- August 17, 2023
- Posted by: legaleseblogger
- Category: Related News
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****** just grabbed a
Is this normal for car loans, or is my credit union cool?
My car loan’s minimum payment is $473/mo for 4 years. I’ve been putting $615/mo in to pay it off in 3 instead of 4. I just noticed that my next payment “due” isn’t until December now.
Rather than putting it towards principal and keeping the minimum payment every month, they’ve been effectively paying my next month’s payments.
So if I get in a pickle, I could not pay anything for the next 3 months and not worry about it. I think that’s some nice flexibility to have. Is that how all car loans work, or is this credit union special?
I’m embarrassed to admit this, but I am a complete doofus when it comes to smart personal finance. And it may catch up to me.
I’m 40 years old (just turned 40 last July), and live from month to month on a fixed income (there is nothing to be done about it). The issue that I am having is that I want to bring some friends down from out of town and a part of me thinks that I can remotely do this if I save a portion of my fixed income a month. The problem that I am having is that I’m not that smart when it comes to savings options.
I basically need $1200 (or more) accrued over 10 months to grow over $2K in that same time frame. What, if any, high-yield savings accounts would allow me that level of growth?
Part of me hates how boring and uninvolved smart personal finance is. Don’t spend, monitor what you do spend, don’t look at your investments (I do index funds only), so it’s not really involved. It’s more about choices you don’t make than choices you do instead
Please bear with me, I donÔÇÖt know very much about these things, and I feel kind of embarrassed about it. IÔÇÖm currently unemployed, but I recently got an almost $700K settlement check in the mail from a civil suit. I donÔÇÖt have a bank account because at my last job, I had a debit card that theyÔÇÖd deposit my paycheck into.
I was told by someone I trust that I should probably get a financial advisor, but that doesnÔÇÖt seem to be a popular opinion around here. The issue is, a lot of the things I read here feel like a foreign language to me. I barely know the basics. IÔÇÖve been trying to read the wiki, watch from videos, and look things up, but IÔÇÖm still feeling pretty stressed out. None of it feels ÔÇÿbasicÔÇÖ enough for me. Does anyone have any advice? IÔÇÖd really appreciate it.
So I have Chase, a new federal credit Union account, and just opened up a HYSA.
My HYSA has more perks if I direct deposit, although IÔÇÖm fairly certain I heard you can direct deposit into multiple institutions. IÔÇÖd like to put some in my FCU because the loan rates are better than anywhere else.
Would it make sense to ditch the Chase and stick with the FCU and HYSA? Anyone know how much I should be putting in my HYSA or how to determine how to split my direct deposits? IÔÇÖm basically paycheck to paycheck at this point if that helps
Hi all,
My currently pregnant wife (first kid!) is almost certainly going to be let go from her job. She’s been there a long time and they have an MO of paying off their long time employees with a crazy severance…something like 2 years of full pay. My wife’s a journalist; she was a reporter for a few years before spending something like a decade as an editor for an online news service.
So we have a bit of a runway to go off of before we make any decisions and obviously we’re flexible because all babies are different, but having only one pay check as a household was never in the original plan.
Some context:
* We live in a HCOL area. Child care is definitely expensive around here.
* I make around $150k a year (pre tax), I haven’t hit a glass ceiling yet and would expect my pay to continue to increase year after year for the foreseeable future.
* We currently live in a 2 BR condo that I own. Mortgage rate is approx 3%.
* We’ve got an emergency fund all set up. We originally were going to be saving for a few years for a downpayment on a house when rates eventually drop, so we can use that as an emergency fund, if needed.
Questions:
* Assuming she’ll take a few months for maternity leave, when should she start applying for a job? Is it cool to apply for jobs now and then, when you’re about to be hired, say something like: “Actually, I’m pregnant and need like 3 months off before I start.”
* What’s the market like for contract/freelance writers/editors? Speaking as a soon to be first time parent; is it feasible to do part time contract work with a 6-12 month old at home?
* Any tips for someone who hasn’t searched/interviewed for a job in 14 years?
* Anything else we should be considering for our situation?
I have Retirement plans from 2 previous employers that I need to rollover into my current employer’s plan.
Yes, I have read the [FAQ](https://www.reddit.com/r/personalfinance/wiki/retirementaccounts/rollovers/). I have read the documentation for how to handle rollovers from the company who handles my current plan as well as the two companies who handle my 2 previous plans. I am so unbelievably confused. I can’t figure out any of this stuff. I’m trying to create a flow chart on the side to figure out what stuff needs to be done in what order and what contingencies there are.
I’ve honestly been confused about how to do this for years, and every time I try to figure it out for myself I end up confusing myself even more. I genuinely can’t figure it out. It’s so daunting. Every time I figure something out, it reveals 5 new pieces of information about an account that I’m unsure about. There are financial/tax implications to doing anything wrong.
How in the hell can I just get this done already?
My wife and I have enough in cash right now to put 20% down on a place ($150,000-$200,000). We’re fine in our small apartment with two kids at the moment, but in two years that could get more difficult and we’ll certainly need a bigger place. We’re not in a rush to move but want to park a down payment someplace safe in case we see something and want to move quickly.
With interest rates on all sorts of cash management products above 5%, we’re trying to figure out the best place that cash could go. Right now its mostly in a high yield savings account earning 4.30%. Our financial advisor is suggesting a Blackrock Money Market Fund that is currently offering 5.25%. We’ve looked at fixed-rate CDs offering 5.5% and a flex-index CD currently offering 5.92% (those two options would tie up money for 12-13 months but we don’t expect we’d be buying for at least a year).
We want this money safe — our other money is mostly in equities — but want to take the most advantage of the interest rates being offered.
Anyone have advice on the best way to “diversify” one’s cash?
Just opened a cash reserves account on Betterment.com for the 5.5% interest rate. Is this any more risky to store some savings than something like an AmEx HYSA?
I’m not super savvy with this stuff, so I don’t know if I’m overlooking risk related details beyond the 2mil FDIC insured aspect. Just want to find a good place to keep my savings other than my bank savings account that only has something like a .2% interest rate on it…
When is an emergency fund too big vs paying off debts?
I work in local government and am well liked in my organization so don’t have much risk of losing my job, but am the sole wage-earner in a household of 3. Our savings is at about 50,000 USD. We have 17,500 in student loans at 6.5% interest that I would like to just pay off in a lump sum.
Expense are about 4,000 a month, so 6 month e-fund would be 24,000. Net take home is about 4800. We should be able to save 800 a month but have had a lot of house and car expenses come up this year so our savings haven’t grown in 10 months. They were a new heat pump (5400), front end suspension re-built on one car (3500, I was dumb and went to the dealership). Cars are otherwise in good shape, a 2015 and 2017, and should last 5-10 more years. Most large home appliances have been replaced in the past 3 years so I think the next large expense there would be windows and roof, at some point in the next 10 years.
I guess my hesitation is that we’re going to try to have another baby next March (pregnancy may start then, not birth. Embryo transfer from past IVF cycle, which will cost 4,000). So “losing” all that money would be tough if we then have unexpected medical expenses though I have good health insurance at work. Not having that student loan payment would help a lot with the budget though.
We may just try to pay it off over the next three years and if/when something major comes up we can reduce our payments. Just hurts thinking about all that interest we would pay.
What would you do in my situation?
Is there any cons to a HYSA or bad experiences anyone has had with them?
Should I Take my money from Acorns and just have it in an individual brokerage account with Fidelity?
I have had an acorns account for the last 2 years and have been continuously contributing to but I am wondering at this point if i should just take the money out of acorns and put it in an individual fidelity brokerage account to not pay the $3/month.
Is there any difference between an acorns account and an individual brokerage account?
I also have a company 401k and a roth IRA account that i have been contributing to.
I currently have a CMA with Fidelity (along with my IRAs, brokerage, and credit card).
I’ll be coming into a windfall of approximately $50K in a few weeks.
I’ve been considering opening an HYSA with Ally or Marcus (can’t decide..) but I also have been thinking to myself…
… why shouldn’t I just park that $50K in SPAXX instead in my fidelity CMA?
What’s the pros/cons to either putting it in an HYSA (~4.30%) vs parking it in SPAXX (4.96% as of today).
This isn’t necessarily a complicated question but it has some nuance and potential for bad consequences if I screw it up so wanted to get a second opinion. I’m currently 23 and working my first “real” job out of university. Prior to university, I worked lots of side jobs flipping and during university I worked several internships. A year out of university I have about 130k saved, make about 6200 net per month with only 20k of that in a few diversified mutual funds split between large cap us and some emerging markets so I functionally have 110K sitting in a bank account letting the bank earn money on it.
I have a potential portfolio built out as follows:
VOO: 14000
VTV: 16000
VVIAX: 5522
VB: 21000
VBR: 15000
VSIAX: 6100
VTRIX: 4245
VEA: 31000
I feel pretty good about this layout but it feels like an enormous amount of money to invest all at once. Am I best off investing all 110k right now or should I follow a different strategy investing it over time. I clearly made the mistake of saving without a purpose behind it and now I’m a little in over my head.
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IÔÇÖm wanting to leave BOA. I have about $55k in savings. I have a small business that I use all in one account. Where can I bank that will help me in these areas? I want a bank that wonÔÇÖt screw me over.
Is there a difference between purchasing 10x CDs at $1000 each vs 1x CD at $10,000 at the same interest rate / lifecycle?
It seems to me that, if for some reason I underestimated my emergency fund needs and would need to break a CD, having multiple smaller ones makes more sense because then I can break only what I need, and keep the others, vs breaking just the one.
For the amount of money I’m looking at, the a higher CD size is not providing a larger rate. Because of the higher short term rates, they’d all be identical.
(When I try to research this, I just get a bunch of google results about laddering)
If we plan buying a 700k home, how much money ideally should we have upfront? 20% + ____% ? Maybe something like 140k for the downpayment and 15k for closing plus 25k for who knows what … so 180k?
We would cash flow very well with a 600k mortgage even at rates in the 7s, 8s, and 9s. Not asking about that though, just asking about how much money to have ready.
I opened a CD with Ally bank recently, and it has 5.00% APY and 4.88% Interest Rate. I know the APY is compounded daily. What is the difference between the two? Do they interact with each other? Everything I’ve read only talks about them separately.
IÔÇÖve been looking into HYSAs and am overwhelmed by the options. IÔÇÖve would prefer to find an account with the highest % APY [within reason]. Open to Options. Young Professional in the United States.
Is there any drawback for redeeming credit card points for a gift card I intend to use? e.g. buy a $100 Apple gift card for $90 worth of points. Thanks.
What is this subÔÇÖs consensus on Student Loan Relief?
I have enough savings to pay off most of it, but it seems premature to do that given that the Biden administration may wipe it out for free. My loan rates are 3-5%, and so are my savings account/CD rates (obviously if rates dropped heavily I would more strongly consider paying off the debt).
IÔÇÖm in the process of buuing a house. The appraisal came in at $600K, higher than the purchase price of $515,000.
If I was originally intending on putting down $65,000 for a 7.125% rate FHA 30-year loan, what is the smartest loan I could take now with the higher appraisal?
Could I technically put down just $35K of my own cash and ÔÇ£useÔÇØ the $85K in appraisal equity to already be at 80% LTV and qualify for a conventional loan with 0 PMI?
Seriously in need of help and not sure where to go…
I had my car involuntarily repossessed back in 2021 and then around feb of this year I received some mail that I’m being sued by the original bank that repossessed it because one I got in a wreck and then they sold it at auction for around 3k and want to sue me for 11.5k. I then called to talk to a bankruptcy lawyer and was going to file for Chapter 7 but the lawyer told me to wait two weeks for if they get me a court date and nothing came from it til today…
My grandmother and mother believe that one the bank sells the car at auction that basically cancels my contract out and I don’t believe so if they are pushing this hard on sueing me ƒñªÔÇìÔÖé´©Å but for one I ain’t got the money for either paying it back nor filing for bankrupty at the moment
FYI I know this is on me and I got myself into this but is there anything to do besides trying to file for bankrupty or would that be my best option?
Not finding similar use case for my situation on personal finance software. IÔÇÖm executor for three different estates. The probate and close out process will drag on for years.
IÔÇÖve used Google sheets until now and itÔÇÖs fine for tracking outlays, expenses, etc but soon IÔÇÖll need to track checking acct balances, taxes, and multiple investments.
Is there a software package where I can sync multiple accounts and keep them separate?
One monthly/annual fee and I can track Estate 1, Estate 2, Estate 3, beneficiary accounts (trustee for vulnerable adult), and (bonus), my accounts and investments? They also span multiple countries.
ItÔÇÖs fine if taxes are done separately. TheyÔÇÖd become line items with documentation saved elsewhere.
Helpful responses appreciated.
Quicken?
[deleted]
Should I open a savings account? What bank would you recommend to me?
I’m an incoming freshman and I can put about $2,000 right now into a savings account if I were to open one up. I am planning to work during the school year and can continue to add to it throughout the year. My Mom doesn’t think I should open a savings account (since it’s not much) and instead deposit the money into my checking account.
The reason why I don’t want to deposit it into my checking account is because I want to start saving (for emergencies and the future) and if I see the money in my account I’m afraid I’ll spend it without thinking. So, should I get a savings account? And if so, where?
Right now I have a checking account with Chase and recently got the Discover Student Credit card if that helps.
QUESTION: Refinance 100k parent plus student loans with SoFi ?
Graduated 2020, 30k in student loans under my name (5% floating interest rate) and 100k in parent plus loans under my dads name. (7% floating interest rate, 90k loan + 10k accrued interest)
My dad is fine with refinancing it under his name, and the best rate we found so far is SoFi with 5.86% LOCKED interest rate.
He is not eligible for government benefits (self employed) or income assistance (makes more than qualified), and I want to confirm we are not giving up any other benefits by refinancing the 100k parent plus loan with Sofi?
I do not have a job yet and am actively searching for one now. I am not relying on my dad for help but if I don’t get a job in time for the first payment, he will help me out so I don’t miss any payments.
I just want to make sure refinancing is the correct decision since there isn’t going back to federal.
*Throwaway account for obvious reasons*
A thought just occurred to me. You could lurk in this sub for like 6 months, just reading thread after thread after thread and you’d learn so much. So very much. You’d see all the things that you absolutely shouldn’t do, and all the things that you should do. The education from just lurking in this sub for 6 months would be phenomenal.
They should require High School seniors to lurk in this sub for 6 months and do this as part of some requirement. They’d learn so much about how not to put their lives into financial ruin, and how to be smart and knowledgeable with their hard-earned dollars.
Would it be a good idea to use Robinhood as a place to keep my money instead of my bank?
If I subscribe to Robinhood gold I would get 4.9 APY which is better than the bank I currently have and I would get a 3 percent match on my Roth IRA that I also have in the app IÔÇÖm just not sure if this would be a good idea. Robinhood gold is 5 bucks a month the Interest would pay the fee eventually if I were to put in over 1k.
This is an unbelievably stupid question but I’m confused.
Do credit card interest charges show up on your statement/with your other charges? Or are they charged some other way.
I ask because I’ve yet to see any, despite rarely paying my cards off entirely.
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