Latest Buzz

How do you deal with mooching family members and friends?

Maryann
I was listening to a podcast where a guest who recently came into money was asked how she deals with mooching family members or friends. It got me thinking about this a lot! As you've gotten your finances in order, have you personally experienced this? Whether it's the friend who only reaches out when they need an extra buck or the family member who can't seem to get it together, I was curious to know how you all deal with friends or family who mooch off of you. Does anyone have any special...Read More...
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...
Last Reply By dboothe · First Unread Post

good and bad deals on Roofstock (Turnkey rental properties)

Forum: Investment
Hi, I'm new to real estate investing. I already have some money invested in Fundrise which is basically stock in real estate (paper real estate). I want to get into physical real estate. I have no real estate experience. My question is how do I know the difference between a good and a bad deal on a turnkey investment property on roofstock. I would just use a mortgage calculator online but how do I know the difference between a good and bad deal on roofstock for turnkey RE investments? Thanks.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...
Last Reply By sthom · First Unread Post

Pay all bills on one day or spread throughout the month??

Forum: Budgeting
triplea87
I would like to get a consensus here. Who pays all of their bills (including rent/mortgage) on the same day of the month versus spreading out over the course of the month? (Ex. paying rent/mortgage on the first and the remaining bills on the 15th). I imagine this has a lot to do with paycheck cycles and I can see the convenience of the former but there are advantages to the latter from a cashflow perspective for those who may be living paycheck-to-paycheck.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...
Last Reply By mintjulep · First Unread Post

The Snowball Method for Paying Off Debt

Forum: Debt
Moore Income
I am curious to know if anyone here has used the Snowball Method for paying off debt and what the results were. I personally have done it a little differently (more like the avalanche method), only because certain credit cards I owe on are still under a "no interest" sign up bonus. To me the snowball method seems like a pretty effective way to do it. What are your thoughts? Have you tried any of these methods? What are some helpful tips you have used to pay off debt?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...
Last Reply By Swayla Monche · First Unread Post

Financial Fitness February: Day 8

Moore Income
Today wasn't terribly exciting for my finances, but days like this I am just thankful to have a roof over my head and food to eat! 1.) Buying Groceries In Bulk My wife and I have a hard time eating food quickly. However, last week she started us on sort of a meal plan which is allowing us to eat all the food we cook without wasting it. Because we now have a plan in place, we decided it would be a good idea to buy some groceries in bulk from Costco. Not only does it save us some money on the...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...
Last Reply By Moore Income · First Unread Post

I have $30k in credit card debt, and I'm unemployed.

Forum: Debt
I feel like I'm drowning, and I'm so stressed I can't make any decisions about what do to next. Help!!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...
Last Reply By KLPrx9 · First Unread Post

Best way to get a new iPhone

Andrea M Molkenbur
Is anybody researched how to get a new iPhone without financing it? Not sure if I should go through Apple directly and not necessarily in love with my current carrier either. I really just wanna buy the phone out right but not have to finance it.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...
Last Reply By lismox · First Unread Post

Travel section

Forum: FAQ
D in the Midwest
Is there a "TOPIC" section that covers travel questions? I'm planning a couple of trips (one road with the family, one by air on my own) that I'm looking for some money saving tips for - THANKS!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...
Last Reply By Moore Income · First Unread Post

Financial Fitness February: Day 4 (And a Money Saving Tip)

Forum: Save Money
Moore Income
Day 4 of February wasn't too crazy for me, here's what went down financially: 1.) More "Investments" In Items to Resell - I am trying to make a point to get around to all the major retailers in my area since getting back to Fargo. I am trying to get a good amount of inventory as I work towards making reselling my biggest source of income in 2020. Now is actually a great time to be doing this I have found as most stores are running winter clearance trying to get rid of all the left over...Read More...

Stash has a promotion

Forum: Investment
Celia R dubin
I started with stash investing after reading a penny hoarder article on it and choosing between that one and other robo investing apps. I have really liked investing with Stash. They changed their fees to $1/month for the basic amount, no matter how much money you have in the account. (It was more in the past if you had more then$5000 in your account.) Stash now has a nice promotion. Sign in to their "party" every day at 4pm est to get a small fractional share of a different stock everyday.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...
Last Reply By Celia R dubin · First Unread Post

Financial Fitness February: Day 6

Moore Income
Today was a pretty quite day for me but there were a couple things that had a small impact on my finances. 1.) Sold another Lava Lamp This has been a very consistent seller for me. This last sale puts me at 50 of this same lava lamp sold since the listing went live in June of last year. It's only a few bucks profit every sale but it is mostly hands off since I listed it and set it up to be promoted. The way eBay works, the more sales you get on an item, the more they will promote it and in...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...
Last Reply By Moore Income · First Unread Post

1099 VS. Employment

mcpres1119
My workplace is being bought out by a corporate company and my position is being dissolved. The doctors I work for are potentially offering me a 1099 Contract position that will be somewhat of a promotion for their private company outside of the corporation. This job would be a promotion to a management position. My employers are not trying to avoid taxes or avoid paying me benefits, although I would be losing benefits. I was offered a comparable position as an employee by the corporation...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...
Last Reply By D in the Midwest · First Unread Post

Quick Question About thepennyhoarder.com Website

Hi, Would this be the correct email to reach for suggestions/contributions to thepennyhoarder.com? Thanks for your time! Ruth Dean Outreach ManagerRead 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...
Last Reply By Maryann · First Unread Post

I will be debt free in 2020 - What are the smartest ways to manage money now?

I've spent my life drowning in debt just like the typical American. Luckily, I've managed to get a hold of my finances with the help of my supportive spouse as well as simply moving up in pay grades at my job. According to my big plan I will get myself completely debt free this year. But it almost feels like I'm at the door of a plane about to jump. You're excited to feel free but also experiencing moments of panic because freedom is such a foreign feeling. Who am I without debt? Without the...Read 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...
Last Reply By Michael Metzger · First Unread Post

pay bills on time

Forum: Budgeting
we have been married 42 years and are retired. we leaned early to pay our bills in full when they came due. also, be bold. call the utility or phone co. insurance, etc.and tell them your due date does not work out. 100% of the time they gave me a date that fit our budget. Early we lived on my income only. when my husband, in school, could work, that went in savings. when he graduated and worked full time, we started our family, and i worked part time. my income went to savings. savings paid...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...
Last Reply By Maryann · First Unread Post

Life Insurance

Forum: Insurance
I am almost 70 years old, and planning for the inevitable. I have a savings account with more than enough to cover my burial expenses,etc. If one of my children is the executor of my estate: 1) do I still need to purchase term life insurance; 2) should I put that person as a joint signee on that particular account; or 3) should I set up a living trust?? Help!!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...
Last Reply By Lisa Hibler · First Unread Post

Car loans

Forum: Debt
Jennifer Thurs
So my car loan is keeping me from getting a mortgage. My debt to income ratio is too high. I tried getting a small loan for a mobile home and was denied. I dont think I will ever get my own place. Might be stuck in an apartment the rest of my life.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...
Last Reply By Jennifer Thurs · First Unread Post

Financial Fitness February: Day 3

Forum: Make Money
Moore Income
The days are just flying by and we are already 3 days into this month. As part of my challenge to share my financial wins and encourage others to do the same, here's what went down today... 1.) I Spent More Money - now, I know that may not sound like a financial win at first glance but allow me to explain. The money spent was on products that I have sourced for my reselling business, so although the money is spent today, I consider it more of an investment as I plan to sell the products I...Read More...
@dboothe Sent you a message as well!Read More...
@Matthew Peterson I will send you a message with more info.Read More...
Last Reply By Moore Income · First Unread Post

Extreme Couponing Tips to Add More Money Into Your Wallet

Forum: Save Money
Madiha Jamal
We should cut back on our spending habits as the world's economy is increasing at a fast pace. If we don't save today, then we can't build a financially stable future. And saving means creating a strict budget and spending the bare minimum strategically until your debts are satisfied. One excellent way to maximize savings is to follow the tradition of using coupons while shopping. Coupons are one of the most authentic money savers that warrant savings. But how can you use them strategically...Read More...

This week’s Community Announcements 1.21.20

Maryann
Hi everyone, Hope everyone has had a great week. Thank you to everyone who joined our first Dear Penny live Q&A! We had a first in the community this week with our live Q&A! The Penny Hoarder’s Senior Editor and voice behind the personal finance advice column Dear Penny, Robin Hartill joined us to answer all your questions about credit card debt. The live Q&A is closed now but the forum is still available to our community, so if you missed the fun this week, you can go back and...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...
Last Reply By Albert Write · First Unread Post

Financial Fitness February

Moore Income
Last year this time I did a challenge where I shared with you all a daily tip I was trying to apply in my life to improve my financial wellbeing. February tends to be the month for me I tend to really get back on track with my finances. Because of that, I have decided to call it Financial Fitness February and I will once again be sharing with you the healthy financial steps I am taking. This time however, I will be sharing just the things I did each day that have an impact on my finances in...Read 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...
Last Reply By dboothe · First Unread Post

Changing my eating habits is changing my finances

Forum: Budgeting
lismox
For the New Year I decided to finally lose those pesky 25 pounds. Rather than going on any specific diet I decided to rein in my portion sizes and reduce my calorie count. So far it's working since I'm down 5 pounds. Only 20 more to go! I was a total Starbucks junkie before changing my eating habits. Now I've been going only like once a week since I don't want to use up my daily calories on drinks. It's been helping me a lot! Not only is it helping my waistline, it's helping my budget. Has...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...
Last Reply By A.Gonzalez · First Unread Post

If you are self-employed what do you do about health insurance?

Forum: Insurance
mintjulep
I was self-employed most of my career and, after years of increasing, staggering, barely affordable health insurance premiums as a single person, I was introduced to HSAs (Health Savings Account). They are not a solve-all for the high cost of health insurance premiums but they offer tax savings when the money you invest in an HSA is used to off-set medical expenses with a high deductible insurance plan. Any funds you invest are pre-tax dollars when you invest and also when you withdraw the...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...
Last Reply By mintjulep · First Unread Post

Inheritance

My husband has stage 4 esophageal cancer with a very short life expectancy. We just received an inheritance of $200,000 when his mom passed. This comes in the form of two inherited IRAs. We are trying to figure out what best to do with the money. We're in our mid-50s. We have about $7500 in credit card debt, a $14,000 car loan and two kids who we would like to give about $10,000 each to. Our mortgage is about $139,000 and has 15 years left. I'd also like to put about $20,000 in an emergency...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...
Last Reply By cometsmom · First Unread Post
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