While it is generally not a good idea to co-sign a loan for an adult friend or family member who may have well-known problems managing their finances, co-signing an auto loan (or apartment lease) for a son or daughter is a different situation. Should you do it? The answer is … it depends. It depends […]
“Should I co-sign a loan for a family member or friend?” is a question bankers hear all the time. It’s a common request and you may choose to co-sign. But before agreeing, you need to be absolutely clear about the risks you’re taking when you co-sign. Here’s the reality: Let’s say that the person asking […]
A gentleman in his early 80s came to speak with me. There are valuable lessons in his story for everyone who has a pension, who expects to have a pension, or who will never have a pension. After working for many years with a mid-sized company, he retired about 15 years ago with a “guaranteed” […]
Earlier this year, there was a report in the Washington Post about a teacher in Southern California who called U.S. service members “the lowest of our low.” Apparently the school district was “deluged by thousands of emails, many from veterans, active-duty troops and military family members.” How appropriate that people who know how wrong that […]
Maybe you’ve heard about the new twist on the Microsoft scam. It used to be that an individual would get a call from someone pretending to be from Microsoft trying to get access to that person’s computer. Lately, from what we’re hearing, the scammer calls and actually tries to build their credibility by saying, “I […]
The first thing to realize when it comes to making complicated decisions perfectly is that there is no “perfectly.” Complicated decisions usually have at least one significant obstacle and often it’s more like “one thing after another.” Complicated decisions frequently involve time, money, deadline pressure, and emotion — that’s what makes them complicated. Even something […]
This is not about delayed gratification, although delayed gratification can be a very useful way to build your wealth — especially when the “delay” causes you to re-think an expenditure and ultimately forgo the “gratification.” No, this is about something else — specifically the idea of being willing to delay and experiment before making a […]
A customer recently made an appointment to speak with me. A woman in her 70s, she had a home equity line with a big national bank and she’d used it wisely for many years. Her home equity line was coming up for renewal in 2019 and the interest rate was going to be increasing quite […]
Most homeowners think it’s going to be pretty easy to qualify for a home equity line of credit — and generally it is. You already have a home. You probably already have qualified for a mortgage. As long as you have equity in your home and you have maintained your credit rating/scores, you should expect […]
A few weeks ago, I came across a particularly annoying click-bait pop-up ad from a well-known online lender. “Do the math (the banks wish you wouldn’t do),” their ad said. In Australia, where free speech laws are less absolute than they are here in the United States, it is illegal for a business to “make […]
