Re: federal student loan consolidation
Understand that generally speaking, federal student loan consolidation is going to be a non event if your aim is to live a cash based lifestyle from here on.
At the end of the day you will simply be able to organize your various student loan payments into one payment which doesn’t hurt you.
However, for those debt slaves trying to take out a mortgage, remember when we showed you how having student loans is the only credit history you need for being approved for a mortgage?
When you consolidate your student loans, the old loans are paid off and a NEW loan is created on your report containing those balances.
Meaning this will lower your average account age and show a reduction in that account history.
It will also create a hard inquiry on your account that definitely affects the debt you’re trying to take out.
Now you know.
Note: if you extend your term in any loan consolidation, student loan or otherwise, you need to be slapped with a wooden dildo. Being impatient and going into debt is what got you here. Staying in debt LONGER is not going to get you out.
I need you to go sit in the corner and think about your actions.
You will fail at life time and time again when you use the term “need” right before making financial decisions.
There’s an army of black folks cussing at me as we speak saying “but what if I do need it!”
Answer: You don’t.
And that NEEDs to be what you tell yourself before every single time you decide to open your purse or wallet.
Consumer behavior is about psychology. Math isnt even a blip on the radar until AFTER your psychology has already done its damage.
How you verbally position your purchases is how you financially position your wealth.
“I need a new phone”
“I need a bigger house” Continue reading “You “need” to stop it.”
**Internet rule #1 – never argue with idiots.
How do you know an idiot?
They’re trying to argue on the internet.
**Internet Rule #2 – never tolerate a pitch for a pyramid scheme or MLM scam. (when they out themselves, post their profile name, put them on blast and block them as well)
We at BKF University, have no time for your malarky with these schemes in our already struggling community.
**Internet rule #3 – learn how to spot a “hood unicorn”. If you don’t know what a hood unicorn is, you’ll just have to take the L. Or you can keyword search some of our previous posts. Continue reading “The J.P. Lynn Guide to the Internet”
Let me explain to you how f*d up in the head we are to our own people and how that subsequently places us on path to lose for years to come.
You take any majority black neighborhood and you will find the following:
Jack n The Boxes
Targets Continue reading “The B.O.B. Customer Service Enigma”
I made a post online one day that sums up what this post is about: “plan your marriage, f*ck the wedding.”
But after you’ve spent a fortune paying for a wedding, reality sets in and the food is no longer catered, your best man and maid of honor are nowhere to be found during intense arguments and you could find yourself deep in debt after wining and dining 250 of your “closest” family and friends.
Remember, the average cost U.S. couples spend on a wedding today is $26,444. This doesn’t even take into consideration the engagement ring, prenuptial agreement or honeymoon costs. (In many locations like Los Angeles, the average for a wedding can be as high as $40k.) Continue reading “Be smart. Don’t go further into debt for a wedding.”
Everywhere I go in L.A. ppl with luxury gas guzzlers stop me at the light and ask me how much I pay (or dont)
Here’s how the math on my electric car works:
$10k prepayment in full of 36 month lease
$2,500 CA rebate (or $69/month off car)
$179/month effective lease
No oil changes
Carpool lane access
Total all inclusive auto cost: $239/month
Here’s how the math goes on the typical mid-priced sedan:
60 month loan
Total cost: $869/month
You have any idea the ridiculous amount of things you could do with that difference in cash flow consistently over a long period of time?