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2012 Assessments for Recession Driven Riches

30 Dec

This article is an excerpt from the book, Recession Driven Riches by Heru Ur Nekhet, national Renowned Rags to Riches Guru.

Chapter 5
Make An Honest Assessment Without Judgment

“Too many people spend money they haven’t earned, to buy things they don’t want, to impress people they don’t like.”
-Will Rogers

“Don’t succumb to excuses. Go back to the job of making the corrections and forming habits that will make your goal possible.”
-Vince Lombardi

Despite the appearance of wealth created by the mass accumulation of material goods during the last boom (homes, cars, electronics, clothes, etc.), most Americans got into the habit of living on borrowed money. Still in denial and oftentimes overwhelmed by the gravity of their financial situation, the majority of those people now find themselves deep in debt with no feasible plan to get their heads back above water. Proper realignment requires you to perform an honest assessment of your current skills, confidence, resources, mental and physical health, time management, asset values, and soundness of potential business ventures or investments. It is easy to minimize or exaggerate your financial situation if you are judgmental about how you got into the situation.

In order to effectively create a plan of action to fix your current situation, you have to know exactly how much income you have from all sources (job, investments, business, etc.) as well as exactly how much money is being spent in that same amount of time. It sounds simple, however most people never take an accurate accounting of how much money passes through their hands each month or year. Be careful not to overlook any income or expense no matter how small it might seem. Even the small expenses add up over time. If you don’t want to use the old fashion pencil and paper method to create a balance sheet, you can use an online expense tracking website such as Wesabe.com or Mint.com.

It is important that you also check the current value of any assets that you currently own. These assets include your home value, investment property value, securities (stocks, bonds, mutual funds, IRAs, etc.) and any other holdings you might have. Oftentimes we invest in assets and just forget about monitoring them to make sure they are still worth keeping. For real estate values you can check propertyshark.com or zillow.com. For securities you can check morningstar.com to see if they are profitable. For other assets such as gold or silver you can go to goldprice.org, but for collectables you should get a professional appraisal.

How do you know if an asset is worth keeping? The answer is simple, if it is currently performing at a rate of return that meets your current needs, then it is worth keeping. If it is no longer performing to your standard and the prospect of a turn around is not imminent, then cut your losses and get rid of it. Let’s start with your home. If your current home value is less than the purchase price, then you are paying on a mortgage for the next few decades far more than the price will ever be again. You are financing something that will probably never be worth what you are paying. This raises a couple of issues. First, it will never gain equity so you cannot borrow against it. Second, you will never be able to sell it and recoup the money you put into it. If you have no desire to ever borrow against it (refinance) or to sell it, and you have no desire to take advantage of the fact that you can now get more home for less than what you are currently paying, then you don’t have to do anything. Enjoy your overpriced home.

After taking an assessment of your current assets, you must seriously evaluate what resources you currently have to work with. These resources might include cash reserves, creditworthiness, insurance, professional advisors (accountant, broker, financial consultant, attorney, etc.), support from family or friends, knowledge, skills, etc. If you find that you are lacking necessary resources, then part of your realignment plan must include gathering needed resources.

Some Things to Assess

  • Debts – credit cards, loans, mortgages, etc.

  • Investments – real estate, stocks, bonds, IRA, TDA, 401(K), bank account, Certificate of Deposit (CD), gold, collectibles, etc.

  • Asset Values – real estate equity, gold appreciation, stock prices, collectible value, etc.

  • Income Sources – job, business ownership, dividends, rental income, etc.

  • Relationships – partnerships, family, friends, dependants, etc. Are they supportive or detrimental?

  • Skills – relevance and market value of skills, obsolescence of skills, etc.

  • Resources – time, cash flow, credit, partnerships, professional team, etc.

  • Expenses (liabilities) – basic living expenses, appropriateness of expenses, where and how to minimize expenses, etc.

  • Insurance – appropriateness of coverage, lack of coverage, excessive coverage, cost of coverage, etc.

  • Taxes – appropriate shelters, deductions, structure, etc.

  • Information Sources –news sources, opportunities, networking events, clubs, organizations, advisors, mentors, etc.

Get You Copy of Recession Driven Riches Now at http://www.recessiondrivenriches.com/

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Using Secure Credit Cards and Comparing Effective Options to Repair Bad Credit Scores

8 Jun

Interesting advice from Red, White & Blue Press’ Alex Strobel on using secured credit cards and how the higher rates may not be such a bad thing.

Check it out:

http://bit.ly/IG-SS-cred10

Insider Secrets – Q&A 2/17/2011

19 Feb

In the latest of my Q&A sessions, I answer questions about the potential end of the effects of this Great Recession, whether it makes sense or not to preserve your credit, and whether now is a terrible time to start a business (and what’s the proper way to do so).

To submit your own questions and get valuable financial advice, email them to: Heru@Insidersgroup.com or to my Twitter page – twitter.com/HeruNekhet

Heru Nekhet
President, Insiders Group Inc
www.InsidersGroup.com

two great new Insiders Group workshops!

24 Sep

Great news everyone!

Starting in October, Insiders Group Inc. will be offering two sets of workshops that are CAN’T MISS!

With all the craziness going on with the U.S. economy, we’re kicking off our Autumn series with a two-hour intensive Insider Secrets to Near Perfect Credit workshop. Where our Financial Freedom courses tell you how to alter your mindset in order to learn the proper, no-fail ways to clear your debt and get a better grip on your finances through employing the secrets of the wealthy elite, our credit repair workshop teaches you to:

  • obliterate bad marks on your credit report and significantly increase your credit score in only 91 days
  • discover the secrets to getting bank loans and lines of credit even if your credit stinks
  • gain access to the billions of dollars out there that creditors are willing to give you, and much more.

The small investment for this priceless program is only $27. Registration begins right now, so join us at 216 Greene Avenue in the historic Clinton Hill section of Brooklyn on October 15th at 7pm to start enjoying the privileges that come along with good credit. The program also has a 100% money-back guarantee. If you’re not fully satisfied, you will get a full refund.

Later that week, and two more times during the month, discover the secret, unfair advantage that allows you to rake in huge profits in today’s real estate market with no bank loan, no credit, and little or none of your own money.

A lot of people feel the real estate market has crashed. But any investor worth their salt knows that no matter what changes there are to the market, one has to alter their strategies. Insiders Group Inc. is a true proponent and example of that type of thinking, and so we’re offering a great workshop for you all to still make money in real estate.

First some facts: According to the Association of Progressive Rental Organizations, the rental industry’s trade association, the lease option business generates $4.4 billion in revenues for the industry, and serves nearly three million customers! It shows no signs of slowing down, in fact, all indications point to increased revenues for years to come. It’s time for you to take advantage of this high profit, proven method while there is still virtually no competition.

In the “Insider Secrets to Making Big Money In Real Estate With Little Cash and No Credit” we’ll cover in detail and reveal the insider secrets of using the “lease with an option to buy” basic strategies. When you walk away from this workshop there will be no guess work involved in making your fortune in real estate because we’ll take you by the hand and show you the way.

When you register for this real estate investing workshop you’ll discover:

  • How you can acquire a profit producing property for very little or nothing down quickly and easily
  • How to attract the best tenants who pay for the property while you pocket extra cash
  • Learn the only types of real estate to invest in and which types you should avoid at all costs
  • Fun, fast, step-by-step methods for attracting eager buyers and motivated sellers but more importantly, how to get them to sing on the dotted line —EVERY TIME. Hint: it’s easier than you think!

…and MORE!

So, who should come to this workshop? Any already established investor who wants to stay ahead of the market and boost their income with a powerful new strategy. Also, anyone interested in making huge profits acquiring a portfolio of valuable real estate without the headaches associated with traditional investing.

You’ll get two hours of ALL NEW money making real estate investing information featuring the best quick start information.

Oh, and did I mention? It’s FREE. WHY? Because we know once you see how powerful these insider money making strategies are, we’re certain that we will at some point work closely together and each make a fortune. But because it’s free, we have to limit registration to the first 30 people that are registered, and seats are already being filled.

Insider Secrets to Making Big Money In Real Estate With Little Cash and No Credit starts on Saturday, October 18th at 1pm, occurs again Tuesday October 21 at 7pm, then again on Saturday November 1st at 1pm.

Registration for both workshops is uncannily easy. Either call us Toll Free: 800–614-4018 or at 718-622-2271.

So Don’t Wait, Hesitate, or Procrastinate! It’s time for you to Take Advantage of These Risk-Free Offers Today!

www.InsidersGroup.com