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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...
Financial Questioin
Asked by H.M. from Detroit
on September 15, 2010
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Like almost every other person out there my husband and I are in a financial bind. We have a ton of credit card debt. My husband wants me to cash out my IRA of which...
Answers
- Both are bad ideas. Doesn't matter "how much of your own money" you put into it--it has retirement value and to use it is unwise. Also cashing out or usig part of a ...
- Haley, If Dave Ramsey seems too drastic for you and your husband, you might want to check out Pam Young's book "The GOOD Book - Get Out Of Debt". Here's a link: ...
- You might look into borrowing from the 401ks instead of cashing out. I believe the penalties are pretty steep to cash out...like 30%. Get some sound advice.
401K
Asked by K.R. from Houston
on January 14, 2009
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Does anyone know if an employer has the right to keep an employee from taking their money out of a 401K plan? Apparently, these employees are losing alot of money. ...
Answers
- The employer absolutely has to follow the plan documents as well as IRS regs. This document outlines whether or not loans can be made. You should be able to take the...
- You have every right and you should remove your 401k, especially if you are losing money. Most employers recommend you transfer your 401k if going to another company....
- I am sorry to hear about this. I am by no means an expert but I would try 2 things: 1. stop making contributions if possible; and 2. try to transfer from your current...
Family of 4 Able to Live on 40K/year Salary
Asked by C.B. from Phoenix
on January 13, 2012
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We struggle to live off my DH salary which is twice as much as these families make a year. This article discusses 2 families that live off of 40k/year and still save f...
Answers
- I live in Atlanta, and I have NO desire to try and live on 40K a year -even by myself! We're fairly frugal. We save a lot, don't use credit cards, by used cars, use co...
- I didn't read all of it. But some of the stats are totally not in line with where Iive. We "joke" that it takes 3 public servants (police, teachers) to live in this co...
- My husband is in the Army and only makes just below 40k a year and we live comfortably. We have two boys ages 9 months and 1 1/2. We also have been putting away for r...
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:...
U Promise
Asked by L.C. from Minneapolis
on December 2, 2010
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I have been looking in opening a UPromise account for my son, but really confused about the whole thing! I would love to hear from other moms that use the program. I w...
Answers
- My financial advisor suggested not doing a 529 plan, but rather do a Roth IRA. The reason he suggested that is because the 529 can only be used for education. If for s...
- I have a Upromise Account. You don't have to use their credit card, but of course you get a better deal if you do. You can shop at grocery stores depending where you...
- I started the sign up process yesterday with U Promise. But when I realized it was nothing more than another credit card, I decided to not follow through. I like getti...
Dependent Care FSA No Longer Needed
Asked by S.G. from Topeka
on January 7, 2010
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Can anyone help?
I signed up for Dependent Care FSA for 2010 only to find out I might not be eligible if I do not get a job in 2010. Given the uncertainty I think I...
Answers
- I also work in Comp & Benefits and you'll need to talk to your HR department. I would argue that you are changing providers (from a paid provider to yourself) and tha...
- I will ask the woman who does our DCFSA when she gets in and hopefully remember to repost. So far as I know about DCFSA it cannot be used retro. In other words if yo...
- This is what I do for a living. Dependent care FSA is much more lenient than the health care FSA because it's not a pre-funded account. You can only spend what you c...
Retirement Plan for Self Employed
Asked by A. from Dallas
on March 28, 2006
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I am looking for a good retirement plan. I am 40 years old and have being living in the USA for 7 years. I am self employed. Does anyone have some suggestions? I don`t...
Answers
- A.- I am self-employed and my financial advisor set me up with a Single K plan a few years ago and it has done well. You can deduct all your contributions off taxes....
- A., Try Oppenheimer Funds Single K Plan available through Wachovia Securities A.
- My name is O. Chang and in my 40's like you. I am a registered representative with New England Financial since 1995. Retirement plan is one of the financial products t...
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...
Health Saving Accounts
Asked by F.H. from Chicago
on March 27, 2010
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Hello moms,
My husband and I are self-insured and are really tired of handing over ever-increasing amounts of money to the insurance companies with little to no retur...
Answers
- Yes, love, love, love them. In fact, I gave birth a few months ago with a high deductible, HSA account. In the long run, it's cheaper to just pay for things for yourse...
- HSA's are certainly something to look into especially if you don't have ongoing medical issues. You can invest a certain amount of money per year and use the money for...
- Hi F., we have a HSA account through our credit union, Corporate America Family Credit Union. There are no fees and you earn a good interest rate. From the research ...
