Maria Lewis

I am a creative thinker and storyteller. I want to be able to share stories beyond my own. I love writing, learning, and meeting new people.

What is the Racial Wealth Gap? – Cool Money Coach

What is the “Racial Wealth Gap” The “Racial Wealth Gap” is a way of saying that there is disparity between the average and median income of white individuals compared to other ethnic groups. The typical white family has 8x more wealth than the average black family, and 5x more wealth than the average Hispanic family, according to the Federal Reserve data in 2019. Wealth is the combination of cash that you have and “things” that you own that give financial security minus the amount of debt that

Mingle With the Lingo: Part 4 – Cool Money Coach

Welcome to the fourth installment of Mingle with the Lingo! Mingle with the Lingo is a fun, four-part series about investor 101 lingo to help figure out what things like IRA, Rule of 72, or 529 accounts actually mean. As easy as it is to google “what is -” we know that investor definitions can sometimes be more multifaceted than they appear. We want to help break that down into terms that everyone might understand! The Rule of 72 is a quick and easy way to calculate how long it will take for y

Mingle with the Lingo: Part 3 – Cool Money Coach

Welcome to the third installment of Mingle with the Lingo! Mingle with the Lingo is a fun, four-part series about investor 101 lingo to help figure out what things like IRA, Rule of 72, or 529 accounts actually mean. As easy as it is to google “what is -” we know that investor definitions can sometimes be more multifaceted than they appear. We want to help break that down into terms that everyone might understand! Cryptocurrency – Just another form of payment Cryptocurrency is a type of payme

Mingle with the Lingo: Part 2 – Cool Money Coach

Welcome to the second installment of Mingle with the Lingo! Mingle with the Lingo is a fun, four-part series about investor 101 lingo to help figure out what things like IRA, Rule of 72, or 529 accounts actually mean. As easy as it is to google “what is -” we know that investor definitions can sometimes be more multifaceted than they appear. We want to help break that down into terms that everyone might understand! Bonds are a loan. When you buy a house or a car, the bank gives you some money

Women’s Hockey Coach Natalie Darwitz Inducted into Minnesota Sports Hall of Fame

On March 3, 2021, Hamline University's head women's hockey coach,, will be inducted into the Minnesota Sports Hall of Fame. The honor adds to Darwitz's long list of accomplishments and awards, as she has already been inducted into the US Hockey Hall of Fame and the Minnesota State High School League (MSHSL) Hall of Fame."All of [the inductions] are an honor and are special in their own way," says Darwitz. "This one is special as it encompasses all sporting figures that represented Minnesota, not

Mingle with the Lingo: Part 1 – Cool Money Coach

Introducing Mingle with the Lingo! Mingle with the Lingo is a fun, four-part series about investor 101 lingo to help figure out what things like IRA, Rule of 72, or 529 accounts actually mean. As easy as it is to google “what is -” we know that investor definitions can sometimes be more multifaceted than they appear. We want to help break that down into terms that everyone might understand! We all get what pizza is or what pepperoni is, so why not try our hands at connecting the dots! A 401(k)

How to Save Money for Your Wedding – Cool Money Coach

In 2019, the average cost of a wedding was $28,000. Excluding the ring! Since a wedding day is a “once in a lifetime” event, many don’t want to have to worry about the price tag. Whether your budget is $10,000 or $100,000, there are simple things to do to make your wedding a little more affordable. If a wedding dress is going to be worn on the wedding day, it’s a big deal. Many times, the theme of the wedding is centered around the dress. Since it is so special, you may be thinking that this is

Which Mortgage is Right For you?: Adjustable Rate Mortgage – Cool Money Coach

An ARM is a home loan with a (relatively) low interest rate that can change over the life of the loan. Most will have a fixed rate during the introduction period (which can be between 3 and 10 years). Then, when the introduction period ends, the interest rate will adjust to the current market rates. If the current rates are higher than your initial rate, then your rate/mortgage payment will increase and vice-versa. If the current rates are lower than your initial rate then your mortgage payments

Which Mortgage is Right for You?: FHA Loans – Cool Money Coach

A Federal Housing Administration Loan is a loan that is insured by the Federal Housing Administration. These loans are typically for people with a lower credit score or a lower-more moderate income. With this loan, borrowers only have to put down 3.5% for their down payment and have to have a credit score of at least 580 to qualify. If a borrower has a credit score between 500 – 579, that’s okay. They may still be able to qualify for the loan, but they will most likely have to put down a higher

Which Mortgage is Right for You?: VA Loans – Cool Money Coach

A VA loan is a mortgage that is insured by the U.S. Department of Veterans Affairs (VA). These loans are available to current military service members, veterans, and surviving spouses. Some of the pros of acquiring a VA Mortgage is that they have typically low interest rates and require no down payment. Similar to a FHA loan, the Department of Veterans Affairs is not the one lending borrowers the money for their home. Rather, a private lender, bank, credit union, or mortgage company is in charg

Which Mortgage is Right for You?: Jumbo Loans – Cool Money Coach

A jumbo loan is a mortgage loan that is used when you need to borrow money for a more expensive property. As of 2021, the limit you can borrow for a conforming loan is $548,250 (in most counties). This is determined by the Federal Housing Finance Agency (FHFA) Note: In some high cost areas (like the northeast and the west coast), the limit for a conforming loan could be up to $822,375. So, if you are looking to buy in one of these areas, you will need a jumbo loan if your mortgage is above th

Which Mortgage is Right for You?: Fixed Rate/Conventional Mortgages – Cool Money Coach

A conventional mortgage is a type of mortgage loan that is not insured by the federal government. There are two different kinds of conventional loans: conforming and non-conforming. A conforming loan is a loan that is under a certain limit that is placed by the Federal Housing Finance Agency. For 2021, the limit is $548,250. So, if your mortgage is $548,250 or less, it is a conforming loan. If your mortgage is higher than that, it is a called a “jumbo loan” and is nonconforming. The size of th
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