Paul Vann – Having a Good Relationship with your Finances.
A Little About Paul Vann:
Paul Lawrence Vann is a retired lieutenant colonel from the United States Air Force, he is a certified financial expert, served over 20 years of duty, 12 consecutive years in the Pentagon, and a year as a Capitol Hill Fellow working for a member of Congress in the U.S. House of Representatives. He is a two-time #1 international best-selling author.
Paul was a regular guest expert on the local CBS television station and provided financial expertise on how people can avoid mortgage foreclosure and going to court as a result of being sued by creditors. Today Paul is going to provide listeners with a three-step formula to get them on the path to financial freedom, that positions them to strive in today’s economy. He is also the wonderful host of Wealth Academy Podcast
Quick-Show Notes:
In this episode of The Millionaire’s Lawyer, JP and Paul Vann discuss:
The coronavirus has shown people that their employment is at risk, or their work can be cut back and remote.
Banks are aware that people are going through a hard time financially right now, the economy is not doing well globally.
If you are someone who is not doing well, the following is a process you may have to go through:
- You have 120 days – sometimes that can be extended to 180 – to get caught up of you will be entering Forbearance
- The lender will be sending you notifications. Reach out, they want to work something out with you. Payment plans are a great option, but you have to be willing to negotiate with them and see the terms all parties can agree upon.
- Forbearance.
- Notice of Default
- When you get this, things are bad.
- Could you take out a loan to help get caught up? Family members that you could payback?
- Auction
- No lender wants to have to take over a home, remove all items, and put it up for a cheap price. They want you it, call and talk before it gets to this point.
Forbearance Agreements
- Have a backup plan
- Get caught up to date
- There are forbearance lawyers, call one if you need to
- Read the agreement from top to bottom to gain a full understanding of the agreement.
- See you you may be eligible for the Cares Act
If you need help getting caught up financially it is always an option to get some tenants to into the basement or spare room.
Credit Cards
- If you are ever behind in credit card debt you will be summoned to Court
- This allows you to explain why and how you ended up so far behind
- Allows you and the judge to come up with an agreeable plan
- The Courts are willing to work with you, however, if you do not work with them they can assess all your assets and start selling them off to regain some of the money you owe them.
Credit Score
- Creditworthiness
- Risk Adverse
- If your score is between 300-500 you need to prove yourself to the lenders.
Paul Vann coaches Mindful Finances
- Reset
- Rethink
- Repair
There are two courses that Paul Vann offers:
- Mind over money
- Mind over money intensive
JP and Paul both feel that it is essential to have a good relationship with your money you do have.
Once you have no debt it is recommended to:
- Put aside an emergency fund
- Invest your money
- Life insurance policy
- Wills and POA’s
It does not matter how much money you make, it matters how you use and delegate the money you make.
Spend money on what you need, not what you want.
Key Takeaways
From this episode of The Millionaires Lawyer with Paul Vann:
- With COVID-19 there is a need for people to be healthy, but it is also really important for people to have a place to be healthy.
- People are more aware now more than ever how easily it is to fall behind on bills and financial commitments.
- This awareness brings forth a need for job security, savings, and having a healthy relationship with the money you have.
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