How can I build financial literacy as a naive 20 something year old college student? I’m young, I was dumb. Live with parents, never worked. Have some funds saved up. I want to start seeking side hustles in college and right now the only strong asset I have is that I have the intention to be as frugal as possible and make sure my money can get as far as it can. I also will try my best to not take out any loans and if I ever come…

Where can I reduce necessary expenses? Rent and utilities: around $1100. Groceries: $400 set budget – only spent around $90 so far in February Car insurance: $70 to $80. Fluctuates. Gas: $60 to $75. Work from home twice a week now which will reduce spending. Misc: $75 to $110. Lyft. Haircut. Car wash. Amazon prime subscription ($15). Essential things like laundry pods. submitt…

What happens if I close the bank account that’s paying a student loan that’s not mine? My parents took out a loan in their name and distributed it for my degree. The payments for this loan are tied to my bank account, which I’m looking to close. The loan provider (Nelnet/Mohela) refuses to talk to me about the loan since it’s not in my name. The loan does not appear on my debts and there’s no way for me to log into the account to…

Overwhelming debt, but expecting an inheritance Posting on a throwaway account. My dad passed away 1.5 years ago. Before he died, he was helping me financially because I didn’t (and still don’t) earn a high salary. I was truly grateful. When he passed, the help stopped while we worked through probate. Unfortunately, my immediate family isn’t well-adjusted, so I hired an attorney to represent …

I’m a minor who got their first job, what do I do when I get paid?? So I just got hired but where do I deposit my payments? I can’t open an account because I’m under 18 so would it be ok if I sent it to my moms? I trust her and she wouldn’t take the money or anything so I’m not concerned about that. Edit: The bank she uses does not let us open a checking account for minors(discover). I want to send her enough t…

Husband quit job, advice? Hey all, my husband quit his job with short notice (don’t want to get into it but long story short it was dangerous for his mental health and was necessary) and now I’m just trying to make sure we have our ducks in a row until he gets a new job. We have $30k in emergency fund which is about 9 months of living expenses. I take home roughly $3000…

Trying to Build My Foundation, Any Advice? So, bit of background. I’m 24, soon to be 25, recently graduated and have been working since the start of August. My job pays me well, nothing insane or anything but, much better than anyone has ever made in my family. This is kinda why I’m making this post. I have grown up poor, to say the least. Maybe not as poor as some, but enough to where n…

Wife is pregnant, what should I set up for my child? I apologize in advance if this gets long and rambly. I’ll do my best to keep it concise. As the title states, my wife is pregnant with our first child (finally!) and I’m not sure what the best type of fund to set up for my child will be. I have virtually 0 education or knowledge about finances or investing beyond “try to keep as much as you can …

This All Seems Overwhelming, Looking for a Place to Start Late in the Game There are so many different suggestions and pieces of advice on here it feels overwhelming sometimes. As the title says, I am getting a late start on things. 38 years old and I spent most of my adult life in active addiction but fortunately spent the last five in recovery, building a career, getting married, and now expecting a child. We current…

Why wouldn’t everyone convert/rollover traditional 401k into Roth 401k if it’s available? Is there a downside to rolling a traditional 401k into a Roth? Wouldn’t that mean that those funds aren’t taxed going in or coming out? I’m sure this can’t be right – seems too easy. If it’s a conversion but taxes are owed now, what’s the advantage of converting a trad 401k to a Roth 401k? submitted by /u/Alert_Ninja_6369

Getting $19k bonus, what should I do with it debt wise? 25 years old, $14k owed on my truck 6.24% but I pay $800/mo towards it. $12k owed on another vehicle $299 payment but at 8.24% (commercial rates ) and $22k in student loans avg about 5%. No CC debt and no mortgage (renting) $35k in savings and keep about $10k in checking. While doing 12% into split Roth/traditional. I am getting a $19k bonus wh…

Help with my dads 401k My dad and I were just talking and he randomly told me that 75% of his 401k is in cintas stock. He is planning on retiring next year. This is a bad move on his part as stocks can be so volatile right? What should I tell him to move it into so he doesn’t have so much risk? Any advice would be appreciated! submitted by /u/Maleficent-Act5420…

Looking for advice with what to do with my money (20 yrs old) Hello! I am a 20 years old undergraduate student starting grad school in the fall (I a graduating two years early). I am generally bad with money and pretty financially illiterate but I am interested in learning. In high school I generally spent every penny I made, and my first year of college I didn’t work and blew through most of my savings. H…

Freelancing one big gig for ~$50K. How should I handle this at tax time? Hello, some background information- I am living in New York City and currently working as a server making roughly 50K a year. I also do occasional freelance film and photography work on the side, but it has never been substantial enough to mention on my taxes. A new opportunity to do a single photography gig has opened up for me, one where I cou…

Trying to be independent at 18 Hello financial Redditors, I am trying to get away from an abusive household and support myself financially without fear of ending up homeless or worse. I am not expecting a luxury end apartment or making good money, but I would like to know how to better budget my cash as an 18 year old Junior in High school. Can you guys recommend good resourc…

Best Way to Pay Credit Card Balance Hello! I would like to asks to your insights for the best way to pay my credit card balance. Im using Unionbank Lazada CC with 3% monthly interest. I have a balance of P103K . Now, I can pay 7k a month for it . I am contemplating if I should lend money from gcash with maximum of 45k with 1.59% interest monthly and 3% Processing fee of P1,350 so …

Cash out refi, HELOC, or 0% CC? I’m retired in the US and living in London. My wife is pregnant and we are moving to West Bridgford outside of Nottingham where the cost of living is low and the quality of life is high. We’ll actually save roughly $100 month just from my pension money and her 52 weeks of paid maternity leave, but we intend to work also. I’m going to incur some …

Bank has locked my wife’s Trust account, can no longer deposit checks being issued. Long story short, my wife has an irrevocable trust. The Trustee (her uncle) has been receiving checks every month for the last 20 years and depositing them in a local bank where the Trust is located (local to him, many miles away from us). He died last year, and the trust was not set up to have anything happen if the Trustee died, no secondary o…

Paying off mortgage with super Advice please. Am single, 59 have 250k mortgage earn 110k aussie a year. Is it best to keep paying off till I retire at 67 or tap into super early and pay it off. It was suggested to take super out and leave in offset account. I know their are tax penalties to take out at my preservation age at 60. Any advice appreciated. submitted by /u…

Roth IRA questions from a financially illiterate college student I opened up a Roth IRA account about 2 years ago and I have put money into it, but is it true you have to invest that money? It’s not done automatically? If so how do I goa bout knowing which accounts to invest money into, some accounts have a minimum of $3000, but was I supposed to max every year and then invest after maxing out? My max a year …