Ask the M-Network – Questions from college and on housing

ask-the-m-network

This article is part of the Ask the M-Network series. Over the past few weeks I received a few more questions, and my M-Nework partners have been kind enough to answer. Here’s the questions and the answers:

Should I rent rooms or the whole house?
Providing money to college students
College student with a tax refund
Rent or Buy?

Should I rent rooms or the whole house?

We need to increase our income, I am SAHM of 2 kids and dh is out of job for 5 months and we are running out of 6 month emergency funds. we have no major debts other than mortgage.

Ask the M-Network Inquiries

ask-the-m-network

Over the past few weeks I’ve received a number of Ask the M-Network questions. Normally I’d post up one of the questions and associated responses, but given the number of questions I’ve received, this edition will contain multiple questions along with their responses from the M-Network:

What happens to my pension if GM goes bankrupt?
What to do with my tax return?
Continue with Company Stock?
Money for college student?

What happens to my pension if GM goes bankrupt?

An anonymous reader asked:

I am GM retiree. What happens to my pension if GM goes bankrupt?

Pay off student loan or save?

ask-the-m-networkThis article is part of the Ask the M-Network series. Leah submitted a question and asked:

I’m 28. I have 9% of my income going into a 401k, no credit card debt, a paid-off 9-year-old car, and 5 months expenses in savings (some of that earmarked for the next new-to-me car). I also have a student loan of $11K at 2.5% interest. I want to start aggressively paying down the student loan, but because of the low interest rate my boyfriend is urging me to put that money in savings instead to earn interest and act as a larger emergency/irregular expenses fund. Am I better off holding on to the cash, or getting rid of the debt?

What should I have done?

ask-the-m-networkThis article is part of the Ask the M-Network series. Molly submitted a question and asked:

I have had 2 temp jobs that said that they were temp to hire, but I had not been hired. During both times, I have had family members pass away, which left me an emotional mess. 2 out of the 3, I was not able to attend their memorial’s and since temp placements don’t give time off for bereavement, I had to work. Both of the potential employers ended up not hiring me. I did explain myself to them, but didn’t seem to care. What should I have done?

401k into an annuity or IRA – Ask the M-Network

ask-the-m-networkThis article is part of the Ask the M-Network series. Helen submitted a question and asked:

Should we put our 401K into Flexible Premium Deferred Variable Annuity, Flexible Premium Deferred Variable annuity or an IRA?

Pinyo from Moolanomy responded:

IRA, period. Actually, this is a good question that deserves further explanation. Deferred annuities allow you to invest tax-deferred for retirement, similar to an IRA. But there is one important difference to recognize. Annuities are insurance products sold by insurance companies, whereas an IRA is an investment account with a special purpose (for retirement) and tax status (tax-deferred). Once you recognize this, you’ll understand why I answered “IRA, period”. Now, let’s look at this further.

What should I do with tax refund? – Ask The M-Network

ask-the-m-networkThis article is part of the Ask the M-Network series. Samantha submitted a question and asked:

Hi, we recently finished our taxes and will be getting back a 13K refund (part of it is the first time home buyer’s credit which I realize is more like an interest free loan). We want to know what the smartest thing to do with the money is in these tough economic times.

Paying for Medical Bills – Ask the M-Network

ask-the-m-networkThis article is part of the Ask the M-Network series.  Bobbi submitted a question and asked:

I have a medical bill that I want to negotiate down and just pay a lump sum. I do not think they did the testing they billed me for and the billing clerk said they did it because they have a report on it. :( How would you suggest I go about negotiating a one time payment and what do you think should be fair? The bill is $1580. I have no insurance. I do not have insurance and I was quoted $725 for the test, before I made the appointment. That is another reason I do not want to pay the $1580. The girl I talked to on the phone was totally not interested in what I had to say and I am not real good at confrontation.

Fleased a car – Ask the M-Network

salesman

This article is part of the Ask the M-Network series.  Jason submitted a question and asked:

Which is better: Cash backs reward or points?

ask-the-m-networkThis article is part of the Ask the M-Network series.  Gina submitted a question and asked:

Which is better: a credit card with cash back rewards or a credit card with rewards you cash in (e.g. get gift card for reward points)?

A co-worker asked me this question today. I found an MSN article that breaks it down, but it is from the perspective of “industry experts”. I was wondering what the GLBL “advisory” group thought about this question – they are more likely to actually USE a card with rewards.

Buying a leased car – Ask the M-Network

impalaI know, not a late model Impala, but couldn’t resist an opportunity to post a classic car picture!

This article is part of the Ask the M-Network series.  June submitted a question and asked:

My car lease is up in Oct 09 – I want to buy the car, but what am I entitled
too..like, warranty, etc. It will only have 36,000 miles. A Chevy Impala…4 door.
thank you

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