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Taylored Wealth Tips ~ January 2008
Welcome to 2008!
Hot tip: Rates for 30 yr fixed mortgage have dropped by more than 1% from 6.75 to approximately 5.5%!
If you haven't called in to talk about your refinance, please do! It is resulting in $100-$150 less per month for those we have worked with. While many mortgage brokers & mortgage lenders have closed their doors, our sister company Mosaic Lending is still here to serve as your advocate and get the best deal for you.
Tip of the month - REITS (Real Estate Investment Trusts) have been far outpacing the Standard & Poor's 500 (blue chip stocks). Once an obscure sector of the market, REITS now may be the way to growth as well as diversifying your risks over the long term.
The total annualized return has been 22.1% for the past 5 years through mid-May 2007, according to Schwab's On Investing publication (3rd quarter 2007), and 17% over the past 3 years, according to TopStockAnalyst.com.
The beauty of a REIT is that 90% of the trust's income is distributed to shareholders - you. The trust must do this to maintain its corporate tax break. For more details, call 303-216-0472.
Cashflow Workshop - Feb 8, 11-1; Just 9 days left to register!
Join us for lunch and learn how to get a grip on your cash flow.
This is an insightful hands on workshop to learn about budgets, cash flow worksheets, measuring success and much more. Register here
Save the date - Thursday Feb 28, 2008
Invite the favorite women you know and join us for a fun and unique perspective on the interaction of personal image and personal finance.
Our Image consultant extraordinaire, Dana Lynch will be providing a workshop on how to Dress like a million bucks without spending it. Learn the latest in "clustering", hot tips for spring fashion, and all about finding value, opportunities and deals for your financial future as well.
| Personal Finance – How do I get to be a Millionaire? |
If you're saying to yourself, this doesn't apply to me, read on! You may not imagine becoming a millionaire, but if you want to retire sometime in the next decade and you currently are spending $8,000 to $10,000 a month on expenses, guess what - You need to become a millionaire.
The process starts with having passive income - a check or two coming to you every month that you didn't have to work 40 hours a week to get. It includes creating assets that will cover ALL your expenses sometime soon. This is known as moving from expenses to assets.
No one can manage and grow money on the millionaire level without the help of others. If you are worried you don't know how to become a millionaire, take heart and read on.
Every millionaire surrounds himself or herself with a hand-picked collection of mentors, coaches and industry-specific professionals who work together to build wealth. If you want to become wealthy, you have to move beyond the idea of “doing it yourself” and accept that you must be the leader of your team.
Key among the professionals on your team is at least one mentor. This mentor can be someone who has succeeded in the same line of work, a wealth coach, or even a successful person in another industry. Finding one or more mentors is one of the best ways to successfully build your wealth quickly. Why try to rebuild the wheel? Turning to someone who has already done it all can help you save a lot of time, effort and frustration.
But how do you find the right mentor?
First, be clear about the type of person you are looking for and tell others.
Second, distinguish between those who are simply inspiring and those who can actually help. Your Uncle Bob may be very smart and have lots of ideas, but if he doesn’t have at least a million dollars, he won’t be a good millionaire coach.
Third, get out your Rollodex, Outlook files, address book or other list of acquaintances. Consider those at work, at the gym, in your church and in your community. Would any of them be a good mentor? Pick up the phone and ask! Be respectful of their time and be persistent in your need. Be wary of those who sound scripted because they probably are. Look for the genuine article that asks you specific questions before trying to help.
Fourth, attend events that attract likeminded people, such as workshops or seminars on investing, real estate and business management.
Finally, don’t be afraid to invest in yourself. Advice and counsel that helps you get to the next level and play a bigger and better game is invaluable. Be willing to ask for it.
| Real Estate News – Selling your home when the neighbor isn’t (cont’d.) |
With the Fed’s recent drop in interest rates, our sister company Mosaic Lending has great rates available for 30-year fixed mortgages. Include this information on your flier to help buyers understand how low their payments can be.
If you need fliers, we provide marketing fliers on the financing for your home for FREE. This is a great help for both For Sale By Owner (FSBO) and realtor-listed homes.
To continue with how best to sell your home when the neighbor is not….
Really look at how your home comes across to a buyer from the time they drive up to it to the time they walk away. When you plan to sell, do NOT list before you have rented a small storage unit and
remove every possible piece of excess furniture, knick knacks and as much personal stuff as you can. This includes the picture of you and the family. Buyers tend to look in every cabinet, closet and drawer so remove as much as possible from them. Organize the now half-empty closets with only this season’s clothing by boxing away next season’s items in that handy storage unit. If you create large spaces by removing less than worthy pieces of furniture (like the half painted dresser), move or add plants.
Plan the move to your new home by packing nonessentials and you will find you’re well on the way to selling the current one. Commit to putting fresh flowers in your home each week and keeping it spotlessly clean and fresh smelling. If you can bake some cinnamon bread before an open house or showing, it really does help. Remember that buying a home is most often an emotional decision, not a rational one.
Enlist the kids’ help with a weekly treat or other incentive plan. Your family will all be affected by the move and making it a positive experience goes a long way to the successful sale of your home.
Keep only the bare essentials and the most beautiful pieces you own on display (think elegant model home). This can actually be a rewarding exercise. We once staged a home so well that after three months of listing, the couple discovered that once the clutter was removed, they liked their home a lot better. They decided not sell it for at least another year. What they needed was new energy in their home which fresh paint and the removal of clutter creates.
Lastly if you aren’t good at this… get help. For $100-150 our stagers can provide the list of steps to take and for a little more our stagers take care of everything.
Before you list …..Call 303-216-0472 … We don’t charge to chat.
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If you or
someone you know has an investment opportunity to present, contact
us at info@tmwealthcoach.com to
get your presentation scheduled. Be prepared with fliers and
financial information regarding return on investment and timing
of that return. Your information will also be posted on our
website for those that may not have been able to attend. For
those doing research on stock investments, feel free to contact
us to post your findings and relevant financial information.
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