Master your money: have plenty of financial questions, but few answers? Start moving up the learning curve with our 10 things you need to know about your finances.

MANY MIGHT ASSUME THAT AN ATTORNEY WOULD have all the answers. That was not the case with Lott Rolfe. The 35-year-old from Little Rock, Arkansas, had a whole battery of questions about his finances: How could he and his wife, Terry, crank up their retirement savings? What kind of Individual Retirement Account was right for him? And how could he and his wife get their daughter; Taylor, 8, and son, Austin, 5, started on the path toward a secure financial future?

Not that the Rolfes were slacking by any stretch. Rolfe helps head his own firm, Rolfe Law Firm, and his wife, 36, a former DNA analyst at the Arkansas State Crime Lab, is now a stay-at-home mom. But finances can be a confusing maze, and the Rolfes needed a little guidance in getting through. So in 2006 and with the help of a financial planner, they got serious about their finances. Since then, they've boosted their retirement savings by setting up IRAs to complement their existing 403(b) plans; established 529 college savings plans for their children; and are working toward building a $2 million nest egg.

"We don't want to have to work at age 70," says Rolfe, who specializes in criminal defense and family law. "We want to have our kids set up for their educational expenses, be able to sit down and enjoy life, and achieve dreams like going on an African safari. Most of all, we want the freedom to do whatever we want to do."

Rolfe's financial concerns are shared by countless Americans. In fact, here at BLACK ENTERPRISE, we get financial questions all the time from readers. That's why we've compiled a guide to 10 of the most common queries that we receive. With the help of financial planners, credit gums, retirement savings experts, and folks who have dealt with these head-scratchers themselves, we've come up with the best strategies.

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(1) I can't pay my tax bill; what do I do?

HAVING THE INTERNAL REVENUE SERVICE ON YOU back is like living in a nightmare. Unfortunately, you're not going to be able to wake up. Filing for bankruptcy is likely not going to erase some types of debts, such as child support, student loans, or back taxes. And the late charges and penalties involved can multiply what you owe many times over, dwarfing the initial amount. Your only real solution is to contact the IRS and request a payment plan. The government would rather get the money over a long period of time than get nothing at all, so you might be surprised by how receptive it is to setting up an extended payment plan (60 months, say) with a reasonable interest rate. If you're in dire economic straits, contact the Taxpayer Advocate Service at 877-777-4778, to find assistance from someone in your area.

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If you can afford it, having a tax attorney working on your behalf might also be a huge help. She will know the intricacies of tax law and might be able to negotiate a lower balance. "Accountants are very good at doing what the average person just can't," says Cole. "In fact, they're so sophisticated in understanding the tax system that they might find you don't owe the IRS any money at all."

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(2) Should I borrow from my 401(k) to buy a home?

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THE GOOD NEWS: MORE AMERICANS than ever--more than 50 million, according to the Profit Sharing/401(k) Council of America--are contributing to their 401(k) plans. The bad news: There's more temptation than ever to raid that growing pot of money. But borrowing against your 401(k) is unwise. "It should really be a last resort," says Jason Cole, managing director of Abacus Wealth Partners in Philadelphia. "Once you think you can borrow from your 401(k) like any credit line, you're getting yourself into very dangerous territory. A 401(k) just shouldn't be used as a vehicle to afford your home."

Another caveat: If you change jobs, you have to pay all that borrowed money back in short order. If you can't, it will be treated as an early withdrawal, subject to applicable income taxes and a 10% penalty. Consequently, even if you get your dream job offer, you may be inextricably tied to your current job. "If I'm an employer, I love [workers who keep] borrowing from 401(k)s, because people will always think twice about leaving me," says Alvin Rogers, a certified financial planner with Financial Legacy Management Inc. in Little Rock, Arkansas.

Of course, there are a few exceptions to this rule but buying a home isn't one of them. Maybe you're drowning in credit card debt with a 28% interest rate and you need to get a handle on the debt before it completely swallows your finances. Or maybe you have sudden and unexpected medical or IRS bills that your emergency fund can't cover. In such extreme situations, you can think about borrowing from your 401(k). But remember: Every time you make a withdrawal, that's less money compounding toward a secure retirement.

Be mindful that, though you will be repaying yourself interest on the loan, it be lower than the return you might expect on your 401(k) investments. To fully appreciate the difference in value over time, use the "Should I borrow from my 401(k) plan?" calculator on Bankrate.com.

(3) How can I catch up on my retirement savings?

FOR LEGENDARY STORIES OF people frittering away their fortune, you need look no further than "Iron" Mike Tyson. The former heavyweight boxing champ earned millions of dollars, only to end up broke once his career slowed down. This all-too-common scenario scares the daylights out of up-and-coming heavyweight Eddie Chambers. So to create a solid financial future, Chambers, 26, has committed to investing 25% of his earnings in a variety of savings vehicles, including an IRA. While Chambers' savings are small so far, his growing purses should ensure a solid foundation for his family.

"Some boxers spend until it's all gone," he says. "I'm not going to do that. I'm going to save, pay taxes, and do all the things I'm supposed to do. By keeping my money, I'm going to keep my family financially safe."

If you're behind on a savings plan, there are things you can do to catch up. If your company offers a 401(k) match, contribute at least up to that percentage, because it's basically free money. Ideally, go beyond that and max out, to the 2008 ceiling of $15,500. If you're Over 50, you can make an additional catch-up contribution of $5,000. Outside of your 401(k) or 403(b), you can contribute up to $5,000 annually (or $6,000 for those 50 and over) to an IRA.

"Earn more, spend less, save more," quips Lanta Evans-Motte, a financial adviser with Raymond James in Calverton, Maryland, and president of the Association of African-American Financial Advisors. "The government is making it easier to save for retirement, and there are many advantages to using a combination of savings vehicles if you're trying to catch up."

For tools and guidance in managing your 401(k) visit www.401khelpcenter.com.

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(4) How can I avoid foreclosure?

MILLIONS OF AMERICANS SIGNED LIP for adjustable-rate mortgages with low teaser interest rates that were scheduled to spike in a few years, often resulting in unmanageable monthly payments. The crisis has reached such proportions that the federal government and major lenders have hammered out an agreement to freeze interest rates for some borrowers. The plan will halt rate increases for five years for subprime borrowers who took out ARM loans between Jan. 1, 2005, and July 31, 2007, and whose monthly payments are slated to rise more than 10% this year. The loans can't be more than 30 days late, and you have to have a credit score of less than 660.

Discussions are continuing over whether the freeze will be extended to more borrowers. But for those who don't qualify under those terms, all is not lost. The Federal Housing Administration's FHASecure program (800-CALL-FHA; www.fha.gov/.fhasecure), set up last August to help borrowers refinance into more affordable loans, has already helped 53,000 families. You can also contact the Hope Now Alliance (888-995-HOPE; www.hopenow.com), a coalition of lenders and counselors who might be able to suggest additional options.

Remember that a foreclosure is also financially painful for the bank so it's in everyone's interest to keep you in your home.

For a wide range of information on how to avoid foreclosure, visit the Website of the U.S. Department of Housing and Urban Development, www.hud.gov.

(5) Does online banking put me at risk?

IF ONLINE BANKING HAD A SALESMAN, IT WOULD be William Richardson. The 47-year-old Tucson, Arizona-based OB/GYN loves having his bank at his fingertips. "I don't even like going into regular banks, period," says Richardson. "Going online is so convenient, and it's real-time, so I don't have to wait for transactions to be processed by hand."

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In fact, 48 million American households did some online banking in 2007, protected by "Pentagon-grade encryption technology and intricate firewalls," according to the American Bankers Association. Bank regulators have also recently mandated major security upgrades. Nonetheless, personal records do occasionally get compromised. So whether your financial transactions are on paper or online, protect yourself by monitoring your credit report. TransUnion offers instant notification of credit report changes as part of its $14.95 monthly package. For more on protecting your information online, visit the Federal Trade Commission's Bureau of Consumer Protection, www.ftc.gov/bcp.

(6) Is a Roth IRA better than a traditional IRA?