Greensboro, NC -- You hear advice all the time about how to spend money, save money and invest money.
But is it the advice you're looking for? We opened up facebook and twitter to you so you could ask Certified Financial Planner Matt Logan your money questions.
Question 1: Cheryl asked, "I am self employed and I really needc to start a 401K or a Roth IRA. How do I get started and how much do I need to invest to start a 401K?"
Matt says unless she has $40,000 to put down, a 401K is not the best option. He says, a Roth IRA is her best bet, with a limit of $5,500 a year.
Question 2: Almost everyone watched their 401K take a beating 2007-2010. But it was the Gen Xers (born 1966-1975) that lost nearly 45% of their retirement wealth. What is the best way to make some of that money back? Riskier investments maybe?
Matt says the big mistake most Gen Xers made was they stopped giving to their 401K. He says those who didn't, are probably close to making back what they lost. For those who stopped giving, Matt says max out your company match.