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Friday, February 23, 2007

How the American Dream has Changed !

It sure is strange how things change. Years ago it was the American Dream to buy a home and then work hard to pay off the mortgage. Remember in the movies they actually used to burn the mortgage note as a sign of freedom from that huge burden of a mortgage payment. Look at us now. We can hardly wait until we get some equity (value) built up in the home so we can run down to the bank and get a home equity loan or refinance for some cash-out or get a second mortgage.All so we can go out and run up more debt and buy more toys. Is there anyone out there who still believes in the ideal of getting rid of that mortgage payment for good? We are sure there are still some out there but now you are not considered a financially smart person to do such a crazy and foolish thing. Kind of makes you wonder why it feels so great to be so stupid? Have a great weekend.

Friday, February 09, 2007

Deal or No Deal?

The other night on the show, Deal or No Deal?, the contestant had been offered $170,000 and there was only ONE big number left on the board. It was of course the $1,000,000. Her friends were saying "just one more time and you will hit the big offer". Of course it was not their $170,000 they were talking about losing. And lose she did. She left the show with $15,000 going for that last big offer that never came. Does this remind you of all the homeowners sitting on their homes that are STILL for sale They missed that last big Month of getting top dollar for their home. They thought,"One more month or two and we will hit the housing jackpot." It is amazing how many times we get blinded by the Big dollar signs that flash in our minds and roll around in our stomachs. We all had big plans for the money that never arrived. Howie Mandell, please give us just ONE more chance! So when the next Buyer comes looking at your home will it be Deal or No Deal?

Thursday, February 08, 2007

Chinese Takeout Economic Forecaster

As I picked up my takeouts the Woman behind the counter ( We are regulars) asked me, in her broken English, how my business was doing. I told her it was slow and asked her how the new location was working for them on the busiest street in our City. She said it was terrible (or something close to that effect) and I asked her why she thought it was so bad. Her answer was that the workers (mostly in the construction trades) who always came in for takeouts have stopped coming in as much because they are not working or have slowed down. She said they were worried about if they would be able to stay in business with the slowdown. So here it was,in scattered English, the Economic Indicator by the domino effect method. If the construction Industry continues along with its slowdown how many other businesses like this one will feel its effects. Have you tightened your budget? Are you thinking more carefully about what to buy or what not to buy? This has a trickle down effect into the economic river. If anything causes a rise in prices, such as oil Prices, overseas economies, etc. it could turn out to be a sad year for the economy. So do your part and make sure you buy Chinese takeouts this week. You might be just the boost the economy needs!

Should I pay off My Mortgage?

First of all let us say if you are in the position to pay off your mortgage it is a nice platform to work from. There is not a hard and fast answer for everyone. Many financial astute advisers would say NO, NO, and NO. They reason you should actually mortgage your home as much as possible or even refinance it and take the cash out to the maximum and use those funds to invest in other more profitable areas. If, and this is a big IF, you are sure you can get a greater return (such as paying off high rate credit cards,etc) than what your Mortgage Interest Rate is then that line of thinking is great. On the other hand if you are not itemizing on your tax return and are just thinking about a unknown factor in regards to investing you might find out your best and safest investment is paying off your home. The BIG item that is always left out of the picture is the PEACE OF MIND and satisfaction you will receive when you no longer have that big mortgage payment to make each month. Ask someone who has paid off their mortgage how they FEEL about it and you will understand this train of thought.


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