Consolidate Student Loan Benefits and Problems

Student Loans 1 Comment »

Find it hard to find unbiased information on student loan consolidation? Let me help with that. When I graduated from college, I had somewhere around $12,000 in student loan debt. Seeing how I would have multiple payments to different lenders, and fearing increasing rates over time (yes, your rate can vary depending on the loan type and the lender), I decided to investigate a potential consolidate student loan. But before I tell you what decision I made, let me give you a few benefits and problems with student loan consolidation:

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5 Things You Need to Know About Adjustable Rate Mortage Loans

Mortgages No Comments »

An adjustable rate mortgage (often referred to as an ARM) is a type of loan that offers a varying rate of interest at different times during the repayment period. These rate changes often occur on an annual basis, and depend on market conditions as to whether the rate will increase or decrease. ARMs are attractive because they usually offer lower initial rates of interest than comparable fixed rate mortages. The 5 things you need to know about adjustable rate mortgages are:

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Invest in a Traditional IRA or a Roth IRA?

Retirement Investing 1 Comment »

Deciding whether to invest in a Traditional IRA or a Roth IRA can be a difficult decision, especially if you are unaware of the differences.  A Traditional IRA is an approach typically taken with an employer sponsored plan where before-tax dollars are contributed, thus allowing the employee/investor to invest more money over the life of the IRA.  However, a Traditional IRA is subject to income tax at the time of withdrawal (typically retirement).

On the other hand, a Roth IRA is funded with after tax dollars, and none of the principal or growth of the fund is subject to taxation at withdrawal.  All tax has been paid before money is ever invested, and the government allows for tax free growth.  Sounds like the better option, huh?  Lets look at example and find out.

This graph shows the result of 30 years of investing between a Traditional IRA and Roth IRA, assuming the investor gets an 8% return, contributes $200/month to the Traditional IRA, and only $160/month with a Roth IRA (due to an assumed 20% taxation before investing).

Total amount accumulated after 30 years of investing.

As you can see, the Traditional IRA accumulates approximately $60,000 more than the Roth IRA.  But wait Jeffry, the Roth IRA doesn’t get taxed during retirement and the Traditional IRA does, won’t I end up with more if I go with the Roth IRA?  Maybe, maybe not.

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Pay Off Debt with Debt Stacking

Paying Off Debt 4 Comments »

If you have multiple credit cards and a lot of debt, debt stacking is the best method to maximize your payments to the credit cards. I was once in $12,000 worth of credit card debt, and used this method to pay the balance off in less than 2 years. Simply put, the system uses the principle of attacking the highest interest rate credit card first, while only making minimum payments to the other cards. Let’s look at an example:

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Personal Finance Resources Debut

Miscellaneous 1 Comment »

Hi, my name is Jeffry Evans, an educated man with a passion for finance and investing.  In particular, I have solid experience in the areas of personal finance, budgeting, investing for the beginner/little guy (particularly in real estate), and creating a plan to save for the future.  With the ever-increasing age of retirement, I find it difficult to believe that I should give 40+ years to a career, and have no time for church, the work of God, family or friends.  You shouldn’t have to either.

This blog is devoted to helping people reach their financial goals.  I will personally make myself available to you to answer questions, and to seek out information in the case that I do not already have an answer for you.  My commitment to you will be to lend you a hand any way possible.

 Yours for success,

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 Jeffry Evans


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