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Human: Long story short: I went to law school and did really well. I was just offered a position with a really prestigious firm in NYC and their entry level salary is $180k/year. I guess I'm looking for a general plan on what I should be doing with my money. I don't know much about personal finance or investing so any advice would be great.

First take the job and see if you like it. You shouldn't assume that you'll make $180k this year, 220k next year, etc into perpetuity. Likely there will be stresses and at some point you will be wondering if the money is worth it. My point is, don't put the cart before the horse!!

It's quite simple really. 1. Above all, resist the urge to change you lifestyle! Obviously you will want to splurge here and there and enjoy your new salary, but try your best to continue living the way you did in college. The #1 factor in early retirement planning is spending, not earnings. 2. Max out all your pre-tax retirement contributions. 3. Dump all your extra cash into Vanguard funds. Look for funds with low expense ratios. Concentrate on what I call the "golden rule" of early retirement. You need to save 25x your expenses to retire, so for every 1,000/month you spend, you need to save an additional $300,000. That's a lot of money, so if you get used to spending 5, 6, 7K/month you will have a long road ahead of you even with your extreme salary. If you learn to live on 3K/month or less, its much easier.

Human: at 21 years of age, I have put some money into a mutual fund have let it ride for close to 3 years. Being in the military, there are other options like the TSP and/or ROTH IRA. Should I be rethinking my strategy and putting money in those rather than the Mutual Fund. Dave Ramsey has got me hooked on this Mutual Fund thing, but as I watch the months go by... There has got to be a smarter way of going about this. (As of right now I am not contributing to either the ROTH or the TSP)

Focus on a Roth TSP first.

You're way ahead of my troops in my shop. I would say start putting something into the tsp on top of what you're already doing(G fund is default you want to move to better returning funds). I personally like index funds because overtime the fees under mutual funds begin to eat at your return.

Human: Edit: I've read every comment in the thread, and I really appreciate all the positive feedback you guys have given to help me. Thanks to the mods for removing the personal comments, I came for financial advice and I got that. So thank you. If all goes well I'll make a thread with the updated situation. Late! I'm 20 years old and have recently found out my girlfriend is pregnant. I've been working for the last 3 years and have accrued some work experience building cabinets, delivering mattresses and fast food-esque jobs. I'm going to be the sole provider for our family, because I cannot live with my parents and neither can she. What is the best hourly wage for a full time job I should look for? I was thinking of working 40+ hours a week at a mill for $15 an hour but I don't know how much we'll need to get by. We might have to move to get affordable housing as well. I'm overthinking shit and I'm nervous because this is new to me, I've never been in this situation before and she tells me I shouldn't worry so much and that well "get by somehow". What do?

I would think of those skills, the cabinetry has the most future in it, and if you tried to get your foot back in that door, it will lead you to good places. Can you see yourself doing that kind of work? Also, because people on Reddit like to point out the worst - you aren't the first person to have ever been in this boat. If you think having a baby is what you want to do and your heart is in it and you are determined, it will work for you. My uncle is actually now a successful contractor with his own business, and he started out in exactly your boat - actually he screwed up worse because he went a little nuts and at 19 stole his dad's car to take his pregnant girlfriend away to marry her. They are still married, 40 years later, have three great kids (my cousins) and 6 grandkids. He also had cabinetry experience and started there. He is one of the most determined guys I know - it paid off for him.

I had twins, unexpectedly, at the age of 19. Yeah, that was fun. Everyone here has offered great advice, but you do need to remember one thing: Your girlfriend is right. You don't need to worry so much, and you will get by. Good luck, and be smart. Always do what's best for the kid, starting now with your job. One sincere piece of advice: Consider joining the military.

Human: So my friend is going to the small college in our home town. We live in a small town and she lives about 10 minutes from school so location isn't an issue. She, her best friend and her friends boyfriend are planning on buying a house because "it's cheaper than renting" and "you can just resell it and make money off it later"... She said the FHA is paying the down payment and that "the banks said it was the smartest option" and I fear that the banks are trying to take advantage of them. What should I tell her?

Ask her the what ifs. What if friend and her boyfriend break up. Will both still be able to live there? What if the roof leaks or the hot water tank explodes. Can they pay for that? What happens if one person decides to stop paying the mortgage? What happens if the housing market tanks and they can't sell?

Yeah completely misinformed and naive college kids trying to make one of the largest purchases most people usually make in their lives. Seems legit. Smells like a failure, op. I wouldn't care what the banks say is the smartest option. I'm the judge of that.

Human: I am a salaried employee in MA, USA. I make approximately 60k annually. I often (multiple times a week) am required to come in to work early or leave late due to meetings and trainings. In some cases this can be as much as 3 hours over my hours. My questions are... 1) If I come in early and work my shift should I be allowed to leave early? 2) Can I request to be compensated after working over my hours? 3) I only work a 6 hour day, does that affect anything? Edit 1: Yes you can apply to the job but it's difficult and stressful. Like I said, I typically end up working closer to 35 hours and can spend up to another 10 working from home. Edit 2: The scales never tip in my favor, if I work less than 30 hours I'm not paid for the time I've missed. Should I be getting compensated regardless?

So you make 60k a year and work 6 hours a day, but sometimes you have to work a full day? Can I apply for this job?

Being a salaried employee means you are trusted--they trust you to get the job done even if you take a long lunch or leave early occasionally, and in return you come in early or stay late if necessary. >Edit 2: The scales never tip in my favor, if I work less than 30 hours I'm not paid for the time I've missed. Should I be getting compensated regardless? Does that mean you are paid less if you take time off? Or paid less if your work days are short? That makes a difference. Like other commentors have said, you should be grateful you work less than average while making more than average. Yeah, your problems are real to you, but they're problems lots of people would be glad to have.

Human: Apologies if these sort of questions get asked all of the time, im just terrible with finances. So im in the market to move. I was originally looking for a smaller single family home close to where i work, but the price for housing in my area has gone up drastically over the past few years. These smaller homes are being bought up then torn down to build 750,000 homes. What used to run for under 100k is now selling up towards 300k. Condos are no better, the cheapest ones i can find sit at around 130k. Ive been looking into apartments but i hate the idea of renting. In the long run youre just throwing your money away. Now the average for a 1 bedroom in my area goes for 1100, with the lowest end being around 850, which is in my range. I could also go for a mobile home in one of the more upscale parks in the area. These go for around 20 to 40k, and there is no lot rent for the first two years. My understanding is that these homes quickly diminish in value over time, and im not sure which option would offer better results. Not having to pay lot rent for two years would result in paying a third of what i would pay for an apartment, and i could get a roommate and ultimately make double payments towards a mortgage. To give you guys an idea of what i have to work with, i make 16.50 an hour, get overtime with roughly 50 to 70 hours a week. Im looking at finishing out this year just over 40k before taxes. My monthly income could be any where between 2500 to 3500 depending on the ot worked. By this time next year i could be sitting as high as 25 an hour with the same amount of overtime. I could move a bit further south into the city for cheaper homes or rent, but having to drive 30 miles a day to work as opposed to 5 to 10 miles a day makes it seem like i would be losing roughly the same amount of money.

As someone who's in real estate, if it's absolutely between the two, I would rent an apartment. Mobile homes sound like a cheap alternative, however they're the only type of housing that actually goes down in value and they're very difficult to sell. So between the two choices, it makes the most fiscal sense for you to rent.

Moble homes are poorly insulated, and very hot in the summer. YMMV, but I've found with all the expenses, they're about even with renting. Their only advantage is the amount of space you get for your money.

Human: Hey guys, I have a 2 year old daughter. Every month since she has been born I put away $100 dollars in my sock drawer for her. I'm thinking there has to possibly be better options out there for me. What's are some decent interest earning ways where I can put money away for her that will make even a small amount more over until she is 18? Thanks. Assistant: Anything is better than the sock drawer. You could put the money in an online savings account, or buy long-term CDs if you are not investment-savvy. Human: Yeah.. I'd have to plead ignorance to being investment-savvy. Online savings account huh? I suppose that's easy enough.

To be clear, the reason that people suggest an online bank is because many online banks offer excellent interest rates for savings accounts. Ally Bank is the favorite around here and offers a 1% interest rate on their savings account. Depending on how long you intend to save this money and its purpose (college? initial "adulting" money? something else?), an investment account may be the better option. For example, if the money is for college, then you may want to look into a 529 education savings account. Vanguard has options for these [here](https://investor.vanguard.com/529-plan/vanguard-529-plan). If the money is for something else at least 15-20 years down the road, maybe look into a custodial brokerage account (also known as a Uniform Gifts/Transfers to Minors Account (a.k.a. "UGMA" or "UTMA" accounts). Vanguard has options for these [here](https://personal.vanguard.com/us/whatweoffer/college/vanguardugmautma). So basically, how you should save for her depends on what the money is going to be used for and how far away the need to use the money is. This should give you something to think about!

The online savings account is easy. The 529 program suggested elsewhere has quite a bit steeper learning curve, so not your best intro if you are still learning.

Human: Most financial advice that I stumble upon caters towards poor/middle class people. I'm fortunate enough to be making upwards of 400k a year but have no idea how to maximize my efficiency in regards to investing, etc. My question is, is there a good online resource for well off/rich people? Thanks

For the rich, there are fee-only financial advisors. They look at your finances and offer advice, but do not have any financial products to sell you, so they can be unbiased in their advice.

okok.. you make that much and dont know what to do with it? Your profession if you do not mind me asking?

Human: My in-laws are paranoid of keeping too much money in their bank account. Whenever it gets above $6,000, my father-in-law pulls out $5,000 in cash and puts it in his safe deposit box. They are generously gifting us money for our down payment on our first house, but it will be given to us in cash. How can I use that money for the down payment? Would it be as simple as showing his statements where he withdraws that amount of money? How difficult would it be if he refused to do that? Side-note: If anyone has any advice on convincing paranoid older people to let their money earn money, I wouldn't mind hearing it.

If they don't trust banks, why would they trust safety deposit boxes at banks? Also, could they name a single person who ever lost a cent of their money in a savings / checking account in the United States? Statements would be fine, but at the end of the day, the giver is liable for all taxes and obligations in these situations.

When they give you a fist full of cash, just take it to the bank and deposit it.

Human: So I had a doctor's appointment back in December that resulted in a small, but not tiny, charge because it turned out they didn't take my vision insurance (which would have been nice if they told me when I scheduled and gave them the info, but w/e). A few months later I get a bill from them. I call and go back and forth with them about the insurance issue for a while, but eventually I give in and pay over the phone. Shortly after this, I move to a new city and close my bank account (and therefore lose all electronic records). A few months later, I get a call from a collection agency saying I owe this bill. I explain the situation to the rep who says that unless I can convince the hospital, there is nothing I can do. I know without the records, the hospital likely won't change anything. However, two different rep's at the collection agency have said that, at least as of now, this will not end up affecting my credit score. Is this true? If I don't go back and pay this again, will this not affect my credit score? EDIT: Thank you everyone for the advice. I was only generally looking to find out if it is possible that it might not affect my credit score as I was always under the impression that any outstanding debt that went to collections hurt your score. However, I've learned a lot more about collections from what you've posted, so thank you. Not trying to stifle the conversation since it seems other people have similar questions, just wanted to express my gratitude and clarify the point of my post.

Banks have to keep records for a number of years (Maybe 5-7 depending on regional/local regulations) so if you contact them they should be able to provide an electronic copy or mail a physical record. May not affect your credit now but I assume keeping it outstanding will at some point have an impact.

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Human: If it helps my current private loans outstanding are as follow $43,877.37 @ 6.99% $8,880.75 @ 7.24% $46,280.74 @ 6.75% $27,429.90 @ 7.24% My current situation is that I'm going into my senior year of college and as it stands I already have a job offer going into the school year for $58k + $8.5k bonus after taxes and expecting to be starting at $65k + 10k out of undergrad. Also, I won't have to worry about car payments out of college either as my parents have already taken care of that for me. I also plan on paying a lump-sum payment of $20k on this once I graduate. Also, in terms of saving I already have $1k invested in a Roth IRA and intend to work during the school year as well, to make contributions of $75 a month into it and for more savings/spending money etc. I'd love for anybody to weigh in on this and give me some insight on how tough my situation will be on me and what should I do? EDIT: I am going to be graduating with a Finance/Operations Management double major. Assistant: I'm confused about what you'll be earning after graduation. Are you going to be earning $58k or $65k base salary? Can you live at home for a while after college, or will you be living in a different city from where your parents live? If you'll have to get your own place, what kind of rent do you expect to pay? Human: Okay so I have an offer for $58k base salary but that's before going into recruitment for the fall. I'm almost 100% positive I can land $65k+ base salary. I can't live at home post college and am expecting to pay somewhere around $1k-$1.5k/mo in downtown Chicago Assistant: If you can land a job with a $65k base salary, your take home might be around $4k per month, less any deductions for 401k contributions or health insurance premiums. I'll assume your real take home might be closer to $3700. Your minimum student loan payment, assuming your loans have a 10 year repayment period, might be around $1400 per month. That leaves you with $2300 to live on. That's doable if your rent is $1000 per month, but you won't be able to afford an apartment renting for $1500 plus utilities. I recommend you live with a roommate for your first year or two to keep your fixed costs low. You might keep your rent and utilities under $900 per month with a roommate, which leaves you $1400 for groceries, transportation, entertainment, savings, etc. Human: Fair enough. My plan was to not contribute to a 401k as the money is not as liquid as a Roth IRA because I don't have access to it without fee and penalties (the qualitative trade-off) of company matching. So $1400/month is if it stayed as is today. Assuming I paid off $20k upon graduation that'd leave me at around $1100/month? Assistant: You should contribute to a 401k if your company has price matching. Yes, you sacrifice liquidity, but you'd be missing out on free money. Worst case scenario, if you lose your job you can liquidate your 401k for a 10% penalty, which is still less than the equivalent value that was matched for you. Human: 401k company matching is usually capped at 6% for almost all companies at this point. So it'd be paying a 4% premium on my own contributions. I can't justify that tbh when a Roth gives me free flowing liquidity. Assistant: You should ALWAYS contribute up to the 401k match. That's a 100% return on your investment; far better than the 7% you'll get from paying off your loans. Also, what do you mean by this? > I can't justify that tbh when a Roth gives me free flowing liquidity. A ROTH IRA is not some savings account you can pull funds from willy nilly. It's a retirement account with many many restrictions associated with it. You can borrow from it, but that's a different conversation. Human: Well, from my understanding I can pull my contributions willy nilly as long as I don't touch my earnings correct? I never intend to touch upon the earnings only the contributions anyways. If I'm wrong here could you provide insight?

If you pull your contributions, you can't put them back. By taking them out, you lose your tax sheltered status on gains from that money.

You are correct, you can pull the contributions. Regardless, it makes sense to pay the loans off as opposed to contributing. Putting in to your 401k just enough to take advantage of the match does make sense however

Human: I have 137K in school loan debt. 79k of it in private loans. I also have other bills like car loan and rent and the usual situation for a 29 year old. Also will be married the end of September. I cant make more then the (adjusted for my situation so not even the full amount) minimum payment. What are my chances of being able to take whatever I make from my wedding and use it towards a home it will reduce the rent payment and at least give me some sort of future with my new wife. Loans are Show more loan details DL Consolidated - Subsidized $26,987.47 @ 6.000% DL Consolidated - Unsubsidized $38,053.97 @ 6.000% 7897 Signature Student $24,198.04 @ 3.000% (adjusted for income) 7905 Signature Student $24,015.92 @ 3.000% (adjusted for income) 7913 Signature Student $24,676.89 @ 3.000% (adjusted for income) Fixed total to 137k

I think you're pretty far away from responsibly owning a home. Post up your assets and income / expenses per month if you want more detailed advice on here.

Good lord.... Please don't take this offensive , but $137K to make $55K? Did you go to private college? What did you do in college? Only reason I ask is because I racked up at most $60k for two degrees (BS in Fin and MBA) WHILE spending my student loan money on living away from home like a moron. I agree with NotAVeryFlyWhiteGuy which is disappointing because I know how it feels to want to own a home. I would consider moving back in to a relative house and focus on paying down the debt for 2-3 years. Also, how are you "making" money from your wedding? unless you got lucky and your FIL is coughing up the cash for the wedding and honeymoon.

Human: I've been putting 15% into my Fidelity 401k all year and I'm at the point where I'm about to hit the $18k limit. I'm above the income limit to contribute to a Roth IRA, so I'm curious if there are any other options that r/personalfinance might recommend? My emergency fund is all set so I have that box checked as well. Are there any other "no-brainers" that I'm missing? Should I just take the extra money beyond the $18k limit and continue to invest in the non-retirement account I have with Vanguard? Thanks for the help! Assistant: I'm in a similar position that you are, though I do contribute more as a % than you do to my 401k, it sounds like my salary is considerably lower, so I haven't maxed it out. However, to answer your question, if you have no debt, have a nice emergency fund built up, maxed your roth IRA, maxed your 401k, I would then try to max out the annual limit on an HSA, which is $3,500. It'd be nice to have $15-25K in there just in case you have some large health emergency. EDIT - The $3500 limit applies if you're on an individual coverage plan; if you're on a family plan, it's considerably higher. Human: Good point about the HSA. I've maxed it out in previous years but didn't contribute much this year as I had enough to cover my deductible and then some. Next year I'll definitely start contributing more again.

It works exactly like an IRA if you don't spend everything, and like a super-IRA if you do. So it's worth maxing every single year, there's really no downside other than potentially limited fund choices

I'm not sure who you have an HSA with, but I believe you can invest with it at a certain point, or at least with my provider you can. And yeah, where I work our deductible is quite high, so we try to take our HSAs fairly serious. It's nice to use it for cheap, relatively inexpensive doctor visits, too, without having to dip into your typical monthly expenses. If you're comfortable with how much you have in your HSA, I'd start a traditional IRA outside of your company. I want to start one myself (also have a Roth IRA), so that if I leave my current employer, I can already have something to roll it into. Honestly, whatever you decide to do is probably minutia; you're in great shape (not sure how old you are), so just stay the course.

Human: Hi everyone, a majority of friends and family live in Denham Springs and East Baton Rouge and 75% of us have lost everything. We are in the 500 year flood zones, so i would say only 10% of us have flood insurance. I know that FEMA will come in and issue grants of up to $32,000, but what else is there to do to recover financially from this? It has never quite hit me that something like this has the potential to wipe out not only our homes, but our lively hood. How do we afford to erect another house? Do we have to get a second mortgage? We have so many questions this early on and are still wading though the waters and waiting for them to recede to even start accessing damage and do clean up. What are the most important steps we need to take early on to start the rebuilding and recover process for both our home and our community? Thanks for any help and recommendations. Edit: Thanks for the overwhelming responses from well wishers and informative posters. I am going to share this information with as many as i can in the coming weeks. Just a side note of something we have observed through this time is how essential taking care of your neighbors has been. 90% of the recovery in my part of East Baton Rouge was done by volunteers in private boats, jetskis, canoes and kayaks. Huge financial losses incurred by everyone, but such a minimal loss of life is something to always be thankful for. Stay safe out there! Edit 2: This post is not just for my own personal knowledge. I placed it up for others in my area and future flood victims to see. There are always going to be events and challenges in life that will extend beyond your scope of knowledge and level of preparedness. Note that I firmly believe in having FLOOD INSURANCE, no matter where you live. However, know that most people like many of my family and neighbors were told as they were building or bought there house that they did not need it. 95% of these houses are no where near the rivers that are flooding. They are over a mile away. Its a tough sell on a lot of people to have the foresight for this type of event. It not just the obvious larger rivers, or small ones that are causing the floods.Its the innocuous little lakes in neighborhoods,creeks backing up and ditches overflowing. It is a hard lesson for many people to learn. As you see future events and tragedies unfold, always maintain a healthy layer of optimism and don't be quick to make sweeping generalizations. So much time and energy is wasted in negativity when so many people are without a bed to sleep tonight and have lost everything. Note again, I FIRMLY believe in FLOOD INSURANCE and all of the other things that shield you from a catastrophic financial hit like this...I visit this sub quite often.It just so happens i don't make all of the financial decisions for my parents,relatives, and neighbors. I hope this post will serve as a tool for those who need it during a time of need and as an informative warning for those who think they are immune to natural disasters. No matter how off the possibility, you should always be prepared and protect yourself physically and financially to the best of your ability. Peace of mind is a hell of a thing when you are being airboated out of your home. P.S. This is an informative post and a vital resource. Lets keep it that way. Think a little longer before you post something like " Don't live in a flood plain. " You don't know the area,you don't know the people, you don't know their situation or why they are there. All that should matter is providing support and relevant information to people who need it. Thank you a million times to everyone who has given their time,expertise, and opinion. Shining a little light on how to navigate the recovery process has been a relief in so many ways.

SBP / St. Bernard Project. Here are some guides they've come up with : http://www.stbernardproject.org/resources-for-home-owners.html You definitely want to apply to FEMA to see how much money you can get, and SBP may be able to help with the rest. They've been in the area for 10 years - they're also rebuilding in Texas, New Jersey, New York, South Carolina, and West Virginia.

Extremely unfortunate...but I bet you'll be buying flood insurance next time!

Human: I currently have a high balance, but I have never missed a payment. I have three lines of credit. Maybe a little less than two years. How do I fix my credit? My credit keeps tanking and I'm not sure why.

> My credit keeps tanking and I'm not sure why. This could be part of it: > I currently have a high balance If you pay that down, it should improve quickly.

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Human: Current situation is living with roommate. Our lease ends by end of September. She just told me she might move to a 1 bedroom now. I'm either going to have to find another roommate or move back home. Thinking of maybe moving home. My mom stresses me out though which is why I moved out in the first place. Rent: $935 Utilities: $60 I have CC bills: Roughly $2,500 School loans: $1,500 Personal bills: $1,200 Working full time 40 hours a week. I make only 18/hr after tax and health benefits taken out, I take home about only $1,900 a month. Pretty much living paycheck to paycheck. TL:DR I make about 18/hr. Should I move home?

yes. free rent is free rent.

Move back home, pay off your debts, save money, finish school, then move out and be comfortable. What's worse, the stress of being in debt and living paycheck to paycheck, or living with your mom? Six months to a year can really fly by, if you are motivated you can easily pay off your debts and be in a significantly better place to move out.

Human: I got into the habit of paying extra taxes each pay period to ensure a big return every year. I know I don't receive any interest or anything, and I know it would make more sense to out it into a savings account, but it guarantees a nice return every year to go on vacation or something similar. Anyway, using easy numbers...say I pay $5000 a year and get back $2500. If I've already paid $2500 this year, can I just stop paying for the rest of the year? Any advice would be appreciated. Edit - My numbers were off...I've fixed them (I think)

Yes. Just remember to change it back at the start of next year.

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Human: My girlfriend and I, both 24, have been together for four years and recently purchased a house together. Before taxes my income is 70.2k/ year and hers is much lower at 20-25k/year. Prior to buying the house, we lived in a place I owned and I paid the majority of the bills, approximately 2/3 with regular home bills and groceries. We have always paid for our own vehicles. Generally in this situation I would not mind covering most of the bills, I work a lot more in a higher paying job (Civil Engineer) and she has struggled finding decent paying employment in the new city we have purchased our home in. Bank account wise, we look pretty similar, I have been putting a significant amount of all my income towards paying off school loans and just recently paid off the last dollar so have not concentrated on building a savings account. Meanwhile she has basically lived paycheque to paycheque even with me taking responsibility for most of the bills. The catch here is that although our bank accounts are similar, throughout her life she has received several inheritances that have been invested for her and currently sits around 100k. I am rolling around having a little bit of an internal struggle with this because although I love her and we will be together a long time, I do not really feel like I should have to financially stress myself on her behalf when she has such a huge nest egg. She is the kind of girl who really does want to support herself and feels terrible that she is not making enough money to necessarily do so. She is a great girl who is trying really hard and wants everything to be 50/50 so I don't want to make her out to be selfish at all, but at the end of the day I eventually want to be at a similar net worth myself and spending this extra money will slow me down in a financial sense. I feel bad about thinking this way because relationships should be built on teamwork and working together but that money can't really be ignored in my opinion. Example: I worked my ass off for years to build a small nest egg to pay for my 50% of the down payment while paying off loans but although struggling bank account wise, she could come up with that money another 10 times if need be without having to save a dollar. Conclusion: Currently we are splitting our home bills as we are equal owners and we are renting a room out which helps, but if our roommate leaves this would cause her a lot of stress and financial strain on her income. She did just pick up a second job part time to work towards saving more and being able to pay her side. I absolutely LOVE that she is doing this and is willing to put in the work, but this is only recent. She has spent the last year mostly working about 30 hours a week. So PF, how should I feel/think about this all? It's hard for me to think of just the financial numbers when I love her and want to help her. If she can't afford her side, should I bring up maybe selling some of her investments so she has the cash to sustain herself until she makes more money or is this a no no? Her inheritance/investments are a sensitive issue, rightly so imo, do to her grandeparents and father now being gone so she would rather not use any of it but how far should I be using my money instead of hers? I'm pretty confused with the the situation. Thanks for all opinions, concerns, advice!

50/50 or ratio out your incomes. Whatever you two can agree upon. You're not married. Keep your eyes off her inheritances.

you SHOULD split expenses based on usage. which is simple enough to say 50/50. If she cant afford it... than its really a negotiation, does she want to eat into her savings to subsidize a lifestyle she cant afford? do you want to subsidize her lifestyle she cant afford? Or do you both move into something smaller that she can afford. If this is a serious relationship, your income is her income, her savings is your savings, go option 2. If this is maybe not leading to marriage, option 1 or 3

Human: Hello all, I have an emergency fund in my savings account, which is about 6 months of living expenses. I also have the other typical tax-deferred (and non-tax deferred) retirement investments. My question is; would my emergency fund money be better left in a relatively safe, non-tax deferred brokerage account (like Vanguard Total Stock Market) instead of a savings account? Direct deposit seems to make shifting money between accounts fairly easy (within only a couple days, it seems). On a side note, if you're not storing your emergency funds in a savings account, where are you putting it?

I don't consider the stock market "relatively safe" and would never put emergency funds there. That said, 6 months may be too much for an e-fund (but this depends on your risk tolerance and situation) so you could put 3 months into a savings account and 3 months into the stock market.

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Human: Hi r/personalfinance, First time poster looking for some thoughts from the knowledgeable folks here. The question I'm debating is: Given my income, is it feasible for me to pay $x in rent? The numbers: Take home pay: $1900/month (transportation is factored into this) Debating whether I should rent a place at this price: $1150/month (flat, utilities/wifi included) Available savings: $12,000 No debt/obligations, employed. Current rent is $780...but debating whether moving to this nicer place for $1150 is feasible/doable/smart/responsible (or a very poor decision), so if anyone can chime in and provide some thoughts on that, I greatly appreciated it. Thank you in advance Assistant: What are the factors making you consider a 47.4% increase in your monthly rent payment? Human: Shorter commute time to/from work on the weekdays. Walkable to work if need be, about 30 minutes. Apartment is new, whereas the place I'm in now is old, though it is livable. Don't think this count as a valid reason but honestly it does weigh in in my mind, place is in the middle of the city and walkable distance to all the hangout spots.

Too bad you won't have any money to hang out and do stuff with if you are paying 60% of your wages to your landlord.

I understand the appeal of newer, closer, etc, but I think the extra $370/month seems like too much money. If there were any other significant financial trade-offs, then it might make this more feasible. For example: * saving per month in transportation * certain utilities included in the second place that you pay out of pocket in the current place * new place has two bedrooms, and you can split rent cost with roommate.

Human: Hi all, I've read a lot about this topic and see a lot of mixed feelings about it. Basically, we are looking into buying a house. We found a great one, great location, 3 years old and less than our monthly budget. Only problem is, we are a couple grand short for a down payment. The market is so competitive and if we wait the couple of months to save the money it will almost certainly be gone. My question is, my fiance has a 401k that he only has about $6k in. If we take a loan out for, say, $3k, we'll be able to pay it back before the end of this year. Is that a completely stupid idea, or is it not a big deal since it's such a small amount?

Are you a couple grand short of 20% down, or a couple of grand short of 5% down? Are you going to use up all of your e-fund and all of your liquid assets to make this down payment? Have you factored in all of the fees and miscellaneous costs when purchasing a home (probably an extra $5-10k depending on the cost of the home). I wouldn't take a loan out against your 401k, and I would just wait to buy a house at a later time.

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Human: I live in Texas and I work remotely for a company in Florida. My boss tells me that as I am only one of two employees that live out of state, the paperwork is too much and they'd rather have me as a contractor. My benefits will remain the same, but I will have to handle the IRA on my own. As they don't contribute to my IRA, that is not an issue. He's acting like this will be a seamless transition but I'm not entirely comfortable with the plan. Assistant: Legalities aside, unless he offering to pay you significantly more, (around 30% more) you are likely losing money on the deal. Here are the things you typically lose when you go 1099. You'll owe self employment tax of 15.3%. This is both halves of your SS and Medicare taxes, usually you pay 7.65% and your employer pays the same. Now you'll pay both halves, so really it is just a 7.65% increase in that tax. Do they pay for health insurance? As 1099 you'll have to pay for your own. If you aren't an employee, I doubt they can put you on the company plan. This can easily cost 1000 a month. Typically when someone is 1099, if you don't work you don't get paid. If you are salaried or hourly with paid time off and holidays, you get paid for a lot of days that you don't work. Typically there are about 10 paid holidays and PTO is all over the place. But if get 10 holidays and 3 weeks vacation, that's 31 days (over a month of working days) that you get paid for not working. Now if they are just putting you on a weekly rate and are going to pay you every week, then that negates that last point. So you need to be sure you are at least compensated for all of those, just to break even. Human: I thought it was 15% also, but my boss claims it is only 7%.

It's only an *additional* 7.65%, since you're already paying the first 7.65%. It's 15.3% total split between employee and employer, but as a contractor you'd pay all of it.

The only additional 'tax' burden you'll get is having to pay your entire share of your Social Security payments, which is ~15%. As an employee, you normally just pay 1/2 of that, and your employer pays half. As a contractor, you pay the entire ~15% amount yourself, for an increase of ~7.5%.

Human: I'm a contractor employed in the tech sector. Today, I got called into my contractors office to sign some new paperwork. The new stuff had all the overtime rates removed. My contact was not able to adequately explain the logic behind this change. I almost never earn overtime in my field so this doesn't affect me much at all but I don't feel good about having that option removed for me. Everything I have read on this new law seems to suggest that employees should now be eligible for overtime or nothing will change, so I don't understand why I am suddenly not eligible at all. I should mention that I am hourly instead of salaried. Can anyone explain why this might have happened or if this doesn't sound right?

If you are indeed a contractor, you never had the right to any overtime to begin with.

What the heck dude!? You've got an hourly rate as a contractor? I assume you're 1099, so you're paying for health insurance and your own taxes out of pocket already... The paperwork they just had you sign essentially was a business deal with you to get you to negotiate your rate down. Technically, as a contractor, you don't even have to be paid minimum wage, but you also theoretically could hire employees to do your job for you and set your own hours. Instead of an hourly rate, you could charge a flat fee by the job, or a monthly fee (regardless of the number of hours worked); it doesn't matter. My hunch is that you're being misclassified as a 1099 instead of a W2 employee, which is illegal, and your employer could face hefty fines. As a 1099, you are not technically an employee, and all the rules about minimum wage and overtime don't apply to you. There are some pretty strict rules about what kinds of restrictions can be placed on contractors, and there's a test to determine if you should in fact be an employee based on your job requirements. If you are an employee in practice, you're eligible for overtime (any hours worked over 8 per day or 40 per week) regardless of whether you're classified as one or not.

Human: I know about Chromebooks but, living in San Francisco without a job, I'm trying to be as frugal as possible (finances are incredibly tight until I start working again). The library is surprisingly hectic (e.g. guard yelling at a guy shooting drugs... happened 20 minutes ago) which makes it incredibly difficult to concentrate (and they place a 2-hr daily limit). I should have the means to buy a laptop. I don't and that's solely due to irresponsibility on my part. I'm a bit disappointed in myself but that doesn't help the situation. Any suggestions are appreciated.

Your best bet really is the library. Try to avoid the main branch and find a branch in a nicer neighborhood, maybe over in Bernal Heights or Glen Park?

You might be able to see if there are employment centers that have computers to use. Other than that, ask a friend, use a phone, craiglist or freecycle might have something free/cheap that's still usable?

Human: Okay, as someone who frequently posts on this sub, I know that we are not good with relationship/family advice and in general will always give advice from a solely financial perspective, but I know a lot of people have had shitty family finance experiences so just hear me out. Last year my dad died in a car accident and my mom, my brother, and myself received some life insurance money; my mom also received the money from the sale of his house (he owned his mom's old house in another state). She received 60-65k, less than a year ago, and apparently has next to nothing left. She doesn't work, she's waiting for a disability determination, and she clearly she has a plethora of issues. She paid roughly a third of that money on rent for the year and a cheap car, I have no idea at all what she could have done with over 40k in less than a year. As far as I know, she didn't pay down any debt and she didn't make any huge purchases aside from the car (like 5k). This isn't the first time this has happened and I don't know what to do. My brother and I have given her a ton of money in the past, and my dad did when he was alive. It has never helped. I offered to help her with her money when she got it and she declined. She also waited to mention that she was low on money until now, when she's almost completely out. I don't see how giving her money can help her at all, but at the same time I really don't want to see my mom go without the things she needs. However, that's the same reason everyone has bailed her out for years and she has never learned from it. Also, my brother and I don't make that much, he's a school teacher and I work at a non-profit, or else I wouldn't care that much. Ugh, either way I will feel like shit.

I am sorry. Your mother is an addict. There is no way to help her until she realizes that she has a problem. I wouldn't give her a penny until she signed papers giving you and your brother 100% control of her finances.... just like if she was a minor child. She shouldn't be able to open a credit card or access any of her money without your approval.

As everyone else is saying here- giving her money is not going to help her. It's only going to further her bad habits. Continue to offer help and support with budgeting if she is willing, otherwise I would do very little. If she truly has no food, offer to have her over for dinner once in a while and send some leftovers home. Providing some food is a relatively small financial burden on you- but helps make sure her needs are met. You're a good kid, your mom just makes bad choices with her money. You can't fix her- she needs to want to change.

Human: For the past year, my mom has been charging me $400 a month to live at home with her on top of buying groceries and food. However, I am not on the lease and we have been living here for almost 10 years. I'm currently paying for my own college tuition and have a full-time job ($12/hour). I'm saving what I can but at this rate, I'm never gonna leave this place. I don't have a car but, getting around isn't difficult using public transit. That being said, I want to move out but I need about $2,000 for security deposit and first month rent as I understand it. My goal is to move out by next year but I'm concerned that my mom is going to raise my "rent" before then. Is my mom extorting me out of money or is this a legal loop hole in her favor and I'm squat out of luck? Or am I just another whining millennial? Thanks in advance and I'll try to answer any questions. Update: Thank you to everyone for their suggestions and criticisms. I really appreciate it and I'll do what I can to move forward in a positive manner.

People are looking for roommates every day. $400/month should be enough to get you someplace decent with roommates if your mom does bump your rent up. Depending where you're at you might not even need roommates to get someplace good.

When I still lived at home my mom only charged me 250 a month, I have no other input. Good luck with other answers

Human: I recently (7/30) financed a truck for $44,036 with a monthly payment of $656. In this agreement I traded in a leased car. At the time of sale, the dealer put on the contract that they would pay off the lease at $13,795. I just got a call today (8/15) saying that when they tried paying off the lease they were told that the payoff amount was actually just over $18,000. They said I would need to sign a new contract for the remaining amount and that it would increase our monthly payment to $715 per month. I just paid $2,400 for the registration, sales tax, and tags today so this news really pissed me off. Am I under obligation to resign the contract for more money? If I don't will I be stuck with my old leased car? Edit: I can't tell you all how much I appreciate your advice. Living in just about the middle of nowhere in a new place with nobody to go to for help in things like this (let alone anything else), reddit and the people here have consistently proved a positive influence on my life. I'll be contacting the lease holder, county treasurer, and dealership tomorrow to see what our options are. Believe it or not, it was my wife's idea to "downsize" to this outrageous payment, so talking her out of it might be harder than turning the truck back in, but I'll do my best to try to make the right decision. I also appreciate the couple of redditors that mentioned the difficulty in keeping up with payments if ever a hardship appears. Even though we're both pretty young and healthy, the unexpected could come at any moment. Edit 2: Update. Again, thank you all for your advice. My wife and I are both teachers. I have a masters degree and she's halfway there. As teachers, you probably know we don't make as much as we should, but we're definitely better off than both of our sets of parents. It's not necessarily that $60 extra dollars will put us over the edge, it just starts to cut into the budget and plan for savings we've already established. I called the lease holding dealership and they said that the wrong amount was given to the dealership. The amount given was the buyout after the lease was over. Since we turned it in early they didn't give the dealership the current amount owed. I also called the dealership and explained that this new information and contract is unprofessional and that we will be coming in on Saturday to have a conversation with them that this may not be the truck for us. I've yet to call the county treasurer, but from what some of you have said, we may be out of that money. Again, thank you for all your advise (if even sometimes hard to hear). It means the world to me.

OP, I don't know about your finances and I'm sure as shit not trying to get into your business. That being said, if both you and your wife had to ditch your respective leases to afford financing a $44K truck over that long, I'd reconsider. Sounds like you have one hell of a lady, by the way, if she's willing to do that for you. This might be your one opportunity to reconsider and get something more affordable. Take it from me: last year I financed a $30K (used) Infiniti then lost my job 3 months later. Just play it safe to protect your money and your family.

>Am I under obligation to resign the contract for more money? If I don't will I be stuck with my old leased car? Not a lawyer but yes and yes.

Human: I just graduated college in the Spring and am working full time on salary. I am living at home, and my mom previously managed all of my finances, but she has suffered a stroke and I need to learn all of this stuff fast. My only expenses are student loans, a car payment, a gym membership, and food. What is the best way to properly manage my finances? Should I be using something like quicken, or are there any good programs that would hook into my bank of america account that would help me track my spending? Right now I think that I have the ability to pay back the car loan quicker than what I was financed for, is this a bad idea? I haven't gotten a plan yet for the Fed student loans because I am still in the grace period... Or I did but wasn't aware of them because my mom had handled all of that. Also can/should I start investing? Do I just go on and find stocks that seem like a good bet and invest in them or do I need to hire someone? I seriously have no idea what I am doing and appreciate any help.

First of all, calm down. You have things pretty easy right now financially. Pay your student loans, car payment and gym membership as you always have (or if you haven't, find your online info or when a paper bill comes in the mail - pay it). From there you need to make a budget and spend some time reading the wiki here. Once you have actual questions (should I pay off my 3% car loan? should I be contributing more to my 401k? etc.) come back and ask them.

Along with what everyone else has been saying, go to your local community college and talk with a Professor of Finance. Ask him for advice and if you'd be able to sit in on some of the classes. I gotta say 1 of the finance classes I took in college was enough to open my eyes to what to budget for, esp. when it comes to changing economies... cheer brah!!

Human: Looking to rent a house in the future, but I would like to know what other expenses I would have to pay with the house other than the rent itself. Thanks!

Utilities. Which will be electric, water, gas, sewage, trash and city. City might be combined with trash and sewage but that's completely dependant on where you live. You're probably gonna want at least Internet if not also TV. Plus it would be a good idea to get renter's insurance.

Utilities/water depending if they're not included in your rent.

Human: Budget in a Nutshell for low/mid 30s, no more school married couple: Current savings: 15000 emergency fund in a bank promo savings acct 9000 in a mutual fund (non-IRA) 2000 in i-bills (should probably just convert) 15000 in 401ks between the two 2k in checking Monthly Total takehome (after 401k and HSA): 6000 (1600/mo may end at the end of the year unless contract is renewed or new job) Main Expenses * Rent 1210 * Utilities 0 * Transportation 90 * Phone 40 Total Savings and Giving Intermediate Term * 1 income buffer 1467 * Baby 550 * Moving 150 * Professional dev. 41 * Furnishing (new place) 250 * Personal Healthcare 150 Long term * Retirement (Traditional IRA) 250 * School Loan Tax Bomb (PAYE) 35 Giving * Charity 45 * Family 500 Trips * Airfare 100 * Lodging 50 Fun and Relationships (Flexible) * Anniversary +Bday 65 * Gifts (Christmas, birthdays, etc.) 20 Monthly Spend * Dining Out 220 * Retail 250 * Groceries 500

From what I see, I think you'll be fine. There is no single cost to a baby / child. In general, the more you make, the more you kids will cost, because children tend to live at your lifestyle. People who over spend will generally over spend on their kids. People who live below their means (which you appear to) will continue to do so. That won't change just because you have a kid. You'll make adjustments to your budget as you need too. Anyone who makes $72K a year take home, and blames their kids for their overspending, needs a reality check. They have a spending problem, not a kid problem. Now, if you want to know if you can maintain your current lifestyle. In the short term, it looks like yes. Child care will have the biggest hit to your finances. In most areas, plans on $1000 to $1500 a month for full time daycare. You've got that covered because of your 1 income buffer. For other expenses, the $550 should cover clothes, diapers, etc..., provided you don't go wild. Long term, it gets hard to predict. Day care cost go down, but travel, eating out, after school lessons, etc... all get more expensive as kids grow up. That's not even considering college, or private schools (if that's part of your plan).

Babies are expensive but your budget can be adjusted. If you want the kid then do it.

Human: Today I accepted a recruiter's representation for a position I'm qualified for. A few hours later, I got contacted by another recruiter, and suffice to say, I was lowballed, by a lot. The second recruiter was offering 50% more than I accepted representation for. I'm not sure exactly what to do here or how to handle this.

Recruiters are usually pretty shady. Sometimes they get paid a percentage difference for convincing you to take a lower salary. There is a good chance you cannot change the recruiter easily after you've put something in writing, but you can easily say "I've changed my mind about the salary, I'm looking for $X, or I'm not interested in pursuing the opportunity further."

Explain the situation to the first rep. Fwd the info from the second rep (without their contact info). Rep 1 may have been given different guidelines than Rep 2 and need to get guidance from the hiring company.

Human: A breakdown of my tuition (I went to Ohio State) Also to note I graduated a semester early so in school for 3.5 years Tuition: $9,168 x 3.5 = $32,088 Room and Board (one year) = $11,820 $32,088 + 11,820 = $43,908 total I'm going to assume I probably spent more around $50,000 with food and everything. I worked throughout college and my rent was $390 and my parents helped me with anything else I needed. Now, my dad took care of the student loans. I trusted him to do everything because he said he would, and I had no reason to not trust him. I found out that there is a little over 100k in student loan debt. There is no way it should be anywhere near that. What can I do? I got the payments adjusted to my wage. I got a job two weeks after graduating and did everything right, I always saved up money and honestly scrapped by during college. I'm a little frustrated my dad took out and extra 50k in my name. What can I do? Is there anything I can do? TL;DR Dad took out extra 50k in student loans in my name. Am I fucked or can I do something about this?

Time to be an adult Contact the student loan provider, get a copy of the distributions. How much was distributed, and when. Find out how much interest accrued while you were in school. Contact Ohio State. Get a copy of every tuition bill and room and board bill. Reconcile the two. $9,168 for a year at Ohio State seems cheap to me, but I don't know and neither do you unless you have a copy of the bills. Once you have a good reconstruction of what happened, you can start asking some pretty tough questions. You should post a follow up.

Yep, If dad was cosigner than he is just as liable. Get a complete audit done first. 9168 is most likely tuition per semester thus 18, 336 per yr x 3 yrs would be closer to 54,000 + 9168 extra semester. Then ur room and board. But the again, audit.

Human: Ello ello. So I've recently got myself a full-time position in a factory as a machine operator. The job was advertised as 48 hours a week, 4 days a week and an hourly rate of $29 an hour. That hourly rate is including a night shift loading. The day shift rate is $23 an hour and is what I'm currently on. The original plan was to go to night shift in a month or so, but today I was offered a position managing small 'department' which is a brand new role for the company, which I felt obliged to accept. This means I will be stuck working the day shift, but also stuck on $23 an hour. Since I will be taking on more of a responsibility, will technically be a crucial and relied on role and accepted the job expecting $29 an hour, will it be inappropriate to ask for a negotiation in wage? Seeing as though I've only been there for a few weeks? Bonus information. 19 years old, Australia.

If you are switching job responsibilities, it is not unfair of you to negotiate a wage based on new job responsibilities. If they don't offer you more money, decline the manager position and go to the night shift, if that option is still available.

Check your award you may be entitled to a rise in pay, given that you are taking further responsibilities.

Human: My wife and I are expecting, and after this summers heat are starting to think how we will cool the nursury next summer. Currently there is an inwall unit in the master bedroom but nothing else. The house is a 1300 sq ft ranch with baseboard heating, so we'd need ducting and everything. We have family in the HVAC business who quoted us $6000 for the whole system which seems reasonable, and we figure we could probably get at least half that back when it comes time to sell, which will likely be within 3 years. So my question is based on this info would it be worth it for us to get central air? EDIT: Wow, can't believe all the feedback I got. A lot to think about. Thanks everyone!

I've never known anyone to regret putting in central air. I'm on Long Island too and it's been just horrible these past few days. Aside from the cooling factor, your house will stay cleaner and quieter - you mentioned living on a busy corner? Imagine a horn honk waking that napping baby in the living room. My youngest struggles with allergies and while we like to enjoy the cool spring air, we usually have to close up the house and start the a/c sooner than necessary, and I'm always amazed at how much cleaner the house stays, dust etc, once the windows are shut. and I don't hear the darn birds who feel like singing at 4am.

Yes its worth it you hillbilly. Also you should invest in some flush commodes. Much nicer than shitting in your outhouse bucket

Human: My car died and I need a new one to get to work. I am working at least an hour away sometimes 2 hours away. The dead car will get me about $100. Besides that I have about $100 in the bank. $700/2000 on a CC. Personal Loan out for 4,500. I'm 22 and have bad credit. I understand this is intensely, the worst possible scenario. I'm having a hard time figuring out what to do. I need a car loan. I really would like a pickup truck for work. I make roughly 1200 a month, with 300 for rent, 170 for personal loan. When our company gets a government job, I make 1000 a week. I'll be seeing that in October for a couple months, but it is not an all the time thing. Will I get denied for a loan over a certain amount? What should my Loan amount be? What should I look for payments per month? Edit: My credit score is 670, 665.

You have no business buying a truck. Especially since you have to commute far, the gas alone will be ridiculous.

See if a relative or friend will sell you a reliable car that you can make payments to them. You need to keep this next car far longer than it takes to pay it off so you can break this cycle of debt and begin amassing some savings.

Human: I know that I may have to pay to repair things that are found in the inspection if that is what the buyer and I agree upon. What else should I know about? We just bought our second home, and the tenant in the first home wants to buy it. I also know about tax on the profit (I worked in the tax industry a bit). What else is there? Edit - The tenants want to purchase the house they are renting from me. They currently live in the house now. Wasn't sure if I made that clear originally. Assistant: You stated the tenant in the first home wants to buy it, but later mentioned a realtor. You probably don't need a realtor in this case since you won't be marketing the house. You can find comps off sites like zillow, estately, or the county website to determine a fair price. There are online resources for selling without a realtor. Your real estate lawyer to go over the contracts would be cheaper than the realtor, and would be more helpful in this case. Human: For the price of the house, the tenant has agreed to pay what it is appraised for. This was agreed upon because I knew them well before they rented out the house and they have a general idea of what I bought it for, which was undermarket when I bought it. The market has only gone up in that area. So to keep it fair, he stated that they would purchase it based off of the appraisal price. We haven't discussed repairs, but I will more than likely pay for them since there will be $15k to $20k in proceeds from the sale. For the realtor, we've discussed using the same realtor instead of getting two since we are just looking for someone to facilitate the process. If he decides not to buy, I'll be selling by putting it on the market. I wanted to get an idea of any hidden costs for either situations so I can have it saved and prepared. Edit - I should also state, that I'm not sure if we need a realtor, but I'm not familiar enough with the process and of who handles what. For example, does a realtor mark up the contract, or is that the bank? That's the main reason I'm leaning towards using at least one agent.

Save yourself 4-6% and do not engage with a realtor unless the sale to the tenant falls through. Call a title company today, explain the situation, and ask what you need to do. Title companies are the heavy lifters in closing the deal not realtors. Realtors primarily connect buyers with sellers and are paid handsomely to do so.

I agree what everyone else here has said. Talk so some friends who bought/sold a house recently and ask who their title company was. They are the ones who do the tough work and they do it every day. It might be good to find a real estate attorney to go over the contracts and represent YOU. They may also have a title company they know well and could recommend. Something to think about: If you and the prospective buyer do have a realtor act as a dual agent, that realtor represents both your and the buyer's best interests. That is a tough spot to be, and they ultimately are still trying to make money for themselves. It is in their best interest to get the house to close between you and the buyer way more than it would be for them to sell the house for the best possible price.

Human: Having a conundrum about this. We currently rent in a very "hot" neighborhood and now that we're looking to buy there's not much in our price range that's been built within the past 20 years. Great access to highways, walkability, good restaurants/bars and a great school district have been driving up home prices pretty steadily here. We could pay the same or less and buy new construction in the next town over but it's more of a typical suburb than our current town. Have to drive to everything and only like 2 or 3 bars or restaurants in the "downtown" area. School district is pretty equivalent, also good but for the record we don't plan to have kids. What do you think? Assistant: Buy the crappiest house in the nicest neighborhood. Human: Sounds flippant but this is a good strategy: the increasing desirability of the neighborhood will draw the crappy house's price up. Assistant: At what point is a bunch of renovations/maintenance on a crappy house not worth it though?

You don't want to buy a house with "bad bones", unless at a great discount. Foundation issues, mold issues, main-line plumbing issues, problems with essential framing, knob-and-tube electric, etc. These are things that will be uncovered with a good home inspector.

Not sure, good question, would like to hear an authoritative answer.

Human: My girlfriend has a number of student loans (some federal, some private). She has always had a 750+ credit score and checked it this morning only to find she now has a "poor" score. She dug in and found out that one of her student loans is delinquent for non-payment. After investigating she found that the loan had been sold....but she has no record of this happening and thus didn't realize that her autopay was not working anymore. Does she have any recourse in this situation? She can pay the entire delinquent balance right now....what can she do to make sure the provider works with the agencies to get this delinquency expunged? Thanks so much in advance for any advice!!

Hi. I had an almost identical situation happen to me. In my case, my loans were sold while they were in deferment and about the same time I had moved to numerous different apartments. Therefor, I was never made aware that the change occurred. The new company(Great Lakes) somehow messed up my deferment status and started sending electronic bills to an email address I hadn't used in years(very old .edu address). I didn't notice, until I applied for a car lease and was declined despite thinking I had a decent credit score. I looked into it, and my FICO score had plummeted to below 600. I looked into my full credit report and found that Great Lakes had been responsible for this. I made numerous attempts to contact them to rectify the situation without much luck. What worked for me, and what I would suggest doing, is to file credit disputes with all 3 of the big agencies regardless of whether or not you have any hard proof to back it up. The burden of proof is on the credit company to prove that you were delinquent and that you are in fault. If they cannot prove to the credit reporting agencies to their satisfaction, it gets deleted from your record. In my situation, Great Lakes never bothered to send them any documentation in the required time frame, so for all 3 credit agencies I won my appeal. My credit score went up over 200 points in a single month. tl:dr - sent an appeal through the 3 main credit reporting agencies and hope that the loan company can't be bothered to send documentation in.

Of course she has no record of it. She skipped out on her payments. This is what happens when you don't pay your bills.

Human: I have 6 months contract for Assistant manager position in a hotel that is salaried. My boss is telling me that when it ends in October , he won't be renewing it, but he can offer me to work as a maintenance man which has nothing to do with my current position. Any idea if he can prevent me from claiming unemployment till I find similar employment? This is for the state of Wisconsin.

States make this determination, not employers (or employees). There are cases when employers do not pay into unemployment as they should. They discourage workers from seeking unemployment because if you apply then the state will discover they have not been meeting their obligations. In general, if the state considers you self-employed performing a business service for this company then you will not be able to get unemployment benefits. If the state considers you an employee of this company then you will be able to. Whether your company is meetings its obligations, deliberately avoiding them, or is genuinely in the dark is none of your concern. Even if they try to guilt you out of applying that is materially the same as them trying to guilt you into working off the clock there as a volunteer. Ignore their input- it's not up to them. If you do not consider yourself to be working for your own company then you should apply for unemployment and let the state sort out what is owed. Every state has its own criteria for this determination. It can be complicated and vary quite a bit case by case. You're best off ignoring any speculation here about whether you are or aren't an employee vs independent contractor. Unless you have your own business, apply and let the state sort it out.

Most likely you are not eligible since your contract was so short. However, if you were contracted through an agency you may still be able to work it out and receive unemployment. Apply, what's the worst that could happen? You might piss off your old employer, but so what, you don't work for them anymore.

Human: Long story shorter Restaurant/bar I frequent sometimes has a sign that says $3 Stellas right behind the bar, no time displayed Go up to bar, order a bucket (6). Bartender opens one I tell her to keep the other 5 closed (it's just me and a couple of mates) Hand her my card, tell her close the tab she hands me a receipt for $36 I refuse to sign she gets another guy to talk to me He informs me it's $6 after 12 I point to the sign He tries to take it down Doesn't budge he puts a bottle in front of it Tell him I'm not signing and take them back He says pay $36 or leave, We left Called SPP (chase) outside of the bar to dispute they say I have to wait until its posted Called today, they said they can only adjust back down to $18 since it's a consumable. I plead that there were no goods exchange or at least none that were accepted, maybe 1 if you want to count the one open. Escalated to a supervisor same deal. I told them I never signed or authorized he mentions that since the chip was read no signature is needed. I am not sure what restaurant or bar DOESN'T have a signature line especially when there's a tip line (with the exception of fast food) Assistant: Just leave a bad yelp review and move on with your life. Human: don't you have to be a consistent yelper for your reviews to hold any weight? or even appear?

So go review every place you like going throughout your week, including the gas station. Then go poorly review this place.

You could try Twitter if they have one. I've heard success stories with tweeting companies about poor treatment.

Human: So we're finally coming up to presenting an offer on our first home. We were promised a gift of $20k to help with a down payment from my S/O's parents. They have since updated the offer to $50k as an investment on the home. They would take the percentage increase in value based on purchase price on their $50k investment minus the $20k gift. We're looking at a $350k home. If we end up selling at say $450k, we would owe her parents $44k. This being our first home, we're in it for 5-10 years at least and the increased down payment will definitely help us short and long term. They have asked me to write up a letter stating the conditions noted above and we will all sign it. They really are wonderful people and they do have the best intentions. I just want to make sure I'm not getting into an awful deal somehow or if I overlooked something. How sound is the deal and are there other things I should consider?

I'm not sure of the rules in Canada, but here in the US, you're required to have the gift-giver sign a letter stating that the money is a gift and does not have to be repaid. If the money has to be repaid in the future, it's not a gift, it's a loan -- essentially a second mortgage -- and your lending institution will want to know that. You'll definitely want to talk to someone knowledgeable about this. I thought about suggesting a similar arrangement to my parents when I bought my first home, but I decided against it -- I didn't want to introduce additional complications to buying a house.

Sounds like a great deal. I would just get the details in writing as other have said; Time limit to pay back or extend contact. The pay back rate in the negative as well as positive. Also, buy them a small gift and let them know your appreciation.

Human: I have $5000 emergency savings and am going to start putting 400-500 a month into stocks. Already have about 2 grand in stocks/index funds which has been doing well. My plan is that if the stocks do well or stay the same, sell them next spring/summer and use the money for an engagement ring (spending 5-8k ish). If something happens to the market and my stocks go down, keep most if not all of it in the stocks and use my emergency fund and potentially finance part of the ring. Then when the market bounces up, use a combo of the stocks and some monthly savings to replenish my emergency fund. I'm in a pretty secure position right now and am confident I could find another job within 6 months if anything happened. To me this seems pretty rational and a good idea. Curious what other people have to say. Also please try to keep your comments on topic - don't want to hear about how much you think I should spend on a ring or anything concerning retirement etc - I'm good on those fronts. Thanks!

An engagement ring is not an emergency. Just stick the $500/month into savings and by next spring/summer you'll have $5k-6k to spend on a ring without the risk.

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Human: After all my budgeting and removing/decreasing as many bills as i can, i still need $2000 per month to stay infront. I already work 50 hours per week. 2nd job would be required but any other hot tips would be great. $17k in savings is quickly being eaten up. I don't go out but support a 4 person family.

> Thoughts? Yes. Your definition of "need" is incompatible with your means. Hard truth time: Since your SO can't work, and you're probably not going to make $30k/year with a 2nd job after a 50 hour week from your first, then you need to reduce your expenses. I know you're shaking your head right now, frustrated that I haven't been paying attention when you say you've already reduced them as much as possible. That's your denial. In less than a year you will either have reduced expenses dramatically (perhaps in less expensive housing, with more basic food, etc) or you'll be racking up debt because you're living beyond your means. The only place you're going to be able to find that $2,000 a month is on credit cards, and if you think downsizing your lifestyle now is unthinkable you're *really* not going to like how living off credit cards ends up. My heart goes out to you, but them's the breaks.

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Human: /personal finance has been a fantastic resource for me. COming from a family that has a long history of making terrible financial descisions, it has been the advice of this thread that has helped me get my finances in order over the past 2 years. It's for that reason that I'm asking for s ome advice. A bit about my current financial situation: I previously had a lot of credit card and student loan debt from college. While I Still carry a lot of this debt, it is all (finally) under manageable payment plans, and current. I opt to pay of my high interest rate balances before lower interest rates. I should have my credit card debt paid off within a few years. My federal student loans are consolidated, and i have a private Sallie Mae loan (side note: fuck them, seriously) that is current and being paid upon. This cannot be consolidated because of its private lending nature. My credit is not terrible, but it is certainly not good- we're sitting at about 620. Through using various credit monitoring tools, I see that the biggest hits on my credit are in the "available credit line" and "credit used" area. Which makes sense, honestly. My SO and I are serious about buying a house within a year or so. What I'd love to know is, what can I be doing to raise my credit score in a situation like this? If I raised my credit line within my various line of credit, would that put the "available credit" stats in my favor? Is there a way to right past credit hits, such as tiny outstanding bills that you might've lost track of (I know thats a possibility with relocating a few times)? What are the tricks of the trade? This is completely new territory for me.

What's the trick? Pay off all that debt! I wouldn't recommend buying a house before you do so, because ALL of the expenses that come along with buying a house will just put you into even worse debt. Maybe it's possible, but judging from the words (not numbers) you wrote, I don't think you are in a great financial position, but maybe you can convince us otherwise by posting your income and expenses?

It doesn't sound like you're in a good position to buy a house yet. You need to pay down any remaining high interest debt and save up a lot of cash first. Your credit score will improve as you pay off your debts and continue to make on-time payments. A house is a huge financial commitment, and I can't imagine buying one when you think it will take you years to pay off your remaining credit card debt.

Human: I reserved a Tesla Model 3 and have already put down $1k. I bring home about $1700 a month. I've saved $4k so far for a down payment and plan on saving up to $8-10k before the car is released (hopefully by late 2017/early 2018). I will need to take out a car loan to cover the rest of the car and surmise that my monthly payments will be around $500-550 if I decide to buy the car. I pay no rent. My only bills are my student loans at $477 (I pay more than the minimum) and my phone bill at $57 a month. Food is mostly covered for as well. The only other bill I'll rack up if I get the Tesla is car insurance. I'll no longer pay for gas -- maybe just a small fee for supercharging -- and maintenance will be really low on the car. And let's not forget a tax credit upwards of $10k for EVs. Am I crazy? Or is this entirely possible? I could always lease it and have a lower monthly payment.

99% of the time when there is someone that starts a thread "can I afford this car" they can't afford it.

Get a Ford Fusion Hybrid lol. Looks exactly the same

Human: So I'm a 22yr old recent college grad working my first "real" job as a system engineer. I'll be making ~$62k a year before taxes, and based on my first few pay checks it looks like I'm getting taxed at about 29% (thanks California) for a net gain of ~$44k a year. My employer offers a 401k plan that is 20% vested after two years, increasing by 20% each year after that, fully vested after 6 years. They match 50% of my contributions up to 6% of my compensation, and my current default fund is the Vanguard Target Retirement 2060 Fund Investor Shares with a .16% expense ratio. My current issue though is that I'm not really planning on working here for more than a year or so. So I'll be poorly vested if at all in my employers contributions. Cost of living is also relatively high where I'm living, and my first base-instinct would be to have more money available as disposable income if it's necessary. However, because I am getting taxed pretty heavily, having a before tax savings certainly has appeal, even without employer matching. Essentially I'm wondering if it's worth it to contribute to my 401k now when I'll probably be changing jobs relatively soon, or if I'm better off saving elsewhere till I'm more settled? Thanks in advance! EDIT: these are my investment options for the 401k. Help me pick lol http://imgur.com/a/kN24O

Invest 6%. You have nothing to lose. If something occurs in your life or the economy and you wind up staying in the job longer, you get an automatic 20% increase in your savings every two years. If not, you've made a solid investment and you can take it with you.

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Human: My NW Mutual "friend" sold me a whole life insurance policy about a year and a half ago and since then I've contributed over $4k to it and right now the net value is sitting around $1k. Unfortunately I've only recently been doing a lot of research on life insurance policies and most of what I've read about them is negative. I'm working right now (making $40k/year), saving up for a master's degree, and will most likely get married in the next few years and hopefully buy a house. So money is pretty scarce. Should I cut my losses and cancel the policy right away and lose $3k or should I do my best to hold onto it and hope I can learn to live without the $250/month. I don't know if I'd be able to keep those payments up during school... Also, any thoughts about leaving NW Mutual altogether? I've got a couple other investments there. I'm pretty disappointed in them right now, but mainly just mad at myself for being stupid and wreckless with my money. Please help! All opinions are very appreciated. Edit: I'm 25

Cut your losses.

250 a month? Holy crap. Cancel now. At 30 years old and in excellent health, i got a 500k 30 year term policy for $35/month. My wife's policy, same age, not quite as good health, is $65/month. Unless you are in bad health, $250 should get you millions in coverage at your age.

Human: Hello, everyone. I'm a long-time lurker with a problem. I'm not sure that this is the right place to post this question, but the fraud subreddits didn't look exactly right, either. Since this affects my personal finances, here we go: I'm a financially stable individual from Texas. In July, I noticed a charge to my checking account that came from DOBA. I looked up the company, which does drop-shipping, and doesn't seem to be known for scamming. I figured someone had gotten hold of my debit card number and used it, so I called my bank and cancelled the card. They reversed the charge and issued a new card with a new number. Fast-forward to yesterday. I see a new unauthorized charge from DOBA, for the same amount. This time, I call their customer service. Someone had used my *new* debit card number to open an online store using their service. They were able to give me the name and city on the account (it's from California, and not a name I recognize), and said they were cancelling that account and forwarding the case for investigation. Then I called my bank again and told them what was going on. They cancelled the new card and took down the name and city of the person named by DOBA. A new card has been issued, and the case is being sent to an investigator. My question is this: How did someone get two of my debit card numbers in two months? What am I missing? I have changed all of my passwords. The only recurring charge to that checking account is from Spotify. But when I called DOBA, they had to look up the account by the last 4 digits of my debit card, so that would tell me that the charges were being made through the debit card rather than through a direct line to my bank account. If someone can help me understand what might be happening, or if you see something I might have missed, I would appreciate it if you'd share. Thanks for reading!

You're shopping somewhere that's got a terrible leak. It happened to me - they got one card twice (the old one AND the replacement) and another one once. When I figured out that I'd only used all three cards at one place over that period of time...then I knew who had the leak.

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Human: To begin, I annually make $48,000.00 a year at my current job. This includes overtime. The beauty of this position is that it is very flexible, in a great community, and it maintains a lot of growth. Unfortunately, as a consequent I am taking a hit on my pay to live in such an area. To seek new opportunities, I applied for a position at an international company. I initially asked for a start pay of $55,000.00. The industry average is $58,000.00 nationally for my field. I received an offer for $48,000.00. This is salary. The start date is August 29, 2016. The dilemma I face is that this new job will involve a lot of overtime, and because it is salary I will not be compensated. I know Obama recently made it a requirement to raise the professional nonexempt overtime pay for salary to $47,476.00 by December 1, 2016. That means I would qualify for time and a half for all overtime if I make less than $47,476.00. I have rigorously checked and I would qualify for professional nonexempt overtime pay with this position. My earnings, as a consequent, would well exceed more than $55,000.00 under this new rule if I were offered somewhere in the area of $47,000.00, because of all the overtime required. I feel like I should approach the recruiter and ask for either $55,000.00 (Salary and exempt from overtime pay with a start date on August 29, 2016) or $47,250.00 (Salary and nonexempt from overtime pay with a start date of December 1, 2016). I am not worried if I do not get the job, because I am already employed at a great company. I am merely pursing new opportunities. What do you all think I should do? Assistant: I would kindly reject the offer and say the salary is too low. If they counter with another offer you can re-evaluate, or if they ask what your looking for in compensation I would bring up the national average of 58k. You have the luxury of being comfortable now, so you can play more aggressive Human: Thanks for the input. That is what I am leaning towards.

OP, I second this option. Tell them that their offer is not enticing enough to leave your current place of employment and see if they respond offering you more. If not, I'd stay put and continue the search for new opportunities.

Please give us an update of what happens!

Human: Hey Guys, I am in a bit of a financial bind and am not sure what to do. I created this throwaway because I am pretty embarrassed. I live with my wife and two young children and make $65,000 a year. My Bills currently are: Bill | Cost ---|--- Car | 289 Car Insurance for two cars | 125 Att for 2 cell phones, cable, internet | 300 Mortgage | 1517 Sallie Mae | 607 Nicor | 20 Comed | 130 Home Depot | 25 Chase CC | 25 Sears | 160 Amex | 160 Lending Club | 475 Health Insurance | 550 For a total of $4383 and my take home pay is about $4200. This does not show about 5 medical bills for a total of about $3000 or my water, sewer and recycling bills that are only every three months. If I just stop paying the credit cards and lending club I would save $845 a month. I have the potential to move to a new job and make $72,500. This would give me enough to live on, but my credit would be shot. My other option is bankruptcy, but I really wanted to avoid that. Any other ideas? Edit: Updated bills to be a little more clear. Assistant: OK dude, first you don't get gold plated TV/Cable/Internet/Cell phone plan anymore. This is an emergency. So, turn all that off now. Make calls on Starbucks' Wifi, read books from the library and that should save you 300. You have a dog? How much would you say you spend on it every month? Feels very optional. Any chance you could tell a sibling/parent you are in a jam and need them to watch fido for a few months? If you're carrying anything other than min insurance on your cars, stop. There's no reason you need two cars if your wife isn't working. I recommend getting rid of the lease and milking your beater for several more months/year. If this is just completely unimaginable from your perspective, sell the beater, and take whatever you get from it and kill that HD card or Chase card. Do you have an emergency fund? How much? Do you have any retirement savings? How much? What type of account? That health insurance plan looks like an unsubsidized plan? Details? How much are you spending on groceries? As Dave Ramsey says, are you eating rice and beans and beans and rice yet or could you clip coupons, stop buying Coca Cola, Coffee, Ice Cream, etc. and build some space in that spending area? Without outing yourself, what region of the country are you living in? It's about to fall meaning you probably could go without heating or AC for the next few months. Turn off that shit, open some windows, and save on that electric bill until it gets ridiculous in November. I think this is enough for now. We'll talk more. Human: The Att stuff is under contract. I have a dog and I buy the food in bulk so her cost is around 75ish a month. She is a large dog not exactly something that is easy for someone else to take on. She is part of the family. Cars are lowest insurance I can get. Can't drop a lease until it is over. No emergency fund, I do have 5k in retirement that I will get if I switch jobs which is the way I am leaning. The plan is unsubsidized. My guess is $125 a week on groceries. I don't do the grocery shopping. I live in the Chicago area. July/August are really the only bad electric months and those are almost done.

Look man...65K a year is not a terrible salary. It's above average. Tons of people make due and even thrive on even less. So, this says to me you have a LOT of optional spending you aren't willing to view as optional. As I see it, you don't have 75 bucks/month to spend on a dog. You made other spending a priority and now you don't have the option of a dog available to you. I didn't see any excuse about saving the beater so I imagine you're going to remove that from your liability insurance tomorrow. Put it in "storage" status until you can sell it. List it on craigslist tomorrow. That'll clear up 50 bucks or so from your insurance bill. That 50 goes to your HD or Chase card (whichever has the smaller balance) until it's paid off. Whatever you get for the car becomes your emergency fund. And by emergency I don't mean, your "member of the family" got hit by a car and now needs emergency surgery. I mean, the baby is sick or you have to make an insurance deductible. Call ATT tomorrow and tell them to get fucked and you don't have any money to pay for cable and fancy internet. Tell them you're willing to drop down to data only or you're walking away. Groceries: go look in your pantry. Is there a single thing in there that counts as "snack food"? Cookies? Crackers? Soda? Is there anything super-bougie like "non-gmo, organic, whole foods brand kombucha"? If so, stop buying that shit. I don't think 125 is a lot of money per week for a family on food but you're going to win this game at the margins. If you can save 20 bucks a week by not buying cheese-its and pringles, then you can honestly say you've saved enough to be able to pay for your "member of the family". Oh and you don't have the luxury of "not being involved with grocery shopping decisions" anymore. You're contemplating bankruptcy. Lean the fuck in. Oh...how often do you eat out? You ARE packing your lunch right? Ultimately dude, you're dying a death by a thousand cuts. 75 bucks a month for your "family member", 50 bucks extra to insurance two cars instead of one, 80 bucks a month for snack or fancy food in the house, god knows how much for that non-dischargeable car lease (spilled milk but don't do that again), 300 a month for completely optional gold-plated cable/phone/internet subscriptions. Turn that thermostat off (or low in the winter) and wear sweaters when it gets cold out to keep that heat bill down. If you fix all those things above, you're looking at 500 bucks a month back in the black. Win this game 50 bucks at a time. The aggregated effect of all this optional spending is what's sinking you. Start being the little dutch boy and plugging holes in your dam.

I'm going to pile on and add this link about how to cut into that $500/month grocery bill. Now, I don't think you're being profligate but this might give you some ideas that could cut 50-100-150 bucks off your bill. Every bit is going to count: http://www.mrmoneymustache.com/2012/03/29/killing-your-1000-grocery-bill/

Human: My girlfriend has about $10k in credit card debt and is struggling to pay it off with the amount she earns (about $1400 a month I think) and her other expenses like car payments. We're engaged and I'm wondering how this could affect me both negatively and positively. Her credit wouldn't affect me if we got married would it? Would I be able to perhaps buy out her debt and put it on an account I own at a much lower interest rate and then she can pay me monthly? Or open an account with me as a cosigner? What could be a good way to combat this? On another note, are there any tips to help someone with bad spending habits? She impulsively buys things a lot and I don't really know how I could teacher her to have better spending habits and to think twice before buying something. Edit: FYI I make 70k a year and pay for most of our expenses including mortgage, utilities, groceries, etc. I make about 3k a month, pay about 1.5k in fixed things like mortgage, car, and utilties, and maybe another 1k in variable expenses like food and gas

> Her credit wouldn't affect me if we got married would it? No, it stays separate. > Would I be able to perhaps buy out her debt and put it on an account I own at a much lower interest rate and then she can pay me monthly? Sure, but I'd wait until you're married. > Or open an account with me as a cosigner? This is the same as putting it into an account in your name as above. > What could be a good way to combat this? You have the right idea. Lowering the interest rate will help pay it off faster. > I don't really know how I could teacher her If she isn't remorseful about gaining the debt then you're going to be back where you are now.

if you take on this debt, you are liable for it. she can stop paying and you'd be fucked. this is a really bad idea. don't marry her until she gets her financial shit straight and you both get on the same page about budgets and spending.

Human: Does anyone have any experience/tips/advice to go about this? Can I ask them for a better deal based on my knowledge of a neighbour's bill?

Ask for a copy of his bill. Tell them you know they offer the rate. Then apologize to neighbor for having his rate hiked. But at least you won't get scammed.

You can call. They don't have to give you the same deal.

Human: I will lay it out flat and solid for you. I know there are no right answers. But as people knowledgeable about finances and money, can you tell me, realistically what you'd do in this situation? * You're 26 years old, college graduate, steady job * You have $60,000 in a bank account. Not savings, and it's not earning interest * You have $25,000 in student loans * You live at home with parents (get along) but are beginning to feel the downsides of living at home in your mid twenties and the effects it has on your growth and development as a fully functional adult * You are considering going back to grad school for a master's degree (MBA) - even out of state * You are adamant about parking your money in an investment that is low-risk, but will at least be able to fight against inflation (while still being able to have enough cash to grab in an emergency -liquidity is the key here). * You're frugal and almost never spend money - except on the occasional clothing, food, gas, etc. (maybe $200 or $300 a month) What do you do? Where do you start? My parents are constantly encouraging me to consider getting into real estate and buying an apartment complex and then renting it out and earning an extra income that way - but I'm unsure about that and I'm uncomfortable about it, too. The last thing I'd want is my savings of two years of work to burn up in a flopped investment. Considering everything I threw at you above, realistically, what kinds of financial steps would you take to get things in order? I'm also considering getting into contact with a financial advisor at my bank, but I can't help but shake the feeling that he'll be more of a salesman, and not really take my needs into consideration. I feel like he'll just passively advise some S&P500 equities to invest in, a mutual fund, and then that's it. What would *you* personally do, all things considered? There are no right or wrong answers here.

first thing i would do is pay off my debt. literally no point in having debt when you have savings. then each month instead of making the loan payment, you just funnel it back into the savings. next, i would really consider your graduate school options and zero in on where you want to go. research the school, the admission requirements, bla bla bla. once you feel good about your choice, **buy a small townhouse/condo in that state**. use your savings as a downpayment, minus like 5k for an emergency fund. continue to work and save money until you are eligible for instate tuition.

I would definitely talk to an advisor. Don't let the advisor play 'salesman' with you, you can hopefully avoid that by being assertive when discussing the criteria for a safe investment that you listed earlier. Even if the advisor is not being pushy, perhaps seek a couple more professional opinions? Obviously investment is a good idea for you if you have alot of money and nothing to blow it on. Real estate is scary business from what I hear, but if you play it safe I think it can be very rewarding in the long term. I would consider making a down payment on some good property with a house, and using rentals to cover the mortgage. If that were the case though, I think a contingency plan would be useful. Don't get anything so big and nice that you couldn't pay the mortgage in a bad situation. Another option could be to use the money to start a small business. The type of business would of course be depending on your preferences, location, skillset, and job market.

Human: Or anything else I ought to consider doing with it? I will use the money to supplement my rent. My job is sales and I am ramping up, in a year I ought to be making considerably more money.

Why are you borrowing 5k you don't need?

So you have a friend lending you money that you want to just park in a bank account?

Human: I'm not concerned with future growth too much at the moment. I need to maximize my dividend payments as much as possible. Should I bother with Vanguard funds, or should I purchase stocks? I understand Vanguard funds hold less risk, but I'm afraid I need something that yields an annual return of like 6-8% of liquid cash. Any ideas? Thanks :)

To get 8% dividend yield you need to invest in a devastated industry like coal. As you should expect, it comes with a lot of risk.

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Human: Long story short, I've been playing the world's most complicated and tedious game of telephone with the Healthcare marketplace for the last month or so. I feel like today I've kind of hit a breaking point. I only recently decided to grow up and start getting my affairs in order, health coverage included. I live in Texas, a state that didn't do the Medicaid expansion, and received notice that I didn't qualify for Medicaid coverage. The marketplace representatives haven't been able to adequately assist me in solving this problem, and I now feel as though I'm just having the same conversation over and over with a dozen different people. Anyone know if there's an avenue through which I could gain coverage in the current system as it exists in Texas, or should I just look at the next few months as penance for my past immaturity regarding my affairs and wait to get covered for 2017?

Open enrollment isn't open now. Unless you have a qualifying event, which doesn't include suddenly growing up, you probably want to target 2017 at this point. There are some short-term fillins but nothing that really does what you want.

.... What exactly is the reason you can't buy Aca?... I'm guessing open enrollment period... Have you tried the site healthcare.gov? Unless you got fired, moved, or had a kid you might not be able to get health insurance till November/December. That's open enrollment for all healthplans..

Human: Sorry if this is in the wrong place, figured since it was a finacial services company I might find some advice here. Assistant: Yes Human: This is the weakest answer in the world.

But the most correct one.

You asked! He answered...

Human: Hi All - As my headline suggests, I have $25,000 in credit card debt as I tried to start a business up. My APR is now at 15%. I'm 27 years old and I don't have a 401k set up yet. I'd like to attack this in a smart way as I'm now making $80,000/year. I'd like to start saving for retirement, but should I attack all the debt first before doing so? Also, I was thinking to save up over $25,000 first and pay off all credit card debt in one payment. Meanwhile, I'll be paying credit cards at minimum payments. After my apartment rent and business expenses, I'm left over with about $3,500/month. Does anyone have any suggestions on a plan of attack for this? I hate the thought of having debt linger over me. Thank you all!

Apply for Chase Slate: Transfer all debt to that card at 0% fee + 0% interest, pay it off before the 12 to 18 months are up. http://www.magnifymoney.com/blog/balance-transfer/no-fee-balance-transfer-credit-card1322859387

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Human: Hello Reddit, I'm a 17-year-old who is about to head off to university in a few days and I fear that my father's gambling addiction will put my family on the street. I am certain that if his addiction continues at this rate, we will lose our home in a few months. My father has had a gambling addiction for as long as I can remember. It has been the cause of my family losing our first house and almost being put out on the street. Many years later, his addiction has only gotten worse. We have tried to get him professional help but he refuses to acknowledge the issue. He simply doesn't think he has an addiction. He has probably gambled close to $1,000,000 over the years which has put my family in crippling debt. We live check to check and cannot even afford basic things like food. He also recently quit his job to "care" for my mother who cannot work due to her cancer treatments. My father is essentially just leeching off of government aid to subsidize his gambling affairs. Not only that, but his destructive habits have caused a major rift in the family and has put unnecessary financial stress on my ill mother. I also have a little brother to think of and I'm afraid of what might happen to him once I am gone. I am currently working two jobs to help support my family but it just isn't enough. Moreover, what little money I do have I give to my mother in order for her to live comfortably, however, he always seems to find a way to get his grimy hands on it. I am simply tired of my father's irresponsibility and I just want a way out of all of this. I feel immense regret for leaving my mother and my brother at his mercy and I don't know what to do. My father isn't a bad person but his addiction has transformed him into this completely self-absorbed monster. Should I drop out of college and continue to provide for my family? Any advice would be helpful. Thanks!

Do not drop out, do not send any form of money to your mother once you at Uni. If you start working tell your family your not working. Most likely your old man will con your mother into getting money of you.

Try calling a few of these agencies and seeing what help they might provide on an involuntary basis: https://www.problemgambling.ca/EN/WebSiteLinks/Pages/CanadianResources.aspx Second, stay in school. For the short-term you cannot really improve your families situation and need to focus on increasing resources wholly independent of your father. Stop giving your mom money; send food and basics instead if you want to help (look at Amazon Subscribe and Save). Next, extract your brother as soon as you are able to do so (basic shelter, food, and some time every day to dedicate toward caring for him as you will be the parent).

Human: I have a student loan though a private lender that i have payed about 40% of off and i have decided to go back to traditional school, as of right now i am job less being supported by family but i still have my other loan to pay off. My issue is that my grandfather and mother (who is co-signer on my first loan) are encouraging me to A) wait and pay off that loan until either next semester when i may have scholarship money to pay for my university tuition and then they will help me with the first one or, B) wait until i graduate from university, which will be no more than 2-2.5 years, to pay it off wouldn't both of those, and especially B, hurt my or my mother's, since she is my cosigner, credit more than would be worth it? or is there some third option that i have not thought of yet? as far as finding a job after i graduate, with the field that im going into, finding a job paying 45K+ a year should be hard, im not an art major or anything and help is greatly appreciated in advance

If the lender does not offer some form of deferment for while you're still in school, then yes, not paying is going to trash your credit, and the credit of any co-signers attached to those loans.

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Human: So I am in a weird position with my first new car purchase. Back in April, I decided I wanted a new car to replace my aging 2006 Honda CRV, which had performed admirably the whole time I owned it but was giving off all the warning signs that something was about to go seriously wrong with it. Figuring it had almost no value left, I began squirreling away my savings. I have been shopping for months, comparing everything and test driving a couple vehicles, but nothing appealed to me. Then, this past Friday, the car's AC and several dashboard backlights failed. That was it, I decided, and moved on Sunday by taking a new 2016 Honda CRV, deciding just to go with the new model of the old reliable car. It was a AWD Touring Trim level that I managed to get at an out the door price of ~31k. I've driven it for a couple days, and while it's a decent enough car, I'm not super in love with it. I don't really need the space of the car and the extra safety tech that it came with has all been turned off because I don't like it. It occurs to me that I can probably find a smaller, cheaper alternative that I'll be just as happy with, and I would be happier with the smaller car payments. So, I'm considering a couple different plans here. I financed through my credit union, and they don't have any early payment penalties. So I'm trying to decide between: 1) Squirreling money away again for the next 6-9 months and looking for a car again. 2) Overpaying on the monthly payments to try and build some equity in the car so that if I want to trade it in the spring, I will basically be able to do so without putting any money down. My thinking is that by that time, the car will have less than 10,000 miles on it, and I take good care of my vehicles, so it will probably be in very good to excellent condition. Based on some guestimates on KBB at the moment, the car will likely be worth between 27 and 28k around that time, which will be higher than any vehicle I'm even considering. I'm not really an investor type, so my money will just sit in the bank account if I squirrel it. Is there any advantage to one side over the other? Other Relevant info: APR on the loan is 1.99% for 60 months, but I was always planning to try and pay it off as early as possible anyways. Car is covered by Gap insurance. I don't yet have a bill from my insurance company for how much my new insurance premium will be. I haven't ruled out keeping the vehicle if that ends up making sense.

If you've only had it a few days, you might be able to talk that dealership into taking it back and selling you a different model. I think you'd be nuts for dumping it and buying a whole new car though. Keep it at least 5 or 7 years.

Keep the car. Get used to it. If you trade a new car within less than 5 years - you are being stupid.

Human: Long time reader, first time poster. I just started a new job and have to pick a health plan for me and my new wife. I have found a lot of discussion about high vs low deductible plans, but in my case the real choice is between a high deductible plan and an HMO. Here are the details: Wife and I: 29 and 30, moderately healthy. I have slightly high cholesterol, she has an old injury that did not heal quite right. Otherwise healthy. Not planning on having kids. Here are the insurance plans: Option 1: High-Deductible plan with HSA. Cost: $325 per month. Deductible: $2,600. Out of pocket maximum: $6,850. Coinsurance: 10%, 20-40% for drugs. Employer contribution to HSA: $1,200. Option 2: HMO Cost: $310 per month. Deductible: none. Out of pocket maximum: $7,000. Coinsurance: none. Copays: $15 for doctor visits, $25 for specialists, $10-35 for drugs. Now, at first I thought the HMO was leaps and bounds better. Especially since it also includes dental and vision (trying to figure out details now) which means it may also save me another $55 per month. But then I started reading about the HSA and it sounds appealing. Considering money goes into the HSA pre-tax I only need to put in $1,400 pre-tax to reach the deductible, and $5,550 to reach the maximum allowable contribution. It would not be easy, but I think we could do that. The tax-free investment nature of it appeals to me greatly, especially considering we have about 35 years of work life ahead of us. Other information: Our combines income fluctuates a bit, because my wife works as a contractor, but it is around $150k per year pre-tax, give or take $25k. I invest 5% into a 403b to get the full employer match. We plan to buy a house in about 3 years. If I need to post any other information, let me know.

While I'm a big fan of HSAs, the fact that the HMO is cheaper than the HDHP is bizarre. Normally HDHPs are a fraction of the cost of an HMO, I think my job is cost of the HDHP is 1/2 of the HMO. I'd probably go with the HMO in this case because you're not really getting any incentive to go with the HDHP besides the tax savings, and thats if you contribute the max. At this rate, one out of pocket ER visit or doctors visit is going to probably put the HMO ahead due to the low co pays.

I have HSA but my employer pays the majority of the premium so I only pay $50/month for a $1,500 deductible but that's a lot for the premiums... (for you)

Human: I have an average of $1510 in expenses each month. I make on average $1746 per month. Here is a typical month in my expenses: Groceries: 241.44 Fast food: 128.45 Cat food: 79.75 Gas: 31.47 Other: 89.38 Rent: 847.06 I recently moved and my starting rent (without utilities) will be $800. I am also closer to my work, which should mean spending less on gas. I have plans on returning to school to get my four year degree. Right now I am making $14/hr, but have a lot taken out for medical, dental, L&I, etc. I currently do not pay for my auto insurance (my parent does), and I will have to start paying that in a few months. I believe it is about $1500 per year. I am kind of freaking out how I can 1. pay for rent 2. save for college 3. pay for car insurance. and 4. still have money left over for food, gas, cat food, and fun. Do I need to find a second job, or a higher paying job? I currently work 40hr/wk. Any advice on how to approach this?

There are two sides to this: cutting expenses and increasing income. Cutting expenses is simpler than increasing income. Some places that stick out to me * catfood -- stop buying them the super deluxe food it's not needed. * fast food -- paying for someone else to cook food often is more expensive than doing it yourself. /r/EatCheapAndHealthy and /r/MealPrepSunday are great for getting those costs down. Beyond that, start tracking everything. There is still a lot of money not accounted for (cell, utilities, etc). The wiki has budgeting tool or this could be as simple as a Google Sheets where you write everything down. Once you know exactly where the money goes, you can start to target waste areas.

More income almost always solves budget problems better than cutting expenses. That being said, live live cheep as well.

Human: She has worked hard for me and im 19 and havent had a job yet for long. Today she was in the hospital and i'm unsure why, shes in the ER for some pains in her back and throwing up. I am not that worried i bet she will be okay. anyway it made me think about her other issues and how she still works and pays the bills. Would it be dumb telling her to quit, and me getting a job that pays 15 an hour and working instead of her? How much would this benefit her do you think? Would it add years to her life? Would this screw me over for a long period of time? Rent is like 1000 or something. i could afford it, my dad just started working again too.

Noble idea but $15 an hour is almost certainly not enough to support 2 people. And I'm sure she receives heath care through her employer, which you would not be able to provide her. I hate to shoot down such a sweet gesture. Maybe you can contribute to the household bills instead. Tell mom you want to pay the cell bill, tv, or internet...or something along those lines. She will certainly appreciate the help but more than that she will be very proud of the child she worked so hard to raise.

>She has worked hard for me and im 19 and havent had a job yet for long. You are 19. If you are going to college, you should have a part-time job. If you are not, you should have a full-time job. >Today she was in the hospital and i'm unsure why, shes in the ER for some pains in her back and throwing up. I am not that worried i bet she will be okay. I'm sorry. That sucks. Hope everything will be ok. >anyway it made me think about her other issues How many issues does she have exactly? If there is excessive she very may well be able to qualify for disability. > and how she still works and pays the bills. Would it be dumb telling her to quit? That depends on her issues, if work makes her issues worse or not (if not, she can continue to work), how old she is, how much money she makes and what the expenses are like. >and me getting a job that pays 15 an hour and working instead of her Why don't you have a job now? You are an adult. If you are not going to school, I'd say you should already have a job and should be paying your parents some form of rent. >How much would this benefit her do you think? Would it add years to her life? No one would be able to answer these questions as we have no idea what is going on. >Would this screw me over for a long period of time? What are you doing now and what are your plans? We have no idea. If you were just a bum mooching of your parents, then no why would it screw you over; maybe this is giving you the kick in the pants that you needed. > Rent is like 1000 or something. i could afford it, my dad just started working again too. That is not too bad. I'd talk to your dad and your mom. See what the situation is from their perspective. Another thing to think about is if you are indeed going to college, going to college and getting a professional job may be better for your parents in the long-term than you working a $15/hour job until they retire. So if they can swing it as and/or look into getting gov't assistance that may be better for them.

Human: I have a decent amount left after all of my expenses every month but have not saved anywhere near as much as I should have over the last few years. I am trying to do a better job of tracking where all of my extra income is going. But I am finding it hard to do because I have four different credit cards that I use for rewards. So not only are all of my purchases spread over 4 accounts but I also never wait for statements to pay them off. I just pay them in full whenever I think about it- usually 2 or 3 times a month, which makes purchases from different month overlap. Does anyone have a good system for keeping a budget across multiple accounts? I have tried Mint and other apps but they have been to buggy and inaccurate. Even saving receipts is hard to do because I have physical receipts and online ones... Anyway any ideas would be helpful. Assistant: Mint works just fine for me for this very purpose, what trouble were you having with it? Human: I tried to use it months ago and kept getting a lot of duplicate purchases. I also had a lot of trouble having things categorize properly. I actually installed it again a few weeks ago and it still had an old loan showing up. Maybe I will give it another go if people are having luck with it. I never did for some reason.

Once you correct a categorization a few times, Mint usually learns for the future where it belongs.

Usually things may show up twice if it's still Pending (not posted to your CC/bank statement) and right after it may post. I've found that not editing those transactions until they post in Mint helps those ghost pending transactions not stick around. Worst case scenario is you can delete them.

Human: I currently max out my 401k contributions in vanguard and have 100% in the 2045 target fund. I'm looking into setting up a backdoor IRA in that I'll start contributing to a traditional IRA and immediately converting to my Roth IRA. My question is, would it be foolish to have my Traditional/Roth IRA 100% tied into the 2045 target fund? I'm not a savvy investor and want a low-touch, reliable, 'set it and forget it' situation, which is why the target funds are appealing to me, however I feel like all my eggs end up in the same basket if I put both my 401k and IRA(s) into the same mix. Any advice or recommendations would be really helpful. Thanks!

No its perfectly fine. I put 100% of mine into an S&P 500 index fund. No need to worry.

It's not really putting your eggs in the same basket. Try to think of you retirement/investment accounts as one big pot. Whether you have one or two or X number of accounts with the 2045 target date doesn't really matter, as long as you stay diversified across your entire portfolio. That fund consists of Vanguards Total stock market index (3635 stocks), Total international stock market index (6041 stocks), Total bond market index (7,585 bonds), and Total international bond market index (4098 bonds). I'd say that's pretty diversified :)

Human: Hi, everyone. I would love to hear your thoughts on this issue. I currently have 5% down for a house. I can get that loan if my credit is sufficient. As of my last credit pull, I was about 10 points shy of where I needed to be for the loan. At the time, I had two credit cards, both <50%. We have since paid down the credit cards to <30%. I am awaiting a rapid re-score, but not sure if I will make it. If I have 10% down, the credit score doesn't matter. My question is, in your opinion, is it worth pulling the remaining 5% out of retirement funds? The property is currently priced significantly under comps and is perfectly upgraded. The pull from the retirement accounts would be loans that I pay back in 10 years, so no tax penalties. Any advice would be appreciated. Edit: A word. Also, I can afford this payment with only 5% down, it's just that I haven't had time to save for a 20% down loan. Update: Hi, everyone! Thanks for your advice. The credit cards will be paid off entirely before I assume this loan. Also, my credit scores came back, and I am good. No need to dig into retirement. If anyone is interested, I can put what the bank appraiser says when I hear. Thanks for all of your opinions. Assistant: If you can only put down 5% on a house, the house you are looking at is either too expensive, or you are flat out not ready to buy. I know that sounds mean, but that's the harsh reality as I see it. Can you post your budget and the house price you are looking at to give us a better understanding of your situation. Human: I agree, but my circumstance is unusual. I sent you a PM. Thanks for your advice.

Everyone always thinks they're the outlier.

I agree with the PP. I know it probably feels like an opportunity you don't want to miss, and tbh it may all work out just fine, but let me tell you from personal, hard earned experience that if anything goes wrong you are going to have serious regrets. When your home goes underwater with the next market downturn, or you need to move unexpectedly, or a pricy repair comes up sooner than expected. You're going to have the grumps because of not having more equity. I've been there. Lots of others have too. If you aren't truly financially ready for this opportunity, let it go. I promise, there will be others.

Human: My 5 year-old daughter is receiving a settlement for an injury she suffered not too long ago. I can't provide specific numbers for fear of violating a confidentiality clause, but I think just some general advice would help out a lot. Basically, her trust will be divided between an annuity with a fixed rate of return of around 3%, and a special needs trust to be invested as a trustee and I see fit. We were ready to set all of this up when I learned that any of the trustees that I wanted to work with required a higher minimum amount in the trust. Also, many trustees and financial advisors I spoke to told me that now is not a great time to get locked into an annuity. We will not be able to shut down the annuity at this point, but I am faced with the choice of moving money from the fixed rate non-taxable annuity account to a variable and taxable special needs trust to facilitate using a preferred trustee. If I move the funds from the annuity, the rate decreases, but not by much. It will still be about 3%. As a hypothetical, I'd like to assume that the amount in consideration is about $60,000 to $80,000. We are hopeful that the money in the trust will be able to be invested as a long term investment (10-20 years) without having to draw on it for any needs my daughter might have. The annuity is set to start paying out within a similar time period. Should I move the money to the trust and hope that the investment surpasses the fixed and guaranteed income from the annuity? Even with the tax considerations? I would like to make the best possible choice for my daughter, understanding that making any investment comes with risk. Any insight from this group would be greatly appreciated.

Firstly, is the settlement intended to pay for ongoing costs related to the injury or are you simply investing it in her best interests? If it is the former, the question is what those needs are likely to be over the course of her life. If a secure income is needed, then the annuity is the best choice, regardless of the "value". Yes, interest rates are low at the moment, but they will not rise for many years, and in the meantime longevity will drive rates down as well. I don't think it's in your/her long term interests to try and work around this. If I understand you correctly, the annuity is deferred, so it will not start paying out until some years down the line? Does it then run for her whole life, or for a fixed term? What was the rationale for trustees wanting to see more money invested outside the annuity?

I do not work dor Edward Jones but would highly recommend them in this case

Human: Since the UK has voted to leave the European Union I have known that I will more than likely lose my job in under two years. I currently work in a European funded post within local government in Scotland. (Admin position) 67% of my wage comes from Europe. European projects bring in millions of pounds to our local area and while I'm sure there will be replacement funding etc, I do not imagine with all the cuts that they will keep admin staff over front line workers who actually achieve the targets we get allocated. I am not a good budgeter and never have been. Me and my partner have a decent household income but somehow always manage to find ourselves spending more than we can afford. Our income and expenditure per month: Income after tax: My Salary: £1,300 Partners salary: £1,000 Expenditure: Savings: £100 Rent: £425 Council tax: £133 Phone bill: £100 (in the process of getting this reduced - will be reduced by December this year) Wifi/TV etc: £50 Utilities - Gas/Electricity: £66 Personal loan repayment: £76 Sofa and bed on credit: £65 Other (eg Netflix/contact lenses): £39 Union cover: £18.00 Mobile phone insurance: £16.99 Food/groceries: £200 Loans to pay: Store cards: £335.00 by July 2017 Personal loan: £248 by January 2017 Every 3 months I pay TV licence at £37 We have recently paid off a lot of credit/loans and holidays we had. I am hoping to negotiate a better deal on my phone bill so we will hopefully now be in a better financial position. We are bad at budgeting and often go out for meals and to the cinema. Or we buy things we don't need like clothing or games. We rarely have money leftover unless we have a goal of what we need to save for something we really want. (Like travelling) I recently enrolled in a night class which may lead to university. This course fee has been paid for this month and will result in £25 a month travel fee in September til June. My question really is... Should I start looking for permanent jobs now regardless of the drop in money? Most jobs in the area are around £5000 less a year and will incur travel costs of £1000+ a year. This would be a drop of about £600 a month. Should I enrol full time in university after my night class and quit my job? This will be a significant drop in money but it may lead to a more secure and higher paying job in future. Or should I hold off and see where the job takes me, you never know what funding they may get in two years? Meanwhile I can look at part time university courses. Scotland also did not vote to leave the EU whereas the rest of the UK did... It might be a long shot but Scotland might stay in the EU and I may have given up a good job for nothing. My bosses have been very open by saying they wouldn't want to lose me and are sourcing more funding but I feel like they have to say that... That's why I enrolled in the night class to up-skill myself whilst I have the two year European money to keep me in a job. I will be with the organisation on fixed term contracts for 4 years next June. This will mean I am eligible to become a permanent worker and will be guaranteed an interview for other jobs within the organisation that match my skills if my job was to go when the EU finding goes. But I feel I will need to fight for this right. My partner has a permanent job within the same organisation and already has this right and is protected. Any advice would be appreciated. On how to budget and also how to make a decision for my future. If you need clarification on anything let me know.

PERSONAL VIEW ONLY There's no rush in changing jobs. Keep an eye out, and wait for something good to come up, but otherwise,s tay where you are, and try to improve and diversify your skillset. I wouldnt be surprised if either: a) Brexit doesnt go through anyway b) UK Govt makes good all EU funding for the first few years c) Scotland somehow remains part of EU and your position isnt at risk

You're contemplating the merits of taking a 600/mo hit for an event that MAY (or may not) happen in 2 years. I'd suggest setting a 500/mo savings goal and basically help self insure against that. See how things pan out, see how classes go, see how Brexit goes.

Human: Hello, I recently ran away from home due to uncontrollable reasons. Hate to sound like a petty teenager but that is what it has come down to. I am 20 years old (female) going to university, living in Illinois. I am moving in with my boyfriends house and need advice on how I should go about it. I have a couple questions, would appreciate it if I got everyone's input. How do I go about making his mom my legal guardian. Can his mom sign me as a dependent on her taxes if she will be provided most of the income regarding housing and food expenses. In Illinois, what is the age one must be to declare themselves financially independent. (Will need this for university) Any advice on running away in general and how to be financially independent. This is very sudden and have never thought myself to ever be in this situation. Nonetheless, making a reddit post on running away. I appreciate any of your advice. I am a novice when it comes to finances so please throw anything you have at me. Thank you all very much. Update: Thank you all for the great advice. Many of you gave some really good feedback. As of now I have set up an appointment with the campus advocacy group to discuss my case and hopefully may qualify so there can be some negotiation with financial aid and housing. For now I have decided to stay with my parents despite the conflicts at home. I realize that if I were to move out I would take a big financial hit as my only source of income comes from internships I take over the summer (income: < $5000). Time to be frugal as hell. There is also always the option of taking out loans to pay off schooling since I am provided a substantial amount of financial aid from FAFSA. I'm grateful to those that pointed out and reminded me that I am an adult, not a child. This is all very new and scary to me since I have been dependent to my parents all my life. My boyfriend talked to his parents about the situation and for now we agree that it is best to lay low in hopes that my parents will calm down while I gain time to make more income. I believe that despite the circumstances I can get through this. I have been blessed with the support from many people. Thanks to everyone's advice I think I have some course of action to follow now. Hopefully, within the next year I can move out full fledged with a decent financial plan set.

Unless you're a developmentally disabled adult who needs a guardian (conservator), the age of majority in Illinois is 18. You're legally an adult.

Yes I also ran away from Howe when I was 4, but was not allowed to go outside on the side walk so I returned back home. But all jokes aside, you working, how do you make money to keep afloat?

Human: So I've found that rather than put what feels like 'virtual' money into a bank account, I'd rather save the physical cash. What is the best way to go about it?

Good luck if there's a fire or something. And nothing loses to inflation quite like cash.

Find a creative hiding place or three. Burglars will turn a house upside down including kitchen and bedrooms so let your imagination run wild with where to hide it. A jar buried in the yard works well if you put silicon packets in there to keep cash dry. Hard currency is always nice to thumb through to feel good about your savings. Most people would diversify and exchange some of the cash for gold or silver coins. Not collectibles as those can lose value, just well known coins like old school silver dollars or early silver dimes.

Human: Let's say the subject is around 22 years old and graduated college recently. I'm thinking downpayment of 25k or so. EDIT: And no student loans or any such financial obligations.

Spend 10k on a car and don't equate luxury/price with success. Warren Buffet drives a nondescript car and he even splurged on a nondescript truck.

if he/she has $25K , spend $20k on a car. don't waste money buying a $45k car , it's just not worth it.

Human: [This Basically Anonymous Fund Manager Oversees $800 Billion: Take a rare look behind the scenes at an index fund with Vanguard's Gerry O'Reilly, manager of the world's largest mutual fund.](http://www.bloomberg.com/news/articles/2016-08-15/vanguard-s-gerry-o-reilly-offers-a-rare-look-inside-an-index-fund) On understanding how an index fund performs: > In theory, the best an index fund can do is the return of the benchmark minus the fund’s fees. In reality, a fund faces additional costs from trading and transactions that can widen the gap between the returns of a fund and those of its benchmark. Success or failure is measured in tiny increments. “A basis point to us is a huge deal,” O’Reilly says. > The best index fund managers find small ways to wring out additional gains while tracking a benchmark. For the past five years, the Vanguard Total Stock Market fund has lagged its index by an annual average of only 1 basis point, or 0.01 percent, even as it charges an expense ratio of 0.04 percent in its institutional share class. > ... > How does the fund pick up the extra return? It makes some money by lending shares to short sellers. Last year it made about $95 million, or 2 basis points, from that. The rest comes from smart trading. On just how "active" a "passive" index fund is: > But you can automate only so much, and the tough decisions still fall to the portfolio managers. When is the best time to buy an illiquid stock that trades only once or twice a day? How do you handle a corporate deal structured in an unusual way or the issuing of a new class of stock? > “People think a computer could run index funds­—and they’re so wrong,” says Brian Bruce, a former index fund manager who’s now chief executive officer of Hillcrest Asset Management in Plano, Texas, and editor-in-chief of the Journal of Index Investing. > The skills of an index fund’s human managers are underappreciated, Bruce says. While the top active fund managers are often treated like rock stars, index fund managers are basically anonymous. On understanding when to act so as not to negatively impact an individual stock, or the overall market: > When stocks undergo significant changes­—such as when a company is purchased—that gets reflected in the index at the end of a trading day. Minor changes, however, are bundled up and implemented once a quarter. At Vanguard, the quarterly rebalancing is an all-hands-on-deck affair, requiring the buying and selling of hundreds, sometimes thousands, of stocks. > On June 17 a team of 18 traders worked Vanguard’s U.S. portfolio. Pizza was served so staffers could stay at their desks as 4 p.m. approached. In index investing, the daily closing price is the crucial metric. For the most liquid stocks, such as those in the S&P 500, Vanguard buys and sells as close to 4 p.m. as possible to minimize tracking errors. Near the closing bell is also when volume is highest and Vanguard’s trades are least likely to move the market. For smaller, less liquid stocks­—some of which trade only a couple of times a day—the firm has to take care to avoid influencing their prices. It often buys these stocks earlier in the day, whenever traders see the best opportunity. “We don’t just blindly send” an order, O’Reilly says. “We screen to make sure our order won’t make too much of an impact on the price.”

70 yr old retired here who had my retirement ravaged by active funds and really bad investment advisors. I am thankfull to Vanguad and the index funds for salvaging my retirement. How was it that a twenty year period my active managed accounts made less than half my indrx fund gains. In fact one thirty thousand dollar slice invested in 1999 to this day is worth half today The agent and the fund made money, i lost big.

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Human: I've read through many of the tutorials on this sub- I know that you want to put any money into retirement you can that your employer will match. However, I don't think the school is matching any of what we put into retirement. I have a bunch of handouts of different companies/plans - like deferred compensation, 403(b), 457, Roth options, etc. Does it even make sense to go through the school as opposed to getting our own independent retirement accounts? We are very overwhelmed!

The devil is in the details. If employers have a retirement plan, which most public schools do, then some of it is employer paid, and some is employee paid. There doesn't have to be a match per se, but there could be. You could describe what the company will contribute and we can weigh in. Employer plans almost always have some benefit that it's hard to match individually.

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Human: I'm 18 and looking to buy a bike and finance it with the money I make from my job. So my questions are, is it possible/reasonable to be able to buy a bike new or used with limited to no credit. If not what score should a try to get to before I go ahead and attempt to finance a bike. And how long does it take to build your score up to that level? Thank You.

Buy with cash.

I would say that you can pretty much get a loan for a motorcycle with nearly any credit score. Motorcycles are not held to the same standards as cars or houses plus since the bike is collateral it makes it far easier. I would think if your even in the 500's you can still pull off a bad credit loan, I know Harley has a program for riders with low credit standards. Now two things to keep in mind is don't think your going to get a 40K bike as your first bike, second if your credit is really bad you will have a higher interest rate I have heard of 14% on some. You can always try and refi later, also look into taking out a personal loan through a credit union (Way better terms) and they will like the fact that the bike can be used as collateral. This is an online lender https://www.motorcyclelender.com/badcredit/

Human: Hello everyone, I have a quick question. My wife works for a hair salon that styles hair and does makeup. Many of times, this requires her to travel to wedding locations to conduct these tasks. The place of employment used to pay her a flat $25 stipend every time she had to travel. This is no longer the case as they took it away. On top of this, every time she travels to do makeup, she has to use her own supplies. Makeup gets expensive, especially when you have to use the more expensive stuff. My question is, is she able to deduct these expenses on her tax returns? Should I have her start itemizing her expenses and saving receipts so she can do so? I am very in the dark about itemizing expenses so I was hoping someone here could help. Thanks for your help!

Independent Contractor? Employee?

The likelihood that itemizing these things would save any money if you aren't already itemizing tons of stuff is very small.

Human: I'm 16 from the USA and after my first real summer job have 1,500 saved. I would like to invest this in some way but I have little to no knowledge of where to start. I'm looking for any and all advice on what you guys think my best options are for learning the basics of investing and maybe growing my savings a little while I'm at it.

Wiki/"READ THIS POST FRIST" on right...

You are already 16 and thinking of investing, you're so far ahead of the pack with just that idea alone. I would go with a taxable account as you may want to access that money at some point with out penalty and it makes it easier if you plan on going the extreme early retirement path as you can not access 401k funds until 59.5 Personally I'd choose VANGUARD only Mutual Funds and invest in the following when you have the buy in amount available. VFINX VEXMX VGTSX Start reading investment books.

Human: Hi As stated in the title - I applied for a credit card and the incorrect salary was submitted on my behalf. So I was denied the credit card. I called the company (Macy's) to ask what happened and they gave me the information that I was denied because the incorrect salary was too low or something. I go the credit bureu's phone number from them (Trasnunion) and gave them a call. Unfortunately it was only a number to get the credit report and not a way to get a human and resolve any lingering issues. What can I do to manage this on my credit report? I dont want this negatively affecting my credit score in the long term when I can resolve it now.

You're salary is not on your credit report. There is nothing to correct there.

There is nothing that happened that will nwgstively impact your score long term...

Human: Thinking about opening a few credit cards just for some free money. How bad is it and what should I know about doing this? I never owned credit cards before and I plan to pay off the balance in full every month. I also currently don't have any plans to apply for any kind of loans at least for the next 2 years.

Go spend an hour or two in /r/churning and you'll find more info than you ever thought was possible. In brief, it's advantageous to use credit card sign-up bonuses. Some people take it to an extreme. I do it occasionally, maybe one card / year.

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Human: I am a 26 year old with a good paying job. I just recently found out that my grandparents purchased a $100k whole life policy for me when I was a baby. I have seen on this thread that whole life is usually not a good investment. As of now, the current death benefit of the policy is $133k and the policy has a 16K surrender value (it also lists 10k of additional paid-up insurance). I am paying off school loans and saving for a down payment, and that sum of money would obviously be helpful. That being said the yearly premium for the policy is only $433, which seems extremely low. With such a low rate is it worth holding onto, or am I better cashing out?

Consider the sunk cost fallacy, and the old adage "If you wouldn't buy it, you should probably sell it." Are you taking care of any dependents who would be up a creek without a paddle if you passed? If not, then you don't need life insurance. Could that 16k+433/yr be earning you more by keeping you out of paying interest on your student loans? If so, that you are losing money by not cashing out.

You could cash out and max out any retirement accounts you may have for this year, and then increase your withholding by $36 a month till you retire. In 30 years at around 5%(maybe a hair high for estimation purposes) you'd have close to that 100k value. So if you die early, say before 60, the guaranteed 100k will pay your family more than if you just invest it. The nicer thing about investing those resources in your retirement instead is that the compounding interest has a pretty big effect as you get older. Insurance is all about betting when you are going to pass away. This policy is you betting you will die pretty young and people will be dependent on you for money. The better bet is that you will die at the average age, somewhere in the upper 70's and you would then have a larger sum to help you pay for the likely medical bills you'll incur at that age. And whatever money is in your retirement when you do actually die can be used to cover these expenses, so it's not like they have NO money to cover your funeral and expenses.

Human: I want to purchase a house to do some remodeling and then flip it for some profit. I just purchased my primary home @ 6 months ago and there is not much equity in it. My credit is good (@730). I understand that it may be difficult obtaining a second mortgage but I was told there are Hard Money Lenders who do loans for the purpose of flipping homes. Is this a viable option or should I look into different options? I do not have any cash to put up but not sure if they will use the title of the house I want to flip to secure the loan. Anyone have any experience or suggestions?

You shouldn't be buying homes if you're broke. Hard money is a thing, you can read more about it on biggerpockets.com. You're looking at paying 12%+ interest rates with daily compounding. The notes are designed to be extremely short term in duration (<90 days) and will require a lien.

Hard money lenders tend to lend on based on the numbers of the deal. You will need to get a house at steal of a price to use hard money. With no cash available, you don't sound like you are in a position to do this. Where are you going to find the house? Who is doing the market analysis for you? It takes a lot of work and a team of people who a very specific knowledge set to be successful. I flipped a house once. Did an all cash deal. Hit all my numbers. It was a nightmare and nothing short of a miracle that I flipped a profit. I haven't done it since, and no plans to in the near future - if ever again. I'm a licensed real estate agent and used contractors to do the work. Homes that you see for sale online are rarely priced to be profitable flips. You have to find the house off market. You have to KNOW your market, know it will sell and know the comparable sales. You can't just rely on the zestimate to base your price on. To do this you have to either be an agent or know one. Nearly all of the real estate agents I know can't properly evaluate a potential flip. They can't estimate repairs and they will likely inflate your potential sales price. My suggestion - find another way to make some profit.

Human: As the title says, I'm debt-free and in college full time. I have no expenses because I have 100% scholarship and I live with my parents. I have about $1700 in my savings account; what should I do with it? I have a credit card because no student loans=no credit, and I knew I'd need some credit in order to eventually get an apartment.

Save it as an emergency fund. Within a few years your going to need money to find a job and move into your own place

You're doing a great job. Agree with /u/Trugy you should save it as an emergency fund. Once you build it past enough money for about 6 months' expenses, then you can think about some safe short-term investing, since you'll probably need this money to make the transition between school and "real life".

Human: I have a decent credit score of 720 and am wondering if adding my boyfriend as an authorized user in my card will help him build credit. I pay well over the minimum balance every month, and we've been together for 12 years so I trust him not abuse the privilege.

> I pay well over the minimum balance every month why isnt this "in full every month"?

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Human: I'm exhausted of paying a significant amount of money in fees for nothing. Is there a way to avoiding giving a company my hard earned money or any apps that don't charge fees? I've heard of that cash app but by using that, every client of mine would have to download the app as well, correct?

Cash Cheque Money orders

Sure feels like nothing. I bought a gift certificate online Friday and instead of taking it from my acct right then, they waited to take it on Tuesday. Receiving payments always take 3-5 days to process but making purchases online they always take it out right away. Stupid me assumed they already pulled the money from my account, because that's their job, so I went ahead and paid other bills so they charged me $29 for insufficient funds. I spend almost 45 mins on the phone with PayPal (30mins trying to get a real human) said they would fix it but my account isn't showing that they did. So it definitely feels like I'm paying for a service of nothing.

Human: So a few years back a friend of mine convinced me to buy the stock JAMN. Unfortunately I listened, and it looks like it will be going bankrupt. I purchased around $1500 of shares. I know if I were to sell the stock (which right now it wont sell) I can claim capital losses ($3000 a year) and get the $1500 back after I file taxes. My question is how does this process work if I literally cannot sell the stock?

> I purchased around $1500 of shares. I know if I were to sell the stock (which right now it wont sell) I can claim capital losses ($3000 a year) and get the $1500 back after I file taxes. No, you won't get the $1500 back. You get to deduct $1500 of income and not pay taxes on that income. > My question is how does this process work if I literally cannot sell the stock? If the stock is still listed on the exchange, it can be quite difficult or impossible to claim a capital loss on it. If it gets delisted, or if you can prove that it's effectively worthless (which can be quite hard to do), you can claim a 100% capital loss on it. See [this](http://www.bankrate.com/finance/taxes/writing-off-a-worthless-stock.aspx) for a bit more info.

It does look like this stock is still trading. Something like 4 million shares traded today. Now it is possible that your broker can't see it because of internal rules and restrictions on stocks this cheap. You might try putting it up for sale and see if your order ever makes. But what /u/alter3d said is spot on.

Human: I won a race, and my winnings were handed to me at the awards ceremony as a check with a blank "pay to the order of". The bank teller was completely baffled, checked with two other employees and told me she couldn't take the check. The race has been around and handing out checks to the winners for 16 years, so I'm pretty sure my bank is being ridiculous. Is there a legit reason my bank wont take the check? Should I just write my name on it and go back? **UPDATE** I wrote in my name and went back - the same lady was working and gave me a little bit of a hard time on it - I can't tell if she was joking or serious, but she did end up cashing it. Seems like bureaucratic nonsense to me...

Write your name in and go back.

um... why would they cash a check that isn't made out to anyone? Just write your name in and go back.

Human: Like the title says, my girlfriend co-signed a car lease to help her dad out. He has been late on payments multiple times, two of which have gone to collections. She needs to get off of this lease as soon as possible, but we aren't sure how to go about that. Any information would be appreciated!

She can't. She agreed to pay for the car if her dad didn't. Can she return/sell the car, so that she just owes the difference in value, and not the entire thing?

It sounds like she didn't understand what she was doing when she co-signed. When she signed she basically guaranteed her dad, saying that if he didn't make payment she would. Co-signing is no joke. Research early termination of a car lease. She can't just get her name taken off, she'll have to work together with her dad to end the lease in some way (sell it on the secondary market, work with the dealer to end it, whatever).

Human: Hello All, In a few months time, I [21M single] will have to buy a car. Currently drive a 2009 Corolla that my parents let me use which they also pay the insurance for. At the latest, I will be buying a car May 2017 and will have anywhere between 8-10k saved for a down payment. If everything goes well in my situation, then early next year (Feb-May), I will be in my career earning 60k/year with guaranteed increases for the next few years. Currently, make a minimum of 800$/month and save more than half of it into a savings and Roth IRA. I try to live below my means with the occasional going out to bars etc. So, this brings me to the title question: If you buy a new car and plan on keeping it until it dies, is it a bad buy still? As much as I enjoy the current corolla I drive, I absolutely love the new 2016 Honda Civics, especially the coupe. I like the sporty look, fuel economy, and that historically much like Corollas, Hondas are reliable. I have a good credit score (750+) with very little debt. If I do go with a new car, I'm budgeting for a cost of 22k OTD cost and through Costco Auto, I think I will be able to swing that price without haggling. The loan I am trying to get would get would be 3 year loan at max 5% interest rate. Some goals I want to achieve is that I would like to own a home by my 30s and to continue adding to my Retirement Fund 2060 at Vanguard for my Roth IRA. Thoughts?

This forum will almost always says the smart thing to do financially is to buy used (which is true). However, you only live once, and if it will make you happy to buy new I would say go for it. My anecdote - when I got my first real job after I signed the contract I went out and bought a new Acura and traded in my 15 year-old beater. I got pre-approved financing but ended up using Honda financing because the interest was slightly better. 3 year loan - I ended up paying a little over $1000 in interest charges total. 9 years later I'm still very happy with my decision and hope to keep it for at least another few years (waiting for a model 3...maybe) Financially I understand it probably would have been better if I bought gently used - but I have absolutely no regrets.

I would suggest against a two door car. Lets say you get a Honda Civic four door which runs about 25-28k, you can run that for about 15 years. When you are 31-35, you will wish you had two more doors.

Human: Hi Guys, I am writing to help someone that works part-time who has low income and doesn't really understand taxes and he is around 50ish? Anyways he didn't pay anything on the 1099 last year and I am seeing if we can refile for previous years and last year to see if the IRS owes him money instead. Can you give any insight?

Assuming your friend will be filing status single and claiming their personal exemption with no dependents, they have full-year helath insurance coverage (or a qualifying exemption from coverage), and no ordinary and necessary business expenses, their federal self employment tax liability is ~$3,493.00, and their federal income tax liability is~$1,478.00, for a total federal tax of ~$4,971.00. A refund is a function of tax payments made. If your friend makes no estimated tax payments for 2016, the balance is due in full in April 2017. If your friends payments (and total refundable credits, if any) exceed their total tax due, they can claim a refund.

I'd *guess* about $3k. One way to estimate is to keep in mind the self-employment tax is 15% so ... about $3k. I base it on the fact that I make half as much as your friend and I pay about $1500.

Human: I'm about to take my series 7 and I definitely will pass this test. Right after the test I have a part-time job lined up to work at an unnamed full service stock brokerage firm while I go to school full time until May of next year. I want this job as a life-long career and I'm only nineteen but being aware of all the penalties and easy tricks that one like me can fall into, being a part of this business is very scary. The big problem here is that my girlfriend whom I started dating June 25th has a step-father that she lives with and he used to be a stock broker like me (extremely funny coincidence as I had no idea her father did this work until I met him after her and I started dating.) So my girlfriend's father and I were talking about the business and he mentioned how he moved from shady penny-stock firm to the next trying to keep his hands clean. Unfortunately he worked at and was fired from the EXACT SAME FIRM I WORK AT NOW. How crazy of a coincidence is that? Well during Thai mother's day at dinner we were having with my girlfriend and her parents where he mentioned to me that he was fired from the firm that I work at now. The ones who had the power to do that figured if they could fire him and take his account book and all the big dollar clients that went with it (upwards of $25 million in client assets). He said to me though that if I pass my series 7 exam he will give me as many clients as he saved from that event while we split the commissions that I receive from their transactions. At the time I realized that this was both an amazing opportunity and this would kick-start my career so fast but I'm realizing that commission sharing with someone who may not be registered anymore is actually prohibited and we could probably both go to jail or receive heavy fines. So I ask the question, can I receive split commissions with my girlfriend's step-father if he is unregistered as a stock broker and if not can I find a mutual solution to this problem? P.S. my firm knows this man yet they do not know that I know him or that I have someone willing to give me clients. To them, I'm just someone that can work really well. Also once I get licensed my firm wants to split any accounts I get instead of them receiving them all which seems like a good deal but a high number (30).

Sounds shady to me. PRO TIP... don't... just don't. You're young and dumb and he's clearly trying to take advantage.

something doesn't sound right.

Human: The company I interviewed at offered to pay for my travel expenses after first two successful interviewing rounds. They wanted me to pay for a flight ($150) to reimburse me afterwards. It went well and they called back to hire me and later emailed for additional info. I responded that I've got an invoice for the flight and if I can send it over for them to pay it back. The response just contained additional info and ignored me asking about the flight payment. I'm not sure if they overlooked by accident or on purpose but it seems awkward to ask again. Should I?   EDIT: As more people suggested to sort this in person, I won't start until October 1st. Also, it's small tech company and I'm talking directly to the founder through emails. EDIT 2: Summing up all advice here. After officially hired, I'll contact a person that promised to reimburse all travel expenses to ask something in the lines of "Who can I contact for the interview travel reimbursement we've discussed earlier" or I'll just leave it as it is, not trying to be cheap before the 1st day. EDIT 3: Just woke up to the email for more info to get all sorted. There is apparently another person responsible for finances as you correctly suggested.

I don't think they're purposefully ignoring you. Usually offer letters go through different departments than reimbursement, so your request might just be going through a different person. They may also just be rolling your reimbursement into your 1st pay check. Stay friendly, if your in contact with anyone over the offer letter, ask them who you contact for travel reimbursement

Each time I have flown for an interview, a PA has arranged the travel details. I find it strange that a company would not do this as a matter of course. If anyone in future has been requested to do this, merely suggest that you are ok to attend and ask who will be contacting you to make travel arrangements.

Human: I have a TON of student loans. I have 28 separate federal loans totaling almost $500K. I'm in my last year of residency, so I'm not making a lot of money right now, but I know I will be next year once I'm practicing on my own. I recently started tackling my loans using a hybrid snowball method, starting with almost the lowest balance. My individual loans range from 2,000 to 60,000 with interest ranging from 1.25% to 8.25%. At first I tried paying on the 60K because it has the highest interest at 8.25%, but I had no momentum. It felt like an impossible mountain to climb. So I started working on the 3K loan which is at 6.55%, and I paid it off! It felt SO GOOD to pay off that loan and see the $0.00 balance. This really motivated me and I'm on my way to paying down the next 4K loan. I'm obsessed with seeing the next $0.00 balance. I can totally see why the snowball method is recommended by some people even though logically it would make more sense to pay on the 60K loan with 8.25% interest, but this other way feels better and I think I'll end up paying these loans off faster because I'm actually excited about it!! I'm practically obsessed with paying off these loans, now. I'm working an extra job moonlighting, and I'm putting all my extra earnings into these student loans. If I can keep up this momentum, I think I'll be able to pay off this ungodly sum of money within the next 4 years. I just wanted to give the snowball method some praise because it really is working for me.

As a medical student currently taking out loans similar to this, this really is motivational. Thanks for the post, and be sure to keep us updated on your progress!

Nice job, keep it up. It's a far better method than the "avalanche method". If people were doing math they wouldn't be taking on debt to begin with. What you are doing is right on.

Human: I am required to attend a conference on a Saturday for work, and I will basically be required to be there from 7:30am until 8:30pm. However, they are saying that since it is on a Saturday, and I am an exempt salaried employee, they don't have to pay me for that time. If it makes any difference, I will be on vacation the week of the conference so not getting paid for any hours that week. I feel like that is not right, and that I should be paid for my time since it is not optional. Is there anything I can do about that? Is it actually legal to require me to attend without compensating me? Any thoughts or advice would be greatly appreciated.

> Is it actually legal to require me to attend without compensating me? They already compensate you as an exempt employee.

[From the Department of Labor:](http://webapps.dol.gov/elaws/whd/flsa/overtime/cr4.htm#1) "As a general rule, if the exempt employee performs any work during the workweek, he or she must be paid the full salary amount." "Deductions from pay are allowed: When an employee is absent from work for one or more full days for personal reasonsother than sickness or disability;" They can make you take unpaid time off for vacation, but they have to pay you some portion of your weekly salary if you work on a Saturday after you unpaid leave. Edit: Assuming its in the same workweek. If it's technically a Saturday in the workweek before or after, you are out of luck.

Human: Hi all, My father was diagnosed with brain cancer (glioblastoma) last December. He has been on disability through his employer since then, but he hasn't been able to return to work and will lose his health insurance coverage through his employer at the end of this year. My mother is on long term disability and has medicare, so she cannot add him to her plan. The total of their SSI and disability payments put them over the limit to qualify for medicaid, but we were told that he does not qualify for medicare because he has not been on disability for two years yet. We're concerned about losing coverage for him. My sister and I are both employed and have insurance through our employers. We have considered trying to add him as a dependent on our own insurance plans, but it seems like the tax implications of that would outweigh the benefits. We've only just begun to consider this, however, so if anyone has an insight on that, it would be appreciated. Is coverage through Obamacare the best option for us at the moment? We're pretty overwhelmed at the moment, and we're not really sure what steps we should take to make sure he can continue his treatment. We're especially concerned about him having to switch doctors or not being able to receive the same level of care he currently has. Does anyone have experience navigating this or know of any resources we could turn to? Any advice and help would be appreciated! The state is Louisiana, by the way.

Obamacare should be an option. There's no pre-existing condition exclusion any more. Your dad might qualify for a subsidy, in which case it'll probably be a lot cheaper than Cobra. You could google for "Louisiana health care" to find your state's exchange and from there find the cost of plans. For each plan you could find out if your dad's doctors belong to that network.

Sorry to hear this news. You & your sister are champs for helping them with the grinding realities (grubby health insurance details, etc) >We're concerned about losing coverage for him. My sister and I are both employed and have insurance through our employers. think this is pretty unlikely. what does the coverage math look like if, for example, your dad & mom were separate income tax filers (separate "tax households")? I don't know but it may be that he would qualify for ACA coverage - maybe with premium/benefit subsidies - if he's a solo "household" A tax person could probably help you with this exercise.

Human: Hi Paid off my mortgage a few years ago (in my 40s), and I've been using the money that used to be my monthly mortgage payment to aggressively catch up on retirement savings, which I neglected when I was younger. My job offers a 401k, so I've been putting the maximum amount per year ($18k) into that. But I still have money left over, so last autumn I opened an IRA too, through Vanguard. It is a "Traditional IRA Brokerage", and when I click on that (on the Vanguard web site) it tells me that my money is in a "Vanguard Prime Money Market Fund". My understanding is that I can put $5500 a year into this. So last year, for the first time, I put that $5500 into this Vanguard account. I entered that amount on line 32 of my 1040, reducing my adjusted gross income by $5500 last year. I plan to do the same each year for as long as I am able, giving me a total retirement investment of $23,500 ($18k on the 401k plus $5500 on the IRA) per year. Question 1: Seems like I already paid taxes on that $5500 when I earned it, but then by subtracting $5500 from my adjusted gross, I increased the amount of my tax refund, so does the taxation work out even? Or does some financial voodoo work for/against me? (I know that I'll be taxed when I withdraw this money in retirement, so I don't want to pay anything twice). Question 2: Is there a more effective method of utilizing an IRA for retirement savings, or am I more or less doing this properly? Thanks! Assistant: Q1: Yes, you deducted the contribution from your income. Q2: Actually invest in something. Money market is just cash-equivalent and it'll earn interest only slightly better than your checking account. Have you looked at [Target Retirement 2040](https://personal.vanguard.com/us/funds/snapshot?FundId=0696&FundIntExt=INT) ? Human: Thanks for the speedy reply. To clarify Q2, did I set something up wrong when I created the IRA on line, and is this something I can change so that I am, as you suggest, investing in something?

You created a brokerage account, which is good. It can hold many kinds of investments. If you don't choose what to invest, the default is to stay cash in the money market. You can buy or sell investments anytime.

You walked into the grocery store with a wad of cash but you haven't actually purchased any fruit yet. Go buy some fruit.

Human: Started employment with company February of this year. My company advised us they will no longer be offering a pension plan for new employees last week. They also removed their bonus/comissions and are providing a pay increase based on your performance from December through May. Because I am newly hired and did no have the performance to be rated on during those months other than May(I was in training up to then) they are attempting to give me the bare minimum for my pay raise, even though I have had high performance every month since. Is there anything I can do other than find a new job?

Bonuses are not guaranteed, neither is your loyalty. Look after yourself first.

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Human: Hiya, I don't have too many details, but I hope I can get some light shed here. A little over a year ago, my parents stopped paying the mortgage on our house, but still pay for utilities and whatnot. They keep telling me that we're moving "soon" and I need to pack and be prepared for when we ultimately get told that we're being kicked out. What they won't tell me is, what's going to happen after that? I'm starting to get really worried, won't their credit be terrible? Won't it be really hard to get a new home? Are we going to get repo'd? I'm not really sure what that entails, but, (don't judge me I'm only 15) judging by the Sims games, can someone really come in and take their/my possessions because they haven't been paying the mortgage? Is this a common occurence? I just don't understand my parents' sus way of handling things, and they refuse to talk to me about it because it's an adult matter. Thank you for reading!

>what's going to happen after that? They will have to find a new place for everyone to live. >I'm starting to get really worried, won't their credit be terrible? Yes. If they stopped making their house payment, their credit is already trashed. >Won't it be really hard to get a new home? They probably won't me able to buy a new house for a long time, but they can rent one. >Are we going to get repo'd? Foreclosed. When your house is repossessed by the the bank, the process is called a foreclosure. >I'm not really sure what that entails, but, (don't judge me I'm only 15) judging by the Sims games, can someone really come in and take their/my possessions because they haven't been paying the mortgage? No. they can't take your personal belongings. >Is this a common occurrence? Unfortunately, yes. >I just don't understand my parents' sus way of handling things, and they refuse to talk to me about it because it's an adult matter. Since you are not an adult, and not responsible for the payments, no one is obligated to tell you anything. At some point you are going to have to move. It sucks, but you will survive. A house doesn't make a home.

Once you enter into pre-foreclosure (3 months or so of delinquent payments) you're going to have 1-2 years most likely before your home is sold and you're told you have 30 days to vacate the property. If your parents are on top of things, they will at least try to sell the home before it hits the foreclosure auction.

Human: Hello r/personalfinance, Throwaway account for privacy reasons. I was recently injured and required medical attention. Today, I received the bill and discovered that a medical device I was given at my doctors office has been marked up by 590.6%. I found the exact same device on amazon for [$25.63] (https://www.amazon.com/Aircast-Air-Stirrup-Ankle-Support-Brace/dp/B00YBZQEOQ)(select size large right foot to view price). My doctor's office billed $177 for the device. My insurance covered $44.02. I am being billed 132.98 for the remainder. This is in addition the $451 office visit ($289.29) after insurance. In my view, the doctor's office has been compensated nearly double the retail value of the device by my insurance company. The amount that I am being billed for seems completely unfair, to the point of being unethical. Is there anything I can do to get this bill reduced to this bill to something within reason?

You can complain or beg for a discount. I've not seen a case where a court reduced a medical charge for being outrageous. In our health care system, charges and prices are kept secret until you get the bill. You're responsible no matter how high they are, as long as the charge itself is valid. Check out [this article](http://clearhealthcosts.com/blog/2014/04/much-gall-bladder-surgery-cost-5865-94897/): > Our friends over at WBUR public radio in Boston wrote about a patient who appealed for a year a charge of $1,126 for a 2-inch bandage, to no avail. The patient posted the link for the story on the hospital’s Facebook page. The following day, the patient received an email from the hospital apologizing and granting her a $1,124 credit.

Hate to be the one to tell you this, but it sounds like you are SOL. Most areas of the service industry have this, if not to quite that high of markup, but still pretty significant. It is just how things work. :(

Human: My Chevy trailblazer 2004 with 140k miles V6 engine was running fine until last week it decided to go bad on me .. Took it to mechanic and found out my front body frame is completely broke, it's not fixable per the auto mechanic ... Engine runs great , new tires.. What should I do with this vehicle.. Need advice please Edit: thanks for all the good advice ..I will take it to a body shop and get a second opinion

Take it to another mechanic. Don't say what the first one said. See if they say the same thing.

Does it drive? If so trade it in at a dealership and trade it in. Or list it on Craigslist for parts.

Human: My husband and I are hoping to buy a house in the next year. We have a combined gross income of $150K, both making $75K in secure jobs with excellent benefits, and are looking at houses in the $350-450K range. So, we're expecting a monthly mortgage payment of $2K (or slightly more) out of a take-home income of about $8K. We're also thinking about starting a family. I'm very lucky to get a year of paid maternity leave, and if we can swing it my husband would like to stay home the following year (or two years). His would be unpaid, but his job would be protected and there for him at the same salary the instant he wanted to return. Crunching the numbers, a $2K mortgage payment on a $4K monthly paycheque seems pretty big when we factor in the other expenses of owning a home, having a kid, and life generally. Does this sound at all realistic? Does anyone have any planning insight into this kind of situation? We realize we would have to forego saving in those years entirely, expensive vacations, other big purchases...but I'm worried that it would be too much of a stretch. I've always been relatively conservative with my money and the idea of not having anything left over at the end of the month really scares me. EDIT: if unreasonable - which sounds like may be the case especially if an older home requiring more upkeep - I wonder if we stop building our down payment now, and going forward start a tax sheltered account (RRSP) that will help to cover expenses while my husband is on leave. We can save on taxes now and if we don't have children for another year, and I can save half my maternity pay, then there would be a decent account that he could effectively draw a salary from. EDIT 2: Thanks to everyone who replied. This is what this subreddit is so great for - a much needed gut-check when you start getting wrapped up in unrealistic plans! Our budgets were really assuming the "best case" scenario of everything - minimal maintenance, no emergencies. We're going to keep saving, and are going to explore options that could allow some revenue to come in before and during those years to fill the gap - a rental suite in the home, part-time work for my husband, or seeking higher-paid positions sooner rather than later (I know this is an obvious one, we just both love our jobs as they are..). Thanks!!

Is 2k/month including property taxes and homeowners Insurance? Don't forget utilities, which can be significant with an older inefficient and/or large home. For example here in TX I can easily have a $300/month electric bill during the summer (thermostat set to 80 during the day, 75 at night). Water/sewage/trash adds another $200.

The easiest way to find out would be to budget according to your plan. So you would need to figure out taxes on 75k for a family of three to find your take home pay. Once you figure that out you live like you have a 2k mortgage. Can you do it? If you can yay! If you can't then figure out your tight but not too tight monthly income that you need. So say you need 5k take home a month and the 75k is only a take home of 3.5k, well that means you at least need 18k (1,500x12) saved up just for living expenses. But here's the thing, you would have your combined income for at least 18 more months because it's a year of paid maternity leave. So save like crazy and make this plan work. And like another poster said, if your husband's job is really covered he can go back if it gets too bad.