How much can you put down without the 401k money?

How much will PMI cost?

how much interest will you pay the 401k in loan servicing?

And... how much are you losing on average by "selling" good mutual funds in your 401k?

We did not put down 20% our 6.625% interest rate back in the early 90s. 6.625 seemed like a great rate back then. A few years later, the value of our home went up. By paying for a formal appraisal of our house, we were able to prove that we exceeded 20% equity-to-value and the lender removed PMI. This worked for us because we had a conventional loan. My understanding is that it also works for most VA loans but that PMI cannot be removed from most FHA loans.

>At the moment I have a 2016 Hyundai Sonata 4S that has a sensor out in the back left wheel. This caused the ABS and traction control lights to turn on.

Who cares, this isn't important. If it bothers you, the part is $15 and you can put it in yourself.

>When I get up to 80mph it starts to vibrate to a degree that makes it harder to stay straight.

You need an alignment. It's about $80.

FAFSA bonds and the difference between types of bonds Withholding on paychecks and how to calculate how much withholding you should have.

For budgeting, the idea that if you have a budget but don’t follow it, you are almost worse off. Be reasonable in what you budget.

IRAs and 401k - what is the difference. Also show them how much saving for retirement when you are young is so much more efficient than as you get older.

You realistically shouldn’t be adding bonds at that point unless you’re trying to retire early, but it all depends on what the market looks like at that point in time. If we are back to a low interest rate environment we saw for the past decade, no, you absolutely should not add bonds. If things are at 5-6% or higher on the 30 year, it would be a little bit better. It also depends on how much you have and how much you need to retire. (Above your goal, then it’s ok to take some risk off the table)

Having parents have access to your bank account is terrifying. Any money in there is technically as much as your parents as it is yours. They could take 100% of the funds out of that account at any given second and legally you could do nothing about it.

Open a separate checking account and do not deposit any more funds into that old account. Once you're good to go, close or remove your name from the old account.

If you're still willing to give money to your parents (you really shouldn't be doing this anyway unless you really have massive amounts of disposable funds) it's going to be on your terms.

Here's a link to the PF Wiki for helpful guides and information.

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I love the flowchart! Here's the wiki page with more context and information.

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Max out tax advantaged accounts first. Follow the flowchart.

My generic advice:

https://i.imgur.com/lSoUQr2.png

Here is the flowchart from the r/personalfinance subreddit’s Prime Directive. If you follow that, you will be ahead of almost all of your peers.

Stop by the sidebar to see the Common Topics, which include basic money handling and investing.

You don’t need to talk to anyone or buy some random book to do this. You have all the tools right here.

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Given how little you’re driving it, and how low the mileage is I’d just get the car fixed. It’ll basically last you forever with that kind of annual use.

You're putting in a fair bit of effort to justify an unnecessary security risk to your bank account.

With current interest rates anything you would put your hands on would be expensive. I would change to a newer car and would stick to toyota or honda. If ypu dont drive a lot of miles and stay under 10k u can also look for option of leasing. Sometime companies offer better interest rates like gmc is offering 2.9%. Toyota prius is a gr8 buy...i have rav4 prime plug in giving 80plus in gas mileage. Also look for a little used under 10k miles. Will save you decent amout of money.

No it doesn't make financial sense to buy a new vehicle when you need $2000 worth of normal maintenance and repairs on a 7 year old vehicle that you drive only 2k miles a year. You barely drive at all. All cars are going to need maintenance, and bad tires is likely the cause of the vibrations. There is no reason you need to be visiting a dealer for any of this other than recalls or warranty work.

Most likely, the value of the car has already factored in the problems that it may or may not have, but step one is figuring out what it's actually worth.

You give us no idea of your financial status other than your credit score is good and that's an important part of can I afford a new car. I also don't understand why you would be considering a Kia if you had issues with Hyundai, they are the same parent company and share many components. The Toyota and Honda seem like much more reliable choices.

I doubt you would see any real savings from a hybrid with the very few miles you drive, and highway speeds. Any savings you did see would surely be eaten up in internet, increased insurance and registration costs from the new car.

Remember for tax credits you have to earn enough to take advantage of them too. Pretty sure Toyota is out of their allocated credits too https://electrek.co/2023/02/03/which-electric-vehicles-still-qualify-for-us-federal-tax-credit/

There is nothing inherently good about saving. It is a very powerful tool that can certainly be leveraged to improve your life vastly, but if you work your whole life pinching pennies and saving millions, what have you gained?

So is the money you're saving now being saved with a purpose (buying a house, retirement, travel, helping family, etc, etc) and does that purpose bring you more joy than spending it today would? If the answer to both questions is "yes", you're doing well. If not, you probably need to re-examine your goals.

How about ‘keeping up with the Jones’s?’

In today’s social media society- kids are exposed ALL the time to lavish vacations, fancy cars, and ‘little work’ careers. What they often don’t realize is that it’s usually a facade- and that many of those people are living paycheck to paycheck. Maybe show some real life examples of middle class families that got out of control with financing toys and wants… and then ended up in dire situations.

I honestly don’t think that even many adults I know realize that not everyone needs or has the latest iPhone, fancy car or other… and that these are indeed wants and not needs.

Zero

Pay PMI for a couple years rather than robbing your 401k

> I drive less than 2k a year and 90% of those miles are going 70mph or over.

Then... drive what ya got. You're going to have time-based depreciation like nobody's business.

> Would you suggest just taking on the $400-600 monthly payment of a new vehicle or stick with what I have?

At that, you'd be paying on the order of $3-4 a mile, just because the fixed costs (insurance, registration, time-based depreciation) are gigantic in comparison to the miles driven.

Were I in your shoes, I'd buy a used Leaf or something similar if you don't like the Hyundai. I can't think of any good reason to buy a new car and sink hundreds a month into something that only will get driven a couple hundred miles.

Assuming no loan origination fees, there is no reason to not refinance. The only question is how far you are into the current loan. If you're 24 months in, you don't want to recast things and pay out for a new 60 month term. What I'd do is keep making the current payments, so that you'll still get the loan paid off in the next few years. But you'll save on interest with the lower rate.

I use the Buddy budgeting app and input everything manually. It lets me keep track of my multiple cards and accounts without being linked to my bank

Unlimited talk text and data for me and it's 75$ a month. That's one phone and could be cheaper. 100 for a phone on a 3 person plan means either you are paying 3/4 of the bill or your parents have an absolutely asinine phone plan that you would be better off leaving anyway.

Do yourself a favor and sever all financial ties with your parents and continue your relationship as equals. Your mom may think of you as her little girl still but your not. You should be on your own and I don't just say that for your benefit. The longer your mom thinks it's acceptable to act this way the harder it will be to curtail the behavior. Change nothing about the way you are around them except the finances and see what happens. If you continue normally then there is no issue. If your mom makes an issue out of the money then you can dig into why this financial control is so important to them.

Do you need a car? If you are only driving 2k a year, and are contemplating $500 a month for a car payment/insurance you are talking about paying $3 a mile. In my area you could take Uber/Lyft/cabs or even a private towncar for less then that.

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You should take offense to her taking money out of your account before asking. Complete breach of trust. She has absolutely nothing to take offense to. You can’t control how she feels about you not giving her your money but you absolutely can and should have control over how much money you give her.

Sometimes its not their choice, but sometimes its not because there are no jobs, it's just because they are un-hireable for whatever reason.

He should be sure to tell his lawyer all of this. Any work he did and money he paid on both houses. Write it down in advance and show the document to the lawyer so you don’t take too much time explaining it, lawyers time is very expensive. Whatever the lawyer says, do.