Can you become rich?Written by Cory Bain
What does becoming rich mean to you? Is it early retirement? Perhaps it is big house and fancy car. Do you want personal freedom that comes with being wealthy? Knowing you could go anywhere in world you wish at anytime. Imagine knowing that your children and even your grandchildren will be taken care of financially after you are gone. Becoming rich is not a birthright or a random act of chance, it is a choice. So question is, do you choose to be rich?What is definition of wealthy? It is not someone who makes a lot of money. A doctor with a six figure salary could still be considered poor if he/she spends every cent they make. The true definition of wealth is someone who makes enough money to live without having to work. That is, their monthly passive income is greater then their monthly expenses. So what is passive income? Passive income is essentially money you earn that did not require your constant presence to do so. If you stopped showing up to your job you would no longer earn a paycheque. A passive income opportunity may take time initially to set up. However, if done right you will be earning passive income even as you sleep. This is also known as residual income, or leveraged income. A good example is a home that you rent out to a tenant. Once you have bought property and set up systems of management there is very little for you to do except collect money from your bank account. Another example would be financial instuments that pay you a monthly yeild, such as a bond, a dividend or a distrubution. These are but just a few examples. The wonderful thing about passive income is you no longer have to trade your time for money. If you choose to be rich then passive income will be your investment of choice.
| | New Home Loan - 3 Tips To Speed Up The Mortgage Loan Approval ProcessWritten by Carrie Reeder
Imagine this: you’ve found perfect house, and feel lucky because interest rates happen to be at an all time low. So you submit your mortgage loan application, and then…wait. The next week, interest rates go up a point, but you’re still waiting. Another point would mean a significant amount in monthly payment you will pay, and you groan when you open newspaper and find that indeed it has gone up again.Can this be avoided? Luckily, there are some steps that you can take to speed up process of your loan application! Here are a few suggestions. First of all, if you haven’t yet started shopping for your new home, you should consider shopping for a home LOAN before home. It is possible to be approved for a mortgage loan before you ever find your home, and this will accomplish two things. First of all, it will allow you to lock in an interest rate, which will completely eliminate “waiting” game mentioned above. In addition, if a seller sees that you are pre-approved, he will be more likely to negotiate with you because he will view you as a “serious” buyer. If you’ve already found your dream house and still need to get a mortgage loan approval, there are some steps that you can take to speed up process. You should be sure that anytime mortgage company calls you, that you return their call as soon as possible, and then provide whatever documentation or data they need. Remember, if they call you for something that generally means that they won’t be able to move forward on your loan until they receive it.
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