Farnoosh’s Mail Bag: Answering Your Questions

Since the New Year, I’ve enjoyed receiving your questions and have decided to tackle a few here on my blog. If the questions keep pouring in, I think I’ll make this a regular weekly post. To kick us off, here are answers to three of your most burning questions. Keep ‘em coming! Just email me at farnoosh@farnoosh.tv 

Shari wonders: What should be the proper order of the following?

Pay off debt (excluding mortgage)
Invest in 401(k)
Fund a 529
Create a savings of $1,000
Create a savings of 3-5 months salary

Natalie emails: My biggest concern about my finances is having the money to put a downpayment on a house.  I recently got married and I am a career changer, so I am back in school getting my masters degree.  I have a lot of debt from student loans, and not a lot of savings.  My husband has some, but not enough for a “big” downpayment.  Is it smart to stay in an apartment for a while and try to save up? Or try and get a smaller “starter” house? I will be graduating May of 2015 and we are in our apartment at least until October. I’m just trying to figure out the best option.

Suko asks: What’s the best way to teach your children to have healthy attitudes toward money?