What percent of one’s yearly income should be spent on a car? A. If it is paid in full B. On finance The car needs to drive them 30 minutes inter city to work every day of the week and not much use on weekends. submitted by /u/No_Refrigerator_7841

Can’t pay the medical bills because I don’t have any income Hi guys. I was admitted to the emergency department in May for some reason and I was stay in the hospital at California for a few days. After that they sent me the bill in June, but I received the bill at the end of this month, and the due date is supper close. On the bill it says I have to pay them 14000$, but I can’t pay it because I don’t hav…

What percentage of my income should I save? I(21m) just graduated college, I was on a scholarship so I do not have any student debt that I need to deal with. I currently have around 12k saved from jobs in college. My job will pay about 34k per year after taxes. According to my families advice, I should be spending around 45% of my income on rent, bills and food. I should be saving around …

What to do with a pension for monthly income? I retired today. I need to decide what to do with $439,000 company pension plan. This is separate from the 401k. I am 55 years old and only want monthly income from the plan, no reinvesting dividends. I am single and have no heirs. I have a severance package that covers a year of my regular income so no dividends are needed until next year. Look…

How Should I Spend My Income. Hello, I want some advice on what I should do to improve my budget and if I’m saving too much or saving too little. I make about 100k a year, after taxes and other deductions I make about $5,100 a month. This includes health, vision, dental insurance, 8% 401k match (~$642) every month, FSA contributions, and etc. My Current Monthly Budget: Rent…

Income potential and partnership structures I am on a 3-5 year track to become a partner in the company I work at. The company has grown steadily for the past five years and is very stable. Based on the current annual profits, I would make approx $150,000 a year if the profits are split evenly split by all partners. (We would all become partners at the same time, so I’m just going to assu…

Startup business, low income. Licensing required? Simple selling hand made items on a website. Don’t expect any more than 5k for the first year as I can’t devote too much time to it. Do I really need to sign up for a business license, or register myself as a business. WA state, tax nexus isn’t til 100k gross. Is it entirely possible to just start it up and start accepting sales today, without …

Manifesting Stable Job, Stable Income ✨😇 submitted by /u/fordafoodiemamizharz

Roth IRA question and income I am retired and collecting SS, have a pension and take a small amount out of a 401k each month. I also work part time and may Make 7-8000 a year. Since it seems you must have income to contribute to a Roth, can I put all my wages into a Roth? Also, when I am 73 and the mandatory divestment of the IRA and 401K occurs, can I just move them into a…

Can we afford this mortgage on one income? Buying a house for 255k 0% down. Never bought a house before so this is all very new to us. The realtor is saying we will get 3-6% in concessions and that the mortgage will be around 2500. The interest rate is 6.9, but she says we can buy down the rate, which could lower the mortgage even more. We have a 525.00 truck payment, other vehicle is pa…

Recently Married – How to navigate money planning / budgeting with income differences Hi there, my husband (together 7 years, married 7 months) and I have very different money situations and we have no idea how to begin the discussion or how to plan joining our finances. I recently went through the wiki and created my personal budget. I was looking at trying to do the 50/30/20 rule. At the moment I bring home about $3,800 a month…

Should I pay 30% of my income on rent before OR after taxes? I’ve heard of the rule to spend no more than 30% of my income on rent before taxes. But it seems better to use what I pocket home after taxes for my 30% calculation. What do you guys think? submitted by /u/cargo711

Any way to keep an inherited house with low income I make like $30,000/year. I have $500 total in savings. My grandfather has been in poor health lately, and while i hope he will live a while longer, we’ve started making preparations for when he passes. One big sticking point is that he has a house worth somewhere between 2-3 million dollars. My parents don’t want it, as they already have a nice…

Low Income Year – How to take advantage? Partner and I will have sub $100K income this year ($300K+ in previous 3-4 years). What can we do to take advantage of this personal finance and tax wise? Don’t think we will have that many low income years before retirement in the future submitted by /u/Big-Pea-6074

Income required at retirement (as a percentage of current income)? I am using Bankrate’s retirement calculator and trying to put some accurate inputs, but I’m not sure what to put as my income required at retirement, which is input as a percentage of income as of the retirement date. In my situation our household income is currently $254K. Bankrate gave me a 2% annual income increase per year which puts our las…

Decent income, still struggling 100k household, living like we’re poor Hello, Posting here in hopes of getting some advice from people that have experienced something similar. Obligatory apology for formatting, I’m on mobile. My wife and I both work full time, paid $2,634.14 biweekly and our household income is 100k before taxes, after takes I believe it’s roughly 92,000- giv…

Lost my job, learning to never single source my income again! Hi everyone! Just lost my white collar’ish type job. In a slight panic as I was basically living paycheck to paycheck due to soaring expenses and excessively high rent. I am a single female and solo dweller. When it rains for us, it can pour! Doing everything I should be doing right now- cutting all expenses outside of rent, utilities, food & t…

Advice on how to start managing income better Hi! I’m looking to get some feedback on my plan. For reference, I am 26 (F), and i’m wrapping up my time in graduate school and about to get my first job (internship) before i fully enter the work force. Currently, I have about $1000 in a standard checking account and $7000 in a standard savings account. I don’t have any student loans. and i pa…

More income than I expected for Roth IRA During the beginning of the year, I anticipated my salary was roughing going to be $150,000. However, I’ve gotten bonuses and productivities that now increase the salary expectation to $200,000 gross income. The problem is, in the beginning of this year, I maxed out my Roth IRA as I was not expecting to be above the income limit. What options do…

Goal: interest income and untouched principal Hi all! ​ If you had a large lump sum of money and had the following goal, what would you do with it? – Ideally, this sum of money would be generating interest/income somehow that our family could use for nonessentials like vacations. All of our essentials are covered already, so this money is truly just for fun. I would like to leave the princi…