Recent comments in /f/personalfinance

coldbloodedcreatures OP t1_j6lgz9s wrote

Reply to comment by Vegetable_Alarm1552 in Found myself unexpectedly pregnant. Need to get my s**t together by coldbloodedcreatures

I have saved $1005 thus far. Ok yes you’re right about borrowing from the 401k. And yes most of the stuff for the baby will be purchased by our family too and you’re absolutely right they really don’t need much. I can’t believe how much overpriced BS there is out there!!!

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Vegetable_Alarm1552 t1_j6lgpza wrote

Reply to Found myself unexpectedly pregnant. Need to get my s**t together by coldbloodedcreatures

Would be helpful to know how much you have saved. With that said, don’t borrow against the 401k. You’re only $6k in debt.

Don’t listen to the “baby industrial complex”. You don’t need anything other than a bassinet for your child. They sleep 16 hours a day and eat/drink food you produce. They live in the bassinet or your arms for at least 3 months. Then maybe they need a mat to lump around on and do tummy time. That covers 6 months. You’ll need diapers; maybe formula. You’ll need a car seat. Graco 4 in 1 is good until the kid goes to college. Get a stroller. Going on walks is free, good exercise and good for bonding as a family.

They’ll make you think you need way more than you do. Live simply!

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Charred_Steak_Nubbs t1_j6lgh5z wrote

Reply to Other person's car insurance may not cover my car repair, even though they backed into my parked car? by SereneFrost72

There’s really a laundry list of things that can trigger a coverage investigation. Typically they are from a lapse or cancellation of the policy due to non payment, an unlisted vehicle on the policy, or the policy was recently purchased and a claim came in within the first few weeks of the policy period. There are other reasons why their insurance company might be looking into if they will have coverage or not.

There really isn’t much that you need to do in the meantime. Since your vehicle sounds like it’s drivable I would wait for them to complete their investigation. If in the event they do not have coverage, you might be able to get your deductible lowered if you have UMPD coverage on your policy (uninsured motorist property damage). You would get your car fixed by your insurance company and they would collect directly from the at fault driver (if they don’t have insurance coverage).

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Werewolfdad t1_j6lgfby wrote

Reply to comment by NannerPanda in I want to start investing but I know very little (and honestly, I have very little). by NannerPanda

> I can barely grasp the idea of what an index fund is

A bunch of stocks. Often, all the stocks.

(effectively anyway. If you buy VTSAX or FZROX or VTI, you own a basket of all the US stocks)

> I don't know if what I am considering doing is feasible

Saving some is better than saving none.

>And even if I manage to open IRA, I don't really know what to do.

buy index funds and wait 40 years

>. Do I constantly have to buy index funds?

Only when you contribute new money

>Can I just throw money into it regularly and forget about it?

Yes

https://www.reddit.com/r/personalfinance/wiki/index#wiki_investing

https://www.reddit.com/r/personalfinance/wiki/index#wiki_retirement_accounts

Should explain it

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123456478965413846 t1_j6lg96j wrote

Reply to Other person's car insurance may not cover my car repair, even though they backed into my parked car? by SereneFrost72

A coverage investigation means they have reason to believe the person did not have valid coverage at the time of the accident. This could mean there was a lapse in coverage on the policy, or maybe the car wasn't listed on the policy, or it was an excluded driver, or something else. It does not mean it definitely isn't covered, but it means there's a decent chance the person who hit you didn't have valid insurance at the time of the accident. I have seen this when someone made a payment on the last day to avoid cancelation, they just waited until the payment cleared and then paid the claim. I have also seen it where it was decided there was no coverage.

You have a few options. First you could go through your own insurance, but with small damage and high deductibles that probably won't get you too far ahead. But your insurance would subrogate, meaning that would try to collect from the person who hit you or their insurance (if it turns out to be valid). and if they collect, you get your deductible refunded. Subrogation takes a very long time usually, like 6+ months. You could also skip insurance and go straight to small claims court, but winning in court is easy and collecting is difficult. Or you can wait until the coverage investigation is concluded, and decide at that point.

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NannerPanda OP t1_j6lg7tc wrote

Reply to comment by Werewolfdad in I want to start investing but I know very little (and honestly, I have very little). by NannerPanda

Frankly I just don't know much about... investing in general and if it's even worth it despite having so little.

I know there's a max yearly contribution of $6k. I know the earnings won't be taxed. I know with some lurking on Reddit I can find what index funds to put the money in the IRA to.

I can barely grasp the idea of what an index fund is. I don't know if what I am considering doing is feasible (a small portion of what I usually put into savings into the IRA). And even if I manage to open IRA, I don't really know what to do. Do I constantly have to buy index funds? Can I just throw money into it regularly and forget about it? I genuinely don't know anything other than "I can open a Roth IRA with Fidelity and it's an investment... thing."

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Brye11626 t1_j6lg797 wrote

Reply to comment by SilverSquare in Are commuter benefits worth it despite working remotely? I still take public transportation. by SilverSquare

I'm not sure anyone knows, and I've never known someone to get audited for intracity public transport. It may exist, but I've never heard of it. The fact that most card providers tell you not to do it at least raises some concern they could cancel your account for incorrect usage (violating terms of service does not require a law to be broken).

Your benefits team will likely provide little or no help (just like your card supplier) since the law is ambiguous. They will repeat the same language the IRS has stated ("parking near your workplace" and "transit expenses").

The problem is exactly what you stated. Back to the original subcategory we are talking about. Commuter expenses. “Use it to pay for commuting expenses (bus/train/carpool)".

Would you consider a trip to the grocery store a "commuting expense"? I certainly wouldn't. Will anyone care? I certainly doubt it.

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violetvader t1_j6lg5k7 wrote

Reply to Keep name on mortgage after divorce? by yeldarUV

Sell the house!!! My ex and I had an amicable divorce and stayed on a mortgage together with the agreement that he would refinance within X amount of time to get my name off of it. Now there is a foreclosure on my otherwise impeccable credit and I hate him with every fiber of my being. Do not do it.

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NannerPanda OP t1_j6lfnos wrote

Reply to comment by Werewolfdad in I want to start investing but I know very little (and honestly, I have very little). by NannerPanda

Ah yes this is a great resource except:

  1. I don't have an employer matching fund. I might have one in the future, but not right now. As my position does not offer this.
  2. My only debt is my student loan (4.65% interest rate). Which in the United States may or may not be cancelled and there is also some debate in the air about if you'll get a refund if you make payments and then it gets cancelled. I don't want to lose my money to that nonsense.

Which puts me at a loss of what to do.. I mean Roth IRA sounds like that's where I should start but even then I'm still at a loss of what to do.

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alwayslookingout t1_j6lfj66 wrote

Reply to comment by WheresTheSauce in Should my Fiancee and I both be on our mortgage if our payment can be lower if she's the only one on it? by WheresTheSauce

Dave Ramsey repeatedly told a story on his show of a fiancée losing her partner in a car accident right after they bought a house together but not yet married. So now she owns half the house with the other half belonging to the fiancé’s next of kin, his parents.

If you must buy a house with your partner right now just go get a marriage license first then hold your wedding/ceremony after. Or just buy it under one person’s name.

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