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....
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....
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.