One of the most satisfying parts of my job is to answer the emails that show up in my figurative mailbag. I’m always impressed by the sheer variety of topics. You come from all walks of life, with investment skills that range from novice to sophisticated.

All too often, financial editors provide advice according to preconceived notions that are disconnected from the real needs of their followers. Your feedback helps me keep this newsletter in touch with your actual investment goals.

In this issue, I step back from the day-to-day gyrations of the markets to answer some of your latest letters. Let’s dive in.

The rich are different…

“How do I invest and whom do I trust? How does an individual like me, who is middle class and working paycheck to paycheck, begin to invest and buy-and-sell the little money that I have saved? Can I do it on my own over the Internet, or do I have to have a broker? I want to avoid the middleman but I am not well versed in investing and need some trustworthy help. Rich people have different skills, I guess.” — Margaret K.

Your letter reminds me of a famous exchange between two great novelists.

F. Scott Fitzgerald once remarked to his fellow writer and drinking buddy Ernest Hemingway: “The rich are different than you and me.” To which Papa Hemingway replied: “Yes, they have more money.”

Margaret, let’s make you more money.

First, you’ll need to find a suitable broker. There’s a wide range of brokers, from full service who offer advice and hand-holding to deep discounters who are bare bones and leave you on your own. Before choosing, you must gauge your degree of confidence in making your own investment decisions against how much you’re willing to pay. As with everything in life, you get what you pay for.

The discounters are online-based platforms; the more expensive full-service brokers offer both online trading as well as polite and knowledgeable assistance over the phone.

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For beginners such as you, customer service is important because you’ll doubtless need to speak with an actual human being to get urgent questions answered. A simple Google search will unearth the names of the big brand name brokers you can trust.

Once you’ve found a broker who meets your needs, the fun starts: picking investments. Start investing amounts that you can afford, while continuing to read our investment advice. We’ll guide you every step of the way. And feel free to drop me a line now and then, as you have questions.

Blaming Rosie the Riveter…

Concerning my issue headlined “A Tale of Two Paychecks” (January 8), I received this comment:

“You missed the fact that most people don’t even earn 50k, that the average income includes a whole lot of people who earn only 18k to 30k as opposed to the super earners. And further, women who had worked during World War II realized they could earn their own money and wanted to continue working once the war was over. Industry realized that it could get women cheaper than men and thus the unwatched “latch key kid” became a thing.” — Gordon C.

Thanks for your perspective, Gordon. That’s one way to interpret the post-war entry of women into the workforce. I invite other readers to weigh in.

Fearing God and the IRS…

Commenting on the same article, this reader wrote:

“As long as you mentioned tax credits, it might have been good to explain the difference between refundable and non-refundable tax credits. I’m always afraid to get these tax things wrong.” — Jim T.

American record producer Dr. Dre (net worth: $500 million) once said: “The only two things that scare me are God and the IRS.” Always understand the tax code as it applies to you.

A non-refundable tax credit means that your credit can’t be used to increase your tax refund or to create a tax refund when you wouldn’t have already received one.

Refundable tax credits are called “refundable” because they can reduce your tax liability below zero and entitle you to a tax refund. If you qualify for a refundable credit and the amount of the credit is larger than the tax you owe, the IRS will send you a refund for the difference.

To make this distinction fit the context of my article: Let’s say the only tax credit you’re eligible for is a $700 Child and Dependent Care Expenses credit, but the tax you owe is only $300. The $400 excess is nonrefundable. The $300 owed will get wiped out, but you won’t get refunded for the remaining $400.

Paychecks for life…

Regarding my article “Rental Property Investing: Your Paycheck For Life” (May 19):

“I am considering building a small rental cottage behind my house to help finance my retirement. My house is paid for and I would have to take out a second mortgage loan to finance building the cottage. This is a high rent area and I could pay off the new loan in 4 – 5 years or I could let the loan run its course. What is your opinion?” — Patti F.

Patti, SEC rules prevent me from offering personalized investment advice. But generally, I can tell readers the following.

Building a cottage for renters is an excellent plan for generating steady income under any economic conditions. Fewer people can afford homes these days, which is increasing the population of renters while at the same time propelling rents ever higher. As for paying off the second mortgage sooner rather than later, the answer depends on other financial goals.

Paying off debt early can be a good idea. However, there’s “good” debt (such as low interest rate mortgages which also confer the mortgage interest deduction) and “bad” debt (e.g., high interest rate credit cards). If you make it your main goal to pay off good debt early, you might end up sacrificing other goals. Examine and rank your financial priorities; being debt free is only one of them. Financial leverage in the form of debt can be a useful tool.

Safeguarding medical data…

Regarding my article “How to Protect Your Medical Data From Cyber Crooks” (January 5):

“I believe that Medicare has replaced your SSN on its cards with a unique ID number. You may wish to check this out as your article says they still use your SSN.” — Tom R.

Tom, I double checked and you’re right. The change from a Social Security number to a unique Medicare number was made very recently. Thanks for your message and for helping us set the record straight.

Fifty years of profits…

“Please convey my personal thanks to Jim Pearce and the entire staff at Personal Finance who continue to do great financial analysis and great recommendations. I have been a subscriber for over 50 years, starting in Maryland, where I lived many years ago. I have lost count of the actual years. Best wishes for a happy, healthy, and prosperous new year.” — Gabe P.

Gabe, we appreciate your kind words and loyal readership. Thousands of investors like you have made money over the decades, through the advice of Jim Pearce and the team at Personal Finance.

PS: Personal Finance, our flagship newsletter, was founded in 1974 and it’s helmed by my colleague Jim Pearce. Want to follow Gabe’s example and tap the market-beating advice of this venerable publication? Click here for details.

John Persinos is the editorial director of Investing Daily.

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If you have any questions or feedback, please drop me a line: mailbag@investingdaily.com. I sometimes edit letters for concision and clarity, but I always do so with a light touch.