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Archives for 2013

Why a Career in Mortgage Lending Could Be Right For You

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Working Mom“Being a mortgage loan officer can be very rewarding,” begins Sharon McCormick, a senior loan officer at Prime Lending in Dallas, Texas. “Firstly, you are working with people who are making a very big and usually positive step in their lives. You are the person who helps to deliver their dream — the American Dream — of homeownership. That’s incredibly rewarding. Second, this job is less of a job and more of a business, unless you’re working in the standard bank environment. You can set your own hours and there is no limit to how far you can go or how much you can make. There is no waiting for a promotion or raise — if you are working hard and doing a good job, your income will continuously increase.”

If you’re looking for banking jobs or finance jobs and that hasn’t sold you already, read on. We spoke to a couple professionals who work in mortgage lending to find out what the field has to offer, and why it might be right for you.

 

Working With People

“The thing I like most about the mortgage business is that you really get to know people in the first 15 minutes you meet them,” says Patrick Palzkill, owner of Boston-area Beacon Rock Real Estate and Mortgage. “Many times you get to know more about that person after the first interview than 95% of their friends and even their family!

“You hear about the successes in their life (the children/grandchildren), about the new job promotion and the exciting new home they are getting,” he says. However, it’s not all happy news all of the time, and that comes with the territory. “You also see the other side of the coin, when you look [through] the divorce decrees, bankruptcy papers, and verify the negative items on the credit report.”

Perhaps it’s this very close knowledge of your clients’ lives that can make the reward of seeing some get their first home so powerful. “It’s always great to go to the closing for a first time buyer and watch them pick up the keys.  Every deal is different and that keeps things exciting,” shares Palzkill.

 

Good Salaries

There can be financial rewards as well for this and similar banking jobs. CBSalary.com lists the average annual salary for a loan officer in the U.S. to be a respectable $73,366. A mortgage lender is listed as earning, on average, $68,078. Of course, these figures can vary quite a bit depending on what part of the country you live in and, more importantly, how well you perform.

On the subject of performance, we ask what kind of person tends to do the best in mortgage work. McCormick gives a few insights.

“The recipe for success is very consistent,” she replies. “What matters is that you have the right personality and attitude. First, to become a success as a mortgage loan officer you must be self-motivated and driven, because no one is going to chase after you except for your competition. You have to be detail oriented, so that you can manage the very specific regulatory requirements and work through very tiny yet very important details. Strong communication skills are absolutely essential. Patience, flexibility and agility are must-haves, since this industry is incredibly dynamic. The way things are done one day will be changed the next, and you have to be willing and able to roll with the punches.”

 

Lot’s of Paths to Success

To that end, she goes on to say that mortgage lending is a field in which very few consistent background factors can predict success. Good news for those seeking banking jobs and are worried they didn’t study the right thing in college or start off on the right foot when they were in their twenties.

“Conversely,” McCormick explains, “there is no specific demographic that is more successful in this line of work — your age, background, gender and even level of formal education really don’t matter. Wes Ley, the adjunct professor teaching residential finance at DePaul University in Chicago describes the diversity of his class as ‘Amazing. It’s like the United Nations in a classroom. We have people of virtually every race, with no actual majority. We have people of every age.’”

What are your thoughts about working in the mortgage lending industry?

Taking Advantage of Cash Rebates

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cash rebatesCash rewards for purchases are underrated when they should be recognized as smart money savers. Take advantage of pairing coupons with cash rebates as well, for an even larger reward on your purchases. Easier said than done if you aren’t too experienced in aggressively pursuing these savings methods. Luckily, with a little practice and procedure, your shopping cart will be full and so will your wallet.

 

Exploring Yourself

The first step to becoming an expert saver is to explore yourself. Ask yourself what you deeply desire, whether it be a new pair of shoes or a tasty family size pack of sweets. Figure out what you want, write it down and put the ideas in a safe spot. Organizational skills play a major role in saving. You have to keep track of everything, and it can be overwhelming. Time management can be a bother, as the process of filling out cash rebate forms and clipping coupons can be draining. All you have to do is prepare a time slot to for this significant formula. We typically know how long we are out shopping; add an additional hour to cover your tracks. Thirty minutes for coupon resourcing before shopping, and 30 minutes for cash rebate papers afterwards. Time and money well spent!

 

Taking Initiative

After you know what you like, and have planned time slots to actually ensure that you get what you desire you have to explore rebate sites. You can also find rebate forms:

  • Printed on packaging
  • On tags beside merchandise
  • Tear-off rebate forms on products

Companies encourage rebates and they place advertisements in newspapers and magazines, newsletters, radio, television, internet websites and more. You only have to be aware to take notice of the opportunities around.

Cash Rebate Websites

As for online cash rebate websites that also include coupons, these are golden tickets to saving. Not only will you receive cash back, but you will also save immediately on that purchase without having to wait for your refund.

 

The Good & The Bad

The good news is that there are many advantages that accompany cash rebates for both you and the manufacturer. Three major advantages include:

  • Reasonable refund on high priced products
  • according to the IRS they are tax-free price reductions
  • Boosts customer sales and visibility

As for the bad, there isn’t much bad with rebates, however, if you plan on purchasing an item for the cash rebate and you do not follow through then you will have only purchased a company’s special item without them doing much promotion in turn increasing their sales.

Taking advantage of cash rebates is a learning process and it takes practice, but with every great thing comes great responsibility, along with that take accountability and initiative and start saving today.

Are you planning on taking advantage of cash rebates sites this holiday season?

Preparing for Baby: The Hospital Bag

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hospital bagA friend of mine recently called to ask for some advice about what exactly to pack for her hospital bag as she and her husband are prepping for the arrival of their first baby. The hospital bag can save your sanity. I honestly don’t think you can ever be prepared enough. I’d rather have too much of something than not enough, especially if you’re a long way from home. Here is a list of things that you should remember to pack in your hospital bag.

 

Prepping the Hospital Bag for Mom

I forgot a lot of stuff for myself, I was so concentrated on making sure everything for baby was packed I didn’t remember everything for myself. Lesson learned. Things that a mom will need include:

  • Comfortable, loose, clothes of your own. I was hospitalized for a week due to c/section complications, after a few days I was more than ready to get out of a hospital gown and put my own clothes on. Especially if you have a c/section, make sure they’ve very loose-fitting. If you’re breastfeeding, make sure your clothes are easily accessible since in the early days you will be nursing often and need easy access. I bought two t-shirts at Old Navy that were light, loose and had button snaps to open and close it at the neckline. I wasn’t concerned about fashion but more functionality and comfort. I opted to wear PJ pants that I could get on and off easily.
  • Nursing Bra
  • Toiletries
  • Snacks for you and spouse. Though I had access to yummy food of my own at the push of a button, my husband, who stayed with me, did not. I also didn’t want to call for small snacks or a drink so we brought a bag of our own snacks and it was very helpful! {This is also a great gift idea for expecting moms. Find out what their favorite snacks and drinks are and put a little bag together for their hospital!}
  • Nursing pillow. Not everyone uses a nursing pillow, I personally found it helpful, especially when first learning.
  • Camera/cell phone plus all required chargers.

 

What You Need for Baby

  • Warm clothes. Though there are a ton of cute newborn clothes, stick with practicality. Newborn sleepers that button or zip work well and most have feet and hand covers. Remember a small hat too, regardless of season (our daughter was born in June) since babies are used to a very warm environment.
  • Diapers/wipes. Our hospital had a full stash of newborn diapers in our room for use but it’s always nice to have your own and not all hospitals provide them. If you’re cloth diapering, you may want to wait until you get home to start since you likely won’t have access to laundry.
  • Swaddling blankets. Again, the hospital provided blankets for us but not to take home and we wanted to get comfortable using the ones we would be using at home.
  • Car seat. We were not allowed to leave the hospital until the nurse signed off on her placement within a car seat. This is for both her and our safety.

Though we forgot our camera, I was glad we had our phones to snap her first pictures. You can never be too prepared for baby’s arrival if you think you’ll need it, bring it!

Money Saving Tips For First Year College Students

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first year college studentsAll over the world high school students are preparing to graduate and embark on their post secondary adventures. I know all too well how expensive post secondary can be after completing two degrees and accumulating over $90,000 in debt. In my six years of university I have made many financial mistakes but learned something from all of them.

 

Textbooks

Don’t buy new textbooks. If you are absolutely required to even buy a book at all, buy used textbooks. In my first year I went to the book store and dropped hundreds of dollars on my brand spankin’ new books for my accountancy and finance degree course . What a total waste of money. I could have managed just fine with used or nowadays, digital copies. Always check online at stores like Amazon or Better World Books before succumbing to the campus bookstore. Even better, borrow the book from the library. By year three or so I figured this out and did quite well without books. I went to the library almost everyday, took good notes, photocopied pages I may have needed and went home. This forced me to study and saved money.

 

Living Arrangements

Obviously living at home would be an ideal situation but if it’s not an option, find roommates and share costs. While you may think you’ll need a nice big apartment for yourself you’ll end up spending 90% of your time out socializing, in your room pulling all nighters sleeping or somewhere like the library. As long as you have a room of your own to retire to at the end of the day for some Z’s and a little privacy, shared accommodation should work just fine. If you’ve been accepted into a specific program try to reach out to fellow students via Facebook, Craigslist or other social media outlets and see if anyone else is seeking roommates. Living with someone else within your program means live-in study-buddy!

 

Paying Tuition

If you’re responsible for funding your own way through post secondary, getting an early start with a part-time job is a must. If getting loans is inevitable, borrow only what you need! Depending on the program you get accepted to you may have an opportunity to borrow hundreds of thousands of dollars. Even with these funds being offered to you, if you don’t need them don’t borrow.

If you’re able to, make the most of your long summers off and work to save as much as possible. There are many summer job options to college students from working at resorts to manual labour jobs. It isn’t impossible to find a summer-only position. Capitalize on your summers to get a job somewhere you would like to travel to. Children’s summer camps are around the world and always looking for university students to work for them. See the world while getting paid, why not?  Plus, it helps you avoid college budget woes!

Though the primary focus of post secondary should always be academics, if you’re able to maintain a part-time job while in school, even better. Anything you can do to offset your monthly costs will help.

 

Budget

If you aren’t already, the most important thing you can do regarding your finances in post secondary is budget. This is especially important if you’re borrowing to pay for school, but even if your expenses are being taken care of by someone else, the monies still need to be accounted for and budgeted appropriately. Learning how to budget now will make the rest of your life much easier, trust me!

Graduating high school and embarking on a post secondary education is an exciting time. It is expensive but there are ways to help off set the costs. Enjoy your new adventures but watch your expenses!

What money saving tips do you have for college students?

Planning for a Baby

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planning for a babyWhether it’s your first or fifth, babies take planning. Even in the event of an unexpected pregnancy there are still nine months leading up to baby’s arrival that will require plans of some sort! A lot of couples plan everything from baby’s conception to nursery color. A lot of these plans require spending money everything from pregnancy tests to diapers. Being prepared will ease some financial pains when it comes time to have a baby.

 

Conception

You don’t necessarily think of conception requiring money per se but for millions of couples worldwide, conception can be the most expensive part of having a child. We were fortunate in only requiring the purchase of pregnancy tests, which only set us back $20-$30 total but have had friends spend hundreds on fertility drugs and tens of thousands on IVF. Though I wish any couple who wanted a baby could easily have one, it’s just not that simple. There are hundreds of reasons why it doesn’t just happen for some and my heart hurts for them. Conception costs can range from a few dollars on pregnancy and, or, ovulation tests to tens of thousands for IVF. If you think getting pregnant may be difficult for you, bring you concerns up with your doctor and see if you can make plans before hand.

 

Pregnancy

Now that you’ve had that “My Wife’s Pregnant!” moment, it will probably hit you that pregnancy itself can be very expensive. Though I live in Canada and don’t pay for any medical appointments, a huge proportion of the world has to pay for prenatal, pregnancy and post natal care. Make sure when you’re planning for a baby that you factor in any medical appointments, medications (even pre-natals), ultrasounds or medical tests such as bloodwork.

You will also have to clothe your growing body. While you don’t necessarily have to buy maternity clothes you will likely need to invest in a few pieces of larger or maternity items to get you through the last few months of pregnancy (and possibly first few months postpartum). I shopped around at local thrift stores, borrowed from friends and only ended up buying three or four items of my own throughout my entire pregnancy. I couldn’t justify spending hundreds of dollars on seasonal clothes I may only wear once, for three to six months. This will obviously depend on your lifestyle too. I wear scrubs all day and was able to wear them throughout my pregnancy only buying two pairs of bigger pants so really only needed clothes for the weekend. I also recommend checking online and larger department stores as well. Old Navy, Walmart and Target all have decently sized maternity sections now at affordable prices.

 

Postnatal

After baby is born you will need stuff. Babies require a lot and again this will vary depending on choices you and your family make (such as to breastfeed or formula feed or cloth vs. disposable diapers). Shop around before you have your baby and price stuff out. Ask friends, research certain things and get an idea of how much you will need ‘extra’ per month for baby. Also factor in any maternity leaves or loss in income.

The more prepared you are financially the better off you and your family will be. You can never be too prepared for a baby. If you end up saving more than needed, reallocate the funds to something else for kids such as post secondary savings or child activities. We weren’t prepared for our daughter’s arrival and spent the first six months after she was born scrambling to get our footings. I know if we choose to have a second child we will be in a much better spot financially.

Did you plan for your baby?  What steps did you take?

Raising Polite, Responsible Kids

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polite childrenThis past weekend, my daughter and I headed over to a friend’s house so our two little ones could play while we got caught up on the details of our lives. We started talking about a friend of ours and how her daughter, now six, had developed quite an attitude. Her mom and our friend, lets this little girl run her life. There is nothing this little girl doesn’t get. If she wants a chocolate bar for breakfast, she’ll eventually get it. If she wants to stay up until 11pm watching cartoons, she will.

Obviously I feel like this is an extreme case of bad parenting but I see aspects of this in many kids. I don’t know what or when it happened but sometime during my generation (30ish years) parents totally lost control. Please note that I am by no means trying to seem like I’m some sort of perfect parent, but one thing I will do is enforce and demand a few things of my child such as structure, rules and politeness, none of which this little girl has.

 

The Pleases and Thank You’s

My daughter is only 17 months and some of the first words I’m demanding she learn, are ‘please’ and ‘thank you’. I see kids everyday at my job (dentistry) and rarely do the children say please or thank you even if I give them a treat such a sticker or small toy. I’ve become so used to it I almost expect to not hear it. It’s such a simple thing but teaching simple manners like ‘please’ and ‘thank you’ can go a long way.

Children learn from exposure. Anytime my daughter does something I ask of her (”please pass something to mommy”, ”could you pick up your toy, please?”) I always include ”please” and end with a ”thank you”. Even though she is just learning to talk she is beginning to understand what the two mean.

 

Chores

I have so many friends and family with kids who don’t enforce chores. I feel like chores are a huge part of development. The children help with the maintenance of the family home, while learning that there are expectations of them within this life.

My daughter may be young but she already has ”chores”. She helps me unload the dishwasher by me allowing her to take out the silverware and pass them to me one-by-one and I place them in the drawer. It takes about five times longer this way, but I appreciate her helping me and her learning that she is helping me. She also helps me feed the cat. I measure out the cat’s food, pass her the scoop and she dumps it in the bowl. She loves helping mommy. Again I always make sure to  thank her when she helps.

If you start young, and implement guidelines and responsibilities for your kids, your life will be much easier. Start with the basics and the more difficult tasks will be much easier. There’s nothing nicer than a young child knowing to say please and thank you without their parents needing to encourage them (though I like an encouraged please and thank you over none any day). Being polite and nice will go a long way in this world. Setting a strong foundation in childhood will be a life long help.

Do you encourage your children with manners and please/thank you?

Life Insurance: A Must Have for New Parents

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new parentsIf you’re planning to have a baby soon, you may be overwhelmed by the expenses you’re facing.  All that new baby gear costs quite a pretty penny!  There are so many must-haves:  a crib, changing table, bouncy seat, baby tub, just to name a few.  Marketers would like you to believe that this is just the beginning of the items you’ll need for the baby.

Don’t forget other necessities like diapers, wipes, formula.

Whew.  Are you getting nervous yet?

While you may resign yourself to paying for these items, one important item you may not even consider is life insurance.

If you don’t have life insurance yet, you’ll want to get a policy as soon as the baby is born.  Hopefully you’ll live a nice, long life, but if you don’t, you want to leave money so that your spouse or another caregiver can afford to raise your child.

 

Why Life Insurance Through Your Employer Shouldn’t Be Your Only Policy

You could get a fairly low cost policy through your employer, but this is a risky strategy.  Remember, if you leave this job, you’ll forfeit the company’s life insurance policy.  While that makes little difference if you’re healthy, if you develop a health condition before you leave your job, you’ll be hard pressed to find an insurer that will issue you a life insurance policy for a premium you can afford.

You could take out employer-based life insurance as a supplemental policy, but it shouldn’t be your only policy.

 

How to Reduce the Cost of Private Life Insurance

It’s far better to get your own private health insurance.

I know, you may think that is one more expense that you really can’t afford, but the simple truth is that you cannot NOT afford a life insurance policy.

The good news, though, is that if you’re healthy, you’ll likely find that a private life insurance policy is not as pricey as you think.  Our friend Jeff Rose has some great tips on how to get the best rates on life insurance.

There are other strategies, too.  If you’re overweight when you initially get your policy but you lose weight and get into a healthy weight range, your premium might be adjusted to cost you less (because the insurer’s risk is lower).  Usually, you need to maintain this weight loss for at least a year and also have a doctor’s notice that you’ve maintained the weight loss for that duration.

The same consideration might be given to a smoker who has become a non-smoker.

Finally, remember that shopping around for the lowest policy is an excellent way to reduce costs.  You’ll likely be surprised how much the same insurance policy’s premium can vary from company to company.

While you likely don’t want to think about life insurance, if you’re having a baby, you must protect yourself and your child with a good life insurance policy.

Do you have life insurance to protect your family?

Saving Money By Throwing Themed Parties, Showers and Events

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Camping Wedding ShowerFirst comes love, then comes marriage, then comes baby…

At least in my case this is how it went. I started dating my husband when we were just kids in high school. We got engaged and started planning our wedding seven years after we started dating. Since we had already lived together in a small one bedroom apartment, there wasn’t much that we needed in terms of wedding gifts nor did we have much room to store anything for our future home.

If you’re a parent planning a party, shower or event for you kids, or are helping a parent plan an event like this, you need to read this post!

 

Planning a Shower

I didn’t think having a wedding shower was necessary, but being the first wedding on both sides of the family in many years we attending a lot of events because other people insisted. I made it quite clear that I did not need  a shower. It was unnecessary and in my mind, a whole lot of wasted money on, what I pictured to be, kitchen gadgets and pre-baby ”nesting”  supplies. I thought everyone was on board with saving money and not throwing me, or us, a shower.

One summer evening after the summer of our wedding we decided to meet up with the rest of the family for a weekend of camping. Hubby-to-be picked me up after work and we drove the hour to the campground where the rest of the family had been since the day before. We went right to our site to set camp up before dark and proceeded to head on over to the main site where everyone was getting ready to have dinner.

 

Decorating a Fun Event

When we arrived we realized that t he site had been decorated with balloons and signs saying ”Happy Camping Shower”. Our family was throwing us a camping shower instead of a wedding shower! They got the message loud and clear that we didn’t need anything for our home, so instead had a camping shower where under the open sky of the camp site, we opened gifts, all related to camping, our favorite past time. It was amazing.

Having a themed shower, especially if you’re planning an event for your child’s wedding, can be a great way to save money.

A themed shower limits what people buy. In our case, camping stuff, but if you wanted to have a ”kitchen shower” people would likely understand that buying a large picture frame for wedding pictures is not an appropriate gift. Having a themed event is also a great way to make sure you get what you want. Though we didn’t ask for this event, I’m so glad my mother-in-law thought of it.

 

Other Ideas

When my sister-in-law moved out, instead of having a housewarming party we threw her a ”fill their pantry” party where, instead of plants and homey stuff, people brought non perishables for their pantry. Everything from spices to baking supplies. They really did fill their pantry!

Parties, showers and events alike can get quite expensive but with a little planning and creativity, it is possible to save money. Coming up with a theme is just one of many ways!

College Student Debt in America

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As the economy started to decline, two things were on the rise that continues to escalate today: the cost of going to college and the prevalence of student debt. The cost of tuition, residence, and books has been rising at a rate that has never been seen before. As the current generation’s debt piles up, it becomes even harder to send the next generation to get an education.

In order to figure out where we are headed, Consolidated Credit has looked at where we have been. They’ve created this informative infographic to show a generational look at college tuition and debt, from our grandparents in the 1940s to the future generation. Unfortunately, the numbers are very alarming, especially for current and recent college grads.

College Debt in America

The Improving Lives of Expat Families in the UAE

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Dubai FamiliesIt’s never been easier for expat families in the United Arab Emirates to get settled into their new home and begin to thrive. With around 88% of the country’s population comprised of foreign-born residents, the UAE has quickly become one of the most expat-friendly places on earth. Families are drawn to cities like Dubai and Abu Dhabi, where opportunities for success come far quicker and easier.

Combine the sunny weather with high salaries and a vibrant community of like-minded, adventure-seeking families, and it’s easy to see what makes Dubai such an attractive proposition. If you’re not quite convinced, here’s a brief breakdown of the growing opportunities for expat families in the UAE:

 

Homes

Accommodation for expats is often provided by their employers, as part of an enticing salary package. For those who must find a home on their own, however, the market is increasingly expat-friendly. New laws allow expats to buy property in the country, whereas previously expats could only rent.

For families that do choose to rent, most one-year leases are paid in full in the first month, rather than being broken down into monthly payments. Although this upfront cost can cause some initial stress, it reduces all month-to-month anxiety regarding rent and often improves a family’s cash flow.

 

Schools

Expats in the UAE have the choice of sending their children to a state-run school, all of which are free up to the university level, or a paid private school. Thanks to the growing community of Western expats, the education infrastructure for English-speaking children continues to improve.

There are a number of international schools in Dubai where the curriculum is taught in English and where international programmes, such as the International Baccalaureate programme, are available.

 

Finances

Of course, for most expats, the most alluring aspect of living in the UAE is the higher disposable income, which comes as a result of more attractive salary packages. Businesses in the UAE are so keen to attract qualified professionals, they are willing to offer employees higher salaries.

High incomes, however, have also led to a culture of high personal debt in the UAE – particularly in Dubai. According to a recent study, 97% of Western expats in the UAE admit to spending on ‘luxury lifestyle choices’. That’s quite a staggering figure, particularly when compared to other expat hubs like Singapore, where only 49% of expats spend on luxury, and Hong Kong, where only 51% do. The key for families to live the expat dream in Dubai is to not get sucked into the fast-paced, glitzy lifestyle.

Those who choose savings accounts over fancy cars have much to gain from the bustling desert metropolis.

Would you ever move to Dubai?