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Less pay, same mortgage

15.08.09

For Jennifer and Carlton Monroe, 34 and 38, their home is both their castle and their prison. They bought the 1920s Craftsman in 2005 for $280,000. But it needed work -- leaving them today with $170,000 on a home-equity line of credit (HELOC), along with $222,000 on their mortgage.

Talk about a recession double whammy. It's bad enough that you've been working harder with less prospect of getting a raise. Now it feels as if you can't even afford to get sick. Your 401(k) may have returned to pre-crash levels. But just treading water won't power you to a comfortable retirement. These four moves will. Question: I'm 49 and my wife is 50. We agree on most things, except how much of our investment portfolio we should keep in cash. She is completely risk-averse and focuses only on the "spanking" we took in the market last year. I feel that by letting so much money sit in CDs earning 1% to 2% we're missing out on better opportunities. Currently, we've got about $500,000 in cash as part of an otherwise well diversified portfolio. Can you help me convince her to take half that money and buy into some dividend-paying blue chips? --Garry, Atlanta, Georgia



If you knew coworkers, former bosses or exes who cheated on their taxes, would you turn them in? The Internal Revenue Service can make it worth your while. If you were under billed, it's the other party's responsibility to pay up, not yours, according to Money's ethicists. It wasn't so long ago that travelers could all but name their price. During the depths of the financial crisis, unheard-of deals abounded as hotel companies did anything to lure business. These days? Not so much. The luxury travel market is coming back, with bookings up as much as 40% since mid-2008. You can still find deals this winter; you just need to think creatively -- and follow our tips.

Happy new year and welcome to your new job. One that pays 30%, 50%, 70% less than your old one.

Question: My mother-in-law, who's in her early 60s, was recently widowed. She now has Social Security and approximately $300,000 from a life insurance policy to live on. She's not comfortable taking on much, if any, risk but she does need to generate income from the life insurance proceeds. Any recommendations for how she should invest this money? --Chris, Atlanta, Georgia Question: I'm 55 years old and have my entire retirement savings plan at work invested in a total stock market index fund. I'm worried, though, that my account is too heavily skewed toward equities given my age. Any suggestions for how I might take a more balanced approach? --Ray K., Oakland, California

Southwest is beating the air travel slump. The biggest U.S. discount airline surprised investors in January by posting earnings of $74 million (before one-time charges) after lower jet fuel prices made up for cheaper ticket prices. A few entrepreneurs are exploring a novel solution to the problem of finding affordable health care for themselves and their staff: Swap for it. Here's how to get restaurant quality at a budget price.



Question: I believe that along with a recession comes a great opportunity to invest and make significant long-term gains. I'm under 30, I contribute to my 401(k) plan and I'm willing to take risks. What are my best options in today's market? --Lyle, Fort Lauderdale, Florida Americans are loaded up with credit card debt. What's worse is that some husbands, wives and even children hide those money woes from their families. The results are often devastating. One of the few safe market havens this year has been an old standby -- good old municipal bonds. But their solid performance might just be the result of overzealous retail investors.

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