What is better a better use of money?   Please answer!?
462639
The answer to this question depends on a lot of circumstances that are specific to your parents, so no one will be able to give you THE correct answer.\n\nThat being said, there are still things to consider:\n\nSuppose your parents owe $100,000 on their current house and $60,000 in credit card debt. Let's assume that's all of their debt - a total of $160,000. Some of that debt is being repaid at a mortgage rate (what that number is depends on when they took out this mortgage), some of that debt is being repaid at credit card rates (again, these differ depending on the cards). \n\nFor the sake of argument, let's say that the mortgage rate is 6 percent and the credit card rate is 14 percent. Without doing the math (which would require a whole new set of assumptions about the term of repayment, etc.), I think it's easy to understand that repaying a loan at 6 percent is "cheaper" than repaying a loan at 14 percent. (Remember, the "cost" of a loan is really how much interest you'll pay during the repayment period).\n\nNow suppose they take the same $160,000 debt and refinance it, but now, all of the $160,000 is borrowed at 6.5% interest, rather than some at 6 and some at 14. Again, it should be apparent that the "cost" of paying back the $160,000 is "cheaper" at 6.5 percent than it was at 6 and 14.\n\n(Remember, however, that the sale and purchase of homes are associated with significant closing costs. In my area, closing costs average about 3 percent of the value of the transaction for buyers and maybe 1.5 or 2 percent for sellers. Since your parents are both selling and buying, they'll face closing costs on both transactions, and the sum total of these costs will be a significant amount.)\n\nAs for your question about closing credit cards - Credit worthiness (your ability to borrow) is based on your credit history. Banks and other lenders are notoriously reluctant to lend money to people who do not already have credit from other lenders. Part of what goes into their analysis is your ratio between credit available to you, and credit actually being used. \n\nYou might think that lenders would prefer to lend money to people who don't have any other outstanding debts, but in reality, it's the other way around. Having an established credit history, using those cards frequently, carrying a reasonable balance, and scrupulously paying them back on a month-to-month basis are all big plusses when it comes to borrowing. \n\nAnother thing that may surprise you is that lenders are more interested in how you are managing your money right now - and not AS interested in your past payment history. The fact that your parents maintained balances for many years and paid them off is not as powerful a "recommendation" for future credit as the cards and balances that they have at the time they apply for more.\n\nIn other words, it's good advice not to close out all of your credit cards. Pay off balances on cards that have the highest interest rates (they're costing you the most), and keep paying off those lower interest cards on a monthly basis.\n\nRemember - this is just generic advice - your parents may need to retain more liquidity with their money, because of their own unique circumstances (age, health, needs of the children, etc.). Real estate has been a tremendous investment for many years, but it's notoriously non-liquid, meaning it takes a lot of time and a lot of expense to get equity out of a home. Other investments (stocks, bank accounts, etc) may have lesser returns, but provide much faster access to money when an emergency arises.\n\nDefinitely speak to a financial advisor who knows your parents' unique circumstances before committing to any particular plan of action.\n\nBest of luck to you and your parents!
12955
get a credit card but make sure you pay every thing back the same month. I'd suggest buying The Automatic Millionaire. Great book about money.
996986
avoid any borrowing! if you cant afford it you may not need it! try it, interest is dead money
547899
Having a dime left in the bank.  Spend it like there's no tomorrow!
230569
By using the buck wisely.  Dont waste.  We're such a wasteful, throw-away society.  It's cheaper to toss it, then fix it.  If you dont use it, give it to someone who can n will.\nCharge only what you're able to pay off...when the bill comes.  Or you wind up never paying the bill off.  But rather only the interest.  And interest is a killer. Do you think it's ok to pay for nothing in return?
212176
It depends on how long you plan to have you money lock by the investment. \n\n(1) For long-term, I would suggest bonds. In the past, bonds offer better rate for long-term. (However, this is not true recently.)\n(2) For short-term, CD is easier to liquidate (or the penalty of getting out of it could be smaller).
304776
Use your own money, in small increments or save it until you have enough.
305953
Both!  I love to spend.  On Anything!  But.  I always get the bills paid, deposit into savings, and buy the household supplies.  Any extra money is either spent on activities on the family or saved in a different account for a summer vacation.  We always keep enough money in our reg savings to major cover car repairs, home repairs, and to survive a month if one can't work.  My best saying is " You've never seen a Hearst with a luggage rack!"  As for the inheritance side of things "It's more about memories than the money."
318425
Money is good for beginners.  But I would recommend to use the library so you can read on other investing magazines.  Yahoo Finance is a good on-line resource.
339696
Save as much as you can, definitely take advantage of the Thrift Savings Plan, and invest--- maybe in Real Estate.    Buy a home and stay there long enough to build up equity--meanwhile you have tax expemtions and you're not throwing "rent"  money down the drain.
38386
Both are essentially the same. Get the one that gives you the most for the least money.
909169
This question belongs in the Philosophy section.  Investing is about making money.  If you confuse the two, then you are asking for trouble.
42224
Buy.\nIt an investment!
515990
No.  It actually shows that you be a bit more wise as to how you spend money because you have different accounts for sifferent purposes.  You could have 1 for everyday expenses, while another is actually your money market which you use for emergencies, and home improvements.
911841
as the 1st. answer said, sell them .. i'm sure you could always use the money 4 something : )
69558
None.  Use a debit card, save money, invest.
363507
The BEST way to save money is to save for something. Then it might actually happen. For example - I need to save money - so each pay I'll put away so much, with nothing specific. Next you'll have an emergency, or you'll use the money for gas, new dress, going out to dinner, pay a utility bill, etc.\n\nBut if you - Put money away for a new pair of imported Italian leather shoes I've always wanted - something specific - then you will probably put the money away, and leave it there until you reach the needed dollar amount to buy the shoes.\n\nI've used shoes, but it can be retirement, emergency funds, insurance, new house deposit, dream vacation, wedding ring, etc., etc.\n\nThe more specific the better. When it is specific, it is easier to rearrange - if you need to - like, gee I no longer need those expensive Italian shoes, mum got me a pair - I'll put the money towards my new house deposit, and so on.\n\nThat really is the best way - once you know what the money is for - it is easy to work out where to put it.\n\nI'm available fo further clarification if need be.\n\nGood luck