I apologize if this is a dumb question but I'm really new to all of this. I wasn't aware that you can roll over the money from a 403b or 401k into an IRA. I'm aware that an IRA has a max of 6,000 a year in regards to contribution. Does this rule still apply for rolling over?

For example, let's say I had 10,000 in my 403b and I plan to transition to a new job and roll the money over into a IRA. Would I have to face penalties for the 10,000 being over the 6000 mark?

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Depends where you are living, right? If you're paying 1150/month in Los Angeles, you're doing amazing.

That's likely what happened

Getting new quotes is totally smart. But, 26% is quite honestly a reasonable jump given the current economic climate.

Bought at 500 in 2020 and Zillow currently estimates it's 610. Looking through some old mail it looks like for taxes they used something like 400 as the figure last year, since this house has been in the 400s until 2020. I'm guessing taxes have been reassessed.

Use the time you would work a second job and instead learn a highly employable skill. Specifically in tech/engineering, legal, or medical. There are certifications that can virtually guarantee people upwards of 60k a year which is a significant jump from minimum wage. You don’t need a ton of school.

I was in a similar position in 2019 - minimum wage, living with parents, late teens early 20s. I started studying network engineering at night from 8-10pm every night. 6 weeks into studying got an internship at a tech company. 6 months in I had amassed 3 more certifications in my time there and got onboarded as a full time salaried employee.

Make more now than I thought would be possible in decades.

That’s besides the point, just needed advice for my finances.

It's not hard to buy. I just don't buy it. And if one uses the same excuse year after year, it gets old. This time is different? Okay, you can accept that if you like. I will go get new quotes.

I get it, costs go up every year. I expect to pay an incremental cost increase every year. But not 26% as OP indicated.

Edit to add: And if it is industry wide why did my insurance go down $4 last month while OP's went up? No change on my end except everything is a year older so it kind of makes sense it goes down a bit.

Look at several job recruiting/review sites to get a feel for how they treat their employees. Some places allow businesses to hide or even remove bad reviews, so checking several places and comparing will hopefully help you make a better decision for a happier “home”.

u/Paradox868, you keep saying (and emphasizing) "UP TO 5%". I see nowhere in OP where it says UP TO. Not once. OP SAYS: "New Job: 200% on first 5%, 100% between 6% - 12%" So if employee puts 12%: 1+1+1+1+1+1+1+1+1+1+1+1=12 The employer matches 200% (DOUBLES the first 5%), and then matches percentages 6-12: 2+2+2+2+2+1+1+1+1+1+1+1=17

Are you vested in the pension in your current job?

No. It's at the top of the amount you should consider, though. Also, you should strongly consider selling your car and buying something far less expensive.

Thanks for your response!

The reason for #2 is because I use the zero-based monthly budget system. There should be $0 left at the end of the month. It’s not income, so I have to add the amount I’ll be spending to the spreadsheet somewhere so I don’t end up with a -$ at the end of the month.

Since it shouldn’t be included in my savings, I think I’ll add it as an additional expense category for the month-to-month tracking and keep my entries consistent with the steps I included above.

Thanks for the help!

> For fun I did a mock budget of my take home pay after 25% investing and 25% house payment and with taxes, insurance out of the way and all that, I only had enough money to cover my typical expenses and had no margin at all for anything "fun" or even short term savings goals.

So it's apparent then that Money Guy's numbers are base on an income that's greater than yours. All of the popular money "experts" advice is based on generalities. You take the advice and adjust your percentages to meet your personal financial situation. The money experts also cannot account for every municipality in the U.S. I'm sure someone making median income in San Diego (may not be still be current but I used this and this as sources) would be hard-pressed to find adequate housing for 25% of their income.

Well it’s a decent increase no matter how you look at it. Say you stay for five years. That’s like getting $112k per year for all five of those years. (Or say you stay one year and you get $120k per year.)

That is way too broad of an assertion to simply state salary is always the lesser option.

Without taking one side or the other, my opinion would be that each has their pros and cons. Speaking as someone who has done W-2 salaried, W-2 hourly, 1099 "pre-negotiated amount for delivery of project", and 1099 hourly throughout my professional career.

In OP's case, with the limited details presented I would suggest the salaried position if anything for the opportunity for future growth. If entry level is gonna pay comparatively equal / slightly more than supervisor (makes me suspect the nature of each position is probably two completely different jobs / industries), it seems like OP is already reaching a ceiling in compensation with the current position.

Thank you for the response. Allow me to elaborate on my line of thinking: assuming that my uncle can show sufficient hardship (he absolutely can), and the payment he agrees to is small, and the following tax year (2022) he shows an equal and offsetting capital loss of say the same amount ($70,000), he would be eligible for up to a $3,000 credit, correct? Well, say the payment plan is $3,000/year, and the credit is $3,000/year, wouldn't the IRS be interested in just washing his liability?

Also, as far as the income goes, this is only counted as income, it was mechanically identical to someone trading with a retirement account (which granted, he should have been doing). Due to his own ignorance, he didn't have his savings in a retirement account.

Anyone know what jobs this might be?

What industry/company?

Sounds like the company you interviewed at values what you bring to the table proactively and your current company was more than happy to undervalue you until they had to react.

On my chase account online there is an option to request a credit limit increase under "Account Services". Have you tried that?

He told me that now that I'm in the picture he's serious about saving and setting up our future. I showed him everything I have set up and now he wants it too. The tax thing surprised me. I asked him the same question ten different ways to make sure I was understanding right. I knew that him not having filed taxes for 11 years was bad, but I had no idea where to even start. I've gotten some good advice though and we have more research to do now that I have a direction. I'll have to check out the flowchart. Thank you!

Wow. I'm jealous of that 401k match. In many situations, generous employer 401k matches are more valuable than base pay increase because the money in the retirement account is tax deferred.

As someone who is under 18, you can't legally have a bank account without an adult co-owning the account (which explains why all you're finding it scammy websites about it). So you'll need a parent or guardian to work with you on this.