Freddy and Fannie are taking steps to avoid potential future meltdowns by tightening up standards for ARMS and Interest only loans. They were not the only parties responsible for the mortgage crisis; personal responsibility also played a big part, many homeowners failed to understand the consequences of these exotic loans and many unscrupulous lenders and Rea estate professionals took advantage of that ignorance. Would so many people have bought homes they couldn't afford if they had a better grasp of the consequences of resetting interest rates and negative amortization? I make it a point of referring clients within my network of reputable lenders, and try to give as much information personally to my clients and here on Real Estate Insight, so that they can make informed financial decisions. One recent Real Estate Insight guest has taken informed decision making to an even higher level. Robert Bailey, author of The Billionaires Little Black Book, The Ultimate Secret Behind Sustainable Wealth spoke with Rich and Steve about the theory behind his new book. Pointing out that you have a better chance of becoming a billionaire than you do winning the lottery, Rob has taken the knowledge he has garnered from years in financial management and came up with a seven point strategy for managing personal and professional business decisions, investment decisions, and life choices. Stressing the importance of a team approach to your finances, Bailey devotes a chapter to how a trusted Real Estate advisor fits into this plan. It is a quick read, but filled with great information. The Billionaires Little Black Book is available through Amazon or directly through his website, TrustedAdvisory.com This Week's Real Estate Insight: While the pundits sift through the financial crisis to assign blame, tightening lending standards, a little personal accountability and some sound financial literacy will go a long way to preventing the next big meltdown.Think and Act Like a Billionaire
- By Michael McCann
- Posted
Freddy and Fannie are taking steps to avoid potential future meltdowns by tightening up standards for ARMS and Interest only loans. They were not the only parties responsible for the mortgage crisis; personal responsibility also played a big part, many homeowners failed to understand the consequences of these exotic loans and many unscrupulous lenders and Rea estate professionals took advantage of that ignorance. Would so many people have bought homes they couldn't afford if they had a better grasp of the consequences of resetting interest rates and negative amortization? I make it a point of referring clients within my network of reputable lenders, and try to give as much information personally to my clients and here on Real Estate Insight, so that they can make informed financial decisions. One recent Real Estate Insight guest has taken informed decision making to an even higher level. Robert Bailey, author of The Billionaires Little Black Book, The Ultimate Secret Behind Sustainable Wealth spoke with Rich and Steve about the theory behind his new book. Pointing out that you have a better chance of becoming a billionaire than you do winning the lottery, Rob has taken the knowledge he has garnered from years in financial management and came up with a seven point strategy for managing personal and professional business decisions, investment decisions, and life choices. Stressing the importance of a team approach to your finances, Bailey devotes a chapter to how a trusted Real Estate advisor fits into this plan. It is a quick read, but filled with great information. The Billionaires Little Black Book is available through Amazon or directly through his website, TrustedAdvisory.com This Week's Real Estate Insight: While the pundits sift through the financial crisis to assign blame, tightening lending standards, a little personal accountability and some sound financial literacy will go a long way to preventing the next big meltdown.
