May 9th First-Time Homebuyers meeting
Key concepts to note
- Sources of financing
- Building credit
- Methods to reduce bills
Speakers at this week’s meeting included:
Janece Simmons, NHS representative
Nicole Wheatly, President of Steps Inc. Consulting
May 9th’s First-Time Homebuyers meeting incorporated a voiced excerpt of “The Richest man in Babylon,” testimonials and quick facts.
Things to Note from the listening:
– “A part of all that I earn is mine to Keep”, The Richest Man in Babylon, By George Samuel Clason. (Nothing less than a tenth)
-Always pay yourself
-Seek advice from those who are skilled enough to give it.
-Carry out tasks until they are fulfilled.
-Learn from and mimic successful people.
Lessons in the recording: How determined are you to succeed?
Do you carefully consider where you invest?
How do you make your money work for you?
Do you evaluate both your success and failures?
A handout was passed out at the end of the meeting which included the interest rate and monthly payment of both an auto load and mortgage and of course the lower the credit score, the higher the interest rate.
- For example: If you were to get a five year auto loan of $10,000 with a 500 credit score, the interest rate would be 17 percent with a monthly payment of $249. A credit score of 850 will give you around a 3 percent interest rate.
- One smart purchase would be buying a two or four-flat property. It creates a transitioning period where the owner can live in a property that can pay for itself.
Keep in mind
In order to have a massive and progressive impact in terms of investing you must:
- Have the passion
- Make sure to make a decision
- Make the commitment
- Move forward and execute
Find methods that will help build credit (like selling things of little use) and make your money work for you!