President Obama says, "We don't have one moment to spare"

Plans have been etched out by President Barack Obama and the House Democrats for an $825 billion stimulus package in the past weeks up to the president's inauguration. Also, two House committees have amended and modified the provisions for $550 billion in spending and $275 billion in tax cuts over the previous two weeks.

During a meeting with a dozen CEO's including Sam Palmisano from IBM and Dave Cote from Honeywell President Obama said, "The businesses that are shedding new jobs to stay afloat...and all those who live in fear that theirs will be the next job cut-they need help now. They are looking to Washington for action...bold and swift."

In a last big push before the House votes on an economic stimulus package. President Obama said on Wednesday that the country needs immediate action to solve rampant job loss taking place.

"When it comes to rebuilding our economy, we don't have a moment to spare," he said.

"The most critical piece of legislation Congress will consider this session," is what House speaker Nancy Pelosi is calling the bill. Stating that the bill supports jobs, tax cuts and accountability to the taxpayers.

The House has been expecting to vote on the bill, but Republicans are expressing concern about the large amount of spending in the bill and have also criticized the tax cut provisions for not going far enough.

After the meeting President Obama said, "I don't expect 100% agreement from my Republican colleagues, but I hope that we can put politics aside."

"The main message I have is that the statistics every day underscore the urgency of the economic situation," Obama said, " The people expect action."

Many analysts believe that the President will get the support he wants for the bill, even if some Republican concerns aren't met.

Whether or not this version of the bill is passed something needs to be done now! The people definitely are demanding action and as the President said, " We don't have one moment to spare."

The Economy Doesn't Have One Moment To Lose.

President Barack Obama is calling the current economic crisis devastating. On Saturday he stated that his economic team will be revealing a new strategy to help the economy get back on its feet.

Financial Motivational Quote January 31, 2009

"Success is simply a matter of luck. Ask any failure."- Anonymous

Bank of America Does Their Part To Help The Economy.

In the wake of the current economic crisis Bank of America released its comprehensive plan this week to track the bank's business activity to help revive the economy. The initiative tracks 10 areas, which was presented on Wednesday to the board of directors. Ken Lewis, the chairman and chief executive officer of Bank of America, followed up on a pledge to provide greater transparency into the company's lending and investing efforts throughout the company.

At the meeting Lewis said, "These are extraordinarily difficult economic times." He also said, "AS America's largest bank, Bank of America must play a leading role in providing the capital and liquidity that will help revitalize the U.S economy. That's why we're pulling together our lending and investing initiatives under this umbrella to provide greater clarity into the support we're providing to families, businesses and communities across the country. All 10 of these areas are important tot he future economic growth of our nation and our company."

Bank of America in the fourth quarter alone extended more than $115 billion in new credit to consumers, large and small businesses, governments and other entities. Bank of America also recognizes the economic importance of extending credit to communities that have traditionally have experienced difficulty gaining access to financial services. Bank of America is under taking a 10 year, $1.5 trillion community development lending and investing goal focused on delivering capital to low to moderate income and minority communities across the country.

Lewis will be receiving reports on a regular basis on economic trends for each of the segments under the banks Lending and Investing initiative. The bank will then provide quarterly updates on activity to the public.

Here is what Bank of America's 10 Lending and Investing initiative includes:

1.CONSUMER LENDING: Bank of America serves one out of every two households in the United States and is uniquely positioned to work with consumers to address their borrowing needs. Bank of America , through its mortgage unit lent $45 billion ($11.3
billion of that to low and moderate income borrowers), in turn helping more than 200,000 Americans purchase a home or save money on the home they already own in the fourth quarter alone.

2. LOSS MITIGATION: Bank of America has committed to assist at least to 630,000 customers stay in their homes, representing more than $100 billion in mortgage financing. The company modified approximately 230,000 home loans to avoid foreclosure in 2008. Bank of America also modified nearly 700,000 credit card loans for borrowers experiencing financial hardship last year as well.

3. REAL ESTATE OWNED PROPERTIES: Communities throughout the United States, mostly in low to moderate income areas, are suffering from growing numbers of abandoned bank owned or bank serviced properties. Bank of America is working with community stakeholders and city and state grantees that received funding under the Neighborhood stabilization Program administered by the U.S. Department of Housing and Urban Development to re-purpose these properties responsibility, which helps fight declining property values and neighborhood blight.

4. SMALL BUSINESS LENDING: This area is a critical driver of the U.S economy and Bank of America will continue to serve this important sector. Bank of America extended about $4.8 billion in new credit to alms 250,000 small business customers in 2008. During the fourth quarter alone, nearly $1 billion in new credit was extended to more than 47,000 new small business customers.

5. COMMERCIAL LENDING: As the predominant middle market bank in the United States, serving companies with annual revenues between $2.5 million and $2 billion as well as not for profit organizations and governments. Bank of America is well situated to deliver financial services to this critical segment of the economy. Bank of America extended around $49 billion in commercial non real estate lending credit and nearly $7 billion in real estate lending during the fourth quarter.

6. GREEN BUILDING: One of the many ways Bank of America works to address global climate change and build new business opportunities is by financing the construction and retrofitting of commercial properties to meet or exceed green certified building standards. Bank of America delivered almost $2 billion in "green" commercial real estate debt and equity transactions throughout the end of October 2008.

7. COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS (CDFI's): Thee play an important role in providing credit to families, small businesses, multicultural organizations, community facilities and nonprofits serving low to moderate income communities that might not otherwise qualify under more traditional credit criteria. Bank of America and Merrill Lynch delivered more than $450 million in loans and investments to CDFI's in 2008.

8. SOCIALLY RESPONSIBLE PRIVATE EQUITY: Bank of America routinely facilitates the flow of capital from institutional investors to under served small businesses, such as those that are owned and managed by women or ethnic minorities. AS of 2008, Bank of America managed and advised on more than $677 million in capital to small businesses in this category that may not have otherwise been able to gain access to these funds.

9. NON-PROFIT SUPPORT: Non-profit organizations are critical to the vitality of neighborhoods across the United States and are key to the country's economic recovery. These organizations address the most pressing needs in the communities they serve and Bank of America is supporting their efforts through lending and philanthropy. The Bank of America Charitable Foundation this year initiated a 10 year, $2 billion philanthropic giving goal and extended $200 million in grants in 2008.

10. MORTGAGED BACKED SECURITIES: The secondary market created though mortgage backed securities provides liquidity in the housing market, enabling lenders to provide credit to home buyers. Bank of America had net purchases of $20 billion in mortgage backed securities in the fourth quarter.

I am looking forward to reading the reports on the progress of this initiative and how exactly it helps the economy. It's good see Bank of America throwing their hat into the ring to get the economy going.

What else could other companies do? What do you think you can do to get the economy going again? Let's hear from you.

Financial Motivational Quote January 30, 2009

"Success does not come to those who wait...and it does not wait for anyone to come to it."- Anonymous

Financial Elite Gets A Plug!

Financial Elite received a nice mention about our series "The Neighbor Next Door Just Might Be A Millionaire", specifically Part 8, over at dfwdriveyourdream.

DFW Drive Your Dream is a similar concept to the one we discussed in part 8 of our series about exotic car rentals. All their packages include driving 5 cars back to back over an entire day. Packages start at $539 a day. As they say "Drive your dream today!"

DFW Drive Your Dream is based in Texas and can be found in Dallas, Ft. Worth, Houston, Austin, and San Antonio. I love visiting San Antonio, home of the Alamo. I definitely need to check out DFW Drive Your Dream and give them a test drive. No pun intended. Well, maybe. :-)

Financial Motivational Quote January 29, 2009

"Success in our calling is the result of a person's love of and belief in the work he has undertaken. Earnest and conscientious labor often accomplishes more in the end than brilliant genius."- Anonymous

Barack Obama Urges Congress To Pass Stimulus...

With layoffs occurring left and right everyday in large numbers, President Barack Obama urges Congress to pass his economic stimulus bill. The Associated Press reported today more layoffs were coming from companies like Home Depot and Sprint. Here is more:



Let's get this show on the road!

Get A Job! Companies Are Hiring...

The headlines seem to filled with all the massive layoffs happening lately. If you haven't scene them they go something like this: Home Depot slashing 7,000 jobs, caterpillar to lay off 20,000 workers, Sprint job cuts to total 8,000, Bank of America to cut 35,000 positions in the next 3 years.

But with all the layoffs there is hope. There are companies hiring. You may have to sacrifice, move, or even change your career, but you can find a job if you want one. Here's who we hear is hiring and what they are looking for:

1. Edward Jones is hiring 1,040 employees, has locations in St. Louis, Mo and Phoenix-Mesa Scottsdale, AZ and is looking for financial advisers and branch office administrators.

2. Google is hiring 350 employees, has locations in Mountain View, CA, New York City, NY, San Francisco, CA, and is looking for engineering, marketing, product management, people operations, and legal sales.

3. Wegmans Food Markets is hiring 2,000 employees, has locations in Rochester, NY, Buffalo, NY, and Syracuse, NY and is looking for store positions. In addition, three new stores are scheduled to open this year in Frederisckson, VA, Collegeville, PA and Leesburg, VA.

4. Cisco Systems is hiring 500 employees, has locations in San Jose, CA, Research Triangle Park, NC and Boxborough, MA and is looking for people in engineering disciplines and customer advocacy.

5. Genetech is hiring 585 employees, has locations in South San Francisco, CA, Vacaville, CA, and Oceanside, CA and is looking for people in commercial, product development, manufacturing, CFO group and legal.

6. Methodist Hospital System is hiring 400 employees, has locations in Houston, TX and Baytown, TX and is looking for management, nursing, clinical professionals, non-clinical professional (such as IT and HR), entry level support services (such as housekeeping/clerical jobs.

7. Whole Foods Market is hiring 800 employees, has locations in New York, NY, Austin, TX and Chicago, IL and is looking for Retail and non-retail. Positions range from administrative jobs like accounting and IT to store specific jobs in all departments.

8. Microsoft is hiring thousand of employees, has locations in Redmond, WA, Issaquah, WA, and Mountain View, Ca and is looking for software design engineers, financial analysts, human resources, administrative and marketing and sales talent, particularly in online ad sales. Although Microsoft announced on January 22, 2009 that is would be cutting up to 5,000 jobs in the next year and a half they are still hiring.

9. Burns & McDonnell is hiring 400 employees, has locations in Kansas City, Mo, Downers Grove, IL and Houston, TX and is looking for engineering, architecture and construction management.

10. Ernst & Young is hiring 2,800 employees, has locations in New York, NY, Chicago, IL and Dallas, TX and has openings in assurance, tax, an several of the advisory practices. The firm plans to hire around 2,400 experienced professionals and nearly 5,000 students from campus for opportunities in the U.S. and Canada (roughly 2,800 full time staff hires and 2,100 interns) for fiscal year 2009.

11. Booz Allen Hamilton is hiring 1,046 employees, has locations in McLean, VA, Herndon, VA and Arlington, VA and is looking for software ans systems engineers, information assurance and security engineers, and intelligence analysts with access to classified information.

12. KPMG is hiring thousands of employees, has locations in New York, NY, Montvale, NJ and Chicago, IL and is looking for positions in a wide range of ares, from administrative assistants to IT associates to tax and audit managers.

13. PricewaterhouseCooper is hiring 500 employees, has locations in New York, NY, Boston, MA and Tampa, Fl and is looking for Talent in assurance, tax and advisory. I the process of hiring 2,000 students on campus for winter and summer 2009 internships in the firm's three core business units. Also, PricewaterhouseCoopers' goal is to hire approximately 3,000 undergraduates this year.

14. Scripps Health is hiring 442 employees, has locations in La Jolla, CA, San Diego, CA, and San Diego County, CA and is looking for executives, managers, staff nurses (RN), imaging techs, pharmacists, IT, and service and support people.

15. Mayo Clinic is hiring 1,000 employees, has locations in Rochester, MN, Jacksonville, FL and Phoenix, AZ and is looking for nursing, laboratories (e.g. research and lab technicians), health care professionals (e.g. pharmacists and therapists).

16. Baptists Health South Florida is hiring 728 employees, has locations in Miami, Fl, South Miami, FL and Coral Gables, FL and is looking for talent in all areas.

17. Bright Horizons is hiring 387 employees, has locations in Atlanta, GA, Washington, DC and Watertown, MA and is looking for center and school staff, center and school leadership positions, benefits, client services (sales), payroll, property management, information technology, marketing.

18. Publix Super Markets is hiring 900 plus employees, has locations in Lakeland Fl, Miami, Fl and Jacksonville, FL and is looking for people for retail grocery stores, information systems, manufacturing, distribution and other support offices.

19. T-Mobile is hiring 2,163 employees, has locations in Bellevue, WA, Houston, TX and Austin, TX and is looking for Retail sales, customer service, sales, engineering & operations , EIT, finance, product development, legal affairs, business operations, human resources, marketing, integrated customer experience, corporate communications.

20. Accenture is hiring thousand of employees, has locations in Chicago, IL, Reston, VA and New York, NY and is looking for specific IT skills, such as Java, J2EE, industry expertise and government secures clearances. Also hiring for corporate roles that include finance and sale development.

There are jobs out there people go and get 'em.

The Neighbor Next Door Just Might Be A Millionaire...Part 10

If you read the books "The Millionaire Next Door" or "The Millionaire Mind" you may be surprised to learn that most millionaire's are just ordinary people.

The majority of millionaires aren't living in gaudy mansions or driving Ferrari's. They have average sized homes and drive Ford F150's. They DON'T regularly drink champagne or eat caviar. They drink beer and eat hot dogs. They DON'T wear designer clothes they wear Levi jeans.

In a 10 part series we will discuss the misconceptions many people have about being a millionaire. Truths that may just burst your wanting to be a millionaire bubble.

In part 10 of our series we learn millionaires could care less about the Joneses. It's the Trumps who they are trying to keep up with.

Wealth can go a long way when it comes to creating happiness, but the millionaire's next door are not living the life of the billionaire next door. Being the guy who presents a $100,000 check to charity or takes off to spend time at his own private island is the guy they want to be.

Glenn Firebaugh, a sociologist at Pennsylvania State University says, "What makes people happy isn't how much they're making. It's how much they're making relative to their peers."

For all of their wealth 40 percent of millionaires fear that their standard of living will decline in retirement and that their money will run out before they die. Remember our motto here "Retirement is wasted on the old." It may not help if their over the top lifestyle is so extreme that they're barely getting by on $400,000 a year.

You can always be happy with more money. There is no satiation point. That's the trouble with wanting to keep up with the Trumps...Millionaires are always looking up and think it's better up there.

How Do You Define Success?

I knew about the "Chicken Soup for the Soul" book series by Jack Canfield, and had read some the inspirational stories, but never had read any of the actual books cover to cover. I gained interest in Jack Canfield after watching "The Secret" and began reading and viewing his other materials and find them extremely motivating in my own life.

Our previous post "Create Your Own Happy Ending. Get Everything You Ever Wanted" created such an interest that I thought we would discuss Jack's top 7 success tips and how to believe in yourself.

Success doesn't depend on luck or the market or any magic tricks. Success depends on you. The following seven tips can help you be all you can be.

1. TAKE 100% RESPONSIBILITY FOR YOUR LIFE- One of the most pervasive myths in our culture today is that you are entitled to a great life that somehow, somewhere, someone is responsible for filling our lives with continual happiness, exciting career options, nurturing family time and blissful personal relationships simply because we exist. But the real truth is that there is only one person responsible for the quality of the life you live. That person is you.

2. BE CLEAR WHY YOU'RE HERE- I believe each of us is born with a life purpose. Identifying, acknowledging and honoring this purpose is perhaps the most important action successful people take. They take the time to understand what they're here to do and then they pursue that with passion and enthusiasm.

3. DECIDE WHAT YOU WANT- One of the main reasons why most people don't get what they want is they haven't decided what they want. They haven't defined their desires in clear and compelling detail...What does success look like to you?

4. BELIEVE IT'S POSSIBLE- Scientists used to believe that humans responded to information flowing into the brain from the outside world. But today, they're learning instead that we respond to what the brain, based on previous experience, expects to happen next...In fact, the mind is such a powerful instrument, it can deliver to you literally everything you want. But you have to believe that what you want is possible.

5. BELIEVE IN YOURSELF- If you are going to be successful in crating the life of your dreams, you have to believe that you are capable of making it happen...Whatever you call it self-esteem, self confidence or self-assurance, it is deep seated belief that you have what it takes. The abilities, inner resources, talents and skills to create your desired results.

6. BECOME AN INVERSE PARANOID- Imagine how much easier it would be to succeed in life if you were constantly expecting the world to support you and bring you opportunity. Successful people do just that.

7. UNLEASH THE POWER OF GOAL SETTING- Experts on the science of success know the brain is a goal seeking organism. Whatever goal you give to your subconscious mind it will work day and night to achieve. To engage your subconscious mind, a goal has to be measurable. When there are no criteria for measurement, it is simple something you want, a wish, a reference, a good idea.

Include these tips in your daily life and you will be more successful than you ever before believed was possible.

Jack Canfield, America's success coach and founder and co-author of the billion dollar book brand "Chicken Soup for the Soul" and the nation's leading authority on peak performances. Learn more about Jack's other books like " The Success Principles" at http://www.jackcanfield.com/

Look like a million bucks- but don't spent it!

The concept of millionaires not buying all their fancy and extravagant items, cars,purses, and jewelry, and instead renting them is a concept that has spilled out into the general public. Everyone wants to look like they are a millionaire, even if they aren't.

The concept of renting (or borrowing) purses started with an online service, called Bag, Borrow, or Steal. Everyone wants the designer bag that was shown in that months US Weekly, or see hanging from the arm of Julia Roberts, Jessica Alba, or Eva Longoria. But for the majority of people spending hundreds or thousands of dollars on one bag is just not possible.

The concept of Bag, Borrow, or steal allows members to rent designer bags and return them when they are done. www.bagborroworsteal.com charges a monthly membership fee of $9.95 a month, or extended memberships of three months for $19.95 or one year for $59.95. Membership fees allow users to "borrow" handbags for a reduced rental fee. After the borrow period is over, users send the bag back. For the first three months of membership, members can borrow as many as three bags at a time. After three months, members can borrow as many as five bags at a time.

If there is a bag that the customer can't bear to part with, the bags are available for sale at a reduced price. www.bagborroworsteal.com also has an outlet on the web site that allows members to buy gently used handbags for up to 70% off. The outlet inventory is updated weekly, so my advise is to visit the website frequently until your perfect bag makes an appearance on the outlet list.

The different designer bags that are available range from the convented Hermes Birkin Bag to Coach, Kate Spade, and Chanel. There are all types of bags available from large shopper totes to chic clutches, perfect for that night out on the town.

Bag Borrow, or Steal also recently added a jewelry line as well as sunglasses, so you can complete your look. There are watches from Rolex and Tag Heuer and pearls from Chanel as well as rings, necklaces, and earrings from David Yurman, Louis Vuitton, and Juicy Couture. The jewelry gives you the opportunity to have a head to toe couture look for less! This is a great alternative for school dances, and weddings to have the jewelry you want and not blow your budget.

So for all us fashionista's who drool over designer duds that we cannot afford check out Bagborrowsteal.com and stop drooling because you can now afford what all of Hollywood is wearing and carrying!

The Neighbor Next Door Might Just Be A Millionaire...Part 9

If you read the books "The Millionaire Next Door" or "The Millionaire Mind" you may be surprised to learn that most millionaire's are just ordinary people.

The majority of millionaires aren't living in gaudy mansions or driving Ferrari's. They have average sized homes and drive Ford F150's. They DON'T regularly drink champagne or eat caviar. They drink beer and eat hot dogs. They DON'T wear designer clothes they wear Levi jeans.

In a 10 part series we will discuss the misconceptions many people have about being a millionaire. Truths that may just burst your wanting to be a millionaire bubble.

In part 9 we look at how money does buy happiness. With all the suicides happening lately between people having their homes foreclosed on to billionaires throwing themselves in front of trains, there is definitely a connection between happiness in wealth to some extent.

According to a study by the Wharton School of Business, rates of depression are lower among the wealthy. Also, the rich tend to have better health than the rest of the population. This according to James Smith, senior labor economists at the Rand Corporation, who also states that health and happiness are as closely correlated as wealth and happiness. According to the Wharton study the wealthy even seem to laugh and smile more. "People experience their day very differently when they have a lot of money," says Betsey Stevenson, coauthor of the Wharton study.

Jim Taylor of the Harrison Group says, "There's no group in America that's happier than the wealthy." It may not be comforting to those who don't have money growing on trees, but the rich really are different. Roughly 70 percent of millionaires say that money created more happiness for them. With higher income also comes more life satisfaction. But it's not necessarily the Ferrari or the Rolex that leads to heavenly bliss...it's the freedom

For me the day I no longer have to use an alarm clock is the day I have ultimate freedom. Retirement is truly wasted on the old.

The Neighbor Next Door Just Might Be A Millionaire...Part 8

If you read the books "The Millionaire Next Door" or "The Millionaire Mind" you may be surprised to learn that most millionaire's are just ordinary people.

The majority of millionaires aren't living in gaudy mansions or driving Ferrari's. They have average sized homes and drive Ford F150's. They DON'T regularly drink champagne or eat caviar. They drink beer and eat hot dogs. They DON'T wear designer clothes they wear Levi jeans.

In a 10 part series we will discuss the misconceptions many people have about being a millionaire. Truths that may just burst your wanting to be a millionaire bubble.

In part 8 of our series looks can be deceiving. There are millionaires who do actually have the toys so many of us crave, but most don't.


To a millionaire software engineer like Suzanne Garner owning a $100,000 car doesn't make financial sense. She drives a Mazda Miata. For a $30,000 annual membership fee Suzanne Garner belongs to Club Sportiva, a fractional ownership car club in San Fransisco that lets her take out Ferrari's, Lamborghini's and other exotic autos out for a spin on the weekend. Suzanne says she's all about the car. As are many other people. While stopped at a red light while in a Ferrari, Suzanne received a marriage proposal from a guy driving a pickup truck, but she declined the offer.


Why in world do we buy $3,000 Verace bag's that will be out of style next season when you can rent it for $175 a month? Even worse, why would we spend $250,000 on Ferrari when for $25,000 a year you can have one on the weekends? The concept of clubs that provide "fractional ownership" have been popular with jets for years. Now the concept has spilled over to high end luxuries like exotic cars and jewelery. Is this trend here to stay? Over 50 percent of millionaires sat they plan to rent luxury goods within the next year. Handbags topped the list, followed by cars, jewelry, watches and art. Online companies like Bag Borrow or Steal cater to customers who always want new designer accessories and jewelry. Prices start at $15 a week.


A was fascinated by this business model after my wife dragged me to "Sex and the City" movie. As it was discussed between Sara Jessica Parker's and Jennifer Hudson characters. Although, I think I would it be more fun to rent a Ferrari rather than purse, but my wife might disagree with me.

Smackdown On Credit Cards May Happen Sooner Than Later.

In the previous posts "Credit Card Smackdown on the Way" and "The Smackdown on Credit Cards Has Been Approved" we discussed the new bill to protect consumers from abusive credit card practices. But these changes were not to take effect until 2010 and that gives banks plenty of time to sock it to credit card holders.

A campaign in Congress is taking place to speed up the reform. Last week a re-introduction of a bill to rein in what some are calling abusive credit card practices sets the stage for a battle that will decide whether or not entrepreneurs and other credit card users will get relief sooner than later from soaring rates and fees.

The Credit Cardholders Bill of Rights would take a number of steps to restrict credit card issuers, including:

1. Banning retroactive rate increases on existing balances for cardholders in good standing. Rates could still be raised if a customer were more than 30 days late with payment.

2. Requiring 45 days notice of all rate increases on new changes.

3. Banning "double cycle billing," which allows fees to be charged for balances that were already paid off.

4. Allowing cardholders to cap how much they can charge their cards, to avoid overdraft fees.

5. Outlawing "universal default" clauses, which automatically hikes rates on a card based on unrelated financial activity, such as being late on another bill.

Many of these same provisions were already put in place in December through new regulations issued by the Federal Reserve and other federal agencies. However, the new rules don't go into effect until July of 2010. The bill specifies the new regulations would be enacted 90 days after President Obama sign the bill into law.

Credit card companies undoubtedly will oppose the bill. The American Bankers Association says that 90 day implementation would be to onerous for banks to put into effect claiming the new bill would have serious and detrimental effects on consumers and the economy at a time when access to credit is in particular demand.

Ninety days should be plenty of time for banks to update their computer systems. Banks would have more than enough time to implement the new law without making consumers wait for over a year and a half while they are dealing with practices that the Federal Reserve has determined are unfair and deceptive.

Obama supported the credit card reform. It is almost for certain he would sign the bill into effect.

This is a very big issue with the American Public. Me included. Let's get this bill passed and get the credit card companies o stop sticking to the public.

Glossary of Frequently Used Mortgage Loan Terms

Between foreclosures, buy and bails, and the over all slump in the housing market I thought it would be good to have some fun with mortgage terms. Most people may not get the humor, but try to have fun.

SLAM DUNK- Used to describe a loan which will want to make you want to slam down the file, and dunk the loan officer's head in boiling oil.

QUALIFY- Shoving a square peg in a round hole; what the processor must do, in spite of the facts.

PREQUALIFY- "Looks good to me, (hee, hee, hee) or "NooooProblemmmm"

PREDISCLOSURE- The opportunity given borrowers to find out up front that their actual loan cannot be explained in writing.

30 DAY PROCESSING TIME- No definition...Doesn't mean anything at all.

RATIOS- Something that can't exceed a set figure but always does.

COMPENSATING FACTORS- Applicant has been dead less than 14 days.

APPRAISER- Person paid to guess the value of a property and support his guess with comparables too old, too far away, and not similar.

SALARIED- Something all applicants are, regardless of the silly Schedule C's in their tax returns.

RENTAL AGREEMENT- A forged and fictious document provided so you can ignore the tax returns.

ELIGIBILITY- The martial or financial status of a good looking male or female applicant.

FINAL APPLICATION SIGN UP-
a. To the processor, time to hold your breath & turn it in, even though it's not all there.
b. To the loan officer, tentative approval.
c. To the sophisticated applicant, loan approval
d. To the unsophisticated applicant, loan closing.

TENTATIVE LOAN APPROVAL- "Looks fine to me (hee, hee, hee) Approval, subject to underwriting, appraisal, and PMI.

SUBMIT- To close your eyes, hold your breath, and hope the underwriter is hung over that day.

UNDERWRITER- God

SUSPENSE ITEMS- All the things you knew you didn't have when you submitted, which the loan officer said you didn't need.

REJECTION- A difference of opinion.

CLOSING- A time for surprises and renegotiation.

APR- The rate you get if you close in April.

Bank of America is Tops in Identity Theft Protection.

Bank of America takes identity fraud protection very seriously and for the 5th consecutive year it took top honors in Javelin Strategy & Research's 2008 Banking Identity Safety Scorecard, which ranks banks and credit unions on their customer facing identity fraud prevention, detection and resolution capabilities. The 2008 scorecard placed Bank of America highest over all, with 77 points, while the remaining banks included in the study scored an average of 58.

Javelin is the leading provider of quantitative and qualitative research focused exclusively on financial services. The study looked at 25 U.S. financial institutions and measured their customer facing capabilities for preventing, detecting and resolving fraud. Their evaluation was based on consumer experience rather than internal bank security policies.

James Van Dyke, president and founder of Javelin Strategy & Research says, "Based on our precise scoring criteria and a rigorous mystery shopper process, we found that Bank of America excels in partnering with their customers in the battle against indenting fraud. Identity crimes are unique in that they attempt to make victims out of both individuals and financial institutions, so businesses that partner with their customers to defeat these criminals have the greatest success in fraud mitigation."

"The Javelin study reinforces the approach we've taken to protecting our customers from fraud. It's no longer enough that we protect individual transactions, products and channels, we have have to work hand in hand with our customers to protect their entire relationship," says Bob Shiflet, Global Consumer Fraud Prevention executive. "This recognition demonstrates the strength of our integrated efforts to safeguard our customers' identities, assets and financial information with industry best practices that reach across the company."

According to Javelin, one of the strongest indicators of successful identity theft prevention and detection is the ability to protect customer activity online and make customers aware when suspicious activity occurs on their accounts.

"This award is a testament to the hard work of the e-commerce and ATM team and our partners across the bank," said Laurie Redhead, e-commerce, Phone and ATM executive. "Our industry leading SiteKey and SafePass products,as well as the more than 41 different alerts available to notify customers of any questionable activity, have been instrumental in keeping our customers' identity and date safe and secure."

With all the bad press Bank of America has been getting lately at least your money is as far as identity theft goes.

The Neighbor Next Door Just Might Be A Millionaire...Part 7

If you read the books "The Millionaire Next Door" or "The Millionaire Mind" you may be surprised to learn that most millionaire's are just ordinary people.

The majority of millionaires aren't living in gaudy mansions or driving Ferrari's. They have average sized homes and drive Ford F150's. They DON'T regularly drink champagne or eat caviar. They drink beer and eat hot dogs. They DON'T wear designer clothes they wear Levi jeans.

In a 10 part series we will discuss the misconceptions many people have about being a millionaire. Truths that may just burst your wanting to be a millionaire bubble.

In part 7 we learn that most millionaires say they were a B student. According to the book "The Millionaire Mind," The average college grade point average for millionaires is 2.9 and the average SAT score is 1190, hardly Harvard material. According to the American Express/Harrison Group study, 59 percent of millionaires attended a college or university.

Millionaires rank hard work, followed by education, determination and treating others with respect when asked to list the keys to their success. Jim Taylor, vice chairman of the Harrison Group says, they also say what they absorbed in class was less important than learning how to study and stay disciplined. Forty-eight percent of millionaires hold an advanced degree, and elite colleges do open doors to Wall Street and in Silicon Valley. For every PH.D millionaire, there are many more who squeaked by. Robert Kiyosaki says, "we cheated like crazy." The only way he survived college calculus was by sitting by the smart kids.

Your Mom is right when she says good grades were the key to success...just not necessarily a big bank account.

Obama's Honey Do List.

Barack Obama's inauguration was today and already he has a to do list. Well, let's start getting something done and checking off that list. Here's what needs to be done.

1. Steer stimulus through Congress

2. Implement foreclosure prevention

3. Turn in Federal budget request

4. Fix bank bailout

5. Make auto industry decisions.

It already a tall order, but let's party tonight like it's 1999 and get cracking in the morning. Time is wasting.

Madoff's Scam.

I haven't discussed the Madoff situation at all. Mostly because it is a negative event and we try to discuss only positive financial news here.

Unless, we can a put a positive spin on it we usually don't like to hear it, but I've received so many questions about what happened I thought we discuss it and hopefully prevent something like this happening again. But as you know...All this has happened before and it will all happen again.

There is nothing wrong with being wealthy. That's why we have this post. To learn how to make more money, save more money, invest, be successful ( whatever success means to us) and to live a peaceful and abundant life.

What Madoff did is just plain greed. To put a spin on my old buddy Yoda's warning of the dark side, "Envy leads to materialism. Materialism leads to greed. Greed leads to suffering." And what has happened has a lot of people suffering, which we will get into on later date.

For now this is an explanation of what I found on what exactly happens with a scam like this. What a Ponzi scheme is and how it works.

A Ponzi scheme is a con game in which the scammer promises sky high returns on investments and initially delivers. But the returns are paid out of money deposited by new investors rather than actual financial gains from stocks and other legitimate investments.

The scheme named for Charles Ponzi, who perpetrated a huge fraud in New England in 1920, usually collapses within a short time when the pool of new investors dries up.

Experts have been questioning Madoff's practices, however, for at least 10 years. Such a long lasting scam isn't unheard of, says attorney Michael Goldberg, a Ponzi scheme expert. "The fuel of a Ponzi is cash infusion," he says. "As long as he can generate enough cash and keep investors from taking out their money, it can go on for decades.

The current economic crisis brought that flow to a halt. Too many of Madoff's investors wanted to cash out, but he couldn't pay. Goldberg says investors should be especially wary if someone guarantees huge returns.

"If something sounds to good to be true, it probably is." We have all heard this quote before, but I think sometimes greed makes us turn a deaf ear, but hopefully in this case not a blind eye.

The Neighbor Next Door Just Might Be A Millionaire...Part6

If you read the books "The Millionaire Next Door" or "The Millionaire Mind" you may be surprised to learn that most millionaire's are just ordinary people.

The majority of millionaires aren't living in gaudy mansions or driving Ferrari's. They have average sized homes and drive Ford F150's. They DON'T regularly drink champagne or eat caviar. They drink beer and eat hot dogs. They DON'T wear designer clothes they wear Levi jeans.

In a 10 part series we will discuss the misconceptions many people have about being a millionaire. Truths that may just burst your wanting to be a millionaire bubble.

In part 6 millionaires do pay taxes. Leona Helmsley's famous quote, "We don't pay taxes. Only the little people pay taxes," simply isn't true.

In fact, the top i percent of earners paid nearly 40 percent of federal income taxes in 2005. According to the IRS that's a whopping $368 billion. The wealthy tend to derive a higher portion of their income from dividends and capital gains, which are taxed at lower rates than wages (15 percent for long term capital gains versus 25 percent for middle class wages.) High income earners pay only pay Social Security tax on the first $97,500 of income.

The wealthy get their big savings from owning a business and deducting everything related to it. Landlords can also depreciate their commercial properties and expenses like mortgage interest. All without doing any creative accounting. Then they have tax shelters, trusts and other mechanisms the super rich use to shield their wealth. A approximately 2 million Americans have a unreported offshore account, and income from foreign tax shelters costs the United States $20-$40 billion a year. Vernon Jacobs, a certified public accountant in Kansas who specializes in legal foreign accounts says, "an increasing number of people want to establish an offshore account."

I know a several people afraid to make more money because the have to pay more taxes, but as you can see there are ways to grow wealthy and preserve your assets. You shouldn't be afraid to make more money because you will have to pay tax. Paying more tax is good. It means your making money.

Raising Your FICO Score.

In our review of Suze Orman's new book "Suze Orman's 2009 Action Plan" we discussed how important it is to keep your FICO score in check. In keeping in spirit with our 2009 goals, lets explore how our credit ratings work.

With interest rates reaching historic lows, how low depends on a number much more personal than anything set by the Federal Reserve, your credit rating. The better your credit score, the better your rate. A few points up or down can mean paying hundreds of dollars more each month or worst case be denied a loan.

Almost half of Americans have a credit score less than 720, the minimum score needed to qualify for a home loan. The good news is that your rating is not set in stone. With a few simple steps, you can raise your score and lower your interest rate significantly.


Here is what Phillip X. Tirone, the author of "7 Steps to a 720 Credit Score" and founder of The Mortgage Equity Group, suggests. Here is a few of those steps:

STEP 1- Keep your credit card balances under 30 percent of your limit. To increase or maintain a score, a home buyer's balance on any one credit card should be no more than 30 percent of the limit. For instance, if you have a $10,000 limit on a VISA card, keep the balance at no more than $3,000. The debt a person carries on a credit card in proportion to his limit is called a "utilization rate" and credit bureaus respond more favorably to low utilization rates.

STEP 2.- Have a least three revolving credit lines. Credit bureaus give higher scores to people with at least three revolving credit cards (i.e MasterCard, Visa, American Express, or Discover). If you don't have active credit cards, open some. If you have more than three credit cards, do not close the accounts. Closing them will hurt your score.

STEP 3.-Verify the accuracy of reported credit limits. Credit card companies often fail to report credit limits, or they report a lower limit than a person has. This causes the utilization rate to be reported as higher than it actually is, and it negatively affects a credit score. Errors come in all shapes and sizes. In fact, approximately 80 percent of all credit reports have at least one error. The worst errors, those caused by identity theft, can be a nightmare to remove from a credit report. Even simple, honest errors can be challenging and time consuming. By removing erroneous information from a credit report, your score could jump 20, 50, or even upwards of 70 points!

Step 4.- Create a structured plan to protect credit. Your credit report can change daily, so once you start to build credit, plan to maintain it. Create a budget and spend frugally, never default on payments, review credit card bills and bank statements monthly, run your credit report regularly, avoid being a co-signer, keep credit card accounts active, and protect your credit during and after a divorce.

Once you have taken these steps, you will be in a much better position to take advantage of the tremendous refinance and foreclosure pricing opportunities now available tot hose with favorable ratings.

To order a copy of Phillip X. Tirone's plan visit http://www.7stepsto720.com/

The Neighbor Next Door Just May Be A Millionaire...Part 5

If you read the books "The Millionaire Next Door" or "The Millionaire Mind" you may be surprised to learn that most millionaire's are just ordinary people.

The majority of millionaires aren't living in gaudy mansions or driving Ferrari's. They have average sized homes and drive Ford F150's. They DON'T regularly drink champagne or eat caviar. They drink beer and eat hot dogs. They DON'T wear designer clothes they wear Levi jeans.

In a 10 part series we will discuss the misconceptions many people have about being a millionaire. Truths that may just burst your wanting to be a millionaire bubble.

In part 5 it's not personal it's business. Millionaires are seemingly undaunted by failure. Don Crane, who we discussed in part 3, runs a successful company that screens tenants and landlords. But his first business venture, a real estate partnership, went bankrupt, costing him $20,000, more than his house was worth at the time. Crane says, "It was the most depressing time in my life, but it was the best lesson I ever learned."


John D. Rockefeller, who I find fascinating, threatened his rivals with bankruptcy if they didn't sell to his company, Standard Oil. Remember Netscape? Well, Bill gates was ruthless in building Microsoft into the world's largest software firm. These millionaires privately admit they are bastards in business. They are not nice guys. I don't feel that all millionaires are like that and you have to be that way either. You can be a nice a guy and become a millionaire. Maybe you just need to do a little more pushing than others.

Lewis Schiff, a private wealth consultant and coauthor with Alan Prince of the book "The Middle Class Millionaire", says "Spending time with family really matters to them." According the American Express/Harrison Group study only 12 % say that what they want most is to be remembered for is their legacy in business.

Congress backs Obama with $825 Stimulus Bill

Here is a montage of what happening in economy and with the new $825 billion stimulus package.

Democrats Want The Biggest Bang For The Buck

House Democrats on Thursday, after weeks of talks with President-elect Barack Obama's top aides, released an expansive recovery plan that call for $550 billion in spending and id states and $275 billion in tax cuts.

House Speaker Nancy Pelosi, D-California, stated "this {package} is just the first step"

This is what the bill roughly includes:

1. $90 billion to modernize roads, bridges, mass transit and waterways, and over $140 billion to states to defray their costs for education and to modernize schools.

2. A number of measures to help the economically vulnerable. $37 billion to continue the current extended unemployment benefits program through December 31, 2009; and another $9 billion to increase the average unemployment check by $25 a week on top of the roughly $300 a week jobless workers currently receive.

3. Another $30.3 billion to subsidize for 12 months the cost of cobra health insurance coverage and extend the time eligible workers may keep it. Cobra coverage allows newly laid off workers to keep health insurance provided by their former employers. Workers who would be eligible are those 55 and older and those who have at least 10 years tenure with their employer.

4. The package also includes a "Making Work Pay Credit," which Obama campaigned on. The credit would provide low and middle class income workers with a tax cut equal to $500 a year for individuals and $1,000 for couples. The money would be delivered fairly quickly to workers, with companies reducing the tax they withhold from employees' paychecks. the credit would also be refundable, meaning eligible workers can get if even if they don't make enough money to owe income tax.

The bill also includes an expansion of Earned Income Tax Credit, which is refundable credit for low income workers, and an increase in the child tax credit.

I still like the plan where we all get $300,000. Now there's a plan.

Barack Obama Says, "Show Me The Money."

After the Senate voted 52-42 to kill a measure that would have blocked the funds release of the remaining $350 billion of Tarp funds, President-elect Barack Obama secured access to the second half of the $700 billion financial bailout package on Thursday.

President Bush sent a formal request to Congress on Monday to release the second half of the $350 billion funds to the Treasury Department on behalf of Obama.

Obama had vowed to veto any resolution denying him the funds if Congress passed a joint resolution rejecting the request within 15 days. After which Treasury can begin tapping the funds.

Obama economic adviser Larry Summers offered reassurances that the incoming administration will be responsible with its spending of TARP funds and pledged to commit $50 billion to $100 billion to address foreclosures.

Many Republicans argued that the first $350 billion was wasted, and no clear measures have suggested the funding has worked.

Senate Majority Leader Harry Reid, D-Nev said, "President-elect Obama has made clear he understands the mistakes of the previous administration, and he will try to correct them. Inaction now would punish the American public that is already suffering."

I expect that things will be more largely kept on eye this go around. Hopefully, the money will go for more important things than tax breaks for companies that produce wooden arrows. Come on now!

Size May Matter When It Comes To The Size Of Your...

Alright get your mind out of the gutter. Size may matter when it comes to the size of your finger. I was listening to Mark & Mercedes on the radio this morning in my hometown of Las Vegas and heard them talk about this study.

Stock Traders who excel at short term or "high frequency" trading may have been exposed to high levels of testosterone in the uterus. Which suggests that successful stock traders may be born, not made.

These traders can hold their stock for minutes, or mere seconds, before selling. Requiring high levels of confidence and fast reaction times.

This is a follow up to a report from last year, which found that traders who started their days with elevated testosterone made more money than those who didn't.

Characteristics of typically associated with high testosterone are acting macho and aggression, but not all successful traders are like that. John Coates who did the study says, "The good ones are very calm, they don't lose their temper, and probably the most extreme sport they do is fly fishing. They're not caveman."

The research conducted at the University of Cambridge, UK studied 49 male traders from the city of London and looked at their index to ringer finger ratio. A marker of prenatal testosterone exposure.

He found that traders with longer fingers, and therefore higher prenatal testosterone, made on average six times the profits of traders exposed to low levels of the hormone and tended to remain traders for longer.

Past studies have also suggested a link between a low index to finger ratio and autism, and better sporting ability.

"However, it takes environment, or experiences and opportunities that a person has, to further shape the brain to this particular career path," says Coates.

And while finger length may provide some indication of your stability to financial trading, Coates cautions bosses against using it to make hiring decisions.

Imagine if people started judging you by your finger size. Gee whiz.

The Neighbor Next Door Just Might Be A Millionaire Part 4

If you read the books "The Millionaire Next Door" or "The Millionaire Mind" you may be surprised to learn that most millionaire's are just ordinary people.

The majority of millionaires aren't living in gaudy mansions or driving Ferrari's. They have average sized homes and drive Ford F150's. They DON'T regularly drink champagne or eat caviar. They drink beer and eat hot dogs. They DON'T wear designer clothes they wear Levi jeans.

In a 10 part series we will discuss the misconceptions many people have about being a millionaire. Truths that may just burst your wanting to be a millionaire bubble.

In part 4 we look it how nice it is to be waited on.

When Joe Blow calls to make reservations that hot new restaurant may be booked for months. Many top restaurants set aside tables for celebrities and A list customers. That's where a personal concierge comes in. Most concierge's work on retainers that range from $25 an hour to six figures a year. These modern day Guy/Gal Friday's have the hook ups on chic restaurants, spa reservations, even early tee times for golf. Concierges who are worth their salt will scour the planet for whatever their clients need. Everything from holy water blessed by the Pope, rare Mexican tequila, or artisan sausages found in Northern Spain. For some people the cost doesn't matter.

Concierge services now extend to medical attention as well. For about $2,000 to $4,000 a month, clients can get 24 hour access to a primary care physician who makes house calls and can facilitate admission to a hospital without waiting forever in the emergency room.

For 24 hour concierge service check out http://www.livealifetravel.biz/ for membership. The concierge will do everything from arrange all your travel needs to order flowers for your anniversary. All for $39.95 a month. Also, included is a auto club that just like AAA will change a tire, jump a battery, and get you gas. And if you are stranded will get $1,000 to you to make repairs and get you back on the road.

I used this service to get tickets for The Dark Knight..it is awesome. You too can live like a millionaire for a lot less.

The Neighbor Next Door Just Might be a Millionaire...Part 3

If you read the books "The Millionaire Next Door" or "The Millionaire Mind" you may be surprised to learn that most millionaire's are just ordinary people.

The majority of millionaires aren't living in gaudy mansions or driving Ferrari's. They have average sized homes and drive Ford F150's. They DON'T regularly drink champagne or eat caviar. They drink beer and eat hot dogs. They DON'T wear designer clothes they wear Levi jeans.

In a 10 part series we will discuss the misconceptions many people have about being a millionaire. Truths that may just burst your wanting to be a millionaire bubble.

In part 3, most millionaires won't tell they got rich skimping on lattes.

So, how do you become one of the financial elite? The most common path is running your own business. Or you could buy stocks or real estate, or be a high roller in Vegas. But in half the cases studied, in a survey done by American Express and The Harrison Group, running your own business is the winner. A third had a professional practice or worked in the corporate world, and only 3 percent came from inheritance.

Virtually all millionaires make purposeful use of their debt. Regardless of how they built their nest egg. This according to Russ Alan Prince, coauthor of "The Middle Class Millionaire." They take out loans to build their business. Avoid high interest credit cards and leverage their home equity to finance purchases. Their wealth isn't tied up in their homes either. Home equity represents only 11 percent of a millionaires total assets according to TNS. People who are serious about building wealth always want to have a mortgage. It's one of the few tax deductions they get.

Remember it's OK to have debt as long it produces income producing assets. Debt to start a business...good. Debt to buy clothes...bad.

If You Want To Make More More Money...Learn To Manage Your Time

Part of being wealthy requires time management. Everyone who is successful from Benjamin Franklin to Stephen Covey tell us that time management is essential.

We discuss this somewhat in our post about the 80:20 rule or Pareto's Law. Most of us waste our time on the wrong things rather than the right ones. Hence never living to our full potential.

I love my Franklin/Covey day planner and use it religiously to prioritize tasks through out my day.

John C. Maxwell, author, speaker and leadership expert, has written more than 50 books including "The 21 Irrefutable Laws of Leadership" and "The 21 Indispensable Qualities of a Leader: Becoming the Person Others Will Want to Follow." Here he gives us his four ways to master time management.

Time is precious. Ask the coach whose team is behind in the final seconds of a game. Ask the air traffic controller in charge of scheduling takeoffs and landings at a major airport. Ask the new reporter who has just received a breaking story from the AP wire. Ask the cancer patient who has recently learns they have only two months to live.

Time management is an oxymoron. Time is beyond our control, and the clock keeps ticking regardless of how we lead our lives. priority management is the answer to maximizing the time we have. Our days are identical suit cases, all the same size, but some can pack more into them than others. No one has a magical ability to make
time, but if our lives have direction, we can make the most of moments we have been given.

Time is more valuable than money, because time is irreplaceable. "You don't really pay for things with money," says author Charles Spezzano in "What we do between Birth and Death". You pay for them with time." We exchange our time for dollars for everything we purchase and accumulate. In essence, all we possess can be traced back to an investment of time.

Following are four characteristics of people who use time wisely. The goal of the lesson is for us to understand how to maximize the precious minutes given to us each day.

1. PURPOSEFUL- People who use time wisely spend it on activities that advance their overall purpose in life. By consistently channeling time and energy toward an overarching purpose, a person most fully realize their potential.

We cannot reach peak performance without a peak purpose. Purpose enlivens all that we do. In Fact, I believe the two greatest days in a person's life are the day they are born and the day they discover why. Uncovering purpose helps to refine passion, focus efforts, and sharpen commitments. The cumulative result is to amplify the achievements of the wise steward of time.

2. COMMITTED TO VALUES- People who use time correctly underscore their values with the time they spend. By acting in accordance with their beliefs, they find fulfillment. Failure to identify values leads to a rudderless existence in which a person drifts through life, uncertain as to what they hold dear. Clarity of values is like a beacon of light, guiding the way through life's twists and turns.

3. ATTUNED TO STRENGTHS- People who use time correctly play to their strengths. By doing so, they are most effective. People don't pay for average. If your skill level is a two, don't waste substantial time trying to improve since you'll likely never grow beyond a four. However, if you're a seven in an area, hone that skill, because when you become a nine, you've reached a rare level of expertise. As Jim Sundberg says, "Discover your uniqueness;then discipline yourself to develop it. "You are blessed with a unique set of skills and talents. Find them, refine them, and let them carry you toward success.

I have identified four main strengths in my life. I lead well, create, communicate, and network. That's it. I stick with those strengths and avoid getting caught up in commitments outside of those areas. By narrowing my focus to four strengths, I gain the greatest return on my investments of time When extended to an organization, values inspire a sense of broader purpose. they make worthwhile.

4. CHOOSERS OF HAPPINESS- People who use time correctly choose happiness by prioritizing relationships and recreation. While choosing happiness may seem simple and obvious, far too many leaders are trying to prove themselves and validate their worth. These leaders chase after power and prestige, and a long the way, their friendships wither, their family is ignored, and they skip vacation after vacation. In the end, any success they earn is a hallow and lonely achievement.

Family and friendships are two of the greatest facilitators of happiness. Prioritizing time to cultivate relationships is a hallmark of a healthy leader. Likewise, scheduling leisure combats stress and allows us to delight in the hobbies that bring us joy. However, in the end, happiness is an inside job. We are wise to surround ourselves with family, friends, and fun, but ultimately we determine our internal response to the people and circumstances in our lives.

Remember you can make a lot of money, spend it all, work hard and get all back, but you can;t get back time.

John C. Maxwell is an internationally recognized leadership expert, speaker and author who has sold more than 12 million books. Visit http://www.injoy.com/ to learn more about John C. Maxwell and his books and programs.

Financial Blogger Arrested.

I was just reading about a blogger in South Korea who was arrested for his comments on his blog. How crazy is that?

From what I read he has a financial blog, which sounds similar to us here at Financial Elite, and was arrested because of his predictions of the financial market.

The blogger known by the surname of Park predicted dire predictions about the global economy including the collapse of Lehman Brothers, which did happen.

The 31 year old Park, who went by the pen name of Minerva, the Greek goddess of wisdom, was arrested on charges of spreading false information on an Internet discussion site last month that the government had ordered major financial institutions and trade businesses not to purchase U.S. dollars.

So what? The guy has predictions about the financial markets. We do that here too. Are we going to get arrested for our opinions? Of course this is the U.S. and not South Korea, but what's the big deal? Somethings he predicted came true and I am sure that some did not. I hear opinions from financial guru's all the time and their predictions don't always come true.

It is rare for a blogger to be arrested in South Korea. It's one of the most tech and and wired savvy nations. Critics are saying this could undermine freedom of speech on the Internet.

I guess he could have done some harm by spreading false information, but don't people predict things all the time that never come true? Or did get too many things right and the government didn't like it. Is there some master plan in world controlling everything? And maybe they don't like the truth being told. Let us know what you think.

Take On Winter...Energy Saving tips

Although, spring may be here before you know it's still cold outside. It's never to late to weatherize your home. Here are some money saving tips:

-Furnace checkup-thermostat important thing you can do for your home is to have your gas furnace checked by a professional. This can prolong the life of the furnace and decrease energy usage.

-Weatherize your home-caulk and weatherstrip around drafty doors and windows.

-Install a programmable thermostat-program the thermostat to reduce the temperature setting at night, and when you are away from home.

-Set the thermostat between 66-68 degrees, health permitting, during the heating season.

-Use the warmth of the sun-blinds and drapes can serve as additional insulation in your home. Open them during he day to let the sun help warm your home, and close them at night to help keep the warmth from escaping through windows.

-Insulate pipes and repair faucets-save fuel, water and money by insulating pipes and repairing leaky water faucets.

- Visit www.1.eere.energy.gov/consumer/tips/ to download a copy of "Energy Savers, tips on Saving Energy and Money at Home."

The Neighbor Next Door Might Just Be A Millionaire. Part 2

If you read the books "The Millionaire Next Door" or "The Millionaire Mind" you may be surprised to learn that most millionaire's are just ordinary people.

The majority of millionaires aren't living in gaudy mansions or driving Ferrari's. The have average sized homes and drive Ford F150's. They DON'T regularly drink champagne or eat caviar. They drink beer and eat hot dogs. They DON'T wear designer clothes they wear Levi jeans.

In a 10 part series we will discuss the misconceptions many people have about being a millionaire. Truths that may just burst your wanting to be a millionaire bubble.

In part 2 we look at where they shop and how they spend money. Many are actually very frugal, while others like to spend money. That's the reason to be rich right?


There are many millionaires who never check the price tag. Robert Kiyosaki, author of one of my favorite books, "Rich Dad, Poor Dad" the 1997 best seller says, "I've all ways wanted to live above my means because it inspired me to work harder." Kiyosaki, a entrepreneur who is worth millions, says he doesn't even know what his house would sell for today.

But for many millionaires they know what it means to be frugal. Based on a survey by American Express and the Harrison Group, conducted in 2007 of high worth, individuals may not buy 99 cent paper towels, but 80 percent say they spend with a middle class mind set. That means they buy luxury items on sale, hunt for bargains and clip coupons.

"We can afford just about anything," says Don Crane, a small business owner from Santa Rosa, California. He and his wife see the value of everyday saving. Both he and his wife grew up on farms in the Midwest, where nothing was wasted. His wife clips coupons to this day. Most millionaires come from middle class households and about 70 percent have been wealthy for less than 15 years, according to the American Express and the Harrison Group.

The Neighbor Next Door Might Just Be A Millionaire. Part 1

If you read the books "The Millionaire Next Door" or "The Millionaire Mind" you may be surprised to learn that most millionaire's are just ordinary people.

The majority of millionaires aren't living in gaudy mansions or driving Ferrari's. The have average sized homes and drive Ford F150's. They DON'T regularly drink champagne or eat caviar. They drink beer and eat hot dogs. They DON'T wear designer clothes they wear Levi jeans.

In a 10 part series we will discuss the misconceptions many people have about being a millionaire. Truths that may just burst your wanting to be a millionaire bubble.

Many millionaires don't have enough for exclusive luxuries, like membership at an elite golf club, which can be more than $300,000 a year. A million dollars may have a tidy some thirty years ago, but you'll need $3.6 million today. Half of all millionaires have a net worth of $2.5 million or less, according to research firm TNS.

A million dollars seems to be the dream figure for most, and people with that much cash can't complain. Their wealthier than 90% of the households in the U.S. and earn $366,000 yearly, which puts them in top 1 percent of tax payers. The millionaire club isn't so exclusive any longer. Ten million households have a net worth over $1,000,000, excluding home equity, almost double from numbers in 2002.

A recent survey conducted by Fidelity found 8 percent of millionaires think they are very or extremely rich, while 19 percent don't fell rich at all. They worry about health care, retirement, and how they'' support their lifestyle just like everyone else.

So what does it take to be feel rich? According to Fidelity the magic number is $23 million.

The Federal Reserve To Start Buying Mortgage Backed Securities

The Federal Reserve says it will begin purchasing up to $500 million in mortgage backed securities in beginning this January under a previously announced plan to purchase up to $600 billion of thee assets.

The program was announced in late November as another step in fighting a credit crunch. "The program is being established to support the mortgage and housing markets and to foster improved conditions in financial markets more generally," the Fed said (I am a poet and didn't know it) in a statement. The program will buy troubled assets from Fannie Mae and Freddie Mac, two government sponsored enterprises taken over by the treasurer earlier this year, and securities backed by Ginnie Mae, a guarantor of mortgage debt.

The central bank has already begun purchasing up to %100 billion in mortgage backed securities on its own and will buy up to %500 billion more through investment firms.

The new efforts are part of a move to restart consumer credit markets, to get more liquidity and bring down borrowing costs for the housing market.

HOPE NOW's 2008 YTD Results & 2009 Projections Are In.

HOPE NOW, who has such founding members as Bank of America and Countrywide Bank, is an alliance between counselors, mortgage market participants, and mortgage servicers to create a unified, coordinated plan to reach and help as many homeowners as possible.

HOPE NOW announced on December 22, that it expects to double the number of foreclosures prevented in 2009 by enhancing and expanding its very successful 2008 efforts.

Approximately 2 million foreclosures have been prevented by the mortgage lending industry in the first 11 months of 2008, 25% more than the approximately 1.5 million prevented in all of 2007. If the current trend continues, in 2008 the mortgage lending industry will prevent approximately 2.2 million foreclosures, 45% more than in 2007.

2008 Results:

- A projected total of approximately 2.2 million foreclosure preventions
- Almost 950,000 mortgage modifications
- More than 20,000 homeowners helped at 29 workshops held across the United States
- More than 1 million total calls from homeowners to the Hope Hotline
- 2.9 million letters sent to at risk homeowners.
- An 18% response rate to the letters sent by HOPE NOW to at risk homeowners

HOPE NOW's 2009 plans include:

- An expected doubling of the number of modifications from the already high 2008 level.
- At least 30 additional homeowner workshops.
- At least a 50% increase in the number of homeowners who attend workshops.
- Additional innovative ways to provide counseling and other assistance to homeowners to begin the foreclosure prevention process through the HOPE Hotline
-Significantly enhanced loan level data that will help the industry further analyze trends and make necessary adjustments to help prevent foreclosures and provide policymakers with important additional information.

This is great news. The more we stop the foreclosure bleeding, the better the economy will improve.

More more information on HOPE NOW, visit http://www.hopenow.com/

Number 94 On Forbes List Of World's Richest People Commits Suicide..

Adolf Merkel, number 94 on the Forbes list of the world's richest people, with a business empire that included interests as diverse as cement maker HeidelbergCement and generic drug maker Ratiopharm commited suicide on Monday after his business empire got into trouble in the wake of the current financial crisis.

Merkle, 74, was one of the richest men in the world , but he lost hundreds of millions of dollars, including comapny capital, betting against Volkwagen stock last year.

His petition for financial assistance was rejected by the state government of Baden-Wuerttemberg and he entered talks with several German banks.

His uncertainity and powerlessnees to act independently broke the passionate business man caused by the financial troubles of his companies, which were induced by the current financial crisis. He took his own life by getting hit by a in the southwestern town of Ulm.

His body was found by an employee of Germany's railroad company on the tracks about 7p.m. on Monday. Merckles family had reported him missing earlier in the day.

We don't like to talk about bad news around here at Financial Elite, but anyone who is feeling helpless please get help. We have discussed the amount of suicides occuring since this crisis began and seems to be continuing. First people loosing their homes now millions of dollars.

If you our contemplating suicide there is help out there. Please call the National Suicide Prevention Lifeline at 1-800-273-TALK (8255)

More On Getting Everything You You Ever Wanted.

We received such a great response from our last post "Create Your Own Happy Ending...Get Everything You Ever Wanted" we had to give you more. Here is Jack Canfield on the Today Show discussing his latest book "Key to Living the Law of Attraction"

http://www.dreambigcollection.com/



Jack gives great examples of how you can change your life, increase your awareness, and empower yourself to create an amazing future-on filled with love, joy and abundance.

In Jack's book "Key to Living the Law of Attraction" he clearly explains not only what you need to know, but what you need to know in order to attract what you want in your life. The book addresses the important issues of clarity, purpose, and action. This though provoking guide will take you step by step through the process of defining your dreams, goals, and desires. You will gain better understanding of who you are and why you are here.

Jack shares his knowledge and experience with you and offers his proven tools and techniques for applying the Law of Attraction in your own life.

Create Your Own Happy Ending. Get Everything You Ever Wanted.

Here at Financial Elite we discuss a full realm of financial tips and what's happening in the financial world. Everything from savings, IRA's, retirement, 401K, wealth building, etc. There is very important part to creating wealth and that is you have to already feel the abundance.


John D Rockefeller once said he wanted to make a $100,000 and live to be a hundred. Although, he died two months prior to his 98th birthday he left an estate 318.3 billion. Talk about visualization.

One of the contributors to "The Secret", Jack Canfield says using visualization techniques can get you everything you ever wanted. Here's how:

You have within you an awesome power that most of us have never been taught to use. Elite athletes use it. The super rich use it. And peak performers in all fields are now starting to use it. That power is called visualization. The daily practice of visualizing your dreams as already complete can rapidly accelerate your achievement of those dreams-even if that dream is home ownership.

Visualization of your goals accomplishes four very important things.

1. It activates your creative subconscious which will start generating creative ideas to achieve your goal.

2. It programs your brain to more readily perceive and recognize the resources you will need to achieve your dreams.

3. It activates the law of attraction, thereby drawing into your life the people, resources, and circumstance you will need to achieve your goals.

4. It builds your internal motivation to take the necessary actions to achieve your dreams.

Visualization is really quite simple. You sit in a comfortable position, close your eyes and imagine-in as vivid detail as you can-what you would be looking at if the dream you have were already realized. Imagine being inside yourself, looking out through your eyes at the ideal result. Athletes call this visualization process "mental rehearsal," and they have been using it since the 1960's when we learned about it from the Russians. All you have to do is set aside a few minutes a day. The best times are when you first wake up, after meditation or prayer, and right before you go to bed. These are the times you are most relaxed. Go through the following three steps.

STEP 1. Imagine sitting in a movie theatre, the lights dim, and then the movie starts. It is a movie of you doing perfectly whatever it is you want to do better. See as much detail as you can create, including your clothing, the expression on your face, small body movements, the environment and any other people that might be around. Add in any sounds you would hearing-traffic, music, other people talking, cheering. And finally, recreate in your body any feelings you think you would be experiencing as you engage in this activity.

STEP 2. Get out of your chair, walk up to the screen and enter into the movie. Now experience the whole thing again from inside of yourself, looking out through your eyes. This is called an "embodied image" rather than a "distant image." It will deepen the impact of the experience. Again, see everything in vivid detail, hear the sounds you would hear, and feel the feelings you would feel.

STEP 3. Finally, walk back out of the screen that is till showing the picture of you performing perfectly, return to your seat in the theater, reach out and grab the screen and shrink it down to the size of a cracker. Then bring this miniature screen up to your mouth, chew it up and swallow it. Imagine that each tiny piece-just like a hologram-contains the full picture of you performing well. Imagine all these little screens traveling down into your stomach and out through your bloodstream into every cell of your body is lit up with a movie of you performing perfectly. It's like one of those appliance store windows where 50 televisions are all tuned to the same channel. When you have finished this process-it should take less than five minutes-you can open your eyes and go about your business. If you make this part of your daily routine, you will be amazed at how much improvement you will see in your life.


Another powerful technique is to create a photograph or picture of yourself with your goal, as if it were already completed. If one of your goals is to own a new car, take your camera down to your local auto dealer and have a picture taken of yourself sitting behind the wheel of your dream car. If your goal is to visit Paris, find a picture or poster of the Eiffel Tower and cut out a picture of yourself and place it into the picture. With today's technology, you could probably make even more convincing image using your computer.

We recommend that you find or create a picture of every aspect of your dream life. Create a picture or a visual representation for every goal you have-financial career, recreation, new skills and abilities, things you want to purchase, and so on. When we were writing the very first Chicken Soup for the Soul book, we took a copy of the New York Times best seller list, scanned it into our computer, and using the same font as the newspaper, typed Chicken Soup for the Soul into the number one position in the "Paperback Advice, Hot To and Miscellaneous" category. We printed several copies and hung them up around the office. Less than two years later, our book was the number one book in that category and stayed there for over a year!

We practice a similar discipline every day. We each have a list of about 30-40 goals we are currently working on. We write each goal on a 3x5 index card and keep those cards near our bed and take them with us when we travel. Each morning and each night we go through the stack of cards, one at a time, read the card, close our eyes, see the completion of that goal in its perfect desired state for about 15 seconds, open your eyes and repeat the process with next card.

An affirmation is a statement that evokes not only a picture, but the experience of already having what you want. Here's an example of an affirmation: I am happily vacationing 2 months out of the year in a tropical paradise, and working just four days a week owning my own business.
Repeating an affirmation several times a day keeps you focused on your goal, strengthens your motivation, and programs your subconscious by sending an order to your crew to do whatever it takes to make that goal happen.

Through writing down your goals, using the power of visualization and repeating your affirmations, you can achieve amazing results. Visualization and affirmations allow you to change your beliefs, assumptions, and opinions about most important person in your life- YOU! They allow you to harness the 18 billion brain cells in your brain and get them all working in a singular and purposeful direction.
Your subconscious will become engaged in a process that transforms you forever. The process is invisible and doesn't take a long time. It just happens over time, as long as you put in the time to visualize and affirm, surround yourself with positive people, rad uplifting books and listen to audio programs that flood your mind with positive, life affirming messages. Repeat your affirmations every morning and night for for a month and they will become an automatic part of your thinking-they will become woven into every fabric of your being to create the happily ever after you always wanted.


Jack Canfield, Americas Success Coach, is the founder and co-author of the billion dollar book brand Chicken Soup for the Soul and the nation's leading authority on peak performance. If you're ready to jump start your life, make more money, and have more fun and joy in all that you do, get your FREE success tips from Jack Canfield now at http://www.jackcanfield.com/