Credit allows you to purchase items before paying for them in full. Having good credit is important for obtaining loans at lower interest rates. Managing your finances well through tracking income and expenses, setting goals, and only spending what you have planned helps build good credit over time. Mistakes like late payments or defaulting on loans can seriously damage your creditworthiness and cost significantly more in interest for future loans. Bankruptcy should only be considered as a last resort if you are unable to work with creditors on repayment plans. Maintaining open communication and fulfilling commitments is key to credit health.
The Loan Estimate: This form will be provided to consumers within three business days after they submit a loan application. It replaces the early Truth in Lending statement and the Good Faith Estimate, and provides a summary of the key loan terms and estimated loan and closing costs. Consumers can use this new form to compare the costs and features of different loans.
The Loan Estimate: This form will be provided to consumers within three business days after they submit a loan application. It replaces the early Truth in Lending statement and the Good Faith Estimate, and provides a summary of the key loan terms and estimated loan and closing costs. Consumers can use this new form to compare the costs and features of different loans.
Open House in West Covina Sat December 13, 2014
Call Alimon Williams for a FHA or conventional preqaul. Phone 909-529-1294, website www.pdmtg.com/alimonwilliams, awilliams@pwhomeloans.com
Annie Williams Real Estate Report December 2017Jon Weaver
The median price of condos/townhomes gained 31.2% over last November. The average price was up 27.3% yearover-year. Home prices, on the other hand, slipped from the record high they made in October. Nevertheless, the median price for single-family, re-sale homes was up 33% over last November. The average price gained 21%. Multiple offers continue to be the norm. The sales price to list price ratio, or what buyers are paying over what sellers are asking remains at triple digits: 111.5% for homes and 103.9% for condos/townhomes.
5908 Miramonte Ave, Los Angeles For Sale, Newly RenovatedAlimon Williams
Los Angeles 3 Unit Building For Sale on a quiet residential street. great for someone to live in one and rent the others. All units are 2 bedrooms and 1bathrooms, with a nice size yard with a lot of shade.
InKnowVision October 2013 Case Study - Lewis FWGAInKnowVision
Duncan and Tina are both 65. They live a comfortable lifestyle, spending about $1,600,000 a year after taxes and gifting about $2,000,000 a year to their family foundation. With assets worth approximately $62M and annual income of over $7M, they currently pay just over $2M a year in income taxes and have an increasing estate tax and ongoing income tax exposure.
The primary planning goals are to:
-Make sure that they have sufficient funds to live on for the rest of their lives (approx. $1,600,000/yr. after taxes and gifts).
-Assure that Duncan's, Inc. does not have to be liquidated as a result of their death.
-Provide a successful transition of the business to their son, Jason, while ensuring an equal inheritance for their son, Jeremy. They would like to leave 50% of their estate to Jason & Jeremy and another 25% to their grandchildren and other family members.
-They wish to continue annual giving to their family foundation and ultimately leave 25% of their estate to the foundation at death.
-Make sure the company buy/sell agreement accurately reflects the wishes of the family owners in the most tax efficient manner possible.
-Eliminate or reduce estate taxes.
Life Insurance Trusts and Charitable Planning Techniquesscoop85
Learn techniques to provide protection for life insurance proceeds against estate tax exposure and creditors, and how to integrate charitable planning techniques that benefit the client and their family as well as selected charities.
MIDAS (http://mid.as/) is a complete web based scheduling solution that gives you complete control over your room bookings & resource scheduling. This presentation outlines some of the features of the software. You can find out more at http://mid.as/
Open House in West Covina Sat December 13, 2014
Call Alimon Williams for a FHA or conventional preqaul. Phone 909-529-1294, website www.pdmtg.com/alimonwilliams, awilliams@pwhomeloans.com
Annie Williams Real Estate Report December 2017Jon Weaver
The median price of condos/townhomes gained 31.2% over last November. The average price was up 27.3% yearover-year. Home prices, on the other hand, slipped from the record high they made in October. Nevertheless, the median price for single-family, re-sale homes was up 33% over last November. The average price gained 21%. Multiple offers continue to be the norm. The sales price to list price ratio, or what buyers are paying over what sellers are asking remains at triple digits: 111.5% for homes and 103.9% for condos/townhomes.
5908 Miramonte Ave, Los Angeles For Sale, Newly RenovatedAlimon Williams
Los Angeles 3 Unit Building For Sale on a quiet residential street. great for someone to live in one and rent the others. All units are 2 bedrooms and 1bathrooms, with a nice size yard with a lot of shade.
InKnowVision October 2013 Case Study - Lewis FWGAInKnowVision
Duncan and Tina are both 65. They live a comfortable lifestyle, spending about $1,600,000 a year after taxes and gifting about $2,000,000 a year to their family foundation. With assets worth approximately $62M and annual income of over $7M, they currently pay just over $2M a year in income taxes and have an increasing estate tax and ongoing income tax exposure.
The primary planning goals are to:
-Make sure that they have sufficient funds to live on for the rest of their lives (approx. $1,600,000/yr. after taxes and gifts).
-Assure that Duncan's, Inc. does not have to be liquidated as a result of their death.
-Provide a successful transition of the business to their son, Jason, while ensuring an equal inheritance for their son, Jeremy. They would like to leave 50% of their estate to Jason & Jeremy and another 25% to their grandchildren and other family members.
-They wish to continue annual giving to their family foundation and ultimately leave 25% of their estate to the foundation at death.
-Make sure the company buy/sell agreement accurately reflects the wishes of the family owners in the most tax efficient manner possible.
-Eliminate or reduce estate taxes.
Life Insurance Trusts and Charitable Planning Techniquesscoop85
Learn techniques to provide protection for life insurance proceeds against estate tax exposure and creditors, and how to integrate charitable planning techniques that benefit the client and their family as well as selected charities.
MIDAS (http://mid.as/) is a complete web based scheduling solution that gives you complete control over your room bookings & resource scheduling. This presentation outlines some of the features of the software. You can find out more at http://mid.as/
This webinar is a reminder of the environmental reporting requirements including how to add new data to the Creative IG Tools, plus a special focus on: top tips on how to identify, manage and reduce the environmental impacts of your productions and exhibitions.
MIDAS - Web Based Room & Resource Scheduling Software - User ManualMIDAS
This is the complete User Manual for MIDAS (http://mid.as/), a complete web based scheduling solution giving you complete control over your room bookings & resource scheduling. You can find out more about MIDAS at http://mid.as/
MIDAS - Web Based Room & Resource Scheduling Software - LDAP (Active Director...MIDAS
This is the complete User Manual for MIDAS (http://mid.as/), a complete web based scheduling solution giving you complete control over your room bookings & resource scheduling. You can find out more about MIDAS at http://mid.as/
A YouTube Case Study. How YouTube works? How it became world's third most popular website in the world? How it all started? From YouTube in 2004 to 2014.
MIDAS - Web Based Room & Resource Scheduling Software - User ManualMIDAS
This is the complete User Manual for MIDAS (http://mid.as/), a complete web based scheduling solution giving you complete control over your room bookings & resource scheduling. You can find out more about MIDAS at http://mid.as/
This is an opportunity that the american people can learn how to bank like a bank. Think when the back close they don\'t use no one to move money. They use a sophisticated software solutions to move and grow money. They use a Mathematical Algorithm. So, if a bank uses Algorithms to build wealth why can\'t the consumer can use an Algorithm to save money and build wealth. Contact me I can show you how you can do this just with your income you bring home now.
J ZAPPA REALTY CORP offers qualified individuals and corporations a way to utilize their available funds to achieve the highest returns on their principal through Private Mortgage Lending . This is a proven investment strategy that has been used by the most sophisticated of investors. By offering first lien positions on our properties, we can offer between a 4 - 10% return secured by a mortgage - a mortgage on properties with built-in equity as these deals were negotiated with lenders and purchased below market value.
I've been able to pay off $24,000 in principal in just 18 months and am on track to be completely out of debt in 13 years. Would you like to know how I'm doing it? See how this innovative software program along with personal coaching can help you get out of all debt in 1/2 to 1/3 the time without having to refinance, make bi-weekly payments and with little to no change in your standard of living. Use the money you save to build up your retirement portfolio, go on vacation or buy a second or investment property. Free analysis will tell you the exact month and day you can begin living your dreams of financial freedom!
2. Why should you have a plan for your money?
1. So your basic needs are covered
2. So you can get what you want (when you can afford it)
3. So you don’t overspend
4. So you don’t have to get all stressed out or feel guilty
about what you spend
3.
4. Financial Planning Step 1: Think it
S.M.A.R.T. goals are goals that are:
S – Specific
M – Measurable
A – Attainable
R – Realistic
T – Time Based
5. Financial Planning Step 2: Track it
Keep track of your income for a month:
Paychecks…………………………. $600
Allowance………………………….$80
Gas money from friends…….$40
Total…………………………….…..$720
Keep track of how much you spend in a
month:
Lunch….……………………………. $160
Gas…………………………………… $80
Cell Phone Bill………………..….$95
Netflix……………………………….$9
Car Payment…..…….…………..$200
Total………………………………..$544
6. Financial Planning Step 3: Plan It
Get it on paper
1. Write down your income – be specific
2. Write down your PYF goal
3. Write down your expenses – be specific
4. Do the math.
9. Financial Planning Step 4: Do it
1. Commit
Only spend what you have planned to spend
2. Stay on track
Using your tracking system…
Track your spending and compare it to your plan.
Track your income and compare it to your plan.
Often.
3. Adjust as needed
Income increases. Or decreases.
Goals change and you want to make a purchase that will
require credit.
11. What is Credit?
1. The ability to get things before you pay for
them because someone trusts that you
will pay for the items in the future.
2. Money someone is willing to loan to you.
12. What is Debt?
1. The state of owing money
2. The amount of money you owe
13. What is a Loan?
Money that is borrowed and is expected to be paid back…
with interest
An installment loan is a loan repaid
with a fixed number of equal payments.
14. What is Interest?
Money you pay back on top of the money you
borrowed.
Why are you charged interest?
Because you are delaying the repayment of
money that was lent to you.
16. What is APR?
Annual Percentage Rate.
Expressed as a percent of the amount borrowed.
Translated into a dollar amount.
This is what it will cost you to borrow money.
This is the price of your loan.
17. What is Collateral?
An asset promised as security
for repayment of a loan.
If you do not make your payments, the lender has
the right to take your “collateral” as payment.
18. What is Secured Debt?
Debt that is guaranteed by collateral.
19. What is Unsecured Debt?
Debt that you guarantee only with your word.
20. What is Equity?
The difference between the value of
your collateral and the amount you still owe on the loan.
Value – Principal Owed = Equity
Your car is worth $14,000
You owe $8,000
Your Equity = $6,000
21. Why put down a
Down Payment?
1. Lowers your monthly payments
2. Shows the lender you have vested interest
3. Increases your equity in the vehicle
22. What is a Credit Report?
A record of your credit activities.
It lists credit-card accounts or loans you may have,
past and present.
It shows the balances and
how regularly you make your payments.
It also shows if any action has been taken against you
because of bills you didn’t pay.
23. What is a Credit Score?
A number that measures how likely
you are to repay debt on time.
It's calculated and based on
your history of repaying debt.
25. Who can see my Credit Report?
(1) Creditors
(2) Employers and Potential Employers
(3) Insurance Agencies
(4) Government Agencies
(5) Judges
(6) Landlords
(7) Yourself (if you’re at least 18)
Go to AnnualCreditReport.com
(8) Anyone you specify in writing
27. How Much Does Bad Credit Behavior Cost?
Borrower Terry R. Fernando G. Violeta B.
Principal $20,000 $20,000 $20,000
Credit Score
Interest Rate
Payment
Term
Interest Paid
Total Paid
Difference
28. How Much Does Bad Credit Behavior Cost?
Borrower Terry R. Fernando G. Violeta B.
Principal $20,000 $20,000 $20,000
Credit Score 832
Interest Rate
Payment
Term
Interest Paid
Total Paid
Difference
29. How Much Does Bad Credit Behavior Cost?
Borrower Terry R. Fernando G. Violeta B.
Principal $20,000 $20,000 $20,000
Credit Score 832 691
Interest Rate
Payment
Term
Interest Paid
Total Paid
Difference
30. How Much Does Bad Credit Behavior Cost?
Borrower Terry R. Fernando G. Violeta B.
Principal $20,000 $20,000 $20,000
Credit Score 832 691 577
Interest Rate
Payment
Term
Interest Paid
Total Paid
Difference
31. How Much Does Bad Credit Behavior Cost?
Borrower Terry R. Fernando G. Violeta B.
Principal $20,000 $20,000 $20,000
Credit Score 832 691 577
Interest Rate 2.43%
Payment
Term
Interest Paid
Total Paid
Difference
32. How Much Does Bad Credit Behavior Cost?
Borrower Terry R. Fernando G. Violeta B.
Principal $20,000 $20,000 $20,000
Credit Score 832 691 577
Interest Rate 2.43% 5.19%
Payment
Term
Interest Paid
Total Paid
Difference
33. How Much Does Bad Credit Behavior Cost?
Borrower Terry R. Fernando G. Violeta B.
Principal $20,000 $20,000 $20,000
Credit Score 832 691 577
Interest Rate 2.43% 5.19% 16.73%
Payment
Term
Interest Paid
Total Paid
Difference
34. How Much Does Bad Credit Behavior Cost?
Borrower Terry R. Fernando G. Violeta B.
Principal $20,000 $20,000 $20,000
Credit Score 832 691 577
Interest Rate 2.43% 5.19% 16.73%
Payment $355
Term
Interest Paid
Total Paid
Difference
35. How Much Does Bad Credit Behavior Cost?
Borrower Terry R. Fernando G. Violeta B.
Principal $20,000 $20,000 $20,000
Credit Score 832 691 577
Interest Rate 2.43% 5.19% 16.73%
Payment $355 $380
Term
Interest Paid
Total Paid
Difference
36. How Much Does Bad Credit Behavior Cost?
Borrower Terry R. Fernando G. Violeta B.
Principal $20,000 $20,000 $20,000
Credit Score 832 691 577
Interest Rate 2.43% 5.19% 16.73%
Payment $355 $380 $495
Term
Interest Paid
Total Paid
Difference
37. How Much Does Bad Credit Behavior Cost?
Borrower Terry R. Fernando G. Violeta B.
Principal $20,000 $20,000 $20,000
Credit Score 832 691 577
Interest Rate 2.43% 5.19% 16.73%
Payment $355 $380 $495
Term 60 months 60 months 60 months
Interest Paid
Total Paid
Difference
38. How Much Does Bad Credit Behavior Cost?
Borrower Terry R. Fernando G. Violeta B.
Principal $20,000 $20,000 $20,000
Credit Score 832 691 577
Interest Rate 2.43% 5.19% 16.73%
Payment $355 $380 $495
Term 60 months 60 months 60 months
Interest Paid $1,300
Total Paid
Difference
39. How Much Does Bad Credit Behavior Cost?
Borrower Terry R. Fernando G. Violeta B.
Principal $20,000 $20,000 $20,000
Credit Score 832 691 577
Interest Rate 2.43% 5.19% 16.73%
Payment $355 $380 $495
Term 60 months 60 months 60 months
Interest Paid $1,300 $2,800
Total Paid
Difference
40. How Much Does Bad Credit Behavior Cost?
Borrower Terry R. Fernando G. Violeta B.
Principal $20,000 $20,000 $20,000
Credit Score 832 691 577
Interest Rate 2.43% 5.19% 16.73%
Payment $355 $380 $495
Term 60 months 60 months 60 months
Interest Paid $1,300 $2,800 $9,700
Total Paid
Difference
41. How Much Does Bad Credit Behavior Cost?
Borrower Terry R. Fernando G. Violeta B.
Principal $20,000 $20,000 $20,000
Credit Score 832 691 577
Interest Rate 2.43% 5.19% 16.73%
Payment $355 $380 $495
Term 60 months 60 months 60 months
Interest Paid $1,300 $2,800 $9,700
Total Paid $21,300
Difference
42. How Much Does Bad Credit Behavior Cost?
Borrower Terry R. Fernando G. Violeta B.
Principal $20,000 $20,000 $20,000
Credit Score 832 691 577
Interest Rate 2.43% 5.19% 16.73%
Payment $355 $380 $495
Term 60 months 60 months 60 months
Interest Paid $1,300 $2,800 $9,700
Total Paid $21,300 $22,800
Difference
43. How Much Does Bad Credit Behavior Cost?
Borrower Terry R. Fernando G. Violeta B.
Principal $20,000 $20,000 $20,000
Credit Score 832 691 577
Interest Rate 2.43% 5.19% 16.73%
Payment $355 $380 $495
Term 60 months 60 months 60 months
Interest Paid $1,300 $2,800 $9,700
Total Paid $21,300 $22,800
Difference
+$1,500
44. How Much Does Bad Credit Behavior Cost?
Borrower Terry R. Fernando G. Violeta B.
Principal $20,000 $20,000 $20,000
Credit Score 832 691 577
Interest Rate 2.43% 5.19% 16.73%
Payment $355 $380 $495
Term 60 months 60 months 60 months
Interest Paid $1,300 $2,800 $9,700
Total Paid $21,300 $22,800 $29,700
Difference +$1,500
45. How Much Does Bad Credit Behavior Cost?
Borrower Terry R. Fernando G. Violeta B.
Principal $20,000 $20,000 $20,000
Credit Score 832 691 577
Interest Rate 2.43% 5.19% 16.73%
Payment $355 $380 $495
Term 60 months 60 months 60 months
Interest Paid $1,300 $2,800 $9,700
Total Paid $21,300 $22,800 $29,700
Difference +$1,500
+$8,400
46. What is a Default?
Failure to pay back the debt according
to the terms to which you agreed.
47. What is Repossession?
When the lender takes the collateral
that was used to secure the loan.
This happens when you default.
52. What is a Credit Card?
A card issued by a company giving you the option to
borrow funds, usually at the point of sale.
Credit cards charge interest and are best
used for short-term financing.
Interest rates for credit cards are usually higher
than interest rates for other loans.
53. A debit card is NOT a
credit card and will not
help you increase your
credit score –
But can decrease it.
54. What is a Credit Limit?
The maximum amount someone will lend to you.
55. What is an Annual Fee?
An amount that some credit card companies
charge each year for the use of a credit card.
56. What is a Finance Charge?
Just like the interest on a loan, a finance charge is
the actual dollar cost of carrying a
balance on your credit card.
57. What is a Universal Default?
A clause included in many credit card company
agreements that allows them to increase your interest
rate if you make just one late payment.
They can do this without notice.
58. What is Bankruptcy?
A legal process to restructure your debt when you can
no longer make all of your required payments.
59. It severely damages
your credit score.
It ruins your credit
history for 7-10 years.
60. By following the 4 steps to Financial Planning,
you will be in the best position to avoid bankruptcy.
But all of us can get off track – especially if hit by Divorce, Death,
Disability, and Dismissal from Job.
61. So, if you start to struggle, go see a Financial Counselor.
(We have 4 available at TxPFCU.)
If you don’t do that, contact all your creditors and
try to work something out with them.
DON’T just stop paying and
DON’T stop talking to your creditors!
After all, YOU borrowed the money.
The lender gave it to you in good faith.
Don’t break your promise. Work something out!
62. If you have any questions about financial planning, credit,
investments, or anything else, please ask!
Shelley Carlson/ Director of Marketing – SCarlson@TexasPartnersFCU.org
Ken Chambers/ Lending Manager – KChambers@TexasPartnersFCU.org
Sidney Henderson/ Marketing Assistant – SHenderson@TexasPartnersFCU.org
Stephanie Garrett/ Accountant – SGarrett@TexasPartnersFCU.org
Brittany Bringman/ Bookkeeper - BBringman@TexasPartnersFCU.org
You can also get a hold of us on our Facebook page –
www.Facebook.com/TexasPartners
Thanks again, everyone… We’ll see you at the next workshop!
Your friends @ Texas Partners FCU