Friday, February 15, 2008
Wednesday, February 13, 2008
No More Dreams Deferred!
Have you ever had one of those work weeks that makes you question your ability? Where you question who you are and what you’re doing? When you’ve got to dig deep to remind yourself that you’re a contender, a champ, you've dealt with worse in your career and come out on top?
I’m having that week…I’m digging deep….and of course it always works out in the end with the experience only encouraging us to move with lightening speed toward completely living our dreams…
A talk show host once attributed the time it takes people to fulfill their entrepreneurial dreams to fear and laziness. I’ll say that for some this may be the case, but for the most part I believe it is just our everyday lives. You go to work, you go to school, take care of your families…and before you know it - years have passed by and you couldn’t find time to sit down and plan for that business or new career or to go back to school.
Life happens and this or that distracts you from your goal….. I would also say money stops a lot of us too. Money is a huge factor in funding writing projects, career changes, or business ideas without going so deep in debt you can't climb out…
Which is why it is important to have your financial house in order so you can set some money aside to start your business or take a certification course or start a new career - without having to worry about a cut in pay.
Well no more dreams deferred, it’s going down!….NOW!….This is the year, now is the time!...Let's make it happen! I don't care if you only set aside a little money each pay....it's a start.... a few hours each week...it's a start.
So, what's next for you?
I’m having that week…I’m digging deep….and of course it always works out in the end with the experience only encouraging us to move with lightening speed toward completely living our dreams…
A talk show host once attributed the time it takes people to fulfill their entrepreneurial dreams to fear and laziness. I’ll say that for some this may be the case, but for the most part I believe it is just our everyday lives. You go to work, you go to school, take care of your families…and before you know it - years have passed by and you couldn’t find time to sit down and plan for that business or new career or to go back to school.
Life happens and this or that distracts you from your goal….. I would also say money stops a lot of us too. Money is a huge factor in funding writing projects, career changes, or business ideas without going so deep in debt you can't climb out…
Which is why it is important to have your financial house in order so you can set some money aside to start your business or take a certification course or start a new career - without having to worry about a cut in pay.
Well no more dreams deferred, it’s going down!….NOW!….This is the year, now is the time!...Let's make it happen! I don't care if you only set aside a little money each pay....it's a start.... a few hours each week...it's a start.
So, what's next for you?
Sunday, February 10, 2008
What is YOUR Economic Stimulus Plan?
For the past month or so there's been announcements about President Bush's Economic Stimulus Plan. The plan encompasses tax rebates for individuals and families as well as incentives for businesses to invest.
I will not rant and rave in this post (maybe in another) about the fact that maybe this money could be put toward our deficit or that if the government practiced better money management and stopped spending when there was no more money or was proactive instead of reactive when his mortgage mess was inevitable to anyone seeing and hearing all these 'creative' financing techniques.....(whew..breath)..... we wouldn't be having this problem...yada yada ya...and yes I'm aware there are many complicated facets to American economy. Also, I will unashamedly take my check once it arrives, whether I think this is the best plan or not!!! $-)
ANYWAY....I ENCOURAGE YOU to create your own economic stimulus plan! Bush wants us to get our income tax refunds and these additional rebate checks and SPEND, SPEND, SPEND. Help the economy!!! I say help your household's economy! Because at the end of the day we will be responsible for our own financial well being - not any government official.
Fellas, I know you love your cars, your gear, your tools, ...Ladies, your shoes, purses, furniture, etc...but let's pump the brakes and think long term. Determine to stay away from the mall or wherever your spending weakness lies. I know, I know - there are all kinds of wonderful things to buy...I personally have my eye on a lovely coach purse...but NO I will refrain!!
Why not use both of these checks to give yourself a leg up?:
Pay off a bill:
Get caught up on household bills or get closer to being debt free by applying this lump sum toward your debts? (You know that smallest to largest debt list, pay off smallest first?)
Save:
Yes, save! Think long-term, this money could begin your emergency fund or add to it.
No bills? Your Savings Tight?:
Invest it in a mutual fund - look for growth, balanced, global or aggressive growth funds, do your homework first.
OKAY..... TIMEOUT, YOU MEAN I CAN'T SPEND ANYTHING?!!!
No, I always believe in treating yourself. Even if you are knee deep in debt, go to a movie or buy something small. The goal is not to restrict yourself to no end, but it is to help you make smarter financial decisions so you can see the day when you receive a lump sum and you don't HAVE to spend it on a necessity because the necessities are covered.
See blog from Jan. 23rd 'Tired of Living Check to Check'
I will not rant and rave in this post (maybe in another) about the fact that maybe this money could be put toward our deficit or that if the government practiced better money management and stopped spending when there was no more money or was proactive instead of reactive when his mortgage mess was inevitable to anyone seeing and hearing all these 'creative' financing techniques.....(whew..breath)..... we wouldn't be having this problem...yada yada ya...and yes I'm aware there are many complicated facets to American economy. Also, I will unashamedly take my check once it arrives, whether I think this is the best plan or not!!! $-)
ANYWAY....I ENCOURAGE YOU to create your own economic stimulus plan! Bush wants us to get our income tax refunds and these additional rebate checks and SPEND, SPEND, SPEND. Help the economy!!! I say help your household's economy! Because at the end of the day we will be responsible for our own financial well being - not any government official.
Fellas, I know you love your cars, your gear, your tools, ...Ladies, your shoes, purses, furniture, etc...but let's pump the brakes and think long term. Determine to stay away from the mall or wherever your spending weakness lies. I know, I know - there are all kinds of wonderful things to buy...I personally have my eye on a lovely coach purse...but NO I will refrain!!
Why not use both of these checks to give yourself a leg up?:
Pay off a bill:
Get caught up on household bills or get closer to being debt free by applying this lump sum toward your debts? (You know that smallest to largest debt list, pay off smallest first?)
Save:
Yes, save! Think long-term, this money could begin your emergency fund or add to it.
No bills? Your Savings Tight?:
Invest it in a mutual fund - look for growth, balanced, global or aggressive growth funds, do your homework first.
OKAY..... TIMEOUT, YOU MEAN I CAN'T SPEND ANYTHING?!!!
No, I always believe in treating yourself. Even if you are knee deep in debt, go to a movie or buy something small. The goal is not to restrict yourself to no end, but it is to help you make smarter financial decisions so you can see the day when you receive a lump sum and you don't HAVE to spend it on a necessity because the necessities are covered.
See blog from Jan. 23rd 'Tired of Living Check to Check'
Tax Rebate: How Much Will You Get?
Hey folks, here's a pretty good breakdown of who will get what when the tax rebate checks are distributed this May. Found this on www.msnbc.com
- An individual with $2,500 in earned income in 2007: Disqualified because income fell below the $3,000 threshold. No rebate.
- A married couple with no children, with adjusted gross income of $100,000 in 2007: Would qualify for the full $1,200 couples. A $1,200 rebate.
- A worker with one child, who earned $9,000 and owed no taxes in 2007: Would qualify for the $300 rebate available to individuals who pay no taxes but earned at least $3,000, plus an additional $300 for the child. A $600 rebate.
- A couple with income of $145,000 in 2007, with three children: Would qualify for the full $1,200 for couples, plus $300 for each child. A $2,100 rebate.
- A couple with income of $160,000 in 2007 with two children: Would qualify for a partial rebate, reduced by 5 percent for every $1,000 in income above the $150,000 threshold. An $1,800 rebate — $1,200 for the couple plus $300 per child — would go down by 50 percent for this family. A $900 rebate.
- A couple with income of $200,000 and four children: Disqualified because their income exceeded $174,000, the phase-out limit. No rebate.
- An individual with adjusted gross income of $23,000 and no dependents: Would get a rebate of $600.
- A couple with adjusted gross income of $160,000 and two children: Would get a rebate of $1,300.
- A couple with adjusted gross income of $184,000 and two children: Would get a $100 rebate.
Tuesday, January 29, 2008
.....This Mortgage... Cont'd
I’m Ready to Rent.......
If you can’t afford to keep your home, the next logical thing is to sell it. In light of the economy this may take a while, but here are some other options to ask your mortgage company about as well:
Short Sale: This option is available if you can’t sell the home for the amount you owe on it. Your mortgage company may accept less than the amount owed. Financial help may also be available to pay other lien holders and/or help towards some moving costs. You may qualify if:
1. The loan is at least 2 months delinquent
2. You (or your real estate professional) can sell the house within 3 to 5 months
3. A new appraisal (obtained by your lender) shows that the value of your home meets HUD program guidelines
Assumption: A qualified buyer may be allowed to take over your mortgage, even if your original loan documents state that it is non-assumable.
Deed-in-lieu of Foreclosure: As a last resort, you "give back" your property and the debt is forgiven. This will not save your house, but it is less damaging to your credit rating. This option might sound like the easiest way out, but it has limitations:
*You usually have to try to sell the home for its fair market value for at least 90 days before the lender will consider this option
*This option may not be available if you have other liens, such as other creditor judgments, second mortgages, and IRS or state tax liens
If you can’t afford to keep your home, the next logical thing is to sell it. In light of the economy this may take a while, but here are some other options to ask your mortgage company about as well:
Short Sale: This option is available if you can’t sell the home for the amount you owe on it. Your mortgage company may accept less than the amount owed. Financial help may also be available to pay other lien holders and/or help towards some moving costs. You may qualify if:
1. The loan is at least 2 months delinquent
2. You (or your real estate professional) can sell the house within 3 to 5 months
3. A new appraisal (obtained by your lender) shows that the value of your home meets HUD program guidelines
Assumption: A qualified buyer may be allowed to take over your mortgage, even if your original loan documents state that it is non-assumable.
Deed-in-lieu of Foreclosure: As a last resort, you "give back" your property and the debt is forgiven. This will not save your house, but it is less damaging to your credit rating. This option might sound like the easiest way out, but it has limitations:
*You usually have to try to sell the home for its fair market value for at least 90 days before the lender will consider this option
*This option may not be available if you have other liens, such as other creditor judgments, second mortgages, and IRS or state tax liens
ARGHHH!! This Mortgage is Killing Me!!!
No need for a long outline of what is happening in the housing market of America, it is all over the news. If you are having trouble paying your mortgage, facing foreclosure or can just no longer keep your home, read on….
I Want to Keep My House:
First, make sure you can afford to make payments. I know it may be difficult to face the music, but you can’t let emotional ties, sentiment or image stop you from letting it go.
Ask yourself a few questions: Can I continue to maintain this house? After a restructure agreement is made, is the payment over 25% - 28% of my monthly take home? If the answer is yes and no respectively keep reading.
As soon as you are unable to pay your mortgage call your mortgage company. They will work with you. Your options to keep your home are most effective when you are only one or two payments behind. But if you are further along, there’s not time like the present to make the call.
I Want to Keep My House:
First, make sure you can afford to make payments. I know it may be difficult to face the music, but you can’t let emotional ties, sentiment or image stop you from letting it go.
Ask yourself a few questions: Can I continue to maintain this house? After a restructure agreement is made, is the payment over 25% - 28% of my monthly take home? If the answer is yes and no respectively keep reading.
As soon as you are unable to pay your mortgage call your mortgage company. They will work with you. Your options to keep your home are most effective when you are only one or two payments behind. But if you are further along, there’s not time like the present to make the call.
Ask about these options:
Forbearance an agreement to let you pay less than the full amount of your mortgage payment during your forbearance period. Mortgage companies may consider forbearance when you can show funds will let you bring your mortgage current at a specific time in the future.
Reinstatement occurs when you pay your mortgage company the total amount you are behind, in a lump sum, by a specific date.
Repayment Plan is an agreement that gives you a fixed amount of time to repay the amount you are behind by combining a portion of what is due with your regular payment.
Loan Modification is a written agreement between you and your mortgage company that permanently changes one or more of the original terms of your note.
Resources:
www.fanniemae.com
www.hud.gov or 800-569-4287
Contact to find a Non-Profit Housing agency in your state. They can assist you by analyzing your financial situation or by helping you organize a budget to pay your mortgage and other monthly expenses.
In Michigan: www.michigan.gov/mshda - Save the Dream Program Counselors and resources, such as lower interest rates, to help residents save their homes.
Friday, January 25, 2008
Wednesday, January 23, 2008
Tired of Living Check to Check?
We’ve all heard it - spend less than you earn, live debt free. But, how?
Years ago this question always befuddled me. As I was barraged with financial experts who had great ideas that mostly involved some form of credit, or investing money I didn’t have to spare. Saving money was a short mention and why worry when you can borrow your way out of any situation or into the latest greatest vacation, home, car, or whatever else you fancy?
Well here’s some practical advice for those of us who are tired of living check to check and in debt:
#1 Make a Decision
Decide to change the way you handle your money. Get rid of your credit cards, do not obtain any new debt and put your spending on paper - thus…..
#2 Budget - Yes - Just Do It!!
Develop a realistic budget – Each pay write down every single cent you plan to spend - from your weekly hair cut to your monthly bills. This is where the rubber meets the road. Don’t get discouraged by what you see, if you keep at it the outlook will get better.
#3 Save for Emergencies
It is important to begin to save at least $1,000 for the unexpected. Start slow; add all the extra that you can to this fund.
#4 Get Out of Debt
Once you have your initial emergency fund, begin to pay extra on your debts to eliminate them. List them smallest to largest and knock them out one by one. Give yourself a small reward after each one.. key word..'small'..think movies..not macy's.
Remember it’s not the amount of money you have, but the way you manage it!
-Dorethia
...livin' life on purpose
Thursday, August 16, 2007
Welcome to My Blog
Hey!!
Glad u came, hope you hang out a little while, make some comments, share some ideas and resources. This is a personal finance blog where I will be sharing tips, articles, and other helpful information to help folks get on track when it comes to handling their money.
Other times I will be ranting and raving about issues of the day. Those who know me are aware that I have a comment about everything and think I know a lot. :-) But I also want to have some fun and discuss some not-so-deep topics as well. Sorry Pet lovers, I can not relate - therefore no pet conversations allowed!!
-Dorethia
The man with experience is not at the mercy of a man with an opinion....
Jesse Duplantis
Glad u came, hope you hang out a little while, make some comments, share some ideas and resources. This is a personal finance blog where I will be sharing tips, articles, and other helpful information to help folks get on track when it comes to handling their money.
Other times I will be ranting and raving about issues of the day. Those who know me are aware that I have a comment about everything and think I know a lot. :-) But I also want to have some fun and discuss some not-so-deep topics as well. Sorry Pet lovers, I can not relate - therefore no pet conversations allowed!!
-Dorethia
The man with experience is not at the mercy of a man with an opinion....
Jesse Duplantis
Summer '07...
I'm feeling a little nostalgic....basking in the sun and the fun of a Michigan summer. See we have to enjoy Michigan summers, it is a prereq for living in this state. #1 We only get 3 months of it, and sometimes barely 1 month. It's funny like that here sooooo when there is a nice hot summer we Detroiters must soak in every single moment!
Detroit is on the rebound and you can feel it in the air. The beautiful riverfront - 'they' have done a great job re-doing it. (Who is they anyway?) Okay, I know who they is, but for time's sake let's move on.
The riverfront is beautiful, the remodeled Ren Cen is spectacular with an all glass entrance. It was nice before, but you couldn't walk up to it from Jefferson as you can now. People of all races are walking, jogging, fishing, or biking on the Riverwalk. There are friendly faces all over and the excitement of revitalization has everyone checking out downtown.
Of course a Detroit mainstay are the Chene Park concerts. Man, what a magnificent facility Chene Park is! Where else can you listen to headliners on a Wednesday night and only pay $15 - gotta love the D! I remember when the concerts used to be $5 - can you believe that - a $5 concert and it wasn't that long ago either. They're worth much more than $5 or $15.
Let's see what else - went to a Tigers game this summer too - on one of the hottest days and ending up directly in the sun! Great game anyway and they won by a landslide! eat 'em up TIGERS!! Harmonie Park, Hart Plaza festivals, Campus Martius Park - jazz @noon and movies at dusk, hangin' out in Greektown, Boatrides on the Detroit Princess, Family Reunion, Rallying for Barack Obama at the NAACP Convention - OBAMA '08 (That was last month and I'm just now getting my voice back) There were many bbq's of course and more to come because like I said we Michiganders squeeze every last drop out of summer that we can.
And for the first time in probably 15 years I'm going to the STATE FAIR this year. I'm going to win a gigantic bear to lug around alll day! ha ha The only thing I didn't get to do was to drive to Saugatuck to go to Oval Beach, but hey - it will be there next year.
What were some cool things u did or didn't do this summer?
Detroit is on the rebound and you can feel it in the air. The beautiful riverfront - 'they' have done a great job re-doing it. (Who is they anyway?) Okay, I know who they is, but for time's sake let's move on.
The riverfront is beautiful, the remodeled Ren Cen is spectacular with an all glass entrance. It was nice before, but you couldn't walk up to it from Jefferson as you can now. People of all races are walking, jogging, fishing, or biking on the Riverwalk. There are friendly faces all over and the excitement of revitalization has everyone checking out downtown.
Of course a Detroit mainstay are the Chene Park concerts. Man, what a magnificent facility Chene Park is! Where else can you listen to headliners on a Wednesday night and only pay $15 - gotta love the D! I remember when the concerts used to be $5 - can you believe that - a $5 concert and it wasn't that long ago either. They're worth much more than $5 or $15.
Let's see what else - went to a Tigers game this summer too - on one of the hottest days and ending up directly in the sun! Great game anyway and they won by a landslide! eat 'em up TIGERS!! Harmonie Park, Hart Plaza festivals, Campus Martius Park - jazz @noon and movies at dusk, hangin' out in Greektown, Boatrides on the Detroit Princess, Family Reunion, Rallying for Barack Obama at the NAACP Convention - OBAMA '08 (That was last month and I'm just now getting my voice back) There were many bbq's of course and more to come because like I said we Michiganders squeeze every last drop out of summer that we can.
And for the first time in probably 15 years I'm going to the STATE FAIR this year. I'm going to win a gigantic bear to lug around alll day! ha ha The only thing I didn't get to do was to drive to Saugatuck to go to Oval Beach, but hey - it will be there next year.
What were some cool things u did or didn't do this summer?
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