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How to Turn Your Liabilities into Assets Pennsylvania

Most people... find a disorientating mismatch between the long-term nature of their liabilities and the increasingly short-term nature of their assets.
1. Local Companies
2. How to Turn Your Liabilities into Assets
3. AskDestiny®.com
4. Featured Local Company

1. Local Companies

Rodgers & Associates
717-560-3800
647 East Roseville Road
Lancaster, PA
Northwestern Mutual
(570)262-0897
2121 Market St.
Philadelphia, PA
Capstone Wealth Management Group
888-587-7526
285 East Grove Street
Clarks Green, PA
Quigley & Murray Group of Wachovia Securities
215-572-4213
165 Township Line Road
Jenkintown, PA
The SE Agency
215-622-0052
Bethlehem Pike
Philadelphia, PA
The SE Agency
215-622-0052
Bethlehem Pike & Broad Street
Lansdale, PA
Landamerica 1031 Exchange Services
800-997-2458
1700 Market Street, Suite 2110
Philadelphia, PA
Gwynedd Company
800-747-2050
1100 Sumneytown Pike
Lansdale, PA
A.G.Edwards & Sons, Inc.
800/282-3800
One Oxford Centre,Suite 3600
Pittsburgh, PA
Morgan Stanley
(412) 434-8013
One PPG Place Suite 1700
Pittsburgh, PA


2. How to Turn Your Liabilities into Assets

“Most people... find a disorientating mismatch between the long-term nature of their liabilities and the increasingly short-term nature of their assets.”
-James Arthur Baldwin

  • In difficult economies, you need clarity.
  • Clarity requires assessing both the big picture and the details.
  • When you are under financial stress, fear kicks in.
  • To overcome fear, return to simple fundamentals – assets v liabilities; cash coming in and cash going out.

    Here are some Insights and Solutions for turning your home into an Asset to generate Cash Flow:

    1. Make a detailed list of your assets. Assets that put money in your pocket v. liabilities are those things that take money out of your pocket.

    Critical Point: Homes are not Assets

    2. Your home is not an asset unless it puts money in your pocket. Your home is a liability or a series of expenses or outflows of cash until you can generate offsetting inflows of cash. Your home is, at best, an investment. Your investment turns into an asset if it puts money into your pocket upon selling or leasing it.

    Turn Your Home into a Money-Making Machine: Generate Cash Flow

    3. Turn your home into an asset or vehicle to put money in your pocket by looking into the following:
    a. Evaluate what your strengths and skills are.
    b. Look into putting events on in your house. You can be paid to create focus groups or be paid for being part of a focus group
    c. You can be trained for multilevel marketing and sell from your home.
    d. You can you can use your skills to consult to other companies and work from your home.
    e. You can create e-books based upon your specific expertise and sell them on the internet for extra cash.
    f. Bake cookies; sell cakes and pies.
    g. You can look up other home-based businesses that match your immediate skills.

    Negotiate to Survive Foreclosure and to Recover: Protect your Assets

    4. The name of the game is market, sell, and collect. You can save yourself, your home and your life by learning to negotiate from strength.
    5. Many people are afraid to protect themselves.
    6. Start with taking responsibility for what has occurred; forget whose fault it is.
    7. Learn a negotiation skill a day.
    8. Negotiation starts with knowledge.
    9. Read and learn how to negotiate. Typically, banks do not want to take your home or to write off your credit cards or your auto loans.
    10. Another key to negotiation is to know what you can and cannot do. What are your options? The person with more options wins most negotiations.
    11. Make a 6 month cash flow projection as to your worst-case scenario. How much can you bring in each month and how much do you have to pay out each month?

    Design a Priority Payment Plan:

    12. Prioritize your payments. Design a plan that shows what you can pay and when. If you have any funds coming in, make small payments to those that are critical for you to survive. Psychologically this is good for you and shows your creditors that you have good intentions.
    Bank Negotiation Points:
    13. Find out what effective interest rate you are paying. Find out how you can reduce your effective interest rate, i.e., is your actual cost of borrowing money. The bank’s borrowing cost of money is very low. They are in trouble too. They are very motivated to have performing assets (those they are getting some payment toward) on their books.
    14. It is much more costly for banks to deal with foreclosing on your home or your non performing credit cards and auto loans.
    15. If banks recognize that you understand their costs of doing business, including the cost of tying up their employees’ time, you start to create more of a level playing field in your negotiation with the bank(s).
    16. If you have very little income, then you should lay out a plan for the banks as to when you can pay. Ask for a non payment or grace period if you cannot make any immediate payments. Tell the banks it is better that you are maintaining your house. An occupied house is easier to sell and keeps up the value for them as well as you.

    Know When to Get Out and Cut Your Losses:

    17. If it is clear that you cannot maintain your home then get out. If you can’t sell your home, try to lease your home. Make every effort to stay within your community, especially if you have relationships and children.
    18. You can always find a way to rebuild your assets in your life if you are resourceful and resilient.

    Protection:

    19. Do not sign anything without a legal review. You cannot save on protection. Fine print destroys assets.

    http://www.askdestiny.com assists you in money-making wealth building and protecting your assets.

    • 3. AskDestiny®.com

    www.askdestiny.com assists you in money-making wealth building and protecting your assets.

    4. Featured Local Company

    Signature Mortgage

    814-451-0982xt100
    410 Cranberry St., Suite 330
    Erie, PA
    erieloan.com

    Read more about How to Turn Your Liabilities into Assets

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