OK< so here's the deal. I have been working with my family for about 7 years now I'm 30 and have a 1 year old. Back in 1989 my parents bough an apartment building and I have been running things for the most part since 2004, my dad is 93 and I help care for him with my mom who is still acting CEO, she's in her 60s. For my day to day work I earn $ 1,500 a month, I live rent free, and pay nothing but my car insurance, my few credit card bills (currently only about $ 2,000) and my life insurance. So While I only earn $ 18,000 a year, I also don't pay the usual bills. I have a unique living situation to say the least. Recently I revolutionized our business which is earning us a lot more income. Basically I took 4 apartments aside and started a corporate housing venture. We are now putting those earnings from that venture into a seperate account. My mom and I made a savings account in a small local bank, it's so small and crappy they don't have debit cards and only have 2 branches, so it's a great place to keep money without dipping into it. Currently it only has about $ 17,000. All of that is from the new venture, and made between August of last year and today, but I started the business last April with just one apartment, and have opened 3 more units for the venture, not to mention we have dipped into that money for some emergency repairs. Hopefully this translates in even greater earnings this year. Perhaps we can make up to $ 40,000 in just savings from those new units this does not include savings we usually put aside from our regular rentals, That $ 16,000 is shared with my mom and we are thinking of putting it into a money market, BUT, my own savings are a different story. I figure I can put $ 1,300 per month away in savings from the $ 1,500 I earn into a personal retirement fund. I just opened a 529 for my son in Chase bank with $ 1,000 and will be putting about $ 260 in that every month. I will be going to Vanguard to open a Roth IRA putting the max in every year. Those two savings come to $ 8,120 plus I have a vacation fund which I'll be putting $ 3,500 into every year (just a passbook savings account) which leaves me with $ 3,980 per year to play around with. My question is, is this $ 3,980 enough to play around with so that I can make a nice amount of cash for my future? Or is it a tad anemic? Keep in mind the ROth IRA and the 529. THanks for any help. I only have $ 5,000 in my personal savings right now TOTAL (includes 1,000 in 529), and I will be getting about $ 4,000 as a refund soon so will use that to open my Roth IRA, hopefully before April 18. And the next 5k little by little over the next year after April 18.

Before judging me, please read my entire question. I currently am 40 years old and have had to move back into my parents house because the job market right now sucks, and even though I graduated college no one seems to want to hire me. I'm also a part-time artist, I put on improv theater shows in a basement theater company downtown. It doesn't pay anything, but it gets me out of the house and allows me to dabble in the art world. Anyways, my parents have been nagging at me to get a job and move out, even though I've only been camping in their spare bedroom for a year now. They need to give me time to find myself. So the other night I offered to take them and our neighbors out to dinner, my treat. My mother wondered how I could afford such an expense considering I have limited funds. But I told her not to worry, I had it under control. At the restaurant we all ordered, and I told everyone to get appetizers of shrimp on ice and drinks as well. We ended up having a grand ole time and my neighbors thought my improv shows sounded funny, and even inquired about coming to see me perform! Wow, now I was making connections and getting a fanbase. It was too good to be true. The waitress dropped the bill on the table and I reached for it and said in a very grownup tone, "It's on me." My mother looked a little embarrassed by this, but my father thanked me for treating. I pulled out my Visa card and handed the bill of $ 229.84 to the nice waitress. Then we continued to drink our after dinner beverages and reminisce. Then my neighbors dropped a question on me that made me sort of upset. "So, when are you going to get a job and move out of your parents house?" "Um, that's really none of your business and honestly, in this economy, I should be able to take my time." I said this in a dry tone that sort of set my neighbors aback. The waitress then showed up with a disgruntled look on her face. "Your credit card was declined." "That's impossible, I just paid the minimum payment last week! Swipe it again." "We swiped it three times and its not working. Do you want to try another card?" I was so embarrassed. I looked at my neighbors, who had bemused looks on their faces. "I don't have another one, your computer must have made a mistake." The waitress, who was friendly at first, now seemed impatient and annoyed. "Try mine, thank you." My Dad gave the waitress his card and she quickly left before I could say anything. "Dad, this was MY treat! Dammit, now you embarrassed me!" "You obviously could not pay it, and we need to get going. Why would you only bring one card and not check to see the balance. Let's go." I had never been so humiliated. On top of bad way dinner turned out, my parents now want me to get a job and my neighbors never came to see a show of mine. The liars. Why did this happen to me?

My husband and I started a construction business that flourishes in the summer but in the winter not sooo good. We have been married for a year and own our own home. We got credit cards from Menards and Home Depot to remodle the inside. Now the balances are due and we both have no means to pay them. We don't want to pay the interest at all and we can't even get a loan because we're both 21 and have little credit not "bad credit"....yet. What should we do to get back on our feet and learn from this experiance? I have a job but it doesn't help and we live in the small town of Munising, MI..... everybody knows everybody and all jobs are taken. Help.....Please

Is it a regulatory issue or just bad business? What are the regulations and limitations on what banks do with deposits held by them?

This is kind of a hairy situation, so I'd appreciate any help. I had a credit card with Washington Mutual before I got into financial troubles, and my debt got turned over to a collection company. The last time I tried to contact the collection company, the automated "number you have dialed is no longer in service" came on, and on further research, I found that the collection company had gone out of business. During that time, my home got foreclosed and I no longer have the phone number that the debt companies used to contact me on, and I also live at a different address. I went to http://www.annualcreditreport.com and found my outstanding debt, but, as you all know, Washington Mutual was bought out by Chase, so their contact info is listed on there, and they are said to have owned the debt. I was wondering if I should contact Chase for my debt info through the address that I got from experian, or if I should... I don't know... wait? A lot of people say "don't bother chasing them, because they'll find you first", but I have a different phone number and address so I was wondering if that would be a problem. Also, would Chase know where my debt was, since technically it was Washington Mutual who owned the debt, and my debt was sold to a collection company (that eventually went out of business)? I'm extremely confused, like I said, any information would be helpful. The response by CatDad stirred up another question for me. It is written off as a "charge-off", but it's my knowledge that I still owe the money, no matter how much time has gone by - is this accurate? It's been about 3 years, so I don't know if I should just wait out the 7 years?

... but it also hurts their own business. Times are getting so bad people as struggling to survive, yet credit card companies are increasing their interest rate which may make it impossible for customers to make timely payments. The companies/banks are laying off people, but if they wouldn't try so hard to financially hurt the consumer, maybe they would have a better chance to keep their business strong.

So, Obama has done it again. He managed to pass a bill regulating credit cards by making it seem like a good thing for the general public. However, when we look more deeply we see that it's not all good. Credit card companies will be able to: Charging interest from the day of purchase Credit card companies can charge as much for interest as they want Credit card companies charge a business every time there is a transaction. Therefore, the credit card companies would be double dipping by charging interest, too. Are you going to continue using your credit card if your issuer begins doing any/all of the above? http://foxforum.blogs.foxnews.com/2009/05/20/ellen-ratner-the-mostly-bad-and-some-good-news-about-your-credit-cards/

Hi, I have just finished my high end winter outerwear line, which consist of Men's outerwear in the price range of $ 700-$ 1,250. The line was very expensive to make: pattern makers, fabric, grading, etc. So it took alot of my income that I could use. Since I am having the products made in the US, they will continue to be expensive to make, but it ensures quality. My issue is i fell victim to the college credit card companies my freshman year of college. I paid of my debts, but my credit is still not great. I don't think a bank will lend me the money to handle orders (which I have quite a few potential ones amongst family and friends) What other options are there for me to get start up money. I was thinking of making people make deposits to cover the cost, since each coat is made to order, but since I am new I don't think it will work. What options are availible to me to get funding other than the banks. I live in NJ, am in collge and am a minority, i know that can sometimes sometimes add options. Thanks!!

I filed for bankruptcy a few years ago & I have no intention of getting another one, especially for a company I will leave at the end of this year. My company is known to make you pay the balance yourself & then they reimburse you (usually 60 days later). I think this would be a bad idea since I doubt I could pay off the balance at the end of the month. How do I gracefully get out of this delicate situation and find a solution that will not inconvenience them? Summary 1) Bankruptcy filing makes high percentage rate & impossible to pay off in a month 2) I don't plan to stay with the company long term 3) I have a convention I have to go to next week and I have to find a solution pronto!