Borrow Smart, Repay Smart: Week 23 – Three Steps to Creating the Financial Future You Want

Dear Borrow Smart Family,

Happy Monday! I hope the sun is shining down on you.

I wanted to share something below that I created for you. Mortgages, Money and Life is my 52-week lesson book, that guides the reader each week of the year to focus in on creating wealth, owning a home and making important decisions with money. Because I think these lessons are so valuable, I’ve decided to share these lessons here with you.

Week 23 hones in on peeking through the lens, to see the financial future that
you want. Throughout my journey as a branch manager, certified performance coach and speaker, I have found that when it comes to money, all most people really want is this: to gain more freedom with their money, have less financial stress, and more time to themselves to enjoy LIFE. So grab your journal, your pen or pencil and click the video below, where I challenge you to think through the following 3 steps:


I wish you all the best!

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Borrow Smart, Repay Smart: Week 22 – How Do You Define Financial Safety?

No ones likes to consider the worst when it comes to their finances, but it’s good to be prepared for anything. As the old saying goes, “Prepare for the worst, but hope for the best”.

At Sierra Pacific Mortgage, it’s my goal to continue the efforts of our mission, to empower everyone to achieve a better financial future. That’s why I created my book Mortgages, Money and Life, to impart 52 financial lessons for each week of the year.

Week 22 in my book, asks you this: How do YOU define financial safety for you and your family? In my video below, I drill down on simple ways you can pose this question to yourself, and clarify if your habits are lined up with your definition:

 

I wish you all the best!

 

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Borrow Smart, Repay Smart: Paying for College (Part 1 of 2)

Dear Borrow Smart Family,

in the US, getting a college education can be prohibitively expensive. A 2019 study conducted by the US department of education found that For the 2016–17 academic year, annual current dollar prices for undergraduate tuition, fees, room, and board were estimated to be $17,237 at public institutions, $44,551 at private nonprofit institutions, and $25,431 at private for-profit institutions.* Ultimately, the way you handle the financing of your house, impacts your ability to achieve your short and long-term financial goals, including college savings.

Below, I dig into part 1 of a 3 part series, for parents or soon-to-be parents who have decided they want to help their children afford a college education.

Make sure your mortgage is efficient for the savings strategy you need. Over time, your financial story and life situation will change. Having a mortgage checkup is a great way to ensure that your mortgage still aligns with your current goals. To schedule a mortgage checkup, either reach out to your preferred SPMC Loan Officer on our team or e-mail borrowsmart@spmc.com. I wish you all the best!

* SOURCE: U.S. Department of Education, National Center for Education Statistics. (2019). Digest of Education Statistics, 2017 (NCES 2018-070), Chapter 3.
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Borrow Smart, Repay Smart: How to Budget on a Variable Income (And Not Lose Your Mind!)

Dear Borrow Smart Family,

We all have a lot of competing financial responsibilities. Sometimes, it can feel like too many – especially if your income varies because of self-employment, a commission-based salary, or reliance on arbitrary bonuses. But have no fear! In the below breakdown, I share a simple “3 Bucket” budgeting system for understanding how to allocate your funds throughout the month.

 

I wish you all the best!

 

 

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Borrow Smart, Repay Smart: Check in on your Goals!

“The trouble with not having a goal is that you can spend your life running up and down the field and never score.” – Bill Copeland

Think back to the beginning of 2020 – did you you set some financial goals for yourself, that you shared with someone else? Whether that was to save more money, start working with a financial advisor, or buy a big ticket item – what were your aspirations for this year?

I challenge you to grab a piece of paper with your drink (Coffee, tea, WINE), and look back on the last 5 months of this year, to identify what you’ve made progress on relating to your goals. don’t get stuck on what you haven’t accomplished yet, but focus on the 3-5 things that you’ve felt you’ve made progress with your money.

Maybe you were able to finish paying off a credit card, get your kids on an allowance system, or heck, that may mean that you didn’t going into debt during COVID-19. Anything you can think of,  I promise there’s a positive in there. So write it down, raise a toast to yourself, and Be. Confident.

Then, work on how you want to finish up the year – maybe you sit down with your spouse to do this – and think through the next month, next quarter, next week.

 

If you ever have questions, Please reach out to my team and I. We’re here to help you with these things, when it comes to real estate or money questions. I wish you all the best!

 

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Stress and How to Overcome It

Dear Borrow Smart Repay Smart Family,

It doesn’t matter who I talk to, one common theme that is popping up is… STRESS! During these stay-at-home orders, friends and colleagues are working hard to alleviate the unexpected in their day-to-day shifts. The most poignant definition of stress that I’ve learned, is this:

Stress is the gap between what we expect and what actually happens.

We go into every experience having a set of perceived expectations. When the expectations are mismatched to what actually occurs, we can get dejected and lose steam. However, there is a couple of simple mindset adjustments that we can make to reduce stress and increase endorphins, that I elaborate in the below video:

 

I wish you all the best!

 

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BSRS: Accessing Wealth in Your Home

Here’s a little-known secret: most families across the country who own a home have more money in their house, than any other asset combined. More than retirement, savings, etcetera. If you have that much money stored in one place, you better know how to access it when you need it. I outline the two ways you can access wealth from your home:

 

I wish you all the best!

 

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BSRS: Vision, Habits + Goal-Setting

Dear BSRS Family,

Living in the moment can be exciting, but can you blame me for wanting a secure, enviable future for you? In my below video, I outline the importance of creating short and long-term financial goals, even in the face of COVID-19. A financial goal can look like setting aside $20, $200 or $2,000 monthly into your emergency fund; no amount is too great or too small to gain momentum. Having the vision, or setting an intention is equally important, to open up the possibilities of how you might implement your goals or creative ideas for success. Lastly, working on making these implementations habits, ensures your wins stack up over time.

 

Wish you all the best!

 

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BSRS: Diversification

Diversification is a critical financial planning tactic, and it’s important not to store all of your eggs in one basket. It’s infinitely more important as a homeowner to be strategic. In the below clip, I outline the common methods of savings that we use, and what else to consider when planning your finances out.

I wish you all the best!

 

 

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3 Key Steps to Keeping a Strong Mindset During a Volatile Market

Uncertain times call for certainty of purpose. Amidst daily updates on the COVID-19 outbreak, job losses, and market fluctuations,  you may crave for a mindset adjustment as you go about your day. In the above podcast, I speak with my friend and colleague Justin Stoddart, as we outline 3 key principles to keeping a strong mindset during this volatile market.

Hit play, keep this in the background as you go about your work today, and tune in!

 

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