- November 29, 2023
- Posted by: legaleseblogger
- Category: Related News
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****** just grabbed a
Hello 🙂
I’m looking for a bank similar to Wealthfront with the following:
1. High-Yield savings and checking account as one (whereas others like SoFi have it separated into 2 accounts). Not the biggest issue as long as it’s easy to move money between them.
2. Automation tools (aka, something like: “Keep %X in checkings/bucket and move the rest to Emergency Fund”)
3. Ability to deposit cash, checks, and send money very easily (this is what Wealthfront is missing right now)
These are the apps I’ve looked at so far:
* **Wealthfront** (my current). Fails at #3 and this is pretty important.
* **SoFi**. Close but has so much “fluff” I’ll never use. I won’t use their CC or loans and I use RocketMoney so I don’t need relay
* **Capital One 360**. My CCs are with Capital One so this seemed like a good idea, however, it fails at #1 and I believe #2 is pretty lacking.
Does this exist or am I just being too picky?
Thank you in advance!
Can I write a check to myself for $15,000 and deposit to another of my own bank? Will it trigger e.g. security holds or be subject to additional IRS scrutiny or is no different than transferring e.g. $2,000? There is a monthly limit of 5k for ACH transfers but I need to transfer $15,000 within 30 days.
Should I pay off my car loan more aggressively?
Monthly spending: 4K
Emergency fund: 10k, 20k goal
Car Loan: 13k at 10%
IÔÇÖm working on building up my emergency fund again, but with the 10% interest rate itÔÇÖs killing me to have money sitting in a HYS account.
I make 51k a year with ~10k in cc debt. I took out a loan last year to consolidate the cc debt. I did this without the discipline to not occur more cc debt. I have been tackling my finances with a clearer mind since then. I haven’t been adding any more debt and was wondering if it would be ok to get another loan without the pitfall of using my cc’s again and just creating more debt. I figure it would be cheaper in the long run because i wouldnt be paying as much interest but it would prob be not good for my credit score.
Wondering if thereÔÇÖs any specific benefit or detriment to rolling over my old 403b to my current 457b besides the ease of having them together in one place and managed by a single company? I and my employer currently contribute to a pension fund so my 457 contributions are supplemental to those.
Long story short – a large part of my compensation is in RSUs, which i typically sell upon vest quarterly. Share price is v high so this has amounted in a considerable increase to my income (roughly 60%).I realize I’ll have a hefty tax bill come 2024, which is fine, but I haven’t made estimated quarterly tax payments all year (just learned about this). I’ve tried to read up on the “Safe Harbor” rules for underwithholding, but still confused.
Questions:
– Can I still make payments/a single payment?
– I read that if paying 90% of the total owed for this year, I can avoid penalties.
– Am I understanding this correctly? This would mean me estimating what my remaining tax liability would be and pay 90% of that?
– If so, can I overpay to make sure I’m covered?Any advice on how to navigate would be appreciated.
I want to consolidate simplify my savings. Feels like I have several accounts sitting out there and am wondering if I should just dump all my HYSA/Money Market funds into one Target date account. I’m 41, and currently max out my 401K and IRA contibutions each year. What else should I do? Open to suggestions.
Fidelity 401K – $505K
Roth IRA – $22.5K (Invested in 2045 Target Date Fund)
Fidelity Treasury Money Market (FDLXX) – $33K
Capitol One HYSA – $31K (at 4.5% APY)
Citibank Regular Savings – $32K (basically earning nothing)
ETH Crypto investment – $2K
[deleted]
My wife and I currently pay a combined $162.59 per month for 20 year term policies (term is up in 13 years when our son turns 18) – hers is something like $1.5MM and mine is something like $1.2MM.
We’re mid-30s and in generally good health. Do you think it would be worth it to cancel those and take out some lesser policies for cheaper per month, getting underwritten again at current age? Obviously we don’t *plan* on dying anytime soon, and I feel those face values are overkill.
Long story short, fell into the whole life trap around the time these started, then canceled after not very long after realizing my mistake. These term policies are from the same insurer and *do* include a conversion option where we can convert a portion to whole life without having to go through underwriting, which I imagine may be inflating the rate as well.
$162.59 per month times 12 months a year times 13 years roughly remaining is over $25,000 in premium.
We don’t live extravagant lifestyles so I feel like we could easily get away with $500K term policies or something. We also get group life through our employers assuming we’re still employed in the unlikely event of us passing.
Married couple 28/33 we are currently saving 10% to retirement. Trying to figure out what is appropriate to do with remaining money, as my husband has a commission pay job which has made budgeting for us very hard over the years. I put our budget breakdown below for a full picture.
2625-Mortgage
65-Water/Trash
180-Electric
40-Natural Gas
60-Internet
300-Gas Car
190-Car Insurance
100-Phones
450-Food
70-Dog
755-Car Payment (If it’s a higher commission month we send at extra $250)
80-Streaming
= 4915 total bills
7600-8400+ Monthly Income
2685= leftover off lowest income
Here is a breakdown of what IÔÇÖm thinking for the remaining 2685, these would all be on a per month basis off lowest pay. Not sure if these items look good or if we need to make adjustments.
400-save for house maintenance
200-husband personal spending money
200-wife personal spending money
400- eating out/activities
885- Emergency fund (if income is higher that month but any additional to this)
600-save for vacation, gifts and visiting family
We currently have 2500k emergency fund and 2k in our sinking fund for house/car maintenance. Our goal is to have emergency fund to 25k within 2 years. We also plan to put any tax money directly in emergency fund. (Typically get anywhere between 3-4k back.)
I have ~20k sitting in a HYSA (4.3% interest) that is my 6 month emergency fund. I know that it exists for *emergencies* but I also feel like it is a lot of money that I will *hopefully* never use so it will just sit there. Since you can withdraw contributions, is there any benefit to putting lets say 10k worth into my Roth IRA that way in an emergency I can withdraw the extra 10k and if I never use it, it contributes to my retirement?
Just received my $900 bonus from Chase checking/savings account. Can I now withdraw most of money without issue?
From what IÔÇÖve read so far:
ÔÇó I should leave both accounts open for another six months before closing.
ÔÇó I need to keep a minimum daily balance of $1,500 in the checking account to avoid monthly fees.
ÔÇó I need to keep a minimum daily balance of $300 in the savings account to avoid monthly fees.
I currently have $2,400 in checking and $15,000 in savings. By keeping only the minimums mentioned above I should be good to go with withdrawing the rest?
After another six months passes, then itÔÇÖs safe to close the account completely?
Anything IÔÇÖm missing? This was a pretty good offer.
Does the combined contribution limit of $69k for 2024 include the $7k IRA contribution limit? If I max out $23k 401k, $46k mega backdoor Roth IRA (assuming I am a higher earner with no company match and have no rollover IRAs), does that mean I can also max out $7k backdoor Roth IRA?
My question is regarding allocation between savings and stock accounts. Here’s the situation – for my cash savings (excluding 401k/IRA), I have a money market savings account and a managed stock account. My savings are currently allocated like this: 55% in the money market savings account; 35% in the managed stock account; 10% cash (unassigned). This is not necessarily by design – I’ve been a bit haphazard with where I’ve put my cash. I’m looking to move my unassigned cash into the savings or stock account (or a mix of both) and adopt a strategy for allocation moving forward. I would be curious for opinions on what % I should aim to maintain between the two accounts.
Other info that may be relevant: I’m in my mid-30s, married, with one young child. My only debt is my mortgage. For liquidity concerns, we don’t have any big cash expenses planned for the next 1-2 years, though it is possible that we’ll look to move to a larger house in 2-3 years. We have other cash available for emergencies.
CC Question: I have a years-old Chase card I maxed out ($2300) and then never paid on. Chase has sent me a letter allowing me to pay $350 to “reduce the unpaid balance to zero” and they will “notify credit reporting agencies that the account has been paid for less than the full balance.”
Would it be better to:
1) Just pay $350 and be done with it.
or
2) Figure out a way to pay off the balance in full within about 6 months time.
I am unclear how the two options differ in impact on my credit score and my future options for obtaining credit through Chase in the future.
Has anyone used Acorns and approved of the app? I’m currently using it to help start my retirement. Is it the best bet or should I go through my employer and start that way? I’m also paying for the subscription for usage. I’m also a beginner on what’s good and what’s bad. I don’t trust other family members to mess with my money.
About a year and a half ago, I moved back to my small hometown in Upstate New York for a job that offered a 40% salary increase. I’m currently earning approximately $93,000/year. My initial plan was to buy a house, but with the rising interest rates, I’ve decided to stay with my parents, keeping my living expenses minimal.
Recently, I received a job offer in the same industry but in a southern state (where I attended college). The offer is $98,000 with $20,000 in relocation assistance. However, this is below my requested range of $110,000-$130,000/year. I set this range considering I’d have to pay rent and other living expenses again.
This new position offers better career growth opportunities, especially as I’m about to complete my MBA. Plus, it’s in a state with lower taxes. I’m torn between the following options:
Accepting the new job, which pays more on paper but will increase my monthly expenses and potentially add to my debt.
Staying with my current job, living rent-free with my parents, and waiting for another opportunity that meets my salary expectations.
What do you think? Should I take the new job even if they won’t negotiate up to at least $110,000, or should I hold out for a better offer while I have low living costs?
I’m looking to set up an emergency reserve fund with a spare 15k that I have. I’m a little confused about what the best type of account is for this. From what I’ve read it seems to be between a money market and a HYSA. Which is better, and who are some good providers?
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Bit of a noob, please be kind! Need help thinking long term 🙁 Net worth of around $70k. Currently have $25k in company stock that was part of my signing offer (vested), and all short term. I want to diversify, so I wanna pull it all and reinvest in my individual investment account with a more diverse set of indexes. Worried about the taxes IÔÇÖll incur but someone said to think of it as regular income so trying to adopt that mindset. Also get 10% off company stock so I can buy more. I have $10k in student loan debt (no interest since went to school in Canada), and $25k left to pay off my new car. Options IÔÇÖm considering:
1. Sell my company stock now, pay short term gains taxes on it and reinvest it.
2. Wait a year till its long term, sell it and reinvest it
3. Keep it, and keep on buying more stock with the 10% discount
Which option would you pick, and why? Feel like IÔÇÖm stuck thinking about the taxes in the near-term but am unable to think very long term. Thank you!
If I have a traditional IRA, and am over the income limit for traditional IRA contributions to be tax deductible, but *not* over the limit for Roth IRA contributions, can I open a Roth IRA as a second account and do Roth contributions to it? Or do I *have* to do backdoor?
Hey all, I’ve been considering a new approach for handling my rent money and wanted to get some opinions. Currently, I receive my paycheck in my checking account and then transfer it to my Ally HYSA via Zelle. I’m contemplating whether it’s a smart move to let my rent money accrue interest in the HYSA until it’s due. For instance, if I get paid on November 17 and need that paycheck for rent at the month’s end, the money stays in my checking, not earning interest for about 13 days. Would it be beneficial to switch to paying rent directly from the HYSA? Any insights or experiences with this approach would be appreciated!
I want to open up an IRA with Fidelity. I currently own roughly 40% of a startup (Delaware C Corp), with around $150k in funding at a 3 million valuation.
Does this count as being “self-employed” for the purposes of an IRA, and does that mean my contribution limits are higher? Anything special I should do when signing up?
A little victory I wanted to share because I don’t really have anyone else to tell this…. With last week’s paycheck and 401K contribution settling, I finally hit 100K in my investment accounts! the magic number…
I am still far from where I should be given my income, but 4 years ago, I was making less than half of what I make today, had 6k credit card debt, had no clue about personal finance or retirement, owned 1 checking account, always thought about how to spend next paycheck to buy something for a dopamine hit….
Seeing this number gives me the joy and motivation I needed to keep maxing out everything and sticking to the budget. I feel I can ‘catch up’ and make my way to where I should be. This sub was instrumental in helping me get my head out of the sand, face the situation, and make actionable plans that I actually can follow through. Thanks!
Can anyone give me advice on my 401k allocation? My company has a 10% match (of base salary – $185,000) so IÔÇÖm contributing 10% ($18,500/yr). It is as follows:
ÔÇóPIF REAL EST SEC IS – 9.93%
ÔÇóBARON GROWTH INST – 20.09%
ÔÇóLOOMIS SM CAP VAL I – 19.82%
ÔÇóFID 500 INDEX – 40.07%
ÔÇóFID INTL INDEX – 10.09%
Roth IRA/HYSA vs Student Loans
Roth IRA/HYSA vs Student Loans
Hi all, I am about to switch to a more expensive school because the school I am currently at does not have my degree. I will be majoring in Computer Science. I will likely not be able to pay all of my tuition as I go or I will be barely able to and very broke the entire time. I currently have no bills other than motorcycle insurance and gas which totals about $50 dollars a month. I want to be as financially efficient as possible and I was genuinely curious if I should take out loans and save up all my income even though I could pay most of my tuition. With this money I would put it in a Roth IRA and whatever is left over after the 6,500 I will put in a HYSA. Would this be better? Is it worth it to tank the interest rate of school loans to save up this money. I will become a software engineer and average salary for a new grad is 75,000 – 90,000 before taxes. My parents said I am allowed to stay with them after college to pay off all of the loans as quickly as possible which would likely be within a year as my expenses are very low. I would at the end of my degree have taken out like just under 30k in student loans. I am eligible for 5.5k loans from the government and the rest would likely be private. Would it be worth it to take the interest rate of the debt to have a bigger savings and already invest in a Roth IRA and a HYSA to compound interest? I am 17 and am looking for some advice thank you. If I am completely wrong please let me know.
Throw away account for obvious reasons.
I am a 32 y/o single male living in New Jersey.
$80k salary before taxes.
$20k in credit card debt
$10k loan on a motorcycle
$1000/mo rent
Phone bill is paid by parents
Car was paid for through insurance pay out from accident.
I was involved in an accident a few years ago, and as result had to have surgery on my neck and lower back. With the help of my lawyer, we have finally agreed upon a settlement. As the title says, I will be coming into $525,000 after lawyer fees. All tax free.
I have a 401k through my place of work, where I make $80k annually (before taxes)
I moved back home with my parents after the accident, and I pay $1,000/mo for rent.
I have no children, I am not married, I have 20k in credit card debt, a $10,000 loan out on a motorcycle, my car is paid off and I do not have any student loans.
I plan on paying off all of my debt, and I would love to buy a home and then put the rest of the money somewhere it can grow.
I am currently doing my research and looking into accountants that will be able assist me in this journey, but is that a necessity?
I understand that 500k is not a lot of money at the end of the day, but this could potentially change my life and put me in a good position for retirement. Which is the ultimate goal.
Do you guys have any suggestions, insight, even prior experiences that could help a young guy out like myself, coming into a sum of money as such?
Is it normal for a credit score to drop 39 points when getting a new card? On Experian, my score went from 783 to 744 and the only change I made was getting a new card. The Experian
I was previously an authorized user on one of my parent’s cards (the same card, Cap One Venture X, 30K limit, about 2K revolving balance); the new card is a 20K limit with current usage of 1K; haven’t had a statement close yet.
Previously I’ve only had my score drop by like 10-15 points when getting a new card but my score was near 760 vs. above 780. Do I have anything else to be worried about?
HYSA advice! Which to pick, plan to toss Emergency Fund in there. 26 years old.
Context: 401k matched by employer, Roth IRA maxed out, and Brokerage account opened for any extra I might need in 10+ years but pre-retirement.
Looking for a place to dump my 6+ months of emergency funds.
I know it isn’t as simple as giving me a name and me going for it, unless at this moment there is, but any direction is appreciated, cheers.
TLDR: where to put savings for home down payment
Hello all, 29 year old working in a VHCOL city working to identify a plan for the next few years while I save for a house. Currently have no debt beyond minor CC balances that are paid off monthly and I use YNAB religiously. Now that I have an emergency fund fully funded (high at 30k, but have a $4k rent payment), I would like to turn towards savings for a house (targeting $100k down payment and assoc. costs).
As it stands, have $20k specifically earmarked for a house down payment parked in a HYSA earning 4.3%, however am curious alternative places to keep this money for the next 3-4 years. Would you keep it in a HYSA, or invest? If invest, where would you look? Any investment frameworks or strategies would be very helpful.
Current Comp and Savings Stats:
Cash Comp ~235k a year, with potential to shift closer to $250k with bonus
Max 401k contributions yearly
Max HSA contributions yearly
Contribute $250 to a brokerage monthly (should this increase???)
Beyond these contributions, typically save around $25k in cash yearly
Current Balances
401k balance of $120k (VXAIX)
HSA balance: $5k
Brokerage balance: $12k (VXAIX)
iBond balances: $11k
Emergency Fund: fully funded at $30k (HYSA @4.3%)
Home Down-payment Fund: $20k (HYSA @4.3%)
IÔÇÖd love some feedback on how weÔÇÖre doing. My spouse and I are 35 and 36 respectively with a 2yo. Our spending has increased a lot over the past couple years but so has our income:
Income: $121k spouse/$104k me/$225k total
Spending: $10k/mo. IÔÇÖve included major categories below.
mortgage ($3,100, 475k house bought last year with 5% 20yr mortgage, balance at $365k), food ($1,800/mo), shopping ($1,800/mo), daycare ($1,200/mo), travel ($560/mo, average of last year)
Savings: we save ~19% towards retirement pretax. This could be higher but with a new old house weÔÇÖre working to build up cash savings for necessary repairs as they arise. WeÔÇÖre saving $43k/year for retirement and save about $30k as after tax each year (around $1k/mo after expenses and then my spouse gets ~10% bonus and RSU as well).
Retirement savings: $415k,
House equity: $110k,
Brokerage acct: $17k,
HYSA/checking: $24k,
529 for 2yo: $5k
Total NW: $571k
I used to want to FIRE in my 40s but now IÔÇÖd be content to work until my early/mid-50s. Just trying to figure out if weÔÇÖre reasonably on track or if we should reign in the spending.
Hello – partner and I are on the general road to buying a house / getting hitched and would like some custom advice on how to budget for housing in our slightly unique fiscal situation and how we should arrange finances when married. How does one actually find a good financial advice service? We’d go through referrals but we don’t know any family who has a good financial advisor.
I’m getting married in 3Q 2024 to my long-term partner (6+ years). When my partner and I are married we will pay less in income taxes overall (close to 10k over the course of the year).
To my knowledge, filing status is based off your status on December 31st of the tax year.
Besides accounting for the wedding not actually occurring, is there any reason why we shouldn’t file new W4s at the beginning of 2024 to reflect our revised status at end of year?
When should I panic about a credit card payment not posting through Autopay correctly? I pay my Citi card through autopay and the due date is the 24th of every month and Citi pulls the payment on the 23rd through autopay. But of course this year the 23rd was Thanksgiving. I know statements dont usually post until the day after they pull and I don’t really know how Thanksgiving and Black Friday work as business days. For reference, my Chase card is due on the same date and I autopay that as well. The money was pulled from my account Friday, but balance didnt change until today. Citi has not changed the balance for the card and no money has been pulled from my account as of this morning. Should I wait until I get an email about a missed payment and then call to explain or just wait until tomorrow? Any advice?
Finishing PhD in spring, will go to postdoc, not sure what money will be like. Recently started a Roth IRA w/ Robinhood w/ 3% match.
I have a short term CD maturing in February for ~16k. Since I don’t know what my postdoc move/life will be like will probably only re-invest about half and keep the rest in a ~5% APY checking account in case I need it for the move and life volatility accompanying the degree completion. My knee-jerk reaction is to max out the Roth when the CD matures so I don’t have to worry about it, but I’m thinking that could cost me some match given I know my employer will change.
Correct me if I’m wrong, but my take is that I *shouldn’t* invest in my Roth IRA in 2024 at the 3% match I have right now, but instead I should wait to see if I get hired at a place that offers a higher match %. But once I know that within 2024 I’m not likely to get a better match, I can just max out the Roth ASAP at the highest percent I can get, is that right?
[deleted]
I am looking for a personal finance / budgeting software program for Window, but that uses gamification as extensively as possible. I know there are quite a few of those as phone apps, but I can’t seem to find any for a computer. Cross-platform would be fine too, by the way. I don’t need extensive integration / import features, I’m perfectly fine with manual entry.
Thank you!
I make $40k from my main job and I picked up a part time job at an old employer. IÔÇÖm trying to decide whether I should make it my goal to work enough hours to pay myself back for buying my car or just consider the money I earn there to be spending money. I have limited availability at the second job so it would take over a year to pay myself back for the car unless I adjust my main job schedule to accommodate working 40+ at both places.