by Clarence E. Stowers | Aug 27, 2010 | Current Affairs, Decisions, Goals, Money and Finance
Yesterday, I encouraged you to embrace the fact that YOU are the CEO of YOU, INC., and when it comes to your financial future, YOU ARE ON YOUR OWN. The goal of this series is to encourage you to expand your network of friends, and consider adding people with financial saavy to help you build wealth for your family. Today, I’m encouraging you to consider adding a fourth financial friend:
AN INSURANCE AGENT
We All Must Leave Here
Insurance is a touchy subject that requires a soothing presence to ease the tension. After all, insurance is all about planning for the unforeseeable. There’s no getting around the fact, for instance, that your family needs to be provided for in case of your death. Finding an insurance agent with whom you can talk candidly is vital.
Who should I call?
According to Black Enterprise Magazine, “any agent can generalize what the average person should do, but you need an agent who understands your family history, someone you know will understand how your situation changes if you get a new job or face a sudden illness in your family.” According to most industry experts, “at least once a year you should meet with your agent and review all your basic insurance policies such as car, home, and life insurance. You should also ask about coverage for disability, retirement, and long-term care options that can be tailored to your needs.” Having an agent who knows you by name is especially helpful when you have to file a claim after a car accident or major disaster such as a house fire.
Get References
In general, there are two types of insurance agents – independent agents who write for more than one company and contract agents who represent a single company. I asked my financial planner “what type of insurance should people consider?” His reply: Life Insurance, Auto Insurance, Health Insurance, Disability Insurance, Home Owners Insurance, Renter’s Insurance, and Flood Insurance (if you live in a flood zone). If you’re the type of person who prefers sequential steps to get started, you can begin your search by reading this article.
Remember, YOU ARE THE CEO OF YOU, INC.
by Clarence E. Stowers | Aug 26, 2010 | Current Affairs, Decisions, Goals, Money and Finance
When it comes to your financial future, here’s the deal: You’re on your own. Pensions are going the way of the parachute pants (remember the 80’s). Social Security is looking more shaky by the day. Our healthcare system is being held together by duct tape. In today’s environment, you must be a realist and admit that you’re going to have to take control and create your family’s financial security (with the help of a few financial friends). You can read about the the first two financial friends here and here.
Over the past two days we have explored a few essential financial friends we all will need at some point in our lives. If you desire to build wealth, today I’m encouraging you to consider adding a third financial friend:
A FEE BASED FINANCIAL PLANNER
Making financial decisions is difficult. Make the wrong decision could prove disastrous and may set you back a few years. There’s a lot you can figure out on your own, but all of us can use help when it comes to something as important as how to save, invest, and plan for the future.
Get References
A reference from a friend or family member is a great way to search for a financial planner. But make sure you’ve got similar needs as the person who’s giving the referral. Go to groups like the Certified Financial Planner Board of Standards and the Financial Planning Association for additional references.
Understand how your planner is getting paid
The three most common set-ups are: Fee-only, fee-based, and commission-based. Fee-only planners don’t get commissions for the products they sell – fees are for the advice they give (my personal preference). Fee-based planners may receive commission on some products they sell, but most of their money comes from a fee you pay them. Commission-based planners are paid by the companies whose products they sell.
Remember, you are the CEO of YOU!
by Clarence E. Stowers | Aug 25, 2010 | Current Affairs, Goals, Money and Finance
“When Black Enterprise unveiled its Declaration of Financial Empowerment nearly a decade ago, the idea was to create a program to help African Americans build wealth.” The principles are solid and transcend race, gender, and ethnicity. If you desire to build wealth, today I’m encouraging you to consider adding a second financial friend:
A TRUSTED MORTGAGE BROKER
What exactly is a mortgage broker?
Simply put, a broker is a middleman who helps you find a good deal on a mortgage loan. A mortgage broker does not work for a particular bank or lending institution but rather shops around to find the best terms.
Should you be using a mortgage broker?
Well, a broker can be helpful in certain situations, especially if you have a poor credit history and are having a difficult time finding a lender. A knowledgeable and experienced mortgage broker can find lenders who are willing to do business with you and can even help make your case when your financial history is, shall we say, less than perfect.
In exchange for doing the mortgage shopping on your behalf (and for assisting you in understanding the various terms and paperwork involved in the mortgage), a broker will get a commission. Typically, this commission will range between 0.5% to about 2% of the loan amount that you decide to borrow.
Finding and picking a trusted mortgage broker is no easy task. Solicit references from friends, family members, and your networks. Additionally, you can Google “how to find a mortgage broker” and sort through the links.
So, how are you doing? Do you have a trusted mortgage broker on speed dial?
by Clarence E. Stowers | Aug 24, 2010 | Communication, Current Affairs, Goals, Money and Finance
There is no such thing as a perfect friend. They are all human and everyone is alike in some sort of way. Be like me. Don’t limit yourself to one set of friends. Be friends with everyone.
According to Black Enterprise Magazine, “there are seven financial friends everyone should have on speed dial. Economists & academics believe that at least part of the wealth disparity between African Americans and White Americans in the United States can be attributed to the persistent distrust of financial institutions among a larger number of African Americans.”
The first financial friend we all need is a PERSONAL BANKER OR BRANCH MANAGER
Many borrowers spent most of the time focusing on their credit application and forget to build additional resources to help them qualify. What does it mean to develop a meaningful relationship with your personal banker/branch manager? It means to attempt to develop a deeper level of rapport with the person on the other side of the desk. If you can befriend your banker it means it will have an emotional investment in helping you and your application.
This does not mean that they will violate lending policies or commit fraudulent acts, but if the deal needs a little massaging to make it work they will commit resources to get it done. You can establish a better relationship with your personal banker is simply through respecting their time and treating them with some common courtesy. You can also go the extra mile by calling them on their birthday, asking them if they want coffee at your next appointment together or contacting their branch manager when they’ve done a good job and singing their praise.
Have you established an authentic relationship with your personal banker or branch manager?
by Clarence E. Stowers | Aug 23, 2010 | Apple/Mac, Computers, Technology, Weblogs
It is no secret to those who know me that I am a HUGE fan of technology – especially Bible software. It is also no secret that Logos has completely changed my mind on the necessity of Bible software as an aid in studying Scripture. Additionally, I am super excited to announce that Logos has launched their Logos 4 for Mac ship day givaway!
Logos Bible Software is giving away thousands of dollars of prizes to celebrate the launch of Logos Bible Software 4 Mac on October 1. Prizes include an iMac, a MacBook Pro, an iPad, an iPod Touch, and more than 100 other prizes!
They’re also having a special limited-time sale on their Mac and PC base packages and upgrades. Check it out!
Pssst…I’m asking God to intervene so I can win the iMac for my office 😀
