What should someone in their 70’s do with small amount of money received from an estate? My mom is in her early 70’s and has $10,000-20,000 (possibly a little more) that has been left to her after a death in the family. Some is because she is a beneficiary of a self-directed investment account and some is from a bank account/sale of property. She asked me to figure out what she should do with it. She does not have any retirement or…

I just inherited a life changing amount of money from my Grandmother. I’m still in shock. It’s a bitter sweat situation due to her passing but I’ll finally be able to afford a good down payment on a modest home! I was told to expect about ~$100k after the sale of her farm land. This is totally life changing. I’ve been struggling for years to make ends meet and have been hit hard with rent increases recently. I fee…

Do I need to worry about a tiny amount of money in my Trad IRA if I plan to Backdoor Roth in the future? My work has a great 401k and also allows for IRA rollovers into it. I had a trad IRA that I wanted to roll into my 401k so I can someday have the option of a backdoor Roth. I called and talked to Fidelity, did the transfer with them (both accounts were there so it was relatively easy) and everything went through smoothly within a few business da…

My wife’s grandfather passed away and left her a life changing amount of money. She’s leaving it to me to decide what we do with it. Last year, my wife’s grandfather passed away and left her 2 homes and $100,000 cash. The homes are worth around $350,000 each. There is no debt. So in total, we are looking at around $800,000. My wife has asked me to take the lead and figure out our best course of action. As someone that has no experience with rental property, I’m inclined to se…

Received a significant amount of various stocks in an inheritance that are in Fidelity. Fidelity wants/offered me to meet with an advisor. Should I? My father who was a CPA and personal estate planner had invested significantly in the stock market. After both he and my mother passed away I received half of the stocks he invested in (lots of blue chip companies, most of which I have heard of). He was very smart in the market and had no need for an advisor. I on the other hand know very little…

$245 lab bill moved to collections, but I filed an appeal with insurance and they said the wrong amount was taken out and will be adjusted. I received a lab bill for $245. Contacted my health insurance company to review it. It took about 1.5 months for them to review it successfully. By the time my health insurer completed the case, the bill was sent to collections. The health insurer said that the wrong amount was taken out. And said it would reflect in 7-10 business days. But agai…

Gift tax amount for third person? So my spouse and I purchased a house semi-remotely. Because the title company/realtor/somebody only prepared the one on the mortgage for the deed, they said we could not close in time to add extra people. So we are adding people after the fact. We were planning on adding myself and my mother in-law to the deed. Now I know I can be added withou…

Am I overacting to the amount of debt I am in? I feel so ashamed by being in cc debt. I feel like i’m constantly drowning. I got married in 2020 and had to pay for a lot of it, which was used on my credit card. Ever since then, I feel like i havent been able to come up for air and the debt just continues to pile and pile. I dont know where I went wrong (i do i think. i dont have a lavish lif…

How to not get bent out of shape when I lose a small amount of money on a purchase? (Think, buying something non-refundable the day before it goes on sale.) It’s stupid, but I recently booked a non-refundable hotel and ended up paying $50 more than if I just purchased it a day later. I am fortunate to earn enough money where $50 isn’t a huge deal in the grand scheme of things, but I grew up poor part of me always wants to get the absolute best deal possible. Though I know this logically, I just can’…

Carrying a fair amount of debt but none of it seems worth paying off faster than minimums, am I mistaken? So I have gotten in the habit of accepting financing whenever the terms seem reasonable because it strikes me as a good financial move. I realize as a result I have been carrying more and more debt instead of less and less recently. I still think it is the right move but I figure it might be a good idea to get a community reality check in case t…

selling a car on FB marketplace, buyer asked me to put a lower amount on the bill of sale so he can pay less taxes? This is my first time selling a car privately. I own this car and it’s paid off. I am selling it for $39,000. The buyer is going to finance it (so we’d meet at a bank) Bank gave him a loan of $38k and he will give me 1000 on top. but he asked if I could put a lower sale amount on the bill of sale so he pays less taxes. Technically I could sell i…

Is it smart to keep only a small amount of money in my checking account? I’ve been following a strategy where I purposely keep only $300-500 in my checking account at any given time. I use my credit card for most of my day-to-day purchases and pay it off in full every month. After paying my bills and rent, I transfer the remaining funds to my savings account. This way, I minimize the risk of losing all my money if my…

After tax amount in 401k Hello, Have pre tax and after tax amounts in 401k. Know pre tax amount to rollover to traditional IRA at Fidelity or Vanguard,.. On the after tax amount, can it go into taxable account or can I rollover to ROTH account at Fidelity or Vanguard ? Called 401k admin person, she said they will send a separate check for after tax amount without noting…

How to make money inaccessible for a certain amount of time. Ok this is maybe a weird question for this sub. Here is the situation a Child has lost both her parrents and is currently in the custody of Party A. That child’s inheritance totals too about 500K. Now someone else in the family (Party B) wants to gain custody of the child in order to gain access to that inheritance. The simplest solution to all …

The amount of times people don’t look through their peephole at their home is hilarious I’ve seen so many shows where the characters opens the door and they act surprised who is it. If they just took 2 seconds to look they won’t have that dumb look at their face. Not just that, there are times there was an antagonist behind the door and if the character just looked they would have avoided conflict. Dumb post but I was thinking that…

Which types of businesses generally experience higher success rates when they have a larger amount of funding invested? Which types of businesses generally experience higher success rates when they have a larger amount of funding invested? submitted by /u/phonoodle7

How do I save an equal amount for two kids’ college funds? I just had my second kid on Friday evening and am waiting for her birth certificate before I can get her college fund set up. But I can’t figure out how to go about ensuring I am saving the same amount for both of my kids. My son is currently four years old, and during the pandemic we threw most of the stimulus check money into his 529 account a…

My dad can’t afford his current lifestyle and has borrowed an extensive amount of money from family. He has dementia and I do not know how to best help him. My dad (age 64) has not managed his money well and has not saved up at all for retirement. I live out of state (attending university and going to med school next year) and am his only child. He recently had his disability approved and has been receiving social security. Currently, he’s getting $1611 in social security. $284 is taken out because…

What’s the ideal amount of resting days for a long trip? I’m planning a long (60-70 day) trip to Europe, and I’ve included many cities and small towns (most of these I’m planning to visit as a day trip). I’ve realised that my schedule became too packed with transportation (51 of my 70 days include transportation from/to somewhere else, whether it’s a flight, international train travel or a short regio…

What’s a fair amount to pay for carpooling with others? I do a lot of hiking from meetup which involves carpooling. What’s a fair way for the driver and other carpoolers that everyone can agree on for cost splitting a trip? If you think about it, driver only pays 1/4 cost of gas (if gas only) and then 1/4 for his wear and tear, insurance, and all other shit. For a trip that the driver will go as a s…