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User (chamomiledrinker): "I have retirement savings in an IRA and a Roth IRA through Ameriprise. I want to move that all over to a lower fee broker but I'm not sure how to do it. \nIs it as simple as making a phone call? Or should I expect run-arounds and sales pitches?" Self: "You may find these links helpful:\n\n- [General Information on Rollovers](/r/personalfinance/wiki/retirementaccounts/rollovers)\n- [401(k) Fund Selection Guide](/r/personalfinance/wiki/401k_funds)\n- [Retirement Accounts](/r/personalfinance/wiki/index#wiki_retirement_accounts)\n- ["How to handle $"](/r/personalfinance/wiki/commontopics)\n\nI am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns."
User (chamomiledrinker): "I have retirement savings in an IRA and a Roth IRA through Ameriprise. I want to move that all over to a lower fee broker but I'm not sure how to do it. \nIs it as simple as making a phone call? Or should I expect run-arounds and sales pitches?" Self: "Contrary to what u/[gyaradostwister](https://www.reddit.com/user/gyaradostwister) wrote, Vanguard does not have great customer service.\n\nSchwab and Fidelity are both better options for anyone who wants advice or assistance. Etrade is decent, too.\n\nMy suggestion - find a Schwab, Fidelity or Etrade office near you. Go in and talk to someone. Ask them to walk you through the steps of opening IRA accounts with them and rolling over your accounts from Ameriprise to them."
User (chamomiledrinker): "I have retirement savings in an IRA and a Roth IRA through Ameriprise. I want to move that all over to a lower fee broker but I'm not sure how to do it. \nIs it as simple as making a phone call? Or should I expect run-arounds and sales pitches?" Self: "you need to do paperwork for what's called a "direct transfer rollover" or "trustee to trustee transfer." you'll need to do paperwork with Ameriprise AND the new place. step 1: open IRA at new place. step two: do transfer paperwork. \n\nit's pretty easy, but the process might take a few weeks. sometimes they need to sell all the funds in A before transferring cash to B. just make sure it's a direct transfer from Ameriprise to Fidelity (or wherever;I prefer Fidelity but YMMV). this way, no taxes are triggered, because you never have possession of the money. "
User (chamomiledrinker): "I have retirement savings in an IRA and a Roth IRA through Ameriprise. I want to move that all over to a lower fee broker but I'm not sure how to do it. \nIs it as simple as making a phone call? Or should I expect run-arounds and sales pitches?" Self: "Not hard at all. You get with Vanguard, Fidelity, or Schwab and they hold your hand. All of them have excellent customer service. There probably will be hoops and obstacles, but this won't be the first time they have done it." fbutter11 (fbutter11): "Agree this is super easy and I recently did it to move funds from betterment to vanguard. Follow the steps online to pre fill in the required paperwork. Mail it in and wait a few weeks. Vanguard called me to confirm the details before the transfer. Very easy and I didn’t even need to contact betterment. "
User (chamomiledrinker): "I have retirement savings in an IRA and a Roth IRA through Ameriprise. I want to move that all over to a lower fee broker but I'm not sure how to do it. \nIs it as simple as making a phone call? Or should I expect run-arounds and sales pitches?" Self: "Call the new lower-fee broker and have them open the accounts and "pull" your IRA and Roth IRA from Ameriprise rather than trying to do it yourself and have Ameriprise send you checks.\n\nAmeriprise is FAR more likely to try to give you the run-around, whereas Fidelity has staff that are used to doing this, and whose job it is to deal with Ameriprise and make them hurry up. "
User (Rumbly_tumbly): "I'm 24 and I've just started my first full time job after working on my postgraduate degree. I'm living at home at the moment but the situation is volatile and I've decided to push forward my moving out plan by three months (so hoping to move out sometime between January and February).\n\n&#x200B;\n\nI am in no debt as I paid my tuition with my savings, and I'm earning around 25K but I have no credit score or history. What are my chances of finding a flat share or house share on this? What can I do to improve my prospects?" Self: "You may find these links helpful:\n\n- [Credit-related wiki pages](/r/personalfinance/wiki/index#wiki_credit)\n- [Credit Reports](/r/personalfinance/wiki/credit_reports)\n- [FICO / Credit Scores](/r/personalfinance/wiki/fico)\n- [Improving Credit Scores and Building Credit](/r/personalfinance/wiki/credit_building)\n\nI am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns."
User (Rumbly_tumbly): "I'm 24 and I've just started my first full time job after working on my postgraduate degree. I'm living at home at the moment but the situation is volatile and I've decided to push forward my moving out plan by three months (so hoping to move out sometime between January and February).\n\n&#x200B;\n\nI am in no debt as I paid my tuition with my savings, and I'm earning around 25K but I have no credit score or history. What are my chances of finding a flat share or house share on this? What can I do to improve my prospects?" Self: "If you're just looking to rent a room in a shared house or apartment, then you normally don't need credit. The landlord or property management company will run a background check and likely ask for proof of income. Income normally has to be 3x amount of rent combined between tenants. It's pretty easy to get into a shared living situation, I've been doing it since I was 19. "
User (Rumbly_tumbly): "I'm 24 and I've just started my first full time job after working on my postgraduate degree. I'm living at home at the moment but the situation is volatile and I've decided to push forward my moving out plan by three months (so hoping to move out sometime between January and February).\n\n&#x200B;\n\nI am in no debt as I paid my tuition with my savings, and I'm earning around 25K but I have no credit score or history. What are my chances of finding a flat share or house share on this? What can I do to improve my prospects?" Self: "if you're asking about buying a house: not sure for a rental property, but for a primary residence you can get a mortgage without a credit score. but you need to show 2 year of income/tax returns, steady employment, cash in the bank, history of rent payment on time to landlord, etc. it's called "manual underwriting," the old-school way they did mortgages before the FICO score became the center of the financial universe. lots of lenders don't do manual underwriting anymore, but hunt around and you'll find one. \n\nif you're asking about just renting an apartment or flat to live in (not as a rental property to generate income), you'll need to ask around. some large corporate apartments will only rent to people with good credit scores. others are more flexible, particularly independently owned places."
User (Rumbly_tumbly): "I'm 24 and I've just started my first full time job after working on my postgraduate degree. I'm living at home at the moment but the situation is volatile and I've decided to push forward my moving out plan by three months (so hoping to move out sometime between January and February).\n\n&#x200B;\n\nI am in no debt as I paid my tuition with my savings, and I'm earning around 25K but I have no credit score or history. What are my chances of finding a flat share or house share on this? What can I do to improve my prospects?" Self: "If you're looking to rent a room in a house or apartment it shouldn't be a problem as long as you have the required up front cash. Renting a stand alone place by yourself will be more of a challenge. Where I live, Los Angeles, most apartments and homes are managed by agencies that require a minimum credit score. There are exceptions, individual owners who manage the properties themselves, who can be more flexible. Renting a room first and then taking some time to build up your credit file is probably your best bet. " User (Rumbly_tumbly): "I'm just looking for a room for now, but the advice you've given is great, thank you. I never thought I could leave building my credit score until I move out."
User (Rumbly_tumbly): "I'm 24 and I've just started my first full time job after working on my postgraduate degree. I'm living at home at the moment but the situation is volatile and I've decided to push forward my moving out plan by three months (so hoping to move out sometime between January and February).\n\n&#x200B;\n\nI am in no debt as I paid my tuition with my savings, and I'm earning around 25K but I have no credit score or history. What are my chances of finding a flat share or house share on this? What can I do to improve my prospects?" Self: "You mention “flat,” so I know you’re not in the US, but, when I rented my first post-degree apartment, I had to supply a letter from my company stating my salary. It’s proof that I could afford the apartment." User (Rumbly_tumbly): "I can manage this. Thank you."
User (Rumbly_tumbly): "I'm 24 and I've just started my first full time job after working on my postgraduate degree. I'm living at home at the moment but the situation is volatile and I've decided to push forward my moving out plan by three months (so hoping to move out sometime between January and February).\n\n&#x200B;\n\nI am in no debt as I paid my tuition with my savings, and I'm earning around 25K but I have no credit score or history. What are my chances of finding a flat share or house share on this? What can I do to improve my prospects?" Self: "If you're just looking for a private rental or a room mate situation the requirements are entirely up to the land lord. Reach out and ask what they are. Many people just want you to pay first/last/security, have a job and pass a criminal background check. Properties managed by companies typically have more up front credit requirements. \n\nWorth noting that even if you don't have a credit score you likely do have a credit report, especially if you've paid off student loans in recent years. Check your credit reports from all 3 big agencies for free."
User (elcheapodeluxe): "I am moving our business out of silicon valley (and out of CA) late 2019 when our office lease expires and will be purchasing my first home when we move. After moving I should be able to easily afford the mortgage payments - a 15 year fixed will still cost less than my rent here, even before tax benefits. Most of my wealth is in my business - which is healthy and profitable - and in my retirement account. I don't want to touch my retirement account but I should be able to put 10% down while leaving enough cash behind for the "unexpecteds". Car owned free and clear, no debts. Credit score dropped from 810 to 795 when I paid off my car because I have no current loans - that's our system!\n\n&#x200B;\n\nI am 49% owner of a C-corp business and that is my sole source of income, so my understanding is that they will likely check the books of the business as well as my personal finances. What should I do to prepare and make sure that everything goes smoothly? I have some questions already in mind:\n\n&#x200B;\n\n* Is it better to use any particular kind of lender? I was thinking of switching my personal accounts to a local credit union NOW that happens to have branches here and in the destination - and who does all local origination - so as to have some established relationship with a lender. Does this matter?\n* What can I expect from their review of our business finances? Will this impact my business partner? He is moving also. Although his house in San Jose is paid off, he may or may not get a mortgage when he moves there if he decides not to sell the San Jose house. If we both use the same lender might we be able to only have that business finances review once? How long would that review be good for? If we both originate within 90 days, for example, would that be close enough? Within 6 months?\n* Is there anything I should keep in mind about the business finances to make sure this goes smoothly? Normally we give generous bonuses or dividends toward the end of the year. The business shows a profit regardless. Should we taper back that behavior, which would put less money in my personal pocket, and show the business as more profitable for 2018 instead? Business has been around for 35 years (though only incorporated about 23 years ago). I've been with the firm for 20, pretty much right when I started college, and have obviously grown my position in the firm. The firm is the most profitable it has ever been.\n* While there are very basic places to be had for $275k in the area we are moving to, I'd rather spend $400k and get something I really love. I am definitely the type of person who if not happy with it, will ditch it and move on. I can easily afford the mortgage payments on the $400k place - even going 15-year fixed they are less than my rent even before tax benefits as I mentioned. The mortgage interest deduction should cover what I'm going to have to pay in property taxes and private mortgage insurance I figure. I can handle the homeowners insurance. It seems exorbitant to look at the $400k places as a first time home buyer - but I feel that the transaction costs involved with buying and selling real estate make it the smarter plan to buy once and stay. Of course, $400k doesn't seem exorbitant coming from the 1200sf cookie cutter junk-house in San Jose that rents for $3550/mo and would sell for $1.35 million.\n* Is 10% down going to be a problem for a down-payment? I would like to have saved more, but until a couple of years ago the business was focusing more on expanding with new employees than paying its owners. I can take another $10k from my SIMPLE without penalty for down-payment on a first home. I don't think another $10k will make that much difference one way or another on the mortgage and would rather just leave it in the SIMPLE unless I have to scrape more together.\n* And the of-course questions: what am I not thinking of?\n\nAll expertise appreciated! Thanks!" Self: "I've done this a few times. It was a breeze when I had a mortgage I could easily afford, and it was really, really tough when I was borderline, and almost blew the deal. The difference in the documents they asked for was staggering.\n\nYou need to talk to a local broker. It might be that you really need to get to the 20% to even make this happen. I never tried with 10% at all. Or maybe the assets of the business will qualify you. This is really location and you specific." User (elcheapodeluxe): "Obviously I'm going to try to pump that up in this coming year. The chance of having a 20% (\~$250k) down payment plus the $100k cash for the bid-over-asking here in silicon valley always just seemed like something to laugh at. Now that there actually seems like a realistic chance of having 20% down for something that seems like a nice motivation for the upcoming year. :) "
User (elcheapodeluxe): "I am moving our business out of silicon valley (and out of CA) late 2019 when our office lease expires and will be purchasing my first home when we move. After moving I should be able to easily afford the mortgage payments - a 15 year fixed will still cost less than my rent here, even before tax benefits. Most of my wealth is in my business - which is healthy and profitable - and in my retirement account. I don't want to touch my retirement account but I should be able to put 10% down while leaving enough cash behind for the "unexpecteds". Car owned free and clear, no debts. Credit score dropped from 810 to 795 when I paid off my car because I have no current loans - that's our system!\n\n&#x200B;\n\nI am 49% owner of a C-corp business and that is my sole source of income, so my understanding is that they will likely check the books of the business as well as my personal finances. What should I do to prepare and make sure that everything goes smoothly? I have some questions already in mind:\n\n&#x200B;\n\n* Is it better to use any particular kind of lender? I was thinking of switching my personal accounts to a local credit union NOW that happens to have branches here and in the destination - and who does all local origination - so as to have some established relationship with a lender. Does this matter?\n* What can I expect from their review of our business finances? Will this impact my business partner? He is moving also. Although his house in San Jose is paid off, he may or may not get a mortgage when he moves there if he decides not to sell the San Jose house. If we both use the same lender might we be able to only have that business finances review once? How long would that review be good for? If we both originate within 90 days, for example, would that be close enough? Within 6 months?\n* Is there anything I should keep in mind about the business finances to make sure this goes smoothly? Normally we give generous bonuses or dividends toward the end of the year. The business shows a profit regardless. Should we taper back that behavior, which would put less money in my personal pocket, and show the business as more profitable for 2018 instead? Business has been around for 35 years (though only incorporated about 23 years ago). I've been with the firm for 20, pretty much right when I started college, and have obviously grown my position in the firm. The firm is the most profitable it has ever been.\n* While there are very basic places to be had for $275k in the area we are moving to, I'd rather spend $400k and get something I really love. I am definitely the type of person who if not happy with it, will ditch it and move on. I can easily afford the mortgage payments on the $400k place - even going 15-year fixed they are less than my rent even before tax benefits as I mentioned. The mortgage interest deduction should cover what I'm going to have to pay in property taxes and private mortgage insurance I figure. I can handle the homeowners insurance. It seems exorbitant to look at the $400k places as a first time home buyer - but I feel that the transaction costs involved with buying and selling real estate make it the smarter plan to buy once and stay. Of course, $400k doesn't seem exorbitant coming from the 1200sf cookie cutter junk-house in San Jose that rents for $3550/mo and would sell for $1.35 million.\n* Is 10% down going to be a problem for a down-payment? I would like to have saved more, but until a couple of years ago the business was focusing more on expanding with new employees than paying its owners. I can take another $10k from my SIMPLE without penalty for down-payment on a first home. I don't think another $10k will make that much difference one way or another on the mortgage and would rather just leave it in the SIMPLE unless I have to scrape more together.\n* And the of-course questions: what am I not thinking of?\n\nAll expertise appreciated! Thanks!" Self: "To answer a few of your questions:\n\n* Use a local broker, they know what lenders are best for your situation, for rates, fees, and their experience with self-employed borrowers. [https://findamortgagebroker.com/](https://findamortgagebroker.com/)\n* You review is good for a while. As long as you have filed 2017 tax returns (personal and Corp.) that income should not change until April 2019. \the exception being if there was a decline in the business. This might require to get a current YTD profit and loss.\n Your Broker will be able to give you a pre-approval to show you how much house you can buy. I would HIGHLY recommend get something far less than what they are willing to approve you for.\n* 10% is not an issue. You will pay PMI over any loan over 80%, that is the reason most people suggest putting 20% down, but you, as a first time homebuyer can put down as little as 3%, if that is something you really wanted to do.\n* To help out underwriting. Do not move money around bank accounts (do not transfer funds 2 months prior to applying for a loan), do not give yourself a pay increase and hope that you can use it qualify, don't open up a bunch of lines of credit, don't payoff you lease and hope that it can be excluded from your debt to income ratio (Leases cannot be excluded from the DTI).\n\nLet me know if you have any other questions." User (elcheapodeluxe): "This is all excellent information. Thank you!"
User (duderguy91): "Hey PF, I’ve been subscribed for a long time and am now looking for my own advice. I am freshly married (wife is 25) and am looking to get truly going towards financial stability. We are fortunate to gross around 125k per year together and live in a relatively low cost of living area for California. She works in the private sector and is offered a pension that she pays into. I have a position with the state and have been paying into CalPers since age 25. We both have a decent chunk of upward opportunity in positions/salary and are very soon to be completely debt free (estimated 6 months). Our main failures so far are no savings (all extra money goes to debt), no hard budget, and a lack of research/understanding into investing and our retirement options we already pay into. In the near future we have goals to finish our debt and purchase our first home. I have my concerns about my retirement as there is always a fresh batch of CalPers investment scares available to read whenever I look and I want to be sure that we are secure in our future. I have seen Vanguard mutual funds pop up a lot and am curious about the process, fees, and maintenance required to get long term return. I am an absolute idiot with finances and would love a Sparta kick in the right direction. Thanks all!" Self: "You follow [the flow chart](https://old.reddit.com/r/personalfinance/wiki/commontopics). If you have no savings, your first goal needs to be a emergency fund." User (duderguy91): "Thank you! Sorry if that was in an already defined location. I’m mobile only and not very good at reddit lol."
User (duderguy91): "Hey PF, I’ve been subscribed for a long time and am now looking for my own advice. I am freshly married (wife is 25) and am looking to get truly going towards financial stability. We are fortunate to gross around 125k per year together and live in a relatively low cost of living area for California. She works in the private sector and is offered a pension that she pays into. I have a position with the state and have been paying into CalPers since age 25. We both have a decent chunk of upward opportunity in positions/salary and are very soon to be completely debt free (estimated 6 months). Our main failures so far are no savings (all extra money goes to debt), no hard budget, and a lack of research/understanding into investing and our retirement options we already pay into. In the near future we have goals to finish our debt and purchase our first home. I have my concerns about my retirement as there is always a fresh batch of CalPers investment scares available to read whenever I look and I want to be sure that we are secure in our future. I have seen Vanguard mutual funds pop up a lot and am curious about the process, fees, and maintenance required to get long term return. I am an absolute idiot with finances and would love a Sparta kick in the right direction. Thanks all!" Self: "50% of your focus should be on finding ways to cut your spending and to get some kind of reward for the spending you can't avoid." User (duderguy91): "Yeah I think we have hit that realization now. We weren’t always in a good financial situation with our jobs which led to some debt (on top of the wedding lol!) so we have been using a zero budget idea of using all unspent money towards finishing debt while cutting back on frivolous spending that comes with an “I earned all this extra money” attitude we had."
User (duderguy91): "Hey PF, I’ve been subscribed for a long time and am now looking for my own advice. I am freshly married (wife is 25) and am looking to get truly going towards financial stability. We are fortunate to gross around 125k per year together and live in a relatively low cost of living area for California. She works in the private sector and is offered a pension that she pays into. I have a position with the state and have been paying into CalPers since age 25. We both have a decent chunk of upward opportunity in positions/salary and are very soon to be completely debt free (estimated 6 months). Our main failures so far are no savings (all extra money goes to debt), no hard budget, and a lack of research/understanding into investing and our retirement options we already pay into. In the near future we have goals to finish our debt and purchase our first home. I have my concerns about my retirement as there is always a fresh batch of CalPers investment scares available to read whenever I look and I want to be sure that we are secure in our future. I have seen Vanguard mutual funds pop up a lot and am curious about the process, fees, and maintenance required to get long term return. I am an absolute idiot with finances and would love a Sparta kick in the right direction. Thanks all!" Self: "I'd really strongly suggest a few things. First, solidify the budget, and make sure both of you are bought into it. Second, make sure all your financial affairs are in the open. As a cautionary tale, I'm recently married and always knew my wife had about $50K in student loan debt. I've been pushing her for the past year to show me her statements so we can make the most of our budget. She finally showed me this past week, and her student loan balances are $19K higher than she "thought".\n\nAfter that, and in terms of investment - I'd go to a Roth IRA first and look into a low-cost fund pegged to either the S&P 500 or the total stock market." User (duderguy91): "+1 to the budget. We have definitely recognized our need and made attempts via excel but need a proper monitoring solution like mint. We are again very fortunate to have been together long enough that every cent of debt has been agreed upon and known about for better or worse lol. We estimate our total debt to be around 3-4K in CC. Student loans we are riding out for now as they are low payment (250 total/mo) and at fixed low interest afaik. We are definitely interested in Roth because our retirement bracket will be much higher than now if all goes to plan. What kind of plans are specifically tied to S&P or total market?" Self: "I'll defer to people here more familiar with the investment products - I use employer-sponsored 401k, and put my entire contribution to the S&P 500 fund - I imagine it will be the same with a roth."
User (duderguy91): "Hey PF, I’ve been subscribed for a long time and am now looking for my own advice. I am freshly married (wife is 25) and am looking to get truly going towards financial stability. We are fortunate to gross around 125k per year together and live in a relatively low cost of living area for California. She works in the private sector and is offered a pension that she pays into. I have a position with the state and have been paying into CalPers since age 25. We both have a decent chunk of upward opportunity in positions/salary and are very soon to be completely debt free (estimated 6 months). Our main failures so far are no savings (all extra money goes to debt), no hard budget, and a lack of research/understanding into investing and our retirement options we already pay into. In the near future we have goals to finish our debt and purchase our first home. I have my concerns about my retirement as there is always a fresh batch of CalPers investment scares available to read whenever I look and I want to be sure that we are secure in our future. I have seen Vanguard mutual funds pop up a lot and am curious about the process, fees, and maintenance required to get long term return. I am an absolute idiot with finances and would love a Sparta kick in the right direction. Thanks all!" Self: "You guys should set up Roth IRA and max it every year. If looking at investment scares you, you can always just stick with vanguard SP 500 fund. Just put money in every year and never touch it for 30 years. " User (duderguy91): "We are definitely interested in Roth because of our future tax bracket. Does Vanguard handle most of the hassle for a fee type of thing?" rolldeeplikeamother (rolldeeplikeamother): "Setting it up with vanguard is very easy and you dont do any work to pay the fees, they just subtract that from your balance automatically. (I imagine its equally easy most other places but vanguard is all I have expereince with personally.) Getting it all set up and maintaining it is minimal work on your part" User (duderguy91): "Awesome. That could be a convenient step to get the ball rolling. Thank you!"
User (pmm521): "After reviewing the Prime Directive, and the financial flowchart I'm struggle with which debt re-payments to prioritize. I am currently working full time, and in school full time at night. Because I'm a full time student, my loans are deferred - meaning no payments are due until 6 months after separation, which leads to the question:\n\nCurrently I have approximately $11k in credit card debt. This $11k is at 0% interest (the promotional period expires around May).\n\nMy student loans are $31,000 with a weighted average interest rate of 6.2%\n\nAfter expenses (and 401k contributions) I have between $1,200 - $1,900 with which to save, pay down debt, etc. I currently have a 1 month emergency fund.\n\nTwo questions: \n1. with debts as high as mine are, does it make sense to increase e-fund to 3 - 6 months?\n2. Mathematically, it seems that paying the student loans should take precedence, but credit-wise it seems that the credit cards may be wiser to pay. In this situation should Credit Cards or Student Loan payments take precedence?\n\nThanks all!" Self: "You may find these links helpful:\n\n- [Student Loans](/r/personalfinance/wiki/studentloans)\n- ["How to handle $"](/r/personalfinance/wiki/commontopics)\n- [What's the best way to pay down my debt?](/r/personalfinance/wiki/debt#wiki_what.27s_the_best_way_to_pay_down_my_debt.3F)\n\nI am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns."
User (pmm521): "After reviewing the Prime Directive, and the financial flowchart I'm struggle with which debt re-payments to prioritize. I am currently working full time, and in school full time at night. Because I'm a full time student, my loans are deferred - meaning no payments are due until 6 months after separation, which leads to the question:\n\nCurrently I have approximately $11k in credit card debt. This $11k is at 0% interest (the promotional period expires around May).\n\nMy student loans are $31,000 with a weighted average interest rate of 6.2%\n\nAfter expenses (and 401k contributions) I have between $1,200 - $1,900 with which to save, pay down debt, etc. I currently have a 1 month emergency fund.\n\nTwo questions: \n1. with debts as high as mine are, does it make sense to increase e-fund to 3 - 6 months?\n2. Mathematically, it seems that paying the student loans should take precedence, but credit-wise it seems that the credit cards may be wiser to pay. In this situation should Credit Cards or Student Loan payments take precedence?\n\nThanks all!" Self: "Will/can you pay off the entire $11,000(or whatever the charge initially was) by May if you chose to pay the student loans or build an emergancy fund? If not, you will get charged interest on the entire $11,000. Something to consider...." User (pmm521): "I could, in theory. But also, have a number of lines of credit with 0% balance transfer offers which will continue to be available." gyaradostwister (gyaradostwister): "That's a big assumption against some very high interest debt."
User (pmm521): "After reviewing the Prime Directive, and the financial flowchart I'm struggle with which debt re-payments to prioritize. I am currently working full time, and in school full time at night. Because I'm a full time student, my loans are deferred - meaning no payments are due until 6 months after separation, which leads to the question:\n\nCurrently I have approximately $11k in credit card debt. This $11k is at 0% interest (the promotional period expires around May).\n\nMy student loans are $31,000 with a weighted average interest rate of 6.2%\n\nAfter expenses (and 401k contributions) I have between $1,200 - $1,900 with which to save, pay down debt, etc. I currently have a 1 month emergency fund.\n\nTwo questions: \n1. with debts as high as mine are, does it make sense to increase e-fund to 3 - 6 months?\n2. Mathematically, it seems that paying the student loans should take precedence, but credit-wise it seems that the credit cards may be wiser to pay. In this situation should Credit Cards or Student Loan payments take precedence?\n\nThanks all!" Self: ">After reviewing the Prime Directive,\n\nunless they've changed it recently, the prime directive is flawed on debt repayment. \n\nKellogg School of Management and Harvard Business Review both recommend the "snowball method" of debt repayment. the prime directive recommends the "avalanche method." avalanche method is superior, on paper. but in the real-world, the snowball method tends to get better results. I'd prefer to follow two of the biggest names in finance than some reddit mod. so list all the debts, smallest to largest, regardless of interest rate. make minimum payments on all of them, except for the smallest debt. aggressively attack the smallest debt. work your way up the list. \n\nI think credit scores are highly overrated, so wouldn't worry about it too much. you can have an 820 FICO score while being completely broke, so keep things in perspective. \n\nI would save a small emergency fund. if you're in college and single, you don't need a 6 month emergency fund. it's not as if you have a mortgage, a spouse staying home with the kids. a few thousand bucks is adequate for your emergencies. \n\nI would stop the 401k contributions. because when you have debt and you're investing for retirement, it's mathematically identical to using borrowed money to fund the 401k. " User (pmm521): "I appreciate the insights - in terms of the 401k contributions: doesn't the fact that the 401k contributions are pretax supersede the amount of interest that any of these debts incur?"
User (pmm521): "After reviewing the Prime Directive, and the financial flowchart I'm struggle with which debt re-payments to prioritize. I am currently working full time, and in school full time at night. Because I'm a full time student, my loans are deferred - meaning no payments are due until 6 months after separation, which leads to the question:\n\nCurrently I have approximately $11k in credit card debt. This $11k is at 0% interest (the promotional period expires around May).\n\nMy student loans are $31,000 with a weighted average interest rate of 6.2%\n\nAfter expenses (and 401k contributions) I have between $1,200 - $1,900 with which to save, pay down debt, etc. I currently have a 1 month emergency fund.\n\nTwo questions: \n1. with debts as high as mine are, does it make sense to increase e-fund to 3 - 6 months?\n2. Mathematically, it seems that paying the student loans should take precedence, but credit-wise it seems that the credit cards may be wiser to pay. In this situation should Credit Cards or Student Loan payments take precedence?\n\nThanks all!" Self: "This is a lot of debt to have no safety net. I would prioritize at least a 3 month emergency fund, unless you have really supportive family or something along those lines. If you're really on your own, I would bump it to higher." User (pmm521): "Am I correct assuming that the 3 month emergency fund you recommend be: entirely liquid (essentially cash on hand)?" Self: "That's how I run mine, well money market, same thing." User (pmm521): "I know it's insurance - but it feels like A LOT of money sitting around an losing value, as opposed to contributing to my financial future." Self: "Well, if you have family that would help you or a stash of gold bars or something, then maybe you don't need as much cash.\n\nBut you need cash if you can't find a job when you graduate or you get sick or life happens. That 0% credit card can eat you for lunch if anything goes wrong."
User (pmm521): "After reviewing the Prime Directive, and the financial flowchart I'm struggle with which debt re-payments to prioritize. I am currently working full time, and in school full time at night. Because I'm a full time student, my loans are deferred - meaning no payments are due until 6 months after separation, which leads to the question:\n\nCurrently I have approximately $11k in credit card debt. This $11k is at 0% interest (the promotional period expires around May).\n\nMy student loans are $31,000 with a weighted average interest rate of 6.2%\n\nAfter expenses (and 401k contributions) I have between $1,200 - $1,900 with which to save, pay down debt, etc. I currently have a 1 month emergency fund.\n\nTwo questions: \n1. with debts as high as mine are, does it make sense to increase e-fund to 3 - 6 months?\n2. Mathematically, it seems that paying the student loans should take precedence, but credit-wise it seems that the credit cards may be wiser to pay. In this situation should Credit Cards or Student Loan payments take precedence?\n\nThanks all!" Self: "Will/can you pay off the entire $11,000(or whatever the charge initially was) by May if you chose to pay the student loans or build an emergancy fund? If not, you will get charged interest on the entire $11,000. Something to consider...." User (pmm521): "I could, in theory. But also, have a number of lines of credit with 0% balance transfer offers which will continue to be available." Perhaps_I_know (Perhaps_I_know): "Also, if the "transfer fee" is 3%, then it's actually like 3% interest."
User (thisisforsomestuff): "( TL;DR at bottom )\n\nHey personalfinance. I'm 20 year old mentally disabled ( Schizophrenic ) male and I'm looking at how to figure out how to become more financially independent and have some savings. I live in a smallish town in Idaho and the case manager I was working with, and my therapist, retired while in the middle of helping me. So now I'm sort of stuck.\n\nI do not work and I earn $650 a month with no savings, and pay $535 in rent+bills ( this covers all my food, housing, internet and phone ). I was working but quit due to mental issues. I have been applying to jobs locally but I have not been hired. I am honest on my applications about me being disabled, but I've been told this is actually bad(?) by a lot of people. I also would like to move to a better town/city at some point within the next few years.\n\nI have no skills, and no high school diploma due to my mental problems causing me to be hospitalized as a late teen and drop out. I have taken the GED pretest and I am taking the classes and plan to get my GED when I'm done with them. I am also learning some programming in my free time since I find it fun and interesting. What should I do to help me get financial freedom? What jobs are out there that would be okay with me being sort of mentally unstable a lot of the time? I struggle a lot with day to day life and just want to be more financially stable and not rely on medicare+SSI so much. \n\nTL;DR: I'm a mentally disabled adult, mental problems cause work issues, no diploma or GED but working on it, I make $650 a month with $535 in bills, I would like to have some savings and more freedom+move to a new state, don't know what to do with the financial side." Self: "The first thing to do is educate yourself about how building up savings and additional income may affect your benefits. SSI is a "means-tested" program, which means that your benefits can be reduced if you have other income or resources available to pay for basic expenses. \n \nThe SSA has a lot of good information on their website, I would start with these pages on [income](https://www.ssa.gov/ssi/text-income-ussi.htm), [resources](https://www.ssa.gov/ssi/spotlights/spot-resources.htm) and the [Plan to Achieve Self-Sufficiency-PASS](https://www.ssa.gov/ssi/spotlights/spot-resources.htm). \n \nUsing PASS may be a good way to achieve your goal of supporting yourself with resources other than SSI and Medicare without immediately giving up the safety net of your benefits. [ABLE Accounts](http://www.ablenrc.org/about/what-are-able-accounts) are another tool to save money without impacting your benefits, as are Special Needs Trusts." User (thisisforsomestuff): "Wow thank you so much for this information! PASS and the ABLE accounts sound like something that could truly help me get a better handle on finances. This stuff great, thank you again."
User (thisisforsomestuff): "( TL;DR at bottom )\n\nHey personalfinance. I'm 20 year old mentally disabled ( Schizophrenic ) male and I'm looking at how to figure out how to become more financially independent and have some savings. I live in a smallish town in Idaho and the case manager I was working with, and my therapist, retired while in the middle of helping me. So now I'm sort of stuck.\n\nI do not work and I earn $650 a month with no savings, and pay $535 in rent+bills ( this covers all my food, housing, internet and phone ). I was working but quit due to mental issues. I have been applying to jobs locally but I have not been hired. I am honest on my applications about me being disabled, but I've been told this is actually bad(?) by a lot of people. I also would like to move to a better town/city at some point within the next few years.\n\nI have no skills, and no high school diploma due to my mental problems causing me to be hospitalized as a late teen and drop out. I have taken the GED pretest and I am taking the classes and plan to get my GED when I'm done with them. I am also learning some programming in my free time since I find it fun and interesting. What should I do to help me get financial freedom? What jobs are out there that would be okay with me being sort of mentally unstable a lot of the time? I struggle a lot with day to day life and just want to be more financially stable and not rely on medicare+SSI so much. \n\nTL;DR: I'm a mentally disabled adult, mental problems cause work issues, no diploma or GED but working on it, I make $650 a month with $535 in bills, I would like to have some savings and more freedom+move to a new state, don't know what to do with the financial side." Self: "the rules are different for every state, so you will have to research your state specific rules as to eligibility. while i have never moved from a state that i collect my benefits from i have heard before it can be a problem moving from one state to another and finding out your not eligible, or so I've heard.\n\nhttps://www.ssa.gov/ssi/text-work-ussi.htm\n\nsay you get a job making 863 dollars gross a month from a big box retailer store. let's say this how much you make and perform a calculation on how much you get deducted. the formula i go get used when i work goes like this, (using gross amounts) to determine my deduction.\n \n863 - 20 = 843\n\n843 - 65 = 778\n\n778 / 2 = 389\n\n750 - 389 = 361\n\nso you get all the money from working and 361 dollars of your ssi benefits and your ssi medical benefits. it's quite a good thing to work a little when your on ssi because as long as you don't exceed the money amounts per month. if you do don't panic you have to go a full year before benefits are permanently stopped. as long as your still disabled, still requiring medical doctors and meds. your allowed i think roughly a thousand dollars (check this it might be different depending on state) now there are those who finds ways around this but i won't be discussing those methods.\n\nnow remember when your working, your benefit deductions run 2 months behind and if you suddenly lose your job your benefits will still be decreased for two months. so you should make sure to plan for this.\n\nas for your age there are special rules if you go into college. this is an earned income exclusion you can get from 20-22 for being in college. and i would suggest if you have been on ssi for a few years to go to community college because you might get enough grant money for a free ride to college for a diploma or a degree. i did." User (thisisforsomestuff): "Yeah I was looking at going to community college. I was also wondering about grant money and stuff so it's good to know it's an option. Thank you for all the information." Self: "yeah if your income for the past couple of years has been solely ssi, you can make out like a bandit in some states with grant money."
User (thisisforsomestuff): "( TL;DR at bottom )\n\nHey personalfinance. I'm 20 year old mentally disabled ( Schizophrenic ) male and I'm looking at how to figure out how to become more financially independent and have some savings. I live in a smallish town in Idaho and the case manager I was working with, and my therapist, retired while in the middle of helping me. So now I'm sort of stuck.\n\nI do not work and I earn $650 a month with no savings, and pay $535 in rent+bills ( this covers all my food, housing, internet and phone ). I was working but quit due to mental issues. I have been applying to jobs locally but I have not been hired. I am honest on my applications about me being disabled, but I've been told this is actually bad(?) by a lot of people. I also would like to move to a better town/city at some point within the next few years.\n\nI have no skills, and no high school diploma due to my mental problems causing me to be hospitalized as a late teen and drop out. I have taken the GED pretest and I am taking the classes and plan to get my GED when I'm done with them. I am also learning some programming in my free time since I find it fun and interesting. What should I do to help me get financial freedom? What jobs are out there that would be okay with me being sort of mentally unstable a lot of the time? I struggle a lot with day to day life and just want to be more financially stable and not rely on medicare+SSI so much. \n\nTL;DR: I'm a mentally disabled adult, mental problems cause work issues, no diploma or GED but working on it, I make $650 a month with $535 in bills, I would like to have some savings and more freedom+move to a new state, don't know what to do with the financial side." Self: "Has your SSI come yet? The schedule says it's supposed to come today on the 1st but my dad's isn't in yet." User (thisisforsomestuff): "Sorry for late reply. Yes it has come in. It comes in pretty early every first. Probably before 7am." Self: "ok thanks, my dad's came in around 10 AM which was extremely late for us, so he was starting to get worried that maybe his check was stolen by an identity thief. thankfully that wasn't the case.\n\nthanks for the reply though"
User (TurtsMacGurts): "My wife and I are married, and she has kept her last name. However, when it comes to gifts, people like to write checks to her or us using my last name. I use and like E*Trade, but they have a really tight policy and won't accept checks using her first name and my last name. However, Chase does. But their savings rate sucks.\n\nIs there a bank out there in the US that has a great APY, but is also lenient with how the checks are addressed? Ideally it also has other every banking benefits (checking, no ATM fees). We're saving for a house, so no large amount withdraw/deposit limits is desired." Self: "Did you check with any of your local banks? Some of them are starting to offer close to online banks but are much easier to deal with when you have situations such as yours. You could still do a transfer to your investment company of course."
User (TurtsMacGurts): "My wife and I are married, and she has kept her last name. However, when it comes to gifts, people like to write checks to her or us using my last name. I use and like E*Trade, but they have a really tight policy and won't accept checks using her first name and my last name. However, Chase does. But their savings rate sucks.\n\nIs there a bank out there in the US that has a great APY, but is also lenient with how the checks are addressed? Ideally it also has other every banking benefits (checking, no ATM fees). We're saving for a house, so no large amount withdraw/deposit limits is desired." Self: "Why not deposit in chase and ach it to your bank of choice? \n\nI don’t do it for naming purposes, but I live out of state from my bank and the closet deposit taking ATM is an hour away so I put it in my national bank and simply transfer it to my credit union once I get over $1k in my savings account, about once every 6 weeks or so. " User (TurtsMacGurts): "Chase just switched us over to Sapphire checking, which has some really bad fees and minimums. Since we can get a better rate elsewhere, doesn't make sense to deal with their fees/minimums."
User (TurtsMacGurts): "My wife and I are married, and she has kept her last name. However, when it comes to gifts, people like to write checks to her or us using my last name. I use and like E*Trade, but they have a really tight policy and won't accept checks using her first name and my last name. However, Chase does. But their savings rate sucks.\n\nIs there a bank out there in the US that has a great APY, but is also lenient with how the checks are addressed? Ideally it also has other every banking benefits (checking, no ATM fees). We're saving for a house, so no large amount withdraw/deposit limits is desired." Self: "I would go the opposite direction and ask the people to fix the names. Over time such scrutiny of names is going to get tighter and tighter so all you are doing is pushing the problem to later.\n\nAlso what you are suggesting is looking for « easy » banks but think about the implications. If they overlook one aspect, what else are they overlooking?"
User (ikingofeverything): "When I try to request an increase in my credit line, my bank BoA asks me to provide a number. Of course if I could I would want $1M line, but what is a reasonable number I should put there? How does it work? Does it hurt to put too much? Why I need increase: thinking about getting a house, a car etc.\n\n&#x200B;" Self: "Put the max they allow, they'll counter with the max they'll give you." User (ikingofeverything): "cool, I will do that, and see how it goes. Thank you"
User (ikingofeverything): "When I try to request an increase in my credit line, my bank BoA asks me to provide a number. Of course if I could I would want $1M line, but what is a reasonable number I should put there? How does it work? Does it hurt to put too much? Why I need increase: thinking about getting a house, a car etc.\n\n&#x200B;" Self: "What type of credit line? What type of credit they are likely to extend you will depend on your finances and credit score.\n\nAlso, generally you will get better rates on a house/car specific loan than an open credit line..." User (ikingofeverything): "I was referring here to my credit card limit. \nMy score is 710, making about 50k/y" Self: "Your credit card limit increase isn't really going to help you with a house/car purchase, other than keeping your utilization low."
User (crappy_dude): "My wife work's in retail at the moment. Over the course of the year, she's been accumulating paid time off till she got 3 weeks. She discussed with her manager and wanted to use those 3 weeks to go see her family abroad and was assured that she'd be paid during that time.\n\n&#x200B;\n\nHowever, upon returning, she did not get a paycheck for any of those weeks off. The manager wasn't in today, so she asked the assistant manager about it. According to the assistant manager, the manager said my wife had never asked for paid time off and wanted it unpaid.\n\n&#x200B;\n\nHow on earth does that make any sense? Why would she want unpaid time off?\n\n&#x200B;\n\nMy wife still has her job there, but I think the 2 of us will work on her finding another job that isn't as shitty as this one. Right now, her paychecks do make things easier on us and we didn't expect this manager would go back on his word of marking the 3 week period as paid time off. \n\n&#x200B;\n\nIs there anything that can be done in my wife's situation to be paid for that time? Would appreciate any advice, thanks." Self: "Does your wife have any documentation that the leave request was for paid leave? Was she charged PTO and not paid for it?"
User (crappy_dude): "My wife work's in retail at the moment. Over the course of the year, she's been accumulating paid time off till she got 3 weeks. She discussed with her manager and wanted to use those 3 weeks to go see her family abroad and was assured that she'd be paid during that time.\n\n&#x200B;\n\nHowever, upon returning, she did not get a paycheck for any of those weeks off. The manager wasn't in today, so she asked the assistant manager about it. According to the assistant manager, the manager said my wife had never asked for paid time off and wanted it unpaid.\n\n&#x200B;\n\nHow on earth does that make any sense? Why would she want unpaid time off?\n\n&#x200B;\n\nMy wife still has her job there, but I think the 2 of us will work on her finding another job that isn't as shitty as this one. Right now, her paychecks do make things easier on us and we didn't expect this manager would go back on his word of marking the 3 week period as paid time off. \n\n&#x200B;\n\nIs there anything that can be done in my wife's situation to be paid for that time? Would appreciate any advice, thanks." Self: "What paperwork was filed in support of the paid vacation? If none it's his word against hers."
User (crappy_dude): "My wife work's in retail at the moment. Over the course of the year, she's been accumulating paid time off till she got 3 weeks. She discussed with her manager and wanted to use those 3 weeks to go see her family abroad and was assured that she'd be paid during that time.\n\n&#x200B;\n\nHowever, upon returning, she did not get a paycheck for any of those weeks off. The manager wasn't in today, so she asked the assistant manager about it. According to the assistant manager, the manager said my wife had never asked for paid time off and wanted it unpaid.\n\n&#x200B;\n\nHow on earth does that make any sense? Why would she want unpaid time off?\n\n&#x200B;\n\nMy wife still has her job there, but I think the 2 of us will work on her finding another job that isn't as shitty as this one. Right now, her paychecks do make things easier on us and we didn't expect this manager would go back on his word of marking the 3 week period as paid time off. \n\n&#x200B;\n\nIs there anything that can be done in my wife's situation to be paid for that time? Would appreciate any advice, thanks." Self: "Always make sure it’s in writing. \n\nWhen I was in my early 20’s I had a similar situation. Gf at the time ( now wife) took me away for 2 weeks. I came back and boss “I never Ok’d this time off”. I had nothing to go on but a conversation. And that’s pretty much useless. \n\nEnded just finding another job. \n\nGod that guy was an asshole lol"
User (crappy_dude): "My wife work's in retail at the moment. Over the course of the year, she's been accumulating paid time off till she got 3 weeks. She discussed with her manager and wanted to use those 3 weeks to go see her family abroad and was assured that she'd be paid during that time.\n\n&#x200B;\n\nHowever, upon returning, she did not get a paycheck for any of those weeks off. The manager wasn't in today, so she asked the assistant manager about it. According to the assistant manager, the manager said my wife had never asked for paid time off and wanted it unpaid.\n\n&#x200B;\n\nHow on earth does that make any sense? Why would she want unpaid time off?\n\n&#x200B;\n\nMy wife still has her job there, but I think the 2 of us will work on her finding another job that isn't as shitty as this one. Right now, her paychecks do make things easier on us and we didn't expect this manager would go back on his word of marking the 3 week period as paid time off. \n\n&#x200B;\n\nIs there anything that can be done in my wife's situation to be paid for that time? Would appreciate any advice, thanks." Self: "Give the manager a chance to explain. Carefully document the conversation.\n\nNext check her last pay stub before the vacation. Does it show cumulated vacation hours?\n\nFinally if you do not get satisfaction, AND your wife was not under any disciplinary action by her employer which would have prevented her from taking that time off, then call your state's department of labor (USA ) to file a complaint. "
User (crappy_dude): "My wife work's in retail at the moment. Over the course of the year, she's been accumulating paid time off till she got 3 weeks. She discussed with her manager and wanted to use those 3 weeks to go see her family abroad and was assured that she'd be paid during that time.\n\n&#x200B;\n\nHowever, upon returning, she did not get a paycheck for any of those weeks off. The manager wasn't in today, so she asked the assistant manager about it. According to the assistant manager, the manager said my wife had never asked for paid time off and wanted it unpaid.\n\n&#x200B;\n\nHow on earth does that make any sense? Why would she want unpaid time off?\n\n&#x200B;\n\nMy wife still has her job there, but I think the 2 of us will work on her finding another job that isn't as shitty as this one. Right now, her paychecks do make things easier on us and we didn't expect this manager would go back on his word of marking the 3 week period as paid time off. \n\n&#x200B;\n\nIs there anything that can be done in my wife's situation to be paid for that time? Would appreciate any advice, thanks." Self: "Talk to the manager first. Then a letter from an attorney works wonders is situations like this. Do not threaten legal action in the letter. Just have attorney inquire about the pay. It should scare the hell out of the managerand should not cost much because you're just asking them to write a letter. \n\nIf all else fails she still has 3 weeks of paid time off."
User (crappy_dude): "My wife work's in retail at the moment. Over the course of the year, she's been accumulating paid time off till she got 3 weeks. She discussed with her manager and wanted to use those 3 weeks to go see her family abroad and was assured that she'd be paid during that time.\n\n&#x200B;\n\nHowever, upon returning, she did not get a paycheck for any of those weeks off. The manager wasn't in today, so she asked the assistant manager about it. According to the assistant manager, the manager said my wife had never asked for paid time off and wanted it unpaid.\n\n&#x200B;\n\nHow on earth does that make any sense? Why would she want unpaid time off?\n\n&#x200B;\n\nMy wife still has her job there, but I think the 2 of us will work on her finding another job that isn't as shitty as this one. Right now, her paychecks do make things easier on us and we didn't expect this manager would go back on his word of marking the 3 week period as paid time off. \n\n&#x200B;\n\nIs there anything that can be done in my wife's situation to be paid for that time? Would appreciate any advice, thanks." Self: "Talk to the manager first. Then a letter from an attorney works wonders is situations like this. Do not threaten legal action in the letter. Just have attorney inquire about the pay. It should scare the hell out of the managerand should not cost much because you're just asking them to write a letter. \n\nIf all else fails she still has 3 weeks of paid time off."
User (crappy_dude): "My wife work's in retail at the moment. Over the course of the year, she's been accumulating paid time off till she got 3 weeks. She discussed with her manager and wanted to use those 3 weeks to go see her family abroad and was assured that she'd be paid during that time.\n\n&#x200B;\n\nHowever, upon returning, she did not get a paycheck for any of those weeks off. The manager wasn't in today, so she asked the assistant manager about it. According to the assistant manager, the manager said my wife had never asked for paid time off and wanted it unpaid.\n\n&#x200B;\n\nHow on earth does that make any sense? Why would she want unpaid time off?\n\n&#x200B;\n\nMy wife still has her job there, but I think the 2 of us will work on her finding another job that isn't as shitty as this one. Right now, her paychecks do make things easier on us and we didn't expect this manager would go back on his word of marking the 3 week period as paid time off. \n\n&#x200B;\n\nIs there anything that can be done in my wife's situation to be paid for that time? Would appreciate any advice, thanks." Self: "Lots of ppl do unpaid time off. Did your wife file the time off or did the manager? Someone screwed up. "
User (crappy_dude): "My wife work's in retail at the moment. Over the course of the year, she's been accumulating paid time off till she got 3 weeks. She discussed with her manager and wanted to use those 3 weeks to go see her family abroad and was assured that she'd be paid during that time.\n\n&#x200B;\n\nHowever, upon returning, she did not get a paycheck for any of those weeks off. The manager wasn't in today, so she asked the assistant manager about it. According to the assistant manager, the manager said my wife had never asked for paid time off and wanted it unpaid.\n\n&#x200B;\n\nHow on earth does that make any sense? Why would she want unpaid time off?\n\n&#x200B;\n\nMy wife still has her job there, but I think the 2 of us will work on her finding another job that isn't as shitty as this one. Right now, her paychecks do make things easier on us and we didn't expect this manager would go back on his word of marking the 3 week period as paid time off. \n\n&#x200B;\n\nIs there anything that can be done in my wife's situation to be paid for that time? Would appreciate any advice, thanks." Self: "Wait until she can actually speak with her manager. There's not much reason for him to deny charging her paid time off and this may just be a mistake." hsfinance (hsfinance): "Yes. Could be a mistake. In many places you may be able to file a delayed vacation request as many a times the paperwork has a mistake and it can be corrected by sending it back, maybe not by months but within a couple of weeks, so if it allows her to fix even part of the duration, that maybe better than no recourse. She should ask what is the mechanism to fix the paperwork and see how they respond to judge whether it is innocent mistake or malicious intent."
User (crappy_dude): "My wife work's in retail at the moment. Over the course of the year, she's been accumulating paid time off till she got 3 weeks. She discussed with her manager and wanted to use those 3 weeks to go see her family abroad and was assured that she'd be paid during that time.\n\n&#x200B;\n\nHowever, upon returning, she did not get a paycheck for any of those weeks off. The manager wasn't in today, so she asked the assistant manager about it. According to the assistant manager, the manager said my wife had never asked for paid time off and wanted it unpaid.\n\n&#x200B;\n\nHow on earth does that make any sense? Why would she want unpaid time off?\n\n&#x200B;\n\nMy wife still has her job there, but I think the 2 of us will work on her finding another job that isn't as shitty as this one. Right now, her paychecks do make things easier on us and we didn't expect this manager would go back on his word of marking the 3 week period as paid time off. \n\n&#x200B;\n\nIs there anything that can be done in my wife's situation to be paid for that time? Would appreciate any advice, thanks." Self: "Hate to say, but a lot of people request unpaid time off... Sometimes they are saving their paid time off for other events or emergencies. But if she requested PTO, most companies ask for it in writing or on a form. If they do not ask for it in writing, then she needs to explain to the manager who handles payroll that she requested PTO and that she expects to be paid."
User (crappy_dude): "My wife work's in retail at the moment. Over the course of the year, she's been accumulating paid time off till she got 3 weeks. She discussed with her manager and wanted to use those 3 weeks to go see her family abroad and was assured that she'd be paid during that time.\n\n&#x200B;\n\nHowever, upon returning, she did not get a paycheck for any of those weeks off. The manager wasn't in today, so she asked the assistant manager about it. According to the assistant manager, the manager said my wife had never asked for paid time off and wanted it unpaid.\n\n&#x200B;\n\nHow on earth does that make any sense? Why would she want unpaid time off?\n\n&#x200B;\n\nMy wife still has her job there, but I think the 2 of us will work on her finding another job that isn't as shitty as this one. Right now, her paychecks do make things easier on us and we didn't expect this manager would go back on his word of marking the 3 week period as paid time off. \n\n&#x200B;\n\nIs there anything that can be done in my wife's situation to be paid for that time? Would appreciate any advice, thanks." Self: "Second concern: Make sure they don't take your PTO days AND don't pay you. I know somebody who had a verbal promise of using PTO which was not honored. Then he went above his boss's head who said they'd fix it. What they actually did was take away 2 weeks of PTO, as if he'd used it, but only paid him for 1 week."
User (crappy_dude): "My wife work's in retail at the moment. Over the course of the year, she's been accumulating paid time off till she got 3 weeks. She discussed with her manager and wanted to use those 3 weeks to go see her family abroad and was assured that she'd be paid during that time.\n\n&#x200B;\n\nHowever, upon returning, she did not get a paycheck for any of those weeks off. The manager wasn't in today, so she asked the assistant manager about it. According to the assistant manager, the manager said my wife had never asked for paid time off and wanted it unpaid.\n\n&#x200B;\n\nHow on earth does that make any sense? Why would she want unpaid time off?\n\n&#x200B;\n\nMy wife still has her job there, but I think the 2 of us will work on her finding another job that isn't as shitty as this one. Right now, her paychecks do make things easier on us and we didn't expect this manager would go back on his word of marking the 3 week period as paid time off. \n\n&#x200B;\n\nIs there anything that can be done in my wife's situation to be paid for that time? Would appreciate any advice, thanks." Self: "First of all, your wife needs to have this conversation with the manager, not with the assistant manager. If he lies or backtracks then she should find a different job.\n\nAlso, was the offer in writing?"
User (crappy_dude): "My wife work's in retail at the moment. Over the course of the year, she's been accumulating paid time off till she got 3 weeks. She discussed with her manager and wanted to use those 3 weeks to go see her family abroad and was assured that she'd be paid during that time.\n\n&#x200B;\n\nHowever, upon returning, she did not get a paycheck for any of those weeks off. The manager wasn't in today, so she asked the assistant manager about it. According to the assistant manager, the manager said my wife had never asked for paid time off and wanted it unpaid.\n\n&#x200B;\n\nHow on earth does that make any sense? Why would she want unpaid time off?\n\n&#x200B;\n\nMy wife still has her job there, but I think the 2 of us will work on her finding another job that isn't as shitty as this one. Right now, her paychecks do make things easier on us and we didn't expect this manager would go back on his word of marking the 3 week period as paid time off. \n\n&#x200B;\n\nIs there anything that can be done in my wife's situation to be paid for that time? Would appreciate any advice, thanks." Self: "Well unless you witnessed the conversation between wife and manager who knows. Have no idea why/how your wife might have said anything. Your wife's employment agreement or collective bargaining contract might be worth a look." KingSnazz32 (KingSnazz32): "We've got to start from the assumption that the OP can trust his wife's version of events. Anything else is pure speculation. "
User (crappy_dude): "My wife work's in retail at the moment. Over the course of the year, she's been accumulating paid time off till she got 3 weeks. She discussed with her manager and wanted to use those 3 weeks to go see her family abroad and was assured that she'd be paid during that time.\n\n&#x200B;\n\nHowever, upon returning, she did not get a paycheck for any of those weeks off. The manager wasn't in today, so she asked the assistant manager about it. According to the assistant manager, the manager said my wife had never asked for paid time off and wanted it unpaid.\n\n&#x200B;\n\nHow on earth does that make any sense? Why would she want unpaid time off?\n\n&#x200B;\n\nMy wife still has her job there, but I think the 2 of us will work on her finding another job that isn't as shitty as this one. Right now, her paychecks do make things easier on us and we didn't expect this manager would go back on his word of marking the 3 week period as paid time off. \n\n&#x200B;\n\nIs there anything that can be done in my wife's situation to be paid for that time? Would appreciate any advice, thanks." Self: "If she was not paid, she still has three weeks in the books, so she can take them, or be paid for them when she leaves."
User (crappy_dude): "My wife work's in retail at the moment. Over the course of the year, she's been accumulating paid time off till she got 3 weeks. She discussed with her manager and wanted to use those 3 weeks to go see her family abroad and was assured that she'd be paid during that time.\n\n&#x200B;\n\nHowever, upon returning, she did not get a paycheck for any of those weeks off. The manager wasn't in today, so she asked the assistant manager about it. According to the assistant manager, the manager said my wife had never asked for paid time off and wanted it unpaid.\n\n&#x200B;\n\nHow on earth does that make any sense? Why would she want unpaid time off?\n\n&#x200B;\n\nMy wife still has her job there, but I think the 2 of us will work on her finding another job that isn't as shitty as this one. Right now, her paychecks do make things easier on us and we didn't expect this manager would go back on his word of marking the 3 week period as paid time off. \n\n&#x200B;\n\nIs there anything that can be done in my wife's situation to be paid for that time? Would appreciate any advice, thanks." Self: "Once she finds another job, don't immediately give two weeks notice. Instead, tell them she's going on a paid vacation for three weeks. Then serve the two week notice after the first week." GTRON4587 (GTRON4587): ">Once she finds another job, don't immediately give two weeks notice. Instead, tell them she's going on a paid vacation for three weeks. Then serve the two week notice after the first week.\n\n&#x200B;\n\nThey'll just let her go, and if state laws do not mandate cashing out PTO then its lost. A far more (sarcasm) devious plan would be to lay low for a few weeks, take a paid three week vacation to find a new job, and quit on the spot the day the three week vacation ends (assuming you do not need that employer as a reference)."
User (electricaldummy17): "Here's my current allocation (which was a pre-selected moderate blend between aggressive and conservative. It's been averaging about 10% over the last few years with this allocation.\n\n&#x200B;\n\n[https://imgur.com/a/qqGhIyO](https://imgur.com/a/qqGhIyO)\n\n&#x200B;\n\nI'm 35 years old. I do have concerns about a bear market soon. Any advice as to which funds I could select here and possibly on the timing to do it? Would I be better off not trying to mess around and just ride it out with my current allocations? Thank you for any advice.\n\n&#x200B;\n\n&#x200B;" Self: "You may find these links helpful:\n\n- [401(k) Fund Selection Guide](/r/personalfinance/wiki/401k_funds)\n- [401(k) FAQs](/r/personalfinance/wiki/401k)\n- ["How to handle $"](/r/personalfinance/wiki/commontopics)\n\nI am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns."
User (electricaldummy17): "Here's my current allocation (which was a pre-selected moderate blend between aggressive and conservative. It's been averaging about 10% over the last few years with this allocation.\n\n&#x200B;\n\n[https://imgur.com/a/qqGhIyO](https://imgur.com/a/qqGhIyO)\n\n&#x200B;\n\nI'm 35 years old. I do have concerns about a bear market soon. Any advice as to which funds I could select here and possibly on the timing to do it? Would I be better off not trying to mess around and just ride it out with my current allocations? Thank you for any advice.\n\n&#x200B;\n\n&#x200B;" Self: "Set your allocations for the long term, not the short term. Trying to time the market is gambling and a fool's game."
User (electricaldummy17): "Here's my current allocation (which was a pre-selected moderate blend between aggressive and conservative. It's been averaging about 10% over the last few years with this allocation.\n\n&#x200B;\n\n[https://imgur.com/a/qqGhIyO](https://imgur.com/a/qqGhIyO)\n\n&#x200B;\n\nI'm 35 years old. I do have concerns about a bear market soon. Any advice as to which funds I could select here and possibly on the timing to do it? Would I be better off not trying to mess around and just ride it out with my current allocations? Thank you for any advice.\n\n&#x200B;\n\n&#x200B;" Self: "You’re 35.... you’ve lived through the stock market crash of 87, the dot com collapse, the real estate bubble and other smaller falls.... you have 20-30 years of working and investing to go.\n\nUnless you know the day it’s going to collapse you’re probably better off weathering the storm "
User (electricaldummy17): "Here's my current allocation (which was a pre-selected moderate blend between aggressive and conservative. It's been averaging about 10% over the last few years with this allocation.\n\n&#x200B;\n\n[https://imgur.com/a/qqGhIyO](https://imgur.com/a/qqGhIyO)\n\n&#x200B;\n\nI'm 35 years old. I do have concerns about a bear market soon. Any advice as to which funds I could select here and possibly on the timing to do it? Would I be better off not trying to mess around and just ride it out with my current allocations? Thank you for any advice.\n\n&#x200B;\n\n&#x200B;" Self: "Well if you believe "a bear market is soon" coming then your ready to engage in market timing which gets little support here. If so, up your investment in more liquid and conservative issues so you will have cash to buy after market tanks."
User (electricaldummy17): "Here's my current allocation (which was a pre-selected moderate blend between aggressive and conservative. It's been averaging about 10% over the last few years with this allocation.\n\n&#x200B;\n\n[https://imgur.com/a/qqGhIyO](https://imgur.com/a/qqGhIyO)\n\n&#x200B;\n\nI'm 35 years old. I do have concerns about a bear market soon. Any advice as to which funds I could select here and possibly on the timing to do it? Would I be better off not trying to mess around and just ride it out with my current allocations? Thank you for any advice.\n\n&#x200B;\n\n&#x200B;" Self: "You can reallocate to be heavier on bonds. But on average, you'll lose more money trying to time the market drop than you will from the actual drop"
User (electricaldummy17): "Here's my current allocation (which was a pre-selected moderate blend between aggressive and conservative. It's been averaging about 10% over the last few years with this allocation.\n\n&#x200B;\n\n[https://imgur.com/a/qqGhIyO](https://imgur.com/a/qqGhIyO)\n\n&#x200B;\n\nI'm 35 years old. I do have concerns about a bear market soon. Any advice as to which funds I could select here and possibly on the timing to do it? Would I be better off not trying to mess around and just ride it out with my current allocations? Thank you for any advice.\n\n&#x200B;\n\n&#x200B;" Self: ">Far more money has been lost by investors preparing for corrections or trying to anticipate corrections than has been lost in the corrections themselves.\n\n~~Peter Lynch, manager of the Magellan Fund at Fidelity, which had some of the best returns in market history under Lynch's leadership. \n\n> I do have concerns about a bear market soon.\n\nanother quote from a famous investor, Shelby Cullom Davis: \n\n>You make most of your money in a bear market, you just don't realize it at the time. \n\njust stick with the plan. keep investing. you're doing fine. nobody knows when things are gonna crash, and a recession doesn't necessarily imply a stock market crash. relax. "
User (electricaldummy17): "Here's my current allocation (which was a pre-selected moderate blend between aggressive and conservative. It's been averaging about 10% over the last few years with this allocation.\n\n&#x200B;\n\n[https://imgur.com/a/qqGhIyO](https://imgur.com/a/qqGhIyO)\n\n&#x200B;\n\nI'm 35 years old. I do have concerns about a bear market soon. Any advice as to which funds I could select here and possibly on the timing to do it? Would I be better off not trying to mess around and just ride it out with my current allocations? Thank you for any advice.\n\n&#x200B;\n\n&#x200B;" Self: "Don’t try to time the market"
User (electricaldummy17): "Here's my current allocation (which was a pre-selected moderate blend between aggressive and conservative. It's been averaging about 10% over the last few years with this allocation.\n\n&#x200B;\n\n[https://imgur.com/a/qqGhIyO](https://imgur.com/a/qqGhIyO)\n\n&#x200B;\n\nI'm 35 years old. I do have concerns about a bear market soon. Any advice as to which funds I could select here and possibly on the timing to do it? Would I be better off not trying to mess around and just ride it out with my current allocations? Thank you for any advice.\n\n&#x200B;\n\n&#x200B;" Self: "Would it change the conversation if we assumed that OP's account was terminated, meaning that s/he can no longer contribute to it? Assume they can still change allocations." wijwijwij (wijwijwij): "I don't think the answer changes. OP asked about asset allocation, which applies to current stash. Even if OP were not able to make new contributions, it makes sense to think about current balance's allocation." Self: "Thanks. My understanding has been that a long-term view is based on additional funding, i.e. buying more positions at decreased prices. " wijwijwij (wijwijwij): "I see what you're getting at. It sounds like OP is thinking of generating an imbalanced asset allocation, so that later he can rebalance it in a profitable way. I usually think of rebalancing more as a reactive thing. Others are pointing out that it's possible OP could benefit; it's also possible that it doesn't work out as planned."
User (cake-sniffer): "UK based. A couple of years ago a building company took around £1800.00 from us without carrying out the job we paid for. We took them to small claims court and because they didn't show up, we won and have a county court judgement against them. \n\nDespite this, they unsurprisingly didn't pay us the money. The director has had four or five companies under different names all using the same initials and these have gone into administration before he's opened the company we used. \n\nWe decided not to pursue the debt with collectors as we imagined that their equipment would either be rented or not in the name of the company, and didn't want to throw away any more money.\n\nA week ago, we received the following letter from a company advising that the builders have gone into administration and saying that we should contact them.\n\nhttps://imgur.com/a/NmGD535\n\nWhen my partner phoned them they took his email address and sent and email and asked him to fill in their form. Email stated \n\n"... Once ready, please click on the link below which will take you to our secure document signing page:\n\nI write further to our conversation with regards to the above named.\n\nEstuary Finance & Advisory represent creditors completely independently and free of charge throughout the process of bankruptcy and liquidation.\n\nWe have been reading the below blog by leading independent insolvency professionals from Compliance on Call 'Time for change: The Insolvency Service is ethically conflicted, institutionally biased, and no longer fit for purpose’ and Can you trust The Insolvency Service? - Part 2 of our Freedom of Information Act request’.\n\nAs a result we are concerned with leaving this case with the Official Receiver and believe an Insolvency Practitioner may be better placed to act as liquidator.\n\nI can confirm that we are already representing creditors in this case, and as discussed and agreed, we will be willing to represent your interests free of charge in order to appoint a cost effective Insolvency Practitioner that has a proven track record in cases of this nature.\n\nIn order to support the suggested course of action can you complete the attached letter, so that I can confirm your support with the Official Receiver..."\n\nThe form:\nhttps://imgur.com/a/d4PQqeM\n\nI have checked companies house and can see the company has a compulsory liquidation case with a petition date of 29 January 2018 but 'commencement of winding up' was on 14 March 2018. \n\nI'm concerned that the company who have got in touch are going to take our money and waste our time without recovering any of the funds from the building company. \n\nDoes anyone have any advice?\n" Self: "Sounds scammy to me, are they asking you for money?" User (cake-sniffer): "No, not yet. They've said that they will represent our interests free of charge. That's not to say that they won't ask for a percentage of whatever they recover (which I would be fine with), or some other way of adding charges."
User (cake-sniffer): "UK based. A couple of years ago a building company took around £1800.00 from us without carrying out the job we paid for. We took them to small claims court and because they didn't show up, we won and have a county court judgement against them. \n\nDespite this, they unsurprisingly didn't pay us the money. The director has had four or five companies under different names all using the same initials and these have gone into administration before he's opened the company we used. \n\nWe decided not to pursue the debt with collectors as we imagined that their equipment would either be rented or not in the name of the company, and didn't want to throw away any more money.\n\nA week ago, we received the following letter from a company advising that the builders have gone into administration and saying that we should contact them.\n\nhttps://imgur.com/a/NmGD535\n\nWhen my partner phoned them they took his email address and sent and email and asked him to fill in their form. Email stated \n\n"... Once ready, please click on the link below which will take you to our secure document signing page:\n\nI write further to our conversation with regards to the above named.\n\nEstuary Finance & Advisory represent creditors completely independently and free of charge throughout the process of bankruptcy and liquidation.\n\nWe have been reading the below blog by leading independent insolvency professionals from Compliance on Call 'Time for change: The Insolvency Service is ethically conflicted, institutionally biased, and no longer fit for purpose’ and Can you trust The Insolvency Service? - Part 2 of our Freedom of Information Act request’.\n\nAs a result we are concerned with leaving this case with the Official Receiver and believe an Insolvency Practitioner may be better placed to act as liquidator.\n\nI can confirm that we are already representing creditors in this case, and as discussed and agreed, we will be willing to represent your interests free of charge in order to appoint a cost effective Insolvency Practitioner that has a proven track record in cases of this nature.\n\nIn order to support the suggested course of action can you complete the attached letter, so that I can confirm your support with the Official Receiver..."\n\nThe form:\nhttps://imgur.com/a/d4PQqeM\n\nI have checked companies house and can see the company has a compulsory liquidation case with a petition date of 29 January 2018 but 'commencement of winding up' was on 14 March 2018. \n\nI'm concerned that the company who have got in touch are going to take our money and waste our time without recovering any of the funds from the building company. \n\nDoes anyone have any advice?\n" Self: "As long as you aren’t signing away any rights or giving them money ... in the meantime give them a call Monday to ask questions" User (cake-sniffer): "We don't appear to be, I may just be being over-cautious. Thank you, I think I will have to call on Monday, as you've suggested. "
User (mamishfall1989): "Hi guys, I need your help understanding how credit score works.\nTo be precise, my husband and I (originated from France) are planning to move to the US by the beginning of 2019. We have our Green cards but haven't filed yet for a SSN ID.\nDuring our last visit in the US in May 2018, we opened a Bank of America account and applied for a credit card. That application was denied because we hadn't job in the US and no SSN ID. I heard that when a credit card application is denied, that affects credit score.\n\nMy question is: do we have a credit score even without SSN ID?\nAlso, we would like to start building our credit history, what are your recommandations about that? Finally, is there any other subject I should think about regarding our immigration?\n\nThanks a lot" Self: "You may find these links helpful:\n\n- [Credit-related wiki pages](/r/personalfinance/wiki/index#wiki_credit)\n- [Credit Reports](/r/personalfinance/wiki/credit_reports)\n- [FICO / Credit Scores](/r/personalfinance/wiki/fico)\n- [Improving Credit Scores and Building Credit](/r/personalfinance/wiki/credit_building)\n\nI am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns."
User (trA__): "I live in Ontario, Canada. My only debt right now is a credit line that didn't get paid and went into R9/Collections or whatever. I had just recently paid off $11000 credit card that I can't use anymore from a similar situation. Both with the same bank BMO. BMO kept giving me these offers and I stupidly took them.\n\nI'm out of school and finally have a job at $50000/yr salary as of right now. How can I properly tackle this debt? The collection lady told me I should get a credit-line or credit card to pay the debt so I can fix my credit. Cause if I pay bad debt it doesn't count towards my credit. So if I can get my debt on a card that I can consistently pay off then it will help my credit. But I will get denied everywhere for a loan/cc. I even couldn't get a co-signed loan before I started school last year so that's why I paid for it all on credit/cards and credit line. Desperate measures. \n\nI went to my current bank TD and the person basically told me that I will not get a loan/cc 100% and that every time I ask it lowers my credit which I didn't know.\n\nDo I just have to suck it up and pay off this bad debt without improving my credit or is there anything I can do? Family borrowing is off the table.\n\nI have about $8000 right now in my chequing.\n\nAny advice would be great thank you greatly! " Self: ">How can I properly tackle this debt? \n\nyou cut your expenses as low as possible. you work overtime or a second job. you get angry at it, and throw every dollar possible at this debt. you pay it off in less than a year. \n\n\n>The collection lady told me I should get a credit-line or credit card to pay the debt so I can fix my credit.\n\nI wouldn't take advice from a debt collector. (a) you can't pay off debt with more debt. at best you can improve the interest rate, which helps a bit but isn't magical and does not erase the balance of the loan. (b) ask her net wealth. my personal financial goal is to build my wealth. she's probably broke. most people are broke and place far too much importance on their credit rating. you can be completely broke but also have a good credit score. so be very very careful who you take financial advice from. \n\nI would keep about $5000 for emergencies. above that, I'd immediately sit down and write a $3000 cheque to pay off debt. then I'd set a goal of paying about $1000-1500/month towards debt. $50,000 gross income, so after taxes .... maybe $3000? keep your expenses low, work overtime or a weekend job. you can pay this off by the end of 2019. "
User (trA__): "I live in Ontario, Canada. My only debt right now is a credit line that didn't get paid and went into R9/Collections or whatever. I had just recently paid off $11000 credit card that I can't use anymore from a similar situation. Both with the same bank BMO. BMO kept giving me these offers and I stupidly took them.\n\nI'm out of school and finally have a job at $50000/yr salary as of right now. How can I properly tackle this debt? The collection lady told me I should get a credit-line or credit card to pay the debt so I can fix my credit. Cause if I pay bad debt it doesn't count towards my credit. So if I can get my debt on a card that I can consistently pay off then it will help my credit. But I will get denied everywhere for a loan/cc. I even couldn't get a co-signed loan before I started school last year so that's why I paid for it all on credit/cards and credit line. Desperate measures. \n\nI went to my current bank TD and the person basically told me that I will not get a loan/cc 100% and that every time I ask it lowers my credit which I didn't know.\n\nDo I just have to suck it up and pay off this bad debt without improving my credit or is there anything I can do? Family borrowing is off the table.\n\nI have about $8000 right now in my chequing.\n\nAny advice would be great thank you greatly! " Self: "Ask for a settlement on the debt and a timeline to pay it off. 0 interest. There’s a chance you could get them down to the amount you have in your checking account. Start negotiating in good faith. It’ll help.\n\nI edited words and then forgot to mention it." User (trA__): "Like negotiation with who? Collections? It's just some person that calls me to check up. I don't even understand who this is or if it's a company or something. \n\nYou're saying I can just negotiate to pay less than I owe?" Self: "I would call the original Creditor first and just be honest with them. They may just work with you to get some or all of the debt paid. Perhaps ask for an appointment-or video call to make it seem that you’re not hiding from it."
User (Buttwagonz): "I'm a medical resident and my pre-tax income is about 51K. I have been given options to open a roth IRA or a 403(b). I was waiting for my financial situation after moving to calm down before opening one but in the next month I should be ready.\n\nMy big question is about the tax differences. I understand the general difference between a roth and a 403b. Roth is taxed on entry, 403b on exit. I know my tax bracket will be higher at pretty much every other point in my life.\n\nThe thing is, right now I'm in precarious position where $38,700 of my income is only taxed at 12%, and the remainder (~12k) at 22%. So would it make more sense to do a 403b and get my pre tax income down as close to $38K as is livable? Or, do I just take the 22% as it is, knowing my income will rise after 4 years, and do the roth? Is there anything else I'm not thinking of? \n\nAlso to add, I have no interest in using a roth to pay for a home or a down payment for a home at any time.\n\nEdit: Just to add, I have already started and am planning on maxing out my HSA and investing it when I hit the threshold." Self: "You may find these links helpful:\n\n- [401(k) Fund Selection Guide](/r/personalfinance/wiki/401k_funds)\n- [401(k) FAQs](/r/personalfinance/wiki/401k)\n- ["How to handle $"](/r/personalfinance/wiki/commontopics)\n\nI am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns."
User (Buttwagonz): "I'm a medical resident and my pre-tax income is about 51K. I have been given options to open a roth IRA or a 403(b). I was waiting for my financial situation after moving to calm down before opening one but in the next month I should be ready.\n\nMy big question is about the tax differences. I understand the general difference between a roth and a 403b. Roth is taxed on entry, 403b on exit. I know my tax bracket will be higher at pretty much every other point in my life.\n\nThe thing is, right now I'm in precarious position where $38,700 of my income is only taxed at 12%, and the remainder (~12k) at 22%. So would it make more sense to do a 403b and get my pre tax income down as close to $38K as is livable? Or, do I just take the 22% as it is, knowing my income will rise after 4 years, and do the roth? Is there anything else I'm not thinking of? \n\nAlso to add, I have no interest in using a roth to pay for a home or a down payment for a home at any time.\n\nEdit: Just to add, I have already started and am planning on maxing out my HSA and investing it when I hit the threshold." Self: "You always have the option to open your own Roth IRA regardless of your employment; it isn't tied to any job.\n\n" User (Buttwagonz): "Yes, I know. I am asking which is more tax advantageous in my current situation."
User (Buttwagonz): "I'm a medical resident and my pre-tax income is about 51K. I have been given options to open a roth IRA or a 403(b). I was waiting for my financial situation after moving to calm down before opening one but in the next month I should be ready.\n\nMy big question is about the tax differences. I understand the general difference between a roth and a 403b. Roth is taxed on entry, 403b on exit. I know my tax bracket will be higher at pretty much every other point in my life.\n\nThe thing is, right now I'm in precarious position where $38,700 of my income is only taxed at 12%, and the remainder (~12k) at 22%. So would it make more sense to do a 403b and get my pre tax income down as close to $38K as is livable? Or, do I just take the 22% as it is, knowing my income will rise after 4 years, and do the roth? Is there anything else I'm not thinking of? \n\nAlso to add, I have no interest in using a roth to pay for a home or a down payment for a home at any time.\n\nEdit: Just to add, I have already started and am planning on maxing out my HSA and investing it when I hit the threshold." Self: "I wouldn’t contribute any tax deferred dollars that would have been taxed at 12%\n\nA Roth IRA for contributions that are taxed at 12% is fine " User (Buttwagonz): "I'm not asking about any of the money taxed at 12%, I'm asking about the money taxed at 22%" Self: "Any money not in a 12% or lower bracket is reasonable to contribute to a tax deferred account. If you want to contribute more then switch to a Roth for income in the 12% bracket of lower"
User (Buttwagonz): "I'm a medical resident and my pre-tax income is about 51K. I have been given options to open a roth IRA or a 403(b). I was waiting for my financial situation after moving to calm down before opening one but in the next month I should be ready.\n\nMy big question is about the tax differences. I understand the general difference between a roth and a 403b. Roth is taxed on entry, 403b on exit. I know my tax bracket will be higher at pretty much every other point in my life.\n\nThe thing is, right now I'm in precarious position where $38,700 of my income is only taxed at 12%, and the remainder (~12k) at 22%. So would it make more sense to do a 403b and get my pre tax income down as close to $38K as is livable? Or, do I just take the 22% as it is, knowing my income will rise after 4 years, and do the roth? Is there anything else I'm not thinking of? \n\nAlso to add, I have no interest in using a roth to pay for a home or a down payment for a home at any time.\n\nEdit: Just to add, I have already started and am planning on maxing out my HSA and investing it when I hit the threshold." Self: "The whole pre-tax vs post-tax is generally a wash because no one can predict what tax policy is going to be in 35+ years.\n\nThat being said, I think in your case the roth does seem to be the clear winner. You are currently making significantly less than you will than you'll make in retirement. \n\nDon't compare your current marginal tax rate to what it could be if you do a pre-tax deduction. Compare it to what your marginal tax rate will be in retirement. "
User (DecayAndRebirth): " \n\nHi everyone! I'm a young person that entered the working world for some time now and I'd really appreciate it someone was kind enough to take their time to explain to me how this works. Sorry, if some of the stuff I say sounds a bit stupid. I'm very new to this.\n\nBasically if I wished to loan 15k or so in the very near future, how would I go about it? (it's for peronal reasons and I would repay it in full and on time of course.). I don't need the full 15k in a loan, I'm gonna save up a large sum of it myself. But let's assume I wanted to get the whole sum of money in a loan. What are the requirements I need to have to get it approved?\n\nHow can I build up enough credit to get such a loan approved? Do I start out with zero credit? The possiblity of getting a loan never interested me until recently so I've never looked into it myself, and would like some direction. Thanks!" Self: "You may find these links helpful:\n\n- [Credit-related wiki pages](/r/personalfinance/wiki/index#wiki_credit)\n- [Credit Reports](/r/personalfinance/wiki/credit_reports)\n- [FICO / Credit Scores](/r/personalfinance/wiki/fico)\n- [Improving Credit Scores and Building Credit](/r/personalfinance/wiki/credit_building)\n\nI am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns."
User (DecayAndRebirth): " \n\nHi everyone! I'm a young person that entered the working world for some time now and I'd really appreciate it someone was kind enough to take their time to explain to me how this works. Sorry, if some of the stuff I say sounds a bit stupid. I'm very new to this.\n\nBasically if I wished to loan 15k or so in the very near future, how would I go about it? (it's for peronal reasons and I would repay it in full and on time of course.). I don't need the full 15k in a loan, I'm gonna save up a large sum of it myself. But let's assume I wanted to get the whole sum of money in a loan. What are the requirements I need to have to get it approved?\n\nHow can I build up enough credit to get such a loan approved? Do I start out with zero credit? The possiblity of getting a loan never interested me until recently so I've never looked into it myself, and would like some direction. Thanks!" Self: "Read the FAQ"
User (DecayAndRebirth): " \n\nHi everyone! I'm a young person that entered the working world for some time now and I'd really appreciate it someone was kind enough to take their time to explain to me how this works. Sorry, if some of the stuff I say sounds a bit stupid. I'm very new to this.\n\nBasically if I wished to loan 15k or so in the very near future, how would I go about it? (it's for peronal reasons and I would repay it in full and on time of course.). I don't need the full 15k in a loan, I'm gonna save up a large sum of it myself. But let's assume I wanted to get the whole sum of money in a loan. What are the requirements I need to have to get it approved?\n\nHow can I build up enough credit to get such a loan approved? Do I start out with zero credit? The possiblity of getting a loan never interested me until recently so I've never looked into it myself, and would like some direction. Thanks!" Self: "You need good credit and enough income to repay the loan. Everyone starts with zero credit, but just because you've never had a credit card or loan doesn't mean that you don't have items on your credit report. Read the Wiki on credit reports and get a copy of yours so that you know where you are starting. \n \nI think it is unlikely that a young person with limited work history and no positive credit will be able to get a loan for $15k. If you do get a loan, it will likely be at a high interest rate. If your "personal reasons" aren't immediate emergency needs, you are better off delaying this expense, or reducing it, so that you can pay cash."
User (pf-qqqq): "I'll cut right to the details. Some stuff is rounded/approximated.\n\n&#x200B;\n\nDIS:\n\n* Purchased in 2001 at $19.45/share (currently around $116/share)\n* 100 shares total\n* Total gain is 501%\n\nMSFT:\n\n* Purchased in 2003 \n* Not sure of cost basis as apparently these shares were transferred into the account (looked up historical value and it's right around $20 split adjusted)\n* 54 shares total\n* Somewhere around 450/500% total gain\n\n&#x200B;\n\nI know the general advice here is not to buy individual stocks, which I like and follow. However, these stocks smoked the general market in performance and the brands themselves aren't going anywhere. Should I just let them ride? Sell them all now and reinvest in an index fund? Maybe sell a covered call on DIS?" Self: "If your finances allow, I would keep both. The companies are great and should continue to grow over time."
User (pf-qqqq): "I'll cut right to the details. Some stuff is rounded/approximated.\n\n&#x200B;\n\nDIS:\n\n* Purchased in 2001 at $19.45/share (currently around $116/share)\n* 100 shares total\n* Total gain is 501%\n\nMSFT:\n\n* Purchased in 2003 \n* Not sure of cost basis as apparently these shares were transferred into the account (looked up historical value and it's right around $20 split adjusted)\n* 54 shares total\n* Somewhere around 450/500% total gain\n\n&#x200B;\n\nI know the general advice here is not to buy individual stocks, which I like and follow. However, these stocks smoked the general market in performance and the brands themselves aren't going anywhere. Should I just let them ride? Sell them all now and reinvest in an index fund? Maybe sell a covered call on DIS?" Self: "the general rule is to avoid single stocks, and if you insist on keeping some they should be no more than 10-15% of your total investment portfolio. above that is too much risk. \n\nso IMHO your actions depend on your overall investment wealth. roughly $6k in microsoft and $11k in disney. that's $17k. \n\nif I had have less than $170k in retirement accounts, I'd start slowly selling the stock to fund a Roth IRA that's full of boring mutual funds. even with those two great companies, I wouldn't want too a disproportionate share of my financial world devoted to them. but if your pre-inheritance investments are $150k or above, I'd keep all the stock. " User (pf-qqqq): "Thanks for the perspective. Haven't seen that viewpoint before."
User (pf-qqqq): "I'll cut right to the details. Some stuff is rounded/approximated.\n\n&#x200B;\n\nDIS:\n\n* Purchased in 2001 at $19.45/share (currently around $116/share)\n* 100 shares total\n* Total gain is 501%\n\nMSFT:\n\n* Purchased in 2003 \n* Not sure of cost basis as apparently these shares were transferred into the account (looked up historical value and it's right around $20 split adjusted)\n* 54 shares total\n* Somewhere around 450/500% total gain\n\n&#x200B;\n\nI know the general advice here is not to buy individual stocks, which I like and follow. However, these stocks smoked the general market in performance and the brands themselves aren't going anywhere. Should I just let them ride? Sell them all now and reinvest in an index fund? Maybe sell a covered call on DIS?" Self: "Inherited of gifted or a trust?\n\nWhat is your expected income in 2018?" User (pf-qqqq): "It was a gift. Not a trust.\n\n&#x200B;\n\nSalary is $70k/year, no debt or other financial troubles." Self: "So solidly 15% LTCG tax rate \n\nIf you need diversification you could sell some but if you have other investments you are regularly contributing to and you like the companies then no great reason to sell\n\n"
User (pf-qqqq): "I'll cut right to the details. Some stuff is rounded/approximated.\n\n&#x200B;\n\nDIS:\n\n* Purchased in 2001 at $19.45/share (currently around $116/share)\n* 100 shares total\n* Total gain is 501%\n\nMSFT:\n\n* Purchased in 2003 \n* Not sure of cost basis as apparently these shares were transferred into the account (looked up historical value and it's right around $20 split adjusted)\n* 54 shares total\n* Somewhere around 450/500% total gain\n\n&#x200B;\n\nI know the general advice here is not to buy individual stocks, which I like and follow. However, these stocks smoked the general market in performance and the brands themselves aren't going anywhere. Should I just let them ride? Sell them all now and reinvest in an index fund? Maybe sell a covered call on DIS?" Self: "Inherited of gifted or a trust?\n\nWhat is your expected income in 2018?" User (pf-qqqq): "It was a gift. Not a trust.\n\n&#x200B;\n\nSalary is $70k/year, no debt or other financial troubles." Self: "So solidly 15% LTCG tax rate \n\nIf you need diversification you could sell some but if you have other investments you are regularly contributing to and you like the companies then no great reason to sell\n\n"
User (pf-qqqq): "I'll cut right to the details. Some stuff is rounded/approximated.\n\n&#x200B;\n\nDIS:\n\n* Purchased in 2001 at $19.45/share (currently around $116/share)\n* 100 shares total\n* Total gain is 501%\n\nMSFT:\n\n* Purchased in 2003 \n* Not sure of cost basis as apparently these shares were transferred into the account (looked up historical value and it's right around $20 split adjusted)\n* 54 shares total\n* Somewhere around 450/500% total gain\n\n&#x200B;\n\nI know the general advice here is not to buy individual stocks, which I like and follow. However, these stocks smoked the general market in performance and the brands themselves aren't going anywhere. Should I just let them ride? Sell them all now and reinvest in an index fund? Maybe sell a covered call on DIS?" Self: "Taxes are more complicated than this. You don't just "take control." You get ownership, and there are only a few ways this can happen. They have different tax consequences."
User (FlyByHaven): "My wife and I historically never saved too aggressively for retirement (we’re now 35). We decided over the last ten years, to instead invest our savings into two rental properties vs. the stock market. But, to ensure we’re diversified properly, we have enough income to finally play catch up. \n\nStarting this year, I have: \n* Maxed 401k ($28k/yr) in a Fidelity Target Date MF\n* Roth IRA (5,500/yr) in a Fidelity Dividend Growth Index Fund (hoping to capitalize on dividend reinvestment returns)\n* Personal Investment ($24k/yr) in a Fidelity Large Cap Growth Fund\n\nQuestion -> I’d really appreciate your thoughts/guidance on have I chosen the right fund approach to maximize growth but also be diversified enough in prep for any market corrections?\n\nYou all are the best and I appreciate your guidance!!" Self: "\> Maxed 401k ($28k/yr) in a Fidelity Target Date MF\n\nTotally reasonable.\n\n\> Roth IRA (5,500/yr) in a Fidelity Dividend Growth Index Fund (hoping to capitalize on dividend reinvestment returns)\n\nWhy are you all of a sudden changing your allocation? Do you really mean to lean your allocation toward LV?\n\n\> Personal Investment ($24k/yr) in a Fidelity Large Cap Growth Fund\n\nSame question, but toward LG.\n\n&#x200B;\n\nYou should look at your total allocation across all accounts to be sure this is what you want. (IMHO it's not bad; growth is tax-efficient and is in the taxable account; value is inefficient and is sheltered; I like leaning toward a large blend for the non-target-date funds. But that's personal opinion.)"
User (FlyByHaven): "My wife and I historically never saved too aggressively for retirement (we’re now 35). We decided over the last ten years, to instead invest our savings into two rental properties vs. the stock market. But, to ensure we’re diversified properly, we have enough income to finally play catch up. \n\nStarting this year, I have: \n* Maxed 401k ($28k/yr) in a Fidelity Target Date MF\n* Roth IRA (5,500/yr) in a Fidelity Dividend Growth Index Fund (hoping to capitalize on dividend reinvestment returns)\n* Personal Investment ($24k/yr) in a Fidelity Large Cap Growth Fund\n\nQuestion -> I’d really appreciate your thoughts/guidance on have I chosen the right fund approach to maximize growth but also be diversified enough in prep for any market corrections?\n\nYou all are the best and I appreciate your guidance!!" Self: "\> Maxed 401k ($28k/yr) in a Fidelity Target Date MF\n\nTotally reasonable.\n\n\> Roth IRA (5,500/yr) in a Fidelity Dividend Growth Index Fund (hoping to capitalize on dividend reinvestment returns)\n\nWhy are you all of a sudden changing your allocation? Do you really mean to lean your allocation toward LV?\n\n\> Personal Investment ($24k/yr) in a Fidelity Large Cap Growth Fund\n\nSame question, but toward LG.\n\n&#x200B;\n\nYou should look at your total allocation across all accounts to be sure this is what you want. (IMHO it's not bad; growth is tax-efficient and is in the taxable account; value is inefficient and is sheltered; I like leaning toward a large blend for the non-target-date funds. But that's personal opinion.)" User (FlyByHaven): "To be honest, I don’t have a strategy and just picked those funds cause they looked to be performing the well. \n\nIn your opinion, how should I reconsider my approach? Do you have a general approach like below (cause I have no clue what funds to pick and which funds are best for the accounts I have)?\n\nEx: \n1) 401k’s/Roth’s/non-taxable accounts = preferable approach to utilize Target Date or Dividend funds\n\n2) Personal/taxable accounts = preferable to go aggressive Index or Large Cap funds\n\n " Self: "This is [a good piece of reading](https://www.bogleheads.org/wiki/Asset_allocation) to get you started, and a shorter ["lazy" setup here](https://www.bogleheads.org/wiki/Lazy_portfolios). " User (FlyByHaven): "Awesome - really appreciate it. "
User (AureliusDecimus): "I am currently in the military, I have about 15 months left on my contract. I have been putting my plans in to motion, already know what college I want to go to/ what degree to go for. I've been using this guide. \n\nhttps://www.reddit.com/r/army/comments/4yroqc/the_unofficial_boots_to_college_transition_guide/?sort=new\n\nStarting October I plan to save about 1,000 dollars a month till I get out ,so I would have about 15,000 saved up. My question is if I should put my 1,000 dollars a month into NYSaves account like the guide states or instead open up a Navy Fed account and throw money into there?" Self: "You may find these links helpful:\n\n- ["How to handle $"](/r/personalfinance/wiki/commontopics)\n- [Investing](/r/personalfinance/wiki/investing)\n\nI am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns."
User (AureliusDecimus): "I am currently in the military, I have about 15 months left on my contract. I have been putting my plans in to motion, already know what college I want to go to/ what degree to go for. I've been using this guide. \n\nhttps://www.reddit.com/r/army/comments/4yroqc/the_unofficial_boots_to_college_transition_guide/?sort=new\n\nStarting October I plan to save about 1,000 dollars a month till I get out ,so I would have about 15,000 saved up. My question is if I should put my 1,000 dollars a month into NYSaves account like the guide states or instead open up a Navy Fed account and throw money into there?" Self: "15 months is a pretty short timeframe to expect a 529 to do anything meaningful on 1K/month. Maybe it goes up a couple percent and that got sheltered. Exception would be if you get a state tax break for your state's 529 plan. We have no idea what state you live in.\n\nA 529 has major drawbacks. If you decide not to go to school, it's locked down. If that's not you, then maybe this isn't such a risk.\n\nIt's also not helpful at all for normal life expenses you might need to transition, like a car or clothes or moving or whatever, so I would definitely want some liquid, non-529 cash, even if you go mostly 529." User (AureliusDecimus): "My mistake for not saying where I am stationed, I am currently in Washington State plan to go back to my home state of Massachusetts.\n\nAlso I am single, and the army pays for the moving truck / gives me a plane ticket to get back home, when I do get out.\n\nI definitely do plan to go to school, Post 9/11 GI Bill makes all the military ridiculousness worth it.\n\n&#x200B;\n\nSo its probably better to just go with Navy Fed then?\n\nAlso with Navy Fed would it be better to do a checking or savings account?" Self: "Well, looks like Massachusetts offers a pathetic state tax break on 1K/year. If that applies to you, then maybe that's worth a few bucks."
User (onestupidquestion): "First off, I'm 36, have about $35k in home equity with $130k on my mortgage at ~4%, a $30k car note at 0%, and month-to-month credit card expenses that I pay in full. I had about $10k in a Roth IRA inside of Vanguard Target Retirement fund and another $15k in cash savings.\n\nSeven months ago, my father passed away, leaving me a fairly large chunk of money. About half of this was in life insurance and cash, and the rest was in American Funds mutual funds. I was joint owner (50%) since 2002, which was most of the growth, but still about half of the cost basis is from 6 months ago, not the full 16+ years.\n\nTwo months ago, I started a new job with a 401(k). The match is 50% up to 2% (so 1%), but I can put away something like 75% of my paycheck per period, up to the maximum annual limit.\n\nI spoke with my tax professional already, and she thinks it would be a good idea to max out my 401(k) and then liquidate the American Funds account to make up for the lost income. Given my age and risk tolerance, I plan on investing exclusively in my 401(k)'s S&P 500 index; it's a 0.25% expense ratio, which is high in comparison to the discount brokers, but it's certainly not high enough to offset the tax deferral advantage. For my Vanguard Roth IRA and taxable accounts, I'll be using the 3-fund strategy, probably with a fairly small bond investment (~10%).\n\nI'm hoping to not only enjoy the tax deferral of the 401(k), but also the expense savings from these expensive American Funds (some are almost 1%!). If I understand this right, this seems like a very good financial move:\n\n1) The 401(k) funds are pre-tax, so $15k/year of my income vanishes for tax purposes.\n\n2) Assuming I liquidate 1:1, even if the market's down, I won't actually be losing money; I'll sell low but also buy low.\n\n3) Since I'm liquidating using a modified cost basis on half of the funds, this will certainly be lower than my income tax rate.\n\n4) For that matter, most of my "earnings" from the sale of these mutual funds will be capital gains, which is again taxed favorably.\n\nI plan on keeping a significant cash savings in a Marcus account ($30-40k) and then investing the remainder in the aforementioned Vanguard 3-fund portfolio, as I've already maxed out my 2018 Roth IRA. Since these funds are tax-efficient, I'll likely wait until I've exhausted the American Funds (~3-4 years at current value) before I start putting those funds into my IRA and 401(k) match.\n\nAm I missing anything? Any pitfalls to 401(k) that I need to know about?" Self: "You may find these links helpful:\n\n- [401(k) Fund Selection Guide](/r/personalfinance/wiki/401k_funds)\n- [401(k) FAQs](/r/personalfinance/wiki/401k)\n- ["How to handle $"](/r/personalfinance/wiki/commontopics)\n\nI am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns."
User (onestupidquestion): "First off, I'm 36, have about $35k in home equity with $130k on my mortgage at ~4%, a $30k car note at 0%, and month-to-month credit card expenses that I pay in full. I had about $10k in a Roth IRA inside of Vanguard Target Retirement fund and another $15k in cash savings.\n\nSeven months ago, my father passed away, leaving me a fairly large chunk of money. About half of this was in life insurance and cash, and the rest was in American Funds mutual funds. I was joint owner (50%) since 2002, which was most of the growth, but still about half of the cost basis is from 6 months ago, not the full 16+ years.\n\nTwo months ago, I started a new job with a 401(k). The match is 50% up to 2% (so 1%), but I can put away something like 75% of my paycheck per period, up to the maximum annual limit.\n\nI spoke with my tax professional already, and she thinks it would be a good idea to max out my 401(k) and then liquidate the American Funds account to make up for the lost income. Given my age and risk tolerance, I plan on investing exclusively in my 401(k)'s S&P 500 index; it's a 0.25% expense ratio, which is high in comparison to the discount brokers, but it's certainly not high enough to offset the tax deferral advantage. For my Vanguard Roth IRA and taxable accounts, I'll be using the 3-fund strategy, probably with a fairly small bond investment (~10%).\n\nI'm hoping to not only enjoy the tax deferral of the 401(k), but also the expense savings from these expensive American Funds (some are almost 1%!). If I understand this right, this seems like a very good financial move:\n\n1) The 401(k) funds are pre-tax, so $15k/year of my income vanishes for tax purposes.\n\n2) Assuming I liquidate 1:1, even if the market's down, I won't actually be losing money; I'll sell low but also buy low.\n\n3) Since I'm liquidating using a modified cost basis on half of the funds, this will certainly be lower than my income tax rate.\n\n4) For that matter, most of my "earnings" from the sale of these mutual funds will be capital gains, which is again taxed favorably.\n\nI plan on keeping a significant cash savings in a Marcus account ($30-40k) and then investing the remainder in the aforementioned Vanguard 3-fund portfolio, as I've already maxed out my 2018 Roth IRA. Since these funds are tax-efficient, I'll likely wait until I've exhausted the American Funds (~3-4 years at current value) before I start putting those funds into my IRA and 401(k) match.\n\nAm I missing anything? Any pitfalls to 401(k) that I need to know about?" Self: "totally agree with your cpa to max out your 401k, but they'd need to run the numbers to see what your tax hit would be for liquidating your American funds investments. You don't want to add complexity and find out your robbing Peter to pay Paul. btw, how has your dad's American funds account performed vis a vis broad market indices over the same extended time period?" User (onestupidquestion): "Performance is, unsurprisingly, similar to the market average. Some years are better, some are worse; this is the trap of managed funds. Had I known more earlier, I would've helped Dad transition these funds to Vanguard at that point. Alas.\n\nUnless I'm missing something, this seems like a huge win on all sides. I'm in the 22% tax bracket for 2018, so my capital gains are likewise still at 15%. I'll save:\n\n1) On the front end, I'll be converting $18,500 of income taxable at the 22% rate to the same amount at 15%, since the bulk of these funds' growth has been in capital gains. Obviously, this won't be a full 7% savings.\n\n2) As mentioned, the expense ratio of the 401(k) fund is 0.25%, and the American Funds funds range from 0.5%-0.9%. Even if that averages out to 0.6%, that's $65/year on that money until I pull it out or convert it to an even lower-cost fund, should one be available.\n\n3) All of this tax growth is tax-deferred. Right now, I'm making good but not great money, but due to my career change, I could see a significant increase in income over the next few years. I would be doing a Roth 401(k) if it were an option, but it's not offered."
User (onestupidquestion): "First off, I'm 36, have about $35k in home equity with $130k on my mortgage at ~4%, a $30k car note at 0%, and month-to-month credit card expenses that I pay in full. I had about $10k in a Roth IRA inside of Vanguard Target Retirement fund and another $15k in cash savings.\n\nSeven months ago, my father passed away, leaving me a fairly large chunk of money. About half of this was in life insurance and cash, and the rest was in American Funds mutual funds. I was joint owner (50%) since 2002, which was most of the growth, but still about half of the cost basis is from 6 months ago, not the full 16+ years.\n\nTwo months ago, I started a new job with a 401(k). The match is 50% up to 2% (so 1%), but I can put away something like 75% of my paycheck per period, up to the maximum annual limit.\n\nI spoke with my tax professional already, and she thinks it would be a good idea to max out my 401(k) and then liquidate the American Funds account to make up for the lost income. Given my age and risk tolerance, I plan on investing exclusively in my 401(k)'s S&P 500 index; it's a 0.25% expense ratio, which is high in comparison to the discount brokers, but it's certainly not high enough to offset the tax deferral advantage. For my Vanguard Roth IRA and taxable accounts, I'll be using the 3-fund strategy, probably with a fairly small bond investment (~10%).\n\nI'm hoping to not only enjoy the tax deferral of the 401(k), but also the expense savings from these expensive American Funds (some are almost 1%!). If I understand this right, this seems like a very good financial move:\n\n1) The 401(k) funds are pre-tax, so $15k/year of my income vanishes for tax purposes.\n\n2) Assuming I liquidate 1:1, even if the market's down, I won't actually be losing money; I'll sell low but also buy low.\n\n3) Since I'm liquidating using a modified cost basis on half of the funds, this will certainly be lower than my income tax rate.\n\n4) For that matter, most of my "earnings" from the sale of these mutual funds will be capital gains, which is again taxed favorably.\n\nI plan on keeping a significant cash savings in a Marcus account ($30-40k) and then investing the remainder in the aforementioned Vanguard 3-fund portfolio, as I've already maxed out my 2018 Roth IRA. Since these funds are tax-efficient, I'll likely wait until I've exhausted the American Funds (~3-4 years at current value) before I start putting those funds into my IRA and 401(k) match.\n\nAm I missing anything? Any pitfalls to 401(k) that I need to know about?" Self: "You need to figure out how your match works. Some plans require you contribute evenly throughout the year to get the full match, some don't. You might be able to get the full match in the couple checks you have left this year. Even if you don't get the match at all, you still want to max out your 2018 401K with the checks you have left.\n\nAssuming you're at roughly average income, you probably want to max out an IRA and an HSA (super IRA) as well. Your retirement is WAY behind, and you need to get as much tax-favorable as you can and spend down the taxable. This isn't as much of a rush, because you can do your 2018 IRA before tax time in 2019.\n\nI recommend the Boglehead Guide to Investing book. Then look carefully at your American Funds. All of them.\n\n" User (onestupidquestion): "My retirement savings were definitely suffering. I didn't start working a "real job" until 7 years ago, at which point I was contributing the IRA max and saving aggressively. I got into a relationship with a family, and savings took a back seat.\n\nRight now, I'm looking at $90k in fairly expensive mutual funds (0.5% - 0.9%), $25k in emergency savings, $13k for future car payments, and $5k in earmarks for vacations and home improvements, and then the remaining $65k into a taxable Vanguard account. That gives me $180k in actual, honest-to-goodness retirement savings. I'm now in a position where I can save 10-15% of my take-home for retirement.\n\n**EDIT I noticed the HSA suggestion. I don't believe I qualify for this since there's only one health insurance plan, and it's an extremely good $600-deductible plan; I think my out-of-pocket max is $1500." Self: "I am talking about actual retirement accounts - IRA/401K/457/etc. There's not a rule that your retirement has to be in these accounts, but it's tax favorable. If you have extra cash, which you do, then you should use the tax benefits you have.\n\nYou should be maxing out your 401K for 2018 and 2019 and spending down the taxable, just like your accountant said. I have no idea what your income is, or whether 10-15% will do that. For 2018, you probably need a much higher rate to max it out." User (onestupidquestion): "To clarify, the 10-15% is the money I'll be able to save in addition to liquidating taxable assets for tax-deferred / tax-free income into my 401(k) and Roth IRA. As of right now, I have about $150k in taxable assets (mutual funds and "free"/non-earmarked cash) that will need to be sheltered, so this is going to be a multi-year process.\n\nI can save 75% of my gross per paycheck. I sat down with HR, and I believe we figured out that I can do $11k for 2018, with the full maximum in 2019." Self: "Many people, including me, believe that the Trump tax bill is time to take capital gains. Your tax crystal ball may be different than mine. I've taken quite a bit, just to reset my capital gains, not even to shelter. If you're invested in American Funds, you need to look at this hard. I wouldn't consider the taxable as locked down as you seem to think it is." User (onestupidquestion): "Can you explain what you mean? I'm not sure I understand.\n\nI've looked into the idea of cashing out the American funds to build a straight Vanguard portfolio. My average expense ratio would fall from 0.6% to 0.07%, or 0.53%/year.\n\nThe issue before now is that the tax hit would be enough that it would take about 25 years to break even. I figured it wouldn't take that long, but apparently the "inertia" of $6-8k of up-front capital gains that would otherwise be making me money is a huge drag on growth.\n\nLooking at this again, I probably need to consult the CPA at my current tax agency. I neither contributed nor withdrew funds while my father was alive, so there's a possibility that even though we had joint ownership that I may be able to step up the entire cost basis. If that's the case, it completely changes the tax implications." Self: "The book you are looking for is the Boglehead Guide to Investing. Think long term."
User (PeachyPie62): "(FL) If my 20 year old heads to Australia for a college program to live, what's the best way for her to use money there. I don't know much about the country, she will be learning, but what is the best form of charge card for her to use or can a student on a US visa open an account down under and use cash/debit cards from that country? She may be there 3 years for the program she wants to do. Just looking for financial banking/money information. Thanks!" Self: "Yes she can open a bank acccount on a student visa.The 4 australian dollar account fee will be waived for students.She will receive a debit card in a week after opening the account.Bank cards are accepted everywhere in Australia, even in 1 dollar shops, personally I rarely pay by cash.She also needs a bank account in case she wants to work, which will be 20 hours per week for someone on a student visa, during college holidays/break however she is allowed to work full time.\nKeep in mind that cost of living in Australia is high.A flat of 2 rooms in an acceptable suburb in New South Wales is about 370 to 450 dollars a week." User (PeachyPie62): "How does the Australia dollar compare to the US dollar value wise? She told me the college has set up dorm type rooms that will house like 10 girls in a home, not sure exactly, she has just thrown this idea at me recently. She said because they all split the cost of this, it would not be so expensive? And the school is a Christian music/dance/arts type school, and it's not that expensive either? Just learning about Australia...…." Self: "The US dollar is stronger than the Australia dollar.One US dollar now is about 1.38 Australian dollars.\nYes living in a dorm with other students is always cheaper, because as you already now the cost is split.\nFor the fees you have to know the name of the school, they usually post the tuition fees for international students on their website.You also need to make sure the school is registered with the government to be able to host international students.\n\n\n"
User (PeachyPie62): "(FL) If my 20 year old heads to Australia for a college program to live, what's the best way for her to use money there. I don't know much about the country, she will be learning, but what is the best form of charge card for her to use or can a student on a US visa open an account down under and use cash/debit cards from that country? She may be there 3 years for the program she wants to do. Just looking for financial banking/money information. Thanks!" Self: "I would suggest getting her a no foreign transaction fee credit card. If she doesn't qualify you can apply for it and make her an authorized user.\n\nhttps://www.nerdwallet.com/best/credit-cards/no-foreign-transaction-fee\n\nI lived overseas for a couple years and traveled a lot and have found this to be the best way to spend money in your US Bank account - no fees, good exchange rate, you can earn cash back, and you get the increased security a credit card offers.\n\nNow you can't use a card for everything, she will still need a bank account and debit card probably but I use the credit card for as much as I can. "
User (PeachyPie62): "(FL) If my 20 year old heads to Australia for a college program to live, what's the best way for her to use money there. I don't know much about the country, she will be learning, but what is the best form of charge card for her to use or can a student on a US visa open an account down under and use cash/debit cards from that country? She may be there 3 years for the program she wants to do. Just looking for financial banking/money information. Thanks!" Self: "She will be able to open up a bank account here, and get a debit card/EFTPOS to use. \n\nDepending on her Visa, she can probably work for 20 hours per week to make money.\n\nWhat state/city is she moving to? I may be able to give more specific advice. "
User (PeachyPie62): "(FL) If my 20 year old heads to Australia for a college program to live, what's the best way for her to use money there. I don't know much about the country, she will be learning, but what is the best form of charge card for her to use or can a student on a US visa open an account down under and use cash/debit cards from that country? She may be there 3 years for the program she wants to do. Just looking for financial banking/money information. Thanks!" Self: "Yes she can open a bank acccount on a student visa.The 4 australian dollar account fee will be waived for students.She will receive a debit card in a week after opening the account.Bank cards are accepted everywhere in Australia, even in 1 dollar shops, personally I rarely pay by cash.She also needs a bank account in case she wants to work, which will be 20 hours per week for someone on a student visa, during college holidays/break however she is allowed to work full time.\nKeep in mind that cost of living in Australia is high.A flat of 2 rooms in an acceptable suburb in New South Wales is about 370 to 450 dollars a week." User (PeachyPie62): "How does the Australia dollar compare to the US dollar value wise? She told me the college has set up dorm type rooms that will house like 10 girls in a home, not sure exactly, she has just thrown this idea at me recently. She said because they all split the cost of this, it would not be so expensive? And the school is a Christian music/dance/arts type school, and it's not that expensive either? Just learning about Australia...…." emailpassword12 (emailpassword12): "I would look into the cost of the school - as an international student, she won't be eligible for HELP/HECS, and will have to pay upfront (unless she is on a scholarship exchange or something). \n\nLook into the cost of the dorm compared to private housing. Often on campus housing is more expensive than just renting a flat with other student, sometimes its cheaper. \n\nAs the above commented said, AUS COL is high. Like, when I'm in famously expensive places like Paris etc, Im like, wow, this is cheap! Melbourne is slightly cheaper than Sydney in terms of accommodation. Our school terms tend to run from Jan - Dec also, as our summer hols are over Xmas. \n"
User (squats4months): "Hey everyone, im just looking for advice. I have never had business with calital one but about 10 minutes ago they put a hard check on my credit and dipped me 15 points.\n\nI did not submit this, what does this mean? Is someone trying to take a credit card out under my name?" Self: "According to [https://www.capitalone.com/credit-cards/faq/](https://www.capitalone.com/credit-cards/faq/) you can call 1-800-903-9177 to check the status of a credit card application.\n\nIndependent of an application existing or not you should then try to talk to someone. (If an application is there make sure to stop it. If there isnt an application maybe try to find where it came from).\n\nBe aware if someone close to you has your personal information."
User (squats4months): "Hey everyone, im just looking for advice. I have never had business with calital one but about 10 minutes ago they put a hard check on my credit and dipped me 15 points.\n\nI did not submit this, what does this mean? Is someone trying to take a credit card out under my name?" Self: "A hard inquiry is generally done in response to an application for an account or credit, so if you really did not trigger this, it certainly sounds like it could be identity theft. First off, contact Capital One and see if they can tell you why they did the pull, and if it was for a credit application, tell them it's fraud and ask to be transferred to their fraud department.\n\nNext, freeze your credit reports with [Transunion](https://www.transunion.com/credit-freeze), [Equifax](https://www.equifax.com/personal/credit-report-services/), [Experian](https://www.experian.com/freeze/center.html), [Innovis](https://www.innovis.com/securityFreeze/index), and [Chexsystems](https://www.chexsystems.com/web/chexsystems/consumerdebit/page/securityfreeze/placefreeze/) That should cover just about all the bases to prevent whoever has your information from opening accounts or getting credit in your name. \n\nThen contact your local police department non-emergency number and ask to file a police report. They may have a way to do it online, you may be advised to visit the police station, or they may offer to send an officer to meet you. You don't have much information, of course, so they really won't be able to do anything as far as an investigation goes, but it might be important to have this on record if you have to fight with Capital One or otherwise show that your identity was stolen."
User (japrile218): "My grandfather just got someone's auto loan policy in the mail yesterday. The signer on the policy has the same first name and it has my grandpa's address on it. I'm not sure if that is a sign of ID theft, but he is going down to the dealership tomorrow.\nImportant additional info: He just bought a truck at this dealership, but he already has his loan terms and it's for a different model and loan amount." Self: "You may find these links helpful:\n\n- [Identity Theft Guide](/r/personalfinance/wiki/identity_theft)\n- [Credit-related wiki pages](/r/personalfinance/wiki/index#wiki_credit)\n\nI am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns."
User (japrile218): "My grandfather just got someone's auto loan policy in the mail yesterday. The signer on the policy has the same first name and it has my grandpa's address on it. I'm not sure if that is a sign of ID theft, but he is going down to the dealership tomorrow.\nImportant additional info: He just bought a truck at this dealership, but he already has his loan terms and it's for a different model and loan amount." Self: "If just the first name is the same it is more likely the dealership messed up the address. No reason to go down and waste time, he should just call them and in the future if the name on a letter isn’t his just mark it return to sender, no such person at this address instead of opening it" User (japrile218): "Okay that's a relief. He's pretty old school so he's going to hand deliver it back to them, but I appreciate the info."
User (tempskawt): "Hey PF!\n\nI bank through NFCU, and they have this promo going on for people to Direct Deposit their paychecks into their Checking Account versus their Savings. It's a sweepstakes with multiple $1K prizes and one massive $30K prize. If it doesn't result in me receiving spam emails or massively inconveniencing me, I like to throw my name into sweepstakes since I've managed to win quite a few over the last decade or so.\n\nFor no particular reason, I've always DD'd into Savings, but I figure I'll switch my military pay into Checking since I'm only a reservist and my paychecks for that are less than $300 usually.\n\nI'm just wondering why a financial institution would incentivize this. Is it because checking offers lower interest rates, so they stand to profit on it?" Self: "I’ve heard of things like this. Because it encourages ppl to sign up with credit unions in addition to encouraging smart money management."
User (tempskawt): "Hey PF!\n\nI bank through NFCU, and they have this promo going on for people to Direct Deposit their paychecks into their Checking Account versus their Savings. It's a sweepstakes with multiple $1K prizes and one massive $30K prize. If it doesn't result in me receiving spam emails or massively inconveniencing me, I like to throw my name into sweepstakes since I've managed to win quite a few over the last decade or so.\n\nFor no particular reason, I've always DD'd into Savings, but I figure I'll switch my military pay into Checking since I'm only a reservist and my paychecks for that are less than $300 usually.\n\nI'm just wondering why a financial institution would incentivize this. Is it because checking offers lower interest rates, so they stand to profit on it?" Self: "From their website - looks more like a promo for adding DD to checking accounts, not for switching. I'm guessing they are looking for people who don't currently do DD of their paycheck into NFCU (bank elsewhere), rather than wanting to switch folks from savings to checking.\n\nTalk to them - you could set up automatic transfer from checking to savings, so shouldn't be too much of a problem for you, and you may win...\n\nBest wishes.\n"
User (tempskawt): "Hey PF!\n\nI bank through NFCU, and they have this promo going on for people to Direct Deposit their paychecks into their Checking Account versus their Savings. It's a sweepstakes with multiple $1K prizes and one massive $30K prize. If it doesn't result in me receiving spam emails or massively inconveniencing me, I like to throw my name into sweepstakes since I've managed to win quite a few over the last decade or so.\n\nFor no particular reason, I've always DD'd into Savings, but I figure I'll switch my military pay into Checking since I'm only a reservist and my paychecks for that are less than $300 usually.\n\nI'm just wondering why a financial institution would incentivize this. Is it because checking offers lower interest rates, so they stand to profit on it?" Self: "Your bank loans money that is deposited there. What a bank can do with all the money deposited in checking accounts is different to what they can do with all the money in savings accounts. I imagine money in checking accounts have smaller protections and is more profitable overall (but i dont know for sure)."
User (tempskawt): "Hey PF!\n\nI bank through NFCU, and they have this promo going on for people to Direct Deposit their paychecks into their Checking Account versus their Savings. It's a sweepstakes with multiple $1K prizes and one massive $30K prize. If it doesn't result in me receiving spam emails or massively inconveniencing me, I like to throw my name into sweepstakes since I've managed to win quite a few over the last decade or so.\n\nFor no particular reason, I've always DD'd into Savings, but I figure I'll switch my military pay into Checking since I'm only a reservist and my paychecks for that are less than $300 usually.\n\nI'm just wondering why a financial institution would incentivize this. Is it because checking offers lower interest rates, so they stand to profit on it?" Self: "Your CU wants to make sure they are your primary checking account. Some people will use a bank for their checking and also have a CU account for benefits like better car loan rates. If the CU can get the larger direct deposit transactions like paychecks, they end up holding more of your money."
User (tempskawt): "Hey PF!\n\nI bank through NFCU, and they have this promo going on for people to Direct Deposit their paychecks into their Checking Account versus their Savings. It's a sweepstakes with multiple $1K prizes and one massive $30K prize. If it doesn't result in me receiving spam emails or massively inconveniencing me, I like to throw my name into sweepstakes since I've managed to win quite a few over the last decade or so.\n\nFor no particular reason, I've always DD'd into Savings, but I figure I'll switch my military pay into Checking since I'm only a reservist and my paychecks for that are less than $300 usually.\n\nI'm just wondering why a financial institution would incentivize this. Is it because checking offers lower interest rates, so they stand to profit on it?" Self: "Tbh, I don't particularly care "why" they are giving it away as much as it's just being given away. If you already manage your money well it isn't much concern to have a DD set up. You can always instantly transfer to savings instantly if it's your preference anyhow."
User (tempskawt): "Hey PF!\n\nI bank through NFCU, and they have this promo going on for people to Direct Deposit their paychecks into their Checking Account versus their Savings. It's a sweepstakes with multiple $1K prizes and one massive $30K prize. If it doesn't result in me receiving spam emails or massively inconveniencing me, I like to throw my name into sweepstakes since I've managed to win quite a few over the last decade or so.\n\nFor no particular reason, I've always DD'd into Savings, but I figure I'll switch my military pay into Checking since I'm only a reservist and my paychecks for that are less than $300 usually.\n\nI'm just wondering why a financial institution would incentivize this. Is it because checking offers lower interest rates, so they stand to profit on it?" Self: "It could be they are looking for people to become more sticky with the credit union. The way that a lot figure that they would become stickier would be having direct deposit going to them. You are far more unlikely to switch your primary financial institution once you setup your direct deposit. \n\nThey could also have board goals to increase active checking which sometimes could mean a direct deposit. There are a lot of reasons why they could want this. "
User (RIPmylife12): "So what's basically happened is that i lost my job and couldn't maintain my apartment in which i got evicted. My parents offered to house me for a short period of time if i allowed them control over my finances and i thought good on them and accepted it. Now, these are the same parents who charged me for stuff i broke as a KID when i got my first job. Supposedly i owed them near 3k dollars for the cost of raising me and damages i caused growing up. Now, they had me sign an agreement for the control of my finances and that i basically do as they say. They weren't very specific and i trusted them and signed the thing. Now as a result they charge me 600 in rent every month for a single small bedroom in which i can not even have anything other then clothes and a bed in according to their rules. I am only making minimum wage and i barely make 800 a month and my dad takes 600-700 out of that paycheck to pay "Rent" and my "Past debt". I trusted him and didn't argue because the goal was to have me back out on my own in three months so i wasn't too worried and i was just going to endure it. At this point i have been here for 7 months and i have no access to any of my money. I bank through USAA so there are no physical branches i can go to and withdraw my own money from. I feel completely taken advantage of and i even brought that up to him several times in which he argued and refereed me to the agreement stating that he can kick me out if i don't follow his agreement and sends me out of the house if he doesn't want to see me. I feel completely disrespected and taken advantage of, yet i see no way out myself without the result of being homeless. I have considered opening a second account and routing half my money from two or three checks to that account and using it to secure an apartment for myself and convincing him there was a mistake at work and they plan to fix it. Right now i went over it myself and i have made no progress in 7 months to getting out of this situation. Is there some sort of legal action i can take against this or something to at least get out? I don't think i have a way out of this without regretfully ruining my relationship with my parents.\n\nEdit\\\*Recently they have also added accounts from American Furniture warehouse to my credit and i show an extra 5k in debt in which they blew off and said that it would only help me. Is this even legal? I'm far from pleased with this yet arguing that fact could have me homeless. " Self: "You need to get a copy of what you signed. "
User (RIPmylife12): "So what's basically happened is that i lost my job and couldn't maintain my apartment in which i got evicted. My parents offered to house me for a short period of time if i allowed them control over my finances and i thought good on them and accepted it. Now, these are the same parents who charged me for stuff i broke as a KID when i got my first job. Supposedly i owed them near 3k dollars for the cost of raising me and damages i caused growing up. Now, they had me sign an agreement for the control of my finances and that i basically do as they say. They weren't very specific and i trusted them and signed the thing. Now as a result they charge me 600 in rent every month for a single small bedroom in which i can not even have anything other then clothes and a bed in according to their rules. I am only making minimum wage and i barely make 800 a month and my dad takes 600-700 out of that paycheck to pay "Rent" and my "Past debt". I trusted him and didn't argue because the goal was to have me back out on my own in three months so i wasn't too worried and i was just going to endure it. At this point i have been here for 7 months and i have no access to any of my money. I bank through USAA so there are no physical branches i can go to and withdraw my own money from. I feel completely taken advantage of and i even brought that up to him several times in which he argued and refereed me to the agreement stating that he can kick me out if i don't follow his agreement and sends me out of the house if he doesn't want to see me. I feel completely disrespected and taken advantage of, yet i see no way out myself without the result of being homeless. I have considered opening a second account and routing half my money from two or three checks to that account and using it to secure an apartment for myself and convincing him there was a mistake at work and they plan to fix it. Right now i went over it myself and i have made no progress in 7 months to getting out of this situation. Is there some sort of legal action i can take against this or something to at least get out? I don't think i have a way out of this without regretfully ruining my relationship with my parents.\n\nEdit\\\*Recently they have also added accounts from American Furniture warehouse to my credit and i show an extra 5k in debt in which they blew off and said that it would only help me. Is this even legal? I'm far from pleased with this yet arguing that fact could have me homeless. " Self: "Sorry you are going through this, Your parents sound petty, You seem less like a child of theirs and more like an easy paycheck. I don't think signing a paper they drafted offically gives them rights to your accts. I'm no lawyer though..." SmittyManJensen_ (SmittyManJensen_): "Depending on what he signed, it absolutely can. " Self: "Ok I didn't know it can work like that, always tought it had to be through the bank for acct control. Sucky situation, I hope OP's situation improves!"
User (RIPmylife12): "So what's basically happened is that i lost my job and couldn't maintain my apartment in which i got evicted. My parents offered to house me for a short period of time if i allowed them control over my finances and i thought good on them and accepted it. Now, these are the same parents who charged me for stuff i broke as a KID when i got my first job. Supposedly i owed them near 3k dollars for the cost of raising me and damages i caused growing up. Now, they had me sign an agreement for the control of my finances and that i basically do as they say. They weren't very specific and i trusted them and signed the thing. Now as a result they charge me 600 in rent every month for a single small bedroom in which i can not even have anything other then clothes and a bed in according to their rules. I am only making minimum wage and i barely make 800 a month and my dad takes 600-700 out of that paycheck to pay "Rent" and my "Past debt". I trusted him and didn't argue because the goal was to have me back out on my own in three months so i wasn't too worried and i was just going to endure it. At this point i have been here for 7 months and i have no access to any of my money. I bank through USAA so there are no physical branches i can go to and withdraw my own money from. I feel completely taken advantage of and i even brought that up to him several times in which he argued and refereed me to the agreement stating that he can kick me out if i don't follow his agreement and sends me out of the house if he doesn't want to see me. I feel completely disrespected and taken advantage of, yet i see no way out myself without the result of being homeless. I have considered opening a second account and routing half my money from two or three checks to that account and using it to secure an apartment for myself and convincing him there was a mistake at work and they plan to fix it. Right now i went over it myself and i have made no progress in 7 months to getting out of this situation. Is there some sort of legal action i can take against this or something to at least get out? I don't think i have a way out of this without regretfully ruining my relationship with my parents.\n\nEdit\\\Recently they have also added accounts from American Furniture warehouse to my credit and i show an extra 5k in debt in which they blew off and said that it would only help me. Is this even legal? I'm far from pleased with this yet arguing that fact could have me homeless. " Self: "Sounds like they're the ones ruining things.\n\nIf you're renting the room, you can have your things in it, unless that's explicitly stated in the contract, they can't dictate what you own aside from whether or not it's illegal. \n\nYou know what, why don't you post the contract. Or have someone who knows a bit about contracts review it. You were provided with a copy, right?\n\nThere are a lot of things potentially wrong here, get legal advice somehow, you're possibly being taken advantage of in some way. Get a better-paying job, too, that's pretty critical."
User (RIPmylife12): "So what's basically happened is that i lost my job and couldn't maintain my apartment in which i got evicted. My parents offered to house me for a short period of time if i allowed them control over my finances and i thought good on them and accepted it. Now, these are the same parents who charged me for stuff i broke as a KID when i got my first job. Supposedly i owed them near 3k dollars for the cost of raising me and damages i caused growing up. Now, they had me sign an agreement for the control of my finances and that i basically do as they say. They weren't very specific and i trusted them and signed the thing. Now as a result they charge me 600 in rent every month for a single small bedroom in which i can not even have anything other then clothes and a bed in according to their rules. I am only making minimum wage and i barely make 800 a month and my dad takes 600-700 out of that paycheck to pay "Rent" and my "Past debt". I trusted him and didn't argue because the goal was to have me back out on my own in three months so i wasn't too worried and i was just going to endure it. At this point i have been here for 7 months and i have no access to any of my money. I bank through USAA so there are no physical branches i can go to and withdraw my own money from. I feel completely taken advantage of and i even brought that up to him several times in which he argued and refereed me to the agreement stating that he can kick me out if i don't follow his agreement and sends me out of the house if he doesn't want to see me. I feel completely disrespected and taken advantage of, yet i see no way out myself without the result of being homeless. I have considered opening a second account and routing half my money from two or three checks to that account and using it to secure an apartment for myself and convincing him there was a mistake at work and they plan to fix it. Right now i went over it myself and i have made no progress in 7 months to getting out of this situation. Is there some sort of legal action i can take against this or something to at least get out? I don't think i have a way out of this without regretfully ruining my relationship with my parents.\n\nEdit\\\Recently they have also added accounts from American Furniture warehouse to my credit and i show an extra 5k in debt in which they blew off and said that it would only help me. Is this even legal? I'm far from pleased with this yet arguing that fact could have me homeless. " Self: "Pretty rough! In not sure what's going in to be honest. \n\nOne possibility however is that they're trying to "make" you a responsible person. Now, whether you earned that position or not I wouldn't know. But one thing I could infer from the little detail you gave me is that 7 months into a job you're still making minimum wage. Perhaps they're trying to force you to do something different?\n\nWhat do you think is going in in their heads? Maybe that's a conversation you could try to have with them.\n\nOf course, another possibility is that they are in some way overreaching or cruel. I just don't know. \n\nThat said, if I were in your shoes I'd do everything I could financially to resolve my situation. Might mean multiple jobs or looking for a better paying job. " User (RIPmylife12): "I appreciate your response and i like how you were logical about your approach. They like to verbally remind that i'm irresponsible in their eyes and can't handle myself. I have worked the job for 7 months yes as well as I make minimum wage and have been granted a promotion. I have yet to start that so my pay has yet to change, i was making near 30/hr before this and i needed a job asap so i took a basic job at a local dealership. Now, as for the responsibility part i am more then capable of taking care of myself. I paid 485/month in rent at a very nice complex and had a great relationship with my landlord prior to this. Making me responsible seems less of what's going on from my perspective. Unfortunately, my financial situation is more or less my biggest issue and resolving it is rather complicated. I fully agree however with the multiple jobs or a better job. I've tried to search for a better job and he has control of my email as well. Which caused me to be woken up one morning at 3am on a work day to get verbally assaulted because i had a steady job and i shouldn't be looking for another job. I have also attempted multiple jobs and unfortunately my current boss wasn't willing to work with me on that." whotakesallmynames (whotakesallmynames): "Has control of your email? How? Why? This is so baffling. Get a different email address. \n\nWhat are the terms of this contract? A landlord has to have a good reason for evicting someone. \n\nThere are so many issues here, I have so many questions.\n\nyou don't actually have to answer them all, just trying to put a bug in your ear"
User (RIPmylife12): "So what's basically happened is that i lost my job and couldn't maintain my apartment in which i got evicted. My parents offered to house me for a short period of time if i allowed them control over my finances and i thought good on them and accepted it. Now, these are the same parents who charged me for stuff i broke as a KID when i got my first job. Supposedly i owed them near 3k dollars for the cost of raising me and damages i caused growing up. Now, they had me sign an agreement for the control of my finances and that i basically do as they say. They weren't very specific and i trusted them and signed the thing. Now as a result they charge me 600 in rent every month for a single small bedroom in which i can not even have anything other then clothes and a bed in according to their rules. I am only making minimum wage and i barely make 800 a month and my dad takes 600-700 out of that paycheck to pay "Rent" and my "Past debt". I trusted him and didn't argue because the goal was to have me back out on my own in three months so i wasn't too worried and i was just going to endure it. At this point i have been here for 7 months and i have no access to any of my money. I bank through USAA so there are no physical branches i can go to and withdraw my own money from. I feel completely taken advantage of and i even brought that up to him several times in which he argued and refereed me to the agreement stating that he can kick me out if i don't follow his agreement and sends me out of the house if he doesn't want to see me. I feel completely disrespected and taken advantage of, yet i see no way out myself without the result of being homeless. I have considered opening a second account and routing half my money from two or three checks to that account and using it to secure an apartment for myself and convincing him there was a mistake at work and they plan to fix it. Right now i went over it myself and i have made no progress in 7 months to getting out of this situation. Is there some sort of legal action i can take against this or something to at least get out? I don't think i have a way out of this without regretfully ruining my relationship with my parents.\n\nEdit\\\*Recently they have also added accounts from American Furniture warehouse to my credit and i show an extra 5k in debt in which they blew off and said that it would only help me. Is this even legal? I'm far from pleased with this yet arguing that fact could have me homeless. " Self: "A good start would probably be a second job and another bank account that they aren’t aware of. Begin saving up and get ready to move out and cut ties with them. \n\nIf you’re making $800/month minimum wage it sounds like you’re working part time. \n\nA great entry level career would be with a company called Fastenal. They’re everywhere and always hiring, they have a promoter from within culture so you start part time at $10/hr and could be working full time making $40,000 a year in 1-2 years if you prove yourself. " User (RIPmylife12): "I do like that idea though, that would probably work much better then trying to open a second account and splitting my income from this job."
User (RIPmylife12): "So what's basically happened is that i lost my job and couldn't maintain my apartment in which i got evicted. My parents offered to house me for a short period of time if i allowed them control over my finances and i thought good on them and accepted it. Now, these are the same parents who charged me for stuff i broke as a KID when i got my first job. Supposedly i owed them near 3k dollars for the cost of raising me and damages i caused growing up. Now, they had me sign an agreement for the control of my finances and that i basically do as they say. They weren't very specific and i trusted them and signed the thing. Now as a result they charge me 600 in rent every month for a single small bedroom in which i can not even have anything other then clothes and a bed in according to their rules. I am only making minimum wage and i barely make 800 a month and my dad takes 600-700 out of that paycheck to pay "Rent" and my "Past debt". I trusted him and didn't argue because the goal was to have me back out on my own in three months so i wasn't too worried and i was just going to endure it. At this point i have been here for 7 months and i have no access to any of my money. I bank through USAA so there are no physical branches i can go to and withdraw my own money from. I feel completely taken advantage of and i even brought that up to him several times in which he argued and refereed me to the agreement stating that he can kick me out if i don't follow his agreement and sends me out of the house if he doesn't want to see me. I feel completely disrespected and taken advantage of, yet i see no way out myself without the result of being homeless. I have considered opening a second account and routing half my money from two or three checks to that account and using it to secure an apartment for myself and convincing him there was a mistake at work and they plan to fix it. Right now i went over it myself and i have made no progress in 7 months to getting out of this situation. Is there some sort of legal action i can take against this or something to at least get out? I don't think i have a way out of this without regretfully ruining my relationship with my parents.\n\nEdit\\\*Recently they have also added accounts from American Furniture warehouse to my credit and i show an extra 5k in debt in which they blew off and said that it would only help me. Is this even legal? I'm far from pleased with this yet arguing that fact could have me homeless. " Self: "You know what you need to do. They clearly arent looking out for your best interests. How old are you? This all just sounds so crazy and so toxic. You should take advantage of a free consultation with an attorney. Are their names on your USAA accounts? You can withdraw money from any ATM when you bank with USAA and theyll reimburse the fees as well. Maybe open another account and route your paycheck to the new account like you said. " whotakesallmynames (whotakesallmynames): "Tbf we only know one side of the story. While it sounds to me like op is most likely being taken advantage of, it could also be that op isn't telling it like it really is and they've been an irresponsible little shit and their parents are trying desperately to save them. Probably some combination of the two.." User (RIPmylife12): "Refer to my response to snarsophagus. It will answer this for you. "
User (RIPmylife12): "So what's basically happened is that i lost my job and couldn't maintain my apartment in which i got evicted. My parents offered to house me for a short period of time if i allowed them control over my finances and i thought good on them and accepted it. Now, these are the same parents who charged me for stuff i broke as a KID when i got my first job. Supposedly i owed them near 3k dollars for the cost of raising me and damages i caused growing up. Now, they had me sign an agreement for the control of my finances and that i basically do as they say. They weren't very specific and i trusted them and signed the thing. Now as a result they charge me 600 in rent every month for a single small bedroom in which i can not even have anything other then clothes and a bed in according to their rules. I am only making minimum wage and i barely make 800 a month and my dad takes 600-700 out of that paycheck to pay "Rent" and my "Past debt". I trusted him and didn't argue because the goal was to have me back out on my own in three months so i wasn't too worried and i was just going to endure it. At this point i have been here for 7 months and i have no access to any of my money. I bank through USAA so there are no physical branches i can go to and withdraw my own money from. I feel completely taken advantage of and i even brought that up to him several times in which he argued and refereed me to the agreement stating that he can kick me out if i don't follow his agreement and sends me out of the house if he doesn't want to see me. I feel completely disrespected and taken advantage of, yet i see no way out myself without the result of being homeless. I have considered opening a second account and routing half my money from two or three checks to that account and using it to secure an apartment for myself and convincing him there was a mistake at work and they plan to fix it. Right now i went over it myself and i have made no progress in 7 months to getting out of this situation. Is there some sort of legal action i can take against this or something to at least get out? I don't think i have a way out of this without regretfully ruining my relationship with my parents.\n\nEdit\\\*Recently they have also added accounts from American Furniture warehouse to my credit and i show an extra 5k in debt in which they blew off and said that it would only help me. Is this even legal? I'm far from pleased with this yet arguing that fact could have me homeless. " Self: "Without hearing them out, I can't say they are not trying to help you. If they use your name for American furniture , but not asking you to pay. They might be helping you build credit. And those $600 rent, unless you know they are spending it, they might be saving for you. " User (RIPmylife12): "My credit is already built, i have a score of 740 right now. That wasn't with their help though. My dad refused to co sign anything so needing my account just seems off. I mentioned in a comment earlier that they are spending the money and i have witnessed it. Thank you for taking all sides into account though. I appreciate your response. "
User (RIPmylife12): "So what's basically happened is that i lost my job and couldn't maintain my apartment in which i got evicted. My parents offered to house me for a short period of time if i allowed them control over my finances and i thought good on them and accepted it. Now, these are the same parents who charged me for stuff i broke as a KID when i got my first job. Supposedly i owed them near 3k dollars for the cost of raising me and damages i caused growing up. Now, they had me sign an agreement for the control of my finances and that i basically do as they say. They weren't very specific and i trusted them and signed the thing. Now as a result they charge me 600 in rent every month for a single small bedroom in which i can not even have anything other then clothes and a bed in according to their rules. I am only making minimum wage and i barely make 800 a month and my dad takes 600-700 out of that paycheck to pay "Rent" and my "Past debt". I trusted him and didn't argue because the goal was to have me back out on my own in three months so i wasn't too worried and i was just going to endure it. At this point i have been here for 7 months and i have no access to any of my money. I bank through USAA so there are no physical branches i can go to and withdraw my own money from. I feel completely taken advantage of and i even brought that up to him several times in which he argued and refereed me to the agreement stating that he can kick me out if i don't follow his agreement and sends me out of the house if he doesn't want to see me. I feel completely disrespected and taken advantage of, yet i see no way out myself without the result of being homeless. I have considered opening a second account and routing half my money from two or three checks to that account and using it to secure an apartment for myself and convincing him there was a mistake at work and they plan to fix it. Right now i went over it myself and i have made no progress in 7 months to getting out of this situation. Is there some sort of legal action i can take against this or something to at least get out? I don't think i have a way out of this without regretfully ruining my relationship with my parents.\n\nEdit\\\*Recently they have also added accounts from American Furniture warehouse to my credit and i show an extra 5k in debt in which they blew off and said that it would only help me. Is this even legal? I'm far from pleased with this yet arguing that fact could have me homeless. " Self: "Go to a different bank and open a new account. Change your direct deposit into that account. Congrats, you’re free.\n\nNow decide if you want to keep paying the $600 a month for a room (which you can pay in cash!) or figure out a place to stay while you get on your feet. You’re in a ridiculous position right now. \n\nPlease understand you are an adult and they cannot control you. Let them take their little paper and sue you- they’ll get laughed out of court. \n\nETA After you get your new bank account, freeze your credit with all 3 bureaus. It’s free and will keep them from opening new accounts in your name. Consider getting a 2nd job as well to keep you out of the house and earn more $$."
User (RIPmylife12): "So what's basically happened is that i lost my job and couldn't maintain my apartment in which i got evicted. My parents offered to house me for a short period of time if i allowed them control over my finances and i thought good on them and accepted it. Now, these are the same parents who charged me for stuff i broke as a KID when i got my first job. Supposedly i owed them near 3k dollars for the cost of raising me and damages i caused growing up. Now, they had me sign an agreement for the control of my finances and that i basically do as they say. They weren't very specific and i trusted them and signed the thing. Now as a result they charge me 600 in rent every month for a single small bedroom in which i can not even have anything other then clothes and a bed in according to their rules. I am only making minimum wage and i barely make 800 a month and my dad takes 600-700 out of that paycheck to pay "Rent" and my "Past debt". I trusted him and didn't argue because the goal was to have me back out on my own in three months so i wasn't too worried and i was just going to endure it. At this point i have been here for 7 months and i have no access to any of my money. I bank through USAA so there are no physical branches i can go to and withdraw my own money from. I feel completely taken advantage of and i even brought that up to him several times in which he argued and refereed me to the agreement stating that he can kick me out if i don't follow his agreement and sends me out of the house if he doesn't want to see me. I feel completely disrespected and taken advantage of, yet i see no way out myself without the result of being homeless. I have considered opening a second account and routing half my money from two or three checks to that account and using it to secure an apartment for myself and convincing him there was a mistake at work and they plan to fix it. Right now i went over it myself and i have made no progress in 7 months to getting out of this situation. Is there some sort of legal action i can take against this or something to at least get out? I don't think i have a way out of this without regretfully ruining my relationship with my parents.\n\nEdit\\\*Recently they have also added accounts from American Furniture warehouse to my credit and i show an extra 5k in debt in which they blew off and said that it would only help me. Is this even legal? I'm far from pleased with this yet arguing that fact could have me homeless. " Self: "Lots of stuff here.\n\n>Supposedly i owed them near 3k dollars for the cost of raising me and damages i caused growing up.\n\nSpecial place in hell for your parents.\n\n> i have no access to any of my money\n\nGo to your bank and open a new account. Get your wages directly deposited to this account. \n\n>ends me out of the house if he doesn't want to see me. \n\nYou need to move in temporarily with a friend or other family member.\n\n>they have also added accounts from American Furniture warehouse\n\nGo to the police station and file a police report. They committed fraud.\n\nGood luck.\n\n" User (RIPmylife12): "Thank you for your help, the only problem i have with this is my dad is the only one with income in the household and my little brother is still reliant on him as well as my mother. I get i have to help myself, my brother doesn't deserve that though and i don't think i would have the means to take care of him if my dad went to jail." indecisiverobot (indecisiverobot): "Honestly, the risk is they pull the same shit to your little brother that they are doing to you. Is it possible for you to get another job, get your own place, then put in a police report and possibly get custody of your brother?"
User (RIPmylife12): "So what's basically happened is that i lost my job and couldn't maintain my apartment in which i got evicted. My parents offered to house me for a short period of time if i allowed them control over my finances and i thought good on them and accepted it. Now, these are the same parents who charged me for stuff i broke as a KID when i got my first job. Supposedly i owed them near 3k dollars for the cost of raising me and damages i caused growing up. Now, they had me sign an agreement for the control of my finances and that i basically do as they say. They weren't very specific and i trusted them and signed the thing. Now as a result they charge me 600 in rent every month for a single small bedroom in which i can not even have anything other then clothes and a bed in according to their rules. I am only making minimum wage and i barely make 800 a month and my dad takes 600-700 out of that paycheck to pay "Rent" and my "Past debt". I trusted him and didn't argue because the goal was to have me back out on my own in three months so i wasn't too worried and i was just going to endure it. At this point i have been here for 7 months and i have no access to any of my money. I bank through USAA so there are no physical branches i can go to and withdraw my own money from. I feel completely taken advantage of and i even brought that up to him several times in which he argued and refereed me to the agreement stating that he can kick me out if i don't follow his agreement and sends me out of the house if he doesn't want to see me. I feel completely disrespected and taken advantage of, yet i see no way out myself without the result of being homeless. I have considered opening a second account and routing half my money from two or three checks to that account and using it to secure an apartment for myself and convincing him there was a mistake at work and they plan to fix it. Right now i went over it myself and i have made no progress in 7 months to getting out of this situation. Is there some sort of legal action i can take against this or something to at least get out? I don't think i have a way out of this without regretfully ruining my relationship with my parents.\n\nEdit\\\*Recently they have also added accounts from American Furniture warehouse to my credit and i show an extra 5k in debt in which they blew off and said that it would only help me. Is this even legal? I'm far from pleased with this yet arguing that fact could have me homeless. " Self: "Lots of stuff here.\n\n>Supposedly i owed them near 3k dollars for the cost of raising me and damages i caused growing up.\n\nSpecial place in hell for your parents.\n\n> i have no access to any of my money\n\nGo to your bank and open a new account. Get your wages directly deposited to this account. \n\n>ends me out of the house if he doesn't want to see me. \n\nYou need to move in temporarily with a friend or other family member.\n\n>they have also added accounts from American Furniture warehouse\n\nGo to the police station and file a police report. They committed fraud.\n\nGood luck.\n\n" User (RIPmylife12): "Thank you for your help, the only problem i have with this is my dad is the only one with income in the household and my little brother is still reliant on him as well as my mother. I get i have to help myself, my brother doesn't deserve that though and i don't think i would have the means to take care of him if my dad went to jail." contestedhuman (contestedhuman): "You should freeze your brothers credit for him."

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