Visions of Wealth Building Success for 2021 & Beyond

Posted on January 31, 2021 by TheWealthIncreaser.com

Learn how you can avoid procrastination and look into your future and see the wealth building success that you desire with more clarity…

As we close out the month of January 2021 with a new administration in the United States and over 440,000 COVID 19 deaths in the United States alone, entering the the month of February 2021 is a welcome occurrence for many of us.

As the year of 2021 is progressing forward—we must look to the future, leave procrastination behind and see how we can learn from the experiences and happenings of 2020 to forge a brighter future in 2021 and beyond.

At this time, the creator of TheWealthIncreaser.com whose spirit is at an all-time low due to the transition of his mother (Nettie Ree Jones) will present action steps that you can prepare to take so that you can avoid procrastination and help ensure a more prosperous and fruitful future for you and your family in 2021 and the coming years.

It is important that you have the following knowledge base as you move forward from the happenings that are occurring or possibly will occur in your future regardless of where you reside.

1) Know your tax position now so that you know what to expect when you file your 2020 taxes in 2021

COVID -19 has presented many challenges and in the area of taxation that is no exception as limited income, unemployment, payroll tax cuts, stimulus checks, government business loans, local grants and other charitable activities have made 2020 a confusing and in many cases an uncertain environment for many who will file taxes in 2021.

Even so, now is not the time to panic or live daily with anxiety as you must realize that you can only do what you can do.

It is important that you leave the stress behind, and take inventory of where you are now at. You must be prepared to give it your absolute best to improve your situation as best you can when the tax filing season comes around.

It is also the time to look forward and find other ways to save on your taxes as tax and financial planning should be a year round activity for most.

Be particularly alert for pre-tax benefit savings on your taxes such as FSA (Flexible Spending Account) or HSA (Health Savings Account)—and be aware of the details–as with many pre-tax plans you must use it (spend it during the tax year) or lose it (lose the tax benefit for the tax year)! Some pre-tax plans may allow you a carryover of a certain amount that are indexed or adjusted yearly for inflation.

If your employer offers an FSA and you enroll (and contribute $5,000) and you make $50,000 you would be taxed on only $45,000 and you could save far more in taxes than if you saved on a post-taxed basis. You just potentially saved $500 in taxes if you use all of the $5,000 during the year with a FSA and you grossed $50,000 annually. Keep in mind that all financial and tax positions are unique and you will have to apply the knowledge that you are learning to your unique financial position.

Always remember that there are taxable benefits to having an FSA, HSA and other pre-tax savings plans including 401k’s and other retirement plans! If there is an employer match and/or you qualify for a “savers credit” involving your retirement plan, you can benefit even more.

2) Know your financial position now and know ways that you can improve your financial position in 2021 and beyond

It is your responsibility to take inventory of what you now know and what you need to know as far as your finances are concerned.

By knowing what you need to do to manage your finances optimally you put yourself in a much better position for success—now and in the coming years.

3) Know how you can save and make the right moves in 2021 and beyond so that you can retire and live the lifestyle that you desire

It is important that you do all that you can to ensure that your retirement years can be as enjoyable as possible.

You can do so now by saving consistently both inside and outside of your retirement accounts.

You must put a plan in place in spite of 2020 setbacks or any other setbacks and get back on track where possible—or start now to effectively save for your retirement years so that you can reach the goals that can make your life more meaningful and significant in the coming years.

Conclusion

As the month of January 2021 ends and a new chapter begins it is important that you always respond to adversity in a positive way regardless of how painful the adversity is and continues to be.

And just as the creator of TheWealthIncreaser.com will respond appropriately by operating daily at a higher standard of excellence and pursuing success in a more intelligent, consistent and proactive manner and with more urgency, so too must you pursue your dreams with more urgency.

The following poem was written as a tribute to the creator of TheWealthIncreaser.com’s mom who transitioned at the end of 2020 and had her homegoing in January of 2021, and hopefully you too will find some inspiration in this poem to help you move forward and achieve more during difficult stretches in your life.

It is a poem designed to show love to the creator of this universe and also act as a motivator to help those who desire to achieve at a higher level of success during difficult times find the inspiration to move daily in a more committed manner toward their goals and objectives.

Hopefully you will find some inspiration in this poem and it will help you move forward daily with a more active spirit and achieve more throughout your lifetime–and achieve in a manner that can be of true benefit to yourself, your loved ones and the larger society that you live in.

Up Above With Love

From the “sun” up above who sends you love

From the north star who knows who you are

You are amazingly created to win—again and again

Even though we all sin, we know that the creator of the universe lives within

Now is the time to position yourself to get what you want or need–by planting seed

The words that we hear or read hit us in a different way–when it is a different day

Procrastination offends God

Your mindset to “do it now” is not odd

I’ll do it later, must not be in the numerator–or denominator

Step outside of your comfort zone and you can achieve in a better way

Live your life with purpose each and every day

There is lots of time, I’ll do it later you think

Life on earth is much shorter than a blink

Today I move to action without procrastination

And achieve success regardless of the situation

My actions that were taken when I put things off must not stand

From this day forward I will move my feet and never get stuck in the sand

All the best to your new vision of unlimited success…

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Investments & Wealth Building

Posted on January 17, 2021 by TheWealthIncreaser.com

Learn how to invest in a way that will DRIVE you toward the success that you desire as you avoid turbulence and reach higher…

More on Investments…

If you are new to investing or you desire to re-evaluate your current portfolio and find ways that you can invest more effectively you can do so with the right approach.

In this discussion TheWealthIncreaser.com will provide information to assist those who are new to investing or those who desire to invest more effectively, 5 ways or 5 steps that can lead to more investment success. It is important that you invest in your future in a manner that is more favorable for your success. You must at this time show the desire and determination–and you must be willing to give it your best–as you build wealth and improve your financial health.

It is important that you have D R I V E on the inside as you prepare for investing in your and your family’s future and this discussion is designed to assist you as you drive in the direction where success lives as you pursue investing at a higher level of commitment.

You must have the drive to reach your investment goals and the following five factors that you have the opportunity to learn on the front end (prior to your investment journey) can help you achieve more throughout your lifetime.

D iversify or Spread Out Your Investments

R eBalance so Your Investments are Allocated Appropriately

I nvestment Risk Analysis Must be Performed

V alue the Usage of Leverage

E ase into Investing

D iversify or Spread Out Your Investments

It is important that you have investments in a number of sectors or asset classes such as stocks and bonds. Other more exotic investment choices (gold, cryptocurrency, forex, REIT’s etcetera) should be considered only after you have workable and practical understanding and application of the basics in real world investments.

Always remember that stocks are generally for growth and bonds are generally for preservation of capital!

Your challenge is to create a portfolio that has a mix so that one stock won’t overwhelm or have an unwanted effect on your portfolio. A portfolio of 15 stocks are better than a portfolio of five as you can spread the risk more assuming they are invested in different industries.

Mutual Funds, Exchange Traded Funds, and other grouping of stocks and bonds by a third party may also be worth consideration if you are new to investing as it allows you to use dollar cost averaging and other relatively painless measures (from a financial standpoint) to ease into investing while you continue to learn about investments and how you can utilize them more effectively in your financial future.

R eBalance so Your Investments are Allocated Appropriately

Did you know that the growth of your portfolio is a good thing, however it will require that you re-balance your portfolio occasionally?

Even losses from your investments can create the need for you to re-balance your portfolio!

Market activity will determine how frequent you should re-balance, however a good rule of thumb is to analyze at least annually and re-balance if necessary to bring your allocations in line with your prior allocations or your current risk tolerance level and future goals.

I nvestment Risk Analysis Must be Performed

You must align your risk tolerance level with your intended goals whether it be a down-payment on your new home, retirement, education funding, a dream trip or anything else.

It is important that you realize that investments allow you the opportunity to make money—and lose money!

Your time horizon and risk tolerance must be analyzed appropriately and you must prepare properly for a successful investing career by having an appropriate emergency fund and an understanding of where you are currently at in your life stage.

V alue the Usage of Leverage

You can possibly use leverage to increase your potential investment returns.

You can use leveraged ETF’s, futures contracts and margin loans to amp up your returns—but they are also riskier than using your own money to invest!

You must value the use of leverage by knowing that it can be dangerous for the novice investor and you must learn all about leverage prior to your leveraged investment activity. By using leverage appropriately and learning how to properly utilize leverage in the best way possible based on your unique financial position, you can possibly avoid the pitfalls that have affected many in a negative way.

E ase into Investing

If you are new to investing or you desire to invest more effectively, it is important that you are relaxed and don’t rush into it. You may want to start with dollar cost averaging, mutual funds or contributing to your retirement plan at work or start a traditional or ROTH IRA making consistent contributions.

You may also be eligible for a “saver’s credit” that can help you at tax time (and provide an additional investment incentive) if you meet certain income thresholds!

If your employer offers a retirement plan and there is a “match” provision, be especially alert and plan to contribute up to the match at a minimum as by doing so it can lead to you reaching your goals more efficiently!

Always be aware of the effects of investing inside and outside of your retirement accounts as the approach that you take with the selection can work for or against you and your ultimate goals.

You can learn investment success principles along the way and make adjustments to your investment activity as you learn more.

Conclusion

It is important that you know the importance of your need to:

D iversify or Spread Out Your Investments

R eBalance so Your Investments are Allocated Appropriately

I nvestment Risk Analysis Must be Performed

V alue the Usage of Leverage

E ase into Investing

With the advent and progression of technology (fintech) you now have access to robo and micro advisors, easier access to the markets, lower trading costs, access to fractional share purchase at some brokerage houses and you can now invest in a more convenient way from many of your electronic devices.

In a real sense you can now DRIVE toward the investment success that you desire in a more convenient way–starting today!

Even so, you must still have an awareness of “investment fundamentals” so that you can diversify appropriately based on your risk tolerance and goals, re-balance and manage investment risk on a consistent basis, use leverage wisely and ease into investing in a relaxed manner as you build your net worth more efficiently.

There is no need to panic as you can invest and learn along the way and more effectively manage the turbulence in your life from day to day.

All the best as you drive with more acceleration toward lasting investment success…

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Turbulence & Wealth Building

Posted on January 3, 2021 by TheWealthIncreaser.com

Learn why you must press forward when turbulence (adversity) occurs while you are in the process of building wealth…

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In the current economic and political environment and especially the events of 2020, many are in a somber mood and are stressed about their future as it relates to building wealth efficiently.

It is important that you have confidence in your wealth building future and not be deterred or detoured by what is happening in the larger economy. Even if you now face turbulence or now feel that you are on an unexpected journey toward your wealth building goals and your financial future appears to be in turmoil, you can still achieve meaningful goals.

In spite of the fact that you may have anxiety about your future plans as a result of the political and economic activity that has occurred in your country–you must still adjust your plans appropriately where and when needed. You must know deep within that you can still reach your wealth building goals in spite of the uncertainty that is now in the atmosphere at this time.

You can remain focused by doing the basics (see the 3 steps below) on a consistent basis as best you can. Keep in mind the fact that you ultimately control the direction of your future even if adjustments have to be made along the way.

1. Determine your cash flow position

It is important that you get a better handle of the inflow and outflow of cash that comes into and out of your household on a monthly and annual basis. You want to know what comes in and goes out so that you can plan for your future in a way that is more advantageous for you and your family–not creditors.

2. Improve your credit understanding

It is important that you understand how credit works if you at any time anticipate using credit to reach some of your goals. By knowing how you utilize credit at the various stages of your life you can position yourself and your family for continuous success in the current environment or any environment.

3. Manage all areas of your finances at a level that is the best that is within you

By knowing all areas of your finances that you must address and putting in place a plan to address those areas on a consistent basis you can position yourself and your family for more success. Keep in mind that you must be determined to give it your best so that you can achieve a higher level of success.

Conclusion

By always knowing that turbulence or unwanted occurrences will occur while you are in the process of building wealth you put your mind and heart in a better position for long-term success.

Your determination at this time to do what you need to do consistently in spite of setbacks will serve you and your family well in 2021 and beyond–and not just intermittently!

You are truly the key to achieving results that you can see and controlling the the turbulence so that you can be all that you were meant to be.

And just as a 747 plane that experiences turbulence make adjustments on the fly (no pun intended), so must you if you desire to make your dreams come true.

You must realize at all times that you possess the ability to change direction, go around, over, under or through the turbulence in your life as you avoid financial strife!

All the best as you “manage the turbulence in your life” and achieve major success…

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Negotiation & Home Ownership

Posted on December 19, 2020 by TheWealthIncreaser.com

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Learn why you must negotiate effectively when buying and/or selling your home…

More on Home Selling…

It is important that you realize that there are buyer’s and seller’s markets that occur on an ongoing basis. And it is important that you know if you are in a buyer’s or seller’s market when you decide to buy or sell your home.

The importance of knowing that information is tied to how you can more effectively negotiate a deal that will work for you and your family. When negotiating a sales contract always be aware of “time constraints” as they play an important role in any negotiation–and even moreso when buying and/or selling real estate.

In this discussion TheWealthIncreaser.com will present practical negotiating tips that you can use if you anticipate buying or selling your home–now—or in your future.

HOME BUYER NEGOTIATING TIPS

If you are buying a home there are many options that are available including creative financing.

Always realize that a cash purchase gives you the most negotiating power generally speaking when you are presenting an offer to a seller!

You can use a cash offer with a higher earnest money down payment and a shorter due diligence period to put your offer at or near the top of most seller’s consideration when you are in a seller’s market and the seller(s) are receiving multiple offers on the property.

Generally, you want to be prepared to pay the closing costs (they are usually low because no lender is involved) when you present a cash offer.

When financing is obtained to purchase your home you will have to select a lender and include a financing contingency in the offer contract and negotiate the closing costs. As a buyer you should be aware that there are mandatory seller closing costs (scroll to the bottom of this page for a sample) and there are closing costs that can be negotiated out with lenders and/or negotiated to be paid by the buyer(s) or seller(s).

In a “buyer’s market” you will have more flexibility in your offer as there will be an abundance of homes on the market that may fit your and your family’s needs and if an offer is not accepted you can move along to another similar property that is on the market.

As a buyer you want to control the negotiating process so that you can maximize the transaction to your advantage, but also make it a winning situation for the seller(s) as well.

Your end goal is to “close on the property” and make the purchase a win–win situation for all parties involved.

HOME SELLER NEGOTIATING TIPS

If you are selling your home you want to select the offer that nets you what you want or nets you the closest to what you want with a high likelihood of closing in a desired time frame.

A cash offer with a higher earnest money down payment and a shorter due diligence period will normally be selected over other offers that may require financing or have longer due diligence periods. A cash offer contract that is submitted with a “proof of funds” letter will carry more weight than one that does not contain a “proof of funds” letter.

A financing offer contract that is submitted with a “pre-approval” letter will carry more weight than one that does not contain a “pre-approval” letter–generally speaking!

When financing is to be obtained in the offer by the purchaser you will have to ensure that the buyer can obtain a loan with the lender outlined in the offer contract (verify loan commitment) and make sure the financing contingency and other contingencies in the offer contract are met–and negotiate the closing costs to an acceptable level so that you can net the proceeds that you desire.

There are mandatory seller closing costs and there are closing costs that can be negotiated out (scroll to the bottom of this page for a sample) with buyer(s) and/or lender(s) and/or negotiated to be paid by the buyer(s) or seller(s).

In a “buyer’s market” you will have less flexibility in how discerning you can be with offers as there will be an abundance of homes on the market that may fit a buyers needs and buyer(s) may move along to another property if you do not accept their offer or delay in accepting their offer.

As a seller you want to control the negotiating process so that you can maximize the transaction to your advantage, but also make it a winning situation for the buyer(s) as well.

Your “end goal” is to “net the proceeds” that you desire or need to receive when all is said and done (when closing is complete).

Conclusion

When buying or selling your home, negotiation is critical and you must know what is involved in the process upfront—not in the middle of the transaction. Even who chooses the closing attorney is negotiable in some cases depending on your locale and custom.

The costs below can give you a feel of what you might have to pay at closing if you are a buyer or seller depending on how negotiation occurs and local custom in your area.

HOME BUYER & HOME SELLER CLOSING COSTS IN GEORGIA

S = “Seller” required to pay–otherwise negotiable

GA Residential Mortgage Act Fee $10

Intangibles Tax based on value–$3 per $1,000 and $1.50 per $500

Transfer Tax based on loan amount $1 per $1,000 and .10 per $100 S

Real Estate Taxes (pro-rated to S)

And Record Deed $12+ Trust/Deed Mortgage $44+

Commission usually 6% in GA but negotiable S

Credit Report $40+

Appraisal $450+

Underwriting $895+

Homebuyer Education $25-$100

Impounds (usually 3 months but depends on lender and loan type)

Insurance (POC or at closing)

Interest (prepaid—remainder of month of loan buyer pays)

Property Taxes (pro-rated)

Title Charges:

Settlement $700+

Insurance–lender & purchaser $300+

DOC $100

Examination $250

Binder $50

CPL (Closing Protection Letter) $50

Courier Fee $50+ New Line

Other:

SURVEY–$500 and up

TERMITE LETTER/TREATMENT–$75 and up

SPECIFIED INSPECTION–$100 and up depending on scope (i,e pool, plumbing/septic system, mold and mildew, radon, lead-based paint, electrical system, other environmental concerns etc.)

Maximum Seller Paid Closing Costs: FHA Loan 6%–VA Loan 4%–USDA Loan 6%–203k Loan 6%–Conventional Loan 3%

As a buyer or seller you must also factor in the tax consequence of your home transaction and it is important that you know that information upfront as well.

Even though it is not required (you choose a highly competent buyer real estate agent to represent you or you choose a highly competent seller real estate agent to represent you) that you have the knowledge that was discussed above—it is important that you know that the buying and selling of your home is a major transaction and it is important that you know what is going on—or should be going on every step of the way.

Whether you are purchasing or selling a new home or a resale it is important that you know the type of market that you are operating in and you (or your agent) do your research upfront as that will help in the negotiating process.

By looking at past sales, expired listings, and the current market conditions in your area, you (along with your real estate agent) can craft an offer that works for you whether you are the buyer or the seller–regardless of market conditions and the type of property in question.

Always realize that all home loan closing situations are unique and variations to expected closings occur on a consistent basis!

Whether you are a buyer or seller always pay attention to special stipulations and the seller’s home disclosure statement when present in an offer and always consider a home inspection as well!

In addition, whether cash or a loan is involved in the transaction “you must negotiate in a manner that works to your advantage” as you move forward and pursue the goals that will make life on earth more rewarding for you and your family in a more sincere way.

Thanks for visiting TheWealthIncreaser.com today!

All the best to your negotiating success…

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Home Ownership & Wealth Building

Posted on December 6, 2020 by TheWealthIncreaser.com

Learn how you can use home ownership effectively to build wealth more efficiently…

In the current economy there are many who are facing home ownership difficulties due to COVID-19 and the economic downturn that has occurred.

Even so, there are still ways that you can build wealth through home ownership and in this discussion we will address ways that you can use home ownership to build wealth and reach a level of success that can make life more enjoyable for you and your family.

As the creator of TheWealthIncreaser.com gears up for the 2020 tax season the thought of home ownership and how you can use it to build wealth continued to enter into the atmosphere whether from emails from around the world or client contacts at the office.

By mentally grasping the following paragraphs prior to purchasing your home you can position yourself and your family for more wealth building success and a more successful home ownership experience at the various stages in your life.

Make sure you have at least 15 minutes available as this discussion is longer than most and you will have the opportunity to frequent very important links that can put you on a more prosperous path and your time spent will further position you for a lifetime of wealth building success.

You must purchase your home with the end goal in mind

It is important that you begin your home purchase by knowing that you will need to have a down payment and pay closing costs. You must also be aware of what you plan to do at the end of your home ownership period prior to your home purchase.

Although life is unpredictable to a large extent, you still want to go into your purchase knowing your intentions as to how you will transfer your home at the end of the desired period of your home ownership.

What you really need to know:

Credit Sore is used by lenders to rate your credit and ranges from 300 to 850. The higher your credit score–the better your mortgage interest rate–generally speaking.

Down Payment is the amount that you will put down on your home purchase to help reduce the loan amount and normally range from 3% to 20% but can be as low as 0% to as high as you want to go as long as it is less than 100%.

Closing Costs are costs that you will have to pay to close on your home and they are determined by the type of loan and lender that you choose, along with seller contributions that were negotiated.

Refinance is when you go to a lender and redo your loan for a lower interest rate and possibly shorter loan term and can possibly help you save thousands over the life of the loan. It is important that you “run the numbers” prior to a refinance to ensure that the new loan will benefit you in a way that is more beneficial to you–not the lender. Your credit would be pulled if you were to refinance your loan.

Cash Out Refinance is when you refinance for more than your current outstanding loan balance (your credit would also be pulled) and use the cash for other purposes. If you use the proceeds for Housing Repairs you can deduct that usage amount (interest portion) on your federal tax return. Many lenders will limit the amount of your refinance at 80% of your homes market value.

Home Equity Loan or Line of Credit (your credit would also be pulled) is when you obtain a home loan or credit line using your home equity as collateral and it too would be deductible (interest portion) up to a limit if you use the proceeds for home repair.

Loan Modification is when you modify the terms in your loan agreement and in many cases a modification does not require the use of your credit score. This is a process that is often used when there is a layoff or change in income and you desire to hang on to your home in spite of difficult times.

Rental is the process of renting a room or your entire house for a period of time where you collect rent and include the gross receipts on your tax return and deduct rental expenses (possibly including mortgage interest and depreciation) on your tax return and that will normally provide tax benefits to you on the front end.

Your gain from the sale of rental property would normally be taxable. At the time of sale “recapture” of the depreciation that you claimed (or failed to claim) will normally be due, thus reducing the amount of the sales proceeds at the time of sale or once you file your federal taxes.

Sale is when you sell your home and hopefully for a profit. You are entitled to a Tax Exclusion from sale of $250,000 on your personal residence if you are single or $500,000 if you are married if you meet the requirements.

Will or Estate Planning is when you leave the property for a loved one or charitable organization as outlined by you.

Emergency Fund is an account that you should have such as savings or money market account that you can tap into when emergencies occur. You want to properly fund this account as soon as you are able to do so as that account can help you avoid the need to borrow or tap into your retirement accounts.

Cash Flow is knowing what you have left over after payment of your monthly expenses so that you can live at an expected level of comfort–and it is important that you know your cash fl0w prior to purchase.

You must know how to use the tax advantages of home ownership upfront

There are many tax advantages to home ownership and it is important that you are familiar with them all as you don’t want to miss out on potential or actual tax savings by not being aware of your options.

By knowing the tax advantages of home ownership, you are going into your home purchase with “your eyes wide open” as opposed to merely going through the motions. You are positioning yourself and your family for a lifetime of success as opposed to not understanding what is in store for you.

What you really need to know:

Federal & State Taxes can possibly be reduced due to home ownership as mortgage interest, property taxes and possibly mortgage insurance can all be deducted.

Points or loan origination fees (pre-paid interest that you paid to lower the interest rate) that you paid may also be deductible, therefore you may have to take the closing documents in the year after your home purchase to your tax professionals office to ensure that you get this tax deduction, as it is often overlooked by many new home buyers and tax professionals alike.

Property Taxes will help fund government operations and you can deduct them on your taxes up to a limit if you itemize on your federal tax return.

State–County–City and School taxes are normally included in your property tax payment. Bonds that are issued by your locality are also often included.

Special Assessments are an additional form of tax for improvements near your home–such as sidewalks, sewer etcetera that you might possibly have to pay–however they would generally not be deducted unless you possibly had an office in the home or you used your property for rental purposes.

Homestead Exemptions are available in most states (you normally must be an owner/occupant) and they would have the effect of lowering your property taxes. You generally have to sign up at the local or county level during a designated period after your home purchase to be eligible.

IRC Code “1031 Tax Exchange” is an option other than selling where you can possibly avoid or defer taxation on like-kind property. You may have to convert your home to rental use prior to using a 1031 exchange as the property must be business or income producing. If you decide to rent your property(s) in an effort to build wealth or you do a quick turn of your property in an effort to build wealth there are more concerns such as basis, gross rental receipt, depreciation, material participation and other areas of concern that you may need to address if you desire to build wealth more efficiently–therefore record keeping is very important.

IRC Code “121 Tax Exclusion” from the sale of your home up to $250,000 if you are single or $500,000 if you are married are still on the books and you can use this tax break to build wealth if you use it appropriately. You must occupy the property as your primary residence in 2 of the past 5 years to qualify and this tax exclusion can only be used every 2 years. Many clients of TFA Financial Planning have effectively used this approach to build wealth and reach other goals and you have the opportunity to do the same.

You must know the true cost of home ownership upfront

In addition to your loan that contains principal and interest you will have taxes and insurance and possibly HOA fees.

Furthermore, you will have to budget for monthly utility payments and possible repairs. It is imperative that you create a properly funded emergency fund if you have not done so already.

What you really need to know:

PITI stands for principal, interest, taxes and insurance and you will have to pay all of that if you take out a loan on your home purchase in almost all cases.

If you take out a loan, hazard insurance (in case your house burns down the lender wants to have recourse) will be required. If you purchase with cash you have the option not to purchase insurance, however it is normally in your best interest to do do.

PMI or MIP which is insurance that protects the lender in case you default would be included if you put less that 20% down and would be clearly outlined on your monthly mortgage statement.

HOA Fees or Dues are home owner association fees that some subdivisions, townhouses and condo associations charge monthly, quarterly or annually for varying degrees of services or amenities that you will have access to.

Maintenance includes everything from yard maintenance to repairing or replacing your HVAC system to everything in between and outside of your house that may need repairing including roofing, siding, gutters, soffits, plumbing, electrical and appliances, therefore you must budget for maintenance costs.

Monthly utilities include gas, electric, water, cable, garbage and other fees depending on your locale or subdivision. If you are part of an HOA, some of those fees are sometimes included in the HOA payment.

Conclusion

It is very important that you start your home buying process by beginning (know what you plan to do after your home purchase when you decide to sell–prior to your home purchase) with the end in mind so that you can build wealth more efficiently.

You want to purchase in an improving neighborhood with strong schools and the amenities that you desire in close proximity.

Seller financing and other creative ways of pursuing home ownership is always an option–but should be analyzed and pursued with great caution!

Also, cash purchase is always an option if you find yourself in the fortunate position to utilize this option. If you are a handyman or have building skills you can often find bargain properties that you can rehab and live in or sell at a later date and that can in many cases lead to a large financial windfall for you and your family.

For those who lack those skills you can find bargain properties and use FHA 203k rehab loans or Fannie Mae rehab loans to transform an outdated property into one that will work for you and your family.

Use your imagination to find new and more rewarding ways of building wealth through home ownership based on your unique skills and talents.

In addition, it is important that you know the bankruptcy exclusion amount in the state that you live in so that you know upfront what you need to do to keep your home in case you face financial difficulty. In some states 20% of your home equity may be exempt from bankruptcy filing. In Florida 100% of your personal residence may be exempt from bankruptcy filing.

Refinancing and loan modifications are other ways that you can use to possibly retain possession of your home if you run into financial difficulty and they must also be a part of your consciousness as well. Always realize that “timing” is critical when considering whether you need to file bankruptcy, refinance or modify your loan as you don’t want to “deplete your savings and retirement accounts” and still end up filing bankruptcy, refinancing or modifying your loan.

Your goal should be to avoid tapping into those accounts if at all possible, however if you need to pursue those options, you want to do so at a time that works to your and your family’s advantage–not to the advantage of those who have no real concern for your or your family’s future success.

By landing on this page you have put yourself in a far better position than most first-time home buyers (or any home buyer) and it is the desire of TheWealthIncreaser.com that you will use this discussion as a stepping stone to achieve optimal wealth building success throughout your lifetime.

All the best to your home ownership success…

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Credit Tiers & Wealth Building

Posted on November 27, 2020 by TheWealthIncreaser.com

Learn why understanding “credit tiers” can help you fly at a higher level as you increase your credit score, build wealth and achieve more…

When it comes to credit scoring there are tiers or ranges that are better for you when it comes to getting loans at a good or the best rates when dealing with creditors.

Your repayment habits that you have throughout your lifetime helps build your credit file and hence your credit score.

The more responsible you are—the higher your credit score and the greater the probability it is that you will get a loan at a good or the best rate.

It is very important that you manage your credit and financial affairs at a level that is the best that is within you!

By doing so you will be able to obtain credit in a way that is best for you and your family throughout the period in your life that you desire–or have a need to use credit.

Credit scores fall into 3 different ranges or tiers that lenders use to grant credit and the higher you fall in a credit range or tier, the better your credit terms in most cases.

What is a Tiered credit score?

A tiered credit score falls into “3 ranges” and they are used by creditors when it comes to credit decisions from credit cards, auto loans, home loans, student loans and many other credit and consumer loans that are of a certain type, along with insurance and employment purposes.

Tier 1 credit cards are for people with “excellent” credit (750 and above).

Tier 2 credit cards require “good” credit and falls in the 700 to 749 range on the standard 300-850 point scale.

And Tier 3 credit cards are for “fair” credit and falls in the 640 to 699 range on the standard 300-850 point scale.

In addition to getting the best interest rate on credit cards, the higher your credit tier, the better the chance that you will get the best rate on home loans, student loans, auto loans and many other credit and consumer loans that are of a certain type, along with insurance and other purposes that you may have where your credit profile would be used.

How lenders rate credit…

Lenders must evaluate the risks of lending money to you and generally follow the same guidelines to evaluate a borrower’s creditworthiness.

By knowing what they evaluate at the earliest time possible you can put yourself in a better position for success throughout your lifetime.

In addition to the “5 credit factors” that will be presented later in this discussion, a creditor usually looks at three factors known as the “three Cs” and also known as Capacity, Capital, and Character when evaluating you as a credit risk.

Capacity is your present and future ability to meet your financial obligations. Some of the areas examined would be your work history and the amount of debt that you already owe and that would be used to determine your ability to repay.

Capital is savings and other assets that could be used by you as collateral for loans. Even if you are not required to post collateral, many creditors express a preference that you have assets other than income that could be used to repay your loan.

Character is your trustworthiness and promptness in paying your existing bills and other debt. Your credit history in a real sense defines your character whether you believe it is fair or not, as many lenders look at your past payment habits to determine the likelihood of future repayment.

In short, lenders are looking at how responsible you have been in your past when utilizing credit and accumulating assets!

The 3 C’s show in a real way whether you have the capacity, capital and character that is required of you when lenders are determining your ability to repay loans of various types.

In the past the “three Cs” was all that was needed to get a favorable decision on a loan, but in today’s information age, much more is required, such as a credit report(s) and credit score(s), and the higher you fall in the credit tier range with your credit score–the better your chances are to obtain a loan at a good or the best rate.

Your credit report represents a long list of your payment history, credit accounts, and other information.

Your credit reports are available for free at annualcreditreport.com, however your credit score is not included, and would normally have to be purchased.

Most importantly, you must understand what makes up your credit file and credit score—and what the major criteria is that goes into your FICO score.

The FICO score is named after the company that developed it—Fair Isaac and COmpany and you can get that score for a stated fee at (www.myfico.com).

The score is a three-digit number that falls between 300 and 850 and the higher your number, the more confidence lenders will have in your repayment ability.

Although other companies provide credit scores, the FICO score is the most prominent score used in the credit industry.

Your score will fall into a basket with other scores and it is important to know that generally more than 60% of people will have scores of 700 or more—therefore if your score is below 700, you have work to do if you desire to get in the TIER 1 range.

At 720 or higher (depending on the lender and type of loan), you would be considered a safer risk and you would generally receive a loan without a problem and also at a lower interest rate.

By gaining mastery of your credit at this time you can position yourself and your family for a lifetime of success.

Your FICO score is weighted as follows:

35% Payment history. Having a long history of making payments on time and no missed payments on all credit accounts is very important and one of the top things that creditors look for.

30% Utilization or amount owed. The amount that you owe relative to all of the credit that you have available is your overall utilization rate. If you are very close to the limit on all lines of credit, you will be deemed a potential risk in the ability to repay your debt on time with many lenders.

15% Time length of credit history. In general, you want a credit report containing a list of accounts that have been opened for a long time–as that will help your credit score. Your credit score would be enhanced by having older account(s) and the average age of all of your accounts would be weighted more favorably as well.

10% Type of credit in use. Your credit type or mix of credit cards, retail accounts, finance company loans, auto loans and mortgage loans are evaluated and weighted when your credit score is analyzed.

10% Inquiries or new credit. If you plan on opening several new credit accounts in a short period of time–use caution as that can result in the lowering of your credit score. Depending on your future goals, you may want to ease into the process of opening new credit.

Multiple credit report inquiries can represent a greater risk, but multiple inquiries “do not” include requests made by you, an employer, or a lender who sends you an unsolicited, “pre-approved” credit offer.

This type of inquiry is called a soft inquiry and would have little to no effect on your credit score.

In addition, to compensate for rate shopping, your credit score generally counts multiple inquiries of the same loan type in any 14-day period as just one inquiry.

General Guideline of How Lenders Rate Credit Scores

TIER 1 750 or higher is “excellent”—some lenders consider 720 or higher as tier 1

TIER 2 700 to 749 is “good”—some lenders consider 660 or higher as tier 2

TIER 3 640 to 699 is “fair”—make plans to improve

720-higher A

Take your choice of loans at the lowest cost, including risk-based loans such as stated Income and Interest Only. Be aware that stated Income and Interest Only loans are more difficult now even with scores over 720.

620-719 A-

You qualify for conforming, conventional loans. You’ll pay slightly more for risk based loans.

600-619 B

You may take a FHA/VA loan or even a low-down payment loan with desktop (automated) underwriting. FHA/VA now require a middle score of 620 or higher with many lenders.

575-599 C

You can qualify for a sub-prime loan, but your interest rate will be significantly higher. Expect a prepayment penalty.

500-559 D

Most lenders will deny your loan, however there are a few “hard money” sub-prime lenders who will approve a loan if you have sufficient down payment. Mortgage brokers have access to these wholesale lenders.

Only the rare sub-prime lender will approve a loan for someone with a score below 500, and a large down payment will be required—usually 25 to 50 percent.

Other conditions will apply as well.

Other Key Tips:

If your home is foreclosed—5 year moratorium on purchase of another house with many lenders

After Bankruptcy Discharge (Chapter 13) you can apply for a loan if middle score is 620 or more.

Chapter 7 with no foreclosure, FHA loan available after 3 years with many lenders.

Judgments on your credit report. Judgments must be paid.

Judgments not paid will stop the progress of your score going up.

Closing Thoughts

It is important that you know prior to applying for a loan the importance of why you need to understand your credit position and how you can improve your credit position so that you can get a good—or the best loan available based on your credit profile.

By keeping in mind the above credit tiers, and knowing how to use the five credit factors to your advantage, you put yourself in position to manage your credit more effectively and efficiently at the various phases of your life.

You can make your stay on planet earth a more joyous occurrence by using credit wisely and mapping out your future with more clarity–so that you can go where you need to be, regardless of the chaos that you now see!

Even though you may take small steps now to achieve what you desire, your consistency in action will lead to you flying higher and achieving from wire to wire.

Now is the time that you put into motion ways to manage your credit at an optimal level and achieve the goals and dreams that are uniquely your own.

All the best to your credit management and “credit tier” success…

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Identity Protection & Wealth Building

Posted on November 21, 2020 by TheWealthIncreaser.com

Learn why you must keep your guard up against identity thieves and scammers so that you can protect your credit and finances…

In the current economy ID Thieves and other scammers are out in abundance and it is up to you to find ways to thwart or prevent their activity from having a consequence in your life.

It is important that you realize that over 50 million people in the United States alone have been victims of identity theft and it is imperative that you take steps so that you won’t add to that number in the United States or wherever you may live on the planet!

Many identity thieves have your name, social security number and date of birth in spite of you taking appropriate action to protect that information and they may try to open accounts in your name. In some cases your information was obtained from data breaches and may be bought and sold throughout the world and on the dark web. In some cases you can use a credit freeze to help prevent others from utilizing your credit, however in most cases that alone may not be enough.

You also need to put in place identity protection and credit monitoring measures that can help protect against what others may do to you that can slow down or prevent your dreams from coming true!

In addition to common sense measures that you can take, there are many free and paid providers that offer varying degrees of coverage.

Paid Identity & Credit Monitoring Services

When it comes to paid credit monitoring services there is a huge range in the coverage type and pricing. You can get monthly protection for as little as $5 per month up to $40 per month and it is important that you know up front the coverage that you are getting and the protection that you need.

You can get one, two or three bureau protection from many companies, however if you pay it is normally best that you choose a company that offers coverage from all three credit bureaus.

Most companies also offer a host of other services from liability protection to alert notification of any changes to your report(s) as well as family plans. It is up to you to search the marketplace to find a plan that is compatible for your lifestyle if you now have the discretionary income and you desire protecting your financial position and identity in a more stringent way.

Self-Monitoring of Your Credit & Finances

You can also self monitor your credit yourself at no cost by choosing free companies on the web or using credit card companies, including companies that you may now use at this time.

You can self monitor by going to annualcreditreport.com (free credit report—once per year from TransUnion, Equifax and Experian)) and myFICO.com—(get your FICO score for a stated fee) and review your credit report(s) and purchase your credit score.

You can gain mastery of your credit at this time by knowing the five credit factors and how to use that knowledge to effectively manage your credit at the various stages in your life.

In addition, you can monitor all of your financial accounts on your own by looking at your banking activity on a regular basis, signing up for financial alerts on your bank and credit accounts when a certain dollar limit is exceeded, shredding of your mail and particularly identifying information, using strong passwords on your financial accounts, safeguarding important documents and identifying information, changing passwords in a timely manner on a consistent basis and using other common sense measures that come to mind.

Identity Theft Indicators

When you notice–use of your credit that you did not initiate, loss or theft of your wallet or other personal information, new accounts on your credit report that you did not initiate, home or auto intrusion or any other occurrence involving your identity or finances that you are uncertain of–you may be a potential or actual victim of identity theft.

When that happens you must contact the three major credit bureaus and consider putting a fraud alert (a fraud alert tells creditors to verify your identity prior to issuing credit) on your accounts.

In some instances you may have to file a police report!

Also be aware of small deposits to your bank account that you are not expecting, as that can indicate that someone is trying to connect to your bank account.

If that occurs you may want to close your account(s) and open another one.

Conclusion

It is important that you take identity protection and financial protection matters into your own hands at the earliest time possible.

You don’t want to experience identity theft “and” then (after the fact) get serious about protecting your identity and financial concerns!

Now is the time that you effectively evaluate your need for identity protection and credit monitoring services (whether free or paid) so that you can stay out in front of your finances and achieve your dreams in as effective a manner as possible. In the times that we now live in identity protection measures and monitoring of some type is a requirement if you desire to protect your financial position and achieve more during your lifetime.

You possess the power to put in place measures that can help reduce the likelihood of identity theft, and it is you who can use common sense and monitoring services to help secure your financial future in a more enduring way–starting or continuing from this day–to avoid situations where you will be forced to pay!

All the best to your identity protection measures and unlimited success…

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Thomas (TJ) Underwood is a licensed real estate broker at Realty 1 Strategic Advisors in the state of Georgia and has passed the A+, Network+ and Security+ exams. He is also a former top producing loan processor and fee-only financial planner. It is his desire that you find this article useful and beneficial and will lead to you truly attaining the goals and outcomes that you desire.

Pushing Forward & Wealth Building

Posted on November 7, 2020 by TheWealthIncreaser.com

Learn why you must push forward when tough times happen so that you can build wealth more efficiently…

In the current economy or any economy it is important that you have the mindset that you will push forward when adversity and other unwanted occurrences happen in your life.

In life there are many variables that are out of our control—even so you must “push forward” and take appropriate action on what you can control so that you can make your life more meaningful and enjoyable.

As the election happens and the creator of TheWealthIncreaser.com sits at the airport terminal as a new president is elected in the United States, reflections were made about the year 2020 and how you can close out the year of 2020 with the mindset that you will not only prosper but you will also pursue what you desire with a higher level of determination and commitment regardless of the political or economic environment that you now face.

You can do so in a number of ways in all areas of your life–and when it comes to building wealth you can specifically do the following to achieve at a higher level of excellence regardless of what is happening around you—or to you.

Determine what you desire most

It is important that you put a plan in place to pursue what you want most out of life.

You must have the mindset that says “I will push forward toward my goals regardless of how difficult the route!”

Do you know what you desire most or is it a mystery to you at this time?

Whether you answered yes or no you must realize that now is the time to “move more forcefully” so that you are in position to do what you desire at the various stages in your life.

2. Know your approach to make what you desire a reality

You must envision in your mind the steps that you will take to achieve your goals.

Will you create a budget or cash flow statement so that you can get a clearer picture of where you are now at so that you can have a better picture of where you can go—or need to go?

By mapping out your future with an effective approach that you believe in and you feel is doable by you—you start the journey of making your dreams come true.

3. Have a comprehensive perspective about your finances and your financial future

Do you know all areas of your finances that must be addressed or have you never given that question serious thought?

Even if you have never thought about the question—you can do so at this time and change the direction in your life to that of a straight line where your future outcomes can be more likely to occur.

You must look at your finances from all angles and then put together plans to improve when and where necessary.

Conclusion

When times get tough as they undoubtedly have—or will at some future date, you must know deep inside that you can at this time push forward and achieve more on a consistent basis.

You can do that now by preparing your mind for continuous success and gain the knowledge that you need to succeed in your future.

All the success as you push forward to achieve at a level that is your absolute best…

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Effort & Wealth Building

Posted on October 28, 2020 by TheWealthIncreaser.com

Learn why you must be determined to expend effort if you really desire to build wealth…

It is important that you realize that effort will be required from you if you are now serious and sincere about making your wealth building dreams come true.

And just as the creator of TheWealthIncreaser.com (Thomas (TJ) Underwood) has used his time for your benefit over a number of months during the COVID-19 Pandemic to contemplate, organize and present the information in 1-2-3 Credit & Me to ensure that you and others who desire real success from this day forward would have access to empowering credit and finance systems that are at your fingertips—and where cost would not be an impediment—so too must you go after what you desire with a high level of effort.

While many other authors are writing political books to cash in on the political season the creator of TheWealthIncreaser.com (Thomas (TJ) Underwood) decided that now was the time to provide you and others a way to achieve wealth building success more efficiently. Not only was that objective reached, but priced at $9.95 for the E-book version—1-2-3 Credit & Me is one of the best values that can be found in personal finance—period!

You must realize that it is your responsibility to begin and end your search for answers to your most pressing questions inside of your mind and heart—and then make the best effort possible to make what you desire most happen in real time!

Your “consistency in action” can be a major boost to helping you achieve what you desire most, once you determine what you desire most!

You must develop the habits that are necessary that provides you the ability to put forth more effort on a daily basis so that you can put into action the steps that are necessary to build wealth in a more enduring way.

The three steps below can be a real boost for you if you desire to build wealth and you are willing to put forth the required effort.

Create a budget or cash flow statement as soon as possible

It is important that you know where you are at financially and therefore you must put the numbers that are relevant as far as your inflow and outflow of cash on a monthly basis is concerned on paper.

You can create a budget and know with relative certainty the income that comes into your household and flows out of your household—and thereby put yourself in position to make moves that can possibly improve your situation—in many cases substantially.

Know your credit position as soon as possible

Do you know how to manage your credit in a way that serves your best interest? Even if the answer is no—you can now change that answer to a yes by mastering the five credit factors and know what to avoid.

You must have a practical understanding of how your payment history, credit utilization, type of credit that you have, how far back your credit history extends, and how many inquiries you have affect your credit file and credit score.

Review your finances on a consistent basis

You must know what entails your finances and then you can put yourself in position to review on a consistent basis.

You must look at your insurance, investments, taxes, education planning, estate planning wills, and retirement planning so that you can achieve more and build wealth more efficiently.

Conclusion

You must realize at the earliest time possible that effort will be required of you if you desire to make anything meaningful happen in your life.

You don’t have to live daily and not know what you can achieve in your future. You can use a cash flow statement, mastery of your credit and a real understanding of what you can do to manage your finances more effectively to move along in life in a more joyous and rewarding way.

You can make it a priority to properly establish an emergency fund at the earliest time possible and reduce your and your family’s financial risks.

You can do all that and more and achieve more–starting today!

All the success as you expend more effort and achieve at a level that is your absolute best…

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Defining Moments & Wealth Building

Posted on October 10, 2020 by TheWealthIncreaser.com

Learn why “defining moments” are the time to dig in if you desire to achieve your credit and financial goals efficiently…

It is important in the times that we now live in that you re-focus on what is important.

With 2020 being a “defining moment” in the lives of many—including the creator of TheWealthIncreaer.com—it is important that you put the right plan in place to move forward toward your dreams.

With COVID-19 running rampant in many parts of the world it is important that you put together a plan so that you can not only survive–but prosper and thrive.

At this time (a defining moment) the creator of TheWealthIncreaer.com decided that fall 2020 was the time to put forth empowering action steps that you can take right now—so that you along with others who desire credit and finance success throughout their life would be able to do so in as effective a manner as possible.

As you move along in life and face adversity there will be occasions when you are forced to look deep within to determine a better path to take in your life. That inward look could be the defining moment that provides you the inspiration and strength to move forward at a level that is your absolute best.

Your decision at this time to go after what you want to occur most could be the defining moment in your life that puts you in position to focus in on your dreams and achieve what you desire to occur most in your life.

You should not live daily with the feeling or thoughts that what you desire in your future won’t work out. Your decision to take a more serious approach and to start now–could be the defining moment in your life where you can put the steps in place and put an effective plan in place that works in your favor as opposed to going about life in a way that is uncertain!

You can achieve more and leave a legacy for your family and loved ones.

The defining moment that you are facing can make you or break you depending on how you respond.

You must get out of the habit of making decisions based on the short term and look further down the horizon so that you can achieve more.

What you do after you make a mistake speaks volumes and what you do after you achieve success also speaks volumes!

Even though you may be short sighted in your thinking at this time, the following steps can get you started fast on achieving long-term success and could be the defining moment in your life where you decide to leave all excuses behind and pursue what you desire with a new level of zeal.

Step 1

It is important that you define where you are currently at financially. You can define yourself and not live off of definitions that others assign to you. By creating a budget or cash flow statement along with other personal finance statements you can get a clear picture of where you are now at so that you can plan better and take action that will lead you to where you need–or desire to be.

Step 2

Your desire to attain “mastery of your credit” at this time could be the defining moment where you gain the knowledge to manage your credit effectively throughout your lifetime. You deserve the opportunity to manage your credit in a way that serves your best interest and you now have that opportunity.

Step 3

If you desire to define “your future” you must be able to see your finances in a comprehensive or all encompassing manner so that you can achieve more. You must at this time look at how your insurance, investments, taxes, emergency fund, education planning, estate planning/wills and retirement planning all interact and can help you achieve more when done properly.

Conclusion

By taking advantage of this moment in time and not letting what may appear to be an unfair situation that has or may occur in your life at a future date deter you or limit your ability to dream big and pursue that big dream–you put yourself in a stronger position for lifelong success.

In the final analysis you possess the power to define your future from this day forward!

By utilizing the steps above at this time or at a later time you are setting yourself and your family up for lasting success. You no longer have to look at your finances as a mess and you no longer have to expect less.

All the best…

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