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Hi to our new members! This is a great resource and great place to find ideas, bounce ideas off of people and meet new people. I don't get to spend as much time as I would like to on this site but when I do I find a lot of interesting things.Read More...

Thank you dboothe, Nicely put! I second your reaction and leave politics out of Penny Hoarder discussions, and leave religion out as well. This is about saving money and tips for that subject.Read More...

@Susan Highley I think your grandson's best bet is to work out an agreement with his landlord or apartment complex, especially if the coronavirus relief bill passes, as it's expected to. The bill will massively expand unemployment benefits for people who lost their jobs or had their hours cut due to coronavirus. Plus most Americans will get a one-time payment of $1,200. So basically, your grandson, like all of us, almost certainly has money coming to him. We just don't know when we'll get...Read More...

Hi, I can relate to you and your grandson. I have an idea about the rent part, just a thought, maybe he can reach out to his landlord and ask him if there may be a way he can "work" for him, (by keeping up on the some of the small but sometimes troublesome issues landlords have, keeping all light bulbs on, cleaning up the apartment sites, cleaning and preparing any recently vacated apts for new tenants in exchange for rent. I don't know how "handy" your grand-son is, he may be able to help...Read More...

Great advice. Thanks so much!Read More...

@Jordan Blum I don't think there's an exact savings/investing ratio you need to follow. But you're right about thinking long term. I don't think you should rush to invest more just because the market is down right now. Unfortunately, things could get worse before they get better, so I wouldn't make any big decisions about investing just because the market is down. I completely agree with you that six months of emergency expenses is really difficult to attain for the average person. For most...Read More...

Hi @Theodora ! Such a great question! The coronavirus relief bill that the Senate is currently voting on would make 401(k) loans a way better option than they usually are. Basically, it would give you an extra year to pay back the loan and let you borrow double what you usually can ($100K max instead of the usual $50K max), provided that the loan is related to COVID-19 income loss or illness. The bill would also waive the 10% penalty you usually pay if you withdraw the money outright instead...Read More...

What I don’t understand is once the stocks go to zero you can’t buy them back. No money left to it with ????? > On Mar 24, 2020, at 10:35 AM, The Penny Hoarder Community < [email protected] > wrote: > > Read More...

@Drt123 The consensus among financial advisers seems to be that now is not the time to change your allocations, i.e., the percentage of your portfolio you have in stocks, bonds, etc. Understandably, the people who seem to be asking this question most are retirees. They're wondering if they are too invested in stocks and should move more into bonds because bonds are usually safer investments. I can't answer questions about individual portfolios, but if you moved money out of stocks, you would...Read More...

Good luck on getting that cute retirement home once all this has passed!Read More...

to bid on. I personally have to see in person! But someone who flips homes might be interested. Hoping this time will bring prices down a little. Got me eyes on a small cute home for upcoming retirement! I am going to check with realtor to see if she will put me on her list to see home after corona virus is over. The home has been completely remodeled after 15 years.Take care. On Mon, Mar 23, 2020 at 9:34 AM The Penny Hoarder Community < [email protected]> wrote:Read More...

Hey, Heather! Hope you're staying safe as well! As long as you can afford to make the minimums, I'd continue to do so for now — but just the minimums. I'd stockpile everything else into savings in the short term with the goal of jumpstarting your debt payoff once again as soon as things return to normal. If you can't afford your minimum payments, be sure to talk to your creditors and specify that you've experienced a drop in income as the result of coronavirus. A lot of them are implementing...Read More...

@Scott Blank Any time you can't afford to make a payment, the best thing you can do is talk to your lender about its options for customers who are experiencing hardship. You don't say whether your hardship is related to COVID-19. If it is, make sure you tell them that — and be prepared to provide proof. Lenders are being a lot more flexible than usual about waiving fees and adjusting payments for people who are experiencing financial difficulty due to the virus.Read More...

@MeganC1041 If you feel confident in your job security and you have decent emergency savings, it makes sense to take advantage of the 0% interest period because 100% of your payment will go toward principal instead of interest... HOWEVER: Not many of us are feeling very confident about anything related to money right now! So if you're feeling anxious about money or suspect you will be in the near future, I think you should put the money you'd otherwise pay toward your student loans for the...Read More...

Hi Lea! I haven't heard of any changes to the way the IRS will calculate your refund. But if you still have the info you're referring to available, I'd be happy to take a look. I haven't heard anything from the IRS that says they're trying to process returns any faster. So far, they've just been saying they're processing in about 21 days, which is average speed. So unfortunately, I haven't seen anything that would suggest you'd get your refund faster than usual. But again, maybe you've seen...Read More...

@BWJ You're already in it! Here's the link to the main page https://community.thepennyhoar...-covid-19-strategiesRead More...

How do I get to it?Read More...

Do you have a financial adviser? If not I would try and find one-especially if someone is available through the company that is managing your funds. The should be able to let you know the best way to withdrawal funds on a monthly basis while keeping the rest there to continue growing. Part of mine is going into a guaranteed fund where I'll get a monthly amount...you should be able to enjoy at least some of what you've worked toward all those years!Read More...

@maria rose Please don't apologize for ranting! We're all so, so, SO frustrated, and if venting here about your frustrations makes you feel even 0.0001% better, please vent away. I really don't like uncertainty either, so I very much relate to what you're saying. I don't think you have to give up on your long-term planning. What you have to adjust is the short-term planning. So this is the rare time when I'm telling people that it's OK to make the minimum credit card payments, increase their...Read More...

Thanks for the uplift, I needed that even with my using distressing techniques to not stress out. I, personally, don't like to deal with unknown factors, like this stupid balking delay by Congress, to add the Green New Deal into emergency bill needed to help us over the hump financially now. And it doesn't help that I have Schumer as my representative, who's more concerned with his position in power to really do anything for us. Yes, my son will be applying for unemployment, that's not my...Read More...

@Theodora Yikes, I'll try! Things are happening very fast right now, so we Penny Hoarders will do our best to update everyone as things unfold. You now have until July 15 to file your federal tax return and pay any taxes you owe. If you live somewhere with a state income tax, you may or may not get more time to pay. Check out the latest on what your state is doing here . The IRS is still processing returns, so if you’re owed a refund, file a return ASAP to get your money as quickly as...Read More...

Thank you, Adam, for your wisdom and suggestions!Read More...

Hi @BWJ this is the live Dear Penny Q&A -- Dear Penny answered your question above. Please feel free to submit any other questions you might have for her. Be well and stay healthy!Read More...

@Joe Charles Yes, yes, yes, talk to your creditors about deferring bills, working out payment plans, etc. — anything you can do to make this less painful. Be upfront about your situation and what you can afford. Your creditors would rather get something out of you than nothing, so be firm about what you can afford right now. Paying your credit card bills is less important than being able to buy groceries and medicine in the emergency that we're facing. Unfortunately, it's going to be hard to...Read More...

The conventional financial wisdom just doesn't apply in times of COVID-19. The No. 1 piece of advice I can offer is that building an emergency fund is so, so essential right now. Saving for retirement, investing and paying off debt are all important, but less so right now. COVID-19 has redefined what an emergency looks like for most of us. If you'd asked me what an emergency would look like for me, I would have told you that losing my job would constitute a big emergency. But never could I...Read More...

Thank you sooo much!!Read More...

Shay, robots are usually way smarter than humans at picking stocks, plus they work a lot cheaper! So I love that you're looking to get started on investing with a robo-adviser. It will ask you some questions about how much risk you're willing to take on and then pick investments that fit your profile. Here are some of our favorites. https://www.thepennyhoarder.co...e-to-robo-investing/ T hat said, since it sounds like you're new to investing, let's talk about a few things you need to know...Read More...