Invest it. If you lose a job and need to pay it off, it’ll still be there; but it’ll have a larger balance. There’s not much downside to this situation.

I would direct that to /u/jimmyvluv4u as I've demonstrated I can't be trusted when it comes to state taxes in the DC/MD/DC area

I’m so confused. So you’re saying that, say I have $1000 and I pay $210 or 21% in federal taxes, I still have MORE penalties to pay?

Becuase my check basically shows the $790. And if I already paid my taxes then what else do I still owe?

Whatever you do, KISS (keep it simple, st****).

POV: my oldest last year signed up for a PF course he was looking forward to. Things to get him started as an adult. What he got was what a lot of people here are suggesting...heavy on math and topics irrelevant to a teen-early 20s. He wanted to know about bank accounts, budget, buying a car, etc. What he got was regressions, statistics, etc w/ a bit of stock picking (no mutual funds allowed!), etc.

Be practical, easy and know that they won't retain a lot of it. Teach how to FIND the info they'll need when they need it. https://www.washingtonpost.com/outlook/2019/04/23/more-states-are-forcing-students-study-personal-finance-its-waste-time/

FWIW, son grew so frustrated w/ the class, he dropped it after first semester.

Something I feel is poorly understood is the rate of doubling at different percentage growth rates and real vs. nominal growth. 3% will double in ~24 years, 7% in ~10 years, 10% in 7 years, etc. My mother was so happy to lock in a 3% lifetime annuity since it was "guaranteed", while we had 3.8% inflation average over the last 100 years - it still hurts.

I'd also recommend going over what an amortization schedule schedule is specifically in regards to a mortgage, to see the total cost of a loan vs. just the principal.

>Is there any reason why I shouldn't do it?

Unless the refinance lender is charging large up front fees, there is zero reason to put off a refi any longer

Please tell me you have a "your company doesn't love you" lessons in here.

Company loyalty is rarely a sound investment and sticking around for things that don't appear is a huge financial life mistake. Looking at 10% raises of a job hop vs inflation defeated 3% raises.

Climbing the ladder looks very different than it did back in the day and a lot of folks don't see that. There is nothing wrong job hopping (1+ year in each) in your first 5-7 years of a career and you can make huge leaps in the early career.

So knowing the reciprocity thing, is my W2 saying i made $92k instead of $70k?

you and me both haha

>Is this reasonable?

3x income is generally affordable. Your target homes are under that.

Unless you spend all your money on beanie babies and bespoke potatos hung in garages, it should be readily affordable for you

Accrued Interest Percentage gain and loss. Risk and reward.

Add a sub lesson on "why you shouldn't cosign on your friends car" and other bad moves to look out for.

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Capital One has an 11 month CD paying 5%

I don't know what you think you're talking about but given how little people understand about gifts and taxes, that's not surprising.

Wait so I’m being taxed on the 20% that has already been taxed?? I don’t understand that. The 21% is just federal taxes withheld from me

I’ve read that book and it only has 1 message: invest in VTSAX and avoid doing anything fancy with your money.

Request the money from the destination account (rather than sending from the original account) for greater peace of mind that your money will end up in the right place.

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Yes I would recommend separating finances with your parents. It would be easiest to open a new account for yourself and move all of your cash there. Leave the other one open if you choose to give your parents money later.

I opened a Marcus account last week.

No issues transferring about 80k from Ally to Marcus.

To add to this, go to a new bank with the account. It’s been mentioned here before, but without a reason.

It’s too easy for your parents to talk the bank into giving them access to a new account with money in it, or to the old account you’ve taken them off of, because there is a previous relationship there. A sob story to a bank teller or call center employee, who can see the previous transactions and makes a bad call and your parents pull money again. It puts you in a place where you either allow it or have to file a police report to get it fixed, and no one wants that.

New bank, new account, move money = problem solved. Your story could be that your work was having issues with the old bank and direct deposit. A friend referral bonused you to their bank. You switched to the bank your SO uses. You don’t have to tell them the reason, they’ll ask for a reason, so find a reason to tell them.

> Im not a cpa.

Why not?

>Plus Im in a small city

Larger cities have more opportunities.

Also OPs parents need to figure out their own finances. It’s not their kids responsibility to fill in the gaps when they overspend.

Yes, slow and steady wins the race.