Your Questions About Debt-free Money

Susan asks…

How do I invest my savings?

Im finally at a point where im debt free and have been saving but dont know much about mutual funds or CDs. Is there a website/company/bank you would recommend? Thanks!

John answers:

You have to decide what part of your savings you want to invest for the long term and what are short term. Then it depends on you how much of a risk you want to run if you decide to buy stock that many times will give you a better return on your money.

David asks…

Any suggestions for work at home opportunities?

Ok, I have made some mistakes financially and I have about $9500 in credit card debt. I have a full time job but with the necessities I don’t have much left over to pay off my credit cards. ($44 payment and $37 of it goes to interest). I need some legitimate work that I can do from home. I want to be debt free. I’m a single mom. Please help.
Thank you.

John answers:

Hey April,

There are few websites having directory of legit work at home job listings. True employers never ask for money upfront. At home customer care representative, writer, blogger, virtal assistant, technical support rep, etc are some of the legit work at home jobs. Here are two website: (visit message board of this website…it it is great )

Donald asks…

Should I close my Roth IRA and will I face a penalty?

My wife’s parents opened a Roth IRA for her prior to us getting married. It has been opened around six months now. We are considering closing it to pay off her credit card and getting entirely debt free. Is there any sort of exception to the additional taxing on nonqualified disbursements that would apply to this situation? We have other investments in place, and this Roth IRA is really unnecessary. Any help would be greatly appreciated. Thanks.

John answers:

What? It grows tax free! Why would you withdraw it now to pay a 10% penalty and get taxed on the growth? Keep it until retirement and enjoy your untaxed free money!

Robert asks…

Is it normal for a daughter to not share her plan for attending college next year?

my husbands daughter will not share with her father about anything pertaining to college except for the fact that he is paying. My husbands divorce decree states that he does not have to pay for college. Her father has told her that he can pay for in state tuition and she will be debt free. She told him no in state colleges and she has put very expensive schools on her list. He has asked to look at her essay and help her with her resume and she won’t even share her scores with him. He told her that he needs to talk about her plan and she told him that this is not necessary and that she just needs a commitment that he will pay because her mother does not have any money and that he makes more money than her mother. What do we do?

John answers:

Your husband needs to talk to his daughter. He needs to firmly tell her that he does not have to pay for her college at all, but that he’s willing to pay for her tuition (not fees, books, or room and board – he needs to define what he’s able to pay for) at a state university in her home state. That if she goes to a different school, she’s welcome to do so, but he will still only give her the amount of money it would have cost her to attend a state university in her home state. Period. Done.

Paul asks…

Can I apply for scholarships while in college?

I plan on going to a junior college in my state to save money. We have enough money in my college funds to get my associates degree debt-free. Problem is, I’m going to transfer into a university afterwords.

I never was educated on scholarships, but I know I do not want any student loans. So can you apply for scholarships in college?

John answers:

Yes! You should apply every month for 5-10 scholarships and keep applying until you graduate. Some good resources include:

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