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....

Continue Reading...

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....

Continue Reading...

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!

Continue Reading...

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!

Continue Reading...

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.

Continue Reading...

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.

Continue Reading...

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!

Continue Reading...

S1, Ep.10: What is Chapter 7 Bankruptcy?

bankruptcy debt Jul 30, 2020

The dreaded "B" word--bankruptcy! So many of us believe it is the worst possible option and yet, it is sometimes the best solution that will have the least impact on your credit and financial future.

Continue Reading...

S1, Ep.9: Resolutions

Making a resolution is the easy part! In this episode, we discuss ways to accomplish your resolutions and how to avoid common pitfalls!

Continue Reading...

S1, Ep.8: The Sunk Cost Fallacy

We've all experienced that moment when you have poured time, money, and energy into something, but aren't feeling the return; and yet, we cannot walk away. This leads to many debt and credit issues down the road because we feel stopping equals giving up.

Continue Reading...
1 2

50% Complete

Two Step

Sign up to receive additional information to help you on your financial journey. We promise not to email too much!