paysite

Posting here hoping this community has well-rounded advice

I recently inherited ~$40k of stock in a small cap company, that is highly volatile, and is significantly down since last year.

I’m down 22% in this position since inheriting and finding myself curious if this is a long-term hold or if should wait for the next near-term peak and sell to get into a broader index? Even if the price doesn’t return to the original price when I inherited. Also considering the economy and a worst case scenario of this company going bankrupt.

All thoughts welcomed and appreciated!

* How does one look for a CPA?
* Do I need to set up some corporation? I was recommended to do this…
* Who sets up this corporation? Myself? Or will the CPA do it for me?
* Should I get a CPA that is flat rate?
* Any wise tips? I’m sooo lost. I have always been a W2 employee

(I’m in the bay area in cali btw)

I’m renting out my house’s additional unit and I know from my family members that I can use purchases that are going to be used for the tenant as a tax write-off. I’m a big believer in buying used, but that causes some hitches when trying to write off these purchases as most people would find it weird if you have them sign a bill of sale for purchases off FB Marketplace and Offerup.
I have two ideas for solutions but I wanted to see how ethical and/or likely they are to get me in trouble on an audit.

First (this seems a bit more far-fetched) just buy the same item new, then immediately return it and use the receipt for the item I bought used, and kept.

Second, sell the items to a friend, then immediately have them sell them back at the original purchase price, but with a bill of sale for tax documentation.
Would either of these work or do I just need to suck it up and be the weird guy showing up with a bill of sale for small items?

Hello everyone. I’ve started looking into what I can do to grow my money. I wanted to start investing/purchasing real estate, but I know it’s not a good time to purchase property atm. Therefore I figured making some investments in the stock market is the next best course of action.

Straight to the point:

– 38, single, and currently an E-5 with 10 years of service in the military. 10 more till retirement.

– In the High-3 system. So no TSP matching contributions.

– $55K in Roth TSP and now doing max TSP contribution since 2022. I intend to keep maxing it till I retire in 10 years. (Started late in TSP.)

– $12K 6-month Emergency Fund in High Yield Savings Account.

– I can max out my Roth IRA account to meet the max contribution limit of $6500 for 2023. I just need to read up on Fidelity, Vanguard and Schwab.

– No debts. Student and car loans are paid off. No mortgage, but if I do purchase a house it will still be covered. All monthly expenses covered which comes to $2K that includes me being able to still enjoy eating out/going to the movies/bars/shopping. I’m sure I can trim the expenses a bit more but not to the point that I’m miserable and not being able to enjoy life.

– After all that, I still have about $100 left over which I can add to an investment.

I do plan to work a federal job, if I decide to retire from military service so that I can work towards another pension. I like to think that I am on the right track in terms of setting up my retirement goals this late in the game for me.

Going back to my original question. If you had 80K saved, how and what would you do to make it grow in the next 20 years? I do understand there is risk involved in investing in the stock market. I saw my TSP lose a bit but bounced back nicely.

I would like some suggestions in finding a financial mentor/advisor who can help point me in the right direction regarding my money. I currently have around 60k in savings and end up with and $5.3k after all my expenses are paid for each month. But I really want to build some wealth. Where do I look for those mentors or how do I search for them?

so I have about 40K in savings and im thinking of investing that in a ROTH IRA but I really have no idea where to start.

1. what companies would you recomend ?
2. how would I even go about choosing how to invest in a Roth IRA?

im afraid to say im very new to this and just need a little guidence

So, I just bought a car. I put a decent chunk down and financed the rest. I couldn’t make myself pay cash, it was just too much to part with all at once, as it would have depleted my emergency fund. Interest rate isn’t terrible with today’s rates (under 6%). Then right after taking out the loan, before the first payment is even due, I had two unexpected windfalls, which just happen to be enough to completely cover the car loan.

I have no other high interest rate debt to pay off. There is no prepayment penalty, I have an emergency fund and my retirement accounts are funded for the year. So I’m looking to throw the windfalls at paying for the car loan in full.

Is it better credit-wise to pay off the car loan immediately upon being notified which bank has the loan? Or to let it get established on your credit report for a few months before paying it in full? I have an excellent credit score (over 800), but not a whole lot on my credit report, as I only have a mortgage, a few cards that I pay off every month, and haven’t had a car loan since 2008, when we paid off my husband’s current car (my former car was really old, and has been paid off even longer).

I was thinking about paying everything except $5000 off immediately, and then paying $1000/month until the remainder is paid off, to cut down on the interest, but give it a few months to show payment history. But I’m open to changing that if there is a better option credit wise.

this is a weird one but i feel like i’m in way over my head and would appreciate any advice.

i’m 24 years old, and i’ve had a college fund in my name since i was a baby. i didn’t go to college and i don’t think i will. i thought my abusive mother spent it all on scientology programs when i was a teenager, but recently my little sister, who still lives with my parents, told me there’s still a good chunk of money left. my mother is hiding it from me because i’m transgender and she wants to stop me from getting any medical procedures done by any means necessary. she does not care that i’m struggling to pay for rent, food, and medication for my chronic illness and could really use the money to survive. i want to get the account out of her hands so i can finally cut ties with her, but i’m afraid that if she finds out my sister told me she’ll hurt her. i don’t know much about this sort of thing and i’d love to know what information i need, what questions i should be asking, if i have any legal ground to stand on for getting my money back without getting my sister in trouble.

i’m sorry if this isn’t the right subreddit for this, if that’s the case i’d appreciate being pointed in the right direction.

I am 25, and I opened my Roth IRA a couple of months ago. I have heard that the three fund portfolio is a fairly safe and passive way to save for retirement. However, I have read conflicting information on whether or not I should be buying bonds given how young I am. I know that bonds are typically low risk investments that have fairly small growth over time, and since I have more time to invest, some suggest having a more aggressive investment strategy,

Here is what I am currently invested in: 60% Fidelity S&P 500 Index Fund (FXAIX), 20% Fidelity Total Market Index Fund (FSKAX), 20% Fidelity Total Intl Index fund (FTIHX)

I opted for the fidelity mutual funds so that I could set up automatic investments. I originally wanted to go with the tried and true Vanguard funds, but the minimum buy in was $2,500 for each fund.

Am I on the right track or should I add in bonds?

I just got an offer for a hybrid position where it’s 2 days in office and 3 days wfh. I currently live at home and pay almost no rent. The commute for this new job is 1 hour to 1.5 hours each way depending on traffic and the office is near a major city so traffic is always bad. Is it worth moving somewhere closer to work and pay like $1600-1800 a month for a 15-30 min commute on those 2 days?