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Tag Archives: 401k

My Active Duty Military Husband Says We Should Not Start Investing Till He Returns From Being Deployed. – Barbara

“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 out back to having a ... Read More »

    Gerri Detweiler and I Talk Honestly About Debt

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    Gerri Detweiler and I talked recently via Skype video about debt for a video blog she did for Below you will find our discussion which surrounded the issues I brought up in my article The Honest and Unvarnished Truth About How to Get Out of Debt. Read More »

      What Penalties Will I Pay to Take Out My 401K Money? – Karen

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      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 want to take $20000.00 out ... Read More »

        Dave is in a CCCS Credit Counseling Program But Feeling Hopeless

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        “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% in last year. How did ... Read More »

          Lost My Job, Upside Down in Mortgage, and Our Expenses Far Exceed Our Income. – Doug

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          Doug “Dear Steve, I have lost my job, We have a huge overhead and with the current economy, we have tried, but unable to sell our house for loan value. Upside down with bills 4 to 5 times what is coming in. Applying for jobs but nothing yet and have depleted savings and 401 ks leaving early withdrawl penalties I ... Read More »

            I Am Permanently Disabled. Should I Take Money Out of My 401(k) to Pay My Credit Card? – Jeri

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            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 that card is going to ... Read More »

              I’m Looking to Cash in My 401(k) to Settle My Credit Card Debt. – Jackie

              Ready to Collapse

              “Dear Steve, I am currently unemployed and have 50,000 in debt. I am looking to cash in my 401K to settle my debt with the credit card companies. I even called to see if they would take less than I own, by doing this I was told that the amount I don’t pay has to be claimed as income on ... Read More »

                I Have Debt I Have Not Paid in 60 Days. What Do I Do? – David

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                “Dear Steve, I have about $22,000 in major credit card debt that I have not paid in over 60 days. I do have about $500.00 in store credit card debt, which I am paying off. $325.00 a month in car payments for another 3 years. $2000.00 in personal loans which I am paying. Also bought a big screen TV from ... Read More »

                  My Disabled Husband Wants to Take Money Out of Retirement to Pay Credit Cards. – Stacy

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                  “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 he draws. He has an ... Read More »

                    Boyfriend Cheats Me Out Of Money To Feed His Debt Habit

                    Photo Credit: crnewbedford

                    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 for a year and a ... Read More »

                      I Have to Go Into My 401(k) to Pay My Credit Cards. – Julio

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                      “Dear Steve, Credit card debt is 44K+. I am a little a couple months behind on 2 cards ot of 4. Mortgage is also 6 months behind. Trying to shortsale or use the home affordable program as I submitted the application to the bank. Auto loans 2 are behind and take a good chunk of my cash. Is it possible ... Read More »

                        I’m an Independent Recruiter, Living With My Girlfriend and Way in Debt. – Bill

                        Ready to Collapse

                        “Dear Steve, 52 years old, Male, independant recruiter(start-up DBA), living with girlfriend/partner and 9 year old daughter in home owned by her. $21K unsecured debt. Car loan(upside down due to rollover from lease) with 43 months remaining at $358 per month. Monthly expenses ~$3K(but could reduce to $2.6K) including $750 month minimum payments on credit cards. Have been carrying this ... Read More »

                          Marriage and Money: How to Talk to Your New Spouse About Finances

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                          So you’re engaged. Or thinking about it. If you’re really serious about spending the rest of your life with another person, it’s time to get some of the tougher issues out in the open. Somewhere near the top of your list should be MONEY. Conflicts about money issues can stop a relationship before it has a chance to be successful. ... Read More »

                            How to Survive a Job Loss

                            Example 1

                            If you’ve ever lost a job, you know how devastating it can be. It doesn’t really matter how you lost it — a company reorganization, merger, forced retirement or simply being fired — the results are the same. It probably feels like everything you’ve worked for is gone, including your income. And because losing a job is often unexpected, you’re ... Read More »

                              I Want Bank of America to Leave My Interest Rates Alone. – Debbie

                              Ready to Collapse

                              “Dear Steve, I have overextended on my home equity line my condo is not worth the money now. I have been working overtime as much as possible to keep paying bills I borrowed 10,000 from my 401k to cover some of the debt and 5,000 each from 2 friends of mind now the interest rate has just dropped over the ... Read More »

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