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Financial Independence for College Kid

Financial Independence for College Kid

  Q. My daughter will start college next year. What the easiest way to manage her cash? Should we have a shared bank account, or is there a better way? My credit isn’t very good and I don’t want to…

Choosing a traditional or Roth IRA

Choosing a traditional or Roth IRA

Q. I have a 401(k) and I got a raise, so I want to start an IRA. How do I choose between a Roth and a traditional one? I’m 46 years old. — Higher-paid guy  A. Congratulations on the raise…

Can I Reinvest my RMD?

Can I Reinvest my RMD?

Q. Do you have to receive wage income in order to contribute to a traditional or Roth IRA? I’m over 70 1/2 and want to reinvest the Required Minimum Distribution money I have to withdraw annually from my IRAs. —…

Buying or Leasing a Car and Your Credit Score

Buying or Leasing a Car and Your Credit Score

Q. Does buying or leasing a car have equal effect on your credit report? I need a new car but I’m also casually house shopping. Thinking the need for a car will increase well before I purchase a home I…

Do I Have to Pay Back a Reverse Mortgage?

Do I Have to Pay Back a Reverse Mortgage?

Q. I had to file Chapter 13 bankruptcy in 2010, and it was discharged in July 2015. I want to sell my home this year and I have a reverse mortgage that I took in 2006. If I have to…

Savings Options for College

Savings Options for College

Q. My twins just had a bat mitzvah and each received approximately $17,000. I want to invest this money for them so it won’t impact their application for financial aid when the time comes. What are the best options? —…

Strategies for Leftover 529 Plan Money

Strategies for Leftover 529 Plan Money

Q. My son graduated from college last year and we had money left in his 529 plan. We expect our daughter to get a full scholarship, so we’re not sure she will need the money, plus, she has her own…

Best Ways to Fund Home Improvements

Best Ways to Fund Home Improvements

Q. I need to do some home improvements, and I don’t really have the cash. I haven’t applied for a home equity loan. Is that the best way? — Homeowner  A. Homeowners often tap their home’s equity to finance improvements….

When is it Safe to Dump Insurance Documents?

When is it Safe to Dump Insurance Documents?

Q. How long should we keep expired insurance policies for auto, home, and personal liability? We renew them every year. Is there any reason to keep the expired ones? If so, is it enough to keep just the declarations pages…

Helping a Young Adult to be Financially Smart

Helping a Young Adult to be Financially Smart

Q. My daughter has her first job and she lives at home – I said yes so she could save money – but I don’t think she saves enough, if anything, even though I don’t charge her rent. She doesn’t…