#Business

Recasting after lump sum?

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Recasting after lump sum? Hey y’all, got a question ’cause I can’t wrap my head around it for some reason, even though I feel like it shouldn’t be that complicated. My wife and I are planning to make a large lump sum payment on our mortgage ($30k) after a CD comes to maturity. After doing so we’ve considered recasting the mortgage to lower the necessary payment, but cont…

Reddit Personal Finance 563 2025-02-28

Retirement question 401k vs IRA?

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Retirement question 401k vs IRA? Apologies for my ignorance, currently in the process of learning about everything. I’m just turning 25 and make $102,000 annually my employer is offering 25% for my contributions and up to 20% of my income. Is it better to stick with the traditional 401k or open a IRA? I would like to retire at 60. Any advice is greatly appreciated submitte…

Reddit Personal Finance 1.2k 2025-02-28

Looking for freedom.

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Looking for freedom. Hey, I’m a 21 year old male looking for freedom, I have about 20 000 euro/usd saved up in stocks and other investments. I currently work as a painter and have realized I made the wrong decision work wise as I’ve realized my body really cant handle working a physically demanding job and going to the gym simultaneously long term. The pay is alrigh…

Reddit Personal Finance 1.1k 2025-02-28

Maxing out 401(k) all at once vs. over the year

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Maxing out 401(k) all at once vs. over the year I am thinking about deferring 100% of my bonus in to my 401(k) pretax next month. Doing so will max out my contributions for year all at once, but my thinking is that I’ll be getting the full amount rather than losing ~40% to taxes. The only downside I can think of is that by contributing over the whole year I will be dollar cost averaging and h…

Reddit Personal Finance 642 2025-02-28

Is it stupid for me to buy a house and rent it out as 20 year old?

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Is it stupid for me to buy a house and rent it out as 20 year old? I’m 20 years old with $100,000 in savings and I want to do more with my money, My mom just found this nice newly renovated 3 bed 2 bath house in our area for $250,000 and wants to rent it out. She is very trustworthy and wants to go in on it with me but I’m nervous about spending so much money. What are the Pros and Cons of doing something like …

Reddit Personal Finance 690 2025-02-28

Am I stupid for not moving in with family for free rent? (22 year old college grad)

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Am I stupid for not moving in with family for free rent? (22 year old college grad) I pretty recently graduated from school and currently live in my college town, and am going to be staring my first “real” job soon. I’m a single male andI pay about $650/m to live with two other roommates. I’m debating moving in with some extended family though, which would save me $8000 a year on rent. I specifically have an uncle who lives in …

Reddit Personal Finance 714 2025-02-28

How should I be saving my money??

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How should I be saving my money?? I am 23 years old, 1.5 years out of college, currently make about $3100 a month. It’s low, but it’s increasing multiple times a year. I’m also a 1099 freelancer but have steady income. I live at home so my expenses are low. I pay for everything except housing and large bills. I currently have a decent amount saved and it’s dispersed as: -Chase c…

Reddit Personal Finance 722 2025-02-28

Employer has not withheld income tax for almost a year

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Employer has not withheld income tax for almost a year I just got my W2 and realized that my employer has not withheld federal income taxes since March of last year. I think there was a clerical error-I received a service award at my place of work that came with a $500 check. Every paystub prior to that award had taxes withheld appropriately, but every paystub after that has a blank next to FIT. Soc…

Reddit Personal Finance 358 2025-02-28

I’ve drowned myself in micro loans, how do I dig myself out?

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I’ve drowned myself in micro loans, how do I dig myself out? Hello, first time poster and I’m hoping somebody might be able to help me unfuck my situation. I have a decent paying job (90-100k/yr) and live in a low cost of living area. I was doing quite well financially until stress and undiagnosed ADHD took me into a bit of a spiral for a few years starting around covid. I started making large impulse pu…

Reddit Personal Finance 881 2025-02-28

Thoughts on taking a year off from investing just to reset finances? Will I be okay in long term?

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Thoughts on taking a year off from investing just to reset finances? Will I be okay in long term? So here’s where I’m at 34M and 36F wife and 3yo child. MCOL to HCOL area. I work, wife stays at home with kid. That’s our plan until she goes to school My income: 235k with usually some type of bonus. Just started making this much 2 years ago. Previously at $120k. 1st year bonus, company did well and I got $50k (pre-tax) and this year I’ll get…

Reddit Personal Finance 1.1k 2025-02-28

How much money should a 19y/o college student have saved?

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How much money should a 19y/o college student have saved? Pretty much the title, I’m a full time student and college has been pretty stressful for me. It’s been hard dealing with the workload of both college and a part time job so I chose college instead. I did work for ~5 months and saved majority of the money from that job. I live at home and go to an in-state college but my financial aid covers ever…

Reddit Personal Finance 1.1k 2025-02-28

I’m starting a new job soon finally, but I am in deep trouble as it stands

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I’m starting a new job soon finally, but I am in deep trouble as it stands I know it may sound incredibly irresponsible, but I wasn’t in a good place. I hope I can just state it here without being hammered down about my stupidity. As title says, I am finally starting a full time job again that pays about $3200 monthly. I have ignored the tax mail for last year’s, for about 2 months now. I also currently have $5000 in c…

Reddit Personal Finance 1.0k 2025-02-28

I would like advice on my budget

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I would like advice on my budget I wanted advice on my budget Salary after tax/health insurance/retirement contribution: $7500 a month Rent: $2500 a month (including utility) Groceries: $650 a month Restaurants: $500 a month Car insurance: $150 a month Fun money: $700/month (bars, movies, etc) Gas: $100/month Gym: $15/month Phone: $80/month Streaming: $20/month Student loan pa…

Reddit Personal Finance 412 2025-02-28

Profited from selling my house… now what?

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Profited from selling my house… now what? I (31, male, divorced, one 7 year old child) recently sold a house and started renting an apartment. I realize that is already negative marks for some, but it’s a personal decision that I made in part because I do not intend to live in this area long enough to justify buying again; and in part to cross off a bucket-list item for myself (I’ve alw…

Reddit Personal Finance 941 2025-02-28

I have a 401k through work, through Fidelity. There is an option for both pre tax, and Roth contributions. They go to one account.

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I have a 401k through work, through Fidelity. There is an option for both pre tax, and Roth contributions. They go to one account. How does this work? Is this intentional? Why aren’t there two accounts? How will this affect taxes when I eventually retire? https://imgur.com/a/ju0EtCD submitted by /u/baineschile

Reddit Personal Finance 461 2025-02-28

Moving from FL to CA. Buy car in FL or when i get to CA?

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Moving from FL to CA. Buy car in FL or when i get to CA? Hello everyone. I currently work and live in FL and I drive a Nissan. In less than a year I’ll be moving to CA to work and permanently live there instead. I personally want to change and upgrade my car so I don’t want this Nissan with me anymore. Should I buy here in FL and drive it all the way to CA or like SHIP it to CA? ORRRRR should i just b…

Reddit Personal Finance 601 2025-02-28