Is it smart to have a Traditional IRA and a Roth IRA? I just got out of college and I am new to investing and I am wondering if I should have both a traditional and a Roth IRA or just get a Roth IRA what do you think? submitted by /u/InquisitiveR3dditor

Should I sell my investments to pay off the rest of my auto loan? This is my first time ever going into debt as I recently got into a car accident that totaled my car. After the accident, I purchased a new to me car from a dealership in August but got pre-approved for an auto loan from my credit union for $10,000 with 6.4% APY and a 3 year term. I made sure to follow the 20/3/8 plan when I purchased the vehicl…

Pay off car early or build savings? I am hoping to get some advice / opinions on how best to use a large Christmas gift – my uncle gave me $9,000. I have $4k left on my car at a 9% interest rate (if I made no extra payments, it would be paid off in 11 months) and $2k in credit card debt. I obviously plan to pay off the credit card debt immediately. I only have about $2k in savings…

Visa gift card emptied of funds almost completely by a fake transaction titled “Logic Force Telco” Hey guys, is anyone familiar with this weird charge? I received a $250 Visa gift card as a Christmas gift. I activated it yesterday, went to use it today, and was told it was declined because it only had $0.76 on it. I had only used the gift card once for a small gas station purchase (paid inside, not at the pump), so I should have had over $200…

Should I payoff my debt? Need a sounding board. I’m(33) purchasing a house at the end of January. Sales Price: $409,450. Loan will be 368,505. We managed to get the following as a 2/1 buy down on the rates: 1st year is 3.875% interest 2nd year is 4.875% interest. 3-30 is 5.875% interest. I’m planning on selling my existing house. Hoping to get at least 300k for it. H…

Lump sum excess cash My wife and I have a 300k cash reserve and are deciding between investing in market and paying mortgage. Mortgage is 680k at 5.75%. I was hesitant to pay down mortgage when cash was paying 5% as I prefer to stay liquid, but as rates come down I know I need to decrease cash reserve. We max 401k and back door roths, so the only real option is in…

Unpaid Medical Bill Consequences Hi Eveyone: Probably a dumb question but trying to understand what happens if a medical bill goes unpaid. According to goodbill.com “‍Your unpaid hospital bill cannot affect your credit report for 13 months from your first bill”. In addition”ny unpaid medical debt under $500 won’t affect your credit at all.” What would happen if you wait the ful…

What should I do with 4000 dollars as a teenager I’m 19 years old right now and have approximately 4000 dollars saved. I don’t want the money to just sit there though and would like to invest the money on something safe or use the capital to create other forms of income. I think I have 0 finance knowledge or know how to invest or where to even start at all really, so any advice would help. Wha…

Tackling Credit Card Debt (DINK for now) Long time lurker here, I’m 26 years old, I have about $28k of credit card debt on 5 credit cards that I racked up over the course of about 2 years. CC #1: $8,300 – $205/mo payment (0% interest until May) CC #2: $6990 – $176.00/mo payment CC #3: $5984 – $166.00/mo payment CC #4: $ $4640 – $100/mo payment CC #5: $2003 – $76/mo payment My wife an…

How much taxes would I have to pay to transfer from Traditional IRA to ROTH IRA I have 2 IRA’s. A traditional taxable IRA and a ROTH IRA. I would like to move my money from my traditional to my ROTH then close the traditional account so I can benefit from the ROTH IRA. They are both in the same institution so it should be easy to transfer. The traditional IRA has less than 1000 dollars in it. The ROTH IRA has about 7500 (no…

I have 12k in savings, and I have 12k in credit card debt….Should I just pay it off or keep an emergency fund? So overall I have a Paypal card with a 29% interest rate totaling $1699, a Capital One card with 28% with $2486 on it, and my bank credit card with $7462 on it at 17%. For a total of $11,647 of debt. The past probably year I’ve reduced my debt by around 15% in total. My savings account currently has 12k in it…This is all I have, I made $96,00…

If someone comes into some money and wants to put it towards their retirement, is it the best option to increase 401k contribution and live off the money instead? This isn’t my situation, but something I was thinking about. Let’s say someone is maxing out an HSA and a Roth IRA, and is contributing up to the company match on a 401k. They come into $10k and want to invest it long term for retirement. Is the best option just to max out their 401k from their paychecks and just live off the $10k while their pa…

Help me maximize my finances!? Hey Personal Finance! I’m needing help to make sure I’m (35M) making the correct financial moves for mine and my wife’s (30F) future…We both have steady incomes and have both been employed with our companies for many years. I’m a car guy and always have been. It’s more than just a hobby to me. It’s a passion and has made me A LOT of money over t…

Beware of insurance renawal The insurance industry in the US seems downright criminal. I bought my first auto policy in the US, and it was quite an ordeal. In Canada, you enter driver and vehicle information, along with your desired liability/coverage, and you’re done. You see two numbers: one for monthly payments and the other for the total cost. No fine print. I assumed …

Buying first new car and wondering if this strategy makes sense We are buying a new car (SUV) and are trading in our paid off 10 year old sedan with under 60k miles to do so. We decided to upgrade due to new safety features and other lifestyle factors like wanting a third row for when family from out of state comes visit or we pick up our friends without cars. Our old car has also had some issues. We recentl…

Trying to use budget from the wiki. Very confused. It has come to my attention that I am budgeting wrong. I am trying to set up the budget spreadsheet from the wiki and am stuck. I’m used to using the google docs monthly budget template where I keep up with my monthly income and my monthly spending/saving and make sure I don’t spend or save more than I earn. I filled in all my credit card balan…

Should I Transfer My HSA from HealthEquity to Fidelity? I’m debating whether to transfer my HSA from HealthEquity to Fidelity and would appreciate some advice. Here’s my situation: My employer does not contribute to my HSA, so I don’t get any extra benefits from keeping it with HealthEquity. The contributions are post-tax, so there’s no pre-tax payroll benefit. HealthEquity charges monthly fees whil…

What Account to Open I’m 56 years old and have a small business with my spouse and two cousins where we all co-own. I make around 60k a year from the business and am wondering what to do with my additional money. I already have a HYSA, maxed out my Roth IRA, and don’t have a mortgage/debt so nothing I need to pay off. Is there another account that I should open? A s…

Any tips to save money on digital subscriptions? Hey everyone, I’ve been spending way too much on subscriptions like Netflix, Spotify, and Disney+. It’s starting to feel like a lot. Does anyone have any good tricks or tips to save money on these? Sharing accounts? Cheaper alternatives? Any hacks I might not know about? Would love to hear how you manage to keep costs down!” submitted by …

How much will having a kid late in life mess with retirement? So my husband really wants a child. I’m OK with having kids but I’m worried it will ruin our chances of retiring and being able to do what we want. I am 36 and my husband is 43. I really think we will have a problem because both of us started our careers late in life. My husband didn’t make much money until he turned 38 but for the last 5 years …