I've been divorced for 11 years, ex has done nothing to help raise the kids financially so consequently, all my money has gone to raise them, I'm still putting my youngest through college (she's in her second year) They're both grown now and it's time for me...problem is I only have $6,000.00 saved. I work full time and I need to think about retirement...where do I start this late in the game.
2007-01-12 15:16:51 · 7 answers · asked by LolaCorolla 7 in Business & Finance ➔ Personal Finance
Yes, I own a home (condo), I still owe about $105,000 on it.
2007-01-13 02:02:13 · update #1
sharebuilders.com http://sharebuilders.com/
2007-01-12 15:21:25 · answer #1 · answered by DizzleDot 1 · 0⤊ 0⤋
Are you a home owner? If not that is first priority. Also, all banks have finacial planners a FEW will consider your best interest and not their own. Consider starting an IRA (very common). Don't carry car notes. If you do. Pay it off and drive it till it falls apart. Use the money toward retirement investment. Read a book called "Rich Dad Poor Dad" and put some of the info to use. Easy read and fun, true stories. Theres more but the other responses seem to have a handle on that.
2007-01-12 15:23:10 · answer #2 · answered by Chi Guy 5 · 0⤊ 0⤋
I heard some good advice, I think it was on Oprah. Use the $6,000.00 you have now to start a retirement plan, and take out a loan for your youngest's remaining tuition and other college expenses.
Then, if they're good kids, they'll pay you back for the money you at least put into college for them...
Check out Suze Orman. She's got GREAT financial advice!
2007-01-12 15:23:19 · answer #3 · answered by purplepartygirrl 4 · 0⤊ 0⤋
Does your employer offer a 401K match?
THAT is truly free money--contribute as much to it as you can to take advantage of the match.
Invest your savings in an IRA---consult your bank for expert help.
49 is very late to be at this juncture---but you can still have a decent retirement if you sock away as much now as possible, and live very frugally to help it along.
You need some aggressive stocks, so you don't WANT to monitor their progress, only once a year, maybe.
Good luck & God Bless...
2007-01-12 15:29:20 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You may also look out for an option to work online to make extra cash in your spare time. I am a part time worker doing work online at home, so I would like to share a link where you can make $600-$1500 in a month working at home. The work need to be done is posting/answering a discussion and uploading any photo/image of your interest. For details visit
http://ommc.blogspot.com
I will publish few more genuine site in couple of weeks, where you can earn money. You may also write to me at talkofmoney@rediffmail.com (Note: When u are planning for a home based online work, be careful because most of them are scam and ask you to pay initial money. never pay money to any such site.)
2007-01-12 16:36:31 · answer #5 · answered by It is a Real BiG World 2 · 0⤊ 1⤋
Do you have a house already?
2007-01-12 20:01:24 · answer #6 · answered by Anonymous · 0⤊ 0⤋
be a cop
2007-01-12 15:24:24 · answer #7 · answered by mmpietropinto 2 · 0⤊ 0⤋