- May 15, 2024
- Posted by: legaleseblogger
- Category: Related News
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****** just grabbed a
If I fail to meet the 10 year/40 points to qualify for social security, would I be eligible to collect 50% from my spouse when we retire? I currently pay into a pension and do not contribute to social security. I am trying to decide if I should find a part time job to reach the 40 points or work extra hours at my current job(which would be over time pay/more money).
Thank you.
# High Yield Savings Account Recommendations
Hi everyone! I hope you’re having a wonderful day so far. I’m currently considering getting a HYSA to help grow my savings and prepare myself financially next week. For context, I am 24 y/o, I have a full-time job that pays about $41k a year, I just picked up a side gig to supplement my income, and I currently have about $38k in my savings with $2k of it on hold as collateral for a credit card I have with my credit union. I recently moved out of my parents place and bought a used car hence why my savings is on the lower side at the moment.
Currently, my top contender is Ally Bank, but ideally I am looking for an HYSA that the following:
* High APY (obviously lol)
* No monthly fees
* No minimum balance
* No direct deposit required
Any and all recommendations would be greatly appreciated. Thank you so much!
I’ve seen retirement benchmarks that say you should have 1x salary saved by 30, 2x by 35, 3x by 40, etc. I’m at 2x by 30. My question is should I consider myself 5 years ahead of where I should be, or is that the wrong way of looking at my retirement accounts?
Hello, I’m in California and currently using Discover HYSA to deposit uninvested cash. I have brokerage accounts at Fidelity and at Vanguard. I was looking at SGOV and VUSXX because they are state tax exempt. Would having both SGOV and VUSXX be redundant? I’m going to have some funds in a HYSA for quick access and the rest I I would like to find another vehicle to put it in. Would HYSA + money market fund + SGOV/VUSXX make sense?
Hello, I’m in California and currently using Discover HYSA to deposit uninvested cash. I have brokerage accounts at Fidelity and at Vanguard. I was looking at SGOV and VUSXX because they are state tax exempt. Would having both SGOV and VUSXX be redundant? I’m going to have some funds in a HYSA for quick access and the rest I I would like to find another vehicle to put it in. Would HYSA + money market fund + SGOV/VUSXX make sense?
TL;DR: What do I do with a windfall when the people it’s shared with are irresponsible with money?
My family is coming into a large windfall but aren’t financially responsible. How should I handle the money?
After a home sale, my grandmother is going to have ~$100k that she wants to split with my mother and myself (23F).
My grandmother is good with her money, but is constantly stolen from by family members that live with her. She doesn’t want to be the one holding on to the money because she knows it’d get taken.
My mother is horrible with her money. She won the lottery around a decade ago and blew all of it in a year. Before that she was in massive amounts of credit card debt, and even now she’s struggling to get fully out of debt. I’m moving in with her next month because she needs someone to supervise her spending and help her get her budget under control.
They’re talking about giving all of the money to me to manage. I’m good at budgeting and making smart purchasing decisions, but I’ve never had this much to use. What should I do with it?
My thoughts right now are to put it all in a high yield savings account. I’d withdraw from it and give that money to my mother and grandmother as needed, and only when it’s for necessary purchases (home repairs, vehicle expenses, etc.). This would also help keep it safe from the side of the family that extorts my grandmother.
My mom and grandmother want to pay off their debts, and each get new cars (they’re both driving 10+ year old beaters that are unreliable). My grandmother also wants to do some home repairs but I’m not clear about the specifics of that. My mom also wants to buy new furniture and some Lego sets, which we’re going to have to have a talk about lol.
I’m interested in putting this money into multiple mutual funds and long term investments, but this money isn’t really mine. My grandmother wants to use it in the short term to help with her quality of life (because she likely only has a few years left), so I want to make sure I’m being fair to her and my mom.
What’s the best way to handle this situation and be fair to both of them? And how would you navigate conversations around this much money with people who you can’t trust to use it wisely?
Questions about HYSA i cant find searching
I have been looking into HYSA but had a few questions before I open one. Sorry if asked but i can not find while searching.
Some info, I have about 11k left on my mortgage at 3.5% til 2029. I would like to open a HYSA and put the mortgage principal total amount into the savings and have my mortgage directly taken out monthly since the % is low.
I am looking at capital one, american express, or discover HYSA.
1. Can i open one without linking to my checking account. Would like to keep this seperate than my other accounts.
2. Can you have your mortgage bill directly paid and taken out of HYSA monthly.
3. If you can do both questions 1&2, what would b the easiest way to add money from my local bank checking account to this HYSA without linking to checking
For the first time crossed the $1M mark in my investments.
https://ibb.co/s2HsNbv
Hello! I’m 24, living with parents and currently making 1,096 biweekly. I’m grateful to have very few living expenses right now, and I need to take this opportunity to maximize my savings and get the ball rolling on retirement. I’d like to move out relatively soon when I get a better paying job. I have about 8k in cash just sitting in my bank.
This is my current plan after reading through the finance subs and Google:
7% 401k (employer match)
7% Roth IRA (uncertain if this is the best plan)
At least $500/mo in hysa that I’ll put a deposit of 6k into. This is a fund to help me move out when the time comes.
I currently spend:
$368/month in car payments and insurance
$200/mo in rent (very low cost of living area and siblings splitting rent with me)
$80/mo gas
~$200/mo in groceries and various personal expenses (work clothes, ect)
Is this a decent plan to get me started? I question the Roth IRA a bit, but I want to contribute to it while I can.
[deleted]
So I had a Roth IRA with ~$8,000.00 in it. Then I started a job with a 401k through the same institution. I set my contributions to max out my 401k employer match and then put a good amount into “Roth.”
I just learned the Roth I have been contributing to via my employer is not the same Roth I had prior; it’s a Roth 401k (I think that’s the right terminology) and cannot be combined or transferred to the personal Roth.
My current balances are:
– Personal Roth: $8,000.00
– 401k: $12,500.00
– Employer Roth: $4,900.00
Should I stop contributing to the employer-tied Roth and start contributing to the personal again? Or maybe something else? Does it even matter?
I’m confused about my CD.
This is my first time with a CD. I was promised a rate of 5.5% and currently actually have a rate of 5.3%. I deposited in February and there is a deposit marked “credit interest” for March 30, but after that there has been no activity at all.
I read that some CD’s with a less than one year term don’t pay interest until the end of term, but then I’m confused to what the March interest is. This is with Flagstar. I have no other accounts with them, considering a possible personal loan of just $1K to build credit.
I was told I couldn’t make a top-level post about this. What’re your thoughts on the [100 year CD paying 4.75%](https://www.usatoday.com/story/money/personalfinance/2024/05/13/100-year-certificate-of-deposit-should-you-invest/73673068007/)?
EDIT: Personally, I think it would be a very interesting discussion topic, but mods gonna mod 🙄
How do I find a good HYSA?
I have some money that I want to save as an emergency fund and dont want to put into the market, but it seems a waste to just have in a regular bank account that pays no interest. I see tons of options for HYSA, but dont know if there are certain things i should look for other than just picking the highest APY.
In the long run, is it cheaper to pay bigger payments on my mortgage, or to pay the minimum payments and make a large lump sum payment later down the road?
My wife and I are debt free, aside from our house. We bring home around $100-110k after taxes.
We owe $356,000 on our house. 7.125% interest.
Our monthly payment is $2888.
Is it more economical to pay, say, $4,000 per month on our house if we can afford it?
Or is it more economical to pay the $2888, and later write a fat check?
What are you targeting for an asset location in your retirement accounts? I’m currently on track for:
* 40% traditional
* 30% roth
* 20% brokerage
* 10% HSA for a retirement at 55.
Total portfolio value inflation adjusted $3mm pre-tax at 55 years old.
I’m gonna put 40K into a discover savings account with a 4.25% APY. Does that mean I’ll get a deposit to my account from discover for 141 every month for the interest? Just for having money in there?
My credit card company is offering “transfer balance” for 0% APR until 2025. Then the standard applies, which is currently 29.9%. I screwed up and have about 5k in credit card debt. Is this a good deal or is there a catch? Any tips for paying down the debt fastest? It’s on two cards with the same interest
What to do with 140k left over after moving
I (30M) purchased a new home in Jan (~700k) with 25% down and the mortgage officer talked us into not putting all of our savings into the down payment to give us some emergency funds, and where it wasn’t going to help our rate much past 25% down. Now that money is in high yield savings earning 4.5% which is better than some places but probably not where it should be long term.
The initial plan was to either recast the loan once the dust settled (literally as it’s a new construction and the backyard needs landscaping), or to refinance if rates dropped.
Our mortgage rate is 6.4% so I’m not sure if that’s the best place to put it, or if I should put it in some other investment and refinance if/when rates come down.
Household income is around 140k and we hope to soon rent out our basement at around 1700/mo. I have ~65k in retirement savings in employer sponsored 401k.
I need to run the numbers and probably up my 401k contributions, but I feel like 100k or so of my savings could probably work better somewhere else. TIA
Girlfriend mailed in her tax return back in February, still hasn’t gotten her refund check. We checked the status on the IRS website and it isn’t finding her return. Does this mean they didn’t get it yet? Is there anything we can/should/need to do?
CD LADDER MY EMERGENCY FUND?
I have 6 months worth of emergency funds sitting in Marcus at 4.4% APY. Marcus also offers a 6-month CD at 5.1% APY. I was thinking of creating a CD ladder by opening a 6-month CD each month. This way I’d have a month’s worth of expenses maturing in a CD each month.
Does this sounds reasonable? I would be netting ~0.7% more this way.
I was also considering opening up ~30 smaller CDs (one every 6 days or so) so that I would have CDs maturing more frequently over that 6 month period.
Is there anything I’m missing here? Minus the obvious work of opening the CDs, this seems like a better use of my cash. TIA!
Big ol’ dumdum question:
I’m an idiot who got sucked in by the GME mania the first time around, and didn’t get off when I should have. My account is back in the green now, and I’m not regarded enough to hang on for another ride on the merry-go-round, but I’m too ignorant to really know how to make an exit strategy. Income has only taken a nosedive since the pandemic and never really recovered, so I’m not in a position to try to figure out how to engage with finance beyond “$=roof and food.”
I’m tempted to just pull all my shares now ($350 gain) and do my best to never look at stocks ever again, because I know this will likely spike higher and I’ll kick myself for missing out (but I know if I stay in it’ll just as likely crash before I can cash out). I’ve never gambled before and it’s clearly not for me. If someone has good, commonsense advice on how to navigate this, I’d be very appreciative.
Trying to rollover my HSA/401k to Fidelity, what should I use? Roth, Traditional or Rollover (Sames as Traditional) IRA options? For context, I am in a high income tax bracket and my new role hasn’t started yet.
My mortgage has $245k balance @ 2.96%. Will need to sell within 6-8 years to upsize/get out of a 10/1 ARM. I’ve been paying extra each month, but starting to wonder if I should instead put that money towards my HYSA @ 4.5%? The HYSA currently has $39k with $1k/month contribution, which will be going towards the next house. Thanks in advance!
I messed up with my Roth IRA contribution this year, sending my intended deposit of $3200 to the company on around March 1st. It took over a month for the company to receive and deposit the check, and by the time they got around to it, the April 15 deadline had passed.
Is there any way to resolve this mistake? Is it entirely on me for sending the deposit too late? Or is the company responsible whatsoever for taking too long to deposit the check? I’m only 18, so every bit of money I can deposit in this account goes a long way. Thanks for any help that can be provided.
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Should I set up a rollover IRA before leaving a job or only after they make the distribution?
How do I access my equity most efficiently? I have 4.5m in equity between two triplexes, ~850k in my home that is a teardown. I have 1.3m in a brokerage, 2.5m between Traditional and Roth IRAs. I am 64 and married. I see that HELs often have DTI limits around 50%. I am retired as is my spouse, our gross income is a touch over 30k/m, 10k from rentals, 18k from TBill allocation across investment accounts, there is an additional 5k between pensions and ss. Credit is near 800. I want to strategically access my equity to invest into high yield credit when spreads are at extreme levels and pocket the difference between the prime rate and the effective yield (which has been about 5%-10% over the last few recessions).
The issue I see is the internet tells me you can often only access ~50% DTI. Other issue is, as the prime rate moves lower and high yield spreads blow out (when I want to take the trade), my Tbill funds will be yielding a lot less, perhaps only 1-2%. So my income during that period would only be say ~15k/m. at a DTI of 50%, assuming a prime rate of 5% at 30y fixed, I could only access about 1.4m in equity. Or if Im not invested in Tbills at all, obviously my income would be a lot less as would the potential loan amount. My main concern here is, what do people like myself do who have relatively large amounts of equity relative to their income such that they never come close to 70-80% D/E levels?
Thanks plenty for any help.
I’ve got about 80k vested stocks but theyre just sitting all under the same stock, I don’t have any IRA currently but I have finally maxed my 401k as of today.
I’m uneasy with so much money under one stock, should I move as much as I can to a traditional IRA and roll it over to a ROTH IRA and then move the rest to some index fund?
I hate the creditkarma-mint merge that has happened. What is everyone using now as a replacement for mint? I particularly miss being able to easily view trends and drill into spending in a way that is just not easily manageable in credit karma.