Debt Therapy, S2, Ep. 3: To Rent or To Buy?

mortgage personal finance Oct 15, 2020
 

Everyone thinks it is a cut and dry decision, but it isn’t that simple. Each situation is different. Part of being financially savvy means understanding what works for you and your family.

In this episode, we dive into factors that you should consider when trying to decide to rent or buy. Because let's face it, owning isn't for everyone and neither is renting! 

Things to consider:

Do you know the location and are sure you want to stay for an extended period of time?

Do you anticipate living in the same area for at least five years?

Does your budget allow for covering rent and maintenance (you own it, you fix it)?

Are you buying for the right reasons?

Have you spent time renting to build credit, save for the down payment, and have extra funds to fix whatever may need to be fixed?

Listen to the whole episode for why you should consider these things before committing or passing on a home purchase!

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Debt Therapy, S2, Ep. 2: Debt Settlement with special guest Leslie Tayne

 

We welcome special guest Leslie Tayne, attorney and debt settlement expert to the Debt Therapy podcast for this episode. In this episode, we cover so many details involved with debt settlement so make sure you listen to it all—there are important pieces of information all the way to the end of this episode. 

First, how do you know a reputable company from a scam?

To answer that, you must first understand the difference between debt consolidation and debt settlement. If you are looking for a debt consolidation, that may include a loan with a lower interest rate, but the amount you are paying off remains the same. Debt settlement is different in the fact that they renegotiate the terms of your repayment with the creditors and agree to a structured repayment process with less debt.

Now that we understand the difference, let’s talk about protecting yourself. First, don’t be lured in or intimidated if someone has your information such as your total debt,...

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Debt Therapy, S2, Ep. 1: Welcome to Season 2

 
 

When we first took on this venture, we wanted to fill in the gaps that all of us seem to miss along the way. Schools don’t teach us about finances the way they used to. Because of that, we end up figuring things out through trial and error—which is sometimes detrimental to our futures.

This podcast keeps between 15-20 minutes per episode and helps explain certain concepts in personal finance. Nothing is too basic! We cover topics that are simplistic and complex—all of which are important to know in adulthood.

Our Debt Therapy podcast is here to help you overcome some of your spending habits and troubles. Plus, the more we talk about it and normalize it, the better! It means we will all get better with our money management. Let’s take away the embarrassment! You don’t know what you were never taught.

So don’t miss these episodes this season! We are going to have a lot of guests from insurance to mortgage brokers and more. These...

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S1, Ep.18: Bank Accounts

personal finance savings Aug 14, 2020

I have a six-year-old daughter with autism, and she has been saving in her home bank account. Well, the piggy bank is full and now she wants to know what to do with it. So, we decided to go to the bank, sit down with banker, and open you a savings account.

Instead of allowing online access, we made it so that she must track her deposits in her passbook. So she can learn to track it and know all the time what is in her account.

Why do we wait so long typically to introduce kids to finances? Go ahead and get them started earlier than 15-18 years old. There are so many people that don’t get their first account until they are leaving for college.

Many of my clients do not balance their checkbooks anymore. This is crucial despite having online access. So many times, we forget what we have paid, or which checks we have written and then end up overdrawn.

Also, good tip is to bank somewhere where you have a local contact. This avoids 1-800 numbers, misinformation, excessive fees, etc....

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S1, Ep.17: Refinancing

Thanks for joining us today for Debt Therapy. I'm your host, Jen Lee, and am ready to discuss refinancing with you today.

The most common loan you hear about refinancing is a mortgage. Back in the 80s, mortgage rates were normally around 15%. But today, the rates are hovering around 3%-4%. It makes it very desirable to refinance.

Length of time is something that many people do not factor in when looking to refinance their mortgage. If you have a mortgage that you have been paying on for 8 years, it is not recommended to refinance to another 30 year loan. You are essentially starting over and will pay more in interest. I would recommend at that point to look at a 15-year or 20-year mortgage. Depending on the rates, your overall payment may not change much, but the amount of interest you pay for the life of the loan will.

It is smart to exam your options side by side so you can see the difference in interest, loan length, total interest paying, and total principal being refinanced....

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S1, Ep.15: Answering Your Questions on Financial Advisors and Planners

In this episode, we sit down with Kim Damiani of Summit Financial Group to discuss the ins and outs of a financial advisor. She explains in details the differences between a financial advisor and planner, how to protect yourself and view records, and what things to look out for as you search for this kind of help.The most important thing to remember--a financial advisor and planner are useful at all stages of financial life! You do not have to well off to use their services. Listen to hear more about how these services can better your financial life!

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S1, Ep.16: Emergency Funds

COVID-19 has brought to light that most people don't have an emergency fund. What we discuss in this episode is first off, exactly what an emergency fund is, how to get started, and when to get started.Planning for emergencies is hard. Do you wait until debt is paid off? Do you put a little aside each month despite debts? What constitutes an emergency?All of these questions are important and are different for everyone. The important part is figuring it out for you!

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S1, Ep.14: Emergency Preparedness COVID-19

Times like this make us react in irrational ways when it comes to our finances--hence why all of the toilet paper has disappeared from the shelves! In this episode, we discuss why we do that and what are some ways to alleviate financial stress during this time.

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S1, Ep.13: They Went Broke

If you are having financial struggles, you are not alone! In this episode, we discuss famous people throughout history that also struggled with their finances and utilized bankruptcy to overcome the obstacle.

 
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S1, Ep.12: Benefits of Chapter 13 Bankruptcy

bankruptcy debt Jul 30, 2020

A few episodes back we discussed Chapter 7 bankruptcy. So now, we are going to move onto Chapter 13. Learn exactly what it is and how it works--who knows, you may be a good candidate for it!

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