Sunday, September 25, 2011

Want to Own a Home in this New Economy?

I was watching Suze Orman's Money Class on Public Television the other day and she gave a few tips that I thought were good advice for anyone going forward in our new economy that still wants to own a home. I still believe owning a home is the American dream but the way we've done it in the past has created a nightmare and that has to change. We can't change what we don't acknowledge (Dr. Phil) and we have to acknowledge that fact in order to make that change.

I said in an earlier post on another blog http://atlanticcountyhomes.wordpress.com/2011/08/22/atlantic-county-nj-borrowers-can-get-the-lowest-prices-but-america-needs-to-get-back-to-work-and-homeowners-should-consider-paying-off-their-mortgage-sooner/

that Americans need to own their home sooner and one of the ways to do that is to make a bigger downpayment. Making a bigger downpayment may not be the only way; I'm sure there are other financially savvy Americans who have come up with other inventive ways to make that happen but this is also what Suze Orman recommends: a twenty percent downpayment and 8 months of expenses put aside before you even start the process of searching for a home. Suze suggests that "every move you make effects something else". Suze also suggests to "Live below your means but within your needs". That is not bad advice for someone who may want to accept a lower financial threshold.

Loral Langemeier, http://www.liveoutloud.com/ who worked with Robert Kiyosaki of http://www.richdad.com/ fame suggests making more money instead of living below ones means expand the amount of cash flow that you have coming into your life. I don't know about y'all but I like making more money better than just living below my means. You decide.

Wednesday, September 7, 2011

Get Ready to Get Off of Welfare - Cash Payments will be Limited and Then GONE!

I knew this was coming and it's here sooner than later. Michigan has joined the ranks of states that have placed 2-5 year limits on receiving cash assistance from public assistance. However, Michigan is setting the limit at 4 years (48 months). http://www.msnbc.msn.com/id/44416871/ns/politics/?gt1=43001
On October 1, 2011 over 100,000 residents will no longer receive cash payments from their public assistance office. There will, of course, be exceptions such as the elderly who don't qualify for Social Security benefits, children with disabilities, etc. but everyone else will be on their own. This is unfortunate but inevitable. Why? The government is not going to keep giving cash assistance for long periods of time. Unfortunately, some families have received generational cash assistance and now the government is stopping the buck with them. No More Cash payments -- you must find a job or another way to get cash flow coming into your life.

This is why financial literacy is so important. People CAN take care of themselves they just have to be willing to learn HOW.

If you find yourself in this situation, where you are currently receiving cash assistance, you this lesson from Michigan as a warning and learn financial literacy, find your strengths, talents and abilities to use to create a job for yourself so you won't become desperate. Desperate people do crazy things and you don't want to live like that. Make a Change - Now. You can do it. I Believe in You. Believe In Yourself .