Should I Refinance My Mortgage? Considerations And A Case Study.

Should I Refinance My Mortgage? Considerations And A Case Study.

Are you considering refinancing a mortgage given the current interest rate environment?⁣⁣⁣
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In this video, I break down some considerations when looking at a refinance including a unique case study as an example.⁣⁣⁣
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The biggest factors when looking at refinancing are:⁣⁣⁣
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1. The expected interest rate and term⁣⁣⁣
2. Any closing costs incurred ⁣⁣⁣
3. The equity in your home ⁣⁣⁣
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In this unique case study, I discuss how refinancing with a third party lender might not make sense if you’d be forced to pay private mortgage insurance (PMI).⁣⁣⁣
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In general, when considering if a refinance makes sense, you have to look at the breakpoint to recoup any costs incurred to get the lower interest rate.⁣⁣⁣
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It might be a no-brainer! However, if you’re not planning on being in the home for the foreseeable future, it might not make sense financially!⁣⁣⁣
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These are conversations I have with clients on a daily basis — financial planning is much more than just choosing investments!⁣⁣⁣

Should I Pay Down Debt Or Invest?

Should I Pay Down Debt Or Invest?

There’s no shame in having some unavoidable debt in your 20s and 30s.

However, it’s CRUCIAL to build a financial foundation of strong personal finance habits in order to advance to the next step of your financial life — wealth accumulation.

Until you have an understanding of the resources you’re working with, it’s hard to make decisions on how to maximize the free cash flow you have to pay down debt and ultimately, grow your net worth.

In this podcast episode, I discuss the pros and cons of investing versus paying down debt. This includes different debt repayment approaches such as “Snowball” versus “Avalanche”.

Although one may be more “mathematically” advantageous, the other provides the behavioral momentum to keep you on track towards progress.

I also discuss investing in the stock market and how that isn’t necessarily the right thing to do when you’re building your financial foundation. The market will still be around when you’re ready to start aggressively investing on an ongoing basis.

Best to develop valuable personal finance micro habits in the beginning! That way, you’ll be better equipped to avoid lifestyle inflation when your income inevitably increases!

Click the links below to access your desired platform to listen!

The full DO MORE WITH YOUR MONEY podcast episode is available on Apple PodcastsSpotify, and YouTube.

Lastly, don’t forget to connect with me on Twitter:

Should You Buy That Annuity? Don’t Make This mistake!

Should You Buy That Annuity? Don’t Make This mistake!

One of the BIGGEST financial decisions anyone can make is evaluating giving up a lump-sum of cash in exchange for a guaranteed income stream.⁣⁣
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It’s crucial to evaluate these options from a mathematical standpoint — making assumptions for how long you anticipate living and the income stream you receive along the way.⁣⁣
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Only then, can you determine what the different annualized rates of return would be based on how long the person lives.⁣⁣
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Annuities become more valuable the longer someone lives. This is the tradeoff the insurance company makes when providing an income stream in exchange for a lump-sum payment (annuity options vary substantially in complexity).⁣⁣
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Especially if you’re purchasing an annuity from a third party, you want to do your due diligence to make sure that the annuity is not just suitable, but is also in your best interest.⁣⁣
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In your best interest, meaning you’ve done a financial planning analysis factoring in your needs and goals.⁣⁣
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Then you can determine if the annuity option is really the best option — all factors considered.⁣⁣
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Food for thought.⁣⁣

Scroll down for the full video available on Instagram.

As always, to learn more about our financial planning and investing philosophy, be sure to check out the DO MORE WITH YOUR MONEY podcast, available on Apple PodcastsSpotify, and YouTube.

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⁣ One of the BIGGEST financial decisions anyone can make is evaluating giving up a lump-sum of cash in exchange for a guaranteed income stream.⁣⁣ ⁣⁣ It’s crucial to evaluate these options from a mathematical standpoint — making assumptions for how long you anticipate living and the income stream you receive along the way.⁣⁣ ⁣⁣ Only then, can you determine what the different annualized rates of return would be based on how long the person lives.⁣⁣ ⁣⁣ Annuities become more valuable the longer someone lives. This is the tradeoff the insurance company makes when providing an income stream in exchange for a lump-sum payment (annuity options vary substantially in complexity).⁣⁣ ⁣⁣ Especially if you’re purchasing an annuity from a third party, you want to do your due diligence to make sure that the annuity is not just suitable, but is also in your best interest.⁣⁣ ⁣⁣ In your best interest, meaning you’ve done a financial planning analysis factoring in your needs and goals.⁣⁣ ⁣⁣ Then you can determine if the annuity option is really the best option — all factors considered.⁣⁣ ⁣⁣ Food for thought.⁣⁣ ⁣⁣ ✌🏼 ⁣⁣ ⁣⁣ #annuity #income #retirementplanning #financialplanning ⁣⁣

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How To Maximize A Trust Fund You Don’t Currently Have Access To: Do More With Your Money Podcast

How To Maximize A Trust Fund You Don’t Currently Have Access To: Do More With Your Money Podcast

It’s standard for beneficiaries of a trust to not have access to the funds until a certain age (age 35 is common). Because assets held within an irrevocable trust are taxed at higher rates, there can be a lot of planning opportunities to maximize that money (if you’re being responsible).

The first step is to review the trust documents and see what the stipulations are for the intended use of the money. From there, you can work with the trustees depending on if they can make discretionary distributions.

In this podcast episode, I discuss some different ideas for making the most of that money, including filling up more tax-efficient accounts, paying down high-interest rate debt, and even funding a business endeavor.

I also discuss how you (ideally) want to make sure the trust is invested appropriately for your long term goals and needs.

The full DO MORE WITH YOUR MONEY podcast episode is available on Apple PodcastsSpotify, and YouTube.

Lastly, don’t forget to connect with me on Twitter:

New Podcast Episode: Robinhood Culture And The Rise Of Millennial Day Trading

New Podcast Episode: Robinhood Culture And The Rise Of Millennial Day Trading

Day trading is nothing new. Whenever financial markets start to get extraordinarily volatile you tend to see an increase in the number of new day traders enter the market.

Add in the element of sports gambling being diminished (due to the pandemic), and you get a recipe for increased speculation from those looking to make quick gains.

In this podcast episode, I talk about the difference between entertainers and those providing real practical financial advice AND why it’s important to keep the proper perspective when making investment decisions. Keeping the proper perspective is crucial to avoiding the BIG mistake, and ultimately, continuing to build on good financial habits.

The full DO MORE WITH YOUR MONEY podcast episode is available on Apple PodcastsSpotify, and YouTube.

Lastly, don’t forget to connect with me on Twitter: