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11/25/2017

Detroit Homeowners plundered by fraudulent property tax assessments since 2008 part 1

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The Detroit city government fraudulently overtaxed Detroit property owners during the Kilpatrick, Cockrel, Bing, and Duggan administrations. The resulting tax delinquency foreclosures led it to the systematic dispossession of Detroit homeowners by the government. The burden was disproportionately borne by those whose properties had lower values and could least afford it.
​At the height of the recent economic crisis, Detroit assessed residential properties at market values that did not reflect what was happening to Detroit’s real estate. Valuations for tax purposes were going up. In reality, property values were going down, fast and hard. The city government systematically inflated the property tax assessments of homes in Detroit beyond the legal limit.
Detroit Home Price Index
Detroit Home Price Index
Starting in 2008, home values in Detroit plummeted as a result of the Great Recession. Instead of reducing property tax assessments to match the lower cost of homes, the government maintained the previous higher assessed value. The Michigan Constitution sets property assessments at no more than 50% of market value.  That value is known as the State Equalized Value or SEV.

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11/24/2017

Is a Balance Transfer Right for You?

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balance Transfer Graphic
It is difficult to give generalized financial advice. Because everyone’s situation is different and the dollars are in the details. Having said that,  here's a look at the benefits of a balance transfer.

A balance transfer is when you move the debt from one debt instrument to another. In most cases, a credit card is the receiving instrument.

​Some pros to doing a balance transfer.
  • The balance that you transfer will payoff an account. The debt did not go away. It moved to a lower rent neighborhood.
    • ​​If the reason you are doing the balance transfer is to pay off higher interest debt then it may be a wise move.  
    • For example, if you transfer to a promotional offer, such as “no interest for 6 months on balance transfers,” it will allow you to pay off debt quicker. Provided you make the same payment you were making on the debt as before the transfer.​
  • Another advantage of a balance transfer is that it allows you to merge payments. It may be easier to focus on one bill as opposed to splitting money between two or more.​​

Some things you should be aware of when making a balance transfer.


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11/21/2017

7 ways to improve your credit score on purpose.

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  1. Lower credit utilization ratios This method will have the quickest impact on your score. Reduce "proportion of balance to limit" on credit cards and home equity line of credits (HELOC) to 25% or less individually and in the aggregate. There two ways to do this. Pay down the balance. Obtain a limit increase on your accounts. It will cost you an inquiry, whether approved or not. A hybrid strategy is also useful. 
  2. Do NOT close any accounts in good standing.
  3. Close all inactive accounts that have a derogatory record.
  4. Challenge any negative accounts with a DLA ( Date of Last Activity)  longer than 7 years at a credit bureau.
  5. Negotiate collections off your credit report. Paying a collection could lower your credit score. If the DLA changes, you also refresh the seven years the derogatory information will remain on your report. Remember, from a FICO credit score standpoint, it is the fact that you went to collections that hurts you. The damage is virtually the same paid or not.
  6. Start paying your bills •On time •Every time •All the time• This one takes longer to impact your scores, but it is necessary for MAX credit and a MoneySmartLife style going forward
  7. Stop applying for credit No matter how tempting the multitude of easy credit offers with incentives you get, don't apply. The offers can be tempting and appear financially prudent with the promise of further savings by just applying. But they can really mess you up.
Take me to the maxing credit score webinar
Take to the maxing credit score Blog Post

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11/17/2017

Everything Effects Everything Else

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Financial capability is the internal capacity to act in one's best financial interest, given socioeconomic environmental conditions. It therefore encompasses the knowledge, attitudes, skills, and behaviors of consumers with regard to managing their resources and understanding, selecting, and making use of financial services that fit their needs. ​
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  • Financial Psychology
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​ Consumers can experience financial well-being—or a lack of it—regardless of income. It’s a highly personal state, not fully described by objective financial measures. Instead, well-being is defined as having financial security and financial freedom of choice, in the present and in the future. 
The Four Elements of Financial Well Being
The Four Elements of Financial Well-Being

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11/12/2017

Embracing Change A Financial Well-Being Behavior

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    Mansa Musa is a homeownership counselor and homebuyer educator. He is currently the Principal at MoneySmartLife.org. He blogs and speaks on subjects of financial well-being and financial capability. Helping working class families live a sustainable MoneySmartLife through pragmatic solutions and behavior changes.

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  • MoneySmartLife.org and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction. 
  • The views, thoughts, and opinions expressed belong solely to the author, and not necessarily to the author’s employer, organization, committee or other group or individual; either in the past or future. 
  • This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.” MoneySmartLife.org states that they’re using this material as part of their “efforts to advance understanding of issues of “financial well-being” and that they believe that this constitutes a “fair use” of the material in accordance with title 17 U.S.C. Section 107. ​
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