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KMBZ>Audio & Video on Demand>>Life As You Own It 6.3.14 Segment 2

Life As You Own It 6.3.14 Segment 2

Jun 6, 2014|

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  1. Life As You Own It10.24.14 Segment 2


    Fri, 24 Oct 2014


    interest rates found at 1:48, 2:48, 7:54

    May be conventional but there's going to be some significant adjustments to interest rates . In a situation like this you're gonna wanna have a significant down payment if you're trying to go conventional because most mortgage
    a little bit now you're able to get a little bit better interest rates you're able to get the mortgage insurance products that are out there. And and it's going to be more formal process remind them home now 700 above is is really ideally where you wanna beat. And we tell you there's adjustments 707 when he sat between a 7474. You know above typically 760 or higher. He would qualify for the lowest PMI rates if you're not put in 20% and you can get the lowest mortgage insurance rates. Just gonna qualify for the lowest interest rates . 74760. There are some minor adjustments and once you get under 740 even though somebody with a 725 would be considered good credit score . He will pay slightly higher interest rates may even an eighth of a point higher the somebody with a 740 some odd score. You're over 700 but not quite the 720. You're probably paying about a quarter point higher rate than your neighbor who might have that 74575760. Score how much is an impact. Q well a 200000 dollar loan now thirty bucks so month. And I overtime nets in and a so it's important maximize the scores folks into get your foot in the door and deeply wanna be keep in mind to use that if you have a 76 year our credit score . Or 740 or seven when he or anything in there. Government loans there's not an adjustment so once you qualify for getting
    ugly Chris or what's gonna happen well you got some real pretty credit score a threat to get through pretty Chris the war. Anyway that much of the southern accent housing you got a real pretty credit score I don't know which your hand what's that mean mighty sale like that. Because I'm from the south right so all it does happen well we get this question a lot mark and you've got the answer what's it gonna be the effect with that. Lower spouse score well it is going to impair your ability possibly be at alone and it's definitely gonna hate you or interest rates they're gonna take the anyone who's gonna take the lower. Median score some median is gonna be that middle score. So if you've got to if you personally have a. 76740. And a 750. Your mid score is 750 if your spouse has a 68630. You know 610. His or her mid score is 630. So that means they're gonna have to they're gonna grade you as credit worthiness of a 630. Credit score which is going to make you work. Deal not real attractive if you even qualify. So yes it can edit what what
  2. Life As You Own It10.24.14 Segment 1


    Fri, 24 Oct 2014


    john mark found at 10:16

    its keep on keep it on him. All right we're back live John Mark McDougal that I joined by Rosa vote you're filling in for Craig Miller we thank you for hanging out with a as
  3. Life As You Own It10.24.14 Segment 3


    Fri, 24 Oct 2014


    tax efficient found at 4:23

    have more complexity but you have more opportunity. To put things any tax efficient fashion into you were the state. And to you know that's all we want avoid tax man pass on the warriors take
  4. Life As You Own It 10.17.14 Segment 2


    Thu, 23 Oct 2014


    investment properties found at 12:36, 13:08

    hearts go South Carolina called the hotline to ask I purchase cheap investment properties in the last year and a and a total of five properties now. Including my house I live. I had mortgages on
    it to work at a higher rate of return and what does investment properties are yielding. And ideally they were cash flowing before you got this inheritance if not need to sell it anyway. And if they were your major money there. Get this inheritance to work for you at a higher rate of return then now what's writing off that expense for those investment properties is costing him so. You need to go you need to stay stay stay stay invest that money work with the financial

Automatically Generated Transcript (may not be 100% accurate)

All right folks we are back like if you opponents that's -- its -- it together folks its own this life. CS there's six tips in the previous segment if you just tuned in and he dismissed out six tips to avoid. So costly potentially costly rookie mistakes people make wind. Beginning their investment real estate career. We're gonna be moving on to the wonder years mark is there right. The wonder years not the I wonder years but folks in what are wondering you know I was just on an -- and -- popular eighties television I guess -- between the ages eight and fourteen right. Something's -- is like -- would reauthorize that is the wonder years I think those are the wonder years for a boy. People want to hear -- but that's another story yeah but folks so what. I guess we'll forget that is that we go from the wonder years to then if you didn't get the proper guidance from your parents. You might be in -- I wonder as -- I wonder what the heck up and do years so while we've got some suggestions some of conversations that you need to have with your. Young and that's ideally still in those wonder years and is not yet incorrigible. On war in. Workable if you're Craig and and let's jump in these -- so let's do OK so number one. Calculate the total cost to receive a degree is one mcqueary in a week this is one that we talk about a lie and says it's. It's a problem when Ashley for anything -- you're right so you gotta do the math to identify what is it gonna cost to go those four years or maybe five years. For Europe under grad or maybe seven. To ten years for your bachelor's degree yeah he's -- bachelor's degree. Or possibly it's a vocational school or when you're gonna learn a trade where you can make a good living and it may be it's a one or two earlier but do the math on it makes you understand what the cost is -- be over the long -- Not just the tuition but the room and board. The number two -- And this is a big when we talk about all the time has. Identify what the future income of that position may be. What is the breakeven formula on that education at that school. And what's the amount of revenue what's the income you expect to and hope to receive. I receiving medication what's the what does that profession what they earn on average in you've got to take into account changes in technology. Is what I've seen it with a lot of people over the past ten years especially. Is at the time when they got their education the career path they were choosing -- a lot of sense there was a lot of jobs in that particular location and it's either. Been whittled down because it's not as necessary to some type of technology replacing it or. It doesn't pay as much as it used to because it's not as in the -- end. There's a lot of things can change who we are planning ahead and you're looking and education especially if it's one that's going to be fairly costly. You've got to really take this in the consideration it's a huge one please don't bypass this consideration. And in a part of that is is that mention is that in our third when his calculate the return on investment for three schools. That's I love this one. Take the three schools what's the average income and you can identify it for that profession would most schools with the average income up some without graduating from that school may earned a but what is average income of those in what's your breakeven period. -- how long's it gonna take based upon the 200000 dollar private Ivy League school that -- or more here spend more -- over four years. Verses the public university in the state that you live in presently. The sixty to 80000 dollars it may cost you for four years of that education. How long's it gonna take -- it by the difference of the income. And another -- -- is figure out what your future loan payments going to be boy it's amazing to me that as many people as we see. Will go out and signed for all these student loans has come fastened. In furious and they're just sign up but give me the money let me get -- school and they don't stop to think about what they're going to be dealing with from a debt repayment situation does this make your team do this -- gets back up these are these -- exercise -- you need to put your team through let them. Let them do the math don't do -- -- it's gonna cost you 200000 dollars. Let them come up with a number on the and then let them identified do the research to go 'cause he may be surprised they may say well gosh I want to. I want to go to pharmacy school. On and did they may identify that the income that Baikonur -- going to pharmacy school. May be more or may be less than becoming the veterinarian that they've always wanted to become but they didn't think they can afford veterinarian school. That's right yes yes -- message yet that's the ticket they could be a veterinarians. Pharmacists -- okay. You know the drill folks should stay or -- you go -- We have. -- eat in Scottsdale Arizona called the toll free number with a following my house is almost paid off but I'm getting divorced and I have to split that. I don't think I would have a hard time selling but I bought a house at the peak of the market so I won't get all my money back. -- just sell the house to pay her the true -- half of the equity per share refinance and settle with they're based upon the appraisal any help would be appreciated. Tank that's tough when -- you might estate was very bad guy is simple turn. -- Yes raising his situation is is that Billy is being divorced he's got a split half of whatever the equity may be in his home with his soon to be ex spouse. He's one you know should I just the liquidated. It and by doing so that'll definitely give the true net. Value of the property and after all realistic commissions would be paid the other expenses that gives me true net number. Then we go from there as far as the split or to read you a hypothetical number you became an exact science is not actually sold but I can appraisal. You take in this is where we see people scribble a -- she's got to take a hypothetical cost of liquidating it before Easter split and because just because there's there's a gross 100000 dollars equity in their property does not mean each person G 50000. It means that you got to factor in what it would cost to liquidate them access. Personally I don't know how to answer Billy because I don't know what his living situation is as you -- upside -- home downsized home. Does he love the home but I will tell you that the true way to find out what it's worth is zealot. And that's when you really innocent feel that it was done fairly you get what you get for you split it. However if you love the house there are ways now with a good mortgage planner certified mortgage they can help you figure out all the nuances of this before -- -- things up all right. Okay folks we have to take a break when we come back we're gonna go through the rest of those. Tips to get your team prepared. For college education. Mike Jones stated. It's at 38 stage show yeah. Thirty suspicious not 357 Magnum which is now 38 special right. What's that song. Danny honestly. Hold on loosely it's there was hold on Lucy. No velocity hold on our folks before the break we were we're talking about how to prepare your Tina start having the conversation about how they're gonna pay for college this. You know it's gonna probably be a lot of money ends heaven forbid that they had graduate from college and then start to figure out that they've got student loans repaid that. They may or may not really considered. Whether the career that they're into is gonna be able to support the lifestyle they'd like to have but they went through four years of party and in May be fill their head full of some useful information. And then the find out that the income tax rate has been raised to 60% of their. Bruising they're not -- Australia yes are. Okay so was so re capital quick first is that make she -- rate than the total cost that it's gonna make sure your child. Understands how to calculate total cost to get their degree not calculate their future income. Based upon the field they wanna go into. Compare three different schools use 3-D you know the rate of return by that education and what that edgy. What that average starting wage would be from that education that school. On number four is identify what those loan payments are going to be when they graduate from college Macon 42000. Dollars as a primary education teacher. Up can -- forward. Any 12100 dollar per month payment if they went to Harvard to become a schoolteacher. Yeah not number five is out and get creative and find savings have your teens find ways to save money on net. Price on tuition estimate so in other words can -- on total cost and they live at home. Can they work through college can -- obviously we wanna make sure you research every opportunity to get. The grants etc. Grant scholarship all those things the sooner they start doing -- the math homework etc. the better chance they have to line those up there's also a student aid available we gave five colleges and there's a longer -- than that. That you can go to to wish in a free some of omits the LS I know he's everything I'm doing -- show kick it out yet. Be you know doing the math though -- have inflation guys he's got a koehlke got to factor and if you're sitting there with your thirteen year old doing this head's gonna blow up their size eight straight years away -- lady I agree the where's he's excited to be 10% or so per year that's our customer location is gonna go up. So he checked -- local instate tuition for the college that you think is most likely to be attended by your. Child and you don't factor in the cost of five years later. You can real short on your Massey had a factor in the cost education Iran is almost it's almost double inflation on it you know and some years it might have a 10% each other years it's between four and 6% but I think you -- your interest and you're probably going to be -- be on the upside you'll be on on the good side and a on and think about that -- That's a 50% increase. Over ten years so if you got to pay seven year old -- year old can be -- that there's change if it's ten I I. Think you're good probably around 6%. Obviously your better if you calculate 10% but even 6%. That's a 30% increase in net annual cost to send your kid to college. On the 042 wishing wise and remember not just the tuitions and increased because inflation in the room and board can increase at least today at two and a half to three and a half percent. So. There you folks threat right. What's next -- let's talk about how to save money on your parents senior -- yeah you are you have to -- -- you could have helped secure -- now -- going to be able to handle it just -- on -- -- -- will have somebody providing and I'm sure but they will be able -- for doing -- but we know this -- -- -- typical -- some good -- that they may need to consider picture -- -- number one is to determine the needs before selecting a senior solution for your senior -- solution for your parent -- for your parents -- -- -- court to consider. Thumb their needs as well as the space that require before comparing the options prepare requires daily care medical late. Keep this in mind before shopping around for the right senior living facility after solution. A big one for all of lewis'. You've got to consider your budget until the budget you have available to pay for the costs of a senior living solely monthly annually. Or even if you choose to opt for home care and folks. Make sure the you don't just consider that budget for one year to year or three years. -- as is we know because of technology all -- aren't living. Longer so understand that it's he even if you're your parents is in their their early eighties if they're completely healthy. On an earlier theory healthier and it they may live to be 95 to a hundred. A 105 or -- 105 it's possible. On Sony appearance in common with modern technology the media -- 230. But yet but but remember him but but remember to look into it consider the budget. Look at the places they can meet their need to consider everything in the budget you're driving expense that you're -- -- remember you may think you're saving a few bucks by having him on the other side tail and a but the reality is if you're gonna be helping take care of them visiting regularly to expense associate with you -- over the are helping manage their care you got to factor that into the budget. And another one is obviously is sharing space according to paying for senior care sharing an apartment space -- seniors assisted living home. Is also another way to reduce costs which is ideal -- -- budget is still seeking additional amenities for your parent. So if if one of your parents is deceased. That you were -- you should strongly look at your parent should consider living with a roommate. Another is compare out of state assisted living homes every state is different. Some of them have a much more amenities more features and it lower cost because of the size of the retirement communities. You -- able to save us significant amount of money and then also is considered the types of amenities and features your parents looking for a senior living program. On and dependent upon those. On you may be able to if they need just assisted living. -- they don't need assisted living on it then that there may be -- there may be options where you can be in a facility that's. That that there -- -- for 12 or three years that doesn't have the seat the level of oversight and expense associate with if they have a medical needs to just look at -- different options there are ways to save a few bucks. But it is going to be an expense and folks if you got if you're younger. I'm and you gonna be taking care prepares you already know what he need to look at long care or insurance options that's a whole another show but you need to start to investigated. Because it's money that may be well right now. -- to tell you how to save some money on gas and a big -- began to discover so we get back -- also twelve cities where homes are flying -- The market. I'm glad that you -- at stake there.

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