Anything Goes

Being Optimistic During Hard Times

2009-02-25T07:37:00.000-08:00

It's most important to keep our faith during hard times. However, it's harder to be optimistic in times of adversity than be our plain old selves and wallow over our miseries. If you eat three meals a day, that's not so miserable. If you still have your job despite a lot of company layoffs, then that's not so miserable. If you were laid off, and you kept your faith and hope that you’ll find another job, then that's not so miserable either. If you have everything in the world and you’re on the verge of losing it but you kept your humanity, that’s not so miserable! In fact, that's the noblest thing that one can do. Despite all the trouble around us, there are ways to offset bad things and turn them into opportunities, if not now, someday soon. Now is the best time to help each other get back to their feet and trust that everything will get back to normal. So save money, buy only things that you need and be optimistic.

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How to Live Modestly

2009-02-24T07:06:00.000-08:00

Living humbly is something that we need to learn in this time of financial trouble. The truth is that we don’t really have an idea how to live reticently, because we’ve never done it before. It’s hard to suddenly change into something that we are not really very familiar with and I agree with Harry West in his Business Week article (link to article shown below), that we have to acknowledge that we don’t know the answer. Then, maybe, we’ll find (without rushing) something out of accepting that we are indeed in deep financial trouble. The thing is, we are all experiencing the same situation, but the difference will lie on spending orientation (if that’s even possible, or if there’s ever such a thing…), some people, when faced with financial adversity will panic-buy, while some others will hold on to their money, avoid buying and save. Now that we’ve learned that panic-buying might prove to be the better option, let’s (not really) panic-buy. Let’s spend our money on important things—things that we need like consumer goods because doing this will really help our economy in the long run. Don't be afraid to miss out on expensive shopping splurges, because you're not the only one missing out on these, everybody is!

The New Humble World Order by Harry West

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Helping Ourselves is Helping the Economy

2009-02-23T01:27:00.000-08:00

The “US Government Bailout” sounds kind of fatalistic to me. Why can't the people bail America out of its predicament..? We rely too much on what our government can do for us, when what we should really do is to help our government stand up to its feet again. It’s a long way to recovery, it might not even be the same as before when the time comes, but it will happen. One of my professors in college said (of the 1997 Asian Financial Crisis, referring to the Philippine Peso), “there is no way but up, after going down for so long, it’ll reach a certain point that it cannot go down anymore”. The same is true with the US Economy. The Americans just have to be confident that the crisis will come to pass.

A simple way of “bailing the government out” is spending wisely, buying American-manufactured consumer goods. Another example would be spending stimulus money in US theme parks. Anything that has to do with making sure that the money circulates in the American market (and not somewhere else) will definitely help people keep their jobs. Another way is through entrepreneurship. Remember my blog about starting your own business..? Although this is harder to do than spend because it’s more difficult to sell in a time when people are holding onto their money. But it could be done and you won’t know unless you tried.

We all want to help the US recover, because it will send ripples to smaller nations that rely on the US economy. I think that recovery has to start from its own people. They must be more proactive than to simply wait for the government to do the sole work of mending the economy. America wasn’t called a “superpower” for nothing, and Americans have to take pride in that. In addition, bickering and constantly opposing the stimulus program will not really help the economy. If it fails, it fails. Then try another bailout strategy. It’s not a surefire solution to the ailing economy, but it will sure try to repair it. The US clearly has money to save its banks and the economy, but if the people/policymakers are incessantly afraid to spend the stimulus money, afraid that it will all be spent for nothing, then I think that’s a very big problem. It won’t make you “superpower” to have all the money in the world and NOT spend it.

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Use of Credit Cards: Living Beyond One's Means?

2009-02-20T04:47:00.000-08:00

Coming from a different perspective, this is what I have to say about budgeting and spending. Don't buy something that you cannot afford. This is easier said than done, especially when everybody is so used to spending using credit cards. Could this mean that people are living beyond their means if they used cards to buy things? If by "means", we refer to our resources (according to Walter Updegrade), then using one's credit cards definitely points out that one is living beyond his or her means, doesn't it?

Could it also mean that banks put us in this predicament, since they have been offering us credit card applications ever since? It's like we have been enticed to spend well beyond our means to suffer the current financial trouble. Don't get me wrong, credit cards are good because they extend our buying power as consumers but they can also drag us down in the sense that having multiple cards gives us the faculty to spend more than we can afford and that's what put us in trouble.

According to the Keynesian economic thought, spending is the key to relieve recession as it puts the money back to where it should be. Here's how it works, other people's spendings become other people's earnings and vice versa, so if you stopped spending, then other people will stop earning and when other people stopped spending, you will stop earning, too (Wikipedia). Simply put, spending is acceptable, as long as it's within our budget. And the use of credit cards does not really mean we're living beyond our means--as long as we are able to pay monthly amortizations on time, then it's okay.

MORTGAGE HELP

2009-02-19T05:22:00.000-08:00

News on the mortgage help will entice servicers to modify loans more aggressively. This is due to the incentives outlined to help promote loan modification. This is from the CNN Money news, and it says it's up to the servicers and lenders to step up and take the (bait..hehe), the Incentives. First, homeowners who have kept their loans current are asked to take advantage of low rates to refinance. Home owners who have little or no more equity on their homes are eligible as long as they remain current.

Next, at risk borrowers get monthly payments reduced to just 31% of their total income. Borrowers will get $1000 principal reduction (or discount on the principal) per year for five years IF they stay current. The servicers and lenders who will modify will also get $1000 incentive for each modification plus more if the borrower stays current. For loan modification servicers, you may visit the CallComLeads for quality prospects.

Moreover, if the home prices decline, the government will pay the mortgage holders for the loss that they will incur through an insurance that was also set up for them.

The not so great thing about the 'stimulus' is that not everybody will benefit through loan modification. The following are ineligible: homeowners whose property values declined by more than 5%, homeowners who have JUMBO mortgages (loans above $417,000 are jumbo and those that are not serviced by Fannie Mae and Freddie Mac), speculators who bought houses for investment purposes, and those who misrepresented their income and bought houses that they obviously cannot afford.

More on Temporary Deduction for Car Buyers...

2009-02-18T04:16:00.000-08:00

Barbara Mikulski's Temporary Tax Deduction for Car Buyers is applicable to car buyers who want to buy foreign or domestic cars not more than $49500 and weigh no more than 8500 lbs. Also, the target market is defined as couples and families making not more than $250,000 and individuals making not more than $125,000 are the only ones eligible for the tax deduction. Deductions will also vary by state.

For those who want to buy luxury cars, the sales tax deduction would apply only to the first $49,500 of the car's price. The interest deduction would apply only to the amount not to exceed the $49,000 borrowed. What's more, there will be no restrictions as to what type of car you would want to buy, and 8500 lbs. pretty much includes SUV's and other light trucks.

Hope this information helps you a little in deciding whether to buy a new car or not. Think about it a hundred times if you really need a new one or could do with your old ride. You want to help the economy by applying for a loan to buy a car and save someone's job, however, you don't want to get yourself in borrowing trouble, paying for a car that you don't really need either.

There are OTHER ways to help the US economy. Buying American-made groceries and clothes WILL help too. You might also want to go on vacation on some hotspot in town, like a local carnival (if there is any) or a beach, instead of going to the Carribean or something, not that I'm advising you not to go there...What I'm saying is that there are other more affordable places where you can go and spend your money.

A financial crisis is not something new. Everybody has to experience it in a lifetime. The most important thing to do is not to panic and then spend wisely. Americans are very lucky to have their government look after them. In poor, third world countries, a financial crisis will just pass without anybody noticing and governments will not really give tax deductions, not anything like that. Because the people there will be too busy looking to pay for the most fundamental things in life, like food, water, shelter and clothing. Maybe it's time Americans should do that, too, you won't die if you tried.

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What to Do if You Can't Get a Loan...

2009-02-17T03:07:00.000-08:00

Banks have tighter credit criteria and if you don’t have a stellar credit line, then you probably will not ever get a new loan from the bank given the current financial condition. The answer to this predicament is simple: Don’t get a loan. Avoid it as much as possible especially if you want to loan to be able to pay for a mortgage or another loan. You’ll only find yourself in deeper trouble if you keep doing this.

If you are not someone in the same situation as mentioned above, then you probably want to buy something just to satisfy the constant “need” to buy. Let’s define need. A need is something essential. If you super downgraded something you “want”, then that probably will pass as a need. For example, if you want to buy a car that would take you to the office, you might want a Mercedes Benz but can only afford a Toyota sedan (a need). The Toyota can take you to work as much as the Mercedes Benz can, so quit arguing because this is what you need.

I’m telling you to shift to a lower, but a still comfortable, livable lifestyle (a Toyota won’t kill you). That was just an example, as buying a car would mean you’ll definitely have to apply for a loan. This kind of beats my point on “loan avoidance”. Unless you plan to buy using cold cash—which is a no-no, you don’t want to spend all your cash at once. But if you need to buy a car and you want to apply for a car loan but are having difficulties with the bank, you might want to have someone guarantee the loan for you. Someone with an excellent credit line, like your Parents, probably. Spending is okay, but buying unnecessarily expensive things is not a good thing to do, remember the needs and wants.

Getting a loan is a tough thing to accomplish. If you really need to, then hire a broker or a loan specialist to do the job, they can help you negotiate for the best loan package. According to CNN, an ideal borrower is someone who doesn’t need money. Ha! Moreover, an ideal borrower is someone who has a high credit rating/score, a stable job, and plenty of equity in their home. That’s pretty much what you need to do if you cannot get a loan. That’s to keep your job stable, have a high credit rating and have plenty of equity in your home. In fact, if you don’t need to resort to mortgage, then don’t ever apply for a mortgage. Keep your lifestyle simple, it will help you and the economy in the long run.

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Temporary Deduction for Car Buyers!

2009-02-16T07:06:00.001-08:00

Time to Buy a New Car

This is one of the ways how the Obama administration's stimulus package may affect you directly. The bill would definitely benefit those who want new cars in 2009 by gaining from "state and local tax deductions as well as any excise taxes charged in the purchase of a car" (CNN News). The deductions would be ready to those who earn less than $125,000 for individual earners or $250,000 for earning couples.

Like I have said or read somewhere, now's not a good time to save money, this might be your chance to buy at a "sort of" discounted price while helping the car company you bought a car from to benefit from your cash or credit (through bank financing) purchase. Let's just hope that banks will provide financing opportunities now that credit criteria seem tighter, also primarily due to the credit crisis.

In truth, banks don't have the capital to lend further money to individuals after acquiring toxic assets, which are mostly out of foreclosures. This might prove to be a barrier to the car buyers who want to take advantage of the stimulus given by the government. They just can’t make up for the volume of individuals who will be needing money.

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For more info on temporary deduction for car buyers, visit Anything Goes and Saving to Invest

Things to Be Cautious about in Times of Crisis

2009-02-13T03:56:00.000-08:00

People should be more wary in times of crisis because scammers and businesses involved in fraudulent activities remain at large. For example, loss mitigation through loan modification is a program fast gaining popularity due to the government's campaign to prevent foreclosures. Go to your trusted loan specialist, preferrably someone who's got authority, credibility and experience to handle loss mitigation or loan modification and discuss things first until you fully understand the process before applying for or signing anything.

There are companies like, the CallCom Leads and the Lead Tree, that offer to help get together people who seek loss mitigation and attorneys who look for loss mitigation leads. Companies such as these have extensive connections to experts countrywide to help reach homeowners who are in distress and help them apply for loss mitigation programs.

This could be the most profitable year for loan specialists yet, however, to get highly qualified loss mitigation leads and loan modification leads, they should sign up in a program that modifies criteria that best suit their company’s needs. Loan specialists, could save lots of money by directly addressing a target homeowner, instead of relying in traditional marketing strategies like print ads.

Know more about loss mitigation leads and loan modification leads. Go to the CallCom Leads website now!

More FDIC and Geithner News....

2009-02-12T07:45:00.000-08:00

Sheila Bair recently proposed to reduce foreclosures by 1.5 million. In addition, the loan modification program that she introduced before is also getting some attention from the Obama administration, wherein it is stated that under the plan, participating lenders would be rewarded by sharing the cost of defaults on modified loans with the FDIC. Despite criticisms she received about the FDIC’s loan modification program, she remains relentless in speaking out what she thinks is right. And that is to save homeowners from undergoing foreclosures. Many people will benefit from this program. First, the homeowners, then the lenders and finally, companies that sell loan modification leads.

Another newsworthy material to be attentive about is the plan to create a “bad bank” that would buy out toxic assets to infuse more capital to banks and make them start to lend again. Financial institutions have become increasingly reluctant to lend money that homeowners and businesses depend highly upon to keep the economy stable. Lending money to homeowners and businesses will fuel the economy by purchasing merchandise and services and providing jobs and income to whom they bought the products and services.

The Geithner Proposition

2009-02-11T07:25:00.000-08:00

In the news, Timothy F. Geithner proposed a $2 trillion bailout plan that is being met with a lot of criticisms. His proposition highlights three major programs that will basically comprise the bailout. First, the government plans to inject fresh capital into some of the biggest financial institutions in the country. A stress-testing of these banks to see if they are fit to endure more severe financial distress will be made. Second, the plan proposes to establish a toxic-asset fund or a private-public investment fund to buy as much as $1 trillion of banks non-performing assets (BAD assets!). In lieu of this, investors are encouraged to buy out these ‘toxic’ assets to bring back capital to banks and other financial institutions that reported net losses. Third, Geithner proposes starting a credit facility of up to $1 trillion to promote lending to businesses and private individuals.

These are the programs that are being met with so much disapproval as evidenced by loss of market confidence. Why? Many say that Geithner did not provide ‘enough specifics’ (Miller, 2009) and created speculations and drove down the market index further. Moreover, investors want information before they jump in and buy non-performing assets.

Think about it, NOW is the best time to buy houses, however, don’t get me wrong, investors are not doing so because they are speculating further drop in house prices. In short, nobody is letting go of his or her money, until the house prices stabilize, or until the investors THINK house prices are stable. More so, there are talks of increasing homebuyers’ tax credits to $15,000! That’s just one of the perks included in Geithner’s plan.

From a different point-of-view, this sounds like a good proposal and I’m really wondering why it is being met with so much confusion and disapproval. In the end, it all boils down to faith. If you want to bring back confidence, then start with your OWN market. Stop speculating and looking for information and wait for the proponents to give it to you. While it is true that time is of essence and that the government looks like it’s not addressing the real score, it is a good plan. But unless people—powerful people like investors, politicians and the constituents believe it is, then it’s not going to work.

Why are Some Reluctant to have their Loans Modified?

2009-02-10T07:56:00.001-08:00

There is no question that loss mitigation through loan modification is very helpful for individuals who want to avoid foreclosure. However, not everybody grabs the chance to apply for a loan modification. There are several reasons why. First, lenders and attorneys have become more selective of their clients and they will most probably single out homeowners who are not very late in their payments or are current in their mortgage payments. Furthermore, what is the point in modifying a hopeless loan? Attorneys and lenders ARE businessmen and they wouldn’t want clients who will cost them money.

The next reason is that most loss mitigation servicers require that homeowners pay principal forbearance, which is the amount of mortgage due plus the discounted principal. Discounting the principal DOES NOT MEAN forgiving or condoning the principal. While some “exceptional” banks and lenders do condone the principal, most banks and lenders do not. So the obligation to pay remains outstanding. This is a major setback among homeowners who are tight on their cash budgets and who are unwilling to pay out more money for a debt gone bad.

Borrowers and lenders need to meet at a certain point to avoid foreclosures for the borrowers AND large losses for the lenders. This is where the attorneys who mitigate losses come into the picture. They are mediators, and like businessmen, they won’t do so without getting anything in return. Beneficence is not a useful virtue in times of crisis. Or maybe it is, for really “exceptional” lenders, banks and other financial institutions. Clearly, mitigating losses through loan modification is important and is a win-win-WIN situation. The homeowner doesn’t experience foreclosure. The lender doesn’t lose everything. And the loss mitigator gets paid out of mediating.

For more information regarding loss mitigation checkout LOSS MITIGATION

Still Discouraged About Putting Up a Business?

2009-01-28T08:46:00.000-08:00

Don’t be discouraged to put up your own online shop. Creating a business is not a very easy thing to do specially for people who just freshly got out of school. Trust me, you will not use all those theories that you learned from school (still handy to know those things, though) just to get by. Lots of people who did not finish school became super rich. Admit it, people, not everyone’s going to get rich. However, everybody is given the same chance to make it in life. You just have to be really good at ONE thing and everything else will follow. At least, that’s what I like to believe.

For example, there are lots of avant garde designers who do not have financial resources to open up their own shops. So they resort to social media networking sites to peddle their merchandise. We must also start with what we love doing. This might take away the boredom a little bit once business slows down. Again, we must realize that it’s not always glorious days for entrepreneurs—sort of a realistic grasp of what we are about to be in. If you love knitting, then make sure you get something ‘monetary’ out of it. Hobbies are the best starting point of a good, long-term business.

Next, believe that our product is the best. I am going to stress out that all we need is ONE very, very good product. We must wear it, breathe it, eat it, and be your own product! If nobody would buy it, might as well support it. It adds personal touch, kind of. If you are confident about your product, soon enough friends and relatives will notice. Friends of friends will notice, and so on….

Then stick to it. Stick to the business as long as you can. There is really no point in starting something that you do not intend to finish. Creating an account in a social media networking site is free, take advantage of it. A profitable business cannot be created overnight and be ready for lots of losses until you finally declare a positive net income! Eventually, like I have previously mentioned, reviews about your product will spread like wildfire. If you don’t think this is possible, you may leave a message and inquire about people who have been successful in this kind of business. In the meantime, good luck to us all on our constant search of good, profitable businesses.

The "Word-of-Mouth" Campaign

2009-01-27T06:14:00.000-08:00

Experts (Nielsen, 2007) say that "word-of-mouth" is still the best selling tool for a business. For many people who are contemplating about starting their own businesses, this is a good way to build a brand for a product. Moreover, by putting up your very own websites, you will be able to “educate” potential clients and give them information about your products and services.

People love to hear about the products and services through reviews and comments made by other consumers in a website. In buying a cellphone, for example, I’d check out reviews about the phone first to really get to know details about the product before I actually buy it. These reviews most likely will influence my decision. Whether or not I buy the phone says something—that I was enticed to buy or not because of the reviews in a store’s website.

Social media networking sites are not only avenues for personal creativity. They are also a means for connecting with people and in a business’ case, a way of communicating with its customers. The best part is it’s free. Anybody can do it. And having a professional to design your website for you can “optimize” it to get it to rank on pages of search engine results.

There are many smart people who, for whatever reason, are not suited to work in a corporate setting and find themselves looking through social media networking sites such as this (and many others too). And there are others, too, who simply cannot afford to have a website designed for a new business. Why not put bumming around into good use and try to sell something through these sites, just to see if it really works? All you need to do is to sign up in a social media networking site, take pictures of the products that you want to sell and upload them in your account. You may opt to put some descriptions about the products along with the prices and a page for the terms and agreements on how to order and pay for the goodies that they ordered. Of course, you might want to invite as many people as you can to your ‘friends’ list just to start your very own “network” of prospects.

Just to encourage you further, this is a big thing in Asia. Small businesses are getting by through social media networking. They enjoy free advertising and establish very, very loyal customers who tell other people about their products. In the end they get optimal return for a very little investment. If others can do it, you can too!

Lending Troubles?

2009-01-20T08:52:00.000-08:00

If you are a lender and you don't want to find yourself in hot water, do your research before extending credit to just anybody. You must definitely find out about the debtor. Banks normally use the 5C's in lending, which are: character, capital, cashflow, capacity, collateral.

Character pertains to the willingness (and diligence!) to pay the loan. Capital shows the credit worthiness of a company or an individual who is applying for a loan. It refers to the funds used to compensate unavoidable losses. Cashflow pertains to the liquidity of the company. Having capital is a good thing, but having cash is best! Capacity refers to the company's ability to create money to pay for the loan. Collateral is kinda self-explanatory. It is an asset tied to the loan for security (like a house for a mortgage).

Loan default is a multi-faceted problem. I think that one of the reasons why many individuals defaulted on loans and mortgages is because lenders/creditors have failed to give strict criteria regarding loan applications and took too much risks. What happened was that everybody (even those with bad credit histories) was granted a loan, which shouldn't have been the case. Coupled with the bad economy, many lenders/creditors were "crippled". They became illiquid and owned so many non-earning assets (collaterals) that could not be sold because nobody would want to buy them. Just to be on the safe side (than be sorry!), lend wisely and think many times before you lend someone money and do your homework and make thorough character investigation!

Blog SEO

2009-01-19T08:58:00.000-08:00

It’s more difficult to write something purposefully than do it in a meaningless way. All the more it becomes demanding when you’re trying to beat a deadline to do it, which shouldn’t be the case. Blogging is really helpful in venting out feelings. And the good part is that it is not the only use for blogs. It could be a means to reach a greater part of audience who does not watch TV or reads newspapers. People who love to relax by reading stuff in the web. Blogging could be a way of creating sets of connections among people whom you want to do business with or who want to be friends with you. Whatever the reason for doing it, it could only be good.

Anything that has to do with connecting with individuals in the web is social media networking. It is one of the best things that have happened in the internet culture. Social media networking is efficient and effective. Social media networking thrives where the traditional form of marketing fails. It is inexpensive and it reaches a broad range of consumers who exchange honest information with you, the seller. Information is the key to delivering customer satisfaction. The more you know about your customers, the more you will be able to provide more personalized service to each and every one of them (and there could be plenty of them!).

Social media networking is also beneficial to companies who want to exchange information with other businesses like their own. It is a very good tool used to learn about the playing field. More companies are even dedicating entire teams in optimizing their very own blogs to increase traffic. More traffic means more business. The web is a vast arena full of competing entities; the goal is to always be on top.

Lowest Borrowing Rate Ever

2009-01-16T06:06:00.000-08:00

Last night, the Federal Reserve cut back the borrowing rate to 0.25%. This is said to be the lowest level in 232 years. Contrary to popular belief that people should not borrow in times of financial trouble, they should actually do otherwise. This was done to encourage consumers to borrow and also do some spending to help “fuel up” the economy. Look at it this way, if people didn’t have money, they won’t have anything to spend, and consumer products will not sell because of limited buying power. If consumer products do not sell, companies who produce these products will eventually close down and people will lose jobs, leading to bankruptcies—which we do not want to happen.

I think cutting back interest rates to 0.25% is a good move because we do not want to see people losing jobs. As scary as it sounds, spending in times of financial trouble will actually help the economy recover by putting money back to the market. Moreover, borrowing to pay off existing loans should help homeowners avoid foreclosures. Like bankruptcies, we do not want foreclosures because we do not want negative credit histories. This being said, I think that the FDIC loan modification program—renegotiating for new loan terms (for an existing loan)—will work, especially now with lower borrowing rates. As for homeowners who will not be serviced by the FDIC program, there are plenty of lenders who will let you negotiate for smaller and FIXED interest rates, until you pay off your loans.

To sum it up, this is probably one of the most important things I learned from a professor. I learned that CASH is king. And it must be true, with the way they want to “fuel up” the economy by encouraging borrowing and spending. So be not afraid! Borrow money, spend (responsibly!) and pay off your newly modified loans! Just as long as you keep your job while doing these, and not do something that could cripple you financially, you are on the right track.

Read and learn more about loan modification.