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Human: I recently sold a rental property that resulted in a profit of 175k. I was able to avoid capital gains tax on my income and I am not sure the best way to reinvest my money. A bit of background, I make 85k a year while contributing 10k a year to my 401k, plus I already max out my Roth IRA. I am 27 years old and I currently have zero debt and about 20k in my savings. I am looking for help on the best way to reinvest this money in my current situation. I am unsure if I really want to invest it back into the real estate market. Any help would be appreciated.

> I was able to avoid capital gains tax on my income How did you do that? By avoiding capital gains?

https://www.reddit.com/r/personalfinance/wiki/windfall

Human: I am looking at joining a credit union. They have an account that if I have a 2000 dollar balance they pay a 2.00 % dividend rate. What does that mean? I have the money for this but don't know what this means. Thanks

It's called a "dividend" rate because in a credit union you're not a "customer" you're a "shareholder" and the money in your account isn't counted as "dollars" but as "shares". So you'll receive a dividend from your shares, if you keep a certain amount of money "invested" in the credit union.

Is there no upper limit to the 2% dividend rate? If not, that's pretty awesome!

Human: Is going from fee to commission better? To try and sum it up (I'm not great with terminology) after the new federal regulations Edward Jones is changing how they invest, I think. I opened an account with them 2 years ago with about $70,000 and paid 4.75% fee upfront plus every time I put more money in, A share investments. With the fee up front I now only pay yearly maintenance which is $40 with all my accounts. I have a Roth and Traditional IRA. Now they want me to transfer all my funds to this new program that will only charge 1.3%ish in commission a year with no cost of moving funds around as needed vs my original A shares. I guess my question is, is this a good move, are there things I should be cautious about? Talking to my rep he highly recommends it and believes the money I lost in A share fees will be made up faster in this system. I want to be comfortable before I make my decision and I find a lot of knowledgeable people in here. If I knew what to do I wouldn't be paying for an investor but I value other opinions. Maybe a little more info, I still have 30yrs before retirement. TIA and sorry if sloppy, I'm typing on my phone. Update: Well it sounds like I really screwed myself by going to EJ, especially seeing how ridiculous my rates are. I wish I knew all this before! Being young and uninformed is how they got me, I thought I was being smart for signing up for retirement through a broker. I prob lost a good chunk of money because of this, but at least I found out early enough. Everyone else like me, learn from my mistakes! The sales rep made everything sound good. With me being young and convincing me I want fees upfront so I won't pay fees on my interest earned. Thank you all again for the advice and articles, I have a lot of studying to do but keep them coming. Assistant: <sarcasm>So they already screwed you 4.75% on the way in and now they want to suck 1.3% a year "just because"? </sarsasm> Run. Run fast. Run far. Don't look back. Human: Yep, time to call up Vanguard. Have you entire account transferred to Vanguard and don't look back. Assistant: Will they maintain the accounts for me or do I need to keep up on it? I just don't trust myself making retirement stock choices.

Vanguard has an advisory services that charges 0.3% instead of 1.3%. They also will put you in lower fee funds, which will lead to even more money. EJ will charge you 1.3% and put you in funds with expenses of 1% or more per year. Vanguard will charge you 0.3% and will put you in funds with expenses of 0.2% per year. Vanguard > Edward Jones

You can also use a roboadviser like Schwab Intelligent Portfolio. It does all the work for you. SIP is even free, although there's a small cash drag (not all of your money is invested, about 6% of it stays in a cash position) so there is that to consider.

Human: So I will be graduating in the Spring of next year (2018), and my parents have told me that they are willing to invest $300,000 USD in my name upon graduation as a gift. Their initial thought is to invest that money into a house in the United States. I am currently living in Japan, and I plan to work in Japan after graduation, while my parents live in the United States. Their plan was to buy a house in the United States in my name and then rent that house out to somebody else, with the rent payments going into my bank account which I could use to help pay for rent here in Japan. I was curious if that was the best way to go about it, and my parents told me to suggest something if I had any other ideas. I've read the commontopics and investing section of this subreddit's wiki. Would investing that $300,000 into some sort of index fund be a better course of action? What would be the best balance of investing part of that money for the long-term, while making part of it available for short-term use? I will most likely be making no more than about $30,000 USD a year during my first few years on the job here in Japan, and I currently live in an about $1000 a month apartment (relatively cheap by Tokyo standards). My parents thought I could at least aim for a $2000-$3000 per month apartment. Considering my salary and my parents' investment, would this be a wise choice? Thank you in advance for any advice.

The house isn't a good plan. You're concentrating pretty much your entire portfolio in one sector and you'll have to pay a management company to deal with the rest. It's also not tax-efficient. Don't rent an apartment 3 times more expensive just because your parents want you to. >Would investing that $300,000 into some sort of index fund be a better course of action? What would be the best balance of investing part of that money for the long-term, while making part of it available for short-term use? This would be the better, easier, safer, and more tax-efficient option. 1. Determine what your financial goals are, how much they'll cost, and when they will occur e.g. you want to retire at age 65 with x dollars or you want to buy a new car in 10 years. 2. Figure out what your fixed expenses are for 3-6 months and set aside that amount in a liquid savings account. 3. If you have any planned spending in the next 5 years, set aside that amount too. 3. If you have any high interest debt, pay that off. 4. Figure out what your risk tolerance is. You can check out a few online questionnaires that will help. 5. Based on your risk tolerance and goals, come up with a broad asset allocation between stocks and bonds that meshes with both. You should almost always have at least 10% in bonds. 6. Invest in index funds to match your asset allocation. Generally, a total market or S&P500 fund should form the bulk of your stock allocation, with a portion going towards international stocks. If your risk tolerance is high, you could consider allocating a portion to small-cap and value funds or alternatives like REITs. For your bond allocation, I'd just use a total bond fund. 7. Consider getting professional advice from a fee-only CFP if you don't know what you're doing

Couldn't 300k buy at least a few homes in the US? Rent out a few homes, include property management and let them keep going for years. Rent is paying mortgage+ for multiple homes.

Human: Hi! Not sure how to start this but the bottom line is that I believe my partners dad is using her to laundry money and I have no idea what to do about it or if it's even true. So my partner has been recieving small- to medium sums of money to her bank account from her fathers PayPal account. He then asks her to transfer them to his bank account. The sums are usually around 10k SEK (~1.1k$) and he's always in a rush to get the money transferred. He's never said why and my partner has never asked, I think, she said he may have mentioned "something being wrong with his PayPal account so that he can't transfer money from it" but she's not really sure either. I suspect he does this because he doesn't want his PayPal account linked to his bank account, so that he can tell the banks these sums he's recieving on a regular basis are "gifts" from a relative. I think this is to avoid having to pay tax and I know it's been going on on a fairly regular basis for at least a couple of years. But the sums are way too big to be gifts, if anyone was to check my partners finances they'd notice she doesn't have an income to support said gifts. Can she get into any sort of trouble over this? I mean, she doesn't know (and neither do I really) that something fishy is up but I would guess this is still illegal? I just know that as soon as we go to the bank to apply for a house loan they will ask her what these fairly regular incomes from PayPal are and she will have no idea what to say. I've told her of my suspicions and she also agrees it's fishy, but we haven't spoken to her father and don't know if we should. If we do speak to him maybe he'll confirm our suspicions and try to guilt-trip us into keeping up with it? And then it's illegal for sure. Is it better just not knowing? Sorry that this post is such a mess, as you can tell I don't know much about this kind of thing but I am worried sick.

This is one of those scenarios where she simply has to confront him. If it is illegal she could be implicated, and face criminal charges or jail time herself. Being ignorant doesn't give her an excuse. If he's unreasonable or won't explain, then stop helping and go to the police. Too many people on this form are worried about ruining a family relationship, but completely ignore the fact that they aren't ruining the relationship, the person using them to break the law is!

Change accounts, do not give him the details. Recommend he get a second bank account, if it is that important to him. If it isn't laundering money, it is fraud of some sort that make him want another step away from the Paypal account. Your girlfriend could face charges if it is discovered.

Human: I'm a recent college graduate (24 years old) working full-time in city government and part-time as a delivery driver. Combined my annual income pre-tax is ~50k. I currently pay $840/month in rent plus around $100/month in utilities. I still have 28k of debt (20k in student loans, approx. 4k in credit card debt, and just under 4k in car payments) and my credit rating is in the low 600s (simply because of the number of various loan sources I've had in a relatively short period of time). That being said, I'm having no difficulties making these payments (to the point I'm able to pay off 1k of debt per month- by the end of this summer I'll have all my credit card debt paid off). Recently a condo became available in a really nice section of the city for 159k. Being a complete novice at this, mortgage calculators are claiming that even with a $0 down payment, my average per-month mortgage payment would be less than my current living expenses renting. I have no intentions of moving out of the city within the next 15 years and it's my goal that once I pay it off, it could be used as an income property. In my current situation, IS THIS FEASIBLE? Will I be able to get a loan (with mortgage insurance) and will I be able to afford it - my max monthly budget for living expenses will be around $1300. EDIT: Damn. I hate having to be patient. Thanks for everyone's advice and for getting me back to reality.

Your debt to income ratio is pretty high as it is. Why would you go out and put yourself under another 159k? And no down payment?! That's asking for trouble. Your credit score is borderline mediocre. You probably wouldn't get a good rate on that loan. You'd be paying around $1300 a month on a 6% 15 year loan. You'd probably also be paying higher utilities and HOA fees. You really need to focus on paying down your debt. Live below your means.

$159k for a condo...? -what city/area are you in? USDA RD has a program for zero down payment mortgages with "good" credit. I know it well because I used it 7 years ago to buy a place in Vermont. The catch is that you need to be an area considered "Rural". [USDA](https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do)

Human: I recently moved to the USA and found it incredibly difficult to find accommodation because I have no credit, as such I needed to make 5-6x per month more than the rent due and I am a lowlife scumbag and don't make much. My only recourse was to scour craigslist for some poor sod that needed me more than I needed them. I found a guy living less than 2 minutes walk from my work that wanted a roommate and it was well within my budget. I pay him $500 cash every month for rent including utilities and everything. How can I turn this situation where I am literally just losing $500 a month into something that positively impacts my financial/credit situation? Any advice of that nature would be appreciated please.

You're not "literally just losing $500 a month." You're paying for a place to stay. If you want to start building your credit, get a secured credit card and use it responsibly every month.

You probably can't, but you should definitely check out the [Wiki on Credit Building](https://www.reddit.com/r/personalfinance/wiki/credit_building)

Human: Alright, so we got our tax return and we are looking to remodel our master bath. I wonder if I should aks the contractor to just replace the tub and double vanity and I do the rest, spackle, put baseboard, paint, etc. I am handy so I wonder if it would bring the cost down significantly if I do myself the final details. Thoughts? Assistant: Ask the contractor to give you both quotes (one to complete, one for just the essentials) and then figure out if the difference is worth it to you. Human: I thought it wouldn't be so polite to ask for both quotes, but it doesn't seem to be a big issue, right?

> I thought it wouldn't be so polite to ask for both quotes, but it doesn't seem to be a big issue, right? Throw a "please" at the end of your request :-) If they cop an attitude about it, then go find someone else. It's your house, you're allowed to want to do the easy stuff yourself. But I bet they'll make the difference in price really small to try & convince you to just let them do everything :-)

That's what shopping is - evaluating multiple options and determining the best option in your price range.

Human: This might be an obvious answer, apologies - I get paid twice a month and I like to pay my bills out of the paychecks in halves, it helps me budget better. So I am wondering if it is dumb to pay twice a month on a card? It will be over my minimum payments (I am trying to pay it down) but can I be sure the second payment, after the initial payment, will go directly to my balance? I have a personal loan that I would like to do this with as well, but it is through OneMain, who are truly the worst people, and I don't trust that won't screw me over somehow. I know that I could just save the money and make a large payment, but for me it's easier if the money is out of my account. Thanks!

I tell people who have trouble paying off in full each month to make a payment in full each week. Keeps you from getting too far out of hand.

Nothing wrong with it! I pay mine every week so I don't forget and that way I never pay interest and I can not overspend since I keep track of it! If it helps you budget pay twice a month!

Human: Came across this article on Bloomberg about a financial advisor who states that paying down debt is actually not the best financial decision someone can make. Obviously this depends on the interest rate to some degree, as paying down debt can be a way to earn "gaurunteed returned" (read: forgone additional costs), but the points brought up about liquidity sort of changed my mind on the subject. Essentially, to him, it seems better to have $50k in cash and $50k in debt than just $0 total. Wanted to here PF's thoughts on this since this sub seems to be very anti-debt in most circumstances. [Here's a link to the article on Bloomberg](https://www.bloomberg.com/news/articles/2017-03-23/the-case-for-saving-less-for-retirement)

For me, the bottom line is this. Treat debt like a power tool. Used correctly you can build an empire, used incorrectly and you can chop your arm off in less than 1 second. Longer version - Many people have no clue how commonly available debt works, or how much it will cost them. They just know they need money today, and before long they are in a massive massive hole. When viewed from an almost corporate perspective and used as a capital multiplier to buy things that ADD VALUE to your life and financial situation it is great. Yes liquidity is also important. It is one reason when I see people say "Should I pay off my house with this six figure inheritance/windfall/bonus/whatever?" I often advise they don't. You can easily sell a portion of a stock portfolio, you can't easily (cheaply/quickly) sell your spare bedroom to generate cash for other opportunities.

You may find these links helpful: - [Retirement Accounts](https://www.reddit.com/r/personalfinance/wiki/index#wiki_retirement_accounts) (articles on 401(k) plans, IRAs, and more) - ["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 home is not wheelchair friendly and my 9 year old son is soon going to need a wheelchair. Seattle home prices are red hot right now, which is good for me as a seller, bad for me as a buyer. Is there any way I can leverage the market given my situation? I'm willing to downsize on my next house.

Is the cost of making your current home wheelchair accessible less than the cost difference of selling and buying? I suggest looking into whether there are local non-profits or government agencies that can help with funding sources.

Is it possible to rent your house and buy another one? Or is rent cheaper than buying? Edit: added a question

Human: My ROTH IRA account is split into mutual fund and etf like this(http://imgur.com/a/wpTqb) can someone please explain to me how this might have happened? I wanted to add more into my existing ETFs, but somehow I ended up having to buy a mutual fund with a minimum of 3k, which means I can't split up my yearly 5.5k contribution into different categories. Is this bad?

I don't think you "had" to buy the mutual fund, I bet you accidentally clicked the wrong thing. You bought the same fund, and both are no transaction fee funds so you can sell mutual fund and buy ETF, or contact Vanguard customer service and let them know its a mistake and I bet they will fix it for you since theoretically its the same investment.

You may find these links helpful: - [Retirement Accounts](https://www.reddit.com/r/personalfinance/wiki/index#wiki_retirement_accounts) (articles on 401(k) plans, IRAs, and more) - ["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'm 33 years old and I have been playing basketball overseas in Europe for 10 years. I want to retire and start working in order to persevere the little bit of healthy body I have left. The problem is I have never worked anything else besides playing basketball. I have graduated from college with a criminal justice degree. I feel like a 33 year old with zero work experience is gonna be a turn off for a lot of businesses. Any advice is appreciated Assistant: I'm your age, work in Corporate America and I see a lot of resumes. They're all boring as hell. Sure, some have relevant job experience, good education, etc. etc. I would absolutely be intrigued by a resume of a pro basketball player who has spent the last 10 years overseas. You have to be realistic with your expectations, you're not going to get a job as a VP at a big corporation or anything, but there's no reason you can't get a solid job a little above what would be considered "entry level". I imagine you're more mature and have interesting life experiences that will make you way more attractive than your "peers" that are 5-10 years younger than you. You're also not that old. Bottom line - don't sell yourself short. You have an interesting and unique background. Sell that. Human: You're right I'm looking at it in a negative way when I could be pushing the positives aspects more. Its just overwhelming when you're not in the business world.

Think about all the things you know now versus ten years ago. Maturity and experience are valuable things that give you an edge over fresh college grads. Know it and show it.

I find coworkers with athletic past in team sports to be extremely trustworthy and organized.

Human: How do you negotiate on price when you don't have a true zone of possible agreement? Assistant: It doesn't matter what the dealership has in it. That has no bearing. If they get a sucker that trades in a 2015 Corvette for $15,000 then they aren't under some obligation to sell it cheaper. If it sells for $55,000 then there's no point in improving that deal. Similarly, if a dealership gets burned by paying $18,000 on a 2010 Corolla, or if they paid $9,000 but it needed $5,000 of work to make it sellable, then that's all on them. Would you be willing to pay out of pocket to make sure that they aren't losing money? Of course not. They won't sell it for more than $9,000. Use cars.com and Autotrader to see what other similar mile/trim/years are going for in your area. As mentioned, if new, then use TrueCar, Edmunds, and Costco buying service. Human: Let's say I possibly may trade in the car I have now. Am I better off not telling them this upfront and after I have negotiated prices at several dealers and have a good sense of their least desired acceptable price, throw the trade into the mix?

One thing to keep in mind when their running their sales pitch...never mention how much money per month you could afford, always say the total amount you are willing to pay for a car. Of you say you can afford $250 a month, they'll try and stick you with a 6 year loan.

Last time I did it, I knew what I was willing to pay for the car and what I thought was a fair trade. I told them if I could write a check for $10k (e.g., $30k car, $20k trade), they got a deal and forced them to work around that. It takes one of their cards away which is "hiding the ball". Dealers love monthly payment shoppers because they can change terms of the deal to wring hundreds, if not thousands of dollars out of the deal without a customer realizing it. "Just $15 more a month! You can afford that right?" Meanwhile they are now charging you MSRP for the car. Or they nickel and dime you on fees after you agree to a price. I just like to cut through all that BS. I let them know I am ready to buy and what my terms are. I don't care if they price the car out with $5000 in dealer fees, I'm still only willing to write a check for $10k, so figure it out.

Human: While browsing on my phone last night, I came across [this ad](https://imgur.com/a/d4ISK) recommending holding real gold and silver in a self directed IRA account. Please do not follow this advice. It's horrible and Reddit should be ashamed of selling this type of advertising to their users. Edit: I want to thank the r/personalfinance moderator /u/dequeued and Reddit admin u/liltrixxy for their quick attention and response in [resolving this.](https://www.reddit.com/r/personalfinance/comments/62141f/reddit_is_advertising_really_bad_ira_advice/dfj7i8k/) Edit 2: I know I spelled ads wrong in the title. I, like most people, fall for common [homonyms](https://www.youtube.com/watch?v=WZLkcFns8Ks) when typing fast and posting without proofing. Edit 3: Thank you reddit for correcting my grammar because it does matter. Edit 4: I do use an ad blocker but this is on the reddit app on my phone. Edit 5: [See this thread for why it's a bad idea to hold physical gold and/or silver in a self directed IRA.](https://www.reddit.com/r/personalfinance/comments/62141f/reddit_is_advertising_really_bad_ira_advice/dfiwa9g/) tl;dr: Placing a physical commodity inside a tax advantaged account is pointless because it doesn't produce earnings, it sits. Self directed IRAs open you up to fraud. Fees you have to pay a special custodian. Cost of storage. When RMD hits, your stash of gold will be valued and your RMDs will be based off that valuation and physical gold will start being sold off to meet the RMD regardless of what they can sell for and with disregard to future valuation. Lack of diversification. High volatility, etc. [See u/SIave's comment about the difference in earning between physical gold and the stock market](https://www.reddit.com/r/personalfinance/comments/62141f/reddit_is_advertising_really_bad_ira_advice/dfiytwk/) and [/u/benny_kurrell's comment](https://www.reddit.com/r/personalfinance/comments/62141f/reddit_is_advertising_really_bad_ira_advice/dfjh0dz/?context=3).

Trying to hail the Cash Cab is better financial advice.

Don't blame Reddit, blame yourself and conduct research. Victim mentality doesn't work in 2017.

Human: I have about 3000 in credit card debt and i make around 55,000 a year. my wife and i have about 20,000 in savings and she makes around 80,000 a year. her job is very stable.Mine is considered essential, but my price tag is high enough for me to worry (we are both in health care at the same company btw). I have a car loan of 10,000 at $285 a month. she has no car payments. we have a mortgage of $850 a month. My interest rate on my car is 0.9 % and my CC is 6.9

I'd pay off debt personally. Less monthly payments and it'd be easier to budget accordingly.

Nobody has asked yet, so.... what are your interest rates on the debt?

Human: 26 yo. Just opened a roth ira with Vanguard. How should I invest the this money? I wasn't sure if I should go with mutual funds or ETFs.

If you are a novice, go with the appropriate target date funds. It's a good starting point, and diversified.

Look for lowest fees and read the prospectus of each fund to make an informed decision. Personally I go for low fee ETFs that cover broad markets.

Human: My friend is trying to recruit me for a job that he says is financial advising. The job consists of the first month training and then getting actually hours paid. The first month is unpaid and you have to recruit 3 other people for your "team". The job says no experience needed, my friend is 18yo and so am I. The company is ranked in the top 15 most reliable companies on Forbes according to my friend who did some research himself. This seems to good to be true, is it a scam or what is it? Edit: Company is Primerica

Run away. If they don't need any special skills, all they are going to do is teach people how to read a script, its basically sales. "Get people on your team". Classic pyramid shit. All they are really doing is trying to build an army of people most of whom will work for them for probably less than the first month, but will have maybe infected 1 or 2 others with the virus to take their place. Eventually some of this army will actually land a sale and make the company actual money.

A close friend of mine began down this road and after the first session with the company, showed up at a mutual friends' house and started espousing how great whole life products could be for them. The close friend had zero financial experience before that day. Luckily they backed away from the whole thing pretty quickly, as I was about to sit down with them and tell them all the things wrong with what was happening.

Human: I have about 40k in student loan debt. I am on an IBR (Income Based Repayment) plan. I pay ~$106 a month which does not cover the interest. After speaking with Fedloan, I found out that after 220 qualified payments, the remaining balance is forgiven. At the amount I am paying now, after 220 payments, it would be less than paying them off now. My payments will change of course over the years, but even at about $180 a month I would break even. What is the incentive to pay the debt off early if I would pay less over time than paying it off now? I feel like I am missing a vital piece of information here. EDIT: I will be paying this without fail. Edited the question to include "early" to clear up any misconceptions. Also, I was trying to determine whether it would be more beneficial to pay more on my car or more on the student loans? Seems my car having a worse interest rate than the student loans would be better. Not to mention the depreciation of said car vs. what I owe on it.

> What is the incentive to pay the debt off if I would pay less over time than paying it off now? There are two types of student loan debt forgiveness - one is Public Service Loan Forgiveness (PSLF) and the other is the regular IBR plan. With PSLF you pay for 10 years and at the end any remaining balance is forgiven, tax free. With IBR you pay for 20 years and at the end any remaining balance is forgiven, but taxed. So if you pay less than the interest accruing, then the loan balance continues to grow. In 20 years, it could be quite sizeable. The IRS will count all of that forgiven debt as income and charge you income taxes on that amount.

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: He is threatening to call the cops if I show up at his house but he doesn't have an office so that's the only place I can see him face to face. The paycheck is for around $300. Should I sue him? Would suing him be worth it financially? Should I go to his place and demand payment? Sorry if this isn't the right place for this post but I wasn't sure where else to post it. Assistant: All you need to do is go to your state's Department of Labor. They take the whole not paying your employees thing quite seriously. They will handle it. Human: Thanks! That sounds like the best place to start

They will send a team of two to the workplace, his home. So much fun. Do this, it works

If you google your state's name and "last paycheck" (i.e., "colorado last paycheck") it'll tell you when the law says you must be paid by. Sometimes the law is different depending on if you're laid off or if you leave, so just make sure you're reading careful. And yes. Department of Labor is your first step before suing.

Human: Pretty much like the title says, my girlfriends auto loan has an insane interest rate. Basically she didn't have a job when she got her car, so she got kind of screwed. Since then, she worked for roughly 11 months, then we moved to Seattle and she has had a new job for a little over a month now. We want to get her loan refinanced to get a better interest rate, but we don't know where to start. Is there a website or tool that shows which banks or credit unions have the best interest rates? Assistant: Also check how much the car is worth vs what she owes. Nobody will refinance a car if you're badly upside down on it. Human: It's a newer car so it has some value to it, but she still owes a good amount.

It wouldn't matter if it's old or new, what matters is the difference between what is valued at and what she owes. With how fast depreciation sets, the high interest and the short time she's had the loan she could very well be under water with the car. If that's the case no one will refinance. She would need to pay it down further before that by either keeping the high interest loan for more time, paying more than her minimum or both. Hopefully she isn't in a bad position and can get this done.

A newer car without a downpayment is guaranteed to be upside down.

Human: I am purchasing a home, and I have some extra money involved in the closing costs paid for by the seller. It has been suggested that I invest in Owner's Title Insurance. Can anyone give this to me in layman's terms?

If someone contests your ownership rights to the land and its discovered that the title was unlawfully transferred to you, title insurance covers your loss. You should buy it.

the cost is not all that much vs the risk you could have with out it

Human: My friend just told me about this craigslist transaction he's in the middle of. He put his couch on craigslist for $1000. A guy messaged him to buy the couch, fedexed him a cashiers check for $1850, and is sending 'movers' to pick it up. He has already cashed the check and is supposed to pay the 'movers' $350 after work today when they come to get the couch and he'll pocket the rest. I'm almost 100% positive this is a scam from what I've read here, and I told him that. But how can I explain it to him since he's thinking that it's legit since he has money in his hands. *Update* - I told him there would be quick responses, so thanks for that! He's taking the cash right back down to the bank now. He's very appreciative!

I had literally this exact scam happen to me. Listed my couch at $1000. Guy sent a check for $1850, asked me to pay the movers. Check came from some vitamin/supplement company in California. Cashed it but told him I'd be waiting for it to clear. A few days later the check appears to clear, but then I get a call from my bank 5 days into this saying it's a bad check and the money has been taken back out of my account. If your friend really thinks people are in the business of overpaying for items on craigslist he needs a reality check, pun intended.

You are safe in being 100% positive...not almost 100% positive. Explain to him that, while he may have received the check, and that it may have posted to his account, the check hasn't ACTUALLY cleared. That sometimes won't happen for up to a month (sometimes even longer)...the banks expedite the posting process because they assume that you know that you are receiving the money from a trustworthy source. So now, if he goes through with this, he's going to give the movers $350, and the couch. And that's $350 of HIS money, not the "buyer's."

Human: First and foremost thank you for taking the time to read my post. This is a throwaway account, but I've been a redditor for years. As the title states, I am turning 32 on the 31st, I am unemployed and was let go from my 1099 part time contractor job. Anyways I have $400 in the bank and $18k in debt. I have enough money set aside to cover my food and rent for April, but nothing else. So I will have to use my credit cards because I can’t collect unemployment. Over the past 7 years I've been a paralegal for 5 and a Starbucks barista for 1.5 and an Accounts Payable Clerk/AutoCad Drafter for 51 weeks. From March 2016 until November 2017 I worked 2 jobs in order to bring down my debt. Which I did but not enough since I was making $9 an hour at Starbucks and $12 at my accounts payable job. So in November my '"friend" whom hired me to help out in his Custom Home Building company let me know he would bring me on full time in 2017 and give me a raise, so in the interest of having a personal life and ramp up my dating I quit Starbucks. The 7 day work schedule was hindering my life. As most redditors I am an introvert, so it’s not always easy networking and socializing but my work ethic is what has helped me thru out my life. This work ethic is what got me my Accounts Payable/CAD job and Barista of the quarter 6 months into my barista job. In 2008 before the recession hit I worked for the "friend" at major home builder and he reached out to me early 2016 for lunch we caught up and I updated him on my life. At that point I was only working at Starbucks and working towards my elusive Architecture degree so I was taking classes at the local community college on anything that would give me a leg up on the other applicants to the Architecture program. He was excited to hear that I was familiar in AutoCad so he offered me a job. Normally I would not have taken the job because I promised myself that I was living broke working at Starbucks in order to obtain my elusive degree. But the opportunity to learn firsthand how to run a business while putting my dormant Auto Cad skills to work and learning how to properly draw plans were very enticing so I took the job. I learned a little but he never really lived up to his promise, I never got to design homes for him or learn the ins and outs of the business. I was always given administrative projects to complete and kept in the office, doing menial office work. I was learning a little but was patient since I was bumped up to $15 an hour beginning on 2017. In my mind I took it as a sacrifice I would make less money but have a stable job where I would eventually get to do and learn what I was promised and in 6 years I could apply to get a Design Seal and skip Architecture school. But it wasn’t so. On Friday March 24th I was let go. Apparently he was underbidding homes by $30k and could not afford to keep me around. What really irks me is that I was completely blindsided. I passed on the opportunity in February to apply for the Fall semester of Architecture school because I intended to become a residential designer without the degree. Now I have to wait another year to apply, if I apply and get accepted. So I am at that point where I would like your direct and honest advice. I don’t have kids, a GF and only own my car. I’m dating this Woman whom I think is the one so I don’t want to lose my opportunity with her because I can’t afford to care for myself and or date her, before I got fired I asked her out on date #3 and she agreed. So I find myself asking if I should throw the towel on my dreams of becoming an Architect and owning my own home building business one day. And fall in line with a Blue Collar job which I’ve never done or keep trying at what I continue to fail at. I actually tried to look for Blue Collar job this morning at refineries because they make ok money as an entry job. But even there I could not find any leads and you need OSHA certifications and TWIC cards to work for those kinda jobs which I don’t have. I really need to find a job urgently so I can afford to live but I can’t go back to Starbucks, it’s so demoralizing and humiliating to have to crawl back and I wouldn’t be able to afford my expenses if I worked there. I would be in the Red by $200 each month and make no progress towards my debt. My Main goal now is to pay off my debt and stock up enough money to help me thru any future blindsides like the one I’m living thru now. But I so badly want to get a degree in Architecture but at the same time I need to have a job that pays me a livable wage so I can afford to be alive. I am familiar with AutoCad but I am entirely unfamiliar with entry positions in that field and what they require that you know and understand. I don’t want to apply for a job that once hired I don’t know how to do. I can’t go back to being a paralegal, it was highly detrimental to my health, I barely dodged high blood pressure and my hair is finally growing back and stopped falling out. Is it time to throw in the towel and just start from the bottom again in the Blue Collar field? I feel to old to try and keep chasing my Architecture dream, but it really sadness and angers me that I might have to give it up.

> I’m dating this Woman whom I think is the one > I asked her out on date #3 Learn to seek help. And be patient.

You may find these links helpful: - [Tax Software Megathread](http://redd.it/5ohy01) - [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: I'm going to graduate with a 100k job in a couple of weeks. My wife's income was around 50k, but she will stop working when I get employed. Our taxes weren't bad before, but I'm sure they will go up. Other than paying down student loans and retirement savings what else can I do? How should I fill out w2?

Fill it out like anyone else would, I don't get your question? You aren't getting "screwed" if everyone with your level of income pay the same amount in taxes, if you over pay, you will get a refund. Why is your wife quitting? Having 3X the income is even better, imo.

You may find these links helpful: - [Tax Software Megathread](http://redd.it/5ohy01) - [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: So I have a proposition for myself that I think is a pretty good move and wanted to get some feedback. Currently have 15k in CC debt on one card. Some bad decisions/life happened. Have been paying off my wife's MUCH higher interest card and will be done with next month. Also currently have an aging (10 years old) truck that is holding up in value and want to replace. Here is my thought: Sell my truck outright, market seems to suggest in the 15k range and pay off my CC. Then go in on a long term car loan (on a vehicle in mid 20k price range) with very low APR/possible 0% (still have 700+ Credit score before clearing off CC) Have less than 5k left over of wife's student loan debt and no other debt. Her car is paid off. No mortgage. About 2 months of emergency fund in hand and continuing to build. Retirement accounts being matched, etc etc. No desire to buy a house any time soon, enjoying travelling and living in a very fun area. In my mind I am replacing bad debt (CC w/ 15%) for much better and more productive debt (Car with sub 3% to possibly 0%) Obviously my car insurance will go up (assuming I will have to go to comprehensive coverage while car is financed) Wanted to get your thoughts, so let me have it.

You have 15k debt. You don't need a $20k car. Good idea on selling the truck. Use every penny toward your cc debt. Buy a $1-3000 beater if you need a car.

PF seems to shit on anyone who doesn't drive a beater. If your budget allows for that car payment, that's your call. But if you haven't fixed the problems that led to the CC debt in the first place, you'll just end up in a deeper hole. Edit: Remember, you might not mind that payment on a new/semi new car, but if you take a long loan, you'll be making that same payment 5+ years down the road on an older, higher milage car.

Human: **Tl;dr, pretty decent chunk of inherited cash, wondering if I can pull off getting a condo vs renting.** Hi all, I am 21 and currently go to Arizona State University, and I'm trying to plan for my next few years here. Years back I received an inheritance from my grandpa, both of cash and 50% ownership in our family house along with my sister. Through the years I've used the cash for essential life things, a new car, school stuff, you know the drill. I currently have about 65-70,000 in that account now, and my scholarship covers all school expenses except for books and all that. It's worth noting that only my mom has access to the account until I'm 25, but she's on board with my plan. I've been in the dorms here on campus the last year as our house is quite far away. They're expensive, dingy, and I really just do not like living in them. I was wondering if you fine people here think it's a wise choice using a chunk of that money for a down payment on a condo and getting a mortgage for the rest? I work part time at a bank making $12/hr, 20 hours a week. There's a few condos nearby that I quite like, they're cozy little places from about $105k-115k. I would like to get another part time job (which will be tough on top of school, but I'm willing to work hard) so I feel like I can pull this off, and it seems to make more sense to me than dumping money into rent or dorms that I'll never see again. Am I being realistic in my ability to afford one of these places? And if so, how much of my money should I put towards the condo while still keeping a responsible safety net? I plan on moving to Australia once I've finished school so this will only be a 3 year venture or so, but my own gut tells me this is a better alternative to renting. Edit: forgot to mention my mom is willing to cosign a mortgage. But yikes, not great feedback.

Nobody is going to loan you money on a part time job.

> I plan on moving to Australia once I've finished school so this will only be a 3 year venture or so, but my own gut tells me this is a better alternative to renting. You are almost guaranteed to lose money doing this. Mortgage interest is amortized and your payments starting out are mostly all interest, not principal. You say you are throwing money away, but getting a mortgage means you are just throwing your money away to a bank instead of a landlord. Also, if you sell in 3 years, the tiny bit of equity you built up will be lost to seller's fees. And what if you can't sell it when you want to? Or have to sell for a loss? If you plan to move in 3 years, this is not a good idea.

Human: My new year's resolution was to create an IRA, which I did in January. Initially I was feeling pretty good about myself for having $1k to put aside just to start investing, and being able to funnel $300/month into my IRA. I will be able to start putting $400 monthly aside toward my IRA in May, but when I browse this sub I see people talking about being able to fully fund their IRA year after year. Is it normal/common not to?? I would love to be able to but unfortunately I just don't see that happening for me in the foreseeable future.

Any money you out towards an IRA is beneficial to you in the long term. There is no "too little" amount. Be proud that you started to invest in yourself!

Why can't you? What's your income and expenses? What's preventing you from taking advantage of the max?

Human: Hello, My fiancee and I have been together for about 7 years and we are getting married at the end of this year. The entire time we have been together we have rented, starting around $1400/mo and gradually increasing as our incomes increased to now about $2300/mo. We are seriously considering purchasing a fee simple town home for $380,000 in Miami Beach, FL. The area we are looking at is "up and coming" and this particular property is fairly unique so we see it as an investment opportunity long term. We have been pre-approved for a mortgage at this price with a monthly payment of $2250 (including taxes and PMI). Our lease is not up for another 15 months but this property will probably not be on the market long (similar properties have sold in 2-3 weeks) so we are trying to decide what to do. We can terminate our lease and lose our deposit of $4,400 or potentially rent out the town home until our lease is up. What other concerns should we have in this scenario? We are curious what /personalfinance has to say about a situation like this. Thank you in advance

You should probably also hit /r/RealEstate/ for a heavy dose of reality on the term "up and coming." I've seen this scenario a lot in my life. My uncle recently fell for this trap also. It seems like you want to move so you are making this property out to be a diamond in the ruff. I used to be a RE agent and if it was a diamond in the ruff you wouldn't have time to discuss it on reddit. Any home that is priced right will sell in 2-3 weeks. Any home that is too good to be true will have offers in 24-48 hours. If it's worth $4,400 dollars to you to move right now, do it. If not, don't. However w/e you think is special about the property probably isn't. You won't believe that though. The only other thing to note is that owning anything comes w/ a good bit more of expense. However I'm sure you know that. Personally I would finish the lease and buy when you are all set to do such. You can also do the reverse of what you are considering. Buy the house and rent it till you are done w/ your lease.

How much are you taking home gross? How long will you stay in the area? I'm from the area, and while you might get lucky with an "up and coming" area, I would ask myself if this is a good idea about 50 times before you go through with it. Yes, it might work out and you would be in a revitalized area, but you could also end up getting dumped on just the wrong side of the road for the "up and coming" area. So of my personal concerns, living in the same area, I would really assess what makes the area up an coming and make your determinations on the success of this regentrification and how long you're going to stay there. Of course, you're going to want to look at your finances most notably your monthly cash flow, your cash on hand, and what your short and long term goals are. Finally, just slow it down a bit. It's easy to get caught it up in the home owning fever and while I would never give a hard no to owning a home, it's always best to take a breath before diving into owning 380k of house.

Human: So I booked a consultation for a dermatology/plastic surgery clinic on the phone. They asked for my credit card #(incase of cancellation) and I stupidly gave it. Only I looked at the reviews for the clinic online and the doctor is rated pretty badly. So im planning on calling them tomorrow and canceling my appointment but what will they do with my credit number. They have that, the exp date and the code on the back. Should I cancel my card?

It won't really make a difference. If you agreed to a cancellation fee, and you cancel, then you can expect to pay the cancellation fee. They'll likely try to run the card. If you cancel the card, then they'll keep the debt on file and if you don't pay within a year or so they'll sell the debt to a debt collector. You agreed to pay, apparently. Now you're obligated to pay. You can ask them very nicely, but canceling the card would only help you in the short term.

Trust that a company will always screw you if they think it'll gain them money.

Human: I am stupid and use a debit card for everything. I agree I am stupid. The Bank of America app's alerts are all for unusual activity, and I can't see a way of getting Mint (which I have set up to access my BoA checking account transactions) to notify me for every transaction. I think if I just received a simple text message with my new balance after every transaction, it would help me be much more careful about my money... Any app recommendations? Thanks!

I don't think there's anything that'll do that. Besides, if you used your card with any regularity, the texts would become routine and you'd start shrugging them off.

A debit card is actually better than a credit card(in some cases), atleast for spendthrifts like myself. Giving me a direct line to a loan from the bank would not be the best idea. As for the SMS thing, talk to BoA and ask if they have such a feature. I haven't used BoA personally, but this might help? https://www.bankofamerica.com/online-banking/text-banking.go

Human: Hello finance managers of Reddit, Let me first introduce myself. I'm a 24-year old grad student living in the expensive heart of Los Angeles, California. Being a traditional Filipino, I am still under the financial umbrella of my Mother and it's going to stay like this until I graduate from my studies and I start my practice. Hopefully, then I can be the provider. Here's my scenario: I earn $2,200 per month net. The only thing I pay for monthly is car lease of $383 (my haggling skills are quite questionable) and ~500 credit card expenses. So really, I'm left with a reasonable amount of money. My mom is in charged of rent, food, and utilities. Although I'm a little bit spoiled, I try not increase my financial liability. Roughly speaking, I'm left with $1,100 a month. Quite frankly, I don't know what to do with it. It's all sitting in a bank and it's not growing any marginal amounts. My thoughts are either: 1. Invest 200 monthly on a Roth IRA / Mutual Fund 2. Save up enough money to start up some sort of business (which I haven't really thought about) 3. Or stupidly spend it without remorse buying electronics and indulging on unnecessary stuff. Really, why I ask is that (not being pessimistic) my mom won't live forever and I want to be prepared to when I will finally start paying my own bills. For now, I want to stick to the topic. What should I do? TL;DR - spoiled kid, mom pays for everything, have 1,100 sitting in the bank for nothing. What to do? Addendum 1: I see a lot of comments about my need to become more responsible and help my mom out with the finances. Although I do take that into account, I don't necessarily believe that's my biggest priority right now versus being a lot more financially capable in the future. Let's just say that my mom earns a respectable amount of income that is very much sufficient and comfortable for middle class living. I will help her out in the future, but as mentioned when I have a higher earning capacity. Addendum 2: albeit the confusing title post, I would like to be more specific. I am not saying that my family is rich nor am I anywhere near in the higher class status but I was referring to myself and myself alone. Relatively speaking, I am "rich" in a sense that I have $0 financial responsibility; but as the title says I'm "poor" because really, $2,200 is barely anything in Los Angeles.

I would recommend taking this sub with a MASSIVE grain of salt, and worry about establishing yourself independently in the here and now before you even consider possibilities for investment. The priorities of people on this sub are set up in such a way that people have difficulty distinguishing between money necessary to ensure minimum quality of life, and capital available for investment. The line where that distinction can be made is different for every single person, but you are absolutely not yet at the point where your use of your income should switch from minimum quality of life to capital. When youre making such little money and havent gotten independence from your family, the short term costs and risk incurred by investing in any capacity outweigh the long term benefits you would be able to achieve. Your capital is non existent, and your returns will be non existent. Just start paying some bills. Take a few over and see how things feel after a few months. Only you will be able to make that assessment, not us.

First, ask your mom if she need you to pay some rent and for some food. You're an adult now and if your mom has credit card debt or is barely scraping by, it is immoral for you to let her subsidize your lifestyle. At a minimum, as an adult, you do not get to live in an apartment for free. Just go have a talk with her about it. Second, get youneedabudget.com which is the best budgeting software out there, in my opinion. (I've tried mint and quicken - YNAB is my favorite.) This will let you organize your money into categories for saving and future expenses, like car repairs and car insurance and Christmas presents - everything. Next, check out local credit unions in your area. I have one in my area that gives me 2% on the first $25,000 in the account. At your income and expense level, you do not need to have more than $25k in cash. So if you can find a good account at a credit union, you don't need to open the often recommended Barclays or ally account (which only give 1%). Next, in YNAB, you should set up a 6 month buffer category. Normally, you save six months of expenses - but your expenses are artificially low because they do not including housing or food. So save 4 months of income instead - ballpark $9,000. This money will just sit in your credit union account, waiting for an emergency (job loss, your mom's job loss, car crash, found a puppy, kicked out of house for whatever reason). While you're saving your six month buffer, and depending on your new expenses, you should open a Roth IRA at vanguard. Send $1,000 and buy a target date retirement fund. Then set up monthly contributions to be automatically deposited from your main (credit union) account. You might be able to contribute the annual maximum each year - but if you start paying market rent, it's a stretch on $2,200 a month. Next, for me, would be reconsidering that car. That car is stupid expensive. You should post again in a month or so with the loan amount, interest rate, and term. Also post the Kelley blue book value here.

Human: So I have a neighbor who is trying to sell their camper. They had a guy come and check it out locally and offer them way below what they wanted. They told him they would need at least $8500. He said he could do that if he could pay partially in PayPal. Partially ended up being $5500, with $3000 in cash. They agreed to that but have not done the exchange yet. I informed them using PayPal is a common scam. What can I tell them to do to ensure this goes smoothly. I thought about telling them to ask to photocopy his license. The other thing I thought was to tell them to inform him he could not have the camper until the PayPal balance cleared their bank account. This would likely scare him away if he was a scammer but shouldn't matter if he is legit right? I just can't think of any reason this guy would want to pay that way. As I understand, you can't do a chargeback on something that large so if the money clears their bank they should be good right? Sorry if this is the wrong sub, it was my best guess. Hopefully someone here can shed some light on this for me.

Tell them do not do it. If the person actually had the money in PayPal, they could move it to their account in 2 to 3 days. It's a scam. Do they have any kids that could help them?

It's not necessarily a scam they may just not wanna move the money. Telling him the money must be cleared before he can have the camper is a good idea tho.

Human: So like your typical college student, I took out loans without help from my parents and can't afford to pay them off currently. Is student loan forgiveness a real thing or a scam? Can I get a reduced debt? What should I do? Assistant: Student loan forgiveness is a real thing, but it generally takes decades for it to happen, you can't ever miss a payment, and you can only work certain jobs. You can. get a reduced payment, by consolidating some loans possibly, but you aren't going to get reduced debt. There are some jobs that will pay off part of your student loan in return for working them. For instance, some school districts will pay anywhere from 2k to 10k per year for you to teach them (hint: they're underperforming districts that nobody wants to teach in). There are some other similar jobs that'll pay a bit of your student loans off. What's your degree in (or going to be in)? How far along are you? Human: I'm graduating in May with a business degree Assistant: Well you shouldn't have to pay them off currently. You should be able to wait until you're out of school for 6 months. Human: This semester I only needed 2 classes and they already want money.

Because you're no longer a full time student. Did you do any research on student loans or read anything that they send you?

Deferment is usually only for full time students. You want loan forgiveness because you were a part time student?

Human: I've had the IRA for over 5 years and I know you can only take out initial investments without any penalties. I'm in an intensive medical program and currently without a car. My roomate says I need a car by May or I'm not able to use hers anymore. My current situation leaves me without a job for the next 2.5 months. I'll be able to use my schooling to get a good and almost garuanteed job by July. Would it be wise to take out what I need for a beater car and then while I can, put money back into it? Does anyone know if there will be any penalties. Unfortunately Chase and other banks will not advise me and keep directing me to an accountant, who I don't have money to speak with. Thanks all. I'm on mobile and new poster. Thanks for any responses. Edit* I'm on a 24 hours shift so I'll respond to any answers in the am. (7 hours)

You're probably better off taking out a car loan and paying it off quickly when you have a job.

You may find these links helpful: - [Retirement Accounts](https://www.reddit.com/r/personalfinance/wiki/index#wiki_retirement_accounts) (articles on 401(k) plans, IRAs, and more) - ["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: Are they reputable company? What are your experiences with them? Is the 1.00% interest pretty good? Trying to beef up how much I save and earn and this seems like a decent option.

Great online bank. Many people recommend them.

Ally is a very good and fast growing bank, I am about to leave USAA for them actually. I would keep your E-fund in there but, if you are young I would def keep any additional savings in something a little more aggressive such as a good index fund inside a brokerage account which ally also now provides through their purchase of tradeking.

Human: I'm thinking of financing a Nintendo Switch through Best Buy. It's $50 a month for 6 months with no interest until after the 6 months. I could pay off each $50 immediately or even a small lump sum, but not $300. Are there any risks to this I should watch out for? I have to get a credit card through the store for this which I plan to cancel as soon as I pay it off as I only use debit.

Save up and buy it later

If you're going to be able to pay the $50 a month, go for it! Store credit cards are a great way to build your credit, as long as you're consistent with your monthly payments and pay it off BEFORE the 6-month financing period is over. After that, many cards will charge you the interest in total of what you have left.

Human: Hey everyone, I wanted to ask you all for any advice you have. Anything would be helpful and I would appreciate it. I'm currently 27 years old and I'm looking to retire and smell the flowers as soon as humanly possible. I was lucky enough to be born into a family that makes more money than they need, so they allow me to live with them rent/food free without any hassle. I've saved up 70k from work and have a 401k with 4k inside it (with a contribution every paycheck) and about 8k invested in Publix stock (Fairly good stock, Roughly quadruples every 20 years or so on a bad decade). My current plan is to skip the apartment phase all together and buy a house (Something around the 100k range) with a colossal down payment and add to my stocks after my finances settle down and I have a realistic idea of how much money I need each month. I save almost every penny I earn and I'm studying more about stocks and savings. I only make about 20k a year and am looking to retire around 45-50. I know it's big deal, but it's something I just really want to do and am putting 100% of my efforts into that, so any advice would mean the world to me. Thank you all in advance!

Look into how much healthcare costs right now for a 45-50 year old out of pocket. And then look at how much copays are once Medicare kicks in. Then redo your math as far as how much money you need saved.

You may find these links helpful: - [Retirement Accounts](https://www.reddit.com/r/personalfinance/wiki/index#wiki_retirement_accounts) (articles on 401(k) plans, IRAs, and more) - ["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 currently make ~2000/mo after tax. Would it be a bad idea to save up for a down payment and purchase a house under the premise that I'd rent it out to cover the cost of the mortgage? The rent where I live is $450 at the moment.

How long could you afford to not gave a renter?

You haven't provided a lot of information which alone tells me that you're not ready to do this. How much does the house cost, how much would it rent for, what's the mortgage, taxes, and insurance, how long are homes left vacant between renters, etc? Do you need special insurance because of floods, fires, earthquakes?

Human: I will be getting married in August and am eligible for PSLF. Is there any way I can combine student loans with my wife and have it all be considered for PSLF?

No, her loans would not be eligible for PSLF, even under the old Federal Joint Consolidation Loan.

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: Hi Reddit! I'm a 21 year old female, still living with my parents but working full time. Im posting because, I want a good book to read with information on how to budget, save, and respect money. Thanks :D

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Unshakeable by Tony Robbins is a great read if you're considering investing and don't know how to wade through all the shitty ways many financial advisors scam you out of money. https://www.amazon.com/Unshakeable-Your-Financial-Freedom-Playbook/dp/1501164589/ref=sr_1_1?ie=UTF8&qid=1490855440&sr=8-1&keywords=unshakeable+tony+robbins

Human: I know the answer to this but I only have $2340 left on my car and the payment is $463/mo I am working the debt snowball to payoff nearly $72,000 in debt (cc/loans). It is really tempting to take my snowball money this month and pay off my car, just to get it out of the way. But I know my rate on my car loan is low (2%) vs my cc debt (25%). Would this be a really stupid move?

Financially it always makes the most sense to go highest interest rate first (avalanche method) But if you can literally pay off your entire car in one fell swoop, go for it. It's one less loan to juggle which will make life easier.

You may find these links helpful: - [Credit-related wiki pages](http://www.reddit.com/r/personalfinance/wiki/index#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: Good Morning All - I'm new to investing and had a few very basic comments regarding Roth IRAs. Relevant Background - I work, my wife is a stay-at-home mother currently with no income. My Wife is 7 years older than I. She already has an Roth IRA her mother set up for her as a child that she never touched. She currently has no income but will likely work in the future. Question 1: Assuming I also have a Roth IRA in my name. Am I correct in understanding that my wife will have qualified withdrawal access to the Roth IRA in her name 7 years before I can access mine? Because she's 7 years old than I? Question 2a: Do I understand correctly that as a married couple, we are allowed to invest a maximum of $11,000 into any number of Roth IRAs? Question 2b: Assuming that my wife has a Roth IRA in her name, and I have one in my name, I am allowed to contribute my income to her Roth IRA because she is a non-working spouse? Question 3: If my wife does start working again, at any level of income, does that mean only she can now contribute to her Roth IRA? Or is my ability to contribute to her IRA because I'm a spouse and has nothing to do with who makes the income? Does this have anything to do with filing jointly/separate status? Thank you everyone once again! Assistant: > Question 1: Assuming I also have a Roth IRA in my name. Am I correct in understanding that my wife will have qualified withdrawal access to the Roth IRA in her name 7 years before I can access mine? Because she's 7 years old than I? Yes. > Question 2a: Do I understand correctly that as a married couple, we are allowed to invest a maximum of $11,000 into any number of Roth IRAs? 2+. You can only do $5500 max per person per year, so you can't do $11,000 in one account, for example. > Question 2b: Assuming that my wife has a Roth IRA in her name, and I have one in my name, I am allowed to contribute my income to her Roth IRA because she is a non-working spouse? Yes, if you're filing taxes jointly. Human: Thanks Kyle, and my ability to contribute to my wife's IRA has nothing to do her income status? Just that we're filing jointly?

Whether it's your money or her money, it's your money together and she can contribute it to her IRA.

Yes, these are sometimes called "spousal IRAs." Not a separate account type, but a way around the earned income requirement for one spouse.

Human: Lets say I receive my bill on the 24th and it is $2500 and payment is due by the 20th of the next month, but I dont have $2500 to pay it off at the time i receive the bill, but when the end of the month comes and I receive my check I will have enough. Does it matter if I: A) Wait till the end of the month and just pay it off when I have enough (obviously this seems like a no brainer) B) Pay off like 40% of the statement when I receive the bill and pay the rest off at the end of the month when I get my check Obviously both choices will get the bill paid off, but will the second choice effect my credit score or make me gain interest?

As long as the full balance is paid off by April 20th you won't be charged interest and it won't negatively impact your credit score. Your grace period is just that: the time you have between receiving your bill and the time you have to pay that bill. It doesn't matter if you pay the bill off in March or April as long as it's paid off before the deadline. However, that assumes you have not carried an unpaid balance from past months into this month. If you have, you're stuck paying interest either way, and it is *currently* accumulating interest. In that case paying it down sooner will result in less interest. >but I dont have $2500 to pay it off at the time i receive the bill, Then you're spending money you don't have. Try to avoid doing this whenever possible.

You may find these links helpful: - [Credit-related wiki pages](http://www.reddit.com/r/personalfinance/wiki/index#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: I went to my bank to set up a secured credit card. I worked with a bank brancher to set this up. I withdrew $500 in cash from my account to deposit for the new account designated for my secured credit card. A few weeks later I received a letter in the mail stating I was denied this secured credit card. So I went back to the bank to figure out why, there I learned that the $500 was never deposited into the new account ( which is why I was denied) and also that the person I set up the account with has been fired. ( said in a certain way that informed me that she has been stealing funds for awhile) I was told by a manager that I will get my money back and that none of this was my fault. It's been pass the 7-10 days that they said I will here a response back. I am communicating with a new manager now since the other manager left for paternity leave. This manager told me I would be able to to be informed of what they (back office operations) found during their investigation. This would have been yesterday. The only thing he actually told me was that because I am expediting this process, back office operations has to get higher approval. No timeline was told. And I didn't know I was expediting this process. .... I am so lost. Everyone I speak to is telling me I am not privy to any information. Yet I am still short that money that was stolen. I don't know who I should contact if this process is delayed any longer. I don't know if this is going to affect my credit. I need some help, please.

I don't know if there are any laws regarding how quickly things like this need to be resolved, but it does at least sound like they understand there was a problem that wasn't cause by you or in any way your "fault". They may be slow, but it sounds like they're trying to make it right. I can't imagine this would affect your credit, long-term.

This sounds like something you would want a police report for. This is theft. You gave the money to the bank, irrespective of who is behind the counter.

Human: I took a loan of 20k to consolidate my credit cards.... but then used them all again. I also have numerous medical bills going unpaid. Should I consider bankruptcy? should I try and take another loan? please help Assistant: Nobody can help you if you keep dodging the "are you still addicted" question everyone is asking. Human: I am.... im really hoping I can stop this time. I don't really have a choice. Ive missed so much work I cant leave again even with fmla... we have had so many cuts ill be next on the block and I cant do that again for 30 days or more leaving only two others doing the job

Youre in the wrong sub. r/recovery is a good starting place.

"I'm really hoping I can stop" vs "I will stop". Tells quite a tale. Seek help but more importantly, find a strong enough reason to stop. Money is the least of the issues at this stage.

Human: Good morning Reddit, So things have finally started going well for me after a stint of bad luck and lessons learned. I'm back on my feet and have a good job that I'm really enjoying. With that said I'm looking for apartments closer to work and think I've found a few that I made enough to qualify for but my credit isn't the best due to bad decisions with college in my 20s and some identity theft issues. I've found some companies that say they will cosign for a one time fee of about 1000 dollars which I am more then willing to do. The fee isn't taken until I'm approved and in the apartment. Has anyone had any experience with companies like this. I wish I had family to cosign but that's not an option for me. Anyone that has advice or info on these companies would be much appreciated.

You might look at clearing up the identity theft issues. If you can resolve them properly, they won't be showing on your credit report or affecting your credit score. Have you asked landlords if they will rent to you? While you should clear up your identity theft issues regardless, they may even rest to you before that happens. You won't know until you ask.

The identity theft charges should not have an affect on your record if it was handled properly. If those charges are still on your report, dispute them to see if you can bump your score back to a point where they could approve you without a cosignor.

Human: My mom's 2016 AGI is at $37,250, can she make a roth contribution now and deduct it against her agi? Is there a free Roth IRA for such a small contribution?

Roth contribution is not deductible and does not affect AGI.

You may find these links helpful: - [Retirement Accounts](https://www.reddit.com/r/personalfinance/wiki/index#wiki_retirement_accounts) (articles on 401(k) plans, IRAs, and more) - ["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 make $5110/ Month Net. I pay $498 Loan (2.5% Interest), $128 Insurance, $160/ Month ($40 Week) = $790 Month for Car 15% of my monthly income - Is that too much?

Yes that is a lot. I would say that is more than you should pay for basic transportation. If you are a "car guy" and this is an important part of your entertainment / hobbies then I would say it's OK as long as you budget accordingly. Obviously if you are spending $800 / mo that is money that you can't spend eating out / buying video games / etc. But if this money is coming out of retirement savings than you need to think carefully about your $ trajectory.

It depends entirely on your other expenses, whether you have any other debt, what interest rate the other debt is at, how old you are, how much you have in retirement savings, and how much you are adding to savings each month.

Human: I live in an area where it is ridiculously cheaper to buy than rent. The average rent is $1500/month, my mortgage (without taxes or PMI) would be roughly $700. I'd like to buy a modest 2 bedroom that needs updating, and I'll probably end up in the $150k-$170k range. My issue is the down payment, as I'm in my first real year of full time employment. I'm not worried about moving jobs/leaving the area as I can easily rent the property (and I love my job). There is a literal waiting list to get a rental, and houses that should be condemned are still $800/m. I had to sign on my current rental the day I saw it, because I had lost out on other properties during my search. It also took 3 months to find a place, and we had to use a realtor. Per my current savings, I should have $10k(~6%) at the end of my lease. I know I can get a FHA loan, but the lifetime PMI is a real turn off to me. I know that you can refinance to only have PMI for 11 years, but still. I can always rent for another year and save to 20% (I paid off my student loans in 5 months, which ate into the house savings). I'd rather not rent again because of the insane price difference. Possibly relevant info: -Can afford mortgage or rent on my own, but enjoy having a roommate to help with costs; current roommate will be moving on at end of lease so I'll have to find someone new regardless of choice -Credit: 750+ -Yes, I have an emergency fund -Yes, I contribute to my company 401(k) (11% salary) So: 1) Is it worth it to get a loan with constant PMI and just eat the difference? 2) Is there a loan without PMI (or an increase in int rate equal to PMI) that I can get with 6% down? 3) Would it be better to rent and save to 20% to avoid the issue altogether?

Comparing buying with PMI @ 6% and a mortgage payment of $800-ish/month vs renting at $1500/month, it looks like paying PMI of about $100/month over 11 years is roughly equal to paying $700/month extra in rent for two years.

I bought my first house with 5% down payment, 80% on a first mortgage and 15% on a second mortgage (home equity line of credit). No PMI was required and I was not required to escrow for taxes and insurance.

Human: Hello, r/personalfinance community! As the title states, I am a 21 year old university student due to graduate May 2018. I'm majoring in Business Management, Business Analytics, and Management Information Systems. I'm interested in starting to save for retirement and investing, but I am new to all of this. In regards to my financial situation, this is a little about me: - I am still living with my parents, as I commute to school. - I work a part-time job, which has allowed me to pay for my personal expenses, which include tuition and school materials. Emphasis on tuition because it takes nearly all of my income; there have been times when I ask my parents for assistance when I don't have enough for my tuition. The good thing is that I do not have loans so I will be graduating debt free. - I'm left with very little money at the end of the month, which is why I really haven't been able to put anything towards savings since every little bit I have left goes towards next months expenses, and that has been the cycle for the past three years. - If you would like more information, let me know. Taking into consideration those factors, is it practicable to start chipping into investing now, or should I wait until after I graduate and I find a good job? What is typically the initial costs of opening up an investment account? And by chipping away at investing, I mean I could probably put anywhere between $20-100 a month towards a portfolio. Is this smart, or even viable? What are your thoughts? Any advice is appreciated. Thank you. P.S. I have read the information on the sidebar, but if you know of any other useful resources for information on the topics above direct me to those sources.

No. You shouldn't start investing until you know what your income and expense are and you have some stability. Wait until you're working full time and have a grasp on your financial situation.

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: This is the decision my girlfriend is trying to make. She doesn't use Reddit but is aware of this community because I bring it up often. She asked me see what all of you would do in this situation. She has no debt other than the ~$17,000 remaining on her car. She's in the market for a house and isn't sure if she should pay off the car or use the money for a down payment. I suggested that she pay off the car then pay her self the monthly car payments until she's back up to a down payment she's happy with before buying a house. I would love the communities input on this one. Thanks. Edit: - Location: Denver CO - Car Loan APR: 3.75 - Credit Score: 827 - Emergency Fund: Yes - Retirement Accounts: Maxed Edit: Just wanted to thank everyone that's provided feedback thus far. This community is great and I'm now educated about so many things that never crossed my mind when her and I talk about home ownership. Things that are going to make a direct impact. Thank you all. Edit 3: Thanks everyone for all the taking the time to provide fantastic advice. Her and I had a great talk about things last night and have a pretty good idea about how to proceed. Things we had never considered were closing costs and mortgage insurance. I woke up this morning to an inbox full and I can't possibly get back to them all today. This edit based thank you will have to do. Cheers.

Sell the car > buy a cheaper car > pay off all remaining debt > save three months cost of living > save for down payment on a house > wait for the housing market to be favourable > your ready to offer a down payment on a house. Or you'll be ready for a nursing home.

That's what we did. Plus if you're willing to take the risk (we were) you can lower your insurance coverage amounts on the car and stick that in savings too.

Human: Okay so let me explain what I'm trying to do. Got a lot of personal issues with my girl friend. About 7 months ago we both signed on a 1 year lease on some really nice upscale apartments like a dummy. I'm to the point right now where next time I go to pay rent, that I put in the 30 days notice and pay both months worth of rent. My whole plan is to just break the lease, take all my furniture, and other important things and just slap a 30 days notice on the door and be done with it. Does anyone know if both tenants have to sign to break the lease or just one? Because I know that she will not want to sign. My Property manager knows that I pay all the bills.

All tenants have to agree to use a lease break term. You can't break the lease without her consent, even if the lease agreement provides an option for it. If you try this and stop paying the rent, she can sue you for your half of the rent.

Read your leasing agreement that you signed, it will spell out what is needed for an early lease break. No advice on how to deal with the GF, i recommend the r/relationship sub to deal with that.

Human: Debt has been a huge source of shame for me in my private life. I make good money (~150k) but consistently have about $60k worth of credit card debt. I live beyond my means with no budget and not a care in the world. The worst part is that I've had numerous (3 and with a 4th coming up) chances to get this straight. I'm talking signing/annual bonuses of tens of thousands, another windfall of tens of thousands. I've literally been able to clean the slate but have failed to come up with the discipline to do it. I usually start and clean up a lot and fall back into debt. In the next few months I have an opportunity to clean up once again. Expecting multiple tens of thousands. Part of me thinks that I don't take this seriously because I've always had a good income and periodic cash infusions. But I realize that could all stop in a second. I realize that this upcoming chance is likely the last, and I now have a SO -- she is a no-nonsense enforcer with money that watches every penny and has already cut my cards up. I realize this will be enraging to many of you. My intent is not to troll. My intent is to communicate the real, human component to making a financial plan work. Without discipline, it all falls apart. I'm just very disappointed in myself but I can't share this with anyone in my life.

You need a Budget... plain and simple. physically seeing your income vs expense ratio and Net worth may be all you need to curb spending. you said your So is a no-tolerance financial person, she should already be aware of your situation. so why not tell her what you told us about being able to eradicate all your debt and start a clean slate?

Where does your money go? That is the easiest way to find out where your priorities are at. What I mean, some people end up spending all their money eating out because they don't want to cook after coming home from work. Others have a boat because they envision themselves being able to get away from work and relaxing on the boat. Once you identify where your money is going, you can identify another way to get what you want for a lot less money. For instance, I know some people who have saved money buy hiring a house keeper because the house keeper keeps the house clean, laundry done, and prepares dinner. This saved them a lot of money because when they came home from work they would look around and see all that needed to be done and felt overwhelmed. As a result, being at home wasn't relaxing for them so they would go out to eat (too tired to cook) or plan vacations (Just need to get away). Now they can actually enjoy their time at home and they actually save money.

Human: I left an hourly wage job making approximately $56k with OK benefits (good health insurance and some profit sharing, no 401k). I took a job making 102k but it has absolutely no benefits other than 10 vacation days. I do have a much better title. I've stayed in touch with the old owner. He liked me a lot but the money wasn't there and I was working 55-60 hours 6 days a week. I figured even without benefits this new job was a good stepping stone to something better in a few years. What are some things to consider about this? I told the old boss he couldn't afford me even though I know he can. He seems serious about it and asked to see my new pay stubs if I'm willing. Buying my own insurance sucks especially since I have a kidney transplant and I have some fears about losing my private health insurance. The old boss said he can put me in his new plant he's building and give me a better title as well.

You can buy a lot of benefits with $46K annually.

I would think of the number it would take to go back to your old employer. If the owner wants to pay you that number then go back. I wouldn't provide your new pay stubs. You have bargaining power in this situation and you don't have to prove what you are currently making.

Human: 25, stable job, no student debt. I want to switch from my credit union to Charles Schwab. I wanna put some money into Charles so I can start buying stocks and what not. I also plan on buying a $12,000 car in a couple months. I heard a lot of good thing about Charles, more pros then cons. I also travel overseas often.

You can just open a brokerage account. You don't need to switch anything if you don't want. Your credit union is probably better at some things (like car loans) and Schwab is probably better at others (like buying mutual funds).

A Schwab account for international travel is a good idea. Using them for investing is stupid. Use the robinhood app instead.

Human: So a week and some change ago I posted on here about my boss suggesting I be laid off to collect unemployment, then he would have some other "crafty" ways to pay me. I won't rehash the details since it got flagged as me asking how to commit fraud, but there was a huge response which I appreciate. I told them I won't do it. So now my boss says he won't lay me off like he is everyone else, but he will cut my pay in half and take away my benefits. If I want to quit I can, or he can fire me, but he won't lay me off to just collect unemployment. The ol "have you over a barrel" technique. If I get my pay cut in half and lose benefits on top of it, is that grounds to submit for unemployment? Then when it gets denied, I just explain the whole scenario and see what happens? Is it going to look weird if everyone in the office files for unemployment next week and I'm the only person still receiving a paycheck?

You are able to quit and take unemployment once your pay is significantly decreased.

In most states, major reduction of hours, major reduction in pay or major change in job requirements counts as "firing" for unemployment. Stick your cell phone in your pocket, and set it to record whenever you're at work. If your boss doesn't say anything interesting to you that day... delete it. If he does, keep it. Then when you go file for unemployment, if your boss makes a stink, go to the appeals board and play the recording of him asking you commit fraud. I'm sure it'll go over quite well.... bonus points if you get the money for whistle blowing.

Human: I told the other companies I had interviewed with that I received an offer and they all seem to be moving quickly to make the final steps while I wait. A few have asked what the salary of the offer was. It was particularly low and I am pushing to increase it. Should I tell them how much the offer was for? For reference these are engineering jobs. My first offer was 45k/year and area standard for these entry levels are around 55-65k/year. What do I do?

I am going to disagree with the commenters here. When I was going through entry level recruitment in college, I got an offer that was a bit low ($40k, but in Las Vegas). I was waiting on another company to give me an offer, so I mentioned to them that I had received an offer and was waiting to hear from them before making a decision. They did ask how much the offer was, and I told them that I was not comfortable disclosing but that it was competitive. I knew that the typical starting salary at this other company was $45k, but they came back later in the afternoon with an offer for $52k. I asked for time to consider, and they mentioned a) a performance bonus that is not well-explained in recruiting materials and b) that promotions are common after just a year. Didn't need to release any hard numbers to get a company to compete against someone it was already planning to beat, and it worked out well for me (especially since the part about promotions was spot on). I would definitely advise you not to mention any hard numbers. If they want you, they'll make an offer that is within their salary bands, and if they know you have options, it'll probably be at the higher end of entry-level.

If you wait until you have a second offer you can use language like "I'm having a hard time turning down my offer from company A for this one. I would really like this job, but would need a salary of X to justify taking it" to ask for more without actually lying or disclosing the other offer

Human: Hey reddit, My fiancee has about $14,000 in student loans. She finally has a job that allowed her to save up a decent amount of money. In total, she has just about $14,000 in her savings. She is making monthly payments of about $200 towards her students loans, and I suggested she should just pay the student loan off completely. She doesn't want to empty out her bank account and continue to just pay the monthly amounts. I think it's better for her to be debt free, but I understand it must be difficult for her to basically empty out her bank account. I even offered to lend her a few thousand so she wouldn't empty out her account entirely. Is it better to just pay off the loan completely, or continue doing monthly payments so she can pad her bank account?

Dave Ramsay says: Keep a $1000 emergency fund. Pay off debt. So, ...yeah. Once debt is paid, you can more quickly save up 3-6 months worth of bills. And if you no longer have that $200 payment, that's $200/month that you don't have to worry about paying.

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, I was hoping for some advice on how to handle a situation. I am a state employee, have been with the state for 5 years, a little over 1 year in my current position. We have recently had 5 new employees in the same position hired making $.56 more than myself, and most of them make more than my colleagues. I am hoping for some suggestions from people that maybe have experienced this same situation. Edit 1: This is a state agency with public wages. I know how much they make. Also, I was under the impression that state works somewhat differently than private organizations. I am not looking for some simple answer just some advice on state processes for this sort of thing.

Eat them, absorb their warrior spirit, Just like the ancient Hawaiians.

Ask for more responsibility and ask what you can do to earn more.

Human: Back story: will graduate college in a few months and landed a job with a company I've been working with. I'm excited about it, as is everyone around me. I'm well-aware that jobs are hard to come by in this economy and I want to be grateful. My offer was a non-exempt $45,000 at $21.6/hr with eligibility for overtime. I think it's good but the more I look things up I wonder if I could have gotten somewhere more elsewhere. I accepted the offer without negotiating it. There will always be people better off financially than me, as I am than others, and again - I think I'm in a good position. I'm a little insecure about it though. Is it low? I mean after taxes it will only be ~$38,000 which feels low. I probably have around ~$45k in student loan debt. I'm concerned that I'm not in the best spot. I'm wondering if someone can hype the money that I'll be making because I'll be working very hard come the summer to make that money which I'm be perceiving to be relatively low. The company has good vacation and other benefits but the number is fucking with my head. Can someone help me out? Assistant: >I'm a little insecure about it though. Is it low? I wouldn't say it's very low. To give you a reference point I made $22k before taxes for 2016, live quite comfortably, and still manage to save for retirement. With a decent budget you'll do just fine with that income, and don't forget that's your starting pay. As you get more experience you'll likely be getting raises, bonuses, and promotions. Human: Where do you live? I'll be in a big city with relatively high rent probably around ~$700/mo.

Ha 700$ rent is not high, thats extremly low especially for a city.

Middle of no-where, Maine. But your after-tax is still over $10k higher than my before-tax earnings so there's no doubt in my mind that you'll be fine with that income.

Human: I feel like a prick everytime she asks, 'hey can I get this?' Because my first thought is always, no. No, because we don't need it, we can find it cheaper, that's my money, or what about the things I need to buy... How do you best handle these types of things? Edit: thank you for all the positive and critical feedback. I did some soul searching and we sat down to plan things out. We've given ourselves an allowance and categorized expenses that are out of the norm. We feel we have a strong way ahead and will reevaluate in a month.

We decided early on that purchases over $2000 needed to be discussed and agreed on beforehand. Otherwise, we're good. > that's my money Incorrect. It's HOUSEHOLD money that both of you are the stewards of.

Does she work? How are the bills paid? Do you both have any debt? Do you have an emergency fund? Any retirement saved? Just tell her that we don't need it since it is the truth. That is the best answer I can give and if she still questions it, say you are trying to save for our future together.

Human: I'm a senior in High School from Europe. My dream was to attend college in the United States, and I applied to some. With my 3.8 GPA, I got into several top colleges in three states and even a community one, none of which I want to reveal here for reasons. I was really expecting to get a full tuition scholarship based on merit, community service and extracurricular experiences from one of them, but I just got told did not get into that program. I can't really believe it, because I filed a very long and elaborated application, and had a lot to say about all I did during High School. It was truly a disappointment. There are some more scholarships I am eligible for, but even if I got all of them, it would not make up for even half of the tuition I am asked for (almost 60k). This case applies pretty similarly to every single college I got into. The community college is much cheaper, but does not offer international financial aid. I wouldn't want to get my parents 60k or 200k dollars into debt at all, but I see no other choice other than giving up. I was wondering if anyone here can give me any advice, because this is one of the worst days of my life and I don't know what I am gonna do in the future.

For international students a lot of schools really want you to pay full price. You don't qualify for most US financial aid, since it's aimed at US citizens. What are the college choices in your home country? Could you study there for most of the time, and spend a semester in the US?

I considered that if I didn't get in or simply couldn't afford it, I could always get a job here, save up money and in the meantime, retake the ACT and SAT (I believe I can easily raise my scores, thus broadening my financial aid options in the future). Is this a good idea at all? Could I also appeal the scholarship decision I talked about?

Human: Hi r/personalfinance, As the title says I'm thinking about opening a checking account just for the sign-up bonus. I recently received an offer through Capital One that says they'll give me a $400 bonus if I sign up for a 360 checking account and make 2 direct deposits of $250 or more in 60 days. I would then close the account shortly after receiving the bonus since I have no need for it. Making the direct deposits wouldn't be an issue for me from a $$$ standpoint, so I'm just wondering if anyone has any experience with this/if there are any potential pitfalls? Thanks. EDIT: Thanks for all of the info! I decided to go ahead and open the account since there are no minimum balances and no monthly fees with the 360 account. I didn't see any language regarding how long I'd have to keep it open, but I'll be sure to look a bit harder in the coming days. As one commenter said $400 is not bad for less than an hour's work.

You'll want to read the fine print; many of those deals say you need to keep the account open for a certain amount of time, keep a certain balance, etc. to be eligible for the bonus beyond the requirements they say. The bonus usually doesn't get added to the account until several months after you meet the criteria. Also see if there are any fees associated with the account that could drain that $400.

^ what they said

Human: Here's the story, we moved from a very small town in the bible belt back to the northern midwest where we have family. When we moved, our house was one of 3 in town that was for sale and not less than a month later, there were 30+ for sale. Fast forward 2 years and we're living with family since at the time it looked like the house would sell quickly. In the 2 years we've had no serious people looking or offers. We've dropped the price almost to the point where we won't make any money on the house but are still competitive with other real estate in the area. We aren't able to stay with family for much longer and have nobody else who will take us in. The towns main commodities are cattle and oil, both of which have taken a huge hit lately thus I don't see the situation changing on our house. We do have renters in there, but they are friends and the rent doesn't come close to making up for the mortgage. There's nothing wrong with the house, nobody is just moving to this particular area. The stress of this is almost too much for my family. I need to know what I can do about this situation so we can afford a place to live where we now are and have jobs. Assistant: Why not sell the house at a loss? If one house is going to sell in the town, it may as well be yours. Human: We've got other debt we're actively pushing towards getting out from under, adding more is not appealing plus we'd like to have the option to buy another house up in this area.

If it isn't selling, you're asking for too much. What you want to do is irrelevant.

You're not adding debt, you already owe this and will either pay off the difference at your own expense or do a short sale/deed in lieu with the bank and keep the cash but take a hit on your credit. If you do neither then you can continue to bleed cash or can walk away and let it foreclose. Unless you have the income to bleed this cash and still manage to find a place to live you really have 3 options: sell at a loss by paying the cash difference to the mortgagee after sale, do a short sale or deed in lieu, walk away.

Human: I am 21 years old and am in my 3rd month of a job at which I'm earning about $9,000/month. I'm easily able to save about $7,000 of that after rent, utilities, food, etc. I have no outstanding debt and pay my credit card balance in full every month. I honestly have no idea what I should be doing with my money outside of maxing out my 401k and Roth IRA. What should I be doing to maximize my earning potential? Any advice on investing? Thanks! EDIT: $9,000/month net income

Break some off with me then.

Save and give a bunch to charity would be my advice. Don't get too attached to money either

Human: So first off, I'm still in college but I'll be working full time as an intern for 6 months starting this Monday. At the end of it, I'll make about $24,000 before taxes and then go back to college. So here's the thing - I have absolutely no student loans, nor will I have any in the future. I'm very lucky to have parents who paid for my college in full, and now I'm determined to save at least 50% of what I'm about to make. Any pointers as to what I should do and what I should invest in? I realize this post might sound a little vague, but I've never made any money before and I'm about to start earning some for the first time ever, so I'm kind of at a loss. I did however make a Charles Schwab account and I'm planning to use it as my primary checking account if that helps at all. EDIT: A few more details. Gonna do another 6 month internship next year and make the same amount of money in all likelihood. Graduating in 2019. My expenses are only about ~$550 a month.

[Flowchart](https://i.imgur.com/CcEVQAV.jpg) congrats on the internship and college. those are big. I would consider just punting on investing it to heavily right away because you might need it post graduation. If you're comfortable though, consider maybe just doing a Roth for 2017. So that's $5500 into a retirement account, and keep the rest as savings. and then do $5500 more in 2018, etc. You can then buy some reasonable etfs/mutual funds inside you roth and get a nice boost before you're even really working full time.

A balanced no-load mutual fund would work if you don't plan on touching it for several years. Schwab probably has several options which allow small minimum buys. At your age a riskier mix fund might be appropriate, too.

Human: I'm 20. My parents are almost 60. They have zero savings, retirement or otherwise. They rent their house. My dad won't be able to work forever, he's a gardener and it's a very physical job. My mom may be able to for a while after him. How much of this will fall on me when they can't work anymore? I'll be 60k in debt from student loans after I graduate. I can't see myself being able to support them in the future, nor do I particularly want to.

Most people in this situation end up working their entire lives. So, once your dad can't do his current job he will have to find other work (Wal Mart greeter, fast food, bib box hardware store, etc.) Get ready, because no matter what you say now, when push comes to shove and they are homeless or have no food, you will probably be the one stepping in.

They should have social security. You are under no obligation to help them.

Human: I have been dreaming of going to the University at Buffalo since I was in middle school, and my parents have always pushed me to go for it. I was accepted for the upcoming fall 2017 semester but all of a sudden my parents are refusing to send me away, because they think I'm too much of a risk and may drop out. They refuse to take a loan out through their accounts, so is there anyway I can do this myself? Is it possible to take a loan out of my account even though it means more debt down the road? I turn 18 in June if that changes anything.

Yes you can probably take a loan out on your own. The better approach might be to POLITELY say "Okay M&D, if that is how you feel, how can I show you that I am ready. We've around 5 or 6 months for me to show you I can do it. What do you need to see?" Or ask them "Okay, if you don't think I can handle it, I'll enroll in the community college for the summer in 2 courses, I think I can pull at least a 3.0. If I can do that, will you pay for it?" I think IF this is really their concern the best way to approach it is with an over abundance of maturity. Basically tell them, "Fine, I'm up to your challenge, I want to do it, let me prove it to you." They may just be full of shit and can't afford it, so they are calling you out. Frankly CC for a year is a really good idea. I did it, it let me knock out some easy classes, while still working full time, put some money in the bank, and then the next year went out and kicked ass at university. Some of my friends went straight to a 4 year, drank and video gamed there way into a 0.5 GPA. (Basically all F's and 1 D or something like that). Then were kicked out after they did it again the next semester. Plus it is loads cheaper.

Also, for specific questions that might occur or that you already have, you can call the financial office for the university and ask them questions. Usually they are helpful and friendly people. The phone number for the financial office is easily found on the campus website. Don't forget about your high school councilor. They are almost always friendly and willing to help with this stuff (plus, as I understand it, it's part of their job). They may also be able to help you in discussing things with your parents. I wouldn't initially hide things from your parents either. Keep them informed and let them know the options your considering. Treat them friendly and respectful and they hopefully will return the favor.

Human: Hello, Let me first first give some details about me and my situation. Within the last two years I received my cellular/molecular biology bachelors degree. In that time, I accumulated 50k in debt. Private school and family "makes too much" for aid. Turns out the science field is pretty damn low paying until you break into management or high ranking positions that have some pretty steep requirements. Likely a response to the market being incredibly inflated with biology/chemistry majors. I work for a company with Wonderful benefits and generally pays more than most entry level positions in the Chem/ bio environmental industry in my area (southern California). I started in inorganics laboratory and within six months, based off prior experience, was "promoted" to research and development food division head from $14 an hour to $16. I run the entire food testing lab and help bring on new tests and analysis for the company. This equates to around 35k a year. My net take home is around $1800. My past experience: 4 years of microbiology research/assistant laboratory manager which was $15 an hour but part time. 2 years of teaching assisting. And lastly, I have 8 years of various retail experience with 5 years at one company alone. I'm gaining frustration in this market and can't seem to get ahead. Several of my fellow graduates and my gf are in the exact same boat and I don't see many others complaining or bringing it to light. I am looking for advice on what I should do. I'm actively seeking new employment but, as I said, the market is tough with minimal salaries. That is, until you break into management which these companies want insane qualifications for 50k to 70k a year. I love at home and don't pay rent bc I really can't. I do pay for utilities and my debt. In total I pay about $1,200 a month in bills. Not leaving much wiggle room. In short, I'm 28 trying to make get to a place where I can buy/rent a place with tons of debt and apparently a low paying field.

Come join us at /r/medlabprofessionals/ the sub for Lab Techs! You can also check out [this](http://labsciencecareer.com/pages/Students) site about the career. There are lots of schools and openings for these jobs in California right now, the pay will probably start at $30/hr for you.

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 am 100% debt free. A year ago I talked to a few dealers about what they could do for me once I had "excellent" credit. Now they are saying the reason they are offering me high rates is because of my monthly income. I'm on Social Security. Please, I need advice. My quality of life will be much better with a car. Should I just spend another 3-4 years saving up cash? I wanted a low interest car loan for the credit history. I prefer a used car. No less than 5 years old and no more than 75,000 miles. I feel like all this hard work was for naught.

Consider asking your credit union or bank what kind of rates they can get you.

Be sure to shop around, including at regular banks. In my limited experience, financing at used car dealerships can be ... unfair to say the least.

Human: Hi there, I have decided that it is time for me to start investing my money and saving up for retirement. I want to open up an IRA or Roth IRA (probably Roth for now), but I wasn't sure who to open an account with. I remember back in high school, one of my professors would say he does his retirement stuff with Vanguard. *Vanguard* seems to be a pretty popular and reputable one from what I've researched, but just wanted some insight from all you here. Thanks EDIT: While were on the topic of investing. Where is a good place to open an account and purchase mutual funds and other securities from?

Vanguard, Fidelity, or Charles Schwab. All great options. EDIT: Spelling

You may find these links helpful: - [Retirement Accounts](https://www.reddit.com/r/personalfinance/wiki/index#wiki_retirement_accounts) (articles on 401(k) plans, IRAs, and more) - ["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 Everyone, I'm kind of in a predicament. I have always heard that lending money to family is a bad idea. I feel like I've gotten a taste of why this might be. My parents are not financially responsible since my mom, at times, has had to borrow money from us kids to pay the mortgage. I've suggested making lifestyle changes (going out to eat less, not opening the pool that requires heating, and adhering to a stricter budget). Yet, my parents feel as if they don't need to since they're making well over $100k combined. This seems okay until you realize that neither of them have a retirement fund, no emergency savings, none of the things you think would be perfectly attainable with a combined income of over $100k. Also, you would think that this would lead my parents to not have to borrow money from us kids. So, this brings me to my dilemma. My parents recently took a trip out of state and my mom said she wanted to have some "emergency" cash - I explicitly clarified that I have needs for my money and I would lend it, but only to be used strictly for emergencies. Well, I'm a momma's boy (yes, still at age 21 in college) and she gilts me into giving her money. I lent her $1,000 of my excess student loan that I was keeping in the bank which I would probably use when my lap top kicks the can, which it will do soon. When I was hesitant to lend the money, she was sure to let me know that the loan is in her name anyways, whatever - I still gave it to her. This was in late January. She has been back home for over a month and now my parents are going on spring break with my little sister, but I still don't have my money back despite asking more than twice for it. I'm lost, a) how should I approach my mom to get this money back and what can I do, if anything, if she doesn't have it anymore? and b) how do I avoid feeling like have have to give my family money in the future? I'm a Junior in College and will have 60-70k debt when I finish undergrad, but I hope to someday attend medical school so that would add to another 220-240k debt. As you can see, the debt I will face alone makes me anxious. Let alone having my parents use my money as "emergency" funds when it should have gone towards something contributing to my education. Any advice is appreciated

What answer are you looking for? You know what she does, and you know the outcome from your history with her. What answer do you want?

The $1K is gone. Let it go.

Human: My mother, who as been divorced from my father for years, recently got a call from collections for unpaid mortgage. It would seem that her name is still on his mortgage. My question to you PF, is there anything she can do at all? It is my understanding that if her name is on it, and it has gone on long enough that she is getting the calls, that it is already too late.

If she was a co-signer on the mortgage and it defaulted she is liable for it.

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: So I just started working at this position 7 months ago as a contract employee. For starters the pay wasn't good, I worked sometimes 50-60 hours a week. Well they told me today my contract is over due to under performance. Which isn't true, since I go above and beyond and stay hours working my butt off. So far I have $3500 in the bank, and about $1000 in a portfolio account. I haven't told anyone my position is over. My opinion on the job is mixed. I hated the environment, the people, and so on. We were treated like children. I only liked the gained experience. I still live with my parents, and they don't know either. It feels nearly shameful, but I'm happy. Its like a weight is off my shoulders now. However, where do I go from here? I have a total of $4500, and I'm scared honestly. I figured taking unemployment would be smart. I'm applying for jobs now, but this feeling of fear is strong. I'm unemployed. Edit: My only debt obligations are student loans which are about $16k, but I haven't started paying them yet. They're federal loans by the way. Others include credit card debit which is $240 which can be payed off.

If you live with your parents and presumably have low living expenses as a result, your savings should last until you find another job. Tell your parents what happened, and apply for lots of new jobs.

Where do you go from here? Well, that's easy your new job is getting another job. You should be hustling everyday from here on out until you are employed again. use the unemployment if you are eligible for it, thats what some of the taxes you paid were for but, don't consider this free money. Unemployment is just to get you by while looking for a new job.

Human: My 2006 350z has been under my parent's auto insurance plan for ~11 years now, which is partly due to the multi-car discount and partly due the need for high coverage. The policy is with AIG, and my portion of the payment is ~$1250/year at the moment. I'm now looking into selling my car and buying a much, much nicer car - a Jaguar F-Type. However, the rough quote I got from AIG was $5,085/year!!! I'm a 29-year-old single male, so I get why it would be pricey but isn't that an insanely high quote? Then I tried getting quotes from a few of the popular auto insurance companies (using similar coverage terms), and while I got a few that were cheaper (~$4200, $4500), I also got one for ~$9000... crazy. Do I just need adjust my expectations for car insurance here? Could I lessen my coverage amounts to average levels and instead rely on an umbrella policy for anything major, or does it not work like that?

Relatively young single male in a sports car that starts at $61,400 with 340 horsepower? You meet every single requirement in the book for obscenely expensive car insurance. Couple questions - is the car going to brand new? How much is it worth? Specifically how much is it worth compared to the 350z? If it's worth 5 times as much (which it very well may be), then does 5 times higher insurance seem so crazy? Do you own a home or not?

What's the value of the car?

Human: Basically title. Graduated and am in my first job. I currently drive a beater than could disintegrate any second, and I really would like to buy a new car. It doesn't have to be fancy, but something more reliable would be nice. I know most of the people on here recommend never buying a new car unless you're old one is finished, but I feel like I can afford this. Thanks! Assistant: Neither. Read the sidebar. You probably want a big chunk of that 15k to be your emergency fund. Then you can save up for a new car by setting money aside every month. Human: Should've phrased better. New car means new to me, used is fine. I know I need an emergency fund, but I truly don't know how much longer my car will last. Assistant: That's what I meant as well. If/when your car does fail, then you can use some of your emergency fund to fix it or buy a new/used one. In the meantime, I would keep saving until you can buy something outright without using your emergency fund (ideally). Human: That sounds fine I guess, but could I possibly just finance a car instead? I can afford it quite easily.

Of course you could, but you came to a forum asking for financial advice. Financially, it would be wiser to continue saving until you can afford to buy a car outright. However, that doesn't mean that there aren't other non-financial factors to take into consideration, but I can't advise you there - only you can decide how to weight those. I can tell you that it wouldn't be catastrophic or anything to finance a car - it just wouldn't be the most financially-sound decision you could make.

Cars bring some people continued happiness. I'm not one of them and my friends and family regret getting nicer cars. Something to keep in mind is you could just get zelda instead.

Human: I apologize if this isn't the best place to ask this, but you all have been really helpful before and I don't know any better subs, so if there's a more appropriate place to ask this in, please let me know. My mom was out of work for six months due to what we thought were surgery complications, but turned out to be colorectal cancer that was never caught and is now stage 4. She was also terminated today since she won't be able to go back to work for the foreseeable future. I'm trying to figure out how to navigate COBRA, Medicaid (Missouri Healthnet), disability benefits, if cancer even qualifies as such... and I'm at a total loss. Her insurance stops covering her at the end of this month, and she's in the middle of chemo and needs home health, so unfortunately we don't really have any more than two days to figure this out. Now what? She lives in Missouri, mid 50s, two children living at home, one working adult, the other in high school. Edit: I'm aware that medical advice gets removed, so I'm just asking for help navigating coverage options. Feel free to PM, too. Edit 2: Holy moly, you are all wonderful people. I can't thank you all enough. I've received a lot of PMs too and if I had more time I'd reply to each and every one. I've been a student up until last summer, and so I've kind of been thrusted into the grittiest parts of adulthood really fast, but I've made a lot of phone calls today, and I feel like I have a grasp on all this. I'll reach out more tomorrow and next week to different resources and see what other options we have. I'm sure our battle with this has only just started, but you all have given me a lot of information, advice, and resources to refer to that I'll definitely need going forward. Word of advice to anyone who hasn't yet found themselves in a similar situation: HAVE AN EMERGENCY FUND. I was the only one among my siblings to have one when this started, and had I not had that I seriously cannot imagine what would have happened to my family. My mom has no idea what Reddit is and that I threw this question out here, and hopefully when we get to a good place regardless of her prognosis, I can tell her about all the kind people who helped her out through this.

Losing insurance is a life changing event. She qualifies to buy insurance on your state's exchange or possibly Medicaid. Missouri did not expand Medicaid coverage at the advent of the ACA however. Your best bet as a stop gap imo is the exchange.

Welcome to /r/personalfinance! Comments will be removed if they are political, medical advice, unhelpful, or uncivil ([subreddit rules](https://www.reddit.com/r/personalfinance/wiki/rules)). Our moderation team encourages respectful discussion. You may find the [Health Insurance wiki page](https://www.reddit.com/r/personalfinance/wiki/health_insurance) helpful. *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 I'm 22 and started my 401-K about a year ago. I have a little over 2k in it and my company is matching the 6% contributions that I make on each paycheck. However when talking to some friends about how I'm setting myself up for the future, they claimed that it was a stupid decision and that I'll never see any of that money. Is there any truth or weight to these claims?

... I'm not sure I even understand the question. You own the money in a 401(k). You have to pay taxes on it when you withdraw it and penalties if you withdraw it before retirement, but it *is your money*. Please educate your friends.

Your friends are most likely confused on what's social security and what's a 401k.

Human: title.. anything I may be missing here?

Yes, now find a credit card with at least 1% cash back and you will not only help your credit score but also get effectively $9 back in cash every month given the $2 fee.

You may find these links helpful: - [Credit-related wiki pages](http://www.reddit.com/r/personalfinance/wiki/index#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: I graduated from a private University with 30K in fed loans but supported myself comfortably living in a low cost city. Since moving to NYC for a new job adjustment issues have landed me in unemployment for 2mo losing my health care in the same month. I have secured a part time job and have several side gigs going while I look for more work. Now i'm in about $6,000 credit card debt and im looking for advice on smart ways to get debt free. Thanks

spend less or earn more, preferably both.

do you have a budget? You should start using a budgeting program like YNAB

Human: So, my wife and I both graduated from chiropractic school, which is a nice 250k or so in student loans each. Her loans have grown to 320k and we have defaulted. My loans are near the same amount. I'm the only source of income - wife stays home with 4 kids, all under age of 6. I work two jobs, one which nets me around 65k, the other about 8k. Youngest child has genetic condition which all but guarantees autism so I withhold $6500 each year for HSA. Additionally, we have two car payments totaling about 900 a month and are upside down majorly on those loans. Rent at $1400 per month. Other bills equal basically the rest of the paycheck, without touching the student loans. Have about 10k remaining on a business loan from years ago they haven't collected on yet. Business failed, haven't addressed it. One car was repo'd a year ago and they want 6k. Credit card debt of 4K near default. Oh and i am probably losing my job due to layoffs in the next 3 months, best case scenario. Have nothing in savings. How do I start over? Assistant: Fair enough.. but my tax return doesn't explain the massive other debts I have, nor the costs of raising a child with autism. Surely there's something a judge would understand right?

Poor planning on your part does not constitute emergency action on anyone else's part. A judge doesn't have to understand why you had 4 kids when you had half a million in school loans, or why you went out and bought an expensive car after having another one repoed. I know that you're looking for bankruptcy advice, and I hope you figure out what works for you, but theres no easy fix to your problem and going forward what you're really going to need is a hard dose of reality, common sense, sacrifice and a couple courses/books/seminars on financial planning. Your habits up until this point have quite frankly been baffling and you don't seem to understand that or accept full responsibility. That is crucial for moving forward. Otherwise you'll find yourself back in this position in no time.

The way out is public sector for both of you and that's probably your only option. I'd say other things about your life decisions but you've probably heard them all so what's the point. Own it, don't look for the easy way out. Good luck.

Human: Hey Reddit, So I was very fortunate to be accepted to a top med school for a 7-8 year combined MD/PhD program with a full ride and a 30K stipend/year. I was relatively good at managing money in undergrad but now that I am about to enter this program and will essentially be resigned to 30K income for the next ~8 years I thought I should try and plan how to manage money. Could you guys give me a breakdown of where you think my money should be going? The school is in a big US city so CoL will be relatively high. Thanks in advance!!

I was at caltech for awhile and the MD PhD students seem to have no problem managing their money. Live frugally.

Gym membership, housing, and food, in that order. Exercise every day. The stresses and demands of medical education will make you ill if you do not.

Human: Hey guys, my dad recently turned out to be a real big shithole and decided turn his back on my family. He has said he is no longer paying the bills of the house, leaving them all to my mother. They are 50/50 owners of the house. My mom has been extremely stressed with the entire situation (my dad and my mom essentially seperated and living under the same roof). Im wondering if there is any thing she can do to pretty much get my dad to do his part and pay his share from a legal standpoint(he collects rent money from one of the tenants personally). He works 6-7 days a week and makes at least 4k/month. My mom out-earns him, however she cannot afford the mortgage, bills, groceries, gas etc. all alone. I honestly want this whole fiasco to end as it's taking an incredible mental toll on my sister and my mother. We never thought our father/husband would've pretty much said "fuck you, you guys are on your own". A week ago we received a letter from the bank saying our mortgage check bounced, because my dad did not pay. My mom had to pay $5000 out of her own wallet. Anybody have any suggestions? Thanks. (I come from traditional set of values where divorce almost never happens).

I don't know Canadian laws but this is what a divorce settlement would handle so your mom isn't screwed and they both get allocated responsibility financially. I'm guessing the house will have to be sold or the bank is going to foreclose on it.

If he can't be reasoned with she might have to file for divorce so the divorce courts can handle the mess. I think that is the only way to force him to do anything.

Human: Background: I'm a full time college student and just got a part time tutoring job ($10.70/hr) that I start at the end of April. He works as a swim instructor and lifeguard ($12/hr) part time. Will be part time in the summer while starting back at school. We have 3 credit cards between us. - 2 him at $1000 limit each, one is maxed out while the other is at ~$700. Both are interest free for now. - 1 me at $5000 limit currently at $2000. (18.49 APR) -ER bill of $1300 that was apparently due February 21, so it's past due, but haven't received any other notices. Okay so I know that the priority list should be: 1. ER Bill 2. My card 3. The card that has interest applying soon. 4. The card that has interest applying latest. I guess I'm just looking for some sort of reassurance that it is possible to get the hell out of this situation because he and I feel very hopeless. And yes, I understand that this is not the worst you have all heard, but it is pretty bad to us. The paychecks he makes don't seem to make a dent and at the moment I only make $300/Month. I'd guess he makes $600/Month at the moment. So worst case scenario the budget is probably: +$900 -$150 non-debt bills -$200 groceries -$150 gas/misc -$400 to debt Is that even reasonable? Am I on the right track? Edit: Yes, we are paying back this debt together because we are a couple and got into this together.

You guys need to increase your income or its impossible to pay off the debt, You need to be waitressing, bartending I would skip the tutoring for now if it's only 10an hour, you can make more waitressing pretty much anywhere. He needs to be Ubering or doing any other odd job in his free time. Also when you are not married you do not combine your debts, I hope you're only doing it for the sake of explaining on here but it could get ugly real quick if you guys break up and then one person thinks the other owes them some amount of money.

Increase your income. Go to McDonald or something and try to work 40 hours a week, if you aren't going to school, you could do even more.

Human: Growing up I've learned that buying a house is a great way to invest, but I've read a few threads that discourage people from investing property at a young age. So, I'd like to understand why it is a financially good or bad decision to buy a house. Some background info, I'm graduating college soon and plan on moving back home to San Jose, California. I'll be making a salary somewhere in between 70-100k a year (CS degree). I will have almost no debt. My plan right now is to live at my parents house for a year or two so that I don't have to pay rent and I can buy a house asap so that it can appreciate in value. Is there something else I should be doing? Just want to get some outside advice.

My answer to your question is that it makes sense to buy a home when you know you will live there for 10 years+. The myth of the home being the one investment that always appreciates in value fell apart in the housing bust. Not that it's a fools game now, but it's just not what it used to be. From a short term perspective housing values that stay flat or even decline in value are much more common than in yesteryear. But in the long term you should be safe in terms of building equity and hopefully market appreciation. PS - correct me if I'm wrong but housing is crazy expensive out here and $70-$100K salary will get stretched very thin.

Buying a house is a terrible way to invest. On average, real estate does not increase in value faster than inflation.

Human: Hi guys, I am 28 years old living in the San Francisco Bay area working as a Software Engineer. My fiance is also a Software Engineer. We make ~130k each so our family income is ~260k a year. While that would be high in most places in the country, due to the cost of living in the bay area it's average. Unfortunately the government doesn't care about cost of living when it comes to having an IRA with their 186k limit. I do know about the backdoor IRA but i am scared that this loophole may get closed in the future and i would not want a small amount of money left in an account that i can't do anything with. I could just open a traditional IRA and get taxed double but i'm not sure if the compounded gains offset this. There is also the fact that my tax bracket post retirement will be very low so i may not get taxed very much when the time comes to withdraw. Are there any other retirement accounts that i should be looking into? A 401k is not optimal for me or my fiance due to the nature of our jobs(job switch, startup world doesn't offer). Assistant: > We make ~130k each so our family income is ~260k a year. While that would be high in most places in the country, due to the cost of living in the bay area it's average. [rolling eyes] Anyway, as I started to read this, I thought this would up with me pointing out the backdoor Roth IRA. But it seems you're aware of that... sort of. The bigger problem seems to be that you don't know how the accounts operate. You two are presumably smart people, and yet you said... > I do know about the backdoor IRA but i am scared that this loophole may get closed in the future and i would not want a small amount of money left in an account that i can't do anything with. This is a pretty silly reason. $5500 in a tax-advantaged account is still better than nothing, or better than having it somewhere else. > I could just open a traditional IRA and get taxed double but i'm not sure if the compounded gains offset this. Well, first, you would not get taxed double. But, regardless, why are you considering this over the backdoor Roth? You'd rather get (what you perceive as) double-taxed than pay tax only once? Huh? > A 401k is not optimal for me or my fiance due to the nature of our jobs(job switch, startup world doesn't offer). Well, if your companies don't offer 401ks, you can just contribute to a deductible IRA. If your companies *do* offer 401ks, the fact that you switch jobs often doesn't matter; you still keep the accounts and can convert them to IRAs. Basically, you should read more about retirement accounts. Human: > [rolling eyes] I guess i should have been more specific. I meant to say that it's average if you want to retire in the bay area, not just live in the bay area. > The bigger problem seems to be that you don't know how the accounts operate. You two are presumably smart people, and yet you said... > This is a pretty silly reason. $5500 in a tax-advantaged account is still better than nothing, or better than having it somewhere else. I understand how they operate. I would rather not have multiple accounts, and ones that i can't do anything with. This is the exact reason why i came here and asked if there were other options. > Well, first, you would not get taxed double. But, regardless, why are you considering this over the backdoor Roth? You'd rather get (what you perceive as) double-taxed than pay tax only once? Huh? If you put money into a traditional IRA and your income is too high you can't claim the deducitbles meaning you are putting in money that's already been taxed. If you make enough income post retirement you MAY get taxed on withdrawals. However i did say that my income would be low(SS benefits only) which is why i also said that i may not get taxed upon withdrawal based on my income post-retirement. I also explained why i was considering this over backdoor roth. Also your second sentence doesn't make any sense because if my perception is wrong then why does it matter whether i do the backdoor roth or traditional ira? Based on what you said i wouldn't get double taxed(which i did say may be the case). > Well, if your companies don't offer 401ks, you can just contribute to a deductible IRA. I'm sorry but what? deductible? Did you even read my post? > If your companies do offer 401ks, the fact that you switch jobs often doesn't matter; you still keep the accounts and can convert them to IRAs. Back to square one. Good job. Assistant: > I understand how they operate. It doesn't sound like you do... > I would not rather have multiple accounts Why not? It seems like you're coming up with excuses not use these tax-advantaged accounts. A 401k, a Roth IRA, and a traditional IRA (to assist with doing the backdoor). That doesn't seem particularly overwhelming. > and ones that i can't do anything with. I'm not sure what you mean by that. Any IRA or 401k is yours forever. > This is the exact reason why i came here and asked if there were other options. You're not taking the obvious options already offered to you, and you haven't provided any reason why. Except that you don't understand how they work. > If you put money into a traditional IRA and your income is too high you can't claim the deducitbles meaning you are putting in money that's already been taxed. If you make enough income post retirement you MAY get taxed on withdrawals. Any money that was already taxed is not going to be taxed again. I mean, that would be unbelievably silly. If you were double-taxed, it'd be more advantageous for you to save in a normal, taxable account than to save in a non-deductible IRA. There aren't many reasons to choose the non-deductible IRA over a backdoor Roth, but they're not *that* bad. > I'm sorry but what? deductible? Did you even read my post? Did you even read the first half of that sentence? And really I should amend it; if you *choose* not to contribute to a 401k, you can contribute to a deductible IRA. But, again, if the option is there, I don't know why you would choose not to contribute to it. > Back to square one. Good job. Great, a snide response. I don't understand what this even was about. This is presumably, again, because you don't understand how the accounts work. To your edit: > I also explained why i was considering this over backdoor roth. No, you didn't at all. You won't be in a high tax bracket in retirement? That has no relevance when comparing a Roth IRA to a non-deductible IRA, because you get taxed now. > Also your second sentence doesn't make any sense because if my perception is wrong then why does it matter whether i do the backdoor roth or traditional ira? In a non-deductible traditional IRA you get taxed on gains. In a Roth IRA, you don't. Human: > It doesn't sound like you do. If anyone doesn't it's you. > I'm not sure what you mean by that. Any IRA or 401k is yours forever. Again not what the issue is but it seems you fail basic reasoning skills. > You're not taking the obvious options already offered to you, and you haven't provided any reason why. Except that you don't understand how they work. I have it's just that you choose not to listen. > And really I should amend it; if you choose not to contribute to a 401k, you can contribute to a deductible IRA. But, again, if the option is there, I don't know why you would choose not to contribute to it. How much money do i make again? > No, you didn't at all. You won't be in a high tax bracket in retirement? That has no relevance when comparing a Roth IRA to a non-deductible IRA, because you get taxed now. I did and it sure as hell does. > In a non-deductible traditional IRA you get taxed on gains. In a Roth IRA, you don't. You clearly have zero understanding of how a traditional IRA works then. You get taxed on both the initial investment($5500 a year in this case) AND gains. > Great, a snide response. Let me link you back to your own snide responses: > [rolling eyes] > The bigger problem seems to be that you don't know how the accounts operate. You two are presumably smart people, and yet you said... > You'd rather get (what you perceive as) double-taxed than pay tax only once? Huh? > Basically, you should read more about retirement accounts.

Wow. You are truly remarkable. This is the Dunning–Kruger effect at work. You are way off in your understanding of so many aspects of this, but you stridently insist you're correct in the face of someone correcting you. Incredible.

> You clearly have zero understanding of how a traditional IRA works then. You get taxed on both the initial investment($5500 a year in this case) AND gains. *You* are the one wrong here. If you make a non-deductible contribution and track your IRA basis correctly, then each time you make a withdrawal, you will get part of that withdrawal tax-free. The tax-free part corresponds to the proportion of the overall amount that was not deducted; for example, if you make a $5K non-ded. contribution, it grows to $20K, and you pull out $8K, then $2K will be tax-free and $6K will be taxed.

Human: Basically you or I have long way to retire so max out the 401k as possible or IRA, Roth IRA and make sure to place it in the most aggressive fund there is (all equity). Of course I would also keep 5% in treasury funds ETF maybe so when an recession hits just sell those and convert to equity (buying low). And change your agressive investments into defensive after 15 years or so. Why? You only loose if you sell and you are not in rush anyway to retire. 1 share of the fund you had will still be 1 share just devalued during recession but as proven over 100 years of history, US equity markets always bounce back. Any thoughts or ideas??

This is what my fiance and I are doing. Everything is in S&P500 and total stock market index funds. Don't confuse risk with volatility. The ride is volatile, but the length of time in the market decreases risk.

I follow this strategy but cannot recommend it for everyone. I am very fortunate that I have family that can and will support me if everything completely falls apart before I would have to touch retirement accounts. If I didn't, I would be much less aggressive with my retirement portfolio.

Human: UPDATE: A little update for everyone. I called the dealer and they said no loan was taken out in my name(wasn't processed yet) which I thought was weird because I drove it home and had it for the 2 days. I called Ford Finance and they still said I owed the nearly $30,000 on it. Called the dealer back and apparently they already knew that but they're trying to get it figured out, while the manager was asking me if I still wanted to pick up the car. He asked me for my number and said he would contact me. At this point I'm about to blow up, it's hard to make me mad but this is ridiculous to say the least. UPDATE2: Sales manager called me and said they fixed the lean on the car. At this point it seems to be fixed, just waiting on Ford Finance to say it went through. Thanks everyone for the help! Just a little background: Location: Ohio Age: 21(established credit but not a whole lot) First time buyer Monday 3/27/17 Went to a local Ford dealership owned under AutoNation. I purchased a Ford Focus ST for nearly $30,000 after taxes, fees etc. Was told I have a 3 day no questions asked money back guarantee. Ended up taking forever and spent 2 & 1/2 hours at dealer but left with the car. Wednesday 3/30/17 Around 1:13PM I get a text from the dealer saying he needs a picture of my VIN#. No problem I sent it right away. 1:56PM I get another message saying that I need to come in because they have switched the VIN# with another car and need to fix it, should be no problem. 5:50PM I arrive at dealer after work and have to wait on my contact for 45 minutes because I even spoke to him in person. He says there has been a mistake and it may change the payment a small amount because they switched cars & prices on accident. No problem, I can easily afford this so a small change would not really matter to me. The finance manager and my contact come back to the desk with a paper showing my payment and another which is nearly $100 more each month. Basically I ended up telling them to keep the car because I'm technically in my 3 days still & I walk. Before walking I asked if there was anything I need to sign or do to make sure it is not still in my name and he responded with "No, you can just walk away from the deal.". So here are some questions about the situation: Was there anything I actually needed to do besides walk? When will that be out of my name so I can go get another car? Is this going to effect me at all besides the small hit on my credit score? How long do I have to go to another dealer without my credit being hit again? Any other information that you feel I may not know would be helpful. Thanks tl;dr Bought a car, called back to dealer & said wrong VIN#. Tried charging me significantly more but I walked. Questions above.

I'd contact Ford corporate, explain the situation and what you'd like to see happen. Usually corporate will rain a shit storm onto the dealer. You get what you want and then some.

A $30,000 Ford Focus? No.

Human: My updated wedding proposal came back yesterday, and it's nearly twice what it was originally. It's just over $20k! That's my whole savings. My fiancé was laid off twice last year and has only started back work this Week. I've had to pay for about 98% of this wedding myself including covering our monthly bills. After my final payment, I'll be left with about $500 in my savings. What's the best method for rebuilding my savings? Last years Gross income: $51k (tipped wages) Cell phone: $66/mo Wells Fargo interest free loan: $44/mo (with about $240 left on loan) Kay jewelers loan: $150/mo (1 year interest free with $1640.17 left on loan) Visa Credit Card: $20/mo ($200 outstanding balance) Vehicle Insurance: $37/mo That's it for my bills. My fiancé covers her own rent and bills (now that she's working). We use my income for dinning out, groceries, shopping etc. Thanks guys. Assistant: Using your entire life savings for a wedding is dumb. You simply can't afford to spend that much. Have these expenditures already been made and you're looking to rebuild your savings, or do you still have the money and are only going to spend it all? Do everything you can to scale back. Also "fiance" with one e refers to a male, and "fiancee" with two refers to a female, so "My fiancé covers her..." is incorrect. Human: I haven't paid the tab yet, but we are set to be married in early May. We have 75 guests coming to our destination wedding. There is a seafood appetizer option that's costing us $1100 that I want to cut completely and she wants the portions scales back... We will also save some money on the bar tab by switching to beer/wine only. I will be putting down $9k tomorrow and the rest is due 15 days prior to our wedding. I agree this is dumb. I've been saving this money for over 10 years. We didn't anticipate her lay off. We also didn't think as many people would RSVP as they did.

"I will be putting down $9k tomorrow" NO Don't deposit anything until you and the future Mrs. agree on cutbacks.

Your cost per head is ridiculous. This is why I like Asian weddings: Guests usually pay back an average of $50-$200, covering the entire cost of the wedding.

Human: I'm a mid 30s professional, looking to advance my career, and am putting together an application for a supervisory position at a nonprofit. The last question they ask on their application is "What is your minimum salary requirement for this position?" This question seems a bit inappropriate to me. How do you go about answering it while not selling yourself short or crippling any compensation negotiations?

There's different approaches. You could refuse to provide a number as nicely as you can. You could answer with a ride range and say it depends on other factors. If you have an exact amount you want to make at the least you could also provide that. End of the day it helps them filter out people that want more money than they are willing to pay for the position.

If the form demands something, write $1. http://www.kalzumeus.com/2012/01/23/salary-negotiation/ is for software engineers but describes how to negotiate salary. Don't name a number.

Human: I know it's not an insane amount of money, but it just seems as though they should be responsible for the cost in full. They hired me without the credential, so asking me to pass it 3 years into working for this hospital, it only seems fair that they assume the cost. Edit: state is pa. thanks to those of you who provided rational thoughts and input, not blanket statements and personal sentiments. Assistant: Have you checked the written policy regarding certification reimbursements? Human: Yes, Accounts Payable claims I have reached my "cap" which is $250. This must be a relatively new policy, since my coworkers have never had this issue.

Accounting does what management says. Run it up the flagpole (nicely).

As if this is a "per year" cap, and if you can collect the remaining $100 next year.

Human: ### New members, please read through the [New User Orientation](http://www.reddit.com/r/personalfinance/wiki/newuser). Instead of posting individual threads for positive success stories of how you've funded your emergency fund, made progress on your debt, saved for a future goal, reached a certain net worth, or anything else you would like to share, let's consolidate everyone's stories into one weekly thread! *Make a top-level comment if you want to share something positive 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).

I am officially 100% debt free and my credit score has risen over 150 points!

Anyone have a good resource for multi state tax law? I am a Massachusetts resident.

Human: Greetings hive mind. I am looking to buy a truck soon. Specifically i was looking at a Dodge 1500 Bighorn 4wd 2014-2015. I am going to go through a dealership and they usually run about 25-26k. I am going to wait till I have 20k cash to drop on it. I was curious to see if yall had any tips on how I could talk to dealer down to that price or maybe below. Thanks in advance. I have faith in you Reddit!

It sounds like you think there's at least 25% profit in the car for the dealer? That's not going to be the case. It's not 1973 anymore, 5 mins of research can now tell you how much the car should cost. If you can find similar examples for a lower price, sure, use that to help negotiate down, or just buy the cheaper examples. But there's not way a dealer is going to come down 25% on a used car.

Walk in with a hard number ceiling and do your best to get down to it. If you can reference prices at other dealerships and have done your research you should be able to get it down to the number you want.

Human: So I finally decided to pop the question, and thankfully I inherited a diamond so I got out a lot cheaper than I could have, but I still had to buy a band and get it set. So off to the local jewelry store I went. The store told me they had a special 12 month 0% apr financing offer. I thought "I could afford to pay it off today, but why bother if I get 12 months?" So I signed up for it. Today I got an alert from Credit Karma that my scores had changed. I was expecting a little drop but it went down 85 points?! Should this worry me, especially since I would like to start looking at a house in the next few years. Also, would it benefit me to just go ahead and pay it off now?

Long term it will not affect you as long as you don't miss payments. Short term you just did a credit pull and opened a new loan so that's why it dropped so much. I'm not a fan of those types of financing anyway but as long as you pay it before the 12 months are up the loan will close. If you plan to buy a house in a few years it should not have an effect by then.

You may find these links helpful: - [Credit-related wiki pages](http://www.reddit.com/r/personalfinance/wiki/index#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 I have been in the market for a used car for my wife. I just returned my leased Nissan Leaf as it's now out of warranty. My investments currently have been averaging about 14% per year so I decided that rather than dipping into my cash to buy the car (used, 15K) I'd look into auto loans. My bank (Suntrust) told me about Lightstream. They offer UNSECURED auto, home, etc. loans. I went online and within 5 minutes had a 15K loan at 2.19% APR. Just WHAT? So my question is, how is this even possible? How can they possibly stay in business doing this? I had my cash within 24 hours. No lien, no nothing, just cash in exchange for my promise to pay. That's INSANE. It's basically a personal loan for 2.2%. Why isn't every single person doing this, that's less than my mortgage rate!

You probably have good credit, income, and some personal assets they can sue for if needed. You're in the minority in this country. If that's true, your hard work and credit responsibilities have paid off

Seems good since its unsecured. Car loans are easily lower than this, however. DCU is 1.74% for new or used cars. Central Credit Union is 0.99%. You may want to look around and join a credit union.....unless you plan to skip out on the loan... :)

Human: I received a 1099-R and 1099-B for the 2016 tax year that I was not expecting (long story) after filing with TurboTax. Evidently, only TurboTax Premium supports these forms, and I'm not going to pay $79.99 for that. I have downloaded all of the worksheets and my tax return documents from TurboTax. Can I file an amended return using a different software? I'm not sure if there are any that support these forms for free, but I intend to find out - if anyone has suggestions please let me know.

[Print the 1040X and follow the instructions.](https://www.irs.gov/uac/about-form-1040x)

You may find these links helpful: - [Tax Software Megathread](http://redd.it/5ohy01) - [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: I dont know if this is the right place to post this. My girlfriend applied to a job at a place called HCI group. Within one conversation online they hired her, and said they will send her a check for $4,000 to buy necessary equipment like software. This morning, she received an overnight check from Patelco Credit Union for $4,415. My dad used to tell me "If it seems too good to be true, it is". And this seems like one of those things. Does anyone have any info on HCI Group, Patelco Credit Union, company scams where they send you a cashiers and rush you? **Edit** Email she just received: You're to deposit the check to your account and scan and email the atm deposit slip to me on ( redacted ) once done for confirmation, no need to send the slip to any other email address or email any worker that you got the package even if a note came with the check, have already contacted them they just want to make sure you get it, so you email the slip to my email address only, thanks NOTE: Make sure it's an atm deposit because atm is 24 hours service and funds availability, you need to order the equipment tomorrow once the full funds are available so that you can receive the Equipment by next tomorrow and get started. you only need to take your atm card with the check to your bank's atm machine then deposit it into your bank account okay ? you will see the option when you get to the atm **Edit 2** Just talked to Patelco. A check for $4,415 was never issued from their company. Sending Patelco a picture of the check since they said its a fraud, and then shredding that son of a b. I've read all your comments by the way! We're just figuring out how to respond to a very needy spammer. **Edit 3** Scammers are angry at our non-responsiveness. They threatened us by saying "you better cash in that check or their agents will find you". I promptly told them to fuck off and blocked them. Patelco was very happy we called them, since now they know their company is being used for scams. **Edit 4** Just wanted to do another quick edit. My girlfriend received this job offer from her schools job network. She goes to a small, expensive private college and she got hit with this fraud through a secure network that needs to be approved by the school first. Always be on the lookout for scam. **Edit 5** We did NOT shred the check. We decided against it and are going to report it. **Edit 6** Blowing up much further than I expected this too. /u/iac74205 said I could report it to the postal inspectors if it came by USPS. It came by FedEx, is there a postal inspector for that? **Edit 7** We've contacted the school once to report the scam! My girlfriend is taking a shower and right afterwards shes A: Reporting it to the FBI and B: demanding that the school sends out an email blast to all of the students going there. **Edit 8** I said it in a comment below, but I just wanted to thank all of you for all of your advice. I've read every comment and we have a ton on our plate to take care of. The users of /r/personalfinance rock! **Edit 9** Reported it to the school, this was their message: Hi Girlfriend, Thank you for sending over this information. We have flagged this employer in Handshake as fraudulent and have removed them as an approved employer as well. I know that REDACTED, our Office Manager, has already created a warning in the system for them, and I will do the same with the information you have sent to me. I will also discuss with our Directors about any further steps that need to be taken. Thank you so much for reporting this! Please let me know if you have any other concerns. **Edit 10** Using edits to answer FAQ's now. She did not give any information besides what would be on a resume. Work history, name, etc. She did NOT give bank account details or her SS number. **Edit 11** Just in case someone wanted to see what the fake check and the letter she was send looks like, [here you go](http://imgur.com/a/lfw0M) **Edit 12** I just wanted to confirm this, both Patelco and HCI are legitimet companies. We called Patelco and they have their fraud working on it. We didn't call HCI but I've had enough messages saying they've worked from HCI I believe its legit. I think this guy was just using the names to sound legit. **Edit 13** Ladies and Gentlemen, I need to give a shout out to /u/dotonfire /u/Kell_Naranek and /u/meanreds . They pointed out that the signature is Thomas Jeffersons. The dead are rising, and they're scamming /s **Gilded edit 14** I was just given gold. As much as I appreciate someone thinking a thread for asking advice is good enough to pay real money too, its unneccessary! If you are really feeling charitable, consider giving to a charity. Personally, I suggest [Doctors Without Borders](https://donate.doctorswithoutborders.org/onetime.cfm?source=ADD1600U0V53&utm_source=google&utm_medium=ppc&utm_expid=7773760-9.T4pemk1yTFeOymrJr_YtIQ.0&utm_referrer=https%3A%2F%2Fwww.google.com%2F) or [PACER](https://pacer.ejoinme.org/MyPages/DonateToTheNationalBullyingPreventionCenter/tabid/229451/Default.aspx) . Use it for something more important than bragging rights. **Final Edit 15** Final edit unless there's anything super important that happens. Everythings been reported to the proper agencies, like the FBI. Hopefully we find this guy or get a response. Nothing on our end was lost and we took all security percautions so we're safe. Thank you everyone for the advice and help! **Final Edit 15.2** For some reason I can't see this post on Reddit anymore besides direct link? Anyways, school sent out an email blast for other students safety. **[MAKE SURE TO REPORT FRAUD TO PEOPLE WHO CAN HELP PREVENT IT](http://imgur.com/gallery/mS8n0)** **Final Edit 15.3** I told my dad this got tons of upvotes. He replied with "awesome". Finally my dad is proud

Definitely a scam. A fairly common one too. I used to be a teller and we would see this all the time. The ATM is a big flag because you won't know it's a scam for at least two weeks when the check is done being checked out in the back office. If you go inside, any good teller would try to causally ask some questions about where the check came from and would flag it immediately for the back office to look at within the next 24 hours.

No legitimate business will ever, EVER, ask you to use your personal checking or saving account for their needs. They will send your wages to you for work performed and for no other purpose.

Human: Early 30s, I have two credit cards, both never carry a balance. One is my bank's visa card and has a $30,000 limit. I've had it since I was 18 with a $2000 limit and they just kept raising the limit over the years. The other is an Amazon rewards card I use for most of my purchases to get amazon points and just pay off the balance in full immediately. $8500 limit. My FICO scores are consistently near perfect and don't change much. But I'm just wondering if having a relatively high chunk of unused and available credit could hurt me in any way in the future? For instance would it affect me in any way when applying for a mortgage? Would banks lend less if they see I'm sitting on a large reservoir of unused credit?

No, having credit but not using it is *good* for your score. Don't worry about it and keep doing what you're doing.

I would not consider $42k to be a "high unused credit" amount. If it got to be several times your annual income, your mortgage lender might ask you to reduce it before issuing a mortgage.

Human: Hello Reddit. I'm moving to Florida next week for college but im conflicted between Tallahasse or Orlando. There's Tallahasse Community College or Valencia Community College in the respective city's and they both sound good to me and cheap which is a plus. I've worked two years as a Kennel Assistant at a Humane Society so I want to transfer a veterinary clinic or pet boarding service to work as I attend classes. However my main problem and concern is the job opportunities available. From my searches Orlando has more openings than Tallahasse since its larger but to me Tallahasse has my college of choice which is FSU which i want to transfer to and I'm more comfortable with small cities. Yet I'm very pratical and money conscious so I want whats more financially stable. I have $15000 in savings with no help from parents, so I'm on my own. So any advice to give for this future first time college student? Recommendations? Tips or ideas in general? Thanks!

Tallahassee is like Baja Alabama, whereas Orlando is a wholly-owned subsidiary of the Walt Disney Company™.

I have lived in Fl my whole life. Grew up in South Fl and live in Tallahassee as of 5 years. FSU was also my reason for moving up to tally. Sounds like you have a generous amount of savings. However, I would advise you visit Tallahassee or find a ways of securing a job position or interview just in case. You don't want to be stressing about all those things when you're sorting through college and university deadlines and/or classes. This way, you'll feel pretty secure with that amount of savings. If you do not have a car, then Tallahassee would be a much better choice. I have been to Orlando a few times and it has only gotten worse, traffic wise. It is becoming a lot more like South florida..and if you've never been to South Florida, getting around is aggravating. I don't know what the bus system is like in Orlando, I have only Ubered around. Getting around on bus in Tallahassee is decent. You can live close enough to catch school transit that takes you directly to campus, while still living a decent distance from campus (I'm not about partying and an obnoxious amount of people within a small block radius, so I would NEVER live close to campus) apartmentratings.com has always been my friend. The reviews and ratings are pretty updated and recent. Do not settle for lower end places just to save. Anyone I have ever met that has lived in lower end apartments had to deal with all kinds of horrible living conditions. Perhaps living on campus is an option for you? I can't say I have, nor did I ever consider it because of the conditions and amount of people you are housed with. All in all, coming from a big city like Miami, I LOVE Tallahassee :) It is pretty urban, but I love that I can still enjoy outdoor activities and nature. The weather is much nicer than South Florida. Orlando is also Hot all the time. Tallahassee atleast has the seasons, but Orlando and Miami is like Spring/Summer all year long.