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1500 questions
20
votes
2 answers
What incentives do banks have to gather up loans into pools (backed by Ginnie Mae)and selling them?
This is a two part question:
1) I understand that there are certain mortgage loans that when originated by banks can be gathered up into pools and then "sold" to investors, and that these pools are backed by Ginnie Mae, in the sense that, if the…
ricksanchez
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20
votes
1 answer
How do I know what and how much my debt is?
I had excellent credit, large amount of savings, and opened a wine bar. As money drained, and debts accrued the landlords got selfish and I didn't have the funds to fight it in court (at the time), so I tried to shoe-string it. Ended up homeless…
Mikey
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20
votes
5 answers
Is it possible to lock in a high interest rate in savings, when general interest rates are high?
I've heard anecdotes about high-interest savings accounts (4.5% around 2006, even 8% in the 80s), that were opened when interest rates (federal funds rate) were high. The implication seemed to be that for some of these accounts, if one were to hold…
Ken - Enough about Monica
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20
votes
4 answers
What's the average nest egg (savings) for someone age 26? Website for comparison?
How much money should a 26 year old have saved up? Is there somewhere that I can compare against online?
PHC1983
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20
votes
2 answers
What is a reverse mortgage?
What is a reverse mortgage? I hear these advertise often but don't understand how they are different from a regular mortgage! Can somebody explain please what they are and when they would be useful? Thank you!
unknown
19
votes
2 answers
How to access a really old, untouched bank savings account?
I was just going through old things and found a Wachovia account opened for me by my aunt - specifically, I found the checkbook and transaction record. The transaction book is dated April xx, 1998 and has one record in it: "Happy Birthday", $50…
Ricket
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19
votes
2 answers
What's the difference between 'cleared' and 'reconciled' in my financial accounting software?
Been using GNUCash for the past four years, and I'm slowly learning the more advanced features over time. Until now I've never needed to bother with future dated transactions, but recent large unanticipated expenses in a short timespan are…
jldugger
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19
votes
5 answers
What are the most common reasons for purchasing Life Insurance?
I'm trying to understand the product and I only have the examples of one family member to go by. What you get from internet browsing is predominantly marketing copy from large companies, if exclusively that.
Why do people purchase Life Insurance?…
raldy
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19
votes
2 answers
Laid off. Had FSA overages that I wasn't aware of. Can they collect?
I was abruptly laid off, and I wasn't aware of the FSA overages until after my departure. I realize I'll sound like a weasel, but can they collect?
They paid out more than the annual limit and they have sent an email asking for the funds back.
user68552
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19
votes
4 answers
Is it true that you can have too much money in 401k?
I've been hearing stories about people who invested a lot into their 401k and when they retired, they couldn't use the money fast enough. They said that there's a limit in terms of how much they can withdraw per year and that they'll die before…
Vic
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19
votes
4 answers
Do I need term life insurance at age 57?
I am looking at a term policies for my wife age 56 $250k worth of coverage with an initial cost $957/yr and myself $400k worth of coverage with an initial cost of $1450 /yr. We have about $100k left to pay on our home and $700k in 401k. Kids are…
Steve
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19
votes
9 answers
Paradox - When to buy & when to sell a share?
Warren Buffett says buy when everyone is selling and sell when everyone is buying. Taking into consideration the support and resistance levels, everyone is selling near the resistance level and everyone is buying near the support levels. If we…
6nagi9
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19
votes
4 answers
How to be sure my advisor's insurance recommendations are good for me?
Recently, I've been in contact with my financial advisor who has been talking me through a few risk management strategies, as well as other short- and long-term financial goals for retirement, kid's education, etc.
She believes it's in by best…
Will
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19
votes
2 answers
What's my tax situation if I earned $20k, age 22, and live with parents?
I'm a bit confused about what to expect when I file tax returns. I heard my parents can't claim me as a dependent because I earned more than $6k for the year. What's the situation if I live with them and have most of my expenses paid by them? They…
btrballin
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19
votes
4 answers
Why pay estimated taxes?
It looks like the tax investment penalty is about 2.6%, which makes me wonder why anyone pays quarterly estimated taxes. Wouldn't you be better off putting that money into stocks and using the proceeds to pay the penalty? Obviously some people have…
teldon james turner
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