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Dear Money Dr., I am 66 yrs old, retired with a 401k and a retirement package. We lost a lot of our 401k in 2008 along with many others. The market is up but I am getting very concerned about it. I cant afford to lose more of our 401k. I would like to find another place , safe place, to put some of our money. I dont know much about CD''s, Securities,or annuity''s....
Submitted Feb 23, 2011
I have about 3500 in credit card debt that I hope to have paid off in a year.I am not putting any extra money into an emergency account. Should I continue to put all the extra money I can towards my credit card debt or should I be putting money into an emergency fund?
Submitted Feb 22, 2011
Dear Sir: My 94 year old mother has 3 sons(i am the oldest)and an accumulated wealth of about 1.1 Million. 6-700K is in the form of a Beach House. It is still in her name. My younger brother takes care of her at her home. Our goal is to keep the beach house in our family of three sons. One son is not married. Two of the three sons are financially stable into...
Submitted Feb 21, 2011
My salary has been reduced to less than 50% of what I made several years ago. I was laid-off for over a year and now, even though I am reemployed, I make about half of my old salary. I have exhausted all my savings and now I am considering bankruptcy. Do any special tax filing rules apply to my situation? Any advice you can will be appreciated. Thanks, Jack...
Submitted Feb 21, 2011
I am a military retiree drawing a $36K pension. I am also working and saving into a 401K plan. Question: How do I figure an asset allocation plan? Is military pension figured as a fixed income portion (900K X .04% draw = 36K)? If I do that is it OK to keep my 401k 100% invested in stocks for my allocation?
Submitted Feb 18, 2011
As a free-lance musician, can you tell me what type of occupation-specific tax deductions are available?
Submitted Feb 17, 2011
We are selling some property that was given to my husband and his brother by their grandfather over 10 years ago. Will we have to pay tax on capital gains? The land was deed in 98...Thanks
Submitted Feb 17, 2011
My fiancee and I just graduated from Optometry school May 2010 and really would like to buy a house. He owns his own practice within a Walmart and we have been he needs 2 years tax returns before they will approve us for a home loan. Do you know how we can get around this?
Submitted Feb 16, 2011
Hello! I will be completing the FAFSA early next year (2012)for my daughter who will be attending college that fall. I am trying to maximize my chances in receiving college grant money from either the federal or state. My question is this: I have a Credit Union savings account in her name. Should I transfer that money to my account for purposes of FAFSA? I am...
Submitted Feb 16, 2011
I have only 2 credit cards with balances of $300 and $400 respectively. The credit lines are $800 and $650, respectively. I would like to pay them off and keep them open in case of an emergency. How could not using the credit card affect my line of credit?
Submitted Feb 15, 2011

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