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WHY We Want to Be Debt Free

Family Balance Sheet

A few weeks ago, my husband and I had an intense discussion about finances. Why are we jumping through these hoops to be debt free? WHY do we want to be debt free? Being a good example is the first step to teaching your kids how to handle money with maturity. ”, “What does debt freedom mean?”

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How to Calculate Home Equity

Savings Corner

Lenders consider it when approving you for a mortgage or other home-based financing. It represents the total debt against the home: both the original mortgage and the size of the new home equity loan or line of credit. Your home equity equals the current value of your home minus your current mortgage debt.

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What Is A Personal Loan?

Savings Corner

Key takeaways A personal loan is money you can borrow to finance large purchases, consolidate debt, invest in yourself or cover emergency expenses. Working to improve your credit score and reduce your debt-to-income ratio before applying can help get you the best loan terms. Here are some of the most common applications.

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How To Get A Business Loan In 6 Steps

Savings Corner

To find out whether your business can afford a loan, many lenders will use something called a debt service coverage ratio (DSCR). DSCR = annual net operating income / total annual debt, including principal and interest Many lenders won’t consider any business with a DSCR below 1.25, and the higher the number, the stronger you look.

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Refinance Calculator | Bankrate

Savings Corner

Just like any other loan, you apply for refinancing, which includes a thorough check of your credit, income, employment history and finances. The money you tap from your home’s equity can be used to consolidate higher-interest debt or to improve your home. Where do I find more information on mortgage refinancing?

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Carnival of Financial Planning – Money Management Edition #231

Prairie Eco-Thrifter

Wayne presents Purpose of Budgeting posted at Young Family Finance , saying, “Are you left wondering why you should budget? History repeats and informs in market technologies. It’s modeled much like Michael Pollans Food Rules with many one-page rules that give short but useful tidbits of information.

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P.E.P. for the Week of February 14-18/11-Planning Edition

Prairie Eco-Thrifter

We get a visual picture every month of where are finances are and what we have spent our money on. Beating Broke tells us how we can improve our credit score by adding positive information. We have more stable careers, we have no debt (other than our mortgage), and we own a home. Reducing Debt. How about you? Congrats!!

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