How would you handle retirement/investing without kids or family? So I’m 35 make 110k per year combined income. Bills are about 35% of that annually. My job is a gov job that I started 3.5yrs ago I have a pension through them. I have a 401k I contribute about 8% to that has maybe 30k in it in these 3.5yrs I’ve been with the company. My wife is a educator she has a state pension and she has a 401k with maybe …

I think I finally understand Backdoor Roth IRA and why everyone seems to constantly say you need to do it. Please anyone feel free to correct me! I (36M) am making this post as it has been hard to find things that aligned with my thoughts. I have spent a while trying to figure out if doing a backdoor roth is even worth it compared to dumping it in my normal brokerage account and it hadn’t really seemed worth it. I finally had the epiphany last night…

Planning for giving money and assets away I’m looking for advice on an easy way to plan my retirement fund. I have $22 million in escrow that I use to live on. My main interest is in giving this to people I care about and trust, but without making it a burden for them to care for am the assets I leave in their name. I’m looking for a general strategy. If it helps: $22 million is in esc…

Looking for some advice on a car sold on hire purchase garage covered defects Hi so I bought a car on hire purchase 3 weeks ago so out of the 14 day cooling off period. It was a bmw 120D and the garage sold it with aftermarket m performance decals on the sides which peeled after washing straight away so I had them removed and now found rust spots what the vinyl was covering Anyone know were I stand on sending this back ?…

Books to start finance Hey everyone, so i started reading a book and watching some videos about finance and it’s market, but i never learned anything about finance and i want to start it and do some exercises if its possible too, any suggestions on books I should start with? submitted by /u/BornRelative2070

Any Benefit to Not Cashing Out Inhereited IRA with Req. RMDs? Ive been researching this and i can’t find a reason not to just start the process and start cashing this out over the next few years and paying my taxes on it. Is there anything I’m not thinking of where it would benefit me to slow play this? I inherited an IRA in mid December of 2023 and started freaking out. I had just enough time to research…

Where to allocate bonus ? Hi everyone. I’m expecting a bonus of 7.9k pre tax. So I’m guessing it will be closer to 4.2k post tax. I’m not sure where to allocate the money to. Should I pay down debt below ? I’m also saving for a wedding next year and this is about 1/4 of my budget I plant to save. Any help would be greatly appreciated. Credit Card Debt: 7.3k (no APR unti…

401k to rollover ira I have a 401k from an old employer through T. Rowe Price. I have the hardest time trying to understand what anything means involving retirement and investment accounts. I just don’t get it and it’s incredibly frustrating because all I want is to simply move my old 401k to a rollover IRA account. I don’t want to use the institution (USI consultin…

Am I being ripped off by being pushed into a Whole Life insurance plan? Hi y’all, I’m very very new to getting a hold of my finances and I’m pretty sure I’m being taken advantage of here but I want to be sure. My friend asked me to take her bf up as a financial advisor some time ago and while he gave some good advice (explaining the concept of FDIC insured accounts, Health Savings Accounts, Disability Insurance etc…

When Does “House Poor” No Longer Matter? The general guideline is that you shouldn’t spend more than 30% of your income on rent or a mortgage. But that assumes that all of your other expenses increase proportionately as your income increases. Lifestyle creep is real, but someone making $120K per year doesn’t necessarily have 2x the expenses as someone making $60K per year. Is there a c…

Is it worth freezing credit if I am a former international student in America I was an international student in America in the past, and now I am back in my home country. I was a grad student and received a SSN for working at the school. I don’t know if that number is still active or anything. Also, I have an American bank account and credit card from those days, and still use them for online purchases from time to time. …

Should I have converted old 401ks to new 401k, not Traditional IRA? I think I messed up for 2024 taxes. I converted multiple old Trad and Roth 401ks to my Traditional and Roth IRAs towards end of 2024. My traditional IRA now holds $160k. I did a backdoor Roth conversions in 2024 as well for the full limit. (Same as 2025 and other years but I’m concerned with the 2024 tax year) Reading up on pro rata rule, it loo…

Gambling addict mom is chipping at my bank account I’m a 19M college student and my mother is a narcissist, an alcoholic, and has a bad gambling addiction. She makes a six figure salary and I make minimum wage at my part time job. She’s been an alcoholic for years but the gambling is a new addition to all of this- and something I’m not really sure how to handle. My mom doesn’t like me much so s…

Purchased a truck with Capital One, no account setup paperwork I purchased a newer used truck from a local dealer one week ago. Not cheap. Approved through capital one, and loan was taken out. But I did not even get so much as a welcome email. Is this normal? When I purchased my Volkswagen on a loan, I was able to set up my loan payment account and autopay the next day. Any info is much appreciated subm…

W-2 income for my spouse is somewhat high. How to check that? I am working on taxes, as always, married filling jointly, as always. Software shows comparison with previous year. My spouse is having something like $28.4k reported on w2. Problem is, that her contract that applied since August is something like 27.5k and her previous one was for less, and her previous year w2 was something like 18.8k I was e…

considering trading in brand new car for cheaper older car A couple months ago I made the horrible decision to trade in my older(ish) car for a brand new 2025. I only had intentions on taking a look at the new models but you know how that goes. My car was a rental before i got it and i made the excuse that i wanted something only i have driven. They gave me a pretty decent interest rate and swindled me …

What do I do to not pay taxes on a large loan repayment from family? Just as the title states. Over the past number of years I’d been transferring money to my mother to help her out with her home with the expectation that when she has the money, sells or dies I’d get it back. Well that time is coming very soon, and I’m looking at getting repaid a bit over 100k, likely in a lump sum. What do I need to have ready …

Company 401k vs Roth IRA vs other options I’m starting at a new company that provides a 3% match at 100% and then a 2% match at 50%. Is there any benefit to putting more than 5% into that 401k account? I also have a Roth IRA that I plan on maxing out this year at 7k. Just want to make sure I’m thinking of things right and shouldn’t be diversifying my investments further etc. Thanks! …

Getting Divorced, what is best for me financially? Keeping or selling our house? Hello I (52F) am getting divorced. My husband has cheated on my repeatedly throughout our marriage and because our two children are out of the house (18F & 20F) I’m finally filing for divorce. We have both been working for over twenty years. I make about 200K a year and he makes about 120K a year. We bought our house following the financial cris…

HSA Investment Management Fee I have a perk with my HSA that allows me to rollover a certain monthly amount to an HSA Invest account. There are no fees to rollover, however, there is a .25% annual management fee. Do you think this would be worth doing? Otherwise, it will be sitting in my HSA checking account at .01%. submitted by /u/EmphasisDesperate783