Paysite-cash blog: secure payment solution

Looking for a new bank account

So i am currently using Discover, but they’ve locked me out of my account (Seems to be pretty common right now) and i refuse to sit on hold for 3 hours just to get hung up on. It’s frustrating and I’m ready for a change, as my account seems to get locked for random reasons every couple months.

With all that being said, being able to do fast mobile deposits on checks is very important to me, as my employer doesn’t offer direct deposit (Small local company). I was going to use chime, but they require direct deposit at least once to be able to deposit checks.

My typical response to someone in the same predicament would be to switch to a local CU or something, but I’m kinda burnt out on the lack of online options with good interfaces around here. Aside from PNC, my city doesn’t have any big name banks.

So, basically I’m looking for a good online bank that won’t lock my account, offers fast mobile check deposit without having to set up direct deposit, or at least close-to-immediate fund transfers from another bank (If depositing a check at my local credit union is my only option) Please let me know your recommendations, thanks 🙂

Is 0% financing furniture better than paying for it outright?

Shopping for furniture for a new home and was initially planning to purchase it outright; however most places offer 0% financing for 36+ months.

While I could pay for it outright, it *seems* like it might be a better deal to just keep my money liquidity and pay it off in a few months, with no added/increased cost.

Need help budgeting and investing Father’s inheritance

My Father (Age 56) recently sold the family land that he had inherited about a year ago. He has come into about $750k. Once everything finalizes he plans to have that money sit in his bank account. I don’t believe he has ever invested in stocks, mutual funds, ETFs before.

Some more background about him: He is a self-employed truck driver (living in North Dakota) that makes decent money, but I don’t really know how much he currently saves, if any. He has always had the philosophy that he can just work to make more money if he needs it. He’s socially connected, so he always seems to find trucking jobs when needed. And so far, he has always found a way to make money to live comfortably for his needs. Since he is getting older, I doubt this will always be the case.

He currently has 2 children who still live at home (each 14 years old) and about 5k worth of monthly expenses. He owns his house and his semi outright. He also plans to spend 50-100k on developing 100 acres of rural ND lakefront property he hung onto from the family land(adding gravel road, boat dock, plumbing, electricity).

What would be your savings and investment strategy for him?

Trying to figure out my apartment lease

I live in the DC area a high COL area. I recently obtained a fully remote job so I want to leave the area soon. But for now, I need to stay here for a minimum of a few months. And I am considering slowly moving stuff out over the course of my stay here. I have to renew my lease right now and my options are 12-, 11-,10-,9-,8-,7-, and month to month. The 12 month is about $40 more than I am currently paying which is amazing since some people see a rate hike of $200 or so. And obviously the 12 month is the cheapest and m to m is most expensive. If I break my lease at any point, it’s a flat fee of 2 months rent. So for example, if I gave my notice in June to move out July 31, I would have to pay June, July, and 2 months rent on top.

I still have to move somewhere and for now I have no idea what to do after I move out. But I guess having more time here in DC will allow me to form my decision on what to do afterward. I just can’t figure out what the hell to do.

Month to month gives me some flexibility to move out whenever I want but the rent is so high. In total, it could be cheaper though. Or I was thinking something like a 7 month option. I really don’t want to stay for another 12 months and that 2 month penalty is just crazy

I know this is my decision and my decision alone but I am just so lost.

​

12 month = $1556

11 month = $1608

10 month = $1639

9 month = $1671

8 month = $1702

7 month = $1734

m to m = $1891

​

It looks like if I summed up the total rent price, if I stay 4,5, or 6 months is the month to month lease. For 7 months it’s the 7 month lease, for 8 months its the 8 month lease.

Essentially the 12 month is not favorable if I look at the total rent. But per month it’s the best deal.

Mortgage underwriter issued a conditional approval- questions

I am in process of closing on a home. I am pre-approved for a VA loan with 0% down. My estimated cash to close at the moment is $6400. I have already paid a $1000 earnest deposit and paid for the appraisal. I have $3000 in my savings account. I will have the remaining $3400 in the next few weeks from my paychecks and also a $1500 ‘gift’ from my boyfriend. He will be living with me but will not be on the loan. The underwriter just issued a conditional approval, and one of the things requested is an explanation of why I don’t have $6400 in my account at this time. Do I just explain that I am still saving? Is that going to mess things up? Can we still proceed or will they want to wait until I have the full $6400 to move on? Also, since my earnest deposit is $1000, will they require the full $6400 or just $5400?The closing date is July 20th.

I want to add that I make plenty of income for the mortgage payments, I just did not save in advance as it was a bit of a last minute decision to buy instead of renting another apartment. I was fortunate to have my very first offer accepted. I did not anticipate it to actually move this fast.

Credit card debt and balance transfer questions.

Hi thanks for reading, posting for a friend who doesn’t have Reddit.

This friend (32 y/o) has a bit of CC debt (they’ve stopped contributing to it) and is looking for guidance on the best direction to go.

They have one balance transfer credit card debt in the amount of $7,166 that ends July 2023. The minimum monthly payment is $144 which is what they’ve been paying. Their concern here is that that minimum amount isn’t going to get them to a zero balance by next July, but Discover said they’d then only owe interest on the amount left (12.74-23.74%).

They have a second credit card with 22.99% APR and a current balance of $6,680.

They have a final credit card with 23.24% APR and a current balance $1,190.

They can comfortably contribute $500-600/month towards their debt, but aren’t sure where to allocate that (to one card, split among all 3, etc.). They are considering getting another balance transfer card for the other two credit cards and then focus on the current balance transfer one since the $600 a month would get that paid off by July 2023. They also have a 401(k) in the amount of $12,000 that they are considering withdrawing to pay off the bulk of the debt (they are aware of the 10% hardship penalty).

If additional details are needed, please let me know. Thank you in advance for responding!

Grandma refinanced a paid off house because she’s dumb and now she has to go into a home.. What do we do?

Hello,

So my grandma has always been bad with money. She’s 83 years old and bought a home wayyy back for $15k. Today it’s worth $310k. She saw rates were low back at start of 2021 so she refinanced at 3% (Like 3.05% I think..).

She was like “This is free money I have to take it” and of course, all the rest of the broke family supported this idea and followed her path besides my Mom. (And myself)

She pulled out $200k from her mortgage and now has a payment a little over $850/mo..

Fast forward a year and half later, it’s all fucking gone but $12,000. $180k+, all of it, Gone.

I have literally 0 idea where it all went. There’s been zero home renovations or cars or trips or anything so I really have no idea but it’s all gone.

She makes $2000/mo from social security and half of that goes to her mortgage.

I’m pretty sure it went to all shopping as she has tons of clothes and new pots and kitchen shit. Today she was stressing because “I have to get to Macy’s today. It’s 30% off if you spend $200. I’d hate to make that go to waste”…. Grandma, you’re not saving money, you’re spending money lol

Anyway, she’s getting older and can’t really do much around the house. She’s forgetting a lot of things, falling here and there, and is overall lonely so it’s time for her to go into a retirement home. Retirement Homes are $5k – $10k a month based on what we see.. If she had her house paid off and it was rented, that’d be an easy solution, but there’s no money there.

Does anybody have any solutions here or advice? Somehow the family has said I should pay for her bills because “I got it” but that’s simply not happening..

*Edit. Sorry, this post is half, me ranting, and half asking for advice

W2 or 1099: Working with my father

Hello everyone,

So I am 26 years old, single, no dependents. I quit my first job last month to work with my father in his small business (it is an LLC and only himself works in the business as of now). I was in a prior company for 2 years working as a W2 employee. I got health care, 401k, and other benefits there.

I am now working with my father because he started getting a ton of business and the family company is growing. We agreed on a salary of $70,000 USD/yr for myself. I also have a second job (part-time with W2) as a University lecturer where I make $19,000/yr teaching just one class per semester. My father will NOT give me neither healthcare nor 401k (No benefits).

The whole point of me going the W2 route was because I’ve been looking forward to buying a home, but I live in a HCOL and right now it’s impossible to compete in the housing market as a first time home buyer, I also don’t have enough cash for a down payment and apparently you need to wait 1-2 years after being employed by a family member. So I thought that perhaps being a 1099 was best as it would allow me to save the most money and be able to go into an investment venture my dad is doing right now which I don’t need as much money, but I still need to save.

All in all, I don’t know what to do because if I’m a W2 I have to be on top of my father to send the taxes every 3 months, and he is quite disorganized, I’m concerned I will end up getting fucked because of his lack of attentiveness. He doesn’t even have a payroll system so he pays me through Zelle as of now… I don’t know if I should create an LLC and pay myself through it and keep the receipts of things and use it for taxes? I don’t know how it all works, I’ve never had to think too deeply about taxes before.

Thanks for your help

Edit: I’d like to add that I am asking for advice and for a pro/con conversation as I’m not too sure which is best for me.

How much interest would it be on a few thousands dollars loan?

I am really in need of some money, like $8K. Moving to a different state, and just spent a few thousands fixing my car. I had a car loan with Wells Fargo, and a mortgage with US bank a while ago. Should I got to either one of these, or credit union near me? What do you guys think? I’ve never been in a situation like that before.