Q: I’m 57 years old. I am considering taking money out of my 401(K) plan to pay off debt. The problem is I am struggling to make ends meet. What should I do? A: Well, only you know whether or not it’s time for a major career shift. But based on what you said, you seem […]
I Have No Savings and am Struggling. What Should I Do? Read More »
Q: I had to take out a very large loan to pay for one year of my son’s college tuition. I anticipate it taking a minimum of 5 years to repay. I am also repaying a HELOC loan. What is the best way to handle this? Should I payoff debt or save money for retirement? Should
Should I Payoff Debt or Save My Money? Read More »
Q: I am going through a very acrimonious divorce and paying through the nose. I am a private practice epsychologist. I usually had no problem paying estimated taxes, but can’t make ends meet anymore. My ex refused to sign the joint return last year which cost me $20k. I’m afraid that every year i’ll get
Advice When You Can’t Pay Estimated Quarterly Taxes Read More »
Q: My daughter’s private school at our church is closing this year. To keep her in private school we will need to pay double the tuition costs we are currently paying. I am not comfortable with this as we are trying to become debt-free and this will hinder the process. Is there a general debt-to-income
Is There a General Debt-to-Income Ratio Related to Tuition Costs? Read More »
Q: For the first time in 22 years I can’t make my mortgage payment. It will get paid via a little help from the mortgage company but I am very concerned. I am living in the red by about $400 each month. When do I say enough is enough and stop paying certain creditors to
Which Debts Should You Stop Paying Read More »
You are correct in your assumptions. Yes, you can open two IRAs (one for 2009 and one for 2010), and safely convert them into a Roth this year because of the removal of the income limits on Roth conversions. I double-checked with an expert on this, David Mendels, who is a Certified Financial Planner and the President-Elect of the New York Chapter of the Financial Planning Association. David is also an adjust faculty member at New York University, as well as the head of the fee-based financial planning firm, Creative Financial Concepts, LLC. So he is very well-credentialed and I’m confident in his knowledge ane expertise. He told me to offer you two caveats, just to make sure your efforts go smoothly.
How to Benefit From Opening a Non-deductible IRA Read More »
Q: I have a credit score of 625 and am trying to refinance a loan. The bank says I need a 700 credit score to get a loan with them. I have an existing loan and when I got it 4 years ago, my credit score was about a 710. I need to fix my credit score because
How to Quickly Boost Your 625 Credit Score Read More »
Q: I purchased a two-family home after I graduated with the intention of building equity and eventually selling the house so I could pay off my student loans quicker. I always planned to sell my home in about 5 years. But several people have advised me to hold on to the house for at least
Should I Rent Out My Home to Pay Off My Debt? Read More »
Q: How long does a negative item stay on your credit report? A: This debt should have long since fallen off your credit report. Under the Fair Credit Reporting Act, negative information such as the 90-day late payment you mentioned can only legally remain on your credit file for 7 years from the time of
How Long Does A Negative Item Stay on Your Credit Report? Read More »
Q: I Have a Property About to Be Put on Sale for Tax Delinquency in Florida. I Have Medical Debt Due to a Spinal Injury and Was Diagnosed Disabled by the Government Rehab Serv Admin. I am Going to School and Have no Job. My Debt is About $15,000. I Live off an Annuity Pension
I Owe Back Taxes on My Home and Have Medical Debt. Should I Sell My House? Read More »
Q: I am a single mother of 3 kids and have a debt total of more than $30,000. I don’t have any savings or investments, and nothing saved for retirement or college education. I am facing garnishment of my wages due to one of the debt I currently have. Would bankruptcy be the best option
I Am a Single Mom with $30,000 in Debt. Should I File for Bankruptcy? Read More »
Q: I Would Like to Save My Daughter’s Money That She Receives for Birthdays and Holidays. Where is the Best Place to Put It? A: It’s great that you are thinking of your daughter’s financial future. That shows that you are a conscientious and loving mom – two traits I’m sure your child will appreciate
Where Can I Invest My Daughter’s Money That She Receives for Birthdays and Holidays? Read More »
Q: If I dispute something on my credit report that I feel is not legit will it re-start the time on the debt? I have a debt that will drop off in another year and I want to dispute it but I don’t want to restart the clock on the debt. Should I dispute it
The Impact of a Dispute on Your Credit Report Read More »
Q: I am a 24-year-old graduate school student who accumulated a lot of credit card debt as an undergrad. About $7,000 of my credit card hasn’t been paid on since 2005. The other $3,000 or so hasn’t been paid in a year or two. I am not in a position to pay these debts and
Advice for College Grads That Are Deep In Debt Read More »
Question: I went to Culinary School not realizing my student loans would cost me around $1,000 a Month. We had to file a Chapter 13 bankruptcy to hold them off for 5 years, but I will still be hurting when it is over and Sallie Mae will not even consolidate the loans anymore. I am
Dealing with Student Loans After Bankruptcy Read More »
