Ask Money - Most Recent
I am 35 years old and only began saving for retirement this year through a combination of a 401k and Roth IRA. I would really like to return to school in three or four years to get a double-Masters in economics and finance, taking off one year to study Chinese in China. I know that I will earn twice as much once I complete my degrees as I earn now, but I am concerned about stepping away from full-time work and benefits for five years while only taking part-time jobs or internships in my new field. While I am in school and traveling, although I will be able to support myself financially, I won't be saving for retirement. Can I really afford to go back to grad school to make more money?
I've been getting a lot of these solicitations from my bank about free Group Accidental Death and Dismemberment Insurance. I can get $3,000 in free coverage. Getting "free" money or protection always seems like a good idea but, I wonder what the bank is getting out of it. Is the bank taking life insurance out on me too or is there anything else I should worry about before I take this freebie?
Hi, I love your show and never miss an episode! It's a great way to learn something new while I'm working out.
I have a question. I'm a 25-year old medical student in my final year of school. I have $100k in school debt, and I have five credit cards with a TransUnion credit score of 771. I've always heard that I shouldn't sign up for too many credit cards because it will ding my credit. Despite those vague warnings, I probably sign up for two per year and cancel them as I go. The terms are just too tempting. I get something like $700 per year in introductory bonuses, 2 to 5 percent cashback on all daily purchases, and other great perks.
One of the best perks has been to put daily purchases on credit cards with very long zero percent APR introductory rates, saving me a significant amount of loan interest accrual. I think my credit has not suffered too much, but at the same time I realize that the biggest factor dragging my score down is a short history.
I will graduate from school in six months and would like to buy a house/condo perhaps in 18 - 24 months. I have never paid a dime of interest in my life, nor have I ever had a late fee. Is there a major downside to taking advantage of these credit card offers?
Additionally, is there a period before buying a home that I should stop obtaining new cards in order to optimize my credit?
I am 30 years old, married, and wanting to return to school to finish my degree. I have no current debt. Since my marriage I no longer qualify for financial aid due to the increase in household income, so we paid for a few classes ourselves, which is unsustatinable, so my plan was to take the bare minimum of student loans I need and work part time. However I've hit a snag.
In 2011, someone got a hold of my SSN and filed a false tax return in my name (kind of. My legal name is Philip Robert, but they filed under just Robert). They received a huge refund (they claimed $12k in mortgage interest alone). I've moved a couple of times since then, so I received a letter this past March saying that my current refund is going towards the debt I just found out about in that same letter. I currently "owe" around $8,000.
My father in law is a CPA and has been a huge help in getting the proper paperwork filed. We got everything in and I received a letter from the IRS last March saying they received and accepted my paperwork and I could expect resolution within 180 days. That time has come and gone by far. I called last week and was told it has not even been looked at and should expect to wait another four months. I contacted my senator and his office responded very quickly. Other than the IRS debt, no credit was taken out or any other debt rung up.
I am now ineligible for financial aid or student loans due to "owing" money to the government. I do not want to have to skip a semester and wait to August to continue my schooling.
Are private student loans a viable option? My credit isn't fantastic but my wife's is. Also, if I choose the private loans for only a semester or two until my tax situation is handled, will I have to pay those back immediately, or will they be like the other loans where I can wait until after graduation assuming I meet certain criteria (stay enrolled, etc.)
I recently paid off my car, then it was totaled. Bought a new used car with a very low interest rate for 48 months. I could pay off this loan early, but I wonder if I should save the extra money for a rainy day or put it in my 403(b) account. My only other installment loan is a 15 year mortgage, also with a very low interest rate. Thanks.