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Newsvine Q&A: Carmen Wong Ulrich offers advice on 'Staying Afloat'

News Type: Event — Mon Jun 16, 2008 5:04 PM EDT
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Carmen Wong Ulrich

Hi. I'm Carmen Wong Ulrich. As part of the MSNBC/NBC Nightly News special series airing this week, "Staying Afloat: A Survival Guide," I'll be available this Wednesday, June 18, from 1:00-2:00 PM ET to answer your personal finance questions and offer advice on how to keep from falling behind in hard economic times. Wondering how to cut the fat out of your food budget or how to make sure your retirement fund remains intact? Feel free to post your questions here in advance.

For those of you visiting us here for the first time, please know that Newsvine is an interactive web site designed for members to participate in thoughtful discussions about news-related topics. Feel free to take a look at the Newsvine Code of Honor, it's a short list of standards that existing members hold themselves to here.

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{"commentId":1986703,"authorDomain":"jcatom"}
JCAtom

How do banks get away with the practice of allowing a person to overdraw and charging that person for the privilege? They know that the person is going to overdraw, and it can even happen at a person's native ATM.

Are they not actively trying to trick people? Do they figure...If we get most of 'em once, we've made a bunch of money...& some of 'em are dumb enough or live so close to the line that we'll get 'em more than once...all the better.

{"commentId":1986703,"threadId":"291601","contentId":"1581289","authorDomain":"jcatom"}
  • 6 votes
Reply#1 - Tue Jun 17, 2008 1:32 PM EDT
{"commentId":1995100,"authorDomain":"carmenwongulrich"}
Carmen Wong Ulrich

JCAtom - Banks are always looking for ways to make money (isn't everyone?) and fees are their goldmine. You're right in being aware that this is the practice so once you're savvy on it (and more consumers are) you can make sure to avoid getting hit with fees. Keep track of your balance - keep a little cash cushion that you don't touch so overdraft never happens to you...!

{"commentId":1995100,"threadId":"291601","contentId":"1581289","authorDomain":"carmenwongulrich"}
  • 4 votes
#1.1 - Wed Jun 18, 2008 1:12 PM EDT
{"commentId":1995225,"authorDomain":"PamelaDrew"}
Pamela Drew
Are they not actively trying to trick people?

They are making the most of exploitive legislation that allows rates of return that were once considered usury. The biggest banks not only have a powerful lobby, the Boards rotate from public appointments to the private sector, rigging a way to extort excess profits and then jumping back to their industry hat to harvest the rewards.

How much money did Citi lose in bad loans? Who's money was it they lost? Watch this series on banking and see how the reserve scam has operated since the 1930's. How much interest and fee income did they pocket before the debt was dumped back on consumers?

{"commentId":1995225,"threadId":"291601","contentId":"1581289","authorDomain":"PamelaDrew"}
  • 6 votes
#1.2 - Wed Jun 18, 2008 1:22 PM EDT
{"commentId":1986769,"authorDomain":"jumpstone"}
Allan Neal

Hello, I'm considering a MMA from United First Financial. Any suggestions on the product?

{"commentId":1986769,"threadId":"291601","contentId":"1581289","authorDomain":"jumpstone"}
  • 3 votes
Reply#2 - Tue Jun 17, 2008 1:39 PM EDT
{"commentId":1986880,"authorDomain":"LAUHAL63"}
lauhal

Thanks for adding that last paragraph! Adding you to my watchlist. :)

{"commentId":1986880,"threadId":"291601","contentId":"1581289","authorDomain":"LAUHAL63"}
  • 7 votes
Reply#3 - Tue Jun 17, 2008 1:53 PM EDT
{"commentId":1986919,"authorDomain":"LAUHAL63"}
lauhal

Oh, and clipped to several groups. Welcome to Newsvine.

{"commentId":1986919,"threadId":"291601","contentId":"1581289","authorDomain":"LAUHAL63"}
  • 7 votes
#3.1 - Tue Jun 17, 2008 1:57 PM EDT
{"commentId":1992861,"authorDomain":"Rixar13"}
Rixar13

How do people afford to pay for increasing "Insurance Costs" with ever decreasing "insurance benefits"? Is it just easy way to increase their "Profits" at the expense of Americans already suffering? Thank you

{"commentId":1992861,"threadId":"291601","contentId":"1581289","authorDomain":"Rixar13"}
  • 3 votes
Reply#4 - Wed Jun 18, 2008 8:37 AM EDT
{"commentId":1993430,"authorDomain":"fdbryant3"}
FDBryant3

Welcome to the Vine. I'm glad to see someone with a focus on Personal Finance (one of my favorite topics). Hope to see you around frequently :-)

I'm a do it yourself type when it comes to my finances but when friends and family ask advice I can give them the basics but frequently recommend they consult a financial planner to help them put together a comprehensive plan.

Do you have any advice on what a person should look for in selecting a financial advisor?

An ancillary question would be do you have any recommendations for books or other resources that can help people put their financial life in order?

{"commentId":1993430,"threadId":"291601","contentId":"1581289","authorDomain":"fdbryant3"}
  • 5 votes
Reply#5 - Wed Jun 18, 2008 10:01 AM EDT
{"commentId":1995164,"authorDomain":"carmenwongulrich"}
Carmen Wong Ulrich

FDBryant3 - Great question - make sure any financial planner or advisor you use has the right industry credentials. Check them out at FPAnet.org (where you can also do a search for a financial planner near you). Make sure your planner/advisor is fee-based, not commission-based when it comes to paying them. You don't want someone advising you to invest or buy something that offers them a commission. Fee-based means more unbiased recommendations. Also, once it comes to a pre-interview, ask what kind of clients they're used to. If you have a home business or complicated family finances, you want someone who has experience with working with your types of situations....

{"commentId":1995164,"threadId":"291601","contentId":"1581289","authorDomain":"carmenwongulrich"}
  • 3 votes
#5.1 - Wed Jun 18, 2008 1:17 PM EDT
{"commentId":1994451,"authorDomain":"fdbryant3"}
FDBryant3

I have another question. What advice would you have to achieve multiple financial goals. For instance almost anyone you talk to tell you that it is important to save for retirement, pay off debt, and save an emergency fund. So, how might you advise accomplishing these goals somewhat simultaneously or is it better to prioritize and let the other goals slide while you accomplish one?

{"commentId":1994451,"threadId":"291601","contentId":"1581289","authorDomain":"fdbryant3"}
  • 6 votes
Reply#6 - Wed Jun 18, 2008 12:10 PM EDT
{"commentId":1995594,"authorDomain":"carmenwongulrich"}
Carmen Wong Ulrich

FD - Great question. It does seem like a lot to do with limited resources... The key is to focus on high-interest debt first. If you have $2,000 in a cash cushion, but $2,000 on a credit card at 16%, you've got no money! In fact, a negative amount... Two things to focus on first: credit card debt (getting rid of it) and second, contributing to an IRA/401k, etc. Time is on your side with a 401k and the tax benefits and possibility of an employer match is too good to pass up. After you've got your credit card debt taken care of, work on an emergency fund. Now, if you've got public student loan debt (low interest, flexible loan) don't worry about paying if off before the building your emergency fund. What helps a lot when it comes to the discipline of saving is signing up for automated banking--especially online. You can arrange for the bank to take a certain amount out of the account where your paycheck are deposited before you'll even miss it (well, you'll miss it the first time!). Good luck!

{"commentId":1995594,"threadId":"291601","contentId":"1581289","authorDomain":"carmenwongulrich"}
  • 3 votes
#6.1 - Wed Jun 18, 2008 1:52 PM EDT
{"commentId":1994713,"authorDomain":"tj"}
TopJedi

Hi Carmen, there seems to be more and more advice being given to "recession proof" yourself in difficult times. Some opinions designed to help, others designed to capitalize on those in desperate conditions and promote various products. Have you or your loved ones ever struggled financially to stay afloat and aside from "more money" what got you through those difficult times? How did you avoid the sharks?

{"commentId":1994713,"threadId":"291601","contentId":"1581289","authorDomain":"tj"}
  • 5 votes
Reply#7 - Wed Jun 18, 2008 12:32 PM EDT
{"commentId":1995213,"authorDomain":"carmenwongulrich"}
Carmen Wong Ulrich

TopJedi - My family's well-being went up and down with every recession. It actually is a big reason why I do what I do. I didn't like watching our family struggle when there was a recession - in the boom times we didn't have to worry so much about money and even my parents were happier. When a recession hit, we'd have to get hand-outs from our school when in the boom times we'd donate to them... That's why I'm all about recession-proofing but not just for this recession, to be able to set yourself up to withstand any and all the recessions coming so your happiness and your money isn't controlled by what's out of your control = the economy.

{"commentId":1995213,"threadId":"291601","contentId":"1581289","authorDomain":"carmenwongulrich"}
  • 3 votes
#7.1 - Wed Jun 18, 2008 1:20 PM EDT
{"commentId":1994938,"authorDomain":"BlueLeftHand"}
Kim-298921

Carmen, my situation may not be too unique, so I'm going to share it. I'm 48, my mom is 73 and we co-own a home in Colorado. She still works and gets social security. Last year we did a re-fi on our condo and paid off CC debt. This year she is in trouble with her cards again. Our house has greatly depreciated and I don't want to wipe out any more of my equity. Debt settlement companies are no protection and CCCS can't set up a workable schedule for us to pay this off because the dates they want their money does not coincide with when I get paid. I could have her retire and make her 'judgment proof'. I could let companies sue her, lien the house but how does that effect my interest in the property? I really don't see any option other than bankruptcy. Any thoughts?

{"commentId":1994938,"threadId":"291601","contentId":"1581289","authorDomain":"BlueLeftHand"}
  • 3 votes
Reply#8 - Wed Jun 18, 2008 12:54 PM EDT
{"commentId":1995243,"authorDomain":"carmenwongulrich"}
Carmen Wong Ulrich

Kim - Have you tried working with a non-profit credit counselor yet? Head to NFCC.org and find one near you - they can give you a better idea of how to handle both your financial situation (as you're a co-owner on the home) as well as your mother's. On the homefront, talk to your mother or consider having the NFCC refer you to a counselor to have a real heart-to-heart on her spending habits. There's no sense in her leaving you worrying about her credit mess over and over again...

{"commentId":1995243,"threadId":"291601","contentId":"1581289","authorDomain":"carmenwongulrich"}
  • 3 votes
#8.1 - Wed Jun 18, 2008 1:23 PM EDT
{"commentId":1995363,"authorDomain":"PamelaDrew"}
Pamela Drew

The suggestion to visit NFCC is a good educational tool but it is not an answer to the question.

Debt settlement companies are no protection and CCCS can't set up a workable schedule for us to pay this off because the dates they want their money does not coincide with when I get paid. I could have her retire and make her 'judgment proof'. I could let companies sue her, lien the house but how does that effect my interest in the property? I really don't see any option other than bankruptcy. Any thoughts?

Something more along the lines of Suzie Orman, focused on the individual's specific details is good.

{"commentId":1995363,"threadId":"291601","contentId":"1581289","authorDomain":"PamelaDrew"}
  • 6 votes
#8.2 - Wed Jun 18, 2008 1:33 PM EDT
{"commentId":1995400,"authorDomain":"carmenwongulrich"}
Carmen Wong Ulrich

Pamela - the NFCC counselor will actually give Kim answers to those questions - without knowing all the numbers we're dealing with here, she needs to bring in a counselor who can spend time pouring over all her financials and options.. The counselor will also work with the lenders to find a schedule that fits their pay-back abilities.

{"commentId":1995400,"threadId":"291601","contentId":"1581289","authorDomain":"carmenwongulrich"}
  • 2 votes
#8.3 - Wed Jun 18, 2008 1:36 PM EDT
{"commentId":1995013,"authorDomain":"PamelaDrew"}
Pamela Drew
I'll be available this Wednesday, June 18, from 1:00-2:00 PM ET to answer your personal finance questions and offer advice on how to keep from falling behind in hard economic times.

As a resident skeptic of mainstream advice and viewing the advice as timed to close the barn door once the horse is gone it would be of great interest to me to know what your training in this area is.

Are we getting coupon clipping ways to support a continuation of the cycle that feeds Wall Street with retirement funds to leverage into Asian development? Is this a heap of penny wise, pound foolish tips to shop on the cheap or can we hope for suggestions to grow independence from the tapeworm economic policies that feed corporate media with ad dollars?

Apologies for the tone; it's not personal but the mainstream has done pitifully little to guide the public in ways that benefit as catering to the revenue streams interferes. We had an energy crisis under Nixon and it takes this to have GE make low energy light bulbs!

Link

Oil giant makes corporate history by booking $11.7 billion in quarterly profit; earns $1,300 a second in 2007.

{"commentId":1995013,"threadId":"291601","contentId":"1581289","authorDomain":"PamelaDrew"}
  • 4 votes
Reply#9 - Wed Jun 18, 2008 1:02 PM EDT
{"commentId":1995073,"authorDomain":"carmenwongulrich"}
Carmen Wong Ulrich

Good afternoon everyone! Carmen here - consider me your personal finance help-desk from 1pm-2pmEST and then follow me to onthemoney.cnbc.com.

{"commentId":1995073,"threadId":"291601","contentId":"1581289","authorDomain":"carmenwongulrich"}
  • 3 votes
Reply#10 - Wed Jun 18, 2008 1:10 PM EDT
{"commentId":1995111,"authorDomain":"PamelaDrew"}
Pamela Drew
Good afternoon everyone! Carmen here - consider me your personal finance help-desk from 1pm-2pmEST

Shall we expect replies to the posts to be added here?

{"commentId":1995111,"threadId":"291601","contentId":"1581289","authorDomain":"PamelaDrew"}
  • 4 votes
#10.1 - Wed Jun 18, 2008 1:13 PM EDT
{"commentId":1995269,"authorDomain":"jumpstone"}
Allan Neal

Strangely quiet..... too quiet.

I love that line.

{"commentId":1995269,"threadId":"291601","contentId":"1581289","authorDomain":"jumpstone"}
  • 2 votes
#10.2 - Wed Jun 18, 2008 1:25 PM EDT
{"commentId":1995382,"authorDomain":"PamelaDrew"}
Pamela DrewDeleted
{"commentId":1995481,"authorDomain":"jumpstone"}
Allan Neal

In all honesty, I wouldn't want this chore. : ) It would take the entire financial community and then some to answer our questions. What would be nice is a help desk sort of format that we can post to for a later response.

I doubt this sort of open window will be used again. Carmen can not give financial advice for the reasons she's given in an above response. Unless of course she has her Series 6 and such, is licensed in every state and overseas for those areas of expertise (Insurance and all), etc. That would be very impressive.

But I still want an opinion on Ufirst. : )

{"commentId":1995481,"threadId":"291601","contentId":"1581289","authorDomain":"jumpstone"}
  • 2 votes
#10.4 - Wed Jun 18, 2008 1:43 PM EDT
{"commentId":1995525,"authorDomain":"jumpstone"}
Allan Neal

Wow, I've never seen a Pamela Comment Deleted box. Carmen, was it that bad?

{"commentId":1995525,"threadId":"291601","contentId":"1581289","authorDomain":"jumpstone"}
  • 2 votes
#10.5 - Wed Jun 18, 2008 1:47 PM EDT
{"commentId":1995578,"authorDomain":"PamelaDrew"}
Pamela Drew
Carmen, was it that bad?

About my fourth in two years. No it was not bad and an appeal is underway to have it restored.

{"commentId":1995578,"threadId":"291601","contentId":"1581289","authorDomain":"PamelaDrew"}
  • 4 votes
#10.6 - Wed Jun 18, 2008 1:51 PM EDT
{"commentId":1996048,"authorDomain":"PamelaDrew"}
Pamela Drew
Authors have always been allowed to remove comments that don't add anything topic being discussed. Best Regards, Emily

Apparently it didn't add value! Maybe a corporate guide to value added is on its way.

{"commentId":1996048,"threadId":"291601","contentId":"1581289","authorDomain":"PamelaDrew"}
  • 5 votes
#10.7 - Wed Jun 18, 2008 2:32 PM EDT
{"commentId":1996437,"authorDomain":"jumpstone"}
Allan Neal

Screen shot taken, article on the way. : )

{"commentId":1996437,"threadId":"291601","contentId":"1581289","authorDomain":"jumpstone"}
  • 2 votes
#10.8 - Wed Jun 18, 2008 3:10 PM EDT
{"commentId":1997010,"authorDomain":"Emily"}
Emily

Pamela,

If you're going to post private emails, then at least be fair about it.

You stated you were concerned that your comment was removed because you didn't see the author answering questions for half an hour.

I replied:

Hi Pamela,

I'm not sure why you aren't seeing Carmen's posts. She's answering lots of questions. Her first two posts were at 10:12 and 10:17 (right after her 10:10 post you replied to). Authors have always been allowed to remove comments that don't add anything topic being discussed.

Best Regards,
Emily

{"commentId":1997010,"threadId":"291601","contentId":"1581289","authorDomain":"Emily"}
  • 3 votes
#10.9 - Wed Jun 18, 2008 4:05 PM EDT
{"commentId":1995127,"authorDomain":"JimMac2006"}
JimMac2006

Carmen,

I have a modest sum in a 401K from a company that I am no longer with. I can't add money to this account anymore and it is giving a pitiful return. I would like to move it into an IRA but I need to protect the money in the account because I am 58 years old and will be retiring in the not-too-distant future. There is nowhere near enough money in the account for retirement, but I can't afford to lose what is there! Any ideas?

{"commentId":1995127,"threadId":"291601","contentId":"1581289","authorDomain":"JimMac2006"}
  • 1 vote
Reply#11 - Wed Jun 18, 2008 1:14 PM EDT
{"commentId":1995300,"authorDomain":"carmenwongulrich"}
Carmen Wong Ulrich

JimMac - Absolutely! Roll that 401k into another IRA. Several big-boys that do this well and with the lowest fees are Fidelity and Vanguard. Head to their websites and grab their roll-over forms - some you can do fully online, others you'll need to print some forms out and it can take 15-30 days but your money and your tax-benefits will be protected from withdrawl fees and taxes.

{"commentId":1995300,"threadId":"291601","contentId":"1581289","authorDomain":"carmenwongulrich"}
  • 1 vote
#11.1 - Wed Jun 18, 2008 1:28 PM EDT
{"commentId":1995339,"authorDomain":"jumpstone"}
Allan Neal

Since we're getting out of order, may I refer back to the question about United First Financial above? Thanks.

{"commentId":1995339,"threadId":"291601","contentId":"1581289","authorDomain":"jumpstone"}
  • 1 vote
#11.2 - Wed Jun 18, 2008 1:31 PM EDT
{"commentId":1995376,"authorDomain":"carmenwongulrich"}
Carmen Wong Ulrich

Hi Allan - Your question is very specific but you can find out more about that particular MMA (it's fees, requirements, etc.) and other MMA's that might offer a better return at sites like Bankrate.com and Interest.com.

{"commentId":1995376,"threadId":"291601","contentId":"1581289","authorDomain":"carmenwongulrich"}
  • 2 votes
#11.3 - Wed Jun 18, 2008 1:34 PM EDT
{"commentId":1995491,"authorDomain":"jumpstone"}
Allan Neal

Thanks

{"commentId":1995491,"threadId":"291601","contentId":"1581289","authorDomain":"jumpstone"}
  • 1 vote
#11.4 - Wed Jun 18, 2008 1:44 PM EDT
{"commentId":1995337,"authorDomain":"dubephnx"}
Randy Lee DubeDeleted
{"commentId":1995559,"authorDomain":"cottonsgvlga"}
robin-336209

I am so worried, my husband and I just turned 50 and we have no savings for retirement. He lost his job and was unemployed for two years and we lost all of our savings and equity in our home just to stay afloat. He has now found a job but it is 50,000 less than what he was making . Any advice ?

{"commentId":1995559,"threadId":"291601","contentId":"1581289","authorDomain":"cottonsgvlga"}
  • 1 vote
Reply#13 - Wed Jun 18, 2008 1:49 PM EDT
{"commentId":1995623,"authorDomain":"carmenwongulrich"}
Carmen Wong Ulrich

Robin - I am so sorry that this has happened. Taking a job that pays and has benefits (if it does) may make sense if his unemployment is dragging on. What are his other options? What will is cost you to wait it out and extend his search?

{"commentId":1995623,"threadId":"291601","contentId":"1581289","authorDomain":"carmenwongulrich"}
  • 1 vote
#13.1 - Wed Jun 18, 2008 1:55 PM EDT
{"commentId":1995697,"authorDomain":"carmenwongulrich"}
Carmen Wong Ulrich

Robin - I'm out of time here but please feel free to e-mail me at: carmen@cnbc.com.

{"commentId":1995697,"threadId":"291601","contentId":"1581289","authorDomain":"carmenwongulrich"}
  • 1 vote
#13.2 - Wed Jun 18, 2008 2:01 PM EDT
{"commentId":1995694,"authorDomain":"cottonsgvlga"}
robin-336209

It has really good benefits and we need the health insurance, our son has type 1 diabetes. But at his age we are concerned that other opportunites may not be out there so he may just stay there

{"commentId":1995694,"threadId":"291601","contentId":"1581289","authorDomain":"cottonsgvlga"}
  • 1 vote
Reply#14 - Wed Jun 18, 2008 2:01 PM EDT
{"commentId":1995718,"authorDomain":"carmenwongulrich"}
Carmen Wong Ulrich

Thanks Newsvine for bringing me in live! If anyone want to follow-up or I didn't get to you here, e-mail me at carmen@cnbc.com and check out my blog and webpage for more info and advice at OnTheMoney.CNBC.com.
Bye!
- Carmen

{"commentId":1995718,"threadId":"291601","contentId":"1581289","authorDomain":"carmenwongulrich"}
  • 2 votes
Reply#15 - Wed Jun 18, 2008 2:02 PM EDT
{"commentId":1995739,"authorDomain":"fdbryant3"}
FDBryant3

Thanks for the advice and dropping by. Please do so again :-)

{"commentId":1995739,"threadId":"291601","contentId":"1581289","authorDomain":"fdbryant3"}
  • 3 votes
#15.1 - Wed Jun 18, 2008 2:04 PM EDT
{"commentId":1995808,"authorDomain":"ramail45"}
Anne-336264

Hello Carmen, Don't know if you can offer any advice or not but I hope you can. I just refi'd my house. It was appraised for 1.5mil and I now owe 643,000. I have excellent credit. Only problem is I'm not currently working; it's hard changing careers at 46. I'm looking for a HELOC but it's hard because of the no job thing. Any idea where I should look?

{"commentId":1995808,"threadId":"291601","contentId":"1581289","authorDomain":"ramail45"}
  • 1 vote
Reply#16 - Wed Jun 18, 2008 2:11 PM EDT
{"threadId":"291601","contentId":"1581289"}
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