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Sincerely,
Jan






Teaching things you don't learn in school!
It’s a fact that when you turn 18, your signature is LAW. That means that anytime you sign your name on any piece of paper, that piece of paper becomes a legally binding contract.
This article explores a few financial situations for which you might sign a contract and some of the details you should look for and completely understand. Before we dive into the details, I want you to know the three most important things about all contracts:
Now let’s explore what to look for in four of the most common types of financial contracts.
Month-to-month agreements mean that you can pretty much leave at your convenience, provided you meet the proper “notice to vacate requirement.”
Oh, there may be some exceptions such as a prolonged illness, military relocation, job loss (and can no longer pay rent), or death. Always ask about these, if any, exceptions.
What to look for and ask about:
When looking at a new car, you have to figure out which of these two options is best for you:
Leasing a New Vehicle
A lease usually gives you smaller payments for however long the lease lasts. Most leases are usually three to four years. However, once the lease is up, you will still owe a huge amount of money at the end. That’s known as a “balloon” payment. At that time, you have two choices: either turn the car into the dealer and walk away, or get a loan for the next few years and keep the car.
Oh, and by the way, you can usually only lease brand-new vehicles.
What to look for and ask about:
Buying a New Vehicle
When you buy a car, rather than lease it, you’ll own it after the loan is paid off. (Personally, I think that’s a good thing.) Remember, you can always go to your bank and get a loan before you go to the dealer to buy a car. But if you choose to get a loan with the dealer, these are the things about which you need to ask and completely understand.
If any of these fees are added to your loan, keep in mind that you are paying interest on them (aka, financing them) for the length of the loan, which could be up to six years. That’s a lot of interest on your first year’s registration.
Here are a few of the most important things to look for and question before you sign on the dotted line. Some can be very confusing and that makes it really easy for lenders and salespeople to convince highly motivated and excited students and parents to sign the contract before they completely understand it.
These are just a few of the various types of financial contracts that you’ll probably run across in your life. Others may include but not be limited to cell phone agreements, credit card applications, savings or checking accounts, and retirement accounts.
There are also a variety of service agreements you should really examine closely before signing such as military enlistment, new hire agreements for employment, and short-term contractor work.
Keep in mind, that whoever is trying to convince you to sign on the dotted line, is trying to either make money or meet a quota. Although it’s unethical, I’ve come across many salespeople who will tell you anything, including stretching the truth or telling outright lies in order to get you to sign. Your signature is gold and they know it!
So, no matter what type of contract you’re looking at, remember these three basic guidelines:
I hope this information helps you to avoid getting into a bad financial situation.
Many of these financial contracts are also discussed in the lessons presented on my site: https://LifeAfter18.com
If you have any questions, comments, or suggestions, feel free to send me an email: jan@lifeafter18.com
Sincerely,
This last week I learned about a high-paying job opportunity that doesn’t require a college degree. (I think there are a lot more options out there than most people think.) Yes, Lockheed Martin is hiring! And, it turns out that all you need to get in the door is some experience. My son will share the scoop on that in this recording
Of course, then I’ll have to continue my informative show with some of your options for retirement savings. I don’t care how old you are, you need to start as soon as possible because – as I’ve learned the hard way - if you don’t take care of yourself, no one else will.
I'd love to hear your thoughts and questions after the interview: please add to the comments section below.
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Part 6
This is my son, Alan. Once again, I'm thrilled that he agreed to be interviewed for my show.
In our 30-minute interview - he was on a tight schedule - you'll not only hear about what motivated Alan to choose to be a part of the military world but the Marine Corps in particular. He also shares the upside of being a Marine when transitioning to civilian life.
Just so you know, at the end of the interview, I do talk a bit about retirement options; something for which you're never too young to start planning. I'll see if Alan wants to talk about that in one of our future shows: I know he's been planning it, but I'm not sure to what extent he'll want to share.
I'd love to hear your thoughts and questions after the interview: please add to the comments section below.
Part 1
Part 2
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Part 5
Part 6
Part 7