You might have resolutions; I say let’s just rewrite the rules. When it comes to surviving the real estate hangover from the past few years of excessive financial abuse, Florida homeowners need to sober up.
Here are my top 10 rules for 2011:
1. Avoid the use of credit during a deflationary economy… use credit when inflation returns.
2. Be prepared for when inflation does return, but don’t expect any real inflation while unemployment remains high.
3. Don’t trust the Federal Reserve; they are here to protect themselves and their Wall Street friends.
4. Don’t expect any more help from the government. You’re on your own.
5. Use the existing rules of law and your legal rights to fight the banks.
6. Only invest in deals that a smart 10-year-old would understand.
7. Rent instead of own unless you plan on living in the property for at least five to seven years.
8. Think of buying pre-owned vehicles instead of brand new ones.
9. Be very careful with municipal bonds. Many cities and states will be doing strategic defaults due to high debt and pension obligations.
10. Don’t sign obligations for your kids (like mortgages.) Not a good idea.
Learn to breathe deeply, laugh, and get a good night’s sleep. Stress kills. Remember… this is the new normal… get used to it.
From the trenches,
Tune into my next workshop, The Future of Foreclosures on January 12 from 6 to 7 pm or RSVP via email directly to Jackie@oplaw.net.