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Ask Ramit: 401k's, Roth IRA, & the Ladder of Personal Finance





No but once you have got yourself a good one to help you fathom out the impenetrable terminology you will find that your investing life becomes so much easier than before. More especially so if you have chosen one of the latest style ones. One reason for this is because with all the abbreviations that the financial markets use you can sometimes find that you are looking for the wrong definition. 

These certificates are similar to insurance policies, with the difference that you make the deposit right at the start and not in the form of monthly premiums. There is a maturity period, after which you get back the sum you deposited along with the interests accrued. Since you are going to get your savings here in the form of interests, the concept of high CD rates becomes important. 

Now to actually get a bad credit debt consolidation loan you're going to have to convince the bank or loan company that they really are going to be benefiting. Just telling them that they will make more money in the long run won't cut it. You need to present a well thought out case as to why it makes sense to consolidate your existing loans. 

If you're behind on your bills because of being put on short time at work; tell them. If you're looking for a part time job to help you get back on your feet again tell them. They aren't trying to judge you as a person; they simply want to know that they will get their money back. So forget all the hassle of debt collection calls and get peace of mind, because with debt consolidation poor credit really can be a thing of the past. 

As part of assessing your own comfort level you will want to feel comfortable that you can afford to risk losing the money that you are planning to invest. Obviously you don't want to lose it but if you absolutely can't afford to then you should look for something which carries a significantly lower level of risk. 

With monthly savings they could consider looking at mutual funds as these will allow them to get a taste for the stock market while sharing the risks and rewards with others. They can begin their portfolio with as little as $25 per month to find out if it's something that suits them. For those who have decided that they would like to go for the full blooded approach of buying stocks and shares directly they need to have between $3,000 and $5,000 if they want to use a full service stock broker.