NT: Official Personal Finances Thread

[Nujavez]

Gov't job I had vesting period was 10 years for their pension.

Mines is at 5 years. I'll be in on my 5th year this year...

 

[mplsdunk]

my vesting is 5 into my pension. They just bumped it to 10 but I’m grandfathered at 5. Once I’m vested I’m switching unions to one with a better pension.

I never heard of vesting a 401k that’s super trash.

my job doesn’t provide anything but a pension but I got a Roth 500 through my credit union.

 

[antidope]

I've mentioned it before but my main advice to anyone who's beginning to invest is ALWAYS to implement a Core satellite approach and the bulk of your equity allocation should be an index fund preferably the S&P 500.

Also Also Emotion is powerful. Not a lot of people stayed in the market during the last two major downturns which never works out IMO

 

[canifly34]

First time posting in here(I believe). Need a little advice. Recently paid off student loans. Taking care of my wedding as well as a down payment/closing costs on a house this year god willing. After all of that I’ll still have more than enough for a 6-7 month emergency fund. Now when all the dust settles from that I’m looking to invest in SOMETHING like either rental property or some type of vanguard stock. I’m 28, working in banking and have a 401k to give you some background. What would some of you do in this situation to expand your money?

 

[antidope]

First time posting in here(I believe). Need a little advice. Recently paid off student loans. Taking care of my wedding as well as a down payment/closing costs on a house this year god willing. After all of that I’ll still have more than enough for a 6-7 month emergency fund. Now when all the dust settles from that I’m looking to invest in SOMETHING like either rental property or some type of vanguard stock. I’m 28, working in banking and have a 401k to give you some background. What would some of you do in this situation to expand your money?

Do you max your 401k? If not start there.

 

[Chopper]

I agree with antidope . I'd max that out at $19.5k and also try and max a Roth IRA (about $6k).

From there I'd open a regular equities/stock account with Ameritrade/Etrade/Etc and start doing weekly transfers from your checking to your equities account. You can then either buy index funds like IVV (tracks S&P 500 with very low fees) or individual stocks.

 

[antidope]

Exactly what he said. I don't invest a single taxable dollar until I do my tax exempt stuff.

 

[6 Rings G.O.A.T.]

Just listened a couple episodes of the Popcorn Finance podcast and someone asked him a question I thought was interesting. They asked him how many bank accounts he has, and he said somewhere between 10-15. So I pose the question to the thread:

How many bank accounts do you guys have?

I'm starting to see why they're having so many bank accounts..

 

[pdino]

Mortgage interest rates at/nearing HISTORIC lows. Fed expected to lower rate again at the mid-march meeting. I'm refinancing everything, could be lowest we see in our lifetime or until next recession at least.

 

[solewoman]

Mortgage interest rates at/nearing HISTORIC lows. Fed expected to lower rate again at the mid-march meeting. I'm refinancing everything, could be lowest we see in our lifetime or until next recession at least.

Smh just got 3 and a quarter and have to wait until the summer to refinance. Might seek out another lender for my student loans though.

 

[antidope]

Been telling my family and friends The same thing. I have no debt at present but I'm like half-way house shopping so I've been pretty mindful of the rate environment.

 

[pdino]

Smh just got 3 and a quarter and have to wait until the summer to refinance. Might seek out another lender for my student loans though.

Your timing might still be good. If they announce rate cuts this meeting, will take some time for it to go into effect. Many "analysts" are of the belief additional .25% September if market remains volatile (coronavirus, stock market etc.).
I'm submitting all my documentation and telling em' to wait on it.

Edit : 0.5% emergency cut today. If you wanted to wait for the best rates.. This is it

 

[antidope]

Anyone here an expert on W4s? I'm trying to position mine in a way where I end up with zero expected refund. I followed the new IRS calculator and submitted a new one but unsure if I'm 100% on the money with what I put.

 

[htg designs]

Man, I need the "for dummies" version of this thread

 

[antidope]

Anyone here an expert on W4s? I'm trying to position mine in a way where I end up with zero expected refund. I followed the new IRS calculator and submitted a new one but unsure if I'm 100% on the money with what I put.

Bump for this. I tried to do mine on my own and I ended up getting LESS money out of my check. Hate this new W4

 

[hoosier bad boy 11]

Has anyone sent the letters to creditors and lenders before? I have to dispute some stuff that was opened without my permission.

 

[antidope]

Has anyone sent the letters to creditors and lenders before? I have to dispute some stuff that was opened without my permission.

I'd ask this thread:

24 Looking to build Credit... What are some good tips on your first Credit Card

I'm starting late but this year i really want to start building my credit up however i don't have many friends who are exactly responsible with their credit and want to hear from some people in my age group what companies offer the best deals Won't be wise or legitimate in this era or economy...

niketalk.com

 

[crazy dav0]

Has anyone sent the letters to creditors and lenders before? I have to dispute some stuff that was opened without my permission.

you can call the big 3 directly or start an online application. had to go through it about 7 months back. it took 15 days which was fast for me.

 

[titang545]

Has anyone sent the letters to creditors and lenders before? I have to dispute some stuff that was opened without my permission.

I dispute everything online with the various agencies, it worked. However, my mother in law were just talking about this yesterday they are quick to put stuff on your credit report, but slow as MOFO to fix it. Also they don't adjust your scales correctly, my score should be higher as if the incorrect stuff was ever on their.

 

[$tatus $ymbol]

Anyone willing to share what they pay for life insurance? My application got approved, standard rate 20 year term 1mm for almost double what they originally quoted me. Wanna make sure I’m not getting ripped off.

 

[3900stabler]

I have some retirement questions I need some guidance on.

I have about $3k in consumer debt, $10k in student loans and $5k in business debt.

I just recently accepted an offer for a new job.

I can clear the cc debt by the time I finish training for the job.

Where should my focus be? Paying off debt or investing?

My student loan debt (4 remaining individual loans) interest rates average about 6%.

I want to invest some money into retirement to at least get the company match. No point in walking away from free money.

In addition to what's stated above I want to convert about $20k of 401k funds into a Roth IRA. My previous employer went through Fidelity for retirement services.

I know I have a lot of moving parts here. Just trying to be efficient with my money. I'm thinking (since I will only make about $24k this year) I may just go ahead and convert the 401k into the Roth IRA this year while I will be in a lower tax bracket. I can only imagine what that tax bill will be like.

I will be working in Tempe, AZ.

Any help is appreciated.

 

[antidope]

Anyone willing to share what they pay for life insurance? My application got approved, standard rate 20 year term 1mm for almost double what they originally quoted me. Wanna make sure I’m not getting ripped off.

Its all through my job so unsure if its really relevant pricing, but I pay $54 a month for $1.0MM of coverage. All my insurance is through my employer I have no supplemental insurance.

I have some retirement questions I need some guidance on.

I have about $3k in consumer debt, $10k in student loans and $5k in business debt.

I just recently accepted an offer for a new job.

I can clear the cc debt by the time I finish training for the job.

Where should my focus be? Paying off debt or investing?

My student loan debt (4 remaining individual loans) interest rates average about 6%.

I want to invest some money into retirement to at least get the company match. No point in walking away from free money.

In addition to what's stated above I want to convert about $20k of 401k funds into a Roth IRA. My previous employer went through Fidelity for retirement services.

I know I have a lot of moving parts here. Just trying to be efficient with my money. I'm thinking (since I will only make about $24k this year) I may just go ahead and convert the 401k into the Roth IRA this year while I will be in a lower tax bracket. I can only imagine what that tax bill will be like.

I will be working in Tempe, AZ.

Any help is appreciated.

I would pay all the debt off prior to investing. The returns of the market are variable, but the cost of debt is constant, that is how I feel about it personally. I didn't really start investing until I was debt-free and I don't regret the move.

I hear you about the Roth conversion piece, I just went through the same exercise regarding my traditional and thought the tax bill was too much for me to go through with the conversion. Have you done any sort of round math on what the tax impact of this would be? I would honestly just leave it as is and start a Roth. I just can't accept just giving up a portion of the appreciation to taxes, regardless of your tax rate just let it compound as is.

I have a traditional 401k and a Roth IRA and next year I plan to start contributing to the Roth 401k and not looking back.

 

[3900stabler]

Its all through my job so unsure if its really relevant pricing, but I pay $54 a month for $1.0MM of coverage. All my insurance is through my employer I have no supplemental insurance.


I would pay all the debt off prior to investing. The returns of the market are variable, but the cost of debt is constant, that is how I feel about it personally. I didn't really start investing until I was debt-free and I don't regret the move.

I hear you about the Roth conversion piece, I just went through the same exercise regarding my traditional and thought the tax bill was too much for me to go through with the conversion. Have you done any sort of round math on what the tax impact of this would be? I would honestly just leave it as is and start a Roth. I just can't accept just giving up a portion of the appreciation to taxes, regardless of your tax rate just let it compound as is.

I have a traditional 401k and a Roth IRA and next year I plan to start contributing to the Roth 401k and not looking back.

I will take your advice and pay off the debt first.

Which account should someone max out first? 401k or IRA?

I haven't seen a clear consensus about this. I figured why wouldn't someone max out there 401k (due to higher contribution limits) before opening a personal IRA.

 

[206to813]

I will take your advice and pay off the debt first.

Which account should someone max out first? 401k or IRA?

I haven't seen a clear consensus about this. I figured why wouldn't someone max out there 401k (due to higher contribution limits) before opening a personal IRA.

I think the rule of thumb is to contribute to your 401k up til the employee match, then max out your Roth IRA, then empty the clip to the 401k til the end of the year or the irs max

with the income you’re making I think you’ll prob be at step 1 until your income increases

Someone chime in if they agree/disagree

 

[antidope]

I think the rule of thumb is to contribute to your 401k up til the employee match, then max out your Roth IRA, then empty the clip to the 401k til the end of the year or the irs max

with the income you’re making I think you’ll prob be at step 1 until your income increases

Someone chime in if they agree/disagree

I personally max out the 401k first then work on my IRA after that but it's fairly income dependent. I agree with at the very least hitting the company match, the company match is the only guaranteed 100% return that exists.