have a system. They have rules that they follow and that they don’t deviate
from. Take Warren Buffett. In the 1990’s, he did not get into the Internet
companies. People thought he was nuts. And what happened? The Internet bubble
popped. Now, Warren’s back on top, well ahead of where he was back in the
1990’s when he seemed like the only person not making money on the Internet.
When I ask folks about
their stock, “When do you know when to get out?” a lot people just
answer, “I don’t know! I’m just going to keep it. It’s going to keep up
isn’t it?” For some people, that’s their system — buy and hold or as I
call it buy and hope.
But sometimes, like
2008 — that’s not the most productive way to invest your money. I heard of a
lot of people who lost thirty, forty, fifty, sixty percent in 2008 through the
buy and hold way of doing things.
Once you’re in
retirement, your time frame is going to seem short. So to protect yourself,
what do you do?
You set rules. Create and follow a
Number one, I always
tell people, is avoid big losses. If demand is falling, it’s time to get out.
Number two is to periodically take profits off the table. Generally speaking,
we take profits when a position has gone up 30%. Then again when the position is
up50% and/or when demand starts to weaken. You’re not in the investment to own
the company, you’re in it to make money. And one way to make sure you do is to
take profits off the table from time to time. Set a level – a percentage —
then live by it and invest by it. And don’t deviate from … » Read more
If you’ve never
applied for a bank loan before odds are you have no idea what to expect from
There are different
ways to apply for a bank loan. Often it is the TYPE of loan you are applying
for that determines the approach. For example, if you are applying for a car
loan you may be filling out the application at the auto dealership.
If you are applying for
something like a signature loan, mortgage loan or business loan you may be
applying directly with the bank or through online applications.
Talk with A Professional
Make an appointment
with a loan officer at your bank. Sit down with them and discuss the type of
loan you are seeking, what your goals are and a bit about your financial
situation. The loan officer may be able to give you guidance and offer options
you had not considered. You may be able to get a realistic estimate of the
chances your loan will be approved.
Provide Your Information
One of the first
things you will be asked to do is fill out a credit application. The
application is the banks method of gathering demographic, income and credit
history information about your.
Be prepared to give information such
and Phone Number
- Date of
Birth and Social Security Number
Information such as name of employer and length of employment
There may be other
questions depending on the institution’s internal policy and the type of loan.
The Bank Analyzes Your Information
applications a baseline the bank proceeds to investigate and determine how much
of a risk would be involved in loaning to you. Their procedures may look
something like this:
With your name, date
of birth, address, and social security number a credit report and/or credit
… » Read more