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May 19, 2022

Category: Business

What’s a Legacy Drawer? Why you should have one and what to keep in it.

Tuesday, 21 July 2020 by Tony Carter

What’s a Legacy Drawer? Simply put, it is where your legacy is stored…more specifically where documents pertaining to your legacy are stored. In the event of your inevitable death, it’s important to leave clear instructions for your loved ones to carry out your wishes. Grief is a heavy burden to bear, you don’t want to add confusion to that grief.
It’s your responsibility to lighten this load, and ease the burden before that time comes.

Will

What type of things should you keep in a legacy drawer? Any pertinent information, instructions, or documents that your loved ones need to carry out final arrangements and fulfill your legacy.

Items to keep in a “Legacy Drawer”:
Insurance Policies
Power of Attorney Documents and other Legal Documents
A Will, Estate Plan, Funeral Instructions
Medical histories

Letters, videos, memoirs
All Financial Assets/Accounts
Bank Accounts and Bank Locations
Retirement Funds
Passwords
Safe Deposit Box Keys
Deeds, Titles
Tax Returns & Monthly Budget

download-1 Deed

All of these documents should be kept in a “Legacy Folder” or “Legacy Binder” which, should be located in a safe and secure drawer that your loved ones are aware of and will be able to gain access to at the time of your death. Don’t send your grieving loved ones on a scavenger hunt at one of the most difficult times in their lives.  Be a good steward of what you have been blessed with by easing their burden. It doesn’t matter how much or how little you believe you have. It’s imperative that you create a “Legacy Drawer”.  Not only for you, but for your loved ones.

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What is a Financial Coach?

Friday, 05 June 2020 by Tony Carter

What exactly is a financial coach and what exactly do they do? Think of them as a personal trainer for your finances. I also like to paint this picture for my clients. Think of us as architects for your financial house. We may have to start from scratch if you have no knowledge of finances. Build a foundation, which means setting up a savings and budgeting plan. Sometimes, we even have to renovate. By this, we aim to tear down old harmful thoughts, habits, and relationships with money. Shore up the foundation and rebuild it into a better and bigger financial home.

blueprint

 

We motivate others to make smart financial changes.

Help you set financial goals, such as setting up an emergency fund or getting out of debt.

We hold you accountable while walking along side of you during your financial journey.

You may be in need of a financial coach if you fit into any of these scenarios:

You are not happy in your current financial situation and don’t know where to start.

You feel like you are financially stuck in the mud and are having a hard time pulling yourself out.

You are planning on making a large purchase, such as a home or vehicle, soon.

Would like for someone to hold your accountable along the way.

In need of someone to teach you techniques and best practices when it comes to personal finance.

I do have to mention that a financial coach is not the same as a financial advisor.

A financial advisor typically assists you with managing your assets, retirement planning, and directing and growing your investment portfolio.

A financial coach cannot legally give investment advice, stock tips or picks, but they can teach you about the stock market.

Genetic counseling advisor communicating with couple at home

advising

If you feel like you may be in need of a financial coach, we would be happy to work with you to help you achieve your financial goals. Please contact us for a 15-minute complimentary consultation.

 

 

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5 Precautions to Take when Returning to the Gym after Covid-19 Quarantine

Friday, 29 May 2020 by Tony Carter
At the time of writing this, things are loosening up around the U.S. and several businesses are beginning to reopen with special guidelines. Gyms are amongst those businesses. Many of you are eager to get back on the “gain train” while others who are just as anxious have a big concern about safety as well. If you are one who is hesitant about returning to the gym, here are 5 precautions to take that may ease your apprehension and increase your safety regarding Covid-19.
Don’t go during peak hours – This can help reduce contact with other people and help with social distancing. The more people that are in the facility, the more difficult it will be for proper social distancing to be adhered to. Saskia Popescu, a senior infection prevention epidemiologist at George Mason University, suggests that if you are seeing a big spike in coronavirus cases in your region, you may want to wait before returning to the gym.
Get in and get out – Be expedient and efficient. Limit your time inside the gym by warming up or cooling down outside, limiting your exposure. Have your music ready and preworkout routine done before you enter the building. You may even want to consider changing your clothes and showering at home if possible.
Wipe down the exercise equipment – The gym should have cleaning supplies or disinfectant wipes available to use. Wipe down the equipment before and after each use. You will want to make sure that the wipe is still wet and allow the equipment a moment to air dry to allow for maximum disinfecting capability.
cleaning gym
Wear a mask – Most gyms are not requiring this, but it is recommended. It may be uncomfortable or make breathing slightly more difficult, but it is an added layer of protection.
 pink mask mask workout
Homework – Call ahead to the gym and ask what changes and protocols have been put in place to increase safety in the gym in regard to the coronavirus. Don’t be afraid to ask what cleaning products and disinfectants are being used. A lot of gyms are using the disinfectant, Rejuvnal, which is used in hospital intensive care units. Another disinfectant this is being used is QT3, which is even more powerful than Rejevnal.
Depending on who you speak with, it is about a 50/50 coin toss on whether it is safe to return to the gym or to wait it out a bit longer. The bottom line is to be careful and vigilant. Do what you need to do that matches your comfort level.

 

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Blurred Lines- 5 Tips for Working from Home

Saturday, 23 May 2020 by Tony Carter

A few years ago, the singer, Robin Thicke came out with a song called “Blurred Lines.”  This song comes to mind when I think about the adjustment to working from home full time.  I have spoken with a few people who have had challenges in this area and I was no exception.  Here are 5 tips to make that transition a lot easier.

 images 

Dedicated Office Time– I have found myself logging on before my normal work start time and logging off later than when my normal work day ends.  I had to institute a “hard” start and stop time. I began to notice that I was making and receiving calls and emails later and later in the evening.  Now when my end time arrives, I shut the computer down completely. Otherwise, I will feel compelled to complete “one more task.”

 

Take a shower and change your clothes– After my morning workout, a shower energizes me and a fresh set of clothes helps me get into work mode. Get out of your PJ’s!  Even if you don’t have a Zoom meeting scheduled that day.

 

Dedicated Office Space– Have a spot in your home designated for work. Don’t work all over the house.  That will only contribute to the “Blurred Line” feeling. This space should have plenty of light. I am partial to areas with a lot of natural light, preferably near a window.  When you hit your “hard stop” and days end, leave this area completely. If you aren’t able to leave the area, pack up all your work materials and put them away.

images-1 download

 

Build in Breaks– I tend to move around a bit more when I am in the office.  When I am home, I almost feel like I am glued to my seat and in some sort of time warp.  The next thing I know, I have forgotten to get up for lunch.  Remember to incorporate breaks. They will help you reset, break up the monotony, and be more productive.

 

Create a Routine-Incorporating some of tips listed previously will assist with this task. I am a creature of habit and function more efficiently with a routine. Create a routine to begin your workday. For me it includes working out, shower, breakfast and first cup of coffee, roughly. At the end of the day, I shut things down and re-engage with my wife and children.  This usually includes getting outside and getting a little sun. I encourage you to incorporate something in the place of a daily commute. Perhaps take a walk to begin (ramp up) and end the day(wind down).

We would love to hear what best practices you have regarding working from home.  Feel free to contact us and share!

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Should You Lease or Buy?

Friday, 15 May 2020 by Tony Carter

Leases are very attractive….You get a new car every few years with a payment that is lower than what you would have to pay if you purchased the vehicle. So leasing is the way to go….right?

Maybe….

If you are like me and you like to drive a lot, then leasing my not be for you. Leases have mileage limitations and if you exceed the limit alotted, there can be hefty penalties when your lease ends. Penalties can range from 5 to 20 cents per mile over your limit. There is an option to pay an extra cost upfront for a higher mileage cap.

With buying a new vehicle you are essentially purchasing a depreciating asset. The value of your vehicle will decrease substantially in the first two years. This could possibly put you in an upside down situation with your auto loan.

As stated earlier, with leasing, your payments will be lower vs. buying, at the end of the lease period, but you have nothing to show for it. You will have the option to purchase the vehicle or lease another one.
Ownership is an advantage to purchasing. At the end of the loan period, the vehicle if yours for as long as you choose to keep it.

 

leasevsbuy

Here is a quick breakdown that may help you decide which purchasing option is best for you.

Leasing may be for you if:
You like driving a new car every 2-4 years.
You don’t drive a lot or have a second vehicle to keep mileage down
You take good care of your vehicles

Buying may be for you if:
You keep you vehicles for long periods of time
You log a lot of mileage on your vehicles
You like to customize your vehicles

I hope this helps you decide which option is best for you. If you are in need of guidance with buying or leasing a vehicle, feel free to contact us. We are happy to help!

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0% for 84 months! A great deal…or is it?

Thursday, 07 May 2020 by Tony Carter

At the time of the post we are in the midst of a global pandemic known as Covid-19. With that being said, it has had a significant impact on the global economy. What does that mean for the car industry? Will there be killer deals available? Will I be able to buy a car at the fraction of the original price?
The pandemic has had an impact on the car industry already and the total impact has yet to be determined. There are deals available now, and they may or may not get better within the coming weeks. Will you be able do get a car at the fraction of the original price…probably not.
With auto manufacturers shutting down production over the last few weeks is preventing the market from having a huge surplus of new cars therefore limiting the extent of how deeply vehicles will be discounted.
However, there are some attractive offers from a few auto brands at the moment. One of the most popular seems to be the 0% for 84 months.

0for 84
This is is a killer dealer right! Maybe…..Maybe not.

First of all, I wouldn’t advise anyone to drag an auto loan out for 7 years. 7 years! Also, if you have followed me for a little while you know that I am a proponent of purchasing preowned vehicles vs. new.

Is there a catch? Well here are some things to consider.

Most dealers only offer 0% financing or a rebate. Not both.
A small interest rate such as 1.9% with a rebate could actually be a better deal. The monthly payment may be slightly higher but the total amount paid over the term of the loan could be lower.

Check out the video below by David B sells Chevy on YouTube where he breaks down the math on an example.

When most people purchase a car, they are generally most concerned about the monthly payment and whether or not, they can manage it.
What should be considered most is the total amount of the loan including finance charges and interest over the total amount of the loan. Just becase the payment is lower doesn’t mean it less expensive.

Moral of the story, pay close attention to total amount being financed, interest rate, and monthly payment. That way you can determine the total amount you will have paid at the end of the loan period.(This will also be in your finance paperwork as well when you are signing the final documents.)

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Is Now a Good Time to Buy a Car?

Wednesday, 15 April 2020 by Tony Carter

Depends. The answer is based upon your personal financial situation.

I’m expecting there to be very attractive deals in the upcoming weeks and months.

With the uncertainty of the economy and job market, this current time could be a risky move. However, I would recommend that you have at least six months to a year (leaning more towards a year) of expenses saved if you are wanting to purchase a car.

More importantly, assess if this purchase is a want or a need. If you have extra funds available at the moment, perhaps those funds could be best used in some type of investment at this current time. The stock market is down at the moment; therefore, could those funds be better served there?

Those who are satisfied with their investments and who have adequate savings, this could be an opportune time to buy a car.

Although, I am typically not a proponent of purchasing a new vehicle, I expect this is where you will find the larger discounts.

GM is already offering extended terms (be careful with this) and lower interest rates on select vehicles.

For instance, I have read that the company is beginning to discount the brand new previous generation Corvettes. Since the 2020 Corvette is all the rave at the moment, the new 2019 Corvettes should be significantly discounted. I understand that GM has a fairly large amount of them in inventory. If you are not the type of person that has to have the latest and greatest, this could present a good deal for you.

To answer the initial question, yes, this could be a good time to buy a car if you are in a financial situation that allows for it.

Deals are beginning to appear, and I expect them to be even better in the upcoming weeks.

a good time to buy a car pic2

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What is a Debt-to-Income Ratio???

Monday, 06 January 2020 by Tony Carter
What is a Debt to Income Ratio and why is it important?  A couple of days ago I posted a debt to income(DTI) ratio formula illustration on Instagram.(Follow me @Koach_Carter)
Then it occurred to me that I may need to go more in depth about DTIs, what is considered a good or bad ratio, and why it is important.
A DTI is a combination of your monthly debt(such as loan payments, credit card payments, etc,) divided by your total gross monthly income.
Ex. (Total monthly bills $1,000/Gross Monthly Income $2,500)=.40 or 40% DTI
Debt to income 2
Why is this important? It shows the lender two things.  Firstly, it provides a snapshot of how you are currently handling your debt. Secondly, is shows if you can afford or have the capacity to pay for the debt that you are applying for.
The current maximum DTI is 43% to qualify for a mortgage.  This is still considered to be high risk. Ideally, you would want your DTI to be 36% or less, according to Wells Fargo.
The max threshold is slightly higher for mortgage loan approval. Generally, the maximum DTI for an auto loan is 36%.
It is always best to self underwrite and know where you stand before applying for credit.  That way you know if it is a good time for you to apply or not.  You will also know if you are in a position to not only be approved, but negotiate a good interest rate.
We hope this information will help you with your next auto or home purchase.
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  • Published in Auto, Business, Finance, personal finance
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Start Now…

Thursday, 26 December 2019 by Tony Carter
A good friend of mine, Mark Jackson from Leverage Your Life, and I were talking a few weeks ago about the concept of finishing strong when it comes to your goals.
We discussed the illustration of when you are running a race. Coaches tell you to finish strong and run through the finish line instead of running to the finish line. Most of us have seen the races when the leader of the race begins to let up when they see the finish line only to be overtaken by the person behind them who continued to push hard through the entire race and through the finish line.
See Mark’s post below via Leverage Your Life here.
Over the past few days and weeks, I’ve heard several people say things such as, “I’ll start that next year.” or “I’ll wait until the holidays are over.” My questioning to that is Why? Why wait? Why not finish the year strong and continue on into the new year. Why not get a jump start on your goals? Imagine how much further ahead you could be if you start right now.
Don’t put off for tomorrow what you can do today.
My challenge to you is to start now. If your goal is to eat better and exercise more, or whatever it may be, there is no better time to start than the present.
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How to Avoid Going “Underwater” in your Vehicle….Loan

Thursday, 31 October 2019 by Tony Carter

In a previous post, we spoke about ways to get out of an “underwater” car loan.

In this post, we will discuss a few ways to avoid getting into an “underwater” situation in the first place.

 

When you become interested in purchasing a vehicle, the first step you should make is to check your credit. This will help you determine what interest rate you may qualify for. You want to shoot for an optimal rate. If you have a credit score over 720, this will put you in a better tier and you could expect to pay a rate of 3.724% or less. Consumers whose credit scores are sub 720 can expect to pay an average of 5.098% or higher according to creditdonkey.com. A high interest rate is almost a sure fire way to end up underwater in your auto loan. Check with your local credit union or bank, as they will often have rates and terms that will match or beat the terms of a dealership.

 

Do your research! Shop around. Check out what the average selling price is of the car(s) that you are interested in to ensure you get a decent deal. KelleyBlueBook, TrueCar, and Cargurus can help with this.  This will help you know what to expect when you walk on a dealer’s lot.

 

Factor In Depreciation. Cars are depreciating assets, but some cars depreciate faster than others. You want to purchase a car that doesn’t depreciate at a fast rate to ensure that as you pay the balance down on the loan, the value will be in line with it.

 

(*There will be a future post on vehicles that you may want to avoid purchasing due to rapid depreciation.)

 

Make a down payment. This will immediately cut down the loan balance and help you get ahead of the depreciation curve.

 

You don’t need the “add-ons”. When you are finalizing your auto purchase and signing the paperwork, you will be offered myriad of upgrades, warranties, protections, and insurances. Most of these you will not need. I am not totally opposed to some of these items, but keep in mind that they will increase the cost of your vehicle and loan balance. It will be enticing because stretched out over the term of the loan will minimally increase your monthly payment.

 

The shorter the loan term, the better.  Don’t be tempted to extend the term of your loan over a longer period of time in order the get a lower payment. This is very enticing, but it is accompanied by a higher interest rate. This will prohibit the loan principal from being paid down as fast; therefore, leaving you with a higher risk of ending up underwater.

 

Buy used vs. new- Cars depreciate the most in the first two years. Consider purchasing a 1-2 year preowned certified vehicle. It will be less expensive than purchasing a new one, and it will have absorbed the largest depreciation hits already.

porsche

Avoid taking on the balance of your trade-in on your “new” car.  If you are already underwater in a car and decide to trade it in on another vehicle, that balance has to go somewhere. It gets added into the cost of the vehicle you are purchasing. When you bring negative equity into a new loan, you are burying yourself in the loan from the start. Make sure to start off on the right foot.

 

Good luck on your next vehicle purchase!

above water car2

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