Financial Information
Posts tagged myself
Should I force myself to deposit money into my high yield interest account even if I am over budget?
2Question : Should I force myself to deposit money into my high yield interest account even if I am over budget?
I am 33, divorced, with chidren (10&12) and have gotten very serious about saving. I am putting 7% into my 401K and plan to up it to 10% within 2 years.
I have a checking and savings account that I used for my monthly expenses and keep a monthly budget and a small cushion. Four months ago, I opened a high yield savings account (5%) with the idea of putting my excess monthly income in there at the end of each month. the first three months I deposited between 300-500.
This month, I ran over budget because of some unforseen expenses that came up. I always keep a 600-700 cushion in my normal accounts for unexpected expenses. I am thinking that I should atleast deposit $ 100 into my high yield account this month even if it eats into my cushion a little. It is not like I am spending the money but I don’t want to take a chance on making a habit of not depositting atleast some money.
Is this a good idea to do?
I plan on taking the excess (maybe over $ 4-5000) at the end of every year and putting that into a roth ira.
I like the idea of a roth in case I need to withdraw for the kids education or for a house purchase.
high yield checking account
Best answer:
Answer by Dave
Your idea is fine. If those “unforseen expenses” which jump up and bite all of us come up again, you still have the option of drawing down on the high yield savings account. I like your idea of creating a Roth IRA with the funds at the end of the year but it also functions as a safety net too.
Single mom raising 2 children and saving for their future and yours.
YOU ROCK!
How does a small investor like myself park part of his/her funds in euros?
1Question : How does a small investor like myself park part of his/her funds in euros?
Is there a money market account that does business in Euros? Do people in the US have access, at a small level, to such investment accounts?
business money market accounts
Best answer:
Answer by Rob
You have to get an account that enables you to trade forex.
Do Debt Relief Companies really work? Can I do the same job myself?
1Question : Do Debt Relief Companies really work? Can I do the same job myself?
I am looking to pay a debt relief company 15% of whatever I totally owe. Can I do this myself? Has anybody ever done it thyself and save $ 2300 I need help, am I making a mistake or doing the right thing. One way or another, I need to do something about my credit.
debt relief companies
Best answer:
Answer by Joseph F
They are a scam. They make money by charging you to do stuff you can do yourself. So basically you will have even less money to pay debts with!
But people still fall for it, go figure!
Is it better to resolve debt using a debt counselor than doing it myself with the creditor?
2Question : Is it better to resolve debt using a debt counselor than doing it myself with the creditor?
I have never been late on credit card payments, as a result, I was given and have very high balances, and can no longer afford even minimum payments. I want to close all these accounts and see if I can negotiate a payment plan and minimize high interest rates.
My question is, am I better to resolve it with the credit card company direct, or use a debt counselor service?
PS: To complicate this situation, I got these credit cards using a ss# of my deceased father, which I know is wrong, and I know it is a crime, I just need to resolve it so it will quit causing me the severe financial problems and legal worries that I have (karma penalty perhaps, and I’ve asked for forgiveness). Thanks for your help or suggestion on how best to resolve the problem.
credit card debt forgiveness
Best answer:
Answer by Jane D
Initially, I would have told you that a credit counselor will be able to negotiate significantly smaller interest rates and payments for you, but in reading your entire question, I would advise you not to call any unnecessary attention to the situation, as what you have done is illegal, as you know. I’m afraid you’ve really painted yourself into a corner here. If you call the credit card companies, you may be forced to pose as your father if they are in his name. That could open a whole new can of worms. So, the best advice I can give you is to start with the account with the smallest balance and pay as much as you can on that to pay it off, while making the minimum payment on your other ones. After that one is paid, move on to the next biggest balance, and so on. Don’t close the accounts when they are paid off – this does more damage to your credit than leaving them open with a zero balance. It will take a lot of time, but be patient and you’ll get there. Good luck!
Can I reimburse myself health insurance costs from my company?
1Question : Can I reimburse myself health insurance costs from my company?
We used to have individual health insurance, and I would pay for it out of my own company (an S Corp). When we got insurance through my husband’s employer, I stopped reimbursing myself.
He is paid for by the company, and then it costs extra to add myself and our child.
I was just going to deduct health insurance premiums on our Sch A, but we don’t have enough other medical expenses to meet the limit.
Is it ligit to go ahead and reimburse myself the amount that it cost for the health insurance? Then it would be a business expense. Thanks.
health insurance
Best answer:
Answer by v b
No.
The insurance through your husband’s employer does not meet the test of having been established through the S-corp.
What classes can I take now to start preparing myself to be a financial adviser?
31 year ago
by admin
in Financial Management
Question : What classes can I take now to start preparing myself to be a financial adviser?
I am currently a stay at home mom. My children will be in preschool and kindergarten next year and I would like to start preparing myself now for a career in financial planning. I do not have a college degree, however I have a long sales back ground and easily learn complex ideas. What can I do now to make myself a more attractive candidate in one year. Thanks!
financial planning classes
Best answer:
Answer by MsMoneySavvy
That depends on what, exactly, you want to do. There are a number of financial certifications available such as Certified Financial Planner (CFP), Registered Investment Advisor (RIA), etc. Once you determine in which direction you’d like to go, there are certificate programs or other courses you can take to prepare yourself. Some are even offered online.
www.msmoneysavvy.com
I am looking for some inexpensive accounting software for my daycare clients and myself?
21 year ago
by admin
in Accounting
Question : I am looking for some inexpensive accounting software for my daycare clients and myself?
My daycare providers are small in scale, 10-25 children, and I want software to use to make the necessary accounting entries and generate financial statements.
financial accounting software
Best answer:
Answer by pat o
Peachtree
Is it better to hire myself a wealth management team than to approach a private bank?
11 year ago
by admin
in Financial Management
Question : Is it better to hire myself a wealth management team than to approach a private bank?
i need it mainly for portfolio management…what are the pros and cons of both?
wealth management
Best answer:
Answer by muncie birder
It is better to buy index funds and mutual funds. Cheaper and better.
How do I remove myself from pre-approved Credit card offers?
3Question : How do I remove myself from pre-approved Credit card offers?
I have heard that I can remove myself from pre-approved credit card offers. Does anyone know a phone number or website where I can do this at?
credit card offers
Best answer:
Answer by SCH
This is the website that you can go to to opt out of prescreened credit card offers for 5 years:
https://www.optoutprescreen.com/?rf=t
Will it be difficult to promote myself as a financial planner on a part time basis?
21 year ago
by admin
in Financial Management
Question : Will it be difficult to promote myself as a financial planner on a part time basis?
I want to do financial planning on a part time basis. I have a decent career in banking that I’m not ready to walk away from. I have the right academic credentials for financial planning, I have a masters in finance, undergraduate in business and a certificate in personal financial planning. Still if prospects ask I don’t plan on misleading them. I will tell them My full time job is in the general finance area of banking but my academic background is well suited for financial planning. Do you think it will be difficult to obtain business without being on a full time basis?
financial planning certificate
Best answer:
Answer by Sam T
best way for you to sell yourself as a financial planner is success stories, it doesn’t matter how book smart you are, unless you have a great portfolio yourself and doing well with no debt except for your house, no one in their right mind should hire you.
