Minimize your debt by limit taking on new debt. When you pay off a debt then you can consider taking on new debt under special circumstances. If you must finance a new car for transportation to and from work, borrow the smallest amount you can and avoid going overboard with getting the most expensive car and loan to match. Refrain from or limit consumer purchases of clothing, shoes, jewelry etc. Be strategic about purchasing clothes etc. Avoid the full fledged shopping spree. When you spend buy the least you can to avoid overspending. Look for real sales that you recognize are truly a reduced price and not a counterfeit sale. Save what you can… $10, $20, or $40 per paycheck or more if you can. Pay your debts regularly no matter what. If you send your creditor a payment no matter what size it is you cannot default on a creditor or be considered late.

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Computer science meets banking as we begin to use Artificial Intelligence (AI). JP Morgan Chase will promote (AI) and will impact the financial services industry in the years to come. Bank of America and Capital One will also add (AI) in their budgets. JP Morgan Chase will budget $10. 8 billion this year. AI has a variety of uses to improve fraud detection, loan approval, while making internal operation more efficient. Voice recognition will be the trend to verify a customers’ identity. It may be more difficult to speak to a human as we begin to rely on the expertise of (AI). As a consumer whatever services we interact with we must be diligent in keeping our banking institutions accountable to us for the services we receive and the accuracy of these services. Humans are not perfect and (AI) will not be perfect either, but it is the wave of the future as we increasing rely on technology in our everyday lives.

http://money.cnn.com/2018/05/03/investing/jpmorgan-artificial-intelligence-chief/index.html

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Did you know most people spend 70% of their money on transportation, housing, and food. This means these 3 areas are likely the best areas to begins to cut expenses to give you and edge on paying down debt and saving money. If we can live below our means and contemplate what we spend out money on it would be an eye-opener. Forget the social comparisons and what others think. Try to absorb all you can on learning more about personal finance to get an edge on the trends that aid you in saving money and paying down debt.

https://www.yahoo.com/amphtml/finance/news/most-people-blow-70-money-123700500.html

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The reverse mortgage, financial product is not for everyone. This product reminds us about the old adage, “Buyer Beware”. The reverse mortgage is a way for seniors citizens with equity in their homes to draw either a lump sum or monthly income in the event personal finances are strained and all options have been exhausted. In theory, the reverse mortgage works if you want to sell you home at the time of death and have no interest in passing your home to your heirs. Once you begin to draw down from the equity of your home you will begin to loose your largest financial nest egg. Remember homeownership is the best way to pass wealth from one generation to the next. The reverse mortgage disrupts this process and can be financially devastating if you do not understand the ramifications of this important decision. It is always beneficial to get the advice of an attorney to understand in plain language what you or you family members may want to consider before signing on the bottom line.

http://www.businessinsider.com/reverse-mortgage-what-it-is-and-why-its-a-bad-idea-2018-4

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Bloomberg News reported that $37 billion a year is scammed from the elderly. Telephone pitchers, online scammers, and family members are often culprits. Be proactive in protecting your loved ones by asking them to share questions with you regarding new financial contacts, companies, or inquiries. Although this problem is not new, new methods exist to reach out to elderly family members such as online dating sites to allow individuals to become acquainted with strangers that gain the confidence of our loved ones. Ask questions from time to time to inquire about new friends your elderly loved ones may trust unaware of the risks to them. Share this article with your family to make others aware of this important risk.

https://www.bloombergquint.com/onweb/2018/05/03/america-s-elderly-are-losing-37-billion-a-year-to-fraud.amp

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Finding a reliable car mechanic is not always easy. Especially if you moved to a new city and are still building your social and business networks. An article by Hiram Reisner says there are 12 keys to finding a car mechanic see link below:

https://www.moneytalksnews.com/13-ways-find-honest-auto-mechanic/2/

1. Don’t wait for a breakdown
2. Start with recommendations and reviews
3. Look for certifications and memberships
4. Don’t shop by price alone
5. Weigh indie repair versus dealerships
6. Ask questions
7. Scope out the shop
8. Make sure the shop has the latest equipment
9. Ask for a warranty
10. test out the technician
11. Get a second opinion
12. Don’t bow to pressure

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Spread the news! We found an article listing restaurant that give away free gift cards. You’ll find details in the link below. https://www.moneytalksnews.com/slideshows/10-more-restaurants-giving-away-free-gift-cards/

1. Bahama Breeze
2. Benihana
3. Black Angus
4. Bonefish Grill
5. Bravo Cucina Italiana
6. Brio Tuscan Grille
7. Carrabba’s Italian Grill
8. First Watch
9. Fleming’s Prime Steakhouse & Wine Bar
10. Fogo de Chao
11. IHOP
12. Olive Garden
13. Outback Steakhouse
14. Quaker Steak & Lube
15. Starbucks
16. Tony Roma’s

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Did you know you can shop at Costco without a membership card? Here’s how:

1. Shop online
2. Use a gift card
3. Go as a guest
4. Use a household card (family member with a Costco card)
5. Use a delivery service
6. See the optometrist
7. Buy prescription drugs

https://www.moneytalksnews.com/7-ways-you-can-shop-costco-without-membership/2/

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If you or someone you love needs to build credit from scratch, there are (7) easy ways. An article by Allison Martin, an accountant says the following:

1. Become an authorized user
2. Get a co-signer
3. Apply for a secured credit card
4. Diversify your debt
5. Check with your financial institution
6. Apply for a department store credit card
7. Ask companies to report on your behalf

https://www.moneytalksnews.com/7-easy-ways-obtain-credit-when-you-dont-have-any/

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If you miss student loan payments you may set up a general forbearance program. However, you must beware that a forbearance program often hurts you because you will delay payments and interest will add up. Ultimately, you will owe more in the long run. Typically forbearance works best for temporary short-term troubles such as maternity leave, unemployment, or temporary medical issues. If a borrower has a job that doesn’t pay well it may be beneficial to look into income-driven repayment plans which are adjusted to create lower loan payments. Make no mistake, student loan payments should never be ignored and cannot be discharged in bankruptcy except in rare instances. Please note: federal student loans are listed on your credit report and you must make 20 years of payments on time before you will be considered for a loan forgiveness program. https://amp.freep.com/amp557999002

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