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If you have heard me on the radio, you
know that I love to answer questions about personal
finance and do so every day all across the country.
Some questions I hear almost every day, so I compiled
this Financial FAQ just for you.
If you cannot find the answer to your financial question
in this FAQ, please feel free to email me at
jordan.goodman@verizon.net
Jordan Goodman
"America's Money Answers Man"
Click to go directly to a particular topic or scroll
down leisurely and read them all.
Best Life Insurance Companies
Quick, Easy, Inexpensive Way to get
Credit History
Investment 101
Lower Health Insurance Costs (Medical
Repricing)
Health Insurance for Pre-Existing
Conditions
Lower Priced Prescriptions
College Scholarships
Government Loans for New Businesses
Student Loan Consolidation
Debt Relief (Debt Relief Clearinghouse)
Establishing Financial Independence
Saving for College
Mortgage Rates that Go Down Automatically (ARC
Loan)
Q: Can you give
me insight on who are the best life insurance companies
to contact?
A: The most important
thing with shopping for insurance is to have some idea
of the firm's financial condition. The insurance company's
ability to pay your claim is of utmost importance. Following
the rating systems that rank insurance companies A to
F, you should work with a company that is A rated or
better.
Next, you need to calculate your insurance needs and
then shop around for the best rate to meet your need.
One website that can help you a great deal with figuring
out your needs as well as doing the price comparison
for you is Insurance.com.
Insurance.com, an affiliate of Fidelity Investments®,
is an independent online insurance agency that informs
and empowers people to select the most appropriate personal
insurance products for their individual needs. With
more than 170 providers, Insurance.com offers access
to auto, home/renter, health, life, long-term care,
motorcycle/ATV, recreational vehicle, travel, and watercraft
insurance.
[Back to Top of Financial FAQ]
Q: Can you please
tell me a quick, easy and inexpensive way to get
a copy of my credit history without hurting my credit?
I have been told that you get points every time you
make inquiries.
A: When you actually
apply for credit (sign up for a new credit card, take
out a home equity loan, etc.) you do affect your credit
rating. However, simply checking your own credit history,
does not negatively impact your credit rating. In fact,
it is a good thing to check into your credit report
on a regular basis to ensure that it is accurate.
In addition to simple accuracy you also need to verify
your identity is not being stolen. If you don't check
your credit report and someone is fraudulently using
your identity you will not know about it until it is
too late.
I highly recommend killing two birds with one stone.
Check your credit rating and guard against Identity
Theft by using a service called Equifax. I highly suggest
signing up for their
free 30-day trial.
Their Credit Insight gives you unlimited online access
to an easy-to-read summarized credit report updated
weekly, and offers ratings and personalized tips for
improving ratings. And Equifax's ID Guard protects against
identity theft and credit fraud with an advanced early-warning
system.
As a great bonus benefit, their Opt-Out Manager helps
you reduce unwanted telemarketing and direct mail.
[Back to Top of Financial FAQ]
Q: I want to start
learning more about how to make my money work for me;
really investment 101. I am tired of a financial planner
making all the decisions and I don't really know or
understand how to check an investment out. What would
you suggest as a good way to start my Investment
101 lessons?
A: I am so glad
you asked that. People like you, who really want to
learn financial management, specifically, what to do
with your hard-earned money are why I wrote Everyone's
Money Book.
Being a firm believer in having a
solid foundation of knowledge and resources
at your fingertips to take action based on that knowledge,
I highly recommend taking a look at Everyone's Money
Book. Over 200,000 copies have been sold and it is the
best "Investment 101" I can recommend.
[Back to Top of Financial FAQ]
Q: I heard you
mention a program about lowering your health insurance
costs. I currently work for a fairly large company
which provides health insurance. I am interested in
going out on my own and the one thing that is holding
me back is the cost of health insurance on my own. Do
you think the program you mentioned would be beneficial
in this case?
Q: I recently heard
part of your interview on the radio. You mentioned that
there was an insurance company with very inexpensive
premiums that accepts individuals with pre-existing
conditions. If you could provide me with the requested
information, I would be very appreciative.
Q: Do you have
any information on getting medications for the elderly
at a cheaper rate. My parents, for an example, are
on Medicare and the pills that they have to buy are
really highly priced. Is there anything that they can
get that would help them with the cost?
A: The program
you all need to know about is something completely different
than health insurance, but it can save you money
on healthcare, without a doubt.
It is a Medical Repricing Program that can save you
20% to 50%, and sometimes more, on all your healthcare
needs, including physicians and hospitals. This is not
an insurance plan, but a medical re-pricing program
that will minimize your out-of-pocket healthcare expenses.
To speak with a Representative about their physician/hospital,
dental, vision, hearing, chiropractic, alternative health,
nurse hotline, or business/group programs, a list of
providers, receive an Info Pack, or enroll, please
call 1-800-915-5677.
[Back to Top of Financial FAQ]
Q: You recently
spoke on the radio and gave phone numbers and information
about college scholarships. Could you please
share that information again?
A: You bet. I would
be glad to help. Check out ScholarshipExperts.
Their program is set up so that you put in your specific
information and then their database matches you up to
scholarships that are a good match for what you're looking
for.
They do charge a fee (only $29-49), but you don't have
to pay until you know how many matches they found for
you. You start out by answering several questions about
what you need and your life situation. Then that information
is matched up with their database of scholarships so
you will see only scholarships that apply to you and
what you need.
ScholarshipExperts saves you countless hours of searching
and also makes sure you don't miss anything.
Good luck in school!
[Back to Top of Financial FAQ]
Q: I am trying
to start my own business. Is there any government
assisted programs or loans available, and if so,
do I apply for them?
A: YES. There are
tons of government programs and loans available. The
trick is to find them. I recommend a software program
that helps you
find the programs applicable to your business and situation.
The Wall Street Journal recommends the same program
I do. "When it comes to looking for government grant
money, you don't need an expensive consultant, you need
a database software program called the Federal Money
Retriever... It's unusual to find a product that the
experts agree is the best of the best."
[Back to Top of Financial FAQ]
Q: I heard
you on a morning radio program recently talking about
ways to save money. You mentioned a particular company
or method of consolidating student loans and
I unfortunately missed it. I was wondering what company
or web site you discussed on the radio program?
A: Student
loan consolidation is something that I recommend
when you need to lower your monthly payment and save
on interest as well. One program I recommend is through
FinancialAid.com's Stafford Loan Consolidation program.
[Back to Top of Financial FAQ]
Q: I was wondering
if you could supply me the name of a consumer credit
agency that I could use that wouldn't report to
the Credit Bureaus that they were helping me out. I
really appreciate your time and I hope you can help.
Q: My wife and
I are considering calling the Debt Relief Clearinghouse.
We have been able to keep a very good credit rating
with the debt we have, but we can't see the light at
the end of the tunnel. You do explain the difference
of the two debt consolidations, but doesn't the bank
still see that you did some type of reduction and think
of you as a bad risk at this point?
A: It is very frustrating
to feel overwhelmed by unsecured debts such as credit
cards, installment loans, student loans or medical bills.
The good news is
Debt Relief Clearinghouse can probably help
you.
They combine all of your debts into one consolidated
payment and obtain much lower interest rates from your
creditors than you would ever be able to do on your
own. Typically, they will obtain rates of 6% to 11%,
and in some cases, even get your interest eliminated
altogether.
The Clearinghouse agency does NOT make a new loan of
any kind-not a debt consolidation loan, not a home equity
loan and not a new credit card. Instead they consolidate
your debts into one payment and then they disburse your
money to your creditors until your debts are paid off.
In addition, DRCH agencies offer special benefits that
no other agency provides, including the Good Payer program,
in which you get a rebate of half your fees every time
you make your payment on time for six months.
DRCH agencies will also provide referral letters to
help you qualify for loans once you have established
a good payment history with DRCH. They will also help
you arrange an "offer in compromise" settlement of past
tax debts for pennies on the dollar with the IRS or
your state tax authority. They can also help you prevent
your home from being foreclosed upon if you are in that
situation.
When you call the toll-free number, you will be asked
to leave your name, address and phone number, and then
a qualified debt counselor will call you back for a
no-obligation consultation within a day.
Please call: 1-800-779-4499
[Back to Top of Financial FAQ]
Q: I am 19 years
old and a few weeks ago, I heard you on the radio. I
was wondering if you could give me some advice. During
the school year I am a full time student at a University,
and this summer I have a semi-full time job (just about
33 hours per week); so, this summer I have been able
to earn a good amount of money.
I have also decided that it is time to begin becoming
financially independent from my parents. I have
taken over all of my insurance and just bought my own
car. I am also planning on moving out next summer.
With all of this new independence I realized that I
really need some advice on how to divide my money and
in what type of a program I should invest it in for
future needs. I am an economics major in school so I
really am interested in the nitty gritty of all of this.
A: First of all,
congratulations on your newfound independence and being
ready to learn the "nitty gritty" of your finances.
The best thing I can recommend is my book
Everyone's Money Book.
I wrote it specifically to be friendly and easy-to-read.
It will be much easier reading than your economics textbooks
and you will learn real-world, use-it-today financial
information that you're not going to learn in class.
Starting from developing your personal financial plan
to everything you need to know about investing, maximizing
your employee benefits to managing credit to buying
a house or car, it really covers all bases of your financial
future. Check it out and let me know how it compares
to that economics course.
[Back to Top of Financial FAQ]
Q: Our daughter
is 5 years old and we are beginning to save for
her college education. Do you have any suggestions
on how we should invest this money? Also, how do we
make sure we have enough to pay for college when the
time comes?
A: Glad to see
you're starting to save early. As with any savings plan,
the sooner you start the better. I recommend you check
into 529 Plans. These college savings accounts grow
tax free and must be used for education purposes. Each
state sponsors a plan, but you do not have to get yours
in your state or even the state in which your child
wants to attend college.
And, I do have a strategy you can use to build this
fund faster without spending or saving any additional
money. It is a
FREE program called BabyMint.
Once you're signed up you can begin saving for education.
Every time you shop within the BabyMint network of retailers
and service providers or use the BabyMint Cash Back
Mastercard , you will earn cash back contributions of
every purchase. Retailers' contributions generally range
up to 20% of your total purchase and are automatically
deposited into your educational investment account.
You can find out more about 529 Plans, get connected
with a financial advisor and start your Baby Mint savings
plan all at their site.
[Back to Top of Financial FAQ]
Q: Did I hear you
mention on the radio that I could get a mortgage
rate that would automatically go down?
A: Yes, you did.
I often recommend people look into
ARC Loan. The Automatic Rate Cut loan is a mortgage
in which the rate only adjusts downwards and never goes
up.
You can use an ARC loan to finance a new home or refinance
an existing mortgage. The initial rate on an ARC loan
may be slightly higher than the lowest rate you may
be able to get in the marketplace. But, every 120 days,
if mortgage rates fall by a quarter point or more,
your rate will automatically go down with no closing
costs or points. Therefore, over time you will end up
with the lowest mortgage rate at the lowest out-of-pocket
cost.
1-888-ARC-LOAN
1-888-272-5626
[Back to Top of Financial FAQ]
Email Jordan your personal finance questions at
jordan.goodman@verizon.net
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Copyright © 2003 Amherst Enterprises. All
Rights Reserved Worldwide.
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