3 Old School Lessons to Make the Best of Today's Economy
This economy sucks, plain and simple. It is most likely the first time in my adult life I could actually say. I was born in 1979, so I climbed up with Reaganomics while viewing Fraggle Rock. This was the same time the Mortgage Industry started their now notorious, greed filled run. However, until last year, I had never experienced such a lousy market as an adult. To top it off, I opened a Mortgage Branch the year prior to specializing in A-paper loans, therefore I was smack dab in the middle of the windstorm. Since the industry got what was coming into it, I learned incredibly valuable classes I shall carry with me to the rest of my life. As the old saying goes, 'what does not kill you only makes you stronger.' Here's what the recent downturn in the market has instructed me... Credit, Dead it! That Credit, Dead it. www.toploanlenders.com
Think that a crackhead paying back you, shit, forget it Such were the words of the Late Notorious B.I.G. (recall, I grew up in the early 90s!) . Substitute 'a crackhead' to get 'a struggling borrower', and you have the real truth of today. Credit was so available to everybody out there, that it became okay to live above your means. No longer did you need a used car when you're able to lease a new one. No longer did you want to have 20% to acquire a home, or perhaps for that matter, did you need to show you can pay back the loan. Instead you could just 'say' your income. No need for evidence. It's not necessary to earn the right to live the American dream. Instead you can live the fantasy today, and pay back what you owe when you make it.
Wow, sounds great. I utilized credit to start my mortgage division. $28,000 to be exact. Being that it had been a branch company, the credit I used was all personal. I had an excellent advertising program that worked like a charm. All I needed to do was shut these loans which all match the current criteria. However, in a few days, the industry went into the bathroom, and the standards suddenly shifted, even for A-paper loans. Unable to close the vast majority of loans, I was left with more than25k in private debt, and no where to write it off because it was private. Instead of taking my time to construct my company, I immediately tried to have everything. I went for the whole pie in one swoop because I had the credit. Why should I not use it? Well , now, regrettably, I know the answer to that question.
Even though I had some fairly wonderful stuff which I possessed, it didn't feel right. My house has a mortgage even though I initially put down 20 percent. My car is a rental. However, none of these items give me the joy of being pleased because I did not make them the right way. I earned, was the right to foot the bill. The Inner Beauty of Living Below Your Means I was raised in a pretty affluent area in New Jersey. Most kids in my school got their automobiles from their parents, barely worked, and had credit cards that their parents paid for them. I was not as despised, but my Dad was able to get me a car when I turned 17 for $5,000. This was a 10 year-old BMW, and I loved it.
It still, to this day, was likely the best car I ever owned from a fun perspective. However, in my school, this car had been laughed at by some. 'Dude, you predict that a Beemer? It's like 10 years old' Being in high school, I didn't know any better. My world was the city I lived in. This was before AOL and the net had indeed prospered as a networking tool. All I knew was the entire life before my eyes. I grew up believing that I must always have beautiful items. Though I wasn't spoiled, I had it pretty good compared to most, and I got used to it. As I got older, my young life left me with a taste for sweet things. To live at precisely the exact same level I did growing up, I needed to start out making what folks in my neighborhood made.
This wasn't easy, being the most folks in my neighborhood were earning in the top 3 percent of the country.You should delete all of this text and replace it with text of your own. You can modify any text on your page with the Text formatting tools at the top of the page. To add other content, use the Media and Add-ons tabs. If you'd like to change your style template click on Styles. To add or remove pages use the Pages tab.
