My finances have been a disaster my whole life and I need help. I've made numerous mistakes - I was wasteful, have given into gambling addictions etc. The first question that will come to mind is where did the money go. The answer: recklessness.

Here is my situation:

Salary: $175,000

Debt: $44,500

401K: $8,600

Monthly expenses: $4,500

No property

I need some advice aside from the obvious of paying off debt, maxing 401k/Roth IRA, investing in ETFs, potentially reducing expenses further if possible and never going back to any form of gambling. Probably an unrealistic goal, but I'm very motivated to transform my finances in the next 3-5 years. I'm willing to make significant sacrifices and push my myself as far as possible, but would love the perspective of the community.

Anyone know if MyCigna needs a certain minimum required to be in the account or can I fully transfer the money to Fidelity?

Hi guys, so I purchased the car back in August I got gap insurance for it I also had regular insurance. The car was totaled NOV 11…so my insurance paid for car was worth at the time of the accident… I paid the car since it’s due every 20th…

now I’m waiting on the gap insurance to cover the rest…. I called the lienholder and they said they have received the check from my insurance but now they’re deciding on how much gap insurance is going to pay off. Which left me completely confused ???

I thought gap insurance covered that portion that wasn’t paid by the settlement?

35/married/dual citizen born abroad moved here a couple years ago so limited knowledge on us based savings vehicles.

Inheriting 200k either end of year or beginning of next year. Currently no investment in ira or any other retirement vehicles. I’ll be taking some time off from work probably starting Feb '25 (personal choice) and getting back in mid to end summer '25. This was planned before I found out about the inheritance so I have savings set aside for the time off.

I believe you can’t open an account when your unemployed but you can contribute to one if you had enough income sometime that year or if your spouse is still working, is this correct?

Should I be running to open an Ira account asap before the year is over so I can max it out for '24 (could use some of my current savings for that and replenish that with some of the 200k coming in) or is it too late for that? I wouldn’t do it if I didn’t have this unexpected lump sum coming in. But since that is coming and I can only contribute 14k (married) anyway I could easily put that in there and rebalance when the money actually is wired. And then start maxing out every year with either savings or some of that 200k I got?

Lastly Roth or trad Ira and would that answer change if instead of going back to work I became self employed?

I plan on talking to a FA as soon as I have a day off this week but I’m hoping to get some initial advice so I don’t go in blind. I appreciate any info I can get.

Hi there. I got myself into a pretty doodoo situation with nobody to blame but myself, completely aware of my mistake and have gotten enough backlash from everyone so be easy please :(

Here’s the details, and then backstory is below if you’d like:

•$14,195 principal balance •8.19% interest •$315 monthly payment •Credit score went way down few months, in the low 600s now. •Need a reliable vehicle for work + new york winters •no savings (i know, im working on it) •public transit does not take me to my job or even near my job, i have an E scooter and that’s a possibility in warmer months but not remotely possible now •should i trade it in for a lease? •Whatever it takes to take care of this i know i can’t realistically pay more than like $400 a month

November 2023 I financed a 2019 Hyundai Tucson from a dealership that is one of the “”kia boys”” target cars. If you aren’t aware, there are models of Kia and Hyundais that can be stolen with a screwdriver and USB port.

When I bought this car I did not live in an at-risk area, but i’ve moved in the last 6 months and already had one vandalism and theft attempt (smashed everything but they ran off). Many models in my neighborhood are are stolen and it seems like multiple weekly are stolen just from my street, I just usually happen to be at work when it happens. The thefts were less of a worry until it turned it to violent thefts, ie when the person failed to steal my car they went a few doors down and successfully stole my neighbors and stabbed them with the screwdriver. And recently it’s turned into people being followed into their driveways and jumped to take the car instead of just taking parked cars.

after my car got fucked up my insurance went up, and when i went to look for a new one 95% would not even go as far as to give me a quote because of the risks(understandably), and a few offered but at like $250+ a month. I got lucky and found one that let me do cheaper if i downloaded an app to track my driving performance.

it’s not a matter of if, it’s when it’ll happen. blizzarding snowfall has not even stopped some people from doing this

I have the anti theft devices + a steel wheel lock but most of the stolen cars have the wheel lock and they just get broken off. they don’t know the anti thefts are there until the ignition panel is already destroyed and by that point it’s already a mountain of repairs $$ even if they don’t run off with the car

M19 looking to move out of parents house

Hello, I am 19 years old in Illinois and looking to move out of my parents house by November 2025. I will be 20 by then. Me and my girlfriend of 5 years, also 19 and will be 20, would be living together.

I will be finished with community college and getting my certificate by May 2025 and will be working full-time labor by hopefully June 2025. My girlfriend is going to complete community college and transfer to a university in the coming years. My hope was to join the local carpenters union and work for another business until something maybe opened up for me there.

My goal is to have $10,000 saved by May 2025, and everything is on track to hit that goal. My budget is simple as of now but my numbers are correct and I am still working a good amount now and making/saving decent money in proportion to my spending. I should have that amount set aside by the set date and anything else I make from June 2025 to September/October 2025 will be extra funds to have.

My question is, will $10,000 dollars be enough of a parachute to move out on?

I understand that money will be gone in what will feel like an instant with a down payment for rent and just normal bills and expenses, but that is the reason I am saving it for.

I am also conflicted because many people stay with their parents until 23/24 or later and have longer time to prepare. My family situation is not the best and has been draining for years and I don’t know how much longer I can stay content and on track here. I don’t know if the best decision is to try and move out and start on our own or just keep hunkering down and wait until the opportunity presents itself.

So my other question is, should I pull the trigger myself and move out or wait for them to kick me out?

I do not at all plan on living a luxurious and non stressful life after I move out. I know it’s going to be stressful and hard and I hope my expectations at least seem remotely realistic to someone here.

The future numbers are just hard to determine right now, such as how much money I will be making and how much goes towards the budget, and how much my partner will be working as well and what they would cover. I would be covering rent but who knows what utilities will be, plus other housing expenses. I plan on penny pinching as much as physically possible but that can only go so far.

I think we would benefit from some of your stories and advice regarding the situation. Thank you for reading.

I came across this app called empower. Please share your experience if you've used it? Primarily looking for a networth tracker and budget app. Other suggestions/alternatives are welcome as well!

Thanks for your time!!

Should I get a financial advisor or planner?

Hello Reddit,

I am seeking advice for if it is time for an advisor or planner, and if so- the best way to find one. I know I should find a fiduciary, but don’t know where to fine one. Thanks for your advice.

About me: Early 40s, 2 younger kids, married, US- single income (mine). HCOL/VHCOL area. Own a home (not forever home but until the kids go to college), low fixed interest rate. No other debt.

Generally pretty fluent in finance but I’ve started to make more money then I thought I ever would (good problem to have I know) but I’m wondering if i should be more efficient with tax strategy, investment strategy, etc

Base income: ~240k tech TC: ~300-350k (combination of bonus and RSU)

I max out 401k and save a good portion into HYSA (though I am at 1 year emergency fund) and directly to brokerage. Brokerage mostly goes in boggle mindset with slight deviations. Mostly VOO and VTI and SGOV. Make too much for IRA. A few other investments not really worth mentioning.

Still doing my own taxes with TurboTax.

So, looking for advice. Is it time for a planner?What kind, and how to find. Thank you.

So we are looking to get a new car because there are some issues we have with ours we didn’t notice till we bought the car like a lack of vents in the back which is causing our daughter to freeze now that it’s winter. Anyways, we had never considered an EV before because our home is quite old and has had several electrical issues over the years so we thought it would cost WAY too much to update the electrical in the house to make a switch to EV feasible. That was until I discovered the EV tax credit recently. 7.5k is ALMOST the cost we were quoted recently to update the electrical in the house so it would be nice to get that fixed AND eliminate our gas bill at the same time (I realize we will still pay to power it though electricity cost increase). However, I know that with the 2024 changes most times the EV credit is redeemed at the dealership through cost off the car but we wouldn’t want to do that because we would want to buy the car right at the end of December, claim the credit in Jan. And then use the credit to upgrade the house. But we can only do that if we can get the credit on our taxes. Is this still possible or no? Or am I completely understanding something fundamental that would make this plan not work?

Hello I need to solve some finance problems, I'm willing to pay $100 if you can solve it before tomorrow. Are you interested or do you know someone who would be interested in contacting me?

So today technically I became homeless after not getting approved for a new apartment due to a past bankrpucy and 2 repos and leaving my old one and now 1 am living in my car a 2006 Honda CRV, Bought myself a storage unit to keep my items, a gym membership for showers and working out, I do uber eats for a living since get instant pay after each delivery and transfer them to my bank account and occasionally work at an auction and invested into sheets and blankets to make my car comfortable to sleep in, What should I do financially while I look for a place and a permanent job, What places should rent, I also have planned going to several agencies to get a regular 9-5 for now due to saving on fuel, What should 1 start doing or investing into right now?

Got into a pretty bad motorcycle accident on august 23 was in the hospital till sept 18, my biggest issue right now is my medical bills i got a itemized bill and the total amount is 235,672.53 which is something I can't pay at all. What can I do?

Background: In October I put an offer on a home and it was accepted. Conventional mortgage no contingencies. I received a 6.5% rate with 12% down. I’m set to close on Tuesday but have not signed the mortgage documents.

Situation: My uncle wants to give me the total in physical cash (he’s not a bank believer) and do a private mortgage for a lower interest rate.

How do I work this out? I’m not familiar with anything finance

There is nothing less attractive than someone who is financially illiterate. I am him, he is me. I have 120k in savings, I'm on an income of 42k a year and yet I'm a fucking idiot when it comes to being financially literate. I would love to learn how to spread sheet, where I should be putting savings into the highest interest earning account(s), where and how I can budget on certain things. I will start by starting an Excel spreadsheet. Any advise at all would be appreciated.

In a credit union and unwittingly accumulated over 20,000 points just by using my debit card for daily purchases. Points ranged from 1 (candy bar) to 1500 (rent). I was aware of the program, but last time I checked months ago I could only trade them for cheap merchandise, which I wasn't interested in. With a few clicks, I was able to trade my points for cash deposited into checking with a 5-7 day wait. Just in time for...bills! :) Worth looking into.

I’m looking to put 15k in the stock market for about a year. I am mostly looking at Fidelity S&P index funds like FXAIX, FNCMX, FTEC.

Any stock suggestions or other ways to most effectively grow 15k into … well … more money

On a throw away because low key embarrassed and don’t want this on my main account. So I recently had to very rapidly move states because I had a falling out with my parents and I lived on their property in my own place and they essentially threw me/my family and I’m currently very low contact with them because of this. on top of everything I had to find a new job because some bs was coming down from management at my last job that was severely cutting hours for everyone and I just couldn’t deal with it anymore because I couldn’t afford to live and in all of this mess that has been insane these last few months I managed to get behind on my car note and my parents managed to reach out to me today through extended family to let me know a wrecker showed up at my old house looking for the car one day last week. I know it’s irresponsible to do but things were just so crazy and I was more focused on keeping food on the table for the wife and kids so I just didn’t even notice the money wasn’t clearing when I’d go to pay and instead was just like ooh some extra money in my account I wasn’t expecting now I can afford more groceries. I’ve been shopping around looking for any loans to help me get caught up because I have a good job locked in now that we got settled making about 2k every 2 weeks but because of being so behind on car note nobody wants to look at me, my parents are my only family really and obviously not on good enough terms with them to ask for help and my girl doesn’t come from money either. Like in this situation is my best bet to just let the car go and then consolidate my debt once repossession is final or is there anything else I can do?

My credit score has been steadily going down since last may (740) to now (678). I have not had any negative marks on my credit such as late payments or debtors reporting to the credit bureau.

I cannot think of any reason that my score would go down so much other than having too many credit cards and cancelling them, some without having ever used them.

And now I am thinking of cancelling another I just go approved for which I was going to use for a balance transfer but they approved me for a paltry (and insulating) $1000 limit. The card I want to balance transfer from has a $10k limit. If I cancel this new card (Amex) now will this hurt my credit?

Me and my husband (in the UK) do well currently, well he does lol

Currently we pool all our pay together and pay the mortgage, bills, car payment etc and then whatever's left we split as are "spending money" currently we get around £1200 each for our personal things, food and "fun" money is accounted for in our "bills" which gets put in our joint account.

Currently do £350 a month on food (I have to buy "expensive" allergy free food so this is higher than I'd like to be honest!) and we put £250 away for "fun". We currently have no savings goals as we just completed our recent holiday savings, and we have a 10k emergency fund.

However, I have recently received an offer of an apprenticeship in my dream job/industry in London, this is a paycut, but also an increase expense of £600 a month in commuting to London. This will last 2 years.

This is going to significantly reduce mostly our personal money if we do not change anything in our bills. I have never ever had a healthy relationship with money, but I am better than I used to be, but by no means perfect. But for the last 2 years I have got used to not having to worry and being able to afford things I want (I'm not like a designer handbag person, but to be able to go to a shop and see a nice top I like I can afford it now!) This job is also placing me in the world of fashion with temptations and good deals all around me (a big staff discount to multiple brands). Due to my previous relationship with money and over spending, I am just hunting for any tips/tricks or skills people have learnt along their life with spending and especially with how to go from being able to afford things they wanted to basically not being able!

I acknowledge we are in a fortunate position to still be able to have our bills paid, food on our table etc and still have some left over no matter how small.

Basically the title. There were two expensive jackets in different sizes, none fit, so I returned them using the pre-paid merchant fedex label. After a delay processing the returns that was much longer than previous returns (I've bought and returned from this shop before) they are now saying the return is completed but only one item was returned. They say they have checked in the warehouse twice and only one jacket was in the box. They have already refunded me for the one jacket they say was received and sent me an email saying return is complete.

Each jacket was US$600+ so I don't want to let this go. I used a US Chase Sapphire credit card but the purchase was made in Europe where I am currently for school. Do I go through fedex next (do they have a weight record, for example?) or do I file a chargeback through chase? This is the first time something like this has happened and I'm stumped.

Background: I’m 24 y/o, make $150k and have no debt. I max my company match for my 401k at 6%. Take home per month is roughly $7400. I have about $2k give or take to add to my savings every month. This includes other expenditures (food, rent, going out, insurance, and other miscellaneous extras). I know I could be more careful in my monthly spending.

The problem: I need to buy a new car. I commute about 60 miles/day so I’d like a new comfortable car. The problem is the one that’s caught my eye is $50k otd. Right now I can put about $17k down at 1.99% APR for 60 months or ~$650/month. The low APR ends this month. I can “afford” to pay this much in that I could take $650 of that $2k I save to pay for this car.

I really want the car but I have a nagging feeling that’s the wrong choice. I’d like to hear opinions either way and gain some perspective on whether this is fine or pretty dumb which is entirely possible as it’s my first time doing this. Thanks in advance.

I recently turned 40 and feel like I’m doing well, but I want to make sure I’m not overlooking anything. I would really appreciate your feedback and insight. My inspiration for this post came from --> https://old.reddit.com/r/Bogleheads/comments/1hctxy7/10_years_of_bogle_as_a_normal_earner_here_is/

Preface - I recognize that we're in a fairly fortunate financial position, but that doesn't mean we haven't overlooked something. Thank you for reading!

Summary

• 40 years old, married with 1 young child
• Live in MCOL state/city; work 100% remote
• $165K annual income (partner is a homemaker)
• $250K remaining on mortgage at 3%
• No other debt--cars paid off
• Maxing Traditional 401(k) and Family HSA, as well as Roth IRAs for both myself and my partner. However, I may not be positioned to continue doing this in the future. Please see below under "Questions"

Networth

• Liquid - $108K, $15K checking and $93K in VMFXX
• Traditional 401K - $75K (100 VTSAX)
• Traditional IRA - $662K (70/30 VTSAX/VGT)
• Roth IRA - $143K 70/30 VTSAX/VGT)
• HSA - $50K; leveraged as a retirement account (100 VTSAX)
• Crypto - ~$30K--don't recall exact numbers; long-term hold (BTC and ETH)

Total = ~$1,068,000

Goals

• Ability to retire between the ages of 55-60--earlier the better
• Targeting ~$3M; on track assuming 6% returns for 15 years (based on $930K invested) per this calculator https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator
• House paid-off by retirement

Questions

• Our child requires additional assistance due to a disability, so I may need to reduce contributions to either our Family HSA or our Roth IRAs in the future. I have no intention of tapping into the HSA funds until retirement. I believe continuing to max out at least one Roth IRA would be advantageous, as it would help ensure a balanced mix of both Traditional and Roth funds. Thoughts?
• For the past several years, I've contributed an additional $3K toward our mortgage principal, but I'm now considering whether that may no longer be necessary. Thoughts?
• Are there any tax advantages to transitioning my Traditional IRA accounts to VTI instead of VTSAX? Note that VTI is not an option in my employer's 401(k) or HSA. Thoughts?
• I recognize that I'm holding quite a bit of cash, but given the potential for significant economic changes ahead, I feel it may provide me with a number of options. Thoughts?
• What else am I missing?

I just bought a "new to me" car today. A 2023 Kia Sportage. I liked the way it drove and it has decent enough ratings. Yes, I know there are other cars that have better reputations. But I got a decent price ($23k) and paid cash. We have no other debts, except the mortgage. We make $130k a year in a low cost of living area. With the way we live, we can easily save up this money again in a year's time, sooner if we tightened up.

But man, I just feel like I rushed it and spent too much money. I know we can afford it, and given the market, this isn't bad for an SUV. We're a family of four, so my old Subaru Impreza was getting very cramped. But we didn't necessarily NEED a newer car. Idk. I'm just stressing that I made a bad decision because all cars are basically rolling liabilities. I usually buy no newer than 3-5 years. But maybe I'm just being cheap. (I had a little freakout when I paid $13,500 for the Subaru 7 years ago because in my mind cars should only be $10k.) We have 7 days to take it back and only pay a $200 restocking fee, and I'm seriously considering it. We did keep the Subaru for now, so I'd only be out the $200. My husband has at least convinced me to think on it during the weekend.

Am I just being silly and/or cheap? Or should I take it back and pay my stupid tax?

I am thinking of rebalancing my portfolio that is heavy in US growth equities and go into international growth equities. I am no oracle, but a 40% pop in the last year just screams correction, especially with international lagging.

Does anyone recommend a mutual fund or etf which conforms to a balance of about 60/40 US growth to international growth? I am very hands off and prefer a mutual fund that internally balances based on strategies.

I am trying to decide whether I should pay my loan payment twice a month to pay off my car faster and use it as a trade in, or if I should pocket that second payment and use it as a down payment. I pay 325 a month for my car crosstrek if that helps.

I always hear to max out 401ks and IRAs first before investing in a taxed brokerage account, but what if it’s unlikely for me to max them out for a long time? If ever?

Is it fine to keep a healthy emergency savings and only invest in a retirement account for the rest of my career?

Hi,

How to instantlly transfer money between a European account and an American account with minimal fees ?

Currently, the only option I got is through PayPal and it's not cheap, I heard of other platforms such as Cashapp but not available internationally.

Since all bank transfer options I heard of are slow (ACH, SWIFT, wire), that also makes me wonder : how do those platforms manage to deposit money to accounts instantly ?

Thanks

Hey guys,

I just found an apartment (housing market sucks and I couldn't find anything I felt comfortable with payment wise).

I've been following the Dave Ramsey baby steps and I'm in babystep 3.5-4. I have about 4-5 months of income saved, and I want to get to 6months of income saved in fluid cash.

My question is would it better to max out an IRA or would it be better to save up money for a down payment?

Today I realized I was getting charged twice per month for car insurance for the last 3 months. I ended up being double insured. Just a reminder!

In the past few years, two people have left me money. One, roughly 2020ish, left me 20k-40k ish (don't remember), and one, a family member who I was very very close to (and still grieving for), left me roughly 100k, but we are still dealing with all the paperwork.

The 100k is still locked up in something for 11 more years, I'll get access to the former gift in a year.

I have a small Roth, and at least some of my money that's not the 100k is in FZROX, which I like. I think I can invest more there, because I bought some, whereas family member didn't at the time.

I made $500-1000 a year from working in the summer (for multiple years in a row) while a student from one job working for family member (I need very very flexible schedules, so I can do other things as well), and $400-700 from another (likely $400 next year). I am not 100% focused on $ at this age, trying to also do other things as well.

College is completely covered via other sources (shouldn't need loans). If I pursue one of my potential dream careers, I will also need grad school, but that is typically associated with a small stipend in my field, so the grad students aren't stuck sleeping in an office.

I've been suggested to use the money on a house down payment. I plan on using it as an "if I get sick and can't work" or "mega-emergency" fund, while leaving it invested for the potential future house-buying.

I have had a multi-week stretch that medically I wouldn't have been able to work during (I had to turn down some work then work very very hard to try to make up those days), and I think I'm at higher risk for it happening again than someone who's completely fine.

Can I do anything with passive, interest-based income? Like, no trying to fully job-replace, but as a supplement?

Presume all money besides savings (roughly $5k, but changing as I need to buy things from time to time) is going to be invested, and prior to death of close family member, I was thinking about investing 750-1000 of savings in some index fund.

Any suggestions? I'm looking for low to no fee, diverse index funds. I don't know if I have accounts at both brokerages. My surviving parent says I can stay on their insurance.

Also, I think I should write a will at some point, when I'm of age, as I want to mostly leave my assets to my close trusted friends, due to my family doing well money-wise, but I want certain assets (like my scifi collection and various jewelry pieces) to go to specific people.

Should I at least write up a doc, and leave it with my family before I leave for college, with a note saying "don't open unless I'm dead"? I don't want to have to consult with a lawyer and want easy flexibility. I know it's not a full will, but would it be helpful to my family? I'm generally pretty trusting of them, so I feel comfortable leaving such a doc with my family and them executing my wishes.