I've been talking with several folks recently all of whom are asking for advice? Should we pay off our debt? If we could pay off our mortgage would that be wise? I have good credit but my lender won't let me do a rate reduction to lower my payment unless I'm a few months late on my mortgage payments. Should I just not pay my mortgage? These are just a few of the questions I receive pretty regularly.
Who are you seeking advice from? If your answer is God, then you've answered correctly. It is not only the best advice you'll ever get, but there is no substitute for the wisdom God can provide you. God is much wiser than any man!
If you're advisor is one who seeks the Lord for wisdom and counsel, then that is who I'd recommend. The bible tells us to seek the kingdom of God first and His righteousness, and all things will be added unto you. Matthew 6:33. How do you know if your advisor is someone who follows God's Word? Ask? Find out what organizations they belong to? Find out where they've got their training?
One of the organizations I belong to and have become a qualified member of is Kingdom Advisors. (www.kingdomadvisors.org) Kingdom Advisors is an organization that equips the finacial professional with ongoing education to walk out biblical financial stewardship in our own lives as well as helping our customers make sound decisions.
Crown Ministries (www.crown.org) is a ministry whose purpose is to also teach and equip the believer to understand money God's way. One main thing I've learned through their ministry and study groups is that God owns it all! Money is not really yours. God owns it and has ultimate control over it (whether you realize it or not). God provides our every need (Phil 4:19). Once we learn to surrender to this realization, a weight comes off our shoulders. A pressing need to worry about our finances is lifted. That's why I highly recommend you work with an advisor that has this background!
There are many I can discuss and share with you but these are just a couple I am fond of. When we seek advice, we should first go to God for His infinite and timeless wisdom. "Blessed is the man who does not walk in the counsel of the wicked."
If you are looking for a professional who can help you with sound financial wisdom, God's way, please email me and I will make the connection for you!
Blessings abundant to you and your family this Christmas Season!
Michele "MAC". A. Cole
Business Development
The InSight Team
michele@wantinsight.com
If you are looking to refinance or purchase a home, please let the InSight Team lend insight in your home financing needs!
Showing posts with label managing money. Show all posts
Showing posts with label managing money. Show all posts
Friday, December 4, 2009
Monday, June 1, 2009
NEW RULES FOR THE CREDIT CARD COMPANIES
A new national bill has just been signed which addresses the credit card companies seemingly endless ways of making arbitrary changes. We have all read or watched the news covering the issues of unexpected account closures, sneaky rate increases, big late fee charges and other nasty credit card related practices. And maybe you’ve even experienced one or two of these unexpected changes yourself?
So, does this new law provide actual relief for us as consumers and will it make an impact on our struggling economy? No easy answer to that, sorry. We’ll all have to take a “wait and see” approach. But, let’s review the highlights of the bill and think about what this means for us as borrowers.
* No overnight change: The bill allows nine months for the credit-card companies to implement the changes. Many consumers would be happier with a faster turnaround time in this tough economy; the good news is that these changes take place sooner than the new Federal Reserve regulations which become effective in July 2010.
* Free and easy bill payment: Credit card companies must now accept telephone and internet payments, and best of all, these services are to be free! This is a big change from current practices, where most credit card companies collect extra revenue from charges for online and telephone payments.
* New on-time policy: Did you realize that some companies required our payment to arrive by 9am or noon on the due date to be considered on-time? If it arrived in the afternoon mail delivery on the due date, it could be considered LATE. Now, if our payment arrives by 5 pm on the due date, it is to be considered an on-time payment.
* Be forewarned: We will get a notification 45 days in advance of an interest rate increase, according to the new rules. Meaning: we’ll see this coming and be able to make adjustments to our budgets or plans.
* Grace period: Once the bill is implemented, we will no longer be immediately charged a higher interest rate for being late on a payment. The lender has to give a 60 day grace period to us before they retroactively charge a higher rate to existing balances.
* Restoration: According to the new bill, if a borrower falls more than 60 days behind, we’ll be able to get back the earlier, lower rate after six consecutives months of on time payments.
* Promotional rates: The special promotional rates are allowed, but must be a minimum of six months and card companies won’t be able to raise rates during the first year an account is open.
Other provisions include making credit cards harder to acquire for college students under 21 years old, and eliminating tiny print in the applications and disclosures.
There seems to be a “but …” following the good news, right? Well, there is speculation that the issuing banks will add new types of fees and find ways to get around the new rules. After all, they profit from the fees they charge as well as the rates on balances carried month to month.
As with all things financial, use good common sense, ask questions, be responsible for your actions. Another resolve would be to just pay off all credit card debt. Prov. 22:7 says ”Just as the rich rule over the poor, so is the borrower servant to the lender.”
Avoid the financial stress by working on getting out of debt. Insight Mortgage Group has folks who can help you achieve financial freedom. Please give us a call at 913-642-3334 or email me at michele@wantinsight.com.
So, does this new law provide actual relief for us as consumers and will it make an impact on our struggling economy? No easy answer to that, sorry. We’ll all have to take a “wait and see” approach. But, let’s review the highlights of the bill and think about what this means for us as borrowers.
* No overnight change: The bill allows nine months for the credit-card companies to implement the changes. Many consumers would be happier with a faster turnaround time in this tough economy; the good news is that these changes take place sooner than the new Federal Reserve regulations which become effective in July 2010.
* Free and easy bill payment: Credit card companies must now accept telephone and internet payments, and best of all, these services are to be free! This is a big change from current practices, where most credit card companies collect extra revenue from charges for online and telephone payments.
* New on-time policy: Did you realize that some companies required our payment to arrive by 9am or noon on the due date to be considered on-time? If it arrived in the afternoon mail delivery on the due date, it could be considered LATE. Now, if our payment arrives by 5 pm on the due date, it is to be considered an on-time payment.
* Be forewarned: We will get a notification 45 days in advance of an interest rate increase, according to the new rules. Meaning: we’ll see this coming and be able to make adjustments to our budgets or plans.
* Grace period: Once the bill is implemented, we will no longer be immediately charged a higher interest rate for being late on a payment. The lender has to give a 60 day grace period to us before they retroactively charge a higher rate to existing balances.
* Restoration: According to the new bill, if a borrower falls more than 60 days behind, we’ll be able to get back the earlier, lower rate after six consecutives months of on time payments.
* Promotional rates: The special promotional rates are allowed, but must be a minimum of six months and card companies won’t be able to raise rates during the first year an account is open.
Other provisions include making credit cards harder to acquire for college students under 21 years old, and eliminating tiny print in the applications and disclosures.
There seems to be a “but …” following the good news, right? Well, there is speculation that the issuing banks will add new types of fees and find ways to get around the new rules. After all, they profit from the fees they charge as well as the rates on balances carried month to month.
As with all things financial, use good common sense, ask questions, be responsible for your actions. Another resolve would be to just pay off all credit card debt. Prov. 22:7 says ”Just as the rich rule over the poor, so is the borrower servant to the lender.”
Avoid the financial stress by working on getting out of debt. Insight Mortgage Group has folks who can help you achieve financial freedom. Please give us a call at 913-642-3334 or email me at michele@wantinsight.com.
Thursday, May 21, 2009
MANAGING MONEY WISELY
Do you think that finances can be a real aggravation at times. Doesn’t it seem especially true these days with the ups and downs on Wall Street and the unemployment numbers growing? If you haven’t already surrendered your finances to God, now is the time to do so.
The subject of money and possessions is found in over 2,000 verses in the Bible. God makes the point of wanting us to handle money wisely. Jesus often spoke of being a good steward of the resources He entrusted to us. And He wants us to avoid making money an idol in our lives. Ecclesiastes 5:10 says: “ He who loves money will not be satisfied with money, nor he who loves abundance with its income.”
First, we can manage money wisely by practicing diversification. It’s also a biblical principal: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.” (Ecclesiastes 11:2 NASB) There is no one perfect investment – bonds, real estate, stock market, precious metals; each can perform well or poorly, has it’s own advantages or disadvantages.
Secondly, pay attention to your financial investments. Don’t ignore your monthly statements, open them and review each. And not just quickly glancing at the bottom line. Solomon wrote “You should take good care of your sheep and goats, because wealth and honor don’t last forever. After the hay is cut and the new growth appears and the hevest is over, you can sell lambs and goats to buy clothes and land. From the milk of the goats, you can make enough cheese to feed your family and servants.” (Proverbs 27:23-27 CEV) This translates today to not take anything for granted and keep a good watch on your investments and your household finances in general. Don’t make careless mistakes, inviting more stress into your life.
Next, avoid taking on more debt. The stress from debt can induce health problems – from muscle tension and migraines, to severe depression. Proverbs 22:7 says "Just as the rich rule the poor so is the borrower servant to the lendee."
Money, and it’s use, can be a challenge to us. Maybe even a source of conflict. That’s why God has given us many basic principals to live by and incorporate into our lives.
We can lend insight to your home financing needs and personal financial situation. Call us at 913-642-3334 or email me at michele@wantinsight.com with questions or comments.
The subject of money and possessions is found in over 2,000 verses in the Bible. God makes the point of wanting us to handle money wisely. Jesus often spoke of being a good steward of the resources He entrusted to us. And He wants us to avoid making money an idol in our lives. Ecclesiastes 5:10 says: “ He who loves money will not be satisfied with money, nor he who loves abundance with its income.”
First, we can manage money wisely by practicing diversification. It’s also a biblical principal: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.” (Ecclesiastes 11:2 NASB) There is no one perfect investment – bonds, real estate, stock market, precious metals; each can perform well or poorly, has it’s own advantages or disadvantages.
Secondly, pay attention to your financial investments. Don’t ignore your monthly statements, open them and review each. And not just quickly glancing at the bottom line. Solomon wrote “You should take good care of your sheep and goats, because wealth and honor don’t last forever. After the hay is cut and the new growth appears and the hevest is over, you can sell lambs and goats to buy clothes and land. From the milk of the goats, you can make enough cheese to feed your family and servants.” (Proverbs 27:23-27 CEV) This translates today to not take anything for granted and keep a good watch on your investments and your household finances in general. Don’t make careless mistakes, inviting more stress into your life.
Next, avoid taking on more debt. The stress from debt can induce health problems – from muscle tension and migraines, to severe depression. Proverbs 22:7 says "Just as the rich rule the poor so is the borrower servant to the lendee."
Money, and it’s use, can be a challenge to us. Maybe even a source of conflict. That’s why God has given us many basic principals to live by and incorporate into our lives.
We can lend insight to your home financing needs and personal financial situation. Call us at 913-642-3334 or email me at michele@wantinsight.com with questions or comments.
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