September, 2009

Safely Investing Your Savings

Today’s Mini Money Makeover candidate had what every financially secure person should have-a savings to fall back on in case of emergency. The problem? All of her money was going into that savings account. She was scared to invest. Her money wasn’t working to make her more money. Have the same problem? Watch the video below for some helpful tips.

Ask Jean Thursday: First Credit Cards

I have a 17-year-old daughter that will be 18 in January 2010. What type of credit card should I get her to start building credit for her?

-Christine, New York

When teens and credit cards mix, the outcome can sometimes be disastrous. But, if handled correctly, credit cards can be a great tool for teaching your college-age kid the basics of financial management.

After your daughter turns 18 in January, she may want to hussle to get that first card. Otherwise, she will need a cosigner. When another piece of the new credit card legislation takes effect on February 22nd, any person under the age of 21 will be required to have a parent to co-sign on their credit card. “Mom needs to be sure she is comfortable with co-signing, which could affect her credit score if her daughter misses a payment,” says Karen Blumenthal, author of “The Wall Street Journal Guide to Starting Your Financial Life.” If your daughter can prove that she’s making enough money to handle having her own credit card, she may be able to side-step the need for a cosigner.

When you start shopping around for a credit card, let your daughter do the work. “It’s good practice for the student to research the options–the interest rate on charges, the interest rate on any cash advances, and the fees you’ll pay if you pay late or go over your credit limit. That way, the card holder knows exactly what the terms will be,” says Blumenthal.

As you probably know, the options for credit cards can be overwhelming. To make it easy on your daughter keep things simple. “I recommend a young person apply for a plain More…

Be Your Own Boss

It’s often said that times of economic hardship are the best times to start your own business. Saving money by hiring interns, finding investors to back your business and having a unique product or service are all great ways to get yourself on solid financial ground and help your business take off. Watch the video below for more.

Calling All Entrepreneurs!

Did you take your great idea and turn it into a real moneymaker? If so, we’d like to hear about it! Next Friday we’ll kick off a blog-series profiling a different entrepreneur each week. If you’re an entrepreneur and would like to share your story, click here.

If It’s Wednesday…It’s Money 911

On this morning’s segment, Carmen, Stacey and I answered questions on everything from annuities to 401(k)s. Click the video below to watch.