year I spent 20-50 a month on food, other expenses are to factor in toiletries, necessities, and fun Phone and Health Insurance are covered by Dad. I don't have a car, I bike to work which is nearby. Apartment is fairly empty, only have a fouton some shelves and some barstools. Planning on getting a desk and chair then save up for a bed. Currently have $690 in my bank, but expect to pay $100 on the rent (we paid early and got first month discounted) and shouldn't have to worry about electricity or water since we paid a $300 deposit, idk though since I haven't had to pay it separate before. Additionally, I have around 8k in a Vanguard Fund, I can access it but would need to discuss it with grandparents. Also should be getting $600 Tax Return soon! My goal is to be debt free by 2020. Edit: Also I'm taking a break from school due to some personal problems, I don't have a degree, was studying to go into Aerospace Engineering.	You need to find full time employment.	I added topic flair to your post, but you may update the topic if needed ([click here for help](/r/personalfinance/wiki/flair)). You may find these links helpful: - [Student Loans wiki page](http://www.reddit.com/r/personalfinance/wiki/studentloans) - ["How to handle $"](http://www.reddit.com/r/personalfinance/wiki/commontopics) - [What's the best way to pay down my debt?](http://www.reddit.com/r/personalfinance/wiki/debt#wiki_what.27s_the_best_way_to_pay_down_my_debt.3F) I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.
Human: I signed a purchase agreement for a house last week & after re-evaluating my current life circumstances, I've decided not to go through with the purchase. It is a private party or "arms length" sale. Something doesn't feel right about proceeding with the purchase & the stress is a red flag for me. I haven't notified the owner of my change of mind yet. Is it possible for the owner to take legal action against me? I haven't signed any papers for financing yet & haven't scheduled an appraisal although I had an inspection done on the place & the roof is in need of some repair work. My loan officer seems to think that the need for roof work would be enough for me to legally back out. I am regretting not taking my time prior to signing the purchase agreement & now I am afraid it could blow back on me with some sort of legal action, not to say the owner would pursue that but I cannot be sure of it. Is there anything I should know to protect myself?	> pending inspection & appraisal This is your get out of jail free card. Do the inspection, pick X reason to bail on the purchase agreement. You are not obligated to continue with the purchase if you find something in the inspection you don't like. This is why the inspection clause is there.	> Is it possible for the owner to take legal action against me? I haven't signed any papers for financing yet & haven't scheduled an appraisal although I had an inspection done on the place & the roof is in need of some repair work. My loan officer seems to think that the need for roof work would be enough for me to legally back out. I'm super glad you found an honest loan officer and not just someone trying to "close no matter what." Your person is correct. If you give me an inspection report showing a jacked up roof, I can have that loan denied in like 2 seconds (for the record this is why loan officers in general do NOT want to see your inspection results or any explicit mention of them in a contract addendum), thus allowing you to invoke your loan contingency, and back out. At least that is how it would play out in California. Or if you still have your inspection contingency in place, you can invoke that without anyone needing to be clever.
Human: My situation I'm a senior in high school with no funds for college. I can live with my mom for as long as needed but she's bugging me to go into college right after high school. I want to stay home and work until I can just pay it off in full because it seems like the smart idea! I've been listening to a lot of Dave Ramsey's videos because of my economics class and that's how I came up with this plan at all. I wanted to go into a community college first to get my basics stuff done and transfer into somewhere better for programming. I live in Houston, TX. I am dedicated to being a programmer, I've had my brother inspire me to be one since I was about 12. I've dealt with hardships from past projects and challenges thanks to my own ventures, high school classes, and UIL competitions. Advice wanted I'd like advice on weather I should work until I have enough to pay completely for college or take college debt. I'd like to know the pros / cons to going to college and dealing with the debt versus staying home and working until I can pay for it in full. What I know I've seen lots of stories posted on Reddit about how college debt has screwed people. I've talked to my girlfriend about what I want to do and the only con she said is that I may not want to go into college / may not be ready to go back. Thoughts so far (Update) Thanks for all the responses. A key question I need to ask myself is do I really need college as a programmer? I'm sure having a degree helps and would benefit me, but the cost of college is kind of daunting. Personal experience and a portfolio of my projects as far as I can tell are more key than a degree. If I really wanted certifications I could go for things like a Java certification. I'm not sure what others certifications are out there, but I'll find out. I am mostly self taught. I already learn outside of school because projects are fun! I'm still carefully considering options. Leaning towards a year break before college, or maybe no college at all. I'll try to find some other experienced programmers to see what they think.	Student loan debt is a tool, it's not always a burden. One problem is that the earning opportunities for a HS grad with no additional degrees or training, wages are very low compared to how much college costs. Here's one explanation: http://www.theatlantic.com/education/archive/2014/04/the-myth-of-working-your-way-through-college/359735/ Perhaps you have extraordinary skills in programming already that would allow you to save, I don't know. But for many HS grads, they only find PT jobs with fluctuating hours and schedules that pay less than $12/hr, no benefits, which does not result in a significant amount of savings per year. If you are a very good student, don't necessarily count out a 4 year college right away. You have to be realistic based on your qualifications, but some extraordinary students get significant scholarships at 4 year schools so it makes sense for them to not do CC and then transfer.	College doesn't need to be done in a certain time either. Take a full load of courses at community college while working your first semester. Could you handle it? Great! Proceed to get a degree and save money! Was it tough? That's too bad, take a lighter load next time and keep working. You'll learn a lot through work experiences that a shitbag like me didn't, and have a lot less debt as well. Plus having the safety net of staying at home, you can afford to jump around to different jobs too and find something you like.
Human: So I've gotten myself into a bit of financial trouble and am hoping to get some advice about what my next step should be. I'm trying to get my finances back in order, but am unsure of the best way to do that. Here is my situation: -I have about $16,000 in credit card debt. -I have maxed out and am over the limit my cards. I don't have any credit left available to me. -I owe $1700 to utilities -The minimum payment on my debts are around $750/month -My rent is $1000/month -My monthly income is approximately $2000/month -The only asset I own is my car, but it is only worth a couple thousand dollars. -I live in Los Angeles, CA I am in a lot of debt and am barely able to keep up with the minimum payments. My credit score has dropped drastically and I don't have any credit left. I need to make a change fast, but am unsure of the best way to do that. I am planning on taking a second job to increase my income. I would also like to consolidate my debt, but I don't know how to do that without any credit or assets. Are there any government programs I might qualify for to help me refinance my debt? Should I try to renegotiate my debt? Would it be worth the hit my credit would take? Any advice you guys can give me would be greatly appreciated. I know that I'm in a bad spot, but I am trying to get everything back under control. Thank you so much for you help.	Make a full budget. Post it on here with the amount and interest rate of every debt you have.	I added topic flair to your post, but you may update the topic if needed ([click here for help](/r/personalfinance/wiki/flair)). You may find these links helpful: - [What's the best way to pay down my debt?](http://www.reddit.com/r/personalfinance/wiki/debt#wiki_what.27s_the_best_way_to_pay_down_my_debt.3F) - [Dealing with collections](http://www.reddit.com/r/personalfinance/wiki/collections) - [Credit repair](http://www.reddit.com/r/personalfinance/wiki/credit_building#wiki_i_have_bad_credit.2C_and_i_am_looking_to_repair_it.) I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.
Human: I'm 20 years old and looking to somehow capitalize on the small amount of money I currently have. Any suggestions would be greatly appreciated!	If that's the only money you have, do nothing with it besides a higher interest savings account (~1%)	Depending on how you describe this economy and its impacts on debt holders, lending club is a great resource for putting your money to work with little down side. Take a look and see what you think. While keeping it in a savings account has almost no risk, besides your own indulgences, lending club teaches you how the fixed income market works and what "bond holders" in a very broad sense. They say education trumps everything and this method allows for that as well.
Human: I am a first year medical student in the US. I go to a school with a $50,000 yearly tuition. I borrowed $65,000 for this year, and I expect to have to borrow the same for the next 3 years. My loans are divided in $42,000 from a direct unsub 5.84% interest loan, and the remaining $23,000 from a Grad Plus 6.84% interest loan. They will be in in-school deferment until I graduate, but interest is accruing from the date that I borrowed. My family wants to help me out by loaning me $30,000 each year at 2.9% interest rate. This way, I don’t have to borrow from the higher Grad Plus loan, and can save money on interest. I’m not very familiar with family loans, and I have some concerns about my stepmother. I think that this is more r/personalfinance than r/legaladvice, but please let me know if I should be asking there instead. 10 years ago, she embezzled a large amount of money from my father’s business. I don’t know the whole story because they don’t want to share the gory details with me, but my dad is still with her and she didn’t receive any criminal charges. What if the money that they loan me comes from something like that? I’ve asked my dad multiple times, and he assures me that my stepmom’s a different person now and she would never do anything like that again, but I’m seriously concerned and I don’t know who to ask. Should I just go with the safe student loans, even if I pay much more in interest?	Do not take this for a legal opinion, but if the money that your stepmom embezzled was reimbursed to the business, or if your father owns the business and forgave her the embezzlement, and if she paid the IRS taxes on the embezzled amount (because it would still be considered income, believe it or not, as far as I know), then the embezzled money legally has been paid back or taxed or what have you. It no longer would be considered stolen money. If you are concerned that your stepmom may embezzle more money in order to lend you $30,000, then I understand the misgivings you have.	Forgot about that. It only applies to doctors and teachers correct?
Human: This is verh long & Im sorry for that... but i am in a panic abput this matter with my daughter and (possible?) criminal chargers against me. My daughter is a full time college student who works full time. She turned 21 in November. Last year in Feb/March 2015 she asked me to apply for a credit card for her. I did apply for a Capital One card for college students. She was approved for $500 (I think). Later in August 2015 she asked that I apply for a Best Buy card for her. I tried to talk her out of that but she insisted because she needed a new laptop bc her's had died. I thought nothing of applying for her bc I have always helped her with her finances, budget, how to save, etc. She lived with me at the time & had always lived with me. Even though she did have her own P.O. Box most of her mail come to our house. Just before her Best Buy card arrived we had a huge fight and she moved out to live with her boyfriend. I also have a Capital One card which has a VERY SMALL limit on it. I don't need a credit card and realize how easy it is to ruin your credit so I actually ASKED Capital One to give me a lower credit limit. My card is just so I can use it for emergencies if needed or for vacation purposes. That's it. I have no other cards. I was afraid for her to even start getting credit cards because I thought she would think "free money". We of course had a huge discussion about that. She moved out in August 2015. All of her mail continued to come to my house even though she didn't live here. I spoke to her several times about changing her mailing address with the USPS because she wanted me to MAIL her all of her mail to her P.O. Box that is about 1 mile from my home. She wouldn't (and still wont) meet me to get her mail or even stop by to pick it up. This was the first and ONLY big huge fight we'd ever had. Since her Capital One card & my Capital One card were due at the same time each month I just paid the minimum (sometimes more) on her card at the same time I pd mine. Neither card was being used at the time. I thought NOTHING of it. At the time she was having car problems & in my mind I was just helping her out. I mean $25-$50/month wasn't breaking the bank for me to pay each month. In October 2015 my youngest daughter began having serious health issues. At that time I wasn't able to keep paying my oldest daughter's credit card bill. I continually asked her to change her mailing address bc her mail kept on coming to my home... even her Best Buy card statement, bank statements, everything from school. I refuse to MAIL all of her mail to a P.O. Box that is 1 mile from my home. I have a stack of her mail here & she is aware of that. She knows she needs to pick it up or make arrangements to meet me to get it. I believe she has kept up with her Best Buy card payments. She also purchased a BRAND NEW car in November 2015. She didn't tell me. I found out from someone else. I know she didn't tell me she got the car bc she knew we had discussed buying a brand new car vs. buying a used car just to get thru the last 2 yrs of college... and once she was financially stable in her career that would be a good time to think of buying a brand new car. I have never even owned a BRAND NEW car. I have been a single mother of 3 girls for most of their lives so I couldn't even think of "wasting" money on a brand new car that depreciates as soon as you leave the lot. I know she got the car on some "special" because during that time I did see the commercials from the dealership about NO MONEY DOWN, CASH BACK, NO PMTS FOR X AMOUNT OF DAYS, ETC. She KNEW my position on that & knew I would say "What if something happens in the future and you can't make your car payment? What if you get sick? What if you lose your job?" All normal stuff parents say to their "grown" children. Fast forward to NOW - April 2016. She has had 3 medical issues all at once. She is to have surgery next week. I knew she would be strapped for cash during that time & told her I would either deposit some money in her bank account or mail her a check. (I have not laid eyes on her since AUGUST 2015. I have only been able to speak with her ONE TIME on the phone. She will only text.) The reason she moved out WAS because if this boyfriend. We did not approve. She knew we did not. She hid the relationship for an entire year... lying to me almost daily about where she was or who she was with or where she was going. I wasn't a pestering Mom. My position was if something happened to her I wouldn't even have an idea of where she may have been or who she may have been with. She was treated as an adult in my home the last year she lived here when she was 20 yrs old. I knew it was time to "let go" & allow her to make her own choices, mistakes, etc. She didn't have to ASK me to go anywhere or do anything. I simply asked for a call or text to let me know what she was gonna be doing & when to expect her home. There was no curfew. I didn't ground her for being home past times she said she would be home. None of that. She was treat like an adult who lived in my home. Now with her current health situation she tried to refinance her car & was denied bc she is 120 days behind on her Capital One card. I stopped paying it in October due to my youngest daughter's health issues (which were and are a big deal). Now she is saying I applied for this Capital One card without her permission and it is ruining her credit because she couldn't refinance her car for a lower payment monthly. So pretty much what I told her MIGHT HAPPEN ONE DAY (health issue etc which would make paying the car note difficult) has happened. I believe however many months she didn't have to make a pmt on the car have obviously passed. She has probably had to pay 1 or 2 pmts now if I remember the commercial correctly. She is disputing the Capital One card on her credit report. She told me she has also called Capital One and the card is "restricted". She says that means nobody can use it but she also told me the card hasn't been used since July 2015. She is now saying I applied for the card without her knowledge & (I'm guessing) because I did apply for it for her, made the payments out of MY bank account and called the automated line to make those payments it may appear that I did do that. However, I did not. She is saying this MUST come off her credit report because it is ruining her life because she cannot refinance her car. I have NO IDEA what all she has said to Capital One. I was going to call them today but after reading some things online about things like this I am scared to death! I'm scared I'm going to be arrested for identity theft or credit card fraud or who knows what else. I do not know the process of disputing something on your credit report. Can someone please explain this to me? What happens next? It will NOT be hard to see that I did in fact apply for this card for her... in her name.... and paid her bills for it from my bank account... and that I called using my phone to make those payments at the same time I pd my little Capital One payments. The next thing I'm worried about is what about the Best Buy card now? Will she say I applied for that without her permission as well? I did offer (out of fear) to pay all of the past due on her Capital One card (about $200) for her this week. Remember she is having surgery this week... along with me putting some $ in her bank account to help with her expenses. I told her if we catch up her past due amount then she will be back on track for making regular monthly payments. She says No... this will be on her credit report for 7 yrs and will make things worse. I did some research and it seems that if u pay your past due amount & then begin making your monthly pmts on time each month it can slowly bring up your credit rating. But I also read it may be best to just pay the whole thing off. In addition to all of this... the boyfriend has no car, doesn't go to school & lives with his mother. They work at the same place so he rides with her to work, drives her car while she is in school etc. We had No issues ever come up until he come into the picture. He is not a guy her age. He is a grown man. I can tell even through text messages that it doesn't even sound like her. She has gone from living in a very nice home, having 90% of her expenses paid for her (including her cell phone & cellphone bill... which I had to.pay out of the contract bc she got a new phone with a new number when she moved out), having tuition paid for her, having me apply EVERY YEAR for student loans... to living in a run down house, in the projects and struggling daily (all things as her Mother I tried to warn her about and explain). The boyfriend is a bus boy in a restaurant. He has no aspirations to do better. He is content with his job, has no desire to become educated, climb the ladder at work for a better position or get a better paying job. I feel she is pretty much his "free ride" (literally) and it has changed her. She never lied like this in the past until she become involved with him. She never spoke to me or treated me the way she does until him. I realize she IS Responsible for her own choices and actions, but still it makes me resent him even more. I feel he took advantage of a young girl who was (seriously) naive about men in general. He knew exactly what he was/is doing with her. He KNEW there would be family friction because of her hiding a relationship we disapproved of. I mean he is GROWN. Anyway I know I have gotten off track but mainly I need to know HOW this disputing something on a credit report works... what happens next? I have even gone so far as to tell her I will just pay the entire card off in one lump sum to end this madness. I cannot afford an attorney. I certainly cannot afford to be arrested. I have no one to take care of my other daughters (they are much younger than her). Their father is not in the picture. He lives (I think) 3 hours away. He has no relationship with them for the last 8 years. He does not pay child support. I do not live anywhere NEAR family. I live 6 hrs away from my family and we are not close. I have thought of calling Capital One myself but I am terrified to do it. I'm afraid of what she has said. She will NOT tell me what all she has said to them nor what they advised her to do nor what the steps of this process are. I HAVE ASKED HER MANY TIMES FOR THIS INFO! If I pay this card off IN FULL this week... will this still be a huge situation? Will I be in trouble for doing this for her (applying for the card, paying the bill, etc)? She will not answer my calls about this (or anything else). I can only text her and she will not answer any questions now about anything. What should I do??? What is the best thing for me to do? Obviously I can't go to jail for this. I don't have anything written to prove she asked me to apply for this card or the best buy card... nothing. This was asked of me while she was on break at work... over the phone... at night. Things were fine between us then so I had no reason to ask her to do it herself or anything. I had no reason to not trust her especially since I have applied for her student loans for her every year. I even tried to show her how to do it all months before she left home but she refused - didn't have time, was working, had class, etc. I wanted her to SEE how to do this herself so she could do it herself this year. Anyway... I have rambled here and written an essay it feels like but I am seriously about to FREAK OUT. I barely slept the last 2 nights because I am worried sick. She knows where I work & live obviously to have police arrest me. I know where she works & goes to school but I don't know her hours or days to work/school anymore. I dont even know exactly where she lives because not only will she not tell me but HER father (my younger daughters have a different father)... found where she was living & refused to tell me where it was because he says it was so bad & I didn't need to see it. It's a dangerous area. If someone could PLEASE tell me what to do I would very much appreciate it. If someone can explain the process of "disputing" something on your credit report I would appreciate that as well. If someone can tell me if I pay this dang card off this week.... will this be considered "done".... since we know (I think) that credit card companies just want their money paid. I also wondered... if she is so adamant about having this off of her credit report... is there some way the credit card company can just transfer this debt to my card? How easy is it to work with Capital One on things like this? They have always been very kind and helpful but it was nothing like this that I ever had to speak with them about. I just need HELP. Also, is it illegal for ME to have her mail forwarded to her P.O. Box myself? You know fill out the little form at the post office? That way SHE has her own mail & I don't have to deal with that any longer. ANY AND ALL ADVICE IS WELCOME! Please no crazy silly stuff... I need serious advice on the best way to handle this ASAP. For reference: I believe her card limit is $500 so if the past due is $185 (I think that's what she told me... I'm rounding to $200... that's a total of $700. We live in MS. From what I've read anything over $250 is a felony!!!	As a general piece of advice, your daughter is acting like a total piece of shit and after all of this gets resolved, you need to cut her off and disentangle your lives until she grows up and stops treating you like garbage (if she ever does).	I added topic flair to your post, but you may update the topic if needed ([click here for help](/r/personalfinance/wiki/flair)). You may find these links helpful: - [What's the best way to pay down my debt?](http://www.reddit.com/r/personalfinance/wiki/debt#wiki_what.27s_the_best_way_to_pay_down_my_debt.3F) - [Dealing with collections](http://www.reddit.com/r/personalfinance/wiki/collections) - [Credit repair](http://www.reddit.com/r/personalfinance/wiki/credit_building#wiki_i_have_bad_credit.2C_and_i_am_looking_to_repair_it.) I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.
Human: I am a very visual person. I enjoy Pinterest and Instagram, and topics like debt don't stick around too long in my mind because it's such an intangible subject to me unless I'm looking directly at my accounts. So I recently came across a video about [bullet journaling](https://www.youtube.com/watch?v=fm15cmYU0IM&ab_channel=BulletJournal) and thought this would be an excellent way to visualize my debt and my savings progressions. To be fair, I am not utilizing bullet journaling quite appropriately in this case since I am using graphing paper from high school and not a year long planner with spelled out monthly goals and activities, but you get the picture. [My debt visualization!](http://i.imgur.com/GESnOdx.png?1) Top section of the sheet includes my meager goals for the year. I don't have a place of my own and I don't have priorities like children so my goals were simple. Double my savings/emergency fund. Don't touch the savings period. Last year I was dipping excessively due to poor budgeting. Middle section is my payment schedule by month with red as outgoing payments and green indicating a zero balance on my credit cards. Bottom section is major debt I am paying off or big ticket items I would like to save for like a vacation. I've placed this on my bedroom door as a daily reminder to spend wisely because I have big plans. Do you implement something like this?	Nice, I'm a visual person too. I like the simplicity of just filling in the boxes as you go.	I love the graph paper, but my inner nerd is yelling EXCEL!!! (As in the Microsoft one, but also succeed!) Good job, keep it in the front of your mind.
Human: My wife originally thought he was trying to scam her offering her a job over the internet. He sent her a cashiers check even though she told her she didn't want him to contact her anymore. Is it illegal to cash it if she isn't going to work for him? Also it still seems like it's some sort of scam. Thanks. edit: That's what I thought. I'll take your adamant answers to my wife!	Why would he send her a cashier's check? Usually, how these scams work is that the scammer will send her a (fake) check for more than the agreed amount, then he would ask her to return the difference, and finally she would be out of the entire check amount when the bank realizes the check is fake.	She can cash it but it will bounce a few days later and she will need to pay the money back.
Human: I'm looking at long term investments preferably alternative energy/pharma stocks. What are some good stocks to invest in? Currently own 10 stocks of JPMorgan and 1 stock in Apple.	Keep your money in an FDIC-insured savings account. Money you know you will need in the short term should not be exposed to larger market risk.	Must be nice. When I graduated, I got a travel bag.
Human: Hello Personal Finance, I'm using a throwaway, but here's my predicament. There are three schools that I'm currently considering, and I'm having the trouble weighing what I should do. As it stands, I've received: A full ride from the University of Alabama (45k per year total) 1/2 ride from Loyola Marymount University (around 30k annually) 1/3 in financial aid from Southern Methodist University (around 40k annually). Is it worth taking on the debt and placing the financial strain on my family and attending a school with a better program,or should I take the full ride. The current plan is a double major in Economics and Finance, and I'm hoping to go to graduate school for my MBA. My family brings in around $125k after taxes every year, but my two younger siblings go to private schools that cost about $35k per year total. My parents will also have two children in college at a time with my brother joining me in two years and my sister two after that. They gave me the option of them taking out a second mortgage on our house, but I honestly don't understand the implications of this and whether or not it is something that would be worth it.	Take the full ride, not having debt is one hell of a good feeling.	Go to Alabama. Free school is good school. Also, the harder you work, the less it matters where you go. Make it a point to get to know your advisor well. Talk to all your professors. You'd be amazed at how many people squander these opportunities in college by just going to class. Show some interest to your professors and they will take care of you. Alumni networking is important, but nowhere near as powerful as the networking opportunities offered by current faculty.
Human: My girlfriend recently consulted a financial coach and I'm a bit miffed by the advice she received about 401k's. We're in our mid-20's and I always thought this would be a crucial time to start building a strong habit of 401k contribution. This financial coach, however, didn't have much positive to say about them. These two pages in an informational packet caught my eye: http://imgur.com/gallery/7fyxJ The second page reads, in most of its oddly-formated glory: >#401k & 403(B) Pros & Cons > #Advantages: > 1. Large Contribution Amount 2. Tax deduction 3. Employee Matching 4. Tax Deferred Growth 5. "It's easy" 6. "Everybody's doing it" 7. Creditor Protected 8. Loan provisions > #Disadvantages: > 1. Reverse Tax Planning 2. Deferred TAX EXPLOSION - Federal, State, City 3. 100% in Government Control - What Age You Access 4. 100% in Government Control - How Much is Yours (Tax Bracket) 5. Affects the Tax Bracket of other income - Social Security now taxable 6. Only Asset You Own Taxed Twice at Death - Income Tax + Estate Tax 7. Creates Hardship Today - Don't Get to Use Money 8. Cannot Own What You Want in Plan 9. Non-Liquid 10. 10% Penalty for Early Access 11. Distribution Exposed to Creditors 12. Not Self-Completing if Upon Disability 13. No Multiple Use of Dollar 14. Unlike Other Investments, ALL GAINS TAXABLE AS REGULAR INCOME 15. If Fired Cannot Access -- Maybe Later 16. Required Minimum Withdrawal - Age 70.5 17. Your Plan is Public Information: NO PRIVACY - ERISA rules 18. Distribution Age Subject to Change - Age 59.5 today... Tomorrow? 19. Repay Loans with After-Tax Dollars - Distribution Then Taxed Again! 20. Account Balance = MIRAGE - Best case = 50-60% of actual value 21. No Death Benefit - Account Balance Fully Taxed When Passed to Surviving Spouse 22. Other Outside Costs I admit to not being familiar with all the implications of some of these listed disadvantages. I have a suspicion the financial coach is trying to scare her away from 401k’s because any money allocated there gives clients less to invest in their packages, which is how they make money—but she hasn't gone for the hard sell yet. Am I missing something here?	What are they selling? Variable Annuities? This seems like a bunch of FUD to make you buy something...	I added topic flair to your post, but you may update the topic if needed ([click here for help](/r/personalfinance/wiki/flair)). You may find these links helpful: - [401(k) Fund Selection Guide](http://www.reddit.com/r/personalfinance/wiki/401k_funds) - [401(k) FAQs](http://www.reddit.com/r/personalfinance/wiki/401k) - ["How to handle $"](http://www.reddit.com/r/personalfinance/wiki/commontopics) I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.
Human: I have 10K left in student loans and $800 in credit card debt (I only have one credit card) every month. My 2014/2015 net income is around 98k. I'm wondering how can I improve my credit score? Below are my monthly expenses: Rent- $1350, Utilities/Cable- $300, Food/drinks- $650, going out/entertainment - $700, send money home - $1200. Note: I do not drive or own a car (I walk to work). After everything I'm left with 5K a month. I do not have any 401K or retirement funds. My biggest concern is that I want to buy a house for around 400-450K within next 2 years, but my credit score is poor. How can I improve/qualify to buy a house around my price range?	You sort of indicate the issue right in your post. You have only one credit card, and only student loans. You should go get a couple more credit cards with that sort of income level, and pay them off each month. Food/drink: $650. Going out/entertainment:$700. Wow. (Imagine if some of that went to retirement savings.) Think of the credit card signup bonuses you could get with that much spending.	I added topic flair to your post, but you may update the topic if needed ([click here for help](/r/personalfinance/wiki/flair)). You may find these links helpful: - [Credit-related wiki pages](http://www.reddit.com/r/personalfinance/wiki/faq#wiki_credit) - [Credit Reports](http://www.reddit.com/r/personalfinance/wiki/credit_reports) - [FICO / Credit Scores](http://www.reddit.com/r/personalfinance/wiki/fico) - [Improving Credit Scores and Building Credit](http://www.reddit.com/r/personalfinance/wiki/credit_building) I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.
Human: I feel like maybe I'm missing something or that is a stupid question but why should I put money in social security or other similar services when investing has a far higher percent return. The obvious arguments would be that if your employer matches it you're essentially doubling your money but even then the growth you see in social security I heard is somewhat like 2%. This is in comparison to something like 17% from Fidelity. Furthermore what if I don't trust the government to handle my money or believe that social security will get reductions down the line? What do you guys think, maybe I'm missing something.	You could be missing the part where you have to pay into social security. It's mandatory, not optional.	I added topic flair to your post, but you may update the topic if needed ([click here for help](/r/personalfinance/wiki/flair)). You may find these links helpful: - [Retirement Accounts wiki page](http://www.reddit.com/r/personalfinance/wiki/retirementaccounts) - ["How to handle $"](http://www.reddit.com/r/personalfinance/wiki/commontopics) I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.
Human: We've set September 2017 as our date for the wedding but we've been looking at ways to budget for this. We both live in Seattle and the cheapest option I've seen for 150 guests has been just south of $20k after taxes (the labor and service fees hike our estimated final price of $15.5k to $19.5k). Right now I have around $10k in saving but I'd like to avoid splurging all of my savings on one night. We also aren't sure how much our parents are willing to contribute. We aren't expecting this to be much, maybe $3k each which leads to around $5-8k we still need to obtain somehow, we've thought about taking out a small loan of around $10k from my credit union for this. We also thought about cutting our guest list to be shorter but out of the 150 guests, half are from out of state and we don't think all of them will make it. The venue we're seriously looking at has the best prices and is basically all inclusive. We broke this down by cost and compared it to other venues, and seeing how Seattle has been crazy expensive for basically everything lately, this is our best and cheapest option so we'd like to stick with it. The venue charges by person for food, tables, linens, chairs, a 5 hour venue rental among other additional perks and we're looking at $51/person, which is the best we've seen in the Seattle area. We're also able to bring/provide our own alcohol, so we're expecting to save money in that area, thanks Costco! I'm hoping you guys have some advice or ways we can make this budget work. I feel like most weddings I've seen out there have been nearly covered by the parents of the groom/bride with no limits, and this isn't the case for us so it's been challenging finding people with similar backgrounds for advice. Hopefully some of you have experience raising the funds for weddings, and we'd like to know how you pulled it off. Should we take a personal loan out for this? Should we cut the list or go cheap on the cake/photographer? Are we worrying too much about this (probably)? We're looking for some motivation!	Reduce the guest list, look at having it on an off day (not a weekend), or get a second job to help cover the excess. Don't go into debt or take out a loan for one day. Make a list of things that matter and will last, prioritize those. Photos will be remembered more than the flavor of cake, most people won't care if your open bar only covers beer and wine, your dress doesn't have to cost a fortune, and Pinterest can be a death trap if you're trying to stick to a budget.	I added topic flair to your post, but you may update the topic if needed ([click here for help](/r/personalfinance/wiki/flair)). You may find these links helpful: - [Budgeting wiki page](http://www.reddit.com/r/personalfinance/wiki/budgeting) - [Spreadsheets section of the Tools wiki page](http://www.reddit.com/r/personalfinance/wiki/tools#wiki_redditor_created.3A) I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.
Human: Hey /r/personalfinance, I was checking out the average household income, in the US, and I was kinda shocked at how low it was, compared to a lot of the salaries I see online. Almost all posts I see mention that they earn 50k or above, a year, which is already as much as a whole household income, which I find confusing. Am I missing something here? Looking forward to an explanation. EDIT: I am looking into this to find out the average income compared to the average cost of living. I am thinking about moving to the US, but the salaries I found online, in my specific field (CS), is way above the average household income. I am almost sure that I am missing something.	People online tend to live in higher cost of living areas. The median household income of the United States is ~52k, but the median household income of Silicon Valley is 93k. Tech skills are in demand and pay way above average all over the country.	As others have said CS tends to make more than other fields due to the demand.
Human: As the title says I've been scammed. I knew there was a HUGE chance it could've been a scam, but I did it anyway. Anyways skipping over the details of my shame and embarrassment, I need advice on what to do now. There's a recorded video of me being stupid and I need to make sure it doesn't hit the internet. I'm willing to pay the amount if it'll go away, but what's my best option? What legal help can I get. Is there anything I can do? update1: thanks for all the advice so far. I'm seriously scared for my life; I don't even know how I'm feeling right now. I'll be deactivating all social media and deleting all online presence. I'm very grateful for all of your advice. If you are willing to share more of your thoughts, I'm very willing to hear it. Thanks again update2: update: Thanks! You guys have been very helpful. Knowing that legal help isn't very helpful and hearing from all of you saying how common this is, makes hearing "just don't pay them and they'll go away" a lot easier to believe. I decided not to pay, deactivated everything and blocked all contacts and so far nothing has happened. I've told my dad and a couple potential receivers the situation and they've been very understanding and supportive thank God. I've also notified them that if they do receive it, to link me so I can quickly report it and flag it for inappropriateness. This was a stupid mistake that I made in my delirious state from studying/lack of sleep, but it's not a valid excuse for my inappropriateness and lack of judgment. I'll take this as a lesson learnt and will continually improve myself in character and judgment. Thank you for all your help. It's been an extremely stressful time (it's also exam week) and this has really lessened that burden.	This belongs to r/legaladvice. I think that if the person doesn't personally know you/family/friends or your colleagues to send them the video and ruin your reputation, how much screwed are you if a video is shared on internet where million of videos are uploaded everyday? I know that it seems hard, but do not answer that person ever again.	lol if something seems too good to be true, it probably is.
Human: I am considering moving out from home. I have a job offering me $16/hr (with chance to go up $18 an hour over a period of time) with full medical benefits + 401k. I live in North Carolina, and it's in a relatively low populated city called Hickory. I would be living on my own as I don't have any kids. I have an option to return to school, but going back would only earn me a few more dollars per hour, and it would actually take me 2 or more years plus another year in school and a job change to make significantly more money from the nursing degree (I am a CMA/Lab tech atm). I'm honestly tired of going to school, and I'm ready to move out from home, but I want to make sure that I am not being stupid about it. I am not a big money spender as the things I like don't require lots of money.	Glad to hear from someone asking this before they screw up! :) Short answer, "maybe" - In a low cost-of-living area, that sounds doable, though you won't exactly live like a king. Put together a budget of all your future expenses, and try to "meet" your budget for three months by saving exactly as much as you have budgeted for. If you can do it without too much stress, then go ahead and get your own place (and as a bonus, you'll start with a nice emergency fund from those three months of savings!).	Step one would be to draw up a prospective budget. Find a place for rent where you'd like to live, note how much it would cost to live there. Call the utility companies for that place and find out what the average cost per month is for gas, electricity, and water (unless one or more of those are included in the rent). Is that more than 33% of your takehome? If yes, then look for a different place, or consider living with a roommate. If no, then you're ready to tackle the rest of your budget. How much for your car/transportation a month (your insurance could be more/less if you change neighborhoods)? How much for food and personal expenses? How much, if any, do you spend on debt? Are you saving some money (or contributing to your 401k), and will you be able to continue doing that if you move out? Do you have an emergency fund? Go back through your credit card/bank statements and see where your money is going each month. You should be able to answer the question for yourself with hard numbers, as opposed to having to guess and hope it works out.
Human: There is a good chance I will die of a , heredity disease, and I am trying to figure out how this impacts my retirement planning. This also means there is a good chance I will not live to see 60, and will be diagnosed with this disease prior to turning 60. If that happens, I would like to “retire” immediately and do the things I wouldn’t have the chance to do in retirement while my health is still passable. I should be in a good financial position to do this. The problem is that, despite being diagnosed with a terminal illness, based on my research I would not be considered “disabled” as I would still be able to physically work for some period of time, and would have to pay the penalty to withdraw from retirement accounts. I am trying to figure out if it makes sense for me to max out retirement accounts, or if it would make sense to keep money in non-tax-advantaged accounts.	There are plenty of ways to access retirement accounts penalty free before the retirement age. This is the foundation of early retirement (r/financialindependence). For example, you can roll a 401k into a Traditional IRA when you leave/retire a job, then you can use a conversion ladder to convert this into a Roth IRA for penalty free withdrawal. The only thing is it's on a five year delay - you convert sum A into Roth, let sum A sit for five years, then withdrawal penalty free. You pay tax in the year it's converted, not distributed. You can also access penalty free at any time Roth contributions (not gains). Some situations warrant ultimate penalty free withdrawals like being disabled, high medical bills, education expenses, etc.	I added topic flair to your post, but you may update the topic if needed ([click here for help](/r/personalfinance/wiki/flair)). You may find these links helpful: - [Retirement Accounts wiki page](http://www.reddit.com/r/personalfinance/wiki/retirementaccounts) - ["How to handle $"](http://www.reddit.com/r/personalfinance/wiki/commontopics) I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.
Human: My mother recently had the benefit of coming into a decent sum of money; about $25,000. She has a very weak retirement portfolio, and seems to be betting almost completely on social security for her retirement. She's in her early fifties - is there any safe-to-moderately-aggressive investments she should look into that might be able to help her retirement position, considering she has about 15 years left before she'll need to retire?	Howdy. SSA employee here. Take mom to a computer and sit her down and have her log into "my social security" and look over what she will actually be receiving when she retires. This should be the start of the conversation as to what to do with the money. Assumptions usually only make things worse. She's got 15 years to be a little more aggressive if needed for growth, or more conservative if she's happy with her SSA amount. This is the only way to know what to do with the money.	I added topic flair to your post, but you may update the topic if needed ([click here for help](/r/personalfinance/wiki/flair)). You may find these links helpful: - [Retirement Accounts wiki page](http://www.reddit.com/r/personalfinance/wiki/retirementaccounts) - ["How to handle $"](http://www.reddit.com/r/personalfinance/wiki/commontopics) I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.
Human: My wife and I are looking to buy a new house and my mother decided that she would like to help us out with the down payment. What is the best way to do this? Should we accept the cash from her as a gift? Should my mother pay the down payment directly? If she does pay the down payment directly, does that count as income for my wife and I? Would it also mean that my mother would have to be on the deed to the house because it's her money? Assistant: You should try doing a search of the sub since there are many posts like this, but simple answers: * It does not count as income for you. * Bank will make you and gift giver sign papers saying that the money is a gift not a loan. * Bank may ask for bank statements from gift giver proving they had the money for X amount of time. * Your mother does not go on the deed, just deposit the money into your bank account. https://www.reddit.com/r/personalfinance/search?q=down+payment+house+gift Human: Thanks for the link and quick answers. I'm a bit confused about how lifetime exemption works. If I'm reading it correctly does it mean that if my wife and I take $40,000 from my mother for a down payment, then $26,000 will be deducted from her lifetime exemption, but she'll still pay no tax on it? Assistant: Actually, mother would gift $14000 to your wife and $14000 to you without it affecting her lifetime exemption amount. That would mean she'd only put $12000 on Form 709 to be deducted from her lifetime exemption. She wouldn't have to start paying tax until she's given away $5.45 million. Human: Ok. Got it. Now here's another question.. does it matter how the money is used in order for it to not count as income for my wife and I? For instance if we received $40,000 and put $30,000 as a down payment and used $10,000 to pay off miscellaneous debts or used it for furnishings or improvements for the house.	Gifts aren't taxable income for you. It doesn't matter what use you put the money to.	You did not earn this money. Your mother did and paid tax on it at the time she earned it. The government won't double dip when you spend this money.
Human: Two individuals, A and B are getting involved in a property investment. The property value at time 0 is 300,000. A puts down 100,000 and B agrees to pay off the mortgage via monthly payments (debt is at 200,000). At time 7, B has earned 70,000 in equity (130,000 remaining on the mortgage). At this same time the property is being sold for 400,000. After collecting the sale money, paying off the remainder of the mortgage along with real estate fees and other expenses the amount remaining to be dispersed to A and B is 250,000. How much should each get? ps I understand there are multiple ways to do this. I have done it a couple of ways, both yielding similar results. i don't need a super refined and complicated method.	I say A gets their 100 grand back off the bat. That leaves 150k. Split it. 175k to A. 75k to B. B lived in the house and saved rent and PMI due to A's investment. A should see a good ROI which 75% seems to be very good depending on the timeline. B only built $70k in equity and came out above on that. The interest and things they paid are of little importance or concern to this as it could have been rent anywhere else.	Personally, I think (depending on the agreement before hand) anything between the following is fair: * A gets everything * A gets $100k plus interest and B gets the rest
Human: I live in the US for the past 12 years, my parents live in India and my son studies in Europe (Berlin). I usually send some money to my parents every month (something like $400), and slightly more to my son to pay the rent.My bank helped me to set up my transfers but my friends made me realize that the exchange rate they use is ridiculous and they add high fees on top of it. I tried Western Union and... This is worst.Anyone is the same situation? Is there a way to avoid it? Is it better to just carry cash on the plane when i go there?	There is a website called [Moneytis](http://moneytis.com) which compares money transfer solutions (including xoom and transferwise) to see which ones costs less overall (taking into account exchange rates and fees). I encourage you plug in your numbers there and act accordingly. According to it, transferwise is the best exchange rate but it takes 4 days for money to transfer.	I sue a currency exchange to send money between the UK and US. Its a much better rate than any other way I found, usually only pay around $15USD in bank charge to receive money in to my US account, haven't been charged to receive in my UK account. I use Currencies Direct, though they are a UK company so you may be better off with a US or German one, but they are currently showing an exchange rate of USD:EUR 1:0.8638 compared to XE (base rate) of 1:0.8841 based on $1000 transfer. Hope that helps!
Human: Hello! To attend college I had to take out student loans. I completely trusted my parents and basically just signed where they told me to and paid for school with the money they deposited into my account. My parents told me they would pay for the loans until I graduated and found a job. While searching for a job I found that they had not paid one cent towards my loans and were sent to collections. I joined the army and with the help of a financial counselor was able to track down and start payments on some of them. I went to 3 different counselors and they couldn't find all of loans. I just got out of the army a few weeks ago and got a call from a collector saying I owe them $63,000. I have no idea what I should do as I am currently unemployed. I would really appreciate any advice. Sorry for the wall of text as I am just stressed out and didn't know what to do.	NSLDS will have a complete list of all of your federal loans. Your credit report should have any private loans. Credit Karma is also good resource. But with how often loans seem to change hands it can prove difficult to keep track of them or find them in the first place. You can call your college and get a copy of your account from them and see what was paid where and that can assist you in figuring out what all was paid out by whom. I would also ask the collector to send you proof of the debt in writing with supporting docs.	I added topic flair to your post, but you may update the topic if needed ([click here for help](/r/personalfinance/wiki/flair)). You may find these links helpful: - [Student Loans wiki page](http://www.reddit.com/r/personalfinance/wiki/studentloans) - ["How to handle $"](http://www.reddit.com/r/personalfinance/wiki/commontopics) - [What's the best way to pay down my debt?](http://www.reddit.com/r/personalfinance/wiki/debt#wiki_what.27s_the_best_way_to_pay_down_my_debt.3F) I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.
Human: Hey guys, I just received a voicemail from someone identifiying them self as, "Scott from Annuity Bank" replaying to a "conversation we had three weeks ago" about a "structured settlement". He goes on to say that his company can beat an offer that JG Wentworth had made me. The man addresses me by name, and mentions the state that I'm from, BUT he and I have never spoken, I have no idea what a 'structured settlement' is, and I don't know what any of this means. Should I be scared? A Google search for 'Annuity Bank' doesn't seem to produce one particular company. Could this be indentity theft? I do owe a small amount of school loans I haven't paid on in a while. Is it a ruse by a debt collector?	I'm going to bet 85% chance this is someone trying to scam you. A structured settlement would be something like "Got hit by a commercial driver, sued them won, and they agreed to pay you 10k a year for 40 years" but then you sell that to get a lump sum. It's pretty trivial to buy lists that contain names, addresses and phone number for pennies per contact. So they are probably just robo dialing a billion people hoping they can scam someone. I'd ignore it for now, and if its important they will call back.	just swear at them and hang up :^ )
Human: Hey guys, I don't know if this is an appropriate place to post this, but I was hoping for some advice on how to start a small business. I have limited experience in this area, but a killer idea. Any tips would be appreciated!	Do you have a business plan?	Do you have the capital? You'll likely need a large initial investment, whether through a loan or personal savings. You'll need to look up potentially getting a business license in your area. Can you manage the finances well? I'm an accountant, and I can tell you a lot of small businesses have horrid books, and sometimes don't realize how their business is performing because of it. Keep all receipts for business expenses so you can write it off. Likewise if you are lucky enough to be profitable, be prepared to pay self-employment taxes. It would be in your best interest to have a business plan and realistic forecasts. If you need a loan these will almost be required from the bank. At minimum it will be very useful for you for this next point. Be realistic about your expectations and the effort this takes. Most businesses don't become profitable for a good few years, meaning you won't just be making $0, you'll be losing money. If this is something small on the side, expect a lot of work for no/little gain for a very long time, perhaps forever. If this is a full time thing for you, expect to be flat out broke and in debt for a long time. Make sure others think this is an idea that will be profitable, not just you.
Human: Hi PF! I always see good advice and exchange of ideas here so here's my story. I recently got a second job at a gas station. It is a well know company and the job is pretty boring. The GM is okay, hes kinda of an asshat but he's harmless. I do currently have a full time job that pays for all my expenses and I am still able to save. Basically I only got this job to pay off my school loans faster than I already am. So my issue is, I was short $35 in my drawer my last shift and the GM wants me to pay outta pocket for it. I didn't steal the money, he knows that and trust that but I just think it's a little ridiculous. I've worked in retail management before and I know every place has different policies but if the cash drawer was ever short, the person would never even be asked to pay it back. This is a well known company like I said before. Does anyone know if this is regular practice at these types of jobs? Or have any idea if this is even legal? Thank you for advice or suggestions!!!	Do you get to keep overage if your drawer is high too?	When you started the job you sign stuff. Including employee policies. If you signed something saying that you will repay short drawers, you should repay the short drawer. If you did not, and this is a curve-ball thrown your way I wouldn't pay and are not liable to pay. Then it comes down to if you want to say, and if the GM will fire you or not.
Human: On a job description, I saw the phrase "some evening and weekend work required" listed but its not much clearer than that. During an interview I learned that it would be difficult to nail this down since the job is in a communications department that will have to respond to events as they occur. Personally, I like not being tethered to a phone at night and consider my weekends sacred. Part of this job would require showing up at a site on a Sunday or Saturday at a minimum of twice a month. I live far from the site so by my count, that is 3.5-4 hours of my time away from home. In addition to this, when something major breaks, it would require coming into the office very early in the morning and leaving later in the evening, but I'm told this doesn't happen that often. I recently found out I'm going to be a father, so I do feel I have a duty to increase my income and this position would be a $8K raise from where I'm at now. Fortunately, I do receive an annual 3% raise, pension, and health benefits where I am at now so there isn't much difference other than the pay raise. Since this is a salaried position there isn't any compensation for worked hours or overtime, and to me this be a red flag. My wife may be out of work next year so I feel pressure to take the position, but then again, I don't want to be taken advantage of as a worker. EDIT: Thanks for all the responses and the helpful advice guys. I'm leaning towards forgoing the position since the $8K isn't much of a raise worthy of altering my work life balance. The Director mentioned to me that he'd like to make a hiring soon and wants me to get back in touch with him if I wasn't comfortable with the hours so he can continue interviewing other candidates. He did stress that he really wants to hear back from me soon so I'm going to thank him for his time, and let him know that the weekend and on call hours is something I can't commit to as new father right now, especially at a salary not that far from where I'm currently at. I understand having a successful career requires long unpredictable hours and time away from your family, but I know myself well enough to know that its going to make me miserable not having the freedom I'm used to. Assistant: First, realize that your commute and family is not your employer's problem. It might be important to you, but it doesn't factor in to what is fair or unfair. One weekend half day twice a month seems to be a completely reasonable interpretation of "some evenings and weekends required". This is what you signed up for. If you are salaried, I'd try to find a way to make up for that time by taking a half day during the week. Human: It's not just the half a day twice a month I'm concerned about, its being on call 24hrs a day. As an example of this, when a significant story broke out in the news, the person that left this position was awoken in the middle of the night and had to report to the office. I did manage to speak with this person before they left to get a sense of the job and the one thing they warned me about was unpredictable hours and a general resentment to the job for always feeling like they need permission to have a weekend off. These weekend hours weren't determined at the time of hiring. Often times the person would find out on a Friday if they need to work on Sunday. As a new dad, I really want to be with my wife and baby on the weekend without worrying about spending more hours on the train and in the office. Assistant: > As a new dad, I really want to be with my wife and baby on the weekend without worrying about spending more hours on the train and in the office. Then you need to look for another job. What you are basically saying is that someone else should do the parts of your job that are inconvenient for you, just because they live closer and don't have a baby. That is extremely unfair. You signed on for a job that includes "some evenings and weekends". What you are describing is exactly that. Human: I didn't sign up for it yet. I think I'm leaning towards staying where I am. Assistant: I am a 32 year old father myself, and for me I would not be willing to switch jobs for a moderate increase and a loss of family time. Obviously this is your choice but I don't think it would be worth for myself. Human: From the responses on this thread, family time doesn't seem to be really valued. I'm wondering if fathers feel differently than those that might be single or more money driven than I am. I also don't think the the gruel of being on a long crowded subway ride is being considered. In NYC, its the single most maddening thing I have to deal with and do feel it is having a bad effect on my mental well being. The thought of spending additional time on the subway (on a weekend with no express services) is something that concerns me.	Remember where you are. This is the personal finance subreddit. These guys are here to offer financial advice, not relationship advice.	It sounds like you shouldn't take the job based off the responses you have. I don't think 8K is even that much of a QOL increase to be honest. Are you taking all factors into account(Does the new job have 401k matching and is it higher/lower?. Vacation/sick day policy, etc) If you're working more hours and now inconvenient hours, It's kind of a meh raise IMO.
Human: I can find plenty of calculators on the internet that will show the effect of making an additional principal prepayment with each mortgage payment. But they all assume one fixed prepayment amount for one fixed amount of time. What I am looking for is a calculator that can handle different prepayment amounts for different time periods. For example : prepay $500 extra with each payment for 2 years, then prepay $200 extra with each payment for 5 years. The intent is to calculate how much these extra payments shorten the mortgage. I have not found anything yet that will let me do this. Can anybody point me to a calculator that will do what I want? Thanks.	The best solution I would know of is to use Excel.	I added topic flair to your post, but you may update the topic if needed ([click here for help](/r/personalfinance/wiki/flair)). You may also be interested in the [Tools wiki page](http://www.reddit.com/r/personalfinance/wiki/tools). I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.
Human: I'm 19 and living in CT. I need to move out of my home and only make about $1000 a month. I need to pay rent, phone, car insurance, and food. is this possible?	Big difference between $11/hr at full time and $1000/mo. Get a second job.	Find room with roommates that costs around $250 a month. Phone $60, car insurance $200 food $300 (buy food and cook, can't eat out). Might have to add your share of utilities and internet (100$) Total 860 a month.
Human: Just bought a rare car last week as a birthday present for myself. It's a 2016 Ford Shelby Cobra GT350 brand new. Typically, this car sells for $5 - $20K over MSRP, since it's limited edition. Had amazing few days riding around, grinning like a kid - figured it was a good birthday present. On my birthday, my old lady gave me a wonderful present also - said she wants us to separate, with intention to divorce. I wish I could say that came out of nowhere, but I should have seen the writings on the wall and heeded my intuition. Looks like Cobra has to go - there's no way I'd be able to afford the shitstorm that's coming my way and Shelby payments. Car was financed through dealer's relationship with local CR and bought in neighboring state. I'm still driving around with temp tags, while waiting for paperwork from dealer that should include title + check to pay taxes to have the car registered in my state. Here's my thought: when I get that temp paperwork, I have about 1 month to register the car in my state, upon which time taxes will be paid and I lost 6% right there. What if I sell the car within this window and mail the check back to the bank - I would have satisfied the loan without lien even touching the title, making transaction easier. However, what I'm curious, since I didn't pay sales tax during original transaction with the dealer and then re-sold the car before getting it titled in my state, would I still have any liabilities? The dealer that sold me the car is unable to assist without me losing crapload of money. What a friggin mess... any suggestions/thoughts are welcome.	When I bought a new car last year they offered that I could return it for 5 days. I asked if people actually do this, and they said yes, just that week. Could have been BS, but my point is try talking to the dealership and see what they say, ASAP.	You should also ask over in /r/askcarsales.
Human: I am looking to buy a new iPhone. I am planning on buying it in full because I don't like monthly payments and I have enough for it. On the apple website it says that a 64G iPhone 6s plus is 40.75 a month for 24 months. To pay in full, its $849. but 40.75 x 24 is 978???? so people who choose monthly payments pay 130 more?? and people fall for that??? What are the benefits of financing something if it will cost more? Sure, its not such a big purchase then, but if you can't afford something at the time don't buy it? anyone have explanations as to why companies do this?	I don't know what you read on the apple website, but this is why you should not buy from apple. The $40.75 includes apple's "upgrade program" which allows you to upgrade to a new iPhone every year and includes apple care. It's a losing proposition for the consumer and has been largely documented as such. http://www.apple.com/shop/iphone/iphone-upgrade-program This is what the extra $130 goes to. If you buy the phone through a carrier like Verizon or AT&T, you can pay the $849 in 24 month installments of $35.37.	There is an implicit 9% (actually slightly more) interest rate in this proposition. Essentially, if you borrowed $849 for a 24 month term at a 9% annualized interest rate, you'd pay $40.75 per month.
Human: I'm living in Lusaka, Zambia and used an FNB ATM yesterday. Like an idiot I walked away with my cash and left the card. Thankfully no one took it and the ATM sucked it back in. I called the local FNB operations branch in Lusaka today and they told me they had the card and that they require me to bring in my passport for verification to get it back. The manager I was speaking with briefly mentioned that they needed a copy of my passport as well as a written statement saying that I accept all liability for the time the card was not in my possession. He said the standard procedure is to destroy the card to protect the card holder's identity but added that they're making a special exception for me because I'll be living here longer term (until December this year) and that it'd be a hassle for me to get a new card sent from the US (I'm American and have an American bank/debit card). My question is that if they have my debit card now and if I give them a copy of my passport isn't that very personal information that could be used to steal my identity? The address on my passport is the billing address tied to my debit card. How do I know someone inside their operations office hasn't written down all my debit card information and is just waiting to get my billing address or passport number tomorrow so they can start buying things under my identity? Am I being paranoid? Should I just ask for them to destroy the card and give it back to me in pieces (the manager said they could do this for me)? Any help would be greatly appreciated - thanks in advance pf!	Safest bet is to destroy it and have a new one sent to you. You can always get cash from the branch in the meantime no? Most likely they want it to be able to document who picked up the card in case you are the one perpetrating fraud somehow. If you've ever stayed in a hotel in a foreign country, they always make a copy of your passport.	Have that card destroyed and a new one sent. You are being scammed. Banks do not make special exceptions.
Human: Hello Reddit, I currently work for an un-named software company as a help desk specialist(Internal IT). I have been here for almost a year and I like the work environment, I have learned ALOT and the opportunity for advancement seems like it is there. Recently I have been offered a position from a much larger company as a networking triage engineer.(not 100% sure what I would be doing in that role but the people who interviewed me believe I am a good fit and can learn what I need to learn to do the job). So my question to you redditors is: Should I leave a place I am familiar with that I could reasonably assume I will advance in over time for a new position that pays almost double what I make now? I think I would learn alot in this new place and be able to build my resume up even more.. However the risk is pretty high because I have rent,car payments, etc.... Thanks for reading!	It seems to me your question is whether you should stick with something familiar vs. grow. The answer is almost always to grow. You're not really taking on a lot of risk because you have bills. Everyone has bills. You're going to make more money to pay them. A lot more money to pay them. If you're smart with your money, if it doesn't work out, you'll still land on your feet.	you should take the new job. Don't get stuck in one company because you are "familiar" with it. Unless that company is offering you chances to move within and advance in your career. You also don't want to get stuck in the helpdesk role because it can get mundane sometimes and you'll get tired of it.
Human: I'm a screwup! I've been dismissed from med school after failing the step 1 board exam. I did ok during my first 2 years, but was crippled by procrastination, would end up waiting until a week before the exam to starting to seriously study. Anyway, I passed all of my classes, but mostly by last-minute memorization, not really learning the material. This really caught up to me in 2014, after my second year, when beginning 2 months of dedicated prep for step 1. Anyway, I could never seem to get started studying, I postponed step 1, lied about why to add extra time, failed on 1st attempt in May 2015, delayed for another year, then finally kicked out after postponing the exam again last month. Like I said, I'm a complete fuck-up! So at this point I have $350,000 in student loan debt, $100k in private loans from undergrad and postbacc, the rest federal loans for medical school. I have a B.A. in Biology, which currently qualifies me for tech jobs paying ~35k, or teaching, with similar salaries. Do I have any options for a career to pay off this debt? I've considered pharmacy or PA programs, but would need to complete 1-2 years of pre-req courses, but I seriously doubt I'd be admitted if I disclose my medical school failure, with a 3.25 undergrad GPA. Do I have any options for escaping this complete mess I've made of my life?	This is why the Caribbean route can be predatory on those who probably shouldn't be doctors. Many come out and have great careers. I know several carribean doctors who are top notch. Those are the tip of the spear. The rest can end up in limbo like this guy, even if they graduate.	HAHAHAHAHA. Take heed, future medical students. Do not be this fucking guy.
Human: First post on Reddit. I've created what my boyfriend says is a "throw away" account to help me figure out how to approach my situation. I'm a young (female) professional transferring jobs from NYC to Chicago. I received an offer with a company in Chicago but it did not include a moving or signing bonus. Additionally, the offer is at the first year salary rate but I will be joining as closer to a second year (8 months) and taking a pay cut either way. I've only dealt with the HR personnel via email till now so I think I should ask via email. Any advice on how to go about asking for a higher salary and/or a signing bonus? I love this company and want to take the offer but want to make sure it's fair.	the company is not required to give you a signing bonus or a relocation package, but i would bring it up to HR since you haven't accepted the offer yet. Additionally, i would 100% mention that you are foregoing your annual bonus to take this job. Maybe they'll compensate you for it. With that being said, i dont know the details of what the 1st year salary rate vs the second year salary rate is and how either of those salaries compares to your current cost of living in NYC and what your new cost of living would be like in Chicago. Lastly, how do the benefits compare to your current role. All of these are a factor too. Either way - inquire about the bonuses. That's a given :)	Congrats on getting a job offer. Since they offered you the job, they obviously want to hire you. Their first offer is not going to be their final offer, every company is going to expect negotiation. Don't focus solely on salary (although you obviously want to be paid fairly). This is where a lot of people make mistakes. You need to consider the entire package. First you need to research the salary range of your job title for the new company. If its a smaller company then try to find a similar job at a different company in the area. You should then be able to gauge how fair their offer is. Next you need to make a list of things you want to counter offer, such as salary, vacation time, relocation compensation, etc. You want to give your counter to them all at once, you don't want to be the person that gets what they want, but says "And one more thing..." It's also important not to try to demand too many things. For example if you counter with 4 or 5 changes, they might give you 2 of them (which is fair), but they aren't what you wanted the most. As always you want to thank them for the offer. You are in the drivers seat now. You want to be firm, but reasonable with your counter. It's a good idea to tell them why you think you are worth more. You have a year of experience, which is something that you should definitely mention. I hope this helps some.
Human: First off, before you ready any further, Yes, I am stupid...... and now I need some advice. For the past few years I have been contacted by a law firm / collection agency with paperwork referring to a unsecured CC account (Cap One) that they are trying to collect on. And like an idiot, I've blown them off, due to the fact that this debt is more than 10yrs old. The original amount was $2500. As time went on, the law firm sent a few more letters and last year they took it to court and won a judgement, in the amount of $7500. Three months ago, they sent a letter to my bank requesting acct info as to start the garnishment procedure. At that point, I started to take it more seriously and sent the Law Firm a letter asking them to prove the debt was actually mine. They responded with nothing more than another copy of the court ordered judgement, referencing a Cap One acct #. And as of last week, my company's ex-law firm was served with garnishment paperwork. This is where I need some assistance from you all. I am looking to do away with this ASAP, so I am thinking of sending a "Delete for Pay" letter offering the original amount. Is this reasonable action on my behalf or would do you think that they would just scoff at this attempt and move forward with the garnishment, as the $$ amount is higher? I am open to suggestions and again, YES I AM STUPID, no need to point the obvious out. Thanks from AZ	It seems you have no leverage to get it reduced since they already spent the money to take it to court. You can try but I seriously doubt it.	So, would this just be a waste of time or should I at least attempt? The worst they could say is No.......
Human: Last September I picked up my first job since I had to pay for some expenses (college classes, personal expenditure, etc). My mom, who I currently live with now and has basically paid for most of my living expenses since I was a baby, has an accounting friend who usually does our taxes every year. Since I got a job, she had him do my taxes as well. A couple days ago he informed us that my dad has claimed me as his dependent for last year and that my dad will be receiving my tax return unless he cancels his claim on me. However, my dad moved away when I was in sixth grade (I'm a college freshman now) and the only financial support he's provided me in the last year was $150/month that is supposed to be shared between me and my older sister. Seeing how I made a few grand working last year, I don't believe I'm dependent to him (correct me if I'm wrong, Im not 100% knowledgeable on this subject) I attempted to contact my dad in the last few days to see if he made a mistake claiming me as his dependent or if I could change his mind but he hasn't responded to my emails or my calls. I was wondering if there was something I could do in my situation as the amount of money I'd receive from the tax return could be extremely helpful to pay for upcoming summer classes and my housing for the fall semester. Thanks! Edit: Holy this blew up big time while I was at work. Thanks for the replies. I'm going to have to spend some time reading through all of them. Assistant: [Here's the IRS rules for claiming a dependent](https://www.irs.gov/publications/p17/ch03.html#en_US_2015_publink1000170876). Are you under 19, or a student under 24? If not, then you're not a dependent. ~~He also needs to have supplied more than half of your income for that year~~. If you supplied half your own income then you are probably not a dependent. If you don't meet all those tests, he can't claim you. You would then need to file your own return. If he claims you anyway, the IRS will contact you both to sort it out, and ultimately he'll have to file an amended return. Edit: don't take my word for the support requirements. I may have misread it or just be talking out my ass. Consult your local tax professional. Human: Im a 19 year old student but he did not supply more than half my income last year. Is it too late to file my own return? I've never really done any of this stuff before so I'm not sure. Assistant: You file your own return anyway. It doesn't matter if you're a dependent. Human: Thanks. So I just learned that the sole reason why he's claiming me as his dependent is because he paid for child support until I graduated from high school last year (in June). Would that change anything?	Be careful. It depends on the divorce agreement. My husband and hi ex wife each chose a child to claim and his daughter was being hit by about things but we have the court documents.	Child support changes nothing. You didn't live with him and those payments don't qualify him to claim you. Your dad needs to educate himself on how taxes work. He's trying to get back what he paid in support, kind of like itemizing but with people. Your dad sounds like a real piece of work.
Human: So I got a federal government job at a new city which is about 6 hours away from my current city. When I found out I was moving there, I posted it up on facebook and one of my friends messaged me saying that he was moving to the same city the exact month I plan on moving. I've known him for a number of year, and he is friends of some of my really good friends. I've never had any problems with him an like hanging out with him. That being said, it wasn't like I was hanging with him on a regular basis and I never went out of my way to call him to go out. Obviously being in a new city, it would be awesome to be able to live with someone I already know and I know I enjoy hanging out with them. The problem is, he is just graduating from school, and like I said, I already have a job. My job is a rather well paying job, especially for the area, so me being able to apply for and get accepted into an apartment is no problem. Him, on the other hand, does not have a job yet, although he has been applying like crazy. His degree is a masters in social work, so I'm not really sure how easy it is for him to get a job. He says he has enough money in savings to live off of while finding a job, but the issues is actually finding an apartment that will take him. Most places require a proof of income, which he is not able to provide. He suggested that I lease the entire apartment and then sublet a room out to him, but I'm not sure how comfortable I am with that. For the past 4 years I've owned my house and rented rooms out to friends, and quite frankly I am tired of being peoples' "landlord". Am I crazy for thinking this is not the best idea, or should I just try to find a single room apartment and rent it by myself, possibly moving in with him once he finds a job?	>Am I crazy for thinking this is not the best idea Nope	Common sense says go it alone and if he's really a friend he'll understand. If you want to take on the risk for a friend and you trust he'll find a job then go then help him out by subletting. You could officially add him to the lease afterwards.
Human: Apparently when their home was written off, it became taxable income. They're in their mid 70s. Is there anything that can be done to minimize their tax debt? Edit: Apologies for the typo. The house was written off in 2015. They were told they now own the home so it's not foreclosure/mortgage reduction. $16,000 is the amount they owe in taxes. I will look into the advice many of you have provided. Thank you so much!!	The term you are looking for is "Mortgage Debt Relief Act" which was originally passed in 2007. It has been extended multiple times. You need to see if it was extended to include the time when their mortgage was forgiven.	Yes, debt forgiveness is income and taxes are due on it, no way out of it. If they don't have the money, they can set up a payment plan with the IRS and state tax authorities.
Human: Throwaway account for privacy reasons. Ok, So here is my situation: I earn about $160k as an engineer and about $155k in real estate. Car and truck are both paid off. home mortgage has about 215k left: $1,200 a month Second mortgage: 330k: $2,700 a month Other than that just standard bills that maybe add up to another $1k per month. I am single so most of my going out money is just spent on dates and hanging with friends. Now I am getting the itch to do something else with my life. I have been at the same company for over 10 years and getting a bit bored but it's a stable job and it's been hard to leave just due to the security it provides. Part of me stays just because I am not sure what else to do if I were to leave. Things I am considering: Finding ways to make more money and grow from where I am currently like starting a company or doing bigger real estate projects like apartment buildings or commercial buildings. OR just completely retiring and maybe finding something fun to do part time, but can't really find anything I think I want to do at the moment. I am starting to develop back problems and I feel it's because of years at the computer and feel I need to get into a more active lifestyle and it would be great to find something else to do that is healthy and where I feel I am making a difference in people's lives. I don't feel I am getting that from my current job. I have been thinking a lot about this for the past few years and my goal has always been to get to the point of making 10k per month and retiring, but now that I have actually passed that I don't know if it's smart to retire. Maybe I should stick it out where I have something stable. Scares me to take a risk to start a new company, but maybe the challenge would be good. I have thought of a few business ideas, but they are only so so at the moment and not sure I am ready to jump into a new business without a great idea. I am looking for advice from anyone who has been somewhat in my shoes and has made some big decisions that changed their life for the good. I feel that I have taken a certain amount of risk to get to where I am but it's been very calculated at the same time. I worry about screwing up what I have built and making a mistake, but still feel I have to make some big decisions as I have been feeling more and more stressed about being unhappy because I don't know what to do with my life. Part of the unhappiness is due to some of the physical issues (slipped disks / inflamed facet joints which continues after multiple steroid injections) and that is making me feel like I am starting to waste away without living my life and taking advantage of what I have built up before it's too late to really enjoy it. So at what point do I stop saving and planning for the future and start living...	Sounds like you've been working very hard your whole life and just need a vacation. Take a month or two off, clear your mind and come back fresh?	I added topic flair to your post, but you may update the topic if needed ([click here for help](/r/personalfinance/wiki/flair)). You may find these links helpful: - ["How to handle $"](http://www.reddit.com/r/personalfinance/wiki/commontopics) - [Investing wiki page](http://www.reddit.com/r/personalfinance/wiki/investing) I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.
Human: I've been with AT&T for over 5 years now and have been using the same old slider phone as well. My bills are about in the $75 range (monthly), and I mostly use it for texting and making certain phone calls. Lately I've been desperately wanting to get my own iPhone (like a 6s or something), but I was told that if I got one through my current plan, my bill would go up into the $100 range. Is there any other major company I should switch to in order to keep the bill down?	I use Virgin Mobile, have no contract, and pay $33.50/month for unlimited talk, unlimited texting, and unlimited data. After the first 500 MB, the speed slows down.	For $35 with Cricket wireless, you get unlimited talk, text, and 2.5gbs of 4g data, and then unlimited 2g data after that.
Human: Me and my father had a miscommunication, I thought he was making my car payments, turns out he wasn't. It's my fault, I should have been more on top of it......anyways.... I'm broke, my first paycheck from my new job doesn't come in for 2 weeks. My credit score is AWFUL (487). Toyota told me if I don't have my payment in by Thursday, they're going to repo my car. I'm signed up with Uber, but I can only make about $150 a day, and in two days i'm not sure if driving a car that's supposed to be repo'd is a very good idea....... I have no one I can borrow the money from, but starting in two weeks from Friday, my new job will be paying about 2.2k every two weeks, so I just need to find some way to get this paid off now. I'd rather not give up the car. Do I have any options?	I would go into the office of your loan agent and explain about the new job. They want the money. Not the car back	Payday loan @ 25% interest.
Human: So I basically have $900 to my name right now and about to be entering the work world. I thought about taking a good chunk of it and using it to invest in penny stocks or stocks in general that will generate a quick return. Does anyone have any tips/suggestions/ideas as to where to get started. Thanks, it's very helpful	>penny stocks or stocks in general that will generate a quick return You could also loose all $900 in minutes. Put it in a savings account, build up your emergency fund. The wiki has the step by step guide for financial success https://www.reddit.com/r/personalfinance/wiki/commontopics it doesn't involve penny stocks	Depending on what country you live in you can try investing in microloans i.e. using an online portal to provide small loans to other people. Also called peer to peer loans.
Human: Mostly in the title. I have a buddy who has a finance degree and I mentioned that we were going to use a credit card to make additional monthly student loan payments (and then immediately pay them off) since we get cash back on the credit card. He said that is a bad idea because using more than 35% of the balance can hurt your credit, even when paying it off each month. This was rather concerning as I've been doing this since I got a rewards card. I use it for all purchases but pay it monthly.	my 790 credit score says no, it will not.	I added topic flair to your post, but you may update the topic if needed ([click here for help](/r/personalfinance/wiki/flair)). You may find these links helpful: - [Credit-related wiki pages](http://www.reddit.com/r/personalfinance/wiki/faq#wiki_credit) - [Credit Reports](http://www.reddit.com/r/personalfinance/wiki/credit_reports) - [FICO / Credit Scores](http://www.reddit.com/r/personalfinance/wiki/fico) - [Improving Credit Scores and Building Credit](http://www.reddit.com/r/personalfinance/wiki/credit_building) I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.
Human: I'm looking to buy a car soon to replace an aging and repair prone car, and I have some cash but I'm debating whether I should pay down some of my CC debt first and save up for a down payment, or use the cash for a down payment on a car now. I'm not exactly sure how each option affects me short term and long term. The car down payment seems sensible short term because it would reduce monthly payments, but there must be more to it because of the different interest rates. Numbers: Credit score ~795 Car Budget: 32,000 (not including trade in, down payment, etc) Pre-approved loan rate: 1.9 Credit Card balance: $5k with a limit of $7k APR: 9.99% Cash: ~$2000 Expected trade in value of current car: $1500-2000 What are the outcomes of paying the CC now and saving up for a down payment, vs a down payment on a car now & paying down CC longer term? Thanks!	The fact you are carrying CC debt makes me think you shouldn't buy a $32,000+ car	I added topic flair to your post, but you may update the topic if needed ([click here for help](/r/personalfinance/wiki/flair)). You may find these links helpful: - [Credit-related wiki pages](http://www.reddit.com/r/personalfinance/wiki/faq#wiki_credit) - [Credit Cards](http://www.reddit.com/r/personalfinance/wiki/creditcards) - [FICO / Credit Scores](http://www.reddit.com/r/personalfinance/wiki/fico) - [Improving Credit Scores and Building Credit](http://www.reddit.com/r/personalfinance/wiki/credit_building) I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.
Human: ok guys please help as much as possible! currently living with parents rent free Would all be fine and dandy except i'm separated with a son and it's getting to that point in life where he'll need his own room. Have about 23k in savings, have an opportunity to buy a descent house However not in a favorable neighborhood and would have to bank on being able to sell it and bail in 2-3 years So my options are to buy a house and hope for the best Or pay off my car note (about 10k) and do something with the remainder of the dough (?) any advice? I know you guys aren't family counselors the reason I mentioned my son is to paint the picture that living with mom and dad (although seemingly) a perfect solution until I save up more money, it is not. *also wanted to add in that renting costs in this place is absurd, I would more than likely have to rent in a non favorable neighborhood as well. Because the housing market tanked so hard here it is quite cheaper to pay a mortgage than to rent.	Pay off your car and use the rest of the money to get a place to rent until you save up enough money for a house down payment.	I just want to thank everyone for taking the time out to give me feedback, unfortunately I don't come from a family that knows the first thing about investment so it was hard finding advice. I think at this point I'm going to look into getting a condo that's more in my price range and in a descent neighborhood, looking at the monthly costs of a condo even with HOA fees is going to be significantly cheaper than renting. My lender and my realtor have been strongly pushing me into an FHA property, I easily qualify for a conventional loan, does anyone have any idea why they're so insistent?
Human: Hello personalfinance, My parents are thinking of buying a mobile home and have asked if I could help out. I am personally not too excited of buying a mobile home. From reading other threads and doing some googling I do not see the benefits of it. You do not own the land and will need to keep paying in order for the mobile home to be in the area. The houses are not made to last and lot of people compare them to a car where it just depreciates in value and you will sell it after a couple of years. I am trying to convince my parents not to do this and I want to see if I am doing the right thing here; trying to steer them away from the mobile home. Some background: My parents and I both live in the Bay Area and I am fortunate enough to have a good job. My parents live in San Jose where they pay 2.2K a month for a one bedroom and its in a not so good complex. My mom is tired of paying rent and it not doing anything for them, and wants to live in a better place and since by themselves they cannot afford anything in the Bay Area they are thinking of a mobile home. My mom asked me for a little bit of help, and I am happy to share somethings but in my head I know this money might as well burn and its not an investment. I want to propose to my mom that I would be more inclined to go in with them on a condo, or a townhouse somewhere in the area. They cost lot more but at least I think of them as more of a real investment (please tell me if I am wrong here). Some background on finances, my parents and I are first generation Americans. I have a bit of student loans left, but not too much. My parents make close to 100K, I make around the same. My mom has been doing a quick look around and mobile homes are between 150k - 200K and condos are pretty much 350K and up. I have always been happy to help my parents out here and there, because they have done alot and I have a great relationship on them, but how I think of mobile homes currently, I have no interest in giving them a large chunk of money for one. However, going in on a property that is more of an investment I would be fine with. So I would like to ask you very smart people, if I am right in assuming that mobile home is a bad thing to get in this situation and we should try to go for a condo or a town house?	Owning a real home, you generally pay interest but on top of that build equity over time through appreciation, so yay. Renting a place, you pay rent and gain no equity. Wash. Financing a trailer, you pay interest and lose equity over time through depreciation, so boo.	If you want to help your parents that is fine, your decision, you'll see a lot of negative opinions on that here. Totally your call. That said, I wouldn't think of a condo / townhouse as an investment. If you bought 5 years ago, you would be killing it, but at some point (no one knows when) the appreciation is going to revert to the norm which is just okay relative to other investment options. If you buy a condo you are speculating and it will cost you 6% + closing costs to sell so you are down to start. Of course, if the market keeps going crazy you can "win" big, but I wouldn't count on that. I think you general assessment of mobile homes is accurate. Not likely to appreciate a ton and in a down market they will get hit the worst. I'd suggest calculating the total cost of ownership for a mobile home and see where it stacks up against rent. If it's way cheaper, then maybe something to consider. But, I imagine it will be a lot harder to exit from than a condo. No matter what, I wouldn't co-sign on any loans as you don't want your credit to end up on the hook.
Human: Yes, I'm an idiot. I was in desperate need to move out of my current living situation by May 1st, so I took the first decent deal I could find on craigslist. I understand it was stupid and I was naive enough to think that something like this wouldn't happen to me. Anyway, I responded to this ad on craigslist about a 1 bedroom apartment, set up an appointment for a tour, and found it to be a good fit. So I filled out a housing application, paid a small fee, and went on my way. I was assured by the current renter that she would send all my information to the landlord and I'd hear back in a day. So I filled out a housing application that had my social security number on it, as well as drivers license information, and obviously my name on it. It didn't take long for me to put 2 and 2 together. Now that I know I was duped, I'm looking at what potential legal recourse I can take as well as protecting myself from identity fraud. I have basic information of two people who claimed to be renting the apartment. I have a full name of one of them and a first name of another, but have found both of their (what seem to be) active facebook profiles that have a bit more information on them. I know what one of them looks like in person (the one that gave me a tour), and I also have the phone number of both of these people. I'm planning on filing a police report once I figure out who actually owns the apartment (is there a way I could find that out?). Also, I'm going to keep a close eye on my credit report to make sure nothing new opens up in my name. Is there anything else I should be doing in the meantime? Any and all advice is appreciated, thank you! Edit: Yea I should have given more details. The people I filled out the application for were the current renters, not the people that owned the place. Before I gave them any money, they were borh real quick to respond to my inquiries, and ever since I filled out the application I haven't heard back. So I used a friend's phone to contact them, asking if anyone has looked at the place yet and of course they responded immediately back with no (an obvious lie). They said that if I was serious then I should bring a filled out application and fee to the place when I check it out. This is exactly what they told me the first time around as well. Also, everything about the meeting seemed fishy, but I didn't put it all together until after I had already left. There were little things like when I first got to the place, I met up with someone who was also going on a tour. While waiting for this girl to come meet us outside to let us in, she texted me saying she had to run a couple errands and she'd be back soon. However, she texted this other girl that she was finishing up a phone call and she'd be right out. An immediate inconsistency in her story. She also had a marker in her house that checked for counterfiet bills, which she claimed she got from her work. The biggest red flag, however, was this: Everytime I asked for the landlord's contact information, she would dodge the question until finally she said she didn't have it on her but she'd text it to me as soon as she looked it up. After texting and calling her multiple times, the only response back I got was some random yahoo email account. After doing some digging, I found out this girl's real name (not the name she gave me) was the same name on the yahoo account. Then I confirmed with her that it was the "landord's" email address and not her email. Not surprisingly, I haven't heard back from her or this email address since. Update: I froze my credit and learned who the owner is through the property managers. I also have their address. The listed owner had the same last name as one of the people I was in contact with, so I'm confident something shady is going on. With this information I went to the police and filed a report. Thank you all for your feedback!	I'm a landlord and require social security number and license info on my applications as well. The information is needed for a credit and background check. I agree that you should contact the owner and verify the owner received the information.	Isn't this called a Borrowed Ladder? hahaha "Gattica" is real.
Human: This is probably a dumb question but what are the implications of this course of action?	Your failure has nothing to do with the money you owe them for devoting resources to educate you	Did the University not allow you to go to class or any extra help by barring you from the door? If no, you owe the money. Pay it.
Human: Hi everyone, thank you in advance for taking the time to read this post. I'm on my phone so apologies for any spelling, grammar, and formatting errors. Some background: My parents are considering buying me a condo in my college town. I am an international student and my parents will cover all payments towards the condo. However they will not be involved in any stage of the buying process. I have been living and studying abroad by myself since 14, and I've handled a lot of money throughout the years (my parents wire me money and I do the budgeting). I'd say I'm much more mature than most of my peers (this might explain why they trust me with such a big decision). I make reasonable financial decisions, I obviously lack the adequate knowledge and experience when it comes to something as big as purchasing a home. The average price for a typical one bedroom condo (which is what I'm interested in) is ~$300k. The rent for a said condo is ~1k/month. My program is internship-based, and I have worked a few full time internships related to my degree earning ~$25/hr. I will complete three more internships and they should give me ~$40k of income in the next two years. Even though I've had steady income from internships, I probably won't be able to get a good mortgage plan due to my international student status. My parents offered to pay it in full if necessary. Why we want to buy a condo: 1. I will be in school for another 5 terms, and renting would cost about $20k total. I won't have any problem finding tenants when I'm away on internships. I may or may not stay here post graduation, and can just sell it off any time. I can also keep leasing it out. 2. For the past 5 years I have been carrying all of my belongings wherever I go, and I have always lived in shared homes. I would really like to have something that gives me a sense of home that is also completely mine. (I don't sign full year leases because they are much more expensive.) 3. One bedroom condos are rare in the area (in terms of rental). My program is very demanding and I spend almost all of my time studying (think 7-8 hours of classes/labs/tutorials and 4-5 hours of study time daily). I am doing very well academically, and I give credits to my quiet roommates. I know what people my age are like and I am really grateful to have found my current roommates. I won't be able to keep rooming with my them next term and would really like to come home to a quiet and clean environment instead of a party scene. I will be doing an internship this summer with more spare time, so the condo search won't conflict with my otherwise busy schedule. 4. My parents are looking for investments opportunities in this country since the economy in my home country is bad. 5. This one is a bonus. I think it'd be a very valuable learning experience for me if we decided to go through with the purchase. I am currently pursuing an engineering degree but have an immense interest in real estate (at least the easier parts of it, I admit I don't know much about real estate). I look at properties online as a hobby, and I love paperwork (e.g. scrutinizing contracts). I realize that some of the points that I made seem rather weak, but I thought I'd lay everything out here. I am on vacation right now and plan on meeting with a real estate agent when I get back. I also have my eyes on a few particular buildings. I guess my question is, does it make sense financially to purchase a condo? Tl;dr: University student thinking about buying a condo with parents' money. Could use some input.	This is more about your parents having somewhere safe to park $300k than it is about wise investments. A lot of foreign countries don't allow investments in foreign markets, but they do allow real estate purchases. Yes, they'd make a higher return in a stock market, but it's riskier and might not even be an option. Buy the condo. Live somewhere safe/quiet. Choose one with a low HOA fee. Condos are really easy to manage as rentals when you aren't living there.	If your parents are ok with your approach and can afford it, which it sounds like they can if they are able to buy it outright, then I don't see any downside here. This is more of a decision between you and your parents rather than a financial one.
Human: I am finishing up my masters in the UK this summer, and will move back to the US with a salaried position at 70k. For three months upon my return, I will live with family and spend minimal money; I anticipate saving about $9,000. When I get to the US I will buy a car and plan to finance about $9,000 at approx 2.9%. My husband is then going to meet me in the US (he's currently waiting for a visa), we will get an apartment together, but he will not be working immediately because he needs to wait about 90 days for a green card. Since he is a lawyer and has a PhD, I anticipate that eventually he will find a good position, but it will take time. total debt = $70k, all federal loans with interest rates from 5% to 8%; mix of sub and unsub anticipated take home pay after all deductions = $4050 * rent = $1,700/month expected (my job is in an expensive area, but I will be able to walk to work. Edit: I can walk to work when we get the apt, but need to commute for 30 mins for the first 3 mos.) * food = $300 * gas = $50 * utilities and phone = $300 (incl. wifi) * estimated loan pymts on IBR = $700 (this could be off) * estimated car pymt = $172 * auto insurance = $50 * remainder = $750 (combo of savings, general spending... obviously I'll need to sort this out later) Here are my questions: * How should I simultaneously be aggressive about my debt and plan for the possibility that my husband may take several months to find work? * How should I utilize the $9k in savings from living with family? Some of it will need to be spent on moving, but let's say I am still left with $7k. Save all of it? Put some towards the debt? * It appears to make the most sense to approach the debt from the highest interest downward, but is there a reason to pay off the car first? In the past I have prioritized auto debt because I felt like it was "bad" debt, but that doesn't seem to make sense anymore... FYI: I can also do freelance work and anticipate making an extra $10k/year, but it's not so certain that I would rely on having that money.	You don't NEED a car; you WANT a car.	No car, public transportation. Second job.
Human: So, I'm not sure where to start. I've been living with my girlfriend for several months, but things just got real rocky. We live in an apartment on our shared income, but it's in my mane due to her unfortunate credit history (Yeah, I know, rookie mistake) . Which means she CAN move out whenever with very little regard for my situation. But this isn't about our relationship. Even before things got really bad, we've been living paycheck to paycheck. Things were good for a while, then she had to skip a month's rent due to lack of work (she has a seasonal sort of job. Pays well when it's on and shit when it's off). We got through it, but kicking and screaming was involved on both ends to pay the bills. Now that she may be leaving me, I'm trying to figure out how the hell I'm supposed to move on financially. I don't have a lavish lifestyle, I'm a full time hourly wager in New Jersey. Doing a rough estimate of net income vs bills, I come to 1650 in, 1780 out, and that doesn't include day to day expenses such as gas and groceries. I also have no savings due to that aforementioned missed rent and 2 maxed out credit cards, totaling $5500. My car is about 5 months away from being paid off, so that will help eventually, but I'm feeling very scared now on how I can make it till then. I have no idea what to do or where to start or who to ask. I wish I could spend the time fixing our relationship, but sadly this very real fallout crisis should I fail is much more pressing. Assistant: > Doing a rough estimate of net income vs bills, I come to 1650 in, 1780 out, and that doesn't include day to day expenses such as gas and groceries. What are the bills? Human: Rent: 940 Elec: 50 Tv/int: 120 Car: 172 Car Ins: 220 Cell: 125 CC1: 120 min CC2: 25 min Assistant: Just suggestions, so do your research obviously: 1. Get rid of your TV and switch the internet only. If possible, drop the internet as well and stop by somewhere public when you need it. 2. Drop the cell phone, go with a Cricket (or something similar) and you can cut that bill by well over half. 3. Consider changing your car insurance policy temporarily. $220 is a ton if you ask me. Increase your deductible and use your car less. You're looking at saving at least $200 this route, which gets you into the positive. Get those credit cards paid off ASAP as well as the car. Once those are done, and you move into a cheaper place when your lease is up, you can be in the positive $500 a month. At that point you can consider adding some luxuries like a better cell phone and TV. &nbsp; I used to be in your situation (not relationship-wise), spending more than I was earning. It took eight years, but I went from losing $100-$200 a month (which would go on a credit card) to saying $2500-$3000 a month. Everything changes when you're earning more than you're spending. Human: >2. Drop the cell phone, go with a Cricket (or something similar) and you can cut that bill by well over half. I want to, but just renewed with a phone payment plan because of course that's what Verizon does now for upgrades. Not sure yet if I can cancel and forfeit the phone without penalty. >3. Consider changing your car insurance policy temporarily. $220 is a ton if you ask me. Increase your deductible and use your car less. It's high because New Jersey, and also the car is still being paid off and requires collision. I planned to drop to the bare minimum after I finished off the loan.	You cant afford a phone upgrade. you are broke.	> but just renewed with a phone payment plan because of course that's what Verizon does now for upgrades. You couldn't afford the new iPhone when you were with your gf. Bad decision. If you're within 14 days return it. If not - sell it and try to recoup the cost to pay it off in full. Then get an old beater phone (like your last phone preferably) until your head's above water.
Human: Edit: Thanks guys, sounds like worrying about the apartment's value is irrelevant for her taxes. Thanks everybody for responses, it helped reduce a lot of stress. Good afternoon, My title makes some assumptions that might be incorrect and it's well past tax season at this point, so I'll go over the whole story for anybody wondering why I'm asking this at the end of April. My girlfriend works as a horse groom in Florida and is paid a flat amount of money via direct deposit to her bank account each week plus is given an apartment with utility, cable, internet, etc. bills paid for by the employer. She has worked at this place since June 2014. The employer insists she is an independent contractor (even though that seems bullshit as she fits the description of an employee) and wipes his hands clean of any other responsibility. She did not receive a 1099 in 2015 (started working for him in June 2014), nor did she receive one in 2016. I told her earlier this week (after finding out she doesn't file taxes) that she needs to ask him for a 1099 and he told her she didn't need one and walked away. I have no reason to believe he's doing anything illegal as a reason for his evasiveness on the issue, he's just an asshole. I've researched what to do next and contacting the IRS to have them request a 1099 be sent to us seems to be the next step as in doing so they will provide a form 4852 to file instead. Are there any alternatives to this? Can she simply use the form 4852 without having the IRS contact the employer? I very much doubt he'll suddenly provide a 1099 and instead get upset at my girlfriend for doing so. Whether or not the form 4852 can be used without the IRS contacting the employer, it's unlikely we'll get any information on what he values the cost of rent to be and how much he pays for the apartment's bills. Everything I've read says all of that is considered income so I don't think she can just ignore it. Any guidance or help?	Why doesn't she just do self employment and declare what he pays her herself? I do not think she needs to declare the housing.	I added topic flair to your post, but you may update the topic if needed ([click here for help](/r/personalfinance/wiki/flair)). You may find these links helpful: - [Tax Software Megathread](http://redd.it/41dew6) - [Taxes wiki page](https://www.reddit.com/r/personalfinance/wiki/taxes) - [Understanding tax brackets](https://www.reddit.com/r/personalfinance/wiki/taxes#wiki_eli5.3A_taxable_income.2C_tax_brackets.2C_marginal_tax_rates) - [W-4 IRS Withholding Calculator](http://www.irs.gov/Individuals/IRS-Withholding-Calculator) I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.
Human: Hi everyone, I'm 25 and currently working a job that I really don't like. I work in health insurance, and my particular job is leaving me very unfulfilled (I sit at a cubicle all day processing claims). The pay is meh, I'm making 42k annually right now. I live in the midwest so my expenses are pretty low: $350/ month in rent, $370 for my car (payment and insurance), $64 for cell phone, $70 for internet/limited cable, ~$200/ month in groceries, ~2k in CC debt that I pay $200 a month on. I only have about 4k saved up right now. I wanted to go to a local community college to get an associates in the IT field. The cost is $103 per credit hour, and assuming I don't have to do the general education courses (as I should be able to transfer them from my previous studies) it should cost me about 6k in tuition. My questions are: what's the earning potential for someone with an associate's in IT? I wouldn't be opposed to getting a bachelor's at some point but not now. Also, how much should I save up before quitting to go back to school? I should add I live with my gf who makes about 43k a year and she is very supportive. Assistant: Why do you have 2k in credit card debt if you have 4k in savings? What's the interest rate on the CC debt? Human: I figured someone would ask lol that's my rainy day fund, I'm paranoid about incurring a major sudden expense and not having cash to pay for it.	That's reasonable up to a point, but what is the point of paying interested when you have enough money to pay off the debt and enough money to stay cash positive with an emergency fund? You could pay off your debt entirely, no longer be paying interested, and still have an emergency fund of 2k. You could then put everything you were paying toward your credit card back into your emergency fund and have it built back up again in no time.	This doesn't seem wise, to me. What's your line of credit currently? I mean, you could have 2k in savings, with your card paid off, and if you ever incur an expense greater than 2k you can leverage your credit again. You'd be in the same situation, but the difference is you'd have paid less in interest between now and then, giving you more room to contribute to your savings.
Human: About 2 months ago I lost almost all of my money to a scam. Long story short, I was looking for a new job when I saw a post on craigslist where a guy needed help moving. I talked to him, he forwarded me a check, I deposit check, he needs money from said check so I send him moneygrams, check is bad and the amount is taken from my account. I was being an idiot, but I can't go back and change what happened. All I can do is learn from my mistakes. At the time I had about $200 in the account, and the person withdrew $2000. Since the account was overdrawn, the bank closed the account before I could pay back the difference. Fast forward to now, my parents helped me get back on my feet, and I have money from my tax return. I'm needing to open a new checking account, but am I able to open one at my previous bank? I wasn't sure since they closed my last account while it was still overdrawn. The bank in question is Chase bank. I never had a problem with them, and it's the closest bank to me. I wasn't sure where else to go to ask the question, and I would greatly appreciate the help in this situation. Thank you.	>The bank in question is Chase bank. >I wasn't sure where else to go to ask the question How about asking Chase?	It is OK to ask. Tell them you were scammed and if they don't want your business back there are plenty of other banks. However, you may owe the bank some money.
Human: Hope this is in the right subreddit. My SO and I's dear friends have a 2yo son, who is essentially our nephew. We would love to give him a "gift that keeps giving" since we don't like to gift stuff n things. What would be a good place to start? Bonds? Savings? Thanks in advance! Assistant: This is what a 529 is for. 529 savings plans are a state sponsored, tax sheltered, account where money can be deposited and grow tax free as long as the distributions are used for "education expenses," which loosely means tuition, books, room and board, school supplies, etc. while the beneficiary is in school (any type of college, or even a trade school). Some states provide a tax deduction to their residents to help get their residents to college. Other states don't. To find out if your state has a deduction, go [here](https://personal.vanguard.com/us/whatweoffer/college/finda529Popup.jsf), click on your state, and pay attention to the "State tax benefit" line. You can invest in any states 529 plan (and use the invested money at any institution, in any state), but if your state has a tax deduction, it is normally best to invest in that plan. If your state does not have a tax deduction available, it is best to go with the lowest cost provider. The lowest that I have found is [New York's 529](https://www.nysaves.org/home.html), which is administered by Vanguard, so you have access to their no-load, low-cost, broad-market index funds, but has only a $25 minimum to start (unlike other Vanguard plans which have a $3,000 minimum). If your nephew gets a scholarship and does not need all/some of the money, they can withdraw all/some of the money penalty free with some paperwork. However, income taxes would still be due on the gains. The principal deposits would not be taxed or penalized when withdrawn. If your nephew decides not to go to school, they can take a non-qualified distribution by paying income taxes and a 10% penalty on the gains. The principal deposits would not be taxed or penalized when withdrawn. PS. Note that you will need the SSN of your nephew to open a 529 with him as the beneficiary. Human: This is so informative. Many thanks for taking the time to really explain. I think we are going to go with a 529 for sure.	/u/AngryEEng spelled it all out very well, but a Coverdell account is worth looking into as well. There are some drawbacks with a Coverdell as compared to a 529, but the big advantage is that it can be used for any education, not just college. If your friends have plans to send their son to private school for K-12, a Coverdell might be an option worth investigating.	Check to see if your friend has already opened up a 529 plan. My sister opened one for my nephew already, so I just write a check to her to deposit into it. (I believe I could contribute directly to it if I wanted, but I live out of state, so I wouldn't be able to take advantage of the tax deduction anyway.)
Human: I am a super noob with finances. I've been out of college and in the work force for just under 3 years. Each year, the rent increase on my apartment has outgrown the increase in wage salary. This year, the rent will increase by %17 while my salary is bumped by %1. My napkin math tells me that this wage increase will only account for 1/3 of the rent increase. Am I looking at this incorrectly, or is my anxiety justified? I'm reading that rent should be 25-35% of income, and luckily the new rent doesn't move me out of that range, but I will need to change something, I'm thinking either cut back on savings, or move to even cheaper apartments (I'm already living in one of the cheapest places in the area), roommates, etc. Thanks in advance	Staying with the 25%-35% range isn't ok if you can't afford it according to your budget. It's just a basic guideline.	There are good people on both sides of the increase in prices across the entire economy.
Human: Background: My wife and I are looking to buy our forever home. She will start work in ~September this year and our current lease ends in February. We started budgeting early but we are not 100% sure what to expect with a new home. We know that in 5 years time this budget will be much much easier to manage (less debt more income). Any advice/critique is most welcome. TL;DR [Can we live like this?](https://docs.google.com/spreadsheets/d/1mk3cPGNNf3bi_LCNC_5V-1NuS6ZCJZxKSOXtJOswOHw/pubhtml ) Even just for a couple years? EDIT: Many saying link doesn't work [here's a link](https://www.anony.ws/image/Jr0b) to one of the few image hosting websites I can access at work.	Don't make a purchase based on future income. As others have said, this house seems reasonable compared to your income so I'm not saying don't get it. But get it if you think you can afford it now. Don't get it because you think in 5 years you'll be able to afford it.	A missing expense I see: furnishing the house and moving expenses. They add up really fast, and you often miss a lot of things that you need/want right after moving in. I'd add at least 3% on top of the price of the home to be safe. It gets crazy real quick.
Human: Title says it all. Is there a way? I heard they usually charge you to cover up any gift points you get. But I also heard of other people suggesting you can load up some kind of gift cards or something on credit cards, then use that, and get no transaction fees? Any ideas? This is in the US. Also, no need for lectures here. I'm already responsible and will not load anything onto a credit card that isn't already available in cash to be paid off immediately. So, I'm just looking for ways this is possible to do, either directly or indirectly, in order to get some savings through points or to further build credit. If I'm going to pay $27k, I might as well benefit from it somehow, right?	Many lenders and processors won't let you pay with credit card	I added topic flair to your post, but you may update the topic if needed ([click here for help](/r/personalfinance/wiki/flair)). You may find these links helpful: - [Student Loans wiki page](http://www.reddit.com/r/personalfinance/wiki/studentloans) - ["How to handle $"](http://www.reddit.com/r/personalfinance/wiki/commontopics) - [What's the best way to pay down my debt?](http://www.reddit.com/r/personalfinance/wiki/debt#wiki_what.27s_the_best_way_to_pay_down_my_debt.3F) I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.
Human: Hello all; Throw-away here. I am leaving my position that I have held for 2.5 years in San Francisco. I absolutely love my company, and am planning on returning in the future once I am done chasing some dreams. I have been with the company since it opened it's office in the bay area and as such I have had a wild ride. Due to the way in which we grew, I wound up accruing a few hundred hours of over time. Before my departure I met with our HR personnel and came to an agreement of $15,700 compensation for this time. I was wondering what the tax-burden would be on this payment because it looks like they withheld ~ 50% (~$7000) for taxes. I am looking at about $40,000 this year with the time that I am taking off. This number includes the OT payment. I don't want to sour a relationship with a wonderful employer, but I am pretty sure that withholding 50% is a tad excessive in this case. I will be traveling with no income until October, and this money could be really useful. Thoughts?	Your overtime is not taxed any differently than your normal income, but may be withheld differently. You don't net less by earning more. See the wiki entry on [taxes](https://www.reddit.com/r/personalfinance/wiki/taxes) and [taxes withheld vs. actual tax burden](https://redd.it/2c5sp5). You can also use the [IRS Withholding Calculator](https://www.irs.gov/Individuals/IRS-Withholding-Calculator) to adjust your withholding as necessary to match your actual tax burden.	I added topic flair to your post, but you may update the topic if needed ([click here for help](/r/personalfinance/wiki/flair)). You may find these links helpful: - [Tax Software Megathread](http://redd.it/41dew6) - [Taxes wiki page](https://www.reddit.com/r/personalfinance/wiki/taxes) - [Understanding tax brackets](https://www.reddit.com/r/personalfinance/wiki/taxes#wiki_eli5.3A_taxable_income.2C_tax_brackets.2C_marginal_tax_rates) - [W-4 IRS Withholding Calculator](http://www.irs.gov/Individuals/IRS-Withholding-Calculator) I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.
Human: Hello all, Thanks for reading. I'm hoping you can help me properly weigh my choices. I have a 2006 Mustang for trade-in that is worth, let's say, $8000. We are trading it in because I have a standard cab pickup and she has the Mustang, and we want to start a family. Need a more practical vehicle. My pickup has a not-very-good loan (I used to have bad credit, not anymore) with a 6% rate and about $8000 left on it over the next two years. Let's say I find the vehicle I want at about $25,000. I see there are loans available online for 1.99% or 2.29%. Probably would do 60 months. Not sure how real those are, but let's assume they are. I also have enough savings to probably cover the difference in cash, but this is our emergency fund/saving to buy land, so I would rather not dip into it. Also with really low interest rates it seems worth taking the loan. Should I: 1) Trade Mustang, acquire loan for remainder. (~$200 payment + $330 for truck ) 2) Trade Mustang, pay cash for remainder. ($330 truck payment) 3) Trade Mustang, acquire loan for remainder and combine the remainder of my pickup amount into this awesome rate? (Not sure this is even possible?) (Like...$500 payment) 4) Trade Mustang, acquire loan for remainder. Pay off truck balance with cash. (Leaning towards this.) 5) Something I'm not considering? I'd love a way to just convert the Mustang into a payoff for my truck. Other details: clean credit history, 9% debt utilization (will be lower), score around 800, make just over $100k a year. I have a mortgage that totals to around $1000/mo. with taxes and insurance. No other debt. Thanks everyone. EDIT: Looking at Ford Explorers if anyone is curious. I have driven just about every vehicle model under the sun and it is by far my favorite. Might convince myself to go more practical with the Escape. We'll see.	Trade/sell the mustang and use the cash to pay off the truck. This way you'll convert a high interest loan into a lower one when you finance the new car, assuming you'll be approved for those cheap-o rates.	You can do number 5. First thing is to sell the Mustang, especially if you can live with one car. Go research its value online, and put it on Craigslist since it's free. Take it to Carmax just to get a baseline price, so you know how much it's worth. Sell the car, doing the transaction at a bank, and you're done. Second, find the car that you want, and pay for it in cash. I'd recommend a $15,000 car instead of a $25,000 car. You could finance this too, if you wanted. Look at cars by balance and interest rate, not by monthly payment. I'd rather have a $900 a month payment at 0% interest over 5 years than a $400 a month payment at 20% interest.
Human: I have a good job, but getting a bit burned out. I'm single, no obligations, and want to do some traveling and learn some new skills. My lease is nearly up, so I would essentially be homeless while I travel. Am I being an idiot for walking away from a comfy situation like this? EDIT: Thanks for the feedback! I got a wide range of opinions, which is exactly what I needed. A few other things if I end up doing this: - I will be doing at least some remote contract work with existing clients. I will also see if I can turn my main job into a 10 hr/wk remote contract. I am also open to teaching English or some other random side job. - I will try to work to cover $30k, which is my estimated total expense for the full year. - Main plan is to so a road trip to Florida for a month. Hike Colorado Trail for a month. Explore South America for 6 months. - My stuff will sit in a storage unit. - I'm not too worried about future employers looking at my resume gap. I will just say I took time off to do bucket list items, and learned new skills. Assistant: My thought is this: Yes, only if you take the year away and use it to your advantage. - Have a plan. - What do you want to do? Physically/mentally recuperate? - Do something innovative. Traveling to some new place, learning a new language, learning a completely new skill, going cross country on a bike etc. are all good ideas. - Blog yourself every day to keep on track. - Learn a skill that can help you in a future career. - If possible, try doing odd jobs to support yourself on very low income and do not touch the savings. Or use only a little bit of that. It's possible to live in the US comfortably on $10K an year. You have the means and you have played the game well. Good luck, Edit: This would be a huge undertaking, so my advice is mentally prepare yourself first at least for a couple of months. Picture yourself during and after the one year. You will probably get only 1 opportunity like this in life, so you should use it as wisely as possible. Human: My lease is up on the 25th... So I can't really take extra months to prepare. I've been thinking about this for the last month though, and I'm pretty sure I want to do it. I like the idea of blogging. It might help hold me accountable so I don't just waste the time. Thanks for your insight.	You mean like spending time on Reddit? ;-)	First off kudos on your hard work! It's important to work but only if it's a means to a more fulfilling life. I'm in a similar situation as you. My last day at work is May 13th. I'll teach a few sailing lessons to make ends meet and not dip in savings. That's about 12 hours of fun work per week through the summer. I'm also helping my buddy who owns a company here and there and that will just be a little extra. I'm probably not going to travel much because I've already done so much the last few years but rather intend work on soft skills, exercise, and spend time with friends and family. I'm ready for an awesome summer!
Human: I currently have 2 credit cards, but neither give me any decent rewards for using. I have no debt and every time I used my credit card, I pay off the full amount every month and never pay any interest. If I use an Amex card, get their rewards but don't pay anything in interest, what is their incentive to give me a card? I hope this makes sense - if not i'll try to be clearer !	Merchant fees.	It depends on what you are looking for. Cash back, travel points, build up credit. Also look for bonus points and Shit like that. Then research which ones are good and suit you. Right now I have a chase sapphire travel card and got 30000 point ts for travel.
Human: On paper at the end of every month we should have a little over $1,000 left over. However, IRL we have nothing left or even are in the negative. We really need to start saving to get to our goals. What steps did you take to stop living week to week and start getting a savings going?	Track all your spending. When you see that you're spending $25/week at Starbucks, it'll make it easier to see how you can make goals and where that excess is going.	Use Mint.com. It tracks all your spending automatically. From there, you'll be able to see where all your money goes. For cash transactions, you'll be able to log those in yourself to make sure those are tracked too. If you have a smartphone, install the app and you'll have an up to date snapshot of your finances at all times. One you figure out where the money's going, you can go from there.
Human: My girlfriend is starting med school in the fall. We've been together for about 3 years. There is no guarantee as to where our relationship is going, because she is traveling across the country for school and I will be holding down a job on the east coast. She needs to pay for school through loans, but in order to be approved, she must make $30,000 or more per year, or else have a cosigner. Her only parent is her father, and his credit score is too low, so he was denied as a cosigner. I will be making upwards of 80k this year, and I currently hold a very high credit score. I have no question about getting her approved. However, my question is, should I do this? My biggest concern is about the long term of our relationship, and how this seems like a very risky financial maneuver for me. I fully trust that she wouldn't commit fraud against me, but what about the prospects of death / change of feelings? I don't really know what being a cosigner fully entails. Thanks! edit: typo	Don't do this. It entails that if she doesn't finish med school or just decides she doesn't want to pay, you're on the hook for ALL of it.	I would advise against this...what the heck was her plan. .to have you cosign ?
Human: (Throwaway account for obvious reasons) My husband and I have been married almost two years and during that time he has been the primary handler of finances. He's a graduate student and I work full time, covering virtually all of our living expenses and most extras. He has more time to devote to the household, so he took on budgeting and bill paying, which I agreed to. We both have student loan debt and I brought an overextended credit card into the marriage, maxed out during law school (about $7,000). I work for a nonprofit so my paycheck is low but I thought we were making payments, putting some money away, generally doing okay. I don't monitor our accounts as much as I could but it's not seemed entirely necessary. I just received a series of phone calls on my work phone that have me really rattled. CashNet called to inform me that in December, two lines of credit were taken out in my name for $700 each. No payments have been made on either loan since February and the total amount (due now) is $1,009. The phone number and email associated with the loan are my husband's. I also got a call from one of our banks, Wells Fargo (we recently opened a USAA account, where my paycheck goes) letting me know that due to overdue debt on my credit card, they seized the entire balance of my account: $2,000+ of my husband's student loans. In the state where we live, this is perfectly legal. They also informed me that the account is now $500 overdrawn from auto-draft payments. They are requiring immediate payment. I feel like a complete idiot for not only not handling my own credit card debt, but being so out of touch with my finances that this could even happen. My husband said he set up payments on the credit card and that they were being made, and I didn't give it another thought. Obviously I have some relationship decisions to make, but aside from that: what is the first thing I should do to address this debt? I know in both cases (CashNet and the bank) I can set up repayment plans: what do I need to know going into those discussions? No doubt this has ruined my previously reasonably good credit, what kind of plan do I need in place revive it? Any advice would be appreciated, I feel like just when I should be getting a little ahead I've been sent back to the beginning.	Good god, talk to him, is communication that difficult?	I added topic flair to your post, but you may update the topic if needed ([click here for help](/r/personalfinance/wiki/flair)). You may find these links helpful: - [Identity Theft Guide](http://www.reddit.com/r/personalfinance/wiki/identity_theft) - [Credit-related wiki pages](http://www.reddit.com/r/personalfinance/wiki/faq#wiki_credit) I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.
Human: See the original thread here or below: https://www.reddit.com/r/personalfinance/comments/4ajbwe/good_paying_job_but_falling_into_debt_regardless/ I wanted to post a quick update on my financial situation. After getting suggestions from the community, I decreased the sell price on my car and ended up selling it soon after, wiping out insurance, parking costs, and car payments, and leaving a good chunk of cash left over. I also found out that there was a $1,600/mo studio available on the first floor of my building. Since my building allows free moves, I jumped on it. I went from a $2,200/mo 1BR apartment to a cozier studio, saving $600 a month. I had to renew the lease for another 10 months, but now my lease ends in January, which is more convenient anyway. So in total, I'm saving about $1,300 more a month now! Thanks for all the suggestions, it pushed me to act quickly and I got all of this done in the time span of about two weeks. With my tax return and bonus from work on the way, I'm sure I'll be back on my feet soon. Thanks guys! ------------------------------------------------------------------------------ OLD THREAD: I thought I could manage this on my own, but I admit I need some help. I moved to the West Coast, putting behind a $57,000 salary for a $78,000 salary. After my bonus, that becomes about $83,000. I work as a software developer and $78k is kind of low for where I live (Seattle). But the opportunity was there and I wanted to take it, even though the cost of living ate up my raise. Total income tax for me is 25%. I'm 23 btw. Anyway, my main expenses are: - Rent: $2,200/mo. Living in Seattle is expensive and I didn't have a lot of time to pick a place. Lowest rent in my area is probably $1,875 if I'm extremely lucky. - Parking: $250/mo. I don't use my car much. I actually put it up for sale, but nobody is biting. - Car Payment: $366/mo - Insurance: $80/mo I actually just switched insurance from $180/mo to this new policy. - Debt: $300/mo on a 0% APR account to pay off my move. - Bills: $100/mo. I'm reimbursed for internet, so this is quite low. - Student Loans: $275/mo. So here I am, $3,571 of the ~$4400-something I make in a month (after tax and 401k) being plucked away from my hands. I put about 10% into my 401k. That doesn't even account for groceries, entertainment, etc. I don't eat out but I do frequent the bars on the weekend with my girlfriend. The only options I see are: - Seek a raise or new job? I should be making closer to $100k. - Seek a new apartment? I'm tied down to a lease and could only switch to something within my building. - Sell my car? I'm trying. It's a Ford Mustang 2011 but somehow I'm getting few offers. - Second job? I'm working on a side project which will hopefully be a return on investment. - Bail on it all and move back ASAP? I mean.. it's an option. Where I came from I paid $875 a month on rent and everything else in my life was less expensive. Where do I go from here? EDIT: Thanks for all the advice guy! I didn't expect such a great response. I'll try to post an update in a month or two. My current plan is 1. Lower the price of my car drastically until it sells. Hanging on and trying to sell it at fair value in Seattle isn't going to happen. 2. Move within the building to a studio, saving 300/400 a month. 3. Cut down on going out and restaurants, movies, etc, until I see my debt start to go away -- especially my debt from the move.	Congratulations, you just gave yourself a $20,000 a year raise. It's going to feel good to not have your bank account shrinking all the time. This will give you the breathing room that you need to do whatever you need with your money while you re-assess everything. I think that now, you should consider just moving up in your company. Put in a solid 3-5 years, and if the raises and promotions aren't keeping up with your effort and the market, then leverage your experience and contacts/networks in the city to move to another company.	Awesome job! I'd recommend deleting the copypaste of the old thread as people are responding to it instead of the update. Just leave the link.
Human: So I am working for money for the first time. I work for a union and the pay isn't bad for my age. I received my check about 1 hour ago, and I am shock and upset at the same time. My first check I checked online for my time reports and how much I made before any other taxes. I made $1080.80. 700 of that was regular hourly wage, and 380 was from tips. So after I looked at my pay check. The union took 15$ because I work for them. Which is no problem. Than on the other end there was a (Federal tax.) Which took $330. I am in shock right now on how much tax they took. Isn't Income tax 5% for a lot of states. That 300$ is basically all my tips. I am 18, and is the tax supposed to so god damn much?!? Assistant: Well there is both state and federal income tax. What you listed was federal income tax. Most peoples federal tax rate is around 15% but that depends on salary. That is on top of state, which can be around 4-5%. Here is a breakdown of Federal taxes http://www.bankrate.com/finance/taxes/tax-brackets.aspx Human: Oh my god. I am so hurt. I didn't know there was federal tax. I thought MA state tax was federal tax. Jesus FUKING christ. I just lost 300 dollars and I can't do anything about it.	> I didn't know there was federal tax. How'd you think the federal government was funded? Or what people were doing every April 15 at tax time?	No, you gained seven hundred dollars from work that would be probably hard to do without society existing, which is what taxes enable.
Human: I got work done in January. When I went to pay, their system was down, so they said they'd send me a bill. I never got one. I called them and went in totalk to them, each time, they told me I had paid and don't owe anything. I do not remember ever paying them and there's nothing in my CC statement. The problem is, my deadline to submit expenses to my HSA is two days from now. It's money I had set aside for this work, and I lose it if I don't claim it by the end of the month. If they don't want money, honestly I could care less, but I don't want to be screwed when they figure out their error after the 30th and I have to pay out of pocket after losing the money I had set aside. What do I do? I've tried calling today and their system is 'down'. What can I do to protect myself if they refuse to take my money?	Get it in writing from them you don't owe anything.	Definitely a good idea to get it in writing that you don't owe, but even if they magically "find" your account later on you won't have to pay out of pocket. Well, you will, but HSAs allow you to reimburse yourself for medical expenses and there is no deadline on that. So even if you owe the dentist and pay him 2 years from now, you can just pay personally and then withdraw the same amount from your HSA to reimburse yourself (keeping proper receipts so that you can justify that the money was spent on a legitimate medical expense).
Human: Is it smart to cut down the percentage contribution to your 401K in order to help pay your mortgage? My thinking is that owning a home is an equal investment to your 401K and thus retirement fund. I live in the SF Bay Area if that helps you understand the housing market I'm dealing with.	Imo no. It may make sense to reduce 401k contributions to save up a down payment, but if you can't pay for your mortgage and save 15% for retirement, then you can't afford that house. Edit: Two assumptions you're making with this statement, > My thinking is that owning a home is an equal investment to your 401K and thus retirement fund. 1. Your house will appreciate at the same rate as the market grows (~5-7% in the long term after inflation). 2. Your house is as safe as a diversified portfolio. Saying your house is your retirement fund is like putting your retirement savings in one stock and saying that's a good idea. > I live in the SF Bay Area if that helps you understand the housing market I'm dealing with. Not everyone can afford to buy a home where they live on their income. You may be in that group.	I added topic flair to your post, but you may update the topic if needed ([click here for help](/r/personalfinance/wiki/flair)). You may find these links helpful: - [401(k) Fund Selection Guide](http://www.reddit.com/r/personalfinance/wiki/401k_funds) - [401(k) FAQs](http://www.reddit.com/r/personalfinance/wiki/401k) - ["How to handle $"](http://www.reddit.com/r/personalfinance/wiki/commontopics) I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.
Human: Hey PF, As the title says, I have 300,000 cash but I do not have a credit history as I just moved here. I have a secured card already as I've read that's a good place to start building credit. However, I wanted to purchase a property here in the next 2 months and ideally would love to get a loan arranged asap. I am looking at borrowing another 300,000 making it a ~50% down payment. Are there any options for me I do I have to wait until my credit is good enough? Thanks!	Not likely. "No credit history" is kind of a sticking point to someone who wants to borrow over a quarter million	No credit history in the US is bad, but not necessarily a deal breaker. Questions you'll have to be able to answer. Do you have income? Do you have history of repayment from your home country that is verifiable? Can you prove the source of your $300,000 cash?
Human: Im looking for more online jobs than in real life. Im really limited when it comes to options. Anything would be appreciated P.S: If im posting in the wrong subreddit please direct me to the right one!	Not much online for a minor. You're best off doing what kids have always done for money -- mowing lawns, delivering newspapers, pet sitting, etc.	Love the hustle young man. You can bid on small jobs on [Fiverr](https://www.fiverr.com/) and [Upwork](https://www.fiverr.com/). There's also nothing to stop you from building a blog and monetizing it through advertising and writing ebooks. At 14 you probably don't have wisdom worth paying for, but who knows. Victor Pride and Mike Cernovich have good advice on this topic, google them. The biggest problem with your age is legal obstacles to opening a checking account. You will need your parents' authorization to get one.
Human: I wanted to create an account to trade my tax returns. Its not an incredible amount because I worked mostly small jobs through my senior year of college. I am about to move back home and live essentially rent free but I want the money I earn at my new job to get to work while I start budgeting to pay off student loans. Anyway, I want to find a site that would not require too high of an account balance and does not charge crazy high commissions that would eat away at returns. Any advice? Edit: Thanks to everyone that had given me legitimate answers. I'll do more research after I start trading with virtual money. Assistant: Vanguard (ETFs; mutual funds have minimums) and TDAmeritrade are the two best picks for a "full service brokerage". Robinhood is good for small account trading. Betterment is nice, but stay above $100/mo auto deposit or they hit you at the knees with a huge fee. Human: I'm thinking I'll start with RobinHood, move toward Vanguard ETFs and then consider Betterment. Depending on my RobinHood foresight/success I may build a portfolio on ScottTrade as the other commenter had mentioned.	> move toward Vanguard ETFs and then consider Betterment If you want Vanguard ETFs, just open a brokerage account at Vanguard. Betterment just buys these same ETFs and tacks on a fee (that varies based on how much you have with them).	Just stay away from Betterment. You can do everything they do by yourself and not pay their pretty high fees. Robinhood is good for playing around with. And I do mean that; it helps me "scratch my itch" for self-managed investing/speculation. Making stupid decisions with a couple grand in RH is smarter than my retirement portfolio. TDAmeritrade is better than ScottTrade. When you sign up for TDA, do it through Dough (just google it). They are owned by TDA but Dough accounts get $7 commission instead of $10, plus reduced options commission. Existing TDA accounts can apparently "convert" to the dough pricing if you contact support. Interactive Brokers offers the best ratio of cheap to quality, but they have pretty high minimums and their service is really hard to use.
Human: I recently moved ~$100k from a Vanguard rollover IRA to my employer's John Hancock 401k to be able to contribute to a Roth IRA using the backdoor method. I'm now debating how best to invest the rollover funds while they sit in a Stable Value fund at JH. I recently rebalanced my Vanguard Roth IRA ($44k) into the [three-fund portfolio](https://www.bogleheads.org/wiki/Three-fund_portfolio#Vanguard_funds) using admiral shares for each fund. As a result, I have a moderately diversified portfolio that requires little to no maintenance and has a combined expense ratio of 0.23%. I'm no investing expert but I'm largely happy with that setup. When it comes to JH, the lowest expense ratio across the board is 1.63%, and it can go up to 2.55% ([full list of funds here](http://www.pdf-archive.com/2016/04/28/jh/jh.pdf)). I know ER is only one variable to consider out of many, but it's frustrating to know how much more money will be eaten up by fees just by having it at JH. Questions 1. Did I make a mistake rolling the funds over? Pretending for a second that fund performance is equal between Vanguard and JH, I went from paying 0.08% to 2.09% in fees (I took the median between 1.63 and 2.55). If my math is correct, assuming ER is charged once a year, and against a balance of $100k, that would be $80/year at Vanguard and $2,090 at JH. 2. To minimize fees, should I be seeking to distribute the money across the smallest number of funds while still staying reasonably diversified? A three-fund portfolio for $100k doesn't seem optimal, but if more funds = more fees, that's the tradeoff. Thanks in advance. EDIT: Fixed math in #2 above	Yea kind of a large mistake leaving Vanguard. Three fund scales perfectly to any asset level.	My current employers 401K is through John Hancock, I have accounts at Schwab as well. All I can say is that if I had the choice I would have it all at Schwab. If I were you I'd probably leave the 100k at Vanguard.
Human: Some quick background information: * Throwaway account. * I (27 years old) am the sole earner in the household at $42,000 before taxes. I have a second job that is effectively cash under the table at around $2000-4000 a year. * I have worked hard to keep enough in savings to cover a catastrophic medical emergency and have $15,000 cash saved, and a handful of other investments of approximately $25,000. * My employer offers a high-deductable health plan (HDHP) to spouse+family for $550/month that we are on currently. It is free for me if I'm the only one on it. I am healthy as a horse, so to speak. * My wife (29 years old) is unemployed and 9 weeks pregnant with our first child and just tested positive for a chronic Hepatitis B virus (HBV) infection during a screening panel - likely infected at birth from her mother, although this doesn't matter. * The cheapest medication for HBV is the generic entecavir which runs $720 per month regardless of the pharmacy I use since it is a specialized high tier formulary. * Our health plan will cover 0% of the prescription costs ~~even after our deductible has been met.~~ until our deductible of $5000, afterwards they will cover 80%. No exceptions are allowed with our policy * Monthly expenses run about $1800 - 2000 for everything - mortgage, transportation, insurance, bills, food, etc. So here's my question: can my wife secure a "Silver Plan" on the ACA Marketplace which would actually cover the costs for her specialized medication while I just stay on my employer's HDHP? When reading up on whether or not I could apply for separate coverage, I was unpleasantly surprised to hear that [this is not a possibility under the ACA](http://obamacarefacts.com/questions/do-married-couples-apply-together-obamacare/). Am I understanding this wrong? Or are we just plain fucked? There's simply no way I could afford monthly medical expenses that exceed a third of my income pre-tax, especially considering how reaching our deductable won't eliminate our costs entirely. Hell, a year's worth of entecavir would run $8640 total which would exceed the maximum out of pocket expenses for an individual under the ACA. This might seem extreme, but would we just be better off getting divorced, putting my now-legally-not-wife on the cheapest, shittiest insurance policy in existence and just plan on having her hit the out of pocket max for individuals at $6850 every year for the rest of her life while I work my ass off? This just seems too absurd to be real. Any advice is greatly appreciated.	People tend to forget that you can still just buy regular insurance. If you pay the full amount for a plan, it's none of the government's business whether you apply together or separately. It's due to the subsidy that you have to apply as a family. Go see a navigator.	maybe just live with it and treat the baby. this is what i'm reading while i'm having my morning coffee.. http://www.hepb.org/patients/pregnant_women.htm Will a hepatitis B infection affect my pregnancy? A hepatitis B infection should not cause any problems for you or your unborn baby during your pregnancy. It is important for your doctor to be aware of your hepatitis B infection so that he or she can monitor your health and so your baby can be protected from an infection after it is born. If I am pregnant and have hepatitis B, how can I protect my baby? If you test positive for hepatitis B, then your newborn must be given two shots immediately in the delivery room: first dose of the hepatitis B vaccine one dose of the Hepatitis B Immune Globulin (HBIG). If these two medications are given correctly within the first 12 hours of life, a newborn has more than a 90% chance of being protected against a lifelong hepatitis B infection. You must make sure your baby receives the second and third dose of the hepatitis B vaccine at one and six months of age to ensure complete protection.
Human: On mobile, pardon typos. I'm my father's only child. He just broke up with his long-time girlfriend and now lives on his own. I obviously don't know if he will find someone in the future, to split costs with and that jazz. But he likes his solitude, so I wouldn't be surprised if remained single for awhile. He works, but lives paycheck to paycheck, but mostly seasonal manual labor, kitchens, lots of entry level jobs. He sells parts for stuff like radios (CB) and cars, and also sells weed to dispensaries on the side. He will probably sell weed forever - he has been doing it since I was a child. As far as I know, and I'm almost sure of this, he has no savings. I honestly don't even think he has a bank account. He cashes his checks, and pays his bills with cash. He never graduated high school, and doesn't have his GED. He has some medical issues (gout) but as far as I know, no medical debt. He only has his mother left, his dad died almost 15 years ago. My grandma has cancer and we anticipate her passing soon but I don't believe she will have anything to pass on to anyone because my aunt (dad's sister) has bleed her dry over the years. All of the information in this paragraph is to give you an idea of his financials and his future. He is very stubborn, but I know I will have to support him when he is too old to work. I work full-time, have a bit of debt (car payment and school - pay off in about 4 years), and live in an apartment with roommates. I want to prepare as best I can for having to take care of him eventually. Programs/advice/personal experiences will all be very helpful. I believe the best I can do is start a savings account for him. When I look into buying a home, I'll be looking for one with an additional bedroom or a guest house for him to eventually move into. Also we live in Oregon, but when the time comes for him to live with me, who knows. TL;DR: Father is single and getting old with no savings. I want to know how to prepare for eventually taking care of him.	I have 6 children, and I hope at least one of them is as unselfish and giving as you are :) That said, it might be best to contact the [Oregon Department of Human Services] (http://www.oregon.gov/DHS/assistance/Pages/index.aspx) and see what options your Dad will have for state assistance when he can no longer work. You should not have to bear 100% of the guilt or the financial burden for his irresponsibility. One more thought: if you ever plan to start a family, you may also want to think about the impact that supporting an irresponsible Dad will have on your children's financial and emotional futures. Best of luck and Godspeed.	I'd say 20 yrs is a long time. Talk with your Dad and encourage him to save. You could set up a n ira and invest it for him. Also in these scenarios sometimes the older parent will just go move in and use SS to supplement expenses. Roommates in a low COL area is another option. I wouldn't worry about nursing or medical care. Maybe you can help some, but there are State programs that he'd have to rely on. Medical care can burn through life savings even for well off people. I don't think you should be paying that portion of his expenses.
Human: I just read "The Total Money Makeover" after getting several recommendations from friends and deciding that I need to be more intentional with my financial planning. I loved it, it's been the most practical info on financial planning that I've read. He changed my mind on car leasing, retirement savings, and woke me up to the power of a well managed income (even if that income is average or below average). That said, I'm not sold on his idea that "You should never open a credit card". I understand the book is geared towards people with debt and people who have a hard time living within their means. He's right to say they shouldn't. But here's all I can gather for his justification for this policy otherwise: 1. "When you play with snakes, you get bitten". Essentially, all it takes is a small balance for the credit card interest and penalties to outweigh benefits. 2. "According to a study, 47% of people spent more at McDonalds on a card than they would have if they payed cash". So you end up paying more on a card because it's less painful (although this study alone in no way fully supports that conclusion) 3. "69% of bankruptcy filers do so because of credit card debt. Broke people use credit cards, rich people don't". So credit cards are a major contributor to financial disaster. I get all this. But it only justifies: "Credit cards can do really horrible things to your finances if you use them poorly". These justifications don't support "Credit Cards are bad, don't ever use them, rich people don't". I've never opened a credit card and would like to now (looking at Discover IT). I have a solid budget, no debt, and a 3 month emergency fund. I have never been late on rent or any other major payment. I have budgeted for credit card use (groceries, gas, home goods) and will pay off my balance every month on time (and don't give me the "how do you REALLY know that maaan" argument). How can a professional financial planner justify telling me to not take advantage of 1% to 5% off on EVERYTHING I buy? TL/DR: I want to open a credit card, Ramsey's got me questioning that decision and I want to see if anyone can justify his "no credit card policy"	You don't get into a nuanced discussion with a five year about playing with matches. You just say never play with matches. Dave Ramsey is financial training wheels, and he brings that same message to financial toddlers. His is speaking to people who have gotten themselves into financial trouble, and need an easy to understand plan to get out. They aren't looking for great financial revelations, they are looking for a way to stop the pain they have inflicted on themselves, and will inflict again if given the opportunity. For them, no credit cards ever good message. Those of us who consider ourselves financial grown ups can make our own decisions about credit cards.	I added topic flair to your post, but you may update the topic if needed ([click here for help](/r/personalfinance/wiki/flair)). You may find these links helpful: - [Credit-related wiki pages](http://www.reddit.com/r/personalfinance/wiki/faq#wiki_credit) - [Credit Cards](http://www.reddit.com/r/personalfinance/wiki/creditcards) - [FICO / Credit Scores](http://www.reddit.com/r/personalfinance/wiki/fico) - [Improving Credit Scores and Building Credit](http://www.reddit.com/r/personalfinance/wiki/credit_building) I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.
Human: A little bit of a backstory on me. I am a single 45 year old man living in a rent controlled Miami apartment for $800 a month. I have worked in telemarketing for several years and earn ~30k annually. I have very mediocre credit (low to mid 600s) but I feel like I could raise it significantly with a few more good lines of credit. I was recently part of class action law suit that netted me damages in the amount of $150,000. Federal and state taxes took around $47,000 out of the gate and now I am left with a liquid cash amount just north of $103,000. This is a life changing amount of money for me. Excuse my naïveté, but I've never been in control of this kind of money and am baffled at how I should spend it. For the last 7 years I've been driving a '93 Toyota Corolla that turns off at red lights every so often, and now I can afford basically any car I would like. But this isn't the direction I want to head in. I want to make sure this lasts me well into retirement. So I figure I'd reach out to my friends at Reddit for advice. Should I invest in real estate? Small businesses? Stock market? Should I save in CDs, bonds, savings accounts? What about education? Am I too old to go back to school and learn something that I can change careers with? Help!	Before you do anything else, go buy a safe used car ($10k should be enough). Now that you can safely get around without potentially causing an accident every block, do you have any debts? What do you like to do? Do you want to relocate? Not trying to be rude but were you a good student? Going back to school as a nontraditional student takes a lot more discipline.	Yes, a safe car is paramount for me. And I've had a couple outstanding debts from my time unemployed after I was laid off. And no, I wasn't really an amazing student - which will be especially difficult since I haven't attended school for about 25 years!
Human: I'm currently living at home and have a job that's paying me more than I could ever spend (reasonably). I've always been interested in investing my money, but I'm not quite sure where to go with it. Having read the wiki, I suppose an IRA account would be a good place to go, but having also read about index funds and a diverse portfolio, I'm confused on where to start. I'm leaning on the side of a balanced portfolio just because it seems it would grow the fastest. I'm 24, single, and have no debts or any impending big expenditures. Thanks! Edit: I forgot to add, but I have a previous investment (mutual fund) set up by my grandparents at Chase. The fees are starting to hurt there because of a high minimum investment amount and I probably will move those funds to the same place I'll start investing my current income as well. Any advice on what to do with those funds would also be greatly appreciated.	Roth IRA. Uhhh.... yeah.... I feel like I should write some great paragraph about why a Roth IRA is the best, but it's 4am, and most of that information is [in the Wiki](https://www.reddit.com/r/personalfinance/wiki/iras). If you have maxed our your IRA contributions... then you can consider other types of investments. But max your IRA first.	I added topic flair to your post, but you may update the topic if needed ([click here for help](/r/personalfinance/wiki/flair)). You may find these links helpful: - ["How to handle $"](http://www.reddit.com/r/personalfinance/wiki/commontopics) - [Investing wiki page](http://www.reddit.com/r/personalfinance/wiki/investing) I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.
Human: I accidentally tore a small piece of my check when ripping it from my check book. It resulted in a jagged cut, rather than a clean, even cut. It didn't remove any important information, but I'm worried that it will screw up some kind of security feature. Thoughts? Check was already sealed up, so I may be screwed.	As long as the numbers/signature are fine, it's not usually an issue.	The only requirement of a negotiable check are the name/signature, account, specific sum of money to be exchanged, and date. Legally, checks don't have to be in any particular form, they can be written on a crumpled napkin or etched into a rock. Pre-printed checks are just a convenience. Those giant prize checks are negotiable if the provide the relevant facts. Tl;dr you're fine.
Human: My current lease was coming to an end so I decided to shop around for new apartment options. I replied to a posting on Craigslist for a nice condo rental in my area. Before the tour they wanted a credit check first. My first thought was this was not unheard of during apartment shopping, so I clicked the link and got a report Efreescore after inputting my debit card information. She never replied back when I told her that I got the report. After some time, I realized this was a scam and called to cancel my account at Efreescore, they tried really hard to retain me for a number of minutes. I successfully cancelled that account though I think the Craigslist poster may have stolen my credit and personal information. The link on that original email is deactivated and goes to nowhere. What should I do next? ------------------------------ Below is a copy and paste of the reply I received: Thank you for your interest in the property listed for rent. You were the second to reach out from the ad. The first prospective tenant no longer had to move because of his home situation. So we give the opportunity to you. We just completed all new renovations and are currently prepared to rent with flexible terms. We will work with you on move in date, lease length and security deposit. I understand you desire the exact address of the property but we do want not to divulge the address before you're qualified. We have had a string of break ins, squatters and thefts at our other properties. We want to prevent that with this property due to the renovations that have cost a great deal of money. You are going to be the first to move in with the renovations. All utilities are priced into the lease along with garage parking spaces. The appliances in the kitchen as well as laundry room were just installed. You have the option to choose your paint color and flooring prior to your arrival When you're ready for a personal appointment, then please go to the link below and grab your report. We use this site since it's it gives you 3 scores. All you need to do is fill out the form and you get your report We are not concerned with any negative report items, it's more of a formality to ensure you have rental history. You can get your report by CLICKING HERE Keep in mind that you only have to bring your report to the tour. We'll waive your security deposit if your score is above 540+. Let me know when you have an updated version of your report. Then I'll schedule you for a showing. See you soon, Jill ------------------------------ Thank you for your help.	> My first thought was this was not unheard of during apartment shopping It's completely unheard of, they never run a credit check or anything before they even show you the place, and they never have you get it yourself and bring it with you. I would cancel that credit card and get it replaced. Did you have to input your social security number?	I added topic flair to your post, but you may update the topic if needed ([click here for help](/r/personalfinance/wiki/flair)). You may find these links helpful: - [Credit-related wiki pages](http://www.reddit.com/r/personalfinance/wiki/faq#wiki_credit) - [Credit Reports](http://www.reddit.com/r/personalfinance/wiki/credit_reports) - [FICO / Credit Scores](http://www.reddit.com/r/personalfinance/wiki/fico) - [Improving Credit Scores and Building Credit](http://www.reddit.com/r/personalfinance/wiki/credit_building) I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.
Human: ### New members, please read through the [New User Orientation](http://www.reddit.com/r/personalfinance/wiki/newuser). Instead of posting individual threads for triumphant stories of how you've reached a certain net worth, paid off a loan, or anything else that you want to brag about, let's consolidate everyone's stories into one weekly thread! Make a top-level comment if you want to brag about something regarding your personal finances! For past Triumphant Thursday threads, please search the [Weekly Archive](https://www.reddit.com/r/personalfinance/search?q=Triumphant+Thursday+author%3AAutoModerator&sort=new&restrict_sr=on&t=year#res-hide-options).	My student loans will be paid off this year, income is growing and my wife and I reached our savings goal for a down payment on a house! It's been a long road but it feels great!	I have two Thursday Triumphs. The first is that $352 I owed to collections in Comcast were deleted from my credit reports (all three bureaus) today. The collection was not slated to expire until 2018, so talk about good luck. The second concerns medical bills I owed a hospital in Denver for stitches after a fight. They were assholes, so I decided to tell them I had no insurance and would never pay them a cent. They were so dumb they sent the bills to the wrong address, so I never saw them until they appeared in collections on my credit reports. I immediately disputed the items, and all three credit bureaus deleted them. Better yet, since there are now fraud alerts out I can get new free credit reports within 90 days. And lastly...these deletions have pushed my cried score north of 700 again, somewhere it hasn't been since 2008.
Human: Without giving too much away, (some of my coworkers use reddit) I'm an engineer at a small company that's currently laying people off. I started 7 months ago, so I'm one of the obvious choices for the layoffs. I came here out of college, so I only have 7 months relevant experience. Should I be applying for jobs now? Or will that look bad to potential employers? Should I be applying for entry level jobs still? What should I do if the layoff happens? Can I collect unemployment while I hunt for a new job? I'm in Minnesota. I have 1.5 months salary saved right now (not very much, but student loan payments are a bitch). Please let me know if you need more info; I'll be checking back every 30 minutes or so. Edit: Thank you for all the responses. I don't have time to respond to each of them, but I am reading them.	How you feel about yourself is very important when you're looking for a job. Interviewers, like dogs, smell fear. The first rule of looking for a job is that it is always easier to find a job when you have a job than to find a job when you're unemployed. There are several reasons for this. First, historically employers have seen being laid off as a negative. Most companies don't layoff their best and brightest unless they have no other choice. Another reason is your mental state. Being laid off, even for the best and brightest, feels like a negative to the person who was laid off; one questions their value. Every day you go without a job adds to the feeling of reduced self-worth. You will find it much easier to tell a potential employer that your reason for the job search is that your present employer is reducing the force and you don't want to get caught up in it.	I agree with everyone else to start applying for new jobs. Sometimes they are harder to come by and with new grads hitting the market right now it may be a bit more slim pickings, BUT you have 7 months of experience that they don't have. This gives you a slight edge over your competition. For Unemployment you would probably qualify. In WI they require at least 6 months of employment (I believe, it's been a while). However, with a layoff there is sometimes a severance package. That needs to be exhausted before you can get UE. Also, it sounds like you're doing well. If you have 1.5 months of salary saved after 7 months you're not doing too bad! Sounds like you're saving a decent % of your income!
Human: I have been with AmEx since 2010 and have been a huge fan of their customer service. Recently, I had an issue which has been a nightmare, and they have been extremely unhelpful- actively making the situation worse, the complete opposite of my previous experiences. Part of the reason I pay the annual fee is so I won't have any headaches if there is fraud on my account, and now the first time it is they are actively complicating the situation. Apparently, judging from a little internet research, this seems to be part of a larger pattern. Anyway, I'm looking for a card that is similar to my American Express Gold but with actual standards for customer service. What is the best card out there? My credit score is excellent, about 800.	Do the same search for : - Bank of America - Wells Fargo - Chase - CitiBank - Capital One - Barclays You will likely find the same complaints.	The Chase Sapphire Preferred has the best customer service I have ever experienced. A person will pick up the phone immediately and will go out of their way to make you happy. Excellent sign up bonus right now as well. I like the Citi Prestige benefits, which is the best bar none, but the customer service falls short of the Sapphire Preferred. Still better than Amex. I have the SPG and I hate dealing with the automated system.