Amber McCartney

Forget Plan B, Create Multiple Plan A's!

2009-07-06T20:09:00.000-07:00

So many people rely on simply one stream of income. They go to work for a company, trading time for money, and if something should happen like a layoff, they're out of luck. Now what they ask themselves? This seems to be happening a lot these days due to the current economic climate, companies are cutting back trying to be more efficient and eliminate costs any way they can. While many people get down and wonder why me, others see it as an opportunity to take charge of their lives and reinvent themselves.

I think especially now it is important to create multiple profit streams for yourself and not simply just rely on one thing. That way you insure there will always be money coming from one thing or another. Montel Williams currently runs 5 businesses. Successful authors write books and create residual income for years to come. Professionals and business owners alike participate in Network marketing to help secure their retirement and create an income that will build over time. Others start their own business on the side from an idea they have or something they really enjoy doing, while some invest in stocks or real estate for additional income.

I just think keeping your options open and being open to new ideas is critical, especially now. There is tremendous opportunity out there if you simply open yourself up to it, embrace it, and recongize it when it is in front of you. We are amazing creatures capable of whatever we put our minds to,the trick is believing in ourselves enough to make things happen. And being passionate enough about what we're doing to never give up on our dreams.

If you want more, you have to become more!

2009-06-16T13:18:00.001-07:00

I really think that you must have a burning desire to succeed. Not just desire, but a BURNING desire. How bad do you want it and how much pain can you endure to get it? And I'm not talking about physical pain..more emotional/psychological type pain. Basically the easiest way to get my point across is think about when you just started working out again at the gym. It's hard, tough at first. Your body isn't used to it, and it might have been a while since you've been. And it's also possible that you might be getting frustrated because you aren't seeing results as fast as you like.

Now transfer this concept to your business. You might work real hard, but aren't getting the results you expect either. Do you give up? Quit? Some do. But you, you endure the pain and keep moving on. You keep trying. You find out what doesn't work, change it, and then move on. Nothing gets you down, you stay optimistic no matter what. And eventually, if you do that long enough things will come through. Success will find you. It's no accident. Simply, if you want to be more, you must first become more. You can't be the same person, you must evolve into someone different, someone better. It takes work, a lot of work. And a little bit of luck along the way doesn't hurt either!

"Success is not to be pursued; it is to be attracted by the person you become"
~Jim Rohn

Creating a Mastermind Group

2009-05-26T11:26:00.000-07:00

"More can be achieved in less time when people work together." ~Jack Canfield

There are several reasons why creating a Mastermind Group can be extremely beneficial to you and your business. For one, when you form a group and meet regularly you become accountable to not only yourself, but to your group as well. Your group can meet either on a weekly, biweekly, or monthly basis to share ideas, information, contacts, and resources.

It is best to also form a group with people who are either already at the level you would like to be or at least a level above you. They can be people in the same industry or profession, or in completely unrelated professions. The key is to form a group of like-minded individuals whom you work well with and who have a vested interest in working together.

Your group should:

Be at least 4-8 people, with 6 being usually the ideal number.
Meet weekly if possible, for at least an hour. Meetings should be upbeat, positive, and encouraging.
Allow each member to openly express ideas with each another and receive feedback as well.
Have each member share something positive that has happened to them since the last meeting.
Discuss opportunities or problems with one another, and advice should be shared about how to best solve these issues.
Have someone be designated as a time keeper in each meeting, so everyone gets equal amount of time to talk.
End the meeting by sharing appreciation for each others time and wishing everyone a good and prosperous week.

"The real value in a mastermind group is the accountability factor-other members checking up on you to make sure you meet your stated commitments."~ Jack Canfield

These tips are from the article in Mortgage Planner Magazine, Jan-Feb 2008 edition, "Dream Teams Win in Any Market" by Jack Canfield, pgs. 43-45.

Obama Urges Homeowners to Refinance

2009-05-21T11:55:00.001-07:00

Is this a good idea? My advice is always to look at the reason for the refinance. Are you doing it simply to shave a couple hundred dollars off your monthly mortgage payment? Is the payment becoming a strain on your budget? Or, is it simply to get a lower rate so that you can tell everyone that you have a 5% rate?

I think Obama did have good advice when he says to not pay upfront for any refinance costs. There are mortgage brokers and loan officers out there that will charge fees to people who they know won't qualify for a refinance or home loan. We recommend consulting with an experienced mortgage professional and exploring all your options. Lately we've ran into people who are unable to qualify for a refinance, but do qualify for a loan modification which is considerably less than the cost to refinance.

The trick is that you must currently be upside down in your mortgage, owing more than your property is appraised for. One recent client got turned down because he had $1,000 in equity. But for those who do qualify it is a great deal and much cheaper than the cost to refinance. Then pair it with the Money Merge Account and you are able to significantly reduce your mortgage balance, thus improving your equity situation and credit scores. It's simply a win-win all around and exactly what people need right now. Bottom line, explore all of you options before moving forward with any refinance.

In addition, most people believe that with a high rate, they'll be better off refinancing to a lower rate. Even if it means they only save $100-200 per month. With the Money Merge Account (MMA), you no longer will be paying 30 years on a mortgage. Forget the notion of paying on a mortgage for 30 years, those days are over. A $200 per month savings is nothing compared to paying off your house in 11-13 years versus 30 years! How much do you save in interest by doing that? It's a little more than $200 per month, that's for sure. Plus, the closing costs and time it takes to recoup them. Most people recoup the closing costs on their mortgage within 3-7 years depending on the size of their loan. Typically, most people recoup the cost of the MMA within 2-6 months with interest savings!

With the MMA, the compounded interest you will save on your mortgage can open many doors to you achieving true financial freedom and wealth. Most people work to pay for their debt and never really get a chance to accumulate wealth. With the Money Merge Account Program, it acts like your GPS system in your car, plotting your course, helping you to make better financial decisions along the way. Even when you get off track, the Money Merge Account helps you get back on course and reach your destination in record time! Do yourself the courtesy of finding out what the Money Merge Account can do for you, there is no obligation and your results are guaranteed! All you have to lose is your debt!

More on Loan Modifications
More on the Money Merge Account

5 Reasons Not to Refinance Your Mortgage

2009-05-21T11:51:00.001-07:00

It costs money to do so. The average refinance costs between $3,000-7,000 which is typically "financed into" the total loan amount. So two things just happened, you increased your loan balance substantially (with interest!) and have less equity in your home due to the higher loan amount. So think about it, is saving a little money on your monthly payment worth taking equity out of your home? Also, be wary of "No Cost" Refinancing ads. I assure you, you are paying for the cost somewhere, usually through a higher rate, also referred to as "yield spread premium." Be wary of prepayment penalties as well, which will penalize you for paying early.

You're resetting the clock. In many cases, refinances usually set the loan term back to 30 years. Even though your payment might be less, you are simply putting a band-aid on your problem, and in the end you will most likely end up paying more, much more.

It takes an average of 3-5 years to recoup your cost of refinancing. Rule of thumb if you do choose to refinance, make sure you can recoup your closing costs in 24 months or less.

You are restarting your amortization schedule, thus applying less to principal and more to interest.

You are helping the bank more than yourself. You might save $100-200 a month on your mortgage, but over the life of the loan you pay much more than you're "saving" with the lower rate/lower payment. The lower monthly payments and low rate are simply an illusion, because most people don't really ever intend to pay off their mortgage. They simply want a lower payment until its time to move to the next house, but in the process they lose equity which they could have used for a larger down payment on the next house.

Try this: Get out your amortization schedule for your current mortgage. Look at the month and date where you are now on your schedule. See the money that is currently being applied to principal and interest. Now, look at a scenerio where you refinanced. Click on the link below, input the scenerio (loan amount, interest rate, term, etc). Click on the tab "see amortization schedule." Now compare the two schedules and decide if it's worth it or not to for you to refinance.
Amortization Calculator

Money Merge Account in Texas

2009-05-21T11:46:00.000-07:00

The Money Merge Account is now available to Texas residents. I have read other posts claiming the program was unavailable in Texas due to Texas law, but that is simply not the case. The program is available in Texas, by using either a personal line of credit, or with simply your checking, savings, and credit cards. In addition, with the release of Version 4, you no longer have to have a line of credit for the program to work.

Other features include:
• Comprehensive budgeting system, fine-tuned to the sensitivity of your goals
• Enhanced calculations to pay down debt
• Software settings that allow how aggressively to pay down debt & build wealth
• Ability to pay down multiple properties at the same time
• Text messaging bill pay
• User-friendly software interface
• Financial education and coaching
• Toll-free client support

More Version 4 OptionsMoney Merge Account Pro: For use with homeowners to earn equity faster in their homes, reduce debt including credit cards, student loans, and auto loans. Designed to payoff an unlimited amount of consumer debt. Features dynamic reporting for your payoff progress including years to payoff, final payoff date, interest saved, and interest gained.

Money Merge Express: For non-homeowners looking to reduce debt, pay-off credit cards, student loans, and auto loans. Works with debt totaling less than $80,000. Can manage up to 10 creditors simultaneously. Allows a comprehensive budgeting system for income and expenses. Can identify the true cost for expenses and purchases.

Optimizer: Allows Pro and Express programs to operate without the use of a line of credit. Provides text message updates and allows execution of bill pay via cell phone. Allows Money Merge Account Pro clients to add and manage additional mortgages or investment properties. Can be used to pay down multiple properties simultaneously.
For more information about the program, please visit us at http://www.moneymergetx.com/