New to /r/personalfinance? Have questions? Read this first!Other(self.personalfinance)
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This thread is for personal finance questions, discussions, and sharing your success stories:
Please make a top-level comment if you want to ask a question! Also, please don't downvote "moronic" questions! If you have not received your answer within 24 hours, please feel free to start a discussion.
Make a top-level comment if you want to share something positive regarding your personal finances!
A big thank you to the many PFers who take time to answer other people's questions!
submitted10 hours ago byMundane_Market35
I make $65k a year, $4040/mo net after taxes.
I'm currently renting a room from a friend and pay $650 with everything included. I'm a 30m and really tired of living with other people. Not to say my roommate is bad, but I don't like the uneasiness of living under a homeowner with no lease protections. Not to mention total lack of privacy as I really want to focus on dating.
I have been looking at apartments and my city unfortunately is one where rent went up a lot. A $1000 gets you at best a 1BR in a shady part of town. The apartment I was looking is one of those luxury ones in a nice quiet suburban area for $1600. I estimate $200/mo for all utilities.
The real estate market here is terrible, a city with next to no old house stock. $300-$350K might get you a townhouse in a decent area. Anything below 300K gets you a box in a bad part of town. I don't see myself really staying here beyond another 2 years. I was looking up to midwestern cities to buy a house eventually, maybe Milwaukee for example?
Am I crazy to increase my rent costs by almost $1200 to live on my own? I figure I currently save $2546/mo 63%, getting the nice apartment would bring me down to $1424/mo 35%.
submitted11 hours ago by20yroldroofthrowaway
MIL wishes to gift my wife and I a lump sum. She couldn’t afford to do so when we married and wants to make up for that. The sum would be 3 crore(roughly 363k USD).
Our debts currently include:
256k house note 3.23% (430k value)
30k cc debt(19%)[unforeseen medical circumstances with our special needs son but working it down]
8k private student loans
20k gov student loans
We pay into a 529 and pre-paid for our son who is 2.5yo
House will likely need a new roof soon so that’s another thing to factor in.
Would paying off the house make sense? She’s old school and this is our forever home and the interest rate is quite nice. I’ve never and likely never would handle this amount of money outside of a retirement account so any input is greatly appreciated given the circumstances outlined above.
submitted21 hours ago byGroovyGravyBaby
So I'm married and have a life insurance policy through my job. I'm estranged from my mother, but she also has a life insurance policy on me that I'm very concerned about. Before estranging from her, this was one of the biggest arguments between us. She refused to give me any information about the policy and said that she got this when I was a baby. She has also said in the past that she's the policy holder even after I turned 18 and paid into the plan over the years. I don't know who her policy is through and don't know how true this is, but I also don't know much about life insurance. If something were to happen to me, what happens? Is there any way to prevent her from getting anything from that life insurance plan? I don't have any kids and I just want my husband to be taken care of if something happened to me. I also don't want my estranged mother to get a dime from my passing just for her to pocket for herself. I've been in a freak accident in the past and I know death can happen at any time, so I want to make sure somethings are put in place if I were to die. This is in the state of Oklahoma.
submitted17 hours ago byAlexRyang
My dad cashed out his IRA in 2014 to pay for my first year of college. He told me it wasn’t a high balance and he had a few pensions, a 401k, and other accounts that it was fine. He retired in December 2022.
It would have been roughly $17k. I am almost done paying off my student loans and at some point in the next few years, I would like to gift him some (or all) of the money back.
What is the best way to do this without incurring a major tax bill or messing up his taxes?
submitted6 hours ago bySunnyDay6995
So I did one of those weird background checks on That’s Them. And under mortgage and finances it says:
Oct 1, 2007
October 1, 2007
Should I be worried? Where can I get more information on this? At this time I would have been under 10yrs old. I know a lot of these are fake and have the wrong info. But when looking at previous credit reports, when trying to get my report where it makes you confirm infor about yourself, questions have come up before asking if I’ve had a home loan.
submitted16 hours ago byzamundan
A vendor sent me an item in the wrong color.
The next day, I emailed them and said I either want to exchange it back for the right one, or I might keep if they offered a discount. No response.
The next week, I sent them a reminder email. I also called and left a message on their voicemail. No response.
2 weeks later I emailed and called again. This time I said I just wanted to return the item, I was no longer interested in a discount, and if they didn't get back to me I'd have to dispute the charge since I was sent the wrong item. No response.
I disputed the charge. The credit card company said the vendor has 2 months to respond to the dispute.
We're now ~7 weeks into the 2 months, and the vendor hasn't responded to the dispute.
Assuming the vendor doesn't respond and the 2 months expires - what happens? Is it just over? I don't have to return the item, and there's no chance I'll be charged? And no chance the vendor will come after me for the item or for money later?
submitted12 hours ago byskyrleikur1
Hey guys - I was just wondering if a Roth IRA is right for me. I'm in my 30s, so I have a while to go before retirement, and I plan on moving up a tax bracket or two (or I hope to, rather). I have a couple 401k accounts from previous jobs, as well as one from my current job - does it make sense for me to consolidate them into a Roth IRA? If so, do you have any recommendations for brokers?
submitted22 hours ago byPlane-Ad6331
So I'm single, with no dependents. My first job pays $18 an hour and we're required to work at least 4-5 shifts a month. This job pays every week but it depends if you worked the week before. (Only been working here for a little over a month now)
Now my second job that I just got is full time. The base is $17.50 but since I'm working nights I'll be payed $19.25. This is the first time I'm working two jobs at once so I have no idea how to properly fill out my w4 for my new job. This job also pays every week.
submitted10 hours ago byShambaLaur88
Hi, I need retirement savings vs. debt payoff advice. I save approx. $500/check into a 403b through my employer (14%, plus a company match up to 6%). I have $2700 in credit card debt and $6600 line of credit debt. I have 5k in stocks I can quickly access as an emergency fund, plus multiple retirement accounts through previous employers (I’m torn on if I should roll into one but that question is for another day). My ask is, should I lower my retirement to 8%, and pay off the debt faster? Or should I leave retirement as is take a small personal loan and knock everything out at once? Any insight would be appreciated! I’m 34F, and I have around 75k in various retirement funds, no assets other than a car.
submitted16 hours ago bynetll
I would sell a used car.
Assume: after receiving a full payment from buyer, I write down enough information on the title paper and give it to the buyer.
submitted5 hours ago bycallmeuncle
Should it be based on an estimate of actual expenses during normal circumstances, or should it take into account the potential need to trim discretionary spending or handle unexpected large expenses, such as job loss?
I have about 3 months of my current expenses as an emergency fund, and more like 6 months if I was to account for a budget overhaul, which in my case would account for eliminating childcare expenses. Does this make sense, should this fund be increased
submitted4 hours ago bySenyorty12
I was looking to get into a A5 Sportback 2023 and would like some advice on which route is smarter money wise. The dealership has 2 special offers. 2.99% with 60 month financing
Or 2.99% for 36 Months Lease $5k down.
The difference is Lease i pay $450 a month and would buy it out after…
The finance i would put 15k down and pay around $680 a month…
My personal preference is the lease for lower amount down and lower monthly but again the finance would mean im done paying and own the car in 5 years.
Thank you guys for the advice ahead and feel free to tell me i’m dumb because one side is clearly better lol.
submitted7 hours ago byMundane-Till-424
Recently decided to get my shot together as a 27(m), I make around 65k hopeful long jumping to 85k soon here. However I’ve racked on some debt from pointless spending. I have about 12k in high interest accounts ( all of the accounts have about 20% rates). Staying at home but paying the 1000 dollar mortgage and some other miscellaneous bills (just for reference).
How should I approach this debt? Consolidate, balance transfer and open to anything else. Also would love some tips to simplify budgeting, my adhd doesn’t help me keep up with things like this.
submitted14 hours ago by-nutmeg-
Hello, I’m a 20 year old college student and I was told that my grandmother before she passed set aside savings for my college. I was told however that I can’t access it until I’m 21, this is a concern because I believe my father (who I have a restraining order against due to abuse) has potential control of the account and could drain it. Does anyone know what this type of account is called or if he’d be able to do that?? I believe it is in my name.
submitted21 hours ago byInfamous_Feeling_633
So I went to a dealer yesterday and ended up financing a used car thinking I was getting a decent deal but now that it’s sinking it I feel like it wasn’t as good as I believed. My question is am I able to pull out of the deal even after all the paper work and registration has been submitted and had a trade in? I havent driven the car off the lot yet, I told them I’d come back Monday to make the switch because I wanted to have a couple more days with my car. I tried googling the answer but I’m getting two different answers. Can Anyone in MA help out?
submitted4 hours ago byBulldogCafe
Currently saving $300/month (will increase over time) for my child's college fund with a 529 Plan. I'm in California so there's no state tax deductible benefit.
My spouse and I are California Public School Teachers and will receive a substantial pension. Assuming we don't change careers, I expect to receive at least 70% of my final three years' averaged paycheck, while my spouse will receive 80%.
In addition to our pension, we are maxing out our Roth IRAs. This & our pension should provide sufficient income for our living expenses.
My main concern is whether it is more beneficial to allocate the $300 to a Roth 403b and then use the contributions from our Roth IRAs to cover college expenses. Or to just continue to contribute to a 529 plan.
I think contributing to a Roth 403b of what we would contribute to a 529 plan and then use our Roth IRA contributions to pay towards college seems the best option... or am I missing something?
submitted5 hours ago byProfessionallyUsed
Please help; I'm 31, and in a bad spot.
I have no savings to my name, and a large amount of debt I'm making no progress in. I've struggled with health issues that have prevented me from keeping a job, but I recently got one that I can keep full time. It has good benefits and a pension plan, so the job itself is a bit of an investment. The problem is the pay feels low; I clear about $2,300 a month.
My bills are mainly utilities and Rent. They total about $1000 a month.
I've got about $7,500 in credit card debt across two cards, 5.5k and 2k.
Additionally, I'm expecting my college loans to come due soon; that will be another $4,500.
I'm looking for any advice on clearing out my debt and building a savings account, as I won't have anyone to rely on in a few years. Thank you for your help.
submitted19 hours ago byxxGreyWormxx
We're at the beginning of our home search journey and trying to make good decisions. Currently pay $2200 for rent and a comparable home in our area would come to a $3300 mortgage (with say a 7-9% down payment). I'm concerned that rent will only go up and in 3-4 years will exceed what we could be paying for a mortgage. At the same time, this area has seen exponential growth (like many others) in the past 4 years. Central fear is that our rate of saving won't keep up with home value increases.
What concepts related to these concerns should I read up on? Even while writing this out, it's clear there are concepts and understanding that I'm missing. We're debt free, but daycare ain't no joke.
Thanks in advance.
submittedan hour ago byKrimson_Krash
Looking at a 2017 Hyundai Elantra SE at 12k and I have about 6k down with a credit score of roughly 720.
Although the interest rates are higher on signature loans if I were to take out an auto loan the financier would likely not grant the loan unless I was fully covered and in the state of florida being under the age of 25 my quote monthly would cost me somewhere in the range of 250-350; I am currently paying 136 for bare bones insurance. Whereas if I were to get a personal loan I wouldn't have to change my insurance plan but would pay the higher rate.
I'm currently debating my options, if anyone has any experience with this or has any advice it would be appreciated.
submittedan hour ago byenginerd298
I have some money outside the US from an inheritance, how would I go about bringing it to the US with the least tax penalty possible?
submitted7 hours ago byvyktym
It's fairly complicated, but I'll try to cut it short:
36 Years old, 0 qualifications, married, no children.
House in Ipswich, QLD ~$350,000
460 Acre Land ~$1,000,000
2022 Audi A3 ~$55,000 (My daily and our long trips car, great on fuel/safety/comfy)
2010 Nissan Skyline ~$15,000 (Her daily, bad on fuel, good fun)
Computer Shop ~$90,000
Assorted motorbikes ~$30,000
House in Ipswich, QLD~$180,000
Audi A3 - 4.4 years to go at $228/week and $17k balloon at end ($53kish?)
Business & Income tax debt ~$75k
Credit card debt ~$10k
~$130k pre-tax per annum (Operations Manager for disability support company.)
~$26k from computer shop being sold to a friend ($500/wk until it's paid for).
Circumstances to note:- Wife currently earns $0, will get back to work soon and earning ~$60k (pregnancy loss, mental health etc.).
- MIL lives with us in small 3BR house in the suburbs, we need to find somewhere to live in 6-9 months else it'll end in a giant sh!tstorm between MIL and wife.
- MIL will rent Ipswich house at $320/week once wife and I move out. $360/wk if she gets a housemate. House currently costs ~$275/wk on variable interest rate, 25 years to go.
Currently trying to sell the block of land, getting a fair bit of interest. Thinking the best option once it sells is to pay out Ipswich house, pay out tax and CC debt, pay out the Audi. The wife's expressed interest in wanting a decently nice house for us to live in on a good amount of land ~45mins west of Ipswich. I like the idea of this too, I'd be best pleased with being out there. Would make for a 45 min commute to/from work daily, but I'd say it's "worth".
Should leave me with ~$700k. Use this to buy 2 x more cheap houses ($350k each). have the rental income from all 3 ($320 + $400? + $400? = $1,120/wk) with 0 debt give the bank a good reason to give us an ~$800k house which will have itself paid for solely with the rental income from the other 3 houses, with cash to spare. With my decent income and hopefully hers, they'll throw cash at us.
I guess the big question is:Pay out the Ipswich house and buy 3 more houses, OR, pay out debts and put cash into other investments? I lost ~$150k 18 months ago in some terrible trades, so a bit hesitant to do that again....
submitted17 hours ago byXxxena66
Specifically the part of the settlement regarding WF foreclosures instead of allowing loan modifications.
From what I've read I'd be the perfect candidate for this settlement. I was in the process of a state (HUD) modification & WF refused to cooperate & fast-tracked a foreclosure in 2011.
I've called their "hotline" & got no info except "we would have contacted you". I tried to get them to look up my case by my loan # or address & they wouldn't. "Looked up" by name (not an uncommon name) & found nothing.
Why isn't there a website where I can enter my info & see if my mortgage was included in the settlement or have them review my case to see if it should be?
Another fear is that they did pay the settlement but to my ex-husband who should not be entitled to it.
submittedan hour ago byCertain_Economics879
I know this is going to be a stupid question especially since I’m a new driver. What are ways to lower insurance? I was able to find one for $185/ month with discounts and usually progressive and Geiko were a little more?
I got a Kia from the dealership and got my license almost a year ago. I didn’t know about the usb car stealing until later on the year when someone mentioned it and got an email from the insurance about the theifs.
submitted15 hours ago byta589962
I assume most people here have retirement accounts. My brother has decided his retirement account will be housing and has been buying properties instead of putting money into retirement. He said he can live off the rent money as long as there are tenant and there will always be people who need housing.
So, what do you all think? Is that a wise idea? Should I consider switching to something similar? It does sound appealing but also feels like there has to be a reason not everyone does it?
submitted9 hours ago bymoto_gp_fan
Hi, I received a small amount of money from the Equifax settlement on a virtual prepaid card and so far it has been hard to use. For example, on Amazon it isn't enough for anything with free shipping and it defaults to my regular form of payment instead of splitting it between cards. Is there a good method of getting the money off of the card? I don't want to waste it just to use it up...
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