This week on Today.com our question comes from Robert:My Daughter is graduating medical school with over $200,000 in school loans, both private and federal. My wife and I have a substantial nest egg, where we could pay off at least half of her outstanding loans. What would the tax implications if we do this?
Watch above to find out how you can help pay off your child’s college loans without having to pay taxes.
Did you know the average American family has about $16,000 in credit card debt; this translates to a lot of money wasted on interest payments. In my NBC’s TODAY show segment, I teach you my simple trick to RACK IT, STACK IT, and HACK IT to help you pay off those balances—saving you time AND money. The beauty of this system is you can do it on a piece of paper, OR you can go over to www.finishrich.com/dolp and use my DOLP™ Calculator to help you prioritize your debt!
My system will allow you to establish the most effective and efficient order in which you should pay down your various cards. The DOLP™ system works by identifying the card you can pay off most quickly and then having you pay it off first. The point of doing this is to reduce the number of different cards you owe money on as fast as possible.
In this segment I also discuss what your options are and where to go if you have good credit and want to pay 0% interest on your credit cards—starting today!
So, watch the segment above and then ask yourself if you have a strategy to pay your credit card debt off that will save you time and money? If you don’t, then my DOLP method could be the solution for you!
In the upcoming weeks, I will be answering viewer’s questions on Today.com, so make sure to watch out for my videos to see if I answer YOUR money question.
This week, I answered an email question from Danika. She wanted to know about the best way to use reward credit cards without getting into debt. Check out my tips for her and hopefully they will help you too!
Question from Danika: I’m 31 years old and self-employed. Credit cards and debt scare me. I have the philosophy, if I don’t have the money I can’t do it. I would like to start using a credit card for my businesses to try and take advantage of rewards. Can you give me some advice on how to start using them without going into debt?
My advice to make sure she doesnt get into debt:
- Pay off credit card in full ever single month.
- Think about all your monthly purchases in advance.
- Give yourself a spending limit.
My Advice to find a GREAT rewards card:
- Shop around for the best rewards at creditcards.com.
- Get 50,000 points automatically.
- Look for cards based on the rewards you want.
From trying to manage escalating mortgage costs, to bouncing checks, to what you need to know about those attractive specialty store credit card offers – we answered a lot of great questions today on Money 911. So make sue to watch the segment and let me know if it helped you!
If you missed me this morning on NBC’s Today Show – Money 911, make sure you take some time and watch the segment. This week we helped some people with some BIG problems. One viewer’s ex-husband was ruining her credit score, another was a consumer considering defaulting on her debt, and then was one was having trouble with the fine print on those tricky 0% balance transfer offers we’ve all seen in the mail. There’s tons of information in the segment and hopefully it can help you too!
Also, Danny Devito was at there this morning promoting his new movie The Lorax—which I can’t wait to see! I also got the chance to take a picture with the Lorax himself, so check out the picture below! Will you go and see The Lorax when it comes out? I know I will!
If you missed me this morning on NBC’s Today Show – Money 911, make sure to watch the segment above! Today we answered questions about financing options for furnishing your home, getting help with your credit score, healthcare savings plans and what to do with this year’s return.
PLUS, I shot a special video for you, where I speak in depth about Flex Spending Accounts and Health Savings Accounts, what they are, what they are not, and how they could be a great option for you to help pay for your health care expenses!
Let me know if this information helped you by commenting below!
If you missed me on NBC’s Today Show – Money 911 make sure to watch the segment above! We answered questions about what to do if you’re marrying someone with a poor credit score, how to contribute to your 401k when your employer offers a match, and when it’s appropriate to use your spouse’s Social Security benefits.
Plus, I had the chance to stick around after Money 911 to do a Live Web Chat on Today.com. Thank you to everyone that joined me, there were so many AMAZING questions today. If you missed the chat make sure to read the archive HERE to see if I answered a question that could help you.
Here’s one of the questions from the Live Chat this morning. (Click HERE for the Full Q&A!)
“My husband and I are 30 and because we were in graduate school most of our 20s, we are just starting to save money. At what point in life does it make sense to get a financial planner? How much should a financial planner cost?”
“I think the sooner you get a financial planner the better. With that said, you should read up on investing before your hire one so you know what questions to ask and you are prepared better to screen a good advisor from a bad advisor. Read Smart Couples Finish Rich, before you hire a financial advisor. In this book I also layout how to hire and how to pay a financial advisor. The cost to do a basic financial plan is around $500 to $5,000 depending on how detailed it is. Then there are costs to work with the financial advisor. Most advisors today charge a flat fee on assets of around 1%. You can also hire financial advisors by the hour. Hope that helps you get started! Lastly before you hire a financial advisor check out their background online by visiting the NASD website and make sure there are not any complaints or legal issues with the advisor.”
If you missed me today on NBC’s Today Show – Money 911, make sure to check it out now! It was an amazing morning we answered questions about how an adult can go back to school and receive financial aid, what to do with your credit cards once you have paid them off, and the best way to get rid of timeshares you’re no longer using.
I ALSO had the pleasure of meeting Henry Winkler. Some of you may know him as Arthur ‘Fonz’ Fonzarelli. This was such a coincidence because I literally just introduced my son Jack to Happy Days and MacGyver (he was an executive producer for the show.)
He was on the Today Show, promoting his new children’s book series called “Ghost Buddy” for middle school aged kids where the characters in the story deal with bullying and a blended family. Watch his interview above and check out our together picture below!
If you missed me on this morning’s NBC’s Today Show, Money 911 segment, make sure to watch it above, we answered questions about paying down debt, government grants, your FICO score, and most importantly borrowing from your 401k.
I have been seeing more and more questions about borrowing from a 401k these past few months on my Facebook page, on Money 911 and during Live Chats. So I thought it would beneficial to give you all a quick lesson on the topic and expand on my answer from Money 911 this morning. Watch the video I did and let me know if you found the information helpful by commenting below!
If you missed me on NBC’s Today Show – Money 911 make sure to watch the segment above! We answered questions about what to do with store credit cards, how to juggle school loans and medical bills, and much more.
Plus, I had the chance to stick around after Money 911 to do a Live Web Chat on Today.com where 17,000 people joined me! I answered tons of AMAZING questions that I really think could help you. I answered questions from how I feel about the Market in 2012 to how to protect your family with life insurance. So, if you missed it, don’t worry you can read the whole thing HERE. Also, make sure to watch the behind the scenes video I did below!
Click HERE to get access to the Live Chat from Today.com!