This morning on the Today Show, the Money 911 panel talked about credit card debt, savings bonds, 401(k)s, and more. How can you get out of high levels of debt? What’s the best thing to do with your childrens’ savings bonds? After a job loss, what’s the best thing to do with your 401(k)? If you’re experiencing one of these money problems, or have another of your own, check out the clip below for answers.
I have money to invest for my retirement but I have no clue where to place it to have it work for me. I recently learned that $3,000 can turn into $375,000 over 30 years, and I have exactly that amount to invest rather than having it sit in a savings account. What should I do with this money? – Mikio
Mikio,
These days, I think you’ll have trouble earning that much on an investment. You’d need to earn between 17% and 18% annually on your money, which is a little unrealistic. Investing is something done over time – you don’t want to just put $3,000 into an account and never look at it again. Instead, you should open More…
Do you have enough money saved for your retirement? New research from the Employee Benefits Research Institute says that many Americans, including Baby Boomers and Generation X-ers, will run out of money for their basic needs like rent and putting food on the table within 10-20 years of going into retirement. Regardless of your income, you could be at risk if you haven’t saved enough. Watch the clip below to see where you stand – and for some tips for saving to ensure a long and happy retirement.
Some major U.S. retail chains have started to offer some incentives to their customers to boost spending. Sam’s Club is offering some small business loans, Target is giving discounts to their card members, and Toys R’ Us is encouraging customers to earn interest on their holiday shopping savings. Want to learn more about these programs and how they work? Watch my clip from the TODAY show yesterday!
Ask a 40-year-old investor looking at the middling balance in her 401(k) how she feels about it and I’ll bet you she says something like this: “I should have started saving/investing earlier.” Could it be that this generation – this student loan-laden generation – of people in their first jobs has actually gotten the message?
A new piece of research from Northwestern Mutual called “Financial Realities” caught my eye this week. In the midst of headlines noting consumer spending is coming back, this study of more than 1,000 Americans age 25 or older More…
What’s the best way to save for your child’s future? How do you decide which of my student loans to pay off first? How can you get rid of an unwanted timeshare? If you have a money dilemma, watch the video below for the answers — or submit a question of your own!
My father in law gave us 10,000 dollars as a gift. What should we put it in? Maybe a CD? I also want to start a college fund, but I don’t want to pay a penalty if my daughter doesn’t go to college, or wants to go to a trade school. – Mary, New Jersey
Mary,
That all depends what the money is for. Usually, when you have a large sum of money, you’ll want to choose to either save it or invest it – unless you have a large amount of debt to pay off at high interest rates – then, you might want to put it towards paying down some More…
My friend Jeff Yeager knows all about living happily within his means, so I was excited when he agreed to write a post here on my blog to share some of his research and experience on the topic. Check out his post below, and for even more “Cheapskate” tips, check out his new book, The Cheapskate Next Door.
“Sure, we could afford to spend more, but why would we? It wouldn’t make us any happier.”
Those are the words I’ve spent the last two and a half years traveling the country to hear. It’s a simple but rare statement, given that nearly half of all Americans say that they literally live paycheck-to-paycheck and have little if any savings. How can some people live not only within their means, but substantially below their means, even when their incomes are often less than the national average? And here’s the biggest question of all: How can some of those same people insist that they are happier – joyous really – because of their thrift and frugality?
What is a Uniform Gift to Minor Account, and how does it differ from a 529 Plan? How can I pay for my wedding and avoid building more credit card debt? How can I remove old accounts from my credit report to boost my score? I helped the Money 911 panel answer these questions (and more!) on the TODAY show this morning. Watch the clip below for our money advice.
Where can I find the money to help my kids get through college? How can I cover my credit card bills when collecting unemployment? Under what conditions can I withdraw money from my 401(k) without penalties? For the answers to these questions (and more!) watch the video from this morning’s Money 911 below.
I have money to invest for my retirement but I have no clue where to place it to have it work for me. I recently learned that $3,000 can turn into $375,000 over 30 years, and I have exactly that amount to invest rather than having it sit in a savings account. What should I do with this money? – Mikio
Ask a 40-year-old investor looking at the middling balance in her 401(k) how she feels about it and I’ll bet you she says something like this: “I should have started saving/investing earlier.” Could it be that this generation – this student loan-laden generation – of people in their first jobs has actually gotten the message?
My father in law gave us 10,000 dollars as a gift. What should we put it in? Maybe a CD? I also want to start a college fund, but I don’t want to pay a penalty if my daughter doesn’t go to college, or wants to go to a trade school. – Mary, New Jersey 
“Sure, we could afford to spend more, but why would we? It wouldn’t make us any happier.” 