- May 22, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Seeking Help in Personal Finance?
If you find yourself in need of assistance, make sure to consult the PF Wiki first to see if your query has already been addressed there. The thread below is dedicated to personal finance questions, discussions, and the sharing of success stories.
1. Remember to create a top-level comment if you have a question. And remember – do not downvote questions that you may perceive as “moronic”. If your question remains unanswered after 24 hours, feel free to initiate a discussion.
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****** just grabbed a
Insights through Marcus: by Goldman and Sachs discontinued??
I used this to see the grand total of my family’s bank accounts/credit cards, all transactions, debts… is there an alternative to this app?
I have a new sexual partner. To be responsible, I went to get an STD test at an urgent care facility. The urgent care facility told me that my insurance would not cover this service and charged me approximately $500 which I paid with a credit card. (I know I overpaid, but that’s not the point of this post). The urgent care facility sent my bloodwork to Quest Diagnostics. Quest billed my insurer $700, my health insurance paid Quest $60, Quest sent me a bill for $20, with the rest being covered by “plan discount”. This seems fishy to me and I was surprised to get a bill from Quest, but I know medical billing is all very strange.
We have an elderly relative (86) who just moved excess money ($200k) from his checking account into a HYSA. Any better recommendations, given his age? I was thinking of getting him into a CD or T-note ladder.
Seems like index funds/ETFs might be risky given possible timing if he needs the funds.
Best place to park money for 6 months?
I have a not insignificant amount of funds I won’t need for 6 months, and would prefer to get at least some sort of return on it. I’m thinking a money market account vs I-Bond vs T-Bill, vs CD. Looks like the T-bill is the best way to go with both 3- and 6-month maturities around 5.37%. This is equivalent to a CD rate I can get, but would be state tax exempt, so it seems like the most efficient. Am I right in this thinking?
The other thing I wanted to ask is, if the 3 month rate and the 6 month rate are the same, do I effectively get double the rate by stacking two 3-month T-bills (meaning I’d get a 5.37% return twice in those 6 months, assuming the rates don’t change)?
My wife had been doing some sidework for an organization that we didn’t even know had been putting aside 401K contributions for her (only $2K, so not much), but her employment with them has come to a close. We’re 26 and have about 60K between our other 401Ks, so this money is just gravy. Her main 401K through her work is through Principal, while this is through Fidelity. How would we go about rolling this over? Should we roll it over into her main 401K, roll it into a Roth, or is there any situation in which we just take out the money and pay taxes on it?
What options are available for my wife’s 403b from her previous employer? I’d prefer to not roll it over into a trad IRA since I like to keep that empty for a backdoor roth. She has an existing 401k, but I’m not sure if her employer allows for that to be combined, I’d have to call and find out. Would it be worth paying the taxes to just roll that money over into my wife’s Roth? It doesn’t have much, maybe 20k in it.
I’m right at the income limit for a Roth IRA to start phasing out contribution limits. How do I know how much I can contribute without knowing my exact modified adjusted gross income for the year? What do I do if I get a raise and I’ve already contributed too much?
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Where should I be storing house down payment with a time frame of 6-7 years away? I currently have it in a brokerage account split 80/20 between VTSAX and VTIAX. Not sure if this is too risky and I should swap to a HySA or MMF instead. I use vanguard btw
I have $40k in a Wealthfront account that collects 8-12% interest. I was looking at the S&P 500 ETF and over the last 5 years it was 86%. Would it be a bad idea to put that $40k into the S&P 500 if I plan on holding on to it for the next 3-5 years?
For tax purposes, how do you claim the value of a donated item that you didn’t buy? For example, I was given a large pack of meal replacement shakes that I have no intention of drinking. They retail for $60 so I planned to donate to my local food bank. I would assume I could claim $60 worth donated, but if I was audited would the IRS say I didn’t buy it so I can’t claim the value donated?
Why was $3,813.58 taken from my bank of america savings account when the NY State marshal levy and demand specified $2,117.59? Additionally, why did I receive notification about this after the funds were already taken in March?
I never received prior notice that I owed money and only saw this for the first time with the recent bank letter. I am confused by the discrepancy in amounts and the delayed notification
cash buy new car or use .99 financing while also earning 5.25 HYSA ?
I have 200k savings in a hysa at 5.25% (jenius bank) and have been making roughly 900 bucks on interest each month.
My plan was to purchase new car with cash for 50k but there’s a .99% on it right now till end of the month.
I don’t have any other debt. would it still make sense to cash flow the car even though the 60/mo APR .99 rate is pretty tempting?
simple math shows 5.25-1.0=4.25 hysa
car payments would be about 850 a month.
Is this a wash basically ?
$1M windfall. What to do?
Hi folks,
My wife and I are going to receive $1M in a couple of months, and we’re not sure what to do with it.
Our current revenues:
Me: 100k / year after taxes, 20k savings, small business owner > risky
Wife: 30k / year after taxes, no savings, employee > very safe
7 yo Son: about $100 / year after legos, lots of legos saved > volatile
We rent an apartment but the owner sells it for $320k.
We ideally would like to buy a nice little house with a garden yada yada, but I’d don’t think that’s within our reach. We’re more motivated by having a safe lifestyle and make our money work for us.
A lot of people tell us to take the real estate route, others to go all in S&P 500. What would you guys do?
Also, I understand the 12% interest on a safe asset is a dream, but is 4% yearly realistic ?
Thanks !
Just found out Calpers doesn’t offer High Deductible Health Plans with Health Savings Accounts. Not only that, but HSAs are taxed in California.
Literally shaking right now.
I feel like I’m overthinking this but just want to double check – is there any reason why I shouldn’t pay off the $23k auto loan I just recently took out (~1 month ago) at 6.5% interest if I have the money sitting in an HYSA earning 4.5%?
Current total cash + CD balance is $77k and I’m going to take home $20k this month due to an RSU payment and I’m not as concerned with investing it in the market since I already have a good amount in VTI and contribute to available tax-advantaged accounts through work. I have a $10k credit card payment due this month that includes a $7500 down payment on this car. I have another $5000 in charges on that card for the current statement that I’ll pay in full when it’s due in 1.5 months.
On paper it feels like a no brainer, but I guess I have some reservations about just transferring that kind of money out of an HYSA. Thoughts?
Should we close annuities early to invest in Wells Fargo CDs?
My parents want to close their annuities with Chase early to invest in CDs with Wells Fargo, for better return rates
They currently have 1 million in a 5 year annuity, 3.65% compound interest, started August 2022 with Chase and 2.5 million in a 3 year annuity, 3% compound interest, started August 2022 with Chase. They’re tax deferred. Breaking them early will incur a penalty of 4%+
What do you think? Should we let them run their course, or no? They’re looking for safe, low risk investments with good rates
Anyone know if there’s an easy way to see how much interest I’ve paid since I opened my CC? Specifically Chase sapphire preferred
I had a post earlier about selling my house to move somewhere for a pay bump (for background).
I think I’ve settled on renting my property through a well rated management company at a small monthly loss. I’d offset part of that by renting a cheaper spot in the new city.
Essentially, my monthly costs would be the same. I’d still be gaining equity through renting my current property, more equity than I’d be losing monthly on mortgage payments. I don’t take a $30k+ “loss” by selling my house so quickly. It’s a new build townhome, only 1.5 years old, so I shouldn’t run into many big maintenance issues for at least a couple years. After 2-3 years I should have a much clearer vision of where I want to live, have a better position on the house, and have more capital behind me.
I know that the “hopefully” no big maintenance part is a gamble, but otherwise does that all make sense?
Pension at 23, should i keep saving? rate my budget
Hopefully my post makes some people with low debt feel a little better about my debt haha, here goes. Came out the military banged up, receive my 100% p&t rating that pays $3,942. I go to school using my G.I Bill and VR&E program starts this fall for me. G.i bill pays up to $3,792 for usually 3 out of the 5 months in a semester. For 1 month usually at the start of the term it’s prorated as well as at the end of the semester usually around $1,264. The only time i don’t get paid for school are the months there is no school. Spring to summer there’s a small break but Fall to Spring there’s a gap from half of december until the end of january. i have a decent budget and i’m selling my vehicle that has appreciated since buying it. After payoff i’ll have 23,300. I’m giving my wife back 5,000 she let me have so that leaves me with 18,300. I have racked up debt which i manage and have never missed a payment on but i will be paying down all balances down to $100 or so on each account, approximately 9 accounts. 3 credit cards, 2 retail credit cards and 4 personal loans like affirm or samsung. That will eat up most of the positive equity i have leftover. I have a 25k limit card that i have had maxed out since 2022 and i plan on putting 3,000 into it each month to pay it off within a year. Yes i know, crazy. I am good with advising people with their money, buying cars, houses and budgeting, i help my wife and family with theirs but i don’t take my own advice and im okay with that. I grew up poor and ive made some bad financial choices ( the 25k was well spent on vacations with my wife and a crazy 4090 pc build lol ) but i do not wish to pay $500 a month for the next 20-30 years. My wife has helped me with my debt in the past numerous times and i realize it’s time to capitalize on this situation i find myself in and in turn be there for her if she ever needs help with money ( which she won’t because she makes more than me and is more disciplined than i ) I have a budget i will see if i can post here and i would like any feedback, i welcome any criticism but unnecessary rudeness or comments aren’t needed im just looking for advice. I have a hysa through apple i plan on putting money to save and i was wondering if it would be worth it to contribute to a roth ira since im already collecting a pension i’ll have for the rest of my life. The only other loans or debt besides the maxed out 25,000 visa is a motorcycle i ride that i pay $350 for ( which i would like to keep paying that ) and a 65,000 loan for my wife’s car that she co-signed under my name for that she pays for. ( her car but under my name with her as a co sign that she pays for ) My wife also has a paid off car that she’s giving me. My wife said to focus on my debt first and then she’ll allow me to help her with hers. mainly just the car, she keeps her dti ratio low but she does want to pay off her car faster which i will help her with. BASICALLY, is it worth it to put money in a roth ira? Is my plan solid or how would you manage 42,000 in credit card debt. minimum payments and monthly expenses is 3,204 which includes rent, gas, groceries etc. i make 3942 guaranteed every month. For 8 months out of the year i make 3792, for the other 4 it could be $300 ( january month) or a prorated amount of 1264 for 2 months and 3,000 for one month. Long read sorry but thanks ! i’ve never felt like i was drowning in debt but i knew it wasn’t great
HYSA and Money Market
Hi everyone.
I did read the pages about basics on this but I can’t seem to figure out the best course of action.
After paying off my credit card and donating how I wanted, I have about 25k in inheritance. My plan was a HYSA but I’m wondering if that’s the only thing I should do. Should I diversify somehow? If so, how much?
6 month emergency would be about 20k for me (a high estimate) so I figure I just put it all into a HYSA.
What do you all think? (I’m not great with money concepts so please be kind)
Quick help on understanding a personal loan interest calculation.
I have a ~10k personal loan that I am looking to pay off in a hurry. I am paying at least double the payment, and when I do so it moves the next payment due date way out into the future. I called the bank and tried to get the excess allocated to the principle, to which they said they can’t do and that it would make no difference either way, I’m still paying off the loan early & reducing my total interest paid.
Am I misunderstanding how interest is calculated here? If I’m just always moving the due date out, how is that reducing my total interest paid?
Fwiw this was in lieu of a car loan. I’m not sure if those rates are calculated differently.
tldr; thinking of withdrawing from stock portfolio to pay off lump sum of high interest debt ($4k), would any type of capital gains tax apply here?
i’m currently an unemployed student who’s accumulated some debt ($5k at ~28% interest). i have some stock from my old workplace in my portfolio & was considering withdrawing from that instead of pulling a loan when i currently don’t have income. i was wondering what the tax on this transfer would look like or whether it would apply at all given my lack of income. sorry in advance for sounding clueless, big finance newbie here with very little understanding of these things.
tl;dr: Default on a cc and try to settle with the collector?
UPDATE: Friend followed needed advice from u/Individual-Foxlike and called the credit co this morning. A pleasant talk resulted in a 5-year plan to zero out the debt, with reduced monthly, massively reduced interest rate, and no late fees. She paid $1k today to stave off debt collector and has set a monthly slightly above minimum, to begin in about two weeks. Card remains closed, with possibility to reopen later. All in all, it’s manageable and worlds better than defaulting, and knowing that it’s taken (being) care of is a ton off the mind. Many thanks!!
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Friend has had a Bank of Am card for almost 30 years and hasn’t used it in maybe 5 or 10 years; there’s a debt of ~$40k that she stopped paying months ago because the monthly was ~$900, which for a gig worker just isn’t feasible. She does have enough in investments to pay the whole thing off, but pulling out that money would be a huge hit, and also she needs to think of saving *something* for age. Over the years she’s paid far more than borrowed, and (although it doesn’t matter) she finds it immoral of them to charge her almost a grand a month for nothing; she works hard and probably can swing the more-than-minumum thing for more years, but that’s frankly indentured servitude. They say they’ll sell the debt at the end of this month, so should she try talking with them, risking that that would make things worse? Take out a second card now as a backup, then default and hope to settle with the collector?
Addendum: She did ask her bank for a loan to cover it at a lower rate, so at least she’d owe the money to them; they said impediments a and b and it probably wouldn’t help.
Thanks in advance! Massive source of stress. For her.
Is it possible to double-dip for dental insurance?
I am on my family’s plan right now. They cover up to $1,000 in work every year. I have terrible teeth genetics and I find myself spending a ridiculous amount of money to keep them healthy. Is there a way I can stay on my family’s healthcare plan but get more comprehensive dental insurance somewhere else?
I am trying to see if I can start my own HSA (not sure since the plan isn’t in my name). If anyone has recommendations on ways to keep these expenses low I’d appreciate it. I’m very comprehensive in my at-home dental care but I keep having issues pop up.
I work in education but not a teacher. My position was just for the contracted year (intern) and there is no funding to keep my position for the next school year, even if I had wanted to stay until I found a new position. In CA, I would be eligible for unemployment right? I am looking for a new role/position, (still in education) this fall but from what I understand until I get that first check I can still be on unemployment.
Recently transferred my HSA from HSABank to Fidelity. Not planning on using my HSA for medical expenses any time soon, but if I do, what’s the process for that look like? With HSABank, I had an HSA debit card. I have not received one from Fidelity.
Have tried calling Fidelity but haven’t been able to talk to an agent. Know that Fidelity is popular for HSAs here so figured I’d try ask here.