Question about using inheritance/windfall to pay off debts My father was a hard working and shrewd businessman who I loved very much. So the slow deteriorating from Parkinson’s was tough on me the last few years, but now that the dust has settled as is the estate, I just want to make sure I am making prudent choices. So basically my plan is to methodically eliminate all debt in this household. Credit C…

Changed the car’s transmission twice, keep or buy a new/used car? It’s a 2009 Mazda that I bought new in 2010 and didn’t take good care for it, it has almost 300k miles on the odometer. Since 2021, each consequent summer the car breaks down, either transmission, electronics, mechanics and such, I do repair it for like $1k-2k/year. Financially speaking, should I still keep the car? It’s tiring me out emotionall…

To finance a laptop, or not to My semester just started and my laptop broke. I was trying to hold out until my birthday to ask for one but it just stopped turning on. There’s also issues with the keyboard so I believe it will be costlier to fix and that I should get a new laptop. I am looking at ones between $350-$600, nothing crazy. I have the money in my savings but I live …

Storing cash in Ally Savings vs contributing to Schwab Intelligent Investment Portfolio Hi there, I just met with an Empower retirement consultant specialist about financial advise for my savings and am more confused than ever. I have close to $150k in cash in a savings account with Ally bank, as the interest rate was 4.2% and I had been hoping put it towards a down payment for an apartment in the next few years. I have a Schwab In…

Wedding fund growth tips? Hello everyone! Just curious for those that can help give some insight. I just recently just got engaged to the love of my life and we are looking to get married by spring next year. I am wanting to start a savings fund that grows over time. I know some banks offer 4+% with a quarterly dividend yield but I’m not too sure about the strategy for t…

Is it feasible to pay for a 4k repair on a 15 year old car with 350k miles or buy a used car? As the title, my car needs a $4000 repair, it is 15 years old and has 350k miles. I make $21/hr. I’m not sure if I should just use that 4k to buy a used car or use the 4k for the repair and have no monthyl for a car. I don’t have any debts. Any advice would be appreciated! submitted by /u/wasabiexpress

What’s worse? High interest personal loan or high credit utilization due to personal loan balance transfer? Can I transfer a personal loan (with super high interest) to a 0% balance transfer credit card that is a longstanding card (so no new credit dings) BUT it will utilize 90% of the card (pretty much max it out AND will tear up my utilization percentage. What’s the risk vs ratio here? It’s a large transfer and the card accepting it will allow it bu…

What to do with retirement money? Let’s say I hypothetically have 3 million in retirement and no debt. What do you spend your money on at this point aside from food and experiences? submitted by /u/Reddituser123940

Downsize to supplement low income or stay in house. Hello I am new here from AUS. I am late 40’s and I am wondering if it is better as single mother with 2 children 12 and 17 on low income due to disability to- 1) to have a house paid outright which is slowly withering and reducing the assets $ surviving paycheck to paycheck. Or 2) Sell/downsize to an apartment, pay ongoing body corp fees but hav…

Question about Estate Tax My extended family is going through a trust from an uncle that passed away in October. My cousin is the one in charge of the estate/trust and is telling us that if the estate ends up being over $60 million, there will be taxes on it. But I thought the Estate Tax threshold was for just under $14 million. So why is he saying $60M? This is in Flori…

How does backdoor Roth Work? Posting on behalf of a senior (low income, etc) 65 y , f , still working but may not for too long has a Traditional pre-tax IRA with $150K (open for 5+ years) has a roth IRA open for 5 years but only 15k in it How to convert the pre-tax IRA into Roth? I know any time they take $$ out , it will be taxed at regular income bracket Plan was to take …

Figuring out debt repayment So, long story, but I racked up a ton of debt getting a bachelor’s and a Masters degree, and want to pursue more education. (This is the only debt I have currently). It’s fairly common in my area for post-grad degree seekers to take out more in student loans to cover cost of living during their post-grad degree. My initial folly, was taking out …

Should I max my Roth for 2024? 23M, just finally got a job after graduating in June. Currently making 50k per year, hopefully an extra few thousand in bonuses. I’ve contributed $1,000 so far but it was all a transfer from my old job’s Roth 401k, so I don’t believe that counts towards my total. I have 6k in my normal investment account, $2.5k in a HYSA, and $500 in checking. …

Federal Tax Withholdings I’m having a really hard time understanding how to fill out my W-4.. paying taxes and everything about the whole process has always been extremely confusing to me. I’m hoping someone can PLEASE help me with this. For most of 2023 and half of 2024 I was helping take care of my mom and was unable to work full-time, but I was doing part time jobs h…

TIAA, Empower, Corebridge, or Voya I was given this information packet to help pick between these 4 administrators for my employers retirement plan. https://peba.sc.gov/sites/default/files/orp_plan_summary_3q2024.pdf I am approximately 20-25 years from retirement. Which should I pick? submitted by /u/hewright13

Having a Hard time understanding YNAB Hey yall, i’ve been using YNAB for a few days now and have watched several tutorials. Im having a hard time using it, maybe because its my first budgeting app, but I just get super confused when it comes to assigning and then matching the money to my actual bank account. Is the learning curve really that crazy for YNAB or am i just so new to thi…

Paying taxes twice on Traditional to Roth conversion? A couple years ago I ended up contributing to my Roth IRA when I was over the income level for contributing. I ended up recharacterizing the money (about $6000, post tax) as a traditional IRA. This year, I converted that money back into my Roth and received a 1099-R from Vanguard counting the entire amount as taxable income to be reported (an ex…

When does “proportion of loan balance to loan amount too high” go away? I know seeing this as an impact to my credit score is because of my mortgage. My mortgage was for $233600 and my current balance is $228200 after two years. I’m sure it’s gonna be a while, but what proportion makes this stop negatively impacting my credit score? I’m not worried about it either way, I still have a score over 750, I’m mostly just …

Octogenarian Dad got scammed – Now What? Dad has been a workaholic his entire life. Now in his 80s, he worked for himself and was closing up shop by the end of the year – passed on clients to other companies, etc. He got scammed online and lost all his savings. Unfortunately, I have convinced him that it is all gone gone and never coming back. He owns his office building outright, has …

Should I exchange a financed car for a slightly worse one? Basically title. Got a Kia Forte, 2024. Had an immobilizer and everything. Kia boys still got my car, broke in, took some stuff and left, likely when they realized they couldn’t steal it. I can’t deal with this stress and the payments I have left for the car while also paying for a new window in the event that it happens again. submitted by…