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Business
Money Panel
with Chris Murray, Catharine Fairley, Brad Young and Shabri Moore
Have a financial question? Ask the experts.
Send your question to
business@newspost.com
Money Panel Q and A's
My daughter is starting a teaching career and will be earning real money for the first time. She will be paying bills and making purchases independent of Mom and Dad. Whatever’s left will go toward saving for retirement and the unexpected. What are some basic guidelines for now and as her income grows? What are legitimate sources of information?
It seems whenever the federal budget is in trouble, there are cuts proposed for Social Security, Medicare, federal and military retirement, veterans and other entitlement programs. No matter what party is in office, should the elderly and future generations worry about the solvency of these programs?
With today’s volatile markets, would real estate or a real estate investment trust be sound investments? Even though property values are down, real estate, like investing for retirement, is all about the long haul.
What are the advantages of an IRS Section 1031 swap of similar businesses and investment properties to defer taxes on gains? Such swaps can be done with C and S corporations, LLCs, partnerships and trusts but not with stocks, bonds, notes and certificates of trust.
Could you tell me about master limited partnerships, or MLPs? These are a class of energy stocks that are supposed to be safe, pay big dividends and react little to changes in the stock market or in energy prices.
Is investing in tangible assets such as artwork, antiques, coins, gold and silver a better idea right now because of poor market conditions?
I own a small marketing business with several employees. Times are tight, and marketing is one of the first things clients cut from their budgets. I am going to have to trim expenses to increase my chances of survival. How can I save costs now but plan for when my business, hopefully, turns around?
I’ve been told that as you grow older, there is less need for personal insurance. Let’s face it: When you die, all your children need is enough money to bury you. With people living longer these days, we need more of our net worth for day-to-day expenses, so we could save money by not paying unneeded insurance premiums.What do you think?
Should I worry when my tax dollars go to bailing out large banks and large mortgage lenders such as Fannie Mae and Freddie Mac? Taxpayers have funded bailouts before, such as with Chrysler and more recently the airlines, but at what point would our ability to finance the government be compromised?
What an economy: increasing unemployment, tight credit, low housing prices, and rising food and energy prices that could lead to inflation. I’m as worried about the future as I’ve ever been. You try to stay ahead of inflation when investing for tomorrow. What’s the prudent approach today?
My accountant, my stockbroker and my insurance agent all say they can do financial planning. None hold the certified financial planner certification. Can my accountant, stockbroker or insurance agent wisely plan all my financial matters?
Maryland allows parents to keep their children on their health insurance until age 25. Under what circumstances would this apply?
What is the one, best piece of financial advice you have ever received? Why did it have significance for you?
I have a will that leaves my assets to my wife, or if she dies before I do, evenly distributes the assets to my children. Family and friends have suggested I need an estate planner to not only ensure my assets go to my survivors but to save on estate taxes. If this is true, are there specialists or can a financial adviser or accountant do the job?
The stock market has been fluctuating so much it’s hard to nail down an investment strategy. Would it be better to invest in actively managed funds, where a manager buys and sells stocks based on the goals of the fund, or an index fund, in which the buying and selling mimics an existing index, such as the S&P 500 or Dow Jones Industrial Average? Managed funds are more expensive because of research costs, but the return on investment could be greater.
My husband and I own our home, which will be paid off in three years. Our kids are grown and are self-supporting. We both work and have 401(k)s, and think we will have enough money to live comfortably when we retire. Recently, we inherited $230,000. Here’s the problem: Mike says we should buy houses and flip them because the housing market is in a slump. I’m nervous because of the dramatic increase in health care and utility prices, and I want to put it in a less risky investment. Who’s right?
I only received a $600 economic stimulus payment after filing a joint tax return with my wife. I thought married couples were supposed to receive $1,200. What factors could have triggered such a reduction?
Treasury Secretary Henry Paulson believes the economy will rebound in the second half of the year. Paulson said that the economic stimulus payments to individuals and business tax breaks would help create 500,000 jobs by year’s end. He said that the ability to obtain a loan is gradually improving. If this is true, how would Frederick County residents be better off?
My son is a soldier who has served overseas and is currently stationed at Fort Detrick. What are the tax considerations for a soldier on active duty?
My question is on the SIMPLE IRA. Can my wife have one if she works full time and maxes out her 401k plan, and also has a part-time job at my firm?
I am looking for a financial planner. I have done my research and have met with three. I’m still hazy about one thing: a fee-based cost vs. a commission. I understand that there is more objectivity if the financial planner is fee-based, but which is better cost-wise?
I just lost my job, and my husband’s company is holding on by a thread. We have three months saved for emergency.We have no large debts except what we owe on the mortgage and one new car. We have two pre-teens. We are both looking for new jobs, but with the job market stalling out, I was wondering if you could share some strategies that might get us through this uncharted territory?
My daughter is a 30-year-old who has a history of poor credit, including several experiences with a collection agency and repossession of her car. She has turned her life around in the last year, has a good job, pays her bills on time and has saved several thousand dollars. She hopes to buy a house soon. However, she has been turned down several times by credit card companies. Can she build good credit without a card? Should her father and I co-sign a card for her? Are there other steps she can take to turn her credit around?
I have debt coming out of my ears and I need to take steps to better control my money so I can pay my bills on time. Do credit counseling companies really help? I don’t seem to have the proper discipline and need advice.
The bill will come due soon for my daughter’s college education. I know parents who have re-financed their homes more than once to come up with the money to fund four to five years of college. That may work, but the homeowner won’t make as much profit when the home is sold down the line. Are there alternatives?
The April 15 tax deadline is fast approaching, and I wonder if I should change my 2008 withholding. I like having a big refund check. It’s like a forced savings. But I’ve read that a taxpayer should try to break even at tax time because the government shouldn’t be investing a taxpayer’s money during the year. But I don’t think I would save the extra money. Something always seems to come up
Home buyers would get easier-to-understand information on mortgage terms, and would save, on average, an estimated $700 on closing costs under a recent bill proposed by President Bush. Mortgage brokers are expected to oppose the bill. Would the bill be good for consumers?
A bill in the House of Delegates would prevent credit card companies from imposing penalties unless customers failed to meet contract terms. Why do people’s credit scores drop if they sign up for another credit card and make both old and new payments on time? When the credit scores drop, that triggers penalties from the credit card companies.
My wife and I own a small company that has been very profitable over the years. We have no employees and have a SEP (self-employed) plan through our business. We’d really like to invest in Roth IRAs but our combined income is more than $150,000 per year. What are our options?
College graduates have more student loan debt than ever before. Some students fear post-graduate work because their debt will increase. Isn’t it true that pay in some professions is so low that retiring loan debt will be difficult?
I work for a company that has six employees, including the owners, who would like to establish a retirement plan. The owners are hesitating because they believe it will be too costly. What are their options?
What can people do who take on too much personal debt? TV commercials show companies that will lump your total debt into one monthly payment. How is this done? Who can you trust?
My CPA gave me the names of several financial advisers and suggested I call each one to see who I felt most comfortable working with. Each has a different set of letters after the name — CFP, CSA, CLU — and one has no letters but works at a bank. What do these letters mean and why would I choose one over another?
Will the tax rebates and business tax write-offs from the economic stimulus package help the average Joe and small business owner over the long haul?
With the stock market’s performance spotty in recent months, some investors are turning to high-quality bonds. Traditionally, investing in stocks has earned the best yield over the long haul. When is it appropriate to shift some investments to the bond market?
The Federal Reserve will conduct auctions every two weeks for as long as needed to raise money for cash-strapped banks. The auctions Jan. 14 and Jan. 28 will raise $60 billion. Do consumers and businesses need to worry about the solvency of their banks? What’s a good gauge of a bank’s financial health?
I know the economy’s health goes in cycles, but when Alan Greenspan tells national Public Radio that the odds of a recession are clearly rising, what extra steps can individuals take to plan for a worst-case scenario?
My mother recently passed away and left us $500,000. It is all in cash. My wife and I have our investments in stocks, bonds and mutual funds and have built a portfolio of about $750,000. My wife is very concerned that we will run out of money during our lifetime and would like to invest the inheritance in CDs because the interest rate we would earn is guaranteed. We are both 62 years old. Is this a good idea?
As a small businesswoman, I am going through the budget process for 2008. Projecting income and categorizing costs is always a challenge, and 2008’s realities may put a wrench in 2007’s planning. Any ideas?
I have a Uniform Transfers to Minors Act account for my son that I want to transfer to a Maryland 529. If the son is the owner and the parent is the custodian of the newly opened 529,will the parent be able to deduct additional contributions to that account on state taxes? Does the parent have to open a separate account with the parent as the owner and the child as the beneficiary to deduct additional contributions to the fund?
I used a $15 coupon for a $50 camera memory card that I purchased at Costco. When I paid the bill, I noticed that the 5 percent Maryland sales tax was based on $50 and not $35. I thought you paid sales tax only on what you spent.
I am an independent contractor and my business has been growing steadily over the past five years. My financial adviser recently suggested that I establish a Single K plan. I’m not sure that I really understand what that is and why it would be beneficial for me.
I recently accepted a new job in Frederick. I had worked for a very large company in Washington, D.C. for 18 years and have a fairly large sum of money in my 401(k) there. Should I leave the 401(k) at my old company or roll it over to an IRA? (Laura, Urbana)
Is the market slide anything to worry about long term? There are always up-anddown cycles, but does the continued credit slump, a weak dollar and sluggish technology earnings mean troubled times ahead for our retirement portfolios?
I’m stressing out over my debt situation and would like to consolidate these debts into a monthly payment I can afford. How is this done and what are the consequences?
I recently read about a marketing tool, the lead card, which became popular after the Do Not Call Registry was established in 2003. The card asks people to send away for free information. If they do, the card-sender is off the legal hook and can solicit by phone. What are the possible dangers to our finances and are there e-mail versions?
My wife and I have a newborn and a 2-year-old. We know how expensive college was for us, and the cost will be much higher for them. What’s the best way to save money now to help our children later?
I have heard a lot lately about equity indexed annuities. What are they? And what are the pros and cons of using them for my retirement savings? (Jim, Ijamsville)
I’ve read so much about the benefits of hiring financial planners to help people invest for retirement. Do you recommend a financial planner for everyone?
The yearly rush to buy holiday presents is stressful. I keep saying each year that I will save money and shop early, but there are so many other details in one’s life that, before you know it, it’s time to shop again. I’ve got to buckle down. Any advice?
The recent Fed rate cut and the resulting Wall Street reaction is giving me a headache. The rate reduction is just one element amid many. I would like to retire, but can’t sell my home as soon as I would like, and am leery about dipping into my retirement investments. Is there any hope on the horizon?
I will be 68 soon. I have a lot of money managed by a local financial adviser. The investments have gone up and down over the years, but I don’t believe I have lost money. My son says that the money should be invested more safely, such as in a bank savings account. If I did that, how would that affect my income taxes?
Worker productivity has rebounded with its best showing in nearly two years, and the increase in labor costs has slowed. Is the news good enough for the Federal Reserve to cut interest rates at the next meeting Sept. 18?
Should people be concerned with the spreading credit crisis that has sent stock market prices plunging? Investors are worried that these problems could infect the larger financial system.
I have seen people pay for many purchases with credit cards that offer incentives such as frequent-flier miles, gift certificates, cash back and discounts. What’s the scoop?
How will the estimated $1.3 billion to $1.5 billion Maryland budget deficit next year influence residents and businesses in Frederick?
Some people with perfectly good credit pay their bills with little or no organization. Creating and adhering to a budget seems the better option. Should a budget be used as a rule of thumb or followed strictly?
It seems the cost of health insurance is the biggest impediment to retirement, especially before Medicare takes effect at age 65. What can be done?
What is the value of local investment clubs for a small investor? These are small groups, about 10-15 people, who meet periodically, do research in between meetings, and pool their resources for investment choices.
People who invest in junk bonds run the risk of never seeing their money again. Yet, the yields are high. Is this an investment best left to a professional or can individuals take the risk?
What are the advantages of electronic banking? For example, you can pay bills online by electronically transferring funds from a savings account to a checking account. Are some services best left to paper processing?
Is the continuing federal budget deficit a cause for concern either now or in the future? The deficit has been around for years, yet working people and retirees seem unaffected.
How can people build a good credit rating? As time goes by, is there a way people can gauge their progress?
Purchasing a home, or buying residential or commercial properties, can provide potential for investment growth but with an element of risk. Would investing in Real Estate Investment Trusts, which spreads out the risk, be safe enough for a retirement portfolio?
Should workers make the maximum contribution to a 401(k) plan allowed by law? It seems like a good chunk of earnings won't be available for the necessities, such as food, clothing, house payment, utilities and car payment.
Credit card companies offer free sportswear at college sports events if students sign up. Most students need to build a credit history, but how can students control the lure of easy money?
My home was built in 1927. What are some of the pros and cons of maintaining the upkeep in an old home versus buying a new home?
Even two-income families may find purchasing a starter home difficult because of the down payment cost. Excluding relatives, what are some strategies for securing a starter home?
A generation ago, small investors could invest in quality stocks and get an excellent return over time. Today, fluctuating market conditions complicate that philosophy. What can investors do?
After purchasing a home, what factors determine when the home should be sold?
At what age and under what conditions should people start to invest more conservatively for their retirement nest egg?
Are U.S. Savings Bonds still a worthwhile investment for our children’s future or are there better investments that are just as safe?
When a person evaluates potential banks for personal finances, how does the individual know which bank is best?
How much insurance is needed for a business, both for operations and if ownership changes due to a sale or an owner's death?
What is the rule of thumb for purchasing insurance for family obligations? How does one balance need with expense?
When should a person filing an individual tax return hire an accountant when tax software such as Turbo Tax and TaxCut streamline the process?
What is the best way for a young person to distribute income for necessary expenses, rainy-day savings, retirement and entertainment?
Despite best-laid plans, the elderly can outlive their retirement income. What steps can working people take to ensure income for a lifetime?
Certificates of Deposit used to be all the rage. Are they still? When should I invest in a CD?
My wife and I are expecting our first baby this summer. What's a smart way for us to invest small amounts of money for our newborn?
Police blotter
Police look for person of interest in homicide case
Big lines a small price to pay for cheap gas
Archbishop cautions against woman's alleged apparitions
Thief doing time for violating probation
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