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$108,000 in student loans -- and still counting
Chris Farrell Feb 8, 2012
The student loan debt burden is getting worse. The epicenter of trouble is so-called private student loans. It's time to take action on private student loans.
Two IRA questions
Chris Farrell Feb 8, 2012
My questions are: 1) Should we set up something for my husband that would be appropriate for us, or should we be adding more of my income to my employee 403(b) match and continue saving that way? 2) What should I do with my 403(b) from a previous employer -- let it continue or roll over?Mary, Spring Lake, MI
Weighing the price of a graduate degree
Chris Farrell Feb 7, 2012
It is time for potential graduate students to hear back from schools. I was accepted to two top-rate, out-of-state schools and will likely get into an unranked in-state school. I compared the cost of out-of-state schools to the in-state school; the difference (over the 10-year repayment period) exceeds $55,000! All graduates have to pass a standardized national exam to be licensed, and all graduates in my field are employed. Is the difference in quality and reputation worth the extra debt? Will my starting salary be affected, and how important is that over the course of my career? Jordan, Raleigh, NC
Thrill seeker? Risk averse? It matters
Chris Farrell Feb 6, 2012
What I like about the insurance money management framework is that it takes seriously the idea that how you save and where you save is all about what you want out of life -- your goals, your desires, your values, your lifestyle.
Good education. Good job. Now what?
Chris Farrell Feb 2, 2012
After close to a decade in graduate school, a post-doc, 24 job interviews, and almost as many rejections, I am elated to have started my first bone-fide adult job. Which in this day and age is not only a blessing, but a miracle, for which I am truly grateful for. While I have mastered the manipulation of matter at the atomic and molecular level, I am pretty clueless about how to manipulate my finances. My question: what should my financial priorities be? repayment of school loans? saving for retirement? putting money into an emergency fund?... Romas, Berkeley, CA
Law schools sued by alumni who can't find work
Amy Scott Feb 2, 2012
A group of recent law graduates sues a dozen law schools, saying the institutions misled them about job and salary prospects.
Naming your IRA beneficiary
Chris Farrell Jan 31, 2012
I live in New York State. Can I have my son as the beneficiary for my IRA and Roth IRA account? If yes, what do I need my husband to sign? Thank you. Wendy, Lockport, NY
Putting a priority on savings goals
Chris Farrell Jan 30, 2012
I recently bought a house for the first time. I am in my early 50s and have a son in high school. I don't have life insurance. I have been receiving lots of advertisements in the mail telling me I should have life insurance or mortgage insurance. Should I buy term life insurance to protect my son? It is very hard for me to save money, and I'd rather save what I can for future college bills and my retirement. Thank you, Erika, Salisbury, CT
When money goals collide
Chris Farrell Jan 19, 2012
We have achieved the goal of $10,000 in our emergency fund and now we're looking to put that extra money into retirement. However, in this uncertain market with dwindling returns, we're not sure that a long-term retirement fund is the best place to dump all our eggs. ... We have a fairly good mortgage rate of 4.75 percent. Our question is: Would it be better to focus on paying off our mortgage early while the market is so volatile instead of putting all that money into retirement? Every penny paid off to the mortgage early is money we aren't paying interest on, after all. Cathy, Bogart, GA
Spending in retirement
Chris Farrell Jan 18, 2012
I am 63 years old and hope to retire in 2 years. My wife and I have a 403(b) and a 457. Also we each have a Roth IRA and we both are covered by modest pension plans. By a lot of self-education (including Marketplace Money), we have done well accumulating our nest egg, but we're not sure how to transition to using our nest egg. Do you think we need a financial adviser to make this transition? If so, what criteria do we use to choose one? Perhaps more importantly, how do we learn to trust this person with our future? Thank you. Walt, Grove, IL
