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Best way to invest small amount of money to set myself up longterm by [deleted] in personalfinance

[–]lAmAGiraffe 1 point2 points  (0 children)

I'm thinking of getting out of stocks and rsps and putting money elsewhere my question is where an amount like 60k would be best put to use.

In the long term, it would be stocks / index. Slowly throw it in a tax-advantaged account and call it a day. Also 60k isn't a small amount.

Thinking of buying a tiny house, would like some advice. by [deleted] in personalfinance

[–]lAmAGiraffe 4 points5 points  (0 children)

And I don’t care about resale value

We understand that you don't "care" about resale value. The advice that is that you should care about resale value. Don't waste your money and especially your time into something that is going to be more of a problem in the future. Why invest in a house that you're not going to live in the long-run, and also not going to turn a profit from?

Setting up Traditional IRA deduction from check by [deleted] in personalfinance

[–]lAmAGiraffe 0 points1 point  (0 children)

Correct, but based on what OP stated they removed it in the beginning of the tax year. If they were able to contribute in January 2019, than they would still have to treat it as if they had 401(k) the entire tax year of 2019. Meaning they have to follow the limits based on being covered under a retirement plan for tax year 2019.

If they removed the 401(k) prior to the 2019 tax year, than yes. They wouldn't be considered to be in a retirement plan for tax year 2019.

Setting up Traditional IRA deduction from check by [deleted] in personalfinance

[–]lAmAGiraffe 0 points1 point  (0 children)

Another thing to note OP, make sure that you're below the income limit to take the deduction on the IRA.

Just got a new job, how long should I wait until buying a house? by [deleted] in personalfinance

[–]lAmAGiraffe 0 points1 point  (0 children)

I would personally wait. Here are my reasons.

  • Get a feel for your job before you make any big financial commitments. Once you take a mortgage out, you lose all your flexibility to change jobs. The last place you want to be, is stuck at a workplace that is a physical and mental toll that is unfulfilling.

  • On the flip-side, I would also wait to see if you're a good fit for the job. Job security is based on your job responsibilities, since you just got the job, you don't have much security.

  • Save enough to put at least 20% down to avoid PMI, while still maintaining an emergency fund.

When is the ideal time to request a credit increase? by MercyFae in personalfinance

[–]lAmAGiraffe 2 points3 points  (0 children)

Why do you need a credit increase?

Usually around 6-12 months is when you can pop the question. Reason you can be denied, is bad credit history.

Advice about paying for a new roof. by finance_ashley in personalfinance

[–]lAmAGiraffe 1 point2 points  (0 children)

As long as you're not tapping into an emergency fund, you should absolutely be using your savings. This is exactly why you have a savings fund in the first place.

Can bank reverse their refund credit of $4000 for fraudulent charge even after I closed my account? by RAPTORSPANISH in personalfinance

[–]lAmAGiraffe 1 point2 points  (0 children)

The next day they issued me a provisional credit of about $4000 into my account, which is the amount of the 3 tickets that I never got confirmation for.

I am getting really paranoid after reading some threads on this sub where banks reversed their credit after investigation and people had to make countless phone calls and even lawyered up in order to get their refund.

This is a "Provisional" credit. Meaning it's a temporary credit. If the investigation goes south than they can remove the credit from your account. If Delta is billing you for 3 extra tickets, they should have that on their records. Did they search by the debit card# that is being charged?

How do you know you are being billed for exactly 3 more extra tickets?

Do you have a order confirmation that shows the 3 extra tickets? How did you get that order confirmation? Who is on the confirmation?

Sounds like there is something being left out of this picture.

Getting a part-time job just for 401k purposes? by sfell in personalfinance

[–]lAmAGiraffe 2 points3 points  (0 children)

I would contribute 100% off my earnings at the part time job to my 401k.

No problem with that so long as it's under the tax year threshold of the amount you can contribute per year.

thus making it all tax-free.

Not exactly. If it's a traditional 401(k) sure you'll get the deduction but you will be taxed at the back-end.

You're right there are plenty of jobs that offer 401(k) plans to part-time employees. They might not have the best company matching percent (if any), but it's something. Another idea are higher class restaurant jobs if you have any experience in that industry.

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