In a contest for the most confusing investment, the Annuity would likely take first place. Even people who have them don’t always understand them. Steve Moore and Rob West explain the different types of annuities (Immediate vs. Deferred) and break down the variations of each category (Fixed, Indexed, or Variable). They also answer the question of if and when an annuity is ever right for you. Next, they answer your questions at (800) 525-7000 and Questions@MoneyWise.org about the following:
· I read an article on line talking about a new bank called Robin Hood that gives 3% interest. Do you know anything about them? If not, what is a resource we can use to evaluate banks?
· I cosigned a Sally Mae educational loan for my brother. He became ill recently and has not been able to pay. They are offering me a temporary interest rate reduction. Is that normal?
· At various stores, I see offers to get the store credit card and save 10% on the purchase. Is it worth it?
· I went to a private university years ago. They charged me $19,000 for the program, but other schools charge only $1,000 for the same program. The school has since been shut down because of fraud. I still owe all of the money of my student loans. Do I have any recourse since the school lied to me?
At the end of the program, Steve mentioned the book, Navigating the Mortgage Maze, by Dale Vermillion. You’ll find it on our website at MoneyWise.org. While you’re there, you can connect with a MoneyWise Coach or access our other books and many free helpful resources. You can also find us on Facebook (MoneyWise Media) and join the conversation. Thanks for your prayerful and financial support that helps keep MoneyWise on the air. And if you'd like to help, just go to the website and click the Donate tab at the top of the page.
Featured Resources From MoneyWise
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