Book Reviews

Should I Buy This Book? Review: Creating Your Own Destiny

I am just going to give you a quick review of Creating Your Own Destiny.  I really enjoyed this book.  It teaches you how to control your life and not let others control it for you.  It also talks about creating your own wealth by starting businesses and starting different streams of income which is the key to becoming financially free.

This book also has a great section about overcoming fears and adversity.  Just start.  Go after what you want in life.  A great example is starting your own business; the hardest part is just starting.  This book does a good job of providing motivation that you need to start a business.  It also goes into setting up goals to accomplish becoming financially free .  I really, really, really enjoyed this book.  I think that everyone should own a copy.  It is very motivational.  This book is a short book, only about 150 pages.  It isn’t a long read but is packed full of a lot of information.

Buy This Book

Creating Your Own Destiny New

Creating Your Own Destiny Used

Home Ownership

Beware of Hidden Costs in Mortgage Deals

Whether you are buying your first home or have purchased and refinanced several homes over the years, you no doubt are making your best effort to budget and plan financially for your mortgage. The most obvious expense associated with a mortgage pertains to the regular monthly obligation of your mortgage payment. However, a mortgage also comes with various loan fees and closing costs. Some of these are required to be paid at the beginning of the loan process, and others will be paid at the closing table. While effort is made to fully disclose these fees and costs to a mortgage applicant, there are some hidden costs and fees that often take a mortgage applicant by surprise.

Taxes and Insurance

Many mortgage lenders require you to establish an escrow account when you open a new loan. This escrow account will be used to pay for property taxes and interest, and lenders generally prefer to keep approximately three to six months’ worth of property taxes and homeowner’s insurance payments in the escrow account. The actual amount collected from you, however, will vary based on the time of year it is and the lender’s requirements. A collection of several months’ worth of property taxes and homeowners insurance is a significant expense that is often overlooked.

Loan Origination Fees

A loan origination fee is a fee that a broker charges you to work on your loan, and some lenders will also charge this fee. Some may call it an origination fee, and others will call it a generic loan fee or a lender fee. In some cases, this is a flat fee that is easy to budget for. However, it is common for this fee to be listed as a percentage of the loan amount. A seemingly small percentage, such as one or two percent, may be overlooked by a typically borrower as a small fee. However, in reality, a one or two percent fee can be rather significant.

Loan Points

Loan points or “buydown” points are often tacked onto a loan in order to reduce the interest rate. Some lenders and mortgage brokers will advertise a very low interest rate that has several loan points tacked onto it. You may believe that you are getting a great deal on your loan request because of the unbeatable interest rate you are receiving. However, the loan points that are being used to buy down the interest rate will generally need to be paid at closing, and these typically will range from a half a percent to two percent or more. The cost of loan points coupled with other closing costs and fees can be expensive.

It is common for total loan costs on a typical loan to be approximately three to five percent of the loan amount. However, there is a great deal of flexibility and variation in this area. Some fees are negotiable, such as loan origination fees, and some borrowers have been able to reduce their closing costs through negotiation. Other fees may be needed. For example, mortgage protection insurance or a borrower may need to buy down the interest rate with a loan point in order to qualify for the loan amount needed. Regardless of the total loan costs, these expenses and fees ultimately can catch you off guard if you have not planned for them. With this in mind, ask your lender or mortgage broker for an estimated closing statement very early on in the loan process. If any factors change during the loan process, request an updated estimated closing statement. This effort can help you to better plan for the closing costs and fees associated with your loan.

Home Ownership

Homes Sales to Chinese More than Double in Past 7 Years

Homes sales are up across the board, which means that the economy is steadily growing. However, one demographic stand out as having a huge growth in home buying since 2007, and that is the Chinese. A lot of these residents are in Southern California, but across the United States the sale of homes to Chinese to Chinese-Americans has grown. There are many reasons for this growth, but whatever the buyers reason is, it is good for the overall economy.

One reason that Chinese nationals could be buying in the United States is for investment property. Property in China and Hong Kong is notoriously pricy, as well as scarce. The housing market in the United States always has plenty to offer, as well as buyers who are more than happy to drop the price a little to get cash payment. Cash payments are more common with overseas buyers than with stateside buyers, and with little else attached, owners are usually happy to cut a bit of the price to get cold hard cash. Many come to the United States to find jobs or to attend college, and China and Hong Kong are hard pressed for jobs right now, unless someone is highly educated. While they may not make as much money working in the United States, the lower cost-of-living expenses helps even out the lower wages.

One obstacle of foreign homebuyers is how American homes are set up. If you have ever flipped through an international architecture magazine, or watched “House Hunters International” on HGTV, you know that homes overseas are sometimes vastly different from American homes. Our homes have much more space than homes in Asian countries, and are set up completely different. While a massive staircase in the foyer may be a status symbol to Americans, it is Feng Sui no-no to those who practice it. Feng Sui is a system where the placement and colors of objects help move energy through the location. Therefore, for the massive staircase in the foyer, it can press energy from upstairs downward and out the door, which you do not want. This can be combatted with a red rug, which keeps the energy upstairs, flowing freely. Homes in the United States are usually freestanding structures, even in large cities, and the opposite occurs in China and Hong Kong. Even though the United States has condominium and apartment options for habitation, they are usually much larger, and with more amenities, than homes overseas. The size, costs, and amenities drive many to look at the United States as a place to live, or at least a place to invest in.

Home sales overall have increased, but the one demographic that stands out are sales to those that are Chinese-American or Chinese nationals. There are many possible reasons for this jump in sales, from our economy to our cheaper home prices to our home amenities and sizes that are not available elsewhere. Regardless of the reason, the influx of international buyers is helping our economy gain steadily.

Blair ThomasAbout the Author:  Blair Thomas is the co-founder of eMerchantBroker.com the #1 high risk Credit Card processing company and he could tell you how to get a merchant account with bad credit at amazing rates! He has been in the electronic payments industry for over 10+ years.  When he is not running his business he spends his time writing and producing music, which has been featured in a variety of films.

 

Money Management

Identity Theft On Black Friday

Identity theft this Black Friday is a very plausible fear. With the hustle and bustle of getting the best deal the fastest can cause us to let our guard down. Check out these tips to protect your identity this Black Friday:

Tips for Holiday Shopping
[Via: IdentityHawk.com identity theft]

Do What You Want

How To Make Money When Starting A Website

It’s time to start making money.

Today I’m going to go into how to make money by selling other peoples stuff. This is called being an affiliate.

You send traffic to others peoples sales page and have them do all the hard work.

This is great for someone just starting out to get some experience under their belt and gain a little spending money.

You’re not going to get a lot of money from this in the beginning because you have to get some traffic (I’ll go into that in another email) in order to tell someone about the product.

But the good thing is that you can get traffic from search engines by creating a post that is a review of the product.

So the title could be “Product” Review.

That way when someone looks up a review of that product, one of your posts will be in the results and they’ll buy through you.

So where are you going to get these products?

I’m glad you asked.

There are several sites that are packed with all of these products. Here are the ones that I use.

PayDotCom – They are lesser used, so the products in there aren’t promoted as much as other sites. That equals a goldmine.

ClickBank – Well known and the biggest choice of products.

Those will get you started on the path to affiliate sales.

There are also opportunities to tell people about sales and businesses.

Here are a couple of great sites that have promotions and businesses that you can promote as well.

Flexoffers– Lots of great businesses to promote.

Logical Media– My favorite because they are always sending me new limited time promotions.

There is 1 important thing that you need to do when promoting affiliate products.

Have some knowledge of the product that you’re promoting. You don’t have to buy every product that you promote, but at least read up on it. You don’t want to promote something that’s going to give you a bad name.

If you do then people won’t buy your products when they come out.

And of course Live Your Passion