Personal Finance 360

What Should I Do with My 401k Before Military Leave Options? Answers: https://lnkd.in/g8ExjWue #401k #MilitaryLeave #IRA #FinancialPlanning Hey there! 😊 I see you're navigating some important decisions regarding your 401k as you prepare to leave for military service. That can definitely feel overwhelming! So, let’s break it down together. You mentioned that you’ve been advised to quit and roll over your 401k into an IRA with your bank. However, you’ve also come across some insights suggesting that you can go on "military leave" instead. Here’s a quick look at what you might consider in this situation: Rolling Over Your 401k: What it is: This means transferring your retirement savings to an IRA or another 401k plan. Benefits: It can give you more control over your investments and potentially lower fees. Timing: You can certainly do this whenever you decide to leave your job. Military Leave: What it involves: Staying employed officially while being temporarily absent for military service. Benefits: You typically retain your employment benefits, including your 401k. Considerations: If you opt for this route, check with your HR about what it means for ...

Are All Car Loans in Canada Open for Early Payoff Without Penalty? Answers: https://lnkd.in/gb5FFTRZ #CarLoans #Canada #CarShopping #FinancingTips Hey folks! 🚗 Let’s chat about something that's been buzzing in the car market lately—car loans in Canada. With all the sketchy stuff happening, like those pesky cash markups from dealers, I thought it'd be good to clear the air on whether all car loans in Canada are actually open. Here's the scoop: Cash Markup Shenanigans: Dealers are cashing in on people who prefer to pay upfront. If you show up with cash, you might face a markup of $1,000 to $3,000. Sounds unfair, right? They might be incentivized to push financing options over cash deals because they can make more dough off interest. 😠 The Open Loan Debate: My understanding is that in Canada, car loans are legally required to be open. This means you should be able to pay them off in full at any time without facing a penalty. But, is that the case across the board? 🤔 Your Strategy: If it’s true that all car loans in Canada are open, it might be a smart move to take that financing discount. Make the first payment to secure the deal and then pay off tha...

Why Can't I Save Money at 37 Despite a Decent Income? Answers: https://lnkd.in/g7aYxqbQ #SavingsStruggles #FinancialAdvice #BudgetingTips #LivingOnALimit Hey everyone! So, I’m 37 years old and honestly, I feel a bit stuck when it comes to saving money. 💸 I earn a decent salary, but somehow, every month throws me a curveball with unexpected bills—like, seriously, $500 or more just pops up! It’s frustrating! Last year was a tough one for me. I had to dip into my savings and, on top of that, I lost a good chunk of money thanks to a car that turned out to be a complete lemon. 🚗💔 These setbacks have left me feeling pretty drained financially. Right now, my 401(k) has barely half a year’s salary in it, and two-thirds of my paycheck goes straight to bills. 😲 I work a ton of overtime, which ideally should boost my savings, but I'm just scraping by. I live alone in a one-bedroom apartment, and while I’ve thought about moving in with a friend (I can’t until my lease is up in April), I’d prefer to handle this on my own. I’ve tried budgeting, but honestly, cutting down on ramen and not shopping isn’t cutting it. Plus, I need to replace things my puppy has destroyed, and...

Which Business Expenses Can Strippers Claim for Tax Deductions? Answers: https://lnkd.in/gVW-M-_t #BusinessExpenses #TaxTips #TaxFiling #SexWorkers Hey everyone! 😊 I'm reaching out to see if anyone has some insights on navigating business expenses, specifically for us in the adult entertainment industry. I'm a stripper and find Hnry super convenient for handling my taxes, but I hit a bit of a snag when trying to claim some of my expenses. So, here’s the situation: My coworkers have been chatting about how they manage to get tax deductions for things like clothing, lashes, nails, and hair since it all relates to our income. 💅 However, I'm a bit confused about how to categorize these expenses on Hnry. 👗 I attempted to file my lash extensions under 'clothing' and 'uniform' but got rejected. That made me wonder: Am I just picking the wrong category? Or is it simply not a valid business expense? 🔍 The other options I've considered are 'professional fee' or 'equipment purchase.' Could these be better choices, or am I still barking up the wrong tree? These points are pretty frustrating, especially since misfiling can lead to missing out on deductions we ri...

Is Adding My Partner to Health Insurance Worth the Cost? Answers: https://lnkd.in/gmvZwDvz #HealthInsurance #PartnerCoverage #ADHD #COBRA #Marketplace #InsuranceAdvice Hey everyone! I'm in a bit of a pickle here 🤔 and I could really use your thoughts and experiences. My girlfriend, who I live with and love dearly, is in the process of quitting her job for some personal reasons. A big concern for her is that she has ADHD and needs consistent access to her medications and therapist, which makes me wonder: Should I add her to my health insurance plan? She’s interested in joining my plan and has even offered to cover the extra costs. But here's where I'm a bit lost: My take-home pay is around $2,100 per month (after a gross annual income of $73,500). Right now, I pay $70 for health insurance each payday. If I add her as a domestic partner, the premium jumps to $227. On top of that, there’s an added imputed income of $1,079.50, which means my taxes will go up and not to mention, my net pay will also drop. 💸 I'm really struggling to see if bringing her onto my plan financially makes sense. Here are some things I'm wondering about: Is th...

How Can I Navigate Family and Financial Challenges After Dad's Stroke? Answers: https://lnkd.in/gS59R-5Y #FinancialAdvice #FamilySupport #StrokeRecovery #CaregiverChallenges Hey there, everyone! I really appreciate you taking the time to read my post, and I'm hoping to get some guidance for a tough situation. So here’s the deal: my dad recently suffered a stroke, and he’s still in the hospital. As we prepare for his discharge, it’s becoming clear that we need to move him into a supported living facility. The only snag? The costs are pretty steep, and I’m currently hunting for a suitable place. Here’s a snapshot of our situation: I’m my dad’s power of attorney, but I live abroad (not a tax resident in Canada). He has some considerable assets, like a home in Victoria and a cottage in Manitoba, but right now he’s cash poor. My sister is living in his home and has been using his funds. My sister has her own health issues (including hoarding and ADHD) and hasn’t worked since the pandemic. Over the past 46 days, we've seen over $15,000 drained from his accounts, much of it on personal expenses. Here’s where I'm feeling stuck: My sister is resis...

Does a Bigger Down Payment Really Cut Mortgage Interest Costs? Answers: https://lnkd.in/guFS6g_p #Mortgage #DownPayment #Amortization #HomeOwnership Hey there! So, I'm diving into the world of mortgages, particularly around down payments and amortization, and I could use some insights. 🏡 With interest rates being quite high in the USA lately, I'm contemplating making a down payment of 30-40% on a house, even though I know a 20% down payment is the threshold to avoid PMI. 🤔 It’s a lot of cash upfront, but I’m thinking about the long game here. I really want to focus on building equity rather than sinking most of my monthly payments into interest for the first few years. Here’s where I’ve hit a snag: after using several online mortgage calculators, it seems like roughly 80% of my monthly payments would still go toward interest in the early years of a 30-year mortgage, regardless of whether I start with a 20% down payment or a 40% down payment. This revelation left me a bit underwhelmed—I always thought the interest portion was closely tied to the remaining loan balance. So, let’s break it down: Higher Down Payment: Does putting down more initially really im...

How Can I Thrive as a New Financial Adviser and Boost My Income? Answers: https://lnkd.in/g-G5sh6i #FinancialAdviser #CareerGrowth #FinancialSuccess Hey there, fellow financial enthusiasts! 🎉 I wanted to share some exciting news—I’ve finally embarked on a new journey as a financial adviser! After years of hopping from one gig to another and spending the last year in door-to-door sales, I found a career that truly feels like a fit for me. I recently completed my Level 5 certification, and I'm starting fresh at a small brokerage. 🌟 But, as you can imagine, starting out can come with its challenges. I'm eager to soak up as much knowledge as possible and really build my income in this new role. Here are a few things I've been thinking about: Understanding the Market: One of the biggest pain points for new advisers is grasping the ins and outs of the financial market. Not having a solid understanding can lead to missed opportunities or poor advice for clients. 📉 Building a Client Base: As a newbie, it can be tough to establish credibility and attract clients. Without a strong client base, it becomes even more challenging to create a sustainable income strea...

What's the safest method to send money to family in Cambodia? Answers: https://lnkd.in/gbGVJhxe #SendMoney #Cambodia #KiwiFamily #MoneyTransfer Hey everyone! 👋 I hope you're all doing well! 😊 I’m reaching out because I’m trying to figure out the best way to send money from New Zealand to my Kiwi family member in Cambodia. Specifically, I have a child who’s currently working with a charity over there and I want to send them around $1000 a month for living expenses. When it comes to international money transfers, it's important to consider a few key factors: Safety: You want to make sure your money gets to them safely without any hiccups. Reliability: A process that works smoothly every time can save you from stress. Fees: Some services charge high fees that can eat into the amount you’re sending, which might be a bummer, especially when it’s for living expenses. Speed: It’s crucial that the funds arrive quickly, especially if they have urgent needs. These pain points can often lead to frustration. For instance, relying on an unreliable service might mean your loved one doesn’t receive the money in time, which is never a great situation, especially when th...

Can I Afford to Keep My Home After Divorce with Limited Income? Answers: https://lnkd.in/gmtYjw9N #DivorceJourney #HomeOwnership #FinancialPlanning #StableHomeForKids Hey there! 😊 So, you're navigating the tricky waters of a divorce and wondering if you can keep your beloved home. Let's break it down! You're bringing home $5,296 a month, which is great! But with a mortgage of $2,587 plus $500 for escrow, that's a hefty chunk of your income – over 50%! As the only breadwinner, that can be pretty overwhelming, right? 🏡💔 Here’s what you’ve got going for you: Low living expenses on off-weeks: Living on almost nothing helps you buffer costs. Affordable utilities: With septic and propane setups, your utilities are manageable. Minimal HOA fees: Just $100 a year is a steal! But on paper, it looks like you're short by $143 a month. 😕 You're already contributing 6% to your 401k and $691 to your HSA, which you could consider adjusting. That might give you a little breathing room. A few things to ponder: 🤔 Since you keep your own escrow, you have that $500 flex for months where expenses might be a bit higher. If things get tight, picking u...