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 | Jan 20, 2010 | Accountability, Decisions, Empowerment, Goals, Leadership, Mentoring, Networking
Conventional wisdom says you need a mentor to help you get to where you desire to be. This conclusion, however, is based on a faulty assumption. The sources of this wisdom confused coincidence with a cause. No doubt many successful people have had mentors, but, knowing that doesn’t prove the person succeeded because of their mentors. For all we know, they might have succeeded in spite of them.
The reason that many successful people had mentors is that people destined to succeed ATTRACT all kings of people, including mentors. They attract mentors, fans, followers, and even HATERS. So the way to attract a mentor is to display those traits that will lead you to success anyway. Like begets like. Birds of a feather flock together. Will a mentor lead you there? Perhaps. Will one help you in some smaller way? No Doubt.
Here’s my advice: Don’t seek just ONE mentor. Instead, focus on doing the things that might attract people, including mentors. If you do find a mentor, make sure you include others. Remember, mentors are people, people are fallible, and even gifted doctors misdiagnose. Fortunately in many of those cases, the patient sought second and third opinions. YOU SHOULD TOO!
Having just one mentor is overrated;
having several is not.
What do you think? Do you agree or disagree?
FYI: I thinking about starting a mentoring group this Spring. If you are interested and live in the greater Chicago area—please email me (urban.pastor@gmail.com) and I will outline the details for you.
by Clarence E. Stowers | Jan 13, 2010 | Decisions, Empowerment, Goals, Self-Leadership
Here’s a fact: Those who are comfortable with the status quo do not grow!
This is because remaining in a comfort zone encourages people to do the BARE MINIMUM. Thus, their only goal is to keep things the same way they’ve always been. To become successful (according to your predetermined standards of success) you must be willing to push yourself outside your safety zone over and over again. In other words, you must plan to escape from the “Prison of Comfort.”
Realize that your comfort zone is holding you back – then step outside of it!
Pushing your limits is like stretching your body. You will know it’s working when you start to feel uncomfortable. When you feel that twinge, be assured that you are inching your way closer to your ultimate goal. Let this be the year you decide to break free from the “Prison of Comfort.” I know you may be afraid, but, I’m encouraging you to be bold and courageous. I once heard someone say, “Courage is not the absence of fear; It’s moving ahead in spite of your fears.”
What would you do if you knew for sure that you would not fail?
by Clarence E. Stowers | Jan 11, 2010 | Accountability, Empowerment, Goals, Leadership
My late father, Dr. Clarence E. Stowers Sr., would always tell me, “Son, find a story and tell it well.” I didn’t quite understand then, but I do today! To steal one of the ancient slogans in advertising, “your brand is the truth about you, well told.” This year many resolved to make lasting changes and become the best version of themselves. I call it Version 2.0 – The me God wants me to be. In order to upgrade to Version 2.0, I encourage you to spend time pondering the following questions:
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by Clarence E. Stowers | Jan 5, 2010 | Accountability, Empowerment, Goals, Leadership, Success
The week between Christmas and the New Year has been officially declared as the most “unproductive” times of the year. While surfing the web, I ran across Michael Hyatt’s excellent blog, which inspired me to think long and hard about what I want to accomplish in 2010.
In order to make my resolutions stick, I decided to employ Michael Hyatt’s four strategies found here. Therefore, let it be resolved:
- That I will read through the entire Bible by December 31, 2010 using YouVersion’s Chronological plan as my guide (started Day 1 yesterday).
- That I will lose fifteen pounds (current weight: 217) by exercising a minimum of 3 days per week with a minimum of 20 minutes of cardio during each exercise session. I will accomplish this by July 30, 2010
- That I will continue to resist the lure, draw, and undeniable seductiveness of late night unhealthy snacks like candy, soda, cookies, & other fattening foods and replace them with fruit.
- That I will finish the first draft of my new book by June 30, 2010.
- That I will write at least three posts per week on my personal blog, where I share my thoughts/ideas on leadership from an urban perspective and some general life musings.
So let it be noted. So let it be done. And please give me a swift kick in the rear end if you see me getting off track.
What are your goals & have you gone public with them?
