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Yeah if you use fidelity or any of those they have them on their. You could also lock in some CD's for nice rates long term if that's what you wanted to do.

Sounds like a great, specific question for a post, guarantee you'll get some great advice from those smarter than I!

Don’t be surprised if a collection affects your immigration status and causes you problems

Virtually everyone goes into debt for law school. I would not go 100K into debt for an MBA unless it's a a top ~20 program. I would evaluate what it is you actually what to do. There are combined MBA/JD programs but it doesn't really sound like you want to be a lawyer.

We could do a credit card but that would be some crazy interest! The 401k loan would have much lower interest and the interest would be paid to me. The employer reimbursement occurs once it’s legalized finalized which can take ~6 months in New York State, so we’d be looking for some sort of non-credit card solution to avoid a ton of additional costs being piled on. Thanks for the reply!

I think the number of people still complicates things.

What happens if one of the 4 people pays in for three years the leaves? Do they get equity? How much? What about repairs? What if the roof needs replacing or the hot water tank or AC goes? Who pays when someone punches a hole in the wall? Should the two people that "pay in" get more equity? They are the ones taking the risk.

Given home prices are at an all time high, what happens if the property takes a loss after 4 years? What if someone doesn't want to sell at the end of 4 years?

As everyone else has said, this is not a great idea.

Bad idea. Don't do it.

Everyone else has already told you why.

Rent a house, split it 4 ways. The responsibility is on your landlord to maintain the home.

College is not the time to do that.

Congratulations.

First of all, I'd encourage you to do your best to keep your lifestyle as-is...at least for the short term. By that I mean keep your expenses as if you're still making 65k

There are 4 things I'd recommend:

• increase 401k dramatically. At least take the match, but if you put 22,500 into the 401k, that eats 2/3rds of the increase.
• Save for a house / other expenses
• Invest in a taxable investment account
• invest in an IRA.

The only problem I see with so much going into an IRA or 401k is that it's money that in all likelyhood you will not be able to access for 30+ years. Plan for that, in any case. Both are intended for retirement, so assume that's a hard and fast rule.

A taxable investment account is a great option. Yeah, you lose some to taxes, but you also aren't stuck with the governments rules around your age. Plan to keep any money you put into a taxable investment account for 5 years.

I'm assuming you're "average" in that eventually you'd like a spouse and kids. Most people like having a house for raising kids. But that's not a necessity (I actually lived most of my childhood in apartments). My Aunt is still single and has no kids in her 80s, so married and kids isn't for everybody. She still owns her Condo but has effectively moved into the home she inherited from my Grandmother.

Even if you don't want that life and don't want a house, a savings fund for future spending is a good idea...

Now...how you decide to allocate between those 4 above is up to you!

You can offer to settle or wait until they do sue you.

What state are you in? You can also wait out the statute of limitations potentially

Ok thank you! Sounds like I was just told the incorrect info. appreciate the help!

> Edit: I’m reading about One Indirect IRA rollover a year. Does this mean one Trad to Roth conversion. Customer service said I am limited to one and couldn’t do more which I didn’t know about. So trying to understand if that’s the case

The customer service person told you wrong.

Here, straight from the IRS:

https://www.irs.gov/retirement-plans/plan-participant-employee/rollovers-of-retirement-plan-and-ira-distributions

> The one-per year limit does not apply to: > > * rollovers from traditional IRAs to Roth IRAs (conversions)

Thanks for the reply! We did look into fostering, in many cases the main objective of the foster care system is to reunite the child with a birth parent, and there are certainly many cases that it won’t happen and an adoptive family can come in, but we decided against that route because of the uncertainty.

We did look into grants but won’t qualify because of income limits (which we totally understand), so we basically only need some stopgap funding for a period of time before we can get the tax credit and employer reimbursement.

Can you afford to pay it?

My friends were able to do that. My friend's mom put it on her card, actually, and acquired both a grandchild and enough travel points to go to France. 😄

I think the concept makes sense and has upside if executed properly. However, I do agree with a few people in this thread and believe that equal ownership between you and your friends has tremendous downside and inherent risks.

If your goal is to save rent and instead, allocate a portion of that ‘rent’ towards building equity in a home, then I would look to one set of your parents or another family member to purchase the house. You and your friends could form an operating agreement that’s beneficial to all parties involved.

On line 4c put an amount equal to her gross pay and they will withhold it all - that way you can get it all back at the end of the year (for some reason).

I've already got a new vehicle bro, tho is what I'm saying. I honestly *could* do this, but with all my late fees im incurring on multiple other bills is dragging me down.

Where would I report expenses such as fees and cancellations that were included in the total on the form?

> indirect IRA to IRA

Your IRA custodian mails you a check made out to you. You deposit that check at a new IRA custodian.

Requires forms

> Trad to Roth?

Your current custodian moves money from your tIRA to your Roth IRA. You don't get a check

Usually just requires a click of a few buttons on the website

Did you sign up to have your rent reported to "boost your credit"? I've seen at least one other post where the credit boost action showed as a loan on the user's credit report.

As to the actual why it's being reported as a loan, I don't believe the OP ever got a solid answer.

I'd definitely be looking for another employer. If you can manage it during business hours, it never hurts to interview elsewhere and see what kind of offers you might get. What if you find out a similar role pays $34/hr and they offer you the job after you nail a few interviews? Would you stay at your current employer because you like them?

Edit to add, don't just look laterally. Look up. You know how to work the floor, you know how to run the tech department... what about management roles elsewhere? Come in as the guy with lots of experience ready for the next step in his career.

I will mention that to him since we have a good bit of cash coming in soon.

do you have any debts? If so, pay them off.

If not, congrats, you're on your way to building wealth! Check out the wiki for guides. There's also a massive flow chart to follow on the wiki: "Prime Directive: How to Handle $"

Do you have an emergency fund established already? If not, this is the time to start. If so, you can contribute to it to cover 6 months of expenses. This is also on that flowchart.

I would say you should look into getting a home in the future. You can start saving for a down-payment now.

You buy the house and rent rooms to your other friends to cover mortgage and maintenance. Then when you graduate, you rent rooms out to other students of the school and pocket a monthly profit as well as pay the house expenses.

I went to a college where all the houses directly across from campus were “rent a room”. The homeowner general was able to rent the house out for much more than the cost of the expenses and they did any maintenance work when school was out.

Renting to college students can be very lucrative. The benefits of not living in on campus housing is that it is generally much less expensive than living on campus, with more freedom and less restriction.