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EugeneJ posted:Um The events that led me to be able to build up these savings so fast were a one-off and no longer apply. I'm comfortably middle-class with regards to my income, and I have a larger nest-egg/safety-net than most, but the minute I start thinking that I'm rich and spending like it... Well, there's a reason why about 70% of people who have an unexpected windfall/lottery win become bankrupt. I'm trying not to lose momentum. Grumpwagon posted:1.5% interest, not worth paying them off quickly. Australia's student loans are very different than US student loans. Pretty much this. Years ago there was an absolutely amazing scheme where you could get up to a 25% discount on your student loan repayments when you made a voluntary additional payment of over $500, and if that was still in place I'd jump on it like there was no tomorrow and pay the lot off. Too late now, unfortunately. quote:OP: Yeah, I'd recommend investing some, but I understand the hesitation. I guess, what are your goals? You've mentioned buying a house, but not much else. Are you in a relationship? Kids? Do you want that? How stable is your job now? Do you like it? Is early retirement a goal? Currently not in a relationship (broke up over this Christmas break, and was one of about 4 people I know who broke up during that period - yay for seasonal pressures, I guess!), no kids but amenable to having one or two. Job is quite stable (Australian federal government job), and it's okay, with opportunities for movement around the public service in other areas so even if I need a sea change from my current role I can effectively do so without an employment gap. The capacity to retire early would be nice, but only from the perspective that having enough money so that even if my ability to work fell completely through I'd still be able to live would be a good thing. Not having to physically go out and work isn't a particularly strong motivator for me, because I like working and having the direction it affords me in life, and retiring early seems to me to be a recipe for getting very bored very fast. pr0zac posted:Do you at least have it in a savings account so its earning some amount of interest? If you don't plan on touching it for a while and aren't comfortable with investing risk yet you could throw it in a term deposit for a few years which will give a likely smaller but guaranteed rate of return. BankSA for instance, looks to be paying 3.2% on a 36month term right now: https://www.banksa.com.au/personal/bank-accounts/term-deposits.html (click on the "Interest paid annually" tab) Have it in a Commonwealth Netbank Saver account (again, I'm completely cognizant that this is bad with money), but am currently looking at other options for getting better interest out of my money. Not sure about a 36 month term deposit, however, because having that much cash tied up and illiquid when I'm at the point where I really need to start thinking about permanent housing decisions worries me.
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Jan 29, 2017 00:16
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really dumb question turbotax says im getting back $18 on state how do I get a bigger state tax return? pick less withholdings? I make 32.5k a year right now... It's annoying that I would get back so little, I picked I think 1 and 1 on my stuff because i wanted to have the max amount of money in my paycheck but I guess I need to change it. Having filed my taxes, I wish it was obvious what I would owe in taxes beforehand...
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Jan 29, 2017 06:43
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GreenBuckanneer posted:It's annoying that I would get back so little, I picked I think 1 and 1 on my stuff because i wanted to have the max amount of money in my paycheck but I guess I need to change it.
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Jan 29, 2017 06:48
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Star War Sex Parrot posted:Why are you so set on a big refund to the point that you want to change your witholdings for potentially smaller paychecks? Because my SO makes about the same or less (for right now) as me, and she got a bigger return.
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Jan 29, 2017 06:58
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GreenBuckanneer posted:Because my SO makes about the same or less (for right now) as me, and she got a bigger return. The amount you withhold doesn't change the amount of taxes you actually owe. If you underpay or overpay, you need to pay the government or they need to pay you come tax filing time.
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Jan 29, 2017 07:08
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GreenBuckanneer posted:Because my SO makes about the same or less (for right now) as me, and she got a bigger return. Just because she got a bigger tax refund doesn't mean she actually paid less in tax - she might have gotten smaller paychecks all year only to get a refund at the end.
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Jan 29, 2017 07:09
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A large refund means you hosed up your W4 Use this and see where your girlfriend went wrong, then tell her to file a new W4 with the correct witholding: https://www.irs.gov/individuals/irs-withholding-calculator
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Jan 29, 2017 07:48
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EugeneJ posted:A large refund means you hosed up your W4 so 1 and 1 would be sufficient? I am single with no dependants. I used this calculator and it looks like i'd recieve $125 next year. I pay on student loans though, other than that I don't have major? expenses.
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Jan 29, 2017 08:06
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GreenBuckanneer posted:so 1 and 1 would be sufficient? I am single with no dependants. I used this calculator and it looks like i'd recieve $125 next year. I pay on student loans though, other than that I don't have major? expenses. Do you contribute to a retirement plan (IRA/401K)? If your AGI is below $30,750 you qualify for the Saver's Credit and get back 10% of whatever your retirement contributions were in the previous year: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-savings-contributions-savers-credit
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Jan 29, 2017 16:54
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Apologies if this doesn’t quite fit in this thread, however I didn’t see any place else to put it, plus I figure it may be the kind of question someone new to finance might ask about as an option. I always hear ads on the radio or see them on TV about “if you owe $25,000 or more in credit card debt, there’s a secret that the credit card companies don’t want you to know – you only have to pay a fraction of what you owe, without bankruptcy or consolidation loans. In fact, we have an A+ rating from the Better Business Bureau!” I could see how someone who has a ton of credit card debt might think “hey, this is an option for me!” But considering the ads for these companies only run for three months or so before they disappear only to come back with a different name/sales pitch, where is the scam/fine print? What’s the scheme for these types of businesses?
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Jan 30, 2017 13:58
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I'm not an expert, but I think the gist of it is you you stop making payments then negotiate a settlement with the CC company (or a collection agency). These debt settlement companies charge large fees for something you can do yourself and either way it's not good for your credit rating. https://www.consumer.ftc.gov/articles/0145-settling-credit-card-debt
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Jan 30, 2017 14:38
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I've had a Capital One secured card with around a $200 limit for about 5 months now, and according to Credit Karma my score is hovering around 670-680. Capital One's website says you can apply for a credit limit increase after 5 statements with payments on time, but when you go to the application it asks you to input your yearly income. Due to various circumstances my income these past few years has been extremely low (basically burning off savings as I try to get my own business off the ground). Additionally, I don't live in the US so there's not much of a credit history on me. I understand that declined credit cards count against your score somehow? I dont need the higher limit, but it would be better as I can transfer more expenses to the card and hopefully break 700 on my score and apply for better rewards cards. Should I risk applying? I'm probably overthinking this but I swear the US's credit system is some obscure poo poo. Edit: just in case I should clarify that the savings I'm burning were specifically set aside for this, I'm not falling into unpayable debt or anything like that.
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Jan 30, 2017 19:41
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My personal favorite radio ad for finance is the guy on SiriusXM who goes "Do you have savings in a 401k or an IRA? If so, then I hope you're prepared to lose 30, 40, or 50% of more in the future, 'cause it's not a question of if the market crashes, but when. Users of my system didn't lose a penny when the market crashed in 2008, and they won't the next time either. Call for my free book!"
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Jan 30, 2017 21:04
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Omne posted:My personal favorite radio ad for finance is the guy on SiriusXM who goes "Do you have savings in a 401k or an IRA? If so, then I hope you're prepared to lose 30, 40, or 50% of more in the future, 'cause it's not a question of if the market crashes, but when. Users of my system didn't lose a penny when the market crashed in 2008, and they won't the next time either. Call for my free book!" Was his system, "Stash all of your cash under your floorboards?" Or is he a gold bug?
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Jan 30, 2017 22:45
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There's a guy on my local radio with essentially the same pitch and he's pitching annuities. I don't know poo poo about them, but the way he sells them makes it all sound shady as hell.
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Jan 30, 2017 23:09
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Omne posted:My personal favorite radio ad for finance is the guy on SiriusXM who goes "Do you have savings in a 401k or an IRA? If so, then I hope you're prepared to lose 30, 40, or 50% of more in the future, 'cause it's not a question of if the market crashes, but when. Users of my system didn't lose a penny when the market crashed in 2008, and they won't the next time either. Call for my free book!" Yeah, SiriusXM is where I hear these ads, usually on the comedy channels or the odd times I put on Patriot (right-wing) Radio for a laugh. The only ad I've ever heard for more than six months was "How To Get Rich In Real Estate" from a guy who says that his power got turned off nine times.
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Jan 31, 2017 01:21
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What's the one commercial I always here about how you should join some Christian Shared Health Pool service to pay for your medical bills instead of buying medical insurance? edit: it's this - https://mychristiancare.org/medi-share/ How does it work? edit 2: found the answer! quote:Each month, your monthly share is matched with another’s eligible medical bills. Through a secure online portal, Christian Care Ministry publishes the bills eligible for sharing and coordinates the direct sharing of medical costs between members. You will know every month whose bills you are paying, and when you have eligible bills, your fellow believers will be sharing those and praying for you. EugeneJ fucked around with this message at 02:19 on Jan 31, 2017 |
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Jan 31, 2017 02:16
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I'm thinking about taking control of some PG stock left to me from my grandfather, which my mother has controlled. I'm unclear on the exact situation, but I believe it is in my name with her as a custodian, if that makes any sense. I'm currently 30 years old and she has been claiming the stocks on her taxes the entire time. The stock was purchased around 1995 and currently is valued at around 20k. If this stock were to be transferred to be under my full control, who would be penalized for what, and how? What is the process for this change in ownership, if that is indeed what is happening? I don't feel any urgency in doing this, but I would like to have a clearer idea of the financial situation, especially as it applies to taxes. I'm sure there's details I'm missing here, which I will try to get answers to and fill in if needed.
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Jan 31, 2017 07:51
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The only thing that your mother should be doing on her taxes is noting whether the stock has paid dividends. On 20k of stock that's around $60/year (almost inconsequential). If she wants to transfer the stock to you, she should contact the brokerage that holds the stock and fill out a form. That's it. The stock will be gifted with all of its original glory -- original cost basis and tons of unrealized capital gains. If you were to sell the stock, you would be taxed on those capital gains. http://www.investopedia.com/ask/answers/07/giftofstock.asp
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Jan 31, 2017 14:31
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If I have already completed my taxes, when contributing to a Roth IRA, I should be contributing to the 2017 year, correct? For the record, there is 0 chance I will be able to reach a 2016 max, and slim for 2017 regardless of where this money is going.
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Jan 31, 2017 17:04
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Your Roth IRA has no bearing on your taxes. Contribute to 2016 if you still have room left over. Maybe you get lucky on a Christmas scratch card stocking stuffer, you never know 
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Jan 31, 2017 17:26
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Radical, thanks dude.
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Jan 31, 2017 20:11
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Macaroni Surprise posted:I'm thinking about taking control of some PG stock left to me from my grandfather, which my mother has controlled. I'm unclear on the exact situation, but I believe it is in my name with her as a custodian, if that makes any sense. I'm currently 30 years old and she has been claiming the stocks on her taxes the entire time. The stock was purchased around 1995 and currently is valued at around 20k. If this stock were to be transferred to be under my full control, who would be penalized for what, and how? What is the process for this change in ownership, if that is indeed what is happening? I don't feel any urgency in doing this, but I would like to have a clearer idea of the financial situation, especially as it applies to taxes. Is this a ugma/utma account? Assuming not since you are already 30 but if so might be slightly different.
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Feb 1, 2017 04:10
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So quick question about credit cards. I'm 21 now, located in Ontario, and a student, and I figure it's long past time that I stop using a supplementary credit card from my father and start building up my own credit. I graduate this year, my last job I was earning the equivalent of 33 a year. Not working now, but I have a job offer in NYC for after I graduate and a backup plan if that falls through. Um, current financial situation is 7 thousand in my checking account (needs to last until April), and $4800 in my Tax Free Savings account (mostly in Mutual Funds, I don't want to touch this). No debt, no student loans. What should I be looking for? I don't exactly have any credit history, but I figure that it's kinda useless if I'm just putting all my purchases on my debit card. Any starter tips, for lack of a better word? I want to start building up a good credit rating. Most of my monthly purchases are Rogers phone/TV/internet, grocery bills, the occasional fun thing off Amazon. I travel to the United States regularly since I'm a dual citizen, but figure it's not worth getting a card with no international use fees since I can just get a card from my US bank. The Iron Rose fucked around with this message at 14:11 on Feb 2, 2017 |
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Feb 2, 2017 14:04
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Cat Army 
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A year or so ago, I asked here if anyone was having problems with Experian annual credit reports and a couple of people did. "A condition exists that prevents Experian from being able to accept your request at this time." I never fixed it and just hoped it would go away next year. Long story short, it didn't go away this year. But, rather than giving up, I did literally the least I could do and googled it. Turns out, my ad-blocker was the problem. Disabling it made it work fine. So, I can't remember who else was having problems last year, but try turning off your ad blocker!
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Feb 2, 2017 14:09
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The Iron Rose posted:Any starter tips, for lack of a better word? I want to start building up a good credit rating. Most of my monthly purchases are Rogers phone/TV/internet, grocery bills, the occasional fun thing off Amazon.
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Feb 2, 2017 14:54
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So I have a bunch of EE series US savings bonds in my name, bought for me by my grandparents starting when I was born, and I was wondering what I should know about them / what I should do with them. The earliest is from September 1992, and the most recent is August 2005. I know the amount of interest they accrue depends on the year they were issued, but I'm not sure what to do with them. I'm leaning towards letting them all reach maturity to collect their full value, but I know next to nothing about savings bonds, so I don't know what I 'should' be doing with them. I know you can check their current value at Treasury Direct, but is there a way to check their future value? Thanks!
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Feb 3, 2017 04:05
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literally this big posted:So I have a bunch of EE series US savings bonds in my name, bought for me by my grandparents starting when I was born, and I was wondering what I should know about them / what I should do with them. The earliest is from September 1992, and the most recent is August 2005. I know the amount of interest they accrue depends on the year they were issued, but I'm not sure what to do with them. I'm leaning towards letting them all reach maturity to collect their full value, but I know next to nothing about savings bonds, so I don't know what I 'should' be doing with them. I know you can check their current value at Treasury Direct, but is there a way to check their future value? Thanks! https://www.treasurydirect.gov/BC/SBCPrice
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Feb 3, 2017 07:17
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literally this big posted:So I have a bunch of EE series US savings bonds in my name, bought for me by my grandparents starting when I was born, and I was wondering what I should know about them / what I should do with them. The earliest is from September 1992, and the most recent is August 2005. I know the amount of interest they accrue depends on the year they were issued, but I'm not sure what to do with them. I'm leaning towards letting them all reach maturity to collect their full value, but I know next to nothing about savings bonds, so I don't know what I 'should' be doing with them. I know you can check their current value at Treasury Direct, but is there a way to check their future value? Thanks! Most of those bonds from those years (I have similar from similar years) are at 4-6%, with them tanking down to 1% when the Great Recession hit in 2007. Personally, unless you need them now, it is not a bad idea to let them reach maturity, they're all basically a guaranteed return rate of 4%, so not as high as mutual funds can be, but still not bad since you are guaranteed not to have bad years. The final value should be listed on the bond. I.E. a $100 savings bond should show $100 and have a start and end date on it.
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Feb 3, 2017 13:19
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Duckman2008 posted:The final value should be listed on the bond. I.E. a $100 savings bond should show $100 and have a start and end date on it. But Treasury Direct says that my $50 note, purchased 25 years ago, has earned over $56 dollars in interest, and is now worth over $81? So if they're already worth more than the number printed on them, how can I tell what the final value of the note will be, or what it will be at a future date?
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Feb 4, 2017 00:22
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I hope this is the right thread for my question. It does deal directly with my personal finances... I was given a promotion at work last Friday and told it would be accompanied with a pay raise. My paycheck today should have reflected that raise for this past week's work with the new position. It did not. I was given the same amount I've always made. In addition to this, I was told out of the blue that I needed to fill out a W4 and bring it in Monday. I've been 1099 since I started, and I don't want that to change- but it doesn't seem I'm being given a choice. I work full-time M-F 8-5 if that makes a difference. I'm wondering is it possible that they did not include my raise in my paycheck, because the amount I'd be making is too much to fall under a 1099 filing for me? Or was it maybe just a mistake that they forgot to include it, and the filing has nothing to do with it. Is that even a plausible scenario- that your company won't fulfill a raise without you changing your tax filing from a 1099 to a W4? Dennis McClaren fucked around with this message at 02:16 on Feb 4, 2017 |
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Feb 4, 2017 02:11
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Why don't you just ask your employer? 
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Feb 4, 2017 02:14
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Honj Steak posted:Why don't you just ask your employer? I work M-F, and I left work before I checked the paycheck amount and had a chance to. I won't see them until Monday. Dennis McClaren fucked around with this message at 02:27 on Feb 4, 2017 |
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Feb 4, 2017 02:16
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Subways Jared posted:I work M-F, and I left work before I checked the paycheck amount and had a chance to. I won't see them until Monday. Why don't you want to be a W-2 employee? It doesn't sound like you have the freedoms of a true independent contractor.
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Feb 4, 2017 02:43
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Subways Jared posted:I was given a promotion at work last Friday and told it would be accompanied with a pay raise. My paycheck today should have reflected that raise for this past week's work with the new position. It did not. I was given the same amount I've always made. Maybe I'm wrong about your situation, which wouldn't surprise me since the 1099 thing sounds nonstandard to me as well.
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Feb 4, 2017 02:47
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Does your paycheck/stub have a pay period date range on it? If so, what is it?
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Feb 4, 2017 03:11
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Subways Jared posted:I hope this is the right thread for my question. It does deal directly with my personal finances... Your employer is loving you in some way, and not the usual. You're getting illegally hosed if you have no idea why you're going from 1099 to W-2 (the end of year form you get when filing a W-4 with your employer). You could be getting paid a million dollars a year 1099, pay has nothing to do with it. I'd get in touch with an employment lawyer. Edit: of course, try to clear it up with your employer first. It's just highly unusual for you to not understand how or why you are moving from a contractor to an employee. baquerd fucked around with this message at 03:34 on Feb 4, 2017 |
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Feb 4, 2017 03:30
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Star War Sex Parrot posted:Your paycheck today should include your work through today? Everywhere I've worked, a paycheck today would represent the pay period ending last week. So if your promotion was effective this week, you wouldn't see the raise until you get the paycheck that actually represents this week. Your paycheck should state definitively what pay period it represents. BAE OF PIGS posted:Does your paycheck/stub have a pay period date range on it? If so, what is it? baquerd posted:Your employer is loving you in some way, and not the usual. You're getting illegally hosed if you have no idea why you're going from 1099 to W-2 (the end of year form you get when filing a W-4 with your employer). You could be getting paid a million dollars a year 1099, pay has nothing to do with it. I'd get in touch with an employment lawyer. Ancillary Character posted:Why don't you want to be a W-2 employee? It doesn't sound like you have the freedoms of a true independent contractor.
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Feb 4, 2017 03:50
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Subways Jared posted:This will probably sound ignorant and go against all BFC conventional wisdom- but I can't afford the deductions that come from being filed under W-2 status right now. That would be a significant cut to my monthly income from what it is now. 
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Feb 4, 2017 03:57
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What math are you doing there? There's a reason corporations 1099 you every chance they get, and it's not so you can get more money.
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Feb 4, 2017 03:59
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