Dear Reader,
Every week I look for your tricky money questions – and boy boy did you deliver in 2020? The year brought a lot of questions about economic reviews, unemployment benefits, hardship agreements and pretty much anything COVID-19 related. But just like 2019Spending money for the family, worrying about retirement, and catching up when you are behind on everything were common themes.
Thank you for all the great questions in 2020 and please keep them coming in the new year. Use to ask a question this dear penny shape or E-Mail [email protected]. (And don’t worry: I’ll always keep your questions anonymous.)
Cheers to a safe, healthy, happy and (hopefully) less tricky 2021!
-Penny
Your 10 toughest questions to ask Dear Penny in 2020
Here are 10 of the toughest money questions you asked in 2020.
1. Do I need my ex-husband’s permission to get his social security?
She married at 19 and divorced in her early 30s. As she prepares to retire next year, she is considering raising social security based on her wealthy ex-husband’s records. Does that mean she needs to contact him first and get his permission?
2. My Cheapskate parents don’t tip UberEats. What can I do?
This author downloaded the UberEats app for her older parents. A few months later, she made a terrible discovery: her parents refuse to tip. Is there any hope of changing their rude ways?
3. I was unemployed for 5 months. How can I get my invoices?
He was just hired after 100 applications and five months of unemployment. The problem: he is behind on all his bills and his new job pays less than the old one. Is there any way he can catch up?
4th Should I use my savings to pay back my friend’s payday loan?
Your friend received a payday loan after a car accident and a death in the family, and now he’s unable to break the payday loan cycle. He didn’t ask her for help. Should she offer her savings anyway?
5. Is my husband playing our future away on Robinhood?
Her husband has suspended his 401 (k) posts so he can play daytrader at Robinhood. He says she shouldn’t worry because he’s making big profits. Should she trust him?
6th I’m in college and saved $ 10,000. Should I invest everything in gold?
He’s a student with $ 10,000 in the bank and $ 22,000 in student loans. He doesn’t know much about investing, but he fears the US dollar will depreciate. Does this mean that investing your life’s savings in gold is a good idea?
7th Is it crazy to go back to college at 60 and live on a bus?
This letter writer has spent the past eight years as a supervisor. After receiving a large payout for life insurance, she contemplates going back to college and renovating a school bus that she can live on. Everyone else thinks this is a terrible idea. You’re right
8th. How do I save money if my wife refuses to let me work more?
He wants more money, so he’s day trading and considering a part-time job or driving for Uber. But his wife says no to all of his money-making ideas because it means less time with the kids. Is there any hope of influencing them?
9. Can we afford to retire on just $ 65,000 a year when my husband retires?
Her husband is almost 70 years old, which means retirement is on the horizon. That means your income is close to success. She is scared for her finances. Can they survive on a retirement budget of $ 65,000 a year?
10. My car lender said I could skip payments. Then why do they say I’m a criminal?
Her car lender gave her a hardship agreement, which meant she didn’t have to make any payments. Her credit report tells a different story – and the mistake cost her 56 credit points and a business loan of $ 10,000. How can she fix the mistake before it wrecks her finances even more?
Robin Hartill is a certified financial planner and senior editor at The Penny Hoarder. Send your tricky money questions to [email protected]
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This article originally appeared on www.thepennyhoarder.com
