MrChrister
  • Member for 12 years, 2 months
  • Last seen more than a month ago
Should I buy a house with a friend?
55 votes

No. This amount of money is not appropriate for friends to go in on. Although you could consider buying a house with a business partner, have the contracts drawn up, see an attorney, read up on the ...

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How smart is it to really be 100% debt free?
53 votes

You might miss an opportunity or three by strictly avoiding debt, but I can't think of a problem you will create by being debt free. So maybe it isn't the absolutely smartest thing to avoid debt on ...

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What to do with sudden wealth?
41 votes

I won't make any assumptions about the source of the money. Typically however, this can be an emotional time and the most important thing to do is not act rashly. If this is an amount of money you ...

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Should I finance a new home theater at 0% even though I have the cash for it?
41 votes

I think so. I am doing this with our furniture. It doesn't cost me any more money to pay right now than it will to pay over the course of 3 years, and I can earn interest on the money I didn't spend....

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Why do people use mortgages, when they could just pay for the house in full?
36 votes

Good question. If a person has a choice, it is probably better to pay cash. But not always. If your large pile of cash can earn more being invested than cost of the interest to borrow a similar ...

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What do I need to know before getting a loan?
Accepted answer
34 votes

You need to know loans are not free; and they are not a way to solve budget issues. If you are having problems with making your income last over your expenses, you do not need to add another expense (...

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I'm only spending roughly half of what I earn; should I spend more?
28 votes

If you are happy, really honestly happy, there is no need to change because you read it somewhere. While I believe that budgeting in some fun is smart so you don't go crazy, I am really speaking for ...

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Paying off home mortgage and lender wants a "Recording Fee"
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26 votes

Your county wants the fee to record your newly owned house into the public record. Congratulations on the new wave of junk mail you are going to get =)

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Should you co-sign a personal loan for a friend/family member? Why/why not?
25 votes

My personal rule is to not loan money (or co-sign) for any amount that I am not willing to give away. It can go wrong in so many ways, and having a family or friend involved means making a "business" ...

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What can I realistically do to raise my credit score?
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23 votes

Time: you will simply have to wait because as far as the computers are concerned, you are a credit risk and only time will heal those wounds. Be credit worthy: during the waiting time you have to ...

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What percent of my salary should I save?
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23 votes

I am pretty sure you could find a number of financial planners whom you could pay to give you a very accurate number, but the rule of thumb I like best is Save a dime of every dollar. 10% (Savings ...

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Paying Off Principal of Home vs. Investing In Mutual Fund
22 votes

Naturally the advice from JoeTaxpayer and dsimcha is correct, every situation is different. I will get reckless, go nuts and make a recommendation! You are young, childless for the time being. Do ...

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Am I "cheating the system" by opening up a tiny account with a credit union and then immediately applying for a huge loan?
Accepted answer
21 votes

Nope. Credit Unions are for the customers. Since the customers own them, the credit union does what is best for the members. They aren't giving you money, they are loaning it to you for for ...

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Do credit checks affect credit scores?
19 votes

Hard pulls you give your explicit permission to run do affect your credit. Soft pulls do not. However While hard pulls affect your score, they don't affect it much. Maybe a couple few point for a ...

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How do I fix my credit score when I have bad things in my credit history?
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19 votes

Yes you can do this yourself. I cannot speak for all the credit repair companies, but generally they are not reputable. Even if they are trustworthy, they cannot do anything you cannot do yourself. ...

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How can a person with really bad credit history rent decent housing?
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19 votes

This tale makes me sad the more I learn of it. I am impressed with your dedication and caring for your ex-wife and particularly your kids; you seem like a good person from your questions. But you ...

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Shares: are they really only for the rich/investors?
18 votes

A guy I used to work with would buy some shares in certain companies on a regular basis. The guy in question chose Coke, Pepsi, GE, Disney and some other old stable stocks. He just kept buying a few ...

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Buying a car - advice needed
18 votes

If it costs more to fix the car than the car is worth, then those repairs are not worth it. Hit craigslist and look for another junker that runs, but is in your cash price range. Pay to get it ...

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How to get started with savings, paying off debt, and retirement?
Accepted answer
17 votes

The word you are looking for is "budget" You can't pay off debt if you are spending more than you earn. Therefore, start a budget that you both work on at the same time, and both agree 100% with. ...

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Why would a company care about the price of its own shares in the stock market?
17 votes

Fiduciary They are obligated by the rules of the exchanges they are listed with. Furthermore, there is a strong chance that people running the company also have stock, so it personally benefits them ...

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Is an index fund a good choice for a starter investment?
16 votes

Yes. I only do index ETFs, and index funds and target retirement funds. I do not spend anything near an hour a day to monitor my investments. More like an hour a month. Pick a fund with super ...

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Is there such a thing as a deposit-only bank account?
16 votes

Do you write checks? You are giving your bank account and routing number to anybody you have ever given a check to. Your employer is paying taxes on your behalf, so they need your social security ...

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Why should I invest my money in a life insurance policy?
16 votes

Who depends on you? I personally wasn't insured until I had a family. Of course I had the required insurance policies like auto, but no health until I was 29 and had a kid who needed me. Now I ...

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Someone asks you to co-sign a loan. How to reject & say "no" nicely or politely?
16 votes

"I really don't feel co-signing this loan is in the best interests of either of us. Lets talk about the amount of money you need and perhaps I can assist you in another way." I would be honest and ...

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Saving $1,000+ per month…what should I do with it?
Accepted answer
16 votes

If you can get a rate of savings that is higher than your debt, you save. If you can't then you pay off your debt. That makes the most of the money you have. Also to think about: what are you ...

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How does Clark Howard's advice compare to Dave Ramsey's advice?
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15 votes

Howard seems open to borrowing and using credit if the terms are right, whereas I am pretty sure Ramsey is strongly in favor of a cash only lifestyle. Howard focuses on getting a good deal, and if ...

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What should I do with my $25k to invest as a 20 years old?
15 votes

TL;DR I don't like your strategy. Don't wait. Open an investment account today with a low cost providers and put those funds into a low cost investment that represents as much of the market as you ...

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Common practice to closing a checking and savings account?
Accepted answer
15 votes

Banks work pretty hard to make themselves a big part of your life with bill pay, auto-deposit, loans and other services. You need to carefully unwind each one and be on the lookout for fees. If you ...

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I am thinking about cancelling my car insurance. Will there be any hidden costs down the road?
15 votes

My insurer will let me suspend my insurance and park the car. It costs about $1/month, but I am still covered if it gets stolen from where it sits. I guess I can call and change it from suspended to ...

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What are the primary risks of buying a house in a short sale?
15 votes

It is mentally stressful. Negotiating with a bank and a person means you better have plenty of free time and low expectations. Bank will (justifiably I suppose) negotiate via bureaucracy rather than ...

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