#DebtRelief #FinancialPlanning #401KOptions Hey everyone! 👋 I’m looking for some advice on tackling my credit card debt, and I’d love to hear your thoughts. Here’s a little breakdown of my current situation: Monthly Income: $10K 401K Savings: $150K (currently putting in 5%) Employee Stock Purchase Plan (ESPP): $10K (also 5% of paycheck) Credit Card Debt: $40K across 4 cards, with a minimum of about $1,500 monthly payments Right now, I’m using YNAB for budgeting and I’ve got about 20-25 days' worth of cash flow, so I’m not in a complete paycheck-to-paycheck situation, but things are still a bit tight without much room for extras. Here are some options I’m considering to get rid of that nagging credit card debt: Option 1: Withdraw money from my 401K to pay off the debt and then boost my contributions to 10% when the monthly $1,500 payment is cleared. 💵 Option 2: Take out a loan against my 401K to wipe out the credit card balances. 🤔 Option 3: Hit pause on both 401K and ESPP co... Should I Tap My 401K to Eliminate Credit Card Debt Quickly? Answers: https://lnkd.in/gXbyiV-t
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#UsedCars #CarSales #ShippingToAfrica Hey everyone! 🌟 I wanted to share a bit of an experience I had recently with selling my 2016 RAV4. It had about 350,000 km on it, and, to be honest, I mainly changed the oil and did minimal maintenance. Anyway, an acquaintance helped me find a buyer. Here's where things get a bit strange: A guy with a dealer plate showed up after taking a long bus ride (4 hours!) to pick up the car. He handed me $7,500 cash and told me it was all set to be shipped to Africa. 🤔 Now, I'm scratching my head trying to figure out how this can be profitable for him. I mean, after shipping costs—let’s say around $1,000—he's looking at a profit of only about $500, right? That seems like a pretty tight margin to me. So, naturally, I’m starting to wonder if I got scammed in some way! Some pain points I’m feeling: Profit Confusion: It’s baffling to think how someone can make money on this without a solid understanding of the market in Africa. Scam Anxiety: Anyt... Why Would Someone Buy My High-Mileage RAV4 to Ship to Africa? Answers: https://lnkd.in/gfddfKAK
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#PrivacyMatters #Cybersecurity #PublicSpaces #DataProtection Hey everyone! 🙋♂️ I wanted to share an eyebrow-raising experience I had at Starbucks this morning. Imagine this: I'm sipping my coffee, enjoying the ambiance, when the guy sitting right behind me is practically giving a public lecture about his banking information! We're talking full account numbers, Social Security numbers—the whole nine yards! It felt like I was eavesdropping on a TED talk about his financial life right there in the café 🚨. Now, let’s break this down a bit. Here are a few reasons why sharing personal information in public spaces can be a huge mistake: Lack of Awareness: Sometimes, people don't realize how public spaces really are. You might think you’re having a private conversation, but trust me, everyone within earshot is tuned in! Data Vulnerability: Sharing sensitive information over unsecured WiFi can make you an easy target for cybercriminals. Starbucks' wifi might not be the most secure option o... Are You Revealing Too Much Personal Info in Public Places? Answers: https://lnkd.in/gy9UbXg5
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#RepossessedTruck #CreditImpact #FamilyIssues #FinancialHelp Hey everyone! 😊 I’m hoping this is the right place to bring this up, but if not, please let me know! So, here’s the scoop: My dad bought a super nice 2021 Nissan Titan truck about two years before he passed away. My mom really loved that truck, but after my dad's death (he struggled with alcohol-related issues), we just couldn’t keep up with the payments. Honestly, it feels like a relief that the truck is gone now. The truck was solely in my dad's name, which complicates things since my mom wasn’t a cosigner or listed on the title. He pulled the trigger on that purchase without ever chatting with her about it. 😬 So, now we’re left with a few burning questions: Will this repossession mess with my mom’s credit? Are there any fees we might end up owing because of this? Since my dad’s passing, we’ve been trying to make the payments and maintain insurance, but Nissan suggested that my mom refinance the truck in her name to... Will My Mom’s Credit Be Affected by Dad's Repossessed Truck? Answers: https://lnkd.in/gwJevgdw
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#pension #workplacepension #employerrights #taxadvice Hey everyone! 😊 I recently handed in my notice at work, and during our conversation, my employer mentioned that I hadn’t been enrolled in the workplace pension for the last three years. However, he assured me that my contributions—both mine and his—were “put aside,” so I wouldn’t lose out on anything. But here’s the kicker: every payslip clearly shows those contributions! 🤔 Now my employer’s saying I have a couple of options: one is to deposit all that accumulated money into “the pension company” as usual, or the other is to give it all directly to me so that I can manage it however I like. 🤑 This whole situation has me feeling a bit anxious, and I’m not sure what to do next. Here are a few worries swirling in my mind: Future Tax Implications: Should I be concerned about any potential issues with the tax authorities down the line because of this? New Employer Pension: If I do decide to take the money, can I just place it... Should I Be Concerned About Missing Workplace Pension Enrollment? Answers: https://lnkd.in/gqKvwZ9X
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#CarOwnership #TransportationChoices #CostOfLiving Hey everyone! So, I’m in a bit of a dilemma and would love your thoughts on it. After losing my car in an accident that wasn’t my fault, I’m faced with the decision of whether to buy another one. 🚗 But here’s the catch: I hardly ever drive! My previous car was old and paid off, but now I’m looking at the potential costs of getting a new one, which all adds up to around $7,300 a year. When I break it down, I start questioning if it’s really worth it. **Here’s my situation:** 🔍 Everything I need (the grocery store, medical appointments) is super close—basically walkable! 🏠 I work remotely, so my daily commute is zero. 🚍 My city’s public transport isn’t great but it’s still an option—there are buses and some rail service. 🚖 Rideshare services like Uber and Lyft are usually what I use, and they only cost me about $20-50 for a round trip, mainly for nights out (1-2 times a month). ⏳ In reality, I drive maybe 1-2 hours a year. What a st... Is owning a car justifiable for someone who hardly drives? Answers: https://lnkd.in/g7Xs9tZz
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#RetirementPlanning #InvestmentStrategy #KiwisaverAdvice Hey there! I hope your week is shaping up nicely! 😊 So, I’m getting to that exciting point where retirement is just 9 years away. And here’s the thing: there’s so much advice floating around about how to handle my investments leading up to that big day. The conventional wisdom suggests I should start shifting some of my funds away from Growth funds to reduce volatility. But then there’s the counter-argument that since I won’t withdraw all my money immediately, I should keep a good chunk in Growth/High Growth funds to try and outpace inflation. Currently, my Kiwisaver is with Simplicity, which means I can’t split it into various risk levels. On top of that, I’m making monthly contributions of nearly $2k, my mix being 78% Total World Fund, 12% NZX50, and 10% Global Bond Fund. Right now, I have around $100k saved up—definitely not a fortune, but enough that I want to avoid being too timid with my investments. Here are the opti... How Should You Balance Investments for Retirement in 9 Years? Answers: https://lnkd.in/gAgpi8fd
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#RetirementPlanning #RothIRA #FinanceTips Hey everyone! 😊 I'm navigating my way through the world of retirement savings, and I could really use your expertise! I run a one-man S-Corp consultancy, bringing in about $350k a year. As a single head of household, I've finally reached a point where I can ramp up my retirement contributions, but honestly, it's pretty confusing! I've been diving into the options and think a Solo 401(k) is the right move instead of a SEP. Plus, I'm looking at the possibility of setting up a Roth IRA. Here are some thoughts and questions I have: Do I need a Roth component in my Solo 401(k), or can I just go with a Roth IRA? I’m aiming for all my contributions to be Roth since I want that future tax-free growth! But sometimes I wonder: Would it make more sense to max out my pre-tax option of $23k and contribute the extra $46k from the employer side for later conversions? 🤔 Here are a few burning questions I’m hoping you all can help with: I have an existi... How Can I Master Roth Contributions for My S-Corp Retirement? Answers: https://lnkd.in/gKqV4Kth
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#PersonalFinance #WealthManagement #FuturePlanning Hey everyone! Posting here from a burner account because I could really use some advice on how to manage the wealth I’ve built up. At just 23, my net worth is about $305k, but I'm worried about how inflation might eat away at my savings. Here’s a quick snapshot of my current finances: - $285k in savings and investments - $20k current value of my car - $25k in my 401k and RAP (Retirement Account Plan) My company matches my 401k contributions up to 9%, so I contribute 6% and get that extra 3% as a bonus. My gross salary is $102k a year, and I work in a high-cost living area in Connecticut. Right now, I’m living at home with my parents. I commute about 1 hour and 20 minutes to work: 50 minutes driving and another 30 minutes by train. With those factors in mind, I’m wondering about my next steps: Should I consider putting a large down payment on a single good house? Or would it be wiser to split my funds and buy two properties, ... How to Protect $305K Wealth from Inflation & Choose Your Home? Answers: https://lnkd.in/gv9U4AWz
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#FinancialAdvice #InvestmentStrategies #MoneyManagement Hey everyone! So I’m reaching out because I could really use some honest money advice and honestly, I need some guidance on what to do next with my cash. 🙏 Here’s my situation: I’m 27, and I've managed to save up about $3 million, mostly just sitting in cash. I've got a solid job at a FAANG company, pulling in around $300K a year. A chunk of my cash came from a lucky sports bet ($400K) and some crypto gains that I wisely converted to cash. But now I’m feeling a bit stuck. Right now, my cash is just… sitting there, and I can’t shake the feeling that it should be doing more for me, especially with inflation eating away at its value. 😩 I’m definitely interested in investing, but after the wild ride I had with crypto, I'm a little more risk-averse. The thought of putting my money into something that could dip and cause anxiety is just not appealing right now. I’ve toyed with the idea of investing in property, but the market is inte... How Can I Invest My $3M Cash Safely for Future Growth? Answers: https://lnkd.in/gd23PeYM