Hey,
After some intense thought (not really any thought) i decided to shut down this blog. However, You can still read my posts on my new blog VIA my financial site (Palmer Choice LLC) Palmers Choice is a Financial website that i am creating to fight the war on debt and to teach people who to invest.
Thank you for those who have read my posts...Hope at least some knowledge was brought to you........
JP
Wednesday, November 21, 2007
Monday, October 29, 2007
Bad Financial Advisors
Been awhile since i've posted....
Lately i've been seeing Financial planners/advisors giving really bad advice to people.....I read an article today about a couple that lives in Chicago. They have a 1,350 mortgage payment that they can't afford. So a non profit company that gives advice told her to put all her bills on credit cards and catch back up on the mortgage. Most people would probably agree, because thats the way america thinks today. But, its wrong. Your not fixing the problem. Your putting a bandaid over the problem. Why you ask? Because once you get that mortgage payment back current. your gonna have a nice HUGE credit card bill stearing you in the face. So now how are you gonna pay off the credit cards? minimum payment for 20 years? wow that sounds bad don't it?
The only real solution to this problem. is selling the house.....Because they can't afford it.....People argue saying its an asset....Tell me, how is a 1300 dollar mortgage that your 3 months behind on an asset? Unless your a real estate investor you should NEVER LOOK AT YOUR HOUSE AS AN INVESTMENT TO MAKE MONEY ON. don't misunderstand me here, Yes its an asset. but its not cash....Anything you can't afford is a liability...That asset becomes a huge liability once you can't afford it....
Probably 20 people in the last week told me i wouldn't be a good financial advisor. Because i don't understand debt to asset ratio...........Nothing is a real asset unless you own it. YOU OWN IT!!! Meaning your not putting payments down on it...You don't own it unless your holding the title and its has your name on it......
Gawd America makes me sick this day in age......Materialistic ass monger of a nation...and yes im a citizen of America
JP
Lately i've been seeing Financial planners/advisors giving really bad advice to people.....I read an article today about a couple that lives in Chicago. They have a 1,350 mortgage payment that they can't afford. So a non profit company that gives advice told her to put all her bills on credit cards and catch back up on the mortgage. Most people would probably agree, because thats the way america thinks today. But, its wrong. Your not fixing the problem. Your putting a bandaid over the problem. Why you ask? Because once you get that mortgage payment back current. your gonna have a nice HUGE credit card bill stearing you in the face. So now how are you gonna pay off the credit cards? minimum payment for 20 years? wow that sounds bad don't it?
The only real solution to this problem. is selling the house.....Because they can't afford it.....People argue saying its an asset....Tell me, how is a 1300 dollar mortgage that your 3 months behind on an asset? Unless your a real estate investor you should NEVER LOOK AT YOUR HOUSE AS AN INVESTMENT TO MAKE MONEY ON. don't misunderstand me here, Yes its an asset. but its not cash....Anything you can't afford is a liability...That asset becomes a huge liability once you can't afford it....
Probably 20 people in the last week told me i wouldn't be a good financial advisor. Because i don't understand debt to asset ratio...........Nothing is a real asset unless you own it. YOU OWN IT!!! Meaning your not putting payments down on it...You don't own it unless your holding the title and its has your name on it......
Gawd America makes me sick this day in age......Materialistic ass monger of a nation...and yes im a citizen of America
JP
Thursday, September 27, 2007
Business Spending Card
Good Morning,
I was watching the news last night, and they had a news story about DISD (Dallas independent school district) staff spending wildly on the school card during a trip to Toronto. They had the CFO on talking about how they need to moderate the spending. But from what I saw, all he did was make excuses for his staff over spending on there card. This in my opinion is just ridiculous. Why is the chief financial officer making excuses for finances he's in charge of? You don't, You do two things. One you put spending limits on the card, or two you completely shut down the card program. If you go to conferences you have management buy the tickets. its managements responsibility to keep control of the faculty.
What gets me about this story, is this happened after they uncovered a 3 million dollar spending spree the school staff went on last year......I'd fire the CFO personally. What an idiot!!!!
I was watching the news last night, and they had a news story about DISD (Dallas independent school district) staff spending wildly on the school card during a trip to Toronto. They had the CFO on talking about how they need to moderate the spending. But from what I saw, all he did was make excuses for his staff over spending on there card. This in my opinion is just ridiculous. Why is the chief financial officer making excuses for finances he's in charge of? You don't, You do two things. One you put spending limits on the card, or two you completely shut down the card program. If you go to conferences you have management buy the tickets. its managements responsibility to keep control of the faculty.
What gets me about this story, is this happened after they uncovered a 3 million dollar spending spree the school staff went on last year......I'd fire the CFO personally. What an idiot!!!!
Wednesday, September 5, 2007
Success VS Failure
Hey
I woke up this morning with a thought of why people fail.....
The conclusion that i have come to is. People don't want to get out of there comfort zone. They are afraid to lose what they have now. But yet they really want success others have. That truly won't happen unless you realize what little you have to lose.
I have to admit, i've personally had this problem. One day i got up really pissed off at myself and took a good look at my situation. I think thats what people have to do in order to change for success. You have to get so mad at yourself and your situation where you could care less about what you could lose.
A Failure always makes excuses why he or she can't do something. They don't want to fail so they don't try.
A Successful person fails 100 times and gets up the next morning and does it again.
My personal thought it, I'd rather fail 100 times and succeed once then never try at all, That is my definition of a successful person
I woke up this morning with a thought of why people fail.....
The conclusion that i have come to is. People don't want to get out of there comfort zone. They are afraid to lose what they have now. But yet they really want success others have. That truly won't happen unless you realize what little you have to lose.
I have to admit, i've personally had this problem. One day i got up really pissed off at myself and took a good look at my situation. I think thats what people have to do in order to change for success. You have to get so mad at yourself and your situation where you could care less about what you could lose.
A Failure always makes excuses why he or she can't do something. They don't want to fail so they don't try.
A Successful person fails 100 times and gets up the next morning and does it again.
My personal thought it, I'd rather fail 100 times and succeed once then never try at all, That is my definition of a successful person
Tuesday, September 4, 2007
Leveraging/Tax Benefits with debt
Hey,
Today i want to post about leveraging of debt and tax benefits you'll receive.
Accountants and some investors tell people to take on debt for leverage. This whole concept is beyond me. They say that living debt free is all emotion and not financial. I want somebody to tell me how its not financial. When you live debt free you only have utilites, rent, food, and other expenses you have to use to live. Sense when do you need loans to live? Leveraging and using college loans and mortgages for tax benefits is rediculous. Why don't you add up how much money you'll save over 30 years when you don't have a mortgage and then put it beside your tax benefits. The same goes for college loans. Sounds pretty stupid when somebody says there gonna keep paying it off because they get 500 dollars a year on there tax return.......PAY OFF THE LOAN IDIOT!!!! Your interest alone will out weigh the freakin benefits...Thats just as bad as credit card rewards!!!
Look the only reason society has no money, is because they have too much debt. People say savings is impossible because they think having all those bills is normal....
Benefits of no loans..
you can put that mortgage money into a mutual fund and see huge returns
All you have to worry about is utilities
You live debt free!!!!
Today i want to post about leveraging of debt and tax benefits you'll receive.
Accountants and some investors tell people to take on debt for leverage. This whole concept is beyond me. They say that living debt free is all emotion and not financial. I want somebody to tell me how its not financial. When you live debt free you only have utilites, rent, food, and other expenses you have to use to live. Sense when do you need loans to live? Leveraging and using college loans and mortgages for tax benefits is rediculous. Why don't you add up how much money you'll save over 30 years when you don't have a mortgage and then put it beside your tax benefits. The same goes for college loans. Sounds pretty stupid when somebody says there gonna keep paying it off because they get 500 dollars a year on there tax return.......PAY OFF THE LOAN IDIOT!!!! Your interest alone will out weigh the freakin benefits...Thats just as bad as credit card rewards!!!
Look the only reason society has no money, is because they have too much debt. People say savings is impossible because they think having all those bills is normal....
Benefits of no loans..
you can put that mortgage money into a mutual fund and see huge returns
All you have to worry about is utilities
You live debt free!!!!
Sunday, August 26, 2007
Credit Card Reward Points
Hi!!
Credit card reward points, Oh what a wonderful thing. Get 5% back on gas and other qaulified purchases. We will save so much money!!!! WRONG!!!!
People are so funny. Lets go pay 35 dollars to fill up our tank and get 5% back. $1.75, In order to pay for 1 tank of gas you have to spend $875 in gas to get 1 free tank of gas. People tell me i can't look at this as an investment. But i disagree with them, You put gas in your car to go to work right? Your investing in gas to get a return (a paycheck) at work. Now i don't know about anybody else but i want a better return then 5% on my investments Your spending 875 dollars for a return of 1 tank of gas? Please!!!!! thats rediculous!!!
Now this one really makes me go A-wall, Flight miles on Credit cards....On Capital One's plan you have to spend $48,000 in order to get a 480 dollar ticket....Thats a really good deal at 14.40% interest.....NOT!!!
Credit card rewards do not out weigh the purchases you put on the card. On average people spend 15% more when they use a credit card, then with debit or cash. Because there is emotion when you use REAL money!!!
Oh and please don't post that if you pay the minimum each month the rewards are good. Cause if everybody paid the minimum the national savings rate would be more then 1%........The only person who wins with credit cards is the CREDIT CARD COMPANY...
Credit card reward points, Oh what a wonderful thing. Get 5% back on gas and other qaulified purchases. We will save so much money!!!! WRONG!!!!
People are so funny. Lets go pay 35 dollars to fill up our tank and get 5% back. $1.75, In order to pay for 1 tank of gas you have to spend $875 in gas to get 1 free tank of gas. People tell me i can't look at this as an investment. But i disagree with them, You put gas in your car to go to work right? Your investing in gas to get a return (a paycheck) at work. Now i don't know about anybody else but i want a better return then 5% on my investments Your spending 875 dollars for a return of 1 tank of gas? Please!!!!! thats rediculous!!!
Now this one really makes me go A-wall, Flight miles on Credit cards....On Capital One's plan you have to spend $48,000 in order to get a 480 dollar ticket....Thats a really good deal at 14.40% interest.....NOT!!!
Credit card rewards do not out weigh the purchases you put on the card. On average people spend 15% more when they use a credit card, then with debit or cash. Because there is emotion when you use REAL money!!!
Oh and please don't post that if you pay the minimum each month the rewards are good. Cause if everybody paid the minimum the national savings rate would be more then 1%........The only person who wins with credit cards is the CREDIT CARD COMPANY...
Wednesday, July 11, 2007
Living without credit tough and expensive
Wow!!!
Found an amazing article....Maybe i should go out and get a credit card. Cause its more expensive to live on Cash..........haha....Good one huh?
i found a bankrate article by some woman that works for the education department at Experian.....She explains why life is so hard without credit....I just want to point out that the majority of these articles are written by credit companies or credit agencies....So without credit they don't have a job......
Basically she said that life without credit is more expensive because you won't be able to get a washing machine or big dollar items if you don't have a store credit card or major card.....Im not gonna blabber about this much in this article but do i really have to remind the world that you pay interest and card fees?????? Have you EVER seen a fee using cash?....
Credit cards are there so the world can buy stuff they can't afford...Thats why they exist..Pretty simple.....Companies make money off you using there card...Thats the whole purpose of the credit card company....Experian makes money off you wanting info on your credit report......
Life is alot simpler without credit. Your only bills are gonna be your utilities and taxes and insurance.......If you own everything......or you can go the credit route and pay 650 a month for a car and have 15 credit cards with a balance of 500 or more...The reason America has no money is not because of there job, its because they use credit cards and keep paying them....and its not going into there pocker where it belongs........
All Apartment companies don't look at credit they look at renters history
All jobs don't look at credit ( if they do you show them your 35000 in checking and your mutual funds) The whole reason they check your credit is because they want to see responsibility....having no credit and 35 grand in checking shows alot more responsility then debt....
a Utility company is not going to deny you because of no credit...Thats rediculous...They will deny you have you have late pays
only Smaller insurance companies base your rates on credit.
So mrs experian teacher lady.....Hope your job is going well...Making the USA poorer by shoving drival down there incocant throats.......
I personally know a guy who's net worth is 15 million dollars....he's never used credit
i know of a man who is worth 448 Milliom dollars........he's never used credit either..
And both of them are first generation rich......They made all of it themselves...
Found an amazing article....Maybe i should go out and get a credit card. Cause its more expensive to live on Cash..........haha....Good one huh?
i found a bankrate article by some woman that works for the education department at Experian.....She explains why life is so hard without credit....I just want to point out that the majority of these articles are written by credit companies or credit agencies....So without credit they don't have a job......
Basically she said that life without credit is more expensive because you won't be able to get a washing machine or big dollar items if you don't have a store credit card or major card.....Im not gonna blabber about this much in this article but do i really have to remind the world that you pay interest and card fees?????? Have you EVER seen a fee using cash?....
Credit cards are there so the world can buy stuff they can't afford...Thats why they exist..Pretty simple.....Companies make money off you using there card...Thats the whole purpose of the credit card company....Experian makes money off you wanting info on your credit report......
Life is alot simpler without credit. Your only bills are gonna be your utilities and taxes and insurance.......If you own everything......or you can go the credit route and pay 650 a month for a car and have 15 credit cards with a balance of 500 or more...The reason America has no money is not because of there job, its because they use credit cards and keep paying them....and its not going into there pocker where it belongs........
All Apartment companies don't look at credit they look at renters history
All jobs don't look at credit ( if they do you show them your 35000 in checking and your mutual funds) The whole reason they check your credit is because they want to see responsibility....having no credit and 35 grand in checking shows alot more responsility then debt....
a Utility company is not going to deny you because of no credit...Thats rediculous...They will deny you have you have late pays
only Smaller insurance companies base your rates on credit.
So mrs experian teacher lady.....Hope your job is going well...Making the USA poorer by shoving drival down there incocant throats.......
I personally know a guy who's net worth is 15 million dollars....he's never used credit
i know of a man who is worth 448 Milliom dollars........he's never used credit either..
And both of them are first generation rich......They made all of it themselves...
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