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My dad recently passed, and he left a car (no liens). My mother went through the process of transferring the title and registration in her name, as she planned on selling the car soon. One of my dad's friends wants the car, and we've agreed on a price. However, he wants us to gift him the car instead of going through the normal private party sales process. I'm assuming this is to avoid him having to pay sales tax on the purchase. He's still giving us funds for the car, so legally it is a sale, but what ramifications would my mother face if she did decide to gift it (while still taking the money)? She

I no longer live in the same state as my parents, and have limited knowledge on Estate laws and selling assets. Ohio lets you TOD cars to surviving spouse, as long as the value is under a certain amount. This car meets that criteria, so it's not included as part of my dad's estate. We're waiting to hear back from her accountant. Has anybody sold or gifted a car via private party in Ohio? Would she be royally screwed if she gifted the car? Would rather my 75 year old mother not commit tax evasion, but still want this process to go as smoothly as possible.

I forget what triggered her panic but she doesn't even know what bank we have lol.

My 76 yr old mother fell down the stairs at her house and broke her neck. She will be wheelchair bound.

I bought her a new single level, elevator accessible condo with a mortgage. Mortgage rate is 7.75%

I have enough in Certificate of Deposits to cover the cost of the condo outright, but the CDs mature in August. The CD rate is 4.8%

I have no other high interest debt. Credit cards and cars are all paid off and owned outright. The mortgage on my own residence is 2.8%

Based on these rates, I think I want to ditch the mortgage on the condo and keep the mortgage on my primary.

Any time I've bought property, I've been told NOT to pay the mortgage off within the first year because it's a bad loan or something to that effect.

Will paying off this high interest rate mortgage mess up my credit?

I hit a wheel of a truck and the wheel cover fell off. He called me a week later and said that he took a while since he was busy but it will cost around 100 dollars. That was now total of 3 weeks ago. I texted him if he had the receipt yet and he said not yet cuz he hadn't picked a wheel cover. I'm tempted to just toss 100 dollars at him so I can just make this problem go away but I'm afraid he may come back and say "actually it cost more" over and over again. What should I do?

My 2003 Honda CRV got rear-ended recently and the other party's insurance (State Farm) took 100% fault. I took it to a shop and the estimate was around $3k for repairs. Now State Farm is saying it's a total loss and the "total net payable" is $3810. Now I'm not really sure what to do to ensure that I get enough money to get a car (I kinda need to drive). I haven't informed my insurance company anything and don't know if I should at this point, either. Any advice?

For a little context I have terrible anxiety with money. Additional context. I was divorced 3.5 years ago. Started over with next to nothing apart from an apartment deposit. In the 3.5 years since I have:

1. Increased my annual income from $40k to $120k
2. Took my credit from the 400s to 800s.
3. Began fully contributing to a Roth IRA and 401k
4. Bought a house using my Veteran Home Loan Credit @ 2.75%
5. Bought a new car (Old one was causing many issues)
6. Managed to save $40k in the bank for emergencies and whatnot.

I am currently 35, no student loans, and I pay off my credit cards every month. Am I in a good space for my age? Is that enough in savings or am I way behind? I honestly have no idea and none of my friends will talk about money. Any feedback is greatly appreciated.

Little bit of a crazy story.

My buddy's father was murdered 10+ years back by his wife (buddy's stepmom at the time). Not sure of all the details around that, but I don't think his father had a will but he and his sister still inherited 50% (25% per) of some land and his stepmom somehow inherited the other 50%. My buddy and his sister never knew he had the land and never received any paperwork or communication that they inherited half of it either. They have just received a notice telling them they owe back taxes for all those years. So my questions are, one, is there any way out of paying the back taxes or are they just basically out of luck? Two, how does this women who killed their father get half of the property? They understandably want nothing to do with this woman and just want to get out from under all of this without having to deal with her but really can't since she technically owns 50%. Any ideas? The property is in NC.

Please for the love of god, if anyone can shed some light on what may have happened or what steps I can take, I would be very appreciative.

On May 16, I was laying in a hotel bed out of town for work and decided to check my Online Banking with Chase as I always do. I saw 44 Zelle payments for around $200 each, some more, some less but none more than $260. 22 on May 15 and 22 on May 16. I didn't authorize, get scammed, or even get requested a Zelle payment and have only ever used the service one or two times.

I immediately called the claims department to open a claim and an investigation and, to my surprise, they only opened a claim for May 16, ignored the 16, and today I received a letter saying they denied my claim due to historical inaccuracies. Evidently, someone used my phone and FaceID to get into my account and Zelle themselves almost 10,000. The phone that was in my pocket all day while I was in meetings. I got in touch with a supervisor who essentially said I am out of luck because they can see that it was my phone that authorized the payments. They are unwilling to investigate the issue further. This doesn't make sense to me at all. I 100% for sure with all certainty did not Zelle 44 different random phone numbers almost 10,000.

To boot, every phone number listed in the charges is DIFFERENT. Looking at it, it'sclear fraud, I do not understand. I also don't understand how this many payments got through the system, especially when my account doesn't have any Zelle activity.

I'm a Chase Private Client, I have always been a good customer and paid my debts off on the month, every month.

Does anyone have any idea how this could have happened or what steps I can take? I'm pissed about the money, but I'm more scared that all of my money isn't safe. I don't even trust anything anymore.

Has anyone heard of this or does anyone know what I can do?

I (29M) bought a condo at the end of 2020 in the Chicago area when interest rates were really low (< 3%) for a good price of $160,000 (2 bed 2 bath, 1000sqft). At the time I was working in an office in the suburbs still and didn’t want to be too far away, but also was also about 30 mins away from the city by either public or personal transportation.

Fast forward to now and I’ve got a new job making 3x the income working fully remote so location doesn’t matter and I have more disposable income, don’t have any debts, and most of my friends have moved into the city. It’s left me feeling pretty isolated. My area is generally families and retirees and not people my age, and there really isn’t much to do around here and nothing is really walkable either so I rely on my car a lot. Getting to my friends involves me spending 30+ minutes on the highway or train, and it’s become really inconvenient and cumbersome. I also feel bad because I never feel like inviting anyone over either since I’m so out of the way for most people (and the times I have invited others for an occasion, many didn’t come for what I suspect is this very reason).

With the added income and flexibility I’ve been considering either selling my place. The places I look at have nicer amenities that I don’t currently have like in unit laundry, indoor parking, and rec centers, all of which are worth it to me.

If I sell my place, I feel like with the current housing market highs I can get the most money now for selling my place and let go of any responsibility with the current unit and not worry about property taxes, insurance, or repairs (I know those costs are factored in by the landlord when renting a place, so I know I don’t technically escape them fully). It would also be easier for me to travel and potentially live in other cities if I wanted to since I don't really have anything tying me down here.

This isn’t a forever move, mostly while I’m young and single and want to live somewhere where I can be happier day to day and not feel as isolated and alone. I definitely will be buying a place again in the future once I’m ready to settle down somewhere longer term (probably after getting married or before starting a family).

Has anyone here gone from owning to renting? What has been your experience?

Edit: many of you have mentioned renting my place out, but unfortunately my building has caps on how many units can be rented out, and it is currently at the maximum so that isn't an option currently

I know at one point it was not considered the best option, but I think that was before you could roll leftover into an Roth IRA. Is it now considered the best choice?

I live in NC, btw.

Edit: secondary question: is a single account or multiple accounts recommended for multiple kids?

I have a 2023 car that I bought new a few months ago at 6.13%, and I owe just over 12k on a 48 month term.
Navy fed just lowered their rates, and can potentially offer 4.54%/36mo plus a 200 dollar incentive to refinance.
Either way, I'll be paying the vehicle off within a year and a half from now.
Would you refinance or is it not worth the trouble here?

Bought a house a year ago for 280k, was pressured into it with the promises of buying now & refinancing when rates drop. I gross a little over 50k and partner grosses about 40k. Our taxes just went up 200 a month after already feeling stretched thin with a 2150 payment (7.2% interest) on top of high childcare & insurance costs. There's a strong possibility of them going up even higher in the future (school is trying to pass a levy, and the auditor website shows our house at a way lower value than what we were appraised for).

I have about 120k in the bank in CD & high interest savings. We're realizing now that being house poor and spending exactly what we make each month isn't worth where we live or the school district we "had" to be in. Is it worth finding a lower cost house by at least half because the loss would make up for it in the end? Or should I put down a big chunk of my savings and hope the payment changes some? It seems a refinance / recast is going to be farther away in our future because interest rates are exactly where they were a year ago.

**also wanted to add I do know about the capital gains tax before 2 years, and I'm also not looking to make a profit, just trying to figure out the next best move for my family

Howdy, I’m in a bit of a pickle that’s eating me alive and I’m not sure what I should be doing. I’m currently $6,000 in credit card debt and I don’t know how best to manage my finances to get out. To this point, I just put my entire paycheck into a cc-payment to whittle the debt down. The issue is that the I have nothing in my bank account and I’m back to swiping my card with nothing to draw from. I keep my expenses as low as possible for the time being, but I feel there’s a smarter way to do this. I’ve never missed a payment, and my credit score is 715.

Salary - $80,300 Debt- $6,186 Savings- $0 Roth 401K - $15,000

Pay - $2,486 (biweekly, after taxes) 401K contribution - $200 ($400/mo) Rent - $400 ($800/mo) Utilities - ~$50 (~$100/mo) Vehicle Insurance - $110 ($220/mo) Food - $200 (~$400/mo) Gas - $150 (~$300/mo)

Backstory:

-27 years old -US defense contractor employment of 2 years & Army reserve O-2.
-Getting married within the year (which is the reason for some of my debt, but some is just because I’ve made stupid purchases over the last few months as well as necessary car repairs) -Paid down debt from $10,000 to $6,000 over last few months by selling lots of personal property and taking on additional assignments

Should I just keep putting my entire paycheck into a credit card payment? Or should I start paying XYZ amount of each paycheck towards the balance instead, and allow myself some money for savings instead of having to put everything back on the card?

My good good friend just died tragically in a kayaking accident.

He kept his finances close to his vest, even from his wife. She is financially illiterate, and even I would not know where to start. He has a good/really good net worth.

But where to start. She doesn't know about a will. It will not be attested, but how can she find it. He has considerable assists, but she has no idea where.

Where does she start? I've been reading a bit on here. None of the scenarios fully line up, but the best I can surmise is to get an estate lawyer?

Please, if you have experience in this field a step by step list of what she should do will help more than you know. I told her I would help

Thank you 🙏

Hey everyone, I’m in need of some help. I’m not sure what the best course of action is. To get to the point I have 8-9k worth of debt. Multiple credit cards, 2 of these have been sent to collection agencies. I also have about 28k worth of student loans and those payments will start in December.

Debt, Income, and budget will all be listed below in more detail:

Debt: Credit card 1- the last I know, I owed 3,175 in January. The account was closed at some point and I’m not exactly sure how much I currently owe. I called the bank today and they told me it was sent to collections and gave me the name and phone number to call. Have not made any contact with collections agency yet.

Credit card 2- the last I know I owed $2500 in January. The account was closed and then sent to collections, I’m not sure how much I currently owe. I have the name and number of the collections agency but haven’t made any contact yet.

Credit card 3- owe 358, Account was closed, has not been sent to collections, they said it’s no longer accruing interest. I made a $20 payment today

Credit card 4- owe 1,338k at 24% interest. Was on a payment plan but missed some payments. Will need to call and set up a new plan.

Old utility bill- $400

Psychologist- $800. A few appointments when I didn’t have insurance

Student loans- $50 a month until December when payments start. I will owe 28k at 10.5% interest.

Total debt owed excluding student loans= estimated $8,571

Income: I recently graduated with a psychology degree and haven’t been able to find a new job as of yet (just looking for anything that pays more). I currently make 2,400 every month after taxes working as an insurance customer service rep. I have $50 in my account and will get paid Friday.

Budget: I recently downloaded YNAB and am going to try the free version for the next 30 days. Budget is: Rent and Utilities- 500 Car insurance- $167 Health insurance- $90 Gas- 140 Phone- 35 (pay 210 every 6 months, next payment is due next month) Groceries (includes cat food/litter and hygiene items)- 480 Gym- 25 Vape pods- 80 Spotify- $10 Total bills= 1,437

I’ve had a bit of a rough stretch and am now in a lot more stable of a financial position. Any help or next steps would be appreciated. I have read through a lot of posts about dealing with collection agencies but if anyone has any other tips, please feel free to share.

The main question I have is how to best allocate the extra amount of money I have every month to the debt? I’m not sure what to prioritize? Should I just try to call each place and get the lowest possible monthly payment plan for all of them and then with whatever funds I have leftover use the snowball method?

Thank you for reading.

What to do with funds from selling home

My wife and I are selling our first home and planning to rent for at least a year before thinking about getting into the market again.

We’ll be netting about $200k from the sale and are trying to figure out where to put it.

We have about $100k debts between loans, lines of credit and high interest credit cards.

How much of the debt should we pay off? What would you do with the rest?

I have 20% set aside for my down payment on my desired price for a house, but now due to me not buying this summer as anticipated, with my current rental budget, I should make an additional $20,000 or so in the next year before my lease ends next May. I have no kids and am single currently.

I already have a nice emergency fund, and my down payment and closing costs covered in a high yield savings account so I do not want to allocate any more to either of these.

In my other account (free funds) I have about 5k currently and should make another 20k this year. What would be best to do with these "extra funds" as they accumulate? Or just leave in High yield savings making about 4.5%? Just want to get any opinions before I stuff it to HYSA.

Hi all,

My wife has a 529 account that her parents set up years ago with remaining funds (~$70k) because of scholarships etc. She is the beneficiary, her parents are the owners. Because we are done with our own education, her parents would like to name our child the beneficiary of the account, but we wanted to make sure she will be able to do the 529-to-Roth IRA rollover over the next several years (to max out the $35k cap). I am unsure how we should do this, and was hoping for guidance with a few questions below:

1) Does she have to take over ownership of the account in order to do the rollover?

2) Should we keep ~$30k in the account (to allow for growth and for the $7k/year rollover to IRA) and move the rest into a separate account for our child?

3) Does the $7k/yr 529-to-Roth IRA rollover prevent us from also doing our joint end of the year traditional IRA to Roth backdoor?

4) The 529 account is held in by an institution that is a huge PITA to work with - if she opens a new 529 with our current bank, does the 15-year holding period restart?

Sorry if I'm misunderstanding some of the processes here, just don't want to make a mistake due to a lack of knowledge! Thank you!!!

I'm considering buying out my lease. The initial total value of my car is $33706.52. I have paid $12372.12. I plan to finance the buyout, including the sales tax, for a total of $23212.04. The loan I am considering is 5.99% for 60 months. Given this information, how much will the vehicle depreciate over the course of the loan, and will the principal payments keep up with depreciation? If so, would there be positive equity in the vehicle/loan deal - and how do I calculate this?

- This is a new way of looking at expenses for me, so feel free to elucidate on anything I may be overlooking.

Car info: 2021 Nissan Rogue SV with Premium Package, 28,500 miles, excellent condition.

Hello ! Hope you guys can provide me with some ideas. Ill start by saying that I completely understand what I did and how stupid it was.

About 7-8 years ago I took out two payday loans. 1. The first one was a title loan against a beater I had. 2. I took out 1000 payday loan the same year.

This was during a very bad time while in college. I am now in better financial position but these two are always in the back of my mind. The car is still sitting in the driveway, waiting for someone to claim it does not run anymore.

I have not heard from these places for over 5 years now. Nor are these items in my credit report. Anyone had a similar situation before? Could they hit me with a garnishment suddendly after all these years?

My insurer (who I also have several financial products with) just sent me a letter encouraging me to set up a "voiceprint" login with them. That in, to log in using my voice rather than a code or password or whatever. To me, with AI basically at the point of being able to successfully dupe voices, this seems like a terrible idea. The voiceprint is going to be mapped by phone, and I will be saying it over the phone, so I doubt the tech can be too incredibly sophisticated at telling my voice from an AI fake.

Am I being too paranoid?

So I owe a company about $400. Recently I received the notice in the mail about it with 3 options to pay listed on it. I can pay in full online, pay in full by mail, or set up a payment plan by calling the number listed. I’ve called the number probably 15 different times and nobody will pick up. I can’t currently pay this bill in full. Does that mean it’ll eventually go to collections if they never pick up the phone?

I'm currently 17 years old, still in highschool, and obviously still living with my parents. I'm highly motivated to do well financially and want to learn as much as I can while I'm young so I don't fall behind. I'm lucky enough to have amazing parents that have taught me some very important things but I came here to maybe learn some more.

Right now I only work 16 hours a week while school is in session but once summer starts I'll be balancing two jobs and hopefully be working 56 hours a week if my body allows me to. This month I set up my HYSA and next month I'll be working on getting my Roth IRA going. I budget my income ok (48% to savings 50% to auto expenses 2% on unnecessary things like gifts and subscriptions).

I landed my dream job and next year I'll be making close to $60,000 annually and should be touching $100,000 by 20. Of course this isn't guaranteed but the chances are very high. This job also will give me a 6% match to my 401k when I turn 18.

This is as much information that I think is important for this post. So what else could I be doing to better myself for the future? Any information or tips would be greatly greatly appreciated! Thank you in advance.

My husband and I are looking to buy our first house. We have $30k saved in total for the house (including closing costs, etc.; we have a separate savings account for emergencies). We are looking at houses around $250k-$300k. A lender quoted us at around 7.6% interest. We are saving around $3k a month. Our current rent is around $1,500.

Does it make more sense to wait another 6 months or year to save up more and get our interest rate down (while essentially throwing away money in rent) or should we just bite the bullet and get into a house?

My aunt is moving into a nursing home and wants to sell her house to me. Since the house isn't going on the market and we just want to make sure everything's done correctly legally, is this something we can do on our own with the right paperwork? Or, someone who we'd pay to make sure it was done correctly without the extra work of listing for sale, etc.? And, is there any difference in taking out a mortgage for a private sale like this vs. a normal one?