When researching to confirm I thought APY was the percent of how much I would get as interest into my account. But online says the APY is how much interest would be charged to me if I were to withdraw early. So say a 12m is offering 4.15% APY I thought that's the amount I'd get back so 100->104.15 end of month VS it being if I need to withdraw it'll be 100-> 95.85 I'd get back

Hey all, thanks for the comments. For those asking about what I’m making. After bills that is what I’m able to put towards the cards monthly.

More details are needed eg how much did it drop. Do you use credit karma, mint, or a number of other financial tools that track your credit score? These sites will usually provide an explanation for the difference in score. Credit utilization and missed payments impact score the most, but credit hard inquiry or credit age drop (due to closing old account) can also impact.

How do I get it with citi I’m not seeing the reset advertised

> Does CD rates lock when opening account?

Yes.

> I opened couple of cds with discover last year for a year term. Looking back I could of sworn the interest rate was good.

Because interest rates only really started going up in March of 2022. They were pretty low before.

• March 2020: Interest rate tanked, stayed pretty much on the floor.
• March 2022: Interest rate started increasing

Bankruptcy is designed to keep you homed and employed, so you would almost certainly get to keep your home, and if you use your car to commute probably that as well. I can't be certain because I don't know enough about your specific situation and I'm no bankruptcy lawyer, just letting you know it's definitely worth talking to one about.

Your credit would be hit hard, but does it matter? Credit only matters if you intend to apply for more loans or credit cards, which are probably a good idea to stay away from till you get back on your feet regardless.

I would challenge you to stay at home for at least the next 6 months. During that time, save $3,000/month. Every month. See how that feels. If you can do that, you can probably spend $2,800 in rent. Also, I don’t know where you live, but if it’s somewhere cold right now - I don’t see any reason to move out in winter. Nothing fun is happening anyway. Wait until summer when you can enjoy your freedom a bit.

My spouse is a stay at home parent and we each have a Roth IRA and we contribute the max to each annually. 2022 max is 6,000 per account (12k)and 2023 bumps up to 6,500 (13k total)

Cd rates were that low last year.

If it's only a month to get a job, just live off of rice and beans for a while but make sure to pay the full amount towards the mortgage and the car. Those are the two most important things (assuming you are in an area where a car is necessary)

You have no idea this guy's living situation, ya dip

Another option to consider is Lively. I’ve used them for several years and have had no issues.

Thanks for the clarification!

He might also invest in gold, if he is having some long term Target.

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Building on that, you can probably set up Auto-Pay through your bank instead of the HOA’s platform and your bank will automatically mail the HOA a check ever month. My HOA charges a $2 e-check fee so I do this to get around it.

To understand credit scores you need to understand the algos behind their calculation and it’s not really worth anyone’s time.

Just keep being financially responsible and it takes care of itself. No need to obsess over any single change.

how many points did it drop?

Yes, I would. I haven’t thought about that. I just don’t want them to go to a collection agency. Would that be worth having some debts sent to a collection agency so I can cover the mortgage and car?

Once the New Year begins, I’d say it’ll take about a month. From the budgeting calculations I’ve done, we will if they get a job that pays $20 an hour with minimum 30 hours a week (taking into account withholding and they are on my health care).

Can you walk to your job?

Worst decision you could possibly make.

Do you expect your parents to pay for your food, car insurance, phone, electric, waste/recycle, water, renters insurance, etc?

You can't confidently expect your parents to continue paying your bills when you move away. One of the biggest mistakes I see young people make is underestimating the cost of living. when parents pay for more than half of your living expenses, I would stay home and save as much as possible.

In today's world, I would stay at my parents' house until they forced me to leave. Save up $100k+

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If you want a one time consult, talk to a fee only financial advisor that is a fiduciary - I would bet my bank account that your parents weren't talking to one of those and they were talking to a salesman who convinced them to put everything in tech stocks right before the dot com bubble burst.

> You cannot contribute to a traditional IRA because you yourself have no earned income.

This is wrong. Each spouse can contribute to traditional or Roth IRA as long as the joint taxable compensation (W-2 from both spouses combined) exceed the contributions.

If OP contributes to traditional IRA, the tax deduction reduces the joint income as well.