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- The Borrow Smart Chronicles - Increase Your Target Size
"New goals don't deliver new results. New lifestyles do. And a lifestyle is a process, not an outcome. For this reason, all of your energy should go into building better habits, not chasing better results."
Making a target bigger can be more
effective than trying to become a better shot…
You realize you can make markets by going to markets with strategies. While 3.2% of the market is in the money for a refinance today based on prior rates and saving at least 50bps. However, if you take a blended rate EPR, with credit card debt being at the highest level in history and credit card rates at the highest rate in history, the target grows to a much larger number.
For example, a client with a $400,000 mortgage at 4% has $100,000 of credit card debt of 20% and now has $500,000 financed at a blended rate of: 7.2%. I’m hearing about more and more refinances happening through our group because they are showing clients the real rate of their borrowing. See how the charts below support this concept. How are you communicating this to your clients?
a BORROW SMART CONCEPT
A Blue Ocean Strategy
Are you walking across a red ocean or a blue ocean?
A Blue Ocean Strategy refers to the business approach of pursuing differentiation and low cost to open up a new market space and create new demand, known as "blue ocean." This strategy involves innovating in ways that make competition irrelevant, rather than competing in overcrowded industries, or "red oceans," where rivals fight for dominance and there is blood in the water. The blue ocean strategy goal is to create and capture uncontested market space, thereby making the competition irrelevant and allowing for growth opportunities without a direct conflict.
If you are solely calling Realtors for business, you are using a red-ocean strategy. If you don’t understand the power of working with insurance agents, financial advisors, and tax planners, please consider it. Heck, maybe even think about what it would mean to walk on top of the blue ocean.
LIABILITIES
What’s Happening?
people are borrowing to make ends meet at higher and higher rates
the percentage of loans at higher rates is slowly growing
as rates come down
this rate should continue to drop
the biggest location for wealth for most consumers is house wealth
the cost to service that liability is low right now
there is a lot of wealth to be managed
and at very low risk levels
REAL ESTATE
What’s Happening?
rates going up didn’t push down house prices
this inventory will help buyers
and there are more renters on deck
ASSETS
What’s Happening?
huge gains in select areas
this year expectations are lower for 2024
growth says risk is on for investors
another look at what outperformed the market
dividends still play an important role
a lot of money earning a lot of interest in money markets
over time stonks go up with painful short-lived drawdowns
most of that money is owned by very few people
“Most financial debates are people with different
time horizons talking over each other.”
ON BEING HUMAN
What’s Worth Sharing?
DOPAMEMES
And Other Inspirations…
Explicit lyrics but a great hype experience if you have never had an Alexperience, this is like a cup of coffee in the afternoon.
AIdeas
Future Hacks…
I’m building a variety of different ChatGPTs for personal use, for work that I will share here:
My first one is an Alan Watts conversationalist: https://chat.openai.com/g/g-15WyGHRwY-the-alan-watts-insight-engine
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