How Much Did Your 401(k) Lose This Year?
December 18, 2008 by Erik Folgate
Filed under FAQs, Investing
I don’t like to dwell on the past, but I was curious how much you all lost in your 401(k) this year. Obviously, this is personal information, so you can share with us the percentage lost rather than an actual dollar amount. My money was pulled out at the end of October, because I left the company that held my 401(k). I decided to roll it into an IRA, rather than keep it there. Just in September and October, my account lost about 30 to 35% of its value! That’s pretty depressing, but I found solace in the fact that much of that money was matched contributions from my company.
Bailouts, Bailouts, and more Bailouts
November 19, 2008 by Erik Folgate
Filed under Economy, FAQs
I could talk for days about these bailouts, but I don’t think you’re interested. We shoud be interested, but I’m just sick of it. Here’s the bottom line: We’re rewarding failure and punishing success. So many Americans want to tax the hell out of rich people and successful corporations, and they want to bail out companies that sowed their failures years ago. The auto industry has been failing for years. It’s not just because the economy is down for a year. They produced CRAP in the eighties and nineties. Toyota and Honda saw an opportunity, produced a quality, reliable product, and they took market share. The auto unions have gotten out of control, and they are sucking the life out of the industry. They have made it impossible for the “Big Three” to compete.
Frequently Asked Questions: Should I Sign Up With A Debt Consolidation Service?
October 28, 2008 by Erik Folgate
Filed under Credit and Debt, FAQs
Should I Sign Up With A Debt Consolidation Service?
Frequently Asked Question: Should I Cash Out My 401(k) During Weak Economic Times?
October 23, 2008 by Erik Folgate
Filed under FAQs, Investing
I am starting a new section of Money Crashers that will be labeled under the “FAQ” category. These are questiions that I either receive from my contact form, questions I hear people ask on radio/TV, or questions that I hear people asking in everyday conversation.
Should I Cash Out/Stop Contriibuting to my 401(k) During Weak Economic Times?
Question For The Weekend: Do You Value Investing Or Paying Down Debt?
September 13, 2008 by Erik Folgate
Filed under FAQs
Do you find yourself more inclined to invest your money first, then pay off debt, or vice versa?
My philosophy has always been to pay off the debt first, then invest the money. I know that many of you subscribe to the idea that if you can earn more interest investing the money than the interest you pay on the debt, then it makes sense to invest the money. However, many of you don’t factor in inflation and taxes when comparing the return on your money to the interest on the debt. It’s something to think about, but I thought that I would re-open the debate about paying off debt versus investing.
Question of the Day: Which Presidential Candidate Will Be Better For Our Economy?
August 26, 2008 by Erik Folgate
Filed under Economic Policy, FAQs, Politics
Please, keep this civil. I’m interested to know which candidate’s economic plan will be better for our country? Don’t know their differing plans? I’m not going to go through all of it here, so research it on your own.
Questions About Paypal and T-Mobile
June 12, 2008 by Erik Folgate
Filed under FAQs
Please forgive me, but I am about to use you all for my own gain of knowledge. Actually, I do this every time I read your comments, because I get a lot of different perspectives from you all about various consumer and finance issues. Anyway, a couple of questions have risen today about paypal and t-mobile. I’m having a hard time finding the answers on Google, so I thought that I would ask you all.
Question of the Day: What Will You Do If Or When Gas Prices Are $5.00 a Gallon
June 11, 2008 by Erik Folgate
Filed under FAQs
Some sources are predicting gas prices to rise to $5.00 a gallon by the end of July. We’re all cringing at the fact that gas is $4.00 a gallon right now, and $70 a tank is no fun, but it’s still not enough to cause most people to cut back on their driving. But, I think that $100 a tank will cause people to change their behavior.
My Answer: My wife and I have already cut back a little bit. We try to map out the most efficient route when we go places, and I’ve noticed that we do less joy-riding around town on the weekends. I think that if gas goes to $5.00 a gallon, we will definitely sell our Nissan Xterra and get a car with 25 to 30 miles per gallon. Our Hyundai Sonata gets 28 on the highway and 23 to 24 in town. I know that we’ll definitely be taking less trips to Orlando and Gainesville to see friends and family.
Financial Question For the Weekend
April 4, 2008 by Erik Folgate
Filed under FAQs
The tax deadline is 11 days away. It’s probably one of the worst times of the year for those of you that have complicated taxes. I’ve had mine done for the past month, because my wife doesn’t work and we don’t have a ton of complicated investment income at this point. So, I thought that I would start this debate:
Are you in favor of the Fair Tax? Please explain your answer if you are in favor or opposed.
Who Is Your Financial Mentor?
March 28, 2008 by Erik Folgate
Filed under FAQs
Here’s the financial question of the day to bring us into the weekend. Ponder the question over the weekend, and post your answer in the comments section.
Who is Your Financial Mentor?
Name one person or a group of people that have influenced you in the way you manage your money. It could be a parent, a sibling, friend, pastor, or anyone else that has given you inspiration and motivation to manage your money wisely.
my answer:
