Escapees May June 2015 Demo

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be almost impossible to calculate the true cost of the purchase. This complicates the ability to budget for the total cost of the RV. However, with some diligence and the ability to number-crunch, a fairly accurate approximation may be achieved. Early-Payoff Clause Beyond deciding to finance or not to finance, it’s important to consider whether the loan has an early-payoff clause. An early-payoff clause allows for additional payments each period, or allows for the total early payoff of the loan, without penalty. Mathemati- cally, early payoffs cause less interest to accrue, if little or no penalties are assessed, making the RV less expen- sive to purchase. Another method to reduce the effects of compounding interest is to pay the required monthly amount in two payments instead of one payment. By making a partial payment at the midpoint in the month and the second payment on the scheduled date, less interest accrues on the total loan, which can lead to substantial savings over time. Extended Warranty Regardless of whether an RV is financed or purchased outright, contemplate buying an

the costs of RV repairs. The wear-and- tear of the road can leave many RVs with maintenance problems, and RV maintenance can be one of the high- est annual household expenses. An extended warranty protection would be deemed an appropriate expenditure after factoring its cost into the total cost of the RV and while creating a household budget. In addition to the extended warran- ty protection plan, evaluate the cost of the vehicle insurance on the purchase of a future RV. Although the consul- tation with an insurance professional is vital in making this determination, it is generally known that the newer the vehicle, the more expensive the insurance costs. Tax Tip For some, RVs serve as traveling homes. Because they have the tradi- tional features of a home (bedroom, bathroom, kitchen, etc.), the IRS might define some RVs as a home. If so, the tax on a loan could be considered tax deductible as a home mortgage. As always, consult with a tax preparer to make this determina- tion for yourself. In order to make a trip to an RV dealer’s lot quick and enjoyable, do your research. Also, consider how to most economically finance and maintain that new home on the road. A little research will make the time spent RVing all the more enjoyable.

TEN YEARS TO GET TO THIS

THREE DAYS TO GET TO THIS

extended warranty pro- tection plan, which could aid in reducing

Best Warranty in the business! 10 year NO leak warranty (Labor and Material) with all professional installations NOWBOOKING APPOINTMENTS FOR APRIL & MAY IN THE SOUTHERN STATES, FROM TEXAS TO FLORIDA. CALL TODAY FOR YOUR FREE, NO OBLIGATION, INFORMATION KIT ON THE LAST ROOF YOU’LL EVER NEED!

Securities offered through Securities America, Inc., Member FINRA/SIPC. Advisory Services offered through Securities America Advisors, Inc. Tax and insurance services offered through Multigenerational Wealth Strategies, LLC, which is not affiliated with Securities America Companies. Legal services offered

through Loring & Associates, PLLC, which is not affiliated with Securities America Companies. Although this information has been gathered from sources believed to be reliable, it cannot be guaranteed. This information is not intended to be a substitute for specific individualized tax, legal or investment planning advice. Individual situations can vary; therefore, the information presented here should only be relied upon when coordinated with individual professional advice. Have a Question? I write about legal and financial topics derived from my experiences in my practices; however, I welcome your suggestions for topics. If you have a specific legal or finan- cial RV-related question, or if you have a suggestion for an article topic, e-mail me at info@mgenwealth.com . Please write “ Escapees magazine topic” in the subject line. Or call me at 800-260-1615.

818-332-0645 www.rvroofingsolutions.com “The RV Roofing People”