#Reddit Personal Finance

Crowd sources all of your finance questions to a whopping 12+ million redditors. It also has an incredibly useful Wiki and sidebar.

https://www.reddit.com/r/personalfinance/top

Moving back home to help out and needing tax clarification.

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Moving back home to help out and needing tax clarification. I (Single, 39M) am contemplating moving back home with my parents to help them with age related and general mobilities issues. Im kinda glad as it frees up 15K in yearly rent. However having been WFH for several years, ive always deducted my home office (living room) on my taxes. Since I would continue to work from home at my parents place, how …

Reddit Personal Finance 563 2024-07-15

Down payment: Lender vs. Dealership vs. Investing

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Down payment: Lender vs. Dealership vs. Investing I’m planning to buy a car and I’m considering how I’d like to handle the down payment. Here’s the situation: – Car price: $30,000 – Down payment: $10,000 – Loan term: 60 or 72 months – Interest rate offered: 6.9% through a CU. Dealership APR unknown. Here are the options: Option A: get a full loan amount for the vehicle through the CU and pay …

Reddit Personal Finance 445 2024-07-15

How am I doing with retirement?

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How am I doing with retirement? 38yo. No debt besides mortgage. $255k in 401k (mostly Roth contributions). $18k in my Roth IRA. $25k in my wife’s Roth IRA. And $25k in my wife’s old 403b. Only contributing to the Roth 401k right now and maxing it out every year, with a 5% match from my employer. Working to pay off one of my small mortgages (

Reddit Personal Finance 631 2024-07-15

Budgeting apps for married couples

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Budgeting apps for married couples Curious what budgeting apps you all use? I’ve heard of monarch but the price point seems hard to justify considering all the other options out there. If I am going to spend time setting it all up I really want an app that is great at customization and looks visually appealing. submitted by /u/Chrisju22

Reddit Personal Finance 671 2024-07-15

Help! Feedback to help my 97-yr old friend

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Help! Feedback to help my 97-yr old friend Backstory: 97-yr old friend of mine in surprisingly decent health lives in a facility subsisting on Medicaid near Portland Oregon. She has no family or even close friends. She also has a lot of credit card debt (multiple tens of thousands) across a half dozen credit cards/accounts. Apparently these creditors have some arrangement where they dedu…

Reddit Personal Finance 699 2024-07-15

better ways to invest 18k?

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better ways to invest 18k? hi! im 20 y/o and have around 18k saved up. i’ve had it in a capital one hysa for about a year now, but just switched to marcus for 4.4%. what are the best ways to invest besides cds (12mo. @5.15%) and a roth (already done). would definitely be interested in expanding my investment knowledge but still kind of want to play it relatively safe. any…

Reddit Personal Finance 1.0k 2024-07-15

Credit card debt settlement

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Credit card debt settlement Hi all, I unfortunately landed in the category of someone who made poor decisions and continued to let them spiral. I have a large amount of credit card debt, more than most people’s salary, and more than I like to admit out of pure embarrassment. I stopped paying them about two years ago (I know this was terrible decision making). The majority…

Reddit Personal Finance 1.2k 2024-07-15

Requesting advice for my mom with inheritance

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Requesting advice for my mom with inheritance My 62 y/o mom has gone through it. She’s been homeless a lot of her life and has never had a drivers license or her own money and has not really ever worked. She recently inherited about $120k. She lives with her sister who probably won’t live much longer and is doing reverse mortgage. So once she passes she will most likely move in with one of …

Reddit Personal Finance 891 2024-07-15

20k sitting in checking account

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20k sitting in checking account Im 19 and have 20k in my checking account. I work full time making 20/hr and have a 401k through work. Still live with my parents and have no debt. Looking for suggestions on how to grow this submitted by /u/v0xxus

Reddit Personal Finance 865 2024-07-15

Credit card debt and personal loans

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Credit card debt and personal loans I have 9k in credit card debt on multiple cards. The apr is all just about the same. Is it better for me to take out a Personal loan and pay them all off. Then put all my money toward the loan or pay it off credit card by credit card? submitted by /u/RoughUpstairs8942

Reddit Personal Finance 422 2024-07-15

Spend 30k cash on a car or buy a more frugal option

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Spend 30k cash on a car or buy a more frugal option Im 20 and have around 50k in savings and make 118k a year. I max out my 401k, ESPP, HSA, and also have vested stock from my company valued at 25k a year for 4 years (100k total). I’ve always wanted a Lexus ES 350 and would love to be able to own one which I could pay for with cash costing around 30k, however I understand the trap of wasting mone…

Reddit Personal Finance 945 2024-07-15

Should I convert to Roth?

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Should I convert to Roth? Hey guys, just wanted to ask if converting makes sense in my situation. 7 k roth, funded this year 4k traditional funded last year, fully deducted 80k annual income started in May this year. Moved to Virginia, not sure if I will stay in Virginia though. I think this might be important because virginia has 5.9 % state income tax. And regardless, …

Reddit Personal Finance 1.2k 2024-07-15

What happened to my husband‘s personal injury settlement when he was a minor?

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What happened to my husband‘s personal injury settlement when he was a minor? Could a personal injury settlement that was placed in an investment account for my spouse as a minor, have been deposited into his mother’s bank account without his knowledge? My husband was involved in a car wreck when he was a kid (1992) that caused him major injury, and he almost died on the operating table. Of course he was very little when …

Reddit Personal Finance 925 2024-07-15

Roth vs 401 k with no match/contributions

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Roth vs 401 k with no match/contributions I’m 26 and have about 30k in a Roth and 10k in a 401k. My net worth of all assets outside of retirement is about 200k. I’ve worked hard and I manage a lot of my own finances. My company does not match my 401k so I mostly max my Roth out every. This year I’ve already saved about 10k but I’m trying to buy a house so imo I’d like to stop contributi…

Reddit Personal Finance 850 2024-07-15

Long term down payment on new construction home

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Long term down payment on new construction home My wife and I currently own a home with a lot of equity and have been looking to sell and buy to upsize for our growing family. We’ve been saving up funds in our high yield savings account for a potential new home down payment. There’s a decent chance we may soon be able to get a contract for a new home build in a development which will require…

Reddit Personal Finance 821 2024-07-15

Dad passed away suddenly, need advice and guidance on some of his debts.

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Dad passed away suddenly, need advice and guidance on some of his debts. So, unfortunately my dad passed away fairly suddenly yesterday. He didn’t have a will. We are in ny state which is not a community property state. My parents are separated but legally still married. From my understanding, in a not community property state, debt doesn’t get passed to the spouse of the deceased. However, I’m confused about a coup…

Reddit Personal Finance 661 2024-07-15

Aggressive mortgage payments vs diversify? TL;DR 6.5% mortgage interest rate, 29 years left on a house that’s a money pit; should I pay down mortgage aggressively?

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Aggressive mortgage payments vs diversify? TL;DR 6.5% mortgage interest rate, 29 years left on a house that’s a money pit; should I pay down mortgage aggressively? My partner and I bought a house last year with a 30-year 6.5% mortgage (5% down payment with PMI)…29 years left on the mortgage. We knew the house needed TLC/updating, but were informed of no urgent issues. We recently had multiple roof leaks, found out that we bought a lemon and had to borrow heavily from family and empty our bank account to …

Reddit Personal Finance 733 2024-07-15

$10k towards Mortgage or New Car Loan?

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$10k towards Mortgage or New Car Loan? Simply put, wondering which is the better long term plan: pay off car loan earlier or mortgage earlier. Calculators make it at toss up, at least the online calculators I used for this. 6.67% 24,000 60 months on car. $501 per month. 3.68% 113,000 15 year on mortgage. $1100 per month. Ask any questions I left out. submitted by /u/Glittering…

Reddit Personal Finance 416 2024-07-15

20k for Kids College

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20k for Kids College I was recently given a check for 20k from a relative (they just received a large inheritance) to put towards my kids college education. My oldest is starting kindergarten, so college is a ways away. What is the best way to invest this money? submitted by /u/mmower17

Reddit Personal Finance 441 2024-07-15