Shawn Brennan

Credit Repair: How to Help Yourself
You see the advertisements in newspapers, on TV, and on the Internet. You hear them on the radio. You get fliers in the mail, and maybe even calls offering credit repair services. They all make the same claims:

“Credit problems? No problem!”

“We can remove bankruptcies, judgments, liens, and bad loans from your credit file forever!”

“We can erase your bad credit — 100% guaranteed.”

“Create a new credit identity — legally.”

Shawn Brennan, Certified Mortgage Planning Specialist

Reasons to Plan for Your Estate
If you don’t plan, chances are the bulk of your estate (property) will go to the government. Estate planning also means arranging for guardianship of your children, and making medical and financial arrangements if you become incapacitated – decisions you probably don’t want left to people who do not know (or care about) your desires.

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Brennan Capital Group, Certified Mortgage Planning Specialist: Then you choose which investments you’ll hold in your IRA portfolio. You may choose from thousands of investments including stocks, bonds, notes, mutual funds and any type of real estate. You may NOT use the money to buy life insurance, collectibles (e.g., artwork, antiques, metals, gems, and most coins) and S corporations.
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Shawn Brennan - HOME OWNERS, BUYERS AND INVESTORS
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If you are considering filing for bankruptcy, be aware that bankruptcy laws require that you get credit counseling from a government-approved organization within six months before you file for bankruptcy relief. You can find a state-by-state list of government-approved organizations at www.usdoj.gov/ust, the website of the U.S. Trustee Program. That’s the organization within the U.S. Department of Justice that supervises bankruptcy cases and trustees. Be wary of credit counseling organizations that say they are government-approved, but do not appear on the list of approved organizations.

Reputable credit counseling organizations can advise you on managing your money and debts, help you develop a budget, and offer free educational materials and workshops. Their counselors are certified and trained in the areas of consumer credit, money and debt management, and budgeting. Counselors discuss your entire financial situation with you, and can help you develop a personalized plan to solve your money problems. An initial counseling session typically lasts an hour, with an offer of follow-up sessions.

Shawn Brennan
Brennan Capital Group - A Mortgage Corporation: make false claims about their services
charge you until they have completed the promised services
perform any services until they have your signature on a written contract and have completed a three-day waiting period. During this time, you can cancel the contract without paying any fees.

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Max Out Your Retirement Options
As previously stated, IRAs, defined contribution plans, and other retirement plans offer tax-advantaged savings. If possible, contribute the maximum allowable amount into your 401(k) or 403(b). Since you make contributions with pre-tax dollars, your taxable income and possibly your marginal tax rate will be lowered. The marginal tax rate is the tax rate paid on the last dollar of your income. Tax rates are graduated – they are lower for the first income dollars than for later income dollars. Therefore, you may be able to lower your marginal tax rate by contributing to a tax-deferred plan, and pay less in taxes. The investment grows on a tax-deferred basis, so when you retire and take the money out, the earnings will be taxed on your new (and in most cases, lower), tax rate.

Brennan Capital Group, Certified Mortgage Planning Specialist

Measured by invested assets, the S&P 500 index is the most common index fund benchmark in the U.S. The S&P 500 tracks about 75% of publicly traded U.S. equity market asset value. You might think that you can pick any old S&P500 benchmarked index fund or ETF and thereby adopt a passive, low cost, broad market index strategy. Nope. Life just never seems to be that easy. This article lists S&P 500 mutual funds that a recent study found were the best mutual funds from the standpoint of lower investment costs.

The dominant issue with S & P 500 index mutual funds and ETF funds is that securities industry fees are all over the map from reasonably low to shockingly high. If you are naive enough to pay higher investment costs for commodity index funds, then these ridiculously high fees are just a wealth transfer from you to the industry that repeatedly bleeds your personal investment portfolio year after year.

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If you see a credit repair offer, here’s how to tell if the company behind it is up to no good:

The company wants you to pay for credit repair services before they provide any services. Under the Credit Repair Organizations Act, credit repair companies cannot require you to pay until they have completed the services they have promised.
The company doesn’t tell you your rights and what you can do for yourself for free.

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Shawn Brennan: With real estate prices down in most of the United States, you may benefit from purchasing a retirement home or condo now. Rent the property until you retire. All rental income goes directly into your IRA. All expenses will also be paid out of your IRA. If the property is being held in a Roth, the title may be transferred to you when you reach 59 1 with absolutely no due tax on the distribution. It’s never too late to get started; this one financial move could add thousands of dollars to your retirement fund.
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Take Advantage of Employee Benefits
If you are an employee, your company may offer some benefits that can reduce your taxable income and therefore your tax liability (the amount you owe):

Flexible Spending Accounts (FSAs). There are two types of FSAs. One is the medical FSA, where you set aside money to pay items such as health insurance co-payments, uninsured treatments, or over-the-counter medications. The other is the dependent care account, where you can set aside work-related child or dependent care expenses. For both, the money usually is taken out through regular, equal payroll deductions on a pretax basis.

Transportation plans. These plans allow you to use pretax dollars (and reduce your taxable income) to pay for public transit, vanpooling, or parking.

Shawn Brennan, Certified Mortgage Planning Specialist
About Brennan Capital Group: Brennan Capital Group Services:
Home Improvement Loans
Construction Loans
Home Equity Reviews
Commercial Loans
Investment Properties
Second Mortgages
Cash Out Refinances
Pay Option ARM
Asset Manager
Equity Manager