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| Nov 28, 2021 | Lenders were supposed to tell you about pandemic debt relief. What if yours didn’t? | Dear Liz: I had a problem last year and had no income so couldn’t pay my bills for three months. I explained the situation to my creditors, but they still put the late payments on my credit reports. I called and sent letters, but it was no ... |
| Nov 21, 2021 | Where should you keep your estate planning documents? | Dear Liz: What do you do with your will or living trust once it’s created? Do you put the document in your home safe or a safe deposit box at the bank? Leave it with a friend or relative? What’s to prevent someone who has access to your pro... |
| Nov 14, 2021 | Which retirement option is better: Lump sum or monthly payout? | Dear Liz: I need advice on choosing between a lump sum retirement benefit and a monthly payout till death (with a cost of living adjustment). The monthly payout option also includes health insurance benefits but the lump sum option does not... |
| Nov 7, 2021 | How a fee-only financial planner differs from a fee-based one | Dear Liz: What is the difference between a fee-based financial planner and a fee-only financial planner? I have had a few complimentary meetings with a fee-based financial planner, regarding retirement planning and income-generating strateg... |
| Oct 31, 2021 | When mortgage shopping, does checking your credit scores lower them? | Dear Liz: We’re trying to refinance a mortgage. All of the mortgage lenders claim that checking our credit scores will not affect the scores. However, that is not true. What gives? The three credit bureaus all list “too many inquiries” and ... |
| Oct 24, 2021 | Debt relief offers aren’t all equal. Is bankruptcy a good option? | Dear Liz: There seems to be an abundance of companies offering debt reduction, debt settlement and debt consolidation programs now. Are there any differences in these programs? Some of these companies offer a program whereby high credit car... |
| Oct 3, 2021 | What you should know about Medicare, Medigap and Advantage plans | Dear Liz: I’ve read your most recent columns about Medicare Advantage and believe that more should be said before people decide to go that route.
You mentioned that switching from Medicare Advantage to Medicare itself can be problematic. As... |
| Sep 26, 2021 | Why you need a credit score even if you don’t like debt | Dear Liz: As I counsel my teenage kids about their personal finances, I am wondering if they can live without a credit score. It is puzzling that to get a good credit score, you need to have debt, or at least a credit card. Wouldn’t living ... |
| Sep 12, 2021 | How a 529 plan can help with education loans after graduation | Dear Liz: I have a 529 plan for my niece who has now graduated from college. She has student loan debt and would like to use the money left in the 529 account to pay this debt. Is this allowable without incurring penalties?
Answer: Yes, up ... |
| Sep 5, 2021 | How a card switch affects your credit score | Dear Liz: I have one American Express card and two Visa cards, all of which I have held for many years. I received notice that my American Express card was being converted to a Visa card. I do not want a third Visa card but have no choice. ... |
| Aug 30, 2021 | Retiring early doesn’t mean losing affordable health insurance | Dear Liz: I am 55 and have health issues that I don’t talk about at work. I want to retire soon. I know that getting health insurance is going to be hard. I am just at a loss as to how I am going to keep working when I don’t feel well. What... |
| Aug 15, 2021 | How much should a financial planner cost you? | Dear Liz: I know you advocate for fee-only financial planners, but is it worth it to pay someone 1% to 1.5% annually to “manage” your accounts? Especially if the accounts are fairly simple, such as a pension and a 401(k)? A fee of 1.5% seem... |
| Aug 8, 2021 | Here’s a retirement dilemma: Pay off the house first or refinance? | Dear Liz: My husband and I are retired, with enough income from our pensions and Social Security to cover our modest needs, plus additional money in retirement accounts. We have owned our home for 35 years, but refinanced several times, and... |
| Aug 1, 2021 | Should you sell a house or let heirs deal with it? The taxes shake out differently | Dear Liz: My mother, who will be 101 later this year, is leaving me real estate in her trust. The value of it is $4.5 million. She has other assets that will put her estate over $5 million when she passes. I currently have an offer from som... |
| Jul 25, 2021 | How to get extra time to contribute to your health savings account | Dear Liz: I’ve read about the advantages of health savings accounts but didn’t realize I wouldn’t be able to continue contributing to one after turning 65. I haven’t had one long enough to build up much of a balance. If I have a joint HSA w... |
| Jul 18, 2021 | What is a special needs trust and how does it work? | Dear Liz: A 33-year-old friend is developmentally disabled (Down syndrome). He received Social Security Disability Insurance of about $693 a month and could not accumulate more than $2,000 in assets or he’d be disqualified. His father died ... |
| Jul 11, 2021 | Why delaying Social Security is the smartest retirement play | Dear Liz: If someone delays applying for Social Security after their full retirement age, the common thought is that their benefit grows by 8% a year until the age of 70. It accrues by that much only if you continue to work, right? I was un... |
| Jun 20, 2021 | Dad didn’t trust banks. How to handle the hoard he left behind | Dear Liz: My father was eccentric and given to conspiracy theories. He didn’t trust banks or the stock market and invested the bulk of his money in gold coins and bars. We are talking millions of dollars at current gold prices. My parents s... |
| May 30, 2021 | If you lost your job, here’s how to find free health insurance | Dear Liz: I have read that the unemployed can qualify for free health insurance through the Affordable Care Act exchanges. I’m trying to confirm whether my state, which did not accept expanded Medicaid coverage, is offering this to its resi... |
| May 23, 2021 | Does a teenager need a Roth IRA? | Dear Liz: Our 16-year-old daughter has been frugal since she started understanding money at about age 6. She works and makes a decent income for a high school student. Her savings are now quite substantial. She wants to open a Roth IRA whil... |
| May 16, 2021 | Why 529 college savings plans are still worthwhile, especially for grandparents | Dear Liz: The state where I live, Oregon, has removed the tax deduction for 529 college savings accounts. This was quite disturbing to discover upon getting my taxes done this year. Other than the obvious savings benefit, are these accounts... |
| May 9, 2021 | This guy still sends checks through the mail. How that could mess up his credit score | Dear Liz: My husband has a lower credit score than me. He gives me a check every month from his personal checking account, which I deposit in our family account so I can pay our credit cards. He thinks that he needs to pay some of the cards... |
| May 2, 2021 | Is it time to rethink college savings? | Dear Liz: My wife and I have three kids ages 4 and under. We have been diligently saving in our state’s 529 college savings plans for all of them. Now with various concepts of free college and student debt relief gaining traction, I’m wonde... |
| Apr 25, 2021 | A 401(k) versus an IRA: Which one wins this smackdown? | Dear Liz: I am a 27-year-old with a big investment question. The company I work for matches 401(k) contributions up to 9%, which is all well and fine since I contribute enough to receive the company match. I have just about $60,000 in my 40... |
| Apr 18, 2021 | She counted on pandemic rent relief but didn’t qualify. Now what? | Dear Liz: I have a friend in dire financial straits. She has borrowed from her retirement, spends too much and didn’t pay her rent thinking she would get pandemic relief, but she makes too much to qualify for emergency rental assistance. Sh... |
| Apr 11, 2021 | Don’t file an amended return after the stimulus tax break. The IRS is begging you | Dear Liz: You might want to inform your readers that they do not need to file an amended return if they filed before Congress passed its most recent stimulus plan, which excludes the first $10,200 of unemployment benefits. The IRS will auto... |
| Apr 4, 2021 | How the pandemic made working with a financial planner easier | Dear Liz: You often recommend in your column to seek the advice of a fee-only financial planner. Where would I find such a financial planner? Our understanding is that a person has to have at least $1 million of savings to invest before a “... |
| Mar 28, 2021 | Where to find the most bang for your savings buck. Spoiler: On Wall Street | Dear Liz: I recently sold my home and want to put away funds for my daughters. I want to place $130,000 each in an account that will earn 7% to 10% interest for 30 years or so, providing them with a comfortable retirement fund. I’m thinking... |
| Mar 21, 2021 | Here’s why emergency savings funds never go out of style | Dear Liz: I was a fortunate individual and able to save enough money to cover my expenses for at least six months in case I became unemployed. Now I am retired with a fair amount of guaranteed monthly income through my Social Security and p... |
| Mar 14, 2021 | Here’s a strategy to save for retirement in a rush | Dear Liz: I’m hoping to retire in three years so I’m saving as much as possible. I’m maxing out my contributions to a 403(b) retirement plan, a 457(b) deferred compensation plan and a Roth IRA. I also contribute $1,000 each month from my pa... |
| Mar 7, 2021 | They paid off the mortgage rather than save for retirement. Now what? | Dear Liz: My wife and I aggressively paid down our mortgage and now have it paid off, but we don’t have much saved for retirement. I make about $90,000 a year and will receive a teacher’s pension that will replace between 30% and 60% of tha... |
| Feb 28, 2021 | How to keep your lightly used credit cards from closing | Dear Liz: I had a credit card that didn’t expire until 2024 but the issuer closed my account because it hadn’t been used in a few years. During these difficult times, I didn’t want to get into a lot of debt by using too many cards. The issu... |
| Feb 21, 2021 | How much debt can you afford to pay each month? Put it in perspective | Dear Liz: I’m paying down credit card debts. At what ratio of debt to income would you consider my personal finances healthy?
Answer: The healthiest level of credit card debt is none. Credit card interest rates tend to be high and variable,... |
| Feb 14, 2021 | A young mother died in a car accident. Can her widower get survivor benefits? | Dear Liz: My grandson’s wife, 22, was killed in a motor vehicle accident just after her birthday. My grandson, 26, was left with a 2-year-old and 9-month-old. Due to COVID-19, he was staying home with the children, and she was working at a ... |
| Feb 7, 2021 | How to find an accountant and a financial planner | Dear Liz: Can you offer advice on finding the right accountant for someone doing taxes for the first time after divorce? My husband always handled this. Also, same question for a financial planner for a newly divorced person? It’s all so ov... |
| Jan 31, 2021 | Here’s why trying to time the stock market is a really bad idea | Dear Liz: I confess that I am one of those people who panicked and sold a portion of my portfolio in March, against the advice of many who said, “Hold, don’t fold.” Thus, when the market bounced back, I was left standing out in the cold.
I ... |
| Jan 24, 2021 | Should you pay down debt with extra cash? It may not be the best plan during a pandemic | Dear Liz: I’m a teacher on an income-based repayment plan for my federal student loans. I don’t qualify for any loan forgiveness programs for teachers because I teach in an affluent area. Right now, interest and payments on federal educatio... |
| Jan 17, 2021 | A house in one state, a spouse in another. What about taxes? | Dear Liz: My husband recently took a dream job in a different state. We are renting a place there, and it is his primary residence. We own our home in the “original” state, where I live and work. We intend to keep our home for another three... |
| Jan 10, 2021 | For Social Security benefits, playing a waiting game really pays off | Dear Liz: My wife and I are both 63. She recently applied for Social Security. I will apply for mine when I am 70, at which time she will apply for a spousal payment, which will be half of mine. Last night as I was in bed I thought, “What i... |
| Jan 3, 2021 | When your spouse dies, there are immediate financial steps to take. Here’s a checklist | Dear Liz: What financial steps need to be taken right after your spouse dies?
Answer: Your attorney or accountant may have detailed checklists to guide you through the many tasks involved. In general, though, you’ll be settling the estate, ... |
| Dec 28, 2020 | The perils of procrastination can be huge where finances are concerned | Dear Liz: My husband was killed in 2016 and was self-employed for the last three years of his life. I hadn’t gotten around to filing his taxes until earlier this year in June. At first the Social Security rep told me we were approved for su... |
| Dec 20, 2020 | Investing can be scary. How to overcome your anxiety | Dear Liz: I’m 53 and a debt-free homeowner. I’m employed but don’t have a 401(k) and have only about $80,000 in savings. I realize I need to put that money to work somewhere but I just freeze when it comes to trusting myself or someone else... |
| Dec 13, 2020 | How to help your adult kids build their own credit | Dear Liz: My first house is paid for, and my oldest daughter and her husband are living there now. I added her name to my credit card, which is paid in full every month, but otherwise she hasn’t established any credit. I have been paying th... |
| Dec 6, 2020 | When your friends seem to have more money than you: Getting over money envy | Dear Liz: I am a 41-year-old man who is married with small children. I have finally reached the point financially where I am meeting or exceeding personal goals for retirement, college savings and reduced monthly expenses. I have a high inc... |
| Nov 22, 2020 | A bill shows up twice in a credit report. Now what? | Dear Liz: I have been doing everything to raise my credit scores, which were horrible. I see some medical bills on my credit reports that seem identical. Should I try to dispute them or just let them go? I heard that if you try to dispute t... |
| Nov 15, 2020 | A young widow seeks help with Social Security survivor benefits | Dear Liz: My husband died at 30, making me a widow at 29. I did receive Social Security survivor benefits for our underage children, but what, if anything, am I entitled to as his wife? At the time of his death, we were living separately, a... |
| Nov 8, 2020 | They paid off the mortgage. Then the credit score fell. Can that be right? | Dear Liz: My wife and I recently paid off our mortgage. We have no other debt. Soon after, I received a message from Experian that my FICO score, which has been perfect for quite a while, was reduced by 31 points. What justifies such action... |
| Nov 1, 2020 | They want to give the caretaker the house she lives in without imposing a tax burden | Dear Liz: Our family owns a vacation home. A caretaker for the property lives in a smaller house next door that is also owned by our family. We consider her part of our extended family and would like to show our appreciation when the proper... |
| Oct 18, 2020 | Older parents and retirement: What about child benefits? | Dear Liz: I am trying to decide whether to take Social Security at my full retirement age (66 years and four months) or wait and take it at 70. I am 64 and have two children, 13 and 11. My older child could get the child benefit for 24 mont... |
| Oct 11, 2020 | Finding someone to sell your stuff after you’re gone | Dear Liz: I have a question on how to have my affairs managed after I die. I am single, with no children or living relatives, so finding someone to handle my estate is a challenge. Do you have a recommendation for where I can find a person ... |
| Oct 4, 2020 | Changing tax law may have made home trust unnecessary | Dear Liz: I was told my father’s house did not qualify for a step-up in tax basis at his death because he had put the house in a qualified personal residence trust (QPRT). With your recent column mentioning the step-up when a home is inheri... |
| Sep 27, 2020 | When credit scores take a pandemic dive, how to figure out what caused it | Dear Liz: My VantageScores as reported by TransUnion were in the 780 to 790 range until around February, when they all dropped 40 points for no discernible reason. My FICO 8 and 9 credit scores remained unchanged around 760 and still contin... |
| Sep 8, 2020 | A felony doesn’t preclude you from Social Security benefits | Dear Liz: If someone has a felony, is it true they cannot claim Social Security retirement benefits? If so, what is the best option: a Roth IRA or a brokerage account? How do they get started without a lot of money?
Answer: A felony does no... |
| Sep 1, 2020 | Why it makes sense to play the Social Security waiting game | Dear Liz: I’m concerned that you don’t make it clear that in order for a Social Security benefit to grow, a person needs to keep working and earning the same income that they’ve been making. I’ve retired recently and am lucky enough to have... |
| Aug 19, 2020 | Here’s why two 401(k) accounts aren’t better than one | Dear Liz: I changed jobs more than three years ago and did not roll over my 401(k) when I started a 401(k) account with my new employer. I’m perfectly happy having separate accounts. However, I’ve read some IRS rules that I cannot understan... |
| Aug 18, 2020 | Taking out a reverse mortgage may help if coronavirus wipes out your job | Dear Liz: I read with interest the letter from the person who was a tour guide and lost their job due to the virus. I kept reading, expecting you to suggest a reverse mortgage. Are these a bad idea?
Answer: Not necessarily. The person in qu... |
| Aug 11, 2020 | What to do when coronavirus brings job loss, debt and a housing dilemma | Dear Liz: I was employed as a tour guide for seniors but because of COVID-19, all our trips are canceled. I depended on the income because I have no other, besides Social Security, which I started at age 62. I now have credit card debt. I a... |
| Aug 3, 2020 | The bottom line on getting your credit scores in better shape | Dear Liz: I want to write a letter of explanation to be included on my credit reports to explain a negative posting. How much impact will the letter have on my credit scores?
Answer: Credit scoring formulas can’t read, so letters of explana... |
| Jul 28, 2020 | Helping a son with horrible credit scores | Dear Liz: My 33-year-old son has horrible credit scores. If I added his name to my credit card, would it have a positive effect on his score without any negative ramifications to mine? Could any of his creditors come after me?
Answer: Addin... |
| Jul 21, 2020 | I get different credit scores from my bank and card companies. What gives? | Dear Liz: I have three financial providers that supply regular, free credit scores: my bank and two credit card issuers. My credit score from the bank is always a “perfect score” while the two card companies are consistently 17 points lower... |
| Jul 14, 2020 | Coronavirus stimulus checks, tax refunds and the IRS’ backlog hell | Dear Liz: I’m a CPA. I sent out your recent column about IRS backlogs to two clients just this morning. It’s nice to have a published article backing up what I’ve unfortunately been having to tell clients for a few weeks now.
Answer: Pandem... |
| Jul 6, 2020 | Writing a book probably won’t make you rich but could boost your career | Is publishing a book a good side hustle? At a time when cheap self-publishing options have turned book publishing into a burgeoning cottage industry, authors have mixed opinions.
The debate revolves around book economics.
While everyone kno... |
| Jun 30, 2020 | The IRS is finally staffing up. Here’s how to get your coronavirus stimulus money | Dear Liz: We do not make enough income to file tax returns, so we used the IRS site to apply for our economic stimulus payment ($1,700 for one adult and one teenage child). We received a response email stating our information was received s... |
| Jun 23, 2020 | How the COVID-19 pandemic is delaying inheritances | Dear Liz: My mother passed away in March due to old age. She lived in California. I live out of state and couldn’t travel because of the pandemic. My siblings took care of her burial. Her will named me executor. I’d like to know how long I ... |
| Jun 16, 2020 | Why tax refunds are taking so long to arrive | Dear Liz: You mentioned that people who file electronically and use direct deposit generally get their refunds much more quickly than those who file paper returns. That has always been true for me, but this year I filed in February and got ... |
| Jun 2, 2020 | Good news about your coronavirus stimulus money: It doesn’t count as income or an asset | Dear Liz: I have a question about a recent answer you gave. The question was whether stimulus payments count as income for people who get Medicaid or Supplemental Security Income. Your — correct — answer was that they don’t, of course, but ... |
| May 27, 2020 | Stimulus money for Social Security recipients is finally on the way | Dear Liz: My mother filed a paper return for 2019 in early March but hasn’t received her refund yet. Also, she hasn’t received the stimulus check to which she is entitled. She receives Supplemental Security Income via direct deposit and she... |
| May 20, 2020 | Big debt is bad in the coronavirus downturn. But a consolidation loan might not be the answer | Dear Liz: I have about $40,000 in credit card debt and am considering a consolidation loan. I’m current with my cards. My income is about $130,000 per year. Can you recommend a lender? Any cautions?
Answer: As you probably know, this is a b... |
| May 12, 2020 | What to do if an employer messes up your 401(k) coronavirus hardship withdrawal | Dear Liz: I used the Coronavirus Aid, Relief, and Economic Security (CARES) Act to cash out my 401(k). My ex-employer waived the 10% penalty but withheld 20% for federal taxes. It seems unconscionable to keep $20,000 of my money for at leas... |
| Feb 16, 2020 | Handling money after marriage can be complicated. Mom and Dad should butt out | Dear Liz: My son just married. He and his wife are keeping totally separate finances, though he makes much more than she does. She is spending way more than she should on household items and services. Is this the new norm for relationships?... |
| Feb 9, 2020 | Here’s what early retirees need to know about Roth IRA and 401(k) taxes and penalties | Dear Liz: I have been contributing to a Roth 401(k) and a Roth IRA for several years. I plan to retire early. Am I able to withdraw any of my Roth contributions without penalty before I reach age 60?
Answer: Your contributions to a Roth IRA... |
| Feb 2, 2020 | Something to leave out of your disaster kit: Original documents | Dear Liz: My wife and I are having a disagreement regarding documentation for our disaster recovery kit. She wants to put in hard copies of drivers’ licenses, credit cards, financial records, including bank and equity accounts. I think that... |
| Dec 22, 2019 | Setting up nieces and nephews for success | Dear Liz: This is a little unorthodox, but I’m hoping you can help. I have six nieces and nephews from my various brothers and sisters. They range in age from babies to teenagers. When they get older, I want to be able to assist them with t... |
| Jul 14, 2019 | This son’s failure to launch is hurting his parent’s finances | Dear Liz: I have a 24-year-old son who has been trying to get through college for nearly seven years. I have helped him with direct gifts and by co-signing loans, but I am pretty tapped out. He tells me he has one year left but has no way t... |
| Jul 7, 2019 | Escaping California’s tax auditors is tough even after leaving the state | Dear Liz: My husband and I will be trying out several different areas after the sale of our Los Angeles area house, which will be some time this summer. What happens if we end up renting in three different states? I’m under the impression t... |
| Jun 30, 2019 | Ready to retire? If you’ve saved 8 times your salary by age 60, maybe | Dear Liz: I keep reading about how much money one should have saved at various ages to comfortably retire. These are usually a multiple of your annual salary. Do these projected amounts factor in whether you are single or married with a sin... |
| Jun 23, 2019 | Don’t expect timeshares to increase in value | Dear Liz: I’m trying to get rid of my timeshare. Do you have any suggestions for me, as a single mom, on making any money from this? Even a few grand would be nice (and yes, I’ve tried both Craigslist and EBay). I paid a whopping $15,000 in... |
| Jun 16, 2019 | When family balks at paying their fair share | Dear Liz: I inherited half a duplex from my parents. They were partners with my aunt and uncle. When alive, all parties shared expenses for the common areas. I rent out my half of the duplex while my aunt still lives in the other half. My c... |
| Jun 9, 2019 | How to boost your credit score before you buy a house | Dear Liz: I am trying to purchase my first home. I have a 20% down payment for the price range that I am looking for. The issue I am running into is that I have relatively new credit and my credit score is not great at all. I had to go to t... |
| Jun 2, 2019 | Selling an inherited house to a relative will affect tax treatment | Dear Liz: My mother recently died, leaving a house to my three siblings and me. We had the house appraised in February. My sister is buying the rest of us out. We decided to give our sister a break and sold her the house below the appraised... |
| May 26, 2019 | How to make retirement saving a priority | Dear Liz: One thing I like about saving for retirement with an IRA is that I can wait until April 15 of the following year and then just contribute a lump sum for whatever I can afford to put in that year. Is there anything similar with 401... |
| May 19, 2019 | Here’s a case where taking retirement funds early might make sense | Dear Liz: My wife and I are both retired and receiving annuity payments. In addition, we have about $1.3 million in traditional IRAs and $350,000 in another annuity that will pay us each about $1,000 per month. We are moving from Texas to A... |
| May 12, 2019 | Selling mom’s house may require an appraisal first | Dear Liz: My mother recently passed away. The title to her home was held in the family trust. My siblings and I are in the process of clearing out the house in preparation for a sale. Do we need to obtain a “step-up” basis appraisal before ... |
| May 5, 2019 | Here’s a big tax mistake you can easily avoid | Dear Liz: I’m self-employed and my wife wasn’t working last year. In December, we returned to California and found a small home to purchase using $107,000 I took out of my IRA. Since we weren’t quite certain of what our income would be, we ... |
| Apr 28, 2019 | His Social Security claiming decision could use a second opinion | Dear Liz: I retired in 2013 at 55. I purchased an annuity, which will pay $1,000 a month for life for me and my wife as well. That starts in February 2020. My retirement fund, meanwhile, was rolled into an IRA and I’m withdrawing about 10% ... |
| Apr 21, 2019 | Column: Facing retirement with parent student loans? Transfer them to the kids | Dear Liz: I’m 60. Should I take a $50,000 distribution from my 401(k) to pay down my $146,000 parent Plus college loan and then try to refinance the balance with a private lender at a lower interest rate? I have $364,000 in my 401(k). I’m p... |
| Apr 14, 2019 | Don’t make this Social Security mistake when planning retirement | Dear Liz: I’m 64, single, and was diagnosed with Type 2 diabetes. I still work full time but due to my health, it’s getting harder to do. I have a 401(k) from this job. I’m just wondering how smart would it be, all things considered, to ret... |
| Apr 7, 2019 | When student loan payments overwhelm, here’s a pathway out | Dear Liz: I went to college in 2004. I did it the American way with student loans. Well, my son had a bad seizure that put him on life support for three weeks. I had to quit college to take care of him. So now I’m in hock with no degree. He... |
| Mar 31, 2019 | Here’s a big mistake to avoid when planning your wedding | Dear Liz: Would you advise taking money out of your 401(k) for your wedding if you’re getting a lump sum of money within the same year and can pay the full amount back?
Answer: How about postponing the wedding until you can pay for it in ca... |
| Mar 24, 2019 | Ask yourself these questions before using savings to pay off student debt | Dear Liz: I’m wondering whether I should use part of my emergency fund to pay off student loans. I currently have $15,000 in an emergency fund to cover three to six months of my living expenses and owe $18,000 in federal student loans. I’ve... |
| Mar 17, 2019 | Why co-signing a loan, especially a student loan, can be a costly move | Dear Liz: I co-signed a student loan to help a 31-year-old woman complete her schooling to become a nurse. I know this was something I should not have done, but I just could not refuse her. I did not realize that because no payments had to ... |
| Mar 10, 2019 | Stop judging that overspending friend | Dear Liz: My friend is not good with money. He has always lived above his means. He lived in a fancy apartment, leases a BMW and goes out to eat often. To make matters worse, he lost his job a year ago and had to move in with a mutual frien... |
| Mar 3, 2019 | When is it time to take the money and run to a new investment advisor? | Dear Liz: My wife and I are in our early 30s. She has a stock portfolio that has positions in 20 blue chip stocks purchased primarily in the last 20 years. It was set up by her family and managed by a family friend at a large brokerage. Rec... |
| Feb 24, 2019 | Mom’s 94; one son handles her money, another wants more access to it | Dear Liz: I have two younger brothers, and the youngest was chosen as the executor of our widowed mother’s estate. The problem is that he doesn’t understand financials. Mom is 94. Her entire estate is invested in blue-chip stocks. The portf... |
| Feb 17, 2019 | Take a look behind the credit-score numbers game | Dear Liz: I recently got an email from my credit card issuer stating my credit score had just dropped 21 points. Having a good credit score and not aware of any recent adverse actions, my first reaction was alarm.
Checking with the issuer o... |
| Feb 10, 2019 | Nearing retirement and in debt? Now isn’t the time to tap retirement savings | Dear Liz: I’m 60 and owe about $12,000 on a home equity line of credit at a variable interest rate now at 7%. I won’t start paying that down until my other, lower-interest balances are paid off in about two years. I have about $130,000, or ... |
| Feb 3, 2019 | Cash is king when it comes to home improvements | Dear Liz: My husband and I are squabbling over how to pay for the pool we may get. We have a line of credit on the house, and rates are still low. I say we use that, make it part of the mortgage and pass the cost on to the next owner (assum... |
| Jan 27, 2019 | Independent contractors face a wealth of tax consequences | Dear Liz: My son was recently hired in his dream job, but his employer has classified him as an independent contractor rather than as an employee. This would be his first time drawing pay without all the taxes, benefits, insurance and so on... |
| Jan 20, 2019 | Is it smarter to save for retirement or pay off debt first? | Dear Liz: I graduated from college in May and began a full-time job in October making $36,000. I also do freelance work and receive anywhere from $500 to $1,000 a month from that. I live at home, so I don’t have to pay for rent or groceries... |