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Would you like to build your wealth? Would you like to build wealth effortlessly and automatically? Finding ways to increase your wealth often taked time, research and … well… money! It’s a rare day when all three happen simultaneously! But that doesn’t mean you can’t build wealth. A very simple but effective way to make sure you build up a substantial nest egg over time is to set up several automatic investing plans. Have a set amount of money deducted each month from your checking account or salary and put it into growth oriented stocks or mutual funds. This is what I call Savings That Happens, as opposed to Wishful Savings. Wishful savings are when you have every intention of putting aside every month but somehow never get around to actually doing it.

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Topics: Student Loans ,

Could there be errors in your student loan calculations, costing you money? Yes there could be! Experts estimate that 40% of student loans contain errors, costing you money. There are many variables involved with loan calculation. Every time you prepay, pay late, pay more than the minimum, incur a fee, refinance or consolidate, your loan calculations change and errors can occur. As a personal finance expert, Jordan recognizes quality solutions, forming affiliate relationships to help improve people's financial lives.

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Topics: Student Loans ,

Do you have a federal student loan that can be forgiven? Possibly! If you meet certain criteria, you can have most or all of your federal student loan debt forgiven That means that whatever balance you have left does not have to be paid. There are two main types of forgiveness programs. If you have borrowed under the Income Driven repayment plan, you can have whatever is left of your loans wiped out after paying for between 20 and 25 years. The second kind of forgiveness is granted to teachers, public service workers, employees at tax-exempt non profit organizations and other specific professions. Full time teachers who have taught at a qualifying school for 5 years in high school science or special education at any grade level can have $17,500 in loans forgiven. Elementary or high school teachers in other subjects can get $5,000 in loans wiped out. Public service workers can have their loans cancelled if they work for a qualified government or non-profit entity and have made 120 consecutive payments in the Income Driven repayment plan. Employees at qualified 501 c 3 non-profits can also participate if their employer provides certain types of public services.

All of these qualifications fall under what is known as the Public Service Loan Forgiveness, or PSLF program. You have to fill out an Employment Certification Form with the Department of Education so that you are correctly qualified and given credit for the payments you are making. People who join the armed forces can qualify for forgiveness, such as up $65,000 for Navy sailors and a third of your debt for Army soldiers. Health care workers can get their loans reduced through the National Health Service Corps or National Institutes of Health. There are several national and state programs aimed at lawyers that will wipe out part of your law school debts. Those are called Loan Repayment Assistance Programs, or LRAPs. To see if you qualify for any of these forgiveness programs, contact my affiliate Student Loanify at studentloanify.com or call them at 800-481- 1013. Doing the paperwork to make sure you are qualified and getting appropriate credit for your work history can be tricky, and the Studentloanify experts can make sure you do everything correctly. So if you meet any of these criteria to have some or all of your student loans forgiven, it would certainly be worth looking into whether you can qualify so you can rid yourself of your student debt faster.

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Topics: Student Loans ,

Looking to save big when it comes to paying for college tuition? Consider pre-paid 529 plans! Pre-paid 529 plans, available in 18 states, effectively freeze the cost of college at the price you pre-pay. The early you pay, the more you save. You can buy into pre-paid tuition plans with either a lump sum or by making a series of payments. Your child is guaranteed a 4-year college education at state school when they reach college age, no matter how much tuition costs at the time they get there.

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Topics: Student Loans ,

Wondering how you're going to be able to pay for your child's college? The best advice is to start saving early and to save regularly. Section 529 plan are offered by all 50 states. State sponsored education savings plans allow parents or relatives to invest in the fund for your child’s tuition, books, supplies and room and board, with no income limitations and some tax breaks. The contributions can be used to pay expenses at any accredited college, foreign school and even K-12 programs at private schools. The earnings that build up inside the 529 plan are always federally tax-free. In many states, those earnings are also free of state income tax for residents of that state.

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Topics: Student Loans ,

Are you - or do you know someone - who graduated from college with many federal student loans at different interest rates? Consolidating your student loans may truly benefit you! If you don’t do anything, the Department of Education will automatically enroll you in the 10 year standard repayment plan which results in the highest payment and completely disregards your income or eligibility for loan forgiveness.

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Topics: Student Loans ,

Should you refinance your student loans? When does it make sense to combine both federal and private loans into one new loan? The average college graduate owes $40,000 in student loans with interest rates averaging from 5% to 10% and the payback period ranges from 10 to 30 years.  That's an enormous debt burden!

One way to lower your average monthly payment, your interest, and your pay off time is to refinance all the different  loans you have into one new private loan. Instead of making multiple loan payments each month you'll have just one monthly payment to make. You will typically pay between 3% to 5% interest on the new combined loan. You can pick the repayment period that works best for your budget, usually between 5 and 20 years.

The company that Jordan recommends for refinancing is Splash Financial. Jordan is an affiliate of Splash Financial. You can connect with Splash Financial at 800-349-3938 or on the web at www.splashfinancial.com/moneyanswers.

Splash Financial negotiates with several banks and credit unions to give you the lowest possible rates. You can check the rate you qualify for online in just a few minutes and checking does not impact your credit score. Splash does not charge an origination or early repayment fees. Splash can refinance any private or public loans as well as Parents Plus loans. If you refinance $30,000 or more you get a $300 bonus if you mention Money Answers when you apply at Splash.

The one potential downside of refinancing federal loans is that you may lose special benefits included with federal loans, such as income driven repayment plans and loan forgiveness options for death, public service and permanent disability.

If you've acquired a huge student loan debt with higher interest rates it certainly makes sense to look into refinancing all your different student loans into one new combined loan with lower rates.

As a personal finance expert, Jordan recognizes quality solutions, forming affiliate relationships to help improve people's financial lives.

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Topics: Student Loans ,

How can you be sure that your student loan debt has been correctly calculated? By verifying it! Jordan Goodman talks with David Ginsburg, president of Verify My Student Loan. 40% of student loans are estimated to have been incorrectly calculated.

● Variable rates, late payments, missed payments, and deferred payments can really complicate loan calculations

● Typical overcharges are $50-$250 per month What happens if mistakes are found? ● You may be able to lower future payments and receive a refund What’s needed to audit a student loan?

● Copy of the loan agreement, payment history, copy of recent loan statement What happens if overcharges are discovered?

● Verify My Student Loan will send the lender(s) a copy of the loan audits and refund letter

● Lenders usually accept the loan audit results and reduce future payments and/or issue a refund. If you’d like to learn more about auditing your student loans so you may be able to lower future payments and get a refund call 800-888-6781 or visit https://www.verifymystudentloan.com

As a personal finance expert, Jordan recognizes quality solutions, forming affiliate relationships to help improve people's financial lives.

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Topics: Taxes,

Are you ready for the BIG changes in W-4 forms? The IRS will roll out a greatly revised W-4 form in the fall of 2019 designed to greatly reduce both under withholding and over withholding. Starting with the 2020 tax year, the new W-4 form will ask you to input your total wage income from all the jobs you work at plus any wages from your spouse, if you’re married. Like before, you’ll list your filing status, such as single or married, and your number of dependents. What’s new and challenging is that you will need to estimate all nonwage income such as from interest and dividends that you expect to earn in a year as well as all estimated itemized deductions and tax credits. The silver lining to the more cumbersome W-4 is that your withheld tax should more closely match what’s actually owed. If all goes well on the day you file your taxes, you may come out both owing close to nothing and not getting a tax refund.

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Topics: Taxes,

Are you looking for ways to decrease the taxes you owe on investment returns? What about earning guaranteed returns tax free? Muni bonds, formally known as municipal bonds, are debt issued by cities, states, or other municipal entities, to fund projects. Tax free muni bonds are one of the only investments that offer guaranteed returns, usually paid twice yearly. Interest earned through municipal bonds is federally tax free and state tax free for residents of that state. So if you are a California resident who buys a California municipal bond or bond fund, you avoid both federal and state income taxes on all interest you earn from that bond.

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