One
of the largest transfers one will ever encounter is the purchasing of a
home. It is part of the traditional American dream. It can turn into a
nightmare with sleepless nights and difficult decisions. Obtaining
the maximum amount of house with the minimum price is the obvious goal.
Also, a must when considering a home purchase, are things such as
neighbors, the neighborhood, schools, property taxes, city services,
maintenance, and upkeep. When you finally find this castle, there is
excitement in the air and a commitment to purchase. My friend, you are
now entering into an unchartered universe, the twilight zone of the
banking industry called the mortgage.
Hello, I’m New On This Planet
All
you know about the mortgage process is that you have worked your behind
off, saved money for a down payment, and found a house you would like
to buy. The next step, assuming you don’t have your mattress stuffed
with cash, is to try to get approved for a loan to purchase it. So you
arrange to meet with your banker. Your first impression of the people
in the mortgage department, is that on the outside they look just like
you and me. They look friendly and seem polite. But underneath that
normal exterior they serve only one master, the bank.
Their
first appraisal of you is to decide whether to satisfy their needs of
consumption. They want to see income statements, tax returns, lines of
credit, and your credit scores. It’s sort of funny that when you
deposited $5,000 into one of their savings accounts they didn’t ask you
for any of this information. But let’s face it, they just want to make
sure you are not a credit risk. That’s why, in the bank’s eyes, every
applicant is presumed to be a derelict and a liar. You must prove,
beyond doubt, that you qualify financially so that you can afford any
monetary abuse that they may throw at you. At the end of the first
meeting, you sign an agreement allowing them to do this.
Dirt
Now
as much as they want to give you a loan, by the time you walk to your
car, they have started the process of making sure this won’t be easy.
The hunt is on for problems in your past. New or old, big or small they
are fixed on the idea of finding any, and I mean any, financial
problems you have had.
My
personal experience is fairly common. I had purchased a home, sold it,
and purchased another one. I lived in the new house about two years and
decided to refinance it to lower the interest rate. All of these
transactions were with the same bank and the same banker, all taking
place in a seven year period. It was of no importance to them that I
held several lines of credit with them with no debt balances and that my
business account deposits with them were greater than the amount I
wanted to refinance. At my expense, they wanted my credit scores and an
appraisal of my home’s value. The funny thing was, they had done this
five months earlier for the other lines of credit I established with
them. What a con game!
I’ll Take The One On The Bottom
Your
credit scores will vary from company to company. Some banks and
mortgage companies will get as many as six or seven credit scores on
you. Now, do you think they will use your best score? Guess again.
How about the second or third best credit rating? Try again. How about
the lowest or second to lowest score they can find? Bingo! Although
five of your credit scores were good, they found the one they were
looking for. In the bank’s eyes you are now “one of those kinds” of
people.
Not So Perfect
You
get the phone call about your questionable credit scores but are told
not to worry. They are going to work this out for you so you can have
this dream house. You are told any additional costs will be handled at
the closing. They are now in control.
Now,
have you ever heard of a credit rating company making a mistake?
Perhaps the rating company’s information was incorrect and they record a
low score, but the bank is going to use that one anyway. Chances of
trying to correct any scores from a credit company in time for your
closing are remote; it takes a long time.
What Flavor Would You Like?
I
am now entering into an area where you will really have to think
from a different perspective. Home ownership and mortgages are
confusing and emotional. As we discussed before, emotions are sometimes
based on opinions not fact. I want to explore this confusion with you.
There
is an array of different types of mortgages that you can select from.
Banks and mortgage companies are becoming more creative in the packaging
of these products. Why? They too see the ever-changing demographics of
the country. They understand that buying a home is based on the
affordability of the monthly payment, not necessarily the cost of the
house. I can see how lending institutions would be considering
extending the life of mortgages to 40 or 50 years. Why? More expensive
homes, less future buyers of expensive homes, and retirees downsizing
from larger homes. Banks and mortgage companies will want to create
more buyers for these large homes while trying to maintain high values
on these properties. The government also would like to see these
larger homes maintain their values because this is a taxable commodity
in the future. Property values continue to increase creating higher
property taxes whether your house is paid off or not. The possible
solutions for lending institutions would be to extend the payoff time of
mortgages. Their thinking could be, “Hey, as long as we’re collecting
interest, why not?” The dilemma here is that no matter what type of
mortgage you decide on, you will experience major wealth transfers.
The solution to reducing these transfers understands the opportunities
that lie inside the mortgage itself.
Types
of mortgages vary. There are 15-year and 30-year mortgages, bi-weekly
mortgages, interest-only mortgages, adjustable rate mortgages, and
balloon mortgages that will assist you in paying off your house. There
is also the old standby of simply paying cash for your home. No matter
what you decide to do, transfers will occur. If you get a mortgage,
you are paying interest to the lender (a transfer of your money), and if
you pay cash not only do you lose the money that you paid for the
house, but also the ability to earn more money from that money (lost
opportunity cost).
Which
of these two situations will cause the least amount of transfers for
you? Many financial experts, along with your parents and grandparents,
will conclude that paying your house off as fast as you can or paying
cash for it, will result in the greatest rewards.
If Something You Thought To Be True, Wasn’t True. . .
Two
lessons we talked about earlier come into play. Lost opportunity cost
and liquidity, use, and control of your money will help you find the
right solutions. By paying cash for your house, you must be of the
belief that this is a great investment and you are certain of the
rewards. After all, it’s not every day that you will plop down that
kind of money on one investment. Experts will try to convince you that
this is a wise decision. Let’s take a look.
Watch The Money Grow? Paying Cash
Let’s
assume you decided to pay cash for your home. You paid $150,000.00
cash for a house in an area where housing values grew. You bought the
home six years ago and the current value of the home is now
$200,000.00. You would look at that gain and conclude that your
investment in your home netted $50,000.00. Simply put, that’s over a
30% increase in the value of the home. So you go about telling all your
friends how wise that decision was.
If
you take the gain of $50,000.00 spread over six years, the real rate of
return on that investment is 4.91%. The problem is during those six
years, other payments were made to help increase the value of your
property. New carpeting, painting, drapes, perhaps a new roof, furnace
or air conditioner, possibly new windows and doors were improvements
you made to increase the value of your home. Do not forget that you
also pay property taxes that steadily increased with the value of your
home.
Let’s
say that while you lived there you paid $2,000.00 a year in property
taxes and paid $12,000.00 for improvements and maintenance. Over a six
year period, that would be another $24,000.00 paid. The rate of return
on your home, compounded annually, is now 2.35%. How does that compare
to other investments available to you? In a down market, 2.35% sounds
okay, but in a good market, that return sounds puny. Remember how
everyone was impressed with your $50,000.00 gain?
No More Payments???
I
have to explain the financial implications when someone pays cash for
their home. In exploring this idea, I need you to really think deeper
financially than you ever had to before. The lessons of lost
opportunity costs, liquidity, use, and control and the Rule of 72 must
be applied to your thinking.
Most
people think they will save interest by selecting a shorter loan
period. With that in mind then paying cash for your home would save the
most interest that would have normally been given to the bank. The
problem is, by paying cash you no longer have that money to invest, so
you are losing earnings that you could have made from that money.
Also, if cash is paid for the house, you forfeit the tax benefits on the
interest deduction. By using the tax deduction, you can recapture
dollars, which you couldn’t do had you paid cash. You must understand
that it costs you the same amount of money to live in your house whether
you have a mortgage or you paid cash. Let’s take a look.
If
you have a mortgage of $150,000.00 at 7% for 30 years, the monthly
payment would be $997.95. If the monthly payment of $997.95 was invested
for 30 years at 7% it would equal $1,217,475.00. If, rather than
paying $150,000.00 cash for the house, you invested it instead at 7% for
30 years, it would grow to $1,217,475.00. Presto, it’s the same
number!
Both
of these scenarios are examples of transfers, whether you paid cash for
your home or are making payments through a mortgage it is
costing you money. The difference is that in the case of the 30
year mortgage at 7%, the mortgage would yield about $60,000.00 in tax
savings in that 30 year period for someone in a 30% tax bracket. That is
called recapturing some of your transfers.
15 vs. 30
The
two most common types of mortgages sold today are the 15-year and
30-year mortgages. Once again, misinformation clouds the choice between
these two types of mortgages. In the 15-year mortgages, people assume
the shorter the loan period, the less they will have to pay. Secondly,
they believe they will save interest payments. With this line of
thinking, you must conclude that, once again, the best alternative would
be paying cash for the house. Let’s get out the microscope and take a
look at these two mortgages.
Person
A chose a 30-year mortgage for $150,000.00 with a 6.5% loan rate. She
knows that under those terms her monthly payment will be $948.10.
Person B obtained a 15-year mortgage for $150,000.00 with a 6.5% loan
rate. He knows that his monthly payment for that loan will be
$1,306.66.
Person
A believes that her monthly payment at $948.10 is a good deal because
it is $358.56 per month cheaper than the $1,306.66 payment for the
15-year mortgage. She is going to invest the savings of $358.56 per
month into an account that averages a 6.5% return for 30 years. This
grows to a tidy sum of $396,630.
Person
B, who wasn’t born yesterday, plans to save $1306.66 a month for 15
years after he makes the last payment on his 15-year mortgage. He too
predicts a 6.5% average return for those 15 years, and his investment
would grow to an impressive $396,630.00. NOTE: It’s the same amount as
Person A’s account. I have to ask you: Which person would you rather
be?
In
making the above comparison, I assumed a 6.5% mortgage loan rate and a
6.5% rate of return on their monthly payments. What would happen if
both Persons A and B thought they could get an 8% average rate of return
over that period of time on their investments? Person A’s $358.56 per
month for 30 years at 8% would grow to $534,382.00. Person B’s
$1,306.66 per month for 15 years would total $452,155 at an 8% earning
rate. That’s a difference of $82,227.00 in the favor of Person A. The
compounding of interest works in Person A’s account, causing the money
to grow to a larger sum. Remember, Person B’s banker told him he would
save money with a 15-year mortgage.
Hold
on there, Kemosabe. You’re thinking, “If I took a 15 year mortgage, my
interest rate might be lower than that 6.5% 30-year note.” You’re
right. Let’s say the interest rate was 6.0% on that 15-year mortgage.
Then both Person A and Person B invested the difference at 8%
return just as we described above. You’re probably thinking,
“Ah hah! Got you!” Try again. Person A’s savings still ends up
$35,697.00 greater than Person B’s account. Don’t forget, Person A also
received 15 more years of tax deductions that created an even greater
savings.
Jimmy Carter
To
continue our comparison of Persons A and B, we need to step into the
WAYBAK time machine. Destination: the 1970's. It was a time of
high inflation, hostages in Iran, and funny clothes. Mortgage rates
were extremely high. It was not uncommon to see mortgage rates of 10%,
15%, 18%. To proceed with our comparison, we must agree that since
interest rates have been much higher in the past than they are today,
that it is possible for mortgage rates to go higher, and of course,
possibly, lower. O.K., back to the WAYBAK machine. Destination: the
present. Phew! What a trip!! I want to thank Mr. Carter for the lesson
we learned.
Knowing
that interest rates could go up or down, let’s take a look at Persons A
and B’s 30- and 15-year mortgage. First of all, NOW READ THIS SLOWLY,
there are more tax deductions in the first 15 years of a 30-year
mortgage, than there are in the entire 15-year mortgage. Second, in
Person A’s 30-year mortgage, she knows for certain that her interest
will remain the same for 30 years. Meanwhile, Person B has just made
his last mortgage payment in the 15th year and is jubilant! My
question is, now that he has paid off his mortgage, if he wanted to
borrow money from his paid-off home, what are the interest rates? If he
had a 15-year mortgage at 6.5%, and the interest rates are now 10%, you
would have to say he was in a hurry to pay off his house at a lower
rate so he could use his money at a higher rate. You see, Person A
knows what her rate will be in that 16th year of a 30-year mortgage and
because you put that $358.56 a month away, she now has accumulated
$124,075.00 in savings by the 16th year. She has enough money to pay
off her house at that time, IF SHE WANTS TO. If economic conditions are
favorable to do that, she can. If the stock market is yielding higher
rates of return, she may elect to continue to pay on her mortgage and
let her savings grow. Now, in the 16th year, Person B is just starting
his savings program. Which of these two people would you rather be now?
Most
people would want to be Person A. Person A has more control and more
options and opportunities in the future. She also has retained some
liquidity, use and control of her money. This allows Person A to be
more flexible in ever changing markets. Person A has also been able to
maximize the tax deductions in the 30 year mortgage. Remember, taxes
are the largest transfer of your wealth that you will see over your
financial life. Recapturing your money in the form of tax deductions is
important.
From
the bank’s standpoint, they would love to see everyone choose a 15-year
mortgage. They will also encourage bi-weekly payments and any
additional mortgage payments you can make. Why? These payments create
the velocity of money for the bank. That means, the more money and the
faster the money comes in, the more they can lend it out, to generate
more profits. They disguise these payments as “interest saving
techniques.” THINK ABOUT IT . . .A bank, whose sole purpose is to
collect interest, telling you how NOT to pay interest? It doesn’t make
sense.
Changing Landscape
Banks
continue to tweak ideas about mortgages. It is their most lucrative
product. The idea of interest-only mortgages is fairly new. In these
mortgages you pay only the interest, no principal. They require you to
put money into an account that the bank controls. An example would be,
for every $100,000 you want to borrow you would put $12,500.00 into a 7%
account controlled by the bank for 30 years. So, if you had a
$200,000 home to finance, you would put $25,000 into their account.
That money, the $25,000.00 at 7% would grow to meet a balloon
payment due in the 30th year. Usually, the interest payments on
this type of mortgage are higher than traditional mortgages.
Some
mortgage companies tout a loan product that is totally flexible. You
name the interest rate, and you name your monthly payment. They will
tell you how many years it will take for you to pay it off. Hire a
lawyer to read this contract. Of all these types of mortgages one thing
stands out: The lending institutions are there to charge interest and
make as much money as they can.
Insuring The Bank
Most
banks and mortgage companies require down payments. If you don’t have a
down payment they will charge you points. This extra money, above and
beyond your mortgage payment, ensures them that in the event of
foreclosure, their losses are covered. The standard down payment on a
house is 20%. Again, the bank feels comfortable, because should you not
make payments and they must foreclose on your home, that 20% covers
their losses. I consider that a 20% up-front failure fee. Don’t take
it personally, they require this from almost everyone.
Black Hole In Space
Where
does this down payment money go? If you were to put $30,000 down for
your new home, what is your rate of return on the money? THINK HARD.
ZERO! It will be zero percent forever. Next question: Can you borrow
this $30,000.00 from the bank as part of your loan? NO! Why not? It’s
not part of the mortgage. Now, the banks will argue that it lowered
your monthly payments. That may be true on the surface, but let’s take a
look at what the bank got out of this deal. They now have the use of
your $30,000 for the next 30 years. At a 7.2% rate of return, that
$30,000 would grow to $240,000 in 30 years for the bank. Just from the
down payment they have earned more from you than what you paid for your
house. Is your down payment deductible on your taxes? NO. Someone
please remind me why I would want to do this. Remember, the bank is
telling you the more you put down on the mortgage, the more you will
save. Part of the solution to this problem is to demand that all of
your down payment money be accessible to you through an equity line of
credit.
I’ve Hit The Jackpot
Meanwhile,
back at the ranch . . . you just went through the meeting for the
“closing” of your new home. You have signed 27 different documents,
none of which you understood. What the heck . . . if you can’t trust
the bank, who can you trust?
Now
you’re a homeowner. You think you’re happy. The people at the bank gave
you that congratulatory pen and calendar. They have truly put
themselves in control of your future. They are happy. The people who
sold the house to you are also happy. They even share their story of
success with you. They bought that house new 33 years ago paying
$39,000.00 for it. They remember how low the property taxes were back
then, but even though they increased through the years, they still only
averaged $1,000.00 a year in taxes. They remember the additions and
improvements they made over the years totaling about $20,000.00. They
feel it was their greatest investment. After all, they think they made
$111,000.00 on the property.
THE MATH
Sale Price: $150,000.
Original Purchase Price: ($39,000.)
Gain on Sale $111,000.
Years you owned the home 33
If you have a gain of $111,000.00 over 33 years, the annual compound rate of return is
4.17%. But what really happened was this:
THE MATH INCLUDING TAXES AND IMPROVEMENTS
Sale Price $150,000.
Original Purchase Price ($39,000.)
Taxes and Improvements (33 years) ($53,000.)
Gain on Sale $58,000.
Years you owned the home 33
If you have a gain of $58,000.00 over 33 years, the annual compound interest return is 1.49%.
Now
these people also had that house totally paid off for a few years. Had
they been able to invest this $150,000 they had in the house, at a 7%
earning rate they would have made $10,500 a year without touching the
principal. That again is called a lost opportunity cost. The last
three years they lived there they would have almost another $31,500.00
in lost opportunities. Plus, in losing the interest deductions, as
little as they were, they became even more perfect taxpayers, which
created more tax transfers of their wealth.
You
congratulate them on their success, wish them well, and now you're
asking yourself: Will you have the same success they did? After all,
they were happy that they made such a huge profit on the sale of their
house.
Home Equity
If
you have accumulated equity in your home, let me ask you one
question: What’s the rate of return on the equity built up in your
house? I mean, if you built up $70,000 of equity in your home, the bank
must be sending you a hefty dividend check, right? WRONG! The
equity inside your house is growing at zero percent. The argument here
is, “Well my house increased in value therefore, my equity went up.”
Well, whether you have $70,000.00 or $1.00 of equity, the value of your
property would still have gone up. If property values went down,
would you rather lose $1.00 or $70,000.00 of equity? Although we have
been taught that our home is a safe place to park our money, we really
have to take a look at this situation.
Who Is In Control
It
is important for you to understand how to get liquidity, use and
control of the equity in your home. This is not money that you
would invest, gamble, or spend foolishly. But, it can open up a
great number of opportunities for you in the future.
Be the Bank
If
you do have equity in your house, it is important that you establish an
equity line of credit. Be advised, this is NOT used for investing.
This credit line should be used to establish your own personal “bank.”
Current tax laws may allow you to deduct the interest paid on your
equity line of credit. Consult with your accountant to make sure you
qualify for these interest deductions. Under most mortgage situations
you will. The government really doesn’t care what you purchase with
your equity line of credit. You will receive an interest-paid statement
from the bank at the end of the year. It is similar to your mortgage
interest statement. The rate of interest on equity line of credit may
even be lower than your mortgage interest rate.
As
previously stated, an equity line of credit should not be used to make
investments, but can be used to eliminate interest payments that are not
deductible. If you could take $5,000.00 of credit card debt at 18%
with a $300.00 monthly payment and reduce it to a 6% interest rate with a
$100.00 monthly payment and be able to deduct the interest off your
taxes, would you be interested? That’s what an equity line of credit
can do for you. If you have $12,000.00 balance on your car loan
and you are paying $350.00 a month for it, how would you like to pay
$250.00 a month and deduct the interest from that loan off your taxes?
As you can see, there are many ways this could be favorable to you.
Hello Bubba!
You’re
sitting in your home, looking out the window at the new landscaping
project you just completed. There’s a knock at your front door. There,
standing on your porch, is a guy you have never seen before. You crack
the door open and he says:
“Howdy!
My name is Bubba. I’m your new neighbor. I’ve got six dogs, they’re
all pretty friendly except for that one with no hair. . . if I were you I
wouldn’t try to pet him. I’ve got four kids. Aren’t kids a hoot?
I’ll tell you, between parole officers and social workers, kids sure
keep you busy. My wife, now there’s a fine woman. You might see her
from time to time. She’s gonna re-upholster furniture right out there
on the front porch, to make extra money. Me, why I’m a work at home
kinda guy. I’ll be rebuilding truck engines right here in the
driveway. If you ever need my help, just let me know. See you, buddy!”
This
is more like, see you later property values. Now, that example may
seem a little extreme, but such a neighbor would dramatically affect the
value of your house, and the tax-free equity in your home. Just some
neighbor who didn’t maintain their property very well could affect your
values.
Once,
while my wife and I were searching for a home, we found a property that
we really liked. I happened to walk out into the backyard and a
little dog next door started barking. Barking and barking, followed by
more and more barking. I looked at the real estate person and said they
would have to lower the price of the house quite a bit if I was going
to spend the rest of my life trying to convince that dog to be quiet.
What is the price of peace and quiet in your own backyard?
Federal Reserve
Another
situation that affects your tax-free equity in your home is the Federal
Reserve. The Fed sets the interest rates that affect the bank loan
rates. Your ability to afford a house is based on your ability to make
that monthly payment. If interest rates are low, housing values are
high, because less of the monthly payment goes to interest. If interest
rates rise, home values fall. More money, on a monthly basis, would
have to go to interest. The seller might have to lower the price of the
house so that it is affordable, on a monthly basis, to attract
buyers. Remember Jimmy Carter; interest rates skyrocketed,
housing values plummeted. There go the house values and the tax-free
equity again.
You’re Dead
We’re
just pretending here, but if you and your spouse die in a common
accident, what becomes of the tax-free equity in your home? It can
magically become taxable again, this time at a higher rate, in your
estate. Let’s review quickly: You’re breathing, it’s tax-free; You’re
not breathing, it may be taxable! Enough said.
Not Dead, Just Disabled
We
just discussed situations that could affect your home’s value, and
affect that tax-free equity that’s earning a whopping zero percent.
Without liquidity, use and control of this equity you may also be facing
another danger. Let’s say one of the breadwinners in a household is
involved in an accident or has a mild heart attack and survives. Now
medical insurance covered most things, but the on-going therapy isn’t
covered. The spouse, needing financial help, goes down to see the
friendly banker for help. “I need some of the $70,000.00 equity I have
in my home for medical reasons.” The banker musters up enough dignity
and tells the spouse this: “Unfortunately, your mortgage payments were
based on two income earners, not one. We feel you don’t have the
ability to pay back (YOUR) tax-free equity to us with interest. Thank
you, good luck.” Many foreclosures in the United States are caused by a
disability. Having proper liquidity, use and control of your money
would prevent some financial calamities.
3000 Days
When
it comes to your home, the country’s demographics could play an
important role. At a time when builders are building mega-homes for
$300,000.00 to $500,000.00, we have to take a look at our aging
population. With an increasing aging population, consider this: A
large portion of the population will be downsizing their homes. As
people get older, they don’t need these 6000 square foot
homes. Keeping up the payments and maintenance of these mega-homes
will be a drain on retirement incomes. There may be a time when there is
an over-abundance of these homes on the market. Prices lowered to
attract more buyers, means loss of home values and lower equity values
in the house. Once again, it’s not a good place for your money to be
when experiencing a down housing market.
Solutions
We
have discussed the many aspects of home ownership and mortgages. It is
important to establish as much liquidity, use and control of your money
as possible. As previously discussed, a 30-year mortgage is more
favorable than most other options. Further, you should limit the amount
of down payment paid at purchase as much as possible. Establishing an
equity line of credit on your home can give you liquidity, use and
control of your equity. Refrain from paying cash for your home, as
neighbors, interest rates, property taxes, and death taxes affect the
value of your home. You create unintended consequences when you live in
a home that is paid-off, without understanding your options. Failing
to understand your options leads to lost opportunity costs, which in
turn will create major transfers of your wealth.
Paying Yourself Back The Velocity Of Money
If
you are the owner of your “bank,” your equity line of credit, you have
created liquidity, use and control of your money. If you purchased a
car for $25,000.00 at 5% interest for 48 months, the payments would be
$575.13 a month. You borrow the money from your “bank” to buy the car,
and pay yourself back the $575.13 a month for 48 months. What happened
here? You charged yourself the loan company interest rate, replaced the
money into your “bank” in 4 years, and took tax deductions on the
interest. After 4 years, the money has been replaced and it’s time to
buy another car with the same money. There is still some value in the
old car to assist you on your next purchase, possibly $6,000.00 or
$7,000.00. Does it feel a little better being the owner of the
“bank?” Remember, a car is a depreciating asset. Paying cash up front
on something that will lose money is a losing strategy.
Our Goal
The
objective of these exercises is to show you how to take back the
liquidity, use, and control of your money. We also want to reduce or
eliminate transfers of your money that are unnecessary. Recognizing
these transfers and dealing with them can save you thousands of dollars.
We want to create other “banks” of money for you that are tax efficient
and help you retain monetary control. We will create these other
“banks” by using the money you saved when you have eliminated and
reduced unnecessary transfers of your wealth. Thus, you will not spend
one more dime than you are already spending. By doing this, you will
have more knowledge and money to make better financial decisions that
profit you, not others. This will be an exciting change in the way you
think about money!
©2006 Wealth & Wisdom, Inc. All Rights Reserved.
Don is a member of the Wealth & Wisdom Institute. Wealth & Wisdom Institute is an organization of professionals from across the country dedicated to informing and educating the public regarding the follies of traditional financial thinking. This group of experienced professionals includes attorneys, CPAs, tax professionals, authors, financial professionals, and pension, employee benefit and retirement experts.
Don is a member of the Wealth & Wisdom Institute. Wealth & Wisdom Institute is an organization of professionals from across the country dedicated to informing and educating the public regarding the follies of traditional financial thinking. This group of experienced professionals includes attorneys, CPAs, tax professionals, authors, financial professionals, and pension, employee benefit and retirement experts.
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