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Do Ivy Leaguers Get Better Rates For Loans

As most of know, student debt is becoming the new silent killer for generation Y.   People in their 20’s and 30’s may need to find different alternatives on how to pay off their student debt or even how to refinance the debt.   Programs seem to be popping up all over the internet and I recently had the chance to interview Mike Cagney, CEO and Chairman of SoFi which is a company who can help with figuring out your student debt and more. If you need to refinance your student loans, SoFI (www.sofi.com) has some really cool programs: Fixed rates can start as low as 3.63% and variable rates even lower.  SoFi has its own specific underwriting process that allows them to be more selective with the types of students it loans to currently.   Think about it.  Better school, consistent job, etc. might mean you have a much better ability to pay back the lender. Unemployment protection is an excellent feature ...

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How About A $500,000 Tax Break For You?

Publication 523 may end up being your favorite IRS publication.  That is if you can really have an IRS publication that you really like.   When you sell your main home or primary residence, up to $250,000 may be excluded from your income.  The amount jumps up to$500,000 for married couples that sell their primary residence.  When individuals or couples start considering retirement decisions, they often don’t think about the equity in their house nor the tax treatment that may occur when they downsize their primary residence.  (source: IRS.gov) In order to meet the primary residence exclusion requirement you must meet the following requirements: You owned the residence for any two of the last five years. 24 months of 760 days. You occupied your residence for any two of the last five years. You haven’t used the exclusion within the last two years. If you are married you need to meet the following requirements: You are married and file a joint ...

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How Many Mailers for Mountain Property do You Get

You know what I’m talking about.  Those flyers you get in the mail for that fabulous property in the North Georgia mountains for some rock bottom price.  They usually have some picturesque view of a stream and a beautiful cabin in the corner.  How tempting is that?   4.3 acres with mountain views and river access for only $7,500.  And let’s not forget in big letters across the top “Land Liquidation” or “One Day Only” to get you to act quickly. So is this a good deal, or just clever marketing. Just like the hay day of the Timeshare sales strategy, if you go to check out one of these deals, you are going to get the hard seminar sales pitch.  You remember; you just had to sit thru a 90 minute presentation that ended up with you being cornered until you relented or forced your way out.  And the ‘From Only $7,500’ is not what you saw in the picture; ...

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Can You Ditch The Debt Collector?

An estimated 1 in 3 adults with a credit history — or 77 million people — are so far behind on some of their debt payments that their account has been put “in collections. “That’s a key finding from a new Urban Institute study. It examined non-mortgage debt, including credit card bills, car loans, medical bills, child support payments and even parking tickets. The debt in collections ranged from as little as $25 to a whopping $125,000. But the average amount owed was $5,200. (source money.cnn.com).   So, what happens when the debt collector comes calling for you? Don’t Ignore Them-  Look, it can be incredibly disheartening to have to deal with a debt collector, but at some point you will need to face the music.  These aren’t the days of BMG/Columbia 6 CD’s for a penny and then change your P.O. Box. (Although admittedly I got a ton of CD’s this way).  Changing your name, address, or phone number might help you ...

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The Top Five Things People Like To Steal

Tell me lies. Tell me sweet little lies. I do enjoy Fleetwood Mac’s music and for years people have been convincing themselves that there IS a difference between a lie and a ‘white lie’. Y ’know, the lies that don’t really count. If you asked most people on the street, they will vehemently deny ever having been a thief in their lifetime. However, most of us at one time or another have magically ‘borrowed’ something that wasn’t ours and conveniently it never got returned. Here is my top five list of things people like to steal. PENS- Does it really matter when you realize five minutes after leaving the Chinese takeout place that you lifted the one pen they had to sign off on the credit card slips. Nah! You ‘earned’ that pen from paying more than you should anyway . . . that is at least according to you. Whether it is a hotel room, the cube next door ...

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Five Vices That Could Ruin Your Financial Future

We all have vices.   For some people it is biting their nails when they are stressed out.  For others it is taping and watching every single episode of the Real Housewives on Bravo TV.   Some vices are innocent while others can get you in big trouble.  Here are five financial vices you want to avoid if your goal is to become rich. Gambling- I am not talking about placing a $5 bet on the NCAA basketball championships.   The lottery for most people (especially scratch off tickets) can be a very addictive habit and one that is tough to break.  Spending $40 a week on lottery tickets vs. $40 a week saving in an IRA could mean a large differential in your ability to be able to retire one day.  The odds of your numbers coming up are slim to none. New Cars- I know that there is nothing like the smell of a new car.   There’s also nothing like the ...

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Use The KISS Principle

Today it is more complicated than ever for the average investor to really understand how to pick a mutual fund.   Most novices may choose a fund if it has a 4-star or 5-star ranking.   Or they decide to pick a fund because they did a Google search for best returns and then select one from the top of list.  The truth is, most investors today would be lucky if they could name one or two actual positions that their mutual fund owns if they were asked.  In my opinion fund companies could become more friendly if they used the Keep It Simple Stupid principle. First, mutual fund companies should provide consumers some sort of simple x-ray software so when they choose to buy multiple funds from a fund company, an investor can at least have some idea about how much the different funds overlap.  Far too often, I see consumers who own three or four different mutual funds only to ...

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Listen To What The Baby Has To Say

I am a complete marketing junkie, so I have to give props to financial companies that take risks to launch edgy marketing campaigns.  Historically, investment companies are boring advertisers showing couples taking a bicycle ride, smelling the roses on their front porch, or some actor looking all serious on camera about the ‘serious’ investment company.   I was a bit melancholy this year to see the last installments of the E*Trade baby commercials which completed a tremendous six year run of ad spots. For a marketing campaign to be successful, it has to leave a mark etched in our mind that will last for many years to come.  Think about slogans like Nike’s Just Do It or Wendy’s Where’s The Beef that you can remember just like it was yesterday.   When the E*Trade baby aired during the Super Bowl in 2008, the commercial made us all laugh while at the same time beginning the drip the ideas of what we could ...

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Your Earnings Power Is All About Supply And Demand

Really? Doesn’t my formal college education matter?  Or whether or not I have an MBA?   Could the simple economic principle of supply and demand really dictate how income is earned in America?   Let’s take a look inside at what you desperately need to know if you want to earn more money in your career. I’ve been practicing financial advising for over 23 years and the people who truly build up extremely high level of incomes typically fall into three categories: Business Owners Sales People who rise in companies for staying in the same place more than 10 years What does this have to do with earning income? Well, there are certain skills in business that are trainable and certain skills in business that are learnable.  Gaining a keen understanding about which ones can make you money and why will dictate whether you too are successful in making lots of money. THOSE EARNING UNDER $100,000 The lowest general form of earners ...

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Selling Jewelry to Help Pay for College

Over the years I have met people who have sold their jewelry for hundreds of different reasons from saving the rain forests and donating to charities, to paying medical bills and forming a new business. We have helped clients pay for weddings and divorces, debt relief, retirement and to help family members in financial need. I can relate to all of these life events, but as a father, the one I relate to most easily is paying for my children’s education. We have helped many graduates pay off the debt that they have acquired while getting an education. We have also helped many parents and grandparents contribute to 529 plans – a tax-advantaged savings plan designed to help save for future college costs. Jewelry proceeds that are invested early have the time to grow tax free within a 529 plan and jewelry sold today, to pay down debt that could’ve accrued over the years, presents a much better financial footing ...

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