292

There's an aspect to this question that I really love. In general, it's a question about consumer behavior that can be expanded to inquire about the purchasing profile of any luxury good. Who buys $500 pocketbooks, $1000 wristwatches, etc? I can offer one observation regarding the car. Two close neighbors, both couples drive cars valued well above what my ...


237

This is a very generous impulse on your part. I'm going to criticize it, but please understand that I believe your intentions are great. What can go wrong You pay off her $40,000 debt. She is now debt free. You know what that means? Better credit. She can now borrow more money. This time she runs up $50k debt and is worse off than she was when you ...


232

Ask your investor friends if you already owned the house, would they be advising you to take out a mortgage in order to invest elsewhere. If not, ask them to explain the difference between taking out a mortgage on the day you buy the house and taking the same mortgage out the day afterwards.


220

Stop doing this. If your friend contacts you, don't answer until you've followed through on step 2. Go get a lawyer. They might advise you to contact the police and tell the police what's been going on before you get a knock on the door with a warrant behind it. Here is why: you are almost certainly inadvertently participating in money laundering. The funds ...


194

Lying to save on taxes is called tax fraud. The threat of large fines and jail-time is what prevents most people from committing tax fraud.


192

I'd say your tenant is out $750, not you. How you handle it is totally personal preference. If you want to be the super-nice landlord and eat the loss this one time, then you might gain some karma and hopefully they'll be awesome tenants for the remainder of their stay. Are they the kind of tenants you want to be nice to because they deserve it? You (and ...


190

You (or whoever is responsible for that) look into the old books to see if the payslips were paid out. There should also be a folder with old payslips where the ones in question should be missing. After that, the person in charge of cashing them in can safely do so. If there is no such thing, you(r manager) should cash in the slips as the price for an ...


176

I'm afraid you have missed a few of the outcomes commonly faced by millions of Americans, so I would like to take a moment to discuss a wider range of outcomes that are common in the United States today. Most importantly, some of these happen before retirement is ever reached, and have grave consequences - yet are often very closely linked to financial ...


174

Don't pay it, see a lawyer. Given your comment, it will depend on the jurisdiction on the passing of the house and the presence of a will or lack thereof. In some states all the assets will be inherited by your mom. Debts cannot be inherited; however, assets can be made to stand for debts. This is a tricky situation that is state dependent. In the ...


163

Can I be debt free or should I file bankruptcy There's no reason to file bankruptcy with $64k in debt and a $80K net salary. You can get out of debt in 1-2 years if you're willing to sacrifice. The harder you sacrifice, the less time it will take. Please advise me how to reduce my debt. Stop creating any more debt. Cut up all credit cards Put $1,000-2,...


161

The existing IRS guidance in the US related to bitcoin indicates it will be taxed as property. You'll sell your coins then when you file your taxes for that year you will indicate the dollar value that you sold as a capital gain with a $0 cost basis since you can't prove your initial cost. You can use a block chain explorer to get an idea of when the ...


160

Nobody legit will ever ask you for money to give you money. If there is a million dollar inheritance and it costs $1,000 to get the money to you, someone legit will take $1,000 from the inheritance and give $999,000 to you.


156

Yes, you can dispute the charge. The deposit was to secure a particular bike. The point of that money was to ensure that you were an earnest buyer, or that he would have some money for his trouble if you backed out. You didn't back out, he did; so he owes you the money back. If there was a written agreement, he would not have sold your bike. I would tell ...


156

How can people afford luxury cars? The same way they can afford anything: by finding it cheaply, saving for it, or adjusting their priorities. Company cars - either paid for by the company, or as part of a bonus/compensation/salary sacrifice scheme. I have friends who drive luxury cars, but they pay £200/month - not much more than, for example, finance on a ...


147

If you are making that much, don't waste your time here. Pay a few hundred bucks for a consultation with a fee-only certified financial planner. (Not one of the "free" services, which make their money via commissions on sales and are thus motivated to direct you to whatever gets them the largest commission.) In fact, in your bracket you might want to ...


142

I am a firm believer in the idea of limiting debt as much as possible. I would not recommend borrowing money for anything other than a reasonably sized mortgage. As a result, my recommendations are going to be geared toward that goal. The top priorities for me, then, would be to make sure, first, that we don't have to go further into debt, and second, ...


142

A while back, I sold cars for a living. Over the course of 4 years ,I worked for 3 different dealerships. I sold new cars at two and used cars at the last one. When selling new cars, I found that the majority of people buying the higher end cars honestly shouldn't have been—80% or more of them. They almost always came in owing more on their trades ...


135

Here are some possibilities: pay off the credit cards (and don't incur anymore revolving debt) if your employment has a 401(k) or 403(b) fully fund (to the maximum extent % possible) and keep doing that- choose equities (stocks) funds from low cost providers if no employment retirement available, open an IRA, depositing the annual maximum (but do it in ...


133

The insurance company issued the check. I'd contact the insurance company to have the current check voided and a new one issued to the pharmacy.


132

Your E-file return will be rejected if you are the second person to file, so you should file a paper return claiming your child, and you'll get your refund as you filed it. You and the other party claiming your child will both receive letters from the IRS notifying you that someone else has claimed your child as a dependent. If neither party files an ...


127

If I were you, I would pay off the car loan today. You already have an excellent credit score. Practically speaking, there is no difference between a 750 score and an 850 score; you are already eligible for the best loan rates. The fact that you are continuing to use 5 credit cards and that you still have a mortgage tells me that this car loan will have a ...


124

It looks to me like this is a 'call an attorney' situation, which is always a good idea in situations like this (family legal disputes). But, some information. First off, if your family is going to take the car, you certainly won't need to make payments on it any more at that point, in my opinion. If the will goes through probate (which is the only way ...


122

While it's common to think of it that way - pay off the interest first, then the principal - that's not actually how your payments work over time. It's true of any one payment, though. Interest is earned over time. It might be added on daily, weekly, monthly, or any other frequency. For simplicity's sake, let's assume it is added 1/12*(apr) once per ...


121

You need to change the way you think. First, understand compounding. Not just intellectually, but viscerally. You need to develop an aversion to spending borrowed money. A debt with 22% APR doubles every 38 months. Every dollar you pay down your debt, cuts the total length of time you will be paying that horrible interest. Every $1 you spend now ...


120

It is likely a scam. In fact the whole mystery shopping "job" may be a scam. There is a Snopes page about cashier's check scams, as well as a US government page which specifically mentions mystery shopping as a scam angle. As for how the scam works, from the occ.gov site I just linked: However, cashier’s checks lately have become an attractive vehicle ...


117

I personally have no financial problems Are you in desperate need of a financial problem? Taking a loan to pay someone else's debt is the fast lane to a financial problem. Unless this is your spouse, because their debts would be yours anyway, do not incur debt for them. If the debt is insurmountable, have the person file bankruptcy and be available to ...


117

Theoretically, when a company issues more shares, it does not affect the value of your shares. The reason is that when a company issues and sells more shares, the proceeds from the sale of those shares goes back into the company. Using your example, you have 10 out of 100 shares of the company, for a 10% stake. Let's say that the shares are valued at $1,...


116

The tax return of a dependent does not flow to the parents return. Earned income is taxed at your own rate, up to $12,000 tax free. for your own standard deduction, but unearned income is taxed at higher trust rates. No idea where they are getting this information from. If your parents' insurance is somehow tied to "family income," things change. It's still ...


116

So, what are the financial motivations of people who buy cars and let them to rot? Not every decision in life is based on financial motivations. Say, for example, it's 1968 and you're tooling around in a 1965 Mustang, then get married and start to have kids. The 'Stang is now highly impractical, but you love it and don't want to sell, so you stick it in ...


115

I assume you are talking about a publicly traded company listed on a major stock exchange and the buyer resides in the US. (Private companies and non-US locations can change the rules really a lot.) The short answer is no, because the company does not own the stock, various investors do. Each investor has to make an individual decision to sell or not sell. ...


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