We Live Lives of Cash Flow

Posted on December 8, 2015 by Trevor Hammond

Money Transfer

Trevor 2015

by Trevor Hammond

 

If there’s one thing I say nearly every day of my life, it is this:  “We live lives of cash flow.”

When it comes to providing expert mortgage advice for clients, this is typically what it boils down to for everyone in the short-term, whether they know it or not.  The most common questions and decisions our clients have ultimately come down to controlling their cash flow.  And this is one of the biggest benefits we provide our clients…   a focused plan and advice to help optimize cash flow.

Interest rates

When people call around to various banks, or are looking online for the “lowest interest rate”, what they are really saying is, “I believe that I need the lowest interest rate to lower my monthly payment…to optimize my cash flow.”  That’s what you really meant, right?  Unfortunately, this is a very limited approach, and more often than not, can put homeowners on a financing path that is actually worse over time.  Imagine you just sold your house and have $100,000 of proceeds for the new purchase.  What if a slightly smaller down payment on the new house allowed you to use some of those funds to eliminate some consumer debt at the same time?  Or, what if you were able to put a lump sum away to fund your children’s college…removing the need to put money away each month for college?  And what if this led you to a slightly higher interest rate, but you were able to free up an additional cash from no consumer debt or no longer needing to put money away for college?  Well guess what…a slightly higher rate made more sense, and had a much bigger impact on improving your cash flow.

Down payment 

The primary benefit to making a large down payment on a new house is a lower monthly payment.  Does a large down payment make you more money on the house than a smaller down payment?  It depends…but not likely.  It simply lowers your monthly payment since you’re borrowing less.  It can also provide you a slightly lower interest rate.  But is using all of your money the highest and best use of your cash?  Most people don’t know, and don’t have the proper tools to make this decision.  We do.  Many times, our clients find that putting enough down to achieve their payment goal, and then using the rest for other financial goals and needs, is a better overall strategy.

House Price

People just starting the process of getting pre-approved to go shopping for a new home must shift their focus from house price to monthly payment.  The monthly house payment typically is the largest monthly obligation for most families.  But of course, people come to us with a beautiful house in mind first…and then want to figure out how to finance it.  The primary factor should really be what monthly payment they are comfortable with. Once established, we can then equate that to a price range of a house.  This way, they know they aren’t spending more than they should on a new house.  And something we always explain, that unfortunately is a very unique philosophy here at Aspire Mortgage Group, is that a new house (and mortgage) should ultimately complement all of your other financial goals, not impede your ability to achieve them!  When buyers focus on house price more than the monthly payment, they can get into financial trouble.

The bottom line is, when it comes to making borrowing and repayment decisions on your house, mortgage, and other things…optimizing your cash flow should be goal number one.  Without positive cash flow, and good cash flow management, helping your kids pay for college, paying cash for vacations, and retiring someday will never be an option.  We live lives of cash flow.  Because of this, our top priority is to help you learn new ways to optimize your cash and cash flow as a homeowner.

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Learning Creative Gratitude

Posted on December 8, 2015 by Trevor Hammond
Trevor 2015

 

by Trevor Hammoond

 

practice gratitudeWhenever the holidays come around, we are surrounded with the advice to “be grateful”, and “give to others”, etc. etc.  But how do we really go about living this way year-round?  The key is to transition from “reactive” to “creative” gratitude.

Most of us are programmed to give thanks and be grateful only when we receive something.  This may be in the form of a gift from someone, a nice gesture someone does for us, or in the business world, when we receive a great referral or introduction to a new client.  If we are doing this right, then we quickly get a thank you card out, or make a personal phone call to show “reactive” gratitude.  Unfortunately, if you are like my kids when we force them to write thank you cards after a birthday, we can find ourselves causing our children to grow up thinking gratitude is a moral obligation rather than a way we should live our lives.

Creative Gratitude

On the other hand, what if we “created” a habit of being proactively grateful, without the need for anything external to happen to us?  Some of us may do this fairly well already, but most do not.

Creative Gratitude can take many forms, but the simplest way to start is by listing 3-5 things you realize you take for granted every day.  I’m grateful I can get into my car, turn the heater on, and drive myself to work each day.  I’m grateful that I have a comfortable home to end each day in.  I’m grateful that I can place my garbage right outside my house on the sidewalk each week for someone to pick it up.  I am grateful when, after a long day at work, my wife has had the time to prepare an amazing meal that I can sit and eat with my family.  I’m grateful I can flip a switch and have light, or turn on a faucet and have hot water!

These are not things I normally even think about as I rush around each day, complain when there’s too much traffic, or cursing the torrential down pour of rain.

And guess what?  It is impossible to be grateful and angry at the same time!  Try it.  Yes, you can switch back and forth if you try really hard, but in reality, as you are thinking through all that you are grateful for, you will find yourself less and less “angry” or frustrated by those other things.

Action Step:  Set a time each morning or at the end of each day to write down or tell someone the three things you are grateful for that day or the previous day.  These might include new experiences you are looking forward to, new things you’ll learn, a friend, family, or the simple luxuries like I mentioned above that we often forget to be thankful for.

Oh…and while I am on it, I am thankful for YOU!  Thank you for reading, and supporting everything we do here at Aspire Mortgage Group to help you, your family, and those you introduce to us.

 

 

 

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Are You Playing the Net Worth Game?

Posted on November 23, 2015 by Trevor Hammond

monopolyToo many people are playing the wrong game with money.

I have devoted my career to helping home buyers and homeowners make smarter financial decisions to achieve their short and long-term goals.  I’ve become a student of cash flow and liability (a.k.a. debt) management so I can be a more valuable resource to our clients.  If someone was to ask me what the biggest mistake most people make throughout their lives as it relates to money, I would answer, “They aren’t playing the right game.”

Here are some examples of the wrong games that too many people are playing:

  • The debt-free game
  • The increasing income game
  • The low interest rate game
  • The savings game

It’s not that the above examples aren’t important.  They absolutely are.  But they are components of the bigger game we must play with money…net worth.

net worth

Net Worth = Assets – Liabilities

Put simply, let’s say your assets (savings, checking, retirement, home value, autos, etc.) add up to $500,000.  Assume your debts (student loans, credit cards, mortgage, auto loans, etc.) add up to $400,000.  Your net worth would be $100,000.  Most people understand this concept and math pretty easily, even if they don’t always understand how to play the game.

Why Net Worth as the Focus?        

Generally speaking, a positive net worth gives you options.  Making decisions that always work to increase your net worth over time will lead to more options and freedom with your money in the future.  This could mean the financial freedom to change careers to something you enjoy, help your children get through college without being burdened with an avalanche of student loans, or a parent able to stay home with a new child.

So how do we make sure we are playing the proper game, and focusing on increasing our net worth overtime?

One of the first things I help most people begin to understand is how their weekly or monthly decisions with money impact their overall net worth (or possibly don’t).   By learning key fundamentals around personal finance, everyone can learn to adjust their focus to decisions that improve their net worth.

Imagine you are preparing to buy a new home and you have $100,000 in your bank account from the sale of your previous home.  Here’s a question:

Does your net worth change depending on how much of that you decide to use for the down payment on the new house?

Think about it.  You already have the $100,000 as an asset.  If you shift all $100,000 over into your new home, you now have $100,000 of a different asset called “Home Equity”.  At the same time, you no longer have that $100,000 in your checking account.  This is called a “net-worth neutral move”.  Often the new homebuyer is so focused on having less mortgage debt that they don’t realize they are also reducing an asset they already had…their checking account.

This is just one example of helping homeowners get really clear on how we make smarter decisions with their cash and cash flow as it relates to buying and owning real estate.  By no means does it mean someone shouldn’t put all $100,000 down on the house.  Rather, we run this decision through more “filters” to make sure it’s the smartest thing to do, given their other financial goals and fears.

Much more to come on this, as there is a lot to this topic that we can help with!  Please share any questions you have, or contact someone on our team for any specific advice.

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Inspiration for Motivation

Posted on November 10, 2015 by Trevor Hammond

Miracle - Albert EinsteinSometimes we need some motivation.  There are times we are too caught up in the minutia of our day-to-day work and lives that we forget to be excited about the opportunities around us.  I make it a point to attend two or three seminars or workshops per year (in addition to my own coaching events) to get a re-charge.  New ideas and hearing other’s stories of how they’ve improved their income, business, or overall quality of life seem to provide a quick spark of adrenaline in me.

With that in mind, I thought I would share some quotes that inspire and motivate me.  I hope they spark something in you to set bigger goals, maintain an amazing attitude, and appreciate all that you have…like they do for me.  (Note:  I’m trying hard not to just share every Jim Rohn quote, as he is by far my favorite!)

“There are only two ways to live your life.  One is as though nothing is a miracle.  The other is as though everything is a miracle.” – Albert Einstein

“If you don’t design your own life plan, chances are you’ll fall into someone else’s plan.  And guess what they have planned for you?  Not much.” – Jim Rohn

 “Failure will never overtake me if my determination to succeed is strong enough.” – Og Mandino

“Always make your future bigger than your past.” – Dan Sullivan

“Knowing is not enough; we must apply. Willing is not enough; we must do.” – Johann Wolfgang von Goethe

“If your actions inspire others to dream more, learn more, do more and become more, you are a leader.” – John Quincy Adams

“An extraordinary life is all about daily, continuous improvements in the areas that matter most.” – Robin Sharma

“Success is nothing more than a few simple disciplines, practiced every day.” – Jim Rohn

And finally, here is one of the quotes that has impacted me and my decisions the most in my pursuit of continued personal growth:

“Who you are ten years from now will be the result of the books you read and the people you spend the most time with.” – Dan Sullivan (adapted from Charlie “Tremendous” Jones)

If you have your own favorite motivational quotes, please share them!

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Liquidity versus Home Equity

Posted on October 20, 2015 by Trevor Hammond

liquid1When learning how to apply financial planning concepts to the world of real estate and mortgages, there can be a bit of a learning curve.  But once grasped, a homeowner can feel extremely empowered and confident in the decisions they make when borrowing and repaying mortgage debt throughout their life.

One of the key financial planning concepts we teach homeowners is “The 3-Legged Stool”.  This refers to the three tests for all investment decisions:  liquidity, safety, and rate of return.  Whether you have $10, $100, or $1,000 to save or invest somewhere, you must assess your options from these three “legs” of the stool.  Home equity is an investment.  Home equity is simply the difference between what your house is worth and what you currently owe in the way of a mortgage.  Home equity is the result of your initial down payment, additional principal payments made each month, or the market’s increase of the value of your home.  Most likely, your home equity grows as a combination of all three elements.

The mistake most homeowners make it not viewing home equity like other investments.  They make large down payments whenever possible; sometimes even paying cash for a new house.  They send in extra money every month beyond the minimum monthly payment.  They choose a 15-year mortgage over a 30-year mortgage, with the goal to pay down the loan faster and minimum long-term interest expense.  But what is the best option for homeowners?  Well…it depends.

Let’s just focus on the first leg of the stool today:  liquidity.

Liquidity refers to how readily available your money, or an asset is.  Cash under your mattress is extremely liquid.  Checking accounts and event investments are available the same day or within 24 hours if you suddenly need money.  So how easy is it to access the “wealth” inside your house, called home equity?

The reality is, there are only two ways to access the equity inside of your house:

  1. Sell (typically taking 30-45 days)
  2. Borrow (with a refinance or a home equity line of credit, taking 15-30 days)

As you can quickly see, neither option is going to provide you the much needed money if an emergency was to come up, such as a job loss, health problem, or even an investment opportunity that presents itself.

So what is the best solution?  Again, it depends.  My advice is never cut and dry, and applied to everyone.  The best solution is to be educated on what liquidity means, and then gain a greater understanding on how important it is to have easy, quick access to your money when and if necessary.  As I have been telling homeowners for years, nobody lost their home after the crash of 2006-2007 due to the value dropping; they lost their home to foreclosure or short sale as soon as they did not have the funds to make the monthly payments.  It is the hard reality of how banks and the mortgage industry work.  You can make a large down payment, pay extra every month, choose a 15-year mortgage instead of a 30-year mortgage…and none of that matters if you suddenly lose a job and do not have the funds to make your minimum monthly payments until you are back on your feet.

Again, there is no “one size fits all” solution.  We simply help homeowners understand critical financial planning concepts, and then apply them to their decisions when financing real estate.  At Aspire Mortgage Group, we teach this and many other important money strategies with The BorrowSMART Conversation™.

Home equity is not liquid when compared to other options for storing your hard earned cash.  So plan wisely and learn to BorrowSMART™ when buying a new house, as well as RepaySMART™ throughout years of homeownership.

If you have questions, please do not hesitate to call or email us.  We love to educate and empower you to achieve a Bigger, Better Future™.

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Finishing 2015 Financially Strong

Posted on October 12, 2015 by Trevor Hammond

finish-strongWe are in the fourth quarter!  In less than two short months we will be welcoming in 2016 and setting those ever popular New Year’s Resolutions.  For many people, money is at the heart of these annual goals, since many goals involve either spending money, saving money, or paying down debt.  Every 90 days I build a plan around accomplishing THE #1 thing that will have the greatest impact on my business, money, or personal life.  By breaking down my year into four quarters, and accomplishing one big priority each quarter, I enjoy greater focus and clarity around what is most important.

While thinking about your financial goals, what needs to happen for you to be happy with your final couple of months of 2015?  What money goals did you set ten months ago that have yet to be checked off?

More importantly, what must you do to create massive momentum to ensure 2016 goes down in the books as the best year of your life?

While you don’t quite have 90 days remaining, here is the simple 90-Day planning process you can still use now to improve your personal finances by year-end:

  1. Determine the TOP 5 money goals you would love to accomplish by the end of the year.

These might include, “Increase Savings”, “Pay Down Debt” or “Purchase a New Car”.  They don’t have to be completely specific yet, since the rest of this process helps you do that.

  1. Once you have identified the TOP 5, which is your #1?

What this means is, what is the ONE GOAL on your list that if accomplished by 12/31/15, would have the greatest impact on your money or life?  Typically when you look at the five goals you have listed, one trumps the rest.  Often there is one goal that, if accomplished, makes the others on your list either easier or no longer necessary.  For example, if you were to “Increase Savings”, you’d then have more money to purchase a new car, or start a college savings account for your child.

  1. With your #1 Money Goal set for Q4, what are the two (2) Ideal Results that you will use to measure whether you succeed or not?

What must happen by the end of the year for you feel successful around this goal?  You should have a number attached to each Ideal Result.  For example, if your #1 Money Goal is “Pay Down Debt”, then an Ideal Result might be, “Zero balance on the Visa”.  Your second might be:  “Only $5,000 left on auto loan.”  Remember, these are the results you want to see by 12/31/2015.  You get two, and with a number associated to each it is easier to measure your success and build a plan to achieve them.

  1. Next, determine the two (2) Key Activities, or Habits, that you will implement to achieve the above Ideal Results.

This is where the rubber meets the road.  Sticking with the above #1 Goal, and the two Ideal Results, one Key Activity or habit might be, “Pay an extra $500 per month toward the Visa”.  The second key activity might be “Limiting weekly grocery budget to $300”.  This activity would free up more money to pay down the Visa or car loan.

  1. Finally, what will your REWARD be if you accomplish all of this?

Depending on your goals and financial situation, set a fun and realistic reward for yourself and your family.  This might be anything from a weekend at the coast to a new iPad, or even a Spring Break trip to Hawaii with the money freed up from no debt!

We love hearing your success stories and questions as they relate to money and achieving a bigger, better financial future for you and your family.  Please call or email if I can help in any way!

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Kids and Money – FAQ

Posted on October 5, 2015 by Trevor Hammond

teaching-children-about-moneyEvery month, we will dedicate at least one article to helping parents raise financially responsible children.  You can read our last Kids and Money Blog here.  Our purpose as a mortgage company is to educate, empower, and inspire our clients to make smarter financial decisions when obtaining a new mortgage so they can build a path to achieving a bigger, better, safer financial future.  So why not start with raising financially savvy children so they too can achieve this someday?  Teaching our children how to save and spend money is important!

This month, let’s look at some frequently asked questions that parents have regarding teaching their children about money.  The answers in this case come from Neale S. Godfrey, Chairman of the Children’s Financial Network and author of one of my favorite books on the subject, “Money Doesn’t Grow on Trees”.

Question:  How do I explain to my child what money is?

Answer:  Money is anything a group of people accept in exchange for goods or services.

Question:  How do I explain what saving means?

Answer:  Saving means putting something away in a safe place to be used, if needed, at another time.  This is just like squirrels that save nuts for the winter, or parents save dessert for after dinner.

Question:  How do I convince my child why it is important to save?

Answer:  As adults, there are three primary reasons we should save money:  for protection in case of emergencies; retirement or other long-term savings goals; and to buy something we really want.  For younger children, the third reason should be the primary focus – saving for something they really want to buy.  This keeps it fun!

Question:  At what age should children begin receiving a weekly allowance?

Answer:  Beginning at age three.  As soon as a child can understand that when you go to a store to purchase something, and money is required, they are ready to begin learning the basics of money management.  To check this, ask your child, “What do Daddy or Mommy do at a store with money?”  If they understand that it takes money to leave a store with merchandise, they are ready.

Question:  Should the weekly allowance be tied to chores?

Answer:  Yes!  Show your child the relationship between work (chores) and money (allowance).  Someday your child will work for money.  This will also help underscore the fact that you work hard for your money as a parent.

Question:  When should I pay the allowance to my child?

money-jarsAnswer:  Pay the allowance in exact change,at the same time each week.  This will help create a habit for your children.  Make sure they have a safe place to store their money like a piggy bank.  A clear piggy bank is even better, so the child can see their money grow and be excited about it.  If they are saving up for something special, tape a picture of it on their piggy bank.

We hope this was helpful.  If you have stories to share on how you are helping your children learn about money and practice good savings and spending habits, please share!

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Kids and Money: What is Your Child’s Financial Personality Type?

Posted on September 15, 2015 by Trevor Hammond

Sly boy at the table with money

Is your child a saver or a spender? 

One of our most important missions as a company is to help our clients improve their financial literacy.  By helping you make smarter decisions with your money, even beyond the mortgage, we get to play an integral part in helping you build a bigger, better financial future.  Even better, we get extremely excited with the idea of partnering with you to raise financially responsible children.

One of the first steps is to determine what your child’s financial personality is right now.  One of my favorite quizzes for this I learned from the book, “Money Doesn’t Grow on Trees”, by Neale S. Godfrey.

Answer the following ten questions with a yes or a no:

  1. If you give your child money, does he or she save it?
  2. Does your child lose or misplace money often?
  3. Do you often hear the words “I want, I want” when you go shopping with your youngster?
  4. If you ask your young one, “Why do you want this?” does he or she often say, “Because Johnny has one” or “I saw it on TV”?
  5. Is your child reluctant to spend any of his or her own money?
  6. Does your child get exceptional pleasure in seeing a bank account grow?
  7. If your child sees a penny on the ground, will he go out of his way to pick it up?
  8. Does your child decide to save for a special toy, and then later choose to not buy the toy?
  9. If you say no to the suggestion of stopping for ice cream or pizza, does your child ask, “Can we if I pay for it?”
  10. When you travel, does your youngster want to bring presents back to all his or her friends?

How to score:  If you answered “YES” to questions 1, 5, 6, 7, and 8, you have a saver on your hands.  A “YES” answer to questions 2, 3, 4, 9, and 10 show you have a full-fledged spender on your hands.

In doing this quiz myself, I was not feeling great that my eight-year old daughter definitely comes out as a spender.  But I’ve been coached not to worry!  There are lots of ways to help a child who loves spending money learn to be a better saver.

And as crazy as it might sound, some children struggle to spend money, choosing instead to save everything!  (Think future “Scrooge McDuck”!)  Money should be fun, and teaching your children about money can be fun as well.  The ideal financial personality, of course, is raising a careful spender who is also a disciplined saver.

If you are like me, you want your children to grow up more prepared than we were.  Schools do a poor job in the area of financial education.  We need to equip our children with the knowledge they need to make good money choices before heading off to college, where the onslaught of credit card offers will engulf them.  And unfortunately many of us have made poor money decisions in the past ourselves.  So look forward to more tips and strategies from us on helping you raise financially literate children of all ages.

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A Quiz to Help You Make SMART Borrowing Decisions

Posted on September 8, 2015 by Trevor Hammond

good choice bad choiceMaking the right borrowing decisions when it comes to getting a new mortgage is critical.  As we teach every day when meeting with homeowners and new home buyers, how you handle the financing of your home impacts virtually every other aspect of your financial life!

Here is a short quiz to help you start the process of learning how to make smarter decisions when borrowing, and repaying, a mortgage.  As you read each question, how would you answer…TRUE or FALSE?

Borrow Smart Quiz

The only honest answer to each of these is:  “It depends!”

Most homeowners unfortunately are never given the financial education and tools they need to properly answer these questions correctly as they relate to their personal situation and goals.  For all of these, the real question boils down to, “What is the highest and best use of my cash…and cash flow.”

For example, when deciding between a larger down payment and a somewhat smaller one, you must decide what the real benefit is for you by investing it into your home instead of somewhere else.  If you don’t use all of your money for the down payment, what else might you do with it?  Perhaps paying off some high interest credit cards or other non-tax preferred debt makes the most sense.  Other clients quickly realize through our process that this might be the optimal time to jump start a college savings plan for their children, or catch up on their retirement savings with some of their cash.

When deciding between a 15-year or a 30-year mortgage, or whether or not to pay extra money each month toward your mortgage payment, you must know the true cost of borrowing, and what you really save when repaying your mortgage faster.  Without this awareness, it’s impossible for a homeowner to know whether it is smarter to pre-pay their mortgage, invest in their retirement, or pay off other consumer debt.  In addition, the interest rate is only one of many important factors that determine the cost of your mortgage…now and over time.

My point in providing this quiz is to help you as a homeowner, realize that there is a lot at stake in borrowing and repaying a mortgage.   And since most homeowners are making these important borrowing and repayment decisions for 30, 40, or even 60 years of owning real estate, making the wrong decisions truly do compound over time!  This is why The BorrowSMART Process™ we have designed helps homeowners and home buyers compare all of their options, side-by-side, to see what choices make the most sense now and over time.

This all leads to the ultimate question:

If what you thought to be true about how you handle the financing of your house turned out not to be true, when would you want to know?

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The Future Is So Bright

Posted on September 4, 2015 by Trevor Hammond

saupload_spockI know what you’re thinking…Timbuk 3’s hit song in the 1980’s, The Future’s So Bright, I Gotta Wear Shades.  Yes, I did listen to that song recently on a road trip, with my kids laughing at the ridiculousness of the song title, but that is not the purpose behind this article.

When you think about your future, are you excited?  Be honest with yourself.  How “bright” do you feel your future is?  How confident are you that your future will be better than your past?

In our office, and when I am coaching professionals one-on-one, we spend quite a bit of time focused on confidence.  I have found that confidence is the key to just about everything, and without it, life can be much more difficult.

One of the fundamental philosophies I have learned from one of my mentors, Dan Sullivan, to live by is:

“Always make your future bigger than your past.”

We all know people who spend countless hours talking about their past.  Past accomplishments, how thin they used to be, how much money they used to make, how great of friends they used to be with so-and-so, etc. etc.  And yes, as you read this, you might catch yourself thinking…”wait, this is how I talk!”

When conversations focus too much on memory lane, and rarely on the great opportunities that they are working toward, there is a good chance that the person doesn’t feel all that confident that their future is going to be bigger than their past.

Here’s the secret…we have to make the future bigger than our past.  It doesn’t happen by itself.  With this focus, I can continuously work on building a bigger, better future for myself and my family.  A brighter future can mean different things for different people.  Some may see more money as the key to a better future.  Others are looking for more freedom, perhaps from work or obligations they feel trapped by right now.  I label these as Freedom of Money and Freedom of Time.

This slight change of perception can help us focus on the right things.  More money, without more freedom of time to enjoy it or be with the ones we love, isn’t usually what people mean when they want more money.  I see people constantly struggling to balance on the time versus money “see-saw”.

Take a few minutes for yourself and answer this question:

Three years from now, what must have happened (personally, professionally, and/or financially) for you to be happier than you are right now?

Write everything you can think of.  Then review and get as specific as you can.  Paint the picture and have it in writing, so that every time you read it, you’ll want to sing the song yourself.  The future’s so bright…you’ll need to wear shades!

If there are specific things that make your future bright, please share with us all!

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