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Savings and a summer internship

by
Chris Farrell
Mar 19, 2012
I'm a 20-year-old college student studying computer science. I recently accepted a paid internship offer at an investment bank for the summer. After taxes, I will make around $10,000. How should I spend, invest or save this money to best prepare myself for life after college? Zach, Binghamton, NY
Posted In: Savings, Roth-IRA, student loans, college, job
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Thoughts on becoming a CFP

by
Chris Farrell
Mar 16, 2012
I am a mother of five, wife to one and hold a job as a sales and marketing executive. At this time, I see it necessary to switch to a position that allows me to work more from home, without too much travel, and to build a business that I can grow into my golden years. I have started taking classes to become a Certified Financial Planner. I really want to do this, but I'm concerned my vision for being a CFP might not be viable. I would like to be fee-only and help middle-income people make sound decisions for their financial future. I have spoken with another CFP, and he has told me the focus for the industry is on high-net-worth people, which is not a path that I wish to pursue. Any advice or thoughts is most appreciated. Sarah, Rock Hall, MD
Posted In: Financial planner, CFP, Entrepreneurship, entrepreneurship female women business startup venture angel capital employment
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jj_mer picture

Question: Thinking long-term about retirement

Submitted by jj_mer | Dec 15,2011

Hi, I like to think long-term -- 30-40 years ahead. I'm 28, but looking at my retirement account and a number of retirement calculators, I could have enough retirement by the time I'm 55. BUT, I won't be able to tap into my retirement accounts penalty-free until about 10 years later. So, I'm wondering what a good strategy for bridging the gap might be.

Additional info about me: I'm single, don't own a home (nor am I really looking to), and my retirement is spread out between a Roth and Traditional 401(k), an HSA, and a normal ol' brokerage account invested in mutual funds. Thanks! Jason

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egillman picture

Question: Car loan and 401(k)

Submitted by egillman | Dec 21,2011

I will be buying a car soon.  I have the opportunity to borrow against money in my 401(k) so the interest is paid to myself.  The money I would borrow against is in a money market fund, so I am not worried about "lost" growth.  Should I borrow against the 401(k) or get a separate car loan?

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Thinking about an encore career

by
Chris Farrell
Mar 14, 2012
Currently, I am thinking about going back to school for a graduate degree to change my career entirely. It would be hard to do this while working full-time. I think that if I stick out this job for another 15 years, I should be OK to retire. (It's just me -- no husband or kids -- and I owe about $80,000 on my house.) I would LOVE to quit and go back to school (maybe with a loan?) for an "encore" career. It's amazing how much more expensive school is now. It's crazy. I know that I will be able to find a position once I have the degree. It may not be earning as much as I do now, but that's OK. Is this even something I should entertain? Jackie, Columbus, GA
Posted In: encore career, second career, Graduate school, Work, debt
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Am I nuts -- or not?

by
Chris Farrell
Mar 13, 2012
I'm seriously thinking of purchasing a small (six-unit) apartment building in a college town. I've never been a landlord and I'm already a single father of two with a full-time job. Am I NUTS? Clay, College Park, MD
Posted In: rental, landlord, invest, investment
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Dealing with credit card debts

by
Chris Farrell
Mar 12, 2012
Where can I find reputable resources to help restructure credit card debt? Tom, Charlotte, NC
Posted In: NFCC, debt counselor, Credit Cards, credit card debt, Credit counseling
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Getting Personal: Trashing your old tax documents

Interview by
Sarah Gardner
Mar 9, 2012
Host Sarah Gardner and MSN's Liz Weston answers your personal finance conundrums.
Posted In: cosigner, loan, Taxes, Estate planning, executor, will
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Survivorship insurance

by
Chris Farrell
Mar 9, 2012
In what circumstances does it make sense for a couple to buy "second to die" life insurance? Ann, Waukesha, WI
Posted In: estate tax, Estate planning, insurance
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Helping out brother with money

by
Chris Farrell
Mar 8, 2012
My problem is that my brother (in his late 20s) is super lazy and would never do any financial planning on his own. I've been trying to get him to open a Roth IRA for a while, but no chance. So now I'm thinking of starting one for him for his birthday and setting it up so a certain portion of his paycheck will transfer automatically. But there's no way he will ever be motivated/responsible enough to do his own investing. I'm not sure what strategy to follow because I don't want to do his investments for him. Is it worth hiring a professional? Do the major online trading sites (Etrade, Vanguard, ScottTrade, etc.) offer some kind of package where you just add some money and it is professionally invested for you? Any advice you have would be greatly appreciated!! Thank you! Laura, Chicago, IL
Posted In: Savings, Roth, stocks, bonds, Treasurys securities

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