r/moneyadvice

My wife and I (25&26) are having our first child within the week and with that and leasing changes in our current housing arrangement we have opted to move in with my parents to help get us started off good and get her help being first time parents. I’m an engineer (75k) and she’s a therapist but she just took leave from her job to be a mom, she plans on going back remotely maybe 1-2 days a week starting some time in the new year. We have the option to try to pay off student loans, 25k or keep saving and try to buy a house, I’m hoping that her going back 1-2 days would come out to around 85-90k a year but that is a very safe guess. What is the best option. We currently owe 30K on a car we bought new a little over a year ago. Car has 2.9% interest and average for student loans is around probably the 4-6% mark. Just young and never had much experience or education around this stuff. What’s the best option to be successful here in 6-12 months?

Edit: The reason this is a question is because if we go aggressive after debt, then we don’t have the ability to buy a house after we are done staying with my parents, and we would then rent for a whole year and that would be a year of no equity growth. Ideally I don’t want to rent, also would like to not be with the parents for forever. Also not want to be in debt. Not sure what to do with this personally.
Side note, we currently have about 15k cash if that helps any context.

Can anyone advise me on how to quickly earn $3,000 by the end of today, without any unnecessary complications?

Edit 2: my husband and i have been working at our jobs for about 4 yrs now. We had hit a really rough patch before this. I had depression which almost ruined everything, and my husband had lost a job he had for over 20yrs. And because of my depression I could barley get out of bed let alone figure out how to go to work. So because of all that we blew through all the retirement we had and are now basically starting out brand new. Life has been rough. I think somethings are starting to change. Just not quickly enough.

Edit: the amount I shared is after taxes. It's the amount that I actually see in my bank account. I calculated my husbands a little lower because of the lowest amount I've seen him get paid, he fluctuates because he works 40 or more hours a week depending on what is going on. I can only work 40 hours a week. I get free health insurance through my job, they pay for it. Husband has to pay for his and our 2 younger kids but it is low cost as he works for the state. He has been with the state for about 4yrs. My job pays us through government grants and our raises are based on the COLA

So my husband and I ahve been married for just over 20 years. We both work full-time. We have decent jobs. We have 3 kids, 1 going into their sophomore year of college 1 going into their senior year of high-school and the youngest going into their first year of middle school. We own our home and our cars. We bring in about 62,000 a year, maybe a little more actually. And all the debt we owe, including our mortgage payment is about $80,000. I don't know what to do to get out of this struggle. I have been doing some delivery services to help make the ends meet basically on the daily. But I need something else, something more. What do I do? What's your story? Can anyone help me?

They paid me 70% of the money a month before the trip. And I need to go there and do the short term exchange (travel). I nee a few hundred Eur, like in the next week. How do I get it without robbing a grandma

Hey everyone, I‘m a 19 year old guy and i‘m not able to work due to health issues. I‘m in the hospital a lot and have to pay 20€ for everyday I am in the hospital, but i legit have no money. My parents can‘t help me pay either, so I really don’t know what I should do.
I just need around 100€ for my last hospital stay, so does anyone have any advice on how to make that happen quickly? I can‘t make a gofundme or anything, and I really don’t believe that anyone would donate to me anyway, so i‘m trying my best to look for other ways.
Thank you for reading, and for any potential advice :)

Hello all. As the title says my daughter was recently awarded a trust after a distant relative passed away. I won’t say the exact amount here, but it is more than 10k, less than 50k. I currently have it in a high yield savings account, though she also has a UTMA account, which is what the family member’s lawyer said I had to put it in originally to gain access to the money.

I had originally made the account with the idea that the money should be doing something (gaining interest, available to pull out in an emergency) instead of just sitting with the lawyer until she’s 18. However, one thing I didn’t consider (because I’ve never dealt with this quantity of money before) is that because I have access to the money it can be counted against me for government assistance such as food stamps. My plan was NOT to access her money unless absolutely necessary (with her knowledge and permission of course), however food stamps won’t see it that way, and we will most certainly be kicked off the program which we desperately need to make ends meet.

My questions are: Is there some type of account in which my daughter’s money can still gain interest or some value while keeping it separate from me in a way that would get family social services off my back? Is there something more beneficial I could be doing with the money while we wait for her to become of age?

Please keep in mind I have no savings, no experience with large sums of money. I am in the middle of a separation and am basically financially running my household by myself with 2 kids. Any advice is helpful, and I am crossposting for obvious reasons.

Im in this exact situstion im 18 turning 19 ina month. I want to have 20k at 20. And buy my first car itd be better if i had like 25k tho. Im commited to doing this without a job.

So at the beginning of 2021 I was able to purchase my first house at 2.8%. At the time I was 25, after talking with my realtor we came to the conclusion that I am able to afford a 700-800k house. Ik I might not ever get that awesome rate but at 30 I feel like upgrading lol I don't have kids or a wife just a situationship. So yeah what would you do?

Its okay in the middle east to see guyz from 19yo-22yo who havent worked a single job in their life and havent tried making money on their own, Long story short, i am 19 and i am trying to become rich by 25-26yo, my definition of rich is having hundreds of thousand or million/s in my bank and not as net worth, recently i got so serious about it due to life pressures and challenges even tho were considred middle class but that doesnt make it better, My question is : lets say i have no information at all in making money even tho thats not the case like i have some failed businesses but just because i want to take in mind maximum considartions, If i am really serious about getting rich in 6 years or by 25-26yo, is that possible?

I'm not asking what's the average, and therefore that should be how much you make, and anything less than that isn't acceptable, or such. I'm asking in reality, and in early adult hood expectations, like relative to what he's able to do and etc, how much?

I have an EV vehicle which insurance is going to be slightly higher. I’ve been with the same insurance company for 12 years.

How do I shop around. I’m assuming I can call to get estimates but I don’t want to get an estimate and then when they do the policy it turns out $20-$50+ more than the quote.

Is there any way that I can start building my children’s credit for them while they are still little so that once they are grown, they will be able to start off on top? Im 25 and I have a 3 and 1 year old. My credit score is 796, my only debt is my car loan and the only thing effecting my credit negatively is that the age of my credit is relatively low. I would consider myself wise with money but I don’t know tons about things I could do for my children to contribute to their own personal financial success. Any ideas or advice?

what’s an easy to understand resource that properly explains how credit cards work and how to build good credit?

I recently inherited $35,000 from a family member who passed away, and I’m not sure what to do with it. I would like to invest, maybe? I’m honestly a super-noob with this sort of thing and I want to do more with what I’ve been given than letting it sit in savings, but I’m also terrified of losing it if investments go bad or something.

Any advice is greatly appreciated.

21/F

Edit: I’m not sending anyone money, please stop DMing me. I’m sorry to hear that so many people are in a tough spot, but I’m trying to start my own life. Wishing well on you all

Genuine question for women around 30 — how much money do you think you should realistically have saved or invested by that age? Not necessarily just sitting in your bank account, but your total savings, investments, emergency fund, etc. I know everyone's situation is different depending on income, country, rent/mortgage, debt and so on, but I'm curious what people consider a genuinely comfortable financial position at 30.

Hello! I’m 22F, and I’m honestly starting from almost zero when it comes to personal finance.

I just finished my undergraduate degree in May and I’m currently looking for work, so I don’t have an income right now. I’m living with my parents, so I also don’t have many regular expenses at the moment.

My finances are pretty messy, though. My bank account is still connected to my parents, I don’t have a credit card or a separate savings account, and I currently have around $1,000 to my name.

I also have some debt, but I honestly don’t know how much I owe, where the debt is, or even how to find out. I’ve never really had anyone teach me how personal finance works, so I feel completely lost.

I also spend money pretty recklessly. I have financial goals and things I want to accomplish, but I have absolutely no idea how to turn those goals into an actual plan.

I know I need to take responsibility for my finances, and I really want to take back control of my life. I’m just overwhelmed because I genuinely don’t know where to begin.

I'm 20 and looking for some financial advice. I recognize that I'm in a pretty privileged position right now since I don't have any bills, and I want to take advantage of that and set my future self up for success.

I'm a full-time student at SDSU and recently got a part-time job making $22.50 an hour. I work anywhere from 1–4 days a week. I live with my parents, and they're covering my education, food and living expenses. My own spending is mostly gas, going out with friends, clothes, skincare, hair products, etc.

Right now I have:

• A little over $7,000 in a regular savings account
• A Discover student credit card
• A 766 credit score
• No debt or major monthly expenses

I plan on going to medical school in the future, so I know I'll eventually take on a significant amount of debt. I want to make the most of my financial situation now, but I honestly don't know what I should be doing with my money.

Should I open a HYSA? Start a Roth IRA? Invest? How much should I be saving vs. investing vs. just allowing myself to enjoy?

I mainly want to develop good financial habits, learn more about money, and hopefully put myself in a position to be financially secure in the future.

If you were in my position, what would you do? Any advice or resources are appreciated!

Is it better to let my money sit in savings or pay down credit cards? I have a HYSA that I don’t dip into but I hate seeing my general savings low.

My first time here

I'm currently making about $103k in a fully remote role and living with family in Georgia, so I don't pay rent. I received an offer for a $130k onsite position in Birmingham, which would require me to move out to a different state and pay rent, groceries, gas/commuting costs, utilities, and other living expenses. I've been in tech for 6 years. My current role is working in cloud migrations, and the other role is a devops SRE role. I'm wondering how much of that extra 30k I'd actually keep after taxes and the additional cost of living?

My other worry is my current company has done a layoff a year, so I'm worried about the stability. The other company on Glassdoor has a 3.3 rating, so I'm not sure if the other company will be any better. I'm worried with the job market the way it is if I'll even get another interview? I've had about 3 job offers the past 3 years out of 200 or so applications. I denied those jobs, because they were all for smaller startupish companies owned by private equity firms. They didn't seem too stable. A few of them low balled me and only offered 70 to 80k and didn't even want to budge to 85k.

Would you leave a $100k+ remote job while living rent-free with family for a $130k in-person job? How much would you estimate I'd actually come out ahead each year after rent, food, gas, utilities, and commuting?