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#personalfinance

179 posts48 participants5 posts today
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BOCVIP

Can I max out 401k catch up contributions if I plan to quit mid-year? bocvip.com/812389/can-i-max-ou #PersonalFinance #RetirementPlanning

BOCVIP · Can I max out 401k catch up contributions if I plan to quit mid-year?I’m a HCE at work, and thus have a limit on my normal 401k contributions. I’m also in that 60-63 window where I can do $11,250 as a catch up contribution and am doing so. I plan to retire in about a year, likely in April. Can I have that full $11,250 taken out as a catchup contribution or is there some sort of pro-rating that happens? I know there is pro-rating for HSA contributions. That makes sense because if you leave a HDHP mid year, you’re no longer covered by the HDHP so you shouldn’t get the advantage of
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BOCVIP

Just started my investing journey but the market is so demotivating bocvip.com/812260/just-started #PersonalFinance #RetirementPlanning

BOCVIP · Just started my investing journey but the market is so demotivatingHey everyone, I (25M) started my job a year ago after finishing my studies, and since then, I’ve been consistently investing in the stock market for the long term. But honestly, it’s been rough. The market has been in a downward trend since I started, and my portfolio has been in the red pretty much the entire time. I know the general advice is to stay the course, keep investing regularly, and think long term, but it’s hard not to feel discouraged when the market just looks so bearish with no signs of turning around. Part of me wonders if
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BOCVIP

Should I Open a Separate Bank Account Without My Parents Knowing? bocvip.com/812196/should-i-ope #PersonalFinance #RetirementPlanning

BOCVIP · Should I Open a Separate Bank Account Without My Parents Knowing?I’m thinking about opening a separate bank account for myself, but I feel like I’d be hiding something from my parents, which makes me uneasy. The main reason I want this account is to save money and receive my salary from a job that my dad never even told me he was happy about. Because of that, I never told him that I accepted the offer. I still live with my parents, so I’m worried about keeping this hidden. If I open the account, how do I make sure they don’t find out? Has anyone been in a similar situation?
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BOCVIP

Temporarily pausing investing to aggressively pay down mortgage bocvip.com/812117/temporarily- #PersonalFinance #RetirementPlanning

BOCVIP · Temporarily pausing investing to aggressively pay down mortgageHey all, I’m in my late 20s and bought a house in the last year with a 6.375% interest rate. I’ve been pretty aggressive about saving for retirement since I turned 18 and have a stock portfolio that equals my annual income. I have 2 years of household expenses saved in cash because I run a business in an industry that can be volatile so I err on the side of caution. I know this isn’t financially optimal but it gives me peace of mind. My business is taking a downturn and I’m preparing for my income to potentially be
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muusemuuse

debt consolidation fucked me, now what?

lemm.ee/post/59915881

lemm.eedebt consolidation fucked me, now what? - lemm.eea bit over a year ago, I went through debt consolidation. I signed up with a company that offers me a monthly payment to kill my credit cards and provide me legal representation should I need it. It’s been about a year since and they have only shut down some of them. There are 1 or 2 still left open. I was told not to make any payments on the cards. Let them complain and threaten with collections. This will let the debt consolidators buy the debt for cheap if the credit card companies refuse to close the cards. They have been tanking my credit for months and they aren’t closing my cards. Now I’m in a bad place financially. I lost the job I had at the time I went into consolidation and the current one isn’t paying as much. I’m not missing any payments but it’s trapping me. I may need to leave my state for some place safer soon. But I have such a poor credit score now that I cant imagine anyone renting to me now. Debt consolidation feels like it was a scam. Should I declare bankruptcy and start over?
#personalfinance
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BOCVIP

Should I leave my current job to stay home to take care of my dying mother? bocvip.com/811911/should-i-lea #PersonalFinance #RetirementPlanning

BOCVIP · Should I leave my current job to stay home to take care of my dying mother?I am a married 48F. My Dad passed in 2018 and now my Mom(74F)is near her end of life with stage 4 heart failure, liver failure and kidney failure. She was recently hospitalized for a week and sent home to be comfortable. Her Dr's do not have a timeline on her end of life. Right now, she's pretty much bedridden, and only eating maybe one meal a day. I work as an office manager working 35-40 hours a week making $22 an hour. I own my own home (no mortgage) and my youngest daughter is set to graduate this June.
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BOCVIP

W4 Form/Taxes – Married Filing Jointly or Married Filing Separately? bocvip.com/811765/w4-form-taxe #PersonalFinance #RetirementPlanning

BOCVIP · W4 Form/Taxes – Married Filing Jointly or Married Filing Separately?Hello all.I have tried to read everything I can on this subject, but I still don't get it.My accountant is saying that my wife and I should file Married Filing Separately but I still don't understand why.From what I have gathered, if we are making vastly different incomes, that's when MFS makes sense, but why? I'm sure there are other factors of when it makes sense. We don't have any student loans.For what it's worth, there is a difference of $130k between us.Any simplified information would be appreciated.https://www.reddit.com/r/personalfinance/comments/1jnby65/w4_formtaxes_married_filing_jointly_or_married/Posted by magic9669
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