Finance

Have Finance Questions? Ask a Financial Expert Online.

Ask an Expert,
Get an Answer ASAP!

Finance

in finding out about the ins and outs of finances, especially

Customer Question
in this economy now and...
in finding out about the ins and outs of finances, especially in this economy now and for the middle income group of lets say 100 k and under 50 k to those even making under 20 k a year. i have learned that i have to create my own wealth, this category of people do not have the liquidity to invest. most of these people with bad credit scores and living paycheck to paycheck. so my question is i already become creative asking your advice and substantiating using my 25 k in my ira savings. rotating that amount in conjuction with paying it back in 60 days and transfering to another ira savings and doing the process again. to the tune of paying off now most of my debts i have only 3 cars left and sallie mae and the house no more high % consumer debt. so in this process i search for long term annuities looking at supplement income the most for the future which i right around the corner for me im 60 now and have to expedite the process because i concentrated in the past in getting my 5 girls graduated from college. now 7 yrs later i find myself having to create my own mini wealth thru c d laddering etc. no more payday loans like in the past. now i just reborrow on my ira savings account. my question is i think instead of paying into an income or fix income or index annuity . i can do this process for me thru my certificate of deposits . mine c d range from 3.5 to 4% when i lock them up for 7 to 10 yrs but i have only those credit unions that allow me to borrow 100% thats where my liquidity comes in. since im not doing stocks or mutual funds my certificates that i buy in volumes of 5 k never crash, and if i create several loans off of those since they are collaterize i have the option to pay myself back or not. this has work great for me and in the future my main question is i think i can create my own supplement income every year by borrowing and paying myself back and still in the end of my certificate terms ear that little but safe and sure 3.5 to 4% . which basically what i looked into is what the income annuities are paying. thank you look forward to your response:
Submitted: 6 years ago.Category: Finance
Show More
Show Less
Ask Your Own Finance Question
Answered in 3 days by:
10/13/2011
Financial Professional: Bill, Financial Advisor replied 6 years ago
Bill
Bill, Financial Advisor
Category: Finance
Satisfied Customers: 3,153
Experience: EA, CEBS - 35 years experience providing financial advice
Verified

Bill :

Your strategy of investing in laddered CDs and accessing the funds when they mature is one option. If the CDs will be in IRAs and you intend on using the funds for 60 days and then returning the money, this only works if the IRAs are at different institutions and you don't violate the 1 year rollover rule per IRA account. You would not actually be borrowing the money but taking a distribution and rolling it over in 60 days. Here are some fixed annuity rates - http://www.annuityadvantage.com/annuitydata.htm

Ask Your Own Finance Question
Ask Bill Your Own Question
Bill
Bill
Bill, Financial Advisor
Category: Finance
Satisfied Customers: 3,153
3,153 Satisfied Customers
Experience: EA, CEBS - 35 years experience providing financial advice

Bill is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Rakhi Vasavada

Rakhi Vasavada

Financial and Legal Consultant

2,608 satisfied customers

Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years

Megan C

Megan C

Certified Public Accountant (CPA)

2,218 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

Manal Elkhoshkhany

Manal Elkhoshkhany

Tutor

1,919 satisfied customers

More than 5000 online tutoring sessions.

JKCPA

JKCPA

CPA

844 satisfied customers

Bachelors degree and CPA with Accounting experience.

Eric

Eric

Financial Manager

559 satisfied customers

Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.

R. Klein, EA

R. Klein, EA

Accountant

480 satisfied customers

TurboTax Expert. QuickBooks Certified Pro Advisor

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

332 satisfied customers

NASD Licensed Rep, 1997-2001, Business Attorney

< Previous | Next >

Related Finance Questions
I inherited my father's IRAs. I have accounts with Fidelity
I inherited my father's IRAs. I have accounts with Fidelity and Schwab. One of my Schwab accounts is titled Inherited; the other is listed as a Roth. The Fidelity account is listed as an IRA. My quest… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have mutual funds that I purchased through my bank. They
I have mutual funds that I purchased through my bank. They showed me some brochures and gave "estimated" historical performance numbers (e.g. 3%, 4.5%, 7%, etc.). They also told me about the MER that … read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I have a question on SEP IRAs? i have income from both a
i have a question on SEP IRAs? i have income from both a single member LLC and straight up schedule C self employment income. … read more
abci168
abci168
Principal
27 satisfied customers
Please help, I have a seld-directed IRA and I have questions
Please help, I have a seld-directed IRA and I have questions regarding rollovers from my traditional IRA … read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
723 satisfied customers
I had a IRA disallowed for paying property taxes directly. A
I had a IRA disallowed for paying property taxes directly. A rental home was sole asset. I sold the property 11/16. IRA started 3/6/12 as a rollover for $77,468. Property sold for $23,970 after taxes … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have a roth ira account with a bank that i also invest
I have a roth ira account with a bank that i also invest money and buying stocks. I want to know if i can attach a credit card to that account so i can buy bigger quantity of stocks straight from cred… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am interest in having my client conversion of Trad IRA to
I am interest in having my client conversion of Trad IRA to Roth IRA. Does the transfer have to be in cash or can we transfer securities and current market value?This is how I do the client Trad IRA R… read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
Quick Question on IRA withdrawals and deposits. Here is the
Hi. Quick Question on IRA withdrawals and deposits. Here is the scenerio: Withdrawals were made $3k/withdrawal for bills, etc., on the following dates: Nov 11, 2016 Nov 20, 2016 December 3, 2016Total … read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
I have a SEP IRA with a good amount of money in it. My
Hi, I have a SEP IRA with a good amount of money in it. My spouse is my beneficiary for this account. If I die, are there tax consequences for my spouse? How would this work? Thank you… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,458 satisfied customers
I have a question regarding IRA funds. I am refinancing a
I have a question regarding IRA funds. I am refinancing a rental and would like to get into a 15 year fixed loan. For that I need to put money in. Can I take the money out of my IRA? Will I be taxed this year? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Our son opened a ROTH at his bank/ credit union today. He is
Our son opened a ROTH at his bank/ credit union today. He is now 30 years old, in the military, opened it with $5 but has designated $ 300 monthly beginning 12/01/ 2017. How beneficial is this for his… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
723 satisfied customers
Ministers Retirement Plan. How is a Roth IRA setup for the
Ministers Retirement Plan. How is a Roth IRA setup for the pastor? Want tax free future income. What would be the best vendor to setup this account. Is there such an account under 403?… read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
I need to withdraw from an ira and was wondering if I'm in
I need to withdraw from an ira and was wondering if I'm in the 25% tax bracket, should I have 25% federal and 25% state taxes withheld. the state tax part confuses me. … read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
This question is about my IRA. It matured last month, and I
this question is about my IRA. It matured last month, and I would like to know if there would be a penalty and what it would be if I took the funds out of this CD account and put them into a Savings I… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Is an individual retirement annuity considered an Ira?
Is an individual retirement annuity considered an Ira? Trying to help my mother move this to her IRA that she has at another institution. Never heard of the term before but it has the acronym of an Ir… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,217 satisfied customers
My husband's ira was in an annuity with Pacific Life. He
My husband's ira was in an annuity with Pacific Life. He passed away in January and I put the IRA in my name, but I think I would like to take the money out but I don't think I will receive the full a… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I ow 19000 yet on a 39000 lien and credit union wants the
I ow 19000 yet on a 39000 lien and credit union wants the tax lien paid I don't have the kind of cash only 20000 for down payment … read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I have a question about banking. A large credit union in my
I have a question about banking. A large credit union in my area is having an election for board members. They are so big they are as big as many banks in the area. These board positions are volunteer… read more
Rakhi Vasavada
Rakhi Vasavada
Financial and Legal Consultant
Bachelor's Degree
2,608 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x