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Can someone explain to me how the gently caress this Vanguard fund has such a huge rate of return? https://institutional.vanguard.com/investments/product-details/fund/1653
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Jul 25, 2021 01:44
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2011 to present was a very good run for stocks. It’s a target date fund that was incepted in 2011 and aimed for people retiring last year. Its one year return of 19% is what you’d expect for a fund partially invest in stocks. The total US stock market returned 38.6% over the past year.
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Jul 25, 2021 03:04
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My credit rating was around 790 for a very long time until I bought a house. After I bought a house, my credit rating went to 820 after about 6 months. It's not just the age of accounts, it's also the type of accounts. It's hard to get into the 800s until you actually do buy a house.
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Jul 25, 2021 03:14
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Any suggestions for good places to get a checking account? My current bank does not offer a real MFA option (only security questions) and I finally think it's time to give up on them. I have an Ally savings now, and they apparently do Checking Accounts, but I'm open to suggestions if anyone is happy with something else.
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Aug 9, 2021 20:19
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Magnetic North posted:Any suggestions for good places to get a checking account? My current bank does not offer a real MFA option (only security questions) and I finally think it's time to give up on them. I have an Ally savings now, and they apparently do Checking Accounts, but I'm open to suggestions if anyone is happy with something else. Check with local credit unions, a lot of them will have MFA.
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Aug 9, 2021 20:33
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Magnetic North posted:Any suggestions for good places to get a checking account? My current bank does not offer a real MFA option (only security questions) and I finally think it's time to give up on them. I have an Ally savings now, and they apparently do Checking Accounts, but I'm open to suggestions if anyone is happy with something else. I use 3 ally checking accounts. never had any issue.
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Aug 9, 2021 20:52
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Ally does SMS 2-Factor so not “real MFA” if by that you mean TOTP. I think their SMS don’t work with Google Voice so you can’t even use that work around.
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Aug 9, 2021 20:56
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Ur Getting Fatter posted:Ally does SMS 2-Factor so not “real MFA” if by that you mean TOTP. I think their SMS don’t work with Google Voice so you can’t even use that work around. Yeah Ally doesn't use 2FA. Fidelity has real TOTP 2FA. I haven't used their checking account though as I segregate by bank. Checking at one, savings at another. That way if one gets popped the other is hopefully still there.
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Aug 9, 2021 21:00
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Ur Getting Fatter posted:Ally does SMS 2-Factor so not “real MFA” if by that you mean TOTP. I think their SMS don’t work with Google Voice so you can’t even use that work around. Right after posting this and looking around, I came across my message asking them about that. Don't think I got a satisfactory answer from them on that. Which is probably why I still have it with my old bank. Still, it would still be a step up, I assume, since it would have security questions and text "MFA" instead of just security questions. (I fill out the security questions with answers that are not available to social engineering, so I feel better about that, at least.) H110Hawk posted:Checking at one, savings at another. That way if one gets popped the other is hopefully still there. I was just about to ask: Should I worry about an all-eggs-one-basket scenario?
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Aug 9, 2021 21:04
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Ur Getting Fatter posted:Ally does SMS 2-Factor so not “real MFA” if by that you mean TOTP. I think their SMS don’t work with Google Voice so you can’t even use that work around. Not saying it’s what to get, but Ally works with Google voice FYI.
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Aug 10, 2021 00:27
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Magnetic North posted:I was just about to ask: Should I worry about an all-eggs-one-basket scenario? I do sorta. It's not super top of mind but it does keep me maintaining two accounts. I also like having a brick and mortar bank because I am old.
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Aug 10, 2021 16:18
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Duckman2008 posted:Not saying it’s what to get, but Ally works with Google voice FYI. Oh, did that change? I haven't tried it in a while but I'm pretty sure it didn't last time. I might just be misremembering. Thanks for the update, in any case!
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Aug 10, 2021 16:28
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My dad is considering selling some property he has; it's rural and doesn't have a house or anything on it. It'll probably have low-mid six-figures in appreciation since he bought it. He's willing to give it to me if that will lessen the tax burden, but from what I'm reading, the only way that seems possible is if I inherit it. Is there a way to do a transfer other than inheritance that will change the basis of the property or exempt it from capital gains (other than building a house on it and living there for two years)? The property is in California, and I'm a Washington resident; if he gives it to me, and I sell it, from what I've read I'll have to pay California capital gains taxes; is that correct?
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Aug 10, 2021 16:38
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Thanatosian posted:My dad is considering selling some property he has; it's rural and doesn't have a house or anything on it. It'll probably have low-mid six-figures in appreciation since he bought it. He's willing to give it to me if that will lessen the tax burden, but from what I'm reading, the only way that seems possible is if I inherit it. Is there a way to do a transfer other than inheritance that will change the basis of the property or exempt it from capital gains (other than building a house on it and living there for two years)? As far as I understand it, correct. If he wants to gift it to you he should put it in a trust, write you as the recipient on his death, then when he dies you get a free step up in basis. If you receive it while he's living you reset prop 13 property taxes and will have to pay whatever the property taxes are on the current value.
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Aug 10, 2021 16:45
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Thanatosian posted:My dad is considering selling some property he has; it's rural and doesn't have a house or anything on it. It'll probably have low-mid six-figures in appreciation since he bought it. He's willing to give it to me if that will lessen the tax burden, but from what I'm reading, the only way that seems possible is if I inherit it. Is there a way to do a transfer other than inheritance that will change the basis of the property or exempt it from capital gains (other than building a house on it and living there for two years)? It's not inheritance unless he's dead, what you're looking for is a "Gift", and the "Gift Tax". You might be better off asking this in the Income Tax thread.
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Aug 10, 2021 16:46
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H110Hawk posted:As far as I understand it, correct. If he wants to gift it to you he should put it in a trust, write you as the recipient on his death, then when he dies you get a free step up in basis. If you receive it while he's living you reset prop 13 property taxes and will have to pay whatever the property taxes are on the current value. Ur Getting Fatter posted:It's not inheritance unless he's dead, what you're looking for is a "Gift", and the "Gift Tax". You might be better off asking this in the Income Tax thread.
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Aug 10, 2021 17:13
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Thanatosian posted:Timing is an issue. There's a good chance the property is wildly overvalued right now, and that is going to go down in the future. Then he needs to pay the piper. (Either taxes or death.  )
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Aug 10, 2021 17:37
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Ah, ok, I get it. The goal is that you sell the property because your income bracket is lower than his. In that case I don't see why the property tax issue that H110Hawk brings up should matter since you won't be paying property taxes for too long before selling it, presumably?
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Aug 10, 2021 18:11
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Ur Getting Fatter posted:Ah, ok, I get it. The goal is that you sell the property because your income bracket is lower than his. Why pay the higher taxes at all, even for a day, when he can just sell it and gift you the proceeds? Transferring the title doesn't do anyone any good here unless there is a large discrepancy in the capital gains tax paid. I can't imagine the spread between 15-20% LTCG (you said "low-mid six figures appreciation - so like's assume you mean $350k gain) and the short term capital gains on that same basis (so, $350k. Probably 24%) which you would pay. There is almost no way this comes out ahead - your basis is the same as your dads because it was a gift not inheritance. I wouldn't lose that prop 13 basis on the hope of it selling. You say it's overinflated, I would take your own advice and let your dad sell it. Random source to verify what I believed: https://www.thebalance.com/the-gift-of-real-estate-generosity-can-be-taxing-3973972 (Top hit on google, take it with a grain of salt.)
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Aug 10, 2021 18:19
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H110Hawk posted:Why pay the higher taxes at all, even for a day, when he can just sell it and gift you the proceeds? Transferring the title doesn't do anyone any good here unless there is a large discrepancy in the capital gains tax paid. I can't imagine the spread between 15-20% LTCG (you said "low-mid six figures appreciation - so like's assume you mean $350k gain) and the short term capital gains on that same basis (so, $350k. Probably 24%) which you would pay. There is almost no way this comes out ahead - your basis is the same as your dads because it was a gift not inheritance. Yeah, that's the impression I had, just trying to make sure I'm not missing One Weird Trick to change the basis without my parents dying. Our income are about the same, but since my parents are married, unless I can dodge the California income/capital gains by selling it while I'm not a California resident (and I don't think I can), it's probably better for him to sell it.
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Aug 10, 2021 18:34
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I'm probably gonna be applying for an auto loan at Georgia's Own Credit Union, if only to establish a benchmark for when I hit the dealerships. I figure I might as well open a bank account with them as it would be useful for stuff like ATM access. Given the nature of credit unions, I was wondering if there's any advantage to doing any of this in person or if it's exactly the same as online.
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Aug 12, 2021 17:32
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Newbie to ESPP sale question. I sold some ESPP stock recently that’s categorized as short term cap gains. I worked out what cost I bought it at (includes the 15% discount) and then what I sold it at, with the difference being about 3.4K. If I want to prepay tax on this so I don’t owe at tax time (and know what bracket this income adds to) do I just use that number and send it to the IRS on their website?
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Aug 18, 2021 16:36
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Hawkeye posted:Newbie to ESPP sale question. Yes. Make sure your employer didn't already withhold something for it then just slap it into the irs payment thing against the estimated taxes form. Make sure you print out (to pdf?) that receipt and start a folder for your 2021 taxes somewhere. https://www.irs.gov/payments/direct-pay Reason: Estimate Tax, Form: 1040ES, year 2021. Your employer will probably include this amount in your Box 1 W-2 income then put something in the catchall box 14 as like "ESPP DD $15,123". FUN FACT this is a nightmare to account for, but TurboTax does handle it correctly if you walk through their espp workflow. You have to manually adjust your basis somewhere, because your brokerage is going to send you a 1099-B for the full $15,123, your employer has likely added that to your W-2 Box1, and there is the further form 3922. Do not lose that form - you will need it for ESPP stuff that spans a tax year. Congratulations.
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Aug 18, 2021 17:20
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H110Hawk posted:Yes. Make sure your employer didn't already withhold something for it then just slap it into the irs payment thing against the estimated taxes form. Make sure you print out (to pdf?) that receipt and start a folder for your 2021 taxes somewhere. https://www.irs.gov/payments/direct-pay Reason: Estimate Tax, Form: 1040ES, year 2021. Sounds good, thanks! I already started my 2021 tax receipt folder and will add the payment confirmation to it.
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Aug 18, 2021 17:45
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Hawkeye posted:Sounds good, thanks! I already started my 2021 tax receipt folder and will add the payment confirmation to it. Go ahead and add your sale confirmation as well. Trust me.
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Aug 18, 2021 17:54
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I need to pay a $3k invoice to a bank that's located in the UK. My bank in the USA doesn't do international transfers, and WeTransfer (which I've used before) has a limit of $2k per transaction. So first off, what other options do I have, and second, would there likely be any issues if I just made two separate payments to pay the invoice off? I tried to contact the organization that sent me the invoice, but they haven't answered.
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Aug 19, 2021 01:56
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TooMuchAbstraction posted:I need to pay a $3k invoice to a bank that's located in the UK. My bank in the USA doesn't do international transfers, and WeTransfer (which I've used before) has a limit of $2k per transaction. So first off, what other options do I have, and second, would there likely be any issues if I just made two separate payments to pay the invoice off? I tried to contact the organization that sent me the invoice, but they haven't answered. Only the organization can answer that. If you're commonly paying stuff like this, or will be in the future, I would try to find a bank which can accommodate you. It might be expensive though.
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Aug 19, 2021 02:39
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H110Hawk posted:Only the organization can answer that. If you're commonly paying stuff like this, or will be in the future, I would try to find a bank which can accommodate you. It might be expensive though. This is paying for advertising for my game's launch, and it was of pretty debatable utility, so it's not something I expect to be happening frequently. Any suggestions for other ways I can do an international transfer that would allow paying for $3k in one shot?
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Aug 19, 2021 03:41
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Why not send in to them in the form of the best money we've ever had?
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Aug 19, 2021 03:53
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TooMuchAbstraction posted:This is paying for advertising for my game's launch, and it was of pretty debatable utility, so it's not something I expect to be happening frequently. I imagine a small time ad agency/dsp that takes $3k ad buys is going to be fine taking it as two payments. Especially if you cover whatever excess cost they might have for the second transfer. Hope you spent it programmatically.
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Aug 19, 2021 04:54
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If it’s priced in USD and they have a bank on their end that will accept it you can overnight (or via some other well tracked method) a cashiers check in USD. I have a customer that had to do that cause neither sides attorneys would act as escrow or find an escrow company. It was dumb as gently caress.
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Aug 19, 2021 04:58
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Stealing a quote from AI chat and asking a followup question to it here.BigPaddy posted:I am not a financial advisor. I'm in a position where I'm going to be making a 5-figure purchase, putting it on a long term 0% loan, and I already have the full purchase price set aside for it in a 0.50% savings account. I've never done any investing for any purpose other than very basic IRA/401(k) retirement savings, but this seems like a great time to put most of that money in something that's going to do a lot better than a savings account. Is there anything else I need to consider here beyond leaving ~15mo worth of payments in the savings account, using the rest to buy a bunch of VTI, and then selling off another year's worth of payments when the savings account gets low?
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Aug 19, 2021 16:59
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IOwnCalculus posted:Stealing a quote from AI chat and asking a followup question to it here. You should only be using mutual funds / ETFs for savings if it’s long term. As in, 10-30 years (based off average age in these forums). VTI is great, but still way too risky / volatile for money you want in one year. Long term the stock market will make you money, but short term The stock market could be up next year, it could be down. The answer is boring and not sexy: anything needed within 5 years keep in a high yield savings account. Yes the rates, currently at 0.5% suck. But you need something liquid and not risking losing 10-40% of value at any one time.
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Aug 19, 2021 17:48
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To be clear, the loan is going to be either a five year or seven year term, so the most I'd be pulling back out at any one time is ~25%, though I suppose that doesn't really move the needle that much on "good idea vs bad idea".
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Aug 19, 2021 19:26
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This may be an absolutely stupid idea, I just came up with it half an hour ago and wanted to see what the thread thought. I got junk mail from a loan consolidation company a few days ago and I pretty much ignored it, but today I thought about it. My expenses have gone down significantly over the past half a year thanks to a divorce finally finishing up, a car accident coming off my record (cutting my insurance in half), moving into a fifth wheel in a trailer park so my rent is less than $500 rather than $1200, and moving somewhere so remote they don't have DoorDash or any good restaurants. If I were able to get a consolidated loan to pay off my credit card and an unsecured personal loan as well as getting money to settle another credit card with a pay for delete while still being within what I can afford to pay for, then I could do the following. 1) Take my credit card out of my wallet and freeze it or something so I don't use it, remove it from my Paypal/Amazon accounts, because frankly I can't be trusted with a credit card. Do I want to change that? Yes. Do I need to face reality as it is now?Also yes. 2) When the credit card had had a cycle of zero balance, put some/all bills/subscriptions on the card, set it to pay in full every month, cut up the card for the reason above, forget about even having it. 3) When the defaulted credit card comes off my report and my revolving utilization drops to zero, my credit score should go up significantly. 4) With that higher credit score, get another debt consolidation loan at a lower interest to pay off the first one and then throw everything extra I have at it to pay it off ahead of schedule with significantly less interest than I'm currently paying and no longer getting constant calls from collections agencies. Once that's done my only debt is student loans, I own my (pretty much worthless) cars free and clear and part of the unsecured loan is for my camper. Of course this all depends on the loan terms working out, the credit card company playing ball (they've already been sending me settlement offers), and has to be paired up with actually keeping a budget and keeping track of my expenses. Possibly also starting up a thread like I had before my life fell apart in 2018. I might need someone to shame me into not doing stuff like drunk impulse buying $175 of clothes because the snow is coming and I don't have anything nice and warm to wear when a parka isn't appropriate. I guess I'll be looking through the current options for budgeting software, I never liked Mint or YNAB and EveryDollar was kind of limited by Ramsey dogma, poor coding, and not being able to automatically import transactions. E: I just put together a budget and assuming I haven't missed anything I should have almost $600 to spare a month, I really need to stop buying so much poo poo. 22 Eargesplitten fucked around with this message at 05:10 on Aug 22, 2021 |
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Aug 22, 2021 04:31
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Honesty, it doesn't sound like you're there yet. You know what you need to do to get there, but adding more debt to your debt isn't the next step of the solution to all of this. Sounds like a quick way out. Easy to talk yourself into it. That's exactly how these things are marketed, so I get it. But you need to keep doing hard stuff first.
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Aug 22, 2021 16:05
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It's definitely true that I need to improve my habits. I was finally getting the hang of keeping track of expenses, (mostly) sticking to a budget, and paying down debt even though I was in an abusive relationship where she she refused to be aware of the finances, would throw a fit if I said we couldn't afford something, and then when we had no money left she would get mad at me for not telling her no before. Then my life fell apart in 2018 and only really got back together at the beginning of 2020 in time for pandemic depression and stress to make it easy to stop caring. I'm just now after that last post realizing I need to get control again now that I've got nobody to blame but myself for any problems. Not to be argumentative, but I'm not sure what you mean about adding more debt. I guess it would add to the debt not in collections, but it would reduce my total debt including defaulted debt by probably $4000-5000. Are you thinking more that I shouldn't worry about debt in collections until I've gotten rid of all of the in good standing debt?
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Aug 22, 2021 19:06
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22 Eargesplitten posted:It's definitely true that I need to improve my habits. I was finally getting the hang of keeping track of expenses, (mostly) sticking to a budget, and paying down debt even though I was in an abusive relationship where she she refused to be aware of the finances, would throw a fit if I said we couldn't afford something, and then when we had no money left she would get mad at me for not telling her no before. Then my life fell apart in 2018 and only really got back together at the beginning of 2020 in time for pandemic depression and stress to make it easy to stop caring. I'm just now after that last post realizing I need to get control again now that I've got nobody to blame but myself for any problems. Why don't you start with an accounting of your debts, rates, and any relevant terms? How much extra are you paying towards the debt each month? Are you willing to shred your cards if you consolidate? (Maybe giving one to a friend for emergencies?) How is your emergency fund? If there is a clear change in your life that means you are in control of your finances it could be a useful tool, but you're playing with fire if you haven't gotten the spending under control. Better to pay a little extra interest and be on track for a few months before you start talking about getting new debt.
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Aug 22, 2021 19:59
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22 Eargesplitten posted:Not to be argumentative, but I'm not sure what you mean about adding more debt. I guess it would add to the debt not in collections, but it would reduce my total debt including defaulted debt by probably $4000-5000. Are you thinking more that I shouldn't worry about debt in collections until I've gotten rid of all of the in good standing debt? Not argumentative at all, and I could have explained better. The problems as I see them are: You can't borrow your way out of debt, period. You can use strategic debt like this to reduce the amount of interest you are paying, but for most unsecured loans it's not going to be much of a difference because if you can't do this on 0% intro cards it means your credit is wrecked enough that it doesn't matter. Also, if you habits have not changed you just paid down credit card accounts so you now have the ability to use them again. If you think you literally need to freeze your card in ice you aren't there yet. You even say you can not be trusted with credit cards. Your credit score doesn't matter right now. I get what you are trying to do with consolidation loans, but really......this is so secondary to establishing the right habits and potentially damaging if you don't have those habits in place for real. How much debt are we talking about here? In collections vs. out of collections? What APRs? If you're already made a list and posted it I've not seen it so sorry, but if you haven't this is step #1 for not only coming to terms with the hole you are in, but to figuring out how you budget yourself out of it. Maybe there will be some debt instruments along the way that can help, but one that shows up in the mail to someone with what I'm guessing your credit score is will not be a good choice. It's been tough out there. Don't beat yourself up about it, but do get back to doing the hard stuff and ignore the offers for new debt for now.
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Aug 22, 2021 20:02
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The debt I would be looking at consolidating is one Discover card and one unsecured loan. I do have student loans, but I'm not interested in consolidating them because there's no way I would get as good interest rates and as flexible payment terms. No car loans, no hospital payment plans, no rent to own furniture or anything like that. Discover: $8,500 @ 20% Loan: $9,050 @~20% (I can't find it on their site, I would have to call and it's Sunday). An American Express credit card is charged off, I think the current balance is $8700 but they have sent offers for a payoff of roughly $3700, I think they got deleted because they got sent to my spam folder. If that's what they're reaching out and offering I'd guess I can get it below that at least by a little bit. Let's be conservative and call it $3500. 8,500 + 9,050 + 3,500 = 21,050, which oof, looks a lot bigger totaled up than in separate chunks. On those two debts above I'm currently paying a bit above $400 total per month. With the budget I put together last night, assuming I forgot about $100 in expenses on the budget because my memory is terrible, I have a surplus of $500 a month if I start spending responsibly. I'm also studying to get a better job that would get me an extra $15-30k a year, but I'm budgeting with what I have, not what I hope to have in the future. I also have a HSA with at least a couple thousand dollars in it, I haven't been keeping track. I have a lot of medical expenses so I am not treating it like an investment vehicle, it's just where I pay for my doctor visits and prescriptions and CPAP supplies from, and I'm just glad I have enough extra in there that I can afford to spend a night in the hospital, although I hope I don't. Part of what attracts me to the consolidation thing is that it will get the Discover card to a zero balance so that I can put some recurring expenses on it so it stays active, and then cut it up / use it for target practice / tie it to a bottle rocket / whatever. I guess another option for the short term would be to chop it up and then once I get it paid off, request a new one, put recurring charges on that, and then chop the new one up? I could also spend a few months putting that extra $500 into a savings account, then when I have $1,000-1,500 for an emergency fund on top of the HSA I can start throwing more money at the Discover card. Really the attractive part of the idea was the idea that I could get the $8700 charge-off off of my report with a pay for delete, get my revolving credit usage to 0, and then hopefully that would bump up my credit score enough that I could in essence refinance the consolidation loan to a lower APR, like 10-15% or something. I have no idea if that would work out though. Basically the biggest thing I want to do is get rid of the credit card because having debt available to me at the tap of a card is much easier to make bad decisions with than having to go in to a bank, fill out paperwork, sign a bunch of papers. I wasn't even happy doing that with the loan I have now but that's how my ex and I got our campers that we moved into, which is the only reason I managed to move up into the mountains and why my rent is so low. I'm not worried about deciding to buy a fancy truck or a horse or anything like that, I'm worried about making 2-3 figure impulse purchases with money I don't have. 22 Eargesplitten fucked around with this message at 21:07 on Aug 22, 2021 |
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Aug 22, 2021 21:02
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