savings is way to high id put that into something so it can grow you wont need all that money when retiring but instead draw a little at time, typically, CD, IRA, etc account's would be great for that.

So if you are doing the math correctly, if Line 6 is zero it's impossible to have anything other than zero on Line 14.

If that's the case, I don't think I would bother amending anything at this point and would just make sure the 2022 form has a zero in Line 2 instead of carrying over the number from line 14 of the 2021 form.

If the IRS sends you something about it in the next few years then deal with it. But I've read elsewhere that they don't compare the 8606 year to year. If the 2018 and 2019 combination of events had screwed things up you would have already gotten a CP notice by now.

Imo, you should:

1. Savings account immediately - every paycheck and keep it going after you payback your dad. Calculate all of your monthly expenses and put a specific percentage into your savings account each month. I'd honestly suggest two savings accounts atm, one for paying him back and the other for a legit savings/emergency fund or whatever, but if it's too complicated, keep the one

2. Go for the car payment first, entirely

3. After that, your personal loan with higher interest rates

I'll be real, I don't know shit about refinancing loans as I've still got things to learn -- but. You're 25, you make 64k a year, there's a lot to work with here with this information alone. When making your monthly (or biweekly, depending on how often you get paid) transfers into savings, make a list of all of your bills and how much money you'll have left over. How much do you want to use for disposable income/yourself? What left of that do you want to put into your personal loan payment?

Your loans won't decrease by much if you're only doing the very minimum payments -- hence what you're seeing with your private loan. I'd recommend waiting on that one until you have some extra money and less loans to worry about.

Have your roommate type a 'to whom it may concern letter saying 'Mr tipsy turtle is subletting my apartment at 123 main street." Then have someone mail you a letter and bring that in to. Do you have a pay stub with that address?

Credit is amazing if you know how to use it to your advantage. Good on you 🙌 Personally, since I have quite a past with my cards, I can’t risk using them as often as someone in your position might. But I’m with you on the points when you can get them. The only card I use regularly and carry a balance on is a travel points card.

Robo advisors are just gussied up, expensive target date funds

Contribute to 401k. Get employer match. Take out loan against 401k for house. Profit.

Make sure to get your dad a nice gift while you are at it lol. Good of him to do that for you

The reason why you should wait is because your mortgage normally consists of the most interests payments during your first 5 years or so. If you refi again right after you just got a mortgage, you'll just be paying the interest, not your debt. You should always pay down your debt first... your new refi will carry your outstanding debt... always pay down debt first.

I use Robinhood Gold as a HYSA and it’s currently at 3.75%

Do you mind sharing the home warranty details?

I’d always heard those and car warranty options are scams and they take your money and never pay out when you actually try to claim. What actually happened?

$68.66 actually. OP gets double time on weekends according to the post.

Good to know when I speak very soon to the Vanguard advisor. Thanks!

How much are you student loans and/or any other debts?

I have purchased three new cars with 0% - they were advertised at the time, but one actually was not. I had negotiated and got it down to the price I wanted and the dealership was closing for the night. They relented and gave me both 0% (newer vehicle year vs the end of the last year's model) and let me put a larger down payment than they typically allowed on a CC that I got cash back for. Now - they had made a mistake earlier because they had said that 0% was for the upcoming model year, so it was really an error on their side and I think that's why it worked in my favor. I was in my early 20's at the time, so honestly no idea. They may have just wanted to secure the sale for all I know.

Good credit and low debt-credit ratio is really what you need. I have never paid sticker price for a 0% vehicle either - I enjoy the negotiation part. Even got a 2016 Corolla (when new) for $3k less than sticker with 0%...even with tax/fees it didn't come close to MSRP.

529 is a good option. It takes arguably ~$500 per month from birth through completion of college to fully fund a 529 with realistic expected returns. And that’s per kid.

So for sure 529 is a great option and definitely contribute to that. I have a 4 year old and a 2 year old and trust me I wish my relatives would all stop buying tons of toys my kid doesn’t need and just buy a cheap token toy they’re happy with and contribute rest to college fund. That’s what my brother and I do for each others’ kids. I buy a simple $20 toy my niece loves then stuff another $80 in the 529.

Not sure what state you’re in or they’re in, but I’m in Texas and so there’s no benefit to using a Texas specific plan here. As such I use the Utah plan my529.org which allows “gift links” that are easily usable for donating to someone else’s 529 plan. That way parents maintain control if that’s how you want it. Alternatively, you can set up a plan directly in the kids’ name.

Also, offer to pitch in for the nursery costs or just buy big ticket items on gift registry. The costs of setting up nursery + car seat + stroller + car seat bases + hospital bill + diapers + formula if/when it’s needed is…a lot. Our hospital bill was ~$7k per kid to bring them home, for example.

Beyond that, when the kid is old enough to have earned income (Eg 18-25), you could have kid set up Roth IRA and contribute to it and have discussions with kid about retirement planning and importance of saving early and offer to contribute more to Roth IRA after graduation if they continue to meet 401k savings targets for X% over Y years in order to give them a boost to saving for retirement.

Big ticket items like car at age 16 or paying for kids weddings or helping with down payment on a house are pretty impossibly expensive. But honestly 529 is best place to start

Hey!

I’m not sure why the post got deleted. But to answer your question. I’m not sure.

My family immigrated to the US and are not very well off. This job, if I do excel, would set me up for success and a comfortable life. However, I’m a very laid back person who hates being micromanaged and pushed. Starting my current job made me lose many of my friends, as an 18 year old I went straight into this position without going to college just yet. I wanted to have enough money to be able to pay all, if not most, of my college tuition out of pocket. I did not want to take out a loan and end up finally paying it off at 40 years old. Starting the job made me lose all my friends, right now I only have my best friend, and my girlfriend. Family too of course.

My girlfriend expressed to me that this new position would take up a lot of my time, and she feels that I won’t have enough time for her anymore. Which is true, a lot of people that I know who work for this company in this role end up losing their relationships and social life’s because it’s so time consuming. Overtime is basically mandatory. 2 Saturday’s a month and 1 Sunday a month. 8-12 hour days. I do fear that I’ll lose my relationship which would leave me with basically no one.

But I want to be financially successful.

Is it worth it for my mental health and social life? I’m not sure.

Do I like the money? Yes.

100%

I’d pick up a skilled trade. Many will pay you while training and the trajectory of those jobs is very strong given how scarce good tradesman are now a days. ROI on college is overrated now with these horrific tuition prices.

Highest to lowest interest rates. It doesn't have to be more complicated than that.

You should add in to your book of debt, the loan from Dad since you intend to pay it back.

​

Do you have a budget?

Do you know where all your money is going now?

You mentioned $492 in monthly debt payments, which isn't crazy for someone making $64k a year at your age, leading me to believe there is more to this story. Increasing income is going to be big for you here. Better job, second job, overtime, etc it all needs to be on the table.

It doesn’t really matter which one you do. I’d pay the car loan off first. Then put the full payment of that to the $6900. That will be paid off in no time. Then put both payments toward 6000. You should be able to pay for all 3 very quick then put all 3 payments to pay back your dad. Which would be essentially 2 years for him. About 2 years to pay off your 3 loans on your own unless you can pay extra over the the payments.

Depends if you like your current job or not. 11% isn't that big of a jump. When I switched jumps I got a 60% increase. Salary and benefits.

Can I ask what aspect of insurance this is? I considered the actuarial route and I know it’s got this level of flexibility but working in a car insurance company now the other roles I’ve seen aren’t nearly as nice, though I’ve only been in the field for 1.5 years.

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it will all be in the wiki but yes, pay off that car loan with the money you've been given. It's the largest debt and highest interest. Use that $257 payment to build an e-fund of 1k-2k depending on your monthly bills. After that I would put the $257+ 161 to your personal loan, you should be able to knock it out it a 18 months or so. Continue to snowball and throw an extra bonuses or gifts at your current payoff target.

There was someone maybe within the year that posted that their older sibling helped them get an account. It sounded like they presented themselves as the guardian, so maybe it doesn't have to be a parent.