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Personal Money Planning's Newsletter
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 It's August! Before you know it, the school buses will return to the roadways, the weather will turn cooler and it will be time to start on that Christmas gift list (if your list is that long, you should already be saving, too).
But for now, take a look at our stories about college kids and credit cards, some of my recent Times Record News articles, and more information about the Affordable Care Act.
Regards,
Gary Silverman, CFP |
Gary's Soapbox
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College Kids And Credit Cards
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 Even if they haven't been tempted by new credit card offers like you may have been before the financial crisis, it's a good time of year to be aware how your children are using credit cards when it comes to college and school expenses, if they have access to them. Here are a few steps to take to help avoid debt problems for your student later on:
- Have a conversation. Explain debt and interest. Explain how filling up a credit card without being able to pay it off can lower their credit score, making it more difficult to finance a car, or, possibly to get certain jobs that check credit scores.
- Create a budget. Include supplies, transportation, groceries--don't let the unexpected cause overuse of the credit card. If they are tempted to use the card to get cash, make them aware of the additional costs.
- Advise your student to spend only what they can afford, and to pay off the statement every month, BEFORE it's due to make sure late fees are avoided.
- Remind your child to keep their receipts to compare against their statements. Sometimes new "friends" find ways to borrow credit card numbers.
- All of the above is especially important to your own credit, of course, if the student is an authorized user on YOUR account. Don't hesitate to take them off the account if they are abusing the privilege. This is more difficult to do if you are a co-signer on an account with the student, so keep that in mind. If they are able to obtain their own credit, then it is their responsibility. Hold them to that. They will thank you later (probably by having good credit, not with actual words or anything).
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Gary's Latest Articles
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From the Times Record News
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First Alternative To Bonds: Bonds
In this second in a series about bonds, Gary explores the reasons investors choose different types of bonds, and weighs in on the impact to your portfolio. Read More...
Flexibility in Bond Investments
Next, Gary discusses a way to mitigate the risk that future economic events would add to your portfolio. In other words, he talks about letting someone else worry about it. Read More... |
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Money 101:
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 In January of next year, the new health care reform law is scheduled to take effect. Many are talking about the changes that will come about through the "Affordable Care Act" aka "Obamacare," but many erroneously believe that it will create a new, government-run health plan.
To keep us better informed, Eaton Vance has written this paper about the basics of the health care reform law, and what it means for individuals and businesses. Read More... |
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Final Thought
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Thanks for opening and reading our latest newsletter! We hope you like the new format; it's sometimes good to look at things in a new way. For example, if you want to have a different perspective on life, take a look at our planet as it looks from Saturn: Click here
Have a great weekend!
Gary |
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This newsletter is produced by Gary Silverman, dba Personal Money Planning, a registered investment advisor located in Wichita Falls, Texas.
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