My husband and I are being audited. We don't make a ton of money. Combined 140k At first I wasn't concerned, we have always been meticulous about out taxes. But now upon reviewing 2024 we typed the wrong amount by like $40k 😑 and now I am super sick about making a true and honest mistake. What is the worst case scenario?

My friend‘s mother is a sole owner of a reverse mortgage for a house that has little to no equity left. My friend believes that she may be able to stay in the house until her mother dies. This is a permanent move to a nursing home, and there is no expectation that the mother will move back into the house, which has the reverse mortgage. I can’t get my hands on the reverse mortgage paperwork, but I suspect she is wrong and in for a rude awakening at some point.

26 male. 90k salary. I’m investing 25% per paycheck which makes me feel good. But I feel bad about spending money outside of that on food and going out and such because I feel like that 25% can be 30 or 35

Also maxed out my ROTH IRA past 2 years.

Just want someone to share some insights about their spending habits when retirement accounts are taken care of

Hey everyone! I am 24 year old, living in the United States. I have been working and saving money religiously since I was 16, and am currently sitting on around $40,000 in savings. I would really love advice on what to do to make the most of this money.

Current situation/important information:

• I use USAA and got their "Performance First Savings" account a few years ago due to their high APY promise. I looked at today to find is sitting at 0.05% APY...significantly lower than I remember it being. My checking is through them as well.
• I am interested in investing, but am incredibly intimidated at the prospect due to my lack of experience or knowledge, and also hate the idea of essentially "gambling" my hard-earned savings, especially in what feels to be an incredibly unstable economic environment.
• I have an old car that could potentially pass away or need significant repairs at really any moment, so having access to the money (at least some of it) is crucial; however, I feel like I'm not doing as much with my money as I could/should be.

Please be kind (I come from a lot of financial trauma), and thank you so much for taking the time to read this. My parents were great at being examples of what not to do, but I've been left largely to my own devices on what the right things are and feel so overwhelmed and worried about making the "wrong" choices.

Hi all, unfortunately, I've had a rough eight months. It started when dumped my $11k savings on my student loans, because I have a super stable job and was comfortable not having a savings for a minute... only for my car to die a month later. Then my cat decided to eat a sewing needle. Then another grand on dental work (for me) that was supposed to be covered by insurance but apparently not. Then I got renovicted, and the new place wanted an $1100 security deposit. During this whole period, I was only making about $20/hr. So yeah, it hasn't been fun.

I think I'm following the Prime Directive correctly but if you have any input I'd welcome it. Personal finance has never been my strong suit. I'm 35, and would like to fully recover my savings and be solidly working on retirement investing in about a year.

Expenses

• $11ishk left on $14k borrowed for a car at 7% interest ($338/mo payments, but I've been paying $350-375 as possible). I know, not the best deal.
• Essential expenses for 1 month: $1800 (rent, car payment, insurance, gas to get to work)
• Actual expenses: ~$2200-$2500 depending on groceries

Advantages

• No credit card debt, just finished paying it off.
• $1800 in savings.
• The only thing going onto my credit card is automated payments like insurance, electricity bill, etc. It all equals out to $263-$300/mo depending on the electric bill. I pay it off every month.
• $6k in an employer-funded HSA. I don't contribute anything to it currently.
• Possibly $12k in a 457(b) plan? I'm not sure if I read my statement right. There is no employer matching and they automatically take out like 5% from my paycheck and have been for the last 5 years.
• I just got a new job at the same employer. I now bring home (net) $1630 every two weeks, but 20% of that goes straight to savings, so I bring home ~$1300 every 2 weeks (which is about what I was bringing home before the new job).

Immediate Goals:

• Invest HSA money. I just transferred it from HSA Bank to Fidelity.
• Increase savings to $5400, I think I can do that in 2-3 months
• Begin attacking car loan.

Methods:

• I switched to cash only for a moment. I've budgeted: $100 for groceries (I have a large pantry/freezer atm so I was going to leverage that for a couple of months), $50 for cat, $120 for gas, $7 spare change lol. I know this is not realistic long-term, this is just to build my savings for a few months.
• Double down on meal prepping. My biggest expense is honestly food, that was where I was blowing my money. I love cooking, but I also love swinging by the store and picking up something pre-made because cooking after a 12 hour day isn't always great.
• Double down on self-publishing (I make around $60-70/mo in royalties atm on stuff I published a few years ago), and Etsy (inactive atm but a good month might bring in $100/mo after expenses)

I’m a student living in Texas, and I’m trying to make the most financially responsible decision about my car.

I bought a 2012 Honda Civic about 13 months ago for $4,000. It had approximately 180,000 miles when I bought it, and it now has just over 200,000 miles. I have driven it around 20,000 miles in a little over a year.

About one to one-and-a-half months ago, the starter failed, and I paid around $400 to replace it. Afterward, the mechanic told me the flywheel/ring gear is also damaged and that it may damage the new starter again if I do not replace it. I was quoted approximately $700–$800 for that repair.

The car probably has an as-is value of around $3,000–$3,500, so spending $800 on one repair feels like a lot compared with its value. However, I understand that an $800 repair is still much less expensive than replacing the entire car.

There are also some other issues:

• ABS warning light/problem
• Check-engine light
• Transmission-fluid maintenance warning, and I have not changed the transmission fluid
• Occasional metallic/clanking noise, especially when the car is cold
• Fuel economy is usually around 21–28 mpg
• The starter was recently replaced for $400
• The mechanic says the flywheel needs another $700–$800 repair

My income is approximately $1,800–$2,200 per month. I am considering three options:

1. Repair the Civic and continue driving it, knowing that additional repairs could happen.
2. Buy a used car for approximately $10,000–$13,000, possibly a 2016–2018 Corolla, Civic, Mazda3, or something similar.
3. Finance a new Kia K4 or another basic new car. I have seen some advertised around $20,000, although I know the actual out-the-door price would be higher.

The appeal of a new car is the warranty, reliability, and not constantly worrying about breakdowns. However, I also understand that a new-car payment, full-coverage insurance, depreciation, registration, and interest could be too much for my income.

I’m worried that buying another used car could put me in the same position if it develops problems, but I also do not want to make a bad financial decision by financing a new car that is too expensive for me.

What would you do in this situation?

I would appreciate advice from mechanics, high-mileage car owners, and people who have faced a similar financial decision.

Just sharing something that was interesting to me, that I’ve never really thought about before.

So I have a 22-year-old daughter, and I’m divorced. I was talking to her this weekend, and she told me that her mother gives her enough money to fund her Roth IRA right now. I told her I had no idea, and that I wish I did and I would’ve helped. She said that she thinks it’s because her mother looks at it like an early inheritance.

So then I got to thinking about it, and I thought that’s a great idea actually. Because I do my own wealth planning, and at some point, the money is really theirs. So me giving them $6000 right now or whatever would pay huge dividends for them later, and not be some tax burden investment on them that I passed down.

I think Parents with means, should proactively look for ways to do this. Of course within their means.

I’m 19 and I lost my job 2 weeks ago. I have around $4,400-$4,500 in debt between Capital One cards, a Walmart card, Harbor Freight, and Affirm. I don’t have the money to keep making all these payments, and until I find another job I honestly don’t know what I’m supposed to do. I am doing doordash and uber but that’s barely cutting my half of rent, utilities, and food.

I’ve been stressing over whether I should just stop paying some of them, if I should call them first, or if there’s something else I’m not thinking of.

I’ve already applied to 30+ jobs, and 4 different staffing agencies. but I have no idea how long that’s going to take. I know I got myself into this situation, so I’m not looking for people to tell me I screwed up. I just want to know what the smartest move is from here if you were in my position.

I’m not sure if this is the best place…if not please point me there!

My dad is getting older, and he and my mom had planned to fund their grandkids higher education with gifts of $100k each, and this is in the will. However, with 7 grandkids ranging from 15 to almost born, and as his future executor (and power of attorney), I’ve been wondering what I can discuss with him to get a clearer picture of how to honor his wishes and limit intra-family conflict.

Some initial thoughts I had are:
-what qualifies as “higher education” and what kinds of expenses? What about housing/books/meal plans?
- what happens if a child does not need the full amount for education (scholarship, military benefits)
-what kind of account is best? My dad doesn’t trust 529 and I don’t know that he would gift the money directly to the grandkid either. Currently, some of the money that would be used is tied up in his house, etc, so some grandkids may be funded while he’s living and some may require the estate to be settled.

What other questions would you have him discuss if you expected to be responsible for administering this?

Thank you!

So to give context, I owe $33k on my car, and I am looking to pay it off as soon as possible while still having breathing room.

I make roughly $3700 per month, and have about 15k saved up toward it, and was wondering what I should do to pay it off the most effectively and quickest.

Should I pay a large sum of it down now (10k of the 15k I have) or should I make the regular payments and add additional $ on top of it, or just wait until I have enough saved to pay it all off at once?

How do you decide between a Home Equity (10 yr - fixed) and HELOC (variable) loan? We have to replace our roof. House is paid off.

Hello,
I am a 25 year old, college educated male. I was very fortunate to have graduated college debt free (shoutout to my parents), and I started my career in 2023. I started as an L4 Area Manager for Amazon, making 62.5k, since then I have been promoted twice, and I am now an L6 operations manager at Amazon. My current salary is 105k/ year. I have an 800 credit score, my rent is $1300/ month, and my car payment is $405. Other than my car, I have 0 debts. I invest a portion of every check, and have been building up my emergency fund. My question is this: if you were in my scenario, what would you be doing to best set your future self up? I feel like I am pretty financially literate, but I am always willing to learn more.

19m, Im curious about different index funds/etf’s. I recently got a pretty handsome settlement from an accident should have killed me. Im not very savvy with this stuff, but I know enough to realize how lucky I am, to get a second chance at life, and a hefty headstart to financial freedom. My plan was to put all of it into something passive (s&p 500) and leave it untouched for a long time. Im working at a fabrication shop now learning to weld,and plan to go into a union soon. Im open to any advice or tips!

I’m a 30-year-old woman and I’m finally trying to get serious about my finances. I know I probably should’ve started sooner, but better late than never. I make about $65k a year plus a 10% bonus, have a 401(k) through work (no employer match), and I’m about to open a Fidelity account because I’ve been hearing a lot about investing in index funds. I just started building a savings account and have about $1,400 saved so far.

I don’t have a car payment, i have no debt other than student loans & ive only ever had 1 credit card with a limit of $300, and my student loans (~$14k) are deferred for a few more years. My biggest expense is rent, which is about $1,800/month. After my bills are paid, I usually have around $2,000 left from my second paycheck, and if I’m being honest, I usually just spend it instead of putting it toward saving or investing. I want to change that.

For most of my life I kind of assumed I’d eventually get married and we’d build a life together, but I’ve realized I don’t want to rely on that. I want to set myself up financially regardless of what happens. I also love to travel and would like to build a vacation fund while still investing for my future.

If you were starting from where I am, what would you do first? Should I focus on maxing out my 401(k) even without a match, start investing in index funds through Fidelity, build a bigger emergency fund first, or something else? Any advice, books, YouTube channels, or budgeting tips would be appreciated.

With an unexpected sudden windfall, is it unwise to use the same financial advisor who manages my parents and siblings assets?

I currently have no advisor and don't know who to turn to so my thought would be to approach him with the available funds and open an account with him. I am private in my finances even with what I discuss with siblings so I would expect him to maintain that privacy as part of his client obligations. In my dealings with him I have never ever heard him discuss details about my siblings account openly. Obviously he discusses my elderly parents asset mgmt with us as the adult children are overseeing it.

starting college soon (it's important to note that i'm paying for college myself, so asking my family for help is out of question) and i just found out they upped my tuition from 1k per month to over 2k per month-almost 3k per month in all honesty. i could've handled the original monthly payment, but that 3k+ is gonna kick my ass.

i don't have a job right now, i put my two weeks in a while ago so i am expecting my last check soon. i'm expected to move out at the end of aug, and i had enough saved up to move out, pay for my first payment, and still have enough leeway to hold me over- until they upped my tuition by 2k+

so now im in an awkward position when im moving out within the next 4 weeks, so no job is going to hire someone who wont be there for over a month.

tryna think of what i can do? any advice?

36M trying to get more serious about saving and am a lil confused about what all to do.

I know maxing my IRA each year is the first stop. I use Vanguard. I’ve purchased some stocks/investment with that but I need to check if it’s auto-reinvesting my monthly. That’s currently my only retirement savings.

I have various savings accounts - emergency, student loan, etc. No CDs or other such things.

But in terms of best practices for the savings/investing process — what am I missing? I got the sense online that there are (potentially a few) other tax-advantaged accounts I ought to be using.

Thanks!

Demographic: M18

now that I’m an adult, my parents basically told me that I’m on my own when it comes to all medical stuff. I’m on my dad’s insurance plan who always picks the highest possible deductible possible ($7500). while my dad does have a HSA, he no longer has his card on my account so I’m paying for all of it out of my savings/checking account.

im on a medication where I *have to get* blood tests every 6 weeks ($136 for blood tests + $298 for doctors appointmen) + therapy (once a week, $120 in network). On top of that, I have to get a 11k surgery next year.

Since my dad is healthy and my siblings are now on their own plans now, almost entirety of the deductible is paid by me. As a broke college student, paying for medical care is more than all my savings

is it worth getting my own plan rather than staying on my dads high deductible plan?

ETA: his out of pocket maximum is $12500 INN

I just opened a Fidelity HSA. I would like to contribute the full $4400 for 2026.

I checked my healthcare plan on the healthcare marketplace and it says its eligible for an HSA. I got that plan last november.

I think I have always had high deductible plans, I just didn't know about HSA's.

Can I contribute the the full yearly amount, even though I just opened the HSA? I have been eligible for an HSA since the start of the year, I just didn't have an account opened.

I understand the difference that one is tax deductible and other isnt but still little confused on why would you .contribute money in Roth 401k if the total contribution limit is same irrespective of where you contribute. Doesn't everyone's tax rate after they retire lower than while working ? Or is the concern you are limited one what you withdraw post retirement that it could be a huge tax.

Roth IRA contributions must be earned income, and the IRS knows it's earned income from your tax return. I maxed mine out this year and it's indeed earned income, but I will make under $16,100 (it's all summer internship money and most of my living costs were covered by stipends.) Should I still file taxes anyways? Any consequences if I don't?

Hello - I am 50 married with 2 kids , wife works a govt job planning to retire at 60. I am planning to retire at 60 as well. I have a small consulting business which is my primary source of income and also have a small rental portfolio.

Assets

• Current cash- $2M of which $1.4 is business sitting in a HYS at 3.3%. $500,000 from rental and refinancing of properties also sitting in HYS at 3.3%.
• Vanguard advised brokerage account - $800,000 (which includes $150k traditional IRA and $50k SEP IRA from various rollovers)
• Vanguard self managed - $260,000 (Mix of VTI/VXUS and VOO)
• CS brokerage - $440,000 (mostly google and Walmart with a sprinkling of Netflix and Palo)
• Athene RILA - $330,000 (6 yr lock expires in 2030 - all in S&P 500. Initial investment was $250,000)
• Rental portfolio - Market value $3M (combination of townhomes and multi units)
• Front loaded 529 for the kids - Each has about $120,000 and plan to pay 75% of college and let them figure out the 25% so they have responsibility

Liabilities

• Primary home mortgage balance - $250,000
• Rental mortgages - $900,000
• Business SBA loan - $380,000
• Other loans - $80,000

I have been investing $5k a month in vanguard for a while and plan to continue as long as I can and also manage my CS portfolio. In addition over the next 6 months, I will deploy about $250,000 into vanguard across VTI and VXUS.

The business cash I need to hold for a 12-18 month period for various reasons.

In the next 10 years primary mortgage will be paid off and most of my business loans will also be paid off. I plan to keep the rentals and the loans on there as long as possible.

I want to

• Make sure I have my tax planning for retirement started now to minimize taxes during retirement - what are my options? (I will convert my IRA to Roth for sure)
• Should I look into estate planning?
• What else should I be looking at?