Life insurance is NOT the answer for a funeral.

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“Can you donate to my baby daddy MC Louis V’s go fund me campaign? We’re in a bad position with his death after he fell off his motorcycle.”

SMH

Ok, so how do you get your image not to end up on a Gofundme page after you die?

*Stop buying stupid sh*t and re-direct at least some of that money to helping your family.*

ESPECIALLY if you are leaving behind a significant other and kids – both who were dependent on your income. Here’s what to do and what not to do:

1. Life insurance is NOT the answer for funerals. Most funerals take place within 3-7 days after death. Even most quicker life insurance payouts will take 10 days (most states life insurance companies have 30 days legally. If you died within 2 years of getting your policy, insurance companies could legally postpone payout to 6 months)

Buy life insurance to replace income for your dependents AFTER the funeral. NOT for funeral costs.

2. Burial insurance is NOT the answer. These are expensive policies they created to hustle black people out of their hard earned money since the early 20th century. When compared side by side, the premium on burial insurance can be 10 times the comparable premium on a term policy. Affluent people know the truth –>> http://www.bankrate.com/finance/insurance/pass-burial-insurance.aspx

Burial insurance doesn’t even pay out in time to do what it’s supposed to do anyway.

3. Assuming your “loved ones” will just put it on credit cards is NOT the answer.  Using credit cards to pay for funeral expenses and hoping you receive a life insurance payout before the grace period – this is the quickest way to turn the 2nd most tumultuous time in your life into the 1st. Same thing for promising to pay funeral homes later or on credit. Most funeral homes won’t let you defer payment because they don’t want to have to try to collect later

You thought you were sad now. Just you wait until the insurance company starts playing games with that policy payout and you find out the only one who doesn’t play games is your credit card company.

4. What you SHOULD do:

-Use savings accounts earmarked for every short term situation that could/will come up in your life. General emergency fund, car repair buffer fund, vacation buffer fund etc AND A FUNERAL EXPENSE FUND.

This can be done in two ways:

A. create a savings account that has a Payable on Death feature, name a beneficiary and upon your death that money held in savings will go straight to them bypassing probate. But you have to be smart about your overall estate plan (another reason why you shouldn’t have debt ever in life)—>> http://www.forbes.com/sites/ashleaebeling/2013/08/09/when-payable-on-death-accounts-backfire/

B. Keep that same savings account but add a family member or you task with managing the funeral directly on the account and communicate this with them. Refer to the “Relationship and Family Finance section in Brass Knuckle Finance to apply these potential costs to the correct bank account. Here you will learn how to structure your joint checking/savings accounts within a marriage or MWS.

-OR use a Trotten trust, which is payable to a beneficiary without going through probate. –>> https://www.everplans.com/articles/how-to-pre-pay-for-funeral-arrangements-with-a-totten-trust

-OR use a prepaid funeral plan, known as an irrevocable funeral trust, which you generally buy from a particular funeral home.

We need to not shy away from this taboo subject any longer. Figure it out now so you wont have to scramble and figure it out later. Always keep important information in a place where everyone in your family can access it.

But please stop responding to funeral fundraiser posts with “why didn’t you get life insurance” when most everyone reading this would leave their family in a precarious position in the event of their untimely death. Life insurance or not.

And for the love of claud, please stop showing your wealth in public and keeping single digit bank account balances and no succession plans in private.

www.BKFUniversity.com

BKF Federal Student Loan Consolidation

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.

www.DoCollegeSmarter.com Continue reading “BKF Federal Student Loan Consolidation”

You “need” to stop it.

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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.”

The J.P. Lynn Guide to the Internet

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**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”