Finances
Sky High Insurance Rates!
My daughter is 16, and has just started driving. She has a part-time job and budgets her money, too. But ever since she got behind the wheel our insurance rates have been through the roof. She's going to pay her portion, but is there anything we can do to lower the cost without going completely bare bones on coverage?
What's the Difference?
I've heard you say that it's really bad to lease a car, but then sometimes you talk about renting a house or apartment as a good thing. How can it be good to rent your home with a lower payment but not a car? Dear Dave, I've heard you say that it's really bad to lease a car, but then...
Trailer a Bad Idea!
My little brother is getting married soon. Together, he and his wife will make about $35,000 a year. The other day he told me he's working on a deal to buy a $70,000 trailer, and has already put $500 toward the purchase. The deal isn't final yet, so what can I do to convince him this is a bad idea?
Crisis Looming
Dear Dave, I lost my job a few months ago. My wife works, but she doesn't make much money, and we also have three kids. I'm still trying to keep up my credit card payments, but next month I know I'll be late and they'll start adding fees. In all, I have about $60,000 in debt and that includes...
Keep Working?
My wife has been working at the same company for the last 20 years. She makes $40,000 a year, and she can retire in nine years with full benefits. This may sound crazy, but we're wondering if it would be a good idea for her to quit now and stay at home with our two toddlers. We're debt-free, and we could save some money and pay the bills on my income. Is this a bad idea?
Help from Dad?
My husband works very hard, and he makes $25,000 a year. We've got $21,000 in credit card debt, plus ongoing medical bills for our special needs child. Right now, we're living in an old trailer. My father told us he's willing to help us pay down some of the debt and get us moved into a house if we'll attend financial counseling. Do you have any better ideas?
Low-interest Card the Answer?
Right now, I've got $2,500 in credit card debt. I'm thinking about transferring the balance from my current card to another one that has a much lower interest rate. Is this a good idea? Dear Dave, Right now, I've got $2,500 in credit card debt. I'm thinking about transferring the...
Huge Settlement - What Now?
Recently, I had an accident at work and lost a couple of fingers. I was given a one-time settlement of $500,000. I've gotten another job since then, my wife and I are both in our thirties and we've got our eye on a house that appraised for $50,000. The seller is willing to take $38,000. We've also got three kids and about $12,000 in credit card debt. What's the smartest way to handle this money?
Which is the Best of the Three?
I'm 61 and on disability. My home is paid for, and I have about a million dollars in assets. I try to spend no more than four percent of the principal each year. My current car needs repairs, but the cost would be more than the car is worth. I'm looking at getting another vehicle and was wondering, in my situation, if it would be better to lease, finance or pay cash.
Pick and Choose Your Insurance
Does having supplemental insurance make good financial sense? Dear Dave, Does having supplemental insurance make good financial sense? Anonymous Dear Anonymous, Some of it does under the right circumstances. But you have to be very careful when choosing these products, because...
Making Six Figures and Broke
My husband finished dental school three years ago. Recently, told me that he wants to go back to school to become a dental anesthesiologist. He makes $100,000 a year right now but says this will give him the potential to double his income. We've paid off five credit cards in the last year and a half, but we still have a $200,000 student loan. We also just found out that I'm pregnant. So, I'm feeling unsafe with this idea. What do you think?
Two Mistakes in One
I was dating someone that I expected to marry, and then we broke up. Before that, she was having car problems and I co-signed a lease with her. She still has the car, and so far she's made one payment and I've made one. We have a forfeiture agreement on the car that states if she doesn't make a payment by the end of the month, I come get the car. Now, her parents have offered to buy her another car and she wants to just give me the leased car. I've already got a leased truck, so what's the best thing to do?
Relative Needs Help!
My uncle's wife died last year. An attorney handled probate for him, but I don't think it was an estate attorney. He doesn't know if she had life insurance, and now he's left with medical bills totaling about $8,000. There are also credit card bills of $11,000. The house is paid off, but he wants to get a loan and consolidate the bills. He currently receives about $3,000 a month income between pension and social security, and he's a little confused about financial matters. What can we do?
Pay Off House by Tapping Reserves?
We're debt-free except for our house. We also have $25,000 in our emergency fund. The mortgage payment is $940 a month, plus a remaining balance of $124,000. We also have $125,000 in a mutual fund and other stocks outside our IRAs, and a combined income of about $90,000. Are we in good enough shape to pay off the house by cashing out our non-retirement investments?
Silly Gas Move!
I drive 120 miles a day to and from work in an old, paid-for SUV that gets 14 miles per gallon. I've done the math and calculated that I would save $437 a month driving a vehicle that gets 30 miles per gallon. The SUV is worth $6,100. Should I trade in the SUV toward a new, small car and put the gas savings toward the payments?
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