PROMOTION/MARKETING TIP # 986: "Just because you BELIEVE it CAN happen, doesn't mean it WILL happen." There really is such a thing as an educated risk, and a well-intentioned hope. Look, the truth hurts and I have had MANY people storm out of my office because I tell them the facts. Better to leave my office in a huff, than to leave a bad event broke and in debt.....
This is one of my favorite creations. Creating thought-provoking statuses on FACEBOOK is one of my favorite past times. (Yeah, I am weird like that.)
www.alfonsotodd.com
GOD or GOOGLE ?
by TREMAYNE TATEM
What About Me?
I must admit, I am guilty as charged and I know that I am not alone. Have you ever got a thought or idea and in an instant, you subconsciously jumped on the keyboard, goto the web browser, and type inw-w-w.g-o-o-g-l-e.c-o-m. Make your request to the Holy Grail of search engines, and “voi-la” an answer from the “Google Heavens” gives you pages upon pages of listings from every angle you can think of. You scroll down with the anticipation of a shopper at the clearance rack searching for a deal, looking for the web page of your request. Honestly, the instant gratification is so satisfying in that moment, while secretly in the midst of your thoughts you hear a still small voice speak to you and say, “What about Me?”
Touched by Google…
I was reading an article in Laptop Magazine named “Is Google Good or Evil?” and it really made some interesting points. Google has made it really hard for us to stay out of its presence, being touched by it via G-mail, Google Maps, Google News, Blogger, YouTube (Google bought for billions of dollars…), Google Docs & Spreadsheets, Google Calender, and the list goes on and on. Where will they not be? Looking to get into every space we call home. Some will even go as far as saying they are omnipresent.
This company has successfully tapped into every human beings innate searching capability. The longing of every man’s heart is wired to know and to be known, especially by our Creator. Adam and Eve’s demise came through an opportunity to search. When we learn to set the “search browser” of our heart on the Knowledge of God, He will allow us to search His expansive data base that makes Google look like a drop in a bucket.
FINANCIAL ADVICE by CHRISTOPHER LYNCH
This month I wanted to discuss a topic that I frequently get asked a lot of questions on, debt management or debt consolidation. As a Financial Advisor my job is pretty simple if we look at the basic fundamentals; I help people to accumulate wealth, figure out what to do with accumulated wealth while maximizing the preservation of said wealth and also to protect themselves and their families ultimately. However I wanted to share an article that might be of assistance for those on the path to being in a position where they feel comfortable enough to start that journey. This article is an excerpt from a great resource; Mr. Kenny Golde, please enjoy and while I love Kenny please note as a disclaimer that all the information passed on here is Kenny's and has worked for him in the past but does not mean I endorse his process.
Do It Yourself Debt Negotiations
Negotiating settlements is one of the fastest ways to reduce large portions of your credit card debt permanently. Although there are many companies advertising on radio and television to work for you in settling your credit card debt, it is possible to do it yourself without paying additional fees or a percentage of the amount you save to a third party.
Here are five major points to keep in mind when settling your credit card debt.
1. It will be necessary to stop making payments on your credit cards. Generally, it seems that most banks, credit card issuers and other lending institutions are not interested in negotiating settlements with customers who are current on their payments. In my experience, most people who could save many thousands of dollars through debt settlement will not do so because they do not want to miss payments for two reasons.
a. First, they are worried about their credit score. The fear of hurting our credit score is quite common. Though I do not suggest that you should toss all concern for your credit score to the wind, I do suggest that you include consideration of your credit score as one point in a larger context of your overall finances. Your credit score is a tool that lenders use to determine the risk in lending to you. In many cases, having a lower credit score does not mean that you cannot get credit, only that the credit will come at higher interest. If the amount you can save through debt settlement greatly exceeds the amount you will pay through higher interest on a future loan, than the benefit of settlement outweighs the drop in credit score.
b. Second, they feel somehow "wrong" in missing a credit card payment. This is because we, as individuals, are taught to attach a great deal of emotion to our finances general and negative emotion to debt and the inability to pay off debt. By separating all emotionality from debt, you will be more successful in your settlement negotiations, which brings us to point number 2.
2. Treat debt settlement like a business negotiation, because it is. There is nothing wrong with you for being in debt. You are not a failure or a bad person. Our world runs on debt, every dollar in your pocket represents debt (the U.S. government owes the Federal Reserve $1 for borrowing that note). You are encouraged to borrow for school, cars, clothes, gasoline, homes and business. And in today's economy, many of us are turning to credit to meet the shortfall between our income and our monthly expenses. This is the world we live in and the businesses that have chosen to lend money understand that life happens and some of their loans will not be repaid in full. The work those numbers into their business model they same way retailers know that November and December will be big and January will have a lot of returns. So when a collection's agent tries to intimidate you buy calling into question your integrity because you are asking to settle the debt for less than is owed, remind yourself that this is a business deal and in business everyone is trying to negotiate the very best position for themselves or their company. You are the C.E.O of your own corporation, the corporation of You, and You have the right to reach the best financial terms for the health of your company as any other C.E.O. of any other business. One of the primary functions of every corporate C.E.O is keeping an eye on the company's debt balances and negotiating out of debts, writing off debts, or selling debts in order to raise capital. You read about it every day in the Wall St. Journal. And they never take it personally or tell themselves they are bad people for doing it. If you're going to play the same game, put yourself on the same playing field.
3. Be patient. In my experience, it takes three to four months from the time you stop making your payments before the banks or credit card companies will begin making settlement offers and their first offers will be very high. My own first offers ranged from 85% of the total debt to 92% of the total debt. One company offered to settle for my entire balance less the interest that had accrued from the time I stopped paying (no savings there). Usually, around the six month mark the bank will be getting ready to send the debt to a collection agency who will pay them far less for it, sometimes as little as 5%. Before that happens, they'll be motivated to settle with you for more than they'll get from collections. Generally, I hear about settlements in the 30-35% range as common after six to eight months of negotiating. I've heard as low as 15% but rarely. One of the biggest drawbacks to using a service agency to negotiate your debt (even one of the honest few) is that they don't have the same stamina as you. They are either working for a fee and what to put in as few hours as possible to up their hourly rate on that fee, or they are working on a commission and want to book it as quickly as possible. So when the first offers start coming in at 50-60%, they may tell you to take it because they book their fee and move onto the next client. You, on the other hand, will have the patience to wait two, three, four more months for a settlement in the 35%, maybe even 20% range because it means a greater savings to you.
4. Get your settlement agreements in writing. I cannot stress this enough. I had one bank offer me a settlement, which I accepted, then tell me to send them the money and afterward they would send me a statement saying the account was settled in full. I asked, "Would you pay for a house and then look at the loan agreement?" Of course not. I had another bank settle with me then send the balance (the amount written off) to a collection agency to try to collect on it. If I hadn't had had a settlement agreement in writing I might have been stuck with that debt but with the agreement it went away.
5. Live your life. Too often we allow serious debt and the stress associated with it to define our lives, our relationships, our moods and our actions. Along with giving up the emotion attached to debt, give up the sense that you have to stop enjoying life just because you are having financial troubles. Smile, walk in the park, go to a movie, eat ice cream, love you spouse, laugh with your children. You have the debt, live with it, don't let it live you.
Christopher E. Lynch, MBA
Financial Services Professional
MassMutual Financial Group
Stabler Corporate Center
3773 Corporate Parkway, Suite 380
Center Valley, PA 18034-8228
( Phone: +1 610 798 2500
( Direct: +1 610 798 2562, Fax: +1 610 798 8290
*: ChristopherLynch2@finsvcs.com
&: http://www.massmutual.co
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