Once OP does that, it's also okay to put a reminder in your calendar for what each month's payment covers. I know it took me a while to know that, oh, I'm paying at the start of April for April's rent, when at work, I'd be paid at the end of a period for that period's work.

It's okay to ask, and it's okay to not find it all intuitive at first or at all.

I would do a few longitudinal concepts that tie a number of the above components together. For instance:

• what is compounding and how does it work. talk about how a little investing now makes a big difference in decades.
• why is it important to save for retirement? detail a situation where a student makes (say) 80k/year and saves nothing for retirement and then gets to retirement age (at whatever age your students would be eligible) and show how much they would get from SS. likely much less then what they were making. then detail what an IRA is and the value of compounding over decades. this also ties in the stock market concept (equities and bonds)
• doing your own taxes. work through how taxes work for simple w-2 income and various income levels. standard deduction and what it means. then apply this concept to taking a distribution from your IRA when retired-- key point is that tax planning is important.
• health care. why its important and consequences if you don't have it. when its provided by an employer, obama care, medicare
• EDIT added: congressional spending versus the national debt. this will be in the news. the key here is that increasing the national debt limit doesn't increase spending, it just allows the government the ability to fulfill the obligations congress has already authorized via legislation on spending. mention that most countries don't have this debt limit brick wall that we have to deal with every couple of years

Home buying vs renting

Condos vs House vs Other

FIRE

Grocery shopping/meal planning

This answer. Simply open another account for your personal use and keep a couple hundred dollars in this account. I would also introduce your parents to the idea that they are borrowing this money rather than you gifting it to them. Let them use it until they can pay it back and not use it again until they do.

APY may change at any time before or after account is opened. What if tomorrow another bank offers even higher rates ? Can you easily close your account at Marcus ? Are there any lockups ?

I taught a similar course to HS juniors and seniors and we went over why opening a bank account is better than cashing at those “cash checks” places

Depends on where you live but an 18 year old just starting out I would look at local to you credit unions or banks. If there looking at going to college many of those have favorable interest bearing checking/savings accounts for students with no fees or minimums and may be a big help if they would need a car loan or something in the near future. Personally think capitalone for regular credit card is fine but there savings and checking accounts sucks and anything they have that will pay you interest you have to have such high balances for it to work that its just not a great place for someone just starting out. Not saying this is everywhere but the credit union that I am at currently is paying 4% apy on checking accounts as long as you have 12 debit card transactions a month, direct deposit check of $400 a month and online banking statements. No minimum amounts required. Something to think about.

With that kind of bank roll I’d consider treasuries. You can get 5.2% on treasuries maturing 1/31/24 and there’s no state income tax (if that applies to you).

Edit: if you’re willing to do some work. Citi is offering some pretty aggressive bonuses for funding new accounts. If you do the math on the $ bonus and time it takes to earn it, the return is over 6% and guaranteed.

I live at home 1-2 days a week to have a family dinner with them and see my mom. The other 5 days of the week I live with my BF at his home in which he owns. She is always threatening to charge rent because I never "help around the house" but I am literally never there......

She takes $100 a month from me for my portion of the cell phone bill. My BF thinks thats a little much, but I have never seen the statement, but given the price of phones these days it might be correct.

It is very frustrating to be gas lit by my mother. My dad does not do that, he is more so thankful I helped them while he was stuck at home for a year due to serious illness. I am an only child so I bare this responsibility alone.

Spend as much as you like. It appears that you can afford it.

I diagree with this because I couldn't wait to get out on my own and I had and still have a good relationsip with my father and that was 25 years ago. Every ones situation is diffrent. I would however, always plan for the worst case scenario.

A lot of people live until 90. They can do 3-4% withdrawal in full stocks and not touch the principle. Bonds is an old theory and one that I just disagree with.

So what you’re saying is that 21% federal income tax PLUS 10% withdrawal fee?

Years ago,,,,,yes. Last 5 years, maybee. Trump kinda messed that up when he doubled the standard deduction. It also depends what state you live in. High tax states usually hit the cap on write offs for property and state deductions.

Thank you 😊

Take a look at your budget.

You're looking to spend an additional $2000 / month and then you're on the hook for maintenance and repairs. Does your budget have $2k a month plus utility increase plus maintenance without compromising other goals?

If you can rent a comparable home for $2000 it may make sense to rent vs buy unless you're committed to the area for a long long time.

Thank you! This helps a lot

Better yet, use the new bank account as your main. And the ones with your parents can be shared where you deposit a much smaller amount

Depends on your income. You could owe more than 21% in just taxes depending on your state. But if you don't "make up" the $210 in your rollover, you will owe a penalty on that $210

Living on your own - how to split rent/utilities/ shared cost between roommates/significant other

It is not long term. I would like to keep it relatively liquid for upcoming house renovations, or possibly getting into another real estate investment.

Wait so $21 on top of the $210 or a total of $231 and where did you get that number?

Close the account. New bank, completely new accounts. No authorized users. I say new bank because your mom seems persistent.

3800 / 7500 = 51 percent dti. No you cannot afford to buy the home you want.

Including retirement savings how much do you save per month?

If you are under age 59.5, any money that leaves a retirement account and does not enter another retirement account is subject to the 10% early withdrawal penalty.

Withholding is just a prepaid estimate of tax. Your actual tax may be higher or lower, depending on other factors.