Now's your chance to tell MORE's financial columnist, Jean Chatzky, about the money moves you've been making for yourself. Have you changed your investment strategy? Stopped buying shoes on your lunch breaks? Taken a second job--or ramped up your hours in your first? Or maybe even fired your financial adviser? Tell us how the economic events of the last year have changed your relationship to money. Jean will select some of the comments and blog about them in a future post.
And for more money moves, check out MORE's September issue: Jean Chatzky interviewed several prominent financial experts about the steps they've taken for their own portfolios. Do the talking heads practice what they preach? Does the advice they give other people match the steps they're taking on their own? The issue is on newsstands now.
Photo by Mike McGregor
What Money Moves Are You Making?
12.29.2009
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For the last few years I have stopped using a credit card. I am working hard to pay it off and have gone a very long way to getting to 0 debt before I am 50. That is my goal. I was raised when credit cards were first invented and had parents who were poor financial role models. I just didn't understand the concept, but I knew how to use them. I have two. One, is actually the second mortgage, because I rolled it over and got 2% interest w/o closing costs. That is because the 2nd mortgage had an account number that looked like a charge card. I still owe $14K between the two, but this is a vast difference from where it started. I like cash and carry. No guilt, less stress, and no interest. Also, the lower my c/c bills, the more money I make.
I'm refinancing my house to roll in a HELOC and get a 15-year term to pay off my current mortgage sooner. It's a bit more money ($100/month), but with the other belt-tightening we've done--reduced our TV cable bill, cancelled a little used gym membership, not eating lunch out while at work, and so on, it seems like a good long-term move. The refi rates are just too good!
09.03.2009
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My financial adviser has presented a fund that I've heard is kind of so-so and that a lot of advisers are pushing it on clients because of the big percentage or fees they get if they sign up their clients. Is this typical and how do I find out if the fund is one worth investing in? Its called RiverSoruce Annuities. Ive been told that my investment will never drop below what I've put into it but I will definitely earn on it.
Is it a good move to have a freeze placed on your credit reports to minimize identity theft?
08.18.2009
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The biggest move I've made is to take a much more active role in managing my portfolio. What do you recommend as good strategies for becoming more sophisticated and informed about investing? Or is this the kind of thing where you have to learn by doing? I have a hard time accepting that I am going to make mistakes that cost me money!
08.17.2009
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For the first time, I've hired a financial adviser. I'm being counseled to roll over my 401k into a new fund where the investment options will be more diverse and rebalanced more frequently. It's hard to do that right now though, when my statements are going up rather than down and I'm starting to recoup some of my losses from the last year. Is this a good move?
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