Answered Guide to Money Questions

  • Question: 

    How do I Get Rid of Debt for Good?

    Answer:  Many Americans are stressed about debt. Some lose sleep over it, argue with their spouses about it, or even have physical symptoms related to it. If you want to get rid of your debt once and for all, give yourself an extreme debt makeover. An aggressive debt reduction plan requires a serious commitment. But paying down debt doesn't have to be an all-or-nothing proposition. I've heard people with debt reduction plans say "I'm never going to spend money again!" Now how silly is that? Of course you have to pay for housing, buy food, pay utilities, etc. And yes, you may even eventually have to buy Junior a new pair of shoes for his growing feet. The key is to put together a workable plan with aggressive debt reduction techniques, while leaving ... Read More

  • Question: 

    Will a higher auto insurance deductible save me money?

    Answer:  Choosing the right deductible for the collision and comprehensive portions of your car insurance policy is important - after all, it's the amount that comes out of your own pocket before your auto insurer is obligated to pay a dime. Deductible amounts vary, depending upon state laws and insurance companies' offerings. But in general, you can choose a deductible from zero to $2,500. A basic rule is that the higher the deductible is, the lower your car insurance premium will be. Because there are so many choices, deductibles aren't "one size fits all." The variables you should consider include your own current financial situation, your tolerance for risk, whether you owe money on the car and how long you are exposed to the additional risk. He ... Read More

  • Question: 

    What Should I Include in My Portfolio?

    Answer:  A beginning investor can easily be overwhelmed by the variety of investments and retirement strategies available. When I started a 401(k) program for a small company I worked for, only one person, me, made any elections for several months. Here's a bit of helpful knowledge to make those choices a little easier for you than they were for me. First, an indelicate question: Before we can start making suggestions we need to ask: how much money do you have? A few thousand dollars or less You'll want to start with something easy, but you'll still want to stay diversified. Most investment advisors suggest you leave 10 to 30 percent, depending on your age and risk tolerance, of your portfolio in cash or a money market fund so it will be "liquid" ( ... Read More

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Is 'Buy and Hold' a good investment strategy?
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