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September 30th, 2008
09:30 PM ET
Live Blog from the Anchor Desk 9/30/08
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Question for Suze Orman,
I have about $150K with Morgan Stanley in Mutual funds. My advisor has moved to Merrill Lynch.
Should I stay with Morgan Stanley? Hear the received $9 Billion in funding from Mitsubishi Bank.
Or go with Merrill, is this a stonger company since owned by Bank of America?
Just trying to protect what we have and not have to put the $$ in Mason jars and bury in the back yard.
Thanks.
If the FDIC insures bank accounts up to $100,000.00 and they have approximately 50 billion dollars to cover this amount, how are they going to insure $250,000.00. Do they have enough money or does the FDIC need to put more money into their insurance fund. And where does that money come from?Thanks
Good Evening,
Is it a good option now to put money in low risk bonds rather than investing in stokes?
Sincerely,
John
Minneapolis
What do you think caused the bailout to fail? Was it genuine concern for the average joes of America or just pure partisanship?
Suzie, in June, I move most of my 401k into bonds to minimize my loses. Do you think we are close to a bottom with this market? Is it safe to move my money back into stocks?
What I want to know is how much of this bailout money is going to non-US citizens and businesses. Individual home mortgatges are not the only type of loans that are at risk. Also how much are Wall Street traiders going to benifit from this bailout. I heard a comment from one traider who made over one million on the AIG bail out alone. It seems the ones who are pushing so hard for this are the ones whose careers are dependent on this industry.
All this fear mongering reminds me of the boy who cried wolf too many times. It makes it hard to believe that this as a "real" problem.:)
Suze- Just wanted to let you know that my bank (Wells Fargo) does not know of any upcoming changes that they intend to make with the new housing rescue plan that goes into effect Oct 1st- your thoughts on this? By the way. we owe $320,000.00 on our home and have been told it is only worth $125,000.00. We are looking at doing a short sale. Your thoughts... thanks.
Hi AC and Susan,
I have a 2br investment condo that has lost $150k in value which i use all my life savings ($70K) as a down payment and am currently subsidising the mortgage by $400.00 a month. am thinking to let it go for foreclosure what do you think susan?
thnx
bob
Hi Suze–I have a significant amount of my cash in a money market based on tax free municipals. Is there any greater risk in this type of money market than others?
hI suzie,
I am one month away from forclosure. i contacted citifinancial and they refuse to lower my interest rate of 12.9%. We are a one income household now and it seem like they don't care. I SAY FORGET THE BAILOUT, LET ALL OF US FALL TOGETHER. THEY WON'T HELP US NOW, IMAGINE WHEN THAY GET THE BAILOUT. WHAT DO YOU SUGGEST?
Suze,
We're maximizing matching funds retirement savings, but I have the chance to put an extra 30k/yr into retirement PREtax and am now putting in $1800/mo. Should we stop adding this extra money to retirement or just keep going and hope to refinance mortgage for college.
$17k on 0% interest credit card–will be paid off before interest comes due
no emergency savings
no college savings for 13 yo or 11 yo
$300k in retirement
putting $23k in SEP IRA (wife's)
putting 6.5 % matching funds retiremnet to get 7 % match
197k left on 15 yr mortgage at 4.375 % fixed
some of my funds are in an ira with a mutual fund broker. i have some additional funds to invest at this time. should i invest themin myh curren account ao into bankk cds for ashort period of time
You have covered the stock market, CD's, cash in the bank very well. How about bonds & bond mutual funds especially those considered very low risk . One example is the diversified portfolio of investments contracts issued by high quality financial institiutions such as Insurance companies and banks. Many of us have a substantial amount of 401K money in stable value funds to avoid the cycling of stock market. Considering this is a financial crisis, what does this mean to those value funds focused on this sector?
Thanks!
Summer
Why are foreclosures that are insured by MIP and PMI not protecting lenders?
Suze,
I graduated in May from college and I have about 60k in student loans. Should I consolidate my loans or do you think the interest rates will be even lower next July. Thanks
Trey
What is a subprime mortgage exactly? Mine is a 30 yr fixed, 6%apr, that I've had since 2004, but I only put 5% down. It's been sold twice, and is now with Countrywide/ Bank of America. If the bailout goes through, will the government own my mortgage? What would it mean if they do? I have a good job, and no problems paying my mortgage (I actually pay extra to it each month), so I'm not looking at foreclosure or anything.
Thanks
Hi Suze! My company does not match our 401(k) contributions (but they do voluntarily contribute 10% for each employee into his/her Employee Stock Ownership Plan). I did have 10% going into my 401(k) but today switched it to 0%. I have credit card debt and am 36. Did I do the right thing? I'm thinking I should use that money for debt. THANKS!
Question for Suzie:
Financial Engines has advised me to re-balance my 401K by primarily changing my investments from mostly stock funds to 65% stock funds / 35% Bond Funds. Should I do it now or hold off in hopes the market rebounds even more in the coming days? I have about $200K in the 401K and about 10 years faway from retirement.
Thank you!!
Hi Suze,
We are having a home built and will be closing in mid-December. We are attempting to decide whether to lock in our mortgage rate now or wait until December. Do you anticpate mortgage rates will be going up or down...or...is it safer to just lock in to a rate now in this volatile market?
Thanks!
Suze,
I am a 63 yr old grandmother. I sold my home a year ago and have $350,000 from the sale left in a saving account. I am looking to find another home and am wondering where I can put this money so it will make the most for me, and when should I buy?
To Suzie,Ijust retired and have been invested in growth and income mutual fundsfor the past 12 yrs I,m 65 and don't know if I should leave my investments where they are at this time I also have money in a 403b acct.thats in fixed funds not linked to the market I earn 4.5% interest but my fianacial advisor wants me to put it into a variable annuity thru met life so i can still have some growth.I don't need the money now I don't have any debts but I rent what is your advice
My husband and I retired 2 years ago. We are 55 and 60 yrs. old. We invested 80% stock and 20% bonds. Yesterday was a hard hit. We want to reajust our portfolio. Should we ride this out and reajust after the fire goes out or should we reajust now.
Hi Susie,
I am right out of college and just received a job that has a great retirement plan. I am unsure of how aggressive I should be due to the market. Should I wait until the market gets better are invest more aggressively or just hold the money?
Hi Suze –
I'll be entering law school next year. How will the crisis affect my ability to get student loans?
Suze Orman – I'm a 69 year old woman that's retired. I switched out of stock funds I had invested with Vanguard, into Vanguard Prime Money Market and a IRA Money Market.
Do you feel going with Goverment Bonds, would be the best way to invest?
Dear Suzie,
I remember inthe late 70's and early 80's when interest rate where in the mid-teens. Worse than now. How is this financial problem different today, and why cannot the market sustain higher rates and worse problems?
Dan (Houston, TX)
Husband is semi-retired and we have been living with Social Security and dividends from his IRA. We have let Chase Bank handle our money in the Market – 70% stock, 30% cash. Spoke to the woman who manages our funds today and she said we should just sit and cut back on expenses and wait it out. My husband is 75, I am 60. We own a house which we were preparing to sell. Two small mortgages – total $80,000.
What should we do. Dividends will drop and we will have to use principal.
Thanks,
Jane
Why has there been no discussion in Congress about a compromise on the amount of the bailout? Is $700 billion some magic bullet or could they come up with a package that could rescue the economy that has a smaller price tag?
I am three months behind in my mortgage and facing foreclosure. Iam considering just walking away and saving what I would have paid to the mortgage company, to use as dowmpayment on a rental. If I continue to pay the mortgage, and the home goes into foreclosure, I will be left with nothing. Not even enough to pay for a rental. What do I do?
Hey guys,
I keep hearing how the fdic limit is going from 100 to 250 for money markets and saving accounts. Are investments in standard brokerage houses (ie. 401k) also insured?
Thanks,
Chris
58 year old recently retired. No longer contributing to 401k. Is it to late to rollover into something else ie roth IRA or do i leave it alone during this crisis? Has been untouched for about 5 months and suffered recent losses..thanks!
Suz,
You have a completely different tone about finacial issues these day. When I see you on your own show you are telling people they shouldn't buy what they can't afford and I believe you don't think people in their personal life should get bailouts. So why are you for this bailout. It sounds like you must have some money riding on this bailout.
SUZE SUZE SUZE,
Ive been watching you religously for years and if theres one thing I've learned its FICO FICO FICO. I have a credit card which allows me to monitor my FICO score monthly. By keeping my eye on the ball I have been able to keep a great creit score, even though I have a very working class income, I receive constant offers for great credit rates . If we as Americans learn one thing from all of this its to take control of our finances and live within our means.
Love ya Suze
We have several annuities. Are some annuities 300 thousand dollars insured? They are Variable not fixed annuities.We were
told they are fine.We are retired and we need this to be part of our income.Please let us know. THANKS
Hi Suze: Putting the whole bail-out aside, is this a good time to be in mutual funds in my 401K, considering I have 5-7 years to retire? Given the weekness of the dollor, a market slowdown, a 6 Trillon dollor deficit, and large trade imballance I'm very leary adout any involvment is stocks.
Why is there a part of this bill that will bailout pension plans for only a portion of Americans. Shouldn't this include ALL Americans who have or may be hurt who have pension or retirement plans. Seems unfair, should'nt it be help for ALL Americans or LEAVE IT OUT?
Question for Susie Orman.....What would you recommend for a 58yr old retiree who is drawing from his 401-K rollover IRA which is worth $450,000. Thanks
I haven't heard any suggestions that the World Bank present loans to Wall Street. It seems that the middle class US taxpayers are having to carry the load for the world economy. What are your thoughts?
Is a certified check written by a bank yet maintained outside the bank, under the mattress so to speak, considered a safe deposit and still insured by the FDIC?
We're told that credit has been forzen over the last week. How is it that JP Morgan Chase was able to take over Wa Mu?
Can someone please explain to me why there is still a proposal for a bailout?? Everyone I've talked to and a good 90% of the comments I read on many sites, have said they do not want any bailout!! The AMERICAN PEOPLE have said NO BAILOUT!!! So why is congress still trying to come up with a plan???? Please Suze explain this to me because, I can't understand why our Congressional leaders and both of our Presidential candidates are pushing for a bailout plan! I think the people they work for have spoken in amazing numbers, and can't understand why they're being ignored. Thanks.
Suze,
About 6 months ago I started my own bailout plan for my own financial crisis. I'm paying off about $100,000 in credit card debt. Thanks in large part to watching you, I am on track to be debt free by 2013. Most of my credit cards have interest rates around 6% to 10%. I have never had a late payment in as long as I can remember. If my interest rates don't change I'll be fine. What are the odds of that?
Thanks!
Suze,
Right now my company – a global life insurance and financial planning company based in France, has open enrollment for employees to invest in stock. We are guaranteed our money back and pay out occurs in five years. Any thoughts on investing?
Thanks,
Colleen
Suze,
I have read your book Woman and Money, is there any advice that you would now change considering the situation our country is in. Do we continue to put away for retirement, how about Savings??
Romanna
I am having a hard time understanding how foreclosures can cause this financial meltdown we are experiencing. First only 21/2 % of mortgages are in foreclosure, that should not cause this kind of turmoil. Second, I venture the vast majority of these mortgages have private mortgage insurance. What good does PMI do if it does not help the homeowner or the banks?
Suze, joint accounts are FDIC insured for $250,000 so, is an "or" account and an "and" account both considered to be joint accounts for FDIC insurance. Thanks Ken W.
I am a 64 year old self employed woman. I did everything I was told about saving and planning for the future. Today my portfolo is down a total of $16,000 over the last year, much of it in the last three weeks. Now what am I supposed to do about retirement?
I am a 20 year old student who understands what's going on the economy. I have $20,000 to play with and no expenses. Do you think that a "buffet" bottom feeding approach can work if I stick with big cap companies.
Question for Suze:
One week before Lehman failed I took out a student loan for my MBA. I thought I was doing a good thing between a one-month libor+4% rate or a fixed 9%. The libor would have to double before my variable rate gets to 9% but now that scenario looks very likely. Should I try to change my loan to a fixed rate or do we think the credit market will return to the situation it was in over the summer (at least).
Thanks