Good Financial Reads: Making a Big Purchase?

Following along with the blogs of financial advisors is a great way to access valuable, educational information about finance — and it doesn’t cost you a thing! Our financial planners love to share their knowledge and help everyone regardless of age or assets.

Catch up on the latest posts with this week's roundup:

Big Purchase

by Quentara Costa, POWWOW, LLC

So many clients with stories about their fabulous vacation, and they’re having a hard time accepting it’s over.  They come home refreshed, and more importantly, with fiscally responsible ideas…

• If the house received a face lift they wouldn’t be so desperate for a costly vacation.
• If they had a pizza oven and a pool, they could vacation in the backyard all summer.
• If they remodeled the bathroom, the spa getaways would be unnecessary.
• If they owned a timeshare, they could take the same vacation for a discounted price.
• If they bought a vacation home, they could vacation longer and/or make rental income.

[Read the Full Article]

Why and How to Pay Cash for Your Next Vehicle

by Ben Wacek, Wacek Financial Planning, LLC

Cars are expensive. The average American spends almost $9,000 per year per vehicle on repairs, fuel, insurance, taxes, and car payments. Add on that cars rapidly depreciate in value and it is quick to see why decisions about purchasing a vehicle significantly impact your financial picture. But you aren’t reading this post to be convinced that cars are expensive; you already knew that. Rather, this article focuses on the costs of car ownership that you can control. Namely, this article shares how to eliminate car payments altogether by paying cash for your next vehicle.

[Read the Full Article]

What To Consider Before You Get a Loan

by Vid Ponnapalli, Unique Financial Advisors

My friend Sammy recently bragged to me about the luxury car he bought using borrowed funds. He proudly said his loan terms were 0% for 60 months, and his monthly payment of $995 is all principal, no interest!

Sound familiar?

Interest rates are low, and if you have a great credit score, many lenders are eager to offer you very attractive terms to borrow. Should you jump in and acquire the debt? Even after you’ve analyzed the costs from various sources and decided on the best offering, taking on a loan may not be a good move—at least, not without asking yourself these three questions.

[Read the Full Article]

Let's Talk About Debt, Baby

by Deb Meyer, WorthyNest

Last month, we talked about building wealth in the context of better job satisfaction and earnings potential.  Now, let’s switch gears and focus on debt. 

TRUE OR FALSE?  SOME DEBT CAN BE GOOD. 

TRUE. 

[Read the Full Article]