Bad debt, jointly owned property, small business income- three balls a smarter person could juggle better Or at least I imagine so… a few years ago I went into debt to upgrade my business but the ROI turned out to be terrible. Now I have some urgent short term IRS issues and long term debit to income issues. My saving grace is that I am co-owner of a a 5 plus acre property with no mortgage but my mom uses it as her primary residence. I can’t do a he…

What will retirement accounts in 2050 need to look like? For someone to retire today, estimates to “live comfortably” range from $600k to $2.5m when considering the 4% rule and Social Security payments. But I’m in my mid-30s (34). My wife and I bring in just north of $220k. We have two kids. I plan to retire between the ages of 59-62. This is possible for me because my union benefits are VERY genero…

Retirement savings tracker & projector I’d been trying to find a suitable savings calculator/projection spreadsheet, and got tired of finding *mostly* what I wanted, so I decided to take a stab at making my own over the weekend. It should be good for people to utilize right out of the box, but I’d also love to get feedback on ideas for things I should change or add (or remove). Here’…

What would you tackle first – debts, taxes, or a house? Here is a spreadsheet with our household income, debts, etc We’re in Midwest USA, mid-30’s. We don’t have any children, roommates, etc. We have $25K in liquid cash at the moment. No stocks, retirement accounts, or other funds we can draw from. Our parents are riding the poverty line, so we don’t have any family to borrow from either. We owe $2…

I have ~$60k sitting in a money market account, where/ how do I invest it? 26m married, with a kid born at 23 gestational weeks. She is currently in the NICU and will be for some time. I have a house with a $3.4k monthly mortgage payment. Expenses are probably closer to $4.5k a month after mortgage bills, groceries, student loan pmts and gas (give or take) I have $60k sitting in a money market account at a credit union…

Dad might end up homeless Hi! My dad had been living with my great aunt (his aunt) for maybe 25 years. She has been diagnosed with cancer and it’s moving fairly quickly. She owns the home (she still makes mortgage payments) and I’m fairly certain she is not willing the home to him. If the treatment doesn’t work and she passes away he might be left without a place to sta…

Using a HELOC to get out of Credit Card Debt My dad has racked some credit card debt after a tough real estate year, with about $60k in debt across several cards and lines of credit, all with their own variable interest rates. He estimates paying about $1.3k a month on interest and his expenses rack up to $4k a month on a social media manager and a leads broker (among other things). Unfort…

Am I in a good standing now and what would you do to maximize it? I’m 23, I make $62,000 a year in my entry level job and pay $1310 in rent (with utilities and internet and stuff it comes up to maybe $1500). I have quite a bit in savings ($65k). At my current company, I should be able to bump up to $70k here shortly, and then get about a $10k bump every year or two if I stay on the general promotion schedule. …

Buying my fathers home from him and being landlord Hello, My mid 70s father has always been bad with money. It is slowly reaching a breaking point as my own finances are becoming good enough to help out. He purchased a home for ~230k a few years back, and owes about 200k. He is having mild difficulty making the payments, and I suspect it will get worse. I co-signed his mortgage but am not a mor…

HSA cash funds vs investment funds I have an HSA from an old employer, and I invested as much of the balance as was allowed. However, the remaining cash that I could not move is subject to the $5/month maintenance fee. I do not have a health plan with my new employer compatible with my HSA, so the cash side dwindles and the investment grows. When the cash portion hits zero, will …

Setting SAHM wife up for retirement My lady works extremely hard as a SAHM. I don’t make a lot but I have a 401k that I started contribute to for myself. I’d like to set her up something that I can put some of my paycheck into that’s just for her. She’ll probably be a SAHM the next ten years or so and then go back into the workforce but she is autistic, so it’s harder for her to w…

Helping my unemployed father Looking for advice on how to plan for needing to help support my dad. My dad (60) was in a work related accident in 2019. He has since been living off of the settlement. He has a small amount left from the settlement (refuses to tell me exactly how much) but occasionally drives for Uber. He has no retirement due to very poor financial planning….

Best way to go about buying this house? Long post warning. Info: 25 LCOL location no student loans Salary 63k + 4-7k from side job 10k in liquid cash in checkings/savings 25k in CD that matures in July Living at home with minimal bills and maxing Roth 401k so I currently get about $900 bi-weekly but can adjust if needed. Loan interest is going to be around 6.5% through my local bank H…

Am I Just Screwed? 40 Years Old, No Savings, No Help Other than NWM I’m 40 years old and spent the first 30+ making bad decisions with no guidance (both parents are deceased, older sister is homeless). To put it bluntly, I didn’t expect to live past 30 and I lived like it. I got clean, went back to school entirely on loans ($72K in debt), bought a house in 2021 (interest rate 3.25%, unpaid principal $96K), and o…

Company got bought.. 401k options 1) roll it over to the new company’s plan. Feel like the easy button. Assuming fees and options are similar 2) roll it out to an IRA, self manage this money, and start new company 401k at zero. Any reasons or benefits that I should consider these options ? Currently 401k is frozen and we can’t contribute… bummer submitted by /u/RedBaron…

Mom’s medical bill in 5 figures. Cannot afford it. What are my options? My mother got admited into an ER/hospital for over a week due to viral infection. She’s getting discharged in the next coming days. I did some digging around and the hospital bill will be in mid-upper 5 figures. For context, my monther is a greencard holder while I’m a US citizen. She does not have insurance, life saving, retirement plan, etc. I…

Supporting Wife and Baby on the Way Hi all, I (26M) found out last night that my wife (22F) is pregnant! Still processing, but I want to get ahead of the curve here. The rundown: I’m a teacher currently at a CTE (Career/Technical Education) public high school. My yearly income is $56,000. I have good health insurance through my employer, but vision/dental for a newborn are not co…

Option to retire at 48 Need advice. Last year I had some back issues and went out on medical leave at work. I work for a state agency. While I was out the agency transfer me to a field position which would make a number of my medical conditions worse. By the time I returned from medical leave I managed as best as I could on limited duty restrictions, I only had 6 mont…

5k Negative Equity on Car Loan Hello all! I’m looking for guidance to help me make the best decision regarding this situation. I carried debt from my previous car loan onto my current. I have a 2013 that is worth 4k and currently owe $9k. My interest rate is 5.79% and the best I could get on a new car loan is 5%.. I am expecting close to 9k back on my tax return, so now I’ve …

Are we ready to buy our own place? We are a newly married couple 42+36 y/o. My partner is a former nurse of 10+ years but is now “per diem” and is working full-time as a freelance creative (new transition). I am also a freelance artist, but have been VERY successful in the past 4 years after a 12 year journey, with hopefully no stopping moving forward—but you never know. I’ve mad…