Archive for the ‘Ask an Ex-Banker’ Category

Ask an Ex-Banker: Estimating Monthly Savings to Meet College Costs

Ask an Ex-Banker: Estimating Monthly Savings to Meet College Costs

By The Banker | Ask an Ex-Banker, Blog Posts, Investing, Personal Finance

This “Ask an Ex-Banker” question came from reader Todd R.  In response to earlier posts about the cost of college education, he wanted to calculate the following: “If a family was sending their child to college this fall, AND they were fully able to pay cash (from an educational tax deferred plan) what would their [&hellip

Ask an Ex-Banker: Should I open an IRA?

Ask an Ex-Banker: Should I open an IRA?

By The Banker | Ask an Ex-Banker, Blog Posts, Investing, Personal Finance, Taxes

Dear Banker, I’m ready to purchase IRAs for my husband and me. We had fun as young 20-somethings and didn’t start saving anything for retirement until our 30s, and even then, sometimes one of us was not always able to set aside money into the 401K/403b offered by employers. So, I figured an IRA would [&hellip

Ask an Ex-Banker: Is This The Greatest Wealth-Making Opportunity Of All Time?

Ask an Ex-Banker: Is This The Greatest Wealth-Making Opportunity Of All Time?

By The Banker | Ask an Ex-Banker, Blog Posts, How Not To Invest, Personal Finance

Andrew, in Baltimore, writes in with a sure-fire way to earn 1%, risk-free, for 10 seconds of ‘work.’ I’m almost afraid to let out his secret, as mobs will soon descend on the City of Baltimore’ inner harbor Aquarium to attempt to reproduce this sure-fire money-making process. But, I owe it to Bankers Anonymous readers [&hellip

Ask an Ex-Banker: How to Invest Unexpected Cash

Ask an Ex-Banker: How to Invest Unexpected Cash

By The Banker | Ask an Ex-Banker, Blog Posts, Personal Finance

A friend asked me recently for investment advice.  I sent her my thoughts by email but couldn’t resist making it into an “Ask an Ex-Banker” post. Question:  My daughter got caught in the housing downturn and finally has sold her condo in NY but is too poor in this economy to buy a bag of [&hellip

Ask an Ex-Banker: Mortgages Part II - Should I Pay My Mortgage Early?

Ask an Ex-Banker: Mortgages Part II – Should I Pay My Mortgage Early?

By The Banker | Ask an Ex-Banker, Blog Posts, Personal Finance

Dear Banker, Most months we manage to cover our costs and have a little extra left over.  Sometimes I send the bank an extra $500 or $1,000 toward paying down our mortgage balance, which has another 21 years to go.  Once I sent close to $5,000.  Does this make sense?  – Manny T., Chicago, IL [&hellip