Todd Pietzsch from BECU 11-15-17

Wednesday, November 15th

Todd Pietzsch from BECU joins us live in studio. Caller Dillan is a small business owner and wants to know the difference between loans. Caller Chris has an auto loan and wants to know what he should do with his tax return.


Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

The KI SW financial advisor appeared. Time I invented numbers so I know how this stuff works each. They're right over there you've got a question for Todd. Now it's time to 06421 rock you can also check visits sevenths. And 999. Tied to each of course from the great folks at BE CU dot org and if you live work or attend school Washington State. This credit union is for you baby BE CU Dodd organ Todd he's got over 25 years being the man I think the most important question asked Todd is how much money would you pay and I had to deal with Seattle traffic on a rainy day OLA. I don't know that I don't have enough money for that seat. You're you're in traffic for around our intuition and no wrong and now. Now made it it's getting worse so as we have to move farther out to get close to buy a house and everything else round dooming blue potato reaction. It's getting worse. So we I was gonna suck for all view is just no hope they broke no hope but well I think that's right he's union Star Wars to us our reserves of foreign no hope. That's right that's it. Actually there's a lot of there's all there's a lot of holed a few act. Put your money were it's got to go in your really Smart with your money. And if you want Todd to give you some answers to your financial questions is is simple that to a 6421 rock Texas it's 77999. Sarasota this attack salmon inheritance covered from coming to me from England and I'm concerned about it and not from Nigeria's own pizza scandal good com I'm concerned about the declaration. Four attacks season and declaration regarding keeping some in accounts and England. As far as. Offshore and it's nice to be great. Tom also the best thing to do with that as well thank you for error. I don't I would consult a tax. That the tax prepare for that now TC PA personally asked CPAs and it really knows in denounces to the laws over in. And new England and then here in what that's gonna look like because there's there's. Any income this digits it's been generated over there and certainly has a lot of tax implications it. Who put to put the plan the other now see don't make some mistakes I asked Queen Elizabeth apparently she's got some good offshore stuff going on that came as I think that is the one I would ask about it a little outside of what I and the oh now familiar with but I would I would consult somebody now if you know how about how much you're gonna get. On the you can come up with a plan to win lands over here being put it to work so there and end its its retirement inheritance is I mean one of the things I am not a stripper somebody they they won and the inheritance tax. How close do you know how locals yarder that happened is that going to be a joke knock him there all kinds of stuff BJ wanted to report reduce the how much you can write off on your mortgage right I heard a bell like that part of anyone that anyone can make statins income tax or state time property taxes sales tax not deductible anymore how like that part of it sounds so we'll have to see how it all shakes out so we really don't know it's kind of too early to tell. Where that's connect doubled snow the next month or two I hope that doesn't happen mommy to -- people who yeah dealer right up your mortgage. And it taxes you pay your mean that that's especially in our market right I mean this homes are going for we know. 67800. Million dollar trap. That's a lot of mortgage revenue and reduce that from the millions of 500000 that can impact a lot of people who are trying to incomes or who currently own homes and really you know of 50800000. Dollar home and the Puget Sound. Is not somebody who's a high roller I mean that's kind of what if you want a nice on the suspended thirty years and that's what you gotta pay and if you travel further out like you said then maybe you're talking 4500000. And that's still expensive for a thousand. I guess yeah. Yeah any questions for Todd you know it's due to a 6421 rock let's go to Dylan in the would still on you rod with Todd peach from BE CU dot org go ahead. Hey guys thanks for taking my call here are you just a quick questions or effort Todd thought I actually have easier and I have had about it's here's. My question is our most small business owner and I wanna know. He beat difference between the focal Kreider and LLC was competent alone at the moment we look at their bite out someday and if it's been very difficult to get alone. Mean a whole book writer didn't meet these good guys you meet them that is site. Like tax reasons or financial reasons why becoming LO we will do better correct and stuff. Tell me your sole proprietor year a year it right there's no years fewer than business and so everything runs through through you and so you when you. I your taxes Atari filing a schedule C I believe is what it is for that. I'm here and so when you're gonna get loans it it they're gonna look at your income. Or your wife's income if you're if you're married or have somebody else that. Found through the only difference between the two and LC is a limited Pelosi is a limited liability company so it's gonna help you protect your. Assets from you know lawsuits that type of thing. But I don't know that it's gonna make a big impact in your ability to qualify for loans because there's still going to be looking at you as the guarantor on those loans whether it's Cecil prop or. And LLC. So they go until hopefully got that answered your question a man and obviously you know again CPAs financial advisors those are folks that. It's really good to have especially when you and you tell you talk about those LLC's. Casino we don't think of that is that people who come after your stuff and there's CA you know sometimes stuff happens when you don't know business. Why I love being an employee I knew all that some people don't like bosses but. I like to my company handles all that yeah I wanna worry about any liabilities and I'm an idiot they got to pay for I kind of like that's yet another big time for doing the sit down with a CPA or somebody needed to go over his structure and media. Vessel proper or maybe there's another way to structure that that it's better sound. And even admit as he carpet that's an option let's go to our Brad in Bali terrorist Brad you are on Iraq. Hey Aaron if my baseline just started was new this year and thankfully he got eight ton of money in scholarship so he might actually have. Come out of pocket. To pay a whole lot but I had heard that they do with the scholarships that somehow that. I'm gonna have to coin now says it incumbent. Possibly on its might actually. I didn't know that is that true time. I knew they shouldn't know want it it won't be income for you but it will then include in his fasten next year the free application. For Federal Student Aid you had reported there could. And clued it could impact his ability to qualify. For loans and in the future that you it says its in mass scholarship it's it's mind it's going for schools and there should be no tax implication of that. So as solitary although that will affect who would be just this is ability to get more money here for loan. Next year yet. Yet when you fill out assassin which you can do now for next year. And then you'll you'll be you'll have. He'll it will have questions for you wanna talk about grants and scholarships and that's the thing that you have to. So I won't be sensitive simply claim him still on my case might in fact I won't have to. Use that as any kind of like can jump murder them. Now we now H didn't no no no. Yeah I grants and scholarships are free money and it's going it's being. It's used for qualified higher education so they should be that no tax implications for years but again it would impact. And being be reported on that fast that's for next year. And record of course you know again I have a CPA summed it helps you with your taxes is always a good thing because they can give you definitive answers on these questions by. Boy I mean grant I would put it past the government puts god that would be so wrong yet know my daughter's gotten scholarships for when they went to school and no issues in it whatsoever while you ought to know if you yeah I don't know if you beg you don't suspend their and and that that's awesome that's that's actually good to know that's that's really really good tonight because that's ways that. Because this doesn't work that way the price is right you gotta pay taxes and also they get right that's right the scope to us Chris and square and Chris you are on the rock with Todd. From BEC dot org go ahead. The prices are good morning guys who didn't have good morning Chris what she got. Yeah because I tell you guys how much so ownership you can entertain a mile long commute. Thank you. Pay cut puzzlement about that today out there are some people there and long commutes I feel you Chris what she got four screens and. And so my question is how good are there low and I want to a dealership and I'm always Dibona. And excited about a nice brand new shiny G. Back in 2015. So I got locked in to a five year alone so her idea was this six year alone. They've done completely upside down in the Jeep now I know liked to won 8500. On edge and it's only words. Maybe 141000. M so might my good idea. Is that when I get my income tax return this year. A man with them and I still haven't savings are just gonna throw like 101000 in fact a lot. Our own and now we may get so I'm not upside down do you know what I know on Malone is equal or less to let. The value of the carnage and who. My my question is is my grandfather and actually post trying to do my credit was pretty bad at the time. That I got Digi and then our and it's still not great but it's there now who read and so you hate. You are what would be a good idea actually Sean can't smoke or not only be roaring like you know maybe ten dollars and about Gloria would that help my credit mortar play. If I did that way initially finance to only about 101000 or should just keep paying all along the way it is now what's your interest rates. It's pretty lotions my grandpa cosigned it didn't make three point nine. Okay so talk to understanding that our refi doesn't help you with your credit rating right now yeah I think that's that I think that's a confusion yes having easy thing to refile make this credit rating better now now fear that if he resize he's gonna have no loan under his name right. All of that would be helpful to slow the same game but he sees on the loan so he's he's cut his damn I just Cohen co signed yet so busy and so on and so we're really wound look at Chris is. What's the interest rate year pain which three point nine. And would you qualify based upon your credit for something less than that when you paid this downturn to refi. Me and Italy are. Yeah I should then maybe you're better off just keep writing in keep paying it down and and you know that's anti debt free here and talk cars just appreciate it's not like he's a bonehead I mean whenever you buy new car. That's just how the world of cars is in a couple years it's never going to be worth what you paid fortunately chicks dig jeeps and different Arizona. Yeah so Chris and the other thing he said Todd those he wanted to take a bunch of money. And put it down towards a principle is that ever a bad idea if you gave India or or should he be looking other things to do with that big money first well yeah I mean who does have an emergency fund what happens if something were to happen you're to have a medical issue or you lose your you know me out of work for awhile and then now will you be able to make those. Payments on the car right did you want to meet me current or your rent or your mortgage your so I would say you know Chris before you actually take the steps to pay down let's take a look at you and your emergency fund and the other things you have going on to make sure that's the makes the most sense. Larry and that that 101000 I was talking about wouldn't. But I'm including my emergencies and I wouldn't be coming out of that account charged on the back so Scott scooter community and I sit here and man. There are three you've got an emergency fund because a lot of folks don't even know that they should have won so that's really cool and in the car breaks down and they can make the payments and you know. Yeah I appreciate the call Chris. That's CI that I mean that that's see this just things that we don't know you know and I mean and it's. It's not really taught in school and it's stuff that you really I mean gosh everyone's gonna take out alone it was gonna have to buy a car every what's gonna. Either rent a place of buy a place. And I don't know how much I mean I it they can't teach that to me when I was a school not grant that was back when the rocks were cooling but still I mean it's it's it's amazing what we don't know. Very important non textile that we need to get too because on CNN news or inside this comes from I do keys this time an important question I'm going happy hour do I get wings are not terrorists. Very important wings thank you and I guess that's why this time it's incredible man to take you guys. It's wings 100% of the dosage and now you're gonna power in Amman mother Vicki is it not just you know not just all the way to get marked for your buck now. He really did this series whose look nastiest races like we just murders somebody got government amid all the morons in addition yeah. We grass on financial advice I think emergence of their banks are on the advice and got a point Steve hey okay money was spent on the wing. After the fact that is so awesome well I don't know if you I have to if you haven't gone down tournament and a bag of chips which she's on that's yeah. Among other currencies. If you have any questions that actually transcend not shows. Or wings you can always email Todd just go to KI SW dot com look for the banner with Todd smiling face on stand next to me as well. And I he'll answer it as much as he can man he'll help beyond its it's a wonderful free service that BE CUs to enforce. And again just go to KI SW dot com and if you wanna join DCU he's got to live work or attend school here in Washington State. They got more info about that it be ECU dot org it's a great credit union you can do everything they're you can do at a bank and you know they're gonna take serious because the members own there's so no one there making decisions just for their pocketbook is everybody's an owner of VCU. Done as usual good to see I hope the Travis better on your way back. Thanks Vijay. The next morning and I say I guess tell you.