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CANNON REAL ESTATE |
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What's New
Here you can keep up to date about the goings on in the real estate industry!
Millionaire - December 2, 1999
INSPIRATION FOR TODAY:
"A penny saved is a penny earned." - Benjamin Franklin YOUR FINAL ANSWER? It's amusing to watch "Who wants to Win a Million Dollars?" on TV. In thirty minutes or less, guests are given the opportunity to win a cool million by answering a variety of "Who's buried in Grant's tomb?" type questions. According to a recent survey, the program was to have captured the "November Sweeps" for the highest audience ratings - with over 25 million viewers. Another survey asked the question: "How do most wealthy individuals acquire their wealth?" A resounding 60-70% of the answers fell into one of these categories: 1) winning the lottery, 2) inheritance, or 3) marrying into a family with money. That is not so amusing! Here we are in the richest land the world has ever known, in a country where our freedom allows us to achieve whatever our minds can conceive, and two-thirds of the population believe wealth is the result of good luck. What would be your answer? Here are some statistics from "The Millionaire Next Door". Millionaires spend about 8.4 hours a month planning investment decisions while non-millionaires spend 4.6 hours. Of the millionaires, 59.1% are self-employed, while non-millionaires are at 24.7%. Seven common denominators were discovered among those who successfully build wealth. Here they are: 1) They live well below their means, 2) They allocate their time, energy, and money efficiently, 3) They believe that financial independence is more important than high social status, 4) Their parents did not provide economic outpatient care, 5) Their adult children are economically self-sufficient, 6) They are proficient at targeting market opportunities, and 7) They chose the right occupation. More simply put, the wealthy spend less than they make, and proactively invest the difference. They don't fall for the short-term credit card ploys, the country club lifestyle, nor the appeal of designer clothing. They live simply - and with fewer worries than most. Want to be financially independent? Study the lives of those who are already there. Analyze your spending habits, then change them. Listen to tapes, then put good advice into practice. Becoming wealthy won't happen by accident, yet - no matter what your age - there is plenty of time to build wealth. So - what's your final answer? Improving your home... Things you need to know! - September
Prioritizing Your Home Improvement 'Wish List'
For a significant percentage of first-time homebuyers, merely closing the deal is an economic feat in itself. From the earnest money to the appraisal to the (gasp) closing costs and that unforgettable rite of passage called the first mortgage payment, you're feeling broke at precisely the time when you want to rip open that wallet and spend an absolute fortune on improvements to the home you waited so long to purchase. And here lies the primary frustration of first-time homeownership (and homeownership in general, for that matter): The house consumes a larger chunk of your financial resources, leaving you with little money to make improvements. You're left with the difficult to decision of what projects to tackle first. You have to create a priority list, which is hardly easy. Should you call someone to paint the walls in your "high-ceilinged" living room, or should you get that wallpaper replaced in the kitchen first? What about replacing that carpet with tile? That's a big job; should you hold off until next year? And if you invest in new tile now, will the inevitable Murphy's Law of Homeownership
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