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7 Important Financial Questions Asked and Answered

These are a few of the most interesting financial questions I have received and how I recommend you approach them. There are many other answers to these questions, but they can give you a good start in achieving your financial goals.

1. What is one question to ask when buying a used car?

Is a Vehicle History Report Available?

When buying a used car, it's important to know whether the vehicle has been involved in an accident or suffered any other damage. Knowing this can help you determine the car's value and understand the warranty's validity. It can save you tons of money if repairs are required in the long run. In addition, you can't always see prior owner history, how it was used before being acquired by the dealership, or pending recalls on the vehicle. So, requesting the vehicle history report can help you determine if your purchase is a good value for your money.

2. What is one creative way to earn money post-retirement?

Become A Yoga Instructor

Post-retirement is the perfect time to live a Zen life and teach others how to destress. Becoming certified to teach yoga can be done online or at a local yoga study. You can teach yoga classes online, at a college, or in individual sessions during retirement. Yoga sessions can also be recorded and uploaded on video sharing sites or listened to as podcasts. Teaching yoga offers the flexibility of doing it on your schedule and can bring in extra income in retirement.

3. How can I effectively plan for retirement so I don't run out of money?

Maximizing contributions to retirement plans can help build a solid financial future in retirement. Ensure that you maximize the matching contributions that your employer offers and any catch-up contributions you may be eligible for. If the contribution limit with your employer is reached, other alternative retirement plans, such as a Roth IRA, could maximize your savings potential.

See my feature in MoneyRates Retirement Planning Guide to help answer the most common retirement questions.

4. What should I know before applying for life insurance?

Conduct a Needs Analysis

You should evaluate how much life insurance you will need to cover any expenses in the event of your premature death. Evaluating your expenses, such as mortgages, car payments, utilities, and future college expenses for your children, can ensure that your survivors live in financial security. In addition, determining how much you have in savings and other liquid assets can help determine how much life insurance your loved ones may need.

5. What is one thing I should do when I earn a big promotion and raise at work?

When you receive a raise, it is the ideal time to wipe out your debt if you have credit card debt, student loans, or any other household debt. You will save money on interest and be able to save for your future goals. The most important thing is to not splurge on a big-ticket item that could put you deeper into debt. Maintaining your current standard of living and paying down debt can help ensure that you see the benefits of your increased income.

6. What is one reason why you get up every morning to go to work?

Sustainable Retirement Income

Building a sustainable retirement income is why I get up every morning to go to work. Having a set amount of income that can be used in my retirement years will enable me to be worry-free about the future of my financial situation. Going to work every morning allows me to continue building towards my future retirement plans, including continually increasing my future social security income.

7. Which school choice is better for college, public or private?

Research Your Degree Options

Choosing the best college will depend on whether your chosen degree program is offered at a public institution. Private colleges cost more than public institutions. If your funds are limited and you don't have a scholarship or tuition reimbursement, attending a public institution may be best. Attending a public institution will decrease the need to obtain a student loan, which could put you into debt or further into debt if you currently own creditors or have other outstanding loans.

What's Next?

Before going into a car dealership, consider other questions you should ask. Visit your employer to get a better understanding of your retirement benefits. Do you have kids going to college? Evaluate the financial impact and plan ahead. It may seem like a daunting task, but creating a plan to maximize your wealth can help you achieve your financial goals.

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