In this tough economy some are praying on our nations most vulnerable. Watch the video clip below to learn what scams to look out for and tips to protect yourself from becoming a victim.
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“Hi Jean- I watch you often on the Today show and am really in need of serious intervention-to say the least. My husband and I really don’t know what to do or where to go for help. So here goes:
We have been married for 4 years and have 1 daughter, Lucy 20 months.
We have $0 in savings and nothing for her. We both went to college and work-combined we make over $100K. But we have SO much credit card debt that we are overwhelmed and can’t save. I set up my cc for the hardship programs. I have-just in my name $35K in cc debit. My husband has about $20k in his name and he is working to pay them down. Should we go to a consumer credit place, file bankruptcy, get a loan? We just don’t know what to do and we really really want to save!
We got in this trouble from our first home-the taxes were $1500 a month and we just couldn’t afford that along with the mortgage payment so we started using credit to pay the taxes and utilities.
HELP please.” – Stacy
Hi Stacy,
I know how frustrating this is. You are making good money yet feel as if you’re getting nowhere. I’d give a credit counseling service a try — though I’m not sure how much lower this will make your payments (find one at debtadvice.org). More…
I’ve talked a few times about the importance of having life insurance as a parent. In fact, I touched on it just last week, and full details are in this post. But one question I get again and again from parents is whether they should purchase a life insurance policy for their children.
The answer is no. Children’s life insurance is typically marketed as a way to protect your child in case he develops a chronic illness later in life that would make him uninsurable. If you buy coverage now, he’ll already have that policy in place. Many insurers also tout the benefits of having a policy on hand that will pay for burial expenses, and some offer coverage as a way to save for college – the premiums you pay for a whole life policy will build up over time, and you can borrow from the cash value. More…
Anybody want a dog? I can vouch for Benjamin, the 3 year old snuggle muffin I carried onto the set. Seriously, Jill and Richard do an amazing job with all of these pups. I was tempted to take one home with me but wasn’t sure Teddy (the cockapoo in residence) would approve!
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Today’s panel looks at ways to reduce debt and plan for a lengthy retirement. What’s the best way to lower student loan payments? How do you handle a large debt to the IRS? What should you do if you are upside down on your mortgage? For answers to these questions and more watch the video clip below.
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Last week, we hit on budgeting. This week, it’s all about the future – college, yes, but also preparing for the unexpected. What does it take?
A will. When you’re a parent, you need a basic estate plan, and that means writing a will. It’s the only document that allows you to name guardians for your children, which means you’ll be able to select who will take care of them if something happens to you. If you don’t have a will, the choice may be up to the court and the rules in your state. If your financial situation is rather simple, you can make an inexpensive will on a website like LegalZoom. If things are more complicated – you have a lot of assets – you’re better off seeing an attorney. It will cost you about $1,000 for a basic estate plan, but it’s more than worth it. More…
WHO: Holly Craig
WHAT: Magpie Lovely
WHERE: Nashville, TN
WHEN: 2009
HOW: Holly Craig was a former boutique owner and full-time mom. After her husband was offered a great new career opportunity, the family relocated to Nashville, Craig sold her storefront and its inventory, and planned to start fresh in a new town. She would have loved to find and open another retail spot, but the 10-hour days they called for weren’t possible with young kids. An online business, however, was another story.
In the spring of 2009 that Craig began developing an idea for an Internet-based eco-friendly boutique – hosting only handmade products. More…
I believe knowing how to manage our money is one of the most important life skills for adults — and even more important to pass on to our kids. My newest book is intended to help tackle that tricky topic. Not Your Parents’ Money Book: Making, Spending, and Saving Your Own Money is for the next generation of our nation’s spenders and savers, who need to know where money comes from, how they can earn it, and what they can do with it once it’s in their pocket.
It’s the product of a lot of research, done over the span of a year, with kids across the country. (I have teens of my own, so I know what happens with books that bore them: I find them gathering dust under the bed!) So I conducted a series of informal focus groups, asking middle schoolers what they already know about money and what they want to know — and then wrote the book to meet their needs. I hope you’ll take a few minutes to look at my new book, and then take a few more minutes to sit down and talk to your kids about money (have the National Money Night Talk). It’ll be one of the most rewarding conversations you’ve had with your kids yet.
Are working women penalized for having a family? Some working mothers have reported everything from lower wages to job loss — but is it because they’re parents? This morning on TODAY, I reported with two other working women on how you can let family life integrate with work life — and still be a successful and productive employee.
Visit msnbc.com for breaking news, world news, and news about the economy
“I desperately need your help to create a budget for my husband and I. Can you direct me to a simple easy budget worksheet where I can enter what we bring home and what we pay out and this will show me what I need to save or how to save?” – Anonymous
Setting up a budget is a must – so I’m glad you’re reaching out for help! It’s a matter of figuring out where you are, and where you want to be. You need to ask yourself how much you’re bringing in each month, how much goes out each month – and when you spend that money, where it’s going.
How much you’re bringing into your household each month should include your take home pay, and any other sources of income you might have. Do you run a small business on the side? Do you have rental properties? Do you sell old books on eBay? Add it all up. If it varies, come up with the average over the past year. That will let you know exactly More…
Better credit in 120 days, powered by Smart Credit
Become debt free on $10 a day with this online program that works with your readiness to change.
I believe knowing how to manage our money is one of the most important life skills for adults - and even more important to pass on to our kids.
A reference guide for money issues that has been carefully indexed so you can flip to the section you need and absorb the information.
In this updated edition, I give you up-to-date strategies to help you get out of debt within three years.
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