The answers to some of your $$ questions:
Each Monday from 5:00-6:30 p.m. on NBC3 we answer your live questions in our "Ask the Experts" phone bank and online chat.
On Monday, April 18 our panel of Certified Financial Planners included:
Dennis Hebert, Strategic Wealth Advisors
Sue Hansen, Hansen's Advisory Services
Ted Sarenski, Blue Ocean Strategic Capital
Among the topics:
>Tax Deadline. If you don't file, and owe the government, and don't make other arrangements, expect a 5% monthly penalty, plus interest on what you owe.
Options: File an extension (IRS form 4868). This will preclude the penalty, but you'll still owe interest on what's owed.
Setting up a payment plan (IRS form 9645) will also ease the extra financial burden.
If you know you owe, if you send at least partial payments you'll also ease the interest costs.
You could pay up through Direct Debit from your bank.
>Found Money: if you get an 'unexpected' tax return, you could party or splurge with it, OR:
~Pay down credit card debt. Pick the bills that charge the most interest and pay down, which will reduce future payments, too.
~Open an IRA: your refund 'nest egg' will grow for when you need it
~Start an investment stream, for the future
>Young earners: If you're about to get a 'real' job, it's also a good time to start a solid financial plan: If you're used to living on a budget, don't stop! Save for the future, too.
And, don't be swayed by 'friends' who have new cars, etc---if they're buying by going into debt, they'll have less than you down the road.
>S&P warning: For the first time, Standard & Poor's lowered its long-term outlook for the federal government's fiscal health from "stable" to "negative," and warned of serious consequences if lawmakers fail to reach a deal to control the massive federal deficit. An impasse could prompt the agency to strip the government of its top investment rating in the next two years, S&P said. A loss of the triple-A rating would ripple through the American economy, making loans more expensive and credit more difficult to obtain
Click on the widget below to see the online discussion for Monday, April 18. You can also email your questions in advance to money@cnycentral.com.
