This Week From Law & Reality LIVE
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We are keeping Michiganders informed of the current legal, financial and social issues that we face on a day to day basis. The law is interesting – but it must be viewed in light of reality!
If you miss the show on Sunday morning you can always watch the video replay by going to our website at: http://www.lawandreality.com.
And don’t miss Law & Reality Live, which airs on Praise 102.7 FM from 11:25 AM to Noon on Tuesdays, and Law & Reality “Now”, Thursdays from 3 to 4 PM on 910 AM. Also, be sure to watch the show on TV 20 on Sundays at 11 AM.
Thav Gross PC
Work: (248) 645-1700
Retirement Planning – My Way
How about a simple, no frills (sorry, no fancy dinner at Flemings) goal for retirement? Here is mine – (1) Own you home free and clear; (2) Have $-0- debt; and (3) have some $$$ in Savings/Retirement. Do this – and when you’re no longer able or willing to work, assuming you have social security income – you will be assured of having ample cash flow to cover your expenses and be comfort in your retirement.
This goal is easy to say – and readily accomplishable – but it is not a slam dunk. You need to grasp certain concepts early on. First – if you are working for “cash” – not declaring your income and not paying in any money to social security – you must remember that you will not have social security income in retirement. In that case – the third component of my plan changes because you will then need “significant savings” when you retire – because there will be no income.
To me – this issue alone makes it a “no brainer” that working for cash, not paying your taxes and self-employment taxes (which is your contribution to social security) is a critical mistake – not to mention, as Social Security Disability Expert Jeff Kirchner often points out – you will have ability to obtain Social Security Disability Benefits if you become disabled.
Two more critical points. Do NOT refinance your home. If possible, pay extra on the principal payments to pay the home off faster than your scheduled mortgage term – but whatever you do – forget about refinancing. Pretend it is one of those items you learned from Mom and Dad when you were 5 years old – the kind of rule that is engrained and never questioned. The reason is once you get on the refinance train – your debt keeps rolling up – and changing form in a never-ending mortgage on your home.
Last – you must make a commitment that says, “I will not pay interest on credit card debt.” This is an essential component to success and you need to commit NOW! If you have credit card debt now – meeting the commitment means you have to stop paying the credit card debt on a month to month basis and get rid of it. I know – you can’t snap your fingers and make it vanish, but there are smart options on how you accomplish this. You can pay off the cards, do debt resolution to settle the obligations for less or use the bankruptcy laws to eliminate the debt.
Which one should you select? The answer is you need to lean how each one works to figure out the smartest play. My rule is – the one that eliminates the debt the fastest way at the least possible cost – is the optimal solution. Your assets, your job, and your income – when analyzed – will tell you the smartest way to accomplish the goal. This is what we do at THAV GROSS.
You can come in anytime for a FREE CONSULT – or learn the options at our next FREE, FUN Seminar on June 6, 2018. Information is below.
Say the words and live by them, “I will no longer pay interest on credit card debt.”
Have a great week.
P.S. Oh, I forgot to tell you. The menu choice at the Seminar. FREE cookies and water – it’s not about the food – it’s about your future! You and your friends are invited to attend our next seminar – which will be held in our Seminar room at the office – Suite 360: Wednesday, June 6, 2018 – 6:00 – 7:30 pm – “Sunshine is Summer and Being Debt Free” – focusing on how to preserve future income for savings do you have something to retire with. Debt elimination is a key part of the process. Sign up HERE!