Personal Finance 360’s Post

How Can First Home Buyers Negotiate After a Bad Building Inspection? Answers: https://lnkd.in/g6zBRtAf #FirstHomeBuyer #BuildingInspection #RealEstateNegotiation Hey there, home buyers! 🏡 So, I just put in an offer on a townhouse, but here's where things get a little tricky. The build quality wasn't up to par, which led me to submit a lower offer, adding a condition for a builder's report. I asked a family friend who's a former builder to check it out, and their advice was pretty clear: it might be better to walk away. Ouch! 😬 But I'm still interested in buying, just under a new set of terms. I’m thinking I need to negotiate a price drop of about $20k to $30k off the original asking price. Have any of you faced similar challenges during your first home buying experience? Here are a few pain points I’ve noticed: Build Quality Concerns: Poor build quality can lead to future headaches, like repairs or maintenance costs. It's essential to know what you're getting into upfront. Negotiation Strategy: How do you approach the seller about these issues without coming off too harshly? It’s definitely a balancing act! Credibility of the Inspector: Does it matt...

What's the Best First Financial Book for Wealth Building? Answers: https://lnkd.in/gYeRUZzY #FinancialLiteracy #BookRecommendations #PersonalFinance Hey there! 🌟 So, you've got a fantastic list of financial books that's calling your name! But I totally understand the struggle of deciding which one to dive into first. It’s like standing in front of an ice cream shop with ten delicious flavors—how do you choose? 🍦 Here’s what you’re dealing with: Overwhelm: It’s easy to feel overwhelmed when there are so many great titles out there. Each book has its unique flavor of wisdom, and figuring out where to start can be tough. Time Management: You might wonder if you should grab a chapter from each book daily or just focus on one at a time. Balancing your time effectively is crucial! Absorption of Knowledge: Reading several books simultaneously could lead to confusion, especially when the concepts overlap. On the flip side, dedicating yourself to one book allows you to dive deeper. 💡 Possible Solutions: Consider Your Goals: Think about what you want to achieve. If you're looking for practical investing tips, “The Simple Path to Wealth” by JL Collins might be your...

Should I Count Employer Matching in My 401k Contribution Plans? Answers: https://lnkd.in/g_cv2EZp #401k #EmployerMatching #RetirementPlanning Hey there! 🌟 So, I'm in a bit of a conundrum regarding my 401k contributions. Here’s the scoop: I’m currently contributing 10% of my salary to my 401k. On top of that, my employer throws in another 9% from profit-sharing bonuses and matching contributions. When you add it all up, that’s a total of 19% going into my retirement savings each year. Now, I’ve heard from a few folks that ideally, I should be aiming to contribute at least 15% of my own salary. So, am I hitting that mark, or do I need to up my personal contribution to reach 15%? 🤔 Here are some of the pain points I’m grappling with: Balancing Act: Trying to build a solid retirement fund while also saving to buy a house feels like juggling flaming torches! 🔥🏠 Employer Matching Confusion: It can be tricky to figure out if the employer match counts towards my contribution goals. Does it mean I can relax on my personal contributions, or do I need to push harder? Retirement Anxiety: There’s a lot of pressure to make sure I’m ready for retirement, but that’s e...

How Can We Overcome Exhaustion While Buying Our Dream Home? Answers: https://lnkd.in/g_hBHx-j #HouseHuntingStruggles #BuyerFatigue #HomeBuyingJourney Hey everyone! 👋 My girlfriend (24F) and I (26M) have been on this house-hunting rollercoaster for about six months now. We decided to ramp things up recently, and in the past couple of months, we’ve been putting in offers more frequently. But here’s the kicker: despite our best efforts, our last offer didn’t make the cut, and we’re feeling totally wiped out and deflated. 😩 So, we’ve thrown in three offers so far, and for this latest one, we even rushed the sale deadline to try and stress other buyers (maybe that would give us a leg up?). We thought we were in a solid position since we offered more than another buyer. But guess what? It turned out to be our conditions that held us back. We've had to include details like financing, insurance, LIM (Land Information Memorandum), and builders’ reports—it feels like such a hassle to keep the bank happy. 🏦 Honestly, we're struggling to find the motivation to keep going. It seems like the whole house-buying system is flawed. Even with a mortgage broker on our ...

Should I Regret My Student Loan Decision at 18? Here’s Why! Answers: https://lnkd.in/gwxcVHz9 #StudentLoans #CollegeLife #MoneyManagement #FinancialAdvice Hey everyone! 👋 So, here’s my situation: I recently took out a student loan for $11,000 to cover my university tuition, and honestly, I'm starting to regret that decision. It’s not that I didn’t think it through at the time; it’s just that debt really weighs heavily on my mind. 😟 As an 18-year-old female student diving into my first year of engineering, I feel overwhelmed with classes and assignments. Even just two weeks in, I can already tell that balancing school and a job is going to be tough. Here are a few things going through my mind: 🔍 **Debt Anxiety**: I don’t like being in debt, especially since I want to prioritize my education. 💼 **Too Busy**: With classes from 8 AM to 5 PM, my days are packed! I can't realistically fit in a part-time job right now. 🚍 **Transportation Woes**: I feel anxious about taking public transport and walking alone at night, which limits my job options to only daytime shifts. 💰 **Feeling Stuck**: I do have a couple of thousand dollars saved, but it doesn'...

How Can a Young High Earner Optimize Retirement Contributions? Answers: https://lnkd.in/grgF-cnY #RetirementPlanning #YoungProfessionals #401k Hey everyone! 🌟 I'm reaching out today to chat about retirement contributions for young, relatively high earners. I’m in a pretty good spot at 28—no debts, making a solid $140k a year, and I've just got around $30k stashed away for retirement. After knocking out my student loans, I’m starting to think about how to balance my future savings with some current goals. Right now, my employer matches 4% in my 401k, and I’m contributing 6% on my own for a total of 10% every paycheck. Not to mention, I’ve got the option to throw some cash into a Roth 401k, but I haven’t started on that yet. 🤔 My main questions and considerations: Aiming for a Roth IRA: I believe I'm still eligible to contribute to a Roth IRA, which could be a great tax advantage later on. Home down payment: I want to save for a home as well, so the thought of maxing out retirement contributions makes me a bit wary. I don’t want to stretch my budget so thin that I can’t reach my other financial goals. What are the pain points? Balancing Act: It can be trick...

What to Do if Identity Theft Bill Goes to Collections? Answers: https://lnkd.in/g6Rv8kyh #IdentityTheft #DebtCollections #ConsumerHelp Hey there, fellow community members! 😊 I’m reaching out because I’ve found myself in a bit of a tough spot and could really use your advice. Here’s the scoop: TL;DR: Fraudulent phone purchases on our family plan were cleared, but we still have lingering unexplained charges that have now been sent to collections. What do I do next? So back in late 2021, we were hit hard by identity theft. Our family’s T-Mobile account got four fraudulent iPhone purchases that really threw us for a loop. On top of that, this mess was linked to a SIM hijacking incident. The purchases were happening in Georgia while we were all the way up in New York! Talk about infuriating! 😡 We did eventually get T-Mobile to acknowledge the fraud, but only after we filed a police report. The good news is that the original due balance—a measly $150—cleared once the phones were credited back to our account in January 2023. However, we’ve still been receiving bills totaling over $1,500, and they never itemized those charges. I suspect it’s because of accumulated interest...

Should We Prioritize Roth IRA Savings or Mortgage Payoff Now? Answers: https://lnkd.in/gWtybhym #RothIRA #RetirementPlanning #MortgageAdvice #FinancialGoals #HomeBuilding Hey everyone! 😊 I'm reaching out because my wife and I are at a bit of a crossroads with our finances. We're nearing our 30s and, honestly, we don’t have any retirement savings built up yet. Combined, we make around 100k a year, but we do have some debt hanging over us. We're also dreaming of building a house on some land in the future, but we want to make sure we’re also setting aside enough for retirement so we don’t have to worry when we hit our 60s and beyond. Here’s where I need your insight: Would it be smarter for us to invest **$14,000 a year into a Roth IRA** (which breaks down to about **$1,200 a month**) or should we focus on paying off our mortgage/savings instead? Here are some things running through my mind: **Roth IRA Contributions:** Starting now could really benefit us in the long run. The earlier we contribute, the more time our money has to grow tax-free. 📈 **Mortgage Payments:** By diverting that **$1,200** into our mortgage, we could pay it o...

Chase Account Hacked: How Can I Recover My Missing Funds? Answers: https://lnkd.in/gCPJ9dub #ChaseAccountHacked #FraudWarning #HelpNeeded Hey everyone! I’m in a bit of a bind and really need your thoughts. So here’s the scoop: 10:10 AM: I received a text saying “you successfully logged in to your account.” Super alarming because I hadn’t logged in! Immediately: I tried logging in but discovered my password had been changed. Talk about a sinking feeling! 😟 10:13 AM: I called Chase, and they reset my password, assuring me everything looked fine. I noticed a device I’ve never used before logged in, and they even added a fake email to my account! I asked if anything seemed off, and they said no. Crazy, right? 1:15 PM: I was going through my emails and saw one that claimed my 211,000 points were being transferred to a “Marriott Bonvoy Point Transfer.” Just to clarify, I’ve never had an account with them! 😳 1:17 PM: Called Chase again. They changed my user ID, promised an investigation, but I was left feeling uneasy. A few days later: They called back to say no suspicious activity was found. How is that possible?! 🤔🤯 Called back: The call center in the Philippines an...

What’s the Ideal Down Payment for Your First NJ Home Purchase? Answers: https://lnkd.in/gpWDKmWx #HomeBuyingJourney #RealEstateTips #FinancingYourHome Hey there! So, I'm in a bit of a pickle here regarding my down payment for my first home in NJ. I’m a 37-year-old single individual making $120k a year, with no debt weighing me down. I’ve got a solid chunk of cash – up to $400k – ready for a down payment on a home I’m eyeing, priced at around $500k. Here’s the situation: If I put down 20% (which would be $100k), I’d still be looking at a hefty mortgage payment of about $3,500/month, thanks to NJ's sky-high property taxes. 🏠💸 And honestly, that feels like too much, given my $10k gross monthly income. On the flip side, if I decide to go all out and drop my whole available amount, I could seriously minimize my monthly payment. But, that just doesn’t sit right with me. I'd miss having that cash invested in the stock market where it can grow. 📈 So here’s my burning question: How do I strike the right balance for my down payment? Is there a magic number I should shoot for to keep my monthly payments manageable without sacrificing my investments? Pain Points ...