Momma Magee’s Money Matters

Credit tip of the day! 💳 Before you co-sign for someone, keep in mind that everything they do with that account will affect you too.

⚠️ The inquiry goes on your credit report.
⚠️ The new account will affect your credit age.
⚠️ The debt factors into your level of debt.
⚠️ The payments are included in your debt-to-income ratio.
⚠️ They payment history is factored into your credit score.
⚠️ If they don't pay, the lender will come after you.
⚠️ If they file bankruptcy, it's now your debt.

This is something to keep in mind no matter who you're co-signing for. You have to question whether you're ready to take on the responsibility of that account if it comes to that.

Credit Tip💡

A Collection Account is considered a continuation of the original debt. It is a VIOLATION❌OF LAW for a collection agency to report old past-due amounts as if they are new again when the debts are sold. Check your credit report and make sure the old debt not some more recent one is actually showing on your report.

🗣 IMPORTANT information to get your affairs in order‼️

💰Make sure all bank accounts have direct beneficiaries. The beneficiary need only go to the bank with your death certificate and an ID of their own.

🏡 TOD = Transfer On Death deed if you own a home. Completing this document and filing it with your county saves your heirs THOUSANDS. This document allows you to transfer ownership of your home to your designee. All they need to do is take their ID and your death certificate to the county building and the deed is signed over. Doing this will avoid the home having to go through probate.

👨‍👩‍👧‍👦Living Will: Allows one to put in writing exactly what you want done in the event you cannot speak for yourself when it comes to healthcare decisions as well as other final decisions.

👩🏽‍⚖️Durable Power of Attorney: Allows one to designate a person to make legal decisions if you are no longer competent to do so.

🏥Power of Attorney for Healthcare: This document allows one to designate someone to make healthcare decisions for them.

🛍Last Will and Testament: Designates to whom personal belongings will go to.

🪦Funeral Planning Declaration: Allows one to say exactly one’s wishes as far as disposition of the body and the services.

If the above documents are done, you can AVOID probate.

If all the above is not done, you have to open an estate account at the bank. All money that doesn’t have direct beneficiaries goes into this account. You have to have an attorney to open the estate account. The attorney also has to publicize your passing in the newspaper or post publication at the county courthouse, to allow anyone to make a claim on your property. - It’s a complete PAIN.

📚 💳Make a list of all banks and account numbers, all investment institutions with account numbers, lists of credit cards, utility accounts, etc. Leave clear instructions as to how and when these things are paid.

Make sure heirs know where life insurance policies are located. 📂

📝Make 100% sure SOMEONE knows your Apple ID, bank ID account logins and passwords!

🚗 Make sure you have titles for all vehicles, campers, etc!

Set up a TRUST for intended beneficiaries, especially those that are too young, and appoint a trustee of said trust.

MOST IMPORTANTLY!!!! - Talk with those closest to you and make all your wishes KNOWN. Talk to those whom you’ve designated, as well as those close to you whom you did not designate. - Do this to explain why your decisions were made and to avoid any lingering questions or hurt feelings.

⚡️Hope this helps! ⚡️Hope this lights a spark to encourage all your friends and family to take care of these things to make it easier for those we all leave behind!

My hope is that the above list at least helps you start an important conversation with your loved ones.

Great info:
A tip for people who care about their credit....get a Credit Union... save $2,000. Don't touch it ..get a shared secure loan using your account as collateral, pay it back on time it will increase your credit score by at least 30 points. This is how you use your own money to build your credit without paying high interest to a credit card company.

Make sure all bank accounts have direct beneficiaries. The beneficiary need only go to the bank with your death certificate and an ID of their own.

- TOD = Transfer On Death deed if you own a home. Completing this document and filing it with your county saves your heirs THOUSANDS. This document allows you to transfer ownership of your home to your designee. All they need to do is take their ID and your death certificate to the county building and the deed is signed over. Doing this will avoid the home having to go through probate.

- Living Will: Allows one to put in writing exactly what you want done in the event you cannot speak for yourself when it comes to healthcare decisions

- Durable Power of Attorney: Allows one to designate a person to make legal decisions if one is no longer competent to do so.

- Power of Attorney for Healthcare: This document allows one to designate someone to make healthcare decisions for their person.

- Last Will and Testament: Designates to whom personal belongings will go too.

- Funeral Planning Declaration: allows one to say exactly one’s wishes as far as disposition of the body and the services.

- If the above documents are done, at least in MI and Indiana, you can AVOID probate. If all the above is not done, you have to open an estate account at the bank. All money that doesn’t have direct beneficiaries goes into this account. You have to have an attorney to open the estate account. The attorney also has to publicize your passing in the paper etc., to allow anyone to make a claim on your property. - It’s a complete PAIN.

- Make a list of all banks and account numbers, all investment institutions with account numbers, lists of credit cards, utility accounts, etc. Leave clear instructions as to how and when these things are paid. Make sure heirs knows where life insurance policies are located.

- Make 100% sure SOMEONE knows your Apple ID, bank ID account logins and passwords!!!! (Mom had a little binder with all of this! )

- Make sure you have titles for all vehicles, campers, etc!

- MOST IMPORTANTLY!!!! - Talk with those closest to you and make all your wishes KNOWN. Talk to those whom you’ve designated, as well as those close to you whom you did not designate. - Do this to explain why your decisions were made and to avoid any lingering questions or hurt feelings.

Hope this helps! Hope this lights a spark to encourage all my friends and family to take care of these things to make it easier for those we’ll leave behind!

*** I am NOT an attorney. The above is all simply lessons that I’ve learned on my own. Of course only you can make decisions for yourself! My hope is that the above list at least helps you start an important conversation with your loved ones and an attorney that can help you complete all the necessary steps. ***

STAY AWAY from Rent to Own
places like Aarons, and Rent a Center…..RENT TO
OWN IS FOR THE FINANCIALLY ILLITERATE. HERE'S WHY. You see this washer and dryer from
Aaron's……the cost is $79.99 a month for 24 months plus some other fees of 191.00 for a total of
$2,110.76.... now get this... this same washer and
dryer is selling at Best Buy at $988.00… You buying
this washer and dryer from Aaron's at 24 months is like getting a loan of 988.00 with an annual interest rate of 86.85%!!!! I repeat 86.85% interest!!! That's a financial homicide!!
On top of that, the depreciation rate on home
appliances is about 60% for those 24 months... so
in 24 months, this washer and dryer you paid
$2,110.76 will be worth $396.00... the bottom line is
this. You getting this washer and dryer with Rent to
Own in 24 months is YOU giving Aaron's about (21)
$100 dollar bills, and them giving you back (4 ) $100 dollar bills...Now you see how the POOR stay
POOR..GOOD LUCK !!!

Did you know……..

Credit Karma is NOT Free!

Credit Karma makes money off of the personal information you volunteered! 🤔...🤯

🔑 Credit Karma is NOT a credit monitoring site! They collect your information from the credit bureaus to create targeted campaigns based on your personal information which makes Credit Karma an affiliate marketing site!

Credit Karma DOES NOT give you FICO scores! Which is what mortgage lenders use. 🎯

🗣Credit Karma provides you with Vantage scores (Not heavily used by lenders) 🤷🏾‍♂️

Credit Karma buys your information for pennies on the dollar & this is how they are able to provide you with updates every 7 days. ✍🏾

Why?... To get you to look at your scores and their AFFILIATE offers! You know, the offers for those credit cards that say you have a fair, good or very good chance of being approved for....🧐

Have you noticed they never say "You have a bad or poor chance⁉️”🤦🏻‍♀️

Apply, get denied ❌and now you have an inquiry on your credit profile. ⬇️ 😟

And those of you that are seeing you have a "chance" of getting approved for an American Express 💳 think again... You would be surprised to know, American Express only pulls from Experian for credit cards? 🤯

🗣Credit Karma DOES NOT give you Experian credit report or scores.

Financial TIP: Protect your identty!

Use Credit Cards Instead of Debit Cards to Protect Your Finances
When possible, make online purchases using your credit card. Although you’ll still be at risk for fraud, the recovery process can be far easier with credit cards. Credit card users can dispute unauthorized purchases, damaged items, and purchases that are lost during shipping, due to the Fair Credit Billing Act.

With debit card purchases, charges can only be reversed when the merchant is willing to do so. Even if the merchant does agree to reimburse you for your loss, it could take much longer to see this money, because refunds won’t be issued until due process is complete.

🔥Budget and Debt Elimination Tip🔥

Should You Pay Your Credit Cards Down in a Financial Crisis?

Answer: Absolutely

Take a look at the money you have coming in and do your absolute best with this tip...

Here's how it works:
Step 1: Take a look at your income (yes including your stimulus check )

Step 2: Assess all of your bills (call your companies that may allow you to put payments on hold WITHOUT affecting your credit rating )

Step 3: Decide how allocate your money accordingly (especially since some extra bills like entertainment has decreased )

Step 4: Make the minimum payment on all of your accounts that affect your credit like credit cards , loans etc that’s not giving you a break

Step 5: Put as much extra money as possible toward the account with the highest interest rate.

Step 6: Once the debt with the highest interest is paid off, start paying as much as you can on the account with the next highest interest rate.

Trust and BELIEVE this season will not last forever you WILL NEED HIGHER CREDIT SCORES ....to take advantage of these HUGE OPPORTUNITIES that will be opening soon !

Yahoo.com/news/smart-ways-gift-money-children-162943395.html

Smart Ways to Gift Money to Children Most parents with the ability to give money to their adult children plan to do just that. But it's not only the tax implications of gifting that parents must consider before writing a check or creating a trust.

All three credit bureaus 😡are under fire for reporting inaccuracies & obsolete information! 😱😱😱Take advantage! This is a GREAT time of year to remove your collections ❌ inquiries, ❌ liens, ❌student loans, ❌bankruptcy, ❌and late payments! 💸💸💸 DOESN'T 👏MATTER👏 IF 👏YOU 👏OWE 👏THE 👏DEBT!!!
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