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Star War Sex Parrot posted:Do you have a 6 month emergency fund? Are you saving for retirement? I don't have an explicit amount of money set aside for 6 months emergency, no. And I'm not really saving for retirement? Holy poo poo, I have no idea what I'm doing.  I have a decent amount saved up, about (if it's okay to say this) $25k, but roughly $11k of that is going towards surgery in January.I'm beginning to realize that I'm way past the point where I need to start being smart about money. I'll have to read up on those finance resources in the OP. Edit: I found out that I was completely misinterpreting the amount of money I pay into car insurance. I thought the amount was per month, not twice per year. 
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Nov 17, 2016 03:43
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Well, asking these questions is a good start and already puts you ahead of some of your peers. Also as far as basic financial literacy skills go: do you know how to pull your free credit reports from all 3 bureaus once a year? I usually do it around tax filing season just as a reminder to myself. https://www.annualcreditreport.com
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Nov 17, 2016 03:49
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Star War Sex Parrot posted:Well, asking these questions is a good start and already puts you ahead of some of your peers. Also as far as basic financial literacy skills go: do you know how to pull your free credit reports from all 3 bureaus once a year? I usually do it around tax filing season just as a reminder to myself. I had to get one as part of renting a new apartment, so yeah, I have my copy for mid-2016. It doesn't list much on it, I only recently started using my credit card to pay off bills like internet, electricity, and gym membership. It doesn't list any potential negatives either. I'm gonna guess that I'm a little too early to start investing in stocks or whatnot?
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Nov 17, 2016 03:56
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Pollyanna posted:I'm gonna guess that I'm a little too early to start investing in stocks or whatnot?
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Nov 17, 2016 04:05
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If you can is a decent starting point. It uses some terms you may not be familiar with, so feel free to ask questions here and we can talk about it. If You Can
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Nov 17, 2016 04:40
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Chu020 posted:I don't know if PSLF is going to stick around in its current proposed form given the current government situation. When next October rolls around and the first round of loans become eligible, I think there's going to be some sort of public outcry about how much is forgiven, particularly due to physicians working for non-profit hospitals getting forgiveness while making 6 figures. I'd be surprised if there isn't either a cap imposed on the amount forgiven or some kind of means testing as a result. This is a concern, but as I understand it the language for pslf is in the loan contract so any changes would be likely to effect future borrowers. At least I hope so.
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Nov 17, 2016 15:12
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So I can transfer money without any fees from my American bank accounts to my Deutsche Bank account by pulling cash out of an ATM here in Germany from my Schwab account, then immediately depositing it back into the machine with my DB account. Is there any equivalent method for transferring money from Euro accounts to American ones, or am I stuck with TransferWise? edit: looks like Transferwise isn't so bad, 0.5% to pay off American CCs is okay since apparently my Quicksilver Visa has no foreign transaction fee, with a normal 1.5% cashback combined with the transfer hit it's basically like using a 1% cash back card. I can live with that. Cicero fucked around with this message at 17:26 on Nov 17, 2016 |
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Nov 17, 2016 17:08
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Chu020 posted:I don't know if PSLF is going to stick around in its current proposed form given the current government situation. When next October rolls around and the first round of loans become eligible, I think there's going to be some sort of public outcry about how much is forgiven, particularly due to physicians working for non-profit hospitals getting forgiveness while making 6 figures. I'd be surprised if there isn't either a cap imposed on the amount forgiven or some kind of means testing as a result. It's literally written in the promissary note on the loan. It's going to take more than just the incoming president saying, "heh, naaah."
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Nov 17, 2016 20:14
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Can you set up Vanguard as a receiver of part of a direct deposit? I know you can set up periodic withdrawals from an outside bank account that a direct deposit goes into.
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Nov 20, 2016 01:55
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Xenoborg posted:Can you set up Vanguard as a receiver of part of a direct deposit? I know you can set up periodic withdrawals from an outside bank account that a direct deposit goes into. Think Vanguard only allows direct deposit from stuff like tax refunds, not from a paycheck.
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Nov 20, 2016 03:44
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Hadlock posted:So, following up on this, was in Texas, moved out of state. Cable company sent credit collection company my old Texas address and sent the bill there. Got ahold of collection company. They refused to do a credit line delete, so I told them I was going to dispute it and wanted the dispute address. So further following up on this, the derragatory mark fell off of my report within one week, credit score jumped by 71 points, new apartment complex approved girlfriend and I's rental application, now moving in to a ritzy high rise apartment with a view and saving $1300 a month on rent! Thanks newbie personal finance thread!
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Nov 21, 2016 03:31
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Just want somebody to double check me on this. I just got an offer to upgrade one of my credit cards to the next tier of card that comes with an annual fee. This would bump up my rewards to 6% back at grocery stores and 3% back at gas stations. The annual fee is $95. Since I spend $200/month at the grocery store this makes sense to do right? By my math I'd be getting back $144/year just from that. Right now I get 3% cash back at grocery stores and 2% at gas stations. It also comes with a $150 sign up bonus for spending $1k in the first 3 months which I won't have a problem hitting. I feel like I should sign up for this for at least the first year then check how much cash back I'm receiving to see if I want to keep it for subsequent years. Josh Wow fucked around with this message at 13:14 on Nov 21, 2016 |
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Nov 21, 2016 13:11
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Looks like that is Amex Blue CashEveryDay, with an offer to upgrade to Blue Cash Preferred? I remember better signup bonuses for that card. Something like 50k points for spending some amount in the first few months, but I could be wrong. If you want to get the most out of it, maybe wait until the promotional offer changes and get a new card instead of upgrading. If that's no big deal, then just take the upgrade if it will benefit you, which it looks like it would. This thread might have a better answer: https://forums.somethingawful.com/showthread.php?threadid=3679537&pagenumber=66#lastpost
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Nov 21, 2016 13:33
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Josh Wow posted:Just want somebody to double check me on this. I just got an offer to upgrade one of my credit cards to the next tier of card that comes with an annual fee. This would bump up my rewards to 6% back at grocery stores and 3% back at gas stations. The annual fee is $95. Since I spend $200/month at the grocery store this makes sense to do right? By my math I'd be getting back $144/year just from that. You have to keep in mind that for $0/year you can get 3% back for groceries. So you are really only getting an additional $72 back by signing up for a $95 annual fee. If you can make up the $23 difference with your gas spending, then it's worth it. Otherwise it's a wash or you're actually losing money by upgrading.
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Nov 21, 2016 13:45
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drive me nuts to school posted:You have to keep in mind that for $0/year you can get 3% back for groceries. So you are really only getting an additional $72 back by signing up for a $95 annual fee. If you can make up the $23 difference with your gas spending, then it's worth it. Otherwise it's a wash or you're actually losing money by upgrading. Depends on how much you spend on groceries. The break-even point is: X(0.03) = X(0.06) - $95 X = $3167 So if you spend $61 a week on groceries or more, then then Preferred version is worth it. The increased gas cashback is a bonus. Though if you're closer to $50, then yes, the Everyday version is better depending on your gas bill.
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Nov 21, 2016 15:57
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Is there any real difference in how to approach building credit as a 30 year old vs a 16 year old getting their first card? I moved to the US from Canada and apparently my credit score doesn't carry over so I'll probably be stuck with some entry-level junker credit card for a while. I've had a Visa and MC for 10+ years at this point, haven't carried a balance in 5+, have a CAD$20k line of credit with my bank, etc., etc. Maybe if I get a Canadian credit report and present that in an application I can get something a bit better? Who the hell knows.
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Nov 21, 2016 17:49
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Pleads posted:Is there any real difference in how to approach building credit as a 30 year old vs a 16 year old getting their first card? Not really. You probably make more money than a teenager, so your junker credit card will probably start out with a higher credit line. After you're ontime for 6 months you will have enough reporting to get a credit score and then things will be easier. But a US based bank won't use your Canadian credit report for underwriting purposes.
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Nov 21, 2016 17:54
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That's about what I figured, thanks! Off to the credit card thread to see if there are any sweet jalopies for me.
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Nov 21, 2016 17:58
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Checked my FICO 8 score today and saw a nice lucky 777 -- the highest I've ever had. Thanks thread for lots of great personal finance advice. No plans to use open any new credit or use existing. Just going to sit back, pay the bills, and enjoy not living in crippling debt.
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Nov 21, 2016 20:21
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gregday posted:Checked my FICO 8 score today and saw a nice lucky 777 -- the highest I've ever had.  Good work!
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Nov 21, 2016 20:23
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I'm not entirely sure how to get back on this subforum train without spilling information my wife doesn't want me to give, but if anyone remembers my old thread, hey update. I have a new job that rules and allows me to work from home. No commute. I get paid more than I used to. I have been cultivating a habit of not spending money (because I was fired months ago). I now have hella debt backlog though because we've only been able to make minimum payments on some things for a while. So I'm starting here with more debt than last time but my progress slope will be better. Is there a decent way to discuss budget without getting too far into specifics so I don't catch hell?
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Nov 23, 2016 20:21
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signalnoise posted:I'm not entirely sure how to get back on this subforum train without spilling information my wife doesn't want me to give, but if anyone remembers my old thread, hey update. I have a new job that rules and allows me to work from home. No commute. I get paid more than I used to. I have been cultivating a habit of not spending money (because I was fired months ago). I now have hella debt backlog though because we've only been able to make minimum payments on some things for a while. I think the choice to do it as a "common sized income statement" where it's described as a percentage of monthly revenue works nicely.
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Nov 23, 2016 20:25
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Question up front: After establishing a decent emergency fund and max contributions to a Roth IRA, where should I put extra money? Suspected answer based on what I've read: a money market account or fund? Or index funds? My situation: I've been a money spender/waster. At this point last year I was 12,000 in credit card debt and had no emergency fund. Now I'm down to my last 500 (which I will pay off next month) and have established 4,000 in emergency funds. I'm going to build that to 5,000 next month and call it good (I have good job security). I also just made my last student loan payment. All in all, at the end of last year I had a wake up call, so this has been a big year for me in terms of becoming financially responsible. My plan after I finish my paying off my cc debt and emergency fund in December is to start a Roth IRA with Vanguard. My only debt at this point will be car payments. What should I do with the extra money? I'm 28 if it matters. Edit: I am already contributing to the equivalent of a 401k as well. Marcushies fucked around with this message at 14:23 on Nov 24, 2016 |
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Nov 24, 2016 14:18
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Marcushies posted:Question up front: After establishing a decent emergency fund and max contributions to a Roth IRA, where should I put extra money? If you are not maxing out the 401k, put it there if you want more retirement savings. If you are maxing it, then determine what you want to save for next, either a purchase or more retirement, and put it in the appropriate vehicle. If you're less than 5 years out of meeting that goal, put it in an online savings account. More than 5 years out, and it's not for retirement, put it in an index fund. If it's for retirement, put it in whichever fund(s) that keeps your portfolio balanced.
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Nov 24, 2016 14:52
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Hoping to find some help on where/how to best analyze changes in my FICO score. I went from 678 to 629 in a month and cannot find any reason why. Couple things: * I have 4 revolving credit accounts for a total of about $18k in available credit. About $5k is being used currently - 6 months ago this was at about $14k and I have been aggressively paying down multiple accounts * Bought first house in February * No recent (past 5 years) delinquent payments on revolving credit * Only recent delinquency to any bill was a year old medical payment for my wife in my name, that is almost paid off ($2k initial balance, $400 left) * Also have a car lease and a car loan, both never delinquent The two biggest flags on my credit report are serious delinquencies - which are more than 5 years old and I cannot see why they would affect my score from Sept to Oct; and number of accounts with delinquency - see #1. I pulled all reports when I saw the dip and cannot figure out why, after 10 months of steady 5-15pt rises a month while making on-time payments on multiple accounts and paying down two accounts for $4k-$5k balances to $0, how the everloving gently caress I could drop 49pts in a month. My car lease is up in April, I get a $5k bonus in a week, and we are trying to plan for what direction to go in. skylined! fucked around with this message at 17:55 on Nov 24, 2016 |
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Nov 24, 2016 16:36
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signalnoise posted:I'm not entirely sure how to get back on this subforum train without spilling information my wife doesn't want me to give, but if anyone remembers my old thread, hey update. I have a new job that rules and allows me to work from home. No commute. I get paid more than I used to. I have been cultivating a habit of not spending money (because I was fired months ago). I now have hella debt backlog though because we've only been able to make minimum payments on some things for a while. What the hell bad is going to happen if someone knows your income and debts?
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Nov 24, 2016 19:13
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KYOON GRIFFEY JR posted:What the hell bad is going to happen if someone knows your income and debts? My wife is uncomfortable with it, so the bad is going to be whatever she does
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Nov 24, 2016 19:29
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signalnoise posted:My wife is uncomfortable with it, so the bad is going to be whatever she does If I remember right your wife was cheap and you have lots of expensive nerd hobbies. Did you ever combine finances? Are you still the main problem with the spending in the relationship?
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Nov 24, 2016 19:44
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Droo posted:If I remember right your wife was cheap and you have lots of expensive nerd hobbies. Did you ever combine finances? Are you still the main problem with the spending in the relationship? We have combined finances and I'm considerably more cheap. I was unemployed for a while so I got accustomed to my nerd hobby spending limit being zero. I plan to keep it roughly the same. I no longer have a spending allowance, and anything that costs more than like 30 bucks requires a conversation. That's not an actual rule or anything, just something I've drilled into myself. She's also more comfortable telling me no now.
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Nov 25, 2016 00:27
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skylined! posted:Hoping to find some help on where/how to best analyze changes in my FICO score. I went from 678 to 629 in a month and cannot find any reason why. Couple things: Credit scores bounce around quite a bit from month to month. Probably nothing caused it to change. FICO is often tweaking their algorithm and maybe they are putting a higher weight on the bad stuff vs some of the good stuff you have been doing. Or it might just bounce back to where it is next month, again without explanation. Why do you still owe $400 on delinquent medical debt? Pay that off with your bonus ASAP. That will help. Help big time. Your credit can only heal so much with an unpaid collection account and having that report as paid will help. That $400 is having an outsized damage on everything. If you're following the Dave Ramsey strategy on paying off debt that bonus would be applied paying off debt, smallest to largest. I'm guessing the smallest would be the collection account, then I guess whatever follows. The cards?
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Nov 25, 2016 05:10
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signalnoise posted:We have combined finances and I'm considerably more cheap. I was unemployed for a while so I got accustomed to my nerd hobby spending limit being zero. I plan to keep it roughly the same. I no longer have a spending allowance, and anything that costs more than like 30 bucks requires a conversation. That's not an actual rule or anything, just something I've drilled into myself. She's also more comfortable telling me no now. Without knowing what your income and spending look like, it's hard for anyone to give you more useful advice but here are some tips. 1. Having a worry free spending allowance that you can waste on whatever you want, even if it's just $50 a month, might be useful. Some people resent not being able to spend money on whatever they want without approval from the other party. 2. Consider ditching a car, if you have 2 cars and now work from home. Between registration, maintenance, depreciation, repairs and insurance cars are more expensive to keep than you think. 3. Try to reduce fixed costs. Some things I do to reduce ongoing expenses without actually reducing services - Call my cable company and say it's too expensive and I want to cancel ($600/year savings), call Sirius XM radio each year and say I want to cancel ($100/year savings), find a good insurance broker for home/car insurance and drop unnecessary line item coverages ($500/year savings), reduce internet speed or switch internet companies, look at options for your electrical generation and time of use billing (My annual electric bill went from $3000 to $1500 by just switching to Time of Use billing and managing usage during the more expensive times). 4. Pay attention to taxes - I saw you asked in the tax thread about the home office deduction. If you are paid as a W2 employee, there isn't much you can really do even if you work from home. But if you are paid as a 1099 contractor you have the ability to deduct a lot of expenses. I know the home office test is unlikely to fly, but there are plenty of other things. 5. Move credit card interest to new cards with low introductory rates. 6. Refinance your home (I can't remember if you own a home). It's about a month too late for the timing to be perfect, but still is always worth considering as a homeowner with a mortgage. 7. Get a cash back credit card for your bills. Use it for all new expenses and pay it off monthly (they usually have high interest rates, so don't carry a balance on it). Fidelity offers an unlimited 2% cash back Visa which is what I use for most things. 8. Do all the stupid little things to save money. For example, keep your tires inflated (thanks Obama!), replace crappy light bulbs with LED bulbs, install and use programmable thermostats for your HVAC, lots of other things like this. 9. Make sure you research and take advantage of work benefits. This includes obvious things like 401k matching, but often there are other benefits available to people as well like Obamacare providing a free annual physical as part of your health insurance, and who knows what else. 10. Sell things off, and do it efficiently. Collectibles (which I"m guessing you still have a lot of) should be sold on eBay. Craigslist is OK if you are patient and the item is big (like an old washer/dryer) but generally the buyers on there are cheap and flaky and it's not good for most things. Depending on what your income is, the best advice is often "find a way to make more money" - but if you are already in a good situation relative to your age, field, and income then all you can really do is try to enjoy life and be very, very patient. Increasing your net worth is always frustrating because while you are thinking about it you just want to do SOMETHING, but there is really not too much you can do except not buy poo poo and be patient.
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Nov 25, 2016 20:36
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Question: If I already have savings in a Roth IRA, is it better to keep them there or to use them to pay off student loans? Details: I’ve done preliminary research on this, but figured I’d ask here. I know paying off the loans now is a guaranteed return; however, it also means that I am paying with contributions that I cannot "make up" given the maximum annual allotments of Roth IRAs. I'm pretty sure it's worth more to just keep the money in the Roth IRA because the gains will be compounded and won't be taxed upon withdrawal. That said, here are the numbers: Age: 27 Income: $35k currently; will be increasing a lot within a few months ($75k+ total with potential for more in a years’ time) Roth IRA: $38k Student Loans (Federal): $16k @ 5.96% $12k @ 5.16% $15k @ 5.00% Total: ~43k If it matters, I expect to be able to fully contribute to my 401k and Roth IRA going forward. Thanks for any help (whether it be here or pointing to articles)! Edit: Assuming my gut is right and I shouldn't touch the Roth IRA, is the best idea going forward 401k up to match, then student loans? Or should I just do student loans as-able after 401k and Roth? I don't have any emotional attachment to investing vs. being debt-free -- just trying to min/max this financially. DuWay fucked around with this message at 22:59 on Nov 25, 2016 |
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Nov 25, 2016 22:47
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Droo posted:Advice---- Honestly it's a mixed bag of good and bad. I have cheap but good health insurance, but no 401k matching. But I make 70k and don't have a commute so I'm saving like 200 dollars a month on gas alone. The biggest place we could improve, sadly, is my wife's job. She makes <30k and is about to finish her master's degree so hopefully she can somehow bump that up by a like tens of thousands of dollars. Our fixed expenses are kinda bullshit. I don't pay for home internet or cell phone. Our monthly bills are mortgage, power and other non-data utilities, streaming tv poo poo (not me), car/home/health insurance, whatever. The biggest culprit is student loans, which I have so much of that I don't expect to pay them back in full by the time they expire. Between private loans and federal, I pay around 700-800. If I could pay off the private loans, the monthly on that would drop by a lot, because I'm on income-based for the federal stuff. At this point I am kinda resigned to being in debt for a long time, but living in relative comfort otherwise while accepting that my things don't have to be the best, and I have stopped buying stuff I just won't use (like too many gaming things for the amount of time I have). I do have a home, and it's stellar for what we paid for it. Still, it's a monthly expense until it's paid off. I don't know poo poo about refinancing. Do we have a thread for that, or should I talk to a professional?
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Nov 25, 2016 23:01
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signalnoise posted:
You can just ask here. What is your current interest rate/mortgage term, do you pay PMI, what percent down did you put, and if you had to guess what would your house appraise for compared to what you paid for it? It would make sense to refinance if you could get a lower interest rate, or if the house has appraised enough to let you take equity out (bigger mortgage) and use that money for your credit cards or student loans instead of being equity in the house (if your student loan rates are low this doesn't make much sense, but it depends on the rate). I would also look into refinancing student loans if I were you. I don't know what your interest rates are, but if you have private loans you might be able to consolidate/refinance them at a lower rate as well. There is a company called SoFi which is some kind of peer to peer lending site that appears to offer consolidation of both private and public loans mixed together. You should check out their site (and any other student loan refinancing options that are well reviewed) and see if you can get a lower average rate that way. I know student loans are weird and subject to some unusually stupid restrictions so it might be tricky to find a bank that will give you a quote, and it might be impossible to do at all.
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Nov 25, 2016 23:20
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DuWay posted:Question: If I already have savings in a Roth IRA, is it better to keep them there or to use them to pay off student loans? You should leave the Roth money alone. Going forward, max your 401k up to the match. At that point, with an income of $75k+ you will be in the 25% tax bracket but still below the $80k "adjusted gross income" limit for taking a deduction of your student loan interest up to $2500 per year. That brings your average effective student interest rate to about 4%. With student loans at ~4% and a relatively small set of investments, I would invest in an IRA next (either roth or traditional, at 25% you can go either way) and then invest above the matching threshold into your 401k unless it is a bad plan. If you get to a point where you are making too much money to deduct the student loan interest, then I would consider paying them off before putting maxing out my 401k to the $18k annual limit. I would also consider paying them off early if you get to a point where you have like $200k+ invested, just so it's less psychologically painful if the stock market has a bad couple years. It's really annoying to have $40k of student loan debt while simultaneously losing $50k+ of your investment value.
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Nov 25, 2016 23:31
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Droo posted:You can just ask here. What is your current interest rate/mortgage term, do you pay PMI, what percent down did you put, and if you had to guess what would your house appraise for compared to what you paid for it? I'll look into SoFi definitely. Anything to get out from under Navient's thumb. My house poo poo is: Unpaid Principle: 140k Monthy payment: 1025 Interest rate: 3.875% Maturity date: 08/2045 We paid 159k when we bought it, and USAA's home value monitor says 167k. We could probably get more if we repainted the exterior, because right now it's some gaudy colors that we've just been too meh on to bother. I mean, we can't see the exterior when we're inside. We haven't gotten it reappraised though, it would probably be a lot more if you count the changes we've made to the ceiling fans, lights, adding a fence, bunch of other stuff. Like, we ran ethernet to like 13 different places around the house, at least one in each non-bathroom room. We haven't paid much on the house itself to get equity, but are you saying if the value of the house has increased we can take that money in exchange for raising the principle?
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Nov 25, 2016 23:55
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signalnoise posted:We haven't paid much on the house itself to get equity, but are you saying if the value of the house has increased we can take that money in exchange for raising the principle? Yes, if your home value was more like $200k, you could do a cash out refinance and end up with a new $160k mortgage and a $20k check written out to you. But at 140k owed/167k estimated value, it doesn't work. Your interest rate is also better than current rates so that also makes it not worth doing. If you are paying PMI, it might be worth paying attention to when that goes away at least. If your house appraised at $159k when you bought it, it looks like it will stay until your owed amount is $124k-$127k. You might be able to make it happen earlier by getting an appraisal, but I don't really know very much about that process and it looks like you are probably at least a year away from that being likely to work right now. So to sum up, nothing you can do with your mortgage for now.
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Nov 26, 2016 00:07
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My oldest and first credit card is with Wells Fargo. They haven't done anything to me personally, but I don't really trust them (never have) and I'd rather not have accounts with them anymore. I opened it in 2009. Is it really true that cancelling the card will take the history off my record and screw up this metric? Is there anyway short of WF being acquired by someone else to transfer the account? skooma512 fucked around with this message at 01:42 on Nov 26, 2016 |
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Nov 26, 2016 00:18
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That's fine. This was a good reminder to check my student loans following my unemployment forebearance, which is over in December. The automatic sort of estimate on SoFi looks like it's better than dealing with separate private and federal loans, and for whatever reason my payment has gone up, so I'll see what this does. Thanks 
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Nov 26, 2016 00:18
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skooma512 posted:My oldest and first credit card is with Wells Fargo. They haven't done anything to me personally, but I don't really trust them (never have) and I'd rather not have accounts with them anymore. I opened it in 2009. Cancelling a card won't impact your credit score in any real way immediately. A closed account falls off your record in 7 years. Then it will impact your score by slightly changing your average age of credit. If this card is your only card, then it could big a big dent, but otherwise not really.
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Nov 26, 2016 02:27
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