Monday, September 17, 2007

Having a Financial Nightmare?

Most Americans have financial trouble according to some financial statistics. You do not have to be one. You can become financial free or debt free. We will have to remove some old habits with new ones. We will start by understanding that it takes six weeks to learn a new habit, according to some psychologist. They said, six weeks is about the time our brain needs to re-structure itselft into implementing a new habit. We just need to do this new habit every day for 10 to 15 minutes, so we can stimulate our brain into this new thing we want to accomplish.

All right, let's get into our financial lesson. Are you ready? I hope so. I am!
One of the things we need is to learn to confront our fears, yes, the fear to confront our debt, and our financial position is a challenge. So, If you do this, please give yourself a pad on the back. It takes courage, and effort to change. I am glad you are reading this because it tells me you are really trying your best to be financially free.

The steps to become aware about your finances are the following:

1) Make a list of ALL your accounts (credit cards, department stores, etc).
2) List the APR on all those accounts
3) Check the credit limit
4) Check The Current Balance
5) Check how much is your monthly payment
6) Writed down when is your NEXT payment due
7) The amount due for your next payment
8) Estimate your payoff date in months
9) Write down what is the APR for purchases, transfer balances, and cash advances
10) What is the default rate? Is your APR rate variable or fixed?
11) What is the late fee payment? The over limit fee?

All of these information is intended to help you understand how you can take control over your finances. It will help you to make your payments on time, and avoid those outrageous fees that banks charge every time you go over your credit limit or you do not have funds or you gave a check without funds, etc. In addition, It will give you an idea of which financial institutions are best to use. You will be able to decide for yourself what is best FOR YOU and your Finances.

The most important part of doing this assignment was for us to come out with a plan for reducing our debt. Once, we paid off all our debt, one step at time, we can then start building wealth. We can start enjoying our money, and we can start giving our family our best. We will have become financially free. Isn't is amazing!

Tuesday, September 4, 2007

Real Estate


Everyone knows how difficult life has turned around lately, when it comes to holding real estate, and other real estate investments. First, we have to be optimistic about the future. It is true that financial trends changed from time to time, and this is not a different market. It is always good to consult with a real estate agent, before you launch yourself into putting your house for sale. All of us know by now that many people are losing their homes, and others are too scared to even ask for help, but do not be afraid, real estate agents are there to help. They want to work for you. Each agent has the duty to put your interest first. It is better to let somebody help you than loose your most precious asset, your home.

Even thought, personally, I believe that your home is not an asset, since I considered it a liability. The reason? The house payment takes away money from your disposable income, so for me it is a liability. The house would be an asset, if it puts money in your pocket or it gives you a positive cash flow. But, we still need a house to live in, so I still agree on owning a house.

I intend this blog to be informative, fun, and helpful. Your comments are appreciated.

P.S. remember, if you need legal advise, please contact a licensed attorney in whatever area you need help.

JFK; Bush; LBJ; Nixon