An Introduction
Hi. Welcome to BourGroup and my blog. Phil
Phil Bour is a CERTIFIED FINANCIAL PLANNER(tm) professional since 2004, a Magna Cum Laude college graduate and an accounting professional for over 35+ years. I love numbers, statistics and economic history.
I am also an Enrolled Agent (EA) to represent taxpayers before the Internal Revenue Service and to prepare tax returns.
"Phil"osophy: I believe that you can manage your money on your own (not necessarily through individual stock selection but through mutual funds, ETF's and other solutions) once you receive some one-time, professional guidance. Why pay annual fees when there may be little added value? For additional information, first read the "An Introduction" label at the left. Then move on to others.
Home equity counts against some college aid forms (not FAFSA)
From Scott Noyes:
Home Equity is counted as an asset on the CSS Profile form, not the FAFSA.
Schools that use the Profile include home equity as a parent assets in the
equation. Parent assets count 5% against the eligibility amount. So if you have
$600k in home equity it knocks $30k from your eligibility. Borrowing on your
house and putting the money into an annuity may make sense depending upon the
cost of borrowing and the price of the annuity. Yes this strategy can work. Some
colleges are starting to ask about ownership of annuites or life insurance(
another dodge) but most do not. Also, most state schools and some private
schools use the FAFSA which does not require and gerrymandering.
Scott Noyes
