I WAS BUSY

It is so funny I start this blog to change ideas, and I was so busy that I did not have a time to be here wow I have clients send me emails saying why you stop talking to us in your blog ? Ok my bad this is never gonna happened again ! Today I wanna talk to you about bankrupt I wrote about debt consolidation and here how bad bankruptcy is:

Myth: I'll just file bankruptcy and start over; it seems so easy.

Truth: Bankruptcy is a gut-wrenching, life-changing event that causes lifelong damage. Bankruptcy. That word sends chills up the spine. If you're facing the prospect of bankruptcy or in the middle of it right now, you know it's a living nightmare. It can devastate your job, destroy your marriage and steal your peace of mind. Why Avoid Bankruptcy?Bankruptcy is not something I recommend any more than I would recommend divorce. Are there times when good people see no way out and file bankruptcy? Yes, but I will still talk you out of bankruptcy if given the opportunity. Few people who have been through bankruptcy would report that it is a painless wiping-clean of the slate, after which you merrily trot off into your future to start fresh. Don't let anyone fool you. I have been through bankruptcy and have worked with bankruptcy for decades, and it is not a place you want to visit. Bankruptcy is listed in the top 5 life-altering negative events that we can go through, along with divorce, severe illness, disability, and loss of a loved one. I would never say that bankruptcy is as bad as losing a loved one, but it is life-altering and leaves deep wounds both to the psyche and the credit report. There are some people that think there is no way out but there is you have to make a plan and stick with !

Now I will post more no dout !

Please don't forget ANYTHING IS POSSIBLE !

LOVE

Richard King

DEBT CONSOLIDATION ?

Well, you guys know that I am a financial coach right ? Well, I am and one thing that I know for sure is DEBT CONSOLIDATION does not work period, and you wanna know why here I explain the myth and the thru :

Myth: Debt consolidation saves interest, and you have one smaller payment.Truth: Debt consolidation is dangerous because you treat only the symptom.Debt consolidation is nothing more than a "con" because you think you've done something about the debt problem. The debt is still there, as are the habits that caused it - you just moved it! You can't borrow your way out of debt. You can't get out of a hole by digging out the bottom.

True debt help is not quick or easy.
Larry Burkett, noted financial author, says debt is not the problem; it is the symptom. I feel debt is the symptom of overspending and undersaving. Again I will not recommend debt consolidation for a client. Why? Because debt consolidation doesn't work.
Debt Consolidation Statistics A friend of mine works for a debt consolidation firm whose internal statistics estimate that 78% of the time, after someone consolidates his credit card debt, the debt grows back. Why? He still doesn't have a game plan to either pay cash or not buy at all. He also hasn't saved for "unexpected events" which will also become debt.
Debt consolidation seems appealing because there is a lower interest rate on some of the debt and a lower payment. However, in almost every case we review, we find that the lower payment exists not because the rate is actually lower but because the term is extended. If you stay in debt longer, you get a lower payment, BUT if you stay in debt longer, you pay the lender more, which is why they are in the debt consolidation business. Debt Consolidation ExampleFor example, let's say you have $30,000 in unsecured debt, including a 2-year loan for $10,000 at 12%, and a 4-year loan for $20,000 at 10%. Your monthly payment on the $10,000 loan is $517 and $583 on the $20,000 loan, for a total payment of $1,100 per month. The debt consolidation company tells you they have been able to lower your payment to $640 per month and your interest rate to 9% by negotiating with your creditors and rolling the loans together into one. Sounds great, doesn't it? Who wouldn't want to pay $460 less per month in payments?
But they don't tell you that it will now take you 6 years to pay off the loan. This may not sound that bad to you at first unless you realize how much more you will actually pay in additional payments. You will now pay $46,080 to pay off the new loan vs. $40,392 for the original loans, even with the lower interest rate of 9%. This means you paid $5,688 more for the "lower payment". Not such a good deal after all. This example shows you why they are in the business - because they make money off of you.
The Real Way to Get Out of DebtThe answer is not the interest rate; the answer is you have to make a plan ! The way you get out of debt is by changing your habits. You need to commit to getting on a written game plan and sticking to it. Live on less than you make. It is not rocket science, but it is emotional, which is why most people need help getting through it Don't try debt consolidation!

Please don't forget ANYTHING IS POSSIBLE !Richard King

MONEY ,LOVE AND DEBT

Hello boys and girls , I have to say that I made a kill yesterday did you see my gold list ? Well, if you did not you missed it, but I will give away more to you ! However, before I just wanna talk about how beautiful was the ceremonial in L.A. Michael Jackson deserve it , Having said that came on guys American Hero ? Now this is too much he had so many issues that I cannot describe here he was deep in debt , alone because not even his family was around and his kids ..well if those boys are his kid, I am the King of England please let's say he was a great dancer the best ! It wrote the best songs ever but An American hero no ...no ..no ! Enough of that !Let's talk about the stock market , what did I tell you we went down and fast yesterday are we gonna keep on going well I don't know but seen like but please watch AA today and the auction that we are gonna have later this is gonna set the mood. I still believe we are going down, and if you did not take the protection yesterday just do it today , I did not get 1000 emails yet but I got one from one of my clients and by the way, he is a debt free guy and he is inventing now and he loves my yesterday picks and I will give you one more pick here but just don't jump in look at and think if oil kept going down who is gonna put money on solar what that mean FSLR is in free fall it is a great name to short or by put on it another one is XenoPort Inc. shares (Nasdaq: XNPT) shares will be ones to watch for an early Wednesday volume spike. The company shares fell about 10 percent to about $19.50 after hours, after the company announced plans to sell 2.5 million shares, boosting its shares outstanding by about 9 percent.
One anecdotal market observation is that the market in recent months is seeing an increase in the number of stock offerings, especially among companies with the most at-risk balance sheets.

Iwill try to post more today until there keep faith in yourself and don't forget ANYTHING IS POSSIBLE

Richard King

ARE WE GOING DOWN ?

Everybody wants to know are we going down ? Well, boys and girls before I answer this question let me just tell you we are gonna be in a red zone in S&P500 yes I know was great up trend from March lows , but we are so far from 2007 levels it is not even funny ! Just to make my point here GOOG in 2007 the price was 540 and GS was 224 , well I guess you understand my point now we are far away from recover these losses , So what to do ? Right now I believe we are going down and do you know how fast we go ? Well, lest say AA will post earnings tomorrow and if the post a deep lost I believe we go down fast and furious yesterday VP Biden just told us what we already know "THE WHITE HOUSE DID NOT KNOW HOW BAD WAS THE ECONOMIC SITUATION "Well Mr. VP now you know !Having said that I always tell my clients when time like that came go in cash or protect your profits just don't sit and wait to see an up turn so I believe we are going down here just don't know how fast we have to protect our profits going cash, or if you are a little more aggressive here a list that you should watch AIG , WYNN, XCO, CLR, IOC, NILE and RBS this is the list of stock that I am shorting don't like to short stock I understand and that's why you can buy long this CONTRA ETF : SRS,FAZ,EDZ AND TZA those are my favorites !
Oh almost forget I got email yesterday yes yes my first from my comment about social media , like, I said I am not an expert but I will promise that I will give you a list of who know a lot about and some of the tricks to build a network ....Until there keep faith in yourself and don't forget ANYTHING IS POSSIBLE.
Richard King

Social Media

Hi everyone , here I am my first post in my blog, I am feeling so powerful , I am writing to the world well maybe no quite yet, but I promise my friend that I am gonna talk about a stock market , economic situation , my financial coach plan and of course about be DEBT FREE , but also I would love to share whatever, I feel like is important and how about start talk about social media ? Boys and Girls this is crazy did you guys see how many we have ? Facebook , Myspace, twitter,stumbleupon upon ,you tube,squidoo,mixx,docstoc and if I want to make you tired and move away from blog I just keep on going but I don't want that but guys this is amazing tool to contact people ,find a job , and make a money there are people out there that are expert and I am a baby in this field but I am learning , I guess what I want to tell you is if you have a business if you want grow and no matter what business you are in you should be using this amazing tool call social media like I said I am learning but I will give you a name that it is gonna make you so happy her name is ALICIA WRIGHT find here in Facebook , and i have to say she is Genius IN THIS FIELD and after I read about her and how you can use this amazing tool call social media I am here talking to you so if dont have Facebook what are you wanting for go there and open a Facebook account and find out how fun and power full the social media is ,I promise that I will talk more about that because I am hungry to learn all about !
I will talk to you tomorrow and for now I want to say to all my clients thanks for all the ideas and prays I hope I can count with all of you in my new project MY BOOK !! I will talk about that
keep faith in yourself and don't forget ANYTHING IS POSSIBLE !
Richard King