Contents
Deal with Your Debt: Free Yourself from What You Owe, Updated and Revised
1 Isn’t Debt-Free the Way to Be?
Which Debts Should You Tackle First?
Why Debt Management Sounds Strange
When Debt Repayment Plans Go Awry
Addressing the Ants as Well as the Grasshoppers
Debt-Free Is the Way to Be—Eventually
Assess Your Financial Situation
Should You Pay Off Your Debt with More Debt?
Step 3: Choose Your Path and Take Action
The True Cost of Carrying a Balance
Gotchas for Those Who Pay Their Balances
The Right Way to Pay Off Credit Card Debt
Myth #1: It’s a Good (or Lousy) Time to Buy a Home
Myth #2: A House Is a Great Investment
Myth #3: Buying Is Always Better Than Renting
Myth #4: Homeownership Comes with Great Tax Breaks
What Kind of Mortgage Should I Get?
How Do I Get a Good Mortgage Deal?
3. Shop Around for Rates and Terms
4. Check out First-Time Homebuyers’ Programs
When and How Should I Refinance?
When Should I Prepay a Mortgage?
The Dangers of Home Equity Lending
Home Equity Loans Versus Lines of Credit
Questions to Ask Before You Borrow
What If It’s Already Too Late?
What About Paying Off My Student Loans with Home Equity Debt—or Credit Cards?
Why It’s Bad to Owe More on Your Car Than It’s Worth
How Often You Buy Cars Matters, Too
The Proper Role of Cars in Our Spending
8 401(k) and Other Retirement Plan Loans
Types of Plans That Offer Loans
The Real Cost of Retirement Plan Loans
The Hidden Cost of Withdrawals
9 Loans You Don’t Want to Get—or Give
Why You Don’t Want to Cosign a Loan
The Right Way to Make a Personal Loan
Dealing with Collection Agencies
What If Your Creditors Won’t Budge?
11 Putting Your Debt Management Plan into Action
Sell Your Surplus Stuff Online
1 Balanced Budget, Balanced Life: Setting Your Financial Priorities
For a Budget That Works, Get Control of Your Debt
What Do Average Families Spend?
Balancing Your Budget in the Big City
Income Dropped? Expenses Have to Drop, Too
Fast Ways to Cut Cable, Cell Bills
What to Do with an Extra $5,000 a Month
Planning a Family? How to Prepare Financially
Facing a Layoff? Rule #1: Conserve Cash
Living Paycheck to Paycheck? Knock It Off
What Comes First, Savings or Debt Payoff?
Why You Shouldn’t Pay Down Your Mortgage
Don’t Drain Your Retirement to Pay Debts
Use Inheritance to Pay Down Debt, Boost Savings
Garnishments Are Taking Food off This Family’s Table
Massive Debts Mean Gambling Is More Than a “Habit”
Debt Doesn’t Disappear After Lender Write-off
How Long Bad Debt Can Haunt You
What to Do When You Can’t Afford Your Life
Young Widow Struggles with Late Husband’s Debts
Dealing with After-Death Creditors
Fighting an Aggressive Collection Agency
Student Drowning in Debt Needs Professional Help
How to Cope with a Big Medical Bill
When Bankruptcy Is the Best of Bad Options
What to Do When Bankruptcy Won’t Work
Improving Bad Scores Takes Time, Patience
Why “Free” Credit Scores Aren’t
How Credit Card Balances Affect Your Scores
Does a Credit Card Make You a Slave to Lenders?
Why Carrying a Balance Is Stupid
No Credit Cards? You May Not Get the Best Rates
How to Use Credit Cards to Improve Your Scores
Should You Stay in Debt to Help Your Scores?
Don’t Close Accounts If You’re Trying to Improve Your Scores
Debts Rising? It’s Time to Cut Spending
Big Debts Mean You Can’t Afford Your Life
Marriage Doesn’t Combine Your Credit Reports
Unwanted Time Share Can Lead to Credit Score Hit
“Piggybacking” Can Pose a Serious Risk
Skimping on Credit Card Payments Can Damage Scores for Years
Short Sale Causes Credit Scores to Plunge
Finding an Apartment After Foreclosure
Recovering from Bankruptcy Takes Five to Ten Years
Installment Loans Can Boost Credit Scores
Not All Loans Help Your Scores
Credit Scores Not Perfect? Don’t Sweat It
Zombie Debt May Still Hurt Credit Scores
Insurance Scores Differ from Credit Scores
“Too Many Credit Cards” Boosts Insurance Premiums
Credit Concerns or Just Cold Feet?
Fiancé’s Reluctance May Be Just Prudence
His, Hers, or Ours? Setting Up Finances As a Couple
Time Share Causes Financial Woes
Adding Fiancé As “Authorized User” May Help His Scores, but Be Careful
New Wife Could Help His Credit, but She’s Not Obligated
Marriage Didn’t Trash Son’s Credit Score
Spouse’s Debt May Be Yours—or It May Not Be
Separate Your Finances Before Divorce Is Final
Couples’ Big Age Difference Affects Retirement Planning
Choosing Pension Payout? Get Expert Help
How Marriage, Divorce, and Death Affect Your Social Security Check
5 Family Money: Keeping the Financial Peace
When Grandpa Reneges on Promised Money
Supporting the Family Spendthrift
Quit Trying to Change a Deadbeat
Helping Parents Support a Freeloader
Saying No to Handouts for Adult Children
Daughter’s Family Is Bleeding Them Dry
Could Son’s Unpaid Bills Harm Parents’ Credit? Maybe
When It Makes Sense to Let Your Adult Kids Live at Home
How to Buy Stocks for Children
Dealing with Parents’ Financial Crisis
Beware Becoming Trustee of a Sibling’s Money
Are Family Heirlooms Worth the Fight?
Stepdaughter Wants “Everything”: What Does She Deserve?
How Can I Resolve a Spat with My Siblings over an Inherited Home?
6 How to Stop Working Someday: Saving and Investing for Retirement
With Retirement, There’s No Making Up for Lost Time
$25 Is Enough to Get Started Saving for Retirement
There’s No Such Thing as “Risk-Free” Retirement Investing
Dependents Can Fund Roths Even If Their Parents Can’t
Don’t Tap Retirement Funds for a Bigger Down Payment
Build Retirement Funds Before Paying Down a Mortgage
Don’t Suspend 401(k) Contributions to Pay Down Loan
Retirement Planning Without a Retirement Plan
Self-employed? You’ve Got More Retirement Savings Options
Roll Your 401(k) into an IRA? Maybe Not
Windfall in Your 50s? Don’t Blow It
Get a Second Opinion Before Buying a Variable Annuity
Don’t Count on an Inheritance to Fund Your Retirement
What’s a “Safe” Withdrawal Rate?
Is a 3% Withdrawal Rate Too Conservative?
Social Security: Grab It Early, or Wait for Bigger Checks?
Should a 29-Year-Old Buy Life Insurance?
Don’t Buy Life Insurance If You Don’t Need Life Insurance
Help Your Pet Without Risking Your Finances
Going Bare on Health Insurance Isn’t Smart
“Eating Healthy” Won’t Protect Against Medical Bills
Is Disability Insurance Worth the Cost?
Why You Shouldn’t Buy Cellphone Insurance
Get a Second Opinion Before Buying an Annuity
When You Can Skip Rental Car Insurance
Stick with Insurance Minimums or Buy More Coverage?
Is Disaster Insurance Worth the Cost?
Don’t Trust Your Tax Papers to the U.S. Mail
Sometimes You Have to Cough Up Your SSN
Credit Account Closure May Be Cause for Alarm
Credit Freezes May Be Your Best Defense Against ID Theft
What Should I Do If My Sister Is an Identity Thief?
What to Do When Your Wallet Is Stolen
Do Dead People Have to Worry About ID Theft?
101 for Identity Theft Victims
Redact Your Medicare Card to Reduce ID Theft Risk
Are Businesses Protecting Your Social Security Number?
9 Home Sweet Home: What You Need to Know About Real Estate
How Much House Can I Afford to Buy?
No Down Payment Saved? You’re Not Ready to Buy a Home
Student Loan Debt May Limit Mortgage
Shop Hard Before You Refinance
When to Pay Down Your Mortgage
Should You Refinance a Mortgage That’s Almost Paid Off?
Adjustable Mortgage May Not Be Affordable for Long
Should She Walk Away from Her Home?
What Foreclosure Does to Your Credit
Don’t Expect Mortgage Lender to Do the Right Thing
New Rules May Help More Underwater Homeowners
Get Help with a Mortgage Modification
Short Sales Can Trash Your Scores
Property Loss May Lead to Bankruptcy
Will You Face a Tax Bill after Foreclosure?
Finding an Apartment after Foreclosure
10 Pay for College Without Going Broke
If You Can Save for College, You Should
529 College Savings Plans Are a Good Option for Many
Withdrawals from 529s Can Be Tricky
529s Aren’t Always the Best Way to Save for College
Mom Stole College Fund. What to Do?
Did Grandma Divert the College Fund?
Don’t Overdose on Debt for a Child’s Education
“Free Money” May Not Make School Affordable
It’s Too Late to Borrow for Child’s College Education
Finding a Way to Pay for School
Is It Too Late to Go Back to School?
“Dream School” Can Turn into a Nightmare
Is a “Dream School” Worth Any Price?
Ivy League Tuition Waiver Doesn’t Apply to Our “Dream School” Applicant
Degree from For-Profit School Leads to Big Debt
How to Make Headway on Student Loans
Is Graduate School Worth Borrowing For?
Wrestling with Student Loan Debt? Know Your Forgiveness Options
Student Loans in Collections? Here’s Where to Find Help
Settling Student Loan Debt: Tough but Possible
Student Loan Settlement Won’t Be Cheap
11 Find an Advisor You Can Trust
Variable Annuity for a Dying Woman? I Don’t Think So.
“Unsuitable” Annuity Can Be Undone
Is a Money Manager Worth the Cost?
How to Find an Advisor You Can Trust
Your Broker Is Not a Retirement Expert
What to Do Now with Your Extra Cash
12 At the End: Caring for Elders and Planning Your Estate
Helping an Indigent Parent Navigate “the System”
Son-in-Law Badgers Elderly Couple for Money
Protecting a Parent from Financial Opportunists
Daily Money Managers Can Help Pay the Bills
A Reverse Mortgage Could Keep Mom in Her Home
Asset Transfer Could Delay Medicaid Eligibility
Incapacitated Parent? Tread Carefully
Father’s Living Trust Is Missing
The Documents You Need but Probably Don’t Have
DIY Wills and Trusts Can Backfire
Can the Guardian of Your Kids Change His Mind?
Are Unequal Bequests a Good Idea, or Are They a Disaster in the Making?
Credit Cards Must Be Paid Before Estate Is Distributed
Executor Won’t Have to Pay Mother’s Debts out of Pocket
Dad Died Without a Will. What Now?
What’s the Best Thing to Do with an Inherited IRA?
Social Security Benefits Don’t Last Forever