How to Submit a "Help a Reader" Question

As most FMF readers know, I regularly post questions readers send to me asking for money advice. Then everyone here gets to chime in with their suggestions, thoughts, and opinions and the original reader gets a lot of good information to consider before making his decision on how to proceed.

To this point I haven't listed any sort of guidelines on how to submit such a question, but I think one is needed to make sure we make the most of every opportunity presented. Therefore, here are some things you should consider when submitting a "help a reader" question:

• Give us details. Quite often readers will leave out information that could sway the advice one way or the other, so when you submit your question, take enough time to thoroughly explain the situation so commenters can give you informed opinions based on facts.

• Don't give us too much detail. While we need details, we don't need 10 pages of your life story to answer the vast majority of questions. Give us the facts that are relevant to the issue and leave it at that.

• Don't send in a question that can be answered with a bit of work on your part. I regularly get submissions that could be solved if the person spent five minutes on Google looking for the answer. These questions don't see the light of day here. If you can answer the question yourself with a bit of work, do the work and don't worry about asking the question.

• Realize what you'll get. You need to understand that you'll get opinions/advice from "regular" people, people like me and the readers of this site. In other words, you're not getting thoughts from personal finance "professionals" (in most cases -- there are some that respond here regularly.) So take the answers for what they are worth.

• Have a thick skin. If you've done something stupid or are asking about doing something stupid, be prepared to be told so. The Internet seems to have a way of breaking down people's social "be nice" guards.

• Send in your question well in advance of when you need an answer. I usually write posts a week or so ahead and I do not run more than one "help a reader" post in a day. So you should plan on submitting your question two or three weeks before you need an answer to make sure you have enough time to get responses and have time to consider them.

• Get involved in the discussion. When your question is accepted, I'll email you the day and time it will be posted. Check back at that time, a bit later, and on and off during the next 24 hours. Respond to the questions/comments/suggestions and you'll get much more and much better feedback.

Did I miss anything? Those of you who regularly see and answer these sorts of questions can leave your own thoughts/suggestions below to fill in anything I've missed.

For those of you wanting to submit a question, simply do so by dropping me an email.

Comments

[Crystal]

I'd suggest that the submitter actually respond to questions in the comments section or post an update. It's always more informative and fun when the submitter gets involved.

[FMF]

That's a good suggestion, Crystal. I added it.

[Crystal]

Awesome! :-)

[sunny]

Hi
My Name is Sunny and i am an indian passport holder. I am canadian immigrant. I have a nice job in middle east with pay of 90K US$ tax free. My job is good and i am happy.
I have been to canada to look fro jobs, but situation is not good. Most of my firends are suggesting i give up my residency (green card)and not go to canada ever, while some say it is good to give up your job and live there for 3 years and get a great passport.
Any suggestion - Original Canadians response prefered.

[Peter]

Sunny,

Go wherever the sun shines brightest :)

[mary]

how much money are you supposed to pay to a creditor on an old bill if you make below poverty level

[Tony]

Most whole life policies seem to be aimed at the young. I am 60 years old and wish to know if whole life is for me. I have a 20 year term for 100K and am contemplating purchasing a 50k whole life as an investment in the event I pass 80 years. Also, it seems to be a good investment for my children and grandchildren. The 50k would cost me $2025 yearly. Is this a smart thing to do? Other than YES from insurance agents, I'm still question this? Help please!

[FMF]

Tony --

I'll post your question in mid-October. Come back then to see the responses.

[Henk Venter]

Tony,

Whole life policies are generally cheaper than term policies. I don't know what your situation is like, but it has to be noted that the premiums will increase every year, and in the US inflation is likely to sky-rocket in the next decade due to "money-printing," unemployemnt, debt issues etc. so you will have less buying power in your retirement.

As a financial planner, my opinion is: if your want an investment - get the investment (assuming that the 100k you have now is enough to cover debts, taxes etc.)

Also important to note is that extra life cover at age 60 will probably be very expensive.

[jill]

In a marriage, when a bcbd trust is set up, does only one partner have control of that trust or can both partners have equal control of the trust/

[FMF]

Jill --

You're not going to get meaningful legal advice here...

[FMF]

Robert --

I'll post your question in a couple weeks. Stay tuned.