I have a Capitol One MONEY teen checking account for my son and we're both happy with it. I also made him an authorized user on one of my credit cards at age 13 so he already has an established credit history. If your son is 18, he (emphasis on he!) really open an account anywhere--i would just look for something with no fees (and no minimum balances) since those can be gotchas.

Yes, there are penalties for not paying throughout the year as required.

Wow that sounds too good to be true! I’ll certainly give it a try though!

Mathematically, at those interest rates, it doesn't make sense to pay off the house. While Dave Ramsey will tell you otherwise, you are better off financially by investing the cash (even in a HYSA at today's rates) and not pay off the mortgage. Ramsey has great advice about avoiding high cost interest debt, but that is where the quality of his advice ends. (Investment and otherwise.)

If your worst case scenario happens and you lose a job/earning is impaired, you'll still have the cash invested to pay it off should that be a choice you make.

Some are really driven by not having a mortgage and the feeling of owning your home. There is nothing wrong with that either, but it is not the best financial decision given the data points you've shared.

Depends what you consider decent pay, and where you live, so people can guesstimate what a house would cost.

I have an office job where I'm chained to a desk for hours but I get paid almost triple what others in my area get paid, so it's all subjective.

You may find these links helpful:

• "How to handle $"
• Investing

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To be fair your friend may have believed in the product. The marketing on these is great and easy to fall for. I've known some people starting out in insurance or finance that sell these and pretty sure they don't even know how bad they are - at least at the start. If they are still doing it give years later - then they are probably horrible people.

Are you getting the mortgage, going to be on the mortgage? If they don't pay, it can affect your credit.

Is there a reason they want to cut your sister in law out of the will? I know 2 families that did that. In both of them the siblings never talked again

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Electrician, pipe fitter, welder… plenty of trades pay decent wages.

Yes this is not cashing out, but I'm always hesitant to suggest a 401k loan because IMO it encourages bad behavior. If you can't afford the stuff without taking a loan out of your retirement...you can't afford it

I'm not sure how to put this politely, but there are hundreds of millions of people working in the US, all of whom bring their own skill and experience to the job.

If you want us to help you, help us by telling us what you mean by "pay well" and "pays decent enough to buy a house" and what exactly you're good at.

Stay away from these situations. They only cause problems to intermingle your finances with your in-laws. Let them do what they want and they can put in their will what they want to happen with their property when they die. Don’t get mixed up with it now.

Pay down Heloc now. It will still be there if you need in an emergency.

Often taking out a loan against premarital property to make a large purchase of an item that is used equally during the marriage (eg like a lake house they used together) means that the second mortgage amount and the lake house is considered a marital asset. Let’s say for another example that step grandma bought a car and gave it to your stepmom but that your dad regularly drove it, was insured as an operator of the vehicle, and hey maybe even changed the oil a time or two. Strong case to be made that car is a joint asset and the lake house should be the same. Their primary residence is less likely to be considered joint because it entirely predates the marriage and has the step grandmother in the picture. Retirement accounts likely should be split based on what I’ve seen too. Lawyer is needed to untangle all of this and look out for your dad’s best interests, but I will add if an equitable split is offered by the soon to be ex it is rarely worth fighting for 10% more if it drags out with legal fees, so my goal is to get close rather than perfect if that’s even on the table.

I did. It says I need to pay back $20k minus applicable taxes. I took that to mean, I pay back only what I received.

I have to pay back the entirety of the bonus I received if I leave within 2 years in 30 days.

Just working until midnight, expected to come in at 6am the next day. Long 6-9 day stretches with one day off in between. Every other weeken, while those in elite positions can just leave when they want, and never work a single weekend. My job requires a doctorate degree and I had better hours working at McDonalds. Not illegal, but definitely not conducive to a decent quality of life.

There was no breach in contract that I'm aware of.

I'm just fucked. I will probably have to take out a personal loan.

I use Wealthfront. Don’t have any issues with them at all. Honestly you won’t have problem with all/majority of them.

No we don't have to be involved but my husband wants to be involved. I am ok with it if it won't harm us or be a bigger problem in the future. Like can my sister in law come after the inheritance if she gets nothing and is getting a loan or paying outright better is what I really should have said at the end. Also even though we're in these deals we will just be giving them the money.

Are you in that High of a Risk if one person loses their job?

The Rental should be paying for itself.

You really need to provide more information for anyone to give you insight on what is happening.

Health savings as well are already taken out as well like retirement. I put in the max allowable per year.

We calculate it both ways, i.e. Married Filing Separately and Married Filing Jointly, and pick which is more favorable. After a few times through this, we determined the headache wasn't worth the slight difference in taxes and just file jointly.

Reach out to your home owner's insurance. They will often pay (minus a deductible) to have your roof redone because they know that once the roof goes, the whole house goes. We had ours done a few years ago and it only cost us $1k.

Yeah, it's reddit so I don't expect anything different. People live to read whatever they want into statements and then go off on that.

Your tax brackets are wildly different if you file jointly.

I'm confused why you even need to be involved in any of these deals. It doesn't sound like you are living with them