Comments for Moolanomy http://www.moolanomy.com Personal Finance. Investing. Wealth Building. Wed, 07 Jan 2009 02:22:42 +0000 http://wordpress.org/?v=2.7 hourly 1 Comment on Expected Family Contribution - The Key Target When Saving For College by poor boomer http://www.moolanomy.com/1112/expected-family-contribution-the-key-target-when-saving-for-college/comment-page-1/#comment-19392 poor boomer Tue, 06 Jan 2009 22:20:34 +0000 http://www.moolanomy.com/?p=1112#comment-19392 That's one reason I didn't get financial aid: I lived in a very high cost of living area, and due to a dysfunctional family situation, a relative (who was not providing support) claimed me as a dependent, and his lower-middle class income was too high for me to qualify for financial aid. That’s one reason I didn’t get financial aid: I lived in a very high cost of living area, and due to a dysfunctional family situation, a relative (who was not providing support) claimed me as a dependent, and his lower-middle class income was too high for me to qualify for financial aid.

]]> Comment on Expected Family Contribution - The Key Target When Saving For College by plonkee http://www.moolanomy.com/1112/expected-family-contribution-the-key-target-when-saving-for-college/comment-page-1/#comment-19391 plonkee Tue, 06 Jan 2009 22:10:27 +0000 http://www.moolanomy.com/?p=1112#comment-19391 Setting limits on your contribution is not the same as restricting choice. If she could work out a way of affording a private school within those limits would you still make her go to a state school? Setting limits on your contribution is not the same as restricting choice. If she could work out a way of affording a private school within those limits would you still make her go to a state school?

]]> Comment on What Is Your Thought On Socially Responsible Investing (SRI)? by Lauren@LifeStyler http://www.moolanomy.com/422/what-is-your-thought-on-socially-responsible-investing-sri/comment-page-1/#comment-19390 Lauren@LifeStyler Tue, 06 Jan 2009 21:38:24 +0000 http://www.moolanomy.com/422/what-is-your-thought-on-socially-responsible-investing-sri/#comment-19390 I also agree with Lulu - if you're lending your money on Prosper for a lower interest rate than what a bank would offer, you would be doing them a favor. However, if a bank is quoting them an 18% interest rate on a loan, then it's likely that they're a risky prospect to begin with. But if you're willing to take on that risk, and offer a better rate than the bank, I guess that could be seen as being socially responsible. Although I always thought of SRI as investing in things like alternative energy or "green" companies. I also agree with Lulu - if you’re lending your money on Prosper for a lower interest rate than what a bank would offer, you would be doing them a favor. However, if a bank is quoting them an 18% interest rate on a loan, then it’s likely that they’re a risky prospect to begin with. But if you’re willing to take on that risk, and offer a better rate than the bank, I guess that could be seen as being socially responsible. Although I always thought of SRI as investing in things like alternative energy or “green” companies.

]]> Comment on Obama’s 401k Plan Is A Double-Edged Sword by MyMoney http://www.moolanomy.com/963/obama-401k-plan-is-a-two-edge-sword/comment-page-1/#comment-19389 MyMoney Tue, 06 Jan 2009 19:38:04 +0000 http://www.moolanomy.com/?p=963#comment-19389 My money, my choice. Taking out 10k to pay off a 20% credit card is a good move. Worthless move if you go out and max out a credit card again, but in general taking a small percentage out of your retirement (especially if it is 30 years away) to pay off high interest debt now will reduce debt and free up cash flow to the economy. You know on those frilly expenditures like milk and eggs. My money, my choice. Taking out 10k to pay off a 20% credit card is a good move. Worthless move if you go out and max out a credit card again, but in general taking a small percentage out of your retirement (especially if it is 30 years away) to pay off high interest debt now will reduce debt and free up cash flow to the economy. You know on those frilly expenditures like milk and eggs.

]]> Comment on What Caused The Financial Crisis Of 2008? by Frank http://www.moolanomy.com/866/what-caused-the-financial-crisis-of-2008/comment-page-2/#comment-19387 Frank Tue, 06 Jan 2009 15:42:00 +0000 http://www.moolanomy.com/?p=866#comment-19387 The problem is that people are used to spending money that they haven't earned yet. The problem is that people are used to spending money that they haven’t earned yet.

]]> Comment on Expected Family Contribution - The Key Target When Saving For College by Snowy Heron http://www.moolanomy.com/1112/expected-family-contribution-the-key-target-when-saving-for-college/comment-page-1/#comment-19386 Snowy Heron Tue, 06 Jan 2009 15:14:28 +0000 http://www.moolanomy.com/?p=1112#comment-19386 The expected family contribution is, in my opinion, stupid. It does not appear to discriminate between the costs of living in various areas, nor does it take into account the fact that families might have more than one child that they are hoping to send to college, but most of all it does not take into account the fact that parents with college age children might be in their peak earning years, but haven't been making that much for many of the prior years before college. I took off 6 years when my 3rd child was born, and my husband went several years during that time without a raise due to his company's problems. Our cash income actually went down during that time due to insurance costs going up. We were not able to save anything during that time. I also disagree with the opinion that parents should never say that they are only paying in-state tuition. I probably would not have the $40,000 in consumer debt that I currently have if I had said that. Instead, I have the debt, my oldest daughter has an economics degree from an outstanding university, student loans that will not be paid off for 30 years, and now she wants to be an art teacher. My middle daughter had mental health issues that caused her to fail a year's worth of classes (thank you HIPAA) and she still hasn't graduated, but she has about $20,000 in student loans for her time in college. So when my youngest came along, I told her she was only going where I could pay the full cost without student loans, which meant state schools. She's mad at me now, but I think when she graduates and can afford to take an entry level job and (hopefully) live on her own, she will be grateful. At least I hope so. Don't ask me if I am bitter. The expected family contribution is, in my opinion, stupid. It does not appear to discriminate between the costs of living in various areas, nor does it take into account the fact that families might have more than one child that they are hoping to send to college, but most of all it does not take into account the fact that parents with college age children might be in their peak earning years, but haven’t been making that much for many of the prior years before college. I took off 6 years when my 3rd child was born, and my husband went several years during that time without a raise due to his company’s problems. Our cash income actually went down during that time due to insurance costs going up. We were not able to save anything during that time.

I also disagree with the opinion that parents should never say that they are only paying in-state tuition. I probably would not have the $40,000 in consumer debt that I currently have if I had said that. Instead, I have the debt, my oldest daughter has an economics degree from an outstanding university, student loans that will not be paid off for 30 years, and now she wants to be an art teacher. My middle daughter had mental health issues that caused her to fail a year’s worth of classes (thank you HIPAA) and she still hasn’t graduated, but she has about $20,000 in student loans for her time in college.

So when my youngest came along, I told her she was only going where I could pay the full cost without student loans, which meant state schools. She’s mad at me now, but I think when she graduates and can afford to take an entry level job and (hopefully) live on her own, she will be grateful. At least I hope so.
Don’t ask me if I am bitter.

]]> Comment on Expected Family Contribution - The Key Target When Saving For College by plonkee http://www.moolanomy.com/1112/expected-family-contribution-the-key-target-when-saving-for-college/comment-page-1/#comment-19384 plonkee Tue, 06 Jan 2009 12:30:05 +0000 http://www.moolanomy.com/?p=1112#comment-19384 @poor boomer: Whilst that's true for homeowners under the federal methodology (via FAFSA) it's not always true for private colleges - they often treat house equity as savings / investments in determining how much aid to offer. @poor boomer:
Whilst that’s true for homeowners under the federal methodology (via FAFSA) it’s not always true for private colleges - they often treat house equity as savings / investments in determining how much aid to offer.

]]> Comment on How Much Life Insurance Do I Need? by Moolanomy- An Interview With a Personal Finance Blogger | Good Financial Cents http://www.moolanomy.com/465/buying-life-insurance-part-1-meeting-the-insurance-sales-agent/comment-page-1/#comment-19382 Moolanomy- An Interview With a Personal Finance Blogger | Good Financial Cents Tue, 06 Jan 2009 04:15:41 +0000 http://www.moolanomy.com/465/buying-life-insurance-part-1-meeting-the-insurance-sales-agent/#comment-19382 [...] How Much Life Insurance Do I Need [...] [...] How Much Life Insurance Do I Need [...]

]]> Comment on Money Saving Tips for the Holidays Guide eBook by Moolanomy- An Interview With a Personal Finance Blogger | Good Financial Cents http://www.moolanomy.com/1000/money-saving-tips-for-the-holidays-guide-ebook/comment-page-1/#comment-19381 Moolanomy- An Interview With a Personal Finance Blogger | Good Financial Cents Tue, 06 Jan 2009 04:14:06 +0000 http://www.moolanomy.com/?p=1000#comment-19381 [...] and work together on a few initiatives. For example, we recently released a free eBook called Money Saving Tips for the Holidays Guide eBook and we recently just release our The 12 Days of Christmas - Personal Finance Style 2008 series. [...] [...] and work together on a few initiatives. For example, we recently released a free eBook called Money Saving Tips for the Holidays Guide eBook and we recently just release our The 12 Days of Christmas - Personal Finance Style 2008 series. [...]

]]> Comment on Should You Delay Your Social Security Benefits? by Moolanomy- An Interview With a Personal Finance Blogger | Good Financial Cents http://www.moolanomy.com/795/should-you-delay-your-social-security-benefits/comment-page-1/#comment-19380 Moolanomy- An Interview With a Personal Finance Blogger | Good Financial Cents Tue, 06 Jan 2009 04:13:49 +0000 http://www.moolanomy.com/?p=795#comment-19380 [...] Should I Delay My Social Security Benefits? [...] [...] Should I Delay My Social Security Benefits? [...]

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