The Wheeler Group, Inc.

It’s always good to think about what it is we need to do to keep up with the current real estate market.  Here are 5 things we all need to KNOW!

1)  Have a Back-up Plan.

We’ve certainly known this forever, but have we really taken the time to do so…obviously NOT!  We need to think ahead and think “out of the box”.  Look at possible scenarios and come up with a list of all the possibilities. We can learn from our mistakes and use this knowledge to make the changes we need to make.  Do you need to downsize?  Is it time to invest in a nice rental property…what is it you need to do?  Make a plan.

2)  Where’s the Money?

Keep some cash close. Be sure that you have some cash you can get to in case of an emergency.  We certainly saw this recently from the largest financial institutions to the homeowner.  Not having enough liquid assets created chaos and instability not to mention the stress and worry around personal assets and even day to day management of money.  It’s always good to have some extra cash in case of emergencies.

3)  Don’t forget your credit line.  We all know that banks have tightened funds and lending avenues, however maintaining relationships with your banks or sources of money is very essential.  Don’t wait until you need money to keep that relationship with those sources active. Update your financial statement once a year and taking to your bank will let them know you are on top of what is happening with your financial picture.  Maybe you need to consolidate and sell something to get back in the black.  Be on a conscious level with your situation and don’t stick your head in the mud.  Get good counsel.

4)  Know your financial picture.  You can’t change what you don’t acknowledge.  Think out of the box….what is it you really need to do to make changes that will benefit you in the long run.  Talk with your spouse or council with your accountant or financial advisor. Do what it is you need to do to stay on top of things.

5)  Stay positive!  Remember like attracts like and the if you want to succeed with money or real estate or LIFE…you need to put your energy and focus on what will bring you more of the same.  Look at what it is you want.  Give yourself permission to dream and plan and look at what lifestyle you want to live.  It’s okay.  BE POSITIVE!  Surround yourself with others that are positive too!

This entry was posted on Sunday, January 24th, 2010 at 1:53 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.