Live From The Hurdie Burk Radio Network

Yesterday I had the pleasure to be on the Hurdie Burk Radio Network. In the last seven years in mortgage lending that was probably one of the coolest things I have done. You would think that talking about finance and mortgage lending for an hour would be boring but Hurdie kept it very entertaining.

Needless to say, I am very impressed and if you didn’t get a chance to listen HERE is a copy of the recording.

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Phase One: IRA Conversion Strategy

In the last post we talked about how everything we have been taught regarding the residential finance process isn’t working. Over the next five weeks we will be talking about the 5 Phases to achieve Financial Success.

Phase One
The IRS and Congress have eliminated the limits on how much you can earn and how much you can have in retirement accounts before you can convert.

Little does anyone know, you can convert any amount of money to a ROTH IRA.
The reasoning behind this idea is to convert the money now. Pay taxes on it now. Let the account increase in value and withdraw the money later on without having to pay taxes on it.

What is a Roth IRA?

If you are not familiar with a Roth IRA, it is a retirement account where you invest after-tax dollars, and withdraw the funds tax-free. In other words, you invest your money in the retirement account after you have paid taxes on it. Being that you paid taxes on the money before you invested it, you do not have to pay taxes when you withdraw the funds from the Roth IRA.

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Preparing For A New Job or Career

Economic globalization is changing the way that business is done all over the world – especially in America. Many corporations are unable to respond to the rapid changes in the economy and business environment and they are going through one bankruptcy or restructuring after another. Are you prepared to face the financial impact of losing your job or changing careers? Here are some tips on how to weather the storm:

  • Establish an emergency reserve account
    • CMPS professionals help you implement cash flow strategies to ensure that you have at least 6-12 months worth of your income in a cash reserve account. This will enable you to weather the financial storm of a job or career change without putting undue financial pressure on you or your family. Many families have split up over financial pressures associated with a job loss or career change. Don’t be one of them!
    • Establishing an emergency reserve account can also enable you to take your time finding the right long-term job or career solution instead of settling on a short-term fix. Remember, a short-term fix may cost you a lot more in the long-run when it comes to potential income and lost opportunities.
  • Don’t wait until the last minute
    • If you know that your job may be in jeopardy or that you may be changing jobs or careers, start planning now. If you are out of a job or if you have recently switched careers, it is very difficult to qualify for mortgage financing. Therefore, the sooner you plan, the better it is for you because your options will be much more abundant.
    • CMPS professionals help you implement strategies to plan now for an upcoming job or career change.
  • If you failed to plan properly for a job or career change, don’t settle for an undesirable financial strategy or short-term fix. CMPS professionals help you implement a step-by-step plan for how to re-establish your financial footing after going through a job or career change. This may involve:
    • Financing in stages – a refinancing or debt restructuring plan that takes place over time
    • Sale/Leaseback or Rent-to-Own strategy – a way to keep your existing home or purchase a new home when you can’t qualify for traditional financing options

Click below to download the free report that illustrates some of the mortgage, cash flow and home equity planning strategies to better help you prepare for a job or career change:

 How to Safely Manage Home Equity

Big Holy Audacious Goals…Put Your Goals and Dreams to the Test

Where there is no vision, the people are unrestrained, but happy is he who keeps the law. – Proverbs 29:18 (NASB)

A dreamer is one who can only find his way by 
moonlight, and his punishment is that he sees the dawn before the rest of the world. – Oscar Wilde

 

I recently heard Brawn Lide, of BrawnCoaching.com, speak on John Maxwell’s book Put Your Dream to the Test. Brawn went it fairly good detail on the 10 questions Maxwell challenges you to ask yourself….and I’m challenged.

Here are the 3 “Questions” I’m focusing on this next week and will be challenging myself and others:

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