Fiscal
BUSINESS & MONEY: YOUR GUIDE TO ACHIEVING FINANCIAL WELL-BEING
Young & Artsy Alex Moy is poised to become Marion’s media master
+ Loan Lessons Second Home Success Trust Fund Training Cashflow Catastrophe
WE HANDLE CATASTROPHIC INJURY CASES On February 27, 2017, a Marion County Jury returned a
record-breaking $52,000,000 verdict for our clients
who were devastated in a high speed rear-end collision. Piccin & Glynn is a personal injury and wrongful death law firm with roots in Ocala since 1974. It is recognized as a Preeminent Law Firm with the highest rating for legal abilities, conduct, ethics, reliability and diligence. John Piccin graduated from Villanova University and The University of Michigan Law School. His daughter, Katherine (Katie) Glynn, graduated from Eckerd College and St. Thomas University School of Law. John and Katie handle all types of crashes— motor vehicle, trucking, motorcycle, bicycle, boating and aircraft. Other practice areas include medical and professional malpractice, product and premises liability, and insurance coverage disputes, particularly insurance company “bad faith.”
If you want lawyers who will passionately work to pursue your legal rights following a tragedy or significant financial loss, give John or Katie a call.
320 NW 3rd Ave., Ocala (352) 351-5446 • (800) 969-5446 • Fax: (352) 351-8057 john@piccinlaw.com • katie@piccinlaw.com piccin&glynn.com
BUSINESS & MONEY: YOUR GUIDE TO ACHIEVING FINANCIAL WELL-BEING PUBLISHER
Kathy Johnson
kathy@healthylivingmagazines.com OFFICE/PRODUCTION MANAGER
Cynthia Brown
art@healthylivingmagazines.com
ART
....... Fund Me
Jessi Miller
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Kristy Taylor
....... Home Sweet
John Jernigan fotolia.com
EXECUTIVE EDITOR
Karin Fabry-Cushenbery
karin@healthylivingmagazines.com MANAGING EDITOR
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melissa@healthylivingmagazines.com ASSOCIATE EDITOR & SOCIAL MEDIA SPECIALIST
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Cealia Athanason
DIRECTOR OF CORPORATE DEVELOPMENT
CONTRIBUTING WRITER
ACCOUNT EXECUTIVES
cealia@ocalastyle.com
Laurel Gillum
JULY 2017
04 06
CREATIVE DIRECTOR
PHOTOGRAPHERS EDITORIAL
Contents
Penny Miller • penny@healthylivingmagazines.com Peggy Sue Munday • peggysue@healthylivingmagazines.com Cecilia Sarco • cecilia@ocalastyle.com
08 12
Home (Again)
...... Pushing The Limits
......... Navigating A
14 15
Financial Emergency
.......... The High Cost Of Living .......... Loaning Help
OCALA PUBLICATIONS, INC.
o: 352.732.0073 › f: 352.732.0226 › 1007 E. Fort King St., Ocala, FL 34471 › healthylivingmagazines.com HEALTHY LIVING MAGAZINES / JULY 2017 / VOL. 1, NO. 3 Published monthly by Ocala Publications, Inc. All contents © 2017 by Ocala Publications Inc. All rights reserved. Nothing may be reprinted in whole or in part without written permission from the publisher. For back issues or advertising information, call (352) 732-0073. Return postage must accompany all unsolicited manuscripts and artwork if they are to be returned. Manuscripts are welcomed, but no responsibility can be assumed for unsolicited materials. “Promotional” and “Promotional Feature” denote a paid advertising feature. Publisher is not responsible for claims and content of advertisements.
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A
Trust funds aren’t limited to one demographic. Here’s a quick look at what this estate-planning strategy entails. › BY LAUREL GILLUM
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Funding The Trust
After the grantor decides how the beneficiary shall receive their assets and has properly informed the trustee of the terms and conditions of this trust, the fun part starts: funding the trust. Typically, you can hold a variety of assets in one trust fund, from stocks and bonds to real estate and cash. You can also deposit lump sums of money into this account or choose to make payments over time. If you’re interested in starting a trust fund or in finding out more information on trust funds, it’s important to discuss such matters with a qualified trust attorney, your accountant or your local registered investment advisory firm. It pays to plan. You may find that a trust fund is an ideal option for the livelihood of both you and your family.
Sources: thebalance.com, themontleyfool
Fund Me
trust fund is a special type of legal arrangement that places assets in an account to benefit another person, group or organization. The grantor, or person who establishes the account, donates the property, such as cash, stocks, bonds, real estate, mutual funds, art or a private business, to the fund and decides the terms upon which the fund must be managed. The beneficiary, or person whom the trust was established for, will reap these benefits upon the specifics laid out by the grantor. Tools are readily available online to assist you in setting up a trust fund yourself; however, a trustee is highly suggested. This person will assist the grantor in overseeing and managing the assets in a trust fund. You’ll start the process off by deciding whom your beneficiaries will be and why you have chosen to start the trust in the first place. There are several benefits when opening a trust fund for both the grantor and their recipients: • Setting up a charitable annuity trust or charitable trust can save you a considerable amount each year in taxes while benefiting your favorite charity. • Family members often set up trust funds designed to pay educational expenses for their children. • Trust funds serve to protect family businesses. The trustee will be responsible for overseeing management, while the beneficiary reaps financial benefits.
Ever wonder what triggers an IRS Audit? Here’s what they keep their eyes on: • • • • • • • •
Mismatch of income from Forms 1099 and W2 Large charitable contributions over the “norm” (2-7% of Adjusted Gross Income) Improper office in home deductions Improper rental real estate losses (Passive vs. Active Losses) Improper Meals & Entertainment deductions (especially on the S-Corp level) Claiming 100% business use of your vehicle Filing a Schedule C (Sole-Proprietor) with large losses (more than $25,000 for 3 years consecutively) Improper Disclosure or No Disclosure of Foreign Bank Accounts The best piece of advice I can give you for avoiding a tax audit is don’t look like an outlier when compared to others that are on the same financial playing field as you. Seek the advice of a tax professional when preparing your tax return and heed their warnings if they think you’re being too aggressive. CPAs see enough tax returns come across their desk that they will be able to guide you as to what looks abnormal. In the instance that you have been selected for an audit, contact a CPA immediately. Pandora’s Box has been opened, so be prepared and have excellent documentation for everything you’ve claimed. If one deduction makes a return look fishy, potentially all parts of the filing can come under the microscope. Finally, don’t panic. Most audits are very procedural in nature. The IRS will ask you to substantiate income and deductions, and once you provide it to them (or not), a final assessment is made.
Hema Rupnarain, CPA, P.A. CERTIFIED PUBLIC ACCOUNTANT
The Villages Office 13940 N. US Hwy 441, Suite 206 The Villages, FL 32139
Ocala Office 1306 East Silver Springs Blvd. Ocala, FL 34470
352.255.3795
352.351.9880
Email: info@hemacpa.com Website: www.hemacpa.com
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Home Sweet Home (Again) There is more to buying your second home than choosing finishes. In fact, a house is most likely the largest investments you’ll make during your lifetime. › BY LAUREL GILLUM
The starting line. Should you sell first and then buy? What about vice versa? Selling your current home first makes getting a mortgage easier, but it also brings about the stress of finding somewhere temporary to stay. Buying first will rid this anxiety but will replace it with the difficulty of juggling two monthly house payments until your old home sells. Unfortunately, there is no clear-cut answer. There are, however, ways to make the process go smoother. Meet with your agent. Meet
with a real estate agent early on. An agent will help you understand your home’s true current market value as well as whether the market where you plan to move is more or less competitive than where you live now.
Know your budget. Engage a local mortgage broker or lender to
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understand what kind of down payment you’ll need, given the price point and type of home you seek to buy. Find out how much equity you have in your current home by going through the loan pre-approval process with a local mortgage professional.
know about your finances, the better suited you are to purchase your second home. Identifying and planning the variables involved in buying a house early on will help you make wise choices in your search for a home. Get pre-qualified for a home loan to eliminate any budgeting questions.
Money Makers When selling your home, consider whether the following improvements will fit into your budget to improve your home’s overall market value.
Windows. A properly installed, high-performance window will retain more heat during the winter and cool air during the summer, lowering energy costs.
Kitchen. Deepening the cabinetry and expanding them upward to the ceiling will provide valuable storage for those who love to cook. Plus, consider new countertops if yours are dated or dingy. Flooring. Upgrade from carpet to wood or another natural alternative, especially in the home’s high-traffic areas.
Sources: realtor.com, bankrate.com
I
f you’re a second-time homebuyer, read on to find out everything you need to know.
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here to help. Let’s get Financial started today. ©2016. Principal Services, Inc. Principal, Principal and symbol design are register 50 SE 16th Avenue | Ocala, FL 34471
and service marks of Principal Financial Services, Inc., a member of the Principal Financial williams.diana@princor.com Insurance products352-629-6556 issued by Principal| National Life Insurance Co. (except in NY), Principa Insurance Co. Securities and advisory products offered through Principal Securities, Inc., 8 Diana Williams member SIPC. Principal National, Principal Life, and Principal Securities, Inc. are members ©2016.Financial Principal Financial Services, Inc. Principal, Principal and symbol desi Senior ® , DesServices Moines, IARepresentative 50392. AD3139 | t160812033c Financial Group
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©2016. Principal Financial Services, Inc. Principal, Principal and symbol design are registered trademarks and service marks of Principal Financial Financial Services, Inc. Principal, Principal and symbol Services, Inc., a member of the Principal Financial Group®. Insurance ©2016. productsPrincipal issued by Principal National Life Insurance Co. (except in NY), design are registered service marksSecurities, of Principal Financial Services,member Inc., a member of the Principal Financial Gro Principal Life Insurance Co. Securities and advisory products offered and through Principal Inc., 800/247-1737, SIPC. Principal Insurance products issued by Principal National Life Insurance Co. (except in NY), Principal Lif National, Principal Life, and Principal Securities, Inc. are members of Principal Financial Group®, Des Moines, IA 50392. AD3139 | t160812033c Insurance Co. Securities and advisory products offered through Principal Securities, Inc., 800/
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MAKE THE MOVE TO PROTECT THE ONES YOU LOVE If you don’t have an Estate plan, the state has one for you, but you probably won’t like it.
LET ME HELP YOU! Call us today to set up your
COMPLIMENTARY REVIEW OF YOUR ESTATE
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RETIREMENT & ESTATE ADVISORS & PROFESSIONALS WEALTH MANAGEMENT TAX MANAGEMENT
David H. Morgan, M.S.F.S., C.E.A. Ficsal Fitness JUL ’17 healthylivingmagazines.com
7
Pushing The
Limits
Although having a passion may be common, living a passion is less so. Alex Moy made it from one to the other and wants to inspire you to do the same.
BY CEALIA ATHANASON PHOTOGRAPHY BY RALPH DEMILIO
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H
e’s 19 years old and a few years deep into owning a company. Alex Moy is considered ahead of the game, and sure, he’s young, but he knows—and has known—what he wants to do with his life. He’s worked hard, reached out to the community for support and delivered value to his clients. He’s someone who started a company when he was just a ‘kid,’ and he needed all the support he received. But now he’s ready and able to give back, to expand, to push the limits of his own vision.
From Passion To Purpose
There’s this thing about Alex— something that pushes and prods him. It’s what he credits for where he is today and what continually keeps him going. Alex is passionate. “From the time I can remember, I’ve always wanted to be able to achieve; I’ve always wanted to be able to accomplish... something,” says Alex. This young man was attending Business After Hours events with the Ocala/Marion Chamber and Economic Partnership when he was barely a teen. He had his own company name registered by the time he was 14. When his peers were focusing on high school, Alex had caught the video production and visual effects bug and started working toward living his dream. “Regret is huge for me, and I see a lot of other people who have regret because they’re not able to live their passion, live what they love every single day,” he says. When Alex was 4 years old, he remembers seeing his older brother Nick start first grade. Nick was being homeschooled, and Alex remembers wanting to start school, too, but his parents
Photo courtesy of Moy Media
“Regret is huge for me, and I see a lot of other people that have regret because they’re not able to live their passion, live what they love every single day.” told him he needed to learn to read first. And that summer, he did just that. “I was starting school; I was in Cub Scouts at 4. My dad would bring me to work with him, and you know I was just learning, and I surrounded myself with people who were older than me,” says Alex. “And I just always wanted to fit in, I guess, being the young underdog— the kid in the group.”
On his 11th birthday, Alex received an underwater camera with a reverseeffect recording function. This camera changed everything for Alex. He would work to convince his friends to make videos with him. He was hooked, and that’s when he started making videos with special effects. “I started emailing my friends my videos, and they would share it with their
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“I feel like Ocala spoiled me, in a way, to accept me for who I am and as a young business owner.”
Photo courtesy of Moy Media
friends. And I would get random emails back saying, ‘Hey, this is an awesome video. How did you create this?’” Alex says. “So, this social network sort of happened through email, and then I was introduced to YouTube and started uploading videos there. I would study it a lot, and I would get some views actually. I started getting subscribers and just figuring out the YouTube game. I was very immersed in it.” Alex made videos with all kinds of visual effects just for fun and watched them eventually rack up 20,000 to 25,000 views on YouTube. He developed a signature line at the end of digital stunts, like teleporting or holding fire in his hands. He would turn to the camera and say, “That’s how it’s done.” Alex used that line as his first registered company name, That’s How It’s Done Productions. Then, he looked into how he could become a professional video producer. He just needed to be paid for his work, and that happened
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when he made his first commercial for his family’s friends at Kirby Family Farm. Alex’s commercial made its way onto TV-20 (ABC) and FOX. After the commercial aired, TV-20 contacted Kirby Family Farm, asking, “What LA company did you use?” When the station heard that a 14-yearold kid had made it, everyone was blown away. TV-20 called Alex to confirm that he was behind the commercial and was indeed 14 before inviting him out to take a tour of the station. “Video companies here in Ocala that still exist were just starting at the time when I was 14,” Alex says. “I was like ‘Wow, I thought I was just creating these videos for fun, but this is something that’s needed.’” In 2014, Alex submitted a short film, called Protected, to the Silver Springs International Film Festival, and it won Audience Choice for Best Special Feature. That’s when the Power Plant and the Ocala/Marion County
Chamber and Economic Partnership approached him, and he started meeting more people in Ocala— something that changed his perception of this community. Alex was able to rent space in the Power Plant Business Incubator for his video production company, and it became like a second home for him. At this point, Alex saw a future here in Ocala for the first time. He focused on commercial work, short films and the passion projects that he wanted to do, and he filled in the gaps by doing several wedding videos on the side. He continued to build his business and finally considered himself a professional. Once he neared the end of high school, though, Alex started thinking about college. Friends were asking him about it, and he had reached out to several universities because wasn’t that the next step? To him, it didn’t feel like it.
“Well, do I want to go to college? Do I want to pursue this?” Alex remembers thinking. “I feel like I’ve built this momentum here in Ocala that I would just walk away from and walk away from the opportunity I had to leave a legacy here, especially for our generation that’s younger and that wants to leave Ocala. “You know what, I feel like Ocala spoiled me, in a way, to accept me for who I am and as a young business owner,” Alex adds. “I feel like I should give back, you know, and make that mark here.” So, for now at least, Alex is here to stay and college is put on hold.
Step By Step
That’s How It’s Done Productions became Moy Media in November 2016, and Alex and his team expanded the business from a video production company to a marketing company. Now, Moy Media is a results-driven company that generates leads for clients through social media advertising. “My love language is service, so I want to be able to do as much as I can for people. I just love being able to give,” Alex says. Alex notes that no one knows their business better than the owners and decision-makers, so by listening to their needs and who they target, he’s able to cater to their needs. “If they ask for my advice, I’ll recommend a couple of ideas for social media and how to achieve
different results through Facebook or YouTube ads.” Being free, financially free and otherwise, has also been a significant driver in Alex’s success. He grew up in a modest, but very hardworking, family. As a young boy, he often thought about what he wanted to do with his life and how he would make money. Of course, when he received his first camera, it became more about how to make money doing what he loved—making films. Since then, Alex has followed his passion, eventually investing in more sophisticated equipment, one project and one piece at a time. “I’m always broke. I make money and then invest it into something else,” he laughs, but that’s how he keeps moving forward. Walking up the stairs to the secondstory space above the old Starbucks location downtown, the conference room, cold brew coffee dispenser, open office area and overall vibe make this company’s success as a startup seem openly apparent. Alex secured this space for the company in February of this year, and members of Moy Media buzz around the office, some collaborating and others working on laptops. There are 12 people on the team now, and a day for Alex includes not only team and client meetings but employee training, too.
Alex continues to push the limits of his company and his own personal success. His goal for the business is to get to a point where Moy Media is well-known and self-sustaining. Meanwhile, he wants to inspire others to live their dreams. “I want to be able to really just share that message out there, saying, ‘Hey, invest in your passion,’ because I’m a model of that. I’ve done it, and it’s scary. But you have to be able to live on that edge if you want to be able to live the rest of your life happy and live regret-free.” Shadai Perez, a cinematographer at Moy Media, sits with Alex in the conference room. He films aspects of Alex’s life for his daily vlog (video blog). “This guy likes to inspire people,” Shadai says. “I think that’s what keeps him going. He constantly wants to push the team. We have morning meetings every day, and [he’ll ask] ‘What can we do to make it better?’ That’s leadership, entrepreneurship. How can I push the envelope more? How can we be more successful?” Of course, there are challenges to running a company, but Alex has a support system in place and a couple of mentors he looks to when he needs advice or encouragement. His advice for other young entrepreneurs? Know why you’re doing what you’re doing. “For me, it’s always been understanding that I’ve wanted to become an entrepreneur. It’s never been because I don’t like being told what to do,” Alex says. “But it’s always been because I just want to be able to have freedom.”
LEARN MORE › moy.media
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payments. However, cash may not always be readily available.
Your washing machine suddenly breaks down, a child requires a laptop for school or your car needs new tires—sometimes surprise bills can be difficult to cover.
L
ife’s financial emergencies happen to everyone, but six in 10 Americans cannot cover an unexpected $500 bill without selling something or borrowing money, according to Bankrate. As many as 70 percent of U.S. families live paycheck to paycheck, according to Alok Deshpande, founder of SmartPath Financial Education. In fact, less than 30 percent of families today have anything left at the end of the month to put in savings. That reality is echoed by a recent GoBankingRates survey, which revealed that 69 percent of Americans have less than $1,000 in savings and 34 percent don’t have any savings at all. “When you don’t have cash for something you need, there are many different financing options available. However, few realize that many of these options can lead to a debt spiral that can be difficult to pull out of,” said Richard Carrano, CEO of Purchasing Power, an employee purchase program
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offering consumer products and services through payroll deduction at the workplace. “Regrettably, circumstances and bank accounts don’t always align. That’s why it’s so important to be ‘credit educated’—to understand hidden costs and fees associated with high-risk credit options and avoid making financial mistakes that can hound you months, even years later.” Buying items on sub-prime credit or through high-interest vehicles like payday or title loans can be risky propositions, particularly if you have a low credit score to begin with. Understanding your options can help ensure you make the best choice to meet your short-term needs without compromising your long-term finances. Consider the following:
Cash: Paying cash for a major purchase makes the most sense in terms of avoiding exorbitant fees and preventing credit dings from missed
Employee purchase programs: Research shows that
financial stress at home regularly impacts employee productivity at work. This leads many employers to offer an employee purchase program such as Purchasing Power, which allows you to buy what you need through automatic paycheck deductions over a 12-month period. There’s no credit check, zero interest and no hidden fees. There’s also a free financial wellness platform to help with budgeting, credit reports and personal coaching. Learn more at purchasingpower.com.
Rent to own: With rent-to-own products, you pay a monthly principal amount plus service fees and taxes for a period of time, up to completing the rental agreement and owning the item outright. Although the monthly rate makes items like appliances and furniture immediately accessible, be wary of the long-term cost. Renters can end up paying as much as three times the retail value of an item before satisfying the terms for ownership. Payday/title loans: Essentially, these loans function as a loan against a future paycheck or your vehicle. They often come with high percentage rates and fees as well as extremely short repayment schedules. Rely on these loans only if you are certain you can cover the entire loan and associated fees by the designated due date.
Main image (couple budgeting) courtesy of Getty Images
Navigating A Financial Emergency
Credit cards: Chances are, even with a shaky financial history, you can find a creditor willing to offer you a line of credit, but you’ll likely have a steep annual percentage rate that accrues each month. Furthermore, if you’re unable to repay more than the monthly minimum, you could end up carrying that debt for years before it’s fully paid down.
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Two in five young parents rate their financial
health as unsatisfactory, and 40 percent said financial stress is putting a strain on their relationship
The High Cost of Living
F
or many young adults, heavy debt and lower-paying jobs lead to a delay in traditional life goals like buying homes and starting families. However, research suggests that millennials’ financial worries are adding up to more than stress and disappointment, particularly once they become parents. Two in five young parents rate their financial health as unsatisfactory, and 40 percent said financial stress is putting a strain on their relationship, according to a survey from the National Endowment for Financial Education and Parents Magazine. “Many young adults start off with significant student loan debt,” says Paul Golden, director of Smart About Money, a nonprofit foundation inspiring educated financial decision-making for individuals and families. When you add housing, groceries, utilities, transportation expenses and health care costs, the strain increases.” The price tag of raising a child is more than $304,000 based on the projected inflation-adjusted cost
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of rearing a child until age 18, not counting college. Managing that financial pressure begins with planning for the future and truly understanding the costs associated with adding a baby to the family or buying a new home, Golden added. Get started with these tips and learn more through self-directed courses at SmartAboutMoney.org.
Debt reduction. Make a plan to pay off excessive debt, particularly credit cards. Tackle your lowest balance first to gain momentum. Additionally, pay attention to higher interest rates that are costing you a lot of money. Use a budget. Get a budget and spending plan in place to keep track of your expenses. Try an envelope system with monthly allowances for groceries, entertainment, utilities, etc. Start saving. Build an emergency fund. Aim for a small, achievable goal as low as $500, and then set the bar
higher. Participate in your employersponsored savings program to boost retirement savings, especially if there is a match. As far as your child’s college savings, save what you can, when you can. Every little bit will help.
Child care. Consider establishing a flexible spending account if one is offered by your employer. Parents can use pretax dollars to pay up to $5,000 in child care expenses in most states. Review insurance and important paperwork.
Create a will to name your child’s guardian and designate at what age any payouts, savings or investments will be distributed. With health insurance, notify your employer within 30 days of the birth to ensure the child is eligible for any dependent benefits. Review your employer’s life insurance plan, and determine if it is adequate for your needs.
Save for the future. Put
money for short-term expenses in safe investments, such as savings accounts and certificates of deposit. These low-interest-rate investments will not grow dramatically, but they will not lose money, either. Money you will need beyond five years should have the opportunity to grow at a risk level you are comfortable with. Use a combination of steady-earning savings accounts and more volatile stock and bond mutual funds.
Loaning Help
The average going rate for a bachelor’s degree, cap and gown? $26,500 (for instate tuition only, of course) going once, going twice… sold to the student pursuing a professional degree. › BY LAUREL GILLUM
Things To Know
Most student loans have a six-month grace period, which means you do not have to pay a penny for nearly half a year after you finish school. It is advisable, however, to start paying your debt as soon as possible. (You can even start paying the interest you owe on some loans while you’re still in school, if you’re able.) Your minimum monthly payment once your grace period is over is based on the type of loan, the amount you owe, the length of your repayment plan and your interest rate. If it’s within your means, pay an amount more than the minimum payment each month.
Once you have established your regular minimum payments, you can determine which loans to pay off faster and in what order. • Private loans. Private loans are the most dangerous student loans. They have variable interest rates, require a co-signer, may not be consolidated and have limited repayment options. • Loans with a co-signer. If you are unable to pay back these loans, the responsibility falls onto the shoulders of your co-signer. • Loans with variable interest rates. When these rates go up, you’ll have to pay more money back in interest. These are typically your private loans. • Unsubsidized loans with the highest fixed interest rates. An unsubsidized loan is a loan that accrues interest from the disbursement date. This interest is added to the principal. • Subsidized loans with high interest rates. Subsidized loans are not accruing interest while you’re in school, so your interest
on subsidized loans should be zero when you begin repayment. You will, however, want to pay down the principal to avoid future growth. • Unsubsidized loans with low interest rates. Though interest accrues from the time of disbursement, if the interest rate is very low, you won’t have much capitalization by the time you’re in repayment.
Should You Consolidate?
A lower interest rate means more money in your pocket. If rates have dropped since you originally borrowed money or if your financial situation and credit score have improved, consolidation should be considered. On the other hand, if you’re close to paying off your debt, the fees incurred upon consolidation may not be worth it. Although reducing your monthly payments can help you in the short term, in the long run, if you extend your repayment terms, you can wind up paying extra dollars in interest.
Ficsal Fitness JUL ’17 healthylivingmagazines.com
Sources: empowereddollar.com, studentloanhero.com, debt.org
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raduation day is the last stepping stone before being released into the real world. And that student loan debt you acquired along the way? That’s your welcome-to-the-real-world present. So, just what do we do with a gift that we don’t necessarily like? Simply ignoring your obligation isn’t a sufficient answer. Here’s how to tackle student debt before it becomes insurmountable.
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PROMOTIONAL FEATURE
When Is The Best Time To Purchase? T his is a question I am often asked. The answer can be a little tricky, though. Every car buyer has different cycles for purchasing vehicles. There are those who have to own the newest technology, style and models. On the opposite end of the spectrum are those who choose to purchase a new vehicle once their old one no longer works. Most people purchase a new vehicle somewhere in between. There are a couple ways to figure out when the best time to buy is. New vehicles come with a “bumperto-bumper” and a “powertrain” warranty. Cost of ownership means the total amount that is spent while driving the vehicle. Gas, oil changes, repairs and monthly payments are all added together to create your cost of ownership. When you own a vehicle that falls under some kind of warranty, your cost of ownership is going to be minimal. For that reason, most people like owning a car that’s under warranty. If you’re one of those people, you may want to consider trading in your vehicle just before the warranty runs out. This allows consumers to avoid spending a lot of money on repairs or replacements, including tires, brakes and batteries. People who keep a vehicle for an extended period of time may not want or need to purchase a vehicle every
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healthylivingmagazines.com JUL ’17 Ficsal Fitness
Scott Reece, General Manager
People who keep a vehicle for an extended period of time may not want or need to purchase a vehicle every few years. A buyer has to consider when the cost of ownership outweighs the value of the vehicle. few years. A buyer has to consider when the cost of ownership outweighs the value of the vehicle. If your vehicle needs thousands of dollars worth of repairs to keep it up and running, it may be time to trade it in. This is especially true when the vehicle isn’t worth much more than a couple thousand dollars.
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