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I pay my balances a few days after the statements close, so roughly around the 3-5th of the month. Credit score has been going up up up doing this. Not making any other intermittent payments during the month either.
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Aug 9, 2016 17:33
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yamdankee posted:So I'm signing up for Vanguard and it's telling me I have to pay taxes on the 16k rollover because it's going from a traditional IRA to Roth. What do I do? I just want to make sure that you understand the terminology correctly. The first thing is the type of account: IRAs are entirely up to the individual, and you can contribute up to $5,500 per tax year: 1. Roth IRA - contributions are made with taxed dollars and withdrawn tax-free. 2. Traditional IRA - contributions are made with pre-tax dollars and taxed on withdrawl 401ks are through your employer, and you can contribute up to $18,000 in elective deferrals per tax year - your employer contributions do not count towards this limit: The employer selects the provider and a selection of funds. Otherwise functions similar to a Traditional IRA. All accounts are administered by someone/something - the provider. This could be Fidelity, TRP, Vanguard, etc. So when you're signing up for Vanguard, you also need to select which accounts to open or hold. For instance, I have a Roth IRA through Vanguard. I also have a Traditional IRA through Vanguard. Lastly, I have a taxed brokerage account through Vanguard where I hold non tax advantaged money. These are separate accounts within Vanguard. I also have a 401k through my employer that is through Fidelity. If I moved to a new employer, I would have to roll my 401k in to a) the new employer's 401k or b) an IRA. I would roll to a Traditional IRA to avoid paying taxes on the rollover. It appears that you have selected to set up a Roth IRA rather than a Traditional IRA. If you select a Traditional IRA, you won't be taxed.
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Aug 9, 2016 18:26
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yamdankee posted:Also, should I put the $8,988.16 (at this moment) from Etrade into this? Or start a Vanguard? Or cash it in for a fence? Put a turbo in my car? (Joking) Read that If You Can pdf, it's a great way to get started on what your priorities should be and will hopefully clear up some of your misconceptions: http://www.etf.com/docs/IfYouCan.pdf As for credit cards, I have the Chase Freedom and Amex Blue Cash but it will depend on what you normally spend money on as to which card is best for you. The only annual fee credit card I have is the Alaska Airlines visa because it has that companion fare and I make that money back with my yearly trip to visit family. I would recommend an airline credit card if you use one airline regularly. Definitely have more than one card with different companies (and make sure there's no fee!) just in case you get one credit line shut down for whatever reason and to build your credit over time. Even if you cut the cards up or put them in a freezer, it's worth it to have 2-3 credit cards on your history imo.
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Aug 10, 2016 06:20
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yamdankee posted:3) Never buy a pool. (I'm happy with that.) And get the fence when we can safely buy it in full. For what it's worth, where I live you're required to have a fully fenced in yard or enclosure if you have a pool, for liability reasons (as in, neighborhood kids don't wander into your backyard to play in it because it's easily accessible, and then drown being dummies). So the fence would have to come first if your locality is similar. And THEN you can make the proper decision to never buy a pool.
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Aug 10, 2016 07:04
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yamdankee posted:So I'm signing up for Vanguard and it's telling me I have to pay taxes on the 16k rollover because it's going from a traditional IRA to Roth. What do I do?
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Aug 10, 2016 07:19
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After paying down all my CC debt, my Equifax FICO 8 is now at 770, the highest score I've ever had. No plans to take on any new debt, but it's nice to be prepared. And I have about 3 hard pulls falling off my report in a few months.
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Aug 10, 2016 15:51
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Quick question: My wife and I have a car loan for right at $5k and an interest rate of 1.79%. There is about a year and a half on the loan and payments are $298 per month with (as of last month) $7.80 of that being interest. The car is conservatively worth $16k and this is our only outstanding debt. We have a large emergency fund ($33k in cash) and are cash flow positive $1-2k per month after automatic retirement investments. We will likely be looking at buying a house in the next five years or so. Should we pay off the loan early or instead use that money to open a non-retirement vanguard index fund? The first saves us about $68 in interest but we lose potential investment returns and the credit score boost. But the interest is so drat low and there's no guarantee that the investment account will go up...
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Aug 10, 2016 15:53
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In addition, Roth IRAs have special privileges not afforded to Traditional IRAs that make them very attractive. The most notable, in my opinion, is the fact that you can withdraw the principle at any time without penalty. This significantly reduces the risk of stashing money away for 20 years -- if you absolutely do need it, you can take what you deposited back. Shifty Pony posted:Quick question: Put it on autopay and forget about it. Do not pay more than minimums. Use your pile of cash to do more fruitful things, like a 2% CD if you're ultra risk-averse. I'm not an oracle, but it's extremely likely that the stock market will have increased by at least 1.8% in a year and a half. Expecting a diversified investment portfolio to underperform 1.8% over a 1.5 year time frame is, historically, quite unlikely. DNK fucked around with this message at 17:39 on Aug 10, 2016 |
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Aug 10, 2016 16:04
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DNK posted:2.5% CD if you're ultra risk-averse.
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Aug 10, 2016 17:20
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Star War Sex Parrot posted:Where are these at? Best I see right now are 2% and maybe a 2.05%. Numbers out of my rear end. Edited the section. My point was that there are essentially riskless investments that will outperform paying off a 1.8% loan, and there are risky assets that are very likely to outperform 1.8% over a 1.5 year time frame.
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Aug 10, 2016 17:38
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Shifty Pony posted:We have a large emergency fund ($33k in cash) and are cash flow positive $1-2k per month after automatic retirement investments. We will likely be looking at buying a house in the next five years or so.
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Aug 10, 2016 22:47
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Is there a place where I can ask stupid questions about the tax code and how to allocate my money if I'm going to new to the country, but will not be retiring there? Since I've been perusing this forum I've seen it come by that having a 401k or the canadian equivalent is not wise if you don't plan on retiring there, but I don't see why? Roth money especially should be tax free upon disbursement, and double taxation treaties ought to eliminate the possibility of having the disbursements taxed as income in whatever locale I choose to retire? E: European, 29, moving to the US for what I imagine will end up being a decade or so. Hambilderberglar fucked around with this message at 11:44 on Aug 11, 2016 |
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Aug 11, 2016 11:42
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There is actually a tax thread where you might get some advice on this sort of thing, although honestly it is the sort of situation where a regular tax preparer may not have the answers for you. You may need to look around for a tax preparer who specifically works with foreign nationals, or possibly one who works with ex-pats. The tax thread is still probably a good place to start.
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Aug 11, 2016 14:31
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Ashcans posted:There is actually a tax thread where you might get some advice on this sort of thing, although honestly it is the sort of situation where a regular tax preparer may not have the answers for you. You may need to look around for a tax preparer who specifically works with foreign nationals, or possibly one who works with ex-pats. The tax thread is still probably a good place to start. 
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Aug 12, 2016 02:00
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Alright, I'm doing it. Taking some contributions out of my Roth IRA to pay off some debt. While I realize that's not the best idea, I would really like to nuke this debt ASAP. It's going to be a little while before I can seriously start stashing away retirement money, but it's in the plan. Is it as easy as transferring the money out of the IRA cash balance to my bank account, then sending in form 8606 when doing my taxes, or do I need to include form 5498?
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Aug 13, 2016 00:03
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I'm making 750/week, pay 170/week in rent and piss away the rest on random poo poo. How should I best write up and stick to a budget? I liked YNAB but I kept forgetting to use it like a dummy.
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Aug 13, 2016 11:35
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bigfatdynamo posted:I'm making 750/week, pay 170/week in rent and piss away the rest on random poo poo. How should I best write up and stick to a budget? I liked YNAB but I kept forgetting to use it like a dummy.
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Aug 13, 2016 18:09
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bigfatdynamo posted:I'm making 750/week, pay 170/week in rent and piss away the rest on random poo poo. How should I best write up and stick to a budget? I liked YNAB but I kept forgetting to use it like a dummy. I'd probably start by figuring out what recurring things other than rent cost, because I'm sure you're not only paying rent on a regular basis, right?
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Aug 14, 2016 02:47
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Parallel Paraplegic posted:I'd probably start by figuring out what recurring things other than rent cost, because I'm sure you're not only paying rent on a regular basis, right? Groceries are about $100 for two of us a week, bills are about $120/month, prescriptions run me about $30/month, fuel for my car is about $20/week. So weekly about $320 in reoccurring costs. Is it dumb to give my money over to someone trusted as forced savings?
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Aug 14, 2016 03:49
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bigfatdynamo posted:Groceries are about $100 for two of us a week, bills are about $120/month, prescriptions run me about $30/month, fuel for my car is about $20/week. So weekly about $320 in reoccurring costs. Is it dumb to give my money over to someone trusted as forced savings? It's not the worst idea, but there are safer ways to have it managed than you friend Tony who keeps all his balances up here *points to temple*. What about less frequent recurring costs like vehicle registration, vehicle insurance, vehicle maintenance, renter's insurance, association dues, pet expenses, birthday or holiday gifts, anything else like that? You don't want to budget within that specific framework you laid out and then get surprised by any of these lurking long-term recurring costs.
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Aug 14, 2016 04:22
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SpelledBackwards posted:It's not the worst idea, but there are safer ways to have it managed than you friend Tony who keeps all his balances up here *points to temple*. I think I'll start giving a little more to my S.O. to look after, we split financial decisions 50/50 but I'm the breadwinner. Parents pay all vehicle costs, but I should start a christmas fund. We budgeted $300 for all 10 gifts we have to buy for both our families, but it'll be way easier to deal with the sooner I save up. What's a good way of not touching the money? P.S thank you for all this solid advice!
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Aug 14, 2016 07:03
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bigfatdynamo posted:I think I'll start giving a little more to my S.O. to look after, we split financial decisions 50/50 but I'm the breadwinner. Parents pay all vehicle costs, but I should start a christmas fund. We budgeted $300 for all 10 gifts we have to buy for both our families, but it'll be way easier to deal with the sooner I save up. What's a good way of not touching the money? P.S thank you for all this solid advice! Do you have kids, because if your S.O. is just plain not doing anything (or your kids are at school most of the day) then bam you just found your friend who can track/plan budget stuff for you and keep your money out of your spendy hands 
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Aug 14, 2016 07:37
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bigfatdynamo posted:I think I'll start giving a little more to my S.O. to look after, we split financial decisions 50/50 but I'm the breadwinner. Parents pay all vehicle costs, but I should start a christmas fund. We budgeted $300 for all 10 gifts we have to buy for both our families, but it'll be way easier to deal with the sooner I save up. What's a good way of not touching the money? P.S thank you for all this solid advice! A decent savings account through Ally bank or Capitol 360 or wherever is a good place. Free savings accounts, 1% interest rate. What's started helping me budget for those one time yearly expenses is I'm starting to create different savings accounts. So I'll have one for my yearly garbage fees, one for travel, and a general emergency savings. Budget to throw like, $50 a month in each (whatever the exact math is) and it's much easier to do. Note: do you have an emergency fund? Because if you're only backup is your Roth, this could be something to Fix first. Set aside enough for 3-6 months expends, and you won't have to dip into your retirement fund when the next emergency comes up.
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Aug 14, 2016 12:57
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Chase Bank is offering me $500 in cash if I open a checking account with direct deposit and a savings account with at least $15,000. Any reason not to do it? I can put the $15,000 back into my 1% savings after 90 days, and I can close all accounts after 6 months. Unless I'm missing something inherent about opening new accounts, I've read all the fine print and there's no big Gotcha! clause in there.
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Aug 16, 2016 01:26
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GoGoGadgetChris posted:Any reason not to do it?
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Aug 16, 2016 01:32
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GoGoGadgetChris posted:Chase Bank is offering me $500 in cash if I open a checking account with direct deposit and a savings account with at least $15,000. I am doing this right now, albeit with a smaller bonus 
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Aug 16, 2016 14:55
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If you don't have some agreement with a mortgage company to keep your other accounts at their bank, and don't mind annoying your HR department by switching your direct deposit every few months, getting multiple signup bonuses is a nice beer money maker.GoGoGadgetChris posted:read all the fine print But this is important.
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Aug 16, 2016 15:37
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I can't find it any more but there was a write up on how to get stuff on your credit report removed. Basically I moved and took with me the cable modem I've had since before they started charging Anyways, I have a $150 charge from CBE Group on my report. How do I get it off? Just pay their credit ransom and they'll remove it, or do I have to get something in writing saying they'll expunge it. I'm guessing that Time Warner won't even talk to me at this point as it's in collections. Mostly I would ignore it, even with that my credit score is > 715, but it's impacting my ability to get a sweet no annual fee airline miles card, and I am planning on buying a vehicle this fall.
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Aug 17, 2016 00:10
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Hadlock posted:I can't find it any more but there was a write up on how to get stuff on your credit report removed. I moved out of an apartment in December 2010 and they sent my roommate a bill for $150 for painting the living room. He never paid it and we got sent to collections. I paid it immediately upon discovery (March 2011) but even to this day the collections agency refuses to remove it from my report. They cheerfully remind me that it will drop off after 7 years. Give CBE Group a call (they'll make it hard to find their number) and try your luck, but sometimes you have no choice but to run down that 7 year clock...
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Aug 17, 2016 00:18
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Hadlock posted:I can't find it any more but there was a write up on how to get stuff on your credit report removed. https://news.ycombinator.com/item?id=7135833
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Aug 17, 2016 00:19
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I remember it being here on the SA site somewhere. I give zero shits about paying the $150, I just want that off my record, hence the terminology "ransom". So I think I recall it going something like, "I don't acknowledge this debt, but if you send me a letter confirming you'll remove the tradeline of $150 from my record if I pay that amount, then I will consider paying the amount to resolve the issue without acknowledging fault on the debt" Or something like that. God this is so stupid to deal with. edit: I think the magic google keywords are "remove negative tradelines with a pay for delete letter" Hadlock fucked around with this message at 00:43 on Aug 17, 2016 |
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Aug 17, 2016 00:39
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There is a debt collection thread here in BFC if that is what you are thinking of? If you just pay it off, it will switch from being an outstanding account on your report to a settled one, which is an improvement. You can dispute it, but it sounds like its a legitimate charge and if they can validate it then it will stick. You could consider contacting Time Warner and explaining that you never got an initial notice - sometimes agencies haven't purchased the debt, they just act as collectors on commission and you can still settle with the original creditor.
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Aug 17, 2016 01:33
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Star War Sex Parrot posted:What's the proper procedure to close a checking and savings account? I opened checking and savings accounts with USAA last year, and I've decided to proceed with closing my old Wells Fargo checking and savings now that I'm content that all of my direct-deposits, auto-pays, auto-transfers, etc. are set up correctly with USAA and I've been using USAA as my everyday bank for the last month or so. It was a surprisingly positive experience overall and I can only imagine they're coached not to burn any bridges in the hopes that maybe you'll consider them again for other banking needs. He only pitched me once on leaving an account open with them in order to have access to better auto or home loans, but I don't need those any time soon and I'd shop around anyway.
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Aug 17, 2016 18:53
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Could someone help me understand the difference between the book value and market value reported on my mutual fund statement, why market value is less than book value and how I can calculate my actual return? Thank you.
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Aug 18, 2016 03:33
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Rhaegar posted:Could someone help me understand the difference between the book value and market value reported on my mutual fund statement, why market value is less than book value and how I can calculate my actual return?
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Aug 18, 2016 05:23
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Rhaegar posted:Could someone help me understand the difference between the book value and market value reported on my mutual fund statement, why market value is less than book value and how I can calculate my actual return? Book value is the value of a company if it shut down today, sold everything, and paid off its debts. What you have left is the book value. Book value isn't what you "actually get", it's just another metric to determine valuation. The only time you get book value is if the company dissolves.
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Aug 20, 2016 17:58
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Question about the legality of something: My wife was in a (large national retail store), and during checkout, was asked about signing up for their "store card". It was presented to her as similar to how somewhere like Target or Nordstrom does the bank-linked debit card. She asked questions about it like is it a credit card, does it impact credit or is it an inquiry, can she get one with no present income (she hasn't started her new job yet), etc. The associate told her that it wasn't anything like that, it wouldn't trigger a credit inquiry, it doesn't matter if she has no income, etc. They even brought out the manager to confirm this. As it turns out, she was lied to about all of these things. She inspected her report through CreditKarma and found two hard inquiries on the report from a creditor, which she was told would not be there. Furthermore, it's my understanding that it's illegal to push people into credit cards, knowing the individual doesn't have an income. Are there any laws that govern something like this? She gave them her social and signed the little screen, but there was never any list of terms or whatever there, just a "sign here" sort of thing. I can't seem to find the consumer protection or credit card statutes that govern such a thing, but I know they have consumer protection laws about the ways credit cards can be offered, and I think "lying about what someone is signing up for and not disclosing what it is" is probably on there. Notions of "not signing things you're not familiar with" aside, any ideas on what to do here?
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Aug 21, 2016 00:46
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PRADA SLUT posted:Question about the legality of something: Yeah it sucks, lovely and probably not totally legal, but good luck with that. End of the day is they have her signing it, so it's her word against their word. And if they're a company being scummy like you described, you would have to go higher up the food chain to find someone who would do anything about it. Personally, what I do is leave a review on google maps, Yelp, etc. that's something that will actually hurt, and bigger companies sometimes have someone checking the reviews so you sometimes could get a call.
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Aug 21, 2016 12:12
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Ok so does checking credit karma frequently effect my score negatively in anyway? Seeing some conflicting info
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Aug 21, 2016 23:14
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No. Nothing to do with it whatsoever, except for providing you with information.
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Aug 21, 2016 23:16
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