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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 techn ... 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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Plan
plan
How do I Choose the Right Mortgage
Do you want the lowest possible payment at all costs? Do you want the stability of a fixed rate, no matter what? If refinancing, you might be looking for a lower interest rate. Or you may want to here Read more >>

How Do I Create a Budget?
Everybody has different financial goals. While some are saving for a special purchase, others may be focused on saving for retirement, or working to get out of debt.
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Should I Buy Software to Manage Your Money, or Go With the Free Stuff?
Buying software to manage your finances might end up being counterproductive. For example, if you buy an expensive personal finance software package that you never use, it could
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What are Free Tools to Help Me Manage My Money?
All too often, people assume that money management is a premium service that only the wealthy can afford. In today's world, thanks in large part to the Internet,
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Protect
protect
Will a higher auto insurance deductible save me money?
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 here Read more >>

How do I start establishing good credit?
In the past, credit card companies were all over college campuses handing out pre-approved credit cards to young adults regardless of whether they had a job or money in the
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How Do I Teach My Kids About Money Management
Giving kids an education about money is an awesome responsibility. The epidemic of foreclosures and bankruptcies in the midst of the credit crisis demonstrated how easy it is, even
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What Do I Need to Know About Homeowner Insurance?
Shopping for any type of insurance can be intimidating. Your home may be one of your larger investments, and it is important to protect that investment. By better
Read more >>

Save
save
Is it bad to open multiple savings accounts?
What's wrong with opening multiple savings accounts? The first step in developing a savings plan is to identify your goals and figure out how you will meet them. While the lucky few among us begin our adult life with a substantial here Read more >>

What's the best way to handle a financial windfall?
I was working in a car dealership in Las Vegas, trying to qualify a woman for an auto loan. Trying to find a loan for a person with a 504
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What's the difference between a credit union and a bank?
Credit unions and banks work basically the same way. Both accept deposits and use those funds to make loans. Both are perfectly good places to keep your money. Just as
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How do I choose the best bank?
For more than twenty years, my husband and I stayed with the same bank, the one in the shopping center where we bought our groceries every week. Their customer service
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Spend
spend
8 tips to get spending under control
How do you know if you are spending too much money? You run out of money before you run out of month. You are now that friend that no one invites out because you are "always broke". That twenty you here Read more >>

How do I have fun in the winter without spending lots of money?
Long nights, less sunshine and gloomy or cold days can get even the most upbeat person a bit down. Add this to holiday shopping expenses and less than flexible wallets
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I don't have any extra cash, how do I save money?
Saving money is easier said than done when you already feel strapped for cash. However, with patience and discipline, the saving habit can become second nature. Here are some ways
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How Do I Avoid the Urge to Spend?
It's tough to go anywhere these days without someone or something enticing you to part with your hard-earned cash. There seem to be more incentives to spend, than
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Invest
invest
Is 'Buy and Hold' a good investment strategy?
The buy-and-hold investing strategy explained If you are trying to decide which investing strategy to use after having learned a bunch of new financial lingo, you might be thrilled to come across the buy-and-hold strategy. What you see is what you here Read more >>

Should I Use a Broker?
Brokers, like, in Boiler Room? Before we answer the question, "should I use a broker to buy and sell stocks?" we should distinguish what, exactly, we expect a broker to do: All
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What Should I Include in My Portfolio?
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
Read more >>

Should I risk money in the stock market?
Before you begin to answer the question, "Should I risk money in the stock market?" you should first assess your investment goals, needs and risk tolerance using this series of
Read more >>

Live
live
How do I become a millionaire?
Being a millionaire feels out of reach to a lot of us. However, it's not. With the right attitude and approach to money, you can become a millionaire. In fact, changing your mindset about what it means to be a here Read more >>

How do I get rid of credit card debt?
It doesn't matter how you got into debt. Maybe you maxed out a student card, or you've been unemployed and living off your credit card, or you've just been running
Read more >>

What happens if I file for bankruptcy?
If you're having trouble paying your debts, you might be wondering if it's time to file for bankruptcy. A bankruptcy filing is essentially your legal statement to creditors that you
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What happens when your home gets foreclosed?
Foreclosure is a very real threat that many people are facing today. When you get to the point where you are having trouble repaying your home loan, your financial situation
Read more >>

Retire
retire
What is a Roth IRA?
You've probably heard of a Roth IRA, but unless you understand the basic features and advantages of these plans, you haven't fully explored your retirement savings options. If you play your cards right, a Roth IRA can save you money here Read more >>

What's an IRA?
A classic description of retirement funding is that it is like a three-legged stool, but with at least one of those legs getting a little wobbly these days, you may
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How much should I put in my 401(k)?
You probably know that contributing to a 401(k) plan is the right thing for your future, but how do you know how much is enough? The right contribution level depends
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Is a million dollars enough to retire on?
The title "millionaire" still carries a cachet of wealth and ease, but the truth is, being a millionaire isn't what it used to be. Perhaps more to the point, by
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