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Devian666 posted:From my perspective they are goodwill items. Goodwill isn't amortized for anything this guy is seeing. Just impairment tested. I've never seen a 10-K/Q that listed out goodwill, so I'd guess these are self made intangibles.
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Oct 4, 2016 01:52
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Is there a thread on BFC where I can ask help regarding my painful debt situation? I'm completely embarrassed by it. I've frivolously used credit cards and personal loans, now have around ~30K in debt. I get depressed even thinking about it and I don't know if these debt consolidation companies that send me letters in the mail all the time are legitimate or if I'm being scammed. I'd love to reduce the debt and pay a single monthly payment, it just sounds too good to be true. According to this debt calculator I've used, the snowball/avalanche method would take me about 5 years to pay off. I haven't used any of my credit cards since the beginning of this year and now that I'm single, I would like to get my finances in order but I feel like I'm handcuffed to just minimal payments with no way out. I'm in total despair over this situation. I want to cut back on my expenses to but I just don't know where to begin. I feel like everyone else gets better deals when it comes to utilities than I do and people like to make a point of how less they pay in say their cell phone bill than I do. I don't know, I need some advice and guidance but don't know where to start.
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Oct 8, 2016 17:47
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Make your own thread and lay out all the information, with balances, minimum payments, interest rates, credit score, utility payments etc. Even if you end up using a debt consolidation company, the ones that robo call/mail you aren't gonna be the best one to use so just ignore all that crap until you make a plan.
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Oct 8, 2016 18:01
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Confounding Factor posted:Is there a thread on BFC where I can ask help regarding my painful debt situation? I'm completely embarrassed by it. I've frivolously used credit cards and personal loans, now have around ~30K in debt. I get depressed even thinking about it and I don't know if these debt consolidation companies that send me letters in the mail all the time are legitimate or if I'm being scammed. I'd love to reduce the debt and pay a single monthly payment, it just sounds too good to be true. Sounds like you've understandably got a lot of emotional weight here, and I'm not sure if BFC can do much on that end, but asking for help and trying to proactively make a plan to move forward is nothing to be ashamed of and takes lots of strength friend  Also people around you bragging about saving money on phone bills sounds like a weird modern iteration of keeping up with the joneses, try not to let it get to you because they're probably getting screwed in other financial areas or are misrepresenting how much they're saving to make them feel smarter 
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Oct 8, 2016 18:33
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Try not to shame spiral. The first and most important thing to know is what your level of spending and consumption is. We're almost uniformly in a position to scale back. This forum will help you with the math. Make your own thread, we're happy to offer insight. Don't take it personally, a lot of us are here because we realized that we were out of control and had to make a change to get back in order.
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Oct 8, 2016 19:06
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Make a thread and the good folk of BFC will help you cut down. Also start tracking your spending with Mint or something if you're not already.
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Oct 8, 2016 19:13
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Thanks guys for the encouragement. I made a thread: http://forums.somethingawful.com/showthread.php?threadid=3793608
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Oct 8, 2016 21:12
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I was just reworking my budget and have come up with the following 3300 2 paychecks after tax, GI Bill -500 child support -685 rent -200 credit card -300 car debt/insurance -115 phone -50 various subscriptions -100 personal debt -160 food -160 gas -500 savings -200 IRA 330 Total left over Debt totals: credit card: ~$1500 at 15%, minimum payment of $131.00 per month car: ~$9100 at 7.25%, minimum payment of $203.00 a month personal debt: ~$2685 at 0%, no set minimum, pay $50 a month Emergency fund: $200 - I know this is low, but I've got poo poo straight now and have a good support network if something happened. I was unemployed for a while so I am receiving the maximum amount of FAFSA payment, so I am expecting $2900 in November and then a further $2900 in Feb or March (these are approximates), and since I'm using the GI bill, the money goes in my pocket. By the time I get the first payment I'll owe about $1100 left on the card. The 2900 will take care of that, put $1000 on the car, and the remainder will be split between Xmas presents for the kids and the rest in savings. The money saved from the credit card will be split, $100 will be added onto child support (it was joint credit debt that I am paying), and $100 to the car. Any thoughts about what I'm missing? Utilities is rolled into rent and medical insurance is taken out before the totals above.
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Oct 9, 2016 20:12
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Is your "savings" and "emergency fund" the same thing?
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Oct 10, 2016 00:45
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Yes
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Oct 10, 2016 01:52
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Okay, well, then you're doing the right thing by increasing your emergency fund. It should be several times your monthly income but depending on your situation, it could be more or less. For your debts, on one hand the personal debt should be put off as long as possible from a financial POV, but it also seems like you borrowed it from a family member or something so maybe that's not a practical option. If 50/mo is okay (putting you at 4.5 years to pay it off) then keep doing that. Pay off your card, then your personal loan, then your car, I'd say, in that order. If your question is really "what am I missing from my budget" then just start keeping track of your expenses and it will become very clear if/what you're missing.
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Oct 10, 2016 04:31
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totalnewbie posted:Okay, well, then you're doing the right thing by increasing your emergency fund. It should be several times your monthly income but depending on your situation, it could be more or less. Yeah, with the emergency fund, I want it there to take care of myself, but in the meantime, while I'm getting the rest of my poo poo on track, my family can help. The personal debt is to my sister (see above) and she doesn't care about WHEN she gets paid off, as long as I'm paying her off and she's happy with 50 a paycheck.
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Oct 10, 2016 14:43
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Phone cost seems a bit on the high side. I would concentrate on that CC debt because 15% interest is pretty brutal. I would likely pay down that credit card at the expense of my IRA.
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Oct 10, 2016 14:48
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KYOON GRIFFEY JR posted:Phone cost seems a bit on the high side. Okay now I have a similar question, I have a credit card with a poo poo interest rate (14%) and like $4000 on it but I'm prioritizing my 401k over it because I get a company match of 6%, is that wise? I mean I'm still putting more than minimums towards the card but I could have it paid off sooner if I stopped contributing to the 401k, but i'm not entirely sure what the optimal point in this would be. Should I think of the match as being a 50% interest rate since it's a 1:1 match?
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Oct 10, 2016 14:55
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A 401k that has a match has a guaranteed return on investment, and if it's a 1:1 match then your ROI for matched dollars is 100% plus whatever your actual return is. An IRA with no match has an expected ROI of ~7%, so it's obviously a less good investment than 15% interest rate debt.
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Oct 10, 2016 14:57
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KYOON GRIFFEY JR posted:A 401k that has a match has a guaranteed return on investment, and if it's a 1:1 match then your ROI for matched dollars is 100% plus whatever your actual return is. An IRA with no match has an expected ROI of ~7%, so it's obviously a less good investment than 15% interest rate debt. Ah ok, thanks.
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Oct 10, 2016 14:59
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KYOON GRIFFEY JR posted:A 401k that has a match has a guaranteed return on investment, and if it's a 1:1 match then your ROI for matched dollars is 100% plus whatever your actual return is. An IRA with no match has an expected ROI of ~7%, so it's obviously a less good investment than 15% interest rate debt. This is a really sophisticated way to think about this and I'm glad you bring it in here.
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Oct 10, 2016 15:03
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KYOON GRIFFEY JR posted:Phone cost seems a bit on the high side. I got ATT when I moved back from overseas because it was convenient and then upgraded my phone with them, again because of convenience. Once I'm done paying off the phone, I will be switching to something else. Would you prioritize the CC debt over emergency fund, knowing that i have a pretty secure familial safety net? I feel like, while I didn't bone myself with debt, I hosed away my 20s financially and am trying to "play catch up" - in the past month I have started a Roth IRA, a SIMPLE IRA through work, and was pushing pretty hard into Acorns (that money is in the Roth now).
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Oct 10, 2016 15:25
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omnibobb posted:Yeah, with the emergency fund, I want it there to take care of myself, but in the meantime, while I'm getting the rest of my poo poo on track, my family can help. Well anyway, you should be increasing your emergency fund to at least a couple thousand dollars (absolute minimum, IMO). If your sister is okay with the payments then keep that up until you get the rest of it squared up. Think about whether or not you can go free with the subscriptions (or some of them) and downgrade your phone plan. The faster you pay off your debts, the less interest you'll end up paying. If you don't have matching in the IRA, also maybe think about paying off CC before contributing to the IRA. It's GREAT that you're thinking about retirement and preparing for it, but it's mathematically inferior to paying off the CC in terms of returns.
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Oct 10, 2016 15:36
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omnibobb posted:I got ATT when I moved back from overseas because it was convenient and then upgraded my phone with them, again because of convenience. Once I'm done paying off the phone, I will be switching to something else. You need to look into other phone plans. Most will pay off your phone and your cancellation fee. Can you go on a family plan? Can you get a budget phone like a Nexus 5x, Moto G4 or a used iphone? Google FI or T-Mobile maybe? You're spending an extra $60 or more a month that you don't have. Also can you cancel and subscriptions? I'm assuming this is netflix, spotify, etc. Can you share with anyone? Can you refi your car? 7% is pretty high. Also google for an independent insurance agent in your area and see if they can decrease your insurance premiums. Or check out Geico, Progressive, etc. And I would absolutely stop contributing to your IRA until your CC debt is gone, and maybe even until the car debt is gone.
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Oct 10, 2016 15:41
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ate all the Oreos posted:Ah ok, thanks. Don't contribute any unmatched dollars though!
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Oct 10, 2016 16:10
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totalnewbie posted:Well anyway, you should be increasing your emergency fund to at least a couple thousand dollars (absolute minimum, IMO). I have a SIMPLE IRA through work that matches 3% that I contribute too, I did not include that as income/payment just like medical insurance. The IRA I did include is a Roth IRA set up through Vanguard. I've been putting extra money here and there and it's sitting at about 350. I'm gonna pause on that and put that money towards CC debt. Hashtag Banterzone posted:You need to look into other phone plans. Most will pay off your phone and your cancellation fee. Can you go on a family plan? Can you get a budget phone like a Nexus 5x, Moto G4 or a used iphone? Google FI or T-Mobile maybe? You're spending an extra $60 or more a month that you don't have. I could probably go on my sisters family plan. I'd definitely like to keep my phone though - I use a lot of the smart phone features for interacting with my kids. Yes on subscriptions - I can probably bring that down to 15ish pretty easily, gotta keep Netflix as the kids use it. Is there a limit on refinancing, I just got the car in June?
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Oct 10, 2016 16:23
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omnibobb posted:I got ATT when I moved back from overseas because it was convenient and then upgraded my phone with them, again because of convenience. Once I'm done paying off the phone, I will be switching to something else. 2) Screw Acorns, use Vanguard and index.
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Oct 10, 2016 16:23
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SiGmA_X posted:1) What do you owe on your phone? 1) 200.00 in $25.00 installments 2) yeah, i changed this a few weeks ago
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Oct 10, 2016 16:36
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omnibobb posted:I have a SIMPLE IRA through work that matches 3% that I contribute too, I did not include that as income/payment just like medical insurance. No reason to get a dumb phone, but if you only owe $200 you might want to consider paying it off early and moving onto your sisters plan. Pre-payment penalties exist for auto loans, but are pretty rare. I would check the terms of your loan. If your car is older you might not be able to refi or get a lower interest rate, but it would be worth looking into.
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Oct 10, 2016 17:21
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Hashtag Banterzone posted:No reason to get a dumb phone, but if you only owe $200 you might want to consider paying it off early and moving onto your sisters plan. Car is a 2008 Kia Sorento 80K, miles
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Oct 10, 2016 17:45
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omnibobb posted:1) 200.00 in $25.00 installments
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Oct 10, 2016 19:24
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I'm also curious about Google Fi - you can buy a phone for $200, and you get unlimited calls and texts for $20 plus $10/gb and it works in over 100 countries for that same price. I've never used it or known anyone on it though.
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Oct 10, 2016 19:28
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Check out the Fi thread in IYG then.
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Oct 10, 2016 19:39
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I'm looking to cut something I think is extraneous, a indexed universal life insurance plan I've had since 2008 (at age 24) that my Mother urged me to get. I pay $45 a month premium and the death benefit is $100k. My current job gives me life insurance with $200k death benefit as a free part of my benefit package working there with options to increase its death benefit for nominal amounts. I'm single, no children and my mother is the only beneficiary. I want to dump the universal life and use the money elsewhere. Currently, I have $4500 in premiums paid into the plan. The accumulation value is $2,149 with a surrender charge of $1105 and surrender value of $1044. As I understand it in a cursory search, though I'll lose half the accumulation value, the surrender value is less than the basis and won't get taxed. Is that correct? If so, where could I dump it into? Start a Vanguard ETF? My Ally Savings? Pay off debts (which is mostly controlled and budgeted)? I'm not as flexible as I would like to be as I'm supporting my Mother. 8-bit Miniboss fucked around with this message at 22:14 on Oct 10, 2016 |
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Oct 10, 2016 21:46
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Is there a standard 'goon-approved' online bank for regular checking account work? It seems like the brick and mortar banks near me (BoA, Santander) kinda stink, but every online option has no-fee ATMs all over the place. In my case I'd be direct-depositing ~$3400 per month and maintaining a balance of $2-5k. Long term savings and retirement are handled elsewhere, it's just an extraordinarily boring checking account I'm after.
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Oct 11, 2016 02:17
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MarsellusWallace posted:Is there a standard 'goon-approved' online bank for regular checking account work? It seems like the brick and mortar banks near me (BoA, Santander) kinda stink, but every online option has no-fee ATMs all over the place.
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Oct 11, 2016 02:36
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Schwab is quite decent.
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Oct 11, 2016 02:59
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I use and recommend Ally
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Oct 11, 2016 03:41
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Grumpwagon posted:I use and recommend Ally I've also been using Ally for almost 2 years and they have been pretty great thusfar.
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Oct 11, 2016 03:46
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Ally and Capital One 360 are generally considered the best online-only banks.
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Oct 11, 2016 13:55
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Leon Trotsky 2012 posted:Ally and Capital One 360 are generally considered the best online-only banks. Do check and see if there are others you can join with more limited access though. I'm a member of Alliant Credit Union and they are awesome, but access is only through certain companies.
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Oct 11, 2016 14:29
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Anyone have any bad experiences with Chase? I moved to them recently since I just wanted out of Wells Fargo and they happened to have a a $500 sign-up bonus at the same time. Do they have the same shady sales goals as WF?
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Oct 11, 2016 14:59
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MarsellusWallace posted:Is there a standard 'goon-approved' online bank for regular checking account work? It seems like the brick and mortar banks near me (BoA, Santander) kinda stink, but every online option has no-fee ATMs all over the place. Adding to Ally, I use it and it's very good for checking and savings. Only downside would be if you get a lot of cash income (tips or something), because Ally def does not work well with cash (you can take out easily, but there just is no way to deposit cash). I don't really need that feature, so it never bothers me, but def good to mention. FYI Ally told me a month or so back they now only refund ATM fees up to $10 in a month. I have yet to hit over that, but also worth mentioning. Credit unions are always worth looking into, mileage will just vary on location.
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Oct 11, 2016 15:25
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Flat Daddy posted:Anyone have any bad experiences with Chase? I moved to them recently since I just wanted out of Wells Fargo and they happened to have a a $500 sign-up bonus at the same time. Do they have the same shady sales goals as WF? I initially signed up with Chase for a large bonus, fully intending to drop them after I had completed the bonus terms, but I've ended up sticking with them. I like having a national bank to complement my local bank account, and having Chase checking is really convenient since I have a few Chase credit cards. Never had any bad IT or customer service issues like I encountered with Citi either.
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Oct 11, 2016 15:31
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