#Business

Rent a room, house or try to buy with a friend?

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Rent a room, house or try to buy with a friend? I lived in a rental house for 10 years and kept asking the landlords if I could buy it. They always said no until the prices spiked in the last few years. Last spring they gave notice to vacate. Unfortunately I came at a very bad time for me. I had a few medical issues plus the worst year of my business in years. The good news is my emergency fu…

Reddit Personal Finance 546 2025-01-05

Can someone please explain backdoor Roth accounts like I’m 5?

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Can someone please explain backdoor Roth accounts like I’m 5? Household MAGI is over 240k. How does the backdoor Roth work? I understand why someone might want to do it (tax free growth and withdrawal), but I don’t understand how you actually do it. Some of my questions include: How much do you convert to Roth each year? What do you pay in taxes to do the conversion? What is this rule about traditional I…

Reddit Personal Finance 460 2025-01-05

What can I do to improve my financial situation in 2025 (26 yo)?

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What can I do to improve my financial situation in 2025 (26 yo)? I (26F) come from a low income household / background where I learned zero financial literacy until I was an adult learning myself. I’ve been working full time for about 4 years, my current situation is: Salary: $86,000 401k: $38,845 Roth IRA: $18,279 Emergency Fund: $5,000 My debts are my car ($29k) and my student loans ($27k). I have $0 credit…

Reddit Personal Finance 693 2025-01-05

Does life insurance ever make sense when you’re 79?

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Does life insurance ever make sense when you’re 79? Hi, I’m getting some pressure to make a decision, I want to make sure I’m not missing anything. I’m going to be approached with a “big ask” tomorrow related to the below situation, and I’m guessing it’s money that I do have but would rather spend on my own investments. the person in question is 79, an organ transfer patient due to liver cancer …

Reddit Personal Finance 481 2025-01-05

I need someone to explain how to start investing like I’m a child

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I need someone to explain how to start investing like I’m a child I’m in my twenties and want to start investing, I don’t have a lot of money to start investing with but my end goal is to become more financially stable eventually. Can anyone help me with some instructions? Advice? Books to read? Honestly just the whole thing lol. submitted by /u/Tinymushroom98

Reddit Personal Finance 609 2025-01-05

One income household no kids 41(f) & 40(m). Investment advice

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One income household no kids 41(f) & 40(m). Investment advice Like the title says married no kids on single income. The only debt we have is mortgage $289k remaining at 3.25% Annual salary is $180,000k w/15% target bonus. Have $84k in 401k in aggressive mixed fund. $20k in stock grants annually vesting every 6 months. Presently the grants are ~$110k and $25k will vest in Feb. My stock portfolio is a mix of…

Reddit Personal Finance 967 2025-01-05

60-day “loan” from an IRA: how does it work?

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60-day “loan” from an IRA: how does it work? I have read that it’s possible to withdraw funds from a traditional IRA without tax or penalty, as long as the funds are replaced within 60 days. IRS Website I have an unexpected short-term expense coming up, and I would like to use the funds in my IRA. I will be able to replace the funds into the same account within 60 days. It’s a Vanguard acc…

Reddit Personal Finance 609 2025-01-05

Financial literacy for dummies ?

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Financial literacy for dummies ? I’m 18 years old and starting uni this year. I have ZERO financial knowledge. ZERO. So can y’all tell me ways I can build that knowledge? Resources I can use and stuff. submitted by /u/CoffeeHeavy6725

Reddit Personal Finance 576 2025-01-05

Northwestern mutual financial advisor

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Northwestern mutual financial advisor My wife and I inherited money from her dad’s IRA…I had to be put into an account…We eneded up going with Northwestern mutual financial advisor….All our money got out into an investment account…bonds, funds and such….After 4 years, nothing really is growing, they set it to High investments and they keep telling us it’s not a good idea t…

Reddit Personal Finance 576 2025-01-04

I grew up poor and i dont want that to be the rest of my life, how to i grow my money?

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I grew up poor and i dont want that to be the rest of my life, how to i grow my money? For context, i am 18 years old and am living at home while I attend university. My university is being paid for by other relatives so I really have no expenses that are draining my account. I have about $4,000 saved up from working over summer and i want to use it responsibly. This semester i plan on working but I know that just working for the …

Reddit Personal Finance 408 2025-01-04

Confirming Kids can earn interest of $1,250 a year with no tax consequences for anyone

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Confirming Kids can earn interest of $1,250 a year with no tax consequences for anyone I just want to confirm with the community that at these good HYSA rates (assume 4%) and with a healthy emergency fund for the family, it makes sense to put $30K at 4% for 2025 into each of your children under 10yo’s account and let them each earn as close to but less than $1,250. That interest income will be reported by no one for tax purposes. …

Reddit Personal Finance 474 2025-01-04

Where to turn for Real World Personal Finance Guidance?

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Where to turn for Real World Personal Finance Guidance? I’m very lucky to have progressed as I have in my career. I’m in my mid 40s, married, two kids (16 and 14) and have a pretty solid salary ($295K). I max out my 401K and IRA through my employer, although I’m panicking about how much I should have squirreled away already. I also receive small stock equity grants annually and have been putting some…

Reddit Personal Finance 1.1k 2025-01-04

Jewelry as an investment

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Jewelry as an investment Are there good entry-level luxury jewelry brands or materials (e.g., platinum, diamond) good for investment? I (F in her 20s) want to get myself jewelry while getting my money’s worth. My budget is ~2K USD and design-wise I like something simple yet cute (e.g., Tiffany, Van Cleef). I’m not looking for a crazy return but just something that won’t…

Reddit Personal Finance 1.2k 2025-01-04

Company 401k Match Question

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Company 401k Match Question Looking for some guidance on the best practice. I have about 2.5 YOE, my company offers a 6% 401k match. I became eligible for the match about a year and a half in. I was contributing 6% to my Roth and then my company would contribute 6% to the regular 401k is this the best practice I should be doing? I know that by this method I am not decreas…

Reddit Personal Finance 1.0k 2025-01-04

I forgot to pay $1106 medical bill, got a collection letter how screwed am I?

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I forgot to pay $1106 medical bill, got a collection letter how screwed am I? Went to the hospital in August got billed for $1106. A combination of adhd, 60 hour work weeks, and alcohol I let a medical bill go to collections from Revco Solutions. I know I’m an idiot I have the money to pay it. But how bad will my credit be affected? I currently have a 745 credit score. Will this fuck me bad? submitted by /u/dirty_h…

Reddit Personal Finance 1.2k 2025-01-04

Looking to buy a house and don’t know where to start

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Looking to buy a house and don’t know where to start Me and my wife want to start the process. Currently living in an apartment paying around 1800 and can easily afford it. I have about 55k saved up but it has taken me time to save. I’m 29 and she is 27. She has about 20k give or take in savings and is currently working to find a better “career” job. Biggest questions I have is can I realistica…

Reddit Personal Finance 580 2025-01-04

Banking with Fidelity (which isn’t really a bank) verses a legit bank or credit union (like Navy Federal)

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Banking with Fidelity (which isn’t really a bank) verses a legit bank or credit union (like Navy Federal) I have seen older discussion on this topic but I was hoping for some fresher perspective — especially since Fidelity had had a lot of growth and changes recently. Last year we moved our banking to Fidelity because I learned our brokerage account earns 4.7%. It works great cause I don’t have to worry about moving money into a HYSA. My “spending”…

Reddit Personal Finance 1.2k 2025-01-04

Car Loan Payoff Help

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Car Loan Payoff Help Hello, So I’m kinda confused with my car loan. So my principal and interest amount is $470.59 and I’m paying $500 a month. I owe $24,303 right now. Every month I pay $500 but the loan only drops about $300. So, for example, when I pay $500 again, it’ll probably drop to $24,000 instead of $23,800. Can you explain that to me please. submitted…

Reddit Personal Finance 617 2025-01-04

30k in savings at 20

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30k in savings at 20 I am a college student with no real expenses and I’m not really sure what to do with this. I’ve been working since as soon as I turned 16 and would save 50% of all my paychecks and since college I put 25% into savings. I am on a full ride scholarship so I don’t have tuition and my rent and most expense are covered. I’m on a quarter system so I g…

Reddit Personal Finance 1.2k 2025-01-04