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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.
Need Organizational Help. When Should I Shred Older Documents?
Asked by A.E. from Chicago
on September 14, 2009
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Hello ladies,
I know this is an inquiry non related to moms but I do need help and this has always been a fantastic source of information.
I have been going thro...
Answers
- You have received some good input here, I just wanted to add that you can pay your bills online and you won't be receiving paper statements anymore. We pay through Che...
- Keep tax related info for 7 years. As far as the old mortgages, I would keep the payoff letters only. You should keep all home improvement receipts & any other big tic...
- I hope this helps, Tax Returns. The general rule for tax records is to retain them for seven years. When you file the new return shred the newly expired one. The IR...
Cashing in My 401K to Pay off Credit Cards
Asked by J.V. from New York
on September 6, 2008
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Hello All, I have about 8K in credit card debt I would like to pay off. I also have 11K in an old 401K from my previous employer. I know the golden rule is not to ...
Answers
- Hi J., You should consult an accountant to be sure. But, I believe you pay all your capital gains taxes up front. I'd also consult an accountant about the best way t...
- DON'T DO IT! Dont cash in your future to pay off the past. You'll be creating more problems. Go to Consumer Credit Counseling Services, of New Jersey or whatever s...
- DO NOT DO IT! You will get hit so hard in taxes and penalties that you will have to take a loan just to pay that! My mom closed out hers at a previous job and she had ...
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.
Has Anyone Worked with "The" Model & Talent?
Asked by J.H. from Minneapolis
on March 21, 2010
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My daughter got a call-back for a commercial audition that would eventually lead to Disney Channel, but I would have to pay around $2800 for her to attend a large even...
Answers
- can you check the better business bureau?
- I don't know much about it, but what I have heard OVER AND OVER again is that you shouldn't have to pay at all. If they want you, they pay you...sorry I can't help you...
- If you ask any real talent agency, they will tell you that if they want your child for their advertising, it wouldn't cost you a dime. Fake agencies hold "casting call...
I Am Beyond Pissed Right Now!!
Asked by J.W. from St. Louis
on April 16, 2012
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Sorry if a word slips in here but I finally sucked it up and started putting my dad's stock sales on his taxes. The "nice" broker consolidated his two accounts into o...
Answers
- I don't blame you. It's ok to be mad when you feel like your parents are being taken advantage of. What do I do? Well, I spent 10 years in the banking industry do...
- Did you ask your dad if he was told by the broker about these brokerage fees before he decided to do the consolidation? With such a huge loss, I would ask your dad if ...
- Wow, that is just horrible. I do not know how a person with any moral and ethical values could do this to someone, especially an older person. I would be very upset t...
Job Loss
Asked by M.M. from New York
on July 5, 2011
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My husband just lost his job. The company he was working for was run by a trust in England with an office in the US. Now the company went out of business and they wa...
Answers
- Wow I am so sorry to hear this-and supposedly the economy was picking up right!!?? They say unemployment has dropped-maybe they aren't considering that it dropped beca...
- As far as the person who wrote that Texas isn't having a recession, I'm not sure about that. Texas is hurting a bunch, also. Thousands of teachers across the state ...
- I'm sorry your husband lost his job. There are jobs in Connecticut...have him apply for Unemployment Benefits and search for a job. I would NOT cash in my retiremen...
Husband Made Bad Investment Decision
Asked by S.J. from New York
on October 13, 2011
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Recently my husband made some bad investing decisions in my 401K and it's pretty much gone. I'm beyond feeling angry -- especially since he knew about it and never di...
Answers
- I also wonder how he made the decisions. If you allowed him to, then it's partly your responsibility. And all of it was lost between last statement and this statemen...
- There are a lot of unknowns... How long have you been married? Did you just meet the guy? How did he obtain access to 'your' money? Did you build this 401k up befo...
- I would be ticked off beyond belief! Thirty years worth of saving your hard earned money...not mentioning financial security. I'm just shaking my head right now wi...
Looking for Advice from Moms Who Have Gone Through the School IEP Meeting
Asked by B.H. from Detroit
on September 20, 2007
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Hello,
My son is 3 years old and has been seeing a speech therapist after we discovered that his speech is not where it should be for his age. My son was also involv...
Answers
- My son was also evaluated at age 3. The IEP meeting is just the formal process that they need to go through to offer your son services such as speech therapy or the s...
- Hi B., I too have attended IEP meetings before. My son does receive Speech Serives however speech isn't his main certification. I ditto the idea of getting an advoc...
- My son is in his second year at a special (PPI) program for preschool in the Royal Oak school district. He started last year when he was 3 and we have done the IEP an...
401K's and Penalties for Taking Some Funds Out
Asked by K.C. from Las Vegas
on May 4, 2011
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Hello Mom's
Could any of you tell me about penalties on taking money out from your 401K's before retirement. I had some friends take it out for buying a house, but ...
Answers
- You really have to look at the rules for your plan. But, in general, a loan is always better than a withdrawal but you generally only have access to a portion of your ...
- I don't see that anyone has mentioned the specific numbers, so here goes: If you withdraw the money from your 401k (not a loan) and you are under 59 1/2, you will pay...
- My company administers retirement plans. Your friends were eligible for what is called a primary-residence loan. They have to pay back the loan, with interest, to the ...
