The #1 mistake home buyers make

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Understanding the 3 sided balance sheet

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The New Location, Location, Location

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How to Avoid Stress and Frustration

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Top 10 Lessons I Learned in September 2017

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The learning, growing, and implementing continues!  Every month this year, I have been journaling the greatest insights and reminders I learn each day.  I’ve even now heard from a few others that I’ve inspired them to log their lessons learned each month!   

Here are my Top 10 for September 2017.  As I discussed in my last post about what I learned in August, you’ll find a heavy infusion of Og Mandino’s wisdom from his book, The Greatest Salesman in the World – Part 2.  And once again, I hope one or more of these lessons can help you in some way moving forward. 

  1. Nothing in life is as important as you think it is WHILE you are thinking about it. – Daniel Kahneman’s The Focusing Illusion) 
  2. The only valid price tag is the price we attach to ourselves. – Og Mandino 
  3. If you don’t tell yourself how long you’ll live, other people will.  (Let this one sink in a bit!) 
  4. To multiply my growth, I can no longer think in the realm of “time and effort”.  I live in a world of “results”, and if I can accomplish far more, in less time, with less effort, that’s my goal. 
  5. “Your eyes only see and your ears only hear what your brain is looking for.”  – Dan Sullivan.  (Think about how often you read things or watch stuff that confirms the beliefs you ALREADY have, rather than that which challenges your current beliefs.) 
  6. Increasingly spend more and more time doing the right things with the right people and less time doing the wrong things with the wrong people.  (‘Nuff said.) 
  7. The person who is perpetually hesitating between which of two things he or she will do will do neither. – Og Mandino. 
  8. It is those who concentrate on but one thing at a time who advance in this world. – Og Mandino 
  9. The master of a single trade can support a family.  The master of seven trades cannot support himself. – Og Mandino 
  10. The widely dispersed explosion of thunder produces no results compared to a single, concentrated bolt of lightning. – Og Mandino 

Thank you for reading and following!  Keep learning.  Keep growing.  It is what we are designed to do as humans.  And PLEASE SHARE this with others to give value and help THEM grow. 

 

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Understanding the 3 sided balance sheet

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Top 10 Things I Learned In August

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The New Location, Location, Location

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What is the real cost of a mortgage?

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How much money should I keep in a savings account for emergencies?

emergency-fund11Question:                                                     

How much money should I keep in a savings account for emergencies?

Answer:                                                    

Many financial professionals suggest that you put away three to six months’ worth of living expenses for emergencies. We actually call these funds “Cash Reserves,” because the reality is, most things that might happen are not really emergencies. Once established, we also refer to this as your “sleep well at night” account!

If you lose your job, or become disabled and don’t have adequate disability insurance, you’ll need that money to pay your regular monthly expenses, such as mortgage payments, insurance premiums, groceries, and car payments, until you can find another job. Without such an emergency fund, a period of unemployment could put your assets at risk. Similarly, if your car breaks down or your spouse has a medical emergency, you’ll want to have the necessary cash to pay the bills. You don’t want to be faced with an immediate need for cash, only to discover that you don’t have any.

You may have already set up an emergency fund. Did you put the cash in a five-year certificate of deposit (CD) or other long-term investment? In an emergency, you will need to get at those funds immediately. You can certainly pull your money out of the CD early, but you’ll pay a penalty. It’s better to keep some funds more liquid, in a traditional savings account, a money market deposit account, or a six-month CD, for example. That way, the cash will be readily available when you need it.

Finally, keep your emergency fund separate from your everyday accounts. You might even want to use a different bank. Unless you are extremely disciplined, you’ll be tempted to spend those extra funds if you keep them in your checking account. Remember, if you can put off an expense until next week, it is probably not an emergency.

 

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