For today's MM, I had to read this multiple times to let it really sink in, but it is definitely good stuff:
The "New Normal".
Each Friday, we gather a collection of fun facts. This week it is not really a fact, but a funny story we heard the other day about how the economy effects our conversations:
I had my standard "beginning of the year" meeting with the family. My soon-to-be 18-yr old son reported that this time in his life is “unprecedented” for him, and that he is working on his “exit strategy” from high school. He then said that this would be an “historic opportunity” for me to provide him working capital. My 15-yr-old daughter (going on 25) said that although she is seeing “green shoots” in the economy, she will need to continue to spend in order to assist her Personal Consumption and that I shouldn't let “uncertainty” keep that from happening. My wife thought that we should “circle back after the first quarter”, during which we can continue to “reach out” to our partners and vendors. Is this kind of talk the "new normal"?
Is it a good time to purchase or refinance a home because of interest rates?
Have a wonderful day! Joshua Tomeoni of MFFS. (Graph reproduced with the permission of Mortgage-X.com).
Today's MM is wise for us all to remember:
Today's Fun Fact Friday (in honor of Portland) is based on an article by the WSJ last year (I know, but it's still really good).
Seattle (1st place, tied): "none could match Seattle's combination of a diverse high-tech sector, cultural life, access to rugged natural terrain and a strong university presence".
Portland, OR (4th place): "A symbol of 'West Cost hipness', Portland has continued to draw migrants through the recession. An urban-growth boundary fosters a strong downtown culture while containing suburban sprawl, easing travel to nearby mountains and forests"
Others who made the top 5 list include: Washington, D.C. (tied at 1st), New York City (3rd), and Austin, TX (5th)
Happy Friday! Joshua Tomeoni of MFFS, Inc.
1. Most people dislike their mortgage payment
2. Most people see a mortgage as a "necessary evil"
3. Mortgages can create wealth......wait, what?
Today, on the radio, we talked about how, although most people see their mortgage as a necessary evil, they can actually be used to help build wealth and plan for retirement.
It's almost February, can you believe it? I have read that most people who created New Years Resolutions give up on them by the end of January. Where Are You on Your New Years Resolutions? Give me a call today so we can help create a plan together.
In the meantime, here is my top 10 list of things to avoid in order to make sure your plan gets off the ground:
1. Not planning. This would be the first mistake. The 10-10-10-70 Plan works well to get a plan started. Even if you are not currently saving, investing, or giving away money, this is a good goal to work towards.
2. Putting it off. It is amazing how “maybe tomorrow” never seems to come. Every day you wait can cost thousands of dollars in lost money for retirement, school for the kids, and baby supplies.
3. Not taking your plan seriously. For many, it is easy to come up with a plan and very difficult to follow through.
4. Failure to get professional help. When it comes to something as important as your personal finances or health, it is extremely important to have a professional help. This is why doctors, attorneys, CPA’s, financial planners, and mortgage planners exist.
5. Misunderstanding inflation and taxes. Inflation and taxes can completely obliterate what you are trying to save up unless you plan correctly.
6. Failure to diversify. Diversity helps protect against unnecessary losses.
7. Lack of emergency and retirement funds. This is extremely vital to protect you while you are building your nest egg and after you are done.
8. Not giving to charity. The long term benefits of giving are much more than merely financial gain.
9. Not having a family plan. Without unison support in the family, a plan can easily fail or get left completely behind.
10. Unrealistic Expectations. It is important to start where you are, not where you want to be. A plan gets started with baby steps and becomes more mature with age.
Give me a call (503-692-9643) today to get started on your plan! Joshua Tomeoni of MFFS, Inc.
This quote really struck out to me today for our MM. Think of this in terms of your 2009, maybe you did have closed doors, but there are open ones right in front of you:
Each Friday, we gather a collection of fun facts. For some reason, English facts kept coming up this week, so we had Italy two weeks ago and now it's all about England (or English):
Not to be a shameless self-promoter, but this is very exciting for me! A few months back, the editor of Advisor Today called me and said she had heard about our radio show and wanted to know more. So I told her about it. Then, at a meeting yesterday, six different people randomly came up to me and said "that was a great article"! And I replied, "what article"? Suffice to say, she published the article, entirely about us and our radio show we have had for over 16 years! I have included the article below for you to read, let me know what you think, would love to hear your thoughts:
