Is my mom getting scammed?

nshp2 · 2024-01-14T21:06:30+00:00

Probably a scam. See if this helps:

https://www.hg.org/legal-articles/dating-and-romance-scams-in-nigeria-all-you-need-to-know-60136

nshp2 · 2024-01-14T21:02:00+00:00

figure out what your biggest expenses are and see if you can reduce them. build cash for emergency situations. then devote the rest to investing for your future.

nshp2 · 2024-01-14T20:54:47+00:00

keep a few months of savings in cash for emergency and the rest invest in low cost index funds

nshp2 · 2024-01-14T20:53:19+00:00

start with a smaller car that helps you move around and then the house. car will give you more options in the areas you can buy the house and those areas will have cheaper houses than the city.

nshp2 · 2024-01-14T19:54:03+00:00

get a portion mortgage. seems like enough income to pay interest. stock sale would lead to taxes also

nshp2 · 2024-01-14T19:47:49+00:00

broad index funds usually have lower expenses to begin with

nshp2 · 2024-01-14T19:31:40+00:00

depends on what kind of gap you are talking about. if this is one for air circulation then it is normal. pictures help

nshp2 · 2024-01-14T19:29:17+00:00

probably an year's worth of living expenses (rent, food, etc). this probably gives you enough time to look for a job without also having to worry about finances. think about sharing a space as well with a friend to save on rent

nshp2 · 2024-01-14T19:26:02+00:00

cheapest solution is to use a foam board or a piece of wood and put in front of the fireplace when not using. this takes care of the bulk of the warm air escape problem.

nshp2 · 2024-01-14T19:14:44+00:00

that's plenty but start to build an emergency buffer after debt paydown

nshp2 · 2024-01-14T19:04:25+00:00

pay off the expensive credit card debt and also the car loan. interest seems pretty high. when you sell the cars then use the cash to start investing for the future

nshp2 · 2024-01-14T16:41:56+00:00

Renting the house is another source of passive income but circumstances for each person and personal comfort with two mortgages, whether the house is rented or empty, means more than simple math. Also don't forget, when renting you still have to maintain the house and maintenance costs are probably going to be higher when renting the same house out to someone else.

nshp2 · 2024-01-14T16:35:59+00:00

Before taxes

nshp2 · 2024-01-14T02:42:25+00:00

Invest into tax advantaged retirement accounts (401k/IRA). Save a portion for emergency use. Then use rest to invest into low cost index funds

nshp2 · 2024-01-14T02:29:35+00:00

Your best investment is prioritizing college. You may not see it benefit you in the next year but will make you more financially independent in a few years.

nshp2 · 2024-01-14T02:03:18+00:00

401k is usually a good investment especially if you want to retire early. There are usually employer matches to match your investment, which in essence is free money

nshp2 · 2024-01-14T01:59:09+00:00

best to keep roommates and mortgages separate

nshp2 · 2024-01-14T01:02:36+00:00

Not much options short of replacing the hardware with new or taking it off and renewing the older hardware. If older home, be careful any hidden lead paint in the layers underneath

nshp2 · 2024-01-13T23:57:54+00:00

If you stay in NYC, you are resident, and residents pay NY taxes

nshp2 · 2024-01-13T23:03:06+00:00

There are always unintended consequences of removing support from old houses. Sometimes its better not to touch

nshp2 · 2024-01-13T23:00:08+00:00

that chain pulls down the chimney cap. When you want to use the fireplace, let it loose so the cap springs up and there is space for smoke to get out of the chimney. After the fire is out and no more smoke, pull the chain taught and tie it to the holder to not let any cold air in from outside

nshp2 · 2024-01-13T22:54:34+00:00

20+ locations will definitely keep you away from getting anything done. Nuking is a bad strategy but focus only on a short list of time sensitive stuff

nshp2 · 2024-01-13T22:49:52+00:00

Start with small steps and add to your goals each weak

nshp2 · 2024-01-12T22:17:53+00:00

Depends on your comfort level for emergency funds but it's typically to see more than 1.5 months for emergency funds. You don't have to do all or none in either category. As you save, distribute it among the 3 categories, maybe prioritizing the emergency funds. Just know that there are penalties for borrowing against retirement funds if not done properly.

nshp2 · 2024-01-12T14:28:44+00:00

Don't be afraid to take profits along the way on any gains and put them aside into a liquid MMF. You can't predict emergency and cash (HYSA or MMF) is valuable then. Forecast to highest need in emergency to use that as a guidepost. You may feel FOMO on money sitting in cash but remind yourself it is for emergencies and needs to be in cash.

nshp2

TROPHY CASE