Financial Questions and Answers June 19, 2013

by Steven on June 19, 2013

Q. My mom co-signed for my student loan and I can’t afford to make the payments will they go after my mom for the money?
A. Yes they will go after you mom.  If you have any respect for your mom you need to get 2 or 3 jobs to make sure you make the payments or as much of the payments as possible.  I hope you learned a lesson about spending money to go to college for a job that really doesn’t exist.

Q.  Why can’t I ever save any money?
A.  Because you keep spending all your money on things you don’t need.  Grow up and act like a responsible adult.  If you have children you’re setting a bad example and you’ll actually teach them to handle their money the same way you are.  When you get paid again, pay your bills and put the rest aside.  Stay home and don’t go shopping for things you probably don’t need.

Q. How much money should I save for retirement?
A. As much as possible!  If you work for someone you’ll need to save as much as possible, if you work for yourself you need to save at least $1,000,000 and decide if you’ll want to sell your business or keep it and receive income during your retirement.

Q. Why is it so hard to make more money?
A. Probably because you are not focused!  If you work for a company you’ll need to work harder, pay attention to what makes the company money.  If you own your own business you need to focus on what makes your business money.  Stop doing things that don’t make money.  Stop procrastinating!  Do it today!  Be more creative and get the job done!

Q. I’m looking to start my own business, what type of business should I start?
A. If I had to start over again I would start an online based business.  It is so easy for you to sell all types of products and services to the over 3.5 billion consumers worldwide with the click of your mouse.  It’s not that easy but its a lot easier than opening up a brick and mortar business.

Q. I’m looking to get into real estate what is the first thing I should do?
A. Look at your bank account.  If you don’t have cash to buy the property and fix it you should save your money and get started later.  Real estate is a great business to make money but it can also drain your cash flow.  99.9% of all real estate deals I’ve been involved in and one’s that other investors are involved in require additional cash for un-forseeable expenses that always come up.  This is where most investors get into trouble.  You’ll need cash to purchase the property.  Cash to fix it and cash for un-forseeable expenses and cash to wait until the property either rents or sells.

Keep sending your questions and don’t be afraid to ask them.  The stupidest question is the one that’s never asked!

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