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Archive for February, 2010

Looking for a job… don’t miss this

February 23rd, 2010

Harvey Mackay and Philp TironeWhen I was 16 years old, I read the book “Swim With The Sharks Without Being Eaten Alive” and it changed my life and how I looked at the business world.

Last week, while in a class in Phoenix, I had the opportunity to meet Harvey Mackay, the author.  I asked him, what can I do for you?  He told me about his new book for those looking for a job and I told him that I would send it to the people I know.

It’s called, Use Your Head To Get Your Foot In The Door: Job Search Secrets No One Else Will Tell You. He thinks it’s his best work in two decades since Swim With The Sharks Without Being Eaten Alive, a lifetime business classic…and I wouldn’t put it past him!

This book comes with an AMAZING GUARANTEE – If you don’t find a job in six months, you get your money back!  Let me repeat that…

If you don’t find a job in six months, you get your money back!

Harvey’s pragmatic, yet humorous style shows you that getting a  job is a job. He has penned the definitive A-Z career resource with time-tested, easy-to-apply methods to:

  • Use state-of-the art researching skills and networking strategies
  • Create a daily “recovery” program and job search plan
  • Learn the best questions to ask in interviews and how to get the job.

PLUS, if you buy the book by February 26, 2010, you will gain access to additional tips and ideas only available to friends of Harvey Mackay:

  • A FREE, $12.95 value Rolodex Networking Book Download (includes 20 pages of his Harvard MBA speech summarized in the Harvard Business Review)
  • 3 interactive templates, classic Harvey Mackay handouts, and an exclusive Job Secrets toolbar to make the most of your time

A recent review by the prestigious Library Journal Review says:

“….this is a very useful book…Highly recommended for job seekers and career changers at all experience levels.”

I think you’ll personally enjoy Use Your Head To Get Your Foot In The Door and hope you’ll pass this offer along to a friend who needs a dose of Harvey Mackay’s clever wisdom and secrets to jumpstart their career in this grueling economy.

In Prosperity,

Philip Tirone

P.S.  Buy the book at your local bookstore or find online retailers at www.harveymackay.com/jobsecrets

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Open Letter to Tiger Woods

February 19th, 2010

Tiger,

Just watched your video….  Thank you for speaking out.

I hope you can see that is a blessing in disguise.

I imagine that you are the type of person that wants to inspire others…

I imagine that you are the type of person that wants people to look up to you…  This is your chance and today, you took the first step.

Keep in mind, you are no different than every married man in the world, the only difference is that you acted on your impulses.  However, what can you teach the millions of men that stuggle with this addiction?  What can you teach the millions and millions of boys that look up to you, BECAUSE of this painful and very public lesson?

This is your opportunity to embrace this challenge that every man faces!  There is not a person in the world that is SO UNIQUIELY qualified to touch the men of the world on such a difficult subject.  You are the one.

I challenge you to take this opportunity and run with it!  Make this opportunity be the moment that people will remember you by.

God Bless,

Philip Tirone

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Credit Card Debt Reduction

February 19th, 2010

Credit Card Debt ReductionDebt from revolving credit (which includes credit cards) fell by 13 percent last year according to a survey by the Federal Reserve, but this credit card debt reduction could indicate a negative trend.

First of all, credit card debt reduction is an indicator that banks have tighter lending standards. Revolving debt is decreasing because credit cards for people with bad credit are harder and harder to find. Unless you have a clean credit record and a credit score of at least 720, banks might not approve you for new credit cards.

The drop in credit card debt reduction might point to something else as well: Consumers are opting to open fewer credit cards.

Though reducing personal debt is always a good thing, refusing to apply for credit can harm a person’s ability to navigate through life. If you do not have a credit card, how will you reserve a hotel room? Qualify for a cellular phone plan?

Perhaps more importantly, how will you build your credit score? Responsible use of three to five credit cards, each with low balance-to-limit ratio, is one of the best ways to build good credit. Sure, credit card debt reduction is good, but by all means, you should be willing to open new credit card accounts if you do not have at least three!

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How to Compare Good Faith Estimates

February 17th, 2010

How to Compare Good Faith EstimatesIf you are a first-time homebuyer, you may be wondering how to compare Good Faith Estimates, those documents a lender provides disclosing the interest rate, the monthly payments, and settlement and closing costs. Understanding this, will help you negotiate the best mortgage deal.

First of all, remember, I’ve been in the mortgage business for over twelve years, so I understand how difficult they can be.  The bottom line is that comparing Good Faith Estimates has always been a bit difficult. For example, how can someone who does not understand mortgage terms dissect ten pages of jargon?  What about all the confusing fees?

New federal rules that took effect at the beginning of January “supposedly” will make it easier to read these Good Faith Estimates… by standardizing them and simplifying the format.  We’ll see.  They say that the new rules will help “disclose an adjusted origination charge,” and include “all the fees the lender controls as well as any points paid to lower the interest rate.”

The biggest change is that lenders will not be allowed to increase the origination fee from what is disclosed in the Good Faith Estimate. Other fees, like title services and recording charges, cannot increase by more than 10 percent from what was disclosed. Additionally, the new form requires that borrowers be informed that they do not have to accept the title insurer suggested by their lender.

While this may sound good originally, the problem is that this will cost more for the lender and in turn their “processing fees” will go up.  People always ask about the junk fees, well, many times, the junk fees are dictated by policies that don’t really serve the client base.  My opinion is that this is one of those policies.

Some experts estimate that these changes will help save borrowers an average of $700 on their loan costs.   I don’t believe that for one bit.  At a minimum, the new rules are going to create more questions about how to compare Good Faith Estimates.

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How Do Variable Rates Work?

February 12th, 2010

How Do Variable Rates Work?Millions of people have credit card rates that fluctuate, so just how do variable rates work? And more importantly, why do they go up…but never seem to go down?

Variable rates are interest rates that are tied to a rate index, usually the “prime rate.” As the government raises or lowers its rate, the variable rate changes as well. And good news: Under new regulations issued in January on variable rate credit cards, interest rates must be allowed to fall, not just rise. Now companies can raise rates on existing balances only when tied to an index and only when allowed to rise and fall with that index. Until then, lenders had used “floors” that allowed the rate to rise, but not to fall beneath a certain minimum rate.

What scares me are the unintended consequences with rates being able to go down, but not up…. That tells me the banks are going to figure out other ways to get what they want.  That is why we need to watch closely.

The rules for how do variable rates work have just changed so that borrowers paying variable rates will enjoy a fall when the prime rate goes down.

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Can I Get a Loan Modification?

February 12th, 2010

If you are having difficulty paying your mortgage, but want to stay in your home, you may be wondering: Can I get a loan modification?

A lender might be willing to grant a loan modification if you owe more than the amount for which the home can be sold. Banks also know that adding your foreclosed home to the supply of homes for sale will further depress the market, so your lender might be willing to work with you to modify your loan. However, you are not going to get a loan modification just by asking.

Can I get a loan modification? To answer yes, you must accomplish two things:

  1. To get a loan modification, you need to show the bank that the modified loan is a better deal than foreclosure.
  2. This brings us to the second point: You must show that you cannot afford your current loan. The lender is not going to grant a loan modification to a homeowner able to make the current payments. Lately, numerous homeowners have called complaining that their bank won’t give them a loan modification. The first question I always ask is: Are you behind on your bills? And the answer is always the same: Clients who are current on their bills are not having any luck qualifying for loan modifications.

Can I get a loan modification? The unfortunate truth is that struggling homeowners who have paid their mortgage on time are forced to choose between staying current and being denied loan modifications or improving their chances by skipping payments.

Let me repeat that… The unfortunate truth is that struggling homeowners who have paid their mortgage on time are forced to choose between staying current and being denied loan modifications or improving their chances by skipping payments.

The reality is that as long as you remain current, the lender would rather let you tough it out because recouping 100 percent of your loan is in their financial interest.

I would never advise anyone to default on monthly payments, especially because it might hurt their credit score. That said, as long as you are paying your mortgage on time, the answer to the question—Can I get a loan modification?— is probably no.

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Tips for Saving Money on Vacation

February 1st, 2010

Tips for Saving Money on VacationIn these scarce times, you might find yourself looking for Tips for Saving Money on Vacation. A recent article by Michelle Higgins in the New York Times offers great advice for keeping travel expenses to a minimum.

One of my favorite ideas suggested by Higgins is to use Twitter to “follow” the travel companies or travel experts that you like to use. Large Companies, like American Airlines, United Airlines, etc. etc, are beginning to tweet their best offers, deals and advice, and the first people that respond can take advantage of those rates!

Higgins also suggests websites ITASoftware.com and Kayak.com for finding the least expensive travel dates. She also reminds readers to check for nearby airports that might be less expensive than your first choice and to fly on off-peak days. And, try to use online travel sites like Yapta.com, Travelocity.com or Orbitz.com that automatically refund the difference if your fare or reservation falls in price after you buy it.

For these and other tips to learn Tips for Saving Money on Vacation, read Higgins’ article in the New York Times in full.

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