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Getting Personal
Getting Personal
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What do I do with $11k that I don't need right away? It's currently in a 4-month CD account--the term of which ends today--and I have 5 days to decide what to do with it. I haven't yet decided whether to use it as my safety cushion/emergency fund or to make much-needed home improvements. The home improvements can wait so I don't mind parking it for awhile. What would you advise?
I was recently a victim of check fraud. A check was stolen and new false checks were printed with the routing and account number and used to electronically transfer money from my account. The money has been returned to my account but now I'm being hassled by collection agencies about the unpaid electronic transfers. What should I do?
Mr. Farrell, I would like to know how safe are the online FDIC-insured bank accounts offered by ING (ingdirect.com), Heartland Bank ( heartlandbankdirect.com) , and HSBC (hsbcdirect.com).. All give 3% or more interest on very liquid accounts. What are the potential problems with these online accounts?
Thank you.
George Gertner
If 401(k) contributions are taken out of pay every two weeks, is it appropriate/legal for an employer to hold those funds for up to 6 pay cycles before putting them into my 401(k) account? This results in a lump investment rather than dollar cost averaging over a 3 month period, plus there is no interest earnings on the contributions. Shouldn't this money be invested very soon after it's deducted from gross pay? This doesn't seem right.
I am interested in using a Self-Directed Individual Retirement Account to purchase a duplex. Could you help answer a few concerns and questions: Is this approach advisable; how do I find a reliable and trustworthy custodian; can I use my existing retirement accounts (Roth, SEP, Standard IRA) to purchase the investment property; what is the limit to the amount that can be applied to the purchase; can I live in one of the units as a renting tenant; and finally, can I become my own custodian? Thank you and I very much appreciate your wonderful insights on the show.
I'm self-employed at the moment. Ten years ago, I was laid off from my job and rolled my 401K into a traditional IRA. Later the same year, I converted that IRA into a Roth. I'm not sure if this will make a difference in the answer to my question, but this was when it was possible to spread out the tax hit for the IRA conversion over four years. At the time, my understanding was that I would not be able to make contributions to the account in subsequent years because of accounting issues arising from the way the taxes were spread out. Now I've heard from various people (none of whom are tax experts) that the rules have changed and that it is okay to make contributions to such a Roth IRA. Can you please clarify this? Would it be advisable to just start a new Roth IRA? Thanks for your help.
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