#Business

I contributed to my Roth IRA but my income is over the limit

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I contributed to my Roth IRA but my income is over the limit So I always contribute the max limit in the very beginning of the year so for 2024 year i contributed 7k basically in January. I’ve been contributing for a few years so I totally forgot about income limit I just always contribute all of it in January to max out return. But my income for 2024 ended up being over the limit for single filer but it …

Reddit Personal Finance 895 2025-01-23

Elderly FIL paying off mortgage

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Elderly FIL paying off mortgage My in laws recently downsized (Aug 24) taking out a mortgage of $100,000 with 6% interest. MIL then unexpectedly passed (Nov 24) leaving my FIL a significant life insurance policy, 500k. My FIL is not in good health and likely will need to move into assisted living in the next year. He wants to pay the house off in full. Any advice as to whether…

Reddit Personal Finance 800 2025-01-23

Has anyone found that Life Insurance is not necessary at some point?

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Has anyone found that Life Insurance is not necessary at some point? Hi everyone. I was wondering if anyone has come across any reason, or realization, that life insurance isn’t a necessity after accumulating enough wealth. We don’t have life insurance and for years we were told to buy, at minimum, Term Life insurance to cover our mortgage +extra in case anything happens, but we’re at the point where we have enou…

Reddit Personal Finance 926 2025-01-23

Preparing for layoffs

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Preparing for layoffs Hey guys! I work in tech and like clockwork, every singe year I dodge layoffs until I’m hit. I just found out there’s a potential merger happening at my company and I am already concerned. Based on their cost savings plan, a lot of jobs will go away. I’ve gotten signs I will be one of them. Here’s the deal: I have only been here 8 months. My …

Reddit Personal Finance 1.1k 2025-01-23

Very confused i have a negative balance when it shouldnt be

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Very confused i have a negative balance when it shouldnt be So on the 20th i made a last purchase that left me with about a dollar in my account. but i was over the negative because i didnt purchase some for over a dollar, then on the 21st i made a transfer of 33 dollars to my account that was supposed to clear today . Today i look at my account and i am over 60 dollars in the negative because my withdra…

Reddit Personal Finance 364 2025-01-23

I have 8k in a 401k from my previous job. Advice on what to do with it?

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I have 8k in a 401k from my previous job. Advice on what to do with it? Hey y’all! Need some real help since im not good with finances and financial terminology. If this isn’t the right sub please direct me to a better one! Im 29, and have lil more than 8k in a 401k plan from my previous job. I have options(probably common ones) and need some insight! Opt1: Withdraw full/partial amount for myself? It said i’d have …

Reddit Personal Finance 1.2k 2025-01-23

HELOC or 2 separate loans

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HELOC or 2 separate loans I am looking for advice. My car was hit in a hit and run (wasn’t able to get the persons plate number). The car is possibly being considered totaled by my insurance company. It is a used car with a car note on it. The payout will most likely only cover the car note with nothing extra. I also need to take out a $15,000 personal loan. My question …

Reddit Personal Finance 696 2025-01-23

26yo looking for advice

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26yo looking for advice I fortunately was able to live at home for 3 years post college which helped save, and now have about $400k saved ($100k is unvested stock). $200k is diversified and the rest is in my company stock. I moved out last year to an apartment with my girlfriend and I’m thinking about buying a house this year but with rates so high cash flow is tough a…

Reddit Personal Finance 1.1k 2025-01-22

Need advice on paying off CC debt

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Need advice on paying off CC debt Need some advice, I have about $8800 in CC debt and I have around $10000 in savings. I also have around $6000 in a Robin Hood account. I’m about to pull out $3000 from my savings and pay off one of the credit cards for $2400. Should I sell some of my stocks and pay off a good chunk of the other credit card? submitted by /u/lsd6940

Reddit Personal Finance 522 2025-01-22

Options for buying parent’s rental property

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Options for buying parent’s rental property My parents want to sell me their investment/rental property. Options 1.) Buy it at the price they paid for it in 2018. ~185k, Zillow estimates between 290-315k current market. 2.) Buy it at market and my parents give me a check for the difference. It’s kind of a family musical houses thing. Brother just had his second kid and needs to upsize. So…

Reddit Personal Finance 1.1k 2025-01-22

At what feels like the end of my rope.

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At what feels like the end of my rope. I’m 32, almost 33. Own a home I inherited from my grandparents in 2019. Took out a mortgage to update/renovate and then a Home Equity Loan to finish up and do some other repairs. Last year I spent around 8.5k on dental work, insured but dental insurance is a joke so this and some other credit card debt totaling around 30k went into a debt counse…

Reddit Personal Finance 550 2025-01-22

I have a very tough decision to make about moving my family. How should I approach this situation?

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I have a very tough decision to make about moving my family. How should I approach this situation? Burner account for obvious reasons. I 41M have a wonderful family, two teenagers and a wife that is a couple of years younger than me. Our $500K home is paid off, we have zero debt and my income is around $250K a year. I have roughly $1.5M in taxable investment accounts in which 30% of it is in SGOV. The rest is in S&P 500 ETFs. I could essentia…

Reddit Personal Finance 493 2025-01-22

Debt Help Self Employed N Ireland

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Debt Help Self Employed N Ireland Hi i am new to reddit so please excuse me if i have posted on the wrong thread and would appreciate if anyone had any recommendations of best group to post it on. Basically between personal debt and then 2 years ago taking the plunge and opening my own small business (sole trader self employed) i am ashamed to say i have racked up £35,000 in deb…

Reddit Personal Finance 555 2025-01-22

Work started offering Roth 401k, what to do with Traditional?

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Work started offering Roth 401k, what to do with Traditional? I’ve been investing into my jobs Traditional 401k. They have started allowing the option to do Roth as well. Should I keep everything in my Traditional but invest everything going forward into the Roth, do half and half, roll any over? I’m pretty new to all of this but for reference, I have around 60k in my Traditional last time I checked (edit)…

Reddit Personal Finance 379 2025-01-22

Father in law is dying and spent all of the family’s money

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Father in law is dying and spent all of the family’s money My father in law is 73, has glioblastoma (diagnosed oct 2024) and we just found out that he has not been being honest about finances nor has he been being paid for over a year at his job. The business was in trouble and he was making half salary for a year and apparently now zero salary (with the promise that he will get this money back after a …

Reddit Personal Finance 1.1k 2025-01-22

Father owes on house and has limited SS income.

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Father owes on house and has limited SS income. My dad lives on his own in his home. He took out a mortgage due to medical debit to try to save my mom. But she passed 2 years ago. He still works self emp but worked for cash a lot so his SS income is about 800/month. Which is his mortgage, taxes, ins. He still has utilities and living cost. He’d like to stay in the area but needs more income. …

Reddit Personal Finance 988 2025-01-22