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personalfinance | 3vy6a0 | I'll try not to rant for too long here..
Federal employee, married, two young children. I'm not MENSA material, but I'm no dolt either.
Current health insurance is going up by over $500 this year. As far as I can tell, for no increase in coverage. We were not unhappy, but also not pleased with our insurance the last two years, but a catastrophic accident and the birth of two kids planted me firmly in the "we're not changing anything in the middle of this" mindset. So now, here it is, open season, and my family is shopping around.
We know a few things
* First, our current FSA option sucks; it's so cumbersome that it's not worth my time. It's literally money thrown away because I can't get reimbursed through their online program for anything without it going through two different rejections and having to write a statement for each item. A single $2 bottle of Hydrogen Peroxide, submit the receipt, picture of the label, address of the store purchased at .. rejected. More back and forth, submitting screenshots of bank statements with purchases notated, finally accepted. Sweet, only took me 2+ hours to get my $2 back - NOT worth the time, especially not when extrapolated to a hundred or so purchases. Co-pays, large bills, even those are a headache to get back. Watched hundreds of dollars just disappear last year unused from the FSA.. So, we'd like to shift to a high deductible HSA-eligible plan; I'd really like to just have a card in my wallet we only swipe for medical related expenses - that's something we can manage easily.
* Next, I'd like to look into invisalign/ braces to fix some issues I wish my parents had when I was younger.
* After that, my wife would like to look at Lasik. If not that, then her best options for good vision coverage.
* Most importantly, we don't want to have to worry about walking into the "wrong" doctor's office if one of our kids has an emergency.
Just got back from my employer's "health fair" (30+ reps packed into 600ish sq. ft.) and could not be more disappointed. I pulled my benefits statements before going over so I'd know what I'm currently covered for and paying in co-pays etc. thinking "this will make it easy, I'll just go down the list and see who offers what!" Wrong. There's an exception to everything.
So here I am, a gigantic pile of brochures in front of me that you need a background in analysis to decipher, trudging through OPM's plan comparison tool. And I'm mad. Mad that none of these pamphlets are formatted the same. Mad that they use different measures and terms for the same services. Mad that they're nigh impossible to "side by side." Mad that no one can explain why my premium is going up so much for no new benefits. Mad that even trying to understand the difference between "basic option" and "standard option" is eye-bleedingly tedious. Mad that the reps can't answer questions about levels of coverage compared to their competitors, but can bring up no less than five times that they "cover 52 therapeutic massage visits per calendar year!" It almost feels deliberate - the difficulty here in trying to decide what's best for my family's health.
The best response and info I've been able to get are from co-workers enrolled in other plans ... "what did you pay for this, where did you go for that" etc. etc.\
I'm frustrated. This is a major deal for me. I have worked hard to be in a position to provide for my family (we're single income and I'm also the benefits provider) but can't understand it all. I'm frustrated that I feel ignorant and un-educated on something so important. Rant off. Thanks for listening, PF - if you have any tips, I'm happy to listen. | I'm a grown-ass man, and I cannot understand the options available to me for Health/Dental/Vision Insurance.. This is infuriating. | 1aa6fb40e7fd464491a6945588309564 | 58dcb406a703459c9fd91012b567f39c | 1,449,778,154 | 1,450,130,143 | 8 | 89 | Who are the vision providers who cover any part of lasik?
My wife works in healthcare and has access to just about any provider we want.
I shopped around every single one and was laughed off the phone when I asked if or how much of Lasik they would cover.
| Oh and to address the items you mentioned.
Lasik and Orthodontics (for adults) are almost always considered cosmetic and almost never covered. Like 0 dollars. You can use FSA dollars for these items though. In the off chance there was some coverage it would be in your vision and dental policies respectively.
Emergency care and out of network. Just depends on the plan. Most DON"T charge an out of network penalty for the emergency room care. Now after the "Emergency" is over, and they admit you and you start getting different care. That might be different.
Also there is a difference between a hospital ER, an Urgent Care clinic, and convenient care clinic and a standalone ER facility. They likely all have different rules.
Keep in mind also that doctors AND facilities can be in or out of network. So "St. Josephs Hospital" might be in your network, but the anesthesiologist Dr. Vikek Patel (who is an independent provider) might not be.
Some insurance plans will give you just reduced coverage for out of network and others will give you 0. You just have to read the fine print.
Its a giant pain in the ass.
| 0 | 0.04878 | 351,989 | 11.125 | 1 |
personalfinance | 3vy6a0 | I'll try not to rant for too long here..
Federal employee, married, two young children. I'm not MENSA material, but I'm no dolt either.
Current health insurance is going up by over $500 this year. As far as I can tell, for no increase in coverage. We were not unhappy, but also not pleased with our insurance the last two years, but a catastrophic accident and the birth of two kids planted me firmly in the "we're not changing anything in the middle of this" mindset. So now, here it is, open season, and my family is shopping around.
We know a few things
* First, our current FSA option sucks; it's so cumbersome that it's not worth my time. It's literally money thrown away because I can't get reimbursed through their online program for anything without it going through two different rejections and having to write a statement for each item. A single $2 bottle of Hydrogen Peroxide, submit the receipt, picture of the label, address of the store purchased at .. rejected. More back and forth, submitting screenshots of bank statements with purchases notated, finally accepted. Sweet, only took me 2+ hours to get my $2 back - NOT worth the time, especially not when extrapolated to a hundred or so purchases. Co-pays, large bills, even those are a headache to get back. Watched hundreds of dollars just disappear last year unused from the FSA.. So, we'd like to shift to a high deductible HSA-eligible plan; I'd really like to just have a card in my wallet we only swipe for medical related expenses - that's something we can manage easily.
* Next, I'd like to look into invisalign/ braces to fix some issues I wish my parents had when I was younger.
* After that, my wife would like to look at Lasik. If not that, then her best options for good vision coverage.
* Most importantly, we don't want to have to worry about walking into the "wrong" doctor's office if one of our kids has an emergency.
Just got back from my employer's "health fair" (30+ reps packed into 600ish sq. ft.) and could not be more disappointed. I pulled my benefits statements before going over so I'd know what I'm currently covered for and paying in co-pays etc. thinking "this will make it easy, I'll just go down the list and see who offers what!" Wrong. There's an exception to everything.
So here I am, a gigantic pile of brochures in front of me that you need a background in analysis to decipher, trudging through OPM's plan comparison tool. And I'm mad. Mad that none of these pamphlets are formatted the same. Mad that they use different measures and terms for the same services. Mad that they're nigh impossible to "side by side." Mad that no one can explain why my premium is going up so much for no new benefits. Mad that even trying to understand the difference between "basic option" and "standard option" is eye-bleedingly tedious. Mad that the reps can't answer questions about levels of coverage compared to their competitors, but can bring up no less than five times that they "cover 52 therapeutic massage visits per calendar year!" It almost feels deliberate - the difficulty here in trying to decide what's best for my family's health.
The best response and info I've been able to get are from co-workers enrolled in other plans ... "what did you pay for this, where did you go for that" etc. etc.\
I'm frustrated. This is a major deal for me. I have worked hard to be in a position to provide for my family (we're single income and I'm also the benefits provider) but can't understand it all. I'm frustrated that I feel ignorant and un-educated on something so important. Rant off. Thanks for listening, PF - if you have any tips, I'm happy to listen. | I'm a grown-ass man, and I cannot understand the options available to me for Health/Dental/Vision Insurance.. This is infuriating. | e64b4827c8c3450bbd6c97b8d1320b12 | 58dcb406a703459c9fd91012b567f39c | 1,449,940,763 | 1,450,130,143 | 5 | 89 | I have no help to offer but I just do the following:
Pick *some* insurance, it seems pretty clear having none is bad and illegal. As far as I can tell there is *no* way to tell what will or won't be covered, before or after you've gotten it. They are so poorly worded and there are so many fine prints and gotchas that they can basically do whatever they want whenever they want.
So I just avoid visiting doctors as much as possible, and make a point of asking them the cost of everything on the rare occasions it seems absolutely necessary. They never know the cost, but if they know you are concerned they may charge less. Then hope for the best and as the bills come in over the next few months pay them.
Does this sounds terrible? It is, but I can't figure out any other options so I've stopped trying to understand the system that clearly does not work or make any sense. I'm also a grown-ass man myself, and by most accounts very intelligent, but there is no way I could ever figure this stuff out, and I strongly suspect the people who think they have this stuff figured out are deceiving themselves.
tl;dr Sorry, but bend over and expect to be fucked, its the only option US Healthcare offers. (Sorry also ranting)
| Oh and to address the items you mentioned.
Lasik and Orthodontics (for adults) are almost always considered cosmetic and almost never covered. Like 0 dollars. You can use FSA dollars for these items though. In the off chance there was some coverage it would be in your vision and dental policies respectively.
Emergency care and out of network. Just depends on the plan. Most DON"T charge an out of network penalty for the emergency room care. Now after the "Emergency" is over, and they admit you and you start getting different care. That might be different.
Also there is a difference between a hospital ER, an Urgent Care clinic, and convenient care clinic and a standalone ER facility. They likely all have different rules.
Keep in mind also that doctors AND facilities can be in or out of network. So "St. Josephs Hospital" might be in your network, but the anesthesiologist Dr. Vikek Patel (who is an independent provider) might not be.
Some insurance plans will give you just reduced coverage for out of network and others will give you 0. You just have to read the fine print.
Its a giant pain in the ass.
| 0 | 0.070423 | 189,380 | 17.8 | 1 |
personalfinance | 4dsms5 | My boyfriend is about to start a new job, so we are going through all the paperwork. The firm is a registered investment advisor with the SEC. As such, they need to perform due diligence to ensure there is no insider trading going on (And perhaps other reasons, but this is the only one I am aware of). I understand the importance of this, and am on board with helping facilitate this process. However the Employer is requiring *me*, as his live-together girlfriend (not wife, not legal partner) to disclose all my financial holdings on a monthly basis. (Monthly statements sent directly to them.) I don't even get monthly statements myself! (I get quarterly statements).
They say this is a requirement from the SEC. Is there somewhere I could go to read up on the details of this requirement? Would it not suffice to sign an agreement that I will not purchase or be involved with any securities that could cause conflict for them?
I find this request invasive. Personal finances are, well, personal and this does not sit right with me. At the same time, my boyfriend is quite excited for this job, and I don't want to kick up a fuss and start his job off on the wrong foot.
Neither of us are very financial people. I am inexperienced with this stuff. His role at the company will not a financial one.
So I feel a bit out of my depth dealing with this. What does /r/personalfinance think? Am I being too protective or paranoid? Are they overreaching their bounds?
Thanks! | Boyfriend got a new job, now HIS potential employer is requiring monthly statements on MY financial accounts? | 98c966e1a7274c4dae73ab3168081f1e | e280754bea9e45c98fb13a10acad6097 | 1,460,126,093 | 1,460,476,865 | 5 | 95 | "Neither of us are very financial people." but you just said he got a job at a registered investment adviser firm..
| Then he will not get the job as the liability for the firm is too high. Same as if he didn't pass a background check.
| 0 | 0.176471 | 350,772 | 19 | 1 |
personalfinance | 4dsms5 | My boyfriend is about to start a new job, so we are going through all the paperwork. The firm is a registered investment advisor with the SEC. As such, they need to perform due diligence to ensure there is no insider trading going on (And perhaps other reasons, but this is the only one I am aware of). I understand the importance of this, and am on board with helping facilitate this process. However the Employer is requiring *me*, as his live-together girlfriend (not wife, not legal partner) to disclose all my financial holdings on a monthly basis. (Monthly statements sent directly to them.) I don't even get monthly statements myself! (I get quarterly statements).
They say this is a requirement from the SEC. Is there somewhere I could go to read up on the details of this requirement? Would it not suffice to sign an agreement that I will not purchase or be involved with any securities that could cause conflict for them?
I find this request invasive. Personal finances are, well, personal and this does not sit right with me. At the same time, my boyfriend is quite excited for this job, and I don't want to kick up a fuss and start his job off on the wrong foot.
Neither of us are very financial people. I am inexperienced with this stuff. His role at the company will not a financial one.
So I feel a bit out of my depth dealing with this. What does /r/personalfinance think? Am I being too protective or paranoid? Are they overreaching their bounds?
Thanks! | Boyfriend got a new job, now HIS potential employer is requiring monthly statements on MY financial accounts? | 6f25e1b084b548afbb463a8b54d1d12c | e280754bea9e45c98fb13a10acad6097 | 1,460,130,959 | 1,460,476,865 | 13 | 95 | I think there's a law firm in Panama that could help make this easier for you.
| Then he will not get the job as the liability for the firm is too high. Same as if he didn't pass a background check.
| 0 | 0.153846 | 345,906 | 7.307692 | 1 |
personalfinance | 4dsms5 | My boyfriend is about to start a new job, so we are going through all the paperwork. The firm is a registered investment advisor with the SEC. As such, they need to perform due diligence to ensure there is no insider trading going on (And perhaps other reasons, but this is the only one I am aware of). I understand the importance of this, and am on board with helping facilitate this process. However the Employer is requiring *me*, as his live-together girlfriend (not wife, not legal partner) to disclose all my financial holdings on a monthly basis. (Monthly statements sent directly to them.) I don't even get monthly statements myself! (I get quarterly statements).
They say this is a requirement from the SEC. Is there somewhere I could go to read up on the details of this requirement? Would it not suffice to sign an agreement that I will not purchase or be involved with any securities that could cause conflict for them?
I find this request invasive. Personal finances are, well, personal and this does not sit right with me. At the same time, my boyfriend is quite excited for this job, and I don't want to kick up a fuss and start his job off on the wrong foot.
Neither of us are very financial people. I am inexperienced with this stuff. His role at the company will not a financial one.
So I feel a bit out of my depth dealing with this. What does /r/personalfinance think? Am I being too protective or paranoid? Are they overreaching their bounds?
Thanks! | Boyfriend got a new job, now HIS potential employer is requiring monthly statements on MY financial accounts? | 929acb9ebb6348b7aed36d3a996e3801 | 9895ae4727854a3889a236fa28d76835 | 1,460,101,921 | 1,460,123,251 | 5 | 12 | I hate that. I just got similar request from my employer.
I'm working for an international bank, in bank's low cost center in Eastern Europe, I'm in IT support.
They want to monitor my brokerage account (if I have any) but also any private investments like an apartment rented to a group of students.
Not only that, they require me to submit every possible investment I want to make for an approval by a special group + my line manager.
| Make sure you understand exactly what type of financial account documentation they require. I work for an investment bank and our personal brokerage accounts have to be disclosed (because you can trade individual holdings in them), but we do NOT have to provide access to any accounts that hold mutual funds/ETFs/money markets/bond funds. If we want to do any individual stock or bond purchasing/selling, we have to get approval through an online compliance tool before we make the trade - the approval is good for only 24 hrs. Because of the restrictions, I pretty much just stick to mutual funds and ETFs these days.
| 0 | 0.146667 | 21,330 | 2.4 | 1 |
personalfinance | 4dsms5 | My boyfriend is about to start a new job, so we are going through all the paperwork. The firm is a registered investment advisor with the SEC. As such, they need to perform due diligence to ensure there is no insider trading going on (And perhaps other reasons, but this is the only one I am aware of). I understand the importance of this, and am on board with helping facilitate this process. However the Employer is requiring *me*, as his live-together girlfriend (not wife, not legal partner) to disclose all my financial holdings on a monthly basis. (Monthly statements sent directly to them.) I don't even get monthly statements myself! (I get quarterly statements).
They say this is a requirement from the SEC. Is there somewhere I could go to read up on the details of this requirement? Would it not suffice to sign an agreement that I will not purchase or be involved with any securities that could cause conflict for them?
I find this request invasive. Personal finances are, well, personal and this does not sit right with me. At the same time, my boyfriend is quite excited for this job, and I don't want to kick up a fuss and start his job off on the wrong foot.
Neither of us are very financial people. I am inexperienced with this stuff. His role at the company will not a financial one.
So I feel a bit out of my depth dealing with this. What does /r/personalfinance think? Am I being too protective or paranoid? Are they overreaching their bounds?
Thanks! | Boyfriend got a new job, now HIS potential employer is requiring monthly statements on MY financial accounts? | df8e97dfa68645668bb872731b5a1e30 | 0365bd5df1554c118811cda0c465f04a | 1,460,139,610 | 1,460,140,252 | 54 | 155 | This is pretty usual in the US. I work in the financial industry and I have had to do this with my wife's account for each of my last three jobs. She complains bitterly, but it's that or I have to find another job. Even though you aren't married, I can see them requiring it. The presumption is probably that you may as well be married, otherwise this would be an easy loophole for the rest of us to trade illicitly; just get divorced and stay together. The SEC is pretty strict.
| Work in this industry. This is totally legit and pretty standard. Generally, anyone sharing your household would be subject to these rules.
| 0 | 0.138889 | 642 | 2.87037 | 1 |
personalfinance | 4dsms5 | My boyfriend is about to start a new job, so we are going through all the paperwork. The firm is a registered investment advisor with the SEC. As such, they need to perform due diligence to ensure there is no insider trading going on (And perhaps other reasons, but this is the only one I am aware of). I understand the importance of this, and am on board with helping facilitate this process. However the Employer is requiring *me*, as his live-together girlfriend (not wife, not legal partner) to disclose all my financial holdings on a monthly basis. (Monthly statements sent directly to them.) I don't even get monthly statements myself! (I get quarterly statements).
They say this is a requirement from the SEC. Is there somewhere I could go to read up on the details of this requirement? Would it not suffice to sign an agreement that I will not purchase or be involved with any securities that could cause conflict for them?
I find this request invasive. Personal finances are, well, personal and this does not sit right with me. At the same time, my boyfriend is quite excited for this job, and I don't want to kick up a fuss and start his job off on the wrong foot.
Neither of us are very financial people. I am inexperienced with this stuff. His role at the company will not a financial one.
So I feel a bit out of my depth dealing with this. What does /r/personalfinance think? Am I being too protective or paranoid? Are they overreaching their bounds?
Thanks! | Boyfriend got a new job, now HIS potential employer is requiring monthly statements on MY financial accounts? | 92bcbe3b7b854ae69f239c4ed9c6d401 | 98e95a63dc6e446b9f9e61962bec50d6 | 1,460,114,985 | 1,460,117,513 | 23 | 155 | I work in the financial industry. This is normal.
They do NOT need your checking/savings/credit card statements. They only care about investments such as 401k, IRA, brokerage accounts, etc.
| Work in this industry. This is totally legit and pretty standard. Generally, anyone sharing your household would be subject to these rules.
| 0 | 0.137931 | 2,528 | 6.73913 | 1 |
personalfinance | 4dsms5 | My boyfriend is about to start a new job, so we are going through all the paperwork. The firm is a registered investment advisor with the SEC. As such, they need to perform due diligence to ensure there is no insider trading going on (And perhaps other reasons, but this is the only one I am aware of). I understand the importance of this, and am on board with helping facilitate this process. However the Employer is requiring *me*, as his live-together girlfriend (not wife, not legal partner) to disclose all my financial holdings on a monthly basis. (Monthly statements sent directly to them.) I don't even get monthly statements myself! (I get quarterly statements).
They say this is a requirement from the SEC. Is there somewhere I could go to read up on the details of this requirement? Would it not suffice to sign an agreement that I will not purchase or be involved with any securities that could cause conflict for them?
I find this request invasive. Personal finances are, well, personal and this does not sit right with me. At the same time, my boyfriend is quite excited for this job, and I don't want to kick up a fuss and start his job off on the wrong foot.
Neither of us are very financial people. I am inexperienced with this stuff. His role at the company will not a financial one.
So I feel a bit out of my depth dealing with this. What does /r/personalfinance think? Am I being too protective or paranoid? Are they overreaching their bounds?
Thanks! | Boyfriend got a new job, now HIS potential employer is requiring monthly statements on MY financial accounts? | 2b525994d2434e338d4983a6df7aa9eb | 98c966e1a7274c4dae73ab3168081f1e | 1,460,072,131 | 1,460,126,093 | 3 | 5 | My SO is an auditor for a large accounting firm. We go through the same thing, except quarterly. He isn't even allowed to own an investment account outside of what the firm offers.
| "Neither of us are very financial people." but you just said he got a job at a registered investment adviser firm..
| 0 | 0.136364 | 53,962 | 1.666667 | 1 |
personalfinance | 4dsms5 | My boyfriend is about to start a new job, so we are going through all the paperwork. The firm is a registered investment advisor with the SEC. As such, they need to perform due diligence to ensure there is no insider trading going on (And perhaps other reasons, but this is the only one I am aware of). I understand the importance of this, and am on board with helping facilitate this process. However the Employer is requiring *me*, as his live-together girlfriend (not wife, not legal partner) to disclose all my financial holdings on a monthly basis. (Monthly statements sent directly to them.) I don't even get monthly statements myself! (I get quarterly statements).
They say this is a requirement from the SEC. Is there somewhere I could go to read up on the details of this requirement? Would it not suffice to sign an agreement that I will not purchase or be involved with any securities that could cause conflict for them?
I find this request invasive. Personal finances are, well, personal and this does not sit right with me. At the same time, my boyfriend is quite excited for this job, and I don't want to kick up a fuss and start his job off on the wrong foot.
Neither of us are very financial people. I am inexperienced with this stuff. His role at the company will not a financial one.
So I feel a bit out of my depth dealing with this. What does /r/personalfinance think? Am I being too protective or paranoid? Are they overreaching their bounds?
Thanks! | Boyfriend got a new job, now HIS potential employer is requiring monthly statements on MY financial accounts? | 98c966e1a7274c4dae73ab3168081f1e | 6f25e1b084b548afbb463a8b54d1d12c | 1,460,126,093 | 1,460,130,959 | 5 | 13 | "Neither of us are very financial people." but you just said he got a job at a registered investment adviser firm..
| I think there's a law firm in Panama that could help make this easier for you.
| 0 | 0.117647 | 4,866 | 2.6 | 1 |
personalfinance | 4dsms5 | My boyfriend is about to start a new job, so we are going through all the paperwork. The firm is a registered investment advisor with the SEC. As such, they need to perform due diligence to ensure there is no insider trading going on (And perhaps other reasons, but this is the only one I am aware of). I understand the importance of this, and am on board with helping facilitate this process. However the Employer is requiring *me*, as his live-together girlfriend (not wife, not legal partner) to disclose all my financial holdings on a monthly basis. (Monthly statements sent directly to them.) I don't even get monthly statements myself! (I get quarterly statements).
They say this is a requirement from the SEC. Is there somewhere I could go to read up on the details of this requirement? Would it not suffice to sign an agreement that I will not purchase or be involved with any securities that could cause conflict for them?
I find this request invasive. Personal finances are, well, personal and this does not sit right with me. At the same time, my boyfriend is quite excited for this job, and I don't want to kick up a fuss and start his job off on the wrong foot.
Neither of us are very financial people. I am inexperienced with this stuff. His role at the company will not a financial one.
So I feel a bit out of my depth dealing with this. What does /r/personalfinance think? Am I being too protective or paranoid? Are they overreaching their bounds?
Thanks! | Boyfriend got a new job, now HIS potential employer is requiring monthly statements on MY financial accounts? | 4ce1f42bea1040ac822099e3d7eb02eb | e280754bea9e45c98fb13a10acad6097 | 1,460,134,514 | 1,460,476,865 | 43 | 95 | There are three choices:
1. Give the company want they want.
2. Boyfriend quits the job.
3. Boyfriend quits you.
| Then he will not get the job as the liability for the firm is too high. Same as if he didn't pass a background check.
| 0 | 0.117647 | 342,351 | 2.209302 | 1 |
personalfinance | 4dsms5 | My boyfriend is about to start a new job, so we are going through all the paperwork. The firm is a registered investment advisor with the SEC. As such, they need to perform due diligence to ensure there is no insider trading going on (And perhaps other reasons, but this is the only one I am aware of). I understand the importance of this, and am on board with helping facilitate this process. However the Employer is requiring *me*, as his live-together girlfriend (not wife, not legal partner) to disclose all my financial holdings on a monthly basis. (Monthly statements sent directly to them.) I don't even get monthly statements myself! (I get quarterly statements).
They say this is a requirement from the SEC. Is there somewhere I could go to read up on the details of this requirement? Would it not suffice to sign an agreement that I will not purchase or be involved with any securities that could cause conflict for them?
I find this request invasive. Personal finances are, well, personal and this does not sit right with me. At the same time, my boyfriend is quite excited for this job, and I don't want to kick up a fuss and start his job off on the wrong foot.
Neither of us are very financial people. I am inexperienced with this stuff. His role at the company will not a financial one.
So I feel a bit out of my depth dealing with this. What does /r/personalfinance think? Am I being too protective or paranoid? Are they overreaching their bounds?
Thanks! | Boyfriend got a new job, now HIS potential employer is requiring monthly statements on MY financial accounts? | 92bcbe3b7b854ae69f239c4ed9c6d401 | df8e97dfa68645668bb872731b5a1e30 | 1,460,114,985 | 1,460,139,610 | 23 | 54 | I work in the financial industry. This is normal.
They do NOT need your checking/savings/credit card statements. They only care about investments such as 401k, IRA, brokerage accounts, etc.
| This is pretty usual in the US. I work in the financial industry and I have had to do this with my wife's account for each of my last three jobs. She complains bitterly, but it's that or I have to find another job. Even though you aren't married, I can see them requiring it. The presumption is probably that you may as well be married, otherwise this would be an easy loophole for the rest of us to trade illicitly; just get divorced and stay together. The SEC is pretty strict.
| 0 | 0.116279 | 24,625 | 2.347826 | 1 |
personalfinance | 4dsms5 | My boyfriend is about to start a new job, so we are going through all the paperwork. The firm is a registered investment advisor with the SEC. As such, they need to perform due diligence to ensure there is no insider trading going on (And perhaps other reasons, but this is the only one I am aware of). I understand the importance of this, and am on board with helping facilitate this process. However the Employer is requiring *me*, as his live-together girlfriend (not wife, not legal partner) to disclose all my financial holdings on a monthly basis. (Monthly statements sent directly to them.) I don't even get monthly statements myself! (I get quarterly statements).
They say this is a requirement from the SEC. Is there somewhere I could go to read up on the details of this requirement? Would it not suffice to sign an agreement that I will not purchase or be involved with any securities that could cause conflict for them?
I find this request invasive. Personal finances are, well, personal and this does not sit right with me. At the same time, my boyfriend is quite excited for this job, and I don't want to kick up a fuss and start his job off on the wrong foot.
Neither of us are very financial people. I am inexperienced with this stuff. His role at the company will not a financial one.
So I feel a bit out of my depth dealing with this. What does /r/personalfinance think? Am I being too protective or paranoid? Are they overreaching their bounds?
Thanks! | Boyfriend got a new job, now HIS potential employer is requiring monthly statements on MY financial accounts? | 2b525994d2434e338d4983a6df7aa9eb | 887782b1053748deaf65bf071820cdbc | 1,460,072,131 | 1,460,137,440 | 3 | 679 | My SO is an auditor for a large accounting firm. We go through the same thing, except quarterly. He isn't even allowed to own an investment account outside of what the firm offers.
| yep. Both my wife and i have to grant full account access, and individually report any purchases over 1000 dollars.
Its part of what i signed on for, and unfortunately my wife by proximity is subject to it as well.
| 0 | 0.115385 | 65,309 | 226.333333 | 1 |
personalfinance | 4dsms5 | My boyfriend is about to start a new job, so we are going through all the paperwork. The firm is a registered investment advisor with the SEC. As such, they need to perform due diligence to ensure there is no insider trading going on (And perhaps other reasons, but this is the only one I am aware of). I understand the importance of this, and am on board with helping facilitate this process. However the Employer is requiring *me*, as his live-together girlfriend (not wife, not legal partner) to disclose all my financial holdings on a monthly basis. (Monthly statements sent directly to them.) I don't even get monthly statements myself! (I get quarterly statements).
They say this is a requirement from the SEC. Is there somewhere I could go to read up on the details of this requirement? Would it not suffice to sign an agreement that I will not purchase or be involved with any securities that could cause conflict for them?
I find this request invasive. Personal finances are, well, personal and this does not sit right with me. At the same time, my boyfriend is quite excited for this job, and I don't want to kick up a fuss and start his job off on the wrong foot.
Neither of us are very financial people. I am inexperienced with this stuff. His role at the company will not a financial one.
So I feel a bit out of my depth dealing with this. What does /r/personalfinance think? Am I being too protective or paranoid? Are they overreaching their bounds?
Thanks! | Boyfriend got a new job, now HIS potential employer is requiring monthly statements on MY financial accounts? | 1c1af357e5ed4f338c1c2f472c3b3fc1 | 887782b1053748deaf65bf071820cdbc | 1,460,077,311 | 1,460,137,440 | 155 | 679 | Work in this industry. This is totally legit and pretty standard. Generally, anyone sharing your household would be subject to these rules.
| yep. Both my wife and i have to grant full account access, and individually report any purchases over 1000 dollars.
Its part of what i signed on for, and unfortunately my wife by proximity is subject to it as well.
| 0 | 0.115385 | 60,129 | 4.380645 | 1 |
personalfinance | 4dsms5 | My boyfriend is about to start a new job, so we are going through all the paperwork. The firm is a registered investment advisor with the SEC. As such, they need to perform due diligence to ensure there is no insider trading going on (And perhaps other reasons, but this is the only one I am aware of). I understand the importance of this, and am on board with helping facilitate this process. However the Employer is requiring *me*, as his live-together girlfriend (not wife, not legal partner) to disclose all my financial holdings on a monthly basis. (Monthly statements sent directly to them.) I don't even get monthly statements myself! (I get quarterly statements).
They say this is a requirement from the SEC. Is there somewhere I could go to read up on the details of this requirement? Would it not suffice to sign an agreement that I will not purchase or be involved with any securities that could cause conflict for them?
I find this request invasive. Personal finances are, well, personal and this does not sit right with me. At the same time, my boyfriend is quite excited for this job, and I don't want to kick up a fuss and start his job off on the wrong foot.
Neither of us are very financial people. I am inexperienced with this stuff. His role at the company will not a financial one.
So I feel a bit out of my depth dealing with this. What does /r/personalfinance think? Am I being too protective or paranoid? Are they overreaching their bounds?
Thanks! | Boyfriend got a new job, now HIS potential employer is requiring monthly statements on MY financial accounts? | 3cc54641a85b4aa5813e183f973bf0ac | 887782b1053748deaf65bf071820cdbc | 1,460,083,567 | 1,460,137,440 | 3 | 679 | My SO is an auditor for a large accounting firm. We go through the same thing, except quarterly. He isn't even allowed to own an investment account outside of what the firm offers.
| yep. Both my wife and i have to grant full account access, and individually report any purchases over 1000 dollars.
Its part of what i signed on for, and unfortunately my wife by proximity is subject to it as well.
| 0 | 0.115385 | 53,873 | 226.333333 | 1 |
personalfinance | 4dsms5 | My boyfriend is about to start a new job, so we are going through all the paperwork. The firm is a registered investment advisor with the SEC. As such, they need to perform due diligence to ensure there is no insider trading going on (And perhaps other reasons, but this is the only one I am aware of). I understand the importance of this, and am on board with helping facilitate this process. However the Employer is requiring *me*, as his live-together girlfriend (not wife, not legal partner) to disclose all my financial holdings on a monthly basis. (Monthly statements sent directly to them.) I don't even get monthly statements myself! (I get quarterly statements).
They say this is a requirement from the SEC. Is there somewhere I could go to read up on the details of this requirement? Would it not suffice to sign an agreement that I will not purchase or be involved with any securities that could cause conflict for them?
I find this request invasive. Personal finances are, well, personal and this does not sit right with me. At the same time, my boyfriend is quite excited for this job, and I don't want to kick up a fuss and start his job off on the wrong foot.
Neither of us are very financial people. I am inexperienced with this stuff. His role at the company will not a financial one.
So I feel a bit out of my depth dealing with this. What does /r/personalfinance think? Am I being too protective or paranoid? Are they overreaching their bounds?
Thanks! | Boyfriend got a new job, now HIS potential employer is requiring monthly statements on MY financial accounts? | 5c1ebb4d288f4bdca9440a57fd95e302 | 887782b1053748deaf65bf071820cdbc | 1,460,085,087 | 1,460,137,440 | 155 | 679 | Work in this industry. This is totally legit and pretty standard. Generally, anyone sharing your household would be subject to these rules.
| yep. Both my wife and i have to grant full account access, and individually report any purchases over 1000 dollars.
Its part of what i signed on for, and unfortunately my wife by proximity is subject to it as well.
| 0 | 0.115385 | 52,353 | 4.380645 | 1 |
personalfinance | 4dsms5 | My boyfriend is about to start a new job, so we are going through all the paperwork. The firm is a registered investment advisor with the SEC. As such, they need to perform due diligence to ensure there is no insider trading going on (And perhaps other reasons, but this is the only one I am aware of). I understand the importance of this, and am on board with helping facilitate this process. However the Employer is requiring *me*, as his live-together girlfriend (not wife, not legal partner) to disclose all my financial holdings on a monthly basis. (Monthly statements sent directly to them.) I don't even get monthly statements myself! (I get quarterly statements).
They say this is a requirement from the SEC. Is there somewhere I could go to read up on the details of this requirement? Would it not suffice to sign an agreement that I will not purchase or be involved with any securities that could cause conflict for them?
I find this request invasive. Personal finances are, well, personal and this does not sit right with me. At the same time, my boyfriend is quite excited for this job, and I don't want to kick up a fuss and start his job off on the wrong foot.
Neither of us are very financial people. I am inexperienced with this stuff. His role at the company will not a financial one.
So I feel a bit out of my depth dealing with this. What does /r/personalfinance think? Am I being too protective or paranoid? Are they overreaching their bounds?
Thanks! | Boyfriend got a new job, now HIS potential employer is requiring monthly statements on MY financial accounts? | 9619252e6a4f4dc984d63cb6bdae0606 | 887782b1053748deaf65bf071820cdbc | 1,460,086,723 | 1,460,137,440 | 3 | 679 | My SO is an auditor for a large accounting firm. We go through the same thing, except quarterly. He isn't even allowed to own an investment account outside of what the firm offers.
| yep. Both my wife and i have to grant full account access, and individually report any purchases over 1000 dollars.
Its part of what i signed on for, and unfortunately my wife by proximity is subject to it as well.
| 0 | 0.115385 | 50,717 | 226.333333 | 1 |
personalfinance | 4dsms5 | My boyfriend is about to start a new job, so we are going through all the paperwork. The firm is a registered investment advisor with the SEC. As such, they need to perform due diligence to ensure there is no insider trading going on (And perhaps other reasons, but this is the only one I am aware of). I understand the importance of this, and am on board with helping facilitate this process. However the Employer is requiring *me*, as his live-together girlfriend (not wife, not legal partner) to disclose all my financial holdings on a monthly basis. (Monthly statements sent directly to them.) I don't even get monthly statements myself! (I get quarterly statements).
They say this is a requirement from the SEC. Is there somewhere I could go to read up on the details of this requirement? Would it not suffice to sign an agreement that I will not purchase or be involved with any securities that could cause conflict for them?
I find this request invasive. Personal finances are, well, personal and this does not sit right with me. At the same time, my boyfriend is quite excited for this job, and I don't want to kick up a fuss and start his job off on the wrong foot.
Neither of us are very financial people. I am inexperienced with this stuff. His role at the company will not a financial one.
So I feel a bit out of my depth dealing with this. What does /r/personalfinance think? Am I being too protective or paranoid? Are they overreaching their bounds?
Thanks! | Boyfriend got a new job, now HIS potential employer is requiring monthly statements on MY financial accounts? | a6f0c41aa56e43358384883c9bf9b463 | 887782b1053748deaf65bf071820cdbc | 1,460,094,284 | 1,460,137,440 | 155 | 679 | Work in this industry. This is totally legit and pretty standard. Generally, anyone sharing your household would be subject to these rules.
| yep. Both my wife and i have to grant full account access, and individually report any purchases over 1000 dollars.
Its part of what i signed on for, and unfortunately my wife by proximity is subject to it as well.
| 0 | 0.115385 | 43,156 | 4.380645 | 1 |
personalfinance | 4dsms5 | My boyfriend is about to start a new job, so we are going through all the paperwork. The firm is a registered investment advisor with the SEC. As such, they need to perform due diligence to ensure there is no insider trading going on (And perhaps other reasons, but this is the only one I am aware of). I understand the importance of this, and am on board with helping facilitate this process. However the Employer is requiring *me*, as his live-together girlfriend (not wife, not legal partner) to disclose all my financial holdings on a monthly basis. (Monthly statements sent directly to them.) I don't even get monthly statements myself! (I get quarterly statements).
They say this is a requirement from the SEC. Is there somewhere I could go to read up on the details of this requirement? Would it not suffice to sign an agreement that I will not purchase or be involved with any securities that could cause conflict for them?
I find this request invasive. Personal finances are, well, personal and this does not sit right with me. At the same time, my boyfriend is quite excited for this job, and I don't want to kick up a fuss and start his job off on the wrong foot.
Neither of us are very financial people. I am inexperienced with this stuff. His role at the company will not a financial one.
So I feel a bit out of my depth dealing with this. What does /r/personalfinance think? Am I being too protective or paranoid? Are they overreaching their bounds?
Thanks! | Boyfriend got a new job, now HIS potential employer is requiring monthly statements on MY financial accounts? | 9895ae4727854a3889a236fa28d76835 | 581c202491ee42cebd1aa24e2a3ef30a | 1,460,123,251 | 1,460,123,408 | 12 | 2,327 | Make sure you understand exactly what type of financial account documentation they require. I work for an investment bank and our personal brokerage accounts have to be disclosed (because you can trade individual holdings in them), but we do NOT have to provide access to any accounts that hold mutual funds/ETFs/money markets/bond funds. If we want to do any individual stock or bond purchasing/selling, we have to get approval through an online compliance tool before we make the trade - the approval is good for only 24 hrs. Because of the restrictions, I pretty much just stick to mutual funds and ETFs these days.
| I work in the finance industry. This is common. No need to panic. Any brokerage account that your SO could have significant influence over must be disclosed. Marriage is irrelevant; you live with him. That's pretty close and significant.
I can't even own an investment account outside of my employer. If anything can be considered overkill, monthly disclosure is pretty ridiculous. I only have to certify my holdings quarterly, but it is what it is.
Idk what your future plans are with your SO, but as long as you're together and he's in the industry, you're gonna have to get used to it. The kind of privacy you want historically provided a means to shelter unethical and illegal behavior, and those activities are now under increased scrutiny.
| 0 | 0.114943 | 157 | 193.916667 | 1 |
personalfinance | 4dsms5 | My boyfriend is about to start a new job, so we are going through all the paperwork. The firm is a registered investment advisor with the SEC. As such, they need to perform due diligence to ensure there is no insider trading going on (And perhaps other reasons, but this is the only one I am aware of). I understand the importance of this, and am on board with helping facilitate this process. However the Employer is requiring *me*, as his live-together girlfriend (not wife, not legal partner) to disclose all my financial holdings on a monthly basis. (Monthly statements sent directly to them.) I don't even get monthly statements myself! (I get quarterly statements).
They say this is a requirement from the SEC. Is there somewhere I could go to read up on the details of this requirement? Would it not suffice to sign an agreement that I will not purchase or be involved with any securities that could cause conflict for them?
I find this request invasive. Personal finances are, well, personal and this does not sit right with me. At the same time, my boyfriend is quite excited for this job, and I don't want to kick up a fuss and start his job off on the wrong foot.
Neither of us are very financial people. I am inexperienced with this stuff. His role at the company will not a financial one.
So I feel a bit out of my depth dealing with this. What does /r/personalfinance think? Am I being too protective or paranoid? Are they overreaching their bounds?
Thanks! | Boyfriend got a new job, now HIS potential employer is requiring monthly statements on MY financial accounts? | 9895ae4727854a3889a236fa28d76835 | 88500299783145f49101d9ca199e6b8a | 1,460,123,251 | 1,460,139,776 | 12 | 23 | Make sure you understand exactly what type of financial account documentation they require. I work for an investment bank and our personal brokerage accounts have to be disclosed (because you can trade individual holdings in them), but we do NOT have to provide access to any accounts that hold mutual funds/ETFs/money markets/bond funds. If we want to do any individual stock or bond purchasing/selling, we have to get approval through an online compliance tool before we make the trade - the approval is good for only 24 hrs. Because of the restrictions, I pretty much just stick to mutual funds and ETFs these days.
| I work in the financial industry. This is normal.
They do NOT need your checking/savings/credit card statements. They only care about investments such as 401k, IRA, brokerage accounts, etc.
| 0 | 0.114754 | 16,525 | 1.916667 | 1 |
personalfinance | 4dsms5 | My boyfriend is about to start a new job, so we are going through all the paperwork. The firm is a registered investment advisor with the SEC. As such, they need to perform due diligence to ensure there is no insider trading going on (And perhaps other reasons, but this is the only one I am aware of). I understand the importance of this, and am on board with helping facilitate this process. However the Employer is requiring *me*, as his live-together girlfriend (not wife, not legal partner) to disclose all my financial holdings on a monthly basis. (Monthly statements sent directly to them.) I don't even get monthly statements myself! (I get quarterly statements).
They say this is a requirement from the SEC. Is there somewhere I could go to read up on the details of this requirement? Would it not suffice to sign an agreement that I will not purchase or be involved with any securities that could cause conflict for them?
I find this request invasive. Personal finances are, well, personal and this does not sit right with me. At the same time, my boyfriend is quite excited for this job, and I don't want to kick up a fuss and start his job off on the wrong foot.
Neither of us are very financial people. I am inexperienced with this stuff. His role at the company will not a financial one.
So I feel a bit out of my depth dealing with this. What does /r/personalfinance think? Am I being too protective or paranoid? Are they overreaching their bounds?
Thanks! | Boyfriend got a new job, now HIS potential employer is requiring monthly statements on MY financial accounts? | 2b525994d2434e338d4983a6df7aa9eb | 6f25e1b084b548afbb463a8b54d1d12c | 1,460,072,131 | 1,460,130,959 | 3 | 13 | My SO is an auditor for a large accounting firm. We go through the same thing, except quarterly. He isn't even allowed to own an investment account outside of what the firm offers.
| I think there's a law firm in Panama that could help make this easier for you.
| 0 | 0.111111 | 58,828 | 4.333333 | 1 |
personalfinance | 4dsms5 | My boyfriend is about to start a new job, so we are going through all the paperwork. The firm is a registered investment advisor with the SEC. As such, they need to perform due diligence to ensure there is no insider trading going on (And perhaps other reasons, but this is the only one I am aware of). I understand the importance of this, and am on board with helping facilitate this process. However the Employer is requiring *me*, as his live-together girlfriend (not wife, not legal partner) to disclose all my financial holdings on a monthly basis. (Monthly statements sent directly to them.) I don't even get monthly statements myself! (I get quarterly statements).
They say this is a requirement from the SEC. Is there somewhere I could go to read up on the details of this requirement? Would it not suffice to sign an agreement that I will not purchase or be involved with any securities that could cause conflict for them?
I find this request invasive. Personal finances are, well, personal and this does not sit right with me. At the same time, my boyfriend is quite excited for this job, and I don't want to kick up a fuss and start his job off on the wrong foot.
Neither of us are very financial people. I am inexperienced with this stuff. His role at the company will not a financial one.
So I feel a bit out of my depth dealing with this. What does /r/personalfinance think? Am I being too protective or paranoid? Are they overreaching their bounds?
Thanks! | Boyfriend got a new job, now HIS potential employer is requiring monthly statements on MY financial accounts? | d440599ec3bf48b7a9de9824513125fd | 73c28b2efd204dca8f281e4c5fb652bc | 1,460,081,086 | 1,460,141,136 | 9 | 1,089 | It could be worse. If you or your spouse worked in government, you might have to annually *publicly* disclose all assets, as well as any trades you make.
| Well, I found out today that an SO working in finance would be a deal breaker.
| 0 | 0.111111 | 60,050 | 121 | 1 |
personalfinance | 4dsms5 | My boyfriend is about to start a new job, so we are going through all the paperwork. The firm is a registered investment advisor with the SEC. As such, they need to perform due diligence to ensure there is no insider trading going on (And perhaps other reasons, but this is the only one I am aware of). I understand the importance of this, and am on board with helping facilitate this process. However the Employer is requiring *me*, as his live-together girlfriend (not wife, not legal partner) to disclose all my financial holdings on a monthly basis. (Monthly statements sent directly to them.) I don't even get monthly statements myself! (I get quarterly statements).
They say this is a requirement from the SEC. Is there somewhere I could go to read up on the details of this requirement? Would it not suffice to sign an agreement that I will not purchase or be involved with any securities that could cause conflict for them?
I find this request invasive. Personal finances are, well, personal and this does not sit right with me. At the same time, my boyfriend is quite excited for this job, and I don't want to kick up a fuss and start his job off on the wrong foot.
Neither of us are very financial people. I am inexperienced with this stuff. His role at the company will not a financial one.
So I feel a bit out of my depth dealing with this. What does /r/personalfinance think? Am I being too protective or paranoid? Are they overreaching their bounds?
Thanks! | Boyfriend got a new job, now HIS potential employer is requiring monthly statements on MY financial accounts? | 3cc54641a85b4aa5813e183f973bf0ac | 6f25e1b084b548afbb463a8b54d1d12c | 1,460,083,567 | 1,460,130,959 | 3 | 13 | My SO is an auditor for a large accounting firm. We go through the same thing, except quarterly. He isn't even allowed to own an investment account outside of what the firm offers.
| I think there's a law firm in Panama that could help make this easier for you.
| 0 | 0.111111 | 47,392 | 4.333333 | 1 |
personalfinance | 4dsms5 | My boyfriend is about to start a new job, so we are going through all the paperwork. The firm is a registered investment advisor with the SEC. As such, they need to perform due diligence to ensure there is no insider trading going on (And perhaps other reasons, but this is the only one I am aware of). I understand the importance of this, and am on board with helping facilitate this process. However the Employer is requiring *me*, as his live-together girlfriend (not wife, not legal partner) to disclose all my financial holdings on a monthly basis. (Monthly statements sent directly to them.) I don't even get monthly statements myself! (I get quarterly statements).
They say this is a requirement from the SEC. Is there somewhere I could go to read up on the details of this requirement? Would it not suffice to sign an agreement that I will not purchase or be involved with any securities that could cause conflict for them?
I find this request invasive. Personal finances are, well, personal and this does not sit right with me. At the same time, my boyfriend is quite excited for this job, and I don't want to kick up a fuss and start his job off on the wrong foot.
Neither of us are very financial people. I am inexperienced with this stuff. His role at the company will not a financial one.
So I feel a bit out of my depth dealing with this. What does /r/personalfinance think? Am I being too protective or paranoid? Are they overreaching their bounds?
Thanks! | Boyfriend got a new job, now HIS potential employer is requiring monthly statements on MY financial accounts? | 7619498a3c6f49a5838821ac52f78d3f | 73c28b2efd204dca8f281e4c5fb652bc | 1,460,090,002 | 1,460,141,136 | 9 | 1,089 | It could be worse. If you or your spouse worked in government, you might have to annually *publicly* disclose all assets, as well as any trades you make.
| Well, I found out today that an SO working in finance would be a deal breaker.
| 0 | 0.111111 | 51,134 | 121 | 1 |
personalfinance | 4dsms5 | My boyfriend is about to start a new job, so we are going through all the paperwork. The firm is a registered investment advisor with the SEC. As such, they need to perform due diligence to ensure there is no insider trading going on (And perhaps other reasons, but this is the only one I am aware of). I understand the importance of this, and am on board with helping facilitate this process. However the Employer is requiring *me*, as his live-together girlfriend (not wife, not legal partner) to disclose all my financial holdings on a monthly basis. (Monthly statements sent directly to them.) I don't even get monthly statements myself! (I get quarterly statements).
They say this is a requirement from the SEC. Is there somewhere I could go to read up on the details of this requirement? Would it not suffice to sign an agreement that I will not purchase or be involved with any securities that could cause conflict for them?
I find this request invasive. Personal finances are, well, personal and this does not sit right with me. At the same time, my boyfriend is quite excited for this job, and I don't want to kick up a fuss and start his job off on the wrong foot.
Neither of us are very financial people. I am inexperienced with this stuff. His role at the company will not a financial one.
So I feel a bit out of my depth dealing with this. What does /r/personalfinance think? Am I being too protective or paranoid? Are they overreaching their bounds?
Thanks! | Boyfriend got a new job, now HIS potential employer is requiring monthly statements on MY financial accounts? | 2b525994d2434e338d4983a6df7aa9eb | 21e373acda5c4fe2927dab5e98f8e69c | 1,460,072,131 | 1,460,072,193 | 3 | 2,327 | My SO is an auditor for a large accounting firm. We go through the same thing, except quarterly. He isn't even allowed to own an investment account outside of what the firm offers.
| I work in the finance industry. This is common. No need to panic. Any brokerage account that your SO could have significant influence over must be disclosed. Marriage is irrelevant; you live with him. That's pretty close and significant.
I can't even own an investment account outside of my employer. If anything can be considered overkill, monthly disclosure is pretty ridiculous. I only have to certify my holdings quarterly, but it is what it is.
Idk what your future plans are with your SO, but as long as you're together and he's in the industry, you're gonna have to get used to it. The kind of privacy you want historically provided a means to shelter unethical and illegal behavior, and those activities are now under increased scrutiny.
| 0 | 0.107143 | 62 | 775.666667 | 1 |
personalfinance | 4dsms5 | My boyfriend is about to start a new job, so we are going through all the paperwork. The firm is a registered investment advisor with the SEC. As such, they need to perform due diligence to ensure there is no insider trading going on (And perhaps other reasons, but this is the only one I am aware of). I understand the importance of this, and am on board with helping facilitate this process. However the Employer is requiring *me*, as his live-together girlfriend (not wife, not legal partner) to disclose all my financial holdings on a monthly basis. (Monthly statements sent directly to them.) I don't even get monthly statements myself! (I get quarterly statements).
They say this is a requirement from the SEC. Is there somewhere I could go to read up on the details of this requirement? Would it not suffice to sign an agreement that I will not purchase or be involved with any securities that could cause conflict for them?
I find this request invasive. Personal finances are, well, personal and this does not sit right with me. At the same time, my boyfriend is quite excited for this job, and I don't want to kick up a fuss and start his job off on the wrong foot.
Neither of us are very financial people. I am inexperienced with this stuff. His role at the company will not a financial one.
So I feel a bit out of my depth dealing with this. What does /r/personalfinance think? Am I being too protective or paranoid? Are they overreaching their bounds?
Thanks! | Boyfriend got a new job, now HIS potential employer is requiring monthly statements on MY financial accounts? | 2b525994d2434e338d4983a6df7aa9eb | 73c28b2efd204dca8f281e4c5fb652bc | 1,460,072,131 | 1,460,141,136 | 3 | 1,089 | My SO is an auditor for a large accounting firm. We go through the same thing, except quarterly. He isn't even allowed to own an investment account outside of what the firm offers.
| Well, I found out today that an SO working in finance would be a deal breaker.
| 0 | 0.105263 | 69,005 | 363 | 1 |
personalfinance | 4dsms5 | My boyfriend is about to start a new job, so we are going through all the paperwork. The firm is a registered investment advisor with the SEC. As such, they need to perform due diligence to ensure there is no insider trading going on (And perhaps other reasons, but this is the only one I am aware of). I understand the importance of this, and am on board with helping facilitate this process. However the Employer is requiring *me*, as his live-together girlfriend (not wife, not legal partner) to disclose all my financial holdings on a monthly basis. (Monthly statements sent directly to them.) I don't even get monthly statements myself! (I get quarterly statements).
They say this is a requirement from the SEC. Is there somewhere I could go to read up on the details of this requirement? Would it not suffice to sign an agreement that I will not purchase or be involved with any securities that could cause conflict for them?
I find this request invasive. Personal finances are, well, personal and this does not sit right with me. At the same time, my boyfriend is quite excited for this job, and I don't want to kick up a fuss and start his job off on the wrong foot.
Neither of us are very financial people. I am inexperienced with this stuff. His role at the company will not a financial one.
So I feel a bit out of my depth dealing with this. What does /r/personalfinance think? Am I being too protective or paranoid? Are they overreaching their bounds?
Thanks! | Boyfriend got a new job, now HIS potential employer is requiring monthly statements on MY financial accounts? | 2b525994d2434e338d4983a6df7aa9eb | e280754bea9e45c98fb13a10acad6097 | 1,460,072,131 | 1,460,476,865 | 3 | 95 | My SO is an auditor for a large accounting firm. We go through the same thing, except quarterly. He isn't even allowed to own an investment account outside of what the firm offers.
| Then he will not get the job as the liability for the firm is too high. Same as if he didn't pass a background check.
| 0 | 0.105263 | 404,734 | 31.666667 | 1 |
personalfinance | 4dsms5 | My boyfriend is about to start a new job, so we are going through all the paperwork. The firm is a registered investment advisor with the SEC. As such, they need to perform due diligence to ensure there is no insider trading going on (And perhaps other reasons, but this is the only one I am aware of). I understand the importance of this, and am on board with helping facilitate this process. However the Employer is requiring *me*, as his live-together girlfriend (not wife, not legal partner) to disclose all my financial holdings on a monthly basis. (Monthly statements sent directly to them.) I don't even get monthly statements myself! (I get quarterly statements).
They say this is a requirement from the SEC. Is there somewhere I could go to read up on the details of this requirement? Would it not suffice to sign an agreement that I will not purchase or be involved with any securities that could cause conflict for them?
I find this request invasive. Personal finances are, well, personal and this does not sit right with me. At the same time, my boyfriend is quite excited for this job, and I don't want to kick up a fuss and start his job off on the wrong foot.
Neither of us are very financial people. I am inexperienced with this stuff. His role at the company will not a financial one.
So I feel a bit out of my depth dealing with this. What does /r/personalfinance think? Am I being too protective or paranoid? Are they overreaching their bounds?
Thanks! | Boyfriend got a new job, now HIS potential employer is requiring monthly statements on MY financial accounts? | 1c1af357e5ed4f338c1c2f472c3b3fc1 | 73c28b2efd204dca8f281e4c5fb652bc | 1,460,077,311 | 1,460,141,136 | 155 | 1,089 | Work in this industry. This is totally legit and pretty standard. Generally, anyone sharing your household would be subject to these rules.
| Well, I found out today that an SO working in finance would be a deal breaker.
| 0 | 0.105263 | 63,825 | 7.025806 | 1 |
personalfinance | 4dsms5 | My boyfriend is about to start a new job, so we are going through all the paperwork. The firm is a registered investment advisor with the SEC. As such, they need to perform due diligence to ensure there is no insider trading going on (And perhaps other reasons, but this is the only one I am aware of). I understand the importance of this, and am on board with helping facilitate this process. However the Employer is requiring *me*, as his live-together girlfriend (not wife, not legal partner) to disclose all my financial holdings on a monthly basis. (Monthly statements sent directly to them.) I don't even get monthly statements myself! (I get quarterly statements).
They say this is a requirement from the SEC. Is there somewhere I could go to read up on the details of this requirement? Would it not suffice to sign an agreement that I will not purchase or be involved with any securities that could cause conflict for them?
I find this request invasive. Personal finances are, well, personal and this does not sit right with me. At the same time, my boyfriend is quite excited for this job, and I don't want to kick up a fuss and start his job off on the wrong foot.
Neither of us are very financial people. I am inexperienced with this stuff. His role at the company will not a financial one.
So I feel a bit out of my depth dealing with this. What does /r/personalfinance think? Am I being too protective or paranoid? Are they overreaching their bounds?
Thanks! | Boyfriend got a new job, now HIS potential employer is requiring monthly statements on MY financial accounts? | d440599ec3bf48b7a9de9824513125fd | e3c0e83b12ce471f82567836a42b20b8 | 1,460,081,086 | 1,460,388,629 | 9 | 27 | It could be worse. If you or your spouse worked in government, you might have to annually *publicly* disclose all assets, as well as any trades you make.
| I am curious as to why? This might be partially because I am younger, but I never understood why money is such a taboo.
| 0 | 0.105263 | 307,543 | 3 | 1 |
personalfinance | 4dsms5 | My boyfriend is about to start a new job, so we are going through all the paperwork. The firm is a registered investment advisor with the SEC. As such, they need to perform due diligence to ensure there is no insider trading going on (And perhaps other reasons, but this is the only one I am aware of). I understand the importance of this, and am on board with helping facilitate this process. However the Employer is requiring *me*, as his live-together girlfriend (not wife, not legal partner) to disclose all my financial holdings on a monthly basis. (Monthly statements sent directly to them.) I don't even get monthly statements myself! (I get quarterly statements).
They say this is a requirement from the SEC. Is there somewhere I could go to read up on the details of this requirement? Would it not suffice to sign an agreement that I will not purchase or be involved with any securities that could cause conflict for them?
I find this request invasive. Personal finances are, well, personal and this does not sit right with me. At the same time, my boyfriend is quite excited for this job, and I don't want to kick up a fuss and start his job off on the wrong foot.
Neither of us are very financial people. I am inexperienced with this stuff. His role at the company will not a financial one.
So I feel a bit out of my depth dealing with this. What does /r/personalfinance think? Am I being too protective or paranoid? Are they overreaching their bounds?
Thanks! | Boyfriend got a new job, now HIS potential employer is requiring monthly statements on MY financial accounts? | 8b009997561147e6ba8b1c145e531bd6 | 73c28b2efd204dca8f281e4c5fb652bc | 1,460,081,258 | 1,460,141,136 | 155 | 1,089 | Work in this industry. This is totally legit and pretty standard. Generally, anyone sharing your household would be subject to these rules.
| Well, I found out today that an SO working in finance would be a deal breaker.
| 0 | 0.105263 | 59,878 | 7.025806 | 1 |
personalfinance | 4dsms5 | My boyfriend is about to start a new job, so we are going through all the paperwork. The firm is a registered investment advisor with the SEC. As such, they need to perform due diligence to ensure there is no insider trading going on (And perhaps other reasons, but this is the only one I am aware of). I understand the importance of this, and am on board with helping facilitate this process. However the Employer is requiring *me*, as his live-together girlfriend (not wife, not legal partner) to disclose all my financial holdings on a monthly basis. (Monthly statements sent directly to them.) I don't even get monthly statements myself! (I get quarterly statements).
They say this is a requirement from the SEC. Is there somewhere I could go to read up on the details of this requirement? Would it not suffice to sign an agreement that I will not purchase or be involved with any securities that could cause conflict for them?
I find this request invasive. Personal finances are, well, personal and this does not sit right with me. At the same time, my boyfriend is quite excited for this job, and I don't want to kick up a fuss and start his job off on the wrong foot.
Neither of us are very financial people. I am inexperienced with this stuff. His role at the company will not a financial one.
So I feel a bit out of my depth dealing with this. What does /r/personalfinance think? Am I being too protective or paranoid? Are they overreaching their bounds?
Thanks! | Boyfriend got a new job, now HIS potential employer is requiring monthly statements on MY financial accounts? | 3cc54641a85b4aa5813e183f973bf0ac | 73c28b2efd204dca8f281e4c5fb652bc | 1,460,083,567 | 1,460,141,136 | 3 | 1,089 | My SO is an auditor for a large accounting firm. We go through the same thing, except quarterly. He isn't even allowed to own an investment account outside of what the firm offers.
| Well, I found out today that an SO working in finance would be a deal breaker.
| 0 | 0.105263 | 57,569 | 363 | 1 |
personalfinance | 4dsms5 | My boyfriend is about to start a new job, so we are going through all the paperwork. The firm is a registered investment advisor with the SEC. As such, they need to perform due diligence to ensure there is no insider trading going on (And perhaps other reasons, but this is the only one I am aware of). I understand the importance of this, and am on board with helping facilitate this process. However the Employer is requiring *me*, as his live-together girlfriend (not wife, not legal partner) to disclose all my financial holdings on a monthly basis. (Monthly statements sent directly to them.) I don't even get monthly statements myself! (I get quarterly statements).
They say this is a requirement from the SEC. Is there somewhere I could go to read up on the details of this requirement? Would it not suffice to sign an agreement that I will not purchase or be involved with any securities that could cause conflict for them?
I find this request invasive. Personal finances are, well, personal and this does not sit right with me. At the same time, my boyfriend is quite excited for this job, and I don't want to kick up a fuss and start his job off on the wrong foot.
Neither of us are very financial people. I am inexperienced with this stuff. His role at the company will not a financial one.
So I feel a bit out of my depth dealing with this. What does /r/personalfinance think? Am I being too protective or paranoid? Are they overreaching their bounds?
Thanks! | Boyfriend got a new job, now HIS potential employer is requiring monthly statements on MY financial accounts? | 3cc54641a85b4aa5813e183f973bf0ac | e280754bea9e45c98fb13a10acad6097 | 1,460,083,567 | 1,460,476,865 | 3 | 95 | My SO is an auditor for a large accounting firm. We go through the same thing, except quarterly. He isn't even allowed to own an investment account outside of what the firm offers.
| Then he will not get the job as the liability for the firm is too high. Same as if he didn't pass a background check.
| 0 | 0.105263 | 393,298 | 31.666667 | 1 |
personalfinance | 4dsms5 | My boyfriend is about to start a new job, so we are going through all the paperwork. The firm is a registered investment advisor with the SEC. As such, they need to perform due diligence to ensure there is no insider trading going on (And perhaps other reasons, but this is the only one I am aware of). I understand the importance of this, and am on board with helping facilitate this process. However the Employer is requiring *me*, as his live-together girlfriend (not wife, not legal partner) to disclose all my financial holdings on a monthly basis. (Monthly statements sent directly to them.) I don't even get monthly statements myself! (I get quarterly statements).
They say this is a requirement from the SEC. Is there somewhere I could go to read up on the details of this requirement? Would it not suffice to sign an agreement that I will not purchase or be involved with any securities that could cause conflict for them?
I find this request invasive. Personal finances are, well, personal and this does not sit right with me. At the same time, my boyfriend is quite excited for this job, and I don't want to kick up a fuss and start his job off on the wrong foot.
Neither of us are very financial people. I am inexperienced with this stuff. His role at the company will not a financial one.
So I feel a bit out of my depth dealing with this. What does /r/personalfinance think? Am I being too protective or paranoid? Are they overreaching their bounds?
Thanks! | Boyfriend got a new job, now HIS potential employer is requiring monthly statements on MY financial accounts? | 5c1ebb4d288f4bdca9440a57fd95e302 | 73c28b2efd204dca8f281e4c5fb652bc | 1,460,085,087 | 1,460,141,136 | 155 | 1,089 | Work in this industry. This is totally legit and pretty standard. Generally, anyone sharing your household would be subject to these rules.
| Well, I found out today that an SO working in finance would be a deal breaker.
| 0 | 0.105263 | 56,049 | 7.025806 | 1 |
personalfinance | 4dsms5 | My boyfriend is about to start a new job, so we are going through all the paperwork. The firm is a registered investment advisor with the SEC. As such, they need to perform due diligence to ensure there is no insider trading going on (And perhaps other reasons, but this is the only one I am aware of). I understand the importance of this, and am on board with helping facilitate this process. However the Employer is requiring *me*, as his live-together girlfriend (not wife, not legal partner) to disclose all my financial holdings on a monthly basis. (Monthly statements sent directly to them.) I don't even get monthly statements myself! (I get quarterly statements).
They say this is a requirement from the SEC. Is there somewhere I could go to read up on the details of this requirement? Would it not suffice to sign an agreement that I will not purchase or be involved with any securities that could cause conflict for them?
I find this request invasive. Personal finances are, well, personal and this does not sit right with me. At the same time, my boyfriend is quite excited for this job, and I don't want to kick up a fuss and start his job off on the wrong foot.
Neither of us are very financial people. I am inexperienced with this stuff. His role at the company will not a financial one.
So I feel a bit out of my depth dealing with this. What does /r/personalfinance think? Am I being too protective or paranoid? Are they overreaching their bounds?
Thanks! | Boyfriend got a new job, now HIS potential employer is requiring monthly statements on MY financial accounts? | 9619252e6a4f4dc984d63cb6bdae0606 | 73c28b2efd204dca8f281e4c5fb652bc | 1,460,086,723 | 1,460,141,136 | 3 | 1,089 | My SO is an auditor for a large accounting firm. We go through the same thing, except quarterly. He isn't even allowed to own an investment account outside of what the firm offers.
| Well, I found out today that an SO working in finance would be a deal breaker.
| 0 | 0.105263 | 54,413 | 363 | 1 |
personalfinance | 4dsms5 | My boyfriend is about to start a new job, so we are going through all the paperwork. The firm is a registered investment advisor with the SEC. As such, they need to perform due diligence to ensure there is no insider trading going on (And perhaps other reasons, but this is the only one I am aware of). I understand the importance of this, and am on board with helping facilitate this process. However the Employer is requiring *me*, as his live-together girlfriend (not wife, not legal partner) to disclose all my financial holdings on a monthly basis. (Monthly statements sent directly to them.) I don't even get monthly statements myself! (I get quarterly statements).
They say this is a requirement from the SEC. Is there somewhere I could go to read up on the details of this requirement? Would it not suffice to sign an agreement that I will not purchase or be involved with any securities that could cause conflict for them?
I find this request invasive. Personal finances are, well, personal and this does not sit right with me. At the same time, my boyfriend is quite excited for this job, and I don't want to kick up a fuss and start his job off on the wrong foot.
Neither of us are very financial people. I am inexperienced with this stuff. His role at the company will not a financial one.
So I feel a bit out of my depth dealing with this. What does /r/personalfinance think? Am I being too protective or paranoid? Are they overreaching their bounds?
Thanks! | Boyfriend got a new job, now HIS potential employer is requiring monthly statements on MY financial accounts? | 9619252e6a4f4dc984d63cb6bdae0606 | e280754bea9e45c98fb13a10acad6097 | 1,460,086,723 | 1,460,476,865 | 3 | 95 | My SO is an auditor for a large accounting firm. We go through the same thing, except quarterly. He isn't even allowed to own an investment account outside of what the firm offers.
| Then he will not get the job as the liability for the firm is too high. Same as if he didn't pass a background check.
| 0 | 0.105263 | 390,142 | 31.666667 | 1 |
personalfinance | 4dsms5 | My boyfriend is about to start a new job, so we are going through all the paperwork. The firm is a registered investment advisor with the SEC. As such, they need to perform due diligence to ensure there is no insider trading going on (And perhaps other reasons, but this is the only one I am aware of). I understand the importance of this, and am on board with helping facilitate this process. However the Employer is requiring *me*, as his live-together girlfriend (not wife, not legal partner) to disclose all my financial holdings on a monthly basis. (Monthly statements sent directly to them.) I don't even get monthly statements myself! (I get quarterly statements).
They say this is a requirement from the SEC. Is there somewhere I could go to read up on the details of this requirement? Would it not suffice to sign an agreement that I will not purchase or be involved with any securities that could cause conflict for them?
I find this request invasive. Personal finances are, well, personal and this does not sit right with me. At the same time, my boyfriend is quite excited for this job, and I don't want to kick up a fuss and start his job off on the wrong foot.
Neither of us are very financial people. I am inexperienced with this stuff. His role at the company will not a financial one.
So I feel a bit out of my depth dealing with this. What does /r/personalfinance think? Am I being too protective or paranoid? Are they overreaching their bounds?
Thanks! | Boyfriend got a new job, now HIS potential employer is requiring monthly statements on MY financial accounts? | 7619498a3c6f49a5838821ac52f78d3f | e3c0e83b12ce471f82567836a42b20b8 | 1,460,090,002 | 1,460,388,629 | 9 | 27 | It could be worse. If you or your spouse worked in government, you might have to annually *publicly* disclose all assets, as well as any trades you make.
| I am curious as to why? This might be partially because I am younger, but I never understood why money is such a taboo.
| 0 | 0.105263 | 298,627 | 3 | 1 |
personalfinance | 4dsms5 | My boyfriend is about to start a new job, so we are going through all the paperwork. The firm is a registered investment advisor with the SEC. As such, they need to perform due diligence to ensure there is no insider trading going on (And perhaps other reasons, but this is the only one I am aware of). I understand the importance of this, and am on board with helping facilitate this process. However the Employer is requiring *me*, as his live-together girlfriend (not wife, not legal partner) to disclose all my financial holdings on a monthly basis. (Monthly statements sent directly to them.) I don't even get monthly statements myself! (I get quarterly statements).
They say this is a requirement from the SEC. Is there somewhere I could go to read up on the details of this requirement? Would it not suffice to sign an agreement that I will not purchase or be involved with any securities that could cause conflict for them?
I find this request invasive. Personal finances are, well, personal and this does not sit right with me. At the same time, my boyfriend is quite excited for this job, and I don't want to kick up a fuss and start his job off on the wrong foot.
Neither of us are very financial people. I am inexperienced with this stuff. His role at the company will not a financial one.
So I feel a bit out of my depth dealing with this. What does /r/personalfinance think? Am I being too protective or paranoid? Are they overreaching their bounds?
Thanks! | Boyfriend got a new job, now HIS potential employer is requiring monthly statements on MY financial accounts? | a6f0c41aa56e43358384883c9bf9b463 | 73c28b2efd204dca8f281e4c5fb652bc | 1,460,094,284 | 1,460,141,136 | 155 | 1,089 | Work in this industry. This is totally legit and pretty standard. Generally, anyone sharing your household would be subject to these rules.
| Well, I found out today that an SO working in finance would be a deal breaker.
| 0 | 0.105263 | 46,852 | 7.025806 | 1 |
personalfinance | 4dsms5 | My boyfriend is about to start a new job, so we are going through all the paperwork. The firm is a registered investment advisor with the SEC. As such, they need to perform due diligence to ensure there is no insider trading going on (And perhaps other reasons, but this is the only one I am aware of). I understand the importance of this, and am on board with helping facilitate this process. However the Employer is requiring *me*, as his live-together girlfriend (not wife, not legal partner) to disclose all my financial holdings on a monthly basis. (Monthly statements sent directly to them.) I don't even get monthly statements myself! (I get quarterly statements).
They say this is a requirement from the SEC. Is there somewhere I could go to read up on the details of this requirement? Would it not suffice to sign an agreement that I will not purchase or be involved with any securities that could cause conflict for them?
I find this request invasive. Personal finances are, well, personal and this does not sit right with me. At the same time, my boyfriend is quite excited for this job, and I don't want to kick up a fuss and start his job off on the wrong foot.
Neither of us are very financial people. I am inexperienced with this stuff. His role at the company will not a financial one.
So I feel a bit out of my depth dealing with this. What does /r/personalfinance think? Am I being too protective or paranoid? Are they overreaching their bounds?
Thanks! | Boyfriend got a new job, now HIS potential employer is requiring monthly statements on MY financial accounts? | 9895ae4727854a3889a236fa28d76835 | df8e97dfa68645668bb872731b5a1e30 | 1,460,123,251 | 1,460,139,610 | 12 | 54 | Make sure you understand exactly what type of financial account documentation they require. I work for an investment bank and our personal brokerage accounts have to be disclosed (because you can trade individual holdings in them), but we do NOT have to provide access to any accounts that hold mutual funds/ETFs/money markets/bond funds. If we want to do any individual stock or bond purchasing/selling, we have to get approval through an online compliance tool before we make the trade - the approval is good for only 24 hrs. Because of the restrictions, I pretty much just stick to mutual funds and ETFs these days.
| This is pretty usual in the US. I work in the financial industry and I have had to do this with my wife's account for each of my last three jobs. She complains bitterly, but it's that or I have to find another job. Even though you aren't married, I can see them requiring it. The presumption is probably that you may as well be married, otherwise this would be an easy loophole for the rest of us to trade illicitly; just get divorced and stay together. The SEC is pretty strict.
| 0 | 0.101449 | 16,359 | 4.5 | 1 |
personalfinance | 4dsms5 | My boyfriend is about to start a new job, so we are going through all the paperwork. The firm is a registered investment advisor with the SEC. As such, they need to perform due diligence to ensure there is no insider trading going on (And perhaps other reasons, but this is the only one I am aware of). I understand the importance of this, and am on board with helping facilitate this process. However the Employer is requiring *me*, as his live-together girlfriend (not wife, not legal partner) to disclose all my financial holdings on a monthly basis. (Monthly statements sent directly to them.) I don't even get monthly statements myself! (I get quarterly statements).
They say this is a requirement from the SEC. Is there somewhere I could go to read up on the details of this requirement? Would it not suffice to sign an agreement that I will not purchase or be involved with any securities that could cause conflict for them?
I find this request invasive. Personal finances are, well, personal and this does not sit right with me. At the same time, my boyfriend is quite excited for this job, and I don't want to kick up a fuss and start his job off on the wrong foot.
Neither of us are very financial people. I am inexperienced with this stuff. His role at the company will not a financial one.
So I feel a bit out of my depth dealing with this. What does /r/personalfinance think? Am I being too protective or paranoid? Are they overreaching their bounds?
Thanks! | Boyfriend got a new job, now HIS potential employer is requiring monthly statements on MY financial accounts? | 2b525994d2434e338d4983a6df7aa9eb | e3c0e83b12ce471f82567836a42b20b8 | 1,460,072,131 | 1,460,388,629 | 3 | 27 | My SO is an auditor for a large accounting firm. We go through the same thing, except quarterly. He isn't even allowed to own an investment account outside of what the firm offers.
| I am curious as to why? This might be partially because I am younger, but I never understood why money is such a taboo.
| 0 | 0.1 | 316,498 | 9 | 1 |
personalfinance | 4dsms5 | My boyfriend is about to start a new job, so we are going through all the paperwork. The firm is a registered investment advisor with the SEC. As such, they need to perform due diligence to ensure there is no insider trading going on (And perhaps other reasons, but this is the only one I am aware of). I understand the importance of this, and am on board with helping facilitate this process. However the Employer is requiring *me*, as his live-together girlfriend (not wife, not legal partner) to disclose all my financial holdings on a monthly basis. (Monthly statements sent directly to them.) I don't even get monthly statements myself! (I get quarterly statements).
They say this is a requirement from the SEC. Is there somewhere I could go to read up on the details of this requirement? Would it not suffice to sign an agreement that I will not purchase or be involved with any securities that could cause conflict for them?
I find this request invasive. Personal finances are, well, personal and this does not sit right with me. At the same time, my boyfriend is quite excited for this job, and I don't want to kick up a fuss and start his job off on the wrong foot.
Neither of us are very financial people. I am inexperienced with this stuff. His role at the company will not a financial one.
So I feel a bit out of my depth dealing with this. What does /r/personalfinance think? Am I being too protective or paranoid? Are they overreaching their bounds?
Thanks! | Boyfriend got a new job, now HIS potential employer is requiring monthly statements on MY financial accounts? | df8e97dfa68645668bb872731b5a1e30 | 1300653de2ea4b65bce406f4d046aad9 | 1,460,139,610 | 1,460,139,768 | 54 | 2,327 | This is pretty usual in the US. I work in the financial industry and I have had to do this with my wife's account for each of my last three jobs. She complains bitterly, but it's that or I have to find another job. Even though you aren't married, I can see them requiring it. The presumption is probably that you may as well be married, otherwise this would be an easy loophole for the rest of us to trade illicitly; just get divorced and stay together. The SEC is pretty strict.
| I work in the finance industry. This is common. No need to panic. Any brokerage account that your SO could have significant influence over must be disclosed. Marriage is irrelevant; you live with him. That's pretty close and significant.
I can't even own an investment account outside of my employer. If anything can be considered overkill, monthly disclosure is pretty ridiculous. I only have to certify my holdings quarterly, but it is what it is.
Idk what your future plans are with your SO, but as long as you're together and he's in the industry, you're gonna have to get used to it. The kind of privacy you want historically provided a means to shelter unethical and illegal behavior, and those activities are now under increased scrutiny.
| 0 | 0.1 | 158 | 43.092593 | 1 |
personalfinance | 4dsms5 | My boyfriend is about to start a new job, so we are going through all the paperwork. The firm is a registered investment advisor with the SEC. As such, they need to perform due diligence to ensure there is no insider trading going on (And perhaps other reasons, but this is the only one I am aware of). I understand the importance of this, and am on board with helping facilitate this process. However the Employer is requiring *me*, as his live-together girlfriend (not wife, not legal partner) to disclose all my financial holdings on a monthly basis. (Monthly statements sent directly to them.) I don't even get monthly statements myself! (I get quarterly statements).
They say this is a requirement from the SEC. Is there somewhere I could go to read up on the details of this requirement? Would it not suffice to sign an agreement that I will not purchase or be involved with any securities that could cause conflict for them?
I find this request invasive. Personal finances are, well, personal and this does not sit right with me. At the same time, my boyfriend is quite excited for this job, and I don't want to kick up a fuss and start his job off on the wrong foot.
Neither of us are very financial people. I am inexperienced with this stuff. His role at the company will not a financial one.
So I feel a bit out of my depth dealing with this. What does /r/personalfinance think? Am I being too protective or paranoid? Are they overreaching their bounds?
Thanks! | Boyfriend got a new job, now HIS potential employer is requiring monthly statements on MY financial accounts? | df8e97dfa68645668bb872731b5a1e30 | b1715c79323348abaeb2885c435a487b | 1,460,139,610 | 1,460,140,700 | 54 | 679 | This is pretty usual in the US. I work in the financial industry and I have had to do this with my wife's account for each of my last three jobs. She complains bitterly, but it's that or I have to find another job. Even though you aren't married, I can see them requiring it. The presumption is probably that you may as well be married, otherwise this would be an easy loophole for the rest of us to trade illicitly; just get divorced and stay together. The SEC is pretty strict.
| yep. Both my wife and i have to grant full account access, and individually report any purchases over 1000 dollars.
Its part of what i signed on for, and unfortunately my wife by proximity is subject to it as well.
| 0 | 0.1 | 1,090 | 12.574074 | 1 |
personalfinance | 4dsms5 | My boyfriend is about to start a new job, so we are going through all the paperwork. The firm is a registered investment advisor with the SEC. As such, they need to perform due diligence to ensure there is no insider trading going on (And perhaps other reasons, but this is the only one I am aware of). I understand the importance of this, and am on board with helping facilitate this process. However the Employer is requiring *me*, as his live-together girlfriend (not wife, not legal partner) to disclose all my financial holdings on a monthly basis. (Monthly statements sent directly to them.) I don't even get monthly statements myself! (I get quarterly statements).
They say this is a requirement from the SEC. Is there somewhere I could go to read up on the details of this requirement? Would it not suffice to sign an agreement that I will not purchase or be involved with any securities that could cause conflict for them?
I find this request invasive. Personal finances are, well, personal and this does not sit right with me. At the same time, my boyfriend is quite excited for this job, and I don't want to kick up a fuss and start his job off on the wrong foot.
Neither of us are very financial people. I am inexperienced with this stuff. His role at the company will not a financial one.
So I feel a bit out of my depth dealing with this. What does /r/personalfinance think? Am I being too protective or paranoid? Are they overreaching their bounds?
Thanks! | Boyfriend got a new job, now HIS potential employer is requiring monthly statements on MY financial accounts? | df8e97dfa68645668bb872731b5a1e30 | 04a34293954a4f9c937b8bf9efb54bbe | 1,460,139,610 | 1,460,141,892 | 54 | 2,327 | This is pretty usual in the US. I work in the financial industry and I have had to do this with my wife's account for each of my last three jobs. She complains bitterly, but it's that or I have to find another job. Even though you aren't married, I can see them requiring it. The presumption is probably that you may as well be married, otherwise this would be an easy loophole for the rest of us to trade illicitly; just get divorced and stay together. The SEC is pretty strict.
| I work in the finance industry. This is common. No need to panic. Any brokerage account that your SO could have significant influence over must be disclosed. Marriage is irrelevant; you live with him. That's pretty close and significant.
I can't even own an investment account outside of my employer. If anything can be considered overkill, monthly disclosure is pretty ridiculous. I only have to certify my holdings quarterly, but it is what it is.
Idk what your future plans are with your SO, but as long as you're together and he's in the industry, you're gonna have to get used to it. The kind of privacy you want historically provided a means to shelter unethical and illegal behavior, and those activities are now under increased scrutiny.
| 0 | 0.1 | 2,282 | 43.092593 | 1 |
personalfinance | 4dsms5 | My boyfriend is about to start a new job, so we are going through all the paperwork. The firm is a registered investment advisor with the SEC. As such, they need to perform due diligence to ensure there is no insider trading going on (And perhaps other reasons, but this is the only one I am aware of). I understand the importance of this, and am on board with helping facilitate this process. However the Employer is requiring *me*, as his live-together girlfriend (not wife, not legal partner) to disclose all my financial holdings on a monthly basis. (Monthly statements sent directly to them.) I don't even get monthly statements myself! (I get quarterly statements).
They say this is a requirement from the SEC. Is there somewhere I could go to read up on the details of this requirement? Would it not suffice to sign an agreement that I will not purchase or be involved with any securities that could cause conflict for them?
I find this request invasive. Personal finances are, well, personal and this does not sit right with me. At the same time, my boyfriend is quite excited for this job, and I don't want to kick up a fuss and start his job off on the wrong foot.
Neither of us are very financial people. I am inexperienced with this stuff. His role at the company will not a financial one.
So I feel a bit out of my depth dealing with this. What does /r/personalfinance think? Am I being too protective or paranoid? Are they overreaching their bounds?
Thanks! | Boyfriend got a new job, now HIS potential employer is requiring monthly statements on MY financial accounts? | df8e97dfa68645668bb872731b5a1e30 | 120fd5e8484d488686bc6ccd97ede1fa | 1,460,139,610 | 1,460,153,892 | 54 | 679 | This is pretty usual in the US. I work in the financial industry and I have had to do this with my wife's account for each of my last three jobs. She complains bitterly, but it's that or I have to find another job. Even though you aren't married, I can see them requiring it. The presumption is probably that you may as well be married, otherwise this would be an easy loophole for the rest of us to trade illicitly; just get divorced and stay together. The SEC is pretty strict.
| yep. Both my wife and i have to grant full account access, and individually report any purchases over 1000 dollars.
Its part of what i signed on for, and unfortunately my wife by proximity is subject to it as well.
| 0 | 0.1 | 14,282 | 12.574074 | 1 |
personalfinance | 4dsms5 | My boyfriend is about to start a new job, so we are going through all the paperwork. The firm is a registered investment advisor with the SEC. As such, they need to perform due diligence to ensure there is no insider trading going on (And perhaps other reasons, but this is the only one I am aware of). I understand the importance of this, and am on board with helping facilitate this process. However the Employer is requiring *me*, as his live-together girlfriend (not wife, not legal partner) to disclose all my financial holdings on a monthly basis. (Monthly statements sent directly to them.) I don't even get monthly statements myself! (I get quarterly statements).
They say this is a requirement from the SEC. Is there somewhere I could go to read up on the details of this requirement? Would it not suffice to sign an agreement that I will not purchase or be involved with any securities that could cause conflict for them?
I find this request invasive. Personal finances are, well, personal and this does not sit right with me. At the same time, my boyfriend is quite excited for this job, and I don't want to kick up a fuss and start his job off on the wrong foot.
Neither of us are very financial people. I am inexperienced with this stuff. His role at the company will not a financial one.
So I feel a bit out of my depth dealing with this. What does /r/personalfinance think? Am I being too protective or paranoid? Are they overreaching their bounds?
Thanks! | Boyfriend got a new job, now HIS potential employer is requiring monthly statements on MY financial accounts? | df8e97dfa68645668bb872731b5a1e30 | 4ddb752f342f4c32b214ad61290f3b05 | 1,460,139,610 | 1,460,155,192 | 54 | 2,327 | This is pretty usual in the US. I work in the financial industry and I have had to do this with my wife's account for each of my last three jobs. She complains bitterly, but it's that or I have to find another job. Even though you aren't married, I can see them requiring it. The presumption is probably that you may as well be married, otherwise this would be an easy loophole for the rest of us to trade illicitly; just get divorced and stay together. The SEC is pretty strict.
| I work in the finance industry. This is common. No need to panic. Any brokerage account that your SO could have significant influence over must be disclosed. Marriage is irrelevant; you live with him. That's pretty close and significant.
I can't even own an investment account outside of my employer. If anything can be considered overkill, monthly disclosure is pretty ridiculous. I only have to certify my holdings quarterly, but it is what it is.
Idk what your future plans are with your SO, but as long as you're together and he's in the industry, you're gonna have to get used to it. The kind of privacy you want historically provided a means to shelter unethical and illegal behavior, and those activities are now under increased scrutiny.
| 0 | 0.1 | 15,582 | 43.092593 | 1 |
personalfinance | 4dsms5 | My boyfriend is about to start a new job, so we are going through all the paperwork. The firm is a registered investment advisor with the SEC. As such, they need to perform due diligence to ensure there is no insider trading going on (And perhaps other reasons, but this is the only one I am aware of). I understand the importance of this, and am on board with helping facilitate this process. However the Employer is requiring *me*, as his live-together girlfriend (not wife, not legal partner) to disclose all my financial holdings on a monthly basis. (Monthly statements sent directly to them.) I don't even get monthly statements myself! (I get quarterly statements).
They say this is a requirement from the SEC. Is there somewhere I could go to read up on the details of this requirement? Would it not suffice to sign an agreement that I will not purchase or be involved with any securities that could cause conflict for them?
I find this request invasive. Personal finances are, well, personal and this does not sit right with me. At the same time, my boyfriend is quite excited for this job, and I don't want to kick up a fuss and start his job off on the wrong foot.
Neither of us are very financial people. I am inexperienced with this stuff. His role at the company will not a financial one.
So I feel a bit out of my depth dealing with this. What does /r/personalfinance think? Am I being too protective or paranoid? Are they overreaching their bounds?
Thanks! | Boyfriend got a new job, now HIS potential employer is requiring monthly statements on MY financial accounts? | 92bcbe3b7b854ae69f239c4ed9c6d401 | b9c59307ee9b4713b41577e23df83e0f | 1,460,114,985 | 1,460,115,534 | 23 | 24 | I work in the financial industry. This is normal.
They do NOT need your checking/savings/credit card statements. They only care about investments such as 401k, IRA, brokerage accounts, etc.
| Rule 206A-4 requires all access persons of a financial advisor to quarterly report all beneficially owned reportable securities transactions.
By living in the same household your SO has beneficial ownership over your accounts as far as the SEC is concerned.
I am a compliance professional and require all of my advisors to report their SO's brokerage accounts. Very common...no need to worry. We are looking for insider trading and front running.
| 0 | 0.098039 | 549 | 1.043478 | 1 |
personalfinance | 4dsms5 | My boyfriend is about to start a new job, so we are going through all the paperwork. The firm is a registered investment advisor with the SEC. As such, they need to perform due diligence to ensure there is no insider trading going on (And perhaps other reasons, but this is the only one I am aware of). I understand the importance of this, and am on board with helping facilitate this process. However the Employer is requiring *me*, as his live-together girlfriend (not wife, not legal partner) to disclose all my financial holdings on a monthly basis. (Monthly statements sent directly to them.) I don't even get monthly statements myself! (I get quarterly statements).
They say this is a requirement from the SEC. Is there somewhere I could go to read up on the details of this requirement? Would it not suffice to sign an agreement that I will not purchase or be involved with any securities that could cause conflict for them?
I find this request invasive. Personal finances are, well, personal and this does not sit right with me. At the same time, my boyfriend is quite excited for this job, and I don't want to kick up a fuss and start his job off on the wrong foot.
Neither of us are very financial people. I am inexperienced with this stuff. His role at the company will not a financial one.
So I feel a bit out of my depth dealing with this. What does /r/personalfinance think? Am I being too protective or paranoid? Are they overreaching their bounds?
Thanks! | Boyfriend got a new job, now HIS potential employer is requiring monthly statements on MY financial accounts? | d440599ec3bf48b7a9de9824513125fd | a97c64c701eb47cd83eecb6d286bcb52 | 1,460,081,086 | 1,460,111,210 | 9 | 364 | It could be worse. If you or your spouse worked in government, you might have to annually *publicly* disclose all assets, as well as any trades you make.
| It's invasive but legit. I worked for a big 4 consulting firm as an analyst, and I was required to ensure that my SO, brother, and parents did not have any holdings in any companies that my employer did audits for which, as a multibillion dollar company, were a lot of companies.
| 0 | 0.096774 | 30,124 | 40.444444 | 1 |
personalfinance | 4dsms5 | My boyfriend is about to start a new job, so we are going through all the paperwork. The firm is a registered investment advisor with the SEC. As such, they need to perform due diligence to ensure there is no insider trading going on (And perhaps other reasons, but this is the only one I am aware of). I understand the importance of this, and am on board with helping facilitate this process. However the Employer is requiring *me*, as his live-together girlfriend (not wife, not legal partner) to disclose all my financial holdings on a monthly basis. (Monthly statements sent directly to them.) I don't even get monthly statements myself! (I get quarterly statements).
They say this is a requirement from the SEC. Is there somewhere I could go to read up on the details of this requirement? Would it not suffice to sign an agreement that I will not purchase or be involved with any securities that could cause conflict for them?
I find this request invasive. Personal finances are, well, personal and this does not sit right with me. At the same time, my boyfriend is quite excited for this job, and I don't want to kick up a fuss and start his job off on the wrong foot.
Neither of us are very financial people. I am inexperienced with this stuff. His role at the company will not a financial one.
So I feel a bit out of my depth dealing with this. What does /r/personalfinance think? Am I being too protective or paranoid? Are they overreaching their bounds?
Thanks! | Boyfriend got a new job, now HIS potential employer is requiring monthly statements on MY financial accounts? | 92bcbe3b7b854ae69f239c4ed9c6d401 | 7ce386a91dc043288a6c92ddcc06c6f7 | 1,460,114,985 | 1,460,114,987 | 23 | 2,327 | I work in the financial industry. This is normal.
They do NOT need your checking/savings/credit card statements. They only care about investments such as 401k, IRA, brokerage accounts, etc.
| I work in the finance industry. This is common. No need to panic. Any brokerage account that your SO could have significant influence over must be disclosed. Marriage is irrelevant; you live with him. That's pretty close and significant.
I can't even own an investment account outside of my employer. If anything can be considered overkill, monthly disclosure is pretty ridiculous. I only have to certify my holdings quarterly, but it is what it is.
Idk what your future plans are with your SO, but as long as you're together and he's in the industry, you're gonna have to get used to it. The kind of privacy you want historically provided a means to shelter unethical and illegal behavior, and those activities are now under increased scrutiny.
| 0 | 0.095238 | 2 | 101.173913 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 6a2204ade9ab45fdaeeedf0267b996ac | 38b3c42c81d245369285b6c7b4b7d796 | 1,493,595,336 | 1,493,598,190 | 6 | 21 | Two things:
1. Parent PLUS loans are not your loans, they are your Parent's.
2. You should look to get onto Income Based Repayment for your loans.
| I know it hurts to hear this, but if you plan on having a reasonably normal life through your 20's/30's(and I realize not everyone does!) then you need to figure something out.
You either:
1. Need to bust your ass so hard at your current job that promotions/large raises are a foregone conclusion
2. Need to take on a second job that you use to exclusively pay off student loans.
On top of one of these two(or both), you also need a strict budget to abide by.
Unfortunately, you currently have a mortgage payment without the house. If you ever hope to own a house, you need to get rid of that payment. If you want kids, you likely need to get rid of that payment. If you want a nice car someday or whatever. Get rid of that debt.
| 0 | 0.098361 | 2,854 | 3.5 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 6a2204ade9ab45fdaeeedf0267b996ac | 69b67a7f3557455ea050d3d4c1bac1fe | 1,493,595,336 | 1,493,600,676 | 6 | 11 | Two things:
1. Parent PLUS loans are not your loans, they are your Parent's.
2. You should look to get onto Income Based Repayment for your loans.
| Is the 120k debt just from undergrad? You mentioned the field you are in has about a 50k salary cap so I would assume it was just for an undergrad degree. Not trying to be critical but can you explain how you went 120k in debt from an undergrad degree? Did you go out of state for school?
| 0 | 0.033333 | 5,340 | 1.833333 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 6a2204ade9ab45fdaeeedf0267b996ac | 0cce499300004bf0915ab17c3c5724d3 | 1,493,595,336 | 1,493,604,982 | 6 | 187 | Two things:
1. Parent PLUS loans are not your loans, they are your Parent's.
2. You should look to get onto Income Based Repayment for your loans.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.076087 | 9,646 | 31.166667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 6a2204ade9ab45fdaeeedf0267b996ac | 8b851f8bd42f427185a70365cd08bbd3 | 1,493,595,336 | 1,493,621,504 | 6 | 187 | Two things:
1. Parent PLUS loans are not your loans, they are your Parent's.
2. You should look to get onto Income Based Repayment for your loans.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.076087 | 26,168 | 31.166667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 6a2204ade9ab45fdaeeedf0267b996ac | 45dd4809e6b844a38471f07d7da62315 | 1,493,595,336 | 1,493,629,603 | 6 | 34 | Two things:
1. Parent PLUS loans are not your loans, they are your Parent's.
2. You should look to get onto Income Based Repayment for your loans.
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.142857 | 34,267 | 5.666667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 6a2204ade9ab45fdaeeedf0267b996ac | 152c49d3bf8c43c9bd1ebbbf9cc14a07 | 1,493,595,336 | 1,493,629,913 | 6 | 187 | Two things:
1. Parent PLUS loans are not your loans, they are your Parent's.
2. You should look to get onto Income Based Repayment for your loans.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.076087 | 34,577 | 31.166667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 6a2204ade9ab45fdaeeedf0267b996ac | a1f1235425bd4608a9b4cdf33a900c2d | 1,493,595,336 | 1,493,632,506 | 6 | 34 | Two things:
1. Parent PLUS loans are not your loans, they are your Parent's.
2. You should look to get onto Income Based Repayment for your loans.
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.142857 | 37,170 | 5.666667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 6a2204ade9ab45fdaeeedf0267b996ac | ffac893d387d4a29beb41934d321fd42 | 1,493,595,336 | 1,493,636,053 | 6 | 187 | Two things:
1. Parent PLUS loans are not your loans, they are your Parent's.
2. You should look to get onto Income Based Repayment for your loans.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.076087 | 40,717 | 31.166667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 6a2204ade9ab45fdaeeedf0267b996ac | 0482eb1127224190b238bcb090aa78ef | 1,493,595,336 | 1,493,644,888 | 6 | 34 | Two things:
1. Parent PLUS loans are not your loans, they are your Parent's.
2. You should look to get onto Income Based Repayment for your loans.
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.142857 | 49,552 | 5.666667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 6a2204ade9ab45fdaeeedf0267b996ac | 982470b76f5a4494822700ef53eda875 | 1,493,595,336 | 1,493,645,577 | 6 | 187 | Two things:
1. Parent PLUS loans are not your loans, they are your Parent's.
2. You should look to get onto Income Based Repayment for your loans.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.076087 | 50,241 | 31.166667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 6a2204ade9ab45fdaeeedf0267b996ac | 691ef514108440578f882cbecc6d3d12 | 1,493,595,336 | 1,493,646,772 | 6 | 11 | Two things:
1. Parent PLUS loans are not your loans, they are your Parent's.
2. You should look to get onto Income Based Repayment for your loans.
| Is the 120k debt just from undergrad? You mentioned the field you are in has about a 50k salary cap so I would assume it was just for an undergrad degree. Not trying to be critical but can you explain how you went 120k in debt from an undergrad degree? Did you go out of state for school?
| 0 | 0.033333 | 51,436 | 1.833333 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 6a2204ade9ab45fdaeeedf0267b996ac | 8427e36a20ba49da9f7124cf768ee483 | 1,493,595,336 | 1,493,648,485 | 6 | 187 | Two things:
1. Parent PLUS loans are not your loans, they are your Parent's.
2. You should look to get onto Income Based Repayment for your loans.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.076087 | 53,149 | 31.166667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 6a2204ade9ab45fdaeeedf0267b996ac | a072f16c622c43dab5ee1f743539fa83 | 1,493,595,336 | 1,493,651,628 | 6 | 34 | Two things:
1. Parent PLUS loans are not your loans, they are your Parent's.
2. You should look to get onto Income Based Repayment for your loans.
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.142857 | 56,292 | 5.666667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 6a2204ade9ab45fdaeeedf0267b996ac | 862d4c01012c4c28a303f4cb9606f9e9 | 1,493,595,336 | 1,493,653,839 | 6 | 187 | Two things:
1. Parent PLUS loans are not your loans, they are your Parent's.
2. You should look to get onto Income Based Repayment for your loans.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.076087 | 58,503 | 31.166667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 6a2204ade9ab45fdaeeedf0267b996ac | 6353e7b4467040bda457987a9f2c2708 | 1,493,595,336 | 1,493,655,165 | 6 | 7 | Two things:
1. Parent PLUS loans are not your loans, they are your Parent's.
2. You should look to get onto Income Based Repayment for your loans.
| End goal is air traffic control with the FAA, I majored in Air Traffic Management. Currently I work in the aviation field.
| 0 | 0.08 | 59,829 | 1.166667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 6a2204ade9ab45fdaeeedf0267b996ac | 698336b7f47042eab48bff90f5119a88 | 1,493,595,336 | 1,493,655,375 | 6 | 17 | Two things:
1. Parent PLUS loans are not your loans, they are your Parent's.
2. You should look to get onto Income Based Repayment for your loans.
| Perhaps you know this, but competition for ATC jobs is fierce, and you have to be less than 31 years old to even apply.
| 0 | 0.090909 | 60,039 | 2.833333 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 6a2204ade9ab45fdaeeedf0267b996ac | ac78a2c5d11e42babcb9c439bb79c673 | 1,493,595,336 | 1,493,657,171 | 6 | 34 | Two things:
1. Parent PLUS loans are not your loans, they are your Parent's.
2. You should look to get onto Income Based Repayment for your loans.
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.142857 | 61,835 | 5.666667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 6a2204ade9ab45fdaeeedf0267b996ac | a11469e5291847f793b7efa41f1e9875 | 1,493,595,336 | 1,493,679,478 | 6 | 187 | Two things:
1. Parent PLUS loans are not your loans, they are your Parent's.
2. You should look to get onto Income Based Repayment for your loans.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.076087 | 84,142 | 31.166667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 355bc4add7304f31ac39f0f928c9d6f4 | 38b3c42c81d245369285b6c7b4b7d796 | 1,493,598,154 | 1,493,598,190 | 6 | 21 | Yes, it is realistically possible. But it is going to take a bunch of hard work.
Many people just make the minimum payments and accept that they will be in debt forever. By doing IBR or some of the other payback plans, the debt never really goes down. This will affect your credit score, the amount of money you can get for a mortgage, your ability to pay for healthcare, having a kid or childcare, or vacations or any of the normal milestones that happen in a person's life. Having this much debt reduces your financial flexibility and it sucks.
I would recommend reading Mr. Money Mustache or No More Harvard Debt or r/financialindependence, or r/frugal or any of those types of financial blogs and message boards to get inspiration to buckle down and pay this off before you get old and don't have options.
Because ultimately you have two options, either reduce your expenses (geez, a gym membership and you have $120k of hair on fire debt!) or increase your income. Both are completely realistic, but you have to choose the approach that's best for you.
| I know it hurts to hear this, but if you plan on having a reasonably normal life through your 20's/30's(and I realize not everyone does!) then you need to figure something out.
You either:
1. Need to bust your ass so hard at your current job that promotions/large raises are a foregone conclusion
2. Need to take on a second job that you use to exclusively pay off student loans.
On top of one of these two(or both), you also need a strict budget to abide by.
Unfortunately, you currently have a mortgage payment without the house. If you ever hope to own a house, you need to get rid of that payment. If you want kids, you likely need to get rid of that payment. If you want a nice car someday or whatever. Get rid of that debt.
| 0 | 0.10084 | 36 | 3.5 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 355bc4add7304f31ac39f0f928c9d6f4 | 69b67a7f3557455ea050d3d4c1bac1fe | 1,493,598,154 | 1,493,600,676 | 6 | 11 | Yes, it is realistically possible. But it is going to take a bunch of hard work.
Many people just make the minimum payments and accept that they will be in debt forever. By doing IBR or some of the other payback plans, the debt never really goes down. This will affect your credit score, the amount of money you can get for a mortgage, your ability to pay for healthcare, having a kid or childcare, or vacations or any of the normal milestones that happen in a person's life. Having this much debt reduces your financial flexibility and it sucks.
I would recommend reading Mr. Money Mustache or No More Harvard Debt or r/financialindependence, or r/frugal or any of those types of financial blogs and message boards to get inspiration to buckle down and pay this off before you get old and don't have options.
Because ultimately you have two options, either reduce your expenses (geez, a gym membership and you have $120k of hair on fire debt!) or increase your income. Both are completely realistic, but you have to choose the approach that's best for you.
| Is the 120k debt just from undergrad? You mentioned the field you are in has about a 50k salary cap so I would assume it was just for an undergrad degree. Not trying to be critical but can you explain how you went 120k in debt from an undergrad degree? Did you go out of state for school?
| 0 | 0.032609 | 2,522 | 1.833333 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 355bc4add7304f31ac39f0f928c9d6f4 | 0cce499300004bf0915ab17c3c5724d3 | 1,493,598,154 | 1,493,604,982 | 6 | 187 | Yes, it is realistically possible. But it is going to take a bunch of hard work.
Many people just make the minimum payments and accept that they will be in debt forever. By doing IBR or some of the other payback plans, the debt never really goes down. This will affect your credit score, the amount of money you can get for a mortgage, your ability to pay for healthcare, having a kid or childcare, or vacations or any of the normal milestones that happen in a person's life. Having this much debt reduces your financial flexibility and it sucks.
I would recommend reading Mr. Money Mustache or No More Harvard Debt or r/financialindependence, or r/frugal or any of those types of financial blogs and message boards to get inspiration to buckle down and pay this off before you get old and don't have options.
Because ultimately you have two options, either reduce your expenses (geez, a gym membership and you have $120k of hair on fire debt!) or increase your income. Both are completely realistic, but you have to choose the approach that's best for you.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.124138 | 6,828 | 31.166667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 355bc4add7304f31ac39f0f928c9d6f4 | 8b851f8bd42f427185a70365cd08bbd3 | 1,493,598,154 | 1,493,621,504 | 6 | 187 | Yes, it is realistically possible. But it is going to take a bunch of hard work.
Many people just make the minimum payments and accept that they will be in debt forever. By doing IBR or some of the other payback plans, the debt never really goes down. This will affect your credit score, the amount of money you can get for a mortgage, your ability to pay for healthcare, having a kid or childcare, or vacations or any of the normal milestones that happen in a person's life. Having this much debt reduces your financial flexibility and it sucks.
I would recommend reading Mr. Money Mustache or No More Harvard Debt or r/financialindependence, or r/frugal or any of those types of financial blogs and message boards to get inspiration to buckle down and pay this off before you get old and don't have options.
Because ultimately you have two options, either reduce your expenses (geez, a gym membership and you have $120k of hair on fire debt!) or increase your income. Both are completely realistic, but you have to choose the approach that's best for you.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.124138 | 23,350 | 31.166667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 355bc4add7304f31ac39f0f928c9d6f4 | 45dd4809e6b844a38471f07d7da62315 | 1,493,598,154 | 1,493,629,603 | 6 | 34 | Yes, it is realistically possible. But it is going to take a bunch of hard work.
Many people just make the minimum payments and accept that they will be in debt forever. By doing IBR or some of the other payback plans, the debt never really goes down. This will affect your credit score, the amount of money you can get for a mortgage, your ability to pay for healthcare, having a kid or childcare, or vacations or any of the normal milestones that happen in a person's life. Having this much debt reduces your financial flexibility and it sucks.
I would recommend reading Mr. Money Mustache or No More Harvard Debt or r/financialindependence, or r/frugal or any of those types of financial blogs and message boards to get inspiration to buckle down and pay this off before you get old and don't have options.
Because ultimately you have two options, either reduce your expenses (geez, a gym membership and you have $120k of hair on fire debt!) or increase your income. Both are completely realistic, but you have to choose the approach that's best for you.
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.121495 | 31,449 | 5.666667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 355bc4add7304f31ac39f0f928c9d6f4 | 152c49d3bf8c43c9bd1ebbbf9cc14a07 | 1,493,598,154 | 1,493,629,913 | 6 | 187 | Yes, it is realistically possible. But it is going to take a bunch of hard work.
Many people just make the minimum payments and accept that they will be in debt forever. By doing IBR or some of the other payback plans, the debt never really goes down. This will affect your credit score, the amount of money you can get for a mortgage, your ability to pay for healthcare, having a kid or childcare, or vacations or any of the normal milestones that happen in a person's life. Having this much debt reduces your financial flexibility and it sucks.
I would recommend reading Mr. Money Mustache or No More Harvard Debt or r/financialindependence, or r/frugal or any of those types of financial blogs and message boards to get inspiration to buckle down and pay this off before you get old and don't have options.
Because ultimately you have two options, either reduce your expenses (geez, a gym membership and you have $120k of hair on fire debt!) or increase your income. Both are completely realistic, but you have to choose the approach that's best for you.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.124138 | 31,759 | 31.166667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 355bc4add7304f31ac39f0f928c9d6f4 | a1f1235425bd4608a9b4cdf33a900c2d | 1,493,598,154 | 1,493,632,506 | 6 | 34 | Yes, it is realistically possible. But it is going to take a bunch of hard work.
Many people just make the minimum payments and accept that they will be in debt forever. By doing IBR or some of the other payback plans, the debt never really goes down. This will affect your credit score, the amount of money you can get for a mortgage, your ability to pay for healthcare, having a kid or childcare, or vacations or any of the normal milestones that happen in a person's life. Having this much debt reduces your financial flexibility and it sucks.
I would recommend reading Mr. Money Mustache or No More Harvard Debt or r/financialindependence, or r/frugal or any of those types of financial blogs and message boards to get inspiration to buckle down and pay this off before you get old and don't have options.
Because ultimately you have two options, either reduce your expenses (geez, a gym membership and you have $120k of hair on fire debt!) or increase your income. Both are completely realistic, but you have to choose the approach that's best for you.
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.121495 | 34,352 | 5.666667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 355bc4add7304f31ac39f0f928c9d6f4 | ffac893d387d4a29beb41934d321fd42 | 1,493,598,154 | 1,493,636,053 | 6 | 187 | Yes, it is realistically possible. But it is going to take a bunch of hard work.
Many people just make the minimum payments and accept that they will be in debt forever. By doing IBR or some of the other payback plans, the debt never really goes down. This will affect your credit score, the amount of money you can get for a mortgage, your ability to pay for healthcare, having a kid or childcare, or vacations or any of the normal milestones that happen in a person's life. Having this much debt reduces your financial flexibility and it sucks.
I would recommend reading Mr. Money Mustache or No More Harvard Debt or r/financialindependence, or r/frugal or any of those types of financial blogs and message boards to get inspiration to buckle down and pay this off before you get old and don't have options.
Because ultimately you have two options, either reduce your expenses (geez, a gym membership and you have $120k of hair on fire debt!) or increase your income. Both are completely realistic, but you have to choose the approach that's best for you.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.124138 | 37,899 | 31.166667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 355bc4add7304f31ac39f0f928c9d6f4 | 0482eb1127224190b238bcb090aa78ef | 1,493,598,154 | 1,493,644,888 | 6 | 34 | Yes, it is realistically possible. But it is going to take a bunch of hard work.
Many people just make the minimum payments and accept that they will be in debt forever. By doing IBR or some of the other payback plans, the debt never really goes down. This will affect your credit score, the amount of money you can get for a mortgage, your ability to pay for healthcare, having a kid or childcare, or vacations or any of the normal milestones that happen in a person's life. Having this much debt reduces your financial flexibility and it sucks.
I would recommend reading Mr. Money Mustache or No More Harvard Debt or r/financialindependence, or r/frugal or any of those types of financial blogs and message boards to get inspiration to buckle down and pay this off before you get old and don't have options.
Because ultimately you have two options, either reduce your expenses (geez, a gym membership and you have $120k of hair on fire debt!) or increase your income. Both are completely realistic, but you have to choose the approach that's best for you.
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.121495 | 46,734 | 5.666667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 355bc4add7304f31ac39f0f928c9d6f4 | 982470b76f5a4494822700ef53eda875 | 1,493,598,154 | 1,493,645,577 | 6 | 187 | Yes, it is realistically possible. But it is going to take a bunch of hard work.
Many people just make the minimum payments and accept that they will be in debt forever. By doing IBR or some of the other payback plans, the debt never really goes down. This will affect your credit score, the amount of money you can get for a mortgage, your ability to pay for healthcare, having a kid or childcare, or vacations or any of the normal milestones that happen in a person's life. Having this much debt reduces your financial flexibility and it sucks.
I would recommend reading Mr. Money Mustache or No More Harvard Debt or r/financialindependence, or r/frugal or any of those types of financial blogs and message boards to get inspiration to buckle down and pay this off before you get old and don't have options.
Because ultimately you have two options, either reduce your expenses (geez, a gym membership and you have $120k of hair on fire debt!) or increase your income. Both are completely realistic, but you have to choose the approach that's best for you.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.124138 | 47,423 | 31.166667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 355bc4add7304f31ac39f0f928c9d6f4 | 691ef514108440578f882cbecc6d3d12 | 1,493,598,154 | 1,493,646,772 | 6 | 11 | Yes, it is realistically possible. But it is going to take a bunch of hard work.
Many people just make the minimum payments and accept that they will be in debt forever. By doing IBR or some of the other payback plans, the debt never really goes down. This will affect your credit score, the amount of money you can get for a mortgage, your ability to pay for healthcare, having a kid or childcare, or vacations or any of the normal milestones that happen in a person's life. Having this much debt reduces your financial flexibility and it sucks.
I would recommend reading Mr. Money Mustache or No More Harvard Debt or r/financialindependence, or r/frugal or any of those types of financial blogs and message boards to get inspiration to buckle down and pay this off before you get old and don't have options.
Because ultimately you have two options, either reduce your expenses (geez, a gym membership and you have $120k of hair on fire debt!) or increase your income. Both are completely realistic, but you have to choose the approach that's best for you.
| Is the 120k debt just from undergrad? You mentioned the field you are in has about a 50k salary cap so I would assume it was just for an undergrad degree. Not trying to be critical but can you explain how you went 120k in debt from an undergrad degree? Did you go out of state for school?
| 0 | 0.032609 | 48,618 | 1.833333 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 355bc4add7304f31ac39f0f928c9d6f4 | 8427e36a20ba49da9f7124cf768ee483 | 1,493,598,154 | 1,493,648,485 | 6 | 187 | Yes, it is realistically possible. But it is going to take a bunch of hard work.
Many people just make the minimum payments and accept that they will be in debt forever. By doing IBR or some of the other payback plans, the debt never really goes down. This will affect your credit score, the amount of money you can get for a mortgage, your ability to pay for healthcare, having a kid or childcare, or vacations or any of the normal milestones that happen in a person's life. Having this much debt reduces your financial flexibility and it sucks.
I would recommend reading Mr. Money Mustache or No More Harvard Debt or r/financialindependence, or r/frugal or any of those types of financial blogs and message boards to get inspiration to buckle down and pay this off before you get old and don't have options.
Because ultimately you have two options, either reduce your expenses (geez, a gym membership and you have $120k of hair on fire debt!) or increase your income. Both are completely realistic, but you have to choose the approach that's best for you.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.124138 | 50,331 | 31.166667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 355bc4add7304f31ac39f0f928c9d6f4 | a072f16c622c43dab5ee1f743539fa83 | 1,493,598,154 | 1,493,651,628 | 6 | 34 | Yes, it is realistically possible. But it is going to take a bunch of hard work.
Many people just make the minimum payments and accept that they will be in debt forever. By doing IBR or some of the other payback plans, the debt never really goes down. This will affect your credit score, the amount of money you can get for a mortgage, your ability to pay for healthcare, having a kid or childcare, or vacations or any of the normal milestones that happen in a person's life. Having this much debt reduces your financial flexibility and it sucks.
I would recommend reading Mr. Money Mustache or No More Harvard Debt or r/financialindependence, or r/frugal or any of those types of financial blogs and message boards to get inspiration to buckle down and pay this off before you get old and don't have options.
Because ultimately you have two options, either reduce your expenses (geez, a gym membership and you have $120k of hair on fire debt!) or increase your income. Both are completely realistic, but you have to choose the approach that's best for you.
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.121495 | 53,474 | 5.666667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 355bc4add7304f31ac39f0f928c9d6f4 | 862d4c01012c4c28a303f4cb9606f9e9 | 1,493,598,154 | 1,493,653,839 | 6 | 187 | Yes, it is realistically possible. But it is going to take a bunch of hard work.
Many people just make the minimum payments and accept that they will be in debt forever. By doing IBR or some of the other payback plans, the debt never really goes down. This will affect your credit score, the amount of money you can get for a mortgage, your ability to pay for healthcare, having a kid or childcare, or vacations or any of the normal milestones that happen in a person's life. Having this much debt reduces your financial flexibility and it sucks.
I would recommend reading Mr. Money Mustache or No More Harvard Debt or r/financialindependence, or r/frugal or any of those types of financial blogs and message boards to get inspiration to buckle down and pay this off before you get old and don't have options.
Because ultimately you have two options, either reduce your expenses (geez, a gym membership and you have $120k of hair on fire debt!) or increase your income. Both are completely realistic, but you have to choose the approach that's best for you.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.124138 | 55,685 | 31.166667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 355bc4add7304f31ac39f0f928c9d6f4 | 6353e7b4467040bda457987a9f2c2708 | 1,493,598,154 | 1,493,655,165 | 6 | 7 | Yes, it is realistically possible. But it is going to take a bunch of hard work.
Many people just make the minimum payments and accept that they will be in debt forever. By doing IBR or some of the other payback plans, the debt never really goes down. This will affect your credit score, the amount of money you can get for a mortgage, your ability to pay for healthcare, having a kid or childcare, or vacations or any of the normal milestones that happen in a person's life. Having this much debt reduces your financial flexibility and it sucks.
I would recommend reading Mr. Money Mustache or No More Harvard Debt or r/financialindependence, or r/frugal or any of those types of financial blogs and message boards to get inspiration to buckle down and pay this off before you get old and don't have options.
Because ultimately you have two options, either reduce your expenses (geez, a gym membership and you have $120k of hair on fire debt!) or increase your income. Both are completely realistic, but you have to choose the approach that's best for you.
| End goal is air traffic control with the FAA, I majored in Air Traffic Management. Currently I work in the aviation field.
| 0 | 0.034091 | 57,011 | 1.166667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 355bc4add7304f31ac39f0f928c9d6f4 | 698336b7f47042eab48bff90f5119a88 | 1,493,598,154 | 1,493,655,375 | 6 | 17 | Yes, it is realistically possible. But it is going to take a bunch of hard work.
Many people just make the minimum payments and accept that they will be in debt forever. By doing IBR or some of the other payback plans, the debt never really goes down. This will affect your credit score, the amount of money you can get for a mortgage, your ability to pay for healthcare, having a kid or childcare, or vacations or any of the normal milestones that happen in a person's life. Having this much debt reduces your financial flexibility and it sucks.
I would recommend reading Mr. Money Mustache or No More Harvard Debt or r/financialindependence, or r/frugal or any of those types of financial blogs and message boards to get inspiration to buckle down and pay this off before you get old and don't have options.
Because ultimately you have two options, either reduce your expenses (geez, a gym membership and you have $120k of hair on fire debt!) or increase your income. Both are completely realistic, but you have to choose the approach that's best for you.
| Perhaps you know this, but competition for ATC jobs is fierce, and you have to be less than 31 years old to even apply.
| 0 | 0.035294 | 57,221 | 2.833333 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 355bc4add7304f31ac39f0f928c9d6f4 | ac78a2c5d11e42babcb9c439bb79c673 | 1,493,598,154 | 1,493,657,171 | 6 | 34 | Yes, it is realistically possible. But it is going to take a bunch of hard work.
Many people just make the minimum payments and accept that they will be in debt forever. By doing IBR or some of the other payback plans, the debt never really goes down. This will affect your credit score, the amount of money you can get for a mortgage, your ability to pay for healthcare, having a kid or childcare, or vacations or any of the normal milestones that happen in a person's life. Having this much debt reduces your financial flexibility and it sucks.
I would recommend reading Mr. Money Mustache or No More Harvard Debt or r/financialindependence, or r/frugal or any of those types of financial blogs and message boards to get inspiration to buckle down and pay this off before you get old and don't have options.
Because ultimately you have two options, either reduce your expenses (geez, a gym membership and you have $120k of hair on fire debt!) or increase your income. Both are completely realistic, but you have to choose the approach that's best for you.
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.121495 | 59,017 | 5.666667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 355bc4add7304f31ac39f0f928c9d6f4 | a11469e5291847f793b7efa41f1e9875 | 1,493,598,154 | 1,493,679,478 | 6 | 187 | Yes, it is realistically possible. But it is going to take a bunch of hard work.
Many people just make the minimum payments and accept that they will be in debt forever. By doing IBR or some of the other payback plans, the debt never really goes down. This will affect your credit score, the amount of money you can get for a mortgage, your ability to pay for healthcare, having a kid or childcare, or vacations or any of the normal milestones that happen in a person's life. Having this much debt reduces your financial flexibility and it sucks.
I would recommend reading Mr. Money Mustache or No More Harvard Debt or r/financialindependence, or r/frugal or any of those types of financial blogs and message boards to get inspiration to buckle down and pay this off before you get old and don't have options.
Because ultimately you have two options, either reduce your expenses (geez, a gym membership and you have $120k of hair on fire debt!) or increase your income. Both are completely realistic, but you have to choose the approach that's best for you.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.124138 | 81,324 | 31.166667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 38b3c42c81d245369285b6c7b4b7d796 | 0cce499300004bf0915ab17c3c5724d3 | 1,493,598,190 | 1,493,604,982 | 21 | 187 | I know it hurts to hear this, but if you plan on having a reasonably normal life through your 20's/30's(and I realize not everyone does!) then you need to figure something out.
You either:
1. Need to bust your ass so hard at your current job that promotions/large raises are a foregone conclusion
2. Need to take on a second job that you use to exclusively pay off student loans.
On top of one of these two(or both), you also need a strict budget to abide by.
Unfortunately, you currently have a mortgage payment without the house. If you ever hope to own a house, you need to get rid of that payment. If you want kids, you likely need to get rid of that payment. If you want a nice car someday or whatever. Get rid of that debt.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.102362 | 6,792 | 8.904762 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 38b3c42c81d245369285b6c7b4b7d796 | 45dd4809e6b844a38471f07d7da62315 | 1,493,598,190 | 1,493,629,603 | 21 | 34 | I know it hurts to hear this, but if you plan on having a reasonably normal life through your 20's/30's(and I realize not everyone does!) then you need to figure something out.
You either:
1. Need to bust your ass so hard at your current job that promotions/large raises are a foregone conclusion
2. Need to take on a second job that you use to exclusively pay off student loans.
On top of one of these two(or both), you also need a strict budget to abide by.
Unfortunately, you currently have a mortgage payment without the house. If you ever hope to own a house, you need to get rid of that payment. If you want kids, you likely need to get rid of that payment. If you want a nice car someday or whatever. Get rid of that debt.
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.114943 | 31,413 | 1.619048 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 38b3c42c81d245369285b6c7b4b7d796 | 152c49d3bf8c43c9bd1ebbbf9cc14a07 | 1,493,598,190 | 1,493,629,913 | 21 | 187 | I know it hurts to hear this, but if you plan on having a reasonably normal life through your 20's/30's(and I realize not everyone does!) then you need to figure something out.
You either:
1. Need to bust your ass so hard at your current job that promotions/large raises are a foregone conclusion
2. Need to take on a second job that you use to exclusively pay off student loans.
On top of one of these two(or both), you also need a strict budget to abide by.
Unfortunately, you currently have a mortgage payment without the house. If you ever hope to own a house, you need to get rid of that payment. If you want kids, you likely need to get rid of that payment. If you want a nice car someday or whatever. Get rid of that debt.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.102362 | 31,723 | 8.904762 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 38b3c42c81d245369285b6c7b4b7d796 | a1f1235425bd4608a9b4cdf33a900c2d | 1,493,598,190 | 1,493,632,506 | 21 | 34 | I know it hurts to hear this, but if you plan on having a reasonably normal life through your 20's/30's(and I realize not everyone does!) then you need to figure something out.
You either:
1. Need to bust your ass so hard at your current job that promotions/large raises are a foregone conclusion
2. Need to take on a second job that you use to exclusively pay off student loans.
On top of one of these two(or both), you also need a strict budget to abide by.
Unfortunately, you currently have a mortgage payment without the house. If you ever hope to own a house, you need to get rid of that payment. If you want kids, you likely need to get rid of that payment. If you want a nice car someday or whatever. Get rid of that debt.
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.114943 | 34,316 | 1.619048 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 38b3c42c81d245369285b6c7b4b7d796 | ffac893d387d4a29beb41934d321fd42 | 1,493,598,190 | 1,493,636,053 | 21 | 187 | I know it hurts to hear this, but if you plan on having a reasonably normal life through your 20's/30's(and I realize not everyone does!) then you need to figure something out.
You either:
1. Need to bust your ass so hard at your current job that promotions/large raises are a foregone conclusion
2. Need to take on a second job that you use to exclusively pay off student loans.
On top of one of these two(or both), you also need a strict budget to abide by.
Unfortunately, you currently have a mortgage payment without the house. If you ever hope to own a house, you need to get rid of that payment. If you want kids, you likely need to get rid of that payment. If you want a nice car someday or whatever. Get rid of that debt.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.102362 | 37,863 | 8.904762 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 38b3c42c81d245369285b6c7b4b7d796 | 0482eb1127224190b238bcb090aa78ef | 1,493,598,190 | 1,493,644,888 | 21 | 34 | I know it hurts to hear this, but if you plan on having a reasonably normal life through your 20's/30's(and I realize not everyone does!) then you need to figure something out.
You either:
1. Need to bust your ass so hard at your current job that promotions/large raises are a foregone conclusion
2. Need to take on a second job that you use to exclusively pay off student loans.
On top of one of these two(or both), you also need a strict budget to abide by.
Unfortunately, you currently have a mortgage payment without the house. If you ever hope to own a house, you need to get rid of that payment. If you want kids, you likely need to get rid of that payment. If you want a nice car someday or whatever. Get rid of that debt.
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.114943 | 46,698 | 1.619048 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 38b3c42c81d245369285b6c7b4b7d796 | 982470b76f5a4494822700ef53eda875 | 1,493,598,190 | 1,493,645,577 | 21 | 187 | I know it hurts to hear this, but if you plan on having a reasonably normal life through your 20's/30's(and I realize not everyone does!) then you need to figure something out.
You either:
1. Need to bust your ass so hard at your current job that promotions/large raises are a foregone conclusion
2. Need to take on a second job that you use to exclusively pay off student loans.
On top of one of these two(or both), you also need a strict budget to abide by.
Unfortunately, you currently have a mortgage payment without the house. If you ever hope to own a house, you need to get rid of that payment. If you want kids, you likely need to get rid of that payment. If you want a nice car someday or whatever. Get rid of that debt.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.102362 | 47,387 | 8.904762 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 38b3c42c81d245369285b6c7b4b7d796 | a072f16c622c43dab5ee1f743539fa83 | 1,493,598,190 | 1,493,651,628 | 21 | 34 | I know it hurts to hear this, but if you plan on having a reasonably normal life through your 20's/30's(and I realize not everyone does!) then you need to figure something out.
You either:
1. Need to bust your ass so hard at your current job that promotions/large raises are a foregone conclusion
2. Need to take on a second job that you use to exclusively pay off student loans.
On top of one of these two(or both), you also need a strict budget to abide by.
Unfortunately, you currently have a mortgage payment without the house. If you ever hope to own a house, you need to get rid of that payment. If you want kids, you likely need to get rid of that payment. If you want a nice car someday or whatever. Get rid of that debt.
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.114943 | 53,438 | 1.619048 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 38b3c42c81d245369285b6c7b4b7d796 | 862d4c01012c4c28a303f4cb9606f9e9 | 1,493,598,190 | 1,493,653,839 | 21 | 187 | I know it hurts to hear this, but if you plan on having a reasonably normal life through your 20's/30's(and I realize not everyone does!) then you need to figure something out.
You either:
1. Need to bust your ass so hard at your current job that promotions/large raises are a foregone conclusion
2. Need to take on a second job that you use to exclusively pay off student loans.
On top of one of these two(or both), you also need a strict budget to abide by.
Unfortunately, you currently have a mortgage payment without the house. If you ever hope to own a house, you need to get rid of that payment. If you want kids, you likely need to get rid of that payment. If you want a nice car someday or whatever. Get rid of that debt.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.102362 | 55,649 | 8.904762 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 38b3c42c81d245369285b6c7b4b7d796 | ac78a2c5d11e42babcb9c439bb79c673 | 1,493,598,190 | 1,493,657,171 | 21 | 34 | I know it hurts to hear this, but if you plan on having a reasonably normal life through your 20's/30's(and I realize not everyone does!) then you need to figure something out.
You either:
1. Need to bust your ass so hard at your current job that promotions/large raises are a foregone conclusion
2. Need to take on a second job that you use to exclusively pay off student loans.
On top of one of these two(or both), you also need a strict budget to abide by.
Unfortunately, you currently have a mortgage payment without the house. If you ever hope to own a house, you need to get rid of that payment. If you want kids, you likely need to get rid of that payment. If you want a nice car someday or whatever. Get rid of that debt.
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.114943 | 58,981 | 1.619048 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 38b3c42c81d245369285b6c7b4b7d796 | a11469e5291847f793b7efa41f1e9875 | 1,493,598,190 | 1,493,679,478 | 21 | 187 | I know it hurts to hear this, but if you plan on having a reasonably normal life through your 20's/30's(and I realize not everyone does!) then you need to figure something out.
You either:
1. Need to bust your ass so hard at your current job that promotions/large raises are a foregone conclusion
2. Need to take on a second job that you use to exclusively pay off student loans.
On top of one of these two(or both), you also need a strict budget to abide by.
Unfortunately, you currently have a mortgage payment without the house. If you ever hope to own a house, you need to get rid of that payment. If you want kids, you likely need to get rid of that payment. If you want a nice car someday or whatever. Get rid of that debt.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.102362 | 81,288 | 8.904762 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 4410f7b9a5c443509e8881d5a7bc743e | 69b67a7f3557455ea050d3d4c1bac1fe | 1,493,598,627 | 1,493,600,676 | 6 | 11 | Yes, it is realistically possible. But it is going to take a bunch of hard work.
Many people just make the minimum payments and accept that they will be in debt forever. By doing IBR or some of the other payback plans, the debt never really goes down. This will affect your credit score, the amount of money you can get for a mortgage, your ability to pay for healthcare, having a kid or childcare, or vacations or any of the normal milestones that happen in a person's life. Having this much debt reduces your financial flexibility and it sucks.
I would recommend reading Mr. Money Mustache or No More Harvard Debt or r/financialindependence, or r/frugal or any of those types of financial blogs and message boards to get inspiration to buckle down and pay this off before you get old and don't have options.
Because ultimately you have two options, either reduce your expenses (geez, a gym membership and you have $120k of hair on fire debt!) or increase your income. Both are completely realistic, but you have to choose the approach that's best for you.
| Is the 120k debt just from undergrad? You mentioned the field you are in has about a 50k salary cap so I would assume it was just for an undergrad degree. Not trying to be critical but can you explain how you went 120k in debt from an undergrad degree? Did you go out of state for school?
| 0 | 0.032609 | 2,049 | 1.833333 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 4410f7b9a5c443509e8881d5a7bc743e | 0cce499300004bf0915ab17c3c5724d3 | 1,493,598,627 | 1,493,604,982 | 6 | 187 | Yes, it is realistically possible. But it is going to take a bunch of hard work.
Many people just make the minimum payments and accept that they will be in debt forever. By doing IBR or some of the other payback plans, the debt never really goes down. This will affect your credit score, the amount of money you can get for a mortgage, your ability to pay for healthcare, having a kid or childcare, or vacations or any of the normal milestones that happen in a person's life. Having this much debt reduces your financial flexibility and it sucks.
I would recommend reading Mr. Money Mustache or No More Harvard Debt or r/financialindependence, or r/frugal or any of those types of financial blogs and message boards to get inspiration to buckle down and pay this off before you get old and don't have options.
Because ultimately you have two options, either reduce your expenses (geez, a gym membership and you have $120k of hair on fire debt!) or increase your income. Both are completely realistic, but you have to choose the approach that's best for you.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.124138 | 6,355 | 31.166667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 4410f7b9a5c443509e8881d5a7bc743e | 8b851f8bd42f427185a70365cd08bbd3 | 1,493,598,627 | 1,493,621,504 | 6 | 187 | Yes, it is realistically possible. But it is going to take a bunch of hard work.
Many people just make the minimum payments and accept that they will be in debt forever. By doing IBR or some of the other payback plans, the debt never really goes down. This will affect your credit score, the amount of money you can get for a mortgage, your ability to pay for healthcare, having a kid or childcare, or vacations or any of the normal milestones that happen in a person's life. Having this much debt reduces your financial flexibility and it sucks.
I would recommend reading Mr. Money Mustache or No More Harvard Debt or r/financialindependence, or r/frugal or any of those types of financial blogs and message boards to get inspiration to buckle down and pay this off before you get old and don't have options.
Because ultimately you have two options, either reduce your expenses (geez, a gym membership and you have $120k of hair on fire debt!) or increase your income. Both are completely realistic, but you have to choose the approach that's best for you.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.124138 | 22,877 | 31.166667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 4410f7b9a5c443509e8881d5a7bc743e | 45dd4809e6b844a38471f07d7da62315 | 1,493,598,627 | 1,493,629,603 | 6 | 34 | Yes, it is realistically possible. But it is going to take a bunch of hard work.
Many people just make the minimum payments and accept that they will be in debt forever. By doing IBR or some of the other payback plans, the debt never really goes down. This will affect your credit score, the amount of money you can get for a mortgage, your ability to pay for healthcare, having a kid or childcare, or vacations or any of the normal milestones that happen in a person's life. Having this much debt reduces your financial flexibility and it sucks.
I would recommend reading Mr. Money Mustache or No More Harvard Debt or r/financialindependence, or r/frugal or any of those types of financial blogs and message boards to get inspiration to buckle down and pay this off before you get old and don't have options.
Because ultimately you have two options, either reduce your expenses (geez, a gym membership and you have $120k of hair on fire debt!) or increase your income. Both are completely realistic, but you have to choose the approach that's best for you.
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.121495 | 30,976 | 5.666667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 4410f7b9a5c443509e8881d5a7bc743e | 152c49d3bf8c43c9bd1ebbbf9cc14a07 | 1,493,598,627 | 1,493,629,913 | 6 | 187 | Yes, it is realistically possible. But it is going to take a bunch of hard work.
Many people just make the minimum payments and accept that they will be in debt forever. By doing IBR or some of the other payback plans, the debt never really goes down. This will affect your credit score, the amount of money you can get for a mortgage, your ability to pay for healthcare, having a kid or childcare, or vacations or any of the normal milestones that happen in a person's life. Having this much debt reduces your financial flexibility and it sucks.
I would recommend reading Mr. Money Mustache or No More Harvard Debt or r/financialindependence, or r/frugal or any of those types of financial blogs and message boards to get inspiration to buckle down and pay this off before you get old and don't have options.
Because ultimately you have two options, either reduce your expenses (geez, a gym membership and you have $120k of hair on fire debt!) or increase your income. Both are completely realistic, but you have to choose the approach that's best for you.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.124138 | 31,286 | 31.166667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 4410f7b9a5c443509e8881d5a7bc743e | a1f1235425bd4608a9b4cdf33a900c2d | 1,493,598,627 | 1,493,632,506 | 6 | 34 | Yes, it is realistically possible. But it is going to take a bunch of hard work.
Many people just make the minimum payments and accept that they will be in debt forever. By doing IBR or some of the other payback plans, the debt never really goes down. This will affect your credit score, the amount of money you can get for a mortgage, your ability to pay for healthcare, having a kid or childcare, or vacations or any of the normal milestones that happen in a person's life. Having this much debt reduces your financial flexibility and it sucks.
I would recommend reading Mr. Money Mustache or No More Harvard Debt or r/financialindependence, or r/frugal or any of those types of financial blogs and message boards to get inspiration to buckle down and pay this off before you get old and don't have options.
Because ultimately you have two options, either reduce your expenses (geez, a gym membership and you have $120k of hair on fire debt!) or increase your income. Both are completely realistic, but you have to choose the approach that's best for you.
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.121495 | 33,879 | 5.666667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 4410f7b9a5c443509e8881d5a7bc743e | ffac893d387d4a29beb41934d321fd42 | 1,493,598,627 | 1,493,636,053 | 6 | 187 | Yes, it is realistically possible. But it is going to take a bunch of hard work.
Many people just make the minimum payments and accept that they will be in debt forever. By doing IBR or some of the other payback plans, the debt never really goes down. This will affect your credit score, the amount of money you can get for a mortgage, your ability to pay for healthcare, having a kid or childcare, or vacations or any of the normal milestones that happen in a person's life. Having this much debt reduces your financial flexibility and it sucks.
I would recommend reading Mr. Money Mustache or No More Harvard Debt or r/financialindependence, or r/frugal or any of those types of financial blogs and message boards to get inspiration to buckle down and pay this off before you get old and don't have options.
Because ultimately you have two options, either reduce your expenses (geez, a gym membership and you have $120k of hair on fire debt!) or increase your income. Both are completely realistic, but you have to choose the approach that's best for you.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.124138 | 37,426 | 31.166667 | 1 |