Financial Advice

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Q&A Financial Advice

I've unfortunately have gotten into a large credit card debt situation. I am not behind but I want to find a way to be able to pay them off and if possible save on my monthly payments that I am paying to each of them separately.
In May of this year I graduate and Commission as a 2nd Lieutenant. Having college debt and multiple loans, as well needing a more reliable vehicle after graduation, I wanted to know if it would be a smarter move to do one of the following: take out the USAA starter loan for Officers, get what I need...
Questions regarding protecting IRAs in a market down turn. I know just about enough about investing to be dangerous so please excuse my ignorance. I have 2 managed IRAs. They are doing well. But I am curious to know what is the best way to protect them should the market move into a long-term down-tu...
I really cannot decide 100% on whether I should stick with current Military Retirement plan or switch to the BRS. Currently at 9.5yos, 6.5 of those were enlisted. I PLAN on staying until 20, but nothing is guaranteed. Just looking for advice or different ways to look at the pros and cons. Thanks!
Concerning the final final TCJA and 529 Educational Savings can my funds be distributed as a tax break to my grandson for Home Schooling expenses as proposed by the Administration/Senator Cruz? What are options for funds disbursement if he does not attend college?
how do I check credit score without hurting credit rating?
I owe about $19,000 to USAA on my home and have about $90,000 in combined USAA savings, checking, and investment accounts. I have other retirement accounts as well as monthly income from Social Security and retirement income. My home is worth about $350,000. What would be the pros and cons of using ...
I'm curious about debt consolidation. I have cut up credit cards to help me stop using them. But I feel like I'm not making any progress on paying stuff off. Between my personal loan and credit cards I'm paying so much a month and I cannot afford to pay extra on a card to pay anything off faster. I ...
I think a family member may be using my minor child's information to obtain credit. How can I determine if any lines have credit have been taken out in her name.
I am being offered a $40,000 cash out of my retirement benefits from a former employer. If I live to reach the age of 90 that would be only about half of what my benefit would be if I just wait. Would it be better to wait or cash out and invest. The benefit is only about $300 a month if I wait. Than...
Nuggetsgems, Thanks for a great question. Cash value inside of a life insurance policy can serve as a valuable resource at many different stages of life. It can be used as part of a complex income strategy in your retirement years, or it can be borrowed against if needed in a pinch. There are many u...
BRS mid career bonus & other bonuses. I am an active duty officer and aviator with 9.5 years of service. I haven't found anything that can provide details on the mulitplier for the 8-12 years of service bonus if I decide to opt into the BRS. Along with the 8-12 year bonus, I will qualify for an avia...
Thank you for answering my question in a timely manner Sir. I had to ask because I had called in to discuss and the person I was speaking to on the phone stated it was for commissioning officers only. What sort of verification is required? Is the official selection message enough documentation in or...
Is the Career Starter loan available to selected Warrant Officers who will be appointed to Warrant Officer 1 ?
Is it a good idea to use a home equity line to shift credit card debt to a low interest account?
I am interested in rebuilding my credit. What do you recommend as far as obtaining credit cards?
I have a high-mileage car on which I'm still making payments. The monthly payments are ok, but the monthly repairs are getting out of hand. Should I take money out of savings to pay off the balance (about $6 k) or try to roll it into an auto loan on a new (inexpensive) car.
Hi Mikel, Thanks for the good advice regarding the Equifax data breach. Perhaps there is one footnote. When I began the process of signing up for the free one year credit monitoring from Equifax I noticed that in order to get the service you must give up your right to sue or to participate in any cl...
I recently quit working at a place and had a Pension Plan set up there. Well since I am no longer employed by them, I now need to either cash out my Pension Plan or set up an IRA to transfer the money into. My question is this, which is better? and where would I place the money? If it is to go to an...
Your 9/10 response to the Equifax data breach did not address freezing your credit reports. Do you recommend this? I have no outstanding debt except one USAA and one other credit card that I pay off each month.
What's the advice from USAA on the recent Equifax data breach? Does USAA offer any fraud or other protections in the wake of this breach?
should I pay cash for a car "IF" I can afford it and it doesn't affect my saving.
My husband and my daughter are my beneficiary's on my life insurance policy. If something happens to me and my husband will my daughter automatically receive the full amount of the policy?
My fiance and I are hoping to purchase a home in the next 1-2 years. I graduated college with a B.S. 3 months ago, and got a job as a rural appraiser trainee making around $30k a year. When I am certified in 2.5 years, I will be making closer to $75k. My fiance will have a masters and starting out m...
I would like to close 2 credit card for a total of combine credit of 16,000 that has been in zero for almost 1 year. Reason for this is that I have a new credit card with a credit limit of 19,000 at a lower rate. Is this a smart move? Thinking in buying a second home in about 2 years.
What are the advantages and disadvantages of using my ira to pay off my house mortgage? Tax ramification and all of that I would like to know. Thanks.
I am 39 years old and know nothing about investing my money, how do I get started and what is the best way to get started?
I keep getting offers for a USAA card. I read something about transferring balances. I am not exactly sure what it all means and I deleted the email on accident. What I would like to do is close a credit card with a $1200 limit with 27% APR (that seems like no matter what I do, I can't pay it off) t...
I am 61 years old and employed with the federal government. Since I am older than age 59 and 1/2, I have been told that I should move my TSP balance into an IRA so that I have better access to it as compared to the restrictions of the TSP program. What is your advice? Do the same pros and cons apply...
What are the pros and cons to moving a retirement fund from a 401k to an IRA?
How important are Morningstar ratings for the Cornerstone funds?
Hello, I am wondering what I can do to begin building my 16 yr old's credit. She has a savings and Youth Account through USAA. That being said, I am thinking personal loan, LOC, Credit Card, something like that that will report and she will be more independent when she turns 18. Thank you for your t...
Would like some guidance relative to credit cards...specifically what to close, what to keep, and how high of an available balance to keep, as we pay off balances...Thanks!
What are my options for increasing my life insurance?
My friend asked me to cosign on a townhome rental. Is there any negative impact on my financial standing or credit simply as a result of the cosign? I know there's a negative impact if she misses a payment or makes a late payment. But I'm curious if there are any issues other that that.
Should I switch from a Roth 401 to a trad.401 to reduce my taxes. I am 7 years away from retirement. I am in the 25% bracket . Which would benefit me the most??
I have started to pay off all my debit (credit card, student loans and car payment totaling about $24,000). I used the debit manager tool online and found it very helpful. I'm wondering if it makes more sense to take a personal loan out to pay off everything or if I should stick to the debit manager...
Two sets of grandparents have set-up 529 college plans for my two young children. Should my husband and I set-up a third 529 plan for each of them (we're not interested in setting-up another type of fund), or should we simply make monthly deposits into one of the already established accounts? Pros/c...
Can funds from a traditional (non-Roth) TSP Account be rolled over to a Roth Account? I understand that these funds would be taxable this year.
I'm looking to buy my first home in about 1-2 years and I would like to start putting money away for a down payment. What are the best investment options for first time home buyers that will give me the best return for my money in that short amount of time?
ok i have very little credit now, i just got two of the credit cards off of here (the build your credit one 500.00 each limt) now the question is, if iam building my credit, do i want to pay off every thing i charge by the end of the month ,or do i just want to pay mimmun to get get a payment histor...
I have a good credit score. I want to close some non essential store credit cards. will this hurt my credit score, if so how long til score recovers?
What are the best options to refinance or consolidate student debt (about $175K). Interest rate is 6.8% and we'd like to get that down. We have great credit and looked at SOFI but they could barely lower the interest rate.
Is there a negative impact to subscribing to the CreditCheck® & ID Monitor program with USAA? It is the same as having a credit check? It is my understanding that checking your credit score often can drop your credit score.
My daughter is attending community college for general ed and will be transferring in fall 2017 to a university. Do you know how the FAFSA works when it looks at the Student's financial assets and the Parent's financial assets? She'll need to get loans, I want to maximize her chances of being able t...
I'm currently 23 years old as an O-1 in the Army. I'm all about retirement and saving as much as I can for my Wife and I's future. Unfortunately, a lot of our income goes to paying off debt. Combined we have over $100,000 in debt (school loans and car loan). I was contributing to my Roth IRA and Rot...
Should I consolidate my credit card debt? Between my wife and I we have 20K dollars in credit card debt that we amassed through a period where my wife was unable to work and my military pay wasn't enough to cover our expenses. Things are much better now as I have separated and gotten a job that pays...
Hello, I'm 25, getting married next month, currently threading the needle financially. My fiance and I have managed to keep our heads above the water but we recently had the funding for our wedding venue fall through. Currently I work and my fiance is getting ready for school. I'm almost tapped for ...
I just changed jobs and have a 401(k) with >$100K in it. Should I rollover to IRA? Does USAA have any options?
What are the differences between traditional TSP and roth IRA?