Blog: Ilyce Glink Show Notes - September 20, 2009
Added September 20, 2009 by Ilyce R. GlinkSummary: Ilyce Glink Show Notes September 20, 2009: Umemployment numbers up and down, job creation elusive; best time for prepaying mortgage; How to Profit from Foreclosures Event October 24, 2009. Use discount code: crystal; FREE BOOKS AND EBOOK DEAL. SEE BELOW FOR DETAILS. Taylor Bean Whitaker links;
Ilyce Glink Show Notes - September 20, 2009
Here's what we talked about on today's Ilyce Glink Show:
Unemployment numbers up and down, but new jobs are elusive
Seven million jobs have been lost since 2007. Banks have recorded more than $1.6 trillion in losses and write downs. While President Obama says the economy is going to start growing again, he is leaving it to Ben Bernanke to decide officially when the recessioni s over.
My problem is that I don't think the official "end" of the recession is going to make everything feel better anytime soon for folks who live on Main Street. Until the unemployment numbers start to come down, it's going to feel extremely pressured for everyone. President Obama says the country won't see substantial job growth until late 2010 - at the earliest.
Unemployment number highlights (or low points):
Michigan's unemployment rate 15.2 percent;
Nevada: 13.2 percent;
Rhode Island: 12.8 percent;
California and Oregon: 12.2 percent.
Forty-two states lost jobs last month, up from 29 in July. Biggest net payroll cuts were in Texas, Michigan, Georgia and Ohio. Georgia's unemployment rate fell slightly to 10.2 percent (from 10.3 percent in July), but the state Labor Dept. said that the report should not be read as a sign that the labor market has been improving.
The unemployment calculator does not include anyone who goes back to school, stays home with kids, or becomes too discouraged to look. It also doesn't include anyone who took a part-time job because they took a full-time job, or independent contractors who are essentially running their own shops (with or without jobs) without the benefits.
Read More: When Should I Make My Mortgage Prepayment?
We had a caller to the show who wanted to know when is the smartest time to make a mortgage prepayment. Take a look at these stories:
Prepaying Your Mortgage With Low Interest Rates
Prepaying Mortgage More Beneficial on Long-Term Loan
Prepaying Mortgage Right for Some
There are more than 40 articles up on the site about prepaying your mortgage. Go to the SEARCH box and type in "prepaying mortgage" and you can read to your heart's content.
How to Profit From Foreclosures
Holly called the show to find out how she can allow some of her employees to profit with the next commercial property she buys. I suggested she join me on October 24, 2009 for our next event, How to Profit From Foreclosures.
Holly, and other folks interested in investing in real estate, might want to start a separate LLC for a new commercial real estate purchase, and give selected employees the opportunity to be come limited members of the corporation while Holly would be the managing partner. (For more details on limited liability companies, simply go to the SEARCH box and type in "LLC" and up will pop hundreds of stories that discuss LLCs and how investors use them."
The Georgia Association of Enrolled Agents will be at our Foreclosure event on October 24th, and will be happy to answer questions about how this might work, what are the pros and cons of such a move, and how you'd have to report it to the IRS.
There may also be other options for Holly, such as simply setting up a profit-sharing plan. But that's what this day is all about. If you're interested in buying foreclosures to live in or invest in, you'll want to meet our experts and have them answer all of your real estate investing questions.
The current discount code crystal entitles you to 40 percent off the ticket price. But be sure to buy your ticket price soon, as this discount won't last long. (And, space is going fast!)
Buy Your Ticket NOW:
Click on the ThinkGlink Events button on any page or go directly to our EVENTS PAGE.
Georgia Home Buyer Tax Credit
Here's the link for two stories on various states that have created tax credits to complement the federal $8,000 first-time home buyer tax credit (which is currently scheduled to end on November 30, 2009):
Georgia Joins The Ranks of States Offering Tax Credits
State Tax Credits and Incentives for Home Buyers Please note that California's tax credits for new construction have ended.
Free Books and Ebook Deal
I still have copies of my book 50 Simple Steps You Can Take to Disaster-Proof Your Finances and The REALLY Useful Guide to Working Smarter Not Harder available to you.
Go to the ThinkGlink.com Store and check out our FREE PAPERBACK BOOK page. You pay the shipping and we'll send you books for free.
We have a free ebook offer: Buy 3 get 1 free. Just go to the ThinkGlink.com Store and type in the discount code: freeebook
Here's how it works: You pick out the three ebooks you want. Put in the discount code, and we'll take one ebook off your bill automatically. You'll get 3 ebooks for the price of 2 ebooks! Great deal.
Taylor Bean Whitaker Mortgage Company Update
We're continuing to follow what's happening with Taylor Bean Whitaker. We're using YOUR comments as the basis for our reporting, so please keep the comments coming.
Here are some links to get you going. For the latest, type "taylor bean" into our SEARCH box at the top of each page and then search by story date:
Taylor Bean Whitaker Latest Update - September 18, 2009
Taylor Bean & Whitaker Mortgage Company Update - September 10, 2009
Taylor Bean & Whitaker Mortgage company Update September 1 2009
Taylor Bean and Whitaker Mortgage company Hotline Information for Borrowers
Taylor Bean Whitaker Mortgage Company Customer Advice From Freddie Mac
Taylor Bean and Whitaker, Colonial Bank, Bank of America Update - August 31, 2009
Taylor Bean Whitaker Mortgage Company Update
Taylor Bean Whitaker Mortgage Company Customer Advice From Cenlar
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Comments
Joseph says
I think your comment on the show today that we are boncing on the rocky bottom is a lot more tangible than most everything else I've heard, especially providing Networking with a number of friends as I do. Hard to provide advice to them, even having been here in Atlanta going on 30 years, and Driving through for 15 years before that. As a Caller noted in different verbages, America is an ingenious Nation, however, my Crystal Ball has really turned empty.
Charles says
Lost your job? You and the kids about to be kicked to the curb because of foreclosure? Here...take this free Ebook! Only kidding Ilyce...I'll tune in.
Ilyce says
Charles, hope you enjoyed the show
Joseph says
I just read the story in the AJC online by Michael E. Kanell "Employers Mostly Seek Temporary Workers". Right on the money again, Ilyce, as usual...
Ilyce says
I just had this conversation with one of my interns about the true numbers of unemployed. The official number is somewhere around 10 percent. Many states are over that number and Michigan is at 15.2 perent. That's the OFFICIAL unemployment number. Unofficially, the numbers don't take into account millions of other people who are: fed up and have ... Read Moregiven up looking for a job; gone back to school; taken a part-time job instead of a full-time job and aren't considered looking; have stayed home with their kids because they can't get a job; are self-employed folks who are barely eeking out an existance; are 1099 contractors instead of full-employed with benefits; are illegals who were employed in the housing market; or, are Realtors, appraisers, loan officers, and other real estate industry participants who are earning a fraction of what they were earning before. Then, there are the millions who have taken furloughs or otherwise seen their pay cut anywhere from 3 percent to 25 percent.
Ilyce says
I should have just said, "Yuck."
Joseph says
My personal experience is that a number of people I know are dropping off the radar because they can't afford communications' services. There is one truckdriver I am aware of whom is only able to go to the library to do anything on the internet maybe once a month. He doesn't live anywhere near the free services Goodwill has at DeKalb Mall, and the public library near him doubles as a school library. So even stuff that is statistical, misses a lot...
Joseph says
My Notebook is 6 years old and I've been 'off contract' with Sprint Wireless for nearly three years now. My Aircard is under a Special Configuration because it won't work with their new Connection Manager...