So Many To Choose!

[sfindependent]

Hey Folks! 

Long time member here, but haven't gone back in HELLA long. 

Anyway, i've a question, given I'm getting older, with a GREAT diagnosis of ADHD, with an emphasis on not being great with money, i've come to the conclusion that I need assistance and help from someone. The problem is, I don't know where to start. 

 

Here's my issues:

1) long standing debt

2) Poor Credit

3) some missed tax payments

4) good income

5) want to invest

6) want to make my money grow.

7) need to save.

There's so many to choose from i'm not sure where to turn to... Do i turn to a CPA? a tax attorney? a financial counselor? Where do I start?

I'm in california. 

 

thanks folks!

[Batya33]

I recommend the book Stacked by Birken as a start (it's co-authored).  Welcome back!  I'm sorry you're having financial issues!

[Kwothe28]

7 hours ago, sfindependent said:

I'm in california. 

 

Change the state. I dont know how good is your income, but its not that good if you have a debt and missed taxes. California is now notoriously bad state to live in. Due to high taxes and high cost of living. So much so that even Californians move to other states like Texas, Arizona or from what Ive read a few days ago, even Mexico. Unless your income is very high, you will not save anything in California.

[Wiseman2]

7 hours ago, sfindependent said:

some missed tax payments

You definitely need a CPA.

[Wiseman2]

2 hours ago, Kwothe28 said:

. California is now notoriously bad state to live in. 

Tax evasion is a federal problem. A crime. Uprooting to other states or Mexico won't solve any of these problems. Better money management is in order.

Anyone can go just as broke in these crappy areas as in CA, NY, etc. Especially since the pay there tends to be crap.

[Batya33]

I started saving in 1997 after paying off my grad school loans.  In 2001-ish (maybe 2003??) I bid on a consultation with a financial adviser at a benefit auction and he took me on even though I didn't have the minimum in assets he usually required. He was so so helpful in helping me invest properly and safely.  When he left the industry maybe 5 or so years later he referred me to his advisor who I have had ever since.

Also with a major financial institution. He and his team have also helped me make safe investment decisions fully and individually dependent on my specific needs and factoring in my age (mid 50s) and goals, etc.  I'm a saver, like my parents are/were and like my husband is.  Always have been.  It's a very good feeling to have built a nest egg when I worked more than full time - and I highly recommend it.

  It's given me so many options since I then decided to be a SAHM for a number of years and return to work part time while I handled the bulk of the child care (husband works more than full time plus was a student for years until a few months ago plus travels a lot).  

Never too late to start and that book I recommended will help.  Good luck and I hope sharing helped (and yes I've had a CPA assist with my taxes for probably the last 25 years or so).  

[Kwothe28]

3 hours ago, Wiseman2 said:

Tax evasion is a federal problem. A crime. Uprooting to other states or Mexico won't solve any of these problems. Better money management is in order.

 

Who said anything about tax evasion? Pretty sure IRS would chase him either way lol. All I said that if he cant maintain his cost of living, owes for taxes and has debt, its a valid solution that he maybe changes states. As California is notoriously bad exactly because high taxes and cost of living now. In a state like that I am not surporised he cant save a dime. Again, lots of people in Cali have that same problem. Hence why they are relocating. In droves. 360k people in last year alone lol

[Wiseman2]

14 hours ago, sfindependent said:

1) long standing debt

2) Poor Credit

3) some missed tax payments

4) good income

5) want to invest

6) want to make my money grow.

Your first stop is a CPA. While other debtors could get judgements against you, repo your car, freeze your accounts, etc. the IRS can garnish your wages and give you a lot more headaches than that. 

Of course with debt and bad credit you can't move because a bank won't give you a loan and apts look at your credit score. heck, you wouldn't even be able to rent a U-Haul. So after you figure out a payment plan for the IRS, figure out a debt reduction/consolidation plan.

 Forget daytrading and get rich quick schemes. Take care of this promptly or one day you'll go to the ATM and won't even be able to withdraw $20 or your car will be missing.

 There is absolutely no reason to move from a high paid, job rich area to some cheaper place. You simply need to manage money better, because you'll be just as poor in cheap states/countries as you would in the Bay area.

 

[Rose Mosse]

15 hours ago, sfindependent said:

Hey Folks! 

Long time member here, but haven't gone back in HELLA long. 

Anyway, i've a question, given I'm getting older, with a GREAT diagnosis of ADHD, with an emphasis on not being great with money, i've come to the conclusion that I need assistance and help from someone. The problem is, I don't know where to start. 

 

Here's my issues:

1) long standing debt

2) Poor Credit

3) some missed tax payments

4) good income

5) want to invest

6) want to make my money grow.

7) need to save.

There's so many to choose from i'm not sure where to turn to... Do i turn to a CPA? a tax attorney? a financial counselor? Where do I start?

I'm in california. 

 

thanks folks!

Why can’t you pay the missed taxes now? Pay what you owe and any interest accrued. Call them and negotiate paying the taxes in agreed instalments per month if you can’t pay a lump sum. Speak to an accountant (CPA) if you need a quick brush up. 

You may benefit from credit counselling after consolidating your debts or getting it under control (possible consumer proposal or file for bankruptcy if it’s beyond your means to pay back). 

After you take care of your debts start saving. What was the root cause of all this? Very low income? A toxic relationship? Do you have skills you’re not utilizing? Work on your resume and negotiate a salary that works for you. You may have to work more than one job but beware of burnout. Try eliminating or reducing your debt load and free more of your cash.

[reinventmyself]

I agree with a CPA to help straighten things out.  But you would likely benefit from a financial counselor to help you come up with a plan going forward.  Money attitudes are a matrix that runs deep.  Sometimes a counselor is a good idea to help reshape your relationship with money.