Friday, May 29, 2009

New Idea comes to mind

During my commute to work this morning, an idea came to my mind about how to leverage brand identity to take advantage of the current ongoing mortgage crisis fallout which is the high level of foreclosures and the availability of bank owned homes. I am going to do some more research on a possible website and hopefully have something usable by Monday. Please check back later for a peek into my Idea. On a different note, i stumbled upon a couple more sites today that are worth checking out. (this site seems to be pushing online searches to the next level) (this site provides tip on living an Eco-friendly live)

Thursday, May 28, 2009

My Adjustable Rate Mortgage is almost up

My adjustable rate mortgage on my home is about to readjust come July 2009, it was originally a 5 year ARM at 5.625% when my credit score was at 700, i am currently contemplating what my options are since it might be very difficult to refinance the loan with my credit. I may look into getting countrywide to work with me on a loan modification program. I do believe that i the value of my home should still be more than what my current balance on the loan is even though it has lost some value over the last year or two. This is going to be a big hurdle for me and i am looking for input in terms of how to address this, wouldn't want to lose the house but i do wonder what my loan will readjust to once it is up (the loan was actually supposed to be tied to the Libor rate i believe, could be wrong, hmmm)

Stocks i am currently tracking

The market seems to be in an up and down mood today, my close fund investment GAB seems to be up today so far .11, it has been on an uptrend lately and has returned upwards of 17 % YTD and did i mention that it has a dividend yield of 19.30%, they will be paying a quarterly dividend amount of 20 cents a share on June 23 2009 to common stock shareholders on record as of June 16 2009, wish i could buy some more. I will look into comparable close end funds with a lower entry price. I am also tracking the Solar Stock SOLF which has also been in an uptrend as off late, it is currently down by .13 but up YTD over 43%. GOOG has also been a great performer for me but i am hoping it will go higher in the short term, i am contemplating selling it in my IRA and getting into some lower price stock with a much brighter prospect of trending upwards in the near term.

Sites stumbled upon

I stumbled upon the following sites that i though were interesting and worth checking out (I stumbled upon this site while searching for travel sites where i may put together a vacation package for the family but pay for it installmentally, need to find a way to pay for this once i am ready) ( this seemed like a great site to find bargains will check this out more often) (from what i could tell this site pays individuals to answer questions from their customers on just about anything, the maximum pay per question was about 10cents, not much but it can make for a side passive income to someone sitting at home doing nothing) ( i came across this open innovation site while reading one of the many financial magazines that i go through during my lunch which are mostly spent at Barnes and Noble, i signed up as a member but has yet to get into the site officially and research it some more, i am definitely intrigued by it)
Welcome to my blog, this is a journey, one of learning from previous financial mistake and ultimately making the leap into positive net-worth and livable passive income.

Below is the breakdown of my current situation as i embark on this self recovery journey, i will be providing monthly updates as to changes to my financial health.

Checking/Savings Account = 1000
401K = 9070
IRA = 5000
Etrade Investment Account = 5200
Home Value = 195K (*conservative estimate since Zillow estimates at 209K)
Cars (1994 Benz SL500; 1998 Lexus ES300) = 17000 Collectibles (Rare Silver coins) = 5000
Watch Collection = 5000
Mortgage = 187K
Student loans = 13,500
Unsecured debt = 54780
Current Net-worth is in the Negative
Anticipated goal in 3 years is to have a current Net-worth of at least 50K
Ultimate goal in 5 years is to have a net-worth that runs into hundreds of thousand and a passive income of t least 2k/Month.