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Money for Retirement Account
Asked by O.L. from Los Angeles
on December 30, 2011
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Hi, just wondering what a reasonable amount of money is to put into one's retirement account? What type of account do you put it in?
Answers
- I agree with the answers below, especially about needing to personalize your own situation with regard to your current income level, your spending habits, your current...
- I think you need to talk to a trusted financial consultant so you can figure out how much is right for you to be investing. Everybody is different. As for us, we...
- Shannon's advice to check out Dave Ramsey's program is a great idea; Clark Howard also has several books on financial 'smarts'. Like many of the other moms mentioned:...
Upromise Account - Is It Worth It?
Asked by L.J. from Atlanta
on September 8, 2006
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Has anyone here started a UPromise account? Has anyone transferred money into a 529 yet from their Upromise account? I'm just not sure if I want to give my credit ca...
Answers
- If it doesn't feel right I would not do it. I will only put my money with a financial institution that is FDIC approved and insured. Try one of the banks they have so ...
- my advise is to put money aside in your 401k or get a roth ira, for more info about this, visit clarkhoward.com
- Hi L., Try Fifth Third Bank also. They have a wonderful college fund. When my mom passed away last year, she left some money to my 5 year old. Since I don't know...
Savings for Junior
Asked by A.E. from Minneapolis
on January 12, 2009
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Hello, Supermoms!
My hubby and I have received some cash gifts for various occasions since our boy was born. We've just been tucking them in his "piggy bank" so far...
Answers
- We have our daughter's money in a CD. At our Credit Union it is called a certificate plus because you can add money to it. It has a slightly lower interest rate than...
- We have our kids' money in CD's. Just shop around for the best interest rates, and don't forget to renew them when they mature. They do make money.
- I use the MN college savings plan for my children and my nephews. It's a 529 plan through TIAA Cref. The cool thing is that MN has a matching program for MN resident...
Cash Out My Retirement?
Asked by A.P. from Los Angeles
on July 22, 2010
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I have 15k in my account and was considering cashing it out and putting it in my savings account. I'm self employed now and cant roll it into anything. I can leave it ...
Answers
- If you do anything roll it into a IRA. You dont pay any pentalties (you loose more than 1/2 if you cash out) and you can access a wider range of investments to help it...
- DONT'T DO IT!!!!!!!!!!!!!! Uncle Sam WILL ROB U BLIND!!!!
- It won't be 15 K when you cash out. You will owe a penalty. I cashed out my 401K when I stopped working (about 8 K), but it was worth it to us since I am a SAHM now.
Educational Savings for Your Child's Future
Asked by J. from Memphis
on January 30, 2008
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Has anyone started an educational investment account for their child/children?? I was just wondering who you went through, and if you are happy with the service. I'm...
Answers
- I started a Upromise account for my daughters 6 years ago. What Upromise does is give you savings toward college when you buy items from participating companies. You...
- Last year I was faced with the same problem. Not sure which plan to go with, I spoke to some of the employees at my bank. I met with an investment specialist that is...
- We went with a friend of ours who is an Investment dealer. Her name is Lana K. Caldwell-Wargo and she works for PFS Investments ###-###-####. We were looking into ed...
I Need a New bank...Help...
Asked by H.V. from Cleveland
on June 20, 2011
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OK For the longest Time I had a Washington Mutual bank account. Obviously Chase took that over.
Anyway, I'm a SAHM with No income coming in. My bank account was kinda...
Answers
- I would let Chase know I would be moving my account and why. Who knows, they may be able to give you a better account, and they may even refund some of the fees to ke...
- I enjoy Citibank, I have no fees and no min, however I did open the acct while I worked for Citi so that may have something to do with it but I love this bank and I ha...
- Do you have a UNion Bank? They have no checking account charges and no minimal fees. Also go the the credit unions. Does your husband work for the government, a...
Financial Freedom in Marriage
Asked by R.R. from San Francisco
on January 9, 2011
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In a marriage where both partners work, what is the best way to manage money? Put it in joint account, joint and separate, or just separate and share expenses? If the...
Answers
- You have gotten a lot of good answers but I wanted to add mine. I am a stay at home mom. About 7 years a go my husband threatened to cancel the credit cards during a...
- Most financial advisers say that you should have 4 accounts for a family. Joint for family bills, hers, his, & savings. each individual account is so that each person ...
- Rachel: I am a SAHM, while I worked - this is what we did: 1. joint account for all house bills (mortgage, car payments, credit cards, insurance, etc.) 2. singl...
In Financial Crisis While Fighting for Support from Dead Beat Dad!
Asked by P.L. from Chicago
on September 28, 2006
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Does anyone have any suggestions or any experience with trying to get financial assistance while dealing with a dead beat dad who is 5 months behind in child support? ...
Answers
- Hi...U also need to streamline your finances..my husband can help you at doing that. And you can also talk about possibility of getting involved with him on part time ...
- about the only thing i could think of was tutoring - is there anything you can teach from your home? piano, software, cooking? maybe you could babysit? i hope you get ...
- Depending on what your qualifications and schooling background are, some community colleges will hire professionals to teach their online classes. Be careful of som...
What Kind of College Funds Are Best?
Asked by K.G. from Boise
on June 20, 2009
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I want to start an investment fund for my daughter (5 months) but just don't know which one is best - a 529, just a regular money market account....What if she gets a ...
Answers
- K. G, The 529 is going to be your better bet. It is more likely to increase in value compared to the interest rates you are going to earn on a money market account,...
- We use 529 plans for our kids. They give you the flexibility of many investing options and the gains are tax free. Some states give you a tax deduction for your cont...
- I would talk with your tax man--I talked with mine a little this spring, and I believe that 529 plans can be used for anyone in the family--so if one child doesn't go ...
529 Plans
Asked by R.H. from San Diego
on June 5, 2008
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Hi there, I am wondering if anyone has looked into starting a 529 account for their child's college savings. Since each state offers their own plan, the options seem e...
Answers
- We opened 529 plans for our sons with Utah (Utah Educational Savings Plan). Since there is no tax benefit to opening a 529 in California, we looked out of state. The U...
- Hi. The 529s are fairly easy to deal with especially if you do it online. I get intimidated by long-term/investment/financial stuff but even I could handle this. If yo...
- A good friend of mine passed this info along to me a while ago. We haven't set it up yet but plan to - it sounds like a great way to go. It's called "CollegeBou...
