Going to buy a home soon. Would like all credit cards to be at the 30% mark so that we get a better rate. Was told wed get 4.125 now but im wondering if I could get better. We make plenty of money but made bad choices in youth. Cc with high interest rates= a … Read more
“Dear Steve, My wife and I are 81K in unsecured debt and 5K in back taxes. All the unsecured debt is now reflected as judgements. We are now both facing garnishments. We are both working and have a yearly combined gross income of about 110K. We own a home and are paying off two cars. … Read more
“Dear Steve, I’ve been a subscriber for a couple of years. I don’t remember how I first found you. I have $26,000 in credit card debt. There are four cards, the lowest interest rate is 9.9%, the highest is 24.24%. I’d like to take a 401k loan to pay them off. I have ~$60k in … Read more
“Dear Paul, My 401 k has lost 1.7% this year. I am 51 years old. I am wondering if I could use my 401 to pay off my mortgage. I have about $100,000 in my 401 and owe that on my house. I would be debt free. Should I use the 401 to pay off … Read more
“Dear Paul, Work car is on its last leg..Husband needs transportation 45 miles to work and 48 back. Need dependable car. Husband wants to go into 401 K to get money for car….wife does not…we are in our late 50s and feel we should not touch it. Should we borrow money from 401 K to … Read more
“Dear Steve, In 2007 I was forced to leave my job because of my health. I was 55 and luckly I had a small pension to live on. I had 50,000 in credit card debt at the time. I continued to make all my payments with my savings and 401 k funds for 3 years … Read more
“Dear Paul, Hello, I am unemployed and need money…fast!!. I have several different retirement accounts: With “Investor-A”, I have both, a Traditional IRA & a Roth IRA With “Investor-B” I have both, 401k & 403b accounts (100% vested)… and I also have a SEP-IRA Interesting scheme… do you think this will work..?? I know you … Read more
“Dear Paul, I work for the federal government and make about $90K. My wife makes about 45K (no benefits) after losing her corporate job in 2003. I am 47 with an MS, she is 52 with a BS, married 23 years. I have to retire from my current job at 57 so we both know … Read more
The bad news is out, more people are raiding their 401(k)s for cash to address current financial needs. While the ability to reach into a 401(k) might be perceived as a good thing, after all isn’t it our own money, it’s not. When you steal from your 401(k) you are really taking money from your … Read more
“Dear Paul, We are an active duty military couple (14 years in) with one child and gross income of about $120,000 (with pay and allowances) per year. I’m 40, he’s 34. I have a Bachelors in Business and have almost completed a Masters in Finance. We’ve had money issues in the past, but dug ourselves … Read more
I am 59.5 years old, have about 50,000.00 in 40K. I do have a retirement plan with my company that will pay about $900.00 a month when I retire at the age of 62. I usually get back around $2000.00 when filing taxes as I have a large amt taken out of my check. I … Read more
“Dear Steve, Family of 4 (13 yr & 12 yr girls). My salary = $112K, wive’s salary = $40K. Total Assets $292K (liquid $10K, autos $9, house $200, 401K $73K). Total Liabilities $204K (mortgage $112, home equity loan $41K, credit cards $24K, 401K loans $22K, auto loan $5K). Net worth = $88K. . .plummeted 35% … Read more
Jeri “Dear Steve, I’m a 51 yr old female on total disability, and will be for the rest of my life. I receive Social Security and Long Term Disability thru the company that I worked for. My question is this. I have a credit card that has a balance of $5900, and the promotion of … Read more
“Dear Steve, My husband is 53-1/2 years old and recently put on permanent disability because of numerous complications from diabetes. He also will be receiving a small pension from his former employer. We understand that he will not be penalized (10%) for touching his 401K since he is disabled, but will be taxed on whatever … Read more
I’d like to follow up with my previous article, How Do You Value Your Quality of Life? Debt Solutions to Fix The Future In this article I showcased a friend of mine, Michael. I should point out that Michael was much more than a friend to me, we had been in a very serious relationship … Read more