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Saving for College

How Do Home Equity Lines Of Credit Work? [Video]

How do home equity lines of credit work? One of the biggest perks of homeownership is the ability to build equity over time. You can use that equity to secure low-cost funds in the form of a second mortgage—either a one-time loan or a home equity line of credit (HELOC). There are advantages and disadvantages to each of these forms of credit, so it’s important to understand their pros and cons before proceeding.HELOCsHome equity lines of credit are a bit different. They are a revolving source of funds, much like a credit card, that you can access as you choose. Most banks offer a number of different ways to access those funds, whether it’s through an online transfer, writing a check, or using a credit card connected to your account. Unlike home equity loans, they tend to have few (if any) closing costs, and they usually feature variable interest rates—though some lenders offer fixed rates for a certain number of years.1There are pros and cons to the flexibility that credit lines offer. You can borrow against your credit line at any time, but untapped funds do not charge interest.1 In that way, it’s a nice emergency source of funds (as long as your bank doesn’t require any minimum withdrawals).Especially now—if you’ve lost your job because of the coronavirus, need cash, and have equity in your home—taking out a HELOC may be a good option. Many banks are still offering them, though Wells Fargo and JPMorgan Chase were two frontrunners that announced application freezes for new HELOCs in the spring of 2020.The Phases of HELOCsMost home equity credit lines have two phases. First, a draw period, often 10 years, during which you can access your available credit as you choose. Typically, HELOC contracts only require small, interest-only payments during the draw period, though you may have the option to pay extra and have it go toward the principal. After the draw period ends, you can sometimes ask for an extension. Otherwise, the loan enters the repayment phase. From here on out, you can no longer access additional funds, and you make regular principal-plus-interest payments until the balance disappears. Most lenders have a 20-year repayment period after a 10-year draw period. During the repayment period, you must repay all the money you’ve borrowed, plus interest at a contracted rate. Some lenders may offer borrowers different types of repayment options for the repayment period.HELOCs have many attributes that make them different from a standard credit line and also offer advantages. However, the interest-only payments in the draw period mean payments in the repayment period can almost double. For example, payments on an $80,000 HELOC with a 7% annual percentage rate (APR) would cost around $470 a month during the first 10 years when only interest payments are required. That jumps to around $720 a month when the repayment period kicks in.The jump in payments at the onset of the new repayment period can result in payment shock for many unprepared HELOC borrowers. If the sums are large enough, it can even cause those with financial hardships to default. And if you default on the payments, you could lose your home.

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Saving for College

I’m Debt Free, How Do I Balance Spending and Investing? [Video]

I’m Debt Free, How Do I Balance Spending and Investing?Nix the guesswork and scrolling. We’ll connect you with investment pros we trust: https://bit.ly/3kwqrhfListen to how ordinary people built extraordinary wealth—and how you can too. You’ll learn how millionaires live on less than they make, avoid debt, invest, are disciplined and responsible! Featuring hosts from the Ramsey Network: Dave Ramsey, Ken Coleman, Christy Wright, Rachel Cruze, and John Delony.Ramsey Network (Subscribe Now!)• The Ramsey Show (Highlights): https://www.youtube.com/c/TheRamseyShow?sub_confirmation=1• The Ramsey Show (Full Episodes): https://www.youtube.com/c/TheRamseyShowEpisodes?sub_confirmation=1• The Dr. John Delony Show: https://www.youtube.com/c/JohnDelony?sub_confirmation=1• The Rachel Cruze Show: https://www.youtube.com/user/RachelCruze?sub_confirmation=1• The Ken Coleman Show: https://www.youtube.com/c/TheKenColemanShow?sub_confirmation=1• The Christy Wright Show: https://www.youtube.com/c/ChristyWright?sub_confirmation=1• EntreLeadership: https://www.youtube.com/c/entreleadership?sub_confirmation=1

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Saving for College

Scott Fitzpatrick, Tucker: Biden Administration Plans To Weaponize IRS With Plan To Monitor Bank Accounts | Video [Video]

Missouri state Treasurer Scott Fitzpatrick says he will refuse to comply with the plan to have the I.R.S. monitor all bank accounts for transactions totaling over $600. He joined FNC’s Tucker Carlson last week: SCOTT FITZPATRICK, MISSOURI STATE TREASURER: We have a statutory obligation in Missouri. We run the state’s 529 Plan which is a college savings program, as well as a bank account program for people with disabilities, and Missouri law protects that information and it says essentially that we’re supposed to keep that information private and not turn it over to anybody, much less the Federal government.So, if Congress does pass this proposal from Treasury and say hey, states, you have to turn over this information, I’m saying, we’re not going to comply with that. We’re going to fight it.Treasurer John Murante from Nebraska is in this fight with me, as well as well as some other Treasurers who are members of the State Fiscal Officer Foundation and we’re going to continue to fight this. If it goes to court, we’ll fight it in court. If we have to take it to the Supreme Court, then that’s what we’ll do.CARLSON: What do you suppose — I don’t know if you polled on it, but what percentage of the residents, the voters in the State of Missouri are in favor of snooping on bank accounts with $600.00 in them? Like is anybody in favor of that, do you think?FITZPATRICK: Well, I think — you know, there’s been bipartisan opposition to this. Obviously, some of the Democrats in Congress have been very quiet about it, but you know, nobody should be okay with the I.R.S. just having you know, carte blanche access to every transaction you make. It’s a massive invasion of privacy. It’s a violation of Americans’ Fourth Amendment rights and we have to fight back against it.CARLSON: Amen. I’m so glad that you are. I mean, the tragedy of the past two years is almost no elected officials have fought back against anything meaningful. It’s all performative.Have you seen anyone defend — I’m just interested — an elected official defend this and looked into it and said, no, we really need access to $600.00 level bank accounts?FITZPATRICK: Well, they keep talking about, you know, there is a tax gap and it’s all about taxing the wealthy, but anybody who is looking at this knows that that’s not what this is about. It’s $600.00. You’re not getting the wealthy, you’re getting every American with a bank account.It doesn’t matter — this is not about high income people, it’s not about big businesses or small businesses. It doesn’t matter if you’re making $10 million or $10,000.00. They want to see how you spend every single dollar and frankly, if there’s a family in the country that probably shouldn’t want that, I would think it’d be the Biden family.If the I.R.S. has this kind of time on their hands, maybe they should be looking at who is paying $500,000.00 for Hunter Biden’s finger paintings or something and then they can work their way down from there.But you know, this is — it’s just — you know, if we let this happen, it’s just going to be something else after this, and we have to fight back against it.CARLSON: Well, I mean, you know, I’m no tax expert, but like if you wanted to make the truly rich pay more, you’d close the carried interest loophole, wouldn’t you? And if you really wanted to, you would tax capital at the same rate of labor. Like you can leave people’s bank accounts alone. With that one change, you would make the richest people in finance pay a lot more. Why aren’t they suggesting that?FITZPATRICK: Well, you’d think that they would, but I think really, this is more than just about tax collections. I think this is about control over people’s lives. I think it’s about, you know, scaring people and that’s just the way they operate.This is the new way in the Biden administration and they’re going to continue to do this. We’ve seen with vaccine mandates, they’re trying to force people to do that. They’re trying to force people now to turn over their bank account information.CARLSON: They’re making me pro-crypto. I’ve never felt that way until now. Scott Fitzpatrick, a very smart State Treasurer. I appreciate your coming on tonight. Thanks very much. Hope we see you again.

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Saving for College

How Much Should I Be Putting Into My 401(k)? [Video]

How Much Should I Be Putting Into My 401(k)?Nix the guesswork and scrolling. We’ll connect you with investment pros we trust: https://bit.ly/3kwqrhfListen to how ordinary people built extraordinary wealth—and how you can too. You’ll learn how millionaires live on less than they make, avoid debt, invest, are disciplined and responsible! Featuring hosts from the Ramsey Network: Dave Ramsey, Ken Coleman, Christy Wright, Rachel Cruze, and John Delony.Ramsey Network (Subscribe Now!)• The Ramsey Show (Highlights): https://www.youtube.com/c/TheRamseyShow?sub_confirmation=1• The Ramsey Show (Full Episodes): https://www.youtube.com/c/TheRamseyShowEpisodes?sub_confirmation=1• The Dr. John Delony Show: https://www.youtube.com/c/JohnDelony?sub_confirmation=1• The Rachel Cruze Show: https://www.youtube.com/user/RachelCruze?sub_confirmation=1• The Ken Coleman Show: https://www.youtube.com/c/TheKenColemanShow?sub_confirmation=1• The Christy Wright Show: https://www.youtube.com/c/ChristyWright?sub_confirmation=1• EntreLeadership: https://www.youtube.com/c/entreleadership?sub_confirmation=1

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Saving for College

How to Pay for College [Video]

What does college really cost and how do you pay for it? Financial aid is available to many students but you need to know how to access it. Rashinda Hutchinson walks you through how to determine costs, the types of financial support available, how to complete financial aid forms and more. [Show ID: 36625]More from: The Cost of College(https://www.uctv.tv/education/cost-of-college)More from: Education Channel(https://www.uctv.tv/education)UCTV is the broadcast and online media platform of the University of California, featuring programming from its ten campuses, three national labs and affiliated research institutions. UCTV explores a broad spectrum of subjects for a general audience, including science, health and medicine, public affairs, humanities, arts and music, business, education, and agriculture. Launched in January 2000, UCTV embraces the core missions of the University of California — teaching, research, and public service – by providing quality, in-depth television far beyond the campus borders to inquisitive viewers around the world.(https://www.uctv.tv)

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Saving for College

Louisville Zoo partners with Bellarmine University for pollinator habitat on campus | News [Video]

The Louisville Zoo partnered with Bellarmine University and Seven Counties Services to plant pollinator habitats to support monarch butterfly conservation.

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Saving for College

How to save for college: 5 ideas to save money faster [Video]

Saving for college can seem overwhelming, but it doesn’t have to be. Consider these manageable tips on ways to budget and save for you or your child’s education. If you need help calculating a college savings plan, visit https://www.lgfcu.org/calculators/save-for-college. Learn more about LGFCU: https://www.lgfcu.org/Follow LGFCU on social media:Facebook: https://www.facebook.com/LGFCUInstagram: https://www.instagram.com/lgfcu/Twitter: https://twitter.com/LGFCULinkedIn: https://www.linkedin.com/company/lgfcu-local-government-federal-credit-union/