E3 Financial Coaching

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Over 60 and student loans

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Many believe student loans are only a problem for college age students but after reading a report from the Consumer Financial Protection Bureau we’ve determined student loans are becoming a big issue for Americans over the age of 60.  According to the CFPB report entitled Snapshot of older consumers and student loan debt the number of consumers age 60 and older with outstanding student loan debt quadrupled from 2005 to 2015. These 60 and older Americans in 2015 had on average $23,500 in student loan debt compared to an average of $12,100 in 2005. In total, Americans over the age of 60 owed $66.7 billion in outstanding student loans in 2015.

What might surprise you is most of these student loans are not [Read more…] about Over 60 and student loans

Why pay off your smallest debt balance first

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At E3 Financial Coaching we love helping people eliminate debt from their life. We have seen in our own life and many of our client’s lives how the weight of debt prevents you from reaching your financial goals. 4 out of 10 Americans with debt spend half of their income on servicing their debt. That is a lot of money to give to someone else. Yes we said “give” to someone else. Image if you could eliminate your debt and keep the money your paying in interest each month for yourself. How quickly could you reach your financial goals?

When providing financial coaching we show people how to use the debt snowball technique to eliminate their debt. E3 Financial Coaching teaches our clients to pay off their smallest debt amount first not the largest interest rate debt first. Our clients always ask, why would I do that when I’m paying more interest on the higher interest rate? The answer is simple; [Read more…] about Why pay off your smallest debt balance first

My credit score is zero how do I buy a house?

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A question we get all the time is how are you going to borrow money if you have a credit score of zero? Our answer is simple, we never plan to borrow money ever again, from anyone or for any reason. The next question we get is what about when you want to buy another house? That answer is simple too, we plan on paying cash for our next house! We are serious no more debt for anything, anybody or any reason.

We have kicked debt out of our lives and plan to never borrow money again, even for our next house. We have built relationships with small home town banks and credit unions. We know the bank managers by name and they know us. If we ever changed our mind, highly unlikely, and needed to take out a mortgage, [Read more…] about My credit score is zero how do I buy a house?

Oh NO My Credit Score is Dropping!

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OH NO my credit score is dropping what do I do? For far to many people this is a scary thing and begins to affect your everyday life. We understand why you are scared about your FICO score dropping. The banks and FICO have brainwashed us to “bow at the altar of the all mighty FICO god”. The problem is your FICO score has nothing to do with how financially secure you are. Your FICO score doesn’t even take into account how much money you make or even how much money you have in savings. Dave Ramsey reviewed how your FICO score is calculated and found out  [Read more…] about Oh NO My Credit Score is Dropping!

What did that TV really cost on credit?

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Have you ever sat down and calculated what your new 70″ flat-screen TV cost when you bought it on your credit card? Pretend you just bought a new $2,000 4k ultra HD TV on your credit card with a 18% interest rate.  Your minimum payment would be ~$60/month and it would take you close to 9 years to pay it off.   [Read more…] about What did that TV really cost on credit?

Eliminate Bank Fees from your life

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According to the Wall Street Journal, Bank Overdraft-Fee revenue bounces back. Bank account holders paid 33.3 Billion dollars in overdraft fees in 2016. You heard me right that is Billion with a BIG B.  Those are just the people who actually signed up to be able to pay them. Banks have seen this revenue source increase 2.5% from 2015. [Read more…] about Eliminate Bank Fees from your life