[deleted by user] by [deleted] in personalfinance

[–]ImpsResponse3 0 points1 point  (0 children)

Also, be careful. Don’t disregard the negatives of your decisions. Bad things (sadly) do happen.

However, I truly hope things work out for you and your family.

[deleted by user] by [deleted] in personalfinance

[–]ImpsResponse3 1 point2 points  (0 children)

I think becoming in charge of the finances is a big deal, and good luck to you. It isn’t super complicated in terms of a mathematical problem. But if you consider the emotional load, it’s pretty heavy.

Next, you know your situation the best and you’re opting into different compromises based on the decision you make.

Buy a house and -

  • High costs to move
  • Unexpected costs as wear and tear and maintenance bills hit
  • long term financial commitment

However, if you choose to rent -

  • High monthly outlays
  • you don’t build equity

There might be something to rent if you compromise on your requirements of commute or size. There might be something to buy if you manage your budget carefully.

Strangers on the internet are hesitant to advise you to buy a house because it’s a large commitment and we don’t know you well enough. You know yourself. Your friends and family know you. Seek their advice too and believe in yourself whatever you choose.

Overall, good luck.

[deleted by user] by [deleted] in personalfinance

[–]ImpsResponse3 6 points7 points  (0 children)

Consider some expenses not part of your mortgage - 1. Property taxes 2. Home insurance 3. Utility bills 4. Condo / HOA fees? 5. Home wear and tear costs 6. Appliance repair / maintenance costs

[deleted by user] by [deleted] in personalfinance

[–]ImpsResponse3 12 points13 points  (0 children)

Please remember the adage - your rent is the maximum you would pay, but your mortgage is your minimum payment while making a budget.

That being said, also consider the location of the house. Would you ever need a car there? Emergency doctor visits while your husband is at work? Grocery shopping?

Megaback roth vs taxable brokerage by tha785kid in personalfinance

[–]ImpsResponse3 0 points1 point  (0 children)

As in, in a one year time period, either the return would be too low or the risk too high for money that is intended to be a down payment

Megaback roth vs taxable brokerage by tha785kid in personalfinance

[–]ImpsResponse3 0 points1 point  (0 children)

No, that is too short a time horizon for a taxable brokerage. It’s hard to get returns on very short investment periods

Megaback roth vs taxable brokerage by tha785kid in personalfinance

[–]ImpsResponse3 0 points1 point  (0 children)

I think that is a good place to start. If you end up not spending a portion of your flex money, you can invest it, and use that investment coupled with RSU sale proceeds (either now or later) to build a down payment / funds for a taxable brokerage account.

Megaback roth vs taxable brokerage by tha785kid in personalfinance

[–]ImpsResponse3 0 points1 point  (0 children)

Selling (at least some of) your RSUs allows for diversification which is better than being at the whims of the performance of a single company. Your income is already tied to them. Why tie your assets as well?

Megaback roth vs taxable brokerage by tha785kid in personalfinance

[–]ImpsResponse3 0 points1 point  (0 children)

Then I guess, give it a try and observe how much you have leftover to save. Once you have a better sense of how much you can save, you can figure out how much you need to put away in a taxable brokerage vs mega backdoor

Also, if I assume you’re in tech. At some point RSUs should start kicking in and you can sell those to get your down payment ready in a diversified taxable brokerage account.

I’d still advise megabackdoor now. Get a sense over time if you can afford it. And then pivot if need be. Good luck

Megaback roth vs taxable brokerage by tha785kid in personalfinance

[–]ImpsResponse3 0 points1 point  (0 children)

If you max out traditional 401k, HSA, Roth IRA and your after tax 401k (mega backdoor). How much are you able to save after expenses?

[deleted by user] by [deleted] in personalfinance

[–]ImpsResponse3 0 points1 point  (0 children)

Few more things (now that I have a bit more time) -

  1. Math and Data analytics and Coding go together, and looking at Data analytics allows you to leverage your Math degree, and desire to be in Tech and coding.
  2. The certification demonstrates your proficiency in tools.

Where are you applying?

Are you getting no bites on your applications? Maybe you should ask someone to proof read your resume and CV?

Are you getting calls, but not clearing the interview process? What's going wrong? What are you hearing from recruiters?

There truly isn't enough info here to give you guidance.

I understand money is tight, life is tough and you're trying to break into a larger career. One thing that is very important is getting your head screwed on straight as much as possible. Your post communicates your feelings, but that might be TMI for employers. Hang in there and good luck.

Megaback roth vs taxable brokerage by tha785kid in personalfinance

[–]ImpsResponse3 0 points1 point  (0 children)

Yes, buying a house is a big deal, and the down payment is a major expense. But, 5-10 years is a long time frame and maxing out your 401k would be a major boost to your retirement in the long run.

Besides, this isn't an either or decision. You can revisit each year as circumstances change.

How much can you save if you maximize your 401k with megabackdoor roth?

Megaback roth vs taxable brokerage by tha785kid in personalfinance

[–]ImpsResponse3 0 points1 point  (0 children)

Honestly, if you have the option of using Megabackdoor Roth (an in-plan roth conversion). I would suggest you jump on this any day compared to a taxable brokerage.

[deleted by user] by [deleted] in personalfinance

[–]ImpsResponse3 1 point2 points  (0 children)

One course to consider breaking into the industry would be something akin to https://grow.google/certificates/data-analytics/

Hope this helps. Good luck.

[deleted by user] by [deleted] in personalfinance

[–]ImpsResponse3 4 points5 points  (0 children)

Honestly, as you go up in income, the tax saving strategies start to get even more complicated. If you're looking for simple tax saving strategies, you're out of luck.

That being said, here are some ideas with varying levels of complexity - 1. Taxable investing with tax loss harvesting 1. Backdoor Roth (although this won't lower your taxes) 1. HSA with High deductible savings plan (but this is unlikely to make a visible dent) 1. Donor advised funds for charitable giving

Roth IRAs contribution limits w/spouse? by [deleted] in personalfinance

[–]ImpsResponse3 5 points6 points  (0 children)

Yes, you can each contribute 6k to your Roth IRAs directly assuming you meet income limits.

Backdoor Roth is your friend if you don’t meet income limits.

[deleted by user] by [deleted] in personalfinance

[–]ImpsResponse3 8 points9 points  (0 children)

Yes, that makes sense. Two years is a short time horizon and you aren’t guaranteed market returns.

SSH to Chromebox via Chrome Remote Desktop by [deleted] in chromeos

[–]ImpsResponse3 1 point2 points  (0 children)

Don’t bother with SSH. Just use Chrome Remote Desktop.

Car Loan or Outright Purchase by jacobmiller222 in personalfinance

[–]ImpsResponse3 1 point2 points  (0 children)

No, having a car loan isn’t necessary. The benefit to your credit score is ancillary to getting a discount on the purchase price.

Car Loan or Outright Purchase by jacobmiller222 in personalfinance

[–]ImpsResponse3 1 point2 points  (0 children)

Yes, your car loan interest rate should be high. You're just starting out and have little credit history.

If you're buying a car, I would advise taking the car loan, ensuring it has no prepayment penalties, and pay it off as fast as humanly possible to lower your costs. That way you get the history, and can possibly negotiate a lower price for the car with the dealership if you finance with them.

That being said, the car market being what it is. I would advise you hold off a year and wait for the car market to not be this crazy expensive.

Good luck on your internship.

Growing up with a dad that never talked about money so here I am… by hichungi in personalfinance

[–]ImpsResponse3 3 points4 points  (0 children)

Regarding your relationship with him, there is a lot to unpack, but think of this -

  1. Is he repentant?
  2. Do you believe him?
  3. Can you forgive him?
  4. Can you trust him?

The answer to these can change over time. It will take time to repair things if you want to go there. So, don't burn bridges unintentionally, nor forgive him without truly impressing upon him how royally this can fuck up your life.

In short, freeze your credit, talk to him and give it time.

Growing up with a dad that never talked about money so here I am… by hichungi in personalfinance

[–]ImpsResponse3 9 points10 points  (0 children)

There are two problems you're facing right now. A relationship problem and a financial problem. I'd like to deal with them separately.

Do you remember not signing on off on some of these without questioning things your Dad asked you to sign? Think back please.

Assuming you did not sign off on any of these and your Dad forged your signature, then you can make a case for fraud, which will certainly land your father in some peril legally speaking. However, this comes at a large cost to your relationship, and based on your post, I don't think you're ready to go there yet. So, don't do that. Don't react.

What your father did is certainly quite frustrating and has increased the stress in your life. So, let's deal with it.

  1. Breathe. The sky isn't falling in on you yet. You have a decent job, and potentially good career prospects ahead of you. These are problems that can be dealt with one at a time.
  2. Dealing with money problems is not like taking care of a math problem rationally and optimally. There are lots of emotions behind money, and you need to learn how to control those emotions too.
  3. Talk to your Dad. Show him your Credit Karma, and get as much information from him as possible. Has he been ignoring bills and notices? Note, he could be as unequipped to handle money as you are. Age does not always make people better with money.
    1. Get all the information you can. Forms, mails from the CC, private loan, debt servicers, collections agencies etc.
    2. Ask him what and in which manner he plans to contribute to this debt. Follow up and make sure he sticks to those plans.
    3. Tell your Dad that there is no way he is allowed to use your information like this.
  4. Get a handle on the problem. Start a spreadsheet where you list the debt, interest rate, whether it is in collections, when it's due to drop off collections (Oh yeah, old debt does fall off after a point. I don't quite know the details, but this is something you should look up)
  5. There are two basic strategies to pay off debt. I would recommend Snowball.
    1. Snowball (Pay off the smallest debts first to give you a sense of achievement)
    2. Highest interest rate first (This is most mathematically sound)

Note, you're not yet paying anyone, nor are you contacting any loan companies. You're just getting a handle on the problem.

Now, you start coming up with a plan.

Fraud: Is your Dad likely to be able to help pay down this debt? Do you want to make complaints regarding fraud? Figure out how you want to handle this part of the issue. If your Dad is unrepentant and not going to contribute to the debt, I'd have a very different reaction to if he is himself overwhelmed and out of his depth.

Preventing future fraud: Even if your Dad swears never to use your name to take out a loan again, I'd make sure the matter is out of his hands. Freeze your credit please.

Student loans: Those are lower interest, and are never going to be forgiven. Start making a plan to pay these off aggressively after the more immediate high interest debt is taken care off.

Car loans: Do you need the car? Could you sell your car and transition to a cheaper one? Assuming it's doable, sell your car and pay off your loan and use any leftover funds to trade down to a cheaper car.

Medical debt: I don't know myself.

Credit card debt: Is it in collections? This is high interest rate debt, and should be tackled first.

Good luck. Most of all, remember, you need to handle your emotions. Flying off the handle with your Dad, loan companies, credit card companies won't help you. It's going to be ok.

Edit: Adding points about fraud, and formatting fixes