Midwest Money

RECENT POSTS

January 19, 2012 | 11:59 AM | By Micki Maynard

You Asked, We Answered: Midwest Money Advice From CNN’s Experts

Over this past month, Changing Gears teamed with authors and CNN anchors Ali Velshi and Christine Romans to collect your questions on the personal finance issues that you’re facing because of the recession.

Here’s a digest of your questions and their answers. Copies of How To Speak Money will soon be on their way to our five questioners. Thanks to Ali, Christine, and all of you for making Midwest Money a success.

FILED UNDER: Your Story, Midwest Money
January 18, 2012 | 9:30 AM | By Micki Maynard

Midwest Money: How Can I Improve My Credit Score?

Last month, Changing Gears teamed with authors and CNN anchors Ali Velshi and Christine Romans to collect your questions on the personal finance issues that you’re facing because of the recession.

Here’s the final question in our series of Midwest Money answers from Ali and Christine, based on their new book, How To Speak Money: The Language and Knowledge You Need Now. (Each person whose question was used will receive a copy of the book.)

Imran Kahn of Chicago writes,

My father was a realtor. So, during the housing boom, I purchased two homes and rented them. Then the housing bubble blew up. My property was worth a quarter of what I paid for it. I stopped making payments. The banks harassed me and then eventually disappeared.

Now, a couple years later, I am trying to build my damaged credit score back up. I got a credit card that was sent to me in the mail. I am paying on time. Why is my score still so low? How can I get this score up fast? I need to move on.

Ali and Christine reply,

Imran, we all need to move on from the housing crisis. But sadly, it is still with us. There is no fixing it fast, and there is no fixing your credit score fast. We’re not going to pass judgment on your foray into speculative real estate or on deciding to walk away. That’s a conversation for another place. But in the eyes of the banks, you are a terrible credit risk. That’s why your credit score is so low. Continue reading →

FILED UNDER: Your Story, credit score, housing, Midwest Money
January 10, 2012 | 1:29 PM | By Micki Maynard

Midwest Money Question: What Do I Do With My Retirement Accounts?

Last month, Changing Gears teamed with authors and CNN anchors Ali Velshi and Christine Romans to collect your questions on the personal finance issues that you’re facing because of the recession.

Here’s the next-to-last question in our series of Midwest Money answers from Ali and Christine, based on their new book, How To Speak Money: The Language and Knowledge You Need Now. (Each person whose question is used will receive a copy of the book.)

Chris Borrensen from Sugar Grove, IL asks,

I have two 401(k) accounts and a Roth IRA. The IRA continues on, steadily. The 401(k) accounts are with different brokers, and while my strategy is similar with both, the older one outperforms the one I have through my current job. Is there benefit or more risk in combining these accounts in some way?

Ali and Christine respond,

Chris, we think you should combine those two 401(k) accounts, for simplicity and for better investing. For this question, we turned to Ryan Mack from Optimum Capital Management for a gut-check, since he advises clients every day on issues just like this one.

“Combine the two accounts,” says Mack. “Regardless of performance differences between them, the older account (with your previous employer) is sitting stagnant, dead in the water.” Continue reading →

FILED UNDER: Your Story, 401(k), Midwest Money, retirement, Roth IRA
January 5, 2012 | 1:46 PM | By Micki Maynard

Midwest Money Question: Is It A Good Idea To Go Back to School?

Last month, Changing Gears teamed with authors and CNN anchors Ali Velshi and Christine Romans to collect your questions on the personal finance issues that you’re facing because of the recession.

Today, we’re bringing you the next in our series of Midwest Money answers from Ali and Christine, based on their new book, How To Speak Money: The Language and Knowledge You Need Now. (Each person whose question is used will receive a copy of the book.)

Today’s question comes from Regina Baldwin of Bowling Green, Ohio.

I am returning to school, while continuing to work full-time, to try to expand on my experience and enhance my ability to get a better job with a degree.  I’m concerned that I am on the correct path as I am over 40.  I am keeping my student loan debt at a minimum by attending a community college.  I am worried that I will not get a better paying job by the time I finish.  (If it makes a difference, I am pursing a BS in Business Administration-Computer Information Sciences with a focus on Accounting, and I currently work in healthcare.)

Ali and Christine answer,

If we were writing another book, we’d highlight you as an example of someone with exactly the right attitude and initiative in a new, more difficult jobs market. You are making exactly the right investment in yourself with this education and retraining, and the student debt you are taking on is what we consider “good debt.” Continue reading →

FILED UNDER: Jobs, Your Story, Education, jobs, Midwest Money, Your Story
January 4, 2012 | 11:49 AM | By Micki Maynard

Midwest Money Question: Where Do I Invest Now?

Last month, Changing Gears teamed with authors and CNN anchors Ali Velshi and Christine Romans to collect your questions on the personal finance issues that you’re facing because of the recession.

Today, we’re bringing you the next in our series of Midwest Money answers from Ali and Christine, based on their new book,How To Speak Money: The Language and Knowledge You Need Now. (Each person whose question is used will receive a copy of the book.)

Ishtiaq Bercha, of Aurora, Colorado, writes with a common concern.

“What should I do with my savings? Should I keep cash in the banks, invest in stocks and bonds — or gold? What is the best prospect from a retirement perspective?

Ali and Christine respond,

“The answer, Ishtiaq, is easy. You want to be investing in all of these things! Cash in the bank, stocks, bonds, golds/metals (10 percent of your portfolio or a bit more if you have a higher risk tolerance), real estate and even businesses.

When do you start? And how much? After you pay off credit card debt and build a liquid savings of 6 months of living expenses, then you invest for the long term. Continue reading →

FILED UNDER: Your Story, investing, Midwest Money, retirement
January 3, 2012 | 11:08 AM | By Micki Maynard

Midwest Money Question: How Can I Refinance My House?

Last month, Changing Gears teamed with authors and CNN anchors Ali Velshi and Christine Romans to collect your questions on the personal finance issues that you’re facing because of the recession.

Today, we’re bringing you the first in a series of
Midwest Money answers from Ali and Christine, based on their new book, How To Speak Money: The Language and Knowledge You Need Now. (Each person whose question is used will receive a copy of the book.)

Our first question is from Anjana Kapoor of Sterling Heights, Mich. She writes:

I have a underwater mortgage that I am trying to get refinanced, but have been unable to so far. I have been punctual in my payments so far for 8 years, and I still have to pay PMI (personal mortgage insurance). Please let me know how I can get rid of it and refinance my house.

Ali and Christine respond:

Anjana, you are smart to try to tackle the biggest hurdle to growing your wealth — that underwater mortgage. It will take many hours of hard work and false starts to get it done. No one, and we repeat, no one, has told us this was an easy or fair process.

One successful refinancer told us it took her more than 100 hours of paper work and phone calls. But it is worth it if you qualify. How do you know if you can do it? Continue reading →

FILED UNDER: Your Story, Ali Velshi, Christine Romans, FICA, Midwest Money, mortgage, refinancing
December 12, 2011 | 10:37 AM | By Micki Maynard

Last Chance for Midwest Money Advice: Send Your Questions for Ali Velshi & Christine Romans

Retirement, debt, going back to school, and mortgages are all issues that are magnified by the recession. Where can you get Midwest Money advice?

Here. But you’d better hurry up. Through the end of today, CNN anchors and authors Ali Velshi and Christine Romans are taking Midwest Money questions from the Changing Gears audience.

We’ll be posting their answers next week. If Ali and Christine select your question, you’ll win a copy of their new book, “How To Speak Money.”

Send your questions by the end of today for Ali and Christine, then come back for the answers all next week.

FILED UNDER: Jobs, Your Story, debt, Education, jobs, Midwest Money, retirement
December 9, 2011 | 12:00 PM | By Micki Maynard

Mortgages, Job Search, Debt, Retirement — Advice (And A Chance to Win a Book) from Ali Velshi and Christine Romans

Nobody has had an easy time getting through the recession. It’s made personal finance planning a nightmare — whether it’s paying for school, looking for a new job, figuring out retirement, or getting rid of credit cards. But Changing Gears is offering you the chance to get some advice.

Network anchors and authors Ali Velshi and Christine Romans are taking Midwest Money questions from the Changing Gears audience.

We’ll be posting their answers during the week of Dec. 19. And if they pick your question, you’ll win a copy of their new book, “How To Speak Money.”

Submit your Midwest Money questions by Monday Dec. 12.

FILED UNDER: Jobs, Your Story, Midwest Money, personal finance
December 6, 2011 | 12:51 PM | By Micki Maynard

Should I Borrow Money To Go Back To School? Ask Personal Finance Experts Velshi and Romans

People all over our region are deciding whether they should go back to school to learn new skills, and possibly begin a new career. But for some, there’s a big obstacle: how to pay for it. Should you use your savings — or borrow money? What’s the best place for returning students to find scholarships?

Authors Ali Velshi and Christine Romans want to help. All this week, they’re taking Midwest Money questions from our Changing Gears audience.

We’ll be posting their answers during the week of Dec. 19. If Ali and Christine pick your question, you’ll win a copy of their new book, How to Speak Money.

Click here and ask your Midwest Money questions about financing your education, or any other topic.

FILED UNDER: Jobs, Your Story, Education, jobs, Midwest Money
December 5, 2011 | 11:59 AM | By Micki Maynard

Midwest Money: Buyout, Retire, Keep Working? Ask Personal Finance Experts Velshi and Romans

The recession has played havoc with a lot of peoples’ job plans here in the Midwest. Buyouts are tempting, but what lies on the other side? Retirement at age 65 may have been a goal — now, is it too risky to leave? And, how long does it make sense to keep working?

Changing Gears wants to help you get some advice. We’ve asked authors Ali Velshi and Christine Romans to take your questions on retirement, and any other personal finance topic that’s on your mind.

Write in this week. Ali and Christine will answer your Midwest Money questions later this month. And if they pick your question, you’ll get a copy of their new book, How to Speak Money.

 

 

FILED UNDER: Your Story, Midwest Money, retirement