A quick review of the focus of the blog and the Miles Weekly Personal Finance Podcast, a vehicle by which to inform, educate, entertain, and cover the basics of personal finance, small business, investing, savings. The primary objective if there is one at all, to close the gap of “information asymmetry” and raise the minimum threshold of financial literacy to anyone that subscribes to the podcast or keeps up with the blog. In communications lingo The “A” End is the originating end or point of origination, for us that would be Episode #1 and Blog Post #1. Conversely the “Z” end is the terminating end, whereas the communications sent have been received. But don’t be fooled, the end also becomes the beginning and Z becomes A to start the cycle all over again. This is “Episode Number “Z”, we have reached the terminating end of these communications …successfully I might add. end.
Episode 65 is an interview Mr. Mark Clayborne of www.startupcreditrepairbusiness.com and author of an www.amazon.com bestselling book on personal credit repair “Hidden Credit Repair Secrets”. Mark Clayborne has established himself as an authority in the personal credit repair industry and now helps entrepreneurs get started in the business of credit repair as well. In this interview we discuss Fico scores, paying bills, credit utilization, the high cost of bad credit and authorized users among many other valuable and informative details. Mark Clayborne’s business model is all about how to get your personal credit on the right track.
Pay attention as you get yourself all wrapped up into Valentine’s Day. The flowers, cards and candy. Watch your spending and the spending of your courtier, if your paying close enough attention you’ll be able to see early signs of good financial behavior or terribly irresponsible spending. Either way while you sitting at that pre-fixe overpriced cold dinner looking into each others’ eyes, it’s a good time to ask, “hey, so how’s your credit?”. Pay attention to the surprise in their eyes, or the pleasure to share such information in an attempt to communicate their openess to discuss finance and the future. And when the bill comes back with no surprise “declined” comment, you realize …they might actually be a keeper.
This week’s episode focuses on the recent news surrounding “The Fiduciary Rule”, which has investors, retirement savers and would be investors trying to figure out just what exactly is “a fiduciary” to begin with. We’ve come to expect certain business relationships to work in our favor such with a lawyer, our doctors and even the little league coach sometimes, the same applies to many of the professionals that help us invest for the long term. Investing for retirement, such as IRA’s, 401k’s and similar plans that are handled or managed by investment advisors fall under the rule of fiduciary responsibility. However, new rules expand this definition to include more people who may be involved or have an influence on retirement investing guidance. And those new rules focus squarely on the people you trust to steer you and your money in the right direction for your “best interest”. And, not just steer your money into their pockets.
Now is the time to get into practice of working on a last quarter EOY (end of year) review of annual goals and a once over of your money situation. This week’s episode focus is on re-balancing the financial snapshot which may include everything from your different types of insurance to investments to savings, credit card interest rates and more. Review your financial picture and bring things into focus that may need a last minute tweaking for staying on point to meet whatever goals exist, while there’s still time to see a difference. Goals can range from reducing credit, credit balances, interest rates or saving enough for a great holiday season. If you have no specific goals, now is also a good time to maybe get some into focus, regardless of where you are, you may want to be better. Review and re-balance inflows and spending. Get On Game and Stay On Game.
Don’t Be a Sucker, Don’t Pay Into Usury. Be Sucker Free.
Usury is the practice of having or charging notoriously high interest, costs and fees attached to borrowing money. Federal and local governments try to protect consumers from the worst of the worst when it comes to such practices, but it’s usually after whatever company has already made a really good run and ripped off many people along the way. In the most conspicuous ways it can be seen in credit card rates, car loan rates, housing loan rates, (sure you’ve heard enough about the housing crisis to feel like an expert on the subject) and short term loans. Short term loans and fast cash payday loans probably being the most economically damaging of the bunch. Still, there’s the hidden usurious tactics, yes hidden, such as the 22% fee on money transfers and so on. Then there’s interest and fees on money that already belongs to you, instead of gaining or receiving interest, secondary financial companies are charging you for your own money. I know, crAzy RiGht? What kind of Sucker pays to get his or her own money. Be “Sucker Free”, don’t work for your money and then pay for your own money.
What’s The Truth About an Emergency Fund, Other Than The Fact That You Need One?
Typical standard advice is to have an emergency fund of 3 – 6 months worth of expenses in the case of an emergency, which depending, seems to be at least a monthly occurrence for many. This episode talks to the advice of nearly a year worth of household expenses sitting in an account just waiting for an emergency to happen. That would be great! Now, here’s a piece of everyday reality pie… if most people aren’t saving enough for retirement, people have a hard time following advice on how to just LIVE into retirement healthy, people don’t get their car oil changed until it’s literally turned into ink and finally, a high number of people are living paycheck to paycheck. All that being said, guess what? A lot of folks don’t have 3 – 6 months of emergency savings.
All hope isn’t lost though, folks are devising ways to make it in case of emergency. And as much as the finance gurus warn against it, a good number of those people rely on their retirement fund or anything else they can reach for. Friends and family support systems and even the family car may have to go if things get tight before you get your money right.
What does “Chicken and Waffles” have to do with sales tax? Everything. Regardless of the type of business you have or how good your product may be, in this case chicken and waffles, you had better pay your sales and use taxes. While small business income tax might require an accountant or tax professional, sales and use is pretty straightforward. Whatever the state sales tax is that your charging, tally it up monthly or quarterly and send it to the state to keep the wolves at bay (trust me, they are wolves). This is not a bill that you let get out of control. Although you may be short on funds, or maybe even spent it, which of course you shouldn’t, but if you did spend it there’s still some action to take on your part. Even if your business has really, really good chicken and waffles.
There are a lot of questions, concerns and just plain old curiosity surrounding the Brexit situation. Following our own financial meltdown in the United States and all of the crazy things that followed ranging from job losses, to people literally walking away from their homes and mortgages to portfolios getting completely crushed. People lost money like it was going out of style. So what’s up with Brexit, is it something like that? Will there be those sorts of residual problems? News reports are talking about 401k’s and IRA’s potentially taking a hit. What should someone do if anything right now? Financial Advisor, Camari Elllis breaks down the Brexit, the EU, Euros and what you should consider before making any presumptuous money moves.
OR… Maybe there is a OPPORTUNITY presenting itself loud and clear, just yelling “Over here, now is the time!” Remember Baron Rothschild, “buy when there is blood in the streets”.
Fast Cash for the cashless, that hopefully can’t pay it back.
This week’s episode highlights the downside of going after fast cash offers from payday lenders. Fast Cash offers have lured many in with the hopes of taking care of small urgent or even emergency events. However, fast cash payday lenders have been cited for their Nefarious predatory lending practices in many states, so much so that they have been banned. More and more states around the country are focusing on getting rid of fast cash payday lenders and now the federal government has targeted them as well with new guidelines. Consider options to getting fast cash in a hurry without potentially paying 400% and burning your bank account to the ground in the process.