Joy Olivia Miller

Last fall, after years as a “do-it-yourselfer” in the area of fitness, I surprised myself and decided to hire a personal trainer, Laura Creagan of New England Endurance Training. No, I’m not a Hollywood starlet trying to get her pre-baby, red carpet-ready body back or an elite athlete trying to win Olympic gold. I’m not even trying to compete in, much less win, any races at the local, “age group” level.

I’m just someone who loves the same activities Laura loves – cycling, cross-country skiing, running, etc. Someone who gets a kick out of reaching new milestones in old favorite activities. Someone who loves getting out in the great outdoors for a couple/few hours of aerobic activity. Someone who values the resulting health benefits…

So why on earth would I need a personal trainer? The thing is: I like these activities so much so that I sometimes overdo it and end up injured. (So much for those health benefits!) Plus I’ve got a few new milestones in mind for next bike season.

So when I read an article about Laura describing how she’d excelled in a grueling winter triathlon in Austria, I couldn’t help but think: “If she can perform at that level, she obviously knows something I don’t. And I’d sure love to know whatever that is (sooner rather than later) without Googling and poring over books and distilling boatloads of information and using trial and error.”

It took a few months before I could convince myself to take action – what with not being a starlet or star athlete – but I kept hearing the echo in my head of words I’d said to potential financial planning clients thinking about making the switch from do-it-yourselfers. “Yes, you might achieve your goals on your own, but getting one-on-one advice from someone who’s been trained and is around this stuff all the time is likely to get you there sooner with fewer missteps.”

So I finally decided to give it a try. And – no surprise – it turns out Laura does know plenty that I don’t about training, but our work together has also taught me a lot of lessons about advisor/advisee relationships of all sorts, especially those I have with my clients. Not all of these lessons are new, nor are they rocket science. But my experience working with Laura has helped me to better understand them from the advisee’s perspective, which I’m convinced will reflect benefits back in my practice.

In keeping with the fact that this is the third in a trilogy of articles of physical/fiscal fitness analogies ( see footnote for other two ), and to reuse a fun gimmick I recently ran across, those lessons… each in exactly 3 words.

1. It’s not magic. There are no guarantees in personal training or personal finance, but if you stick to a plan based on time-tested principles, you’ll get better results.

2. Goals dictate actions. Only do enough to reach your goal, no more, no less. Less isn’t enough, and more could cause burnout or injury. (Remember, you can always up the ante with a new goal once the current one proves achievable.)

3. Trained eyes see. If there’s a hole in your plan, the advisor can’t help but notice cause/effect relationships that the advisee may not recognize. For example, just as having no emergency fund can lead to costly credit card debt in the personal finance realm, no strength training can lead to physical strain and injury.

4. Reach new heights. With the help of an advisor who has more insight into what’s possible AND what needs to be done to achieve it, you can reach new heights, e.g. “You really think I can retire (complete the Assault on Mt. Mitchell ) this year?”

5. Reconsider discarded ideas. Just because you tried spinning (monitoring expenses) before and hated it doesn’t necessarily mean it won’t work this time. Getting creative with a new tool or technique, or finally seeing the power of the idea, may be just the thing that makes it click.

6. Apply technology judiciously. You can benefit greatly from using the technology that exists to measure heart rate (investment performance), but if you try to watch it 24/7, you’ll probably get distracted from your goal, perhaps even crash.

7. Measure progress periodically. Monitoring your heart rate, power, and strength (net worth and cash flow) over time will tell where you are vs. your goal, allowing you and your advisor to adjust as necessary.

8. Accountability is good. We’re all adults here. Still, having to ‘fess up to having skipped an important workout (IRA contribution) sure is a great motivator.

9. Avoid boom/bust. Overtraining (living like a pauper) when you first start a plan is more likely to result in injury (binge spending) than in improved performance (a bigger nest egg).

10. Persist through setbacks. Reaching your fitness (financial) goals takes time, and you won’t always make progress in a nice straight line. Instead of getting discouraged and abandoning your plan for the new hot shortcut you saw in “Get Fit (Rich) Kwik” magazine, check with your advisor. While you may need a course correction, it’s possible a few words of encouragement will do the trick. (Thanks, Laura!)

When you buy a property with a loan, it is best to hire a mortgage loan auditor. This professional can help you face mortgage issues such as foreclosure and the like. They can actually work miracles when turning the tide in your favor, in case you’re having problems paying off your loan. Although they cannot do magic, they sure can give you all the right advice so you can arrive at the best solution to whatever specific problem you are dealing with regarding your mortgaged property.

The existence of the loan modification program has assisted a lot of people in a financial crisis which has rendered them unable to pay off their loans. Auditors determine if there are any loopholes in the transaction you entered into when you purchased your property – a small, unpremeditated miscalculation of the loan, fraud or misrepresentation. Auditors would know what went wrong and how to fix the problem.

In general, mortgage loan auditors help their clients through:

a. Audits loan calculation
b. Detects error in loan and submits a well-calculated report
c. Offers correct information on the right index, interest rates, and monthly payments
d. Provides proof of the correct balance since the first payment
e. Detects fraud
f. Processes legalities for demanding full bank refund

Because of the existence of mortgage loan auditors, lenders are now afraid of being sued. These professionals help protect people and their investments in a way. However, their existence is not all about scaring off companies that are taking advantage of loaners. Instead, this will encourage each party in this type of scenario to sit down and negotiate any problems that may arise. Bringing issues to the courts could be a waste of time, money and effort for both parties and out-of-court negotiations are always preferable. By nature, these auditors are there to protect loaners and have been successful doing so. 80% of lending violations had been brought to the proper authorities or have been settled among the parties involved because of the intervention of auditors. This has resulted in the number of violations decreasing rapidly.

Mortgage loan auditors basically conduct an all-inclusive review of a case before writing a precise report that can be used as a legal document that protects those whose rights, as loaners, have been violated. If it turns out that nothing is wrong with the mortgage, these auditors will not charge you with any service fee and will give you a refund, in case you have paid a certain amount.

As a qualified borrower, do not hesitate to get a loan to buy the properties you need. Just never forget to hire these professionals because the moment you sense something wrong. Nothing beats professional advice.

It is important to spend money wisely. Financial Management is a strategic tool that is relevant to all three service provider types. Increasingly, internal service providers are asked to operate with the same levels of financial visibility and accountability as their external counterparts. In the case of external service providers, the innovative provision of technology is the core revenue generating capability of their company.

Financial Management allows an organisation to understand the worth of their IT services in financial terms. It will also aid the understanding of the value of the assets provisioning those services and allows us to set realistic budgets. The key thing is to be able to attribute a value to the services being offered. This will
cause a change in perception of IT and its value to the business.

As part of Financial Management we should be asking questions such as:

Which services cost us most to deliver and why?

What services are we offering, what is the demand for these services and how much does it cost us to provide them?

How efficient is the way we deliver service compared with the alternatives?

Where are our greatest service inefficiencies?

Which areas represent the highest priority opportunities for us to focus on in terms of Continual Service Improvement?

The Business Case

For each and every service offered there should be adequate business justification. A good business case will consider both qualitative and quantitative dimensions. In the case of the latter financial analysis is often key. A business case may take many forms but broadly speaking all will include objectives and impact and will take the following form:

An introduction

This serves to present the objectives addressed by the service. What is the proposal about and what do we hope to achieve?

Methods and assumptions

It is important to state any assumptions so that these may be compared later against reality. If there is a variance then this may identify why the expected outcome did not materialise. It is also important to document methods. These may help to identify scope, time periods and costs which will help with the evaluation. The likely beneficiary will also need to be identified.

The business impact.

This is where the beneficial outcomes, both financial and non-

When is the right time to start inquiring into your aging parents’ financial well-being? And, more importantly, when is it too late?

As your parents get older, it’s not too uncommon for their mental capacity to start to slip, and this can have an effect in all areas of their lives – including finances. It’s essential to talk to your parents about their finances before a crisis arises. Ideally, your parents should have an incapacity plan in place long before any concerns arise about their ability to make their own financial decisions.

What should this plan include?

1. If your parents have a Revocable Living Trust, it should contain provisions for a successor trustee or disability trustee to take over in the event of incapacity and manage the property that’s been transferred into the trust.

2. Whether or not they have a trust, your parents should each have a Durable Financial Power of Attorney.

This allows them to appoint an agent to manage any assets that have not been transferred into a trust. Depending on your parents’ needs, the Power of Attorney can be tailored to allow their agent to engage in Medicaid planning and to manage retirement accounts.

3. Consider beginning the transition before your parents’ mental capacity begins to slip. If your parents are receptive to it, you might want to suggest establishing a joint account, acquiring online access to their financial accounts, or otherwise becoming involved in their financial life before there’s an urgent need.

What if your parents have already lost the mental capacity to make a disability plan? If there’s no incapacity plan in place, and your mom or dad has lost the ability to pay his or her bills, manage his or her bank accounts, or otherwise remain financially independent, the solution is to have a court appoint you or another trusted loved one to serve as conservator to take care of your parent’s money and property. While this is not the most appealing option – it can be costly and time consuming – it is an effective last resort for making sure that your parent’s financial well being is preserved.

Homeowners having difficulty making their loan payments may be able to get the help they need by learning about the Chase loan modification process. Borrowers who are facing financial hardship and are facing payment default need to find out about the alternatives available to them to avoid foreclosure. Here are some of your options:

Repayment Plan: If you have a temporary reduction in your income or a temporary financial hardship, Chase may offer you a repayment plan to bring your loan current. This plan will allow you to make up the missed payments by paying a portion of the past due amount each month in addition to your normal payment. FHA Loan-Partial Claim: A loan is issued by the FHA insurance fund to pay the past due amount and bring your loan current. You sign a promissory note for the delinquent amount, however no interest or payments on due on this loan until the home is sold or refinanced. Your payments must be at least 4 months in arrears but no more than 12 months behind. Chase loan modification: Borrowers who have experienced a financial hardship due to reduction in income, medical expenses, death in family, or a legitimate increase in expenses may qualify for a loan modification.

The Chase loan modification process requires the homeowner to submit an application for loan modification that includes certain documentation that will be reviewed before a loan workout option is recommended. The bank needs to have a good understanding of your current financial situation. Below is a list of some of the information required by Chase:

Hardship Letter outlining the events which have caused the difficulty Financial Statement Pay check stubs, W2, tax returns Bank statements

It is important that the loan modification forms are completed accurately and correctly by the homeowner so that they will have a better chance of qualify for assistance. a clear understanding of what is required by the lender during the loan modification process can make the difference between an approval or denial. A successful loan modification results in a lower, affordable and sustainable monthly payment for the homeowner. A loan modification my include one or more of the following options to arrive at a new affordable monthly payment:

Interest rate reduction Longer loan term ie: 40 years Principle forgiveness to restore lost equity

IMPORTANT-Don’t wait until it’s too late to ask for help. The Chase modification process takes some time, so borrowers facing payment default should start now to learn as much as they can about loan modifications. Not all borrowers will qualify, so it is important to learn about the guidelines for acceptance before beginning the loan modification process. Even the most deserving homeowner will be declined if the paperwork is not completed properly. Now is the time to get educated and be prepared to save your home with a loan modification.

Contrary to popular belief, it is very possible for a person to get a payday loan with no checking account. Initially many lenders would not give a payday loan to people without a checking account but that trend has slowly changed. Today, it is often enough for a person to have a verifiable income to qualify for the loan. But what exactly is a payday loan? How is it more beneficial than an ordinary loan? By understanding exactly how a payday loan works, it is easy to see why it’s such a popular form of loan and why so many people opt for it today.

Just A Little Help

When most of us think of loans, we often think of large amounts to pay for cars or houses. But sometimes we may need a little extra cash to tide us over a rough financial patch. Maybe you had some unexpected medical expenses or got done repairs on your car or home. In these cases, you don’t need a large loan and you can repay the amount as soon as your paycheck comes in. This is where the immediate cash comes in. Lenders will forward you a sum, usually less than $1000 and once your next paycheck comes through; they take the money when you get your next paycheck.

It is a quick and easy way not only to get money but also to pay it back. Another benefit of this such a loan is that you do not have to move from one place to another to get these loans. Today, you can easily find the loan lenders on the internet. By filling their simple online application form, you can be assured of getting a loan amount directly in your bank account.

Changing Trends

A few years ago, it was impossible to get a payday loan if you had no checking account. Initially, the checking account was the lender’s way to ensure that the crediting and depositing of the money was done without any problems. Today, many lenders are satisfied with a savings account or even with a simple statement that assures that you have a verifiable income. Some lenders may even ignore a history of bad credit.

Therefore, the next time you need to take a payday loan but have no checking account, relax. You can easily find a lender who will offer you a loan if you have savings account or a verifiable income, if you only look around. However, be careful because these loans are pretty expensive and if you get into the habit of taking a loan frequently, you could be spending a lot of money.