John S. posted an article on Financial Elite - Oct 10, 2011, 12:45 pm
Too bad we can't re-elect President Clinton because he has some idea's I think will help start turning our mortgage mess around. In an interview with Fortune managing editor Andy Serwer, President Clinton discusses what he would do fix the mortgage market. I cannot emphasize the boost I think it wou...
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John S. posted an article on Financial Elite - May 15, 2011, 10:40 pm
We're still here, but have been extremely busy. There has also been some thought of changing the direction of the blog and discuss just how the Financial Elite have an effect on our very financial lives. Stay tuned to what happens next. In the meantime, so far this year we have paid down additional ...
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John S. posted an article on Financial Elite - Apr 20, 2011, 1:40 am
I received a call today from a long time friend of mine, who is in the process of having his families home sold due to the on going Great Recession, and was not happy. Why you ask? Because the whole loan modification program is a joke. So, let me back track a little with my friends situation. About ...
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John S. posted an article on Financial Elite - Apr 8, 2011, 2:30 am
Fear not citizens. We're still on duty. Since we've returned from vacation, however, things have begun to take re-shape in our lives. Blogging has been put on the side burner for a minute as we have shifted our priorities. Now this doesn't mean finance is no longer a priority. As it most certainly ...
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John S. posted an article on Financial Elite - Mar 25, 2011, 3:00 am
Ever dream about becoming a millionaire? According to the research firm Spectrum Group, only 7% of American households actually become millionaires, and Jaime Tardy is working on becoming one of the financial elite. We've followed this debt buster since her first videoblog  describing how she paid...
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John S. posted an article on Financial Elite - Mar 23, 2011, 3:00 am
How much life insurance should my spouse and I have and should we have it for our children as well? Derrick N. There are different opinions between financial advisers on this topic. Some say you should have at least ten times of what each of you make a year and some say you should carry at least a m...
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John S. posted an article on Financial Elite - Mar 11, 2011, 3:00 am
I am going to be taking some time off next week and I have decided I am going to spend part of my sabbatical reading. A recent article from Jaime Tardy over at Eventual Millionaire, regarding The Millionaire Next Door, had me considering revisiting the book that inspired me to pay off the massive ...
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John S. posted an article on Financial Elite - Mar 9, 2011, 3:00 am
We have been so lucky to have always had a great accountant. There have been a few years when I had sweated our taxes, but it has been sometime since we have actually owed. I had taken several different accounting classes while working towards my finance degree, but I really don't know anything abou...
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John S. posted an article on Financial Elite - Mar 8, 2011, 1:37 am
The sweat is over. Our accountant finished our taxes today and we don't owe any money. Actually, we are getting a tiny bit back. I was really sweating it this year. Since we really didn't have mortgage interest to deduct and I raised my withholds to 9, I thought for sure we were going to owe. In the...
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John S. posted an article on Financial Elite - Mar 7, 2011, 1:49 am
Finding extra money to help reduce your debt can be a challenge. We have tried everything from selling items at garage sales to selling gold jewelry. There is always something you can do to cut back and find extra cash. While working on the grocery portion of our budget, we had determined that we we...
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John S. posted an article on Financial Elite - Mar 4, 2011, 1:55 am
Here's one of the first of many roundups and links to articles I enjoyed this week. These will  be held regularly on Friday's from now one. But first, it's that time again. Well, our accountant contacted us today and she is done with the corporate portion of our taxes. So, we now need to finish up...
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John S. posted an article on Financial Elite - Mar 3, 2011, 12:01 am
I get asked a lot of questions here at Financial Elite and as always I am eager to answer the questions and send readers on their financial way. Beginning today I will be spreading the wealth (the wealth of financial knowledge that is) and will be having a weekly question and answer session. If you ...
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John S. posted an article on Financial Elite - Feb 27, 2011, 6:37 pm
Like us, many people are stuck in the middle of a mortgage modification mess. The Obama Administration's program to help financially stressed homeowners reduce their mortgage payments is a dud. I am still in utter disbelief that, whether your mortgage is with Fannie Mae and Freddie Mac or if you hav...
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John S. posted an article on Financial Elite - Feb 24, 2011, 1:40 am
A recent report from the nation's mortgage bankers revealed that mortgage delinquency rates have fallen to the lowest level since the end of 2007, which was the beginning of the recession, but we are still not one of the homeowners who are making payments on their mortgage again. I received an ema...
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John S. posted an article on Financial Elite - Feb 22, 2011, 2:21 am
Just like many businesses these days ours has suffered just like the rest. A good portion of the six figures of debt we have is from keeping our business afloat. Like so many other aspects of our finances, we have been experiencing improvement with our business as well. However, we are no where nea...
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John S. posted an article on Financial Elite - Feb 21, 2011, 1:10 am
The recession has definitely put my spending habits back in check. After my divorce and before the economic boom I was debt free, had a six month emergency savings, and was saving 15% of my pay. I won't be able to do all that again until our massive six figures of debt is paid back in full. But I a...
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John S. posted an article on Financial Elite - Feb 19, 2011, 7:22 pm
With the economy ever changing since the beginning of our disastrous recession, we have all had to find ways to adapt to keep our finances a float. Here's 7 money rules that everyone should remember with adjustments for the new economy: Save at least 15% (20% would be even better) of your income -...
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John S. posted an article on Financial Elite - Feb 19, 2011, 1:49 am
As suggested by our loan modification negotiator I contacted Bank of America's business card department to attempt to get a settlement on our charged off credit cards, which was not very successful. The bank was more than happy to settle on these cards, but with payments that were not affordable. We...
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John S. posted an article on Financial Elite - Feb 18, 2011, 1:05 am
I have been anticipating that we are going to owe money this year on our income taxes. This is partially due to the fact that we have been trying to get a loan modification on our primary residence for the past year and don't have any interest to deduct. I know so many people with this same situatio...
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John S. posted an article on Financial Elite - Feb 17, 2011, 12:30 am
As suggested, I contacted Bank of America's credit card department, which is the same bank that holds our mortgage to see if we could reach a settlement on our business credit cards. They took down all our financial information to see what we could work out. One thing that I thought was cool was the...
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John S. posted an article on Financial Elite - Feb 16, 2011, 2:58 am
Day 411 of My Financial Freedom Countdown As expected we heard back from our lead negotiator today and didn't receive the news we had hoped for. The bank is not budging on the business debt we have charged off with them. With that debt, which we do not pay a dime towards currently, we do not qualify...
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John S. posted an article on Financial Elite - Feb 15, 2011, 3:23 am
Day 410 of My Financial Freedom Countdown We are going into our 13th month of attempting to get a loan modification on our primary residence. Again we were declined because we have a business card charged off with the same bank that services our mortgage. So it looks like this will be continuing to ...
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John S. posted an article on Financial Elite - Feb 14, 2011, 3:04 am
Talk of bankruptcy has reared its ugly head again today between my wife and I. We have been doing so well over the past year and have paid off almost $30,000 of our debt so far. All of our bills are paid on time, with the exception of our primary mortgage and our business accounts. We have been work...
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John S. posted an article on Financial Elite - Feb 12, 2011, 7:22 pm
I hear ya'. I can't wait to get our other car paid off myself. Brand new car payments can be a killer. Next to massive credit card debt, your car payment can be the cause of you falling into debt. At the time my wife and I bought our last two cars we were completely debt free other than our mortgage...
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John S. posted an article on Financial Elite - Feb 11, 2011, 2:10 am
Day 406 of My Financial Freedom Countdown As I was saying yesterday, we were declined for a loan modification for the second time or third time depending who you talk to. The bank says third time, I say second time, but who's counting? We were declined again anyway. We were told that we made too muc...
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John S. posted an article on Financial Elite - Feb 10, 2011, 12:57 am
Day 405 of My Financial Freedom Countdown Does it matter if you have a FHA or conventional loan when attempting to getting a loan modification? Apparently so. Well, we were once again denied for a loan modification on our primary residence. The bank says we are being denied for the third time. I say...
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John S. posted an article on Financial Elite - Feb 9, 2011, 2:04 am
From Blake Ellis at CNNMoney.com: My credit card had a 79.9% APR Toni Riss had a credit card with a 79.9% interest rate. "I had an accident on a motorcycle, went through bankruptcy to pay for medical expenses and my credit went to hell in a hand basket, so I was looking for credit cards for people w...
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John S. posted an article on Financial Elite - Feb 8, 2011, 2:44 am
There are three major credit bureaus to contact for your credit report. The three are: Trans Union Corp., Consumer Disclosure Center, P.O, box 390, Springfield, PA 19064 (800-916-8800 or http://www.transunion.com/)Equifax Information Service Center, P.O. Box 740256, Atlanta, GA 30374 (800-686-1111 o...
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John S. posted an article on Financial Elite - Feb 7, 2011, 3:06 am
I was reading Oprah's O Magazine the other day (yes, I do read Oprah's magazine) and came across an article called "20 questions that could change your life" and found it to be thought provoking. Although, I do think the article was female driven and didn't see why these questions couldn't be applie...
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John S. posted an article on Financial Elite - Feb 6, 2011, 1:06 pm
There are all kinds of ways to cut back and save money. With just a few simple ideas, I bet you could find a way to save at least $100 a month. Once you get started, I challenge you to keep going and find ways to cut back even more. So not only are you saving, but putting more towards your debt. Do ...
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John S. posted an article on Financial Elite - Feb 5, 2011, 5:21 pm
Yes, but you will have to invest in a traditional (non-deductible) IRA and convert it later to a Roth IRA, but be prepared for the tax consequences if you do so. Be ready to take on the tax bill and make sure it is worth it in the long run. Did you enjoy reading this article? You can receive free f...
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John S. posted an article on Financial Elite - Feb 3, 2011, 2:05 am
Here are a few options you have when it comes to finding someone to prepare your tax return: Storefront Tax Preparers. This type of tax preparer works for H&R Block, that usually have offices in mini-malls all over the country. Most of these preparers work part0time during tax season to earn extra...
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John S. posted an article on Financial Elite - Feb 2, 2011, 2:14 am
Inappropriate use of credit can be a huge financial pitfall for anyone. Do determine if you have a a financial management and debt problem, see if the following warning signs apply to you: You are consistently receiving past due notices from your creditors and on other bills.You are charging more on...
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John S. posted an article on Financial Elite - Feb 1, 2011, 1:40 am
A budget is an active strategy you can use on a daily basis to control your spending habits so you can meet your financial goals. You need to make a commitment to yourself, "To live like no one else. So you can live like no one else." or "I want to save more money so I can be debt free and invest fo...
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John S. posted an article on Financial Elite - Jan 30, 2011, 1:46 pm
Shows like Hoarders have raised public awareness about compulsive hoarding syndrome. Shows like this typically reveal homes filled to the brim with clutter, useless items, trash and even worse. But what abut less extreme examples. "There is a difference between a 'collector' and a true 'hoarder.' Wi...
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John S. posted an article on Financial Elite - Jan 29, 2011, 1:45 pm
If you are facing a foreclosure on your home, it is important to understand that nobody wins in a foreclosure. You, the borrower, will have a bad credit record and the lender spends a lot of money going through the foreclosure process. Beacause it is a big expense and a waste of money for the lender...
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John S. posted an article on Financial Elite - Jan 28, 2011, 1:40 am
People usually have no problem spending money, but saving money is a whole different story. It's kind of like when you want to lose weight, but just like there are ways to cut back on calories, there are a few things you can do to make saving money relatively painless. Whenever you get a raise, depo...
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John S. posted an article on Financial Elite - Jan 27, 2011, 1:57 am
Yes, it can be a way to help you get out of debt. I have used it and still use it today. If you get a tax refund every year, you should consider doing this. Have your payroll department increase your personal deductions, which is perfectly alright to do. You can raise from one to two or three and so...
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John S. posted an article on Financial Elite - Jan 23, 2011, 12:01 pm
Getting out of debt when you are up to your eye balls in bills may make you feel like it's impossible to be debt free. You have used your credit cards when credit was easy to obtain and your income was in line with your expenses. But now, with incomes coming down or stagnant and credit card companie...
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John S. posted an article on Financial Elite - Jan 5, 2011, 1:40 am
Sorry it's been awhile, but here's a quick post to say hello to 2011. Last year was a fantastic year with us paying off over $20,000 in debt. More details with exact figures coming soon. The balance liquidation programs and loan modifications, well at least one so far, are working well. I look forw...
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John S. posted an article on Financial Elite - Dec 14, 2010, 3:01 am
Day 347 of My Financial Freedom Countdown We have been doing a lot of early Spring cleaning lately and either getting items ready for a garage sale or to donate. With items we are preparing to sell at the garage sale, we thought it would be a good idea if we checked into value the items we wanted to...
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John S. posted an article on Financial Elite - Dec 8, 2010, 2:16 am
Day 341 of my Financial Freedom Countdown Here's an update to "Bank of America Can Suck It, When it Comes to Loan Modifications." So right after I called my wife and told her we received a letter declining our loan modification with Bank of America, she immediately called the customer advocate that...
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John S. posted an article on Financial Elite - Dec 3, 2010, 8:20 pm
Day 337 of my Financial Freedom Countdown For a bank who knew how to get TARP money, they sure don't know how to pay it back. I say that sarcastically as Bank of America did pay back the TARP money they borrowed and they couldn't wait to pay it back either. Probably so they wouldn't have to answer t...
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John S. posted an article on Financial Elite - Dec 3, 2010, 1:03 pm
Yes. I admit it, it's hard to part with them. However, with the average credit card carrying an interest rate of 18 percent or more, they need to go. If you only make a minimum payment on a $1,000 balance, it will take you twelve years to pay it off. Don't believe me? Take a look at your statement. ...
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John S. posted an article on Financial Elite - Dec 3, 2010, 12:35 pm
Financial Elite has gone through a few name changes over the years and it's happened again. Not sure if this new name will stick, but we'll see how it goes. The reason for the name change is an experiment in how we can draw more readers to the site and hopefully help more people that are struggling ...
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John S. posted an article on Financial Elite - Nov 28, 2010, 11:00 pm
Day 332 of My Financial Freedom Countdown I recently discussed how things have begun to be extremely prosperous for my wife and I lately. Business has been booming, which has meant more money for us, and our debt continues to really get a dent knocked into it. So we decided to look at putting the su...
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John S. posted an article on Financial Elite - Nov 22, 2010, 1:19 am
Day 325 of my Financial Freedom Countdown My blog posts have fallen tremendously. Going from posting virtually everyday to posting once a week on Sunday's. I don't intend for this to continue this way forever and as things balance out a little a will get back to my regular posting. The thing is I am...
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John S. posted an article on Financial Elite - Nov 14, 2010, 4:40 pm
Ever have a goal to save more, get out of debt, or make more money? Most people, especially at the start of a new year, set goals and never stick with them. One reason is they never write down the specific goals they desire to reach financially. Just as important as planning your budget, it's as jus...
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John S. posted an article on Financial Elite - Nov 9, 2010, 12:32 am
Day 311 of my Financial Freedom Countdown I have paid off over $20,000 of credit card debt this year and I am not the only one reducing my debt. Americans have paid off nearly $1 trillion in debt over the past 2 years. Total consumer debt was $11.6 trillion as of September 30; down 7.4%, or $922 bil...
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John S. posted an article on Financial Elite - Nov 7, 2010, 1:49 am
Day 310 of my Financial Freedom Countdown This has just not my week for good news. I almost had a judgement filed against me, the hot water heater went out at my rental property, and the second mortgage on my investment property has been sold to another servicer before we could get a loan modificati...
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