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Thanks for all the information. To be forewarned is to be forearmed.Read More...

redcatcec, yes....seniors are victims by scammers and very vulnerable. I could share a story, but it's not really mine to share, about a family member targeted by scammers and luckily we accidentally found out about it before they lost too much money. In our case we were dealing with a family member just starting to slip into mild dementia and any warnings and guidance we gave were forgotten immediately so the scammers kept hitting. We finally had to get involved on a level we preferred not...Read More...

To THEUNIX... check out https://www.biggerpockets.com/ for invaluable information on everything investment real estate (they frequently have webinars, good articles...some of the best info is in the Comments). I have one rental property I purchased 7 years ago before I retired (2015) because I was looking for another stream of income in retirement. I would love to buy another but haven't been able to because of medical debt. And then, when I'm out of debt, I'm thinking about Fundrise. I have...Read More...

That sounds like a question for a real estate investor. I am not aware of any active members on here that do RE but maybe @Maryann would know? I have had my eye on both Roofstock and Fundrise for a while now, I just haven't been in the position to be able to invest on any of those platforms. So for now, I am just sticking with investing in BRIX, REIT (Formerly Rich Uncles) and I have been getting decent returns on there. Sometime in the near future I would like to give the two platforms you...Read More...

I spread my monthly bill payments over the month and time each payment to be sent thru online banking anywhere from 7 to 4 days before the payment is due.Read More...

I get paid the 1st and the 15th plus I make tips. So I try to pay everything with my first paycheck. Then my second check pays rent and any bills that fall on the 1st. After everything is covered the money goes in a savings account. I've been paying off things when I get a big chunk of money saved.Read More...

you paid off your student loans and your credit went down? How is that possible?? Sound like a scam to me! If that's the case, I might as well not even pay my student loans off.Read More...

Last year I had 7 different debts of all sizes, retail cards, student loans, dental, etc. I used the Snowball method at first because I need the motivation of seeing a win, no matter how small. I got a part-time job and used all that money toward the debt and now I am down to the last 3. Yay me! However, here's what I learned re: your credit score and paying off debt. Paying off my Student loan debt felt SO good; getting that weight off my back after 12 years. My payments increased every...Read More...

@MsKimberly That's great! A lot of us don't like to try new things because it takes us outside of our comfort zone. But a lot of times, it takes trying new things to get us to a better place financially!Read More...

@mintjulep I appreciate you checking it out! And yes, "a penny saved is a penny earned"Read More...

I was in your position not long ago and there are programs to help you until you get back on your feet! If you’re afraid of becoming homeless call 211 it’s a federal hotline that’ll connect you with your area’s various organizations that might be able to help pay your rent, then check out your utility provider’s website as most these days have programs they offer to work with you and come up with a payment plan you can afford, & there’s also a wide variety of government programs for...Read More...

I hear you girl! I put Medical debt on credit cards, now I am 19,000 in debt! But, I am paying more than the Min., i make 2 payments a month. Every 2 weeks. Keeps interest down. Went to bear bones, cut coupons, save where i can....hang in there, i am on a fixed income too!Read More...

I recently bought an iPhone 11 from Costco. Not only did I get a $30 Costco gift card, I also got a trade-in credit of $40 for my old iPhone 6 and a $580 credit on T-Mobile, my new carrier. So if you can find deals like this it works out well.Read More...

We've bought a total of 4 phones off ebay, each different sellers and had zero issues. We've purchased new and used from ebay and, as Jon Moore says, insist on unlocked phones so we can change carriers and plans when we feel we need to. We look for sellers with great ratings on ebay. The last purchase was last Fall and my partner switched from Android to Apple, but on advice from an Apple-freak friend, went with an older version since he doesn't use his phone for much more than texting and...Read More...

@Maryann I think a section for topics related to travel and finances would be helpful. I think a topic about "Travel Hacks" would be appropriate as this is usually related to people using different "hacks" to make travel cheaper.Read More...

@D in the Midwest , we don't have a dedicated topic section for travel but I'll file this as a potential for us to add. For now, this kind of question can go under 'General Discussion,' or since you're looking for savings tips, it can go under the section 'Save Money.' In any event, please let us know where from/where to you're traveling. I'm sure a number of us could share some tips that can help you save. I just finished booking a trip myself -- very excited about it!Read More...

I just found out that starting Monday, anyone can invest any dollar amount. No more $5 minimum! I'm loving this investment app more and more!Read More...

Stash lets you purchase fractional shares, minimum of $5 towards an investment. Only $1/mo just like acorn, no matter how much money is in your portfolio. They have many etfs and stocks. I personally like putting some of my money in Corporate Cannibis- an etf ticker MJ. I don't know how acorn works, I thought they weren't fractional shares but better for trading rather then investing. Stash is for the long term. I'm pretty sure pennyhoarder had an article about some of the different...Read More...

@Michael Metzger thanks for mentioning that. I have been aware of the company for a while but don't have any experience selling on there. I do have plans to in the future though as I seek to expand the platforms I currently sell on. @Cmarks glad to hear that! That is my goal, to help and motivate others to create a better financial future!Read More...

Great topic and glad to see you encouraging others to take control of their finances! Something to check out while you are purging things is a company called Poshmark, which allows you to sell used clothing. Recycling and helping your finances!Read More...

I was a 1099 employee for two very different businesses in the past - a large health care management org and a small social services office. In each case, I saved 10% (adjust for your situation and newer tax laws) of my paycheck as a safeguard to pay income taxes for the year. I'm not sure what you're referring to by "paying higher taxes" unless you mean the burden falls to you to manage your tax liability out of your check. RE: benefits - if I could go FT where I work now (I'm PT) our...Read More...

Hi Ruth! Here's the link to The Penny Hoarder's contributors page. It includes guidelines and more information on how to pitch article ideas to our editors. https://www.thepennyhoarder.co...tributor-guidelines/Read More...

Hi, I sent an email a few weeks back about contributing to thepennyhoarder.com. I'm wondering if I reached out to the correct email or is there someone else I should contact? Looking forward to your reply when you have a moment. Thanks, Ruth Dean Outreach Manager -----Original Message----- Hi, Would this be the correct email to reach for suggestions/contributions to thepennyhoarder.com? Thanks for your time! Ruth Dean Outreach ManagerRead More...

First of all, congratulations on being debt-free! The next thing I would suggest is building up that emergency fund. The general rule of thumb is 3 months expenses if there are two income sources in your family and 6 months expenses if only one income source. Once you get to that point, have an automatic savings and investment plan. That could come in the way payroll deduction into a retirement plan through your employment. Feel free to ask me anything more specific if you still need the help!Read More...

Congratulations! Great suggestions, and I'm sure there will be more, but personally, I would put it towards retirement and an emergency fund!Read More...

Great point here! Sometimes we don't realize that making an edit in our finances could be done by doing something as simple as making a phone call! Companies want to be paid. Many a times, they are willing to work with you when it comes to due dates. Glad you and your partner have seen results by staying persistent. Kudos on your success in your financial journey!Read More...

Thank you for the encouragement! It is so important to stay on top of things...Read More...

Carol, a lot of funeral homes offer a pre-payment program for burial expenses. You get to plan your funeral the way you want it and handle all expenses (type of casket, service, etc.). This takes a lot of stress off the family in having to make the decisions and possibly arguing over what should be and what shouldn't be. Then you could bequeath the rest of your money top them without having to purchase life insurance. Term insurance would be a waste of money, in my personal opinion.Read More...

I bought the car last year. I traded in the car I had which only had 2 yrs to pay off, on a better newer model. So I have a bigger payment and its 6 yrs. The problem is i make a big chunk of my income in tips and its not on my taxes so the banks wont consider it with my income.Read More...

Happy to help if there is a particular question here. How long is the car loan from being paid off? How much are the car payments in relation to your income? There are probably a lot of different avenues that can be taken, try not to let the circumstances define your possible courses of action! There is always a way!Read More...

@dboothe Sent you a message as well!Read More...

@Matthew Peterson I will send you a message with more info.Read More...

This is such a great initiative from your Penny and Hartill's end. The finance team at Bikham would love to discuss more about the financial strategies and ways one can avoid credit card debt from growing bigger.Read More...

Have you looked into developing your own free of course Penny Hoarders app yet? Could be lucrative? JsRead More...

REDCATCEC, We are Sam's Clubs members also. Love that the cashback pays for the membership plus more. We are also Express Script customers, but it is our prescription plan through my husband's (retired) employer. It is my understanding that we have to use Express Scripts mail order for all maintenance drugs (like for high blood pressure, high cholesterol). Then, we have to use certain pharmacies for our other prescriptions. Admittedly, I have not checked the list lately, but I thought we...Read More...

Well said Arthur. Love "prayer is the antidote to worry".Read More...

I relate to this so much! We made the decision in July 2019 to transition to a whole foods, plant based diet for health reasons. This has impacted my grocery budget enormously! I no longer buy meats, cheeses, & dairy items, the most expensive items I was buying before. I generally try to only buy in-season fruits & veggies. Combine that with the base staples of this lifestyle being some of the most budget friendly items (rice, potatoes, quinoa, pasta), & my grocery budget has...Read More...

WOW, Good for you, so creative and fulfilling! Thanks for the info!Read More...

Patti, a Health Savings Account (HSA) is used in conjunction with a high deductible health insurance plan. This is a short explanation at this site and for Wisconsin: https://www.ehealthinsurance.c...nce/health-plans/hsa The money put into the HSA is tax free and remains so if used for qualified medical expenses and purchases not covered by your regular health insurance plan ( some over the counter drugs, etc qualify!) If you are on Medicare, there are no HSA available to use with Medicare...Read More...

The health sharing plan is not insurance. It cannot be used for Medicare. However it legally fulfills required medical coverage still mandated in some states. So you won't be fined for having it instead of health insurance. Ours is a Christian based one. Different plans have different requirements. Ours doesn't cover certain procedures, or vision or dental, or preexisting conditions. There is a $300 deductible per incident. The way it works is the administrators assign you a need to meet,...Read More...

Thankfully our health ins is great. We pay copays for everything of course but I'm grateful to not be in a deductible plan. I know the account was created in 2019 but I don't know that the money was transferred in until 2020 or not...we were just able to see the amounts (standard IRAs) last week. We will be meeting with our advisor on Friday and I emailed the accountant this morning to set up an appointment so we're on the right path I think. Thanks for your input!Read More...

I am so sorry to learn your husband is fighting a life-threatening disease. I know your question about taxing the inherited IRA is specific and I think you should discuss your options with a CPA and financial adviser to review some points: Does your health insurance cover cancer treatments and care? Is your IRA inheritance a standard IRA or a Roth? And when did the inheritance become available? The new SECURE act has made some changes to inherited IRAs for beneficiaries effective Jan 1 of...Read More...