Sorry,..need to add to my previous post that I am going to be paying off my credit card debt in full by refinancing my current mortgage with a 5.85% interest rate, so I will be in the clear to pay cash only.

I am self employeed, 38 years old, and have not stared saving for retirement yet. Where do I start? With all the investing options out there, what is my best, safest bet?

Hi C - i know how hard it is for stay at home moms. But you know that rebate check coming in... why don't you start there? use that to start investing. open an account - a "Spousal IRA" if you're not working -- and invest it. You could use WeSeed.com (launching soon) to learn how to buy stocks like you buy shoes - in a fun and simple way.  Also, as women, we tend to take care of others before we think about our own financial security. I've seen thishappen to much; please don'tdo that. please 'pay yourself first'. If there is income coming into the family, commit to putting at least 10% straight to savings. Set up an automatic savings program so it goes straight from checking to your investment account. And then put it in a good mutual fund (you can get help with your selection). IIn my book, i share the stories of so many people - many women - who used what they know to start generatign income. You can do it and i bet you have something right before your eyes that could help you if that's something you're looking to do. Finally, if you come into any windfalls, be sure to put some portion like 70% toward your savings and then indulge with the rest. Make saving for yourself a habit just like eating well, ok? Thanks for your question

ahhh.... where do you start? well, i believe that if there's a will, there's a way... let me just list a few ideas:

a. the rebate check you're about to receive

b. a side job, maybe turning a passion or a hobby you have into a business - and then you can deduct all kinds of things including meals (so long as you talk business!).

c. partner up, listen up - this is where i think many people fail to see the opportunities. maybe someone you know wants to invest in homes but needs someone to fix them up - is that a skill you have? maybe someone you know has just started a business but needs, say, a bookkeeper or you name it, and you can help. please just open your eyes and ears open to the possibilities because they are often in front of us if we just look... really, that's the theme of my book, The Millionaire Zone.

d. looking at your own daily expenses - did you know if you cut out, say, the $2 bottled water each day (if that was your habit), and you invested it you'd have about $100,000? those little things really add up.

i know that if you're spending money every day -- right now -- then you have the opportunity to do it. Do it and you will feel better. Commit, open an account, and start socking it away. you'll feel better. p.s., check out weseed.com, launching soon, to learn how to save and buy stocks with virtual money... so you can 'test drive'

Hello, I have spent the last year cleaning up my debt how do I go about cleaning up my credit report of those adverse accounts.

Thank you

Hi T (sorry, i didn't see your first name)... ok, this is one we can really tackle and there are more specific strateiges in my Quick & Easy Credit Kit at www.easycreditkit.com, which also has a bunch of model letter to fix your credit.

First, make sure you're paying everything on time. that is the #1 most important factor. pay those bills on time, baby!

Second, take a look at your credit report and see if there are any errors. often there are, like the old account or loan that is closed or paid off. send a letter or do it online to the 3 credit bureaus. by the way, they must respond to you and they almost always will take what you say as the truth and make the change accordingly.

Third, set the record straight. you can actually post an explanation of up to 100 words on your credit report to explain why something happened. You can also sometimes have good accounts added to your credit report that perhaps weren't on it (remember that not all bureaus have the same info on you). 

Fourth, don't shop for too much credit - let's say you're applying for loans  you don't take out or opening new credit cards - that can hurt you.

remember this, your credit is a real-time, moving target. so if you pay your debt or have some positive info posted, it can have a near instant impact. just keep those credit card debts low and you can do it!

Thanks for your input I have a husband that is very negative about everything that I think we could  do to make money at what do you suggest ?

We have a lot of questions and not much time, so could everyone limit themselves to one post, please?  Thanks.

Thank you Mrs. Openshaw I will pick up easycreditkit and start sending out letters to the credit agencys!!!

If you're paying with a lump sum, you're really looking to say, hey, i have $20k in debt but only $5k to pay it off. here are some rules of the game, some not so great. usually, the credit card companies won't talk to you about negotiating until you're late, usually by 2, maybe 3 months. so i think that's pretty tough. i know it's terrible because there now you have to hurt your credit to try to get out of the mess. if you hire someone, know this too: often, the same thing applies because they're just acting as a broker for you. so good chance you will have to become delinquent before you can negotiate. now, can you do this yourself? you bet. i did this for kristine (referenced earlier and featured in my book). what you need to have going into a 'hard talk' with your creditors are this:

a) a budget - they'll want to know a) income coming in and b) spending - bare bones spending. no fluff stuff

b) what do you have left over to then pay your debts? if you tell them you have $X in debt (include all as there probably are other creditors), but can only make maybe 10% of payments and also have no prospect of income, they good chance you can renegotiate. some of them, though, have tougher rules like you have to have had a major medical disaster or be widowed with no income.

one last thing for everyone to remember with debt. times are tough, both for consumers and companies. generally today, they are more likely to work with you. it is better for them to get something from you rather than ultimately nothing. remember that. but also remember that, as consumers and people who use credit cards, we have a responsibility to spend wisely adn only when we know we can pay it back. i hope this helps

I have a Home Equity line of credit but no mortgage. I was told that's the wrong line of credit to have. I would like to do work on my home but don't know if i should increase that line of credit. variable rate not fixed

Thanks for you expertise - and your time. Sheila

 After bad credit card debt is paid off, how long does it affect our credit score?

Thanks for the advice Ms. Openshaw.

boy, did you know that 7 credit cards is indeed the average # that Americans have in credit cards?!! ok, debt consolidators see big opportunities to make money today. Yes, you may be able to lower your payment but you need to be really really careful. what you are just doing is transferring unsecured credit card debt to debt now secured by your home. do you want to put your home at risk? can you handle the payments? if something bad were to happen, say income from a spouse was no longer available, could you make the higher payments? what would happen? studies i've seen show that the majority of those who consolidate debt end up going back into debt because they don't commit to new spending habits. credit cards are clean so, hey, go spend. i would rather have you look harder at how you manage your money right now to see what you can free-up. if you're thinking of consolidating, then be sure you:

a. know the fees going in. don't refinance against your home if you plan on moving in a year or two because the cost to refinance (1% typically or $1k on $100k loan) won't be recovered. 

b. understand your new payments

c. work with someone legitimate

d. commit to new spending program/cut up credit cards

OK, now i want you to commit to a life of being debt-free. You can do it

Hi Shannon - so they caught up with you, huh? well, i know people who have also run from their debts. but i have to say that facing up to our debts is a better way to live than running from them. to answer your question, i would think it would show up on your credit report but it's possible they might not report it to the bureaus, in which case it wouldn't. you could make that a stipulation of an agreement - how about that? remember, while they can't take you to jail, you do have a chance to 'come clean.' i know it's painful but maybe this is a good lesson. maybe you can also use this as an opportunity to look at how you handle money in your life and how you want to handle it going forward? thanks for your question!

I have an office building I bought for investment purposes in 2006.  With that came a real estate loan for $750,000 at an interest rate of 6.4%.  Since that time I have saved another $500,000 in cash that is earning 2-3% interest in different banks and financial institutions.  I would like some advice regarding the opportunity to pay down some of that debt with the cash.  Or would it make better sense to try to get a better return and keep the loan.  Please let me know if you have any thoughts.  Thanks. dave

Hey Judy - i feel what you're going through, really. with prices up, it easily eats into your spendign some 20% more than, say, several months ago. Can i give you a suggestion for the jobs? two things, and i know it's tough. but before i do the two ideas, i want you to be very clear and specific about the role you could take on, about your skills and about how you articulate them to people. be sure to prep for all the obvious question. the first idea is to look at your own network of people. think of who might be helpful, whether for a job or an intro. at the heart of my book is the concept of leveraging who and what you know to get ahead financially. an example: a relative of mine is looking at getting a part-time job at the school where her granddaughter goes; she's gotten to know the folks there, increasing the chances. so look also right around you. Second, consider offering to work free for, say, a month or two. let someone try you out. it is better than not working because a) you'll hone skills and stay 'current' b) you'll have something fresh on your resume even if nothing pans out there and c) you'll increase the odds of getting a paying position. get to really know the people; build relationships and do a great job. ok, let me give yet another idea: there are companies that offer home-based customer service positions - jet blue the airline is one (i call the agent and low and behold she's at home!). i know these are really, really tough times and my parents are facing some of the same issues as the two of you. i hope these ideas help, Judy

Hi there - glad to hear you want to learn more. well, you can start with magazines like Money or Kiplinger's - they're both great. My first book, What's Your Net Worth?, devotes a couple chapters specifically on this. You could also create or join an investment club and sign-up to get notified about weseed.com. i worked with janet whom i met on oprah and she is now saving after the work we did together and even started investing on her own, so you can definitely do it... and you will! Thanks for writing! jen