Financial planner – Hledam http://hledam.biz/ Sat, 08 Jan 2022 18:03:32 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://hledam.biz/wp-content/uploads/2021/06/icon-2021-07-01T003219.761-150x150.png Financial planner – Hledam http://hledam.biz/ 32 32 Liz Weston: Gifting Large Goods, Even After Death, May Have Conditions https://hledam.biz/liz-weston-gifting-large-goods-even-after-death-may-have-conditions/ Sat, 08 Jan 2022 15:00:00 +0000 https://hledam.biz/liz-weston-gifting-large-goods-even-after-death-may-have-conditions/ Dear Liz: A reader recently asked about the possibility of giving a rental house to the sister who has lived there for 10 years. You mentioned that the reader should file a donation tax return since there is a maximum of $ 15,000 for a donation exemption. Couldn’t the owner just add the sister to […]]]>

Dear Liz: A reader recently asked about the possibility of giving a rental house to the sister who has lived there for 10 years. You mentioned that the reader should file a donation tax return since there is a maximum of $ 15,000 for a donation exemption. Couldn’t the owner just add the sister to the title so that when they pass the sister becomes the sole owner of the house without having to deal with taxes, probate etc. Likewise, if the sister dies first, the current owner will keep the property to give, sell, give as he sees fit.

Responnse: Adding the sister to the deed would be considered a donation, so the reader would still have to file an income tax return.

Owning the house together would bypass probate and give the surviving sister a tax break, and that half of the house would get what is known as an increase in the tax base upon the death of the first sister. Another option, if the reader wishes to retain ownership, would be a deed of transfer on death, which is available in many states. The reader was clear that she wanted to give an outright gift, but she could consult with a lawyer specializing in real estate or estate planning about other options.

Dear Liz: I would like to give money to my grandchildren, but I don’t want to pay income tax on my IRA or 401 (k) withdrawals. Will they get it tax free when I die?

Responnse: Unfortunately no.

Withdrawals from retirement accounts are generally taxable whether the person making the withdrawals is the original contributor or an heir. In addition, non-spouses who are beneficiaries of retirement accounts generally have to withdraw the money within 10 years.

Liz Weston, Certified Financial Planner, is a personal finance columnist for NerdWallet. Questions can be directed to him at 3940 Laurel Canyon, No. 238, Studio City, CA 91604, or by using the “Contact” form at asklizweston.com.

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Joe Cotton: Take a close look at the stock market and love mining Hut 8 as your top choice of stocks https://hledam.biz/joe-cotton-take-a-close-look-at-the-stock-market-and-love-mining-hut-8-as-your-top-choice-of-stocks/ Fri, 07 Jan 2022 05:46:47 +0000 https://hledam.biz/joe-cotton-take-a-close-look-at-the-stock-market-and-love-mining-hut-8-as-your-top-choice-of-stocks/ Market Assessment – As of Saturday, January 1, 2022 at 7:54 p.m. Over the past two weeks, the DOW has risen sharply, around 1000 points. It surprised me because of all the recent negatives: high inflation, a new COVID pandemic, critical shortages of Covid rapid test kits, and the distinct possibility of interest rate hikes. […]]]>

Market Assessment – As of Saturday, January 1, 2022 at 7:54 p.m.

Over the past two weeks, the DOW has risen sharply, around 1000 points. It surprised me because of all the recent negatives: high inflation, a new COVID pandemic, critical shortages of Covid rapid test kits, and the distinct possibility of interest rate hikes.

The DOW sold out late Friday and lost over 100 points in the last half hour… and BIG Tech was weak. We will continue to sell high priced, high PE stocks which are vulnerable to a steep decline. We would sell Apple (AAPL) 177.57, Amazon (AMZN) 3334.34, Google (GOOG) 2893.59, Nike (NKE) 166.67, United Health Care (UNH) 502.14, Align Tech (ALGN) 657.18, ServiceNow (NOW) 649.11, Mesa Labs ( MLAB) 328.09, Intuitive Surgical (ISRG) 359.30, Etc., Etc., Etc. However, it looks like 2nd and 3rd level stocks that have gone through long downward corrections are starting to pick up. CAUTION IS ADVISED …

Our “Action of the Week” is Hut 8 Mining Corp. (HUT) $ 7.85. It operates as a cryptocurrency mining company in North America. The company engages in industrial-scale bitcoin mining operations. According to an article posted on finance.yahoo.com, by the company, Hut 8 is one of the largest innovation-driven digital asset miners in North America, supporting open and decentralized systems since 2018. Located in energy-rich Alberta and North Bay, Ontario, Canada, HUT 8 has one of the highest installed capacity rates in the industry and holds more self-mined bitcoin than any miner in crypto or publicly traded company in the world.

Having demonstrated rapid growth and a stellar track record, Hut 8 was the first TSX listed miner and the first Canadian miner to be listed on the Nasdaq Global Select Market. I don’t understand Bitcoin but I like the stock chart and on Friday 12/31/21 I bought the HUT Jan 7th $ 8 CALLS. On the same day, the following brokerages launched buy quotes on the stock: DA Davidson, Canaccord Genuity and Craig-Hallum.

Joe Cotton has won three national stock picking contests with annual payout percentages above 96%. Its 2020 Wall Street Best Stock competition winner was Inovio Pharmaceuticals (Symbol INO) with a return of 742% over 1 year.

This article is not investment advice and should in no way be interpreted as investment advice. For investment advice, consult a registered investment advisor or certified financial planner. Joe Cotton’s website is www.cottonstocks.net. Joseph W. Cotton of NKY is the editor of the market newsletter, Cotton’s Technically Speaking. He is a graduate of Xavier University, former bank manager and credit analyst, and former registered investment representative of Fidelity Investments. Contact him at cottonstocks@hotmail.com

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Should I sell my condo and invest the proceeds for my retirement? https://hledam.biz/should-i-sell-my-condo-and-invest-the-proceeds-for-my-retirement/ Wed, 05 Jan 2022 02:30:00 +0000 https://hledam.biz/should-i-sell-my-condo-and-invest-the-proceeds-for-my-retirement/ EDITOR’S NOTE: January 24, NJ.com hosts EmpowerU Money: New Years Resolutions, a FREE live virtual event. Check out the latest tips on budgeting and saving to reach your goals in 2022! The seats are limited. Register here. Q. I have my main house and also a condo that I rent. I just about broke the […]]]>

EDITOR’S NOTE: January 24, NJ.com hosts EmpowerU Money: New Years Resolutions, a FREE live virtual event. Check out the latest tips on budgeting and saving to reach your goals in 2022! The seats are limited. Register here.

Q. I have my main house and also a condo that I rent. I just about broke the condo’s breakeven point, pocketing maybe $ 2,000 a year after mortgage and expenses, and it has risen in value. I’m trying to decide if I should sell it and invest the proceeds for retirement or if it’s good to keep the property as an investment. What should I consider?

– Owner

A. We are happy to hear that your property has increased in value.

There are a number of factors to consider when deciding whether to continue to own or sell your investment property.

First, it’s important to consider your sources of retirement income and your retirement living expenses, said Melissa Raimundo, Certified Financial Planner at Beacon Trust in Morristown.

She said it’s important to ask yourself whether you will generate income from a pension, Social Security, or elsewhere, or whether your retirement will be funded entirely by investment assets.

“If your investments are to fund your retirement, you need to make sure those investments are liquid and accessible when you need them,” she said.

Real estate is considered an illiquid asset. Therefore, if the investment property is your only investment asset or represents a significant percentage of your investment assets, then you may need to liquidate to fund your living expenses in retirement, Raimundo said.

“If property is only a portion of your investment assets, it will be important to determine the percentage of your total assets that includes real estate to ensure you are properly diversified,” she said. “We view direct investment in real estate like we view any other asset class within a large investment portfolio, and it is essential to ensure that you are diversified.”

Diversification is extremely important for overall risk management in any investment strategy, she said.

Additionally, you’ll want to know how much income is being generated from your total portfolio and whether that income will be enough to fund your expenses or whether you may need to dip into capital over time, she said. According to the general wisdom of financial planning, in order to preserve capital, expenses should not exceed 3% of total investment assets each year, she said.

Raimundo said that one of the advantages of having an investment property is that the income generated from rents can be offset by expenses and depreciation. This can generate a tax-advantaged source of income that is differentiated from the income and appreciation generated by a diversified portfolio of investable assets, she said.

While you may not be generating a significant positive cash flow, the rents paid throughout the year add to your equity in the investment property beyond any increases in property value that are possible over time, she said.

Other factors worth mentioning are the outstanding debt and the interest rate on your mortgage.

“The mortgage interest rate is the cost to you of the investment, but the mortgage interest rate can be included in the aforementioned expenses used to offset rental income,” he said. she declared. “Also, from a tax standpoint, you’ll want to think about the capital gains tax implications if you were to sell the house. “

A final non-financial but equally important factor to consider is your willingness to seek out tenants and manage tenant turnover until retirement, Raimundo said. Often there are costs and challenges associated with this process that retirees are not prepared to take on, she said.

Email your questions to Ask@NJMoneyHelp.com.

Karin Price Mueller writes on Bamboo column for NJ Advance Media and is the founder of NJMoneyHelp.com. Follow NJMoneyHelp on Twitter @NJMoneyHelp. Find NJMoneyHelp on Facebook. Register for NJMoneyHelp.com‘s weekly electronic newsletter.

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A dozen good financial habits, or resolutions! – The New Indian Express https://hledam.biz/a-dozen-good-financial-habits-or-resolutions-the-new-indian-express/ Mon, 03 Jan 2022 04:16:00 +0000 https://hledam.biz/a-dozen-good-financial-habits-or-resolutions-the-new-indian-express/ Express news service I have no idea if the resolutions work, but I guess people do them anyway. So here are a few things you can do. Keep improving your financial literacy – reading books about investing is much better than trying to “learn” on social media. Take care of your physical health – unfortunately […]]]>

Express news service

I have no idea if the resolutions work, but I guess people do them anyway. So here are a few things you can do.

Keep improving your financial literacy – reading books about investing is much better than trying to “learn” on social media.

Take care of your physical health – unfortunately there is not enough government support to improve your health. Improving your health is a good way to stay away from Covid and other contagious diseases. Fitter people also recovered faster if they were injured.

People who talk about personal finance from simple personal experience are superficial. It takes a lot of learning, education, and personal experience to be able to teach personal finance.

Personal finance is easy, but boring. See if you are ready to do it. If not, talk to a financial planner – a registered investment advisor, I mean.

Improve your credit score, especially if your score is below 700 points.

Look for a better job! There’s no point in staying in a bad job and complaining about the rest of your life. It’s wasted time, and a lot of wasted energy to sift through.

If you are a businessman, start planning your exit from the company! Someday you’ll have to quit the business anyway – being prepared for this is much better than leaving your family in a mess and they’ll be running from pillar to post trying to fix things that weren’t broken anyway. !

Personal finance is a family business – get the kids involved too. When your kids are around 14, they understand what you are doing. It’s good to get them involved and tell them why the money is being invested, where it is being invested and how to access it if you are not there. When you make the assumption that they will eventually find out, keep in mind that it could be a very expensive (and unnecessary) assumption.

Make a budget and stick to it – remember, this is easy advice to give, but hard to do. It is also a family activity and you should sit down and do it as a family. Separate your spending credit card and your “loan” credit card. Make sure that even if you borrow, all payment is made in FULL by the due date at the latest

Automate the payment of your expenses and investments – this eliminates the need for monthly thinking. It also means you won’t miss any monthly utility payments. Missing a payment like electricity payment can cause a lot of inconvenience and embarrassment.

Make your will. Today. Preferably now. Many people do not understand the need for a will. Appointment alone is not sufficient in the case of assets such as land and apartments – real estate in particular. The candidate only holds the asset to give it to the “real” owners.

This means that your children can challenge your wife (candidate) in the worst case scenario. In addition, in order to sell the property, she will have to prove that she has a good title – the appointment is not enough.

The list is endless, but I limit myself to a dozen good things to do. No, you don’t have to wait 12 months to start implementing something. Go ahead and make these things possible!

Happy 2022!

PV subramanyam
written on www.subramoney.com and is the author of the bestseller “Retire Rich – Invest C 40 a day”

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Unpleasant lessons I learned in estate planning https://hledam.biz/unpleasant-lessons-i-learned-in-estate-planning/ Sat, 01 Jan 2022 09:30:05 +0000 https://hledam.biz/unpleasant-lessons-i-learned-in-estate-planning/ A year ago, I brought my family back to our home country after being away for seven years. I couldn’t wait to be closer to my father. He was 84 years old and had been ill for a very long time; he was a kidney cancer survivor, but his remaining kidney had failed and he […]]]>

A year ago, I brought my family back to our home country after being away for seven years. I couldn’t wait to be closer to my father. He was 84 years old and had been ill for a very long time; he was a kidney cancer survivor, but his remaining kidney had failed and he had been on dialysis for five years. He was not doing well.

Six months later, my father’s health deteriorated. He developed dementia early on and began to refuse dialysis. My sister and I tried to do what we could for him, but he refused to help us. My father was hospitalized after unwittingly missing two dialysis treatments. We visited him in the hospital where he again refused treatment, which forced him to receive palliative care. A week later, at 3 a.m., I received the call: My father had passed away.

I had to plan my father’s estate in the middle of the wreckage. My father died without a power of attorney, which would have allowed my sister and I to treat him. He left no will or trust outlining his end-of-life wishes or intentions for his assets. In his confusion, he had also stopped paying his life insurance premiums, depriving the family of the protection he had invested in for years. Not only did my family have to bear the grief of my father’s death, we had to bear the financial burden of his death.

Three estate planning tips

Frequently, people express a desire to avoid overburdening their children, but few complete all the necessary steps in estate planning. I would like to explore a few in depth.

  • The first of these stages is life insurance; does the client have enough to pay for end-of-life care, including funeral costs?
  • The second step to consider is a will, which will allow the client to dictate who receives what assets from their estate.
  • The third and final step that a client can take to protect their heirs is to create a trust. Placing their assets in a trust will give the client more control over their estate.

I’ll start with life insurance. Traditionally, its main purpose has been to replace a person’s paycheck in the event of premature death. The rule of thumb is that a person should have 10 times their current salary as a death benefit. For example, if a person earns $ 100,000 a year, they should have a million dollar life insurance policy. This is especially true when minor children or college-related children are involved, as well as when the policyholder has an outstanding mortgage. Over time, you might find yourself in an empty niche with a mortgage that is either paid off or about to be paid off. Your traditional life protection needs are probably in the rear view mirror. If you decide to maintain coverage, it is often for an equally important purpose: to cover end-of-life expenses, such as burial and funeral costs. Small policies that cover final expenses can be purchased at minimal cost, especially for healthy people. Even those with large estates can consider retaining some life protection. Liquidating real estate or retirement accounts to pay final costs can be a long and arduous process.

Next, let’s cover wills. A will is a legal document that dictates how an estate is to be distributed. Only 46% of Americans have a will, which means most estates are settled in an estate court, which involves a process that can take months or years to settle. And it is expensive. It is not uncommon for a lawyer to represent their fees as a percentage of the estate, which can run into the tens of thousands of dollars. The good news is that many assets can easily escape probate, even without a will. Any transfer on death instructions or beneficiary designation replaces both probate and wills. Therefore, it is essential to keep these designations up to date, so that the assets can be delivered to their intended destination without interference or delay.

But is a will enough? Some may find it helpful to take it that extra step and build confidence – an entity whose sole purpose is to administer assets beyond your death. Trusts can be established for a variety of reasons, including tax reduction, probate avoidance, or even improving Medicaid eligibility. But I want to focus on one of the most compelling attributes of trust: the ability to predict inheritance around contingencies. Maybe you don’t want your beneficiaries to spend their inheritance too quickly. Or maybe some of the intended recipients struggle with drugs, alcohol, depression, or strained marriages. Leaving money on their knees can cause more harm than good, so a good trust will seek to monitor how and when funds can be used in these situations. Contingencies can also be used to encourage good behavior, such as linking the legacy to academic success, career advancement or charitable giving. Your eventualities are only bound by your creativity and the law of the state.

Summary and call to action

Many people go to great lengths to exercise control over their property while they are alive, but leave everything to chance in the event of death. I have seen with my own eyes the pain, stress and suffering that this lack of planning can require. Do you think: if something happened to me today, how would I want my money to improve the lives of those I love? How can I make their life easier for them in the midst of an already painful transition? Most importantly, get help putting those thoughts into action!

Financial planner, Arcadia Financial Group

Jim Moran joined Arcadia in June 2021. His previous employer was Fidelity Investments, where he had worked for over 20 years, his last role being that of Branch Manager, in which he ran a firm of financial planners. He holds a Bachelor of Arts in History from the University of New Hampshire. Jim currently lives in Concord, New Hampshire, with his wife and two sons.

The appearances in Kiplinger were obtained through a public relations program. The columnist received assistance from a public relations firm to prepare this article for submission to Kiplinger.com. Kiplinger has not been compensated in any way.

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Owen Legacy Group is a trusted financial advisory group specializing in investing and financial planning. https://hledam.biz/owen-legacy-group-is-a-trusted-financial-advisory-group-specializing-in-investing-and-financial-planning/ Thu, 30 Dec 2021 20:44:14 +0000 https://hledam.biz/owen-legacy-group-is-a-trusted-financial-advisory-group-specializing-in-investing-and-financial-planning/ With the help of Owen Legacy Group, clients can achieve financial independence and success through expert and experienced financial advice grounded in the real world. Ask any financial advisor or agency that provides financial services about the outlook for the 2021 winter season and many will immediately mention any Christmas gifts and delayed parcels in […]]]>

With the help of Owen Legacy Group, clients can achieve financial independence and success through expert and experienced financial advice grounded in the real world.

Ask any financial advisor or agency that provides financial services about the outlook for the 2021 winter season and many will immediately mention any Christmas gifts and delayed parcels in part due to production and marketing bottlenecks. transport that plague the international economy. It is seen that resourcefulness and ingenuity will be traits that can help make this Christmas season as festive as in previous years.

The years that can be described as the “pandemic years” saw dramatic changes not only in overall economic trends, but they also affected different sectors and industries in profound ways. For example, the years 2020 and 2021 saw the lowest air passenger numbers in many decades. The past two years have also seen a drop in retail sales as people are restricted in their homes. Retail stores also found themselves in competition with new and emerging markets, namely e-commerce sites. Currently, things are looking a little bright, with the data showing a trend towards normality. There is great hope that in the fourth quarter of 2021, consumer spending will pick up just in time for Christmas.

Already tech-savvy consumers are looking to kick off the holidays by shopping for popular gift items. Companies with small, high-value products, such as smartphones, are already flown in just to stock the shelves. Impatient customers who don’t like the risk of “out of stock” are thinking about other ways to get the goods they want. This is good news for US manufacturers or for any “made in USA” product.

All of these factors have had a profound effect on the way people plan for their financial future. Services such as a personal financial advisor or a financial fiduciary advisor are becoming a very popular product as people realize the importance of securing their financial future as early as possible. Having a financial planner makes a lot of sense considering how uncertain the future looks.

The Owen Legacy Group is one of Montana’s trusted wealth management agencies. Being a family business means they have the flexibility to offer personalized service to their customers. They can help develop and create a unique plan and path for the wealth that clients have worked so hard to achieve. They want this work to be dedicated to growing this wealth in the future. They can help their clients achieve financial freedom while helping them prepare for today’s challenges. Interested customers can contact Owen Legacy Group through their website or click on the Owen Legacy Group link for directions.

Media contact
Company Name: Owen Legacy Group
Contact: Anne Ashton
E-mail: Send an email
Call: +14065566993
Address:1101 E Main Street, Suite 301
City: Bozeman
State: Montana 59715
Country: United States
Website: www.owenlegacygroup.com

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If I make children authorized users on my credit card, will it help them? https://hledam.biz/if-i-make-children-authorized-users-on-my-credit-card-will-it-help-them/ Wed, 29 Dec 2021 02:30:00 +0000 https://hledam.biz/if-i-make-children-authorized-users-on-my-credit-card-will-it-help-them/ Q. I would like to help my children with their credit. They are 14, 18 and 21. If I make this an authorized user on one of my cards, will that help them? Or what do you offer? – Mum A. It’s great that you want to put your kids on the right track to […]]]>

Q. I would like to help my children with their credit. They are 14, 18 and 21. If I make this an authorized user on one of my cards, will that help them? Or what do you offer?

– Mum

A. It’s great that you want to put your kids on the right track to building a good credit report.

But you need to consider what the move might mean for your own credit.

As long as you can control how they spend on the card, it can improve their credit, said Jody D’Agostini, certified financial planner at Equitable Advisors / The Falcon Financial Group in Morristown.

She said you would be responsible for the payments.

“You can also teach them great life skills like paying on time and living on a budget,” she said.

It’s also an opportunity to explain the pros and cons of a credit card versus a debit card, she said.

“A debit card is basically a cash payment, whereas a credit card borrows money to pay for something with accrued interest if it is not paid on time,” she said. “It helps to show them how quickly interest can add up if it’s not paid on time. “

Another way to start construction lending is to co-sign a car loan or lease or your first apartment, D’Agostini said. However, you need to make sure that they are mature enough to pay on time. Otherwise, your credit could be compromised, she said.

“These finance lessons should start at an early age to teach smart financial skills like saving 10-15% of your income and setting aside more than what you earn,” she said. “They can learn the value of paying bills on time and not maintaining a large balance on credit cards.”

D’Agostini said it is difficult to build credit before the age of 18, but there is a more recent option.

“They can put a cell phone, utility or Internet provider on their behalf and request that it be reported to the credit bureaus,” she said. “Payment history will now be reported to credit bureaus to help them build up their credit. “

Again, it should be emphasized that they will have to pay the bill on time. Setting up direct debits from their checking account can make that easier, she said.

Email your questions to Ask@NJMoneyHelp.com.

Karin Price Mueller writes on Bamboo column for NJ Advance Media and is the founder of NJMoneyHelp.com. Follow NJMoneyHelp on Twitter @NJMoneyHelp. Find NJMoneyHelp on Facebook. Register for NJMoneyHelp.com‘s weekly electronic newsletter.

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Lending money personally goes wrong almost half the time https://hledam.biz/lending-money-personally-goes-wrong-almost-half-the-time/ Mon, 27 Dec 2021 04:04:53 +0000 https://hledam.biz/lending-money-personally-goes-wrong-almost-half-the-time/ We’ve all been there: a friend or family member asks you to foot the bill, find him money, or co-sign a loan and swears he’ll close the deal. You have a sinking feeling but say yes anyway. Nearly 7 in 10 American adults (69%) say they have loaned money to friends or family, according to […]]]>

We’ve all been there: a friend or family member asks you to foot the bill, find him money, or co-sign a loan and swears he’ll close the deal. You have a sinking feeling but say yes anyway.

Nearly 7 in 10 American adults (69%) say they have loaned money to friends or family, according to a new Bankrate survey. And acting as a bank for your loved ones has a good chance of ending badly, according to the survey of 2,225 American adults in November 2021.

But that doesn’t stop many of us from securing a loan, paying down money, or handing over our credit card. Here are the ways people said they helped a friend or family member financially:

– Loan of money with the idea that it would be reimbursed (54%)

– Paid a group invoice hoping to be reimbursed (24%)

– Co-signed on a loan or other financial product (21%)

–Lend someone their credit card (19 percent)

The survey found that almost half (44%) of people who offered financial help to a friend or family member had something serious because of it. The survey data confirms a well-known financial rule: It’s best to avoid mixing up friends, family and money, according to Bankrate industry analyst Ted Rossman.

“If you really want to offer help, don’t lend more than you can afford to lose and consider treating the money as a gift to limit the potential for grudge,” Rossman said.

Lending a Financial Hand: What Could Go Wrong?

In an ideal scenario, you would give your loved one a loan and they would pay you back immediately. You might then feel good to help them get out of a traffic jam without financial inconvenience.

In real life, giving financial assistance to a loved one can often turn sour. The survey found that those who helped friends and family financially suffered these negative consequences:

–Loss of money (38 percent)

– Damage to the relationship (23%)

– Damaging their credit score (14%)

–Entering a physical fight (7%)

It’s a lesson Brian Davis, real estate investor and founder of real estate investment site SparkRental.com, learned the hard way. He loaned $ 12,000 to a friend who needed the money to keep his business afloat.

Davis charged interest, wrote a legal note, notarized it, and took the keys to his friend’s restored 1950s Porsche as collateral. The payment deadlines passed and Davis went to his friend’s house and threatened to take the car. The loan was eventually repaid, but the problems strained the friendship and caused Davis much concern.

“Looking back, I probably should have taken possession of the car, not just the keys,” said Davis. “Better yet, I shouldn’t have loaned him any money at all.”

Millennials and men most likely to burn themselves

So who opens their wallet and who gets courted? Turns out, millennials and men are the groups most likely to see a loan for a loved one go awry.

The likelihood of lending money to a friend or family member increases with age, with baby boomers (57-75) the most likely (61%) to lend money, followed Gen X (41 to 56) at 53 percent, Millennials 25 to 40) at 48 percent, and Gen Z (18 to 24) at 47 percent. The Baby Boomers (28 percent) and the Quiet Generation (30 percent) were the most likely to have co-signed a financial product for someone else.

But millennials were the generation most likely to turn against generosity. More than half (62%) of millennials who have helped a friend or family member financially reported negative consequences. Compare that with less than half (47%) of Gen Zers and only about a third of Gen Xers (36%) and Baby Boomers (34%). Men were also more likely (48%) than women (40%) to report the negative consequences of a financial bailout from a friend or relative.

Lending money was the act of generosity most likely to result in a loss of money: 38% of cash lenders lost money compared to 33% of those who paid a group bill, 21 % who have co-signed and 21% who have loaned their credit card.

But co-signing is perhaps the riskiest decision of all: one in five (21%) co-signers have experienced a downgrade in their credit rating and the same percentage have lost money. Co-signing is especially problematic because you might not even know the person is late or defaulted until your credit runs out, says Brad Klontz, financial psychologist and associate professor of practice at Heider College of Business. from Creighton University.

“The risk is multiplied by 100 if you co-sign a loan” compared to lending cash, he says. “You are putting your financial well-being at risk in a profound way.”

From money lender to debt collector

Acting as an unofficial bank for your son, first cousin, or college roommate can become more stressful when they aren’t proactively paying you back.

The survey found that of the 80 percent of people who said they would lend $ 100 to a friend or family member, only half would try to collect the debt while the rest would drop the deal.

It’s no surprise that collecting money from a loved one, friend, neighbor or coworker is difficult, says Diana Simpson, who works with personal finance site Finance + Freedom. She loaned $ 80 to a friend she met at (yes, really) a debt collection job. “She paid her bill, and when payday rolled around, she paid me back,” Simpson says.

The next month, the coworker asked to borrow $ 120. Payday came and went, and eventually Simpson tried to collect. The borrower got angry and “stormed”. Simpson eventually got her money back, but she lost a friend.

“Collecting money from people you know and love is a lot trickier and more difficult than calling strangers who owe money on their old utility bills,” she says.

Tips for helping a friend or family member in need

So you know that lending a helping hand financially to a friend or family member can go wrong, but you just got a cry for help. Here are five tips on how to handle this scenario:

–Look at loan alternatives. Financial therapist and coach, Carrie Rattle of Behavioral Cents, recommends asking potential borrowers how they might otherwise get the funds. In the past, Rattle worked with a mother whose 40-year-old daughter often asked for money. One day the girl asked for money to pay a vet bill for her cat’s surgery. With a nudge from her mother, she arranged a payment plan with the vet. “It helped her develop her own skills to navigate these situations,” Rattle said.

– Only lend (or give) money that you can afford to lose. In some cases, you may want to consider making this “loan” a gift to reduce the chances of straining a relationship, Klontz says. You can also privately agree not to be reimbursed. “You have to be 100% okay with never seeing that money again,” he says.

–Get clear on the terms of the loan. State a repayment plan and timeline, including whether you will receive payments or a lump sum. A borrower might say, “Mom and dad know I’ll pay them off when I can,” says Rattle. “But does that mean after you buy a new outfit, buy a new car and go on vacation?” Or is it as soon as you have cash? “

– Avoid co-signing at all costs. If you can’t afford a car loan or mortgage payments, or suffer damage to your credit, consider helping your loved one build credit by referring them to a purpose-built credit counseling agency. non-profit. Or, you can even offer to pay for a session with a financial planner, Klontz says.

–Keep the lines of communication open. A friend or family member who feels uncomfortable about a loan may start to avoid the lender, Klontz says. Reduce the risk that the loan will create a wedge between you by talking about your concerns in advance. difficulty repaying, and we can talk. ‘”

Finally, it’s best to try and think of the loan as a business transaction, so you don’t scrutinize every spending decision and wonder if the borrower is ordering the lobster or pulling out a new iPhone for lunch. Otherwise, you might feel resentful, Klontz says.

“It’s really hard to lend money without conditions,” he says.

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Valerie Bertinelli shares video on body image struggles https://hledam.biz/valerie-bertinelli-shares-video-on-body-image-struggles/ Sat, 25 Dec 2021 15:38:00 +0000 https://hledam.biz/valerie-bertinelli-shares-video-on-body-image-struggles/ Valerie Bertinelli shared a moving video about wrestling with her body image. “I stand out in the rain because I do my best to distract my mind from the spiraling into a place of self loathing, because I saw a photo of myself today that made me want to do that, ”the“ One Day at […]]]>

Valerie Bertinelli shared a moving video about wrestling with her body image.

“I stand out in the rain because I do my best to distract my mind from the spiraling into a place of self loathing, because I saw a photo of myself today that made me want to do that, ”the“ One Day at a Time, ”an alum said in the video posted to his Instagram Friday.

Bertinelli, 61, said she was not satisfied with her body and that she was not sure she would ever arrive at a place of contentment.

“I’m not where I want to be right now, body wise. I don’t know if I will ever be, but when I see him right in front of me it really sends me down this path, ”said Bertinelli. “And I’m doing my best to be positive and more joyful and I hope my body will follow suit. I’m not there yet.

The mother-of-one then gave herself a pep talk, adding that she would “not focus on all the shortcomings, flaws and imperfections.”

Valérie Bertinelli on "Valérie's home cooking."
Bertinelli hosts “Valerie’s Home Cooking” on The Food Network.
Food web

“We can all give ourselves permission to feel joy, to be intentional about it and to remember to be grateful,” she said. “I’m grateful, even through all the mess. Because there’s always something good about this whole mess.

This isn’t the first time the Food Network host has opened up so powerfully on social media.

Last July, she shared a video explaining how hurtful it was to see people commenting that she “needed to lose weight” alongside a recipe she posted online.

Valérie Bertinelli and Eddie Van Halen.
Bertinelli was married to Eddie Van Halen and had a son, Wolfgang.
Deborah Feingold / Getty Images

“Because you see I don’t have a scale or I don’t have clothes that I try to put on every day, and I don’t have mirrors so I can’t see what I’ve become” , she said. sarcastically, fighting back tears at the time. “So I needed that help to let me know I needed to lose weight.

She continued, “You are not helpful. Because when you see someone who has gained weight, my first thought is, “This person is obviously going through some things.”

Things haven’t been easy for the “Hot in Cleveland” star.

The actress’ ex-husband, Eddie Van Halen, died of throat cancer at the age of 65 in October 2020. She and the rocker were married from 1981 to 2007 and have a son of 30 years old, Wolfgang. Despite their divorce, they remained close friends.

Valérie Bertinelli and Tom Vitale in 2019.
Bertinelli would have filed for divorce from her husband Tom Vitale.
Getty Images

And last month, she reportedly filed for divorce from her second husband, financial planner and entrepreneur Tom Vitale. The couple married in 2011.

Bertinelli published a self-help book in January titled “Enough Already: Learning to Love the Way I Am Today”.

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Why you need to protect the family business https://hledam.biz/why-you-need-to-protect-the-family-business/ Thu, 23 Dec 2021 15:28:00 +0000 https://hledam.biz/why-you-need-to-protect-the-family-business/ Foster Swift lawyers encourage early planning before wedding rings Couple running a small business Couple running a small business Couple running a small business Southfield, Mich., December 23, 2021 (GLOBE NEWSWIRE) – The holidays can be a magical time of new beginnings. Under the warm glow of twinkling lights, in the midst of New Year’s […]]]>

Foster Swift lawyers encourage early planning before wedding rings

Couple running a small business

Couple running a small business

Couple running a small business

Southfield, Mich., December 23, 2021 (GLOBE NEWSWIRE) – The holidays can be a magical time of new beginnings. Under the warm glow of twinkling lights, in the midst of New Year’s celebrations, it’s no wonder it’s engagement season! But before you jump into any wedding plans, it’s important to make sure that you have plans in place to protect the family business.

“Changes in relationships, whether it is a marriage or a divorce, can lead to serious business complications if you are not prepared.” Andrea Badalucco of Foster Swift says planning early with trusted key advisors can help avoid potential conflicts and ensure business success.

“It’s more than writing a marriage contract, although it’s a good start. »Says Andrea. “You’ll want to look at the business holistically. I recommend looking at the big picture with a team of advisors, generating a plan that protects the business and its assets.

The key to successful business and succession planning? Communication with a team of qualified and trusted advisors. Before the wedding bells start ringing, speak with your business attorney, estate planning attorney, financial advisor, and business consultant to decide the best course of action.

Family business consultant

These consultants act in the same way as traditional business consultants, but they understand the delicate intricacies of balancing business needs and family relationships.

Business lawyer

Family lawyers ensure clients can achieve their goals by advising them on applicable laws and representing them when a problem arises.

Estate planning lawyer

These attorneys understand state and federal laws that affect how your estate will be inventoried, assessed, dispersed, and taxed.

Financial planner

A financial planner offers general financial advice or specializes in an area such as investments, taxes, retirement, or estate planning.

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Since 1902, Foster Swift Collins & Smith, PC has provided comprehensive legal services to businesses, municipalities and individuals. The firm employs over 100 lawyers and over 100 support staff at six locations; Lansing, Detroit, Southfield, Grand Rapids, Holland and Saint-Joseph. For more information on the firm, its lawyers and to access recent publications, visit www.fosterswift.com.

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CONTACT: Kimberly P. Hafley Foster Swift Collins & Smith 517-371-8112 khafley@fosterswift.com
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