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Getting Personal
Getting Personal
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About the author
Christopher Farrell is economics editor of Marketplace Money, a nationally syndicated one-hour weekly personal finance show produced by American Public Media.
I'm afraid Chris may be wrong about closing bank accounts. The oldest credit line on my credit report is for my checking reserve line that the bank automatically set up for me. I even accidentally used it once between books and tuition (those fees were painful).
You need to check your personal credit report (annualcreditreport.com) to find your oldest credit lines before making decisions about closing accounts. You don't even have to close some of the credit accounts. Just do one of Dave's plasectomies and cut up the card.
I am about to downsize by selling my house and moving to a little condo. I plan to make a large down payment but finance $100,000. I will have about $60,000 in cash left over. I'm 61 years old and can live pretty comfortably yet frugally on my income. I have enough retirement stashed away to feel relatively secure. I plan to put most of the extra cash in CDs or some type of savings account, but would like to take advantage of very low stock prices and make a killing when the stocks skyrocket. Can you guide me toward or away from any types of stock - maybe the auto industry, banks, or another industry that’s likely to rebound?
Thanks,
Ginny
