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Need to evict a tenant. Any advice to avoid damage & legal issues?

I have a tenant on a month-to-month lease that is three months behind on rent. In the years he's rented the house, he's proved himself to be quite sketchy -- always wheeling and dealing about the rent, lied to me on several occasions. I'm worried that when I serve him an eviction notice, he will cause malicious property damage or exploit a legal loophole. I'm especially concerned about this because my father, who was handling the rental for me, died unexpectedly earlier this year. I don't have a copy of the tenant's prior leases or any of the associated paperwork other than my own bank records of rent deposits. Any advice for evicting a problem tenant with minimum problems?

I have had that happen several times. Here is what I do. I go over and talk to the tenant (ideally) or leave a letter. It says that because of the late rent I am going to hire an attorney and start an eviction. I expect this will cost me about $500. In the interest of time and mutual benefit, I would rather offer you (the tenant) $300 to move out. I will be going to the lawyer in a week, so if you don't talk to me before then, it is too late as the money is spent. If they agree, you write up a little contract where they get the money only after they have given you the keys, moved whatever crap out they want, and sign a statement stating that they have moved out and surrendered keys to you.

I came here to also suggest paying him to leave but check your states laws first. This might get you into trouble in states with strict, tenant friendly laws but it works great here in AZ.

RealEstate

dodgytenant

t3_1rl0tt

kvrdave

t1_cdoassa

cdoassa

FromageOmage

t1_cdoe2sg

cdoe2sg

I will graduate in May debt free, what are some mistakes that you made as a recent graduate?

Or what about some of the things that you did right? Did you invest, put money into savings, what else is out there? More details about my situation: I will live at home, at least for a few years. (My [asian] parents believe that this is the most practical way to do things, and I don't have many arguments against that.) I will buy a car to commute to work. (I think the consensus is to always buy used?) I do not have a full time job secured at the moment, but the rush for my major occurs in the spring semester. I also go to school in New England and I am looking for jobs close to home in California, so that may be a bit difficult. I'm currently 21 (by the time I graduate, I will be 22.) I am majoring in marketing and have a double minor in science and CIS/MIS. Thanks in advance.

Start your 401k the instant you're able to. I lagged a year or so. Do not buy a shiny new car. Cripes, the money I could have saved by taking a $200/month payment instead of $450/month... Do not restrict your job search to places that are within reach of your parents' house just so that you can live at home. If an good opportunity comes up across the country, take it. You'll have a much easier time lining up interviews in Boston than you will Sacramento while you're still in school. Start your job search now. Get ahead of the rush.

Thanks for the reminder about the mistakes I made while I was in the prime of my life, but as far as advice to give; Walk into interviews like you own the building Get a good night sleep, eat a healthy breakfast, practice responses for those expected questions, and feel as confident as you can. live at home if you can settle for a lower end car (cheaper) form good financial habits now ex. save $100 a week. Essentially, spare your expenses wherever possible. One day you will most likely be earning a salary and that is the time where you can really weigh out your living and transportation options.

personalfinance

shyguythrowaway

t3_1pgc7d

dakboy

t1_cd22huh

cd22huh

thanksfine

t1_cd26ntp

cd26ntp

What do I do with all my money? Radical suggestions welcome

Hey guys, this is a throwaway account. But I would like to get some suggestions regarding my personal investment. My personal household income is ~ $200k/yr combined between my wife (75k) and I (125k). We have a daughter who is 10 months old and both of us are 28 yrs old. Our combined expenses tally upto roughly 1 person's pay check which means we are able to save roughly half of earnings. My wife manages my our savings and its pretty much sitting in our bank account. I'm terrible at savings and I consider it as an expense. My goal is grow to a point where I don't have to worry about savings as factor in my retirements. I do understand that I can think aggressively when I'm young but the older I get I need to plan my life and savings properly. I just created my 401k account for my wife and invested 15%. I'm completely lost on what I should do for investment. I would hate to sit on it in the bank account. I have no intentions of paying off my house. I want to move to a nicer house in another 5 years. I have considered investing in stocks and bitcoins but I just don't have the time to follow those actively. I can provide additional details if required but please help out a n00b here. My life have been driven by the motivation to make more money and never bothered to plan that money better. Also, my wife is not a great financially planner, she just likes money in savings account and that has made her from spending any money on disposable stuff. Also she gets mad at me if I spend on some disposable items. I had to fight and take the financial planning from her so that she can spend freely and enjoy some of what we work for. Our lack of planning has become a burden on us. We don't know how much we make or spend but we just look at the savings balance and feel good. When it doesn't grow, we freak out. EDIT: More frustrations, poured out. EDI 2: Thanks for all your advice guys. I have opened up a 529 account for my daughter. I have looked into 401k and trying out YNAB. Are there any suggestions on Life Insurance?

You should plan to max out both your 401k plans and both your IRA accounts. Pick low cost funds if you can, or something simple like a target date fund until you learn more about investing. Likewise, putting some money into a 529 will shield it from taxes, but you still need to pick an investment. Since your daughter is so young, putting 100% into a broad stock index should be fine. Then pile up the rest into a simple portfolio. Again look a low cost index funds like Vanguard or Fidelity Spartan funds. Read the FAQ for basic info. Or ask investment questions to bogleheads.org as they will provide excellent advice.

Put a good hunk of your money into foreign equities - specifically: China and Australia. Read Crash Proof. I would also recommend diversifying your portfolio with commodities and precious metals. I'm of the belief that the US dollar will decline relative to other currencies. I would say throw your hat in the bitcoin ring but I think that's a speculative bubble. If it pops, buying low might not be a bad idea.

personalfinance

clearclerk

t3_1rkrn8

37badideas

t1_cdo7vme

cdo7vme

hayekspectations

t1_cdoci07

cdoci07

Wife and I buying a house, broker can get better rate if only I apply since my salary alone would qualify for a housing program in my area.. any downsides other than the obvious one?

Being solely responsible for the mortgage isn't a problem but I'm wondering how this could impact anything for us in terms of financing purchases in the future, taxes, etc. Is there any real downside to this other than me being the only one on the hook?

Depends on the terms of the program. If they ask for "household income" and you don't include your wife's salary, it's fraud. If they truly only ask for one person's salary (highly unlikely) then good for you,

I’m guessing this is a state program that provides assistance to new homeowners. If that’s the case, you should look into it closely to be sure you’re not committing fraud. In my state, they have a lot of checks and balances to make sure that the assistance goes only to the people it’s intended to help (low- to moderate-income buyers) and not to those simply looking for a better rate. Not only do they verify all income-earning members of the household, but they make you sign an affidavit to certify that you’re providing accurate info. If you are claiming to be the only income-earning adult in the home and in actuality there is another income-earning adult, you would be committing mortgage fraud. That is just my state’s program, though, and your programs would be different. My advice is to educate yourself and don’t attempt to game the system. They will find out and it’ll totally screw up your closing process. Hope that helps!

RealEstate

postdochell

t3_ah34j9

novahouseandhome

eeb372w

i__cant__even__

eectr2h

I don’t understand how the fed is to blame for the housing market being on the verge of crashing?

[Fed accidentally triggered housing market crash]( In the article it says that the fed flooded the market by buying billions of dollars worth of MBS’s and in return forced the rates down, why were rates forced down? Also it says “Mortgage bankers hedge themselves against interest rates going up. If rates go up, the hedge makes sure they don’t lose money from customers who locked in a lower mortgage rate.” I don’t get what they mean by that? I’m not used to all the jargon and understanding the underlying economic cause and effect of how these actions correlate with each other, so forgive my naivety.

banks set a rate when they quote the mortgage - you agree x number of days before closing - in between when you close on the mortgage and when they quote, banks are subject to rate risk (rates can change vs when they quoted the rate). They buy hedges to lock-in rates - if rates go higher, then the hedge pays out (they make money on the hedge but lose money on the mortgage given the rate they quote is below the market rate when you close - it's economically neutral). The banks have to pay out on the hedges when rates go lower (but again, once the mortgage closes, its' economically neutral). what the Fed did is buy debt which pushed overall mortgage rates lower - the hedges are now -ve (lenders have to pay out); hedges are done on margin, so those that underwrote the hedges are making margin calls, so banks have to pay out cash now. The banks are left exposed bc they can close a lot of the mortgages (hush influx of refinancings, people WFH, so productivity is down, hard to get actual signatures for the close in the shutdown) - so this is a situation where the mortgage lenders have to pay out cash on hedges for transactions that aren't closing (so there is no offset for them)

In the article it says the article gets so much wrong that I can't take anything it has to say very seriously. For one example, it cites the FTSE Canada REIT index as showing a collapse in the "Canadian Commercial Real Estate" market. The index is in fact tracking only the listed real estate investment trusts in Canada. And 41% of the index is non-commercial RE.

investing

Metalfreak4677

t3_fsdaw9

stuccofukko

fm0r4oy

wanmoar

fm28fcr

How are you playing 3D Printing?

I think a lot of people are starting to think 3-D printing is our generation's version of the 'personal computer.' A potential game changer for the printing and manufacturing industry, it's a matter of who comes up with the right business model and application first. Think about the people who invested $10k in Apple in the early-mid 90s...they are currently millionaires if they still hold the stock. Conversely, if they invested everything in HP or IBM - they'd be doing really well, but it wouldn't be anything to write home about. I'd like to get exposure to the 3-D printing world but people are incredibly opinionated right now on DDD vs. SSYS vs. XONE, etc. Are there any 3-D printing ETFs available or ways to get broad exposure to the industry for the longer term (3+ years) without having to bet the farm on one stock? How are you playing 3D printing, if at all, logical investors of /r/investing?

I'm not, and no one that I know in the industry is either. This is a classic retail investor driven bubble, shitty companies are getting silly multiples. I'd completely avoid.

Disclaimer: I don't have much knowledge about the industry or it's component companies. I would think that this would be an insanely competitive market for the companies, and one that could easily be "bought out" by a big tech company. This seems like the thing that Google/Amazon/Apple would be willing to sit out on until the technology matures, and then swoop in and dominate the field, either by key acquisitions or in house development. I think there'll be early winners, and the only ones I'd bother to keep an eye on would be the ones with the biggest/most promising patent portfolio. Everything else would be a competitive moat to easily breached. Have a big manufacturing plant? Another company can have a bigger one tomorrow. Better supply chain? Could be replicated/exceeded by a new competitor coming in etc. etc.

investing

Niedermeyer90

t3_1xa2f1

hedgefundaspirations

t1_cf9haps

cf9haps

the_explode_man

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cf9k89t

Sold some employee stock for the first time - Have some questions.

I sold some SBUX stock last week that was acquired through an employee stock plan, and plan on putting the proceeds into my IRA. I thought I understood how it was going to work but I'm really confused now. I sold 8.017 shares at $81.33 each with a $12.97 commission fee. The account shows a $639.05 profit from the sale. I assumed this would be the amount I would receive back into the account as cash. However, it appears the cost basis for the options was deducted from the sale price as well, an amount totaling $179.64. My total gain from the sale now shows $459.41. Is the cost basis normally deducted from the sale price? This is the first time I have sold anything so I don't know if that is correct or a mistake. Just looking for some information on how this should work, I can't find anything useful on Fidelity's website.

A stock option (a call in this case) is the right to buy a stock at a specific price. If your option had a strike price of $10, and you exercised it and sold the stock at $30, you'd make $20 in profit.

How long did you hold SBUX stock for? 1 year or less? Or more than 1 year? What is your ordinary taxable income rate? What type of IRA did you send the proceeds into? Traditional or Roth?

personalfinance

Shtriiganu

t3_1rki7h

splat313

t1_cdo6fiv

cdo6fiv

adle1984

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cdo5i8q

Landlords: what do you do for tenants who are living in the property during maintenance?

I have a townhouse as a rental. There is some shared maintenance on the roof coming up next month. I offered to put my tenants in a hotel for the 2 - 3 days that the work will take, but they said they are OK with staying there. I'm thinking of taking $100 per day the work is going on off of their rent that month. It's about what a hotel room would have cost. As a landlord, do you do anything special for a tenant who is accommodating during maintenance work?

you (most likely) aren't legally obligated to provide them alternative accomodation unless their units will be uninhabitable during the maintenance. If the work is required to maintain the basic habitability, as in the roof might cave in or water is leaking through it, then the tenants will be happy you're fixing it. Keep in mind that if you give them a rent reduction for this that will be their future expectation for similar work in he future. If you want to be extra careful get something in writing from them confirming that they are aware of the work and that it is necessary work and that they absolve you of having to provide them with any rent reduction, etc. Give them a bottle of wine, tickets to a movie, or something like that if you really want to.

I used to give gift cards from Costco (restaurants, movies, etc) if there was something going on that was a PITA for the tenants, but did not render the unit uninhabitable. Tenants loved it, and it cost me next to nothing.

RealEstate

samiv2

t3_2su857

OrangeAsparagus

t1_cnsvyyx

cnsvyyx

fuck_communism

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cntmvm5

Why do people think low oil prices could last for years?

I'm looking for someone to play devils advocate before I invest in any oil stocks. Currently, the world is oversupplied in oil because demand hasn't fully materialized and high prices have lead to the development of nontraditional sources: Sand, Shale, Deep Water. Additionally, supply has increased in unstable countries that were previously halted: Iraq, Libya, etc. Furthermore, OPEC has seemingly broken down by refusing to cut production. Most of the increased supply can be attributed to new nontraditional oil sources. The cost for creating new wells at nontraditional plays is conservatively around $70 on average if you want a return that justify your risk. At the current price of oil the only new profitable supply will be in traditional light crude or existing wells that haven't reached full production. All oil plays eventually decline but tight oil has a especially short lifespan of roughly 50%-75% total production in it's first year. This means for sustained oil prices below $70 low cost producers have to increase production in order to offset the decline in production from nontraditional oil plays. The only way I can see this happening is if OPEC stays disbanded, that historically volatile countries become more stable and that the global demand for oil doesn't significantly increase from current levels. I don't see how it's in OPEC's best interest to disband. I don't think low oil prices will make historically volatile countries any less volatile and I don't see the demand for oil decreasing for many years. While some high cost producers may go insolvent I can't possibly see how oil prices can stay at these levels for more than 1 year. What am I missing?

Well, the last time oil prices were depressed due to a supply glut, they were depressed for over a decade, from the late 1980s till the late 1990s. Oil prices will rise in fifteen years or more, but to make an investment decision also requires a question as to how long your time horizon is. If it's 20 years or more, then yes, oil prices will be up from the depressed prices of today and you might make some money. But the question is: Are there other investments that might post a better return than oil in 20 years?

NPR had someone talking about this a couple days ago they're forecasting 2-3yrs of oil prices sub 50 dollars a barrel and then a strong market correction and back to where we were last year

investing

lafferty-daniels

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rimlogger

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cnglk9q

lantech19446

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cnh1ts2

Saudi Oil War Impact on US Banks Invested in US Oil

[ &x200B Newb. no DD. just curiosity. What are the thoughts on the Saudi situation affecting US banks that are invested in US oil? Could this situation be a hard hit on the banking industry? &x200B [ January 15, 2020 [ [ [

I have to imagine the Saudis and Ruskies will cut a deal before April 1st. They’re going to destroy themselves if they don’t. Tinfoil hat time - they’re setting up Trump to step in and “negotiate a deal”, saving the world economy. But yes, US banks are very exposed. Shale extraction is expensive, and completely pointless at these prices.

Many of those banks might still be holding the wrong end of future contracts for crude. They usually try to get rid of them to just act as an intermediary but sometimes it can take some time.

wallstreetbets

applesNoranges98487

t3_ffl0s5

jpapon

fjz2jno

PenIsMightier69

fjz2f94

How to kick the restaurant habit?

I've realized that my family has gotten into a bad habit of eating at restaurants 3-4 times a week. Our primary cook (my SO) just got a new job and doesn't have as much time to cook meals from scratch. I've got physical limitations and can't cook very much. We used to eat out once a week, period. Now it's way, way more often than that. Most of the time the restaurants are fairly modest (spending maybe $20-40 for a family of 3, depending on the place.) We're saving adequately, and can technically we afford this, but I'd like to save some of that money instead. I'm also worried about the health consequences of eating restaurant food so much. I guess I just need a kick in the pants. Anybody else ratchet back an expensive, lazy food habit? Anybody have ideas about how to eat less expensively at home when nobody in the household has the bandwidth to cook? Edited to add: It's not that I don't know how to cook! I do know how to cook, and my SO and I split our household cooking responsibilities 50-50 for many years. But now I've got a health condition that makes me too fatigued to work all day, parent, AND cook. Edit again to say: Thanks for all the great ideas, everybody. I've arranged to borrow a crockpot from a friend to try it out, and I'm going to make a list of the suggested meal ideas here and talk to the family to see which ones will make people more excited to eat at home.

When husband and I don't feel like cooking, and think we want to go out to eat, we go the grocery store and pick up a cooked rotisserie chicken instead. A couple of sweet potatoes (which we microwave for 8 minutes, or a bagged salad to go with. $6 for the chicken, $2-$4 for a side. Feeds our family of 3 for $10 total. WAY CHEAPER than a restaurant, with no prep or cooking necessary.

When you guys do cook, how big of meals are you making? The only idea I can think to add embracing leftovers and cooking for 8-10 people at a time. Cook once, provide 2-3 meals.

personalfinance

phillyclaire

t3_4rv0iy

Blobfish_McGee

d54el2r

CerebralAccountant

d54svba

Kicked out at 19

I want to start this off by saying this is all my own doing and my own fault. That being said I still need to deal with my financial situation. I am 19 with a full time and part time job. The full time job pays 11.25/h and the part time job that I dont start for another week will pay 9/h. I have -202 dollars in my bank account and a credit card maxed out. I just got kicked out of my house and am sleeping in my car. I have just over 3000 dollars in student loans and a couple of Bills including car payment (128 bi-weekly) car insurance (268 monthly) and the credit card which is 25 minimum monthly. I also recently got into trouble for speeding which left me with a 250 dollar ticket and my license suspended with a 175 dollar reinstatement fee. I cant get to work for I have no money to get gas to get there. I have no friends or family willing to help out and I still have to eat/drink. How do I get out of this hole.

Contact a local church for food. They can usually hook you up with some meals or know where soup kitchens are that will feed you at least once a day. Depending on your state you can call 211 or you can go to 211.org they provide emergency services for housing. Utilize social services. That’s what they are there for.

Wow! I wish you the best of luck. Never gotten that bad before but after making it successfully from 300 dollars to my name to now, I learnt an important lesson. Never stop learning! You are rent free sleeping in your car yet somehow max out credit card. Go to library to learn on your free time about finances. Go on YouTube searching for Dave Ramsey. Open a book and learn some practical/Marketable skills. That is the only way to ensure success. If you are not working and learning 16 hours a day, you are wasting time. It takes grit to move up the ladder of wealth.

personalfinance

vhbalogh

t3_9804y2

m3rmaid_unicorn

e4cab5m

xxtanisxx

e4cah5f

How long does it take to receive your full wage after starting a new job?

Just got hired at McDonald's and we get paid bi-weekly on Thursdays. Last week, I had my 3 hour orientation and this week, I worked two shifts, each about three hours. On my paycheck today, I only got paid for three hours when I worked nine hours, so I was wondering if it will take longer for them to process the more recent shifts, or should I ask the manager where the rest of the money is? EDIT: Just so everyone knows, I get paid by direct deposit, so I don't know where to check to see the dates.

Depends on your pay cycle. Your pay stub will have the dates you were paid for. From there you can figure out your next check. If you got a partial check today, I would expect your next check to be a full check.

I spent some time working at the dirty M. You should have made an online account during orientation. My franchise uses hralliance to track all that stuff. Our pay periods end every other Sunday and you dont get direct deposit until Tuesday the following week (9 days). Pay period and pay days may vary.

personalfinance

yak1998

t3_bjw3bi

chefddog3

embnjtx

CanonicalToaster

emdg8w9

Schwab has dropped their expense ratios - now lower than Vanguard for equivalent accounts. As much as this subreddit loves Vanguard, are people going to switch?

I read this article today: Which made me wonder if having my SEP IRAs at Fidelity and Vanguard was wasting money. My Fidelity money is scattered among individual stocks and mutual funds/ETFs that interest me. But then on this subreddit's advice I opened a much more passive Vanguard account. All my Vanguard money is in their Target 2050 Fund - VFIFX - with an expense ratio of 0.16%. The Schwab Target 2050 Fund - SWXIX - has an expense ratio of 0.08%. SWXIX 1 month return = 2.49% 3 month return = 7.81% VFIFX 1 month return = 2.63% 3 month return = 7.24% It may be obnoxious to open a third SEP IRA, but as long as I don't contribute over the yearly max between the three combined, it shouldn't be an issue. So I think my February contribution will open my Schwab account and I'll track the Vanguard and Schwab accounts and see if that 50% lower expense ratio makes a difference. What say you all?

A few basis points is borderline statistical noise. Your decision to sell or buy on a given day will have a larger impact on your portfolio. But if it makes ya happy go for it.

I expect Vanguard to match or beat them. If they don't, then it's worth thinking about switching, ya. 0.03% for the S&P500 fund is quite attractive. That could get me away from VOO for sure.

investing

mac3blade

t3_5rzarr

MasterCookSwag

ddbc90r

hmblmfkrwitabgassdik

ddbi6vy

What's about the oil crisis?

For me it seems like that everybody is so focused on Coronavirus and ignore the potential mid-long term repercussions of the oil "war" in combination with Corona. What are your thoughts? Best regards

The Saudis want oil around $50pb.. When China shut down for cv Saudis wanted to cut supply to keep the price up, Russia did not. So the Saudis flooded the market. Most people see this as a short term thing. CV will taper off, Russia will feel the pain before the Saudis do they will come back and bend the knee to opec.

they're gonna come to an agreement and spike prices just as American economy starts accommodating to low oil prices in light of the coronavirus- kerpow - double header. recession/depression will be extended.

investing

PaulTheBully

t3_fkc7kv

deathdealer351

fkryqqn

structee

fktbmin

Pay extra towards mortgage if planning to move in 3 years?

We bought our home 5 years ago and have always made minimum payments on the mortgage. Now we have a little extra money coming in and I'm wondering if putting it on the house is a bad idea. I badly want to move but realize that won't happen any sooner than 2 or 3 years. Right now the house is worth less than what we paid, I'm waiting for that to improve before we sell. So is paying down the principle working toward or against my goal? Should I just save it for a down payment on future home?

You'll have to pay any difference between the sale price and your mortgage balance when you sell unless you work out a short sale deal with your lender (unlikely unless you stop paying it). You'll also want whatever you need for a down payment on a new house. Any extra you pay on the mortgage now will reduce what you'll pay when you sell. It also means that you won't continue to pay interest on that money as well. The ideal way to do this would be to pay extra on your mortgage now, and then stop paying extra and save up for a down payment when you're close enough that by the time you have a down payment saved up you won't be underwater on the current house. Of course you won't know the exact amounts needed, but that's what you should aim for.

If my house was underwater I would not pay anything extra, if I planned to sell it. We don't know if the market will crash again in the next 3 years.

personalfinance

toenacious

t3_21iic9

sarlok

t1_cgdc6rc

cgdc6rc

so_le_mm

t1_cgdc2u3

cgdc2u3

How do I fix my credit score in the fastest time possible?

I'm coming into a small sum of money 10-15k, and I want to fix my credit. My score is somewhere around 550. I have over 16k in medical bills that are in collections. Car is paid off. No credit cards to my name. Don't want to do anything that will make me have to have a co-signer on it. Looking to be able to move into my own apartment come next May. My income allows for that, but my credit doesn't. I may have other outstanding payments from my youth that I don't remember about (yes I use to be irresponsible.) But I don't know how to find out what I owe and where. What are some of the best steps I can make to fixing my credit? Thanks so much for all the help

Looking to be able to move into my own apartment come next May. My income allows for that, but my credit doesn't. You may be able to do so if you pay 2 months rent up front and additional deposit, even with bad credit, as you do have some money in the bank. But I don't know how to find out what I owe and where. Go to AnnualCreditReport.com and get a free copy of each of your credit reports. It would say on there what is outstanding (remember, things fall off your credit after a certain amount of time and you should check the statute of limitations on the debts you owe in your state). You may be able to talk to the creditors and get payments reduced if you pay in full. What are some of the best steps I can make to fixing my credit? Don't run up any more debt. Fixing your credit is like running a marathon. It's going to take a long time and perseverance on your part. There's no quick fix. The best thing to do is to open a secured credit card that you use for regular purchases and pay off at the end of the month, every month. Ask if you can convert the secured card into a regular card after you have shown you are responsible (that way you won't have to open another account and close the secured account when you get to that point). Keep a chunk of that money in a savings account as an emergency fund, that way you won't run up debts when life happens. Save a part of your paycheck. Budget your money. Stick to your budget.

Pay off debt asap. Get a hold of collection companies and have them remove it from your report. Get a secured credit card make small transactions and pay them in full every month. Chap 7 and get a secured card when possible and do small transactions and pay in full every month.

personalfinance

thejovenshire

t3_2j4ouw

qwicksilfer

t1_cl8cl1i

cl8cl1i

MinecraftHardon

t1_cl8cf8f

cl8cf8f

Is this some sort of weird scam? Been getting calls every day at the same time looking for a relative but when I say they don’t live here. The give my exact address.

Every day for a week someone has called at noon looking for my sister in law. At first I told them wrong number (she never lived here) and hung up. Then I actually waited to see if they would say anything and they started saying “this isn’t the homeowner at my actual address?” I simply said “no sister in law name here” and put me on the do not call list. I still am getting a phone call every day but with slightly different numbers like the last 3 digits are different. Nothing off with my credit report. Is this some type of phishing scam?

Probably a collector, somehow your address was linked to your SiL. try saying "if this is a collector, she doesn't live here and I don't know where she is." edit-- or if you prefer, give them her contact information. depends on your relationship with her, I guess...

I had a collection agency call my aunt one time. I’ve never lived with her and she hadn’t lived in my state for over 25 years at the time she got the call and as she is my mother’s sister we have never shared a last name. I have no idea how they connected us, so it is very possible it is just a collections agency looking for her.

personalfinance

mariabutterfly

t3_g6ba2t

harrison_wintergreen

fo8hn85

QUHistoryHarlot

fo9l6mz

Getting hosed via Tastytrade methodology

I've been watching tastytrade and thinking that selling options is a great way to make outsized returns by taking on a greater amount of volatility. I had hoped that by trading uncorrelated assets, i could differentiate the risk and overall cash in on the differential between historical and implied IV. I started this strategy in May, so I understand that this was a historically bad time to be entering the game. That being said I have not had any success at all and I'm wondering what is going wrong. I've been finding tickers with high IVR (40-100) selling strangles at 1 standard deviation, ~60DTE, managing at 50% or 21DTE, and reducing cost basis of my losers by rolling the untested side. The expected win rate should be 68%, and tastytrade advertises an actual win rate of closer to 75%, but my win rate has been closer to 60%. My losses have not been compensated by my wins. Is there something that I'm doing wrong?

There is no publicly available strategy to make outsized returns. If there was, everyone would do it and it would not be profitable any longer. Tastytrade makes money when you make transactions so they will publish "strategies" that involve you making a lot of transactions. Their interests are not aligned with yours. Not that there aren't some (very basic) things you can learn from them, but if it's outsized returns you are looking for you'll need to do something they aren't publishing. Finding it will be difficult

I followed their method and entered a calendar spread on MSFT just before their result this week. Invested ~$1K and made $700 the next morning. Not sure about their strategy on Strangle, I used the calendar spread. Just one trade so might be beginner’s luck. Trying 2 more today for SNAP and CTXS earnings.

options

godsbaesment

t3_cgjgcg

bobby_tables

euhq3ma

Brocky445

eulsz7r

Solicitors contacting me about my ex's property--am I at risk?

My ex bought a house after our divorce, but I have been contacted repeatedly by people asking me if I want to sell it. I am worried that I am somehow at risk if he gets into financial trouble. Is it possible that I am somehow affiliated with that property? Perhaps my he listed me on the mortgage loan? Could he do that without my knowledge? (my credit is far better, so there would be motive) How would I find out? I cannot trust any information I get from my him so just asking is not helpful. I don't know how these solicitors are getting my contact information as I have never been affiliated with that address and I have changed my name since the divorce (not even to my maiden name, so I don't think public record of our marriage would show my current name). Yet, somehow they know about me in connection his property. Should I be concerned about that?

If he listed you on the mortgage then it should show up on your full credit report, at which point you should probably file for identity theft. Elsewise the likely story is just that they know you are (or were) connected to him, and that he’s connected to the property, so they’re just latching on to you in that fashion.

It’s highly unlikely that your name is on the mortgage without your knowledge.. a photo id is required by each person at signing, not to mentions mountains of paperwork verifying employment etc. Look up his address on your county appraisers office site, should say something like property search. It will list who is on the deed / records for the home. I’m guessing your name & phone number is still associated with his via various data mapping sites for example whitepages.com (what my real estate team uses). If real estate agents are calling asking to sell, they are most likely just prospecting for business or he had the home on the market and it expired, or it may be for rent or something. Next time you get a call ask the realtor where they got your name. They might say “my marketing system” or something like that but ask them straight up which website they are using to help you uncover the WHY behind all of this.

personalfinance

kissbythebrooke

t3_ft99pq

OtherPlayers

fm5ph2q

mcallofthewild

fm6hype

Im 19 and i ve been making a lot of money,working 85 hours a week and i wanna start puting on retirement,what do you guys think i should do?

Any help is much appreciated,and btw i came in US 2 years ago from Germany and i still dont know that good about 401 k and retirement

Google is your friend: Add as you can afford: 401k to max employer match Max out Roth Max 401k Buy good low fee index fund stocks on low fee trading platform like Robinhood

1 don’t save anything until you pay off high interest credit debt. There is no way the interest on your 401k or any mutual fund will outpace a credit card interest. Once you have paid off your credit debt that exceeds 6% then start investing, not saving. The best investment you can make is educating yourself.

FinancialPlanning

doktorrii

t3_cy0lnf

boredepression

eyow2k3

Phongcom

eypyo2o

Swimming pool inspection report - should I run?

My husband and I just put an offer in on a home in Florida that had a beautiful pool. We knew the home was older but there was no disclosure as it was being sold by an estate. The problem is the pool inspection report came back and says it's leaking. Our agent found out that a crack had recently been repaired but the inspector says it need resurfaced as it's leaking water. The filter, pump & chlorinator were all working. The gas heater was disconnected and doesn't work. A few other repairs are needed too, which only add up to about $700. Can we request that the seller pay for the resurfacing and the other repairs? there was no disclosure as it's an estate. I'm wondering if we'd be better off to buy a home without a pool and build one ourselves? Any help from seasoned pool owners would really be appreciated! Thanks for your time!

I can't speak to this as a pool owner, but if the issue is repairable and it's not affecting the foundation of the house, it seems like it would be much cheaper to repair a pool than put a brand new one in?

Resurfacing a pool is like $10k and building one is usually at least $70k, but doesn't add anywhere near that much to a house price when buying. So you would probably not be better off building one yourself.

RealEstate

Zestyclose_Cash_9310

t3_xfe1c6

Catsdrinkingbeer

t1_iom4cqg

iom4cqg

valiantdistraction

t1_iooj186

iooj186

Where should I start researching, reading, checking every day to understand the market before investing?

I want to understand how to find and identify reasons for further investigation warranting a possible purchase/investment. This question is particular to the ASX as I'm in Australia. There's infinite sources and things happening but I don't really understand where to throw my attention to get a grasp of how to approach the market. It seems in a way identifying a massive or prevalent event allows someone to understand the repercussions of how this would affect the economy, and the market, later down the line. I just want to know how I can further 'get' this to work out where to focus attention. I want to sponge the brains. Appreciate any advice.

One big misunderstanding is that you should follow the news closely and understand how different news events influence the market. Following the news is interesting, but it is hard to use that information to achieve tangible results. In fact, news coverage may be misleading as they often over or underestimate ongoing events. Especially if you want to invest in index tracking ETFs and bonds you will be much better off just assembling a portfolio and leaving it alone. Trying to time the market and adjust your portfolio to current events often leads to buying high and selling low. If you want to pick individual stocks, your time will be much better spent reading about investing in general and researching potential investments. Look at each potential stock closely and try to understand the business, the sector in which it operates and the price you are willing to pay for it. This means you should follow the news, but now your job is much easier. Instead of digging through hundreds of articles trying to find some macro event that you could take advantage of, you just have to look for developments that are relevant to your investments.

Looking for a 10,000 foot view? CNBC is a good place to start. Yeah yeah, everyone will balk at that, but it does give good context and entry point to your research

investing

acrediblesauce

t3_485xb7

JustAsIgnorantAsYou

d0hbupl

komphwasf3

d0i56ig

What do do with money at Retirement?

If this is the wrong sub, I apologize in advance. My dad is retired and beyond the age of 65. He is a disabled vet at 100% disability, so his retirement was actually a few years ago. In conversations with him, he was always waiting for a magical price to sell some of the company stock that he has as part of his retirement. I believe it is a 401k, but not positive yet. I noticed the other day that the stock was well beyond his selling point and inquired with him about it. He told me he wasn't sure what to do with it. Apparently my questions got him thinking so he called me tonight to get me more details. I spent most of my time looking at saving for my retirement and have not spent any time before now looking at what to do actually AT retirement. He has ~$100k in this account that is split between the previous company stock and "funds". Until I can go over and look, I do not any more than that. He spoke with someone at a big money management firm, Prudential I believe, and they steered him towards an annuity that has penalties with for any withdrawals in the first 7 years. Now at age 65, being disabled, waiting until 72 to take "his" money out does not seem the appropriate avenue to take. He also let me know that he already has one of these annuities in a smaller form (<$20k). I will update with more details as appropriate and as I can get them. So my question is, what does a retiree do with their money at retirement? With him being a baby boomer I don’t see much above these numbers available to him, but he does have the disability income and VA to cover medical for him and his wife. Thanks in advance!

Do not let him buy annuity, and stay away from Prudential. For my money, go to a local Fidelity office and explain your objectives. They can probably help him out with putting this into a low-cost, retirement income fund.

No annuties and most likely want to sell the individual stocks into something more income generating. My vote would be to put the 100k in a Vanguard IRA in a fund like the Wellesley fund (VWINX) very large stable fund with a 10 year return over 7% so thats $7000+ per year that he could generate without ever touching the principle.

personalfinance

DadFinanceQuestions

t3_1trsg7

satansbuttplug

t1_ceatjxd

ceatjxd

throwaway199456

t1_ceau6n9

ceau6n9

We didn't understand W-4 withholding, and now we're paying for it!

I got married last year, and before being married my now-wife and I both had W-4 withholding set to Single, 2 allowances. After getting married we just switched to Married, 2 allowances. Whelp, it turns out we were only supposed to claim 2 total allowances - and now we owe about $4,500 in taxes. Our MAGI is about $160k for 2015. We each also maximized $5,500 into Roth IRAs. Is it possible that we can recharacterize the $11k worth of Roth IRAs to Traditional, then deduct it? Is there anything else we can do now to reduce this tax bill? FWIW, after we discovered this issue we read into it and immediately re-set our W-4s appropriately. We can cover that out-of-pocket, but it still stings. As an aside, we also both maximized 2016 contributions to Roth IRAs as well - but it looks like the [income limit is $194k]( and I expect our MAGI to be at least $200k. I saw that there's an income limit for Traditional IRAs that we will exceed, so does this mean there's no point to contributing to an IRA at this point if we will get taxed upon distribution and can't deduct IRA contributions?

Honestly, making 160k / year...this really shouldn't sting all that much. I get that paying taxes suck (especially when you have to write a check)...but you've already pocketed that $4,500 throughout the year that you should've paid in. You're probably out luck on the IRAs as long as you're covered by workplace retirement. In the future, the only advice I can offer is to max your 401k to the IRS limit. Making that much money you should have no problem maxing those accounts and your return is enormous in tax savings alone. High wage W2 earners get eaten alive by taxes versus people who are rich on investments and family wealth, so you honestly may want to pay a fee-based financial advisor/CPA to help you find ways to shelter your earnings in the future from taxes. 99% of people don't need this but if you're making $150-200k+ it may not be a bad idea. so does this mean there's no point to contributing to an IRA at this point if we will get taxed upon distribution and can't deduct IRA contributions? Again, traditional is probably worthless for you but you can do a backdoor Roth.

There is a maximum income at which traditional IRA contributions are tax deductible. You two are way over that, so a tIRA will not reduce your tax burden this year or in future years. Also, if you think in future years you're going to be over the income limit for a Roth IRA, you can do a [backdoor Roth]( Unfortunately, at first blush I see no magic bullet for reducing your tax burden any further this year.

personalfinance

strictlyrude27

t3_45sijd

lemonlimecake

czzxe77

Ritchell

czzuaay

I've been that guy that PF warns you about, and I need advice.

Basically never learning any financial discipline, partying too much and living above my means has dug me quite the hole concerning interest and debt. I am to the point where I feel as I'm not sure which way would be best to tackle this debt, and have come to anyone for advice. All accounts are up to date, but I cannot get ahead with the interest. Credit card 15.40% purchases 3020.99$ 25.24% Cash advances 275.37$ LOC 17.50% 3272.10$ Student Loan 7.99% 7374.34$ 1900$ on balance transfer card Monthly income 1800-2400$ take home (950-1300 paid by weekly) Expenses 800-rent (utilities included) 128.00-phone/internet 280.00-Groceries for the month 200.00-Job Expenses (970 left on balance, work in a trade so this can't go until payed off.) 280-estimate on paying minimums on all above accounts (CC, LOC,etc) 80-Car insurance 70-fuel Can provide answers to anymore questions.

Your total for expenses is less than $1800 - so where is the other $600 going in good months? It should be going 100% to debt, in which case you can start to dig out fairly quickly. Cut your expenses more and/or take on more work and you dig out faster. Get a roommate, cut your phone and internet bill in half. Same with groceries. Take on a second job. Keep income well above expenses and focus on one debt at a time. Pay minimums on the others and everything extra at that one targeted debt. When that is paid off, move to the next one, and so on.

Get a roommate rent is too high for you right now. Build a small efund of around $1000 or so. Start knocking out your debts. Getting a roommate alone would net you an extra $400 a month. The rest is just you crunching down and throwing money at your debt. Pick either the avalanche or snowball method and go from there. Actually, I'd definitely start with the highest interest credit card and knock that out first looking at the interest rates. Start with those and pay minimums on rest then switch to next highest and so forth. Good luck!

personalfinance

imthatguythatsucks

t3_7tld2u

zhenya00

dtdbz9a

SoggyMcmufffinns

dtdirrv

Paying off student loans early bad for credit score...??

I have two sets of student loans I've been paying off for ~2 years. The smaller one has only $500+ left to pay (5% interest). The other one is a grouping of two sets of loans at (A) $11k left at 5.350% and (B) $3.5K left at 6.550%. (note that I can't pay A or B separately. My monthly payments to that one go into both repayments). I am currently paying all loans at least at twice the amount owed each month. I am so tempted to pay off that small loan, but I realize it's the smallest interest so I'd be better off putting that money into the A/B loan. But my other question is: Would paying off the small loan negatively affect my credit score because I would have one less line of credit? I know that the longer you have credit, the better, so would be bad to shorten the lifetime of this loan? I'd be saving a little bit on future interest on the loan, but I wonder what would happen to my credit score.

As someone who paid off their student loans 26 years early, I can say, without a doubt, that my credit score was not affected negatively by doing so. Student loans are not a line of credit like a credit card is.

I just paid a student loan off and my credit score DID take a hit. I didn't realize that this would happen, but they closed out the account and my debt utilization ratio went up. It also reduced the variety of debt that I have by eliminating the student loan. Both the variety and debt utilization play a role in the FICO score. As a result, my credit score as per Credit Karma dropped 11 points! If I would have known that this would happen, I would have paid off all but $1.00 and just pay the interest on that for a while.

personalfinance

lathery

t3_qnp0g

csguydn

t1_c3yzym2

c3yzym2

Structura1_Engineer

t1_c3zam0s

c3zam0s

Should I pay my BOA credit card off?

Maybe a simple question but I still want some advice. Right now I'm sitting on about 8500 in savings, and 3K in credit card debt. At the end of this month I will be using 4500 of my savings for a bill from my university (finishing my masters degree and didn't want to get another loan for it) as well as the down payment and first months rent on a new apartment. (1.5K for the university and 3K for the apartment bills). More info about my life - I have 50K in student loans and 30K left to pay on my jeep. I pay 1200/month rent and the rest of my bills total to about 800 per month. I make about 3800/month and try and save at least 400-500 per month for my savings... although that doesn't always happen. I'm currently working on reversing some of my spending habits with some success (less beer, meal planning, cancel some subscriptions, etc). So the question is simple. Should I effectively deplete my savings to rid myself of the credit card debt and start from scratch on the savings, or should I pay off slowly with very restricted spending? I appreciate all your help!

(finishing my masters degree and didn't want to get another loan for it) This is probably not a smart move. The interest rate on your credit card is probably much higher than the interest rate on a student loan would be. The smart move would be to put the cash towards the CC debt and take out the student loan. I know that psychologically you don't want to add to your existing pile of loans, but from a dollars-and-cents perspective it is smarter.

You should take a loan out for school, and pay off the CC debt instead. The interest rate difference will be massive. Then continue to tighten your budget, pay down loans, etc etc. AKA, everything in the Prime Directive in the sidebar

personalfinance

HikerTom

t3_6jetph

rodiraskol

djdu95q

mbb_boy

djefmx4

Homeless woman sleeping in front of my listing

I'm a Real Estate agent in Northern California looking for advice on what to do about homeless people sleeping in front of my listing. Another agent came by the property with his client and discovered a woman sleeping in the doorway. His client was so rattled that they left immediately and didn't even enter the home. I've called the HOA management company but what can they really do? I doubt they will be able to provide constant surveillance. What can I do? I thought about pogsting a no trespassing sign but I think that would be just as threatening to potential buyers as it would to the homeless. Anyone have any experience with this?

Gotta love the greater bay area housing / homelessness crisis. What I've heard of Realtors doing: Pick a homeless person camping out a block or two away, a larger/taller one ideally, one that appears on rough times, but not crazy or on hard drugs. Give him $100 to keep 3 houses in either direction and on both sides of the street clear from X AM to Y PM. If they accomplish that task for this entire week, there's another $100 in it for them for next week. Each known failure, you dock them $20 the following week. Depending on your client, make sure they know you are going the extra mile to help their house be sold for top dollar, at no cost to client.

You should always start peacefully in these situations, you can kindof give them a warning and explain why it's not ok to sleep there, if the problem persist you can do another warning but more aggressively like throwin their stuff out the proprety If this not work you call the police and say the truth. Here I am assuming it's the same person, if every day you got a different person you gotta a bigger problem to solve

RealEstate

Pholove467

t3_claja5

aardy

evu99x5

[deleted]

evv5asf

ELI5: What happens to your debt when you die if you have nothing?

Long story made short: Saw a commercial for life insurance that covers final costs. Googled what happens to your debt when you die. All results assumed you had an estate or had life insurance and your debts would be paid by those and your family could have whatever was left.(If anything) My question is say you have nothing when you die. You rented an apartment so there is no house to sell, you own nothing of any value, and you have no form of insurance that would cover any post life debts. What happens to your debt in that circumstance?

It gets discharged. Some sleezy creditors may try to convince family members that they "owe" the money, but they don't. (unless they are co-signors on some of the debt, blah blah, etc.)

Basically it sits there, doing nothing. I think what's confusing you is that when you die, there are costs involved with things like burying or cremating you that would need to be paid, and often life insurance would pay those claims. If you literally have nothing when you check out, either your family will pay the funeral home, or the state will bury you (in a public "pauper's grave"). Despite what people are saying, debts don't get "discharged" when you die. If you are the only debtor (nobody cosigned the loan), then your creditor will proceed against your estate to get their money back. If you have no value in your estate, then the creditor has nothing to pay the debt with. Eventually, the creditor will "write off" the debt, which basically means that he is resigned to the fact that he'll never collect on it and is officially giving up on ever collecting. That process usually has tax implications for him. Of course, none of this matters to you, because you're dead. Some student loans may discharge the obligation of the parent/guarantor if the debtor/student/child dies, but that's not what you're asking. If you were able to get a bunch of credit cards in your name, you could, in fact, rack up a bunch of credit card debt and stick the banks with it on your death.

explainlikeimfive

rootbeerandsmoke

t3_4rmmud

HashtagFrappuccino

d52ejt4

OneNineRed

d52zbqy

For ER folks that have < 1M net worth, what is your contingency plan if the market drops?

I've been lurking on FI for a long time, and have shifted my finances and general outlook on life to gear towards ER. However, I cannot answer this looming question in my head about what would happen if the market took a nosedive for an extended period of time. I know that some (or most) of you hold bonds in your portfolio, so you could re-purpose that money to buy low. However, if you're still withdrawing the usual $30k or whatever 4% USED to be in your portfolio, won't you now be taking out a larger percentage of your portfolio when the market is low?

The 4% rule has contingency built in for market drops. That safe withdrawal is still safe even while withdrawing during the worst market drops in US history. However, that's not to say those are the worst drops that will ever happen, so there's still uncertainty. While I try not to react in fear, I think it would be prudent not to draw down my portfolio too heavily during big drops (plus it lets it bounce back higher when it finally does recover). So I, like many FIRE people, plan on doing some degree of side work to supplement my income and not just depend entirely on stocks. If you're living on 25k, it's easy to supplement half or all of it. So I plan on cutting back or doing some freelance gigs. While I'm young, I'll be withdrawing the full 4% only occasionally, such as when I'm traveling for extended periods of time or face bad luck. It's there to make me feel safer as I take risks that would be dangerous for someone living on all of their income. By not leaning heavily on my portfolio, I'll get richer over time and I'll be able to depend on it more. While the 4% rule is pretty safe, I think it would be foolish to just go on autopilot, stop all work, forget about managing your investments, and just hope the money will keep on coming. Early retirement is for people who are willing to rough it and make tough choices. Relevant:

What many have said is to not spend the 4%, this in effect is making variable decisions. The question is how to systemize these variable decisions. Zolt and Guyton have systemize these. The end result is that they are able to achieve a higher rate of withdrawal initially, while not increasing the spending during deflationary recession for inflation. There are much systematic rules that you can carry out [variable withdrawal decisions that make $500,000 possible for FI](

financialindependence

megamunch

t3_2zcqem

2np

t1_cphpiko

cphpiko

kyith

t1_cpinnwn

cpinnwn

Facebook says it may owe up to $5 billion in taxes

I'm very interested to see what happens if the courts decide that Facebook does owe that much. Will the IRS demand a lump sum (since it's for a previous year)? Or will they accept some sort of high-interest payment plan?

Yep, that's corporate welfare here in America, in all honesty all the major tech companies should owe more in tax then than they ever pay, bit in guessing all the tax loopholes that they avoid are what are able to keep them consistently growing

I have this idea for how corporate taxes should be done, disregard the political impossibilities please. Take their worldwide reported profit. Take the worldwide reported revenue. Take the country's reported revenue. Divide the worldwide profit by the worldwide revenue and multiply that by the percentage the country's revenue is of the worldwide revenue. So: ((Worldwide profit)/(Worldwide revenue)) * ((Country's revenue) / (Worldwide revenue)) And then charge whatever percentage you want as a country over that. I'm sure this isn't an original idea but I haven't seen anyone talk about it yet.

investing

Noobinabox

t3_4v6kjj

Jordaneer

d5vuot3

IIoWoII

d5x2xuj

Is it better financially to start paying up a larger, long term loan than a short one?

I have two loans (mortgages) with the same interest rates. One is a long term loan with ~32 years left, the other is a smaller loan with ~2.5 years left of payments. I can start making small incremental extra payments into one of them. Is it better to pay off the larger debt or the smaller? It seems to me like in the long term it would be better to pay off the larger debt, but maybe I don't see things clearly.

Ideally you should pay the extra towards the smaller one. Here is why: Once that smaller debt is paid, it will free up funds, you can then apply the available funds that you were paying into the small one and apply them to the larger one. In addition to paying it off, its really motivating to know you wiped it out and will encourage you to stick to wiping out the next one. Good luck, 1st time in my life I am 100% debt free. I worked really hard for the past several years and I now owe not a penny to anyone and have amassed a decent amount of cash in savings too.

Your cash flow determines how much you can pay. Paying off the lower amount soonest will increase your cash flow, which then enables you to pay off the remaining loan sooner.

personalfinance

arnorhs

t3_19e63z

jdom22

t1_c8n801b

c8n801b

Sanctume

t1_c8nd3v8

c8nd3v8

Buying a weekend car?

Hey guys, I wanted to run this one by the group. I've been pretty diligent in paying off debt and generally living a frugal-ish lifestyle, almost to a point of feeling guilty anytime i make a big purchase. Here's my dilemna: I'm a bit of an car nut, and have had the itch to pick something up as a weekend toy. The vehicle in question is a 1993 Toyota MR2 Turbo. Seller and I have a tentative agreement at $7500. Here's my current financial situation: Income: $100k/yr Savings: $23k Debt: $7k Monthly living expenses: $2800-3000 I'm currently also paying for a wedding coming up (about $8k), which i've already allocated my next quarterly bonus to. My finance brings in about $45k and has minimal debt. Based off of this rough snapshot of things, is it OK to "live a little" and pick up the car or perhaps hold off? Thanks in advance for the feedback!

Debt 7k Paying for a wedding 1993 Toyota MR2 Turbo Going through that list, you should clear the debt first before buying a weekend toy. And make sure the wedding is covered. And, +1 to being a 'car guy' and not following it with "So I'd like to buy this 2016 Mustang or 2015 Subaru WRX that is 2/3 my annual salary." Also, relationship-wise, talk to the fiance. Make sure whatever your living situation is post-marriage that it can handle 3 cars or that you're comfortable with her using one of yours. And if that MR2 is a stick, that she knows how to drive it.

Make sure you set aside $ to replace the stock CT26 turbo with something like a 3076r or t3/t4, and while you're at it do the injectors and standalone ECU.

personalfinance

PocketWhales

t3_74nyph

theoriginalharbinger

dnzr2ce

s3trios

dnzytjh

FIL Wants to Sell Farm-Land in MN. What Costs Can He Expect?

My FIL is looking to sell 60-70 acres of cropland in Goodhue County MN. He purchased it from his late-father's estate (either this or he bought out his siblings portion of the inheritance) for $1k/acre in the 80s and expects to sell for around $5.5k/acre. It will probably involve re-parceling of his land so he can keep the areas he wants still and sell what he doesn't need anymore. Costs I can think of include the following: Capital Gains Tax Surveying Fee Whatever the cost is to legally change the property lines on his parcels Closing costs (?) He knows a lawyer in town that helps him with this kinda stuff but I'm not sure if he'll need a real estate agent or anything Does anyone have any rough idea of the costs of these (besides taxes, I found calculators for that)? I'm also asking for my own sake so I can understand the process and help him make decisions.

He should talk to his lawyer. His lawyer will know all the costs. It will be very, very easy to find a buyer. You’ll likely have farmers jumping at the chance to expand their operation. I work in the ag industry in ND. Land sales are usually done via a sealed bid submitted to his attorney or they can be done on an individual level, i.e. visiting a neighbor and asking if they would like to buy the land for the FIL’s asking price. One recommendation I would make is that if a farmer is already farming some of the family land, give he or she the first crack at purchasing the new land. You don’t have to just sell the tillable acres at a $5.5k/acre rate. Pasture, hay land, and even sloughs come with the farmland. That’s because land sales are very competitive. And you’re correct that $5.5k is a reasonable estimate. Goodhue isn’t far from the Iowa border, which is prime farmland. Iowa, Indiana, and Illinois are known as the “I states” in the ag community because the farmland is so rich and fertile. Southern MN isn’t as valuable, but cropland in the I states can sell for $15k/acre. Even some of the crappy, sandy soil in parts of ND sell for $2-2.5k/acre, just to give you perspective. I really wouldn’t worry about anything if I were you. Your FIL’s attorney will be well versed in these things, and farmland sales are much less work for be seller. No open houses, no renovations, no competing with 200 other houses for sale in the city. Farmland is a finite resource that doesn’t become available as often. If you’re not familiar with farmland or ag in general, it’s best to let the lawyer handle it.

Why does he expect 5.5k per acre? Is this consistant with other sold acreages of similar type in the area? Are you sure the property is eligible for further subdivisions? Do you have a buyer? If not, where are they going to come from?

personalfinance

Snooberrey

t3_b5q772

jachildress25

ejfm65x

PM_ME_YOUR_TIFA

ejfcgom

Any tips on budgeting for a person who makes all cash?

I'm a bartender, so a majority (read: 97%) of my monthly income is in cash tips. I try to go to the ATM as often as possible, 2-3x a week so I can see how much is in my checking account and pay bills from there. But it's not working for me, and I'm not saving as much as I know I should be. I'm 24f student (not in the summer), but have to pay $1700 before I can register to take classes beginning in August, as well as $600 on my car. So $2100 immediately. My income is $3400/month, expenses ~$2000, leaving me with $1400/month. Admittedly I eat out more than I should, but don't shop often. I have an active social life so I like to have entertainment/fun money set aside. Thanks to housing change, and no return security deposit, I am currently living "paycheck-to-paycheck". My one credit card is all but maxed at 1k (payments accounted for in expenses). I had a ~$4k emergency fund a couple years ago but now I have none. I just lost a relationship with my father who I would usually turn to for advice like this so I'm kind of at a loss. Any tips on how to pay off the $2100 with what I'm working with are appreciated, as well as any thing that changed your mindset on budgeting in your 20s. Thank you.

Track everything you spend. Make a budget. Your budget doesn't care if your income comes from cash, direct deposit or elephant poop. It's a reflection of your priorities. Which is more important to you right now, getting back to a good financial spot, or eating out and having an active social life? If you have 1400/month that you're already saving, what's the issue? You want to save more from the 2k?

It would be more helpful if you list out all your expenses so we can tell you where else to cut back. From other comments, it seems like you are being resistant to cutting back on eating out so lets figure out where else we can help you. Just off the top of my head, some basic ideas might include: shop around for cheaper rent, car insurance, phone plans. You don't need unlimited data if you work in a bar with wifi. Cut cable if you have it. Any big recurring monthly expense can always come down. Once you get a handle on where all your money is going, it should be relatively easy to pay off your debt. 1000 credit card debt is peanuts compared to what we usually see on here. In fact, even if you make no changes to your current budget, the numbers you posted seem to me like you could pay the entire balance down in one fell swoop. Highly recommend doing that to get out of the 22% interest rat race.

personalfinance

kaylalalas

t3_6fhkxy

CapitalNumb3rs

dii7toa

thatonecoolkid99

dij3jd8

Could Trump be purposefully dropping markets w/ his tweets?

I need some input on this thought. Could Trump purposefully be dropping tweets to bring the market down in order to prevent a blowoff top? The DOW made a hockey stick in Jan 18, and hasn't gone anywhere since - and perhaps it's not just Trump.

My theory is he is fighting with China until early 2020 so the market can respond positively into the election. Gotta beat it down now to get the pop then again. He can also then say look at this great deal I just made with China which I guess with be woese than he could have got earlier on.

He obviously knows what’s going to happen. He may or may not let others know when he’s going to do it. Damn, I wish I could get on that list though. Maybe I can seduce the daughter.

StockMarket

structee

t3_cufom5

DrinkNKnowThings

extxet4

Fineous4

exuez8a

How do you budget in Mint?

I'm just curious how people configure their budgets using Mint software. It's got some customization to cater to virtually any budget you like. Currently I'm using a 75% Necessary, 10% Entertainment, 15% Savings plan where place each of my transactions. Despite being able to track where my money is going in a simple interface, it hasn't really been helping me budget as effectively as I'd like, and I still go over by about $500 to 700 each month. What strategies have you implemented within Mint?

Ignore the percentages. They'll cause lifestyle inflation. Go with actual amounts. I still go over by about $500 to 700 each month Look, budgets are a guideline to self control, but they won't be your self control for you. If you are justifying unnecessary expenses to yourself beyond your budget, you need to stop. You need to make it as difficult as possible to spend that $500-700. Sign up for text alerts, and make it as annoying as possible. Crystalize your credit cards by putting them in a glass of water and keeping them in the freezer. There is also the possibility that you have expenses that could be considered unnecessary, and maybe you haven't budgeted properly. What does your actual expenditures last month look like?

I put the absolute maximum I can spend in each category. Sometimes I'll move values around if it is a big purchase, but the amount stays the same. It really bugs me in Mint though that I have one "red" month in my budget because I didn't make quite as much as I thought that month, even though I was below that amount and below in every category.

personalfinance

BALLS_SMOOTH_AS_EGGS

t3_1u0kp9

zonination

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cedc0ps

TLGJames

t1_cede12f

cede12f

Is pet insurance worth it?

My wife and I are about to adopt a second pup... this one a bit older and is 4 years old. Our current pup is 2 years old. We're extremely active and bring our pups to the dog park every day. We have a fairly large emergency fund sitting at $15K and were easily able to afford the cost. I'm wondering if pet insurance might be worth it for the peace of mind. I've heard healthy paws is great. For those who have it/or have thought of getting it -- can you provide your rationale for why you do or don't have coverage?

It can turn out to be based on your circumstance. But, keep in mind that the insurance companies are in the business to make money. So, in the long game, the insurance companies win. Some people end up ahead because of catastrophic events. Sure, you can buy it for the peace of mind, but that can also turn out to be a very expensive peace of mind over time. Take that money and put it in a pet emergency fund. If you can afford to take care of emergencies for your pet, you are better off self insuring. Over your lifetime with multiple pets, you should come out ahead.

I pay for healthy paws ($35/month) in the instance that if you need to decide if your pet should have treatment or not without needing to think about the cost. after watching dr. Noah on Netflix, I saw too many owners unable to pay for their pets treatment and having to let them go so this prompt me to get insurance for my pup. honestly, I spend more than 35 for a round of drinks, I can definitely spare that for my puppy's life.

personalfinance

doneanddone12

t3_983ipl

netscooby

e4cz0jv

vdk7771

e4d87ac

A year after I found this subreddit

Greetings fellow pf redditors, I've been lurking this sub for a year now, and I can't thank you enough for all that you've done for me. Please note that I'm not from the US, I'll write numbers roughly jnto dollars so you can understand it easily. A year ago, I was a 24 y/o guy making about $400 a month and with a huge debt and horrible financial discipline. Here is how my debt looked like: *$80 car loan *$35 cash loan *$30 credit card *$50 a month in checks *$400 allowed minus loan with no monthly payments except for a huge interest (about $15 a month) That's $210 a month only for debt, and I also had a huge phone bill, awful handling of the money I had and 0 in savings. It took me long to realize I'm an idiot and start getting my ass out of the loan, and the only thing that woke me up was this subreddit. First thing I did was to pay off my allowed minus and stop wasting money on interest. It wasn't easy, but I pulled it off. I've realized that with current job it would take years to pay them off, so I grew a pair and quit my job to start a career in a whole different field, which turned out to be the best decision I've ever made. I've tripled my income to somewhere about $1100 a month which is a lot for my country. Tomorrow is the day I will finally pay off my credit card, and the only debt I'll have is the car loan. It will take me some time to pay it off, but I've learned to be patient. The best thing? I actually have an emergency fund. It's not a lot, but it's steadily growing every month, and I'm so happy about it. I feel like I'm becoming more frugal as the time goes by and just want to pay off all debts and save as much as possible. I still get impulsive urge to buy unnecessary stuff, but I'm handling it quite well so far. I'm not sure where to go from here, how to save/earn even more, but I hope I'll find a way. I have a problem with my habit to procrastinate and deliver work in the last moment, which does not allow me to work extra hours to earn more, but that is a whole another thing I need to work on, although any advice is appreciated. I hope my story will inspire someone to start taking their finances seriously, and I want to thank each and every one of you for being here.

Wow, having more than 50% of your income going away for debts only... I don't know how did you manage to live on that amount of cash, but congratulations for getting through.

This is inspiring. Right now, I'm roughly in the same position you were last year. I really want and need to make some monetary changes and become more financially independent. So, it’s good to know that (with self-control) it's possible within a year's time

personalfinance

Aca916

t3_571f4r

PM_ME_UR_SOMETHING_

d8o5blk

OxymoronMe

d8o63fe

Are tax returns taking longer to process this year?

I filed mine with TaxAct 4 weeks ago and still haven't received my federal or state refund. Both say they're still being processed. In all of the years prior to this I received my refund within a week of filing.

Not mine. I filed with TaxAct and received my state refund in about 4 days, then my federal in about 10 days. Both were direct deposit. Also, both returns were accepted almost immediately.

I filed two different state taxes and the federal around Feb 6th. So far I have received sate 1's return and federal return. I ended up owing a whopping $10 to state2 and have yet to have that deducted.

personalfinance

[deleted]

t3_2wjpol

a_wright

t1_corgn1q

corgn1q

PrincessPaeonia

t1_cors8ba

cors8ba

Looking for some financial advice. Need to know if there is something else I can do to better my situation.

Fellow Redditors, I'm wondering if any of you financial savvy types could take a look at what I'm currently making/paying and see if there are any changes I can make to better this situation. Assets: - Checking: $3000 - Savings: $6250 @0.15% - Employer matched retirement: $5037. Current contribution is 7.9%, with the company matching up to 7.1% Debts: Credit Cards: $0 Student Loans: - $45K in consolidation loans at 6% - $13K in a private student loan at 3.2% Currently we are a single family income household while my wife finishes her Doctoral degree, so for now the following bills are also all mine to enjoy: - Rent: $950 on a month-to-month lease and actively searching for something cheaper - Elec/water: $90/month - Gas: $100/month - Groceries: $300/month - Loan payments: $550/month I make $2500/month, and the only thing we really spend money on are these bills. We make maybe one major purchase a year, and this years was a month ago when we paid cash for my wife's new-ish car. No partying, no vacations, just work and bills. The current plan is to only pay the minimum on the consolidation loan for the next 9 years. As a public employee on the income-based repayment plan, if you make 120 consecutive payments on time, your loan is forgiven. So that is the plan for now.[link]( The only thing I can really see to change would be the rent, and possibly a better savings account. Any thoughts?

It sounds like you are pretty on top of things. You know your monthly expenses and are proactive about debt repayment. At this point your time and energy might be better spent trying to advance your career rather than comb through your budget for more opportunities to pinch pennies.

I actually put together a tool to get a handle on this kind of thing: Once you put in your numbers, it'll spit out an excel file that'll give you a better idea of what your financial picture will look like over the next year (cash levels, debt levels, how much you're paying in cash vs interest, etc) Seems like you have a pretty good grip on things though. I'd get that cash in your savings account in an equity index fund (or a CD or something if you're risk averse). Your loan rates seem pretty reasonable, so it's probably a wash between putting putting your positive cash flow into investments or using it to pay down debt. I'd make sure you have a credit card or two available in case of unforeseen events.

personalfinance

MTrx7

t3_19qmlo

Software_Engineer

t1_c8qfvba

c8qfvba

jglh

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c8qlii9

Single, bought a duplex live in one side and rent the other out. Have questions on future investments?

Hi all, so I'll get right to it.. I am 25, salary of 105k a year. I just bought a duplex for 360k. Mortgage with property tax is roughly 1000 accelerated biweekly. My rental income is 1200 a month. I have been saving the rental income in a separate account and hope to save up enough for another investment. I have been told to try and save 100,000 so I can start making more aggressive investments. I'd really like to start being more aggressive in my investments but don't know where to start. First initial thoughts were to buy another rental property or even a commercial plot and try to develop the land eventually? It would take me roughly 3 years with rental income to save 100,000. Thoughts? Advice? Thanks

If you are waiting 3 years, pick the investment then. You might find your priorities or the markets change in that amount of time. In the meantime look into the posts here about investing and see if anything grabs you.

This is roughly my plan, to slowly buy rental properties. Ny suggestion is pay off the current duplex. You may not agree, and you could increase your investments, however you could also decrease your risk. Me- paid off house, saving for a rental property. I plan on buying a foreclosure and getting a deal by paying cash. I am going to choose single family homes so if i need to sell one my buyers market is wider than trying to sell a multi-unit. Sure i could take a loan out, but id rather eliminate my risk. My mom and step father- had a home mortgage and took a loan out for a 4 unit complex, couldnt get renters had to short sale it. By paying off my house i increased how quickly i can save for an investment property and eliminated my largest bill and risk. By saving and paying cash i eliminate another risk and bill and if i don't find renters or decent renters it can sit empty and will not be a liability as I'm not dependent on rent to pay the mortgage.

personalfinance

seahorsesaddle

t3_2zoywi

ooeei

t1_cpkxliw

cpkxliw

LewsTherinT

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cplj4sd

Landlord wants to buy out newly signed lease.

We live on a double lot and the landlord is selling the front unit. We texted our landlord today asking for a sign to designate or yard after a real estate agent and couple looking at said front house came into our yard. He responded asking if we would consider moving for some amount of money. We live in a great location, currently pay $1675 for a 2/2, and have 22 months left on our lease. We have been actively paying off debt to be at 0 by the end of this year so we could aggressively save next year to buy at the end of our lease. What would be an appropriate amount to negotiate?

If you don’t want to move then you’re always free to say no. If you do I’d probably check what comparable prices are in the area then at a minimum request moving costs+any difference in rent x 22 months+a little bit more.

It depends on what your other options are. Look around a bit. If you find something that would make you as happy as the place you have now ask for the difference plus moving costs and a little extra for your trouble.

personalfinance

sjbolton

t3_cvw6fe

OtherPlayers

ey6sxln

nednobbins

ey6y8le

Bank is reporting my foreclosure as 6/2016 even though it was final 11/2011. Help.

I have contacted credit agencies for the last few years regarding Home Federal and Mortgage showing my foreclosure as 6/2016. I submitted the notarized court document showing my foreclosure was final 11/2011. I pulled my credit report and it's showing foreclosed June 2016 with 180 day late payments from 9/2011 to 9/2013. However, I have court documents showing the foreclosure was final 6/2012. Every time I dispute this, the bank replies back to the credit agency that all the dates are correct. That even though the court document states my foreclosure was final on in November, 2011, the bank states I was late on mortgage payments from 2012-2016 and the foreclosure was final in June, 2016. I filed a complaint in December 2016 with the Consumer Financial Protection Bureau about Equifax. Same thing happened in that they contacted the bank, the bank says the dates are correct, Equifax responds the dates are correct and they will not correct them. What else can I do?

Stop talking to third parties and start talking to the bank. Inform them of their mistake and provide them with a copy of the dated court documents and tell them to fix it.

Ok, lots of info to share. The foreclosure is official when the bank actualy takes ownership. This has really screwed some people as some banks took years to actually foreclose. So, you need to contact the county clerks recorders office and find out exactly when ownership passed. If it was a judicial foreclosure (depending on state), then the court docs should reflect accurate date. A local mortgage person or title/escrow person can pull county records on the fly. I may be able to personally depending on the state it happened in. If it isn't reporting accurately on credit, Google cfpb and file an official complaint through their site. The fines they levy are terrifying to lenders. Typically jump to $1m on third offense, so that is the fastest way to fix it. Legally they can report the foreclosure on your credit, and it will stay on 10 years from date of last activity. Here's where you want to check your dates. Activity is technically the last payment you made, or possibly correspondence agreeing to make a payment. Ultimately this will also get fixed via an official cfpb complaint as well. Provide the cfpb with all the documents you can, including how it's reporting on credit. Talking to the bank is old school, at least since the govt created the credit police. I say contact creditor once, and if they don't send you clear concise information on letterhead to provide to credit bureaus then file the complaint. Being in the business for years, I really like the cfpb. They fix credit issues fast... Used to be creditors would knowingly report inaccurate numbers if you owe money still (some still do this) to hurt your score and try to get money from you. Now they remove or fix incredibly fast to avoid the excessive fines. End of the day the actual passing of ownership for the foreclosure will trigger your waiting period for getting a new mortgage loan. The date it lasts on credit should be based on last payment made, activity date... Good luck,

personalfinance

yankeecandle1

t3_5nt033

SpicyThunder335

dce3xa5

sliight

dcenxo0

Flatmate not paying his (half) of the bills and rent unless I keep asking him to

We have been living together for a few months now and we are both students. He has financial issues and he delays or does not pay bills at times. This is not something that I have dealt with before, and I wouldn’t like to keep running after him to pay his half. Advice will be highly appreciated.

Do you have a lease for where you're living? Is his name on it too? Create a boundary. "All bills will be paid by the due date. If you're unable to adhere to this, you'll have 30 days to find somewhere else to live." Then enforce that.

It's a tough situation, obviously. Are you close with this person, or is it just someone you're living with for convenience and financial reasons? Is it possible that you could find a new roommate? You should not have to chase another adult down to pay bills you've already agreed ahead of time to split. A couple of my suggestions: 1.) Pay all bills/rent on the first of the month. Assuming this is when your monthly stipend is paid out. This way, he'll pay his bills before spending his money on other things. 2.) Get a white board (dry erase board) and put it up in a main living space. Write all your bills on it, when they're due, and what each of you owes. Use a green marker to mark what's paid, and use a red marker to write what he owes. This is like public shaming, and maybe he'll get tired of seeing it and get better about paying you. 3.) If all else fails, get a more responsible roommate.

personalfinance

blueskiesred

t3_ah9jnn

BellCracked

eecidlr

thackerh

eecvkax

0/Low Risk , Liquid, Higher Return - Where would you put your rainy day fund?

where would you dump your rainy day savings. Is a savings account my best option?

Guess it depends on exactly how much money is in your rainy day fund... and how much risk you can tolerate. My savings account has about 5% of my net worth. The rest is invested in stocks/mutual funds. If you really want no risk, I'd put it in one of those online savings accounts paying 1% per year.

Cash. Even money mkt has risks. For a true rainy day, nothing is more liquid than cash. And at current rates, I'd keep it physical. Assuming it's less than 10,000

investing

ajameswolf

t3_2okblf

wetshaver

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cmnwv4w

rib-bit

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cmnzb9u

26 Year Old Considering Buying a Home

I am 26 years old with almost no debt (small car payment). Currently renting a house with some friends but am ready to get my own place. I currently have about 50K or so between savings and mutual funds. I make around 45K a year with room to grow in my position. I understand that with this income level, my loan to income ratio will probably be a little high--but I will be able to put down a sizeable downpayment while not handcuffing myself. My brother has already said he will help with any issues/repairs that may come up inasmuch as he can. I have been casually looking at homes in my area between ~200-250K. I had planned to talk to a lender about pre-approval but wanted to get some thoughts on my plan from people who know a lot more about this than I do. I plan to stay in the area indefinitely after purchasing a home. Is this doable for someone in my situation?

IMO, you should be looking at houses around 150-200k at that income level. Unless, you really think you're going to be increasing your salary level quickly. I would also advise maxing out your IRA every year and putting as much as you possible can into your 401k through work, if you're not already. If you're maxing your IRA and putting enough into your 401k and feel like you can manage that 200-250k mortgage then go ahead. You must have very small monthly expenses/hobbies.

I've always been a firm believer in the idea that you should buy the cheapest house you can that meets all your requirements. If you plan on never having kids then you should buy a small house in an area that doesn't have the best schools. If you do plan on having kids you'll obviously want a bigger house in a better school district. Whether or not you can afford it really depends on your expenses and your future life plans (again, mainly the kid question). Using Zillow's calculator a 30-year mortgage on a $200k home with a 20% down payment (leaving you with a $10k emergency fund) comes out to almost exactly $1k a month. Add in $100 or so for maintenance and whatnot, then subtract what you currently pay in rent, and see how that effects your budget. For a $250k house you'd have to use all of your savings to get to 20% (and avoid PMI) and your payments would be about $1.2k a month. One last thing to keep in mind, you can still rent out rooms when you own a home to help ends meet. I wouldn't count on it personally, but it's still an option that people never seem to consider.

personalfinance

MoopJuice

t3_2r8ea7

Hackanddash

t1_cndk6jj

cndk6jj

ajswdf

t1_cndqwpo

cndqwpo

Friendly Reminder

Don't get upset if someone posts screenshots of how they gained 500%, 1000%, 8000%, or whatever in 1 year. It is understandably frustrating when you're sitting on modest gains while know-nothings brag about how they turned a couple hundred into a couple thousand over a few months, but let me assure you: those cases are extraordinarily rare, and the other 95 out of 100 people will probably have lost money that way (30 will probably lose most of their initial capital). Remember that as an investor, you have 2 goals: preservation of capital (money required to stay in "the game"), and steady gains. This means that you are REQUIRED to diversify, and do your DD on whether the stock's growth prospects/fundamentals are sound. Sure, you can throw a few bucks here and there into weed or meme stocks, but a lot of it simply boils down to sheer dumb luck. Did anyone foresee Veritone, an extremely speculative "AI" stock, would shoot from $20 to almost $70? Did anyone foresee garbage stocks like Twitter (loss-making) would gain 45% in 2017? Did anyone foresee Canopy Growth would shoot from its properly valued $9 to almost $30? No, almost nobody did. It was pure "luck" and FOMO. Anyway, to avoid dealing with instances like these (esp. on the Internet where anyone can lie or even photoshop their portfolio's "performance"), I simply do the following: 1) Ask what investing philosophy that person uses 2) Prove that their previous calls/advice on what to buy have managed to beat the market in the past (a method called "Backtesting") If they cannot satisfy these 2 criteria, the person is probably lying/hoping to "get lucky." Don't bother with these people, you might as well consult an ouija board or throw darts at a financial newspaper.

I'm not saying you're wrong, I'm just letting Mark Cuban say it Actually, I feel like the takeaways from this isn't necessarily that diversification is bad, because it's not. But if you aren't going to diversify, then the goal should be to not play the market at all, so you have free cash, until a deal absolutely too good to pass up arises. All in all, I have had to learn the hard way that not diversifying can be great, but it can also be horrendous. At the end of the day, in my opinion, diversification isn't necessarily about making more money, it's about sleeping better at night.

I'm starting to approach the Trading and Investing world nowadays, and I can't stop cringing at the "betting" and bragging approach that some "bros" have towards the economy. Thank you so much for your words.

stocks

Trivirus

t3_7o0orl

Saucepass87

ds6a3b1

Fast_Lab

ds6924s

How many people do FIRE out of financial paranoia?

You could be worried that when you're 40, you won't have a career for some reason (automation, health problems, etc). I'd say this is a big contributing motivator for me, how many people does this apply to?

I was in a cycling accident when I was 25; busted both wrists, cracked an elbow, broke a few fingers, herniated a disk at T4-T5 level: right between the shoulder blades, or nipple level. My back problems just kept getting worse and worse, and some doctors said I would end up in a wheelchair by the time I was 50. It hurt to do.... pretty much anything, but I knew that tomorrow it might hurt worse or it would be harder to do things from a wheelchair, so I used it as motivation. Instead of getting worse, I very very slowly and painfully got better, but I actually tried to hold onto the paranoia a little. I still use it sometimes. Like this: sometimes I feel like I just can't work any harder but I'm really close to getting to a milestone. I know that I feel like I just can't do one more thing, but I tell myself that if somebody was sitting there with a gun pointed at my head I'd do it no problem. So, I do it as if I have a gun pointed at my head I know this may not be the healthiest approach; a few years back I realized that I probably wouldn't end up in a wheelchair and I've been making efforts to spend more time doing nothing and going on road trips for fun. However I can't deny that this little mind trick serves it's purpose,

My SO has recently gotten really paranoid about how climate change will make things worse and worse and increase COL. He's afraid that only people with enough money will be able to afford basic needs. We are well on our way, but this makes me concerned that he will never be satisfied with reaching "our number." I wouldn't say this is our why for pursing FI, as we've been at it for 5+ years, but it's becoming a larger and larger factor.

financialindependence

pangea67

t3_cfp4p9

IGnuGnat

eubi8lg

desertflower2917

euc6oki

Uber earnings nonsense

Look their lockup period expires on the 6th and they report earnings on the 4th. Is there any reason to believe that even with a good earnings they will rally? I mean either way I think shareholders are looking to dump shares. Unless Uber finds a way to hype space travel I don’t see a reason to keep the investment.

Even if they beat earning and revenue estimates, chances are the stock is gonna behave like Beyond Meat. Its gonna go up for a bit but then tank from all the insiders dumping their positions like a kid with diarrhea. Remember, this is a company backed originally by Softbank, so just like WeWork, their valuations must still be sky high when compared to fundamentals and insiders know this.

I don't know man...I think the 29 end of week calls look pretty nice... definitely not saying that because I'm selling them. On the real though, people buying calls hoping it might go up are actually retarded. Even if they only lose $0.30 a share, once lockup is done The stock is going to tank. 80% of their stock is being held in lockup. Enjoy seeing a bloodbath on the 6th.

wallstreetbets

CarlCarbonite

t3_drf1lq

GushingGranny1

f6ie27g

PleaseBuffTechies

f6jcrdy

Buying a House in Cash

I'm looking for advice, opinions...especially of those who have done this or wanted to. My family has been in the unique position of having location based pay in a very expensive area, where we purchased a house (450k on a 15 year mortgage, location based pay completely covers mortgage+HOA+utilities). When we move next year, we'll have more liquid assets than we ever have had before since we'll own almost 50% of the house. We already have 1+ year of expenses of emergency fund and fully fund both spouses' IRAs each year as well as a college/whatever mutual fund for our child. We will be moving to a much lower cost area next year. Our location based pay will obviously decrease. I want to purchase a house in cash with the principal we will cash out of the current house. My husband is torn, doesn't know if investing the 200+k and getting another 15 year mortgage is a better idea. I know a lot of people think investing will net more than the 4.25% (

Probably not a popular opinion given the focus of this subreddit (and I'll admit that the money could have earned a better return elsewhere), but I paid cash for my current home 6 years ago and don't regret it at all. I rode the crazy ups and downs of the stock market and bought and sold multiple houses in the 80's and 90's and 2000's, and learned that I personally don't deal well with the uncertainty-induced stress. I love knowing, as things go up and down and round and round, that I own my home. I don't know how to quantify it in dollars, but the value to me is real. And high. But then I'm 48 and would be comfortable staying in this house for the long haul. Very different situation than a younger person trying to grow and build equity, knowing that they're going to move up later.

wait until sunday morning when all the investors of reddit read this and scream at you for not taking advantages of the mortgage tax benefits and not investing in legalized gambling referred to as the stock market. if i had the $, i'd definitely buy a house in cash. no banks, no headaches, no worries about the banks screwing up and accidentally repo'ing your house.

personalfinance

Kaentha

t3_17c9ds

BrozoTheClone

t1_c8476x0

c8476x0

touristoflife

t1_c849kbc

c849kbc

I am behind in life, have never had a real job, half of my family just died. Can you recommend some reading to help me get my shit together?

Hey guys. I don't want to go into too much detail, but for reasons that you can probably infer, I'm at an all time low. I did graduate from college a few years ago, but never got a job after graduation for personal reasons that won't translate onto a (blank) resume. I also have no idea how to pay taxes or even rent due to living at home, know ZERO about finance, etc.. I am like an overgrown baby more or less and it is really embarrassing. After losing so much of my family, it has really shown me that life doesn't look out for anyone, and that if you don't take care of yourself you will get crushed. So now I'm in panic mode, trying to go from 0 to 100 on how to be an adult and know things that I need to know to not fall behind even more. &x200B I guess I am looking for any tips you guys have on how to do this, whether it be life advice in general, recommended reading for finance or just motivation in general, etc.

I hope you'll consider getting some therapy. Dealing with several major losses at once is very difficult even when the rest of one's life is going okay (which isn't the case for you.) A grief support group might also be helpful. A lot of people find the early years after graduating from college difficult if they haven't figured out what to do next, and so it might help a lot to have someone to help walk you through that. I wish you all the best. You might also want to check out r/internetparents for some very kind people who may have some good advice.

After I graduated college, I didn't have any work experience so I ended up getting a job at Kohl's Department store as a support associate (which is basically stocking the floor). That work experience got the attention of a staffing agency that got me a data entry job. I was suffering from severe depression so I ended up not working for a while until I felt well enough to get a job, which happened to be at Macy's as a support associate. After that, I went on indeed.com and found a job working at home as an independent contractor editing web pages. I also did some volunteer work in between jobs, which counts as relevant experience. Now I'm back to working for an agency. The takeaway is, any kind of work/volunteer experience will get you more work. Being employed by any company, in any position shows other employers that you're a good worker and are worth hiring.

personalfinance

AntiquePresent

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ihatehemingwayclub

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manilavanilla1

em4kajy

As a 28 year old, how am I doing? Where can I do better?

I just want to see how I'm doing financially, and where I could improve. I just started a new job. It basically doubled the salary of my previous job, and has great benefits. I do well at living within my means. I rent a cheap apartment, and don't have any expensive vices. My previous job was in a different state, and I had just purchased a duplex at the beginning of the year. I remodeled one side and was living in it, while renting the other side. It's now handled by a property management company that takes 10% of the rental income. So far there have not been any major issues (fingers crossed). When there are no maintenance or other issues I make about $500 a month on the rental. Checking balance - $13,000 Monthly Expense- 1) Rent/Water/Trash - $525 2) Electric - $40 3) Internet - $40 4) Groceries - $200 5) Gas - $40 6) Credit Card - $200 7) Student Loans - $500 8) Rental- $880 -------------------------------- Total = $2225 Monthly Income- 1) Net Salary - $3,300 2) Rental - $1,350 -------------------------------- Total = $4650 Rough amount left over at the end of the month = $2,225 I have $3000 in credit card debt from remodeling the rental property, but the card is at 0% APR for another year and a half. I'm making equal payments, so that by the end of the APR promotion the card will be paid off. I also have about $50,000 in student loan debt that I've been paying off rather aggressively the past few months. It's a mixture of public and private loans. I've made the private loans a priority. These are the private loans. $5,407.03 - 9.74% $8,900.50 - 2.75% $13,100.42 - 7.24% I've knocked the 9.74% loan from around $6,000 to the $3,000 by paying an extra $1,000 the past 3 months, and my goal is to have that loan paid off by the end of the year. And then just do the same for the 7.24% loan. I have a 401K from my previous job, but it only has about $1,500, and other than that I have not been putting any money into savings lately. I also have a VEBA account which receives $200 pre-tax every month. In a couple months (6 months from the start of my new job) I have a performance evaluation with a possible merit increase of up to 4%, and then annually from that point. I will also start receiving 6% of my salary into a public retirement fund and another 6% into a pension fund - all paid by employer. One of my main questions is what should I be doing with that extra $2,225 a month? Is it smart of me to put a whole $1,000 towards that high interest student loan? What should I do? A year ago I was pretty worried about my situation, but getting this new job has really given my a boost. I think I'm going to be alright. I appreciate any advice.

If you are comfortable with the current 6 months emergency fund you have, then I would suggest throwing as much extra income at those high interest student loans as possible right now. If your retirement account comes with some sort of match, then once that starts I would suggest putting just enough to get the match, and then put the rest to the student loans. With those highest APR student loans, every dollar you put toward paying them off nets an automatic 9.74% (or 7.24%) return! That is an excellent return rate!

IMO, you are doing pretty well. You seem to have a good 'money head' on your shoulders. Stay the course. You might, in the future when your loans are paid, want to start an IRA and a trading account; it is never to soon to start planning for your financial future and comfortable existence.

personalfinance

justhatoneguy

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ElementPlanet

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ckv3pwc

pithecanthropusrex

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ckv3ydr

Someone educate me on my credit card habits, I didn't realize I might be doing something wrong.

Hey everyone, I have a bit of a different situation regarding my credit card habits and could use some advice regarding how I pay off my balances. I have a Visa Signature cash rewards card from my credit union with a $13,000 limit. It's my go-to card and I use it quite frequently as I never carry cash on me. I'm not in debt or anything, but came to a realization that I may be keeping myself from earning points on my credit score. I'm somewhat of a "preemptive payer". Meaning, I sometimes pay balances off even while they are pending so that when they post, the balance is already taken care of. I also realize that sometimes what I'm preemptively paying off isn't actually reflecting the balance, resulting with negative balances on my card. To reiterate that last part again. Let's say I have a $0 balance on my credit card, but decided to "give" $100 from my checking into the credit card account, turning to -$100. Basically, instead of waiting till I receive my statements and paying that balance, I'm paying off balances frequently which includes pending charges. I think I developed this habit out of balance paranoia with how frequently I use my card. I don't like the feeling of having a statement saying I need to pay $100, when I used my card several times after that statement was received, and my actual balance in my online account reads $150. How in the wrong am I? And what is the true credit card etiquette? Growing up I was only simply told to pay off my balances on time and to never charge my card for more than I could actually cover. So now I am requesting the correct procedures for going about this, and education on how the proper procedures will help with credit building. **

In the grand scheme of things, this is fine and you shouldn't lose any sleep over it. I think for your credit history, it's better to wait for the statement before paying off the balance just because you want some sort of balance reported on your credit history. Note this is not the same as carrying a balance. So, to summarize: Use card Get statement PAY IN FULL Get on with your life

I wait until I get my statement in the mail (or email if you have electronic billing) then set my bank to pay the full statement balance the day before the due date. Until then, my money is sitting in ~my~ bank account making that sweet sweet 1.05% APR (heh.) My theory is this: As long as it's paid by the due date on my statement, I pay no interest. So why should I give them my money any sooner than absolutely necessary?

personalfinance

Solfire

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