Have a question? Get answers. Email us: askpete@petetheplanner.com
And we’re back for a new week. Today, Pete and Damian dig back into the mailbag to address what’s going on in our listeners’ lives.
::whisper:: Listen to get a special offer code for HEY MONEY! your new secret weapon for advice in your personal finances.
No time to listen? BUMMER. Here’s some of what happened:
Show Notes:
Mailbag Question 1:
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- Our writer and his wife have no debt and a net worth of over $4 million. They were recently asked for a $500,000 minimum investment to open wealth management account. That seemed really high. Are there other options?
- Don’t get distracted at the numbers. High Investment minimums are challenging to the industry for a number of reasons. For example, how do customers know who’s actually good at the job to justify the high fees?
- Our writer and his wife have no debt and a net worth of over $4 million. They were recently asked for a $500,000 minimum investment to open wealth management account. That seemed really high. Are there other options?
Mailbag Question 2:
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- This next writer has $73,000 in credit debt across nine accounts…and a 743 credit score. His in-laws have offered an $40,000 interest-free personal loan with 2-year grace period to put toward their debt. New childcare expenses at $2,900/month are affecting their debt pay-down plans. They’re ineligible for bankruptcy and a debt management firm will charge them a 7% fee. Up against the wall, should they take the family loan?
- There are two sides to this. One side is the personal relations: Taking loans from in-laws can make things a nightmare if something goes wrong. The other side of this is financial: the deal makes sense, but the behavior leading to $73K in debt has to be addressed.
- This next writer has $73,000 in credit debt across nine accounts…and a 743 credit score. His in-laws have offered an $40,000 interest-free personal loan with 2-year grace period to put toward their debt. New childcare expenses at $2,900/month are affecting their debt pay-down plans. They’re ineligible for bankruptcy and a debt management firm will charge them a 7% fee. Up against the wall, should they take the family loan?
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Brent Lyle is the Digital Marketing Coordinator for Your Money Line, the financial help line serving all Pete the Planner® Financial Wellness clients. Brent is a marketing wünderkind who delights in telling the story of brands. On nights, weekends, and anywhere in between, you’ll find him lending his skills to a number of charitable organizations.