Author Topic: Financial Planning and Tax Season here  (Read 1161 times)

Offline nfd2004

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Financial Planning and Tax Season here
« on: December 26, 2018, 09:42:29 AM »
 With Financial Planning and the Tax Season now approaching, it is time to review your financial situtation.

 Are you considering any investments ? Are you able to pay your bills, as well as save for that upcoming unexpected cost of car repairs, home repairs, medical expenses etc.

 In this first video a young lady ask "Should you save money or pay off debt" ?

 A well known financial expert answers that question for her. His name is Ric Edelman and for those within the NYC listening area, I believe he is on CBS News Radio - AM "88", every Sunday morning starting at 10 am. He also has many You Tube videos that he has posted regarding your money concerns and investments if you would like to watch them.

 Here is what Ric Edelman had to say about saving or paying off that debt.


  


 Here is another Tax Tip advisor giving you "his" idea on the "Top Ten Tax Tips" as he sees it.

 Perhaps some of you have seen him before. His name; Mr Irwin R Schyster, aka Mr I.R.S.


    


 

Nycfire.net

Financial Planning and Tax Season here
« on: December 26, 2018, 09:42:29 AM »

Offline kfd274

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Re: Financial Planning and Tax Season here
« Reply #1 on: December 27, 2018, 04:12:15 PM »
Uncle Willy

For years you have been an expert on food - White Castle, Mickey D's and so forth.   Is this a new area of of interest/expertise for you???  You amaze me.  Could you do a Financial Plan for me?   ;)   :)


Happy New Year Bill

Kevin

Offline memory master

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Re: Financial Planning and Tax Season here
« Reply #2 on: December 27, 2018, 05:59:35 PM »
My financial story was used as a record title = "Nothing From Nothing Is Nothing."

Offline nfd2004

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Re: Financial Planning and Tax Season here
« Reply #3 on: February 15, 2019, 10:35:45 AM »
 In a recent article of a local newspaper here (New London Day - February 13, 2019) there was a story titled:
 "7 Million Americans are THREE (3) Months BEHIND on Car Payments, a Red Flag for the Economy".

 I found that article to be of concern to many and not just the 7 million they talk about.

 In the First video posted here "Should you Save Money or Pay Off Debt", Mr Edelman mentioned that 80 % of our younger (millennium) generation could NOT come up with $400 in cash for an emergency if needed.

 Those are some pretty worrisome facts.

 According to that newspaper article of Feb 13, 2019, The Federal Reserve Bank of New York reported that the 7 Million is even MORE than during the wake of the financial crisis era. The bank also said there were over a million more troubled borrowers at the end of 2018 than there were in 2010.

 The article went on to say; A car loan is typically the FIRST payment people make. Most of the people who are behind in their bills have LOW Credit scores and are UNDER the age of 30 years old.

 At the same time auto loans have surged in the past several years as car sales kept growing and growing year after year.

 Speaking from my own experience many years ago, "my advice is NOT to get a car loan from a car dealership". That advice was also mentioned in that newspaper article. It said get the facts and numbers in writing and then go to a bank or credit union for that loan.

 I will later tell of my own experience in going through the car dealership for a new car loan. It happened a long time ago. But for me, as a young guy; "I made a serious costly mistake". It was a LESSON LEARNED that I will be glad to share with you.

 COMING NEXT - "MY COSTLY LESSON LEARNED"

Offline nfd2004

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Re: Financial Planning and Tax Season here
« Reply #4 on: February 17, 2019, 08:44:03 PM »
 "My Costly Lesson Learned".

 It was my wife's birthday and she needed a new car. The plan was to meet her for a birthday dinner then go surprise her with the new car.

 The car is ready and I just need to sign a few papers to drive it away. I get handed a stack of papers all in small print. I check the first one and it says the car payments are for 24 months. The salesman tells me he needs me to sign them all and they all say the same thing. So I just sign each one without reading them.

 Apparently in those 15 or so copies, was one or two that listed the payments for "36" months instead of the "24" months I had agreed to.

 So along with all the rest of the papers, it is near closing time and we get in the new car to drive it away.

 A few weeks later I get the payment book. Instead of 24 monthly payments, it is 36 monthly payments. I then look through my signed papers and sure enough, I signed for 36 months. A full year of extra car payments that I had been taken for. All they needed was two copies signed for 36 months. All the rest that probably said 24 months got tossed in the can.

 Never again did I get a car loan from a dealer. Always from a bank or credit union with all the figures in writing to show them.