Heather Combs on LinkedIn: No college degree? Higher chance of credit denial (2024)

I try to post things on here that I find professionally interesting. Most of the time they are defense related, but sometimes I run across general news items that I just think are fascinating from a numbers perspective. Strangely enough, for the third time this year, this has lead me to sharing something about the Barbie movie. The first story was about how Barbie strained the worldwide pink paint supply (https://lnkd.in/gTX_BBHt), the second was about the geopolitical implications of a fake map included for like 2 seconds in the Barbie movie (https://lnkd.in/gKWFpZ8r) and now there's analysis that suggests that the wind-down in the Barbie movie, combined with the end of the Taylor Swift and Beyoncé tours will represent significant headwinds to heretofore strong consumer spending as we move from summer to fall.Economists and others have been looking for signs that inflation will level off, so this could be a bit of optimism on their part, but Morgen Stanley estimates that the summer phenomenon of Barbenheimer and the Swift/Beyoncé tours contributed to about a third of increased consumer spending. These will wind down at about the same time student loan repayments restart. Morgan Stanley believes that this combination will likely push consumer spending growth negative which itself may put downward pressure on inflation.#economics #barbenheimer #inflation #taylorswift #beyoncé #consumerspending #studentloans https://lnkd.in/g_fY6cCr

2

For years, the RESP has been the go-to choice for saving up for education. But here's the deal: college costs are skyrocketing, while wages aren't exactly keeping pace. So, even if you max out your RESP, there's still a pretty big gap to fill. Plus, it's kinda rigid – the money's basically locked up for accredited programs only.Now, think about this: the job landscape is changing fast. Our kids might choose different paths, like vocational training, or they might want to kickstart their own business someday. And guess what? The RESP isn't super helpful in those situations either.But here's an idea that's worth considering: why not get into income properties while interest rates are on the high side? This strategy could potentially cover future education expenses and then some. With some smart planning, whether you're investing in a rental property or tapping into the equity of your current home, you could be setting your child up for financial independence – whether they go to college or pursue something else.The facts are clear: relying solely on the RESP isn't cutting it anymore. It's time to explore other options to give your child the best shot in 2023 and beyond. And hey, even if investing in a rental property sounds a bit daunting right now, you might be surprised at what you can achieve. Empowering your child means considering all the possibilities, so let's dive into them together!587-713-4022info@flaremortgagegroup.comFlare Mortgage Groupwww.flaremortgagegroup.com

College still clearly has financial value. So why does the perception of its value keep dropping? Here are the four factors I've identified and they all tie back to a decline in the overall brand: - College for All- The Student Loan Crisis - Insufficient Skills Training- Declining Outcomes from Work#college #collegeadmissions #tuition #highered #highereducation

3

4 Comments

🚨News alert:🚨 813,000 student-loan borrowers are now getting emails that their loans are wiped out following Biden's recent reforms. Business InsiderFor many this is a huge release of stress, anxiety, and burden that they’ve experienced over the course of years post 2008 recession and more. What does this allow for? More people to purchase homes.More people flourishing in life because they are no longer in fear of deciding what bill to pay or not so they can feed their families. For individuals to pursue other educations, certifications, and experiences to enhance the U.S. workforce. For all my network, I hope you’ve received good news. #progressnotperfection #publichealth #studentloanforgiveness

Happy #Friday & Happy #Graduation to students all across the United States! Here are six tips college students can use to prepare for life after graduation and avoid financial pitfalls. Insight viahttps://lnkd.in/gHQWPvfs

1

Sending your kid to university can carry an emotional and financial burden. Before your child leaves for school, talk to them about money. It may be awkward but it is important. Here are some things you should cover: ➡️ Have an overall money talk. Before they head off to university, it's time to dig a little deeper about money. Talk about credit scores, loans, financial responsibility, interest rates, and more. If you and your child are lucky enough to be in a position where you are paying tuition for them outright, make sure they understand the nuances of the privileged position.➡️ Share money-saving tips. Get online or read any of the literature they have received to determine things like student discounts and where they are offered. Teach them about price matching and shopping sales. These little things can help their money go further. ➡️ Help them create a budget. Emphasize the importance of creating a budget and sticking to it, especially when income is tight. Start by estimating non-negotiable expenses like books and toiletries and the things they will need to be comfortable; then explore both remaining income for things they want. ➡️ Think about a credit card. Explore available options like student credit cards, secured credit cards, joint credit cards, or pre-paid credit cards. Starting with a low credit limit is a great way to demonstrate the value of credit cards without risking too much. ➡️ Consider opening new bank accounts. If your child currently has a chequing account, it might be worthwhile to open a high interest savings account. Talk to your child about their goals and their budget and shop around for the right account type. Sending your kid away for the first time is never easy but taking the time to have this type of money talk can go a long way to giving you both a little peace of mind. #financialmatters #moneymatters #moneystyles #financialliteracy #financialadvisorcanada #assantefinancial #thesouthallgroup #laurasouthall #laurasouthallfinancial@laurasouthallfinance

3

New Post: WEOKIE Foundation Awards $50,000 in College Scholarships – CUinsight.com - https://lnkd.in/g_-ic4_t and the dreaded “money talk” — How credit unions can help Empowering marketers with financial fluency: Navigating call reports and KPIs for strategic impact Decoding the future: Embracing data intelligence for credit unions in the digital age Capitalizing on opportunity: A call to credit union leaders 5 reasons to integrate your consumer & mortgage […]Funds Digest

College decision-making season is upon us!If you are a prospective college student (or the parent of a student) weighing the merits of multiple university acceptances, congratulations! You have worked hard to arrive at this moment. However, navigating these choices can be incredibly stressful, especially when the most desirable options mean taking on significant debt.As seasoned financial advisors, we have guided numerous clients through this complex process. Below are our recommendations.https://lnkd.in/eZHW8jki

4

College years are the perfect time to build credit for a financial future.

3

Supporting Kids Through College:1. Don’t Compromise Retirement for College Savings: While helping your children through college is important, it's crucial not to jeopardize your retirement savings. Striking a balance between both goals is essential.2. Consistent Savings: Begin saving for your child's college education early, no matter the amount. Consistency over time can lead to significant savings.3. Create a Budget: Plan for extra expenses related to your child's college journey. Adjust your budget to accommodate these costs while maintaining your financial stability.4. Saving Early: Start saving as soon as possible to take advantage of compounding interest and give your savings more time to grow.5. Cost-Cutting: Explore ways to reduce college costs before your child even applies. This could involve researching scholarships, grants, and cost-effective schools.6. Emotional Support: Be there emotionally for your child during this transition. College can be a challenging time, and your support can make a big difference.7. Apply for Scholarships: Encourage your child to actively seek and apply for scholarships. They can significantly offset the cost of education.8. Tax-Advantaged Accounts: Investigate tax-advantaged accounts like RESP plans to save for college expenses.9. Tuition Reimbursem*nt: If you're employed, check if your workplace offers tuition reimbursem*nt programs for your child's education.10. Part-Time Jobs: Encourage your child to get a part-time job during college. This can help them gain work experience and contribute to their expenses.Looking For Better Mortgage Rates?Call Shen Nageswaran (647)382-3048Visithttp://AgaramMortgages.caCompare all lenders side by sideDownload my free & user friendly mortgage apphttps://lnkd.in/gstCqh_bNew Mortgage, Refinance, Debt Consolidation, 2nd Mortgage, Commercial Mortgage, Home Equity Line of Credit, Private Mortgage & Reverse Mortgage#Newmortgage#downpayment#reversemortgage#debtconsolidation#refinance#2ndmortgage#commerciallending#mortgage#mortgagebroker#ajax#toronto#gta#realestatefinance#pickering#oshawa#scarborough#ShenNageswaran#dominionlending#nodownpayment#privatemortgage#interestrates#mortgagerates#privatemortgage#financialadvice#financialplanning#personalfinance#mortgageadvice#mortgageadvisor#mortgagesolutions#rates#preapproval#kidseducation#homeequitylineofcredit#Takeoutequity

2