Finding Your CAT
Key Takeaways When we first start off in life, we don’t always have the money right away to pay for financial services. Building yourself a CAT, or Collaborative Advisory Team, can help you get the financial services you need. As your wealth grows, so will your CAT as you continue to add other financial professionals […]
Gigging Cash Flow
Key Takeaways The rise of the gig economy has helped people build multiple streams of income. People choose to take on gig jobs for many different reasons, but it’s a great option to help pay down debt, save more, or earn some extra spending money. There are pros and cons to a gig job, to […]
Take Stock in Sam, Bond with Mike
Key Takeaways A stock is a share of ownership in a company, whereas a bond is a debt instrument with a set interest rate, time frame, payment intervals and principal payment at the end. Risk and reward are key with stocks and bonds. Stocks are riskier, with the reward greater, as well as the possible […]
Refinancing Student Debt – Gain Positive Arbitrage
Key Takeaways Positive arbitrage is the goal when refinancing federal and private student loan debt. There are several federal loan repayment programs that can lower your payments, and if you have a good credit score, you may be able to refinance your private loans, thus reducing those payments as well. Refinancing your loans and reducing […]
Complexity of Student Debt
Key Takeaways It’s important to know your options in choosing a loan to fund your education as there are big differences between federal and private loans. Federal loans have several flexible repayment options whereas private loans do not. Paying your first loan payment on time and in full helps build your credit and keep it […]
The State of Student Debt
Key Takeaways More than 70 percent of college graduates have outstanding student loans—with an average balance of $37,000—when they graduate. Studies show millennials are far more concerned about paying off student debt and increasing their savings than they are about their retirement. The sooner you can pay off student debt, the sooner you can start […]
Know Your Loan Basics
Key Takeaways Four basic components of any type of loan are time, interest rate, loan amount and payment. Young adults tend to have four types of loans: student, auto, credit card and mortgage. A good credit score will give you much better terms on any type of loan—and save you thousands of dollars over your […]
When Funding Your Child’s Education, Let’s Not Repeat History
Key Takeaways Student debt has doubled over the past seven years. Newly minted 2016 graduates have an average of $37,000 in debt—some have debt loads in the six figures. 529 plans are excellent, tax-advantaged ways for most parents and grandparents to save for a child’s education. Start saving as early as possible in the child’s […]
Used Car—Double the Benefits!
Key Takeaways Don’t tie up your cash when you’re young, but you have to be smart about your loan terms. Making slightly larger, or more frequent, payments than you’re required to can add up to HUGE savings down the road. A used car is often better than new when you’re young—especially when the savings is […]
Budget Now—Reap the Rewards Later
Key Takeaways Not having a budget is one of the leading causes of financial stress. Good budgeting comes down to having a handle on your income coming in and your expenses going out. I have three simple but powerful rules for budgeting (see below and related video above).