Jeff Rose

CFP®
Personal Finance, Retirement, Insurance
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“As the CEO and Founder of Alliance Wealth Management LLC, I am committed to showing my clients the right way to financial freedom. In launching Good Financial Cents, my own personal financial blog, I've has been able to be the “complete package advisor” I’ve always aspired to be. ”
Firm:

Alliance Wealth Management

Job Title:

CEO and Founder

Biography:

Given Jeff's unique interest in the financial markets and his excited to meet new people, being a financial advisor was the perfect fit for his career. He started his career as a financial advisor with A.G. Edwards & Sons in 2001.

In January of 2005, 4 years into his career, he was called upon to support Operation Iraqi Freedom. Anticipating his return, he attained the Chartered Retirement Planning Counselor designation between mission and duties during his downtime in Iraq.

As soon as he returned from Iraq, he resumed his career as a financial advisor. His goal was to provide financial guidance to people in all areas including: investments, insurance, taxes, and estate planning. In November 2007, he became a CERTIFIED FINANCIAL PLANNER™ practitioner, and a month after that, he formed Alliance Investment Planning Group LLC. Since then, Jeff created his own registered investment adviser named Alliance Wealth Management LLC.

With the hope of helping people make sense of investing and their personal finances, Jeff launched his own personal financial blog called Good Financial Cents and life insurance site Life Insurance by Jeff. With so many different options out there, Jeff hopes to ease the fog and help others make clear and smart financial decisions. He currently writes for Forbes, US News & World Report, and CNBC. In addition, he has been featured in major sites such as Huffington Post, Wall Street Journal, Reuters, Kiplingers, and Fox Business.

Jeff resides in Carterville, IL with his wife, Mandy, and his three sons Parker, Bentley, and Sloane and daughter Janella.

Education:

BA, Finance, Southern Illinois University

Assets Under Management:

$38 million

Fee Structure:

Fee-Based

CRD Number:

156712

Insurance License:

#7532717

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    Debt, Personal Finance
Should I take a personal loan to pay off high interest credit card debt?
100% of people found this answer helpful

The personal loan interest rate of 17.8% is high, but it's a lot better than the 26% you're now paying on your credit cards. The best part of the arrangement is that you'll be free and clear in 36 months. That by itself is no small advantage. One of the fundamental problems of credit cards, especially those with high interest rates, is that they keep you locked into a permanent debt cycle. That's precisely why they're referred to as "revolving debt". Taking a term loan to pay them off is the best strategy.

You haven't explained why you're taking an additional $2500 on the personal loan, but it could result in the monthly payment being higher on the personal loan than it is on your assorted credit cards. You'll have to be ready for that.

As to the impact on your credit score, paying off the credit cards will definitely help. Just make sure you don't close them out. You want as much unused credit on your credit report as possible.

That said, they'll be a temporary negative hit to your credit score as a result of the new loan. After all, since it's brand-new, you won't have a credit history on it. The real question is whether the paid credit cards will offset or exceed the drop from the new loan. But eventually, as you begin making payments on the personal loan, your credit score will improve. But that assumes you keep all your credit lines open, and don't use them to borrow more money.

It's a good strategy, so good luck!

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