Brannon

Jun. 22
8:01 am

It’s a big BIG world!

posted by Brannon

on-top-of-world1

I had the opportunity to go do a financial presentation with some great high school students from Bonneville High School in Ogden at the end of the school year.  It had been about 14 years since I had set foot inside a high school!  Boy did it bring back memories of being a student about to graduate and thinking that I was the king of the world.  (No Leonardo DiCaprio/Titanic puns intended)

I remember when I moved out into downtown Salt Lake City and remember thinking how I was going to buy all the brand name items (that my parents were too cheap to get), get a sweet ride, and go to the movies every night. Then, reality set in. My landlord wanted rent, brand name stuff costs more, and I could choose movies every night, or starve.

It took about six months of bounced checks, empty pantries, and avoiding the landlord to realize that I needed to start budgeting…and fast! So I sat down with an America First financial counselor and she steered me in the right direction. Sometimes it’s helpful to have someone else look at your finances and tell you what you are doing right and what needs improvement!

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Posted in Money & Finances | 3 Comments »

Apr. 27
10:29 am

Dirt Shakes and Gerbil Food

posted by Brannon

fast-food-jog1I’ll be the first one to admit that I don’t always eat or exercise the way I should. My wife got us signed up for a 9 day cleansing diet where we only eat or drink healthy foods and a couple of days we only drink what I have lovingly nicknamed “dirt shakes”. But on those “dirt shake” days, we can have celery and small energy pills to which she has affectionately dubbed “gerbil food”. I do have a point to this ramble believe it or not.

Once I started this (which I am now on day three), I started looking back on my account to see how many times I had gone to fast food out of convenience (aka laziness) over the past few months. I was shocked to find that I had eaten out at fast food on average about 2 – 3 times a week!

Then I added it up. If I purchased fast food three times a week, that adds up to over 84.00 buckaroos a month and over a grand a year! (Kiss my HDTV dreams goodbye!) I have food at home, perfectly good healthy food, but I discovered that I went more out to eat than I thought. Plus, as I started thinking about it, that the long term costs of eating unhealthy will also add up when I throw in the costs of getting my portly rear-end to the gym, plus a personal trainer (because I have lost the will to exercise on my own), and of course, more “dirt shakes” and “gerbil food”. Of course, going out to eat once in a while can be a real treat, so just budget some money for it and you’ll probably be fine.

Just some food for thought. (Pun very much intended)

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Posted in Life, Money & Finances | 4 Comments »

Mar. 4
4:31 pm

Brand New Car!!! More than you think.

posted by Brannon

car-picture1So, if you are like me at all, you have once or twice driven by a car lot and gazed out at the vast sea of shiny brand new cars.  I love cars.  I have told my wife that I am jealous of the Jay Leno and the Bruce Wayne/Batman car collections.

The other day, I had an individual ask me about a car loan for a brand new truck, with all the options and luxuries a truck manufacturer can offer.  They were trading in a vehicle and were taking about a $1,200.00 loss in the trade in (meaning that the dealer was not going to pay off their existing car loan completely).  They decided to put $2,000.00 down on the vehicle.  The out the door price after tax, licensing, and even a manufacturer rebate was just over $51,000. 00.

Now, they didn’t have the greatest credit in the world, which means the best interest rate the dealer could give them, depending on the financial institution, would be between 9% and 15%.  The interest alone on this vehicle, with the 9%, figuring on a 7 year term, would cost  $18,245.42!  And if you figure the higher 15% on the same terms, it would cost $47,482.41, just in interest! So what was already a high priced vehicle could translate to a whopping $98,663.44!  Cha-CHING!!

Before you get too depressed, I’m not in any way discouraging purchasing a new vehicle, but make sure that you are in a position to do so when you do.   This means, make sure that you have a good credit score so that you can get the very best interest possible.  Also, make sure that you can put a good healthy down payment on a vehicle of this amount of money.   For example, the same deal I showed said before, figuring on an interest rate of 4.99%, with a $5,000.00 down payment, for 7 years, the interest would be $8,746.01.  That’s quite a big difference.  And of course, the more money you put down, the less you’ll pay in interest.

So, when you look out at that big vast car lot full of brand new shiny cars, just remember what I told you, and make sure that you are in a position to get it.  When you are, you will enjoy that car so much better when you get a good deal on financing!

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Posted in Money & Finances | 1 Comment »

Feb. 21
8:00 am

Sweet! I got my tax refund! Now what?

posted by Brannon

question

SWEET!  I got my tax refund! Now what?

If you were lucky enough to  get a tax refund this year, you may have a debate as to what you should do with it.  I also have this same debate.  On average, when people get a tax refund, it’s around $2,000.  Yours may be more or less depending on your status.  When you really break it down, there are really only four options;  spend it all, pay off debt, save it, or a combination of the aforementioned three.  So what’s best for you?  Look at where you are in your financial life.  Do you have a lot of high interest rate credit cards with high balances?  Do you have relatively little debt with a healthy savings account?

I personally don’t think there is anything wrong with allowing yourself a little fun money to spend on a luxury item, or putting some money toward a vacation fund.  However, if you do have a lot of debt in the way of high interest rate credit cards, you may do yourself a favor by paying off, or a least a good portion of that debt with your refund.  If you are close to paying off a car loan, applying your tax refund to pay off your car could mean giving yourself a “raise” by eliminating one monthly expense and more of your paycheck going to you instead of your financial institution.

Bottom line, do what is going to benefit you most in the long run.  Come by and see one of us here at America First if you would like some personal advice based on your particular situation as well.

Still need to file your return?  Let Turbo Tax help!

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Posted in Money & Finances | No Comments »

Jan. 27
1:27 pm

A First, But Not a Happy First.

posted by Brannon

Today I had to go down to court and testify against someone who had stolen some checks and tried to cash them at America First. I saw the defendant whom I had personally called the police to have arrested, looking much different than the last time I saw this individual (about five months ago). It made me think about what must be going through this person’s mind.

I pass this story on to you let you know that no matter how hard things may get or how desperate you may think the situation is, criminal behavior is not worth it. Most likely this person will be going to jail for the next five years. There is help available to those who will ask for it. I don’t mean this to be a downer post, but it just really made me sad to think that to some people, there is no other option.

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Posted in Life, Random | 5 Comments »

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