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Kris-Fillip

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Weird issue with Amazon/My Bank

I deleted my Chase bank card from my Amazon account like halfway between this month and last month. But over the weekend I got 3 charges to that bank card listed as from "amazon.com. Is this some sort of speculative scheduled payment? Should I think it's nothing because the money is being replaced (and probably will for the third withdrawal as well?) Or should I report my card as stolen because I'm getting charges from AMAZON that don't line up with purchases and on a card that Amazon currently doesn't have listed as a payment option?

Someone probably has your card information. I doubt it has anything to do with your personal Amazon account. What’s probably happening is the person is trying to use your card to make purchases and Amazon is flagging it as suspicious (new account, names and address don’t match up, too many attempted orders, too many random payment methods, etc) and cancelling the order before it ships. Usually Amazon won’t charge/process orders until after it ships. I never get charged until my order says “shipped”, even if it’s 3 days later. I recommend just cancelling the card this is showing up from. Eventually one of the charges may successfully go through and Amazon or your bank won’t do anything about it until then.

Same thing happened to me; I made the post below to reddit over a year ago. I ended up canceling the card and having the bank send me a new one, and to be safe changed all my passwords to banking,email and stuff. It's been a long time since this happened to me and have had no problems since. Debit card charged and then credited for items i did not buy [Credit]( This is a chase debit card. I have account activity msg on my phone and earlier today received a popup on a charge i did not make. I immediately called and disputed charge. There was no problem the card was canceled and account credited. Afterwards i signed into my account online and noticed three other charges(all made at the same time as the first) that were not from me so i called back to make sure they were taken care of; while i was on phone with rep the charges were credited back not from rep but from the people charging card(walmart.com,bed&bath,postmates). My question is should i be worried, was this fraud or just a mistake. I went ahead and cancelled card but worried about passwords and stuff, these were all online charges.

personalfinance

Soondere

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legalquestions100

eyvkaej

speczero

eyvm4pv

Help! Property management company is withholding a copy of the lease!

My parents bought an investment property in Fallbrook, CA last fall, and the property management company they used to lease the property has used every excuse in the book to avoid sending my parents a copy of the lease. They have been attempting for over 4 months to get a copy, but the PM keeps using excuses like "I'm having computer issues today", or "I thought I already sent a copy to you" and so on. Regardless, its been going on for almost 5 months now, and I'm still appalled a copy was never provided to them in the first place. Could the PM company be hiding something? Or is this just due to poor communication and organization? I live out of state so I can not physically obtain a copy from them in person, so what steps/actions can I take to get a copy for my very naive parents? Has anyone dealt with this kind of situation before?

If your parents own the property, can't they fire the management company and replace them with a new one? I think it's time for an ultimatum -- produce the lease in 1 week, or we'll replace you with a more competent company. Alternatively, could you approach the tenants directly and ask them to show you the lease?

In addition to the other comments, I'd check that any bond money (paid by tenant) has been lodged with govt organisation (if applies in USA?) and/or is obtainable/landlord name change can be done. There have been dodgy PM companies in New Zealand fail to lodge bonds to the appropriate government department then go belly up... defaulting. Owners not getting paid rents and tenants bond going missing. Agree to visiting, checking with tenant, getting copy from tenanting, finding new PM, other suggestions made by others.

RealEstate

TheBockKnight

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Pinatubo

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cfog1fu

rentex

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chsuf3g

Is the market ignoring the trade war temporarily or permanently?

I'm sitting on 70&37; cash waiting to buy the dip when tariffs come into effect on July 6th. However, the markets seemed to have already been priced in. Is anyone still sitting on cash waiting for a dip or is it time to buy now? - If that is, it even dips.

I'm sitting on 70% cash waiting to buy the dip when tariffs come into effect on July 6th. Your tense is confusing. That was 3 days ago. Are you still waiting for the 6th?

I think that global economy wants a reason to explode. Somehow everytime trade wars news come in we have some pullback but it seems that there is a lot of bullish tendency. if they keep the trade ware like it is I think everyone is fine. If they escalate (and Trump can do that) then it may turn south..

investing

Porkincarnate

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CapitalNumb3rs

e227a79

aelaos1

e235y2o

Market Outlook - March 2020

Hi guys, just want to share with you my current market outlook. Hope this can help spur a discussion for everybody's benefit. This is not a an investment advice. You are not my client and I am not your fiduciary. That said, the views below are just for discussion purposes. At the risk of being cliche and obviously wrong, here I go: Short term-medium term: We are in a bear market, and recession is already underway. Occasionally, there will be "bear market rallies)". For long term investors, these are not a time to buy yet, use it to sell instead. For traders, bear market rallies and the volatility that they bring, are great opportunities to make money. Dow Theory suggest there could be at least three bear market rallies within the overall bear market trend. Reason why I think the downturn will continue for short-medium term: The USA is still early in the coronavirus infection blow out. Look at updated chart by JP Morgan and FT here. The market could at least fall for another 15% before it starts to find a bottom based on previous bear markets. Longer term: Stocks would eventually go into bull market again. Among the indicators that signal bottoming/reversal would be volatility (VIX) returning to normal level. High quality companies, I would imagine mega-tech with pristine balance sheet, would rally first and perhaps perform the best in the upcoming bull market. Asset Allocation Short term: Short equity via inverse ETF, short emerging market stock/currency - especially countries with twin deficits (fiscal and trade), long gold, long treasury. Or just stay in cash. Risks: As what happened previously, gold and treasury did not provide the hedging characteristics. They went down together with stocks, while in normal condition, it they should go up. One possible explanation is that funds are liquidating any positions that they could, to satisfy redemption and margin call. Things to avoid: 1) Options, because options are currently trading at premium in general due to high implied volatility. Also remember that with options, you have to nail three variables to make money - direction, magnitude, and time horizon. Also, avoid 2) triple leveraged ETF/ETN. The volatility and leveraged used in the ETFs will cause a "decay" in your return if the market trade sideways. As for ETN, their prices could fall to certain level that trigger "acceleration event" in which case, the investment banks issuing the ETNs will redeem the ETNs from you, usually at a steeply discounted price. Long term: Long equity, with overweight on mid-mega cap tech stocks.

HOW is the market up on this horrible unemployment numbers? I'm really starting to feel the FOMO over this week and was pretty sure that these job numbers would settle the markets but nope. I know you mention (and others) a bear market rally, but seriously, what is it going to take for the market to take another dip? (I say this as someone with some cash ready to add to my accounts, it's starting to feel like nothing will stop the market from going up at this point)

I always feel safer when I read financial disclaimers. You will get shit for telling peeps here to sell their positions in the middle of a market. I can already see the r/investing inquisition calling blasphemy.

investing

sellside_sandy

t3_fparjl

bbfifas

fljzcn7

The_Magic_Sauce

fljzb5w

A reasonable income from ~$1.1MM

My father recently passed, leaving my mother with his retirement money. He was the bread-winner of the family, so she needs to start investing quite soon (within the next 3-4 months) for income. I've accompanied her to two different advisors who have painted two very different pictures. Advisor A claims he can get $90k per year, while Advisor B claims he can get $55k per year. The life of both investments is 37 years (she'd draw down the amount, not just live off interest/dividends). Neither gave us the specifics as to what they would invest in, but both indicated it would be split between bonds and dividend stocks of U.S. companies through various mutual funds. We have follow-up meetings scheduled. To give a brief financial picture: She has about $1.1M in liquid assets ready to be invested. She has no debt and owns her home/car outright. I basically want to know what a reasonable number should be for monthly income, assuming that she invests fairly conservatively and makes current income her top priority. Secondly, I want to know if there are any investment options other than blue-chip dividend stocks and a mix of bonds that she should look at or ask about. I'm new to this, so if I don't give enough information, please tell me and I'll try to get it. If anyone has advice -anything at all, even if it seems irrelevant- please post it. Thanks in advance!

I don't understand why this has to be so hard. Just stick it in Vanguard Wellesey fund. Or in Vanguard Retirement Income fund. There. Done. Easy. You don't need to be a wealth management professional to figure that out.

An option is a single premium immediate annuity (or SPIA). This is a product where you give the insurance company X dollars and they agree to pay you Y for the rest of your life. I've done an example here. EDIT: I forgot to mention I assumed she was 55, since it is based on when they will think you will die the age of the annuitant matters, if you want me to work up another illustration based on her real age I'd be happy to do so. edit 2: I am not saying this is how I would invest all the money, part of it perhaps, but putting it all into a spia locks you into a long term investment that doesnt really account for the possibility of inflation.

personalfinance

investingformom

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xavier86

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c45ooua

macsr4idiots

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c45vkz4

I think I bought a house too soon

I bought a house last year with my girlfriend. We were making a combined 75k a year, and have a $1900 mortgage. We probably have around 30k equity in our house. Well, we both just lost our Jobs. Looking for other jobs but gonna be hard to find something that pays as well quickly. We are both applying for law enforcement (This is why we lost our jobs), but it's a process that takes months. We have about 15k saved up. One paid off car and one upside down car. Total expenses monthly amount to about 4k. We rent out a room in our house now to her mom who pays us 1k a month to help us out meanwhile. At the same time, my parents divorce stipulates they must sell their house in May. I've been working on renovating the house to sell as it is in terrible condition. I've done stuff already like pull up floors, baseboards, etc. The plan was to take out a loan to renovate, my parents sell it and pay me back with some extra with the profits. Now I can't get a loan as I don't have an income. Anyone have any advice what to do here? Is there any other way I can get a loan of about 20k to finish my mom's house? My parents will give me about 20k in profit after paying back the loan if I can do this reno. Neither of them can take out a loan. Also currently looking for a job but that's tough. Applying for unemployment tomorrow and hopefully that helps a bit. Any advice on applying for unemployment in Florida?? So many things going on and I think I'm in a little over my head. Where do I even start?

Both of you lost your jobs at the exact same time? How does that happen? At least you have some savings. Can you downsize to 1 car while times are tough?

If it was me, I would send my mother in law to the spa for a day as a thank you for paying me 1k a month to rent out a room. That is a great deal for you (unless you hate her). You should forget about renovating the house. You have too much on your plate. Let your parents sell as is. You need to focus on your career.

personalfinance

iamaweirdguy

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mannymoes2k

em3wkqr

JZRL

em5lgtf

Anyone have advice on how to stop beating yourself up over past financial mistakes?

I think I'm actually doing well financially so it's sort of absurd. But I can't help but think "if only I'd been contributing the max to my 401k starting 8 years ago" or "I never should have bought that new car when my old one was fine" or "why did I make so many renovations to a house that had lost so much value" etc. Can anyone else relate?

The best time to plant a tree is 20 years ago...the second best time is today. Start now. In two weeks you can look back and be glad you started two weeks ago!

Yes, question your question, that's my advice. It's the MISTAKES that let you learn and forge ahead. It's a wonderful tool, a mistake, as long as you develop the type of mind that looks at it not as pain but as an example to correct in the future. For some reason, recent history has got this culture in everyone's minds that being wrong or lacking knowledge is automatically painful or shameful. There's massive cognitive dissonance in society today. Fix that. When I'm wrong I don't look at it I'm anger or sadness, or react instead of respond, or get that heated feeling on top of your head and wish to lash out. When I'm wrong, or someone shows me something contrary to what I thought was right, I view it as an extremely welcome opportunity, even partially happy. I'll either be corrected and be able to better my life OR I'll prove it wrong and bolster my previous held notion even more.

personalfinance

longsleeveT

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cjamj

db0c1ti

Kiaser21

db0eevz

$70,000 in debt preventing me from being with the love of my life. Am I being Reasonable?

Reddit, I am in a fucked up situation. I'll make an extremely long story short. Please note, in the spirit of being short, this will sound... cold. I was with a girl for 3+ years. She was the one. Stuff happened. We were immature and not ready to commit. We split up. We moved on. Time passed. We both met new people, but old feelings won't go away. She recently has said she still loves me and wants to get back together. I feel the same way. One gigantic barrier to going back to her is that she is in massive student loan debt to the tune of about $70,000. This degree, surprise surprise, did not land her a job that has any hope of paying it off. I make a little over $40,000 a year. I'd estimate she makes about $20,000, maybe less. I am 28, she is 24. Is it selfish of me to feel like this debt is reason to not be with her? As much as I love her, I just don't see how we will ever pay it off and have any hope of retiring before we're 80. I am not looking for budgeting advice. I understand the numbers already, and they're grim. Should I let financial ruin get in the way of being with the one I love? Thank you /r/personalfinance

I'm gonna go against the tide and say this: if she's truly the one, will you spend the rest of your life torturing yourself over how it could have been? $70k in debt can be methodically discharged over time, but your emotions can't. But you've already broken up once, so that makes me wonder if it's really meant to be.

There are plenty of fish in the sea. To think that there's not another girl out there just as good as her but more responsible is just silly. I'm certain you could feel the same way about thousands of women. You have tens of millions of options in the US alone.

personalfinance

IAmASource

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thanks_alot

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cfp0zx4

maccabeus

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cfpacu8

Credit card company saying I made a late payment, when I didn't.

A few years ago, when I didn't have much credit history I signed up for a card that had an annual fee. This year I barely used the card, so I decided to close it instead of having to pay this year annual fee, which was the only balance to pay. But instead they said they were going to waive the annual fee upgrade me to a better card, with a better point system and increase my limit (which was initially not too significant). So I agreed, since it wouldn't hurt to expand available credit limit. But a few days later, I get a statement in the mail saying that I have a late payment. They forgot to waive the fee, and it became overdue. I've called them and they have apologized, and refunded me for the late fee and finally waived the annual fee. So now instead of perfect payments, I have "good payments" but it brought my score down significantly. This has cause me to be denied for a loan application. I called them to file a credit dispute but it the letter said that their actions were correct, but they aren't. Any advice?

You should dispute with the credit agencies, not the company themselves. Here is a guide from the Consumerist

I used to work in credit card customer service and would see this a lot when people called in. The big thing here, at least with the company I worked for, was that we would waive the annual fee to convert to another card product but that fee would not be waived until the conversion had fully processed which would be 51 days later. This was due to some people cancelling their conversion before the 51 days had completed leaving them with no annual fee on a card that typically charges one. I would always make sure to tell people on the phone that they would need to still pay the annual fee & wait for the refund but I have spoken with countless people that claim they were never told they would have to wait for the refund.

personalfinance

kittynurs

t3_3zf0rc

jpt212

cyll6d2

pokeman4u

cylzb95

MU Buy or Hold?

MU just dropped half a percent all time high, should I get in now or wait for it to dip more?

PE ratio is still very low, but you are buying near the all time high. Maybe dollar cost average over the next couple weeks depending on what your timeframe is

I sold over half my position at $49, planning to buy back in heavier at $47 once I have more cash available and next pullback is done. I expected it to happen around $50.. but we’ll see.

stocks

chrisw53

t3_7f3r3d

M31550

dq9g7wi

Guardian5252

dqaq625

$MU Earnings

So who else is loading up on them puts?

Just did a quick scan of top-level comments, and so far we have Put recommendations: 5 Call recommendations: 3 Inverse WSB recommendations: 3 If you add up the call and inverse recommendations, then calls win and the actual inverse of WSB is puts

I'm in for calls. If they manage not to say "headwinds" too many times and don't miss I think we go up. If G20 trade deal optimism turns into anything solid we moon.

wallstreetbets

Ned_Flanderz

t3_c4otnp

the_hangman

erxyenk

mehhhhhhhhhhhhhhhhhh

erz5rfn

What is your "Never Again" moment that pushed you to the FIRE path?

Edit: I am reading every single comment. Let your voice be heard.

My custodial parent abandoned me when I was 16. I could barely afford food, and often just couldn’t. At the start of my full time working life while getting judged for not spending on new toys or fancy drinks, I’d often say “You only need to be hungry once.”

Two experiences: 1) As I was growing up, my narcissistic father recklessly lost $5 million and went bankrupt. He was unable to offer meaningful support for me or my college education. I knew then that I couldn't rely on someone else to take care of me financially so I developed an independent streak, finding creative ways to make money starting at age 13. 2) In my 20s, I was in a job that was incredibly toxic and I wanted to quit on the spot, but I only had $7k in a savings account, which would've lasted me just a couple months if I left my job. I was trapped there until I could find another position. I never wanted to be in that situation again. Now, if things ever get truly bad at work, it's not a cause for alarm -- I have enough money to support my lifestyle independently for at least a couple years. I can walk out the door whenever I want.

financialindependence

PsyAyeAyeDuck

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SoJenniferSays

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risingstrong98

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Enterprise claiming I damaged a rental car, which I did not. What should I do?

I rented a car back in April. Pickup in city A, drop in city B. Uneventful rental, no problems. Enterprise location in city B was super busy on drop-off… they did not do a walk-around with me, just took the keys at the counter and told me to have a good day. I got a voicemail today, over a month later, from Enterprise claims. Called them back shortly thereafter. Talked to claims rep - seemingly sympathetic, but all business - who said: The branch has been trying to call me unsuccessfully to talk about damage to the vehicle. I have received/missed 0 calls. The branch allegedly had a strange phone number on record for me… something starting with two zeros. Very strange, since my rental confirmation has the correct phone number, and also, what phone number starts with "00"?. The branch claims I damaged the vehicle. In two separate spots, actually. On opposite corners of the car. Front driver-side bumper, rear quarter passenger side. Not true, although I guess I can't prove that, since we didn't do the walk-around when I dropped the car off. I'm on the hook for ~$500. I disputed the claim, obviously. If I caused the damage, I would do the right thing and pay. Enterprise claims guy said he made the appropriate notes, and will pass this along the info to the next level - risk or adjusters or something? - and they'd be in touch in a couple weeks. Should I just wait for them to hopefully do the right thing and drop the claim, or contact my insurance right away? Would it be my personal auto insurance or the CC which I used to pay for the rental (which includes car rental insurance)? I declined Enterprise's coverage. Tl;dr: Enterprise claims I caused damage I didn't cause. There was no walk-around on drop-off, the call came out of the blue over a month later. Should I wait and let the situation resolve, or start pushing back now?

I think I would start pushing back now. I would want: A letter from them acknowledging the claim. Make sure the letter has your correct information, including name, address, rental date, car type, license plate number etc After you have this, sent a certified letter by mail disputing the charges. Point out any inaccuracies above, and further request: Time-stamped photos taken immediately before you got the car and immediately after to prove you caused the damage A record of all rentals since you dropped the car off and now. They have likely still been renting it out. It could have been in any number of hands, and they could have caused the damage I bet they will drop the claim, especially if it is only $500. If they are able to provide all of the above, it may be legit and you may just not have noticed. Then you could contact your CC/auto insurance. 00 is an international dialing prefix. Makes me think they are trying to pawn someone else's damage onto you.

I would think if they have been calling the incorrect phone number, and a month has passed, then someone else has rented the car since then and did the damage, and they are either confused on who did the damage, or they can't get a hold of that person and they are trying to get someone to pay it.

personalfinance

rellimnad

t3_6eao9p

theryman

di8x2y0

DuckTalesLOL

di8yhwh

Should I get a credit card as a teenager?

My parents want me to get a credit card (I am 17) to build up credit. Is it worth it if I hardly ever use it? If so, what is the best card to get? They were planning on a Discover card. Btw I still am a student.

At 17, it may be the only option for you is for your parents to add you as an authorized user. This means that if they have positive credit, it may be able to help you, but if they have bad credit, that may reflect on you too. Personally I'd just wait until I was 18 and open my own account.

You need a long and clean credit history to build up not just your score, but your reputation. Lenders these days don't just look at your FICO score and call it done, they will dig through your reports and judge your worthiness from that, too. This will become important when you want to take out a car loan or a mortgage. That seems so far away at 17, but having a credit history that long will help your future self and you will thank your past self. Use it exactly like cash. What happens when you don't have cash? You can't buy that thing! So you have a credit card, you don't have the cash to buy it, but you got a $10 Bazillion limit and can carry a balance. What do you do? DON'T BUY IT. YOU CAN'T AFFORD IT NOW, YOU STILL CAN'T AFFORD IT WITH A CREDIT BALANCE. You buy things with it like cash, and you pay it off in full every month. If you carry a balance, you have just taken out a loan, and dear god, at 17, what kind of card can a 17 year old get? Like 15-26% interest? Let's say you top of the tank at $70 and you carry that balance. You want to pay an additional $10.50 for a tank of gas? That's throwing money away. If you have regular bills like a cell phone, there are also services where you pay those bills through them, and they will report it to the credit bureaus. If I knew about these things at 17, I would have done it then, too. It contributes to your history, it shows you pay your debts and on time. Shop around, and try to find one with reward points. It's free money. Someone may be able to better comment, but I never liked in-store credit cards; I just don't have that kind of brand loyalty. It would make sense if you shopped there all the time, but wait until you're a home owner and get an in-store card that gets you points toward groceries, car parts, or hardware store tools and materials. And don't go about opening a bunch of cards either, what are you going to do with 7 of them? How would you keep track of paying on them all?

personalfinance

tredz1

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takeandbake

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mredding

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cjkt01t

Protecting my children from their spendthrift father... Is a trust fund an option?

I am a 40 year old woman who makes $80k a year. I bring home $1k a week. I have around 600K split between: life insurance( 495 )/ state pension (70 ) /403B ( 50 ) My divorce will be final October 1st. My STBX likes things. New, shiny things. It was a main reason for our divorce. In 16 years we didn't have a dime in savings. In three paychecks I've saved $1,000. I'm worried that if I die while the children are minors he will be in control of their inheritance. He's not a horrible man. I don't think anything would be malicious..... But I know him. He'd buy a new car. And then a new motorcycle. He would take the girls to Disney... Twice.... He'd take a cruise with his GF.... He'd eat out with the girls twice a day at restaurants .... It's a small inheritance....Would a trust fund be an option for me? Maybe something that would give them lump sums at 25...30...35. What would the cost be to set it up? Is there a monthly fee? I don't trust anybody to oversee it. Could the bank/lawyer do that? Would it then become cost prohibitive? Thank you, Slutty_Squirrel

You would be the perfect candidate for a Living Trust .. And since your entire world is quickly changing ( divorce ) - it would be a good time to sit down with a financial planner and have your personal estate put in order.

The first time you make changes to your Trust, we would prepare a Trust Amendment. It's about $300. All other changes to other documents are at no additional cost unless you purchase new real estate or something that would need require a whole new document be prepared. I'm not too familiar with how other attorneys bill their clients but finding one who would charge a flat fee is best rather than hourly.

personalfinance

Slutty_Squirrel

t3_505kq9

i205guy

d71bftt

sorrow_harvester

d71vi7n

My city is offering a Forgivable Loan for a substantial amount, it seems crazy good. Thoughts?

Full details at link, but basically they're offering what seem like crazy good loans in order to encourage buying (and renovating) homes in an area dominated by rentals that aren't cared for very well. Some salient points: Amount of Loan: Renovation costs plus up to 10% of purchase price not to exceed $80,000 for a single unit property, $90,000 for a two-unit property, and $100,000 for a three-unit property in the aggregate per property. Loan Terms: Ten year Note secured by second mortgage on the property. 0% interest. No debt service payments. Principal balance owed declines by 10% for each year the property remains owner-occupied and is forgivable after 10 years. The mortgage and remaining balance will be transferred with the property upon sale to a qualified buyer. A Land Use Restriction will be placed on the property requiring owner occupancy for 10 years. At loan closing, funds are available for purchase and escrowed for renovation.

I am neither lawyer nor accountant, so take my following advice with an appropriate amount (grain, bucket) of salt. They say "loan", but I read "grant". There are some hidden gotchas in here for thinking of it as a grant, but by and large it follows a grant-type structure. Proposal, purpose, compliance, etc. Here's some of the things I see: Balance due on non-compliance. Possibly not an issue in your case. I think a grant would disburse funds annually rather than all at once, so this works in your favor (you can accomplish the renovations earlier). Tax implications. A grant would be considered income all at once and all up front. A loan is not income -- but watch out, as the principal is cancelled 10% each year, meaning cancellation of indebtedness (COI) income each year. Other than that, it's free money (albeit money that must be used for a specific purpose). 0 interest, 0 payments means the only thing you have to do to pay it back is live there for 10 years. The biggest question I would ask is about the tax implications -- whether you would have to recognize COI income each year or if you'll get hit with the full COI at the end. An extra $80K of income at the end of the loan term could do messy, horrible things with your taxes. There may be some things you can do with your renovation to mitigate the tax bill, but regardless of what the City says about the taxes on it, Uncle Sam wants his share (and probably the State too).

They get permit fees also on that money. 3% and higher in FL. Also make sure you use all of it, and you account for all expenditures. Going through an issue with multifamily property that defaulted on a loan like this. Wasn't no payment, but no interest on multifamily rehabs with affordable housing clauses. Sounds good though just be detailed. The issue I'm dealing with trickled down from an audit of a CRA. They had a loan bonanza that wasn't organized or monitored well and didn't really do much for target neighborhoods.

personalfinance

MadChris

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queptar

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cljh9lm

sabertoothmagmt

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cljuu5s

Parents loaned me money to cover the deposit on a new home being built until my condo sold. I paid them back after the sale and now the loan officer for my new place is asking for a gift letter. Is this actually required?

Some more context: New build of a home was available which required a $10,000 deposit to reserve Parents wrote me a check for $10,000, which a week or so later, I wrote the company a check for $10,000 My wife and I (let's be real...mainly my wife) added some options to the house which required an extra deposit of $29,298 Parents wrote a check directly to the company to cover the extra deposit After our condo sale closed, I wrote my parents a check for $39,298 to pay them back for the original deposit & additional options deposit What should I do regarding the loan officer for our new home asking for gift letters for both of these deposits? Any advice is appreciated!

Your parents gifted you $39k. They should write the gift letter such that your Dad gave you $14k, your Mom gave you $14k, your Dad gave your wife $11k, such that no gift from one individual to another was more than $14k (gifts above that have to be reported to the IRS). Good luck.

A signed/dated affidavit aka letter of explanation, with corresponding bank statements showing the money coming and going (preferably with copies of the checks showing the money you received was explicitly from your parents, and explicitly paid back to them), should do the trick. It's leg work for you but less hassle from your parents. You will have to address the issue one way or another, unfortunately sourcing of funds is one of the most heavily scrutinized aspects of the whole process. A gift letter typically states that the gift funds are made free and clear with no obligation for you to pay back the donor....if you've already paid back the donor, you really shouldn't need a gift letter. What you need to make crystal clear is that you paid back your parents, the original donor, not someone else. Common sense should rule the day. My underwriter would take what I've outlined above; many large banks unfortunately do not deploy much common sense, and would request the gift letter regardless. Unfortunately it is the underwriters call, so part of this depends on your loan officers ability to run his by an underwriter. By the way, yes the IRS cap for gifts is $14,000, but we as a lender are not obligated to report gift funds and their sizes to the IRS. People routinely receive and give gifts past the $14k mark with no recourse. Best of luck, enjoy the new condo!

personalfinance

pmiller2

t3_6zqg9k

mormengil

dmxa5ni

KosaVibez212

dmxpeit

Is it better to get married or stay single for my student loans?

Okay, my fiance and I have been together for almost 10 years. Initially we had planned on getting married when I walked out with my BA but during my 3rd/4th (of 5) years I managed to convince her that she indeed was smart enough to go to college. She went through some years at a community college then transferred to a 4 year school. We put off the wedding during this time. Now she is about a year out of graduating, I am working at a public school so most of my loans are under that whole 10 years of solid payments deal. And we are wondering if it is better to get married or to keep the taxes separated a little longer so that, even combined, our payments are lower. (Mine are about $600 a month, hers will be a little less, closer to $500, but we are throwing some money at them now.) Clearly we are fine with "perpetual engagement" as it were, we don't have any children, we rent an apartment, and the car only costs insurance and maintenance. The bigger issue we see right now is she is being offered a salary position at her current job (who are willing to work around her undergrad for the last year which is awesome) but she has also been heavily encouraged to apply for grad school which has also become dream. But onto the question again, with all of that background; In the long run will it be best to get married now (well officially) or hold out a few more years once our lives are more established? ANY advice would be amazing.

I got married because my boyfriend at the time worked for the university I wanted to attend, and by becoming married I would only pay 1% of tuition. In general I try to not regret anything but would I ever recommend these actions? Never. Sounds like you need to stop thinking about the benefits of being married vs. staying 'single' and just do what feels right. If you got married tomorrow, two years down the road would you wanna answer the question "How'd you decide to get married?" with a "Well, it just kind of made sense...." or would you rather say, "We got married because we were in love and we had a mutual goal in life and agreed to in all ways make things work because we share a dream." Getting married should be like getting a face tattoo: should really think about it before diving in.

Why not just file as married filing jointly. You still get $2,500 student loan deduction, plus you will pay less taxes every month out of your paycheck just by changing your status to married. Net, you are really only losing out on one of your student loan interest deductions, but it's really not that much and that credit may expire soon anyway. If she isn't working you may be able to take advantage of the tax bonus too, where when you combine your income you are in a lesser tax bracket, therefore owe less taxes. Check out the below link for a couple of benefits of filing taxes as married. If there weren't any benefits then why would the homosexual population be fighting so hard for the right to wed?

personalfinance

[deleted]

t3_29d6yn

mollyapple

t1_cijrlrw

cijrlrw

michaelbue22

t1_cijzyru

cijzyru

Is ROI and CoC same on a cash purchase?

I'm still learning and while trying to analyze a property for practice this was my conclusion, just want to make sure I'm not missing something or maybe I am wrong.. Please let me know. If not, please explain with an example and numbers..

ROI is hypothetical until the asset (property in this example) is sold. Cash on cash is a great annualized metric when analyzing a potential investment. I would use CoC for buy and hold rentals whereas ROI can be used to analyze multiple strategies.

Cash on cash is an annual cash flow metric. ROI is calculated at the point of sale. In other words when you sell affects your ROI. Try the biggerpockets rental calculator.

realestateinvesting

SWEETLADY9876

t3_ex9izl

bperna13

fg78uvu

scavenger5

fg7ar5a

Emergency fund money feels like wasted potential

Hi folks. Personal finance newbie here. The Situation: Currently I have about $1300/month in expenses, which means I should have an emergency fund somewhere around $8000 to have a 6-month buffer. I have a few thousand more than that stashed away in a savings account right now. In a few months, I'll be getting married. Our combined expenses should be a little less than double, so I think I should be building towards an emergency fund of $15000. No debt except for about $30000 in student loans, half of them at a fixed 6.8%. The others are 6.0% and 5.6%. The Goal: Getting out of debt ASAP is my primary concern so I can start saving and investing for retirement. The Confusion: I understand the importance of an emergency fund, but I can't help shake the feeling that all of this money is wasted potential. My savings account has 0.01% interest, so it's literally earning me little more than cents. Since I only need $8000 right now, should I dump all of the surplus into my loans and not worry about the doubled emergency fund until we're actually married? Or should I dump everything into the savings account until I hit the married emergency fund goal of $15000 while paying minimums on the student loans? I am not putting anything towards retirement right now. I'm self-employed, so I don't have any kind of employer matching that I can be taking advantage of. One more question: I've been working for a single client for 3.5 years and there's no risk of me being fired. The only way I'd lose the job is if the company went under. I also have family members I could fall back on in case things really get bad. Is 6 months too much of an emergency buffer?

I understand the importance of an emergency fund, but I can't help shake the feeling that all of this money is wasted potential. You can't say you clearly understand the role of an EF and then turn around and say you feel like it's wasted potential. Its role is not to make you money. Its role is to be a liquid asset that you can quickly access. My savings account has 0.01% interest, so it's literally earning me little more than cents. If you're that concerned, you should move it to a high-yield savings account. Ally gets tossed around frequently. They have a 1% interest rate. Since I only need $8000 right now, should I dump all of the surplus into my loans and not worry about the doubled emergency fund until we're actually married? Are you and your fiancé on the same page financially? What are they bringing to the table? I am not putting anything towards retirement right now. I'm self-employed, so I don't have any kind of employer matching that I can be taking advantage of. [A Solo 401k]( is an option. I've been working for a single client for 3.5 years and there's no risk of me being fired. The only way I'd lose the job is if the company went under. I also have family members I could fall back on in case things really get bad. Is 6 months too much of an emergency buffer? Emergency fund is a cushion for you. Some people (me) think 6mo is a great idea. If your a homeowner, you likely want a larger emergency fund to cover unpleasant surprises. But, remember, personal finance is personal most people say 3-6 months is what is a good idea. I also have family members I could fall back on in case things really get bad. Would you feel comfortable being a drag on those family members? I wouldn't.

Keep in mind, while it's good to have an emergency fund, there are not likely to be any situations where you need to have $8,000 cash in hand in less than one day. Most places accept credit card, and credit cards give you 21 - 51 days to pay the charges, depending on when in the cycle the charges were made. I personally keep about $5k in my main checking account as a buffer. I then have the rest of my emergency fund (about 12 months expenses, plus a bit more for house stuff, because I'm paranoid) entirely in U.S. Treasury I Bonds, which have an interest rate equal to inflation, which is closer to 1.5%+ nowadays, and cannot pay interest of less than 0% The interest rate really can't be beat. If peoples' interest rate fears do become a reality - then the interest rate you get paid will be much higher than 1.5%. If not, then 1.5% is still a really good rate of return - [a bit more than the ally 3 year CD rate, and a bit less than the ally 5 year CD rate]( CDs are the second best option, in my opinion. They also have similar restrictions to withdrawal, but the interest rate that they pay is fixed - whereas I Bond interest rates can go lower, but if inflation speeds up then their rates can go up a lot too.

personalfinance

ryankimley

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renegadecause

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cq0yaty

log-normal

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cq11ep8

Under Contract to Purchase First Home: Goes into Preforeclosure the Next Day

Hello Everyone, I hope this is the correct sub for this, but I was hoping to get some advice on this situation. We recently put in a pretty strong offer on a new home (first time buyers), and it was accepted. The next day, we found out that the house is in preforeclosure. This was no disclosed. Apparently, they are meeting with the bank/lawyers on Friday, so we will know more by then. We cancelled the inspections because we don't know how this will affect closing and don't want to pay for inspections of buying the house is going to be too big of a problem. We weren't​getting a magnificent deal or anything, but we were happy with our offer until we found out that we could have probably offered much less. We made a very strong offer in good faith, but the seller was not honest with us. We are considering pulling our offer and making a new offer that would be more favorable to us. Am I off base here?

Do you want to make a new offer because the value of the home is now somehow different than it was 24 hours ago, or do you just see an opportunity to take advantage of the owners' desperate position?

Sounds like they're in a position to make this deal go through for you. Actual foreclosure could take some time, and I doubt anything would come of it if they can show the bank a purchase contract with a given close and pay off date.

RealEstate

WTFisTweeting

t3_61zqpu

midnitewarrior

dfimqi3

GoGreenGiant

dfik739

Should I opt out of my company's 401K? And if so, what should I do with the money?

I started new job back in September 2016. I'll be eligible for the 401k starting in October. It doesn't seem to be that good of a plan though, which surprises me for a Fortune 500 company. The company will match $.1875 for each $1 of the employee's contribution, up to 4%. I become fully vested after 5 years of service, which I plan on hitting. I am not sure about who manages the 401k or how it invested. Is this good? Not good? Should I do something else with my money? Or just contribute the maximum 4%? I'm 37, have about $225k in total debt ($175k in student loans), and have very little savings, just a $1000 mini-ER fund. I'm working hard right now to pay off my CC debt ($13k). Any advice is useful. Thanks

Is the 4% max for your contribution or theirs? An instant 18.75% return is still huge, even if it isn't the 50-100% you see with many 401(k) matching plans. That said, those debts sound like an emergency situation. After you max your match for a free raise, you need to focus on paying the debt down.

Contribute the maximum at 4% and pay off the high interest debt with the remainder. If you don't do that you are literally giving up free money. I mean, how much are you making and how much can you put towards your debt?

personalfinance

hmsiegel

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Hyppy

dha6acf

richielaw

dhaoodi

Somebody Stole 7 Milliseconds From the Federal Reserve - enough to make illegal trades

I found the [story here ]( If it was that difficult , how can millions be traded just before an announcement?

For those that don't understand the 7 millisecond and this type of trading there is a great video on High Frequency Trading and how these types of trades happen. It's a video, but really more of a listen. It's long, but very well worth it.

I'm curious, have the HFT gurus collectively figured out how to accurately digest a 6 paragraph Fed release so instantaneously that a few milliseconds of transmission time is really the deciding factor between them? I'm skeptical

investing

testyfries

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carterbrown

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ccf496r

AllGarbage

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ccfi5og

[23F, US] Chronic Illness making me question my financial future: please, please help me.

I'm sorry that this is kind of messy. I'm not good at posting on reddit but I am desperate for advice. Illness info: I am 23 years old and have a chronic illness. Specifically, I have ulcerative colitis and my life revolves around going to the bathroom. I can't eat before I have to go to work or school because I might get really sick. There isn't really a diet that my doctors can recommend because my body pretty much discriminates against all food equally. It's pretty horrible but up until this morning I had hope that eventually I would get it under control. This morning, I found out my body has been rejecting drug option 1 and that I just have a 40% chance that drug 2 will be effective. Some background: In order to treat my disease there are three medication options: 1 and 2 work using the same mechanism, 1 being a bi-weekly self injection and 2 being a bi-monthly IV infusion (2 obviously being a stronger dosage). 3 uses a different mechanism and is also given via infusion, but has some very serious side effects, specifically cancer, that has a significant increase for younger patients. My doctors have strongly discouraged me from taking 3. All of the drugs are, of course, incredibly expensive before health insurance. I do take some other medication that help treat the symptoms but not the cause, and they are expensive even with my insurance and I am in and out of doctor's offices all the times (those co-pays add up). Financial info: I am currently under my mother's excellent health insurance, but in less than 3 years I will turn 26 and that will be gone. I am a graduate student getting a masters degree in music. While I have no debt (scholarships and part-time jobs have funded everything) and some money invested in a Vanguard mutual fund and mid-cap, I am starting to get very very scared about life when my mother's health insurance is gone. On this career path, I will not be out of school until I turn 28 and then I will be LUCKY to get an adjunct job right away. Optimistically, I could be 35 before I get a full-time job in my field. I was prepared for that and then got diagnosed with this disease two years ago.I am obviously very scared about the future of the ACA because the whole "pre-existing conditions" part of that is very pertinent to my situation. I am struggling to see the point in doing what I love when I am going to be too sick to enjoy life because I can't afford medication. I don't know what else to even do with my life or how to change or even if that would help at this point. I basically have less than three years to figure out how to get health insurance when I'm 26. Even if I switched career paths today, I'm not even sure if I would be okay in three years. Questions: What should I do? Are there options I have that I am missing? Should I give up on my passion? If so: What options are out there for someone with a bachelors in music? Are there graduate programs that would help me get a better financial career?

I also have a chronic illness. I was able to stay on my Mom's insurance plan until she retired under what is called an "Adult Disabled Child Plan". It just took some paperwork from the doctor and a physical. Really something to look into.

Hey there. Im in a very similar situation, a bit older than you. I don't have any answers for you, just some advice. Good luck. I strongly recommend the low fodmap diet. It reduces inflammation and helps with finding a dirt that works for you and eases daily suffering. It's very science based, check it out. I work for my parents so I can get health insurance through them. Consider a backup plan with good insurance! There's plenty of demand for musicians in Europe..

personalfinance

mycolonhatesme

t3_6zofw1

PantySniffers

dmx24bv

Angry_Grizzly_Bear

dmxez1w

Need major dental work, no savings....what's the best way to approach this?

I was never taught good brushing habits as a child, that combined with being in the hospital for an immune disease in and out for several years I did not brush properly, getting out of bed to go brush my teeth was too much work, I was bedriddened and couldn't bother with it. I obviously severely regret it now. I first tried root canal treatment on the affected teeth and every single one failed. It looks like the only option if I want to have a tooth there is extraction+implant. The two molars on both the bottom right and bottom left need to be pulled (not going to bother with implants since they are out of sight. 4 of the first pre-molars also need to be pulled which I would "like" implants put there if possible. I wish I had some savings I could put towards this, but I have crohns disease and between all the hospital visits and surgeries I am drained financially not to mention I make a poor hourly wage. I'm currently in school working on a computer programming degree (3rd year) but something has to be done now, I don't care what it is but it's too painful to leave alone. Is there anyway I could finance this? I have a decent credit score (750), but that's about all I have going for me. I know dental schools around me don't do implants....and traveling abroad....I've heard way too many horror stories. I got approved for care credit for 8k, but honestly the 27% apr scares the shit out of me. I have some "pre-approved" loans for 16% apr on credit karma for around 10k, not sure that would be enough for it but it's a start.... Anyways any suggestions on what I can do without ruining myself financially? I've sick of being on oxycodone 24/7 just to help deal with the pain, I just want my life back. Thanks for reading. tldr; need lots of dental work done, won't want to ruin myself financially. Best way to approach?

Ask a dental school near you, google some low income dental clinics and start phoning them. Tell them what you told us. And see if you can get the work done for half that amount.... If all else fails, try dental tourism in Mexico. Mexican border towns have thriving dental industries, and they're about 85% the level of quality as far as I can tell, for 30-50% of the price. You can definitely get this done in Mexico for less than half of whatever a US dentist will charge. Cheaper still, if you go into the interior of the country. Don't know how far you are from the border, but Greyhounds are dirt cheap, and Southwest Airlines isn't bad, depending on the day. You have to commit to 2-3 days of work there though. And yes, I can vouch for the Mexican dentists personally. I go to them routinely, but because I live so close to Tijuana. Good luck.

If you're in school couldn't you get a student loan to pay for it? That would defer the payments until after you graduate and would give you a much better rate. I would also second going to Mexico. Yea there are horror stories, there are horror stories in the US too. You don't have a lot of options and there's plenty of people who had work done there and are happy with the outcome.

personalfinance

dentalthrow432423423

t3_6wydy7

Comfy_Guy

dmbnf1m

PA2SK

dmbnmzt

Going Credit Card Only- No Debit Card Use

My mother in law has switched to a system where she does not use a debit card, for concern of her card info getting stolen, and her accounts cleaned out. Instead she pays for everything with petty cash and credit cards, and of course pays off the full balance every month. My wife has been considering this, and brought up us doing the same. Is this worth it? I wouldn't mind if for the card perks, like cash back and skymiles, but I can't find many articles about people going 100% credit card. If yes, do we play it "safe" with cards from our bank, or go outside and just take the best rewards we can get? Thanks a bunch.

It is worth it as long as you're sure to pay off your balance each month. Using your debit card for things is generally not a safe move, but it's arguably good for people who have a spending problem. Bottom line, if you pay off your card in full and are sticking to your budget, this is a good idea. In regards to "safe" cards or not, I personally would just go with the rewards. My bank personally doesn't offer the best rewards so I got the Citi Double Cash card. It's proving to be well worth it.

My boyfriend does this with a pretty good points/ cash back credit card. You need to be VERY disciplined because it can backfire quickly. I would suggest doing what he does... pay the balance every Friday. That way you can still keep things under control.

personalfinance

JBAinATL

t3_66e890

RunawayXcon

dghs9ph

12345hey

dgicyez

So, two days of losses and somehow that means a black swan, correction, and recession

Why are all these retards out here acting like the end of the bull market happened already and that we are headed into a prolonged recession and this week will see a black swan event? I joined this sub with promises of forever tendies and that Stonks only go up? What changed? Why are we letting these stupid gay bears run the world?

Been following this sub for the past few months now. I refuse to believe the first time I dip my hands into the market with options that a recession happens. I'm

You just joined this sub? What makes you think you have the right to post this shit. Fuck off. Nothing you have to say means anything. 200+ upvotes? Shows how many new homos there are here who know nothing.

wallstreetbets

EastonDefender

t3_f80w0e

Tiiimmmaayy

fiiiz3b

SECishere

fijcf36

Just turned 34 and not sure how I'm doing/what to do going forward

I recently had a birthday (34 years) and thought I would do a quick check up on where I'm at. After I got all the data I realized I have no idea if I'm in a good place or not. I have no trouble paying my bills or expenses and I save, but I don't really know where to go from here. Thought I would see if anyone here had some insight, feedback, or advice on performance and future. &x200B Stats are as follows: · $3,000 in checking account for rolling payments and day to day, stays pretty constant · $12,000 emergency savings (about 3 months of my take-home) · $2,000 emergency cash on hand · $10,000 invested but accessible (put $9000 in to mutual funds about 2 years ago, current status) · $3,000 in HSA, just started 18 months ago · $45,000 Roth IRA · $42,000 401K (10% withholding currently, got started a little later on my 401k) · 2016 bought a house for $180,000 currently owe $124,000 on it should be paid off in \~12-14 years with my extra payments · Owe $9,500 on my vehicle, will drive it for about 2-4 years after I pay it off depending on how it holds up · No student loans · No credit card or other debt &x200B &x200B I'm hoping I can just continue what I'm doing with saving and investing when able, just not sure how I stand for where I am currently. &x200B edit stuff I added in comments: Current home value is up to around $200,000. I didn't buy at the best time about 3-5 years earlier but I did OK. Vehicle is 0.9%, home is 3.75%, credit is excellent high 700s to 800 some months. Investment is all mutual funds 33% bonds 66% stocks mirroring domestic and international indexes. On "take-home" - I could be off maybe? I don't count any investment stuff in take-home so my health insurance, HSA, IRA, and 401k aren't counted in my take home. I just pretend it's not there.

I don't have any advice but I clicked this because I'm also 34 and wanted to compare. Well - we are practically the same person. So I hope it works out!

Only problem I see here is way too much efund but other than that no real debt probably net worth somewhere around the 200k range congrats. I hope im where you are when I hit that age in 6 years currently only worth about 60k if I liquidated everything.

personalfinance

Trees-Company

t3_cbkjbh

DirectGoose

etgccxz

Advice2Anyone

etgdbqb

I'm 17 y/o and I'm struggling to help my depressed mum and family financially whilst saving for a car (AUS)

I don't want to make this long so I won't get into too much detail. My family is comprised of 6 including me, my single mum, brother 12y/o and a 8, 6 and 4 year old sisters; my mum is struggling with huge debt whilst paying off the house, car, bills, putting food in our mouth all whilst working full time. I work part time at fast food but I don't get paid very much. Often, my mum would ask to borrow money to pay for petrol or food and promises to pay me back the next week. It's a poor system because that very next week she would borrow again and again. I don't make much money myself, about $90 a week. I asked for more hours but it my availability made it impossible to balance study, work and family. At night when we're all asleep I would hear her sobbing whilst she secretly drinks her pain away. (Not getting drunk, I think) I would often buy food and help pay stuff including excursions for the kids but the only problem is that I want to save for a car but every week I'd end up broke and waiting for the next pay day. This situation is very hard on me and especially my mum. I don't want my siblings to know of the situation. My dad is overseas. My mum hates him. My mum loves us very much and would give her flesh for us to eat but I feel as though there is things I can do but those things would mean I'd have to sacrifice my goals. TLDR: I (17) make it my goal to support my depressed mum financially even though I earn little but it stops me from buying a car. Any advice would be appreciated. (I definitely don't want to drop from school, mum would never forgive me for risking her life trying to get me to Australia and dropping out of school)

Australian here. First off, are you on youth allowance? If not, you should be entitled to it. Does your mother work? Or is she supported by Centrelink? Because if she works and depending on how much she earns, this may impact on your Centrelink eligibility, but definitely apply if you aren't already on it. Second, whilst a car is important in your personal view, and the responsibility of looking after your family should not fall on your shoulders, what you can do to help will make all of the difference in your future. I did not get my first car until I was 27. Unless you live rural, please don't think of it as a necessity, they cost a lot more than just petrol each week. Insurance and rego are expensive costs people don't think about, plus fixing the car when it breaks. Helping out at home with chores and helping the younger children can make a huge impact on your mother's wellbeing, removing that stress can make things easier for her and if you are comfortable with shouldering that, I would. You are miles ahead of many young people your age in terms of how you are viewing your circumstances and your consideration for your mother. That's massive and I something that should be commended. Of course, you need to look after you. But given your description if your current situation, look at this like you and your mother are a team. Look at it as character building. Don't leave school, you need that for your future and working is important. But family, your mum, a roof over your head and mental health and happiness are more important than a car. You will get your car in the future. Right now, you need a happy mum and family more.

Consider joining the army, which you should be eligible starting next year + get to live in the barracks for $49k a year 1) you have an end-game in sight: important to keep yourself going 2) you have an oppurtunity to do more (especially if you get the army to pay for your higher education in psyc, medical, etc or paybfor tradeschool as a sapper). 3) you get to help your siblings out. Do realise your situation is not tenable long term. And while your mum may not be intentionally trying to harm you, your situation is not good for you long term. Having a kid with another man is a choice that she made, and while blood is thicker than water, play the long game too: do not let her decisions sink you.

personalfinance

LordSolomon_

t3_c62nxz

Beepbeepjeepjeep

es63rt0

Damoksta

es7x73a

What does this board/community look like in a crash?

Over the last 10 years, we have all experienced a rather steady climb of the market. There are many (myself included) who's biggest anxiety has been a two month stretch of the market trading sideways. So what happens if/when there is another 2008 like event? Do people jump ship and lose faith in the whole FI idea? I know it is easy to point to a spreadsheet and a SFR and use all the data, but I think it would be easier said than done if your networth is shedding tens of thousands of dollars a month and maybe a few hundred thousand in a year. Those who have been through a crash with significant amounts invested - what was it like for you? Did you change your strategy or were you able to weather the storm?

I was a young investor at the time and had never heard of FIRE. However, I was saving in my 401k with a generous employer match. It did not make sense to me that one bank failure would wreck the whole financial system and devalue the market by 50&37;. I was shocked when friends of mine in their 30's were talking seriously about going to cash. I kept my aggressive allocation and kept buying. The biggest risk of a 2008 scenario is not that you will pull out your money, but that you will lose your job. I was lucky, I kept my job and basically came out with a year of contributions on the biggest sale in recent history.

I had about 200k invested 80/20 in the market in 2008 that went down about 40% peak to trough. TBH, that made almost no difference to me. I mean, yes it stank, but it wasn't actually worse on a percentage basis that what happened to a smaller amount of my money in 2001-2003 and it had come back from that. Plus, on a fundamental value basis, stocks in early 2009 were so radically cheap that if all else was going well, I would probably have leveraged myself to a >100% position in the aftermath. I had almost no worry that stocks would not eventually recover. What did make a difference is that the profitability of the business I had recently assumed complete ownership and control of went from reasonable but declining with need of a capital influx to in the red. I no longer had the profits to support a loan/lease for the equipment we needed to put it on a stronger future footing (capital investment had been lacking for years while my parents owned >50% of it and were taking money out for their own retirement). The notional value of my stake in that business, probably dropped closer to 75%, and after a lot of work trying to build revenue and then finally re-sizing (laying off some 10+year employees) to get profitable again in 2011, ended up selling out for a lot less than I would have got (even with a smaller percentage) in 2007. And then I had to find another job in a still fairly mediocre economy in 2012. So there was that. TBH if my only problem had been the stock downturn, it would have been a lot less stressful, even if all my notional net worth had been in the market 80/20 or so (another 4-500k). I ended up getting about 250k when I sold it, but I had to eat around 60k of losses over 2 years before that which basically eliminated my savings for 2009-2010, right when they would have been poised to earn a ton of money in the market (we lived paycheck to paycheck until the business went profitable again). If I'd sold at the bottom, I don't know if I could even have gotten 100k, since capital for risky ventures was so scarce, those who had it were demanding ridiculous deals. Anyway, the effect on my business was pretty devastating and made the effect on my stock portfolio pretty tame by comparison. If I had been able to continue making a good living and saving 25-30% of my money, the crash would have been a moderately concerning blip, given the eventual (expected) recovery.

financialindependence

PR173746

t3_8u95rg

aristotelian74

e1di8cq

gnomeozurich

e1dnfau

Apartment upstairs leaked toilet water into my unit. Going to talk to landlords tomorrow. What to expect?

I woke up to water splashing on my face from the ceiling. I found three heavy ceiling leaks in my apartment (bedroom area, closet, bathroom). After I called maintenance, they discovered that the upstairs unit (which is currently unoccupied and being renovated) was leaking toilet water into my ceiling. They called the carpet cleaner who moved everything out of my bedroom and closet, and into the living room. The carpet cleaners installed several different machines in the affected areas to extract the water and dehumidify the environment. The machines are extremely loud and must be operated non-stop for approximately 72 hours. I also have two pets: a cat and a dog. Obviously, my wife and I are very unhappy. The place is a mess and we'll have to spend a lot of time getting everything back into place. I am going to have a discussion with the landlord in the morning. We have a tentative list of damaged items and I also anticipate taking time off of work to deal with all of this. We also anticipate relocating temporarily and boarding our pets; it's nearly impossible to sleep through the noise, and our only bathroom is essentially unusable. What should I expect from my conversation with the landlord? We were already unhappy with this apartment complex and this was the straw that broke the camel's back. Ideally, we'd like to end the lease prematurely, without penalty (expires 02/2016). Do you have any advice for this situation? We have no idea what to expect or ask for. EDIT: I have renter's insurance, and the unoccupied apartment unit which caused this was recently worked on by the apartment staff/contractors.

There's not much you can do. Sounds like the LL reacted appropriately. If he was notified and did nothing or acted slowly or whatever you could claim negligence and probably get out early. LL cannot keep problema from happening, they are judged on how they react to them.

I was in a similar situation a few years back. I was renting a first floor unit and the upstairs tenants moved out but didn't turn off the water when disconnecting appliances. A few hours after I left for work I got a phone call that my apartment had a problem. It was a HUGE mess. Every room except my bedroom (it was a roughly 1100 sq ft apartment) was sloshing wet and there was water all over the ceiling, baseboards, and down 50% of the walls. I was told I would have to be out of the apartment for about two weeks while they fixed the place up but they couldn't start for a week because of the holidays. I didn't really want to be there anymore so I contacted a lawyer who looked over my lease and said I should be fine if I moved out as it was essentially 'constructive eviction'. Fast forward a few months and I suddenly had a collection and the credit companies wouldn't remove it. My lawyer contacted theirs and I offered to pay the "painting fee" since I had custom painted the walls; really it was just a sign of good faith since they had to repaint anyway from water damage. Anyway, they refused. So now, the lawyers on both sides effectively said it wasn't worth their cost to take it to court as it was too pricey but the collection was going to haunt me for the next 7 years (which it did). TLDR: Similar situation - forced to move out for two weeks for repairs. I was told by a lawyer I could break my lease. The collection on my account(s) just fell off 7 years later.

personalfinance

[deleted]

t3_3c6rpq

mvp725

t1_cssrw4c

cssrw4c

aewig

t1_csszlxd

csszlxd

Have been climbing out of debt for years, mother drops bombshell that there is somehow way more

26m, my grandmother on my fathers side left me and my brother $60k/each in savings accounts for college only and she passed away when I was 6, father passed away when I was 16 and my mother became the soul owner/person in charge of the accounts and when I was 18 I signed (what at the time I believed to be my administrative or signup papers) for college when they were in fact loan documents. I know I was stupid not to read what I was signing but I believed I could trust my own mother, graduated with a bachelors degree in an IT field and got a rude slap in the face @ 22 years old with collections warning from the loan company of $32k. Holy shit........WHAT!?!? Came to find out my mom had lost both accounts for me and my brother in mostly gambling that she's admitted to. I contacted the loan company and found out those documents I signed those years ago were in fact the loan documents so I began paying them down, for Thanksgiving this year, my mother decides to drop another bombshell and claim that theirs another $60k in loans that she's been paying as she co-signed on those to pay for my college.... Massive argument erupts and through the crying and screaming she says that I am the co-signer on some and the main owner on others and she's the co-signer but she claims her minimum payments are > $900/month. My question for /r/personalfinance is if I were somehow attached to these loans wouldn't they pull up on my credit reports or in some sort of way through the loan company? The loan company claims that their website pulls the accounts based on social security number so wouldn't one of those 2 ways show me if I'm attached to more loans? I'm asking this because I refuse to speak with my mother and its caused quite a split in the family and I will not believe a single thing she says when it remotely involves money at this point. **

There is some great info here. But there is something you need to realize. You cannot trust your mother, and she will not make this better. You can do this, reddit is a great resource so your on your way to figuring out what to do.

Try using creditkarma.com. I don't know of a way that helps release you from liability although I'm sure other people are chiming in to help you in that regard. Good Luck.

personalfinance

Drakko

t3_2pcnvn

Jedi_Outcast

t1_cmvitib

cmvitib

evilishies

t1_cmvohar

cmvohar

What is a good gift for a graduation high school student that will help to financially set her and her daughter up for the future?

i am thinking an IDA, if even possible, but am hoping to get some other ideas on ways to help her save for education or a home. And/or her daughter's future. How can I help her acquire a savings?

Note to commenters: Terse replies like "condoms" or "birth control" which don't contribute to the conversation will be removed. Feel free to report 'em if you see 'em. That is all.

I would certainly second some blue chip dividend stocks. My dad set them up for me when I was in high school and they've been an incredible asset it planning my long-term retirement outlook. It can be fun to sit down with her and choose the stocks together so she can begin learning about the market. Another decent idea is to start building her credit. Either opening a credit card or taking out a small personal loan in her name for a car or other expense can make all the difference building credit and it will teach her to save money and pay bills. The one of the most frustrating issues with building a young person's credit is having a short credit history. If you can trust her to pay it back, then getting her credit started asap can set her up for real success in the future.

personalfinance

jmeftw

t3_2z808d

zonination

t1_cpgjzhj

cpgjzhj

popper10

t1_cpgn04k

cpgn04k

Have $3,500 to invest.. thinking of these stocks

Hey all - Vanguard recently updated their website to allow you to buy stocks directly from their site. So I loaded up some cash on and now I have a decision to make. How would you divide the money between these stocks? A fee of $7 per sale is added. Starbucks (SBUX), Yum China (Yumc), Tencent (TCHEY), Kroger (KR), Under Armour (UAA). How would you divide it? Include any or leave any out? Thanks!

It's a start in the right direction, but $3,500 isn't going to make you much money in the short term unless you play a risky stock which I don't recommend doing here. I would go into a mutual fund, target retirement 2060 fund, Vanguard total stock market fund, etc. If you really want some first hand experience at stock trading and to learn from experience, check out Robinhood app, and play with a couple bucks here and there for a couple months until you understand markets. There are no fees and you can get some losses under your belt first at smaller amounts.

I feel like you're looking into buying a lot of risky companies right now. Kroger has been hammered, but there is no gaurantee or even real thought that it will recover. Grocery stocks were getting hammered before the Amazon purchase happened, and there will be continued negativity and market pressure in the future as well. Starbucks is nice, but how much room does it have to grow? I'm not an expert here, but I get a loose impression there isn't a super huge amount of growth to be had here, although I could be wrong here. Yum China has some potential headwinds, but once again, that's very speculative as to whether their brands actually take off in China, and they haven't been doing great recently. So far, chinese growth hasn't really happened fully as there has been resistance, and there is no guarantee that the Chinese will be receptive to their brands at this point. I like Tencent a lot. UAA seems like a decent play, although I'm not sure if it's that far superior to other similar stocks like Nike or Adidas.

investing

nindgod

t3_6lytlh

BowB4Me

djxohtz

cbus20122

djydap4

this call is recorded....turnabout apparently not fair play

So I called into my mutual fund company (Vanguard, in this case) and the rep greeted me introduced herself and ended with the usual 'this is a recorded line'...so feeling in a good mood, I gave her my name and also add 'and this is also a recorded line'... Then she says, since you said you're recording the call, I have to disconnect you - and I replied back that it was just a joke and she said next time don't mention that you're recording the call "my license in on the line" and I innocently asked - "so why can you guys record the call, but I cannot"... and the rep hung up. :( I checked the FAQ and didn't see anything about this topic - anyone understand why this might be the case? I'm not mad so much as curious about what the SEC rules are about the issue... Thanks.

It is legal for you to record your phone calls in ~~all 50~~ most states as long as you are a party to the call. This means if you are a participant in the call, you can record it without notifying anyone else on the call. I do routinely in order to make notes, and of course as a CYA. I also don't announce it. They have every right to NOT talk to you if they know the call is recorded, so that must be Vanguard's policy. You may have the right to record and not disclose that but they have the right to not talk to you if they are under the impression that the call is recorded. EDIT: IANAL, go here: there are two party states that require both parties of a call to be aware that the call is recorded, based on what state the recording party is in.

Call them back and ask "Why can you record the phone call and I cannot?" Do not mention that you are recording. Seems a better idea than asking a bunch of people online, although when you find the answer let me know.

investing

vgtaluskie

t3_2glntp

regreddit

t1_ckkf9lt

ckkf9lt

dumbvestor

t1_ckkh7lm

ckkh7lm

Signed a lease and not 24 hours later got the job of my dreams. In a different state.

The title pretty much says it all. I signed a lease for a BK, NY apartment, paid first month and security. This morning I got offered the job of my dreams in Arlington, VA. I had been applying for (and getting rejected by) this job for about 14 months and finally when i had given up all hope, I got it. The lease itself doesn't really talk about 24 hour cancellations. I emailed and called and made my situation known and now I'm waiting for a reply. In case things don't work out in my favor, is there anything at all I can do to get out of the lease and get my money back? Or at least get out the lease and eat the cost of what I've paid? First time leasing a place so I'm really lost and any advice would be greatly appreciated, thank you!

As a landlord, if you haven'e moved in yet and its only been 24 hours I'd probably give you a full refund unless I turned away other potential tenants to allow you to rent. Even then I'd probably give you a full refund.

Did you sign with a property manager / real estate agent or directly with the owner? PM's and agents will generally earn 1/2-1 months rent commission at signing so you may be out that even if the landlord waives any other issues.

RealEstate

mrveitch

t3_8l3zs6

jmd_forest

dzco1xg

sgent

dzcwaw5

Almost review time...How to negotiate with a company that is making money

Hi All, 10 years in the IT business, 7 of those in Helpdesk, year three in my current company. In the past year our IT manager left and I took on some more responsibilities, like helping with a major phone system change and assisting with the move of our employees to a new building. Speaking with my boss in our 1:1's we discussed my role and how it's complex, definitely more than just Helpdesk now. How I take projects and run with them and never disappoint. My salary is now 47k, which is at the high end of the spectrum for a Helpdesk Engineer where I'm from. There was talks of making me a "Senior Helpdesk Engineer" in Feb when reviews come back. I'm expecting nothing less than a 95% good review from what I've already heard. I'm also expecting to be low balled with a new salary. Better, but not what I'm hoping for. My ideal salary goal is somewhere near 23% (58-59k) based on some Robert Half technology guides I've been reading, my past work and upcoming projects that require a huge amount of time outside of Helpdesk duties. How does one approach their boss regarding salary negotiations? I believe our company does a merit pool (salaries already baked into the budget) so they most likely have a number in their heads. If it's not what I want, what should my next steps be during review day?

They're not going to agree to a $10k+ raise for a help desk guy. Either you're getting a real promotion or you're moving companies. Otherwise odds of getting a fat raise are slim in my opinion.

As an employer i will tell you that the best way to get 60k a year is to ask what you would/could need to do for the company to make you worth 60k a year to them. Conversationally explain that that gives you a lifestyle you feel you could be happy at at this time in your life but you are willing to work for it. If they ask what "you" think you should do to be worth that much point to a person below you who is well paid and try and justify the spread in salaries. If you don't know the salaries explain to them you have friends doing similar work for close to that. The employer cannot really be mad at you or feel you are being greedy because you are not complaining about being underpaid and are willing to earn your keep. At worst you will come away with an easy meeting and an idea of what you can do to get where you want to be.

personalfinance

bluelinebrotha

t3_42y4xx

litecoinminer123

czdzvw5

billmarshall

czejsfq

If I give 3 weeks notice, can my employer refuse to let me work (and pay me for) the 3rd week?

The situation is that I am due a bonus on June 15, and I have been offered a new job with a flexible start date. I have to be employed at the current firm on June 15 (which is unfortunately a Monday) to receive the bonus. I also need to take the week of June 8-12 off as vacation. If I give 3 weeks notice on June 1, can they refuse to allow me to work during the week of June 15, losing me the bonus? Alternately, there is a possibility they won't let me work my notice at all. Am I still entitled to the bonus if I offered to continue working through to June 15, but they don't let me? I'm in the US.

If you are supposed to receive a bonus, DO NOT EVEN THINK OF LETTING YOUR COMPANY KNOW YOU ARE LEAVING UNTIL THE MONEY IS IN YOUR HANDS. You will most likely be let go as soon as possible, and receive no bonus.

What kind of reference does the company give? Some only say dates employed. But yes, I wouldn't tell them. Work it so that they have as much time as possible, but don't screw yourself.

personalfinance

Literal_Genius

t3_36kjud

nowhereian

t1_crer9az

crer9az

RareBeautyEtsy

t1_cretg43

cretg43

How do you guys account for expenses incurred by aging parents?

I've been talking things over with my SO and at our current savings rate and hopeful 5% interest every year from index funds (we are being pessimistic) we can be FI in 6 years. That said we realized that future medical expenses like chemotherapy, dialysis, hip replacement etc can seriously eat up our savings and legitimately keep us from becoming FI. This can keep us from the FI goal for another 5 to 10 years and more if you take into consideration 2 pair of aging parents. That said anybody else have experience preparing for this variable? What is your preemptive plan? Any advice?

I don't. Look, I'd like to, but the US medical system is completely effed. Even if I continued working and didn't retire, I would still be unable to save the several millions required to cover every possible medical scenario. I do plan to be long retired and available. Medical costs can be drastically cut if there's a person there to help the person/patient. They can be released from the hospital sooner. And if I'm there to assist, that cuts down on hired help. I also wouldn't rule out medical tourism. Or moving to another country altogether. Your dollar will go a lot further. I was hospitalized once in Guatemala and the care and the hospital were great. The English speaking doctor gave us his cell phone number and we called him once on the phone and talked to him. We were also able to get costs upfront. In the past 10 yrs, my husband and I have had 3 grandparents die between us. All of them have covered their own medical expenses, to my knowledge. I, personally, do not expect my children to pay my medical costs.

Looking ahead, it will likely eat up the entire estate that my remaining parent owns as they make their final fight assuming it's not tragic and sudden. Which scares the shit out of me since I happen to also live in one of their rental properties. I don't know what else to do about it.

financialindependence

etevian

t3_4rhwqc

MoneyMitten

d51a1u8

octanepenguin

d51ukur

Wife wants to buy a house in 2 years, we have debt to income ratio of 25% currently

We make about $150k combined per year, and calculated our debt to income ratio to be about 24%. She wants to buy a house,but I’m leaning more towards paying off our debt. She figured, if we start saving now and pay our minimums on the debt instead, we could have about $30k saved which is plenty for a down payment where I live. I want a house, but I hate our debt, we have been tackling it quite successfully over the last year and if we continued we could have everything paid off in 2-3 years or so. We have consolidated a lot of it into loans so our apr is 9% or lower on most of it but we do have a couple credit cards with higher apr Just looking for advice, I personally want to put her dream of buying a house on hold. Her fear is that home prices are going to skyrocket in our area because it’s booming with tech industries, we live in Denver and want to stay here

If you have outstanding credit card debt, at say 20%, every dollar you put anywhere else other than paying down your debt is effectively costing you 20% interest. Put $10,000 down payment on a house? Congrats, you just just borrowed that 10k from yourself at 20% interest. I recommend you and your wife read this short article, it helped me get the right mindset about debt.

I'd say paydown the debt even if it's only the high interest credit cards. If you have 30k in cash and 30k in debt your nets zeros. If that debts sub 5%, maintaining liquidity (especially an egency fund) isn't that bad. It's something else entirely when that interest is 16-20%.

personalfinance

Theddosios

t3_7rr594

welliamwallace

dsyzsp4

oddodyssey

dsz73j3

Airports, not airlines, are the rebound play for air travel

I will begin by saying I AM AN AMATEUR RETAIL INVESTOR AND NOBODY SHOULD EVER TAKE MY ADVICE FOR ANYTHING RELATED TO INVESTING. With Boeing and the airlines running to the USFG for bailout money and share prices in the tank, a lot of people are starting to poke around tickers like $UAL, $DAL, $LUV and $BA thinking that there is a lot of value to be had. This is largely on the theory that air travel is part of the backbone of the world economy and, whenever the crisis subsides, there will inevitably be plenty more money to be made in this industry. That is definitely true, but I don't think that trying to go for individual airlines (or even Boeing) is the right way to chase this opportunity. The reason is that these companies go through bankruptcy and restructuring all the time. United, along with several predecessors to Delta, have done so as recently as this century. If these companies end up having to drink from the government trough, especially with the widespread public sentiment against further bailouts, a wiping out of the existing shareholders seems to me to be a real possibility. Airports, on the other hand, seem to me to be a much more exciting opportunity. Most American investors don't think about airports as an asset class because all airports in the US are publicly run. Outside the US, however, there are a number of publicly-traded airports that are run privately, often on a concession basis. Airports are a much more natural monopoly than airlines and, since most airports get much more attractive margins than airlines, tend to have better balance sheets and therefore face a much lower possibility of bankruptcy or restructuring. Airport stock prices have seen similarly drastic haircuts as the major airlines, but seem much better positioned for a safe rebound than airlines. I am personally invested in $PAC (a collection of Mexican airports) and $AUKNY (Auckland NZ), both of which have seen >50% drops from their recent highs, and am rapidly expanding my positions at these low prices. In anything less than an end-of-the-world scenario, air travel will return to its highs and continue to grow, and airports' revenue numbers should bounceback at the same time.

Thank you, exactly. I said this the other day on here and completely agree - I haven't invested in either but if anything I'd far rather airports than airplanes and for the exact reasons you noted.

How do they raise money? Sell bonds? The cash and r/E positions from the balance sheets on these picks don't feel so great given their liabilities, and I'd be a little concerned if the after-effects of the epidemic burn through their reserves. Their assets are in land and buildings mostly.

investing

TheHiveMindSpeaketh

t3_foa1ru

dvdmovie1

fldyps9

hyperpigment26

flew600

How do I get started on the stock market

Hello I am 19 years of age and I want to invest on the stock market. Is there any tips, such as how much should I start off with ect. I was planning on starting with $200 then investing some every week. I have no idea on how the market works so I plan on learning and reading until I have a complete understanding. I consider myself I smart individual, but don't know if that will help my odds. Any tips on how to profit?

Read the wiki info, tons of good information there. Invest for the long term and at your age you can afford to be on the higher risk side of investing. If you want easy, open an account with Fidelity or Vanguard and get low fee index/industry funds/ETF's and just keep putting money into the account for the next 30 or so years.

I plan on learning and reading until I have a complete understanding. First of this will never happen. I would throw whatever money you can financially and mentally afford to completely lose in a trading platform and start. You will probably want to start with a bit more than $200 due to the costs of making a trade but some places give free trades for a few months, etc.

personalfinance

Koolaidconsumer

t3_a65ecu

JMMD7

ebrvud8

n609mike

ebrzje3

is it ok to borrow 5 grand from a friend who wont charge interest to pay off credit card loans?

my parents were dumb enough to loan my sister a credit card and after 3 months the debt is 5k. I dont know what the apr is but with their salary they only make enough to pay minimum balance and thats a terible idea. We have a freind who knows our situation and hed loan us 5k with no interest and we'll pay him back within a year to avoid deep penalties and apr. Is this a good idea?

Financially, yes, it's a good idea. Relationship wise, it's suicide. You will very likely end up not being friends with this person by the end of the year. I would not recommend it.

Your parents and sister have made TERRIBLE financial decisions to get in this situation. Don't let your friend make the same mistake. What is it about your families finances that you use the word "we"? It would seem that this really has nothing to do with you, but it would also seem that you've taken on some of the responsibility of paying this back. Is that fair to say?

personalfinance

[deleted]

t3_1m47i1

lilfunky1

t1_cc5lvjm

cc5lvjm

SharkWeekJunkie

t1_cc5md9x

cc5md9x

$20 DR copay in collections.

I got a letter from a debt collector saying they are collecting for a $20 copay from the local medical group that I never paid. It doesn't list the date of service or DR name. I certainly would have paid it if I ever received a bill. I never received a bill ever. I have never had a single bad thing regarding my credit. This is going to ding my credit now? What are my options? Just pay it and move on? This is garbage to have a ding from a bill I never got over $20 fricken dollars.

Ask them to validate the debt. Specifically, you want to know the provider name, date of service, and an itemized invoice. Search “debt validation” if you need additional information or want to see example letters.

Is the debt yours? Did you go to this doctor and have a $20 copay at the time? If you know the debt is yours, ask for pay for delete, then pay it. New credit reporting formula ignore paid accounts, and some scoring ignores debts under $100 so it may have no impact even you don't get the pay for delete. If you don't know if it is yours, ask them to validate the debt. Someone may have used your insurance. The doctor's office may have made a mistake in billing or posting payment.

personalfinance

thefishknight

t3_by2ul9

galactica_pegasus

eqc56p5

allthedifference

eqcjzo2

College student with a now pregnant girlfriend. Needing some advice.

So we found out last night that my girlfriend and I are going to be parents. I'm pretty terrified and nervous, as is she. We are both twenty (21 in december), full time students in our junior years of college, and both have two jobs. I myself am very involved in my program at school and work at O'Reilly Auto Parts part time as well as working for Ford Motor, Co. She works at an elementary school and a daycare facility and is in an early childhood program. We have been together for almost three years (will be three years this november) and love each other very much. We both drive sports cars (BMW 3 series and Mustang) and neither of us have a lot of money saved up. I currently have four hundred dollars as I just spent 600 on an older pickup that I am going to get running to use as a farm truck. I guess it goes without saying to start saving every penny we make? Is there a certain way we should go about that? We are both on our parents' insurance plans. How much should we expect the hospital bills to be? Is there anything else we should be prepared to spend money on other than the usual food and diapers, etc.? Thank you for any input.

Is there anything else we should be prepared to spend money on other than the usual food and diapers, etc.? You're kidding, right? Yes, there are a ton of other expenses. Your parents health insurance won't cover your child, for instance.

I think you need to see what kind of support you can expect from your families and that will help you better plan. I'm guess with a BMW and mustang, you've likely had strong support from family, but then again you both work so who knows. Be smart with your decision regarding vehicles. One of our cars is a 2 door Honda civic and even though it's close, we can fit a car seat in the back. Don't get yourself into debt just so you can have a big car (i.e. the Escape you mentioned). Check to see whether your parents' insurance will cover the birth, but I'm not sure whether they would cover the child's care (Mom and Baby are two separate cost streams per the hospital). Don't understimate the costs associated with taking of a child either. You can easily get away with very few "comfort" items like swings, bouncers, etc...so don't go out and buy everything and don't register for everything. Get the necessities. If breast feeding, most insurances will cover the cost of a breast pump but you might need to buy it from a specific source, so ask ahead of time.

personalfinance

Ourlittleblessing

t3_2ik4gn

depaulbluedemon

t1_cl2t21j

cl2t21j

kdchampion04

t1_cl33l96

cl33l96

Getting your real estate license with a felony background

Hello. I have passed the RE exam in Colorado and have to go in front of a review board because I had a felony on my record. It is currently a misdemeanor but I'm wondering if I have a chance. The felony was for theft and I was charged in 2011. Can anyone give me some insite as to what to expect this December when I go to the review board? Also what do you think my chances are of getting approved/denied. Thank you in advance!

The first step with any review is to be 100% honest. Do NOT try to lie or downplay anything. Own up to what you did, be truly regretful about it. Don't try to make flimsy excuses or justify it, unless you really feel that it was something justifiable, like you stole cans of tuna fish to feed your hungry kids.

IANAL but if you were only convicted of a misdemeanor, not a felony, that felony charge should not be held against you legally. For most hiring purposes, the FCRA rules require only using the convicted charge description/level/disposition.

RealEstate

Thetracerace

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BlakBeret

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cheksea

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23yo, 1300 in debt. Need help finding the best solution.

Just as the title says, I'm 1300 in debt. I have no credit cards, and I'd like to find the best way to pay things off. I don't live at home, I have a full-time job making 450 a week. My expenses monthly are: 400 a month for rent 140 a month for utility bills 120 a month on food 60 a month for car insurance 160 a month for gas 55 dollars a month for internet What would be the best plan of action to pay these debts off? I know for sure there is one that I can knock out in one payment, and another I can knock off in two payments. The biggest hole is one for a shitty online school that is a total of 952, but If I make a one time payment of 450 that they would consolidate. Any input would be greatly appreciated. Thank you for your time.

By your numbers, I'm seeing income of $1800/month, and expenses of $935, leaving $865 per month unaccounted for. Even if you set aside $365/month for general money on top of the expenses you listed, and throw $500/month at the debt, it will be gone in less than 3 months. Are we missing something?

I am 23 and I have about 30K in debt. Now I make a decent yearly salary, but still, I would GLADLY trade! Open a credit card that has an introductory rate of 0%.... you can usually find these card that give you a 0% rate for 12-24 months. Use the card to pay off your debt. Then, pay as much as you can towards the debt on your card each month. You will build credit, and have an interest free loan. This will allow you to pay it back at your pace, build your credit, and discontinue any interest you are currently paying. Google search "credit cards" and use the google comparison tool to find a car that works for you. Just make sure it has no yearly fees

personalfinance

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$7000 in debt, . What should I do?

My wife and I are living paycheck to paycheck. We make about $3000 dollars of month, paid bi-weekly. We pay about $1500 a month for rent and utilities. We have about $5000 ($2000 of that has 0% APR for a little while) in credit card debt and $1900 in medical bills. My wife just broke her laptop and phone, both she needs to work. I am very overwhelmed, slightly freaking out, and I don't know what to do.

You need a budget. There’s an app literally called you need a budget. I don’t personally use it but it’s highly recommended for getting out of the paycheck to paycheck cycle. The reason everyone’s going to ask what the rest of your expenses are is because you won’t get out of this mess until you identify where the problems lie.

If you live in the US, Black Friday is also around the corner, which can save a ton for the laptop if you can coast by with a temporary replacement for a few weeks. Newegg.com often has 75% off on certain items on Black Fridays last time I checked.

personalfinance

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Appraiser is taking too long. Closing date is tomorrow and seller doesn't want to extend the contract without seeing the appraisal!!!

[I posted previously about the appraisal coming in 30k too low [TX].]( and appreciated all the advice. As it stands, we have submitted new comps to contest the appraisal last week and have been told it could take the appraiser 5-10 business days to get back with us, which would put that at the 15th, but our closing date is tomorrow! Our seller doesn't want to extend the closing date without knowing if the appraisal will be adjusted fairly. Our lender told us they cannot contact the appraiser, but have to wait. They did tell us yesterday they would request a rush on the order...but I'm not sure why they didn't do that in the first place knowing how close we were to closing. Is there anyway I can contact the appraiser to get an eta for the delivery? My wife is writing a letter to the seller asking if they can give us more time to wait for the appraisal. I really don't want to sabotage this or do something that is against regulations, but as it stands we are SOL as of tomorrow because the seller has multiple back up offers, and at least one in cash. EDIT: The appraiser got back in touch, they are not considering our comps and do not want to adjust the evaluation at all. I really feel their appraisal should have been at least 10 - 15k higher. Their comps were not good at all. One of their comps was too old, one was not comparable at all in size or quality, and they did not even consider the air-conditioned workshop in the backyard in the evaluation which is worth at least an extra 10k. My frustration besides this, is that I feel the appraiser might have put too much emphasis on 'updates' (or lack thereof) ie: fresh paint and a backsplash in the kitchen and are completely ignoring the fact that this is a custom home with beautiful wood paneling throughout, solid wood custom cabinetry, the frame of the house is made out of redwood (which is termite resistant), and the foundation is completely solid. All it needs is a fresh coat of paint and some midcentury modern furniture and it goes from looking 'old' and 'dated' to retro & beautiful. The house was built by the owner to his own high standards, and been incredibly maintained and well by him kept ever since. I've seen much smaller houses going for $180k because they put in a few minor updates - never mind that there is rotten wood on the outside of the home. To me, minor updates artificially inflate the price of the home. I just don't think there are adjustments that can be made for the quality and craftsmanship in this house, which is a shame.

Ugh...you're in a terrible spot...huge amounts of sympathy. Best bet is to sweet talk the buyer but I have to admit, in their shoes, I might move on unless you're by far the highest bidder. I'd stress to the seller that you're ready to close ASAP once this appraisal issue is cleared up. Your lender dropped the ball by not requesting a rush order on this last week...you've done everything you reasonably can do.

Talk to your realtor and see if they can push the closing back. Meanwhile you should call Your mortgage company and loan officer, They can contact the appraisal company just can’t talk to the appraiser directly. They should be able to pump it it quickly. Do those two things and hope for the best! Hope things work out.

RealEstate

snowblindswans

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Mom is co-buyer on my auto account and filed for bankruptcy. My credit dropped immensely and I can't get approved for anything to build my credit back.

This is my first time posting so I apologize in advance for anything wrong. To preface, I haven't had a lot of financial guidance growing up due to separated parents that were both terrible with money. This means I have very little knowledge of credit scores, accounts, loans, etc. although I try my best to do research. I bought a new car in 2018 and got a loan through the dealership. I've heard now that decision wasn't the smartest to begin with. I try to be diligent with looking through my bank accounts and realized my car payment hadn't come out. I called the finance number and they said my account was in deliquency due to 3 unpaid payments in a row. I have my account set to autopay and wasn't checking it as much as I should have. The next day I paid all 3 months and had it resolved for the time being. Apparently my mother had filed for bankruptcy without telling me which meant that the corporation couldn't contact me to let me know I hadn't paid and took me off of autopay as well. My credit score took a huge hit and I've been struggling to get it back up since. Today, I applied for a student credit card (I'm currently a 21 y/o student) because I have no credit aside from the auto account and would like to build it up quicker by opening another account. I got denied because of the issues with my credit through the dealership due to my mother. I honestly don't know what I need to do or what steps I need to take and I don't have many people to talk to about things having to do with finances. Am I able to dispute the issue from my mom with the dealership or credit institutions? If so, how could I do this? Should I/am I able to take her off the auto account, and what would that do (raise payment, raise interest, etc.)? What is the best way to raise my credit in a situation like this if I can't dispute it? If any more information is needed, please let me know. Any advice would be greatly appreciated. Thank you!

this is the risk when you co-sign something. you should be able to get a secured credit card with a low limit to start building credit again. more here:

I'm not an expert, but doesn't sound like your mom's bankruptcy should affect your credit report. Though 3 months of late payments definitely would. If you haven't already, get on top of your credit, there was a recent thread on it - [ _challenge_1_get_on_top_of_your_credit/]( Oh, and start tracking your expenses better, there's many services which can help you. Mint is a decent and free option (but be prepared for credit card ads). YNAB is another option, it's life changing, and r/ynab is full of success stories, but it's not free.

personalfinance

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Garage Conversions. Why do people still do this?

(Florida) I can't tell you how many bad garage conversions I saw house hunting. You know the type where the driveway juts into the "new" master bedroom. Where there are stairs leading down to the new room and a hastily built closet the looks like a wardrobe stapled to a cement wall. What surprised me is how many of these were done by flippers on purpose. Does it really add value to the house? Are you really fooling anyone? Don't people actually like and need a garage. Where do you store lawn equipment and bicycles and well your car? I also noticed that in a hot market the reason I was seeing so many garage conversions is that they seemed to languish on the market compared to other similar sized homes. Why would professional flippers (Often real estate professionals themselves) take the time and money to convert the garage and make such a pigs breakfast out of it? Wouldn't you at least change the driveway to a circular one so that the cars' headlights are not shining right into the new bedroom? Wouldn't you attempt to change the layout so that you were not entering your bedroom through the kitchen or laundry area? Is anyone still fooled by this anymore is my bottom line question. And if not why do flippers still seek that fourth bedroom that no one asked for while getting rid of a useful space to protect one's car from the elements and store various other items.

I'm in no way a real estate professional, but I always assume it's done by home owners with large families who need the space more than they need a garage. As a buyer who's not looking to shelter a large family, it's a deal breaker for me and I would not buy one at all. Living in the midwest where it snows in the winter, hails in the spring and swelters in the summer, I value putting my car in the garage over a fourth bedroom.

Flipper here, I undo these more often than not when fixing a house up. They are usually done by the homeowner and are done badly with crap materials. As the market has heated up I'm sure everyone is jumping on the bonus sq footage. But I hate them typically.

RealEstate

juliankennedy23

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twistytwisty

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DonKnots

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Potentially stupid idea, one CD every month?

I'm a complete newbie at this, so try not to tear your hair out too hard. An idea I had was to begin depositing 500.00 USD into a 5 or 6 year CD every month for 10 - 12 years. Assuming CDs work the way I think they do and will allow such a thing to place, the goal was to begin getting a monthly CD with its interest. I would reinvest the initial 500 and take the interest for myself of each CD or adjust for possible inflation and increase it by a small margin but it would generally just be recycled back into a CD. Obviously a monthly 500 + interest only takes place after the first five or six years. My question is do CDs in fact allow such a thing as this to happen and is it a good idea or suggestions on how it can be better?

Not only is this possible, it's already a well known strategy called CD laddering that you can Google and read up about for variations and ideas. The whole point of this strategy is to take advantage of the higher CD rates while still getting some access to liquidity each month for, say, a supplement to your emergency fund. I'm just not sure if you want to lock in rates now with interest on the rise currently.

Did you account for taxes in this plan? It seems like you plan to have the money invested in a non-registered account, which could very well see you losing to inflation with taxes factored in to the equation.

investing

HedgeFundHootananny

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COAST_TO_RED_LIGHTS

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Home inspection: what do you wish you would have known/asked about/made sure the inspector looked for?

Hi, I have my very first home inspection tomorrow for a single family home. The inspector does come recommended. What is our involvement exactly in the inspection as the buyer? Should I be flushing toilets and testing outlets and running the garbage disposal or opening the garage door, or does the inspector do that? Due to corona we limited touching anything during the showing. What stories can you share if things found after you moved in that weren’t found on inspection? What are some areas or items to check that are NOT major like roof, furnace, etc Tell me everything... horror stories, successes with finding problems and having sellers fix them, bad inspections!

This one will sound funny. Open/close doors and windows. Why? Because if a door and/or window doesn’t close, it could mean the house is settling in not a good way. It would likely have any signs (like cracks running up walls) but those can be patched. It could also be as simple as a faulty window so don’t jump to conclusions if one window is a pain or a door has trouble closing.

What is our involvement exactly in the inspection as the buyer? Ask questions of the inspector and make some notes.. He'll be making notes but not everything makes it into the final report. Sometimes it's minor things that you won't get any relief from seller but you'll want to fix yourself after purchase or sometimes he/she just forgets. We had shower grout issues in our last purchase that even made the report but weren't called out as a must fix. I missed it / misjudged the severity and ended up having some leaks to fix after a month in the house...

RealEstate

penguinPS

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VampHuntD

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(30m) is it okay my parents still pay my cellphone, car insurance, student loans, health insurance?

I could have afforded it for the last five years, but my father always handled it. I told him that I could pay for it, but he said don't worry about it. My student loans aren't that much only about 5K left. Car insurance/health insurance he pays, and cellphone is under his plan. He makes a lot of $$ obv but it does make my stepmom pissed and she brings it up to claim that I'm not like "so and so's son". Am I a loser because of this? I am not a daddy's boy, I'm independent with my own career, family and girlfriend, I never ask them for any money, but I feel a bit guilty I guess due to society's expectations.

If your father insists, let him. However, save money, because one day your step-mother may try to take everything away and leave him penniless, and when you show up as the dutiful and faithful son, he will know that you are truly his loyal and grateful son. Or, if she's not that bad, once in a while, give him a really nice gift about equivalent in value to what he pays, to show him how much you appreciate him.

Any girl or woman that says somthing like this - [–]Canadalilfunky1 11 points12 points13 points 11 hours ago I'd be pretty embarrassed to date a guy who wasn't handling his own finances at 30. Especially when he can obviously afford it. You can laugh at them because anyone who had the same oppurtunity would take it especially a woman.

personalfinance

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DownsPanda

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FIRE failure stories?

I would like to discuss here some stories about people that either miscalculated their FIRE amount or somehow the market was wrong like FIREing in 2008 and then having -40% of your investment. Did you stick to your plan? How about the stress?

I don't know if I count as a failure exactly as I never quite pulled the trigger, but now I won't completely pull it. Here's the scary story: My wife retired 4 years ago at age 45. The plan was for me to follow in a year. We had NW of about 1.5M, House paid off, Cars paid off, new roof, AC, water heater, all that. Our expenses were 40k lean, 60k enjoying life. What went wrong: My health. It's been going on for a few years, and I do not want to give up my nice PPO 90 with the $750 deductible for an ACA HMO plan that will not let me pick doctors / have some pretty scary deductibles and co-pays. The compromise: 1-1-2017 I dropped my schedule to 3 days a week and took a 40% pay cut. I work from home. I get to keep my health insurance and a pretty decent salary even after the cut. The lesson for you folks: If your health goes kaput, you will burn through money even with excellent insurance. Every test, every procedure, every hospital stay has a co-pay + the docs, labs, anesthesiologists will come after you for what the insurance doesn't cover. We get $50 to $150 dollared to death over and over. I call EVERY time we get one of these bills and sometimes I can make it go away, but most of the time not. Even just parking at some of the hospitals gets you $10 at the time. It's nuts. You're downtown, the days are long. You eat out. And, sometimes you buy medical supplies because you need them at home to deal with the situation. On the plus side, we're worth closer to $1.9MM now, but I still won't pull the trigger completely until I have a couple good years.

How's this? Graduated college in 2007, travelled around the U.S. a bit taking whatever jobs I could in various states before moving for a job in my career field. By 2010 I had $10k saved up from my $13.50/hr wage. Then I ended up in the hospital for a health issue. I was able to return to work without missing any workdays, but even with the company insurance plan the hospital fees wiped out that savings down to zero. By 2015 I had found a better job, again in my career field, and due to my better experience was able to get a $14.50 hourly wage, and had saved up $10k again. But then in February I ate something at work that I had an allergic reaction to. It nearly killed me. My direct supervisor was really nice and I had her pick me up from the hospital a couple days later (also to prove that I really had been in the E.R. when I missed a shift without notice). That wiped out all my savings again. After that, I decided I needed to save every penny and within a year I had saved up over $5k. Unfortunately I developed allergies to perfumes being used at work. I tried to get the company to stop using the products, but lost that legal battle. Even worse, I didn't meet the requirements to take disability, so it came down to a choice between working while in severe pain and difficulty breathing, or not working. So I've moved across the country again to live with a close friend while I work a shitty level 1 tech support job from my apartment. Hopefully with some more education I can continue to work from home for a wage that allows me to live without roommates, as I've developed allergies to common perfumes found in deodorants, shampoos, lotions, laundry detergents, and all sorts of products that people are swimming in all day. It sucks to wear a filter mask just to get groceries, but I'm alive and breathing, and there's still hope.