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Financial Tips


No one likes to hear the word recession or worse yet depression. Is it possible we are in the middle of one or the other, but have camouflaged the blow with updated lingo? Have you heard any of these words and do you know their meaning?


Reset: Lowering priority and expectations. Our grandparents clucked at us when we wasted food that “our eyes were bigger than our stomachs”. As consumers we purchased homes, only to later realize our eyes were bigger than our pocketbooks. Individuals are experiencing a reset mode and are now making more realistic choices in their home and car buying. Consumers are reining in their extravagant desire in favor of pocketbook reality.


Second Generation: No longer just a reference to relatives instead refers to purchasing second hand goods. This includes everything from household goods to upper end purchases. New venues have been created to facilitate this exchange. Popular websites allow posting all varieties of merchandise. Most even have a section where free items are offered in an attempt to slow the garbage flow. The best places to find second generation goods includes the world wide web, second hand stores, yard and estate sales, and good old fashioned hand-me-downs. Second generation goods save the planet and the pocketbook.


Shop Around: This is not a battle cry for the seasoned shopaholic. Learning to shop around is a vital key to saving on interest rates, service fees, and other add on fees. Interest rates vary from one institution to another. Taken at face value they appear equal. In a real estate transaction it is only after the good faith estimate and truth in lending worksheets are filled out that the true interest rate is revealed. Comparing handling fees, interest rates, and hidden charges will allow more educated decisions that have an impact on long-term payments. It has recently been uncovered that many real estate contracts in this area include a 1% payment to the contractor not just when the property is sold, but for the next 99 years. Every owner of the property is obligated by that clause. Ask questions, compare interest rates, be an informed buyer.


Downsize: Probably the most dreaded of new terms. Used alternately with reorganization. This often include a lot of layoffs, cut backs, & in extreme situations the closure of companies, but buy outs can have the same affect as companies clean up their inner workings to appear better than they are.


Keeping up with today’s vocabulary is one more way to combat this current economic downturn. It’s just like knowing how to wear shoes these days!


Our financial tips link is an attempt to help you find more useful tips in order to create a more stable financial future. Look around, write some ideas down and start saving, earning and recovering from whatever financial situation you find yourself in.



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