We Make Money Easy
Summary: We Make Money Easy is a show about personal finance, make simple in a friendly conversational style. Andre and Phil talk about everything and take questions from listeners. Look for our Podcast in the iTunes Store
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- Artist: Andre Anthony and Phil Anderson
- Copyright: ℗ & © 2012 Andre Anthony and Phil Anderson
Podcasts:
Need some summer reading? We go over our top 10 favorite books, and what you can get out of them.
Minimum wage is for high school kids. With a little creativity you should be able to break above minimum wage, and the time saved will have multiplicative positive implications on your life.
Refinancing your mortage to a 15 year will usually save you on interest, and also force you to pay your debt down earlier. There are some things to look out for such as pre-payment penalties, and the fact you are locking yourself into a higher monthly payment. You should also factor in closing costs. You don't need to switch to a 15 year mortgage to pay your house off in 15 years, consider doubling your mortgage payment each month.
If your taxable income is over $112,000 you are not able to make a tax deductible contribution to a Traditional IRA, and if you make over $183,000, you are not eligible to make a tax deductible contribution to a Roth IRA. If you are self employed, you can take part in a SEP-IRA, which has different rules then a Traditional and Roth IRA. This is probably a rare case for many people, if you need the deductions, you can look towards making a donation, or finding other deductions for the year. You can always invest the money you would have put in the IRA.
If you are a Canadian, you can use the “RSP Home Buyers Plan” borrow up to $25,000 ($50,000 for couples) from your RSP to purchase your home. The money has to have been in the RSP for at least 90 days. This is a loan, and you have to pay it back over 15 years. The repayment is 1/15 of the total amount owed. American’s can borrow up to $10,000 from their retirement for purchase of their first home only without penalty. Consider the pros and cons of whether you are better off saving more money versus borrowing from retirement to make this downpayment.
Student Loans are one of the largest debts you’ll incur in life. There are several types of loans, and it’s important to pick the ones that are the most favorable. Be sure to consider whether the amount you are borrowing is a reasonable amount to pay off given your projected job prospects. Even though the amounts of money involved with student loans can be staggering, inflation has a way of helping you out.
Phil and Andre talk about some things you may not need and could be wasting your money on.
Phil and Andre talk about some things you may not need and could be wasting your money on.
LendingClub.com lets you borrow and loan money directly from individuals. These loans pay high interest rates but are inherently riskier investments.
LendingClub.com lets you borrow and loan money directly from individuals. These loans pay high interest rates but are inherently riskier investments.
The things that make up a credit score, and what can hurt or help you in getting the highest score possible.
The things that make up a credit score, and what can hurt or help you in getting the highest score possible.
The various types of stock are explained, along with the advantages and disadvantages of this type of investment.
The various types of stock are explained, along with the advantages and disadvantages of this type of investment.
Investment funds are an easy way for a layperson to diversify their portfolio. We discuss the different options you have, as well as the risks, fees, and tax implications behind the different types of funds.