Posted by Donna in Credit
It’s becoming an all too familiar headline…
“Home Prices Fall for the 10th Straight Month” says the New York Times today.
It was this sentence in the article that gave me chills, “The quickening decline in home prices could hurt the broader economy by leading to more foreclosures as homeowners have more difficulty refinancing mortgages and by sapping consumer spending as Americans feel less wealthy.”
So I have a question for you:
-
Do you feel less wealthy than you did last year?
Click the “Comments and Trackbacks” link below to leave a comment answering this question.
We’ll be granting a free year of Tight Money Millionaire Coaching to the best response.
Bountiful borrowing,
Donna Fox
73 Responses to “Question: Do you feel less wealthy than you did last year?”
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I definitely feel less wealthy than I did last year.
It’s because I am!
My business income went way down this year from the past two years, and my husband hasn’t been able to find work. We have been real estate investors for years, and we were doing well until this past year. Vacancies ate all equity on r properties.
Right now, we’re praying for a Christmas miracle.
The economy has to get better doesn’t it?
No. As a landlord I really don’t care about temporary dips in prices. I only care about cash flow which comes from rents. Sometimes I flip properties and make quick cash. The market has no effect on houses I own for days. There are a lot of bargains in this market, just like there is in the stock market when we have a correction.
I sure do feel less wealthy than last year.
My income on my job will not go up since I’m on contract. I am working on my credit now and for about seven years I could never get a card. Till recently I got a Capital One card with a $300 credit line. A lot of common expenses have gone up rent, gas etc. I’ve been reading about the dollar losing value, the subprime mess.
Right now I feel the crunch robbing Peter to pay Paul living paycheck to paycheck. 2008 I hope will be a better year.
less wealthy??? HECK NO!!!!!!!!!!! i am taking advantage of this downturn and in the last three months have bought three properties in resort area’s at about 55% of their true value. i’ll hold them for 2-3 years and have “no doubt” i’ll sell them and double my money…and in the meantime let a renter pay the bill….just a tad bit better than a CD wouldn’t you say……………..
for those that are feeling this crunch, my daddy always said “there is always a story behind a story”. they may want to look deep into their past spending habits and see how that relates to their challenges of today. one typically is related to the other……………
Yes I feel less wealthy then last year.
We are new real estate investors. Rehabbed our first house and had a buyer before we completed it. Financing fell through for this person. Found another buyer that had an issue getting financing, so we lease optioned the property to her. This caused us to have to make payments longer then we expected or were prepared to do. We fell behind on other expenses due to making sure we did not fall behind on a house payment. We are still feeling the pain financialing from this. We are also currently having a hard time with refinancing this property. We have been working on doing this for over 2 months.
Looking forward to 2008 being a much better year so that we can purchase more investment properties.
Definitely less wealthy-
I made a goal to see 2008 as the best ever- so I decided to not ever go back to my regular job as a merchant mariner- instead I want to find out the best ways to use my credit to make money and also get into Real estate since everyone else is getting out.So- at the moment I’m unemployed but planning to do whatever it takes to reach my goal. I actually got to spend this Christmas with my wife and kids- First time in over 8 years that I wasnt at sea- Thats the best Start!
Let’s put it this way…I feel that there are many more opportunities to make real money than in the past. This is due to the number of foreclosures that are available. From my experience, banks are willing to deeply discount their REOs - especially if they feel the person they are talking to is capable of taking many of the houses off their hands (this is where the relationship comes in). Buy right, hold for cash flow, don’t let the dips concern you, and profit millions when the market comes back. Worst case, you made a great living with the cash flow over the years holding the property. Since you bought for pennies on the dollar, if you do have to sell, you can sell at a discount using a lease-to-buy option and still make a few bucks. All that is left is to take action!
Hi, Donna !
Yes, I do “feel” less wealthy (financially) than I did last year - gas prices, the general cost of living, etc. Also because my income is “fixed” (thank God my wife’s does go up slightly each year, though I believe she finally reached her “glass ceiling”.
I do believe, though, that this will be a much better year for us. I have always been a strong advocate of “do it yourself” for repairs (home, car, etc). This year (though our finances are tight, my wife bought me a table saw for Christmas :o)
It wasn’t all “altruistic” though - she wants me to do some repairs around the house I couldn’t do before I had the saw, and to build some cabinetry and a new dining room table - I can’t wait to start :o) This will save us a “ton” of money from buying the finished products, it’s fun, and the sense of accomplishment I get from completing a job well-done can’t be matched - we did pretty well with our kids, too ! :o)
Also, I expect this to be a “break-out” year for us financially online, as I have made new connections/partnerships on the net for on-going joint ventures which I believe will be quite lucrative.
If all goes well, I oculd be sitting on 3 to 4 paid membership sites, better monetizing my primary site, and possibly developing an “authority” site :o)
One bit of advice I would offer to anyone considering buying a home now…
a while back, I worked with someone from Chigago (I’m in PA). Too late, I found out he was a liar and a thief who not only stiffed me out of about $20,000 in commissions, but was practising credit card fraud as well ! I left him before I found about that, but others sought me out to tell me what he had done to them.
Anyway, I learned a lot from the people I contacted who he said he wanted to “help”.
Those 2 things are: 1- Never get an adjustable rate mortgage, and 2- Always make sure the paper is kept “in house” (the mortgage is kept by the original lender, and not “resold” to anyone) !
Prior to last year, we rented a little “crackerbox” of a house for $385/month. Last year, we bought our first home (a foreclosure) for $30,000 under its appraised value, and only pay a mortgage of $249/month to a local lender who will NEVER sell the note out from under us :o) Another plus for us is that the house we bought is almost double the square footage :o)
If/When I become a millionaire, my goal is to buy as many homes in our area (to start) and rent them at “sane” rates that befit the person/family I consider renting to - in any event, I’m sure they will be well below the “going rate”.
Money, like my new table saw is a “tool” - a tool to build things to help enhance the lives of others.
It is not the “be all and end all” of life… if you go to my site, you will find out more about why I am saying these things - just don’t judge the site too harshly, as it is under “re-construction” :o)
Hal
Yes I do.
Mortgage market down and having 4 children feels like the bank account is bleeding out. So something has/going to change.
Keep moving forward.
Ian
Wealth is a state of mind, not a state of pocket book.
We feel lack of wealth when our wants outstretch our bank balance and creative means of inventing new possibilities in our lives.
I live in Israel, not in the U.S. We and everyone we know struggle financially, and there are some truly financially wealthy people here, but I do not believe they have more than I do.
And for a more down-to-earth answer - yes! Because my relationship to money has changed, and I don’t allow myself to get into a lack mindset, so I don’t worry about money or stay awake nights trying to figure out from where and how it’s going to come - and I’m a stay at home Mom of 4 boys.
I’ve just started my own company and am spending money big time, but wisely utilizing credit as I’ve learned from Donna’s book. That’s helped make it all possible. I’m enjoying the whole process of learning about business and money and just view everything as a game to be played all out, on the court, 100% of the time. I’m making mistakes, too. And it’s all great!
I have never been wealthier!
Whoops, I meant ‘no’ I don’t feel less wealthy!
Yes, meaning I feel wealthy!
I tend to think positively.
Feeling wealthy is a decision, and I feel wealthier than I did last year. My husband and I are renovating our house, so there’s some serious cash flowing outward, but we both have good jobs and we’re not financing the renovations so I don’t feel like the proverbial walls are closing in on us (we sold some real estate to finance the work). We sleep well at night and are watching our home get nicer and nicer by the day. Our health is good, our friends are supportive, and our children are doing well in school. To me, that’s everyday wealth.
I did not feel less wealthy this year, I felt more wealthy! Some great things happened in business for me this year. I am excited about the current market because I think there are some real opportunities for people who are ready to take them. Real Estate is cyclical, you just have to change strategy. I am looking forward to learning that kind of stuff this year.
Regardless of the doom and gloom media mantra the truth is we live inthe greatest country in the world. Have you seen the stock market lately? How about the iphone? Here is reality….you have the power to change your conditions. We are where we are financially because of choices we make. We live in an incredible country that we have free choice to pursue any way we can conceive of to create money and abundance for ourselves. There are people that always make money in any kind of market because the ebb and flow with the market. Look at what is happening around you…people are still spending money…invest where that is happening…create businesses that meet thier needs and fulfill there demands…Starbucks is still selling $4 cups of coffee at a record pace….that’s about $32/gallon….I feel wealthier every year because that is my intent and I study and apply wealth principles and strategies that I learn from mentors that I search out. I wish a happy and prosperous year for all of you. Your life is your choice…and your design…if you are not happy with your current circumstances, change them…find a mentor, read, study wealth creation, success and millionaires. As Tony Robbins says “Success leaves clues” and for gosh sakes TURN OFF THE TV and don’t let that crap infiltrate your mind and steal your dreams….Create the life of your dreams, TODAY…you can do it and I believe in YOU!! Blessings of Abundance…
The question is about how I feel, so I will answer it that way. I actually do not feel less wealthy–I feel more peaceful and grateful, so I suppose that is a feeling of wealth. Sure our bank accounts are about as low as they have ever been. Yes cash flow has definitely been affected to the negative…we’re in real estate! If you look only at the circumstances and numbers & facts and figures, we are not more wealthy at all. I used to moan and bitch that “It shouldn’t be this way!”…but you know what - it is what it is…and for the first time ever, I’m at peace about it and empowered by dealing with it one day and one step at a time! That is a breakthrough…and because of it, we are seeing opportunities and blessings—and we are in action. Our marriage is stronger. Our relationships are authentic. We aren’t trying to “keep up with anyone” or pretend that it is any way than it is. So I HAVE to say–I feel peaceful, grateful and wealthy in ways that count…and the cash flow is picking up–any connection? Probably so.
I think this is the best time to invest in real estate for the long term (as long as the politicians and government bureaucrats don’t mess it up). The subprime mortgage mess caused prices to spike due to low-interest teaser rates to non-qualified borrowers. After the market corrects itself by eliminating stupid borrowers and stupid loan products, then the true real estate investors will come in with fresh money and savvy to make good profits. Always do the arithmetic first, but don’t stop making profitable offers. Be sure that the property can carry itself for at least 10 years before you sell, if ever.
I am 4 million ($4,000,000.00) dollars more in debt than I was one year ago, thanks to you! Your credit millionaire program helped me secure a bank loan to purchase a business. I had filed bankruptcy only two years ago. Your program helped me overcome incredible obstacles to get funding. Keep up the good work. Thanks.
No, I don’t feel less wealthy because my debt is going down and I’m planning to be debt-free in 2008. I haven’t bought a house yet and still pay rent, but when my score will be high enough I’ll save more paying lower interest rates than if I rushed and bought something earlier. While I had a major set-back in 2005 and still getting out of financial ditch, and being a mom of 18-months old I feel better and more in control of my finances. I’ve learned a lot from Donna’s book and website; my business is going well and I’m looking for a nice property to buy in a few months with built-in equity.
Presently I do. Even though I know my knowledge (credit management , realestate investing, notes etc..,) has tremendously improved. I have things (deals) pending that have seriously made me “feel the crunch” for now.
But once things come through. I look to re-bound and reap the monetary rewards of my time, money and knowledge investment for 2008.
Yes, I do feel LESS wealthy this year compared to last. Numbers don’t lie.
Simple formula really… Income - expenses = left over
Left over this year
I believe that whatever feeling someone has is due to what’s happening inside more than what is happening outside. This year my home dropped $20,000 in assessed value, almost all of our major appliances needed replaced, we took out more student loans, and my wonderful 272,000 miles Saturn had to be parked permanently.
But as I look back on the year I don’t necessarily remember those things quite as much as the success I’ve seen with my autistic son getting a math and reading award in his regular kindergarden class, or my wife finishing her Master’s degree, or seeing my four children healthy and happy at dinner table each night. Do I feel less wealthier this year…absolutely not. I might have less money in the bank, but I feel like my life is overflowing with blessings making me the wealthiest person alive.
whether the markets up, down or sideway, there is always a loopholes or strategies to use in this investments business. so my answer is no i don’t feel less wealthy at all. matter of fact it would be a greater challenge to dominate the market when it goes down because there are less competitions and opportunities are to be seek. Even with competitions, there are plenty of inventories for everyone. a great investor will change strategies and tactics as the market changes.
Yes
I am welcoming lower home prices as an opportunity to dip my toe into the real estate investing swimming pool! With Donna’s help! After all, there are many who have said this is a much less difficult time to invest, with less competition than a blazing hot market when there is little to buy and high prices. I live in Fairfield County, Connecticut. In 2004-5 a tiny starter home on a small lot was $550K - what could be better timing than Donna’s help and a favorable “price correction”!?!.
I believe wealth is a state of mind. I believe that I am wealthy. That I am in harmony with body, soul, and spirit, and that I manifest this state of mind daily.
No, I feel wealthier than this time one year ago. I consciously stripped away all (and I mean ALL) physical possessions that I did not need to pursue my dreams of, once again, developing a profitable gold mine. I sold or gave away most of what I owned and packed what was left into a white Ford conversion van, and left Minnesota for California during July of 2006, planting remarkable seeds that are about to bear fruit in 2008.
I sacrificed my good credit, taking many weeks away from work to pursue my dream, knowing that 1) I would one day realize my dream, and 2) that I could re-build my credit using Donna’s Credit Millionaire tools. I’ve had your “How to Go From Credit Repair to Credit Millionare” handbook since you first released it.
It has taken time to manifest this dream. I plan to spend at least one month in the Yukon (Canada) next May or June, helping to bring a profit-ready gold mine into production. With $500,000. needed to reach profitability within three months, plus a reserve of $500,000, the mine should produce about $3,000,000 of profit the first season. $12,000,000. is a reasonable profit estimate for season two and beyond, using a $600/ounce gold price for figurin’. (See the website at www.ac-mine.com for more info.) FYI for those who aren’t paying attention, gold has been hovering around $800/ounce for months. Approximately 250,000 ounces has been estimated in the reserve, worth about $150,000,000. at $600 gold.
And Donna, thanks for asking!
Byron Aldrich
thegoldguy@gmail.com
HI Donna,
I am more wealthy this year then ever before… Even with the economy the way it is I am having outrageous business groweth because of aligning myself with people that have the same business philosphy that I have… And having a prosperity mind consceinceness.. Now that I have youre book and youre program in my hands ,08 and from here on out is gona be a success…
I am financially no better off than I have been the last two years. However, I scratched up some money to buy 3 courses on credit repair, real estate investing via short sales and real estate purchasing via buying reo’s.
I have improved my credit scores but still have to raise my score at least 50 more points to get into some lenders acceptable range. It will take some time and I may even get professional help. My greatest issue is with all these lenders using their own “algorithms”. My score then becomes unacceptable.
I believe 2008 is a great opportunity to anyone who chooses to ride the foreclosure wave. I think buy and hold strategies will be the best mid term wealth builder. Flipping and wholesaling will be good for those getting steep discounts and being able to sell at below market prices.
I intend to meet Donna Fox in person by March 2008. We can do a deal and both make money.
I know that things are tighter financialy than they were a year ago just simply by looking around at the other business owners.I see that they are not able to get the financing nessary to move forward and build their business. The back bone of this country is small to mid size companies, and they are closing and laying people in record numbers, we are in for a serious problems as a Nation unless the government takes action now!
Definitely less wealthy. I left a job paying $115,000 a year for a commissions only job that paid about $30,000 this year. I purchased three investment properties, the first has dropped in value to about $200,000 less than I owe on it. The second has been condemned by the city who plans to tear it down and charge me $20,000. The third one is in a good neighborhood, is next to a property that just sold for 6 times what I paid for mine. Have a rehabber lined up but lost the financing to complete the rehabbing. My credit score has dropped by 80 points due the the increased debt. My finances have reached a critical point.
What a great season for a “Short Sale Specialist!” Historic cycles over the years have shown that everything passes. This is a big time, life-changing one unheard of since the “big one” of the “30’s.” However, “we live in an abundant universe and manifest our beliefs.” A major shift in attitude has created some unbelievable income for me (with no end in sight). For my career, “this is the eye of a perfect storm.”
True success, both spiritual & financial, exists under all conditions.
I feel even more blessed and wealthy than I have ever felt in my life. If I focused on my current situation which might look grim to a lot a people…I would definitely see no way out. I have a business that is one year old and on the cusp of greatness or failure. I keep moving toward greatness eventhough my financials speak otherwise. It is the mindset in which we deal with things. I chose not to become my present situation, and I chose to think and speak wealthy at all times. If I bombarded my friends and family with what looks like a horrible reality it would be pointless. I tell myself repeatedly…I have more money than I know what to do with…it works for me.
In terms of Cash in hand or Available Credit I definitely feel Less Wealthy than last year. In terms of Knowledge and Education, I am definitely More Wealthy! www.MortgageImplode.com is one of my Favorite Sites that keeps me updated on the Housing Crisis, the Sub-Prime Crisis, Lenders who have gone out of business and the Economy as a whole. With the Current Housing Market, the Outlook for 2008 looks Bleak and Worrisome! My 2007 Income took a Nose Dive while I continued to Invest in Real Estate, “The Same Old Way” that previously worked for me. Those Methods won’t cut it in 2008 and beyond. Armed with a lot of new knowledge I have learned over the last 3 - 6 months, I am convinced that 2008 is going to be Profitable year as a Real Estate Investor and I have been doing this Full Time since 1996. I am in the process of taking the time to make a Written Plan that I will Implement in 2008. The Planning, Action and Implementation of my Goals for 2008 will Guarantee the Results I’m commited to achieving.
Financially, yes, I am definitely less wealthy. In fact, it’s the scariest place I have ever been. But I have looked at 2007 as my “learning curve year”. I am moving from a j-o-b to building my own businesses after over 30 years in the same profession. I made one major mistake, and I allowed it to paralyze me for a good part of the year. I’ll be honest, it still eats away at me, as I have never “thrown in the towel” before. Thanks to your credit repair advice, I know I will get through it eventually.
As far as my life and goals are concerned, I now am experiencing a “wealth” of excitement, passion, fear, optimism and hope for the future. Yes. I included fear in the mix because it isn’t all upswings with no risk and downturns. But I was stuck before, thinking I had no option but to keep doing what I had been doing because it brought in a regular paycheck. But I no longer felt excited, happy or passionate about anything. Now I see possibilities for myself,and I am taking steps toward a new future, one that I am designing. It is taking a circuitous path, but it definitely is not stagnant! I have grown in knowledge, possibilities, friendships and mentors this year.
I in fact feel more wealth than ever thanks to websites and information such as The Credit millionaire and a few others. Wealth’s value is not in dollars, but in information.
It is information from excellent sources that create wealth! Information is the source of knowledge needed and related to any endeavor that one takes. For example, real estate, if a individual is going to earn his wealth in this profession, than he or she needs all related information regarding real estate to make proper decisions as to which course of action to take and the people/professionals that the individual associates with. WITHOUT PROPER INFORMATION AND THE UNDERSTANDING ON HOW TO TURN IT INTO RELATED KNOWLEDGE, WEALTH IS UNOBTAINABLE! ONCE WEALTH IS OBTAINED, IT REQUIRES INFORMATION AND KNOWLEDGE TO MAINTAIN AND KEEP SAME. INFORMATION IS THE PATH TO WEALTH! AND I AM WEALTHY IN INFORMATION, MY NEXT TASK, IS TO TURN IT INTO DOLLARS!!!!
Leonard Batson
The Wealthy Informationist
True wealth comes from within regardless of outside situations. So my belief within is that in any situation
there are opportunities. It often depends on what my mind choses to focus on. I feel just as wealthy as last year
because there are always opportunities to turn lemons into
lemonade. Following the inspirations within or your gut instinct always leads me to the next best step.
I wish all infinite abundance!
~Lynn Stanyard~
www.Living-Intuitively.com
Donna,
I feel wealthier than ever!
In regards to my wealth of knowledge, that has increased exponentially this year as I have invested more in my education in 2007 than I have in the past 5 years combined!
In regards to my monetary wealth, I have built a reserve of savings that I have never had before. With the dollar losing value month after month, I had converted almost half of my savings into foreign currencies such as the British Pound, Euro, and Canadian Dollar. I’ve even taken advantage of the Canadian-Yen carry trade. And credit wise, with the wonderful information provided by you, I’ve been able to boost my credit score. Also, I established a C corp some months ago, which has allowed me to gain access to sizable lines of credit.
With so many homeowners in trouble, it has allowed me to get into real estate investing and help people out of their bad situations and put money in my pocket at the same time.
I’m experiencing an abundance of wealth and it has only just begun!
Yes, financially we are in a very bad place. Both my husband and I lost our jobs last year. He got another position, that pays substantially less than what he made before. I’ve been trying to make real estate investing to work for us, but so far it has not. 2008 has to be better.
Wealth to me is not a feeling, it’s having enough passive, residual income that you can do what you want when you want without concern for external factors like the economy. Am I there yet? No. But I am making definite progress and I’ve teamed up with several great advisers to keep me pointed in the right direction as well…including you, Donna.
What I do ‘feel’ is hopeful…even sure. I know that 2008 and beyond will draw my family and me closer to our goals of true wealth. While the economy is throwing hurdles at most Americans, for those with the right mindset and access to money the challenge is doing due diligence on all the possible ways to make money.
Thanks for your dedication and Happy New Year to you.
No, I do not feel less wealthy! For me, wealth is a worldview. I am rejoicing in the unlimited possibilities of this year. There is much to learn, much to do, and wealth enough for everyone.
There has been a lack of income as I have entered the mortgage industry this year and have gone through the learning curve. However, I have increased in the wealth of knowledge and look to add to it with the addition of the best knowledge to come. With the coming year the discovery of your wealth knowledge added to expand my limited insight, I will be gaining wealth that can never be lost to the changes of economic conditions to be able to make the best of all times.
Looking forward to the most profitable year of my 60 years.
I feel less weathly this year than last year, because I feel I do not have the correct format or examples to learn the proper way of buying and selling of real estate. There are alot of courses out there,but they make you read all this information. I feel the best way to really learn is having someone there with you every step of the way showing you how to do real estate . In order to really become successful you have to have someone willing to allow you to become successful in the real estate game. Real estate is a game and you have to learn to master the game.True success is nothing if you do not bring people with you. I find I all the real estate courses all they care about is money , not making people successfu in life . When I find that person or people willing to help me , showing me , not having me read a bunch of stuff. True success is giving to others. Most in this game just take and take , you never hear about successful people in real estate taking a person showing them with out it cosing the person being showed any money from his or her pocket. The people selling all theses real state courses if they are really successful , why we never hear about them taking one person and making them just as successful as themselves.
It’s just great to see the media continue to exaggerate. As an example, has anyone seen the media talk about the real estate boom going on in Louisiana? Nope, they’re still talking doom and gloom. And, all the while savvy individuals are building (or buying and fixing) and then either selling or renting out for cash flow.
In my area things have indeed slowed down. But, it has not stopped opportunities. In fact, the home that we just moved out of is worth about 20% less than when I got a HELOC on it a year ago. The media would have me believing that I am less wealthy. But, since I am not selling the property, it doesn’t affect my wealth in any way at all.
In the mean time, I have used some of the cash from the equity loan to renovate a rental that we owned and moved into. Then, we pulled $35,000 cash out of it, with a re-finance, to reimburse ourselves for the renovation. Today, I just closed on a small two-lot subdivision and made a quick $7,499 profit from a builder who paid cash! There’s still plenty of money out there.
I have begun working on a short sale that will close next month. Things just keep getting better and better. Keep the ‘bad news’ rolling. The more sellers and banks are influenced by it, the better deals we will find – if we look for them.
I do feel less wealthy, but not because of home values. Yes, the general cost of living such as gas and food - I can’t believe how much strawberries and milk cost these days - however the credit crunch is what is really making me feel uneasy. My 690 middle score used to be great credit and stated income mortgages let me take advantage of many real estate deals when they came along. Last month I got notice that three of my mortgages are adjusting. When I went to inquire about the possibility of refinancing, my mortgage broker told to me to come back when my score was at 720 or better!! Just in case he was wrong, I checked with about 10 other mortgage brokers and banks - same story. So here I am faced with bargains all around, but no ability to snag them with my bad credit of 690!!
To Sum it up: my real estate business is faced with taking over over-leveraged property with negative cash flow - not an option, and the inability to buy any great deals using traditional financing. For the first time in 6 years of investing, I feel like I may be out of business. Real estate anyways.
Definately worse! This time last year i had 75,000 dollars in the bank and owned 5 houses, Right now i have the same 5 houses but now i have $750.00 dollars in the bank, with 2 of my rentals empty because of buyers backing out and a small fire in the other one! The biggest factor has been my credit score along with not being able to get business lines of credit. I have the credit millionaire program, and it has alot of good ideas. My credit is good in the sense that i have never been late on anything, but i have pyramid my credit keeping things going. What i need is business credit along with business lines.
I definately feel less wealthy than last year. But my refusal to just except my current financial slump, doesn’t sit well with me. If i could only get a more clear picture of what this young millionaire in the making needs to do to achieve his goal is the Question. If i could just get that 500k biz line of credit is a start. I have some deals that i would like to make happen, but its unfortunate that I am not able to take advantage of these oppurtinies that lay before me. Help me Donna !
no effect as of yet and am looking to increase my credit lines as there are many buying opportunities…
Donna, we are definitely seeing a decline in our audio recording studio income because people feel hesitant to spend money on creative projects as they worry about their jobs being outsourced, or uncertainty bringing a decrease in inspiration and creativity for songwriting and other creative projects. It’s pretty sad, because we as a people should be excited about opportunity rather than worried about survival in this great nation of ours… next year we will be seeing how we can help make a more positive impact in our world.
M.E. Wilson
I would not say that I feel less wealthy, just more sick of my situation! I think in the past, whenever I heard that I needed to have good credit, it was more of a theory to me. It did not feel very urgent or real, even though I had already suffered the effects of not having worked to learn how to get and maintain good (or great) credit. I began learining about real estate investing, and then bought Donna’s book From Credit Repair to Credit Millionaire and started reading but not applying. I now have an LLC and my credit has gotten worse than before! The fog is now lifting, and I am starting to understand the direct impact that my credit will have on my business; whether or not I will have the funds available to take advantage of deals that present themselves. I definitely agree with digging the well before you’re thirsty, and am ready and eager to begin getting as much credit and financing as possible! I now have a small business line of credit, and am looking forward to learning and applying as much as possible as quickly as possible. This market may be really bad for a lot of people, but it will just mean more deals for everyone that understands how to work in it. And I plan to be one of them!
Well, form a personal development stand point I do feel more wealthy. SInce I have takent the giant leap to gear my career towards working as a smart investor and not a a hard working realtor it has made a significant difference in my income. I purhcase my first investment property which I am renting out, but I have spent so much money just to get this part of the business going. My credit has increased tremendoulsy, but being that I had a past bankruptcy and little experience as an investors banks are shying away from lending to me/my business. I am single with five children and am working a network marketing business, a R.E business and an investment business. The fruits of my labor have yet to appear, but I keep going. It is emotionally difficult at times and I find myself constantly trying to focus on building myself financially rather than the financial turmoil (it is hard). In addition I have been trying so hard to retire my mother who is sufferring from polymyositis. my load is heavy, and I am a bit dissappointed with the lack of progress I have made so far. I can do better, I just don’t know how anymore. My mind is cluttered with thoughts of the right steps to take. I have invested quite a bit in Robert Allen instistute which is great and supplemental materials. No one said it would be easy, but after surviving an 8 year abusive marriage and supporting my children (alone even during marriage), I am growing tired. I’d like to show how strong I am in my response to this question and pretend as if the world is on my shoulders and I am managing things with great strength and lack of falter, but I cannot. I am a survivor, but I don’t just want to survive. I need, I deserve financial independance, I owe it to my children, my parents and myself. I have spent several thousand hiring a company to build my business credit (great company-slow process). I have nothing left to spend. My current situation is as follows: I will take a couple of positions in another industry because I need to provide for my family, and will continue to push towards a lucrativ career in investing. You know its funny, I have always been the one to help other people (still do). I have always put myself last. For once I have nothing left to give. I will pick myself up by the seat of my pants and keep moving forward! Thanks for listening.
Tyffani
I believe that if you say your less wealthy then you will be less wealthy. The thoughts I choose to put into my universe are the fact that in 2008, I will be more wealthy than I am now. I will take active steps to move me in that direction and allow my positive thoughts to be the wind beneath my wings. I can’t wait for 2008!
Yes and no. Yes because I am. No because with the downturn in the market if though I don’t have the money yet I am licking my chops to get started. This is absolutely the best time to buy and become rich!!!! Just looking for the right avenue and I think your program will make me rich!!! I would love the free coaching
I agree with the comments on the positive side, simply because those of us who bought at the higher priced market did so with the projection that the then income would carry the properties. With the current uncertainties resulting in a high foreclosure inventory and causing banks and other lenders to discount their REO’s and homeowners ready to sign over their property without bargaining spells “Opportunity—Unbeliveable opportunites for the investor with ready cash. Since the current market conditions does not affect the rental market.
Yes, I feel less wealthy. After many years of contemplating taking the plunge into real estate investing, I did last spring. Immediately thereafter the bottom fell out of sub prime lending. Currently I have two properties in hard money which I cannot refinance out. The people who can afford my properties can no longer qualify for loans.
I will get all of my other properties either rented or under Lease Options within the next 60 days. I do see a turn-around coming, in my area.
Currently there are many excellent deals in the real estate market place. However, without the funds or credit to capitalize on them, I am stuck and have not yet figured out how to get Un-stuck. With everything I have tied up in unmoving real estate, I definately feel less wealthy than I did a year ago. However, I am confident that this is temporary.
This is a great question. But it also depends upon how one defines ‘wealthy’ too. Perhaps my world is a bit different than many, but its not like Im any different than anyone else either. I have the same dreams, the same goals.
I may not have much now, and I continually work on having what brings me happiness; but at the same time, I am definitely one of the wealthiest people in the world! Now, Im not trying to get ‘religious’ on anyone, but I dont feel less wealthy than last year despite the downturn. I was even thinking of how the current economy might even help me buy a house that I might even be able to help a few others as I dont think this downturn in the economy, after the billions (or trillions) of dollars that has just been spent on years of war is going to go away any time soon. Its best to plan and to include those you can. A sense of community can be one of the best tools we can utilize in reaching our goals.
So imo, it is more just a matter of how we choose to view things that come into our lives, including the economy. Looking ahead can be a great way to take advantage of what can bring us closer to what we consider wealth. If we have less attachment to the outcomes and more attachment to just doing what needs done to accomplish our goals, I dont think the question even enters our minds and in the end, we have what we went after; we’ve accomplished our goals, and everyone around us prospers alongside us. THAT is true ‘wealth’ to me.
No, I dont feel less ‘wealthy’ than last year. In fact, things seem to be opening up for me..
My best,
Vanessa Fry
Anchorage, AK
Necessity is truly the mother of all invention. I am a real estate broker who has noticed a serious decline in my real estate sales over the past year. This is primarily due to my less than optimum timing in adjusting my business plan. Out of necessity, I have been working extensively in shifting my business focus to the reo listing agent side and plan on reaping the benefits of that action very soon. Personally, I dealt with a hugh learning curve that took about 4 months to master.
In addition to reaping benefits as an reo agent, there is also tremendous opportunity in the investent side of buying single family homes in this great “red tag sale” in California (and many other states). Although this market is expected to continue for a couple more years, like all previous downturns in real estate, this one is only temporary and those of us who find a way to capitalize on this investment opportunity will be set for years to come.
Finally, make sure to look at ALL your options. Dont get stuck on your own pre-conceived notions that you can’t do certain things because of your lack of funds, knowledge, etc. Find what you need to succeed. Donna Fox has great resources in building your credit to purchase these terrific deals. Thomas Kish is also a great mentor with terrific programs available to get the financing you need with business credit. If you need cash now, Visit Tom Kish’s site
In answer to the initial question of whether or not I feel less wealthy, the answer is no. I feel like I am the wealthiest man on earth with the knowledge I have attained to capitalize on this terrific real estate market for investing.
On a positive mental note, stay out of the mode of saying “If I had known this years ago I would have already been set” and instead be thankful for learning it now and take action to make all your dreams come true for the future.
Lastly, at the risk of offending someone, I would like to state a very personal belief. On a spiritual note and kind of getting off the topic focus, I would like to share what is most important to me. The Bible states that All things are possible with God. It is most important to seek first the kingdom and God and then all these things shall be added unto you. That is what I started doing a couple of years ago and I have no doubt that I found the resources above and I have been able to weather this transition storm with peace beyond human understanding because of the guidance I receive as a child of God thru the Holy Spirit. There is a reason why every knee shall bow and every tongue confess that Jesus Christ is Lord. Some of us with arrive at this place because we receive Him in Love, others out of regret of turning their backs on Him. Trust me, it is awesome to be counted in the Lamb’s book of life now and receive Him in Love. There is really nothing more valuable. Refer to the Bible book of Romans 10:8-11 for guidance on how you too can do this.
As I have read earlier comments I would agree that I choose to feel more wealthy. I live in an abundant universe that offers opportunities for me to grab them and become wealthy. I only need to change my conscience about wealth, we become what we think and feel. I FEEL WEALTHY!!
Hi Donna,
It’s been great watching you grow over the years and I have learned much too.
More or less wealthy is not relevant. We ALL need more money to fund our projects in whatever market that happens to be in. Everybody that responds here NEEDS cash on hand to make things flow better.
Being a credit millionaire is where it’s at and I just want to know how to be one so that I can fund my dreams into profitable businesses. Some already are and others need cash. Please show me the way.
Ho’oponopono, peace and love.
I feel both less wealthy and more wealthy…
From a pure cash standpoint, I do feel less wealthy going into this year.
On the other side however, in 2007 I “discovered” Donna and her program, thanks to Donna as well as the other sites and professionals I have uncovered as a result of what I have found here, I feel that 2008 will be a year of abundance and wealth for myself …as well as for those who can be disciplined and follow the path of their mentors.
That makes 2008 as a year to be excited about!!!!
After 13 years of slow and steady landlording and a few flips, last year went totally haywire.
1. My contractor for my New Orleans floodhouse flip ran off with $125k construction draws
2. My builder in Northport, Fl. went bankrupt leaving me a half-built house with 51k in construction liens. Then the bank accelerated my loan and trashed my credit a couple weeks before they went belly-up.
3. My two pre-CONS in Tampa were delivered $40k upside down each, rather than having $50k equity each. I’m giving them back to the bank.
So much for “turnkey investing”. I should have done my own comps and rehab management, but got lazy after the easy money I made in Cali.
Now it’s time for chapter 7, after a $500k net worth just 3 years ago.
After all those tenants, toilets, and turnover, I am back to square one.
Donna,
I am MORE wealthy then I was last year.
THE BOTTOM LINE is I am still ALIVE and I am thankful that I am able to take my next breath in order to experience the many challenges in this world. Knowledge is POWER.
Thank you for all of wisdom!
I am wealthy in Credit Card Debit and have an abundance of phone calls of companies seeking payments.
I am feeling completely ready to find 2008 in a far more graceful and easy experience. 2007 was less then easy to keep my head above water financially. I lost a house, a business, 13 credit line/accounts and 2 bank accounts. Even through all that, things are good, and I know they can be better! I stayed emotional centered and kept my feet moving. I am so ready for a healthy and wealthy 2008!
I definitely feel less wealthy than I did last year.
It’s because I am!
My business income went way down this year from the past two years, and my husband hasn’t been able to find work. We have been real estate investors for years, and we were doing well until this past year. Vacancies ate all equity on r properties and 2 of the properties are in foreclosure.
Right now, we’re praying for a miracle.
We are in God’s hands
This is such a fine question! It has layers waiting to be answered!
In dollar facts, I am equally wealthy as last year at this time, due to very careful financial management during the downturn, and some income from my business. This I learned from working my way through school.
During up cycles, I don’t spend a lot more, but save for the down cycles. Discipline really pays off.
Also, as the Fed lowered rates, my properties that were neg. cash flow are close to break even now, and will be there in the next one or two rate cuts. Hoorah! I am grateful
In feelings, I feel more wealthy because I used the time of the downturn to re-platform my business so that I could add hugely more value to my clients. As a result, with some very wise help, I could end 2008 far wealthier than I have ever been! This of course requires excellent expert mentors like
Donna. Very exciting possibilities. Always look to the best experts for help! It shortens your road to success and keeps you from hitting those axle-breaking potholes along the way!
In spite of, or maybe because of all the negative press out there, lenders are very hungry, so we can be picky about our lenders and negotiating terms. I am a novice investor, but it had to pass the “tummy test”. I waited until I found a super broker rather than doing business with the ones who said I had only one choice..blah, blah, blah. I am the customer, after all. Remember, there are always creative options, and Donna can help with those!
Spiritually, I know my positive thoughts and belief in abundance will bring more wealth, in money, joy and peace, as always.
So keep your chin up, this too shall pass!
As Cicero said, “Gratitude is the greatest of all virtues, because it makes all the other virtues possible!”
When I initially considered this question, I quickly wrote a response that yes, I indeed felt less wealthy than I did last year - my home payment went up almost $1000/month caused by our 2nd mortgage holder refusing to subordinate to a new first so I wasn’t feeling the love. However, I went to lunch before hitting the submit button & thought, wait a minute, I do feel more wealthy! Think of all those people out there who went into foreclosure because of similar ARM increases - I am more wealthy because I am able to afford it even though I’d prefer to spend that money on a home inprovement, fixing my car or something fun. It’s all about attitude you know - it’s really about you & how you CHOOSE to look at life. And wealth isn’t necessarily about money - it can be about access, credit or even getting a better deal on something you want or need. In the long run, things deteriorate, but what’s inside of us makes all the difference. I am grateful that I have been able to do now what a year ago would have me as one of the masses of foreclosures that have hit this nation. Just knowing I was able to meet this new challenge has changed my attitude where I was really sweating the payment increase. I’m not being a Pollyanna about it - I know there are still challenges out there, but knowing I have found ways to change how I look at these things gives me the confidence to keep moving forward without a hitch in my step. I truly do feel that I am more wealthy than I was a year ago & I intend to keep feeling this way year after year.
Milton
San Diego, CA
No I don’t feel less wealthy than I did last year. This is not because I got more money but because thanks to you and my discovery of real estate, I feel more wealthy today. I am feverishly applying your credit techniques to improve my credit score, and started to apply what I have read in starting my real estate investment business. I hope by the end of 2008, I can truly see changes in my financial state.
Thanks,
PE
Financially I have hit a wall. I went into business the beginning of 2007 and immediately after the economy began a downward spiral. I went into debt to start this business. I have maxed the credit cards and am not at a point that I’m not sure whether to quit and if not how to hold on.
As far as love, I am a wealthy person. I feel very fortunate to have all the friends and family who love me. They are just getting by right now so it leaves me out on a limb. I’m looking for direction now and maybe a different approach.
No! Since the beginning of 2007 my husband and I have embarked upon a marathon of real estate training programs. We have heard Robert Allen and attended his entire cadre of bootcamps, we have also heard Robert Kiyosaki, Raymond Aaron, Tony Roberts, Marshall Sylver, Sherman Ragland, and Scott Scheel to name just a few. But even though our house is worth 20% less than a year ago, and we have significant credit card debt, we have gained knowledge that can’t be taken away. We have the goal to make 2008 our best year ever. The wealth is not monetary at the moment, but educational. We know that the one will translate to the other as the year progresses - we are millionaires whose money had not yet been deposited into our bank accounts - but it is coming! We believe that we are wealthy!
Financially I am less wealthy, but knowledge wise I am more wealthy!
I ended the year on the down slope of business. 1. Because I did not practice what I teach. 2. By not practicing what I teach it cost me dearly! Financially, Mentally, and Physically.
For the New Year I will be changing all of that. 1. I will not have a business partner at all. 2. Therefore I will not have to worry about what decision my partner will or not not make if they are ok with my decisions. 3. In 2008 and beyond I will take my own advice
I wish eveyone a Happy “U” Year!
Linda
Financially I would say I am wealthier than I was a year ago as reflected in my bank balances and investments that have appreciated over the past year or so. However I would say quality of life wise I am less wealthy than I was 2-3 years ago.For all the financial gains that I have made there have been some losses,that enhanced my life far more than money or credit which I didnt see at the time.I came through Katrina physically unscathed,I had no significant property losses(my home was foreclosed on one month prior to the storm)I evacuated and was able to return to the home that was foreclosed on and stay there for 4 mos because of a moritorium the governor enacted after the hurricane in La.Which was a blessing because all of my family needed a place to stay,my sister’s house was totally flooded as was my brother’s home and my mother couldn’t get back into her home until the mayor of New Orleans opened the city.Well my mother made 59 on November 19,2005 she died December 7 2005 the stress and fear of uncertainty was the culprit I am sure of that.After her passing I became the guardian of her 67 year old mentally retarded sister and I have had to bury my 70 year old mentally retarded cousin.As you know when people pass the things they acquired in life remain with the living in as much I now have acquired some of those things including a flooded house with no mortgage on it thank GOD,cash etc. So even though my credit is bad I am asset wealthy which I guess would be great if the true asset was still here to share it with me,hell I’d even exchange the material assets for just one hour with the real gem.Since that cant happen I’ll take lessons earned and lessons learned use them to create a stronger future for our family and end the vicious cycle of worry, stress,and early death that has taken too many of the true gems away from us.
I feel much wealthier than I did last year! Thanks to mentors like you and Karen Nelson Bell, I understand the entire credit world much better and I keep getting more and more credit: yeah! I look back and I cannot believe that just 3 years ago, I made only $8000.00 for the entire year and this year, that was my monthly average.
I look forward to my continue learning and would love the opportunity to be coached for the year so I can apply everything to business credit as I have only been dealing with personal credit. I relish the chance for guidance and learn the corporate entity structures and credit available that will make me a multi-millionaire. I feel that I am on my way.
Donna,
I read a number of the responses and must say that I do feel less wealthy financially than last year. Primarily, because I have decent to good credit but have not made the best decisions when seeking business partners/mentors. I’m now on the verge of making a total mess of my credit and would greatly appreciate, from what I’ve read about you, your straight-forward direction. I’ve seen my spirited bright personality become more withdrawn and I don’t like it. I am rich/wealthy in that I have a supportive wife and trusted, warm friends. I hate to disappoint her and bemoan not being able to do more with and for my friends and family. So quite frankly, my hope and desire is that with mentoring from you and your organization I can catch up on fulfilling my full potential, much less my goals and dreams.
Sincerely,
Ray
I don’t feel less wealthy than last year. Because of all the great information i’ve recieved from you, Karen nelson bell and others who have walked this path. So I’m wealthy in the sense of financial wisdom, soon that will materialize in the monetary sense.