The Daily Item, Sunbury, PA

Business

October 14, 2013

The Color of Money: Tips to outlast the crisis

(Continued)

     Q: What should I tell my creditors if any fallout from a default, even if it's avoided, results in my being laid off or getting reduced hours on my job?

     A: Nina Heck, director of counseling and credit management for Consumer Credit Counseling Services of Maryland and Delaware: "Consumers should make their creditors aware anytime there is an interruption in their ability to pay as promised. Explain the situation, have a financial plan in place, and provide as much information as you can regarding when you anticipate resuming payments. It's very important to not make any promises you can't keep."

     Q: What should I do if I'm living off my retirement savings now?

     A: Gerri Walsh, Financial Industry Regulatory Authority's senior vice president for investor education: "Staying diversified is also important in retirement." But, Walsh says, in your quest to boost returns, don't turn to complex or alternative investments and take risks you "either do not understand or cannot afford. If investors do not fully understand the leverage and other risk and reward features of a complex investment, they should stop right there. A good general rule is never invest in products you do not understand."

    Readers can write to Michelle Singletary c/o The Washington Post, 1150 15th St., N.W., Washington, D.C. 20071. Her email address is michelle.singletary@washpost.com. Follow her on Twitter (@SingletaryM) or Facebook (www.facebook.com/MichelleSingletary).Comments and questions are welcome, but due to the volume of mail, personal responses may not be possible. Please also note comments or questions may be used in a future column, with the writer's name, unless a specific request to do otherwise is indicated.

Text Only
Business
  • The Color of Money: No easy way to get out of debt

    Many people who are deeply in debt are desperate for a quick fix. They ask the question: What can I do to get out of debt?

    July 21, 2014

  • Watercooler: When to speak up if you see problems down the line

    Q: Our organization has hired a new director. I am one of a number of division heads; above us, there's the associate director, and above him is the director. The associate director is feared and disliked for his duplicity and dictatorial nature, though few have come forward because of his vindictiveness.

    July 18, 2014

  • Career Coach: Bringing a purpose-driven spirit to work

    Increasingly, religious beliefs and practices of employees are becoming more evident in the workplace. Religious diversity and concepts of spirituality are more prevalent in organizational settings.

    July 18, 2014

  • Ask the Mompreneur: It’s best to farm out your payroll

    When my husband and I hired our first employee at our Web development company, we had it easy when it came to doing payroll.

    July 17, 2014

  • Protecting against unnecessary losses

    QUESTION: I run a small bar and grill which is open 7 days a week and have to rely on others for some of the shifts. How can I ensure employees have not become my partners?

    July 17, 2014

  • A checklist for keeping you focused at work

    A quick check of Facebook and next thing you know, a half-hour’s passed. Start chatting with a co-worker and suddenly 20 minutes is gone and the report you were supposed to finish by lunch is late.
    Workplace distractions are everywhere, especially in an age of social media and open-plan offices. In the face of so much temptation, accomplishing what you’re paid to do can be tough.

    July 16, 2014

  • It could be time for a career coach

    Need a little help figuring out your next career move?
    If you’re putting in the hours and still not seeing the rewards, feeling undervalued or simply striving to be more successful, it may be time to hire a career coach.

    July 16, 2014

  • Your Office Coach: Turn to boss for help with disgruntled underling

    QUESTION: When I joined this company a few weeks ago, I discovered that the person who previously held my position is now working for me. “Sarah” obviously resents my presence and frequently says I don’t have the authority to manage her, even though I clearly do. Her negativity has made my job much more difficult.

    July 15, 2014

  • You are not trusted

    If it seems like employers don’t trust employees - well, they don’t.

    July 15, 2014

  • The Color of Money: Beware of loan-modification scammers

    There are some good things going on in the economy these days. Just like temperatures across the country, the stock market has been hot lately. The economy added 288,000 jobs in June. The unemployment rate dropped to 6.1 percent. Yet there are still plenty of Americans who need financial help, especially with their mortgages.

    July 14, 2014

Business Video
Stocks