Money Monday: Answering 5 most common financial questions

It’s your Money Monday with money experts Denise Keiser, the executive director of the Center for Financial Help. Now we all have questions about money right that’s one of the reasons we do this segment but tonight we’re talking about the most commonly Googled money questions.

Love it or hate it Google is a very resourceful tool and there are so many common questions about money that Google receives on a daily basis.

So you’ve done some informal research and what did you find out we have well one thing we know is that a lot of people many of us have questions about money that it’s evident but one of the most commonly searched questions on Google is how can I get rich online which I wish we have and I’m not sure that I would share probably would but look at tell you a lot about it now that I know there are lots of ways you can make money online completing surveys.

So those lots of ways certainly that you can earn income make money on line through completing surveys doing mystery shopping and that sort of thing but getting rich I’m not sure that that’s one of them.

Another common question is how much house can I afford and we’ve talked about that before on the show.

Generally as a financial coach I’d like to see about twenty five percent of your gross monthly income going towards a new housing payment.

Keep in mind that’s principal interest taxes and insurance but a lender is going to be a little bit more generous and allow you to go up to about thirty percent of your gross monthly income as far as affordability goes.

Another question that we commonly search for is should I pay off a credit card or should I say which one is more important and which I want to question first and you know as again as a financial coach I think it’s highly beneficial that you pay off your debt first.

So pay the credit cards if you have a small emergency fund to start with pay off the credit card so that.

Once those are out of the way you have those minimum payments gone you’re able to actually save more and then you can grow your wealth a lot faster that way through compound interest the more you put into it the more you’ll grow and so get those credit cards paid off certainly.

Another common question these days is how can I get my student loans forgiven.

We know that people coming out of college have an average debt amount of about thirty five thousand dollars and it’s only growing and you have a year but we also know that there are a few select programs that will allow you to forgive your for your student loan debt however you have to first of all sign up for them and second of all meet the guidelines.

Some of them are you have to work for a nonprofit or a government program, a school district and several other ways to do that but the best place to find that information out is to log into your student loan account whoever’s holding that loan and look for payment options.

You’ll have a lot of different information there so that’s better to go there than to google for that answer yes definitely go straight to the folks that you’re making monthly payments to they’ve put a lot of information online if you need help sorting through it there are some counseling services that offer counseling.

The last one is quite interesting it’s how can I retire or when can I retire.

We talked about this a few weeks ago also when is the right time for you to retire and what we’ve found through dealing and helping people achieve financial wellness is that retirement really isn’t an age it’s a number when you retire you have to have enough income coming in to support your basic needs right so we have to sit down with a financial coach and really find out what that number is so that you can plan for a particular age.

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