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Human: I’m 22, by the time I buy I’ll be 23. Zero debt My goal is to have $30k as a downpayment and $20k in savings. Which will happen at the end of 2019 at the latest. I make 60-70k/yr I’m getting told to not rent because you obviously know the #1 reason people say not to... and to buy. But I stress just thinking about how much it takes for a down payment and all the responsibilities that come with owning. Renting has always been favored in my mind but people around me are doing an okay job at talking me out of it which my mind dislikes lol So, I’ve ran the calculators many times and I would probably live in the house till I’m 30 so 7 years Max. From a smart financial standpoint what’s the best route so i can come to my final conclusion instead of just only hearing out financial advisor(i don’t pay him he’s a good friend) and parents	> you obviously know the #1 reason people say not to... and to buy "throwing money away"? Just because lots of people say it doesn't mean it's true, especially if it comes from young people who haven't yet learned the hard lesson of how buying a house can cost you tens of thousands of dollars. Here's an abbreviated version of my story: WHEN I WAS YOUR AGE (yeah, I went there) I was in college. It wasn't until age 27 or so that I graduated and got a big-boy job in the city - had a decent apartment 2 miles from work. After 4 years I started saying "OMG I'M THROWING MY MONEY AWAY" so I bought a house, but houses in my neighborhood were expensive so I got a place way out in an outer neighborhood 10 miles away. I was so concerned about home value that I completely overlooked the cost of the commute. 10 miles may not seem like much but in my city that's the difference between a 15 minute free bike ride and an hour-long train ride that costs $4 each way, so $8/day... $160/month vs $0/month didn't seem like a big deal, until I bought the house... oh and I also decided to go back to school because work sucked, and the house I bought was a piece of shit that needed to be gutted so all of the sudden TIME, not MONEY became the limiting factor in everything I did. And you know what I didn't assign any value to in making the decision to buy a house 10 miles away? The value of my time. 3 years later I was fucking miserable, trying to study on the train to come home to a shitty house that I didn't have time to fix. Some of the worst years of my life. Shocker - my girlfriend left me. Then the real depression hit, started drinking way too much, stopped caring about the house... But things got better. I finished school, met a great girl online and married her. She owned her own house too, in a way cooler neighborhood that was 2 miles from the city. She made the right decision, so we went with her house and that's where we live now. I did the math too and it was depressing as shit. Not only would not buying that house saved me thousands of dollars, it would have saved me thousands of hours that I'll never get back. To that I'm not entirely bitter, I did learn a lot about construction by gutting the place and fixing it up, and had some good weekends with my dad when he came down to help me with the construction, but from a financial standpoint it was a huge failure. Had I just continued to rent I would have saved tens of thousands of dollars, and from a non-financial standpoint I would have been closer to the city, made more friends, and had a better life. Buying that house was the worst decision I ever made, no question about it.	Whats the rental vs buying market like in your city? For example, in alot of big cities, renting may be preferred as $3000 rent per $1MM property makes for a pretty poor return after all costs are accounted for. Being 22 and not likely to be settled for atleast 7 years, id lean towards renting.
Human: Hi there, Reddit. I’d love some advice on what amount of rent I should charge my boyfriend, who is moving into a home that I own outright. Brass tacks & Details : I just bought this house, in cash, from an inheritance my father left me when he passed. The house was $415k. : I have no mortgage, but the estimate for my house would be roughly $1600/month if I did. : We are fairly new in our relationship, though we’ve known each other for close to a decade. There’s a lot of trust & commitment between us. : He has already made strides to split house costs down the middle with me, paying for 1/2 of a new washer/dryer combo, setting aside money for the property taxes, wanting to start a joint account for groceries & bills, etc. : He has a well-paying job, and is leaving an apartment that cost him $2000/month to live in. : I’m starting grad school next fall, and anticipate my finances being tight. Essentially — I don’t want to feel like I’m “charging” him to live with me, since I am so happy and ready to share a home with him. But I don’t want to give him a free ride so to speak either — neither scenario feels right. I wonder what might be an appropriate amount of rent to ask for, knowing that he will be splitting all expenses with me. Any advice is super appreciated — money is a thing that ties my stomach up in knots, and I really don’t want this to come between us. Thanks. xx	Don't charge him. Split the bills. You don't owe anything on the house, why is he being charged? > He has already made strides to split house costs down the middle with me, paying for 1/2 of a new washer/dryer combo, setting aside money for the property taxes, wanting to start a joint account for groceries & bills, etc. This right here is why you shouldn't charge. He's committed. He's got a good paying job. He isn't freeloading. You're incredibly lucky. If anything, you can BOTH put money into an account for house upgrades or maintenance costs, vacations, whatever. Enjoy the financial freedom of not having rent or mortgages.	Are you living there too? I see no reason to charge rent if you have no mortgage. He should be paying all the utilities if he's the only one living there, or half if both of you live there. Trying to make money off your boyfriend isn't a great way to start a relationship.
Human: As of 2014, my mother had $220,000 in student loan debt. We don’t speak, but I’m legally her next of kin and as her health declines I’m beginning to worry about how her student debt will effect me after her death. Does it die with her, or would I take it on? Also posting on r/legaladvice	What makes you think there's even a possibility that you're liable for her debt? Unless if you co-signed with her for the student loans which is highly unlikely you're not on the hook for it.	You may find these links helpful: - [Student Loans](/r/personalfinance/wiki/studentloans) - ["How to handle $"](/r/personalfinance/wiki/commontopics) - [What's the best way to pay down my debt?](/r/personalfinance/wiki/debt#wiki_what.27s_the_best_way_to_pay_down_my_debt.3F) I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.
Human: I'm freaking out crying! I can't pay this. I'm a grad student that lives paycheck to paycheck. I have student health insurance that's year-round. My school has a rule that if you get a referral from the school's health center, then Specialty office visits at my school's hospital are covered. I didn't know about this so I just made an appointment with my school's hospital's Urologist and went in for a 1-year follow-up. It wasn't my first time going, I've gone numerous times in the past. I guess in the past, my visits were covered because my original referral was 1 year long. This time, I actually still did pay $25 in the office because I told the office workers that I had student health insurance, and that's the copay for it. This past weekend, I got this "Explanation of Benefits" in the mail and it says THIS IS NOT A BILL, but "It is your responsibility to pay: $1008.00". I think I actually have to pay it to someone, right? To the Urology office at my school's hospital? I signed into Anthem and it also says I have a $1008.00 denied claim. What is my next step? I think I need to submit an appeal to Anthem Blue Cross. Are there any techniques or strategies to get them to accept it? Like, things to say. Or things not to say. I literally cannot pay it. I forgot to get a referral from school. But that sounds so dumb. I also emailed my school's health insurance office with similar questions. I'm so scared. Is there a way for me to pay this off slowly over time? Or to apply for some sort of funding or charity? I need all the help I can get. Thank you very much for your time. Assistant: Typically in those cases you can appeal if the visit was deemed medically necessary. Additionally, if you get a PCP to referral for you after the fact they will honor it. In many cases you have to remember your first interaction with them is an automated claims recovery system that they have in place to keep people from abusing services. Human: Thank you for your response. I think the visit can be considered necessary, as I was told to come back in a year to see how my bladder was doing. I will definitely message my PCP at my school to get him to submit a referral for me, or if I have to, I'll just go in for an office visit with my PCP and then get a referral. That should be doable.	You can even explain the situation to them and I am sure they will oblige. Turn the referral into the insurance company and depending on where your deductible falls you may be only responsible for $200 of that $1000	OP, there are different meanings to the term medically necessary. Your insurance company will have laid out conditions for defining if a procedure is medically necessary. I suggest getting provider code, and procedure code, contacting your insurance and ask what their med policy states for that procedure code. That may help.
Human: Like the title says, I'm not sure what to put my money in. I can put more in if necessary but here's what I've been looking at based on older threads on this subreddit: > ITOT, IXUS, and FDEWX As I understood from the sidebar, at 21 I should roughly be at 20% bonds and 80% stocks, but I'm not sure how these choices fit in to those as they are ETFs and Mutual Funds (assuming I'm doing this right so far). I don't even know if these are good choices. My question is: how and what exactly do I allocate my money to? I've also been told by a friend to maybe not invest all of my money right away and instead do it in intermittently (dollar cost averaging)? Anyway, would appreciate any advice before I go investing blindly - thanks! Edit: I should add I'd rather everything be done passively rather than actively managing my investments.	DO NOT INVEST IN BONDS AT 21. its a waste of time, as long as you dont need the money for the next few years (which u dont cuz its an IRA) put the money into a low expense index fund. S&P500. retirement is so far off that u can stand to take the extra risk. just dont freak out when it drops	You may find these links helpful: - [Retirement Accounts](/r/personalfinance/wiki/index#wiki_retirement_accounts) - ["How to handle $"](/r/personalfinance/wiki/commontopics) I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.
Human: Hi, I've seen a great deal of posts on this sub are US based but I was wondering if anybody could give me some guidance anyway! I currently am 23 years old with £50,000 in savings which is currently in NS&I premium bonds (this is now maxed out), I pay the maximum contribution to my pension and my company matches that contribution. I currently earn £58,000 a year before tax and my outgoings are very low as I don't have any house payments or car payments. I have no idea really how to invest and don't have any family members who invest so I don't really know who to turn to to make my money go further. If anybody could give me any pointers it would be greatly appreciated!	Money saving expert has some good advice. Don't put more than £85k in any one bank as it won't be protected. Consider index funds rather than managed funds. What job do you that gives your such a high income at a young age?	Check out r/ukpersonalfinance
Human: I'm struggling with mental illness for so much time that I became tired. Is just a matter of time before I decide to built my own scaffold and execution. Yet, what I still have is love for my nephew, who was born 9 months ago. His parents don't have much discipline to save money, and my country (Brazil) is going through some hard times due to political crisis. That left me with a few sum of what I could save on 3 years of work. This money is invested in company who relies on data science to get the best possible scenario. I\`m having aprox. 18% growt a year. In a country like mine, this is quite stable. But my question is how can I make a better portfolio for this children so he can get the best possible amount of money when he is 25?	Ya know what would really help your nephew? A uncle in his life whom obviously cares about his well being. Man I get it, in tired too. But push on brotha.	If his parents don't have much, my hope is that you can be around for him when things get tough for him. Hang in there, buddy, I hear you on the rough times. Unfortunately, I'm not very familiar with Brazilian finances, I can't recommend any particular savings vehicles for you to contribute to as the child grows up. A savings account is a great start, at least until you can figure out a longer-term solution for it!
Human: I reviewed the PF posts about whole vs term life insurance. So this is not about that. I have term life insurance already. I have a maxed out 401k, and my financial advisor has created an investment brokerage account. He also wanted me to invest money into a whole life insurance policy, and leverage that to create a tax favored savings/investment account with low risk and guaranteed dividends. I’ve read online about this, but I’m still absolutely confused about how overpaying a life insurance policy is going to create an investment account and how I can get money out of it if I need it.	This is a strategy that works best for people who have more money than they could ever spend in a single lifetime, and want to maximize the long-term wealth of their children, grandchildren, and further descendants after they are dead. So, if you are asking "how I can get money out of it if I need it?" then you are probably not an ideal candidate for this strategy.	You may find these links helpful: - [Tax Software Megathread](http://redd.it/7r0tvv) - [Taxes](/r/personalfinance/wiki/taxes) - [Understanding tax brackets](/r/personalfinance/wiki/taxes#wiki_eli5.3A_taxable_income.2C_tax_brackets.2C_marginal_tax_rates) - [W-4 IRS Withholding Calculator](http://www.irs.gov/Individuals/IRS-Withholding-Calculator) I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.
Human: Hi PF! Throw-away account here. I have a question about early retirement, and determining when I'm "ready." I'm currently 34, have always lived well under my means, and end up stashing most of my earnings away. My desire is to work another 2 years or so, and then "retire." I'm just nervous about how much is enough? Stats: Approx 1M in assets, 0 debt. Break down is: ~300K 401k ~250K robo investment account (Betterment/Wealthfront type) ~250K in current company stocks (would need to be diversified at some point in the future) ~150K cash (Savings) ~50K misc mix of random stocks, or other investments. 5.5k Roth IRA (heh) No house, No cars. Single/No husband/wife/kids. The plan: I'd like to to continue working my job for another ~2 years, giving me time to add ~100-150k to savings (likely into the Betterment/WF like account). At that point I'd move to a low cost of living country, and have budgeted to spend $2,500 USD/mo for living expenses. Likely I would find a part time fully remote job (in the tech space) to make some money, but salary would take a back seat to both limited hours and only doing work I enjoy. Almost certainly I would still be able earn enough to cover my monthly budge, but would rather not depend on it, and thus trying to keep it out of my calculations. My question: When do you know you have enough savings to make the jump? The 401K I believe I cannot touch until a proper retirement age. How reasonable/crazy is this idea? Many thanks!	The sub you're looking for is /r/leanfire.	You most likely can't touch the 401K portion until you are over 59 1/2 so you really can't count that. (there are some rules about "Equal Payments" annually but, you should research that with IRS and a CPA). The real question is How much revenue does that 1 Million generate annually?. You really don't want to "Eat the seed corn" if you can help it. If you are withdrawing your principal as stock market crash and inflation will eat into that 1 million quickly. If you withdraw 1 million a year in principal it will only last 20 years. Better to get to three to five million or higher.
Human: I am not really sure where to start but I’ve been losing sleep at night because I feel like I’m going no where and making nothing. I am 25 and work in public education for a school system. I am part of the IT department and have since I was 18. When I graduated high school I applied for a job with my local school system and got the job. I started at 32k a year with full benefits and a pension plan which seemed awesome at the time. Well now at 7 years later I’m making 36k and feel no closer to getting where I want. I am still a tech 1. My county doesn’t promote techs unfortunately. I live in a very rural town in the south which I love. I’ve been here since I was born and I don’t want to leave but I feel like I’m going no where at the same time. Honestly I get a little mad when I see posts of “I increased my salary just by doing x” and it feels like there’s nothing I can do about mine. To be clear I absolutely love my job. Not like it’s a good job love like I wake up and I look forward to going to work. I can’t imagine doing any other job. I don’t have any desire to go back to school. I know that sounds bad but I hated school. I don’t want to go to college I just want to work. So I own a modest home nothing crazy. 1500 sq feet in a nice secluded area with no neighbors. My loan was for 80000 which I currently owe 70k on. All my bills total each month total at $980 a month. I feel like I save nothing each month and I’m trapped driving the cheapest cars and buying off brand stuff. I feel like if I don’t nickel and dime every purchase I’ll be poor forever. I’m just tired of being poor and I feel like I’m drowning in debt. I’m sorry for the long post and sorry if this is the wrong subreddit for this but idk what else to do. I need help but I feel completely lost. I’m not looking to make 6 figures a year I just want to live comfortably and drive a decent car. I’d be perfectly happy making 50k a year. That doesn’t sound like much to some of you but it would be huge for me. I want to keep my current schedule it’s very important to me because I have a special needs little sister whom I help my parents with every single day. I work 7:30 to 3:30 no weekends no holidays etc but I feel trapped being poor. TLDR: work in the south in public education I feel trapped being poor with no end in sight and I don’t know what to do. Edit: I can’t really move due to the fact my little sister has multiple scoliosis and cerebral palsy. Her spine was fused about 9 yeas back so walking is difficult and she needs 24/7 help pretty much. So I stayed in my home town to be near by and help my parents whom are getting older. They can’t really move her well and I’m afraid of them getting hurt. Assistant: Honestly, you're nearing the upper end of the average salary spectrum for those with only a high school education. You're right, you are trapped at this income level, and you own a house which is an expensive draw in & of itself. To make the changes you want, it's likely going to require you getting more skills or trying to find new employment in this sector. Human: Thanks for the reply. I just can’t justify going into debt for a degree. It seems crazy to me to spend 40k in school loans. I really do absolutely love what I do. It just sucks that I feel like I have no options. I thought doing something in the IT field would pay slightly better than mid 30s. I know public education isn’t the most lucrative field but this is just insane to me. I want to continue to work in a school system and just make a little more. Do you have any advice if college isn’t really an option for me? Assistant: Are there any certifications that you can work towards? I would definitely look into that. Also, community college is a relatively inexpensive option. You can get an associates degree or they may offer special programs for IT. You can definitely earn more than $36k in the IT field, but you might need to either switch to a private company or go to a school system that pays better. Human: I can’t really move because of my sister. My parents are getting older and they can’t really pick her up any more to move her etc. the closest community college is about an hour away but I’ll look into certifications.	I strongly recommend you speak to these people: [https://www.ncdhhs.gov/assistance/adult-services/family-caregiver-support](https://www.ncdhhs.gov/assistance/adult-services/family-caregiver-support) So that your sister can get care support she is entitled to, and you can get an education. One hour commute to school is nothing.	It's great that you care about your sister and want to help, but don't expect to make anymore than you do now if your main focus is taking care of her and refusing to spend money on furthering your education. Look into state provided services if the situation is really that bad. You have exactly 1 life to live. How do you want to spend it?
Human: I have 10k saved up to buy a new car. My car now isn’t completely falling apart but it’s approaching 200k miles so I’m looking around. What price level of car would reasonably be able to go in to a car dealership and offer 10k cash for? Is it significantly more, like a 15k car or closer to a 11-12k car?	Cash doesn't get a huge discount anymore since dealers make a lot of money on financing. Also with internet pricing, TrueCar and things like USAA and Costco's pricing programs dealers are showing more and more what they're wiling to sell it for.	You're doing it backwards. It's SLIGHTLY unethical, but go in heavily implying that you will need financing. Get them to settle on the price, and sometimes you will get a lower price, with the dealer thinking they will make up the difference in financing. Once you are set on final price, THEN pay in cash. You will not get ANY discount for paying cash that I am aware of.
Human: She was absent for the last two months, traveling, etc, but she still paid for those two months. Anything we can do?	Cut the roommate, or look for different rental?	What state, what is total rent and total deposit?
Human: We are 23 and have a combined income of $90,000. We struggled in the past with debt that is probably around $20k combined either on cards or personal loans to pay down the cards. We both have bachelors degrees and have about $50k in combined student loans. I am currently getting my masters but my employer pays for it. We really want to get out of apartment living. We have 2 dogs who need a yard and want to start a family. Also rental prices are getting ridiculous in north Phoenix. We have a few questions about buying our first home we hope some of you can help answer! 1. Can we buy together even though where not married yet. 2. I know Arizona has amazing down payment assistance programs for first time home buyers. Anyone used anything like this? Any info helps because we have minimal money for a down payment. 3. We both just got in this income bracket this year and want to buy in a year. How does that work with showing 2 years of employment/income history. 4. How much do you think we can afford based on our situation. 5. Any other advice you think we should know. Thank you!	Don't buy a home with someone you're not married to. Bad, bad idea. Also, you have way too much debt to be thinking about home ownership right now. You need to clean that up first.	> Can we buy together even though where not married yet. You shouldn't. You also shouldn't if you are just starting to start a family. Save as much money as possible to get into the schools you want your kids to go to. > I know Arizona has amazing down payment assistance programs for first time home buyers. Anyone used anything like this? Any info helps because we have minimal money for a down payment. If you need to use this, you aren't ready. A down payment is a good thing. > We both just got in this income bracket this year and want to buy in a year. How does that work with showing 2 years of employment/income history. You seem to be under the impression that 90k combined is a lot of money. It's not. Especially 2 college educated people. Double especially with debt. To answer your question directly, it doesn't work. You will struggle to qualify for the loan, unless you income was close to it the year before. > How much do you think we can afford based on our situation. Use monthly payment on a 15 yr fixed that is no more than 25% of your income. Why? Because it will cause you to readjust your outlook on what house you should look for. Me personally? I have a 30 yr fixed that's a higher % of my income...but the house is something my family will be in for a long time and we accept not going out very often to pay for it. > Any other advice you think we should know. Thank you! Walk before you run. You're trying to do stuff you should tackle together at the 5 year or later mark before you are even married. Why put that pressure on yourselves? Most divorces involve money conflicts at some point...so why invite the devil into your house at the onset?
Human: 26 y/o male making 92-97k per year I currently put 12% of my paycheck into my IRA which has around 27k in it currently. Company matches 5%. I also have a $30,000 "safety net" money market account with PNC (0.8% APY) but I've been thinking of moving to a higher interest rate bank. My question is, after all bills are paid, should I be okay spending the rest of my paycheck? There's a lot of equipment and tools I would like to buy to start some side projects and do cosmetic work on my home, but I always talk myself out of spending the money. I was totally broke after college and couldn't find a job outside of the food service industry for over a year, so I became very frugal with my money which makes it hard for me to justify spending on things I don't need. Am I in okay enough shape financially to feel okay about spending money on non-necessities? Would I be better off putting my available income towards paying down my student loans more aggressively, adding more to my IRA, overpaying on my mortgage, or adding to my investment fund?	Imagine you had no student loans, and $3,000 in the bank. Would you borrow $27,000 in order to have $30,000 in the bank? If not, I'd either pay the student loans off this week and rebuild your emergency fund, OR start paying off all of your debt if you have other debt. Once you are debt free and investing 15% of your income towards retirement, then you should be saving/investing for future purchases, like the next car, house down payment, etc. Any extra money after that can certainly be spent for "non-necessities," but you need to determine what your long and short term goals are, and where money fits into that. Good luck!	I think you're ok. just don't get into the habit of trying to buy happiness. once a firm foundation is in place, it's fine to spend for fun, and to spend for things you want but don't need. but it can be a bottomless rabbit-hole if you're buying to make yourself feel happy or complete or fulfilled. buy some stuff, then double-down on those student loans.
Human: Not sure what I should do with the cash I have on hand. I have about 200K invested in stocks. I have about 120K sitting in my checking account and I feel like this is such a waste as its doing nothing. I do not want to put this more money in stocks. What are the safest option with good yields?	1.85% from an ally savings is better than the 0.01% most checking accounts give. If you're truly opposed to extra risk this can be a great tool to at least help fight against inflation.	Put it in vanguard VTSAX. Also, make sure to put 5,500 into an IRA for 2018, and set aside 6,000 for your IRA next year. You may even want to hold another 18500 and dedicate your entire salary to your 401k until you hit the max by the end of the year (using your savings instead for living expenses). Then keep an additional 3-6mo savings on hand for emergencies. After all of that, then put it in a brokerage. Ideally vanguard (then put into VTSAX), Fidelity, or Schwab. &#x200B;
Human: So I just graduated a little while ago and will possibly start a new job 4 hours away. The thing is, I only have a debit card and don't have enough money for security deposit and other essentials such as a bed. What should I do to pay for Apartment/Security Deposit/Utilities/Home essentials without having the capital since its my first job?	There's no good answer. Ask mom and dad to borrow some cash, stay with friends for a few weeks (not sure that works away from home), find an extended stay air bnb you can put on a card while you wait for a check or 2, look into a short term sublet with furnishings while you get your feet under you. Personally, I lived off of a 0% credit card and stayed in a sublet that took nearly all of my cash. No it isn't ideal but I had no other choice.	Hey i am in the exact same situation. I will be moving on friday to a new city for a job that starts in october, i will not be paid till mid november. I live in the UK so the bank offers free overdraft for graduate account (upto 2k in case of my bank). I am not sure if thats an option for you. It should be enough for a while but i dont really want to use all of it. I tried selling some stuff on ebay, it paid for some random smaller stuff I need for the flat. I asked my parents for if they could loan me money in case i really need it (just in case something comes up).
Human: I've been on the plan nearly all year (since February) and have paid off a huge chunk and should be debt free in another 2.3 years. I'm following the snowball but there's a debt of mine that falls in the middle that I have a co-signed with my parents, and it's weighing on me because if something happens to me it falls on them. I've watched nearly all his videos online and have tried asking what to do but no luck. I'm a paycheck away from paying off a debt so I'm trying to decide what's best. Should I move it to the front of the list? If not it will likely be late next year that I get to it.	There's no magic to any of this. You can move it to the front if it puts your mind at ease.	If u are truly trying to do Dave Ramsey. My guess is that he would tell u to keep doing the snowball just as it should be. He could be rough sometimes, but I think he would tell u that if something were to happen to u, your parents willingly cosigned and knew what that responsibility meant. And seeing as u have no intention of screwing them by not paying, the snowball would be okay. I mean God forbid something happened to u, but that should be unlikely.
Human: I am a contractor working for a private company on a contract with the US government. Right now we are on a bridge contract before our new 5 year contract starts in October. I recently found out from one of my co-workers who works for a different contractor company, but on the same contract, how much they make. They has the same title, seniority, and experience as me but that they makes $68,000 a year compared to my $52,500. Having talked to other co-workers it seems like everyone at my level is getting paid around that much. I also know that the re-bid for the contract netted a large increase and my company should be able to afford to pay better. Rumors amongst the other contractors I work with indicate that most employees on the contract can expect a 5-20% raise. &#x200B; My question is, how do I negotiate not only the raise that everyone is going to be getting but also one that brings me on par with my peers? Especially if I am a relatively recent hire?	If you're a recent hire, you're most likely going to have a hard time getting them to give you a raise to put you on par. On top of that, you're comparing your pay to someone from another company. This is a very uphill climb you've got. Your best bet is to find another job elsewhere if you're that worried about your pay.	If no other company will hire you for more for the same job you’re not underpaid. Other contractors might have had better bargaining positions and you can’t directly compare it. Wages are partly decided by supply and demand and maybe when the other contractor was hired the demand was a little higher. So yeah find out if other companies will hire you for more, ask for a raise, choose the better option if they don’t accept a raise.
Human: As the title states, HR just announced as of January 1, 2019 all exempt staff are going to a bi-monthly set pay schedule of 15th and last day of the month (or last Friday of the month, whichever it lands on). I don't live paycheck to paycheck and keep a somewhat tight budget, so I don't anticipate this to be a problem. But we are expected a baby later this fall, so I know things will be a little tighter in the new year. What are some things that I can do to plan ahead or adjust to make sure things iron out before this is the new normal?	There will no longer be any “three paycheck months” that you get a couple time per year when you’re paid bi-weekly. Not a big difference other than that.	while you won't have the 3 paycheck months... you will still be getting the money from those 2 extra paychecks, but instead of lump amounts twice a year, you will just be getting them spread out on every single check. For instance. say you are paid $300 bi-weekly, so you get 2 paychecks a month, but the occasional third paycheck in a month twice a year. so that would be $600.... that $600 would be spread out over all your paychecks, so you will get paid twice a month $25 more per paycheck in this scenario.
Human: Unfortunately many credit card companies and for-profit banks will merrily sell/share your personal data unless you opt-out, but the more responsible ones have at least added sections to their online account portal that tell you about it and make it easy to opt-out (Chase is a rare positive-ish example). Unfortunately Discover buries that information in their Privacy Statement and makes you call 1-800-225-5202 to opt-out. They're clearly hoping people won't read the statement and won't opt-out, which is a sad and disappointingly anti-customer approach for them to take. Aside from them, I definitely recommend checking the privacy policies for all of your financial institutions and finding out how to opt-out of data sharing if possible.	Opted out the first day I got the notice.	Add me under the "Do not care" list.
Human: I was offered a job at a company called Bitbee Tech and they are offering me a crazy hourly wage of 30$/hr with almost no qualifications. This is the email they sent me. &#x200B; We have chosen you out of a certain number of candidates for this position, and we hope that you will not let us down. You are familiar with your responsibilities and ready to get to work. You should check your e-mail constantly and respond to my messages quickly. Just keep your phone available to get a call from us at all times. Many organizations are required to produce accounting documents about their activity. Using Bitcoin allows you to offer the highest level of transparency since you can provide information your members can use to verify your balances and transactions. Bitcoin is an emerging market of new customers who are searching for ways to spend their bitcoins. Accepting them is a good way to get new customers and give your business some new visibility. Accepting a new payment method has often shown to be a clever practice for online businesses. To start working with Bitcoin, you need to fill up your wallet. We will give you money via Interac system. To do this, we need to know: Your full name: Name of your bank: Email for receiving electronic money transfers(Interac): Your phone number: There is no fee to receive bitcoins, and many wallets let you control how large a fee to pay when spending. Most wallets have reasonable default fees, and higher fees can encourage faster confirmation of your transactions. Fees are unrelated to the amount transferred, so it's possible to send 100,000 bitcoins for the same fee it costs to send 1 bitcoin. After receiving electronic transfer, you will have to fill up your Bitcoin wallet. (DURING AN HOUR AND A HALF) We will send you 2-3 transactions through Interac system. Have you ever used electronic transfer (Interac)? Do you have online banking active? Your duty will be to: \- Contact the customer; \- Take his order; \- Analyze order; \- Contact the seller (our partner); \- Report the order value to the customer. After that you will contact with the customer and give him all the details of his order. (Including delivery time in client's region). You must ensure all necessary tasks for the client. You should find an individual approach to each customer. You should offer new services and products to him. In other words, your position requires you to do everything possible, to make client happy. For the future, he will work with us and recommend our company to others. You need to understand your customer, how to do it: Providing a high level of customer care often requires you to find out what your customers want. Once you have identified your most valuable customers or best potential customers, you can target your highest levels of customer care towards them. You should collect information about your customer. Information about your customer and what he wants is available from many sources, including: \- His order history \- Records of their contacts with our business - phone calls, meetings and so on \- Direct feedback - if you ask them, customers will usually tell you what they want \- Changes in the overall success of specific products or services \- Feedback about your existing range - what it does and does not do \- Inquiries about possible new products or services \- Feedback from your customers about things they buy from other businesses \- Feedback and referrals from other, non-competitive suppliers. It may sound hard, and sometimes it is not clear to you. Do not worry, I'll be in charge of you throughout the 2 weeks. I will give detailed instructions step by step. So after the second week, you will learn this profession, if you will work hard. !You should answer all the questions that I have written in this letter (highlighted in green). After that, I will send your personal Bitcoin wallet to you. If you have any questions, do not hesitate to ask me. I will answer. &#x200B; &#x200B; &#x200B; &#x200B; Wondering about everyone's thoughts about this job. Seems a little sketchy to me.	If they're sending you money and telling you to buy something, it's a scam.	The second I saw "Bitcoin" I stopped reading. I would highly recommend staying away as far as you can from that particular bubble.
Human: so to make a long story shorts im a college student, I have no college loans, just the occasional book and school supply purchases my second car in a year is going to die, transmission is skipping, needs brand new struts, has around 200 thousand miles so all these play a factor into its death, which I was told is coming. I have about 4000 saved total, make around 1200 a month (serving) I just do not want to buy another piece of garbage car, which I did in this case because I bought it 6 months ago because of desperate need. Also I have no credit because im only 18, so im in a pretty garbage spot. I just need some advice on what to do.	Yeah, you have $4K. You can afford a car - do better due diligence this time around, have a mechanic look it over.	$4k will get you a decent used car. I'd look at something with a reputation for being reliable like toyota, honda. You may be approved for an auto loan with little credit history but the rate will probably be absurdly high. I would avoid this if you can. Unrelated, but get a secured credit card and put netflix or something on it to start building some credit history. Pay it in full every month.
Human: I have some debt from my BA but it'd deferred for as long as I'm studying. I have been prepping for some kind of clinical psych grad program for a few years now (Psych was not my undergrad, although they're closely related). Now I realize that in order to be competitive in any sense I would need something like this post bac program that I found. Its from a very highly regarded school and has direct help for research/graduate application. It's meant to get people into graduate school and their numbers back that up. It seems like a good investment but I would need to take out a loan for 45 - 60k. I know that taking out loans is less than ideal. But let's just say I do this and worst case scenario I get into a PsyD program and go another 200k in debt. Would being 300k in debt for a job that averages at 108-120k a year that bad? If I have a significant other who is also earning ~100k and we live off of his salary and put all of my salary towards the debt wouldn't it be gone in less than 5 years? Anyway, if anyone knows where I might get a loan that doesn't accrue interest until after I graduate I would really appreciate it. Thank you Assistant: Yea no interest is unheard of unless it's under the table from a family member or friend. That's like asking someone to give you free shit. Human: Not no interest ever, just until I graduate. That's what my undergrad loans were like. Trust me, they'd still make money off me...	What you want is a subsidized student loan. But I i believe post-graduate studies only get non-subsidized student loans.	I don't think we're the people you need to convince.
Human: My friend isnt 18 and wants to have a bank account under my name since I am 18. He plans on using it to buy bitcoin and then stuff on the dark web. Would I be straight opening an account for him and is there anything i should know about? Assistant: Don't do that, also you can buy bitcoin through exchanges now not that you should. Will their parents not do it? Human: He doesnt want his parents to know, but i suggested a bitcoin atm	Why's he obsessed with bitcoin? That ship has speculatively sailed.	>He doesnt want his parents to know, but i suggested a bitcoin atm If he's 18, his parents don't need to know anyway. This is a bad idea all around. ALL the legal liability, even the overdrawn amounts will be your responsibility, not his.
Human: Hey /r/personalfinance Long time lurker of the sub but first time posting. I just wanted some advice about moving jobs. I am a recent college grad with business marketing degree. Im currently a men’s assistant fashion buyer, I just recently got scouted to work at a larger corporation to do a similar job, but with brands I am not sure passionate about. As a fresh college grad I feel like im stuck between a rock and a hard place. Im not sure if I should pursue the path I am in, hoping to either work for a brand I love or being a buyer for a different store. Or if I should go the corporate route, pay off my student debt and worry about passion later. Debt: * \~$20,000 in student debt, payments starting in 4 months * No car * No CC debt * 2 months of emergency funds Job 1: Pay $18 hr Pros: * I love the brands I buy into, and the business connection I have made. * I get to travel 2-3 times a year for fashion trade shows. * Discounts on clothing I like. * Pay the fees for 401k and Roth IRA management. Cons: * $18 hr * Disorganization in the company. * Not much room for growth as the head buyer and owner are deeply rooted in every process. * No 401k matching. Jobs 2: Pay: $60,000 + ($15,000 - $20,000) signing bonus + 12% year bonus + $5,000 stocks Pros: * $28.85 hr * Working for a larger company would help me expand my experience. * I would be focusing on a single category (ex. Just men’s denim). * 401k matching after 1 year Cons: My value dont aline with the companies practices. * I don't feel very passionate about the brands this company carries. * It may stray me away from the industry (fashion) that I aim to work in. &#x200B; Thank you in advance!	You know what also fuels life's passion? PTO and enough disposable income that you can do whatever you want in your free time and pursue your passions.	I'm not saying that your feelings about work aren't important, but the difference is huge, these jobs are in completely different tiers. &#x200B; Your said yourself that your current job is a dead end. This is a life-changing offer, especially this early in your career.
Human: Here's the problem. As I'm watching the tips from credit karma, it's saying to utilize around 30% of my total credit line. I use my credit card a lot, but I will pay it back within a couple days every time. I've had it for about 4 months now, and always pay it off before the statement even comes. Should I instead only be using around $50/month with it, and waiting for the statement to make a payment? Should I get another prepaid credit card and just split charges between cards and pay them off when I get my statement? By prepaid credit card I mean a secured card and my limit is only $200. So a $100 charge on my credit card means I'm now utilizing 50% of my total credit.	One important piece of info is that your utilization doesn't linger the way that other factors do. Your credit score only factors in the most recent month's utilization ratio, so if you are preparing to apply for a loan or another card, just make sure your utilization is below 30% for a month or two beforehand, and you'll be fine.	You may find these links helpful: - [Credit-related wiki pages](/r/personalfinance/wiki/index#wiki_credit) - [Credit Reports](/r/personalfinance/wiki/credit_reports) - [FICO / Credit Scores](/r/personalfinance/wiki/fico) - [Improving Credit Scores and Building Credit](/r/personalfinance/wiki/credit_building) I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.
Human: Hello all, question regarding some investments I made a few years back with a family friend (more like acquaintance) who works for Northwestern Mutual . Below is what I have through Northwestern Mutual currently and have just recently started to take a look at these and am thinking I definitely need to make some changes and manage myself. I was pretty much hands off with this guy who is my "advisor" but I'm thinking he may have made some silly investments to benefit himself on commissions. I have just started doing some research to figure this all out but there is a lot of knowledge in here so figured I should post here as well. &#x200B; Some basic background info: 31 years old, single and renting, no debt other than CC's that I pay off each month. The below Northwestern Mutual are pretty much all of my investments other than $11K vested balance in an old 401K that is sitting untouched at Fidelity, about $10K in a high-yield savings at Marcus. Will begin earning annual 15% of salary into a SEP IRA on Jan 1st, 2019. Salary of $76K before taxes, plus some commission bonuses probably not more than $5K. &#x200B; 1. Roth IRA ($458/month to this) - $21,000 account value currently but all contained within a Variable Annuity. I am incurring some unnecessary charges here, correct? If so, how can I change this? Is it as simple as rolling over to a different account at like a Vanguard or Fidelity and choosing different investment medium without incurring a fee? &#x200B; 2) Brokerage ($100/month) - $4,300 invested in Russell Equity Growth Strategy Fund Class A. Estimated Yield thus far of 2.5% &#x200B; 3) Whole Life Insurance Policy (This is the one that hurts and I know the least about) - $100 per month goes into this black hole and without doing the research first, I am thinking I will forfeit everything I've put in (roughly $3,500) if I stop payment today. Is there any benefit to continuing to contribute to this disaster? Will it only pay off after the 59-1/2 mark? &#x200B; Thanks in advance!	Wow, 31 in whole life and an annuity. And taxable brokerage, which is at [the very, very end of the flowchart](https://old.reddit.com/r/personalfinance/wiki/commontopics) that you aren't close to. You need to start with the basics, like the reading list and the wiki.	You may find these links helpful: - ["How to handle $"](/r/personalfinance/wiki/commontopics) - [Investing](/r/personalfinance/wiki/investing) I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.
Human: I'm a young and relatively new investor and I've been doing some research looking on how to get into the game. A lot of sources I have come across are suggesting a bear market is imminent and I feel that it may be wise to hold off on entering the market until we are mid downturn so I can pick up a few stocks at a low price. What are some of you doing/planning?	Doing differently than normal? Nothing.	Where are you seeing this recession? Last year we were heading into a recession but policy changes have pushed that off. I don't think we will see another pullback until 2020 or later.
Human: Hey y’all, This is my first post here as I only recently started my first big-girl career out of grad school. I am just wondering what some good investment options are for someone new to all this. Currently I make about 76K pre-tax. 9% of that (pre-tax) goes into a 401K with 6% matched by my employer. I am trying to max out my annual Roth IRA contribution from here on out, and throwing roughly 1k into savings each month. Doing my best to keep credit card balances low too. All this to say, I am relatively proud of myself, but I feel a little dumb throwing money into a savings account with a might-as-well-be-zero interest rate. Any suggestions on where to start putting my money where it will keep up with inflation? Any other tips on how to save more effectively? Any suggestions on helpful reading and podcasts also extremely welcome.	Use a high yield savings acct. ~1.85%+	More in your 401k could be a good option instead of 1000/month into savings. In fact, if you put 1000 into your 401k instead of savings, you'd be able to max your 401k since you're already contributing 9% of your 76k!
Human: Current Situation: I don't think I paid taxes in 2016 or 2017 because I never received anything from my bookkeeper who did them in 2015. After not getting anything from her in 2016, even though I gave her all my statements and documents, I made sure to give her everything early for 2017 and communicated with her multiple times to see if she needed anything else from me. I messaged her multiple times before the deadline but she never confirmed me taxes were completed. I don't think anything was ever done since I didn't see any money taken out of my account nor did I receive any notice from her. She works mostly with much higher net worth companies and people than me so I think she just ignored me. I don't want to take legal action against her since she was referred by a friend who has a much higher net worth. I reached out to an accounting firm a few weeks ago to move on and get everything sorted. They just told me I will owe about $18K for 2016 which is more than I expected but then they said in my state, California, penalties and interest are very severe and that they could run as much as the tax liabilities! Is there anyway to lower the interest and penalties? To date I have received no notice from the IRS about not paying taxes. What are my options? Thanks!	Just FYI bookkeepers don't usually do taxes.	I know you said you don’t want to sue, but if that’s the kind of business that she’s running then you should make sure your friend knows about how they handled your business. And you should sue if you wind up needing to pay penalties, that is a ridiculous amount of money to be out just to not upset your friend. Whether or not you tell your friend about that is up to you
Human: Hi PF, I'm looking to address the general question: What should I anticipate? In July I was laid off. I have saved emergency fund for this type of situation and have yet to dip into it (insurance has covered me so far). As far as the old company goes I have some money remaining in the company 401k not sure how I should request moving it into my control. The company never allowed employee contributions... They did show me some paperwork which disclosed that I had ~$2k in the account. Moving on from the old position. I was offered a new role with a 65% raise that has a significant commute but pushes me close to six figure income. It will be my first time working for a large company. The commute will be a significant change of pace. I'm used to a 7 minute ride and this will be over an hour mostly highway. I have a 2003 toyota matrix with 190k miles that is running strong.( Any advice for starting a new position? Dealing with a long commute? I've already negotiated salary and start date, is there anything else I should ask about? Note that this is a temp to perm role filled by a staffing firm. Anything I should look out for there? Anything I should do before starting the role? Any advice for what to do monthly with the extra income? If I maintain my lifestyle I should be able to save $3k+ monthly. Any purchases I should make to make my life easier? What is the cheapest car with adaptive lane assist cruise control? Is it too early to get into that market? I doubt I will be commuting on my motorcycle so I could sell it and get a commuter car. Right now I'm renting very affordably and would not like to move within the first year. Thanks for reading through that jumble of questions. Feel free to answer any one of them.	Until you get offered the permanent job just save as much as possible and do not make any lifestyle changes.	Audio books or podcasts can help with the commute. I think you’ll adjust in any case. Hopefully not too much traffic for you. I ride 40 minutes each way but they’re highway miles. Some days it’s the only alone-time I get.
Human: Hello fine people of PF! I am 32, out of school and currently $8k in debt. I make $30k yearly gross with take home about $26k or so, own a home with a fixed 30 year loan at $250k. My monthly expenses with car, mortgage and bills are equal to about $2k monthly. I have a 401k that is on track. I do not have any other investments. If I pinch some pennies I can probably save about $300 monthly. I feel there is more I can do, but have very little knowledge to do so. I am looking for some recommendations for saving money or investments? EDIT: Thanks for all your wonderful suggestions! As for some of the questions, sorry if I left out some other details. I am married and we split the bills. Mortgage is $1720 monthly/ $860 each. Myself and my wife have great credit. The only source of my income for myself is my job. My wife has a job as well. Me and the wife keep our finances/personal bills separate. I make about $2200 monthly. The $2000 includes my Mortgage, car, insurance, HSA, 401k, and bills.	Why do people even get married if they aren't willing to combine financial goals?	You have WAY more house than you can afford. You need a roommate to cut those expenses down.
Human: Hi, I’m a 20yo who’s never really had any financial responsibility, and now that I’ve got a job, I’ve noticed that I’m very bad at saving my money, buying things on impulse, etc. Are there any steps to fixing that issue?	Open an IRA and set automatic deposits that coincide with when your paycheck hits. poof the money is in a place you cannot touch it without incurring a large penalty.	Goals. Create short (3-5 years) term goals. Then create long term goals (10 years). Write them down and put it where you can see every day. perhaps in the mirror? Perhaps near your phones charging/sleeping place? You should take action everyday to reach both short term and long term goals. You'll have the goal sheet staring at you everyday when you get ready for the day. Taking action everyday means foregoing expensive luxuries to reach your financial goals. Or it may mean to increase your earnings. Or a combination of both
Human: If you had told me 10 years ago what I'd be making today, I would have thought I was living a life of luxury. I know I have it great compared to some people, but it sure doesn't feel like we live very extravagently, and still, I feel like there's just not much left at the end of each month to make any progress towards bigger goals. If we get through the year without being in the red, it feels like a win. I'm sure we're being extravagent somewhere, but I need another set of eyes to call me out on it. Be brutal, its fine. Situation: Family of 3 living in the greater Seattle area. Myself, my wife, our 4 month old son. Monthly Income: around $5,000 after deductions between me and my wife. Deductions include taxes, health insurance, 3% into 401k each (both have 3% employer match) and $150/month each into HSA (that is to pay for medical bills from our first child who was just born in May) Expenses, as detailed as I have recorded: * Mortgage: $1825 (Went up recently due to property tax increase, and value reassessment from the county. Double whammy. Originally was around $1650) * Daycare: $700 * Tithing: $625 * Groceries: $500 (includes all house supplies/diapers/etc. Not just food) * Utilities: $300 ($50 water, $50 electric, $50 gas, $85 Sewer, $15 trash, $50 internet) Water/electric/gas vary from month to month, but their rolling average is roughly $50 each. * Medical Bills: $300 (1500ish left) * Car loan: $240 ($10k left, car valued around $12k) * Gas: $200 * Insurance: $190 (2 cars, 2 life insurance policies, insurance on my wife's wedding ring [family heirloom]) * Student Loan: $130 ($7,000ish left from $30,000 starting) * Entertainment/Incidentals/Misc: $140 (Netflix, Random night out [with a babysitter], "Oh my last good pair of jeans just tore" etc) No other debt besides mortgage, car loan, student loan, medical bills Total Spend: $5150ish Obviously I'm using very clean numbers on the budgets that have variance to them, but these are all a general rolling average. Obviously $5000 - $5150 = -$150, which is not good. We're getting by on a couple different factors: 1. My wife does a little photography on the side. Some months its $0, other months its $300, so its tough to budget it exactly as income, but it generally makes up for the current deficit. 2. The medical bills are not far from being paid off which should free up $300ish per month, so it feels like we just have to make it through that to get some breathing room. Even when the medical bills are paid, we still don’t have the kind of room in the budget to put away more for retirement (3% each is obviously not enough) or general house maintenance, or for our son’s college (lower priority, but still a goal) Anyway, I’m hoping you guys can help point out some areas where I’m overspending, or other things to think about when trying to reel in the budget. ***EDIT: Forgot to mention, we do have an emergency fund of around $7000. Assistant: Before I get butchered by Reddit, I'm admittedly nonreligious. To me it looks like you have $625 a month sitting right there. I can't imagine a thithe carries the same amount of importance as your childcare so that would be the first thing to get scaled back. 10% is reasonable when you don't live in Seattle. Life is expensive there! Human: Yeah, I had a feeling I might get grilled on the tithing amount. If we were in the red consistently, then we might talk about reducing it until we could get our budgeting figured out better, but being that we're break-even, I'm not interested in stopping that to pursue other goals. If people want to call me foolish for that priority, I'm ok with it. EDIT: The votes are in, and I'm officially foolish! I do wonder what this thread would have looked like if I had just said we made 4400/month and not included tithing on the budget. The whole thread derailed into a referendum on tithing, which wasn't my intent	As someone who grew up in church I can understand wanting to tithe, but if you're currently struggling to make ends meet or are barely getting by the church will understand if you reduce your tithing. If you were to cut your tithing in half that would free up a little over $300 that could help to knock out the medical bill that much quick which then frees up another $300 that could be applied else where. If you're concerned about dropping the monthly tithe amount maybe you could offer up some physical help rather than monetary? Does your church have ushers or other areas that you might be able to help? Just my two cents.	You are saving a bit more than people think you are for retirement - that mortgage payment includes a part that is forced savings along with interest and tax. I won't go so far as to say that you are fine, but things are not quite dire as they look.
Human: Long story short, I work in a cozy office for a University. I am on a team managed by one woman. Last week I made a couple mistakes in my work and things weren't really going my way. I noticed that my boss started to act passive-aggressively towards me: Not saying hello in the morning or making eye contact when I try to talk to her, trying to do my work ahead of me having a chance to get to it, piling on work asking “Where do things stand with this” and adding short turn-around deadlines—basically setting me up for failure. After a couple days, I had enough. Late into an afternoon I walked into her office and asked if I could speak to her. I came off entirely unaggressive and said something to the effect of “I’m not really happy with the way things have been going and it’s making me a bit upset. I don’t think I’ve been quite as effective as a could be, and I would like your help to improve” to which she says something to the effect of “I agree you haven’t been doing well” and nothing more. She let the conversation die and I stared at her, eventually saying “well I hope I can find a way to improve” and I walk out. This week I had hoped her attitude would be a bit better but she is no different. She continues to ignore me while socializing with other team members. Today, we all had planned 1:1 meetings with her. She ran a bit late on the first one then had the second one. I was suppose to be third in line at 3:00pm. The 2nd meeting got out a little late so I sent her an instant message “if you are tired and would like to reschedule for tomorrow, that is okay with me”. She didn’t respond, and instead hosted the final 4th meeting. She then rescheduled my meeting until tomorrow. Now I am a bit annoyed. I have a cool and calm composure and I can handle a little tension—that’s fine but this is just petty. She is blantly going out of her way to passively toy with me and is ignoring me from a professional standpoint. I am still a solid performer, I know I am. I churn work all day and I try my hardest but she continues to act like this. I’ve considered bringing this to the manager above her, but this honestly does not bother me enough yet. I am not annoyed from a personal perspective but professional. How should I handle this situation?	Look for a new job. Other than that, let her come to you. You shouldn’t have sent her that message, let her manage.	Did you apologize and take ownership of our errors? What are you going to do to prevent them in the future? You need to tell her you own it and that it won’t happen again.
Human: Hello all, I received a credit alert last week that an account was opened under my name. I panicked at first then contacted my dad to ask him if he opened a card under my name and he said yes so I had the card blocked and he said he would pay for it. To make a long story short he has been ignoring me for a week. He ran the card up to $508 before I could stop it, so would it be better for me just to pay it off and close the account or report it as fraud? I'm pretty pissed off about this but I'm glad it's only $508. Thanks for your help. Assistant: Report it and him for identity theft and fraud. What's going to stop him from opening another card in your name? Human: That's what I'm worried about but I'm going to freeze my credit. If I report for identity fraud would he get arrested?	Identity theft is a felony, which he committed against you. You can either pay the bill and be screwed, or report him to the police for this. What you do really depends on your current and expected relationship with your father. It sucks when those you love are douchey like this and I wish you the best either way OP. If he did it this time, freezing your credit is more of a bandaid as he’ll likely find a way and try to do it again. Consider trying to get him some mental health counseling.	Freeze your credit, do you feel like sending your dad to jail? Time to decide if you want to report it or not. As another said warn all siblings and possibly family members.
Human: I want to trade someone my Honda motorcycle plus cash on my end ($4,300) for his Ducati motorcycle. His bike currently has a lien on it around 6k. What would be the best route to purchase this bike? I'm unable to go to his bank, because it is located far away. I've also met up with this person at his house and he is a family man that doesn't seem sketchy. I've attached a link of our current conversation.-----> [https://imgur.com/a/2a09VcN](https://imgur.com/a/2a09VcN)	Do not purchase any sort of vehicle that you don't get a title to. It's more trouble than it's worth.	He'll need to either pay the lienholder, or get their permission to transfer the title.
Human: I'm mentally ill and easily stressed. I do not pay attention to my money and trust others easily. So I got a call from dentist office for a procedure done in July and I owe 400 dollars. In no way can I afford this. I was told my insurance covered it before the procedure. I was even given a quote. I was lied to by this office. Now they are telling me whoops turns out we don't take your insurance. I'm still shaking bc I trust people way too much. All my personal finances are fucked to be honest but this is the first bill I got on my own that I cant pay. I have no money in the bank and I don't know how to recover from this.	It's nothing really to stress out about. Call them, calmly explain to them that initially they told you were covered and that's why you elected to go ahead with the procedure. Calmly tell them your financial situation and see if they can come down in price or will take payments. It's not like $400 is going to bankrupt their business, they should be willing to work with you to get it paid off in a few months. It's not like insurance pays them quickly or pays the full bill either. If this stresses you out, maybe have a friend or family member negotiate for you. Again relax. Dentists have lots of wiggle room in their pricing. I don't have insurance and I play the sympathy card and I can get 20-50% in cost reduction.	Offer to pay in small payments. I do it all the time. I’ll send what I can.
Human: Hello folks, bit of a different question about windfalls. I inherited a modest chunk of money from a grandfather that died on the edge of my memory, and I have only faint shadows of him in my mind. The money was, per my father, probably mostly aimed at helping me through college. Well, I already got through college and have no remaining education debt. I am in a great position financially, and want for little. I don't want to just cash out the inheritance & add it to the slush fund- it feels sentimental, the echo of my grandfather is worth more to me than the money. I'm thinking of putting it into a 529 for my son, but I wanted to see if other people had extra insight or suggestions.	Saving for your child's education is great, but if you are looking for other ideas... Donate to a cause that was close to your grandfather's heart, if you know any. Do some good and potential write off..	If its really unneeded, the best answer is any use of the funds that you think would have pleased Grampa. Seeding you sons education fund probably qualifies.
Human: Basically the title says it all. I work for a privately owned super one foods, a rumor started over the last few days that the owner is going to sell the store this coming January. However upon asking the number 2 guy his exact words were "i wouldn't know anything about that" which sounds intentionally vague. The job i have is union protected, but from what i have heard if the store gets sold we all lose our jobs and can reapply but would have to go back to minimum wage, at that point i would rather collect unemployment as that would pay me more then minimum wage and i hate this job, i literally only stuck around for the money. So, all that in mind, does the owner have to inform his staff if he plans to sell, since doing so would cost us all our jobs? If he plans to sell i have another job in Washington state i am looking at, but i cant just up and leave for it now, but if im going to lose my job in 3 months i might shoot them an email and explain the situation and see if i can get the job. So... Yeaj basically title... Does the boss have to tell us if he plans to sell?	Generally no. However, you state that you are "union protected," so it's possible that your union has negotiated something in your contract regarding minimum necessary notice. Have you reviewed your employment contract? Depending on what state you are in, there might be state laws protecting you as well, but in many states you can be fired for (nearly) any reason at any time.	Ask your union rep.
Human: I was having a conversation with a friend who's a real estate agent talking about housing market and renting vs buying etc and she pointed out that houses go up in value and how a house that sold for 300k couple years ago is now selling for 350k etc. I've also looked online and noticed too that a lot of homes for sale had been recently sold for significantly less than current asking price. My question is: why aren't more people/investors buying homes, renting them for 2-3 years then selling them for 40-50k more (i assume that number based on examples I've seen), then pay off the loan using the 40-50k and putting it down for another house. Now their loan will be for 250k so at the end of the 3 years they ll be up 100k plus the money from rents? Are people already doing this? I'm not talking about fixer uppers and flipping houses as this requires more knowledge, I'm talking about normal turn key homes	Fees. Home sales are some of the most ludicrously high cost transactions. Everyone wants their piece of the pie. So assume a 10% transaction cost per buy-sell cycle. Also, if you're borrowing for leverage, there will also be substantial interest in that 3 years. The process of buying and selling homes, selecting a tenant, performing maintenance, evicting a tenant when you want to sell, etc. is time intensive, or at least not 100% passive. Turn-key homes command a premium. Flipping homes will cause you to frequently realize and pay taxes on your gains. Your investment is not at all diversified. You can invest in every publicly traded stock for a transaction cost of zero. For the past decade, the returns on this market have outperformed real estate. Edit: oh yeah, and there is no guarantee a given property goes up forever.	Because fees. Because it’s risky.
Human: So I went in to work and got called to a meeting half of the crew was laid off and now I don't know what to do. I have enough money to get me by for a while but I don't know if I should file for unemployment or just wait it out. They said we should be back in about a week any advice?	File immediately. Unemployment takes some tine to process and if youre not back at work in a week, you'll want to have the process going.	Yoh were laid off but you'll get your job back in a week?
Human: I'm paying off my school loans. I have a total of $15,000 that owe. Right now I'm on a program called income driven repayment. I want to pay off the loans with the highest interest first. There are two that have a 4.66% interest rate. One is $2,000 the other is $4,000. Which one would be wiser to pay off first? Or would the outcome be the same either way?	Knock out the smallest one to build momentum and satisfaction.	If you have two loans with the same interest, pay off the smaller one first. Once you pay it off, add the minimums you were paying on it to your pay off fund and concentrate on the larger one. Good luck.
Human: 41 years old. Mostly week to week. Wife has 401k with her job, but nothing on my end. Recently inherited a modest amount and using most to pay off debts. The question: Is it worth investing as little as $500 towards the future/retirement, and what is the best way to do that? Honestly financially illiterate since I've always lived check to check.	To cure some of your lack of knowledge, print this [ flowchart from the wiki](https://www.reddit.com/r/personalfinance/wiki/commontopics#wiki_the_flowchart), put it somewhere conspicuous so you can see it and study it frequently, and do what it says.	You may find these links helpful: - ["How to handle $"](/r/personalfinance/wiki/commontopics) - [Investing](/r/personalfinance/wiki/investing) I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.
Human: I am 17 years old currently, throughout the past year I've saved up around $30,000 and expect to hit $40,000 by the time I move out which is in 8-9 months. I've been getting severely anxious over the past months thinking about moving because I know it's something I really want to do, however I'm just unsure. My monthly income is around $5,000 and I'm looking at apartments that are about $1,500 in New Jersey. I know bills, phone plans, moving expenses, food, etc, are all added to the monthly budget, but I can't seem to not be calm about this. Would I be fine with this sort of income? I won't be needing a car so car insurance is out of the picture as well as gas. I'd be living with someone who will soon get a job but I will be paying the majority which I am fine with for now. (I am not going to college so those expenses aren't a worry either)	Im no financial genius but I am a single mom, live in San Diego and make much less than that and i have a pretty comfortable life. I think you will be just fine.	Dont move in with roommate who doesnt or havent have a job. It is not ok to pay for other ppl when u r only 17. If u think $5k/month income (is that after or b4 tax?) Is sufficient for NJ living expense, then u should definetly move out. Just make sure to find a financially stable roommate. Ig ur roommate is around ur age/minor, get co-signer for rental contract. If not, live with ur old folks and keep saving until 21 then move out.
Human: Let's assume that my IRA, 401k, retirement accounts etc are all maxed out and I still have money left over that I should be investing. Everyone recommends S&P Index funds, but when exactly should I purchase? &#x200B; I know everyone says that you can't time the market, so would it be best to simply purchase $x amount every month on a specific date and stick to that schedule? Or should I just save up in cash and make larger investments at once?	Index fund, set amount every month	Now. Just set it to auto and don't worry about it. It will do all the hard work for you.
Human: Hi everyone, I have been riding my bike/rollerblading/and taking public transportation for as long as I can remember. I commute 2 hours a day roundtrip. A car would be 15 minutes one way. I think I am interested in buying a used car, but feel like I don't actually have enough money. My credit score is 780 by the way. Here is my monthly income: Income 1 $1000 Income 2 $1900-2100 Other $50 Savings: 50 per paycheck Debts: Student loan 1 $22,000 Student loan 2 $3000 Credit Card 1 $8000 Bills: Rent $656.25 Student loan 1 $275 Student loan 2 $150 Internet $17 Utilities $38-$50 Cellphone $28 Credit Card Debt (I pay twice the minimum payment) $650-850 Food $200 Transportation $150-$200 Dog $30 Personal Care(Gym, massage, clothing) $100 Assumed Fun $50 - $100 Per month I usually use my extra money on credit card, savings, travel, or helping my family. I have paid my CC down about 2k in the past three month. So, I am looking to buy a used car under $6k with a 34-48 month loan. Is this doable? Or do I buck it up for another 8-10 months until my credit card is down another few thousands. Any advice is helpful. Thank you!	Pay off cc first, probably worth cut some more expenses and throw towards cc debt	8k credit card debt is still a lot. Pay it down before you get a car.
Human: First post on personal finance so I'll try to keep it brief. I'm a sophomore in college living in an apartment complex. I signed the lease for this particular apartment because the price was fair and I was told I would get a $250 visa for signing on that particular day. However, the problem started when they said they were out of visa gift cards and they needed to order more from their parent company. I said that was no problem and that I would check back next week. I did check back and they told me that I would probably have to wait until move in day in August (this was in April). Even when I moved in, they still kept telling me to be patient. For the first two weeks it was the same song and dance. I go down to the leasing office and ask where it is. They go into the back room and come back with either "ooo you just missed them" or "they haven't come in yet, try waiting a few days". I eventually gave them my name, phone number, and apartment number to alert me when they come in. Its been 4 weeks since then and not a peep from anybody. By this time, I was getting really frustrated. I asked my roommates about it and both of them got theirs with no problem when they checked on it the first time, so that just added an extra layer of annoyance. I want to keep asking about it, but what I've been doing hasn't yielded any results. I was going to use the money to buy the textbooks I need for school, but my first exam is coming up and I'm really in a bind. What do y'all think is the best way to go about getting my money?	This sounds like you were baited. Unless there’s something in writing stating they owe you the $250, you’ll likely never see it.	To forget about it, honestly, unless this was somehow stated in writing that you and they both signed.
Human: Not sure if this is the right place for this question, but what skills should a bookkeeper invest time in to stay employable in the future? I have an associate's degree in accounting from a community college and I make a dandy bookkeeper. Still, I look at all the new apps available for businesses, some of them free, and I see what I do as quickly becoming obsolete. There's no way I would hire a bookkeeper when I can link my accounts to a program that catagorizes and tracks them with double entry accounting for free. Fortunately, I've found someone who would and I have a job that's a perfect fit for me for now. But he's an old fashioned paper pusher and I'm afraid that if I don't work on developing and maintaining some kind of modern skill set, I'm going to be relic when and if this job finally ends (my boss is older than me and I assume will eventually retire.) I'd prefer something related to the same field that could be learned as a trade or in a certificate program, hopefully something that can be kept up to date over time. Does such an option even exist? I don't need to make a ton of money; I live happily on a small business bookkeeper's wages. Thoughts? TL;DR I'm a traditional bookkeeper and don't want to starve when I'm fifty.	CPA's will never go extinct. A good local CPA can save your ass in so many ways.	Someone has to put together that data on quickbooks, and until business no longer operate on cash, someone will need to input figures. Is the demand decreasing? Sure, I wouldn’t plan on retiring as a book keeper, but i’m sure there will be a demand for them in the near future. Most business owners don’t want to deal with the headache of their own finances.
Human: I'm 34 years old. Family of 4, over the years been living beyond means, but the biggest factor, rent, has been corrected. Currently pay about 1800 for rent, and we are now living within means and have built up a 2 month emergency fund in a savings account. &#x200B; My biggest question is: should I take out a 5-year personal loan at around 11% APR to replace the CC debt (around 17% APR), or look at a loan from my 401k? The 60-day payback period if I leave my current employer is scary, though I guess I could get a personal loan to cover it in that event. &#x200B; I would like to buy a house ideally in the next couple of years or sooner if possible - family has offered to help with down payment in the form of a gift.	Do not pull from your 401k. Do you have ~20-30K to pay out of pocket should you be fired or leave? No. Consolidate it all with the 11% loan and bust your ass to pay it off.	You may find these links helpful: - [What's the best way to pay down my debt?](/r/personalfinance/wiki/debt#wiki_what.27s_the_best_way_to_pay_down_my_debt.3F) - [Dealing with collections](/r/personalfinance/wiki/collections) I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.
Human: I’m a senior in high school and required to take Dave Ramsey’s personal finance class online. How realistic is what he says? I like the idea of remaining debt free, but when college is thought about I’m unsure it’s possible.	I like his guidance but I don’t follow him 100%. The premise he provides was something I learned the hard way and found myself doing on my own anyway. His teachings are pretty solid in paying off debt, but I think learning about leveraging debt and utilizing other programs, including Ramsey’s, isn’t a bad idea	I like his advice. He's pretty much the tough love dad that tells you to live within or under your income bracket if you're in debt. If you make 60k with 100k debt you really don't get to go out for fun or food, you don't deserve it financially. He usually tells you to go bare bones for x years to get out of debt but a lot of his stuff seems common sense.
Human: I'm taking a sequence of three graduate courses at a college. My parents have paid for the first two with leftover undergrad 529 money, but I'm hoping to be able to pay for the third myself. (relationship reasons, irrelevant). I have a credit card (Discover student card, rotating 5% category one) with a 2k limit on it, tuition will be about 3.5k. (college doesn't seem to charge extra fees for paying with credit card -- it was actually the only way to pay for the summer class). I have more than enough in savings to just pay the card balance immediately, and that way I'll get 1% back. Pretty new to credit cards, though, so I'm wondering how hard the 2k limit is. Ie, will Discover just bounce/refuse the charge? Can I call them ahead of time so this doesn't happen? I'm going to request a credit line increase before the payment deadline for the class, though I doubt they'll raise it to past 3.5k straight off... Also open to trying to get a new card with a higher limit, now that I've got a credit history etc, but I don't want to open a new card just for the purpose of something I've got a way to do without.	Totally worth it to open a new card for the sign up bonus, as long as you pay it off before interest kicks in.	You may find these links helpful: - [Credit-related wiki pages](/r/personalfinance/wiki/index#wiki_credit) - [Credit Cards](/r/personalfinance/wiki/creditcards) - [FICO / Credit Scores](/r/personalfinance/wiki/fico) - [Improving Credit Scores and Building Credit](/r/personalfinance/wiki/credit_building) I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.
Human: Long story short, my friend was being allowed to use his sister's spare apartment and pay the utilities himself. He promised that I could move in as well and split the utilities or whatever and pay some minor rent. Today he announced that those plans are cancelled out of the blue. I have been trying to move out for a long time. 20, no student debt, just got a new job 1000€/month before tax roughly. Currently I sleep on my parent's couch. The prices for rent in the area go up this time of the year, so I don't know if it's worth while to look for an option to rent right now. What should I do?	A.) Continue looking for a shared apartment situation if you cannot afford your own place and wish to be out of your parents home. Craigslist or similar? B.) Do not hold your friends decision against him too severely. It is inconvenient, but take it from someone who knows.. friendship and a tenant/landlord relationship do not mix well. He was clearly already having doubts. Resentment is inevitable. It is better for your friendship in the long run that everyone move on.	Stay on the couch, Dave more money, idk. Doesn't sound like you have the financial situation to try and move right now.
Human: Hello PF Redditors, I am a long time lurker and wanted to reach out for advice on coming up with a strategy to accomplish some financial goals. I currently have a very large cloud over my head in the form of student loan debt, most federal and some private. The federal loans are about a total of 89k and the private are 13k. The interest rates are between 5 and 8 percent for all I believe. Most of this debt was acquired due to career change as I graduated with a BA in Mass Communication and went back to grab a MS in Computer Science. I am still in school with just 4 courses to go but this is all now covered through my works tuition reimbursement. So now I will do my best to give you the details of my current financial situation. I work as an application developer for a large bank. My base salary is 76k with around a 20% bonus each year in February. I currently do a split 2% traditional and 2% Roth for my 401k with a 4% employer match. They also have a pension which is about another 4% each year. My wife is an RN but has moved on to work in healthcare as an implementation coordinator for an EMR platform. She makes 72k per year with no current incentive structure. She is also doing a 5% traditional 401k for a 4% match. We do a very separate type of financial arrangement where we split everything according to income ratio(hers vs mine) and pay a portion of the fixed bills based on this. I will list out our joint bills then mine then hers. Go easy we’ve been a little to spend happy before recently. :) Joint: Rent - 1400 per month Electric - 200~ per month Water - 60 per month Cable/internet - 140 per month Furniture (5000 owed 0% APR) - 250 per month Groceries - 500 per month Cell phones plus sons ipad - 230 per month Trash - 20 per month We spend a ton eating out and doing things so I would say entertainment is around 800 per month. Me: Car Payment (5000 owed 4.1 APR)- 300 per month(100 more than payment) CC Debt (20k 0% APR 18 months) - 900 per month (Engagement ring and wedding) Car Insurance - 100 per month Wife: She is near debt free and I can’t really think of her current bills. With all of this being stated, my wife currently wants to look into a house. We have around 15k saved and we can get something in our area around 180k. I also am going to begin to start payment on my student loans. The student loans are my burden and I will be paying them without money from my wife. We have agreed to keep finances extremely separated in this regard as I acquired these before marriage. Would purchasing a house at this time be worthwhile? Would this hinder my ability to attack those student loans? The immense rent we pay makes this area difficult. I know there are significant cuts I need to make I guess I just need help prioritizing where I need my money to go. Assistant: Not only do you have over $100k in student loan debt, you have $20k in consumer debt. You're in no position to buy house right now. Human: Maybe they could bring a third business partner into this joint-venture they've set up. Sheesh OP: Of course your wife thinks buying a home is a good idea. You two literally don't live the same life and her life is one with little debt and a good income. I will never understand how you can be married to someone ("and now we are one"), yet live separate financial lives. Of course you've run into a complication like this. It's a direct result of the arrangement and the poor financial habits. Assistant: OP’s debt isn’t a direct result of their arrangement. It’s a direct result of his education debt. They have about the same income, but the wife doesn’t have the student loans. If the wife was asking for advice here, would PF advise her to use her wages to pay off the husband’s school loans? I doubt it. Human: It’s a very tough situation to which I don’t know how to answer. I feel it’s very difficult for me to expect she take on my debt. It’s also my responsibility to start taking control of my financial well-being and down the road, when I am making more(fingers crossed), she will understand what my education was for. These are both great perspectives from each side.	If you are running finances as roommates, then you are in very different standards of living. You can’t afford to go out at all, if this debt is solely your burden. You can’t afford name brand cereal. You can’t afford a coke at the machine. She should have way more savings if you have all the debt and she has no expenses, but the money is all gone anyway. Whether that is fair is a question for /r/relationships	I would ignore the marriage proselytizing here. These people don't know your relationship. Anyway, my wife and I do the same thing, similar situation, and bought a house not too long ago. You just need to sit down, budget, and plan a timeline. For example, how much can you put to a house fund each month while paying your debts? I think a bigger question/roadblock is not can you save for a house, it is how much house can you afford while continuing to pay down those debts.
Human: So I'm not entirely sure if this is financially prudent like the moment I land my professional career job I'm trying to get a $35,000 sportscar that will consume a significant portion of my years income. But I'll be Frank, I love the FD RX7. Like it's been a dream car of mine for like, 20 years, going back to playing the shit out of Gran Turismo 1 in 1998. And I know for a fact the past 7 I've been saying I'm determined to get one with a LS V8 swap. If I'm not racing, wtf am I doing with my life? It's like I'm wasting it away. I'm not dead but to me I'm not really living either...in a way. But is immediately saving up for a $35,000 sportscar good financial sense? I'm an adult with autism, I live with my parents. My parents are essentially my caretakers. I live with them rent free, my only Bill's are my phone bill, and the cost to maintain, and insure my vehicles. My most recent purchase in the car department was a 2002 Mica Blazing Yellow Miata SE. My theory on cars is if you're gonna go from point A to Point B you should have a good time doing it. But I dunno I'm 33 and maybe I should think saving for retirement? Oh I dunno if this is a factor, but I mentioned to my mom itd be more financially prudent to be putting significant amounts of money into retirement savings instead of this fancy car I've wanted for 20 years. Well the parents are multimillionaires, and she told me I stand to inherit that along with my brother, probably halvsies. She said she'll work on making an extra mil if need be if I really dont want to think about that saving for retirement shit right now. So I dunno, ideally I would be saving for retirement instead of blowing my income on high priced sportscars, but I'm not, but maybe my parents have my retirement covered, in a way, under them? What should I be doing here you think?	>the moment I land my professional career job I'm trying to get a $35,000 sportscar >My parents are essentially my caretakers >the parents are multimillionaires Of course you should buy a sports car for drag racing. Why would you even ask?	An expensive car is never a good financial choice. They’re depreciating liabilities. If you want to spend $35k on a car then sure, go do it. Your parents are millionaires so it’s not like you’ll have any issues down the road.
Human: Received an anniversary share of stock that vested and was released this week. Per Morgan Stanley the entire amount went to taxes. It was one single stock unit, about $19XX in value. I have no upcoming vesting dates until end of May 2019. Do the taxes paid now apply to reduce taxes on those future vesting units or did I just effectively lose my money?	19xx sounds like a certain giant online retailer's stock price... if you had a single stock vest, and didnt add tax money to your brokers account, then morgan stanley sells that stock, pays the tax, and sends you the leftover. It should come up as a pay statement, if you have direct deposit set up.	You definitely did not lose your money. It's possible that they indeed did send the entire amount to the treasury on your behalf. Most people get tens of shares in their stock grants, not one, so they might just have a procedure of always selling an integer number of shares for taxes, which in your case is the only share. If that's what they did, then it's basically extra taxes withheld, which will increase your tax refund in the spring. Taxes are all one big bucket, not separated between wages and stock, so it doesn't offset your next year's RSUs, it offsets your regular income taxes for this year.
Human: So for starters, i'm 25, and have been working since I was 18. I grew up in the country, and never really had the chance to work through school because my parents were too broke to help me get a vehicle, so after highschool I went and lived in Maryland and started working. I am 25 now, with a beautiful son and another one on the way. Kids aren't as expensive as people say (granted, mine doesn't do stupid shit to get himself hurt yet) I make roughly $1350 every two weeks, working 40 hours a week. I haven't been able to get any overtime for roughly a year. This will be changing in November. Rent: 950/m Car Insurance: $130/m Phone: $110/m (two lines) Loan: $153/mo Electricity: $200-$300/mo (double-wide trailer) Internet: $75/mo Groceries: $350/mo I don't drink. I do smoke cigarettes. We really don't do anything, sitting at the house because we are always broke (or we take my son to the park, because it's free). I don't know if there is something I can be doing with my money now, because I feel hopeless. I'm utterly exhausted with working as hard as I do and just having nothing to show for it. edit: jesus christ thanks for the responses everybody. i have read 105 comments so far and i am learning a lot of stuff. my parents weren't really great role models when it came to finances, so i really don't know what to do when it comes to this. i am going to write down everything i spend this month, and maybe see why my insurance is so high. i don't know how people found out I am from maryland, but I am living in georgia. it is sweltering hot (~90° F currently) and I live in a manufactured home, which is why the electric is so high. I don't have a water bill also, we have a well, so I think that adds to the electric as well. thank you to everyone who commented, this place is full of great people who are willing to help anyone! Assistant: The only way to get ahead is to increase your income. You may need a second job for now if your partner isn't working. You don't make enough to support a 4 person family. Long term you need to get a skill so you can earn more. You make about half the average wage in the United States. Look into getting a second job or student loan to go to community college or a trade school like plumbing or electrition. Human: I am currently an NDT Technician, which is basically just a weld inspector. The guys with advanced certs make around $50/hr working 60-80 hour weeks, but I took a residential job because it worked out for me. The hours are finally catching up with me though.	Sometimes an employer will pay for you to get your certification. My husband's employer paid for advanced schooling. Give it a shot. It takes time but you can do it. My husband studied at lunch, after work and on weekends but now he makes great money and gets job offers all the time.	If you are willing to move (not too far), you should look into the Norfolk/Newport News shipbuilding. They are always looking for people like you and have plenty of programs for advancement.
Human: Just wondering what's a healthy strategy here. Right now I got a decent amount of savings and every month I get $2k left over after expenses. There are some things I want to buy for home, that would total 3-4k. I could straight out buy it from savings, but is it bad practice to take loan? The APR is quite low(3-4% in the store). The reasons why I'm tempted to take loan are: 1) I really don't like when the number in my savings goes down. Feels like whole month wasted - while losing small % per month would feel less impactful. 2) I'm planning to purchase a house in 2ish years. In my country there's no credit score as in USA, but credit history is still important for banks in whether they feel safe to give the mortgage and the % deposit for purchase. Any suggestions about what's a healthy decision in such cases?	Yes, it's generally bad practice to take out loans for discretionary purchases, doubly so if you can easily afford them with a couple months worth of saving. You'd just be wasting money on paying interest for no reason.	What kind of things are you talking? If you need a need appliance, it's discouraged, but a need is a need. If you're just talking furniture, it's a terrible idea. When I bought my house, I spent a few bucks on an inflatable couch just to hold me over until I got new furniture (turned out to be a good thing because what I bought got put on the wrong truck and delayed even longer) anyway, don't pay interest when you don't need to.
Human: Hello, I have about 1k usd I've collected over the years from birthdays and stuff that I never use. A while back someone on this subreddit recommended I invest in bonds rather than the stock market. I took a look on ishares but there are a lot of numbers and I barely no what any mean. I looked up tutorials but there were all really vague. For example, when looking at etf bonds, some tutorials said: "go for cheaper bonds." Since Im brand new to this, I dont know what cheaper is, as I have nothing to compare it to. Any advice or recommendations? Ps: I'm looking for something fairly long term, 10+ years as I doubt I'll need that money any time soon. Also: my dad showed me this bond "iShares iBoxx $ High Yid Corp Bond (ETF)" is it any good? Thanks!	Just put it in a high yield savings account. You’ll probably need the money sooner than you think	> Ps: I'm looking for something fairly long term, 10+ years as I doubt I'll need that money any time soon. Then you should invest in the stock market. Bonds are a hedge against a bad market; they are not a growth vehicle.
Human: Im 19 and make €1444 a month working my first job a month (that's after taxes) I live in Belgium. I have to pay €400 a month towards rent for my dad. Also I don't think I make enough for the hours I work, I work 38hours a week.	That's not a bad take-home pay per hour for a 19 year old! Coming out of university with a Bachelor's Degree I was making €2200 per month, but then I had a pile of student loans, rent, etc. Best thing to do is to make a budget of your expenses, try to stick to it as best you can, and be sure to include savings in your budget. Put a goal on the savings though; an emergency fund is a good first thing to save for so if your only necessary expenses are the rent, shoot for €2400 set aside to cover 6 months of that. Best of luck!	At a minimum 10%. Saving 10% lets you retire at 65. Anything less you will be in trouble. If you save more you can shorten the timeframe.
Human: I hope this is the appropriate place to ask this I recently got a job at a non-profit and during the interview process it was made clear that they don't do overtime. The interviewer was a supervisor and said that she personally gave her staff their time back, so if they worked late one day she allowed them to come in late the next day or leave early on Fridays, but said every supervisor does things differently. Once I started working, I was under a different supervisor and she was out on vacation for the whole first week I was there. My coworkers told me a similar thing, that we didn't get overtime so I shouldn't go crazy staying at the office until 8pm working. After one night where I did work until 8pm my coworker said I could go in late the next morning or leave early Friday, I just needed to let our supervisor know. When I asked my supervisor she gave me a very generic answer saying I could either get overtime or arrange my schedule to make up for those hours, but that overtime needed to be approved so I needed to talk to her about it. Come that Friday, I ask again because she didn't give me the clear cut answer I wanted. We went over my hours and it was clear I'd have 3 hours of overtime if I left at 5pm that day. She said it was up to me, that she'd approve the overtime hours or I could leave at 2pm. I left at 2pm. Now this pay period, I've already worked 1 hour late on day this week and I'll probably be working 2 hours late today. Yesterday I texted my supervisor asking if I could go in to work at 10am today since I worked late earlier in the week but I received no response. Nonetheless I'm going in at 10, which may be a huge mistake, but idk how to keep having these conversations. The other girls come and go as they please and it's rare they're at work by 9am most days. I know I'm knew but I feel awkward every time I ask of I can leave early or come in late and feel like I'm almost penny pinching with my time. But it makes it very difficult to fill out time sheets and be truthful because from what I've heard from others they really don't like to give out overtime pay and most employees rarely if ever get it. One one hand I don't want to keep working late and not be paid for it, but I don't know how to approach these conversations with my supervisor. Should I be asking for permission or simply notifying her of my schedule? How can I handle this? My last job made us feel super guilty for not working late even though we didn't get paid overtime at all, so this is super new to me Assistant: This is very confusing. Are you unable to approach your supervisor directly and get a concrete answer? If you can't get a straight answer, work the schedule you want and wait for the supervisor to advise you if it's unacceptable. Human: Basically this. She said she doesn't mind if we come in late as long as we don't have an appointment or something to attend to at that time. Then says overtime has to be approved so we have to have a conversation about it. Then says it's up to me, she'll approve the overtime or I can adjust my schedule.	This means "If there is some reason, from the companies point of view, that you NEED to be here more than 40 hours in a week, I can put in the paperwork to get you overtime. Otherwise, just work 40 hours in a week, doesnt matter if its 7 one day, 9 the next day, just get in your 40."	Seems pretty straight forward. Work your 40hrs, as needed, unless you cannot arrive late/leave early due to work duties, then talk to supervisor and get overtime approved.
Human: Hello, this is my first time posting here. I’m so conflicted right now about getting a new car. Let’s start off with saying that I’m a 21 year old female full time college student, but I work part time (3 days a week, averaging $675 per paycheque - but when I work full time I make about $800-1000), I live at home, the only things I pay for is my car insurance ($115 per month), phone bill ($113 per month), and student loan ($87 per month) And I desperately need a new car. Almost 2 years ago I bought a shitty used 2000 Honda Civic for $1350 to learn how to drive in and get my license. Obviously I got what I paid for (full of rust, check engine light is on - happened after I bought it, the exhaust fell off - happened after I bought it, and a gas leak -happened after I bought it) but luckily my dad is good at fixing cars and he was able to fix all the issues. A few months ago I got rear ended, but the car is still drivable. The person who hit me didn’t want to go through insurance so she gave me $2500 and we moved on. I need to get my car etested & safetied in February but it definitely won’t pass so I decided to get a new car. So here is why I’m conflicted: - I would like to get a Honda Fit for personal/work. - My budget was $3500 but I’ve come to learn that I will probably end up getting a shitty car again so I changed my budget to $6000 but it still doesn’t seem to be enough - I have $9,500 in my savings How bad of an idea is it to finance a $10,000 Honda Fit if I were to put $6000 down. How long would it take for me to pay it off? My partner and I looked at a 2008 Honda Fit but the dealer was asking almost $7000 for it and wouldn’t negotiate, but that was the lowest I have seen of a Honda Fit that was in ok condition. So why would I pay $7000 for an older car (2008) when I could finance a newer car (like 2013-2016) for $10,000. I had so many issues with my current car, I would really just like to get a car where I wouldn’t worry about it falling apart every time I drive it and have it for at least 10 years.	>The person who hit me didn’t want to go through insurance so she gave me $2500 and we moved on. Man, that worked out pretty darn well lol! Go to somewhere with a 10,000 honda fit. Put your 6000 down, trade in your shitbox honda for 1000 finance the other 3000. You payments will be very small, and you will be fine. you can even pay it off early.	Cars and our unfamiliarity with them make it really easy for us to overpay for something. The whole mantra about paying cash for cars it to make our eyes fit our stomach. Look at the numbers you typed and you can see the quickly the cost creeps up. Your particular issue is not the cost of the car. No one is going to balk at a 10k car being a bad choice. What is your issue is the income relative to the car. For me, you simply don't make enough money to justify it. As a college student, I would really gauge how much you need a car. If You live off campus, I could see that. I would try and get something older in the $3500 range to make it through college, and finance that newer car in a few years when your income is significantly higher. If your dad is good at fixing cars, then he is probably good at spotting a car in the wild that might not have as many issues as your 1300 was. I'd lean on him.
Human: Current Situation: I am 27 years old, I have an Associates Degree from my local Community College, and I’ve lived on my own since I was 18. I do not/have not receive any financial assistance from family (family of 8 and both parents were victims of the 2008 crash and both lost their jobs the year I graduated High School). I live with my long-term boyfriend and we split living expenses evenly. My share is about $1,795 a month. I have $29K in Student Loans and I make $43K a year (take-home is $2,600/mo.). I previously made $30K (entry level Paralegal) but increased my salary by changing jobs. I have a little over $4K in credit card debt and I owe $3.5K on my car. I have $600 in emergency savings. That is not a lot in savings and I’m working on it. I’m trying to get rid of my CC debt first. If a really big emergency hit me, I have a $40,000 credit limit between three cards that is available to me but I hope to NEVER have to use them. My credit score is 782. I do not have medical insurance right now but will be enrolling in November for the first time in 9 years now that I can afford it and I have an employer that offers it. My situation is not great by any means but this is my reality. I wanted to share this here because I want people who are in a similar situation to feel more confident as they work towards their financial goals. I come to Personal Finance every morning for motivation. I’m going to share my budget here in the hopes that it helps someone. Any tips or advice welcome! I’m open to constructive criticism. If you have any questions, please feel free to ask. &nbsp; * Rent: $715.00 (This is just my half. I live in a nice suburb and rent is expensive. This is the cheapest we could find w/3 pets) * Groceries: $200.00 * Gas: $100.00 * Utilities: $200.00 * Pets: $100.00 (2 dogs and a cat and they eat good quality pet food) * Student Loans: $150.00 (currently reduced from $350 to speed up paying my CC debt off. I’ll increase my payments starting in January when the CC debt is gone) * Cell & Car Ins.: $100.00 (boost mobile phone plan at $40/mo and full coverage with Geico for $60/mo.) * Elder Scrolls (videogame): $15.00 (hours of entertainment for me) * Car Payment: $140.00 (I put $3.5K down on a $7K 2007 Toyota Corolla. I am so grateful to PF for keeping me well informed before buying a used car!!! I can totally afford this.) * Savings: $50.00 (I will increase this once my CC debt is paid off) * CC Debt: $710.00 (I was previously making $12/hr which is how I got into debt. I do NOT regret my CC debt. It afforded me the opportunity to live my life comfortably but I was well aware that I needed to pay this back and it kept me motivated to hustle and improve my situation.) * Fun Money: $120.00 (usually going out to eat with my boyfriend and our friends a few times a month and occasionally a trip to the thrift store to spruce up my closet) &nbsp; Total: $2,600.00 &nbsp; Edit: These listed expenses are just my half.	I was in the same situation not too long ago. I think you're doing a great job managing your budget. The only advice I would give is to continue looking for and applying to higher paying jobs. Or work for a raise. It's a workers market for the first time in more than 10 years and you can get more than you think. Think about how much easier life would get with an extra $1000 a month and pursue it. But your financial management is great!	Why is everyone on here who has debt a petowner? Feels weird
Human: I'm in my late 20s and I've received a credit limit increase offer from my bank. Should I accept this? I'm more wondering what risks vs. advantages that may have down the road, besides having access to more credit should I need it. I'm fairly responsible and pay my bill on time every month. I appreciate any input. Assistant: The only risk is you getting yourself into more debt, but if you are responsible and pay in full every month, you should take it. It will increase your available credit and decrease your credit utilization which will make your credit score increase. Human: I appreciate the reply! By pay in full, do you mean pay the total amount owing down to $0, or the minimum required payment? I've typically kept a balance around 20% on advice i received from someone, is it typically better to pay down to 0$ each month? Thanks again!	Keeping a balance on your cards to "build credit" is false information. You don't need to carry debt and pay interest to build credit. Credit is built over time. Simply having credit cards open will increase your credit. The best case scenerio is to pay your statement balance amount in full every month to avoid paying interest.	Always better to pay down to 0$ every month. Leaving a balance means you pay interest. For credit score purposes, you do want to have the card reporting each month to the bureaus (if there's no usage, some banks may skip reporting); you want the total to be less than 30% of your limit, so that you don't get hit for utilization); AND you want to pay it off in full before the due date (after the statement date) so that you don't pay interest.
Human: A family member who shall remain nameless told me very earnestly recently that planting trees (specifically hardwood) on your property is a good investment - so good that just a few can pay for your kid’s college education. I am skeptical and couldn’t find much about it but wondered if anyone has tried it. Edit: I love this sub. Thanks for all the informative responses, everyone. Assistant: Open property or residential? If residential, call around and see how much you'll get paid for them to take 4 hardwood trees. Once you get past their laughing you'll decide that's not a great idea. Human: Yeah, residential. So it turns out this get-rich-slow scheme I’ve never heard anyone else talk about is actually not a viable money-making venture? Interesting.	The overhead to get started at a site is high, so long prefer bigger sites with hundreds of trees.	Mist timber companies wont take trees from residential areas at all. Not worth there being metal in it and ruining a $1700 blade.
Human: Would transferring my credit card debt to a personal loan make sense? I am able to make payments that are higher than the interest, but I am not in a position to pay off huge sums of it right now. I’ve seen my credit score dip pretty drastically which I think it’s due to the high amount of debt on the card. Thank you for any advice.	0% intro APR balance transfer cards are a better idea, as long as your credit is still good enough to be approved for them.	Couldn't hurt to ask your bank what rate you would get for a personal loan, and if there are any fees associated with it. Then compare that to the rate on your credit card and see if it is worth it.
Human: I own a condo, and recently my girlfriend moved in and my roommate moved out. I have typically rented out the spare bedroom to help with bills and have paid taxes on this income. We're not in a domestic partnership or civil union, so I doubt that my situation has changed. This may be wishful thinking, but do I still have to report her paying me as income on my taxes?	The answer I generally for these types of situations is generally that you are supposed to but few people do. Not advising you not to do declare income. As others have stated, if you are merely allocating living expense then it may not be taxable as income.	Hey, I have roommates I rent out to in one of my properties, for me it is 100% taxable income, but theoretically I do not have to declare it since , well they would never find out. But I wanted it on my tax statements since I needed to prove to the banks I made enough for another home loan. Also since I owned the property I ended up paying nothing in taxes since I claimed interest/depreciation/improvements
Human: I have frequented this sub for the better part of this year after discovering it, and having seen so much good info that I thought about sharing something my wife and I do now that we’ve wrangled our finances. We started getting serious about tracking our money late last year in order to understand our money flow better. This is all in an attempt to pay student loans as aggressively as possible. We put a lot extra on our loans every month now including whatever is left over from our budget in the previous month. One trick we learned that I wanted to share is for those of you who may be getting paid bi-weekly and so at least two months of the year have a 3 paycheck month. Since our budget always stays the same month to month expense wise (for the most part) we each have an extra check in those months that’s essentially a “free check”. We take the two extra checks and put it entirely toward loans, and so we don’t miss it out of budget for those months since we are planning for our usual expenses Just something to consider if this scenario fits you!	Triple paycheck month is the best!	I have friends who pay their mortgage the Monday after paydays (called their bank and arranged a different pay schedule) so that they make 13 month of payments a year. Basically this same thing but for mortgages. Awesome idea dude!
Human: I listed and sold a mercedes benz on ebay. The guy that won the auction refused to pay through PayPal. He asked to pay with cash through Walmart. I went to walmart and they gave me $940 (cash), the ending price of the auction. Now, I can't get the guy to pick up the car. I'm starting to think this is some sort of long play scam. He has my Name, Address, and phone number and that's the only personal information I've given him. He lives in Florida. I live in Kansas. He says he's having a hard time getting the car shipped.	He could just be having a hard time getting the car shipped. You got your cash, and the responsibility is on the buyer to deal with the rest.	Have you transferred the pink slip or are you still the official owner? If you're still the owner, could be maybe kind of an insurance accident shipping scam ...
Human: In the United States, we dotlnt make a lot of money, and I'm scared to death from the emergency room bill as we cant really afford it to begin with. What are ways we can make sure the bill is minimized? Edit: Thank you all for the help She threw up at work then fainted. Her work called her an ambulance. The doctor never actually came inside the room, but the nurse said the doctor seen the chart and ordered the tests	[How to minimize emergency care expenses written by an ER doctor.](https://www.bogleheads.org/forum/viewtopic.php?f=2&t=238610) Edit: Bit most relevant to you right now >When you first meet your doctor in the ED, make two things very clear to your doctor. First, that you would like to avoid doing anything today that can safely be done later as an outpatient or not at all. Second, that you understand that there is a great deal of uncertainty in what they're doing today and that you're not going to sue her if something isn't identified on this visit. Repeat this multiple times during your visit. Use words like "I'm willing to share this risk with you if it can save me substantial amounts of money" and "What would you do if it was your wife or child?" "Can this be done safely later if I'm not getting better?" What are the downsides of not doing that test or treatment today?" "What do you think the chances are that this is actually something serious? I'd rather not get a huge work-up today if you think the chances are less than 10%." > >If you don't want a $10 tylenol or a $100 morphine shot, don't take any medication while you're in the ED. If you're writhing in pain with a kidney stone, you'll be more than glad to pay $100. If the pain or nausea isn't too bad, just let the doc or nurse know that you'll tough it out and wait until you get prescriptions to go home with to treat those symptoms. "Do you think it would be safe to skip the IV dose here if I go to the pharmacy right away afterward and start taking the antibiotic prescription?" "Is there a cheaper medication you can prescribe that would work? I don't mind a few more side effects or having to take it three times a day if it is 1/10th the cost." > >If you've got something serious enough to admit you to the hospital you're definitely going to hit your max out of pocket, so might as well just get what your doc thinks you need done. > >By the way, it's important to understand that some admissions to the hospital are "observation admissions" and some are "inpatient admissions." Depending on your insurance, that may involve different amounts of co-pays or co-insurance from you. Medicare in particular is this way.	Is she covered by health insurance? If she is, make sure the hospital has all the correct information. Beyond that there is nothing you can do until they process the claim or you receive a bill. If she is not, work with registration or other staff at the hospital to apply for Medicaid or any hospital financial assistance programs.
Human: Long-time lurker, but have gained a ton of knowledge regarding my own finances from this subreddit, and am now in need of help to figure out what to do for my parents. Apologies if any part of this is somewhat vague, but will provide as much further information as needed as questions are asked. &#x200B; My parents are both around 60 years old, have been married for 30 years, don't own a home, and are still paying on their vehicles as well as student loans from my sibling. My sibling is not in contact with my parents and will not pay the loans since my parents signed for them at the time (Parent plus loans I believe). &#x200B; My parent also own a business (for 30 years), which is established in a building they rent and recently renovated (which they borrowed money to do). The business does well but isn't allowing them to put anything away for retirement. They essentially just make ends meet, and always have. &#x200B; I know my mother has put a small amount of cash away (maaaaaybe $15k?) in the hopes of one day owning a home, but I am concerned if at 60 this will even be possible for them (which completely tears my heart out). &#x200B; I am in a relatively average job ($40k a year) but moving up, and want to do everything I can to help them. Whereas I am very good with money, my father is not and that has sort of led them to this position now. He makes hasty decisions, doesn't think things through, and has a habit of wasting money on trivial things because "it's only a few bucks". Would give the shirt off his back to help anyone, but lacks the money making skills to plan for himself. &#x200B; These are the most important people in my life and I love them beyond words. It keeps me up at night knowing my parents aren't in a strong position at this point in their lives. More than anything I want to start helping them, as they have always been exceptional parents and wonderful people toward others. What can my mother do with the money she has saved, and what can I do on my end, to best help them maximize the rest of my parents lives? &#x200B; Edit: A lot of comments saying they can't really retire, I agree with that. My question pertains more to what can they do to maximize what they can at this point to lead as good a life as possible while continuing to work (likely) for the duration of their lives.They are the type of people who like to work, it doesn't bother them, but they want some security knowing they are getting older. Sorry for not making that more clear initially.	As long as your dad is irresponsible with money, nothing you do matters. If he can blow $100, he can blow $1,000 or $10,000. It doesn't make him a bad person but it does make him fiscally irresponsible and fiscally irresponsible people don't get to buy houses or retire. Can't have it both ways. My dad is the same way. Maybe when they want to retire they can sell the business and get enough to retire somewhere that's inexpensive in a small house or something like that and live off social security and get easy part-time jobs. It'll keep a roof over their heads and food on the table but that's about it.	You may find these links helpful: - [Retirement Accounts](/r/personalfinance/wiki/index#wiki_retirement_accounts) - ["How to handle $"](/r/personalfinance/wiki/commontopics) I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.
Human: Last Thursday I stepped off a roof fracturing 4 vertebrae, my right shoulder blade, also bruising my spine and my lungs. My company’s insurance is taking care of me and I don’t plan on screwing anyone over (small roofing company, I was 1/4 employees, also have personal ties to owner.) What do I do next? Partial disability? Sorry if this post seems ignorant, I live on my own and am simply hoping to find someone with more knowledge than me on here. Thank you guys.	Look at your recovery time / rehab and decide If you'll need partial disability. Mostly for income to pay bills. If you're going back to that company after you recover I think you'll be good though with partial	Getting an insurance payment won't screw over anyone. And even if it did, you need to worry about yourself first.
Human: Thanks everyone! I was missing the difference between term and whole life insurance, and confirmed that whole life is crap. ------ I got one quote for a savings-type life insurance where the brochure says the the surrender value of the policy after 30 years is projected to be 284% of the premiums paid (subject to market fluctuations), and the death benefit is projected to be about a quarter more than that. There is no medical component to it, such as protection against critical illness. But wouldn't I potentially earn much more than that if I just invest in ETFs? If I want to use the money, I can just sell the stocks. If I die, my family can just inherit it. I waste the premiums paid if I lose my job and stop paying them, whereas with stocks I can stop buying new stocks and still keep the existing ones. I guess I'm just missing some point and I'd be grateful if you help me understand it. (This is Hong Kong and there's no capital gains tax and no inheritance tax)	You got a salesman there who wants you to confuse insurance with investing, which you should never do. A whole life insurance policy is essentially a forced savings plan with a very low, non-competitive rate of return. If you need insurance, buy simple term life. If you want to invest, there are untold numbers of better ways.	You may find these links helpful: - ["How to handle $"](/r/personalfinance/wiki/commontopics) - [Investing](/r/personalfinance/wiki/investing) I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.
Human: Several years ago, her uncle passed away and left her his oil shares. She gets about $500-600/ month from them but also has to pay taxes on the income. She's recieved a buyout offer in the past for aprox $20k which she declined. Recently she's received a new offer for about $42k. Given our current administration's policy of alienating entire countries, where are we looking at going in terms of oil prices? Should she sell? Should she negotiate for more? Edit: a main concern of hers is that the wells were dug in the 50's and could go dry at any time.	That's an average of $550/mo or $6600/year. That annual return at a value of $42000 is then 15%. That's huge. I definitely wouldn't sell for that price. I'm also not familiar with oil shares, so maybe there's something I'm missing here.	Assuming tax burden remains the same between holding and selling, i.e. the taxes paid on the monthly income is exactly equal to the percentage that would be paid on the buyout, then that buyout offer is laughably low. There's two ways to look at it: 1. someone has said that her shares are worth $42K and someone else is giving her $600/month for owning that value. That's almost 17.5% of the value being returned in cash annually, that's a HUGE return if it is consistent month to month. 2. At $600/month, she only needs to hold these for 5 years and 10 months more to have received the full $42K value in dividends. And that's while not reducing the equity value at all, so in less than 6 years time she'll get the full buyout amount from today PLUS she'll still own the value of the shares. &#x200B; There is no way I would ever consider selling an investment of any kind making 17%, and secondly there's no way an ROI of less than 6 years is a sell. Either way you look at it, she's got much more value there than $42K. If the offer was more like $150,000, it might make more sense as that would only be like a 4-5% return.
Human: Hi guys, I made a contribution to a Roth for 2018. However, I thought that I filed my taxes as married filing separately. So I did a “Backdoor” Roth conversion. So that I won’t get penalized because our income is too high. Then, I look at my tax return document for 2018, and see that it’s actually filed as single, because we weren’t married officially yet. So I should have left the Roth IRA contribution alone, and not do the Backdoor. Fidelity says that once it’s a conversion, it cannot be reversed.... am I going to be audited over this?? I’m freaking out here.	I don't think there's any harm in using the back door when you are allowed in the front door. The bigger issue is that you filed as single, which you are not allowed to do if you are married.	You may find these links helpful: - [Retirement Accounts](/r/personalfinance/wiki/index#wiki_retirement_accounts) - ["How to handle $"](/r/personalfinance/wiki/commontopics) I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.
Human: Has anyone heard of the Become the Banker program? [It's](http://www.becomethebanker.org) kind of an annuity life insurance program that guarantees a 4% rate of return. Apparently there is no "hold period" like other annuities, and you can access your money whenever you want. How do these guys make their money? If this is such a sweet life insurance program why isn't everyone doing it? I'm looking into life insurance right now and am considering the become the banker program as an option. Thoughts? Please, talk me out of it.	This sounds like a pitch for whole life insurance. There are some [uses for it](https://www.reddit.com/r/personalfinance/comments/8b7b7w/when_is_investing_through_life_insurance_a_good/?st=JM9D25W0&sh=5543677b), but unless you are a multi-millionaire or a business owner, those reasons don’t apply to you.	PASS! Not worth it. Cant even begin to say why. Whole life insurance BS. You can do better!
Human: Enough of mental debate within. So I thought I'd post this here asking for sage advice: I worked as a software engineer consultant for 22 years. Fast paced, problem solving all the time. I'd been going with that rapid flow for the most part as I liked the challenges. But it had became too stressful, as my children were diagnosed with Aspergers/ADHD/Anxiety. I tried to "have it all" but it became two FT jobs. My life was so jam packed as I tried to be ace at my "day gig", and supplemented home therapies and diet change for my children at my "night gig". I became stressed out, fatigued and yet sleepless. Finally my body gave out, so I quit that life. I got to stay home and focused on home life the past year with: clean home GFCF cooking and supplemental home therapies for my young kids, and they are progressing well. My health is much better and I sleep better. I am grateful for the time as a stay home mom. But I've been wanting to return to work. FYI: I gave freelancing software development a go wfh. It was a humbling experience as I competed with Indian workers who charge $15-20/hr. Say no more. I have no desire doing that any more. I thought about being a Math teacher as I was good at math and I like teaching motivated kids. I've been advised not to as real teaching actually involved teaching (unmotivated) kids, classroom management and bureaucracy. Also, it's a FT job with terrible pay (compared to SW jobs). I wonder if anyone has gone back to school full time? How does one go about a career change? I assume I could go back to FT as a business analyst, or a system analyst. I just need a kick in the pants to feel that motivated. We are fortunate we live well within our means and our finance is well. Is a second career worth it? I feel I crave the concentration and mental acuity at something. But also a career that allows me to relax and be physical and spend outdoor time with my kids. TIA and sorry for the long post! &#x200B;	I wouldn't give up on software engineering. It sounds like you would be happier working as a full-time employee for a company that has a good work-life balance, rather than as a consultant.	Thank you for the suggestion! I never thought about working in the government sector, I guess, because the two locations are about 45 min and an hour commute from our suburban home. The commute makes me cringe. I've actually consulted for the companies and have good standing with the colleagues there. I wish we could move, but I know the hubby would vehemently object. And now think of it, there are a few seemingly impossible accommodations that I feel need made that would make my quality of life better such as sharing the household and child-rearing responsibilities. I remember the mad dash and the feeling of always rushing to do the next thing....... In light of that, math tutoring sounds way easier and doable. Thanks!
Human: Thanks for your insights! I see MF pop up a lot, got interested in an article available for “free download” but had to make an account and now they think I’m going to sign up for a 2-year service for $149 just so I can get this free report. So now I think they’re total scammers but figured you all would know better.	Way back when it started out as reasonable. Today useless/scam.	You can totally get free reports out of Motley Fool. Just sign up and get the report and cancel again in less than 5 days or something and you won't be billed. They will let you do it every so often without any questions on the off chance that you stick around afterwards and pay for a month or something. It literally costs them 2 cents to sign you up and they might get $12 out of it. That being said, I am pretty sure that everyone is going to tell you not to follow their advice and buy the individual stocks they are suggesting.
Human: So i just found out last night the home ive been staying in is going up for sale in 30 days. I am currently not working due to a work related injury but i should be returning. I make about 480 a week.. mostly all appartments around me are high to mid 1k range. Im currently just working and have a car. Im not sure if this is the subreddit for this but any tips for looking for places to live and how to bugdet my money properly. Anything else thanks! Edit: just for grammer errors	My first thought would be to hit craigslist and look for a room share somewhere. Every day some asshole roommate is taking off and leaving someone on the hook for the rent, and you can take advantage of that by taking over their spot.	Going up for sale doesn't mean it's sold, and even if it's sold, you might still have a lease. This varies by location. /r/legaladvice
Human: https://www.riskiq.com/blog/labs/magecart-newegg/ Not sure how many people order stuff from Newegg here but I'm sure there's a few. Keep an eye on it. If you ordered anything with Paypal in that time frame you should be OK.	Thanks for the heads-up.	You may find these links helpful: - [Identity Theft Guide](/r/personalfinance/wiki/identity_theft) - [Credit-related wiki pages](/r/personalfinance/wiki/index#wiki_credit) I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.
Human: Throwaway because reasons. I’m getting increasingly frustrated by the nagging thought that I’ll never be able to get ahead financially. What should I be doing differently? Background: I messed up my last scheduled year of college, which led to me having to take a fifth year to get my degree. My parents refused to pay for the fifth year, so I took loans of around $40K. I got a job making $46K after graduation and was barely able to make the loan payments, so my grandfather fortunately paid them off for me about a year in. I switched employers two years ago to get higher pay, and I make around $65K now. But I still don’t have any money left. My biweekly paycheck is $1,879 (so around $4K a month on average), and my expenses are: * Rent: $1,750 (includes utilities) * Car Payment: $710 * Insurance: $204 * Gas: $150 * Internet: $75 * Groceries: $450 * Total: $3,339 (I’m on my parents’ Netflix account and cell phone, so those don’t cost me anything) So that only leaves around $661 a month to live on and have fun, which only covers about one night going out a week. I can barely afford to go out with friends and forget about ever having money to get a nicer car or go on a big vacation. I do get an annual gift from my grandfather of $10K in the holiday season, but that just ends up helping me pay off the credit card debt from not having enough money each month. It just seems like I can't make enough money to get ahead because all of the high-paying jobs are taken by people who are older and don't want to retire, and then the company doesn't have enough money to pay me what I'm actually worth. What should I do so that I can actually live a decent life and have some money?	A lot of it comes down to restraint and changing your attitude. You earn nice things, you're not entitled to them. As other people pointed out, stop spending so much on a car and entertainment. Instead, invest that money, and compounded over time, let those investments treat you to nice things in life. In addition to that, you might also want to ask yourself why you feel you need these niceties anyway. Is it to show off? To feel good about yourself? Or do you actually need these things at all? In my case, I built up my self-worth to over 7 figures so far, yet nobody would ever suspect it. I still drive a sub $8000 car I paid for with cash, wear clothes 2 years old, and spend less than $70-80 a week on food while I live in a tiny apartment etc. I don't need expensive things to feel good about myself, and neither should you. Having financial security is a much better feeling	Please explain your car payment? What type of car is it? Cost? How much do you owe? Etc
Human: Hello! As the title states, I've recently switch jobs and i am looking into what I should do with my old 401k. I am 29 and have $100k in my 401k. Would it be financially smart to move the 401k into a Roth IRA? Does that somehow by-pass the rule of contributing 5500 a year? &#x200B; \Clarification\ - Should I pay the taxes now in order to roll it into a Roth so that I don't have to pay the taxes later? &#x200B; Thanks. Assistant: Rollovers don't count as "contributions" to your IRA, so yes, it bypasses the $5500 a year rule. If your 401k was a traditional 401k you'll be on the hook for taxes on the rollover if you go with a Roth. You can roll a traditional 401k to a traditional IRA tax free though. Sometimes your 401k will have a mix of both traditional and Roth contributions, in this case you can split them into traditional and Roth IRAs. Human: Sorry I guess my main question is, would it be worth paying the taxes on it now and rolling it into a Roth so that I wouldn't pay taxes on it in the future when I withdraw it. I'm assuming I'll be in a higher tax bracket when I retired. Thanks!	I struggled with this question myself . You're basically betting on where you think federal tax brackets will be in the future (who freaking knows) and where you yourself will fit into these future brackets (again, who really knows). I chose to not pay the taxes now, but there isn't really a "wrong" answer.	Take a look at rolling into a traditional IRA and partially converting based on your current income bracket over the next few years.
Human: I have no retirement savings at all.. I just got a “real” job making 70k. I’ve been working bs jobs and screwing off in my entire 20s. I’m now finally making decent money and have a college degree. I have no savings, no retirement savings. My job doesn’t even offer a 401k. I’m going to open a RoTH Ira, but can I rely on this to retire? If I contribute the max each year into a Roth IRA, can o retire comfortable? I’m assuming I’ll also have some social security as well? I live in Houston Texas. Edit: I have no debt aside from a car loan for 9k @4.9%	Looks like you've just made it, 34 is the cut off /s I got serious at 33 after living pay check to pay check, earned less than you are at now. Get the emergency fund in place, you'll have a more of a piece of mind that will then allow you to start investing (e.g. etfs).	I didn't start until I was 34 but since I have no debt and mortgage fully paid off, I was able to give my retirement fund a great boost. Now 2 years later I got over 6 figures in my Vanguard account and on the right track for an early retirement.
Human: I'm looking to buy a used car in the $15-18k range. I could buy a 15k car in cash and still have over 6 months of living expenses in the bank, (I have about 40k to my name now.) Should I do this or go for a low APR loan, as I have great credit? I've never bought a car before, let alone anything this expensive, so the thought of just pulling $15-18k right out of the bank feels scary. Also, I will likely be buying my first home in the next 2 to 4 years, so having cash on hand for that downpayment may be wise? Edit: Thanks all for the responses!	I believe general consensus is don't take on debt in order to build credit. But if your reason is to keep cash in hand, that is different.	There's a kind of dishonest negotiation trick where you agree to financing with the dealership to get a lower price, and then turn around and immediately pay off the loan before it accrues interest like they were expecting. Not sure if it's worthwhile - I've never done it, the one car I purchased had solid financing.
Human: I was inspired by an earlier post where another user posted her budget and lifestyle. Just posting mine, and hoping I get constructive feedback. Also hoping other people post something similar because I'm always curious how others are living. I'm single, no kids, no pets. I rent a house in the bay area with friends. My first goal is to save for a house. I want to save about $50k for a down payment, and currently have about $3k for a down payment. This will most likely be below 20%. Will probably buy in a cheaper area of the bay area. &#x200B; I make $85k per year. I put 10% of each paycheck into 401k with no company matching. I currently have about $16k between Roth IRA, 401K, and HSA combined. I have about $3k between all cryptos, with about a third of that in btc. I have about $2k in stocks between facebook, spotify, CGC, and apple. I have an emergency fund of $5k. I have $3k in ally savings, which will be my savings account for my house (which I plan to be ready to buy in about 3 years). Total positive cash is at about $30k, and this includes everything above, plus credit card cashback rewards, checkings account, coin jar, and cash. &#x200B; My only debt is my car, which I owe about $13k at a 0.9% interest rate. I had $30k in student loans but managed to pay it off within 2 years! Monthly income is about $6.5k but this includes a reimbursement check for travel. I make money on this with my per diem, and through gas reimbursement, totaling about an extra $1k per month which goes directly to my house savings account. Monthly expenses include: * rent: $1k * hotels: $1.4K (I travel for work pretty frequently and this is an average amount. I get reimbursed.) * utilities: $120 (average) * phone: $95 * groceries: $350 (average) * restaurants: $300 (average) * gas: $300 (average) * other car stuff: $100 (average, and this includes toll, oil change, car maintenance. Changes month to month, but usually around this amount) * subscriptions: $13 * bars and clubs: $100 (average) * weekend trips: $350 (average) * other personal: $700 (not every month, but this month I bought a bike) * other recreation: $800 (not every month, but this month I'm buying a plane ticket) * car payment: $400 (minimum, still owe about $13k) This month I had some extra income from selling stuff on ebay, and made an extra $2k. I make adjustments to my amounts throughout the month, as needed. The rest of it gets distributed to house savings account, roth ira, and maybe I'll buy some stocks. Right now I'm actually directing all my leftover money at the end of the month to my house savings account. Not buying anymore cryptos, just holding what I have and hopefully make my money back, then sell them. My total positive net worth is about $15k right now. So how does this compare to other 28 year olds out there? Or do people have recommendations? I know my food budget could change.. how much do other people spend? Also I'm looking for suggestions on categories. &#x200B; Edit: Thank you everyone for sharing! Hearing everyone's situation motivates me to do better. I'll be removing everything that is reimbursement related away from my budget. I'll be splitting up a couple of my categories (specifically restaurant categories), and I'll be trimming the fat on my fun categories. I need to direct more of that money into retirement funds and into my house savings account.	Interesting reading this thread. I'm older and have been where you are now. Some things are different and some things never change. Paying off debt is the number one key to start gaining a foothold on gaining financially. Paying into a 401k or an IRA is the second most important thing. If your company will match half of your contribution, so much the better. No matter what, invest. Social Security may not be around when you're eligible. For those of you that want to buy a house. Don't buy the nicest house on the block. Buy the worst house in the nicest neighborhood. There's always that one house that your mother will say, 'Ooooohhh', in a very disappointed tone, but you'll show her! Watch the fixer upper shows and even if you're a woman alone you can hire contractors on the cheap and get it done. If you have that one friend with amazing taste...Ask her to help you style it. You can flip it or truly enjoy living there. It's called 'sweat equity.' For those that don't want to buy a house...That's okay! If you look at all the variables you might see that renting is more your style and may actually save you money. Other than enjoyment the reason to own a house is the investment. It may not be the investment for you and that's okay. You don't have to explain or justify it. Those that say, 'We can't cook.' Learn to. It can be fun and it will save you a ton of money. Learn to read the paper on Thursday when they advertise sales and use that flyer when you shop. Restaurants and bars will suck the money out of your budget fast. Somebody was factoring in a very large budget for weekend trips? I get it...Gotta have fun, and life is about the experience but you don't have to attend every wedding or every wedding pre-trip etc...Skip some of that and enjoy the beach, camping or whatever works that doesn't cost a lot. To those doing Doordash, Ubereats etc....Make sure this is really working for you. Am extremely impressed that you're doing it, but some of these jobs are more worthwhile than others. Really do the hard math. It's hard when you're working so much (but get off Reddit, smile!) and really see how much is what. Am tired...Gotta go to bed, but thank you for sharing your budgets. Streamline them though. Get rid of anything that's being reimbursed even if you make a few bucks off of it. It's not really worth putting in a spreadsheet. It fluffs up the math and isn't accurate. Lots of things do so get rid of them. Women that are factoring in hair and makeup are being honest but try and find ways to skim on some of it. You can do a lot of it at home. To the person who factored in the cost of a pet....Thank you, thank you. Too many people get a pet on a whim and haven't a clue what it costs in terms of time and money. It's a huge commitment, but short of having a kid it's one of the happiest and most joyous things that you'll ever do. Oh, I almost forgot...Make sure you have GOOD health insurance!!!!!! Should have put that as # 1. Good on all of you for actually having a budget! You're on the road to a prosperous future. Remember though when you get a bunch of bucks that money isn't everything...(It's a lot of though...I have to say). Enjoy your life. Mostly I hope you meet someone to love. That's really the all of it. Nothing else matters without it! Good night! &#x200B; &#x200B; &#x200B; &#x200B; &#x200B; &#x200B;	Seems to have been several of these financial state breakdowns for people in our age bracket today, I like it. I'm also 28. Live in a MCOL city and work full time at a lab as an engineer. I was very fortunate that my parents have helped me out a lot-- they paid out of pocket for my undergrad tuition outside of financial aid, and gifted me the down payment for a house I bought last year. After college I went to grad school on a research assistantship with a small stipend. Got my masters in 2 years, then did another 1.5 years before dropping out of my PhD program because I was very unhappy with both my program and the location (the rural midwest is not for me haha). Thankfully I got hired in a lab I interned in previously, so I've been here for 2 years. My salary is ~$95k. I contribute to a roth 401k every paycheck before I see it so I'll put retirement first: * Retirement: 10% contribution (roth), plus 10% employer match. I'm sitting at $35k after 2 years so I'll be a bit behind for the 1x by 30 goal but should be caught up by 35. * Income: $4500 take-home. * Mortgage/tax/home ins: $2100. High but manageable. 15 year @ 3%. * Car ins: $60. I drive a 2001 Toyota, will be going up when I trade up in a few years. * Utilities: $200. Lofted single family house. * Phone: $120. Pay for family plan including parents' lines. * Gas: $80 * Groceries: $250 * Eating out: $100 * Travel: $100. Budgeted every month but use every few months. * Home repair: $200. For necessary repairs. * Home maintenance: $200. For optionals like alarm system and tools. Will probably decrease after first few years of ownership once I collect all the tools I need. * Health/exercise/personal care: $150 * Shopping and fun: $200 * Pet: $100. Extra budgeted per month to cover occasional vet bills. * Debt: $350. Payment plan for new flooring in new house, 0% so why not. Will be paid off in another year. That leaves me with a ~$300 cushion every month, which is less than I'd like, but fine as long as I stay on top of my budget. I can always trim back on the fun and eating out budget if needed. I see it as the price I pay for an aggressive home payment, plus my retirement is on track, so I'm not worried. I have about $5k in liquid savings at any time, partly because my parents and I share finances as I'm the only child. I've noted above that they've freely given me money for college and a downpayment, so now I allow them to take a few thousand from my accounts whenever it goes above $5k to help pay down their mortgage faster, as it has a higher rate. The understanding is if I ever needed emergency money, they'd give it to me in a heartbeat since we 100% trust each other. The $5k buffer is there in case I can't get a hold of them immediately or something catastrophic happens. Overall I'm pretty comfortable where I am and feel very fortunate about my place in life. I don't save much outside of retirement but my parents being a giant safety net gives me peace of mind. My partner has also moved in with me this year and we've started sharing expenses, so hopefully things will get even better from here. Current net worth sitting at around ~$150k, a large chunk of it due to the house down payment gift though. I still have a lot of work to do since my work history is still very short.
Human: If large investment loans have about a 4% apr, and the average stock market fund return is anywhere around 8%, is there a catch to just investing in a fund like the S and P 500? ie (take out 100k to put in SP 500, and pay off apr with average investment returns?) If this is doable, can the investment returns be set up to automatically pay off the apr costs?	> is there a catch to just investing in a fund like the S and P 500? Can you continue to make the loan payments even if the market tanks and takes years to recover? If yes, then no, there's no problem. If no, then yes, there's a large problem. > If this is doable, can the investment returns be set up to automatically pay off the apr costs? Probably, though you'd have to consider what happens if the S&P 500 has a -30% return that year.	You may find these links helpful: - ["How to handle $"](/r/personalfinance/wiki/commontopics) - [Investing](/r/personalfinance/wiki/investing) I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.
Human: Hello guys, I purchased a used camera on Facebook Marketplace. After many back and forth messages and videos of the camera were sent to me, I agreed to pay him through Facebook Messenger to ship the camera to me. After the payment went through and he had my shipping information, he promptly deleted his Facebook account and all traces of himself on social media. Obviously, I did not receive the camera or any information about shipping. I reported the transaction to FB MP and requested the transaction to be reversed. They declined to help because I agreed to send him the money. I told them that I agreed to buy a camera, not just send him money. I sent them screen shots of the original listing and our entire conversation. They are still refusing to help. They recommended filing a police report and said that’s all I could do. So, am I just SOL here? Do I have any recourse?	Unpopular: Delete your facebook account. On the money? Not much you can do. Next time ebay.	OP, I'm sorry that you lost your money and I know that it is probably a lot for you. I would go ahead and file the police report even if its just to make you feel better. I don't really have any other advice for you but thought a little compassion for your situation was due as some of the responses you received were devoid of it.
Human: I'm 27, almost 28, and contributing the maximum to my retirement through work. I contribute 5.5% while my employer matches my contribution with 8%. I was wondering how much those contributions would be worth in the future instead of what they are currently worth. I would like to see how much that benefit is actually worth, not the basic monthly contribution times 12. &#x200B; The reason being, I was offered a job that was a 15% raise, however their benefits are not as good. The offer comes from a company that does not contribute to a 401k, instead they give higher salaries.	1% in your 401k is worth pretty much the same as 1% increase in salary (slight favoritism to 401k funds if you are maxing out your 401k, but only slight)	You may find these links helpful: - [Retirement Accounts](/r/personalfinance/wiki/index#wiki_retirement_accounts) - ["How to handle $"](/r/personalfinance/wiki/commontopics) I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.
Human: So I'm a senior in high school and I plan to invest in both index funds and individual stocks during my time in college. Should I go with Fidelity or Ally? I plan to save a lot as I am going to live frugally.	I was introduced to Schwab and like it -- haven't used any others, so I cannot compare.	You may find these links helpful: - ["How to handle $"](/r/personalfinance/wiki/commontopics) - [Investing](/r/personalfinance/wiki/investing) I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.
Human: Hey guys/girls, First time poster in this forum. I’m looking to get a little bit of insight on this matter at hand. First off the car I have is a 2013 Camry with around 120k on the dash currently. So, my question is should I look into either holding on to it and just rocking out with the rest of the payments or should I see about getting a different car with lower mileage? Little back story I had a car that I owned about a year and a half about but the transmission went. I was in need of a car and didn’t have a lot to put down on a car so I went to one of “those” places. Got a car(the Camry) for about 600 down. I’ve had the car for about a year and a half made the payments on time with zero issue with any of them. I have about 51 months left with a total of 17k left with 8500 just for the interest alone. Aghhh. So I haven’t had to do anything crazy maintenance wise to the car since I’ve had it. Thank god. My credit score is around the low 600s I make around 18 per hour at my job. My payment for the car now is really high already it’s 480 per month. Would it be smart to just hold onto the car since it’s a Camry and the shape and drive ability of it has been great or should I look into having that car rolled into a car with a lot more miles? Would it even be worth my time doing that because I don’t want to get killed with even higher payments. I know if I do go that route the payments will be high because the old payment has to get covered somewhere. So basically what would be the smarter of the two options? Thanks for any valuable input on the topic and sorry for the grammar errors. Thanks again all.	You owe so much on it I don't think you can roll it over to a new loan on another vehicle or even get approved for a new loan on it at a lower interest rate. Your best bet is to pay it down as quickly as possible.	Op do you have gap insurance? Might be time for an “accident”
Human: I'm a server and bartender and I'd like to start saving for retirement. I've got mixed advice when talking to friends and family about it. I've been told to open a CD, an IRA, a Roth IRA and to invest. Not really sure which direction to go in and just looking for a little info to help me on my way.	CD has shit returns and pretty much useless right now. Mutual funds are great but dont give you tax shelter. IRA, Roth IRA and 401k are tax sheltered and often are in the form of mutual funds or index funds. Roth allows you to pay income tax on your money now without having to pay tax on your gains later. traditional allows you to not pay tax now but pay tax when you withdraw. The downside to retirement accounts is if you take money out before your retirement age you pay penalties of around 30% (not a good idea). so the thing to do is invest in retirement accounts for long term savings and dont touch it until you are old enough to avoid penalties and save on taxes.	Thank you all so much for your advice and insight. It's really helped me to be able to choose a path to go in.
Human: I am 22 years old, I have 2 years of renting history on time, every time, no late fees. I have only ever had ONE overdraft in my entire 8 years of banking on my own. Every adult I meet is shocked to hear that I dont have a credit card and all of my friends have them and they got accepted on their FIRST try.. I would like to get a credit card so that when I find a new place to live my security deposit wont be TRIPLE the monthly rent. Also just to have one, I need/want the experience of being someone with credit. I have applied for a credit card through my bank (TD), at an ENTRY level starter basic bottom of the line credit card and I was declined.. I recieved a letter in the mail saying that the credit bureau could NOT give a specific reason as to why I was declined, so I just threw that letter away and gave up. But now, 3 months later I want to try again. So I applied for a Citi bank (not my bank) credit card, declined.. and a Chase (not my bank) card.. declined. Im afraid to even keep trying as I know NOTHING about credit and I dont really know if me continuing to apply has an affect on my credit score.. What can I do, because I need this tick marked off of my list so I can progress as an American adult. Monthly income - 1,500 USD Monthly amount for rent / utilities - 480-500 (split amongst 3 others)	Get a secured credit card, eg, the [Discover it Secured](https://www.discover.com/credit-cards/secured/) Secured means that you pay the money to secure (guarantee) the card. Think of it like a security deposit: you pay $500, you get a credit card with a $500 limit. If/when you close the card or transition to an unsecured card, you receive the money back. If you default on payments, you lose the $500.	You may find these links helpful: - [Credit-related wiki pages](/r/personalfinance/wiki/index#wiki_credit) - [Credit Cards](/r/personalfinance/wiki/creditcards) - [FICO / Credit Scores](/r/personalfinance/wiki/fico) - [Improving Credit Scores and Building Credit](/r/personalfinance/wiki/credit_building) I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.
Human: My father lives on the other side of the world. I do not have good relationship with him and I have only seen him once in the past 7 years since my parents were separated. However, he is currently in his 70s and his health seems to be deteriorating. I recently had a dream that he died before I had a chance to see him again and since then I have been thinking to visit him next summer when I have a few weeks of break. &#x200B; However, as a med student in the US, I basically live off of student loans and I am already in debt for over 100k. The round trip ticket (not including hotel and cost of living) to his country is $1000+ and financially it is dumb idea to spend that much money on a trip. I also don't think it is ethical to spend student loans on a trip. &#x200B; I know this is not a pure financial question: Assuming I have leftover on student loans, should/can I visit him next summer?	I would think it better to do it and regret it that it would be to not do it and regret that. Do it for yourself. Do it so that no matter how things play out you can always be secure in knowing that you tried to do the right thing.	No relationship = no reason to spend money you don't have to visit. Install Skype and let him disappoint you for free.
Human: I'm a 17 year old from Indiana and want to make my future financial life as worry free as possible, so I'm trying to plan ahead and make the right decisions now. I've already read the wiki for my age, but would appreciate some more specific advice. I'm a senior in high school, and am definitely going to college (public) next year. Probably out of state, but I won't have to pay any tuition because of grades/test scores. My parents are quite well off, but they're not idiots so they don't coddle/spoil me. As a result, we have an agreement where I pay for half of college ticket price, and they pay the other half. All scholarships go to cover my half, so my half is covered and my parents have the other half. I work part time at Walmart right now, and save 75% of my monthly income (about $800 monthly pre taxes). I also have the following "assets." (I'm only 17, I feel stupid calling these assets) $6,000 in savings account, earned over the past 4 years from various jobs $8,000 inherited from grandfather $1,000 in checking account My goals for the future include: Continuing to grow assets while having fun in college Buying a used car sometime during college Potentially starting my own business after college Basically I'd like some advice as to what to do with my money so I get on the train early, and get more than the .02% my savings account offers. I am savings oriented and want to be as fiscally responsible as possible without being stingy. Thanks for all the help guys, I could really use it.	Don't feel stupid calling them assets. You're thinking correctly trying to put your money to work for you. Keep up the good work so far! Here are my thoughts. &#x200B; Current Money: $15,000 is a solid amount! However, considering you still have (some) college to potentially pay for, a car to buy and other expenses that will likely pop up, I'd suggest keeping most of it in a high-yield savings account or some other form of short-term investment (U.S. Treasuries - [TreasuryDirect.gov](https://TreasuryDirect.gov) \- for instance, pay about 0.50% more than savings accounts). From what you're describing, I think $8,000 - $10,000 would be sufficient. The remaining $5,000 to $7,000 could be invested if you so choose. However... &#x200B; Growing Assets: Before you dive into the world of investing, I strongly recommend reading these two books. 1) Common Sense on Mutual Funds by John C. Bogle 2) The Intelligent Investor by Benjamin Graham If you read those two books, you should be capable of making your own investing decisions. Maybe make it your goal to read them by graduation? &#x200B; Car: I'm not an expert on cars. However, I can tell you one thing: cars do nothing but take your money. Think of a car in this light and you'll find the right one. &#x200B; Starting your own business: Not advice from me directly, but from my dad (runs his own analyst firm). "Do *not* start a business from scratch. Do it part-time first. Then, once you find something that sticks, make it your full time hobby. Once you're making more than $100,000 in revenue, make it your full-time job. By doing so, you'll avoid the 'bad year' that causes 90% of small businesses to fail at some point." &#x200B; He followed this strategy and found a niche market to sell his analyst services. His business' revenue now usually does a couple million during a bad year (and yes, he keeps a significant portion of those millions). However, it's taken about 20 years of full-time work to get it to this point (that includes weekends), and he was doing it part-time for about a decade before it (while also holding a 40-hour a week job). &#x200B; Take your time, find what you like that works, do it, and keep doing it the bigger it gets. &#x200B; Best wishes for your future!	Honestly I'd keep the money in a money market account just in case something happens and you need to pay for school somewhere down the road. At the end of the day that's more important, graduating with no debt, then the investments. Starting those leaving college won't put you very behind, and still ahead of most people your age.
Human: There are $12,800 in my 401k and after taxes I would receive approximately $9,800 from cashing it out. I don't have very good credit so financing a car is probably out of the question. I could also cash out half of it for a car and leave the other half in there. I just wonder if there are any negative repercussions to doing any of this.	So if you're mechanical sound you could get an old beater honda for 800-1000 bucks. It will keep you earning more in a job till you can get one for around 5000. I have a friend who did this all the way through college. I am never a fan of dipping into savings.	You may find these links helpful: - [General Information on Rollovers](/r/personalfinance/wiki/retirementaccounts/rollovers) - [401(k) Fund Selection Guide](/r/personalfinance/wiki/401k_funds) - [Retirement Accounts](/r/personalfinance/wiki/index#wiki_retirement_accounts) - ["How to handle $"](/r/personalfinance/wiki/commontopics) I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.
Human: My son recently showed interest in trading stocks, particularly penny stocks on Robinhood. How can I help him along and get him started? I’ll admit, I don’t know very much about stocks myself, but I think this would be a great thing for him to do.	You should teach him that 90% of day traders fail, and that the best thing he could do is to invest long term. Time in the market is everything, if I could go back in time to tell my 15 yr old self anything, it would be to max out my Roth IRA every year that I could.	Don't discourage the interest. Even though trading (short-term investing) is riskier, I'd let him give it a try. Best case, he'll learn something for future investing and worst he'll realize how dangerous trading can be if done carelessly. &#x200B; As a parent though, I'd (1) advise preventing him from doing anything overly foolish (i.e., putting everything he's saved into a trade) and (2) force him to keep track of his gains and losses. There are some rules about frequent trading in tax deferred accounts (like IRAs), so he'll likely have a tax consequence for anything he does. If he doesn't track his gains and losses, you're going to have a very unpleasant experience in April.
Human: Which one is better? I'm already putting in a percentage into my 401k	The average annual interest rate on a credit card: 16.71% &#x200B; Annual Stock market return from 1966 - 2015: 9.69% &#x200B; Pay of the credit card first and then start saving. It makes more financial sense (even if it doesn't feel that way).	You may find these links helpful: - [What's the best way to pay down my debt?](/r/personalfinance/wiki/debt#wiki_what.27s_the_best_way_to_pay_down_my_debt.3F) - [Dealing with collections](/r/personalfinance/wiki/collections) I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.
Human: I'm currently in FL. I'm making $48700 without counting any bonuses. My job gives me the flexibility to move to a different city and work remotely, so I've been considering options on other places to live. I've been interested in California but I've also heard about how expensive the COL is, especially housing. I had to move away from downtown here because its $1500 - $2000 per month for a 1/1, which would be a bargain in California. Is my salary too low to support me? I live pretty well for a single person in FL and I understand I'll need to sacrifice some comforts for the location. EDIT: I'll specify i was interested in Fresno and SoCal Assistant: Depends on where you want to live and what your other bills are. I live in East Bay Area and make roughly the same as you. I live in a studio apartment with my girlfriend and our total rent is $1,605. Luckily i was in the military so no student loan debt and i pay my credit card every month. Its definitely feasible, but it will depend on your lifestyle. If yoi like going out and grabbing drinks every weekend and eating lunch out everyday, it will get very expensive very quickly. Human: I'd be okay living anywhere in the SoCal region that's most affordable. Do you need a car in San Fransisco?	$48k/year is pennies in SF. Don't even think about it.	You can get around without a car if you work/live/play near [BART](http://m.bart.gov/stations)
Human: Hi! So like the title says, I’m a college student and recently my grandmother passed away. It turns out she’s been saving money her whole life and has left both my brother (22) and I around $36,500 each. I’ve never had this much money before and I’m nervous I’m going to blow it on something stupid. I’ve been considering getting a new car as mine is nearing 100k miles, but I still want money for school and travel and savings. Just looking for some advice as to what the best thing I can do from here is. My money should get here via check in 10-12 days. Side note, I have not taken out any student loans so far. I’ve been paying my way through college with a payment plan and using money from my job. (which I’ve been considering quitting but probably won’t)	People always try to buy a car soon after getting money, and it would be so much better to sit on this money and think about what you can do with it. 100k isn't really that much on a car these days - they generally are designed to survive a lot longer, and I think in college especially you can often get by with a beater car until at least you graduate. But, everyone has a passion and this is personal and not general finance. There's a great piece on the sidebar of this sub about what to do with an inheritance. One smart start would be to open a Roth IRA and deposit the yearly max into it ($5500, or the max of your salary, whichever is smaller). Fill that up each year now and it's a great way to seed that account for your own retirement. It helps move that nice money into an investment, and one that is tax-advantaged as well.	If you put the money into the stock market you may double it every 7-10 years. 36,500 could be $146,000 at age 40 ... a great start to your retirement. Even better if you put the money into a Roth ($5500 a year) it will be tax free to withdrawal upon retirement. If you can escape college with NO LOANS that is a huge win. You should work hard keep it up!! Great great job. I also don’t mind the idea of you buying a reliable car; maybe a new Honda CRV with the intent to keep in 7-10 years. It is a big expense eliminated going forward. If you do make sure to max out 401k from day 1 when you work (or the most you can afford)
Human: I have just got my first job since I went back to college, I have a 70k base salary with up to $4,800 as incentives. I have a credit card that I maxed out at $1,000. I have $38k in student loans. My current fixed costs are actually pretty low. I pay $550 for rent/utilities, 100 for my phone, and 100 a month for my public transportation costs, i spend around 200-300 on groceries per month. How do i proceed from here to set myself up best for the future.	Prioritize the credit card and paying your student loans. Do not get married, and always use birth control. Enjoy!	Pay off credit card with the first check, put away 6 months of expenses so about $6600. You can do that in 3-6 months. After that Approx 4800 a month after taxes -1200 in expenses (I figured you underestimated) -800 for student loans -2000 for Roth or traditional 401k (18,500) and Roth IRA (5500) I'd say 400 towards a goal like car or house. 400 for entertainment. You can bias the retirement/savings more towards savings by taking away from the 401k but I'd try to keep the 2400 towards retirement /savings.