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20/20: Hindsight - Which I now have being the ripe age of 47. How many of you would like to Speed Up Your Retirement? How many of you would like to know when the next Pit Fall is Coming or What not to do in a certain situation? All of Us would love to know what our "Elders" know and the only thing left to do is Apply It! Which is the tough part - The Personal Discipline to Make it Happen - Do you have what it takes to Apply the Wisdom?
Over 15 years ago ( I was then 32 years old) I use to wake up at 4:30 am - yes - 4:30 am literally five days a week and go to a very small local gym to work out. When I arrived - at approx. 5 am - there were already two other gentlemen there - whom I got to know very well. They were at that time in their mid 50's - grey hair and both were in pretty good shape. One gentleman - Frank - pulled me aside one day and handed me tow pieces of paper - stapled together - and you could tell they had been pushed between the drivers seat of his Mercedes. Frank was a salesman - quick successful I might add - who had been in the retail electronics industry for over 20 years. What Frank told me, over 15 years ago, I should have heeded and not only read the documents he provided - but taken one simple step and taken action as he suggested. Frank told me that at my age of approx. 30 years old - if I were to invest in the Mutual Fund that he provided the information on in the two tattered pages he provided - that I would not have to work when I become his age. Being the Naive Person that I was - too young to think of what was coming - which is Older then Old Age - I just read the documents and then discarded them.
Amazingly enough here I sit almost 20 years later and I still think of Frank and the two minute conversation we had about investing - early and what the definition of compounding interest really means. I can tell you that I was fifteen minutes - which is all it would have taken at that time - to pick up the phone and set up an account. Frank asked me to invest only $500 per month to start and then increase that amount over time - but to never go below or take money out of this investment for at least 20 years. Do you know that the compounded interest on that amount would have been over $1 million dollars to date - only 15 years later!
Not taking Franks advice has been one of - the biggest mistakes of my life!!
If you are 25 to 30 or even younger - and if you read this - Take my advice - and Franks too - Invest in a Mutual Fund or Long Term Investment NOW. Don't wait like I did. There are literally hundreds if not thousands of great long term investment vehicles to pick from. Do it Now! Don't wait - Pick up the phone and make a commitment to yourself, your family and know that sooner thank you think you too will be 47 and wondering where the years have gone. The mutual fund Frank presented to me was a No Load (low to no commissions) fund and paid interest rates - back then of approx. 8%. Most funds today provide a modest 5% or so depending on your propensity to risk. I am personally invested in what is call an ICA - Investment Corporation of America. So far So Good - I just wish I would have invested when I was asked and instructed to do so. You can look up their prospectus on line - you won't believe the numbers - really.
There are many other 20/20's I will post in the coming weeks. I hope this article is helpful and informative. You are welcome to ask any questions on any topic - I will either give you my experience on that topic or my valued opinion.
Stay tuned and God Bless:
Andrew Johnson
Tuesday, October 1, 2013
Monday, May 13, 2013
Short Sale Reality - Charlotte NC
How many of you have been put into a position by your Bank and had to either Forfeit or Short Sale your home?
Well, I can tell you, From Experience, I was put in this position by my bank - One of the Largest in Charlotte NC - by a CSR telling me that they could modify my loan - which at the time was over 7% - If I were to become delinquent. Seeing that you had to be delinquent at that time to "Qualify" for one of their programs.
I can also tell you - I had never missed - nor have I missed a Mortgage Payment in my life. The year was 2009. Since October 2011 - when my home was sold via a Short Sale - due to the Banks irresponsible advice, my taking it and the fact I was "under water" with the value - I decided to Ride the Situation out. As stated my home was sold Oct. 2011.
Since Oct. 2011 I have been asking, and asking and asking people of whom I know and respect - How do I Repair My Credit - Not One Person Could Answer My Question - with any dignity or respect. No one I knew had gone through the entire process or had experienced anything of the like first hand.
So - Today I finally got a few answers - from a loan originator - at the same bank that put me into this mess. By the way - Since 2009 - When my credit disappeared - Virtually was stripped from my like a wet blanket - I have paid cash for every transaction I have made - Cars, Repairs, Food, Gas, Etc....Every single expense - including my daughters Private School in Raleigh - Which is just about at the Duke University level in expense!
Here are the facts - If you have a Short Sale - There is a 2 year time frame that you have to expend prior to applying for another Mortgage. Also, your credit - other than the hopefully single blemish you have on your record (mine was one - this mortgage issue) - needs to be fairly perfect - I personally have a 700+ Credit Score - With no real Credit at this time (Meaning - No Prior Payment History Since 2009).
If you have a foreclosure - A time frame of no less than 5 years before you reapply.
Also, You need to get a Secure Credit Card or Some form of Gas Card or Something in the interim of ether the 2 years or 5 years period so you can start to show a Good Payment History - Even if you use a Secure Card - Your history will show up on your Credit Report. So Get One and I mean Immediately. I waited almost 2 years before being told this last week.
The Bank that put me into this situation sent me a check for 1k for a Class Action Law Suit. They know they have made serious errors instructing people to become delinquent to Qualify - When there were no Qualifications at the time I was instructed to do so.
If you have any questions that I can try and Answer - Just email them to me. I hope - through this Blog someone will find benefit from someone else information and past mistakes.
A Word of Advice: "Do Not Take the Word of a Bank CSR" - use your Gut and your Common Sense to keep your Credit in Check!
Have a good day.
AndrewCharlotte
How many of you have been put into a position by your Bank and had to either Forfeit or Short Sale your home?
Well, I can tell you, From Experience, I was put in this position by my bank - One of the Largest in Charlotte NC - by a CSR telling me that they could modify my loan - which at the time was over 7% - If I were to become delinquent. Seeing that you had to be delinquent at that time to "Qualify" for one of their programs.
I can also tell you - I had never missed - nor have I missed a Mortgage Payment in my life. The year was 2009. Since October 2011 - when my home was sold via a Short Sale - due to the Banks irresponsible advice, my taking it and the fact I was "under water" with the value - I decided to Ride the Situation out. As stated my home was sold Oct. 2011.
Since Oct. 2011 I have been asking, and asking and asking people of whom I know and respect - How do I Repair My Credit - Not One Person Could Answer My Question - with any dignity or respect. No one I knew had gone through the entire process or had experienced anything of the like first hand.
So - Today I finally got a few answers - from a loan originator - at the same bank that put me into this mess. By the way - Since 2009 - When my credit disappeared - Virtually was stripped from my like a wet blanket - I have paid cash for every transaction I have made - Cars, Repairs, Food, Gas, Etc....Every single expense - including my daughters Private School in Raleigh - Which is just about at the Duke University level in expense!
Here are the facts - If you have a Short Sale - There is a 2 year time frame that you have to expend prior to applying for another Mortgage. Also, your credit - other than the hopefully single blemish you have on your record (mine was one - this mortgage issue) - needs to be fairly perfect - I personally have a 700+ Credit Score - With no real Credit at this time (Meaning - No Prior Payment History Since 2009).
If you have a foreclosure - A time frame of no less than 5 years before you reapply.
Also, You need to get a Secure Credit Card or Some form of Gas Card or Something in the interim of ether the 2 years or 5 years period so you can start to show a Good Payment History - Even if you use a Secure Card - Your history will show up on your Credit Report. So Get One and I mean Immediately. I waited almost 2 years before being told this last week.
The Bank that put me into this situation sent me a check for 1k for a Class Action Law Suit. They know they have made serious errors instructing people to become delinquent to Qualify - When there were no Qualifications at the time I was instructed to do so.
If you have any questions that I can try and Answer - Just email them to me. I hope - through this Blog someone will find benefit from someone else information and past mistakes.
A Word of Advice: "Do Not Take the Word of a Bank CSR" - use your Gut and your Common Sense to keep your Credit in Check!
Have a good day.
AndrewCharlotte
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