Dear Liz: Please make me feel like I’m doing the right thing. My daughter happens to be very talented academically and athletically. She will graduate from one of the best prep schools in the country. She also plays ice hockey and is being recruited by some of the best schools. However, we are of middle-class […]
Recent Blog Posts
What’s a “must have”?
Dear Liz: You’ve written frequently about the 50/30/20 budget, where no more than 50% of your after-tax income should be spent on “must haves” so that you have 30% for “wants” and 20% for debt repayment and savings. In which category would alimony fall? How about car payments? Answer: Any expense that can’t be put […]
How to help a friend with big debts
Dear Liz: I have a friend who owes $30,000 in credit card debt. I suggested he see a financial advisor who can help him to get out of this situation, but he never finds the time to do it. He pays all his bills on time, but only the minimum required, and there’s nothing left […]
“File and suspend” can boost Social Security benefits
Dear Liz: I am 63 and not nearly ready to collect Social Security. In fact I probably won’t be ready for quite a few years. My husband, who is 64, wants to collect on my Social Security as it is higher than his. Is there a way for him to do this that would not […]
High fees can break your nest egg
Dear Liz: We have $130,000 invested in mutual funds, but the returns the last few years have been less than 4%. With the financial advisor taking 2% as a fee annually, we are not satisfied with the growth. A co-worker suggested buying blue-chip stocks with a strategy to hold and reinvest the dividends. If this […]
How to fight a medical collection
Dear Liz: My credit score just dropped more than 100 points within 45 days. The only thing I can think of that might have caused it is a $46 medical bill that was paid by my flexible spending account. I have a confirmation that the bill was paid, but for some reason the bill went […]