Category Archives: Personal Finance

Feature 2021

28. Malcolm’s 10 Financial Commandments



There is no shortage of thoughts and opinions out there when it comes to managing your personal finances and making smart money moves. However, not all financial advice is created equal. Some is meant to entertain, some is meant to inspire, and some is meant to educate.

In this episode, Malcolm Ethridge rips a few pages out of his highly anticipated book to give you a preview. In The 10 Financial Commandments, Malcolm focuses on educating the reader, by sharing some of his favorite practical rules about money, both learned and earned.

Malcolm discusses: 

  • How some pieces of conventional wisdom can lead you astray
  • How to make sure that you are being intentional when thinking about your money
  • How to build equity in a more efficient and valuable way
  • The importance of finding your tribe and having someone to help keep you on track
  • And more

Connect With Malcolm Ethridge:

 


Feature 2021

27. Non-Traditional Ways to Fund Your Startup with Doll Lank



Are you considering launching a start-up but unsure how you’ll come up with the funding? Are you currently looking at options to bring to life the next stage of your business and grow?

A ROBS transaction might be the answer you’ve been looking for.

In this episode Malcolm Ethridge sits down with Doll Lank, partner at KLB Benefits Law Group, to discuss different types of plans ERISA offers and the unique ROBS funding technique for C corporations. Doll shares the risks and benefits of ROBS plans and how they allow you to use your retirement savings to fund your start-up.

Doll Lank discusses: 

  • The different types of retirement plans eligible for a ROBS transaction and what role ERISA plays in the transaction
  • What types of businesses are eligible to use a ROBS and which ones are not
  • The risks and benefits you must take into account when considering a ROBS transaction to fund your business
  • The importance of seeking good guidance and working with a professional to help you avoid ERISA violations
  • And more

Connect With Doll Lank:

Connect With Malcolm Ethridge:

About Our Guest:

Dorothy “Doll” Lank, a co-founder of KLB Benefits Law Group, is experienced in advising employers on their benefits plans, with a focus on qualified retirement plans, particularly so-called “ROBS” plans. Before focusing on ERISA, she worked in prohibited transaction law, and employee benefits, Doll practiced general business law including entity formation, mergers & acquisitions, nonprofit law, real estate, land use, local government law, and even water law. Doll’s main interest is in helping clients progress toward their financial goals in a range of circumstances involving tax qualified benefits, from the correction of an employer plan failure, to avoiding a prohibited transaction, to the impact of an acquisition on a company’s benefits.


Feature 2021

26. Teaching Financial Literacy Through Technology with Evan Leaphart



Your credit is important, and it is something that is going to either propel you toward or hold you back from financial independence.

So why is that so many people know next to nothing about how credit scores work?

In this episode, Malcolm Ethridge sits down with Evan Leaphart, founder of Kiddie Kredit, to discuss his journey as a founder and to talk about the importance of teaching financial literacy. Evan shares his own credit story and explains how he is using technology to teach kids about personal finance as early as possible. 

Evan discusses: 

  • His role in creating Black Men Talk Tech and how it came to fruition
  • Why he feels passionate about financial literacy 
  • How he moved himself from an idea to creating Kiddie Kredit
  • How Kiddie Kredit works to educate the entire family about credit 
  • And more

Resources:

Connect With Evan Leaphart:

Connect With Malcolm Ethridge:

About Our Guest:

Evan Leaphart is the founder and CEO of Kiddie Kredit and the co-founder of Black Men Talk Tech. He creates online curriculums for schools, organizations, and families to teach children about the fundamentals of finance.


[Bonus Episode] Office Hours: Is it Possible to Qualify for a New Mortgage as a Retiree?



When a person retires, conventional wisdom tells us that since they no longer have an income, there’s no way they can pay back a loan – and thus, no bank would be willing to offer them a mortgage. But is that always the case when it comes to purchasing a home?

On this episode of Office Hours, Malcolm and Desiree sit down to discuss the process of applying for a new mortgage as a retiree and which types of income lenders prefer to see from this group.

Contact Desiree: desiree@fortismortgage.com

Follow us on social: @fortismortgage

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[Bonus Episode] Office Hours: The Advantages (and Disadvantages) of Refinancing Your Home’s Mortgage



These days, not only are we experiencing record low interest rates, we are also seeing home prices that are constantly on the rise. And this has created a perfect storm for people wanting to refinance their mortgage – for a number of reasons.

Although it is obvious to mortgage professionals the reasons why you might want to reconfigure the terms of your home’s mortgage, it is not necessarily as obvious to those outside of the mortgage business. So, on this episode of Office Hours, Malcolm & Desiree sit down to explain the basics of how a home refinance works, as well as some scenarios in which a refinance might make sense for you.

Contact Desiree: desiree@fortismortgage.com

Follow us on social: @fortismortgage

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[Bonus Episode] Office Hours: The Difference Between Borrowing to Buy a Primary Residence vs a Second Home



Recently, you too may have experienced the feeling that everyone else but you has a beach house. And you may be wondering how it’s possible that the people you know can afford to purchase a beach house while they’re still paying off the mortgage on the house they live in currently.

On this episode of Office Hours, Malcolm & Desiree sit down to explain exactly how you too might be able to make your beach house dreams come true.

Contact Desiree: desiree@fortismortgage.com

Follow us on social: @fortismortgage

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[Bonus Episode] Office Hours: Using Gift Funds from a relative to Help Qualify for a Mortgage



Typically, when a person is applying for a new loan, they will be asked to provide statements from any bank accounts or investments as a means to show the lender where their down payment will come from when it’s time to close on the loan. And although it may seem simple that a person may receive a cash gift from a relative and apply that to the funds being considered for the purchase, it is not always so cut and dry.

On this episode of Office Hours, Malcolm and Desiree sit down to discuss what makes this situation unique and how to navigate it.

Contact Desiree: desiree@fortismortgage.com

Follow us on social: @fortismortgage

 

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[Bonus Episode] Office Hours: What Happens When You Need to Buy a New House Before You Can Sell the One You’re Living In?



With some folks still looking to get out of city centers and move into single family homes with more space to stretch out, it’s not uncommon to need to carry two mortgages for a short time while moving from the old house to the new one, then getting the old house sold to pay off an existing loan. And thus, mortgage lenders have created specific loan programs to be able to accommodate an individual or family who finds themselves in this very situation.

In this episode of Office Hours, Malcolm and Desiree  sit down to discuss the nuances of this very situation and the stages that need to be navigated carefully in order to make sure that both closings can happen without much of an issue.

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[Bonus Episode] Office Hours: What are Non-Traditional Mortgages and Who are They a Good Fit For?



A non-traditional mortgage is defined as any mortgage that does not qualify as standard or conventional, or conform to a standard amortization schedule. Such as an adjustable rate mortgage, an interest only mortgage, a balloon payment, etc. And although these loans typically have higher interest rates to reflect the additional risks for the lender, they are sometimes a better solution than a traditional mortgage.

On this episode of office hours, Malcolm and Desiree sit down to discuss non-traditional mortgages and some of the ways they might be a better fit that the typical 30-year fixed rate mortgage.


[Bonus Episode] Office Hours: Can You Include Cash for Renovations Into Your Loan if You’re Buying a Fixer Upper?



In this competitive market, buyers are having to be flexible in what they want and are willing to accept in their new homes. That house with the worn floors or dated bathroom that may have been a disqualifier in years past is now receiving multiple competing offers from buyers looking to escape the city center and get into a single family home. But after paying above ask to get into the house in the first place, is there anything left for renovations?

In this episode of Office Hours, Malcolm & Desiree sit down to discuss the options available to buyers in need of a few additional dollars for renovations when they go to close on a fixer upper.

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