Over my 10 year real estate career, I've run into many people that have real financial crisis. Many call me to buy a home and then admit to a bad financial situation and poor credit, or, I find out later after making a referral to a mortgage professional that bad finances and poor credit prevent them from buying a home. I really don't like being able to help these people because buying a home is a SMART financial decision.
The sad thing is that I know that many or most of these people in dire financial straits will be in the same boat 5 years from now and then 10 years from now and likely too all the way out to when they should retire or will be retiring. Their situation will never change, because they don't work to change spending and saving habits.
Recently, Consumer Reports magazine had an article "7 Steps Toward (Financial) Reform." A subscriber wrote the following letter to the editors in response to the article... "The article didn't list the most important reform: Reform the consumer. Start with these steps: Thou shalt not covet more house that thoust canst afford; not shalt not use thy credit card for long-term debt; thou shalt nor bear false witness on thy mortgage application. Those are among the sins that got us into this mess."
Things to Do:
Read Mel Coker's "Best Financial Advice Ever" (4 Simple Tips that WILL Work)
READ: The Total Money Makeover: A Proven Plan for Financial Fitness
READ: The Millionaire Next Door
I strongly recommend preparing a written budget and Net Worth statement each year (end of year is a great time to do one). Do one now, print it out and save it, and then do one each year. Watch your progress as you focus on your finances.
Prepared your Net Worth statement? Now, you're ready to see where you stand! CLICK HERE for the "How Wealthy Are You?" calculator.
Visit Mel Coker's Financial Links website: net worth calculators and statements, retirement savings, college planning and savings, and much more.
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