Chat Transcript August 7, 2006
Posted on August 8, 2006
Chin_boy: HI everyone
The_Krone: Greetings, Chin
EARL: dear mike, when WE PAY ourselves back ON THE NOI FOR repairs OR down payment , DO WE amortize OR just collect interest OR?
Al_Lee: Howdy, Mike, everyone
Mike_Summey: Hi everyone. Sorry I’m late.
Chin_boy: Hi Al and Mike
Al_Lee: Mike, I beat you here by about 3 seconds
Mike_Summey: Where’s Roger?
Mike_Summey: My pizza was late
Mike_Summey: Hi John
Al_Lee: Hi, Roger
Mike_Summey: Thereeeeeeeese Roger Dawson
John_n_FL: Hi Mike, Roger & everyone
Roger_Dawson: Hi Al, Mike and everyone
Mike_Summey: Okay everyone, what’s on your minds?
Mike_Summey: Hi Hottie
hottie: Hey Mike
Mike_Summey: We’ve missed you
Roger_Dawson: In Southern California for sale signs are popping up on every corner. Soon it will be a great market for investors.
shoe_kc: I’ve noticed interest rates creeping down a bit
Al_Lee: Mike, I had a conversation recently about the advantages (or disadvantages) of buying proeprties for cash and later refinancing them to get the cash back/ ANy thoughts?
hottie: Corey and I are just finishing up your questionaire. Missed you, too
Mike_Summey: Same here Roger. WNC is seeing more and more properties on the market and staying longer. A Sure sign of an approaching buyer’s market.
ritchie: Hi Mike, had a few spare minutes and decided to drop in.
hottie: Corey is here via speaker phone with me
Roger_Dawson: Hi Ritchie
Mike_Summey: Glad you did ritchie
ritchie: Hi Roger
ken: Mike I talked to Jim Hitt this past weekend, I was in NC for a Larry Goins boot camp. Larry has a good program.
ritchie: Mike, are your tenants responsible for steam cleaning carpets on move out or is that typically a landlord responsibility?
Mike_Summey: Al, when you can pay cash for a property and then finance later, you can always get better terms than you can if you try to get financing when you purchase.
hottie: Mike, Corey is chasing storms
Mike_Summey: Hi dre11
shoe_kc: hottie where’s he chasing?
Mike_Summey: Ken, I talked with Larry today. We are trying to work out an arrangement with him to let him market Weekend Millionaire products.
Mike_Summey: Hottie, is he catching any?
hottie: shoe kc, he is in Indiana right now, heading towards New England states
hottie: Mike, nothing, no hail
ken: Mike I recommended to him that he gets you to speak at his next bootcamp.
Al_Lee: Mike, I have bought several in recent months that way and they will appraise for well over what I paid. I inmtend to refi them at 80% LTV and cash out am much as, or more than I paid fo rthem.
Mike_Summey: Corey chases storms to repair hail damage to cars.
Mike_Summey: Thanks Ken
Al_Lee: Nothing talks louder than cash!
The_Krone: Al, have you had any success investing in Irving, TX?
John_n_FL: Ken, did you get any gold nuggets from Jim Hitt??
Mike_Summey: right on Al.
hottie: Mike, I am excited about making offers. It’s almost fun getting rejected.
ken: John, no. explain Did i miss out?
Mike_Summey: did everyone get my email about next week’s special guest.
ritchie: Mike, yes.
dmr11: Yes!
ken: yes
EARL: YEA
Chin_boy: yes
hottie: No!??? Did you send it out today?
Mike_Summey: Denny Chipollini is a very positive, upbeat guy who doesn’t believe in excuses. You will find him very motivational.
Al_Lee: The Krone, I do not onw any propertis in Irving, but I do not know why it wouel not be good. Prices might be a bit high because Irving is home to save very large companies (Exxon-Mobile) that offer employment
Mike_Summey: Hi Bob
John_n_FL: Ken, doesn’t Hitt help setup iras for rei?
BobJ_(Md): howdy
oz: Mike, haven’t seen it.
ken: John Yes,
Mike_Summey: OZ, are you on the subscriber’s list?
Mike_Summey: Hi Penny
Roger_Dawson: Hi Penny
ken: He gave good advice but i’m not sure if i’m ready to put my 401 into a roth ira yet for that reason. I should. but i have to take care of todays funds first.
shoe_kc: hottie/mike: ah, is see…
Penny: Hi Mike & Roger
oz: Gee mike, I am unsure
Mike_Summey: Oz, are you getting our Monday chat reminders?
ritchie: Mike, did you see my question re: carpets?
The_Krone: I live in Irving and have been driving through neighborhoods. I’m seeing for rent signs all over the place.
Mike_Summey: shoe????
Mike_Summey: Hi Sandy
oz: Yes Mike I do
shoe_kc: related to 401k/ira’s etc., I see that come up some…If I’ve a decent amount in an ira, can I use it for rei?
Sandy: Hi Mike! Your message is already typed before I even see the screen! That is fast typing.
shoe_kc: Mike: just replying to what corey does..
Mike_Summey: Krone, the rental market is firming up very nicely as the interest rates increase.
Al_Lee: The Krone, maybe that means some investors will sell at a low price to get out from under.
Mike_Summey: Oz, if you’re getting them, then you’re subscribed.
Sandy: The Krone….is that Irving Ca?
ken: Roger, I’m making an offer on a property that the guys mom pastway. he acts real motivated but then blows it off like he doesn’t care if he sells or not. his mom lived in it for 45 years sense it was built so most likely it’s payed off and I sent him a postcard because his name came up for preforeclosure.
The_Krone: Sandy, Irving, TX. 
Al_Lee: shoe, if you convert your IRA to a self-directed IRA you can buy RE into it.
BobJ_(Md): rentals in this area are still overpriced
Mike_Summey: Hi Josh
ken: any advice
shoe_kc: al, thanks…will ahve to chek w/ our cpa…never even considered that before.
Al_Lee: shoe, you will be limited in how you can finance the RE, though. only non-recourse financine is allowed in an IRA
Roger_Dawson: Ken, that sounds like a good plan but you need to meet the guy who inherited.
ritchie: Al, what is non-recourse financing?
shoe_kc: al, could you explain “non-recourse financing”?
oz: Yes Mike I do get them weekly, just not always availeble ot come on line
Sandy: Mike and Al…..I have just put my stuff into storage and am moving. I’m taking a 2 month car trip through the South of the usa. I will be going to check out places to live. If I find none, I’ll come back here. But I just want to feel what other home buying places look like.
John_n_FL: Ken, how do get leads or info for preforeclosure?
Josh: Hi Mike.
Al_Lee: ritchie, non-recourse means that the lender can not attach yoru other assets, only the property that was given as collateral, in case you default
Sandy: Al, when I get to Dallas, can I stop by?
ken: yes. he tells me the property needs no repairs, that it could sell for around 98,000 and he wants 77,000. I”m worried if i offer him 59,050 he will try to kill me
ken: roger
ritchie: Al, are there many lenders who will lend to an ira?
ken: john, at the court house.
Al_Lee: Sandy, wow! that is an interesting thing to do
Al_Lee: ritchie, you can find lenders to make the loan, but it will usually be about 50% LTV and be a commercial loan, not a standard real estate mortgage
Mike_Summey: Sandy, be sure to visit Texas, It’s one of the best investment markets in the country right now.
ken: I go to the prothonataries office and get a list of divorces, and forclosure listings. that is the place were attorneys first have to filr
ken: file
Mike_Summey: ken, the worst he may do is say “NO”
Sandy: Al, I started this trip 11 years ago from Seattle and only got as far as SoCal. Claustrophic in the car. I’ve had the desire most of my life. So before gas gets too bad, here I go again…..
ken: I sent out over 100 postcard this past month and got 1 call
dmr11: big fan of Austin; great for duplexes and moderate single families
Sandy: Yes, Mike. I am specifically going to Texas to see the RE Market. I’
ken: mike true, i’m just worried he might hit me, he sounds wirey on the phone
Al_Lee: Sandy, sort of like the old TV show “Route 66″. Do it in an convertible Corvette!
Sandy: I’m also planning to get to N. Carolina also, but a lot of states in between so don’t know when I’ll get there.
Mike_Summey: ken, if you did that once a month and only bought one property all year long, it would be worth it.
Sandy: Al….yes, I have an Acura Integra with moon roof so it’ll feel a bit sporty. But at my age, a sedan has become more appealing.
hottie: Ken, submit the offer via fax??
Mike_Summey: Good idea hottie.
John_n_FL: thanks ken
ken: mike yes, I think it cost me about .30 or so a post card
shoe_kc: ken, just be open that you’re doing it as investment, and this is the best you could do to “make the numbers work”
Mike_Summey: ken, just buying one property per year will make you wealthy in a few short years.
ritchie: Ken, if they call at least there is a good chance they are motivated.
hottie: Mike, Corey wants me to tell you he is in his “KIng Air 80″ ..80 miles an hour in his truck
Sandy: Thanks Krone. If I get to Irving, Texas, I’
Mike_Summey: Hottie, 
shoe_kc: Is there any kind of restriction on the number of mortgages you can have?
ken: I think he is very motivated, I’ll let you know what happens
Sandy: Krone….I’ll think of you. (I keep hitting the enter key instead of chararacter key tonite.)
Mike_Summey: soe, there is a limit on the number of conforming mortgages you can have. I believe the number is now 10. conforming mortgages are ones that can be sold on the secondary market to other lenders.
Mike_Summey: Hi Patrick, Doug & TT
ritchie: Shoe, my broker has told me he could get me all the way to 10 with residential mortgages. Above that and you need to talk to banks about commercial lending.
Patrick: Hello!
tt: hi
Doug_in_CT: hello
shoe_kc: thanks mike/ritchie
Al_Lee: Mark you calendars for September 22-23. Las Vegas, MGM Grand. The DFW Real Estate Group is sponsoring an event at which I will be the featured speaker. they will have a whole team of people there to assist investors. Lenders, insurers, property managers, brokers who specialize in investment properties, etc.
Al_Lee: Be there, or be square! :>
Mike_Summey: Al’s name will be in lights!
Roger_Dawson: There’s a cartoon in today’s times where the mother is reading a fairy tale. “The wolf said to the three pigs: You might as well let me blow it down because it’s been on the market for six months.”
Al_Lee: Mike, you are invited and they will put both our names in lights like the Rat Pack
Mike_Summey: Hi Shane
Shane_Ky: Hey Mike
Mike_Summey: Al, make it worth my while and I’ll be there.
Al_Lee: Mike, what would it take? You can present the OG!
Penny: cute Roger.
Mike_Summey: Any of you who haven’t responded to my emails about giving us a testimonial for the Weekend Millionaire method of investing, I’d really appreciate it if you would do that.
shoe_kc: if you get to 10 or more mortgages, do the interest rates get better on commercial loans?
Mike_Summey: Al, let’s talk about it later.
Al_Lee: You bet!
Mike_Summey: shoe, NO, the interest rates typically get worse.
shoe_kc: that sucks.
Mike_Summey: shoe, are you approaching the 10 limit?
Mike_Summey: Hi nichole
Shane_Ky: Mike, my e-mail has changed.
Mike_Summey: Shane, go online to the website, login and change it.
shoe_kc: in my situation, I have a partner. Is the “10-rule” apply to me as the primary lendee? (so, my partner’s an my name are on the mortgage), or are we better off getting the mort’s individually (so we can then get 20 as a team)
Al_Lee: shoe, Fannie Mae and Freddie Mac limit you to 10 mortgages, but I have lots of non-conforming lenders that do not care how many loans you have. You can easily have many dozens of good, permanent loans.
shoe_kc: mike: no, but I’m hoping to get there quick!
nichole: Hi, sorry for coming in late..
Mike_Summey: Hi eric
Eric: Hi Mike, all..
nichole: Just got the WMMindset book today, looks like just the kick in the pants I need
Al_Lee: shoe, get them individually so you can get 20. you can do that with a spouse, too
shoe_kc: al: thanks, that means we can get 30!
Al_Lee: tep
hottie: Mike, we’ll finish up the help survey and email it tonite. I just got cable modem today
Al_Lee: yep!
The_Krone: Gotta run all. Thanks for the pointers. See y’all next week.
Mike_Summey: shoe, I’m not sure about that. You should talk with your lender(s). I think if you are joint owners you will be considered as one, but I’m not sure. It could be that you could get 10 together and 10 in each name individually. If that is the case, you could get 30.
Mike_Summey: Great nichole! I hope you enjoy it.
Al_Lee: Mike, I have done it. I know you can do it.
shoe_kc: mike: thanks..definitely sounds like there’s some games we can play
Mike_Summey: Thanks hottie
hottie: Mike, some are my answers and some are Corey’s. A difference of opinion
Mike_Summey: Everyone, be sure to be here next week! You won’t want to miss the great inspiration that Denny Chipollini will give us.
Mike_Summey: hottie, yes!
shoe_kc: mike: does he live in a van down by the river?
nichole:
Mike_Summey: shoe, who???
shoe_kc: the motivational speaker
nichole: lol… Chris Farley
Chin_boy: Mike, Roger, Al and everyone. Thanks for the great chat, gotta run
Mike_Summey: shoe, not that I’m aware of. I think you should ask him that next week.
shoe_kc: (sorry, bad SNL reference)
Shane_Ky: got to go to, Thanks
nichole: (funny SNL reference)
Mike_Summey: Goodnight Shane
Al_Lee: Roger, for Pete’s sake–nobody else can get a word in edgewise.
Roger_Dawson: Okay Al, I’ll back off.
Al_Lee: Thaks
nichole: I’m a newbie, been driving around scouting neighborhoods for buying
Mike_Summey: roger talks so much it becomes annoying at times. Actually, he tends to put a bit when nobody talks to him.
BobJ_(Md): now that the market’s softened, what do you think of rehab-to-rent as a strategy?
Al_Lee: OK, I’ll talk to you, Roger
nichole: good thing about my area is that the “bad” areas really aren’t that bad
Mike_Summey: nichole, newbie or not, we’re glad you decided to join us tonight.
Mike_Summey: Hi trader
724trader: Hi mike
Mike_Summey: trader, is this your first chat?
shoe_kc: reading Millionaire Mindset now…one part that rang true was the boss interview question to the effect of “what age did you start making your own money”…I think that’s a great tell on the persons initiative
724trader: Yes
Mike_Summey: trader, we’re all friends here so feel free to ask whatever you want.
hottie: shoe kc, I liked that one, too. Age 11 for me
724trader: Thanks
Doug_in_CT: Well it was 17 months ago in this forum that I announced I was the proud new owner of a four plex. We bought it with a partner for $245,000. Our portion of the downpayment was $16,000. It was a private note. We had it appraised at $350,000 for the refinance and the owner let me move his note to second position on four of my single family houses. Tomorrow a wire arrives in my bank for $257,000. Not bad for 17 months work.
shoe_kc: I was winning marbles and selling them back to the losers when I was 10-ish
Roger_Dawson: 30 years ago I was a Personnel Director at a department store and asked the “what age” question. Just amazing the range of answers you get.
John_n_FL: nichole, i’m new also, looking for my “first”. once you’re serious, be sure to take advantage of wm’s special this month. offer generator is a must.
hottie: Roger, your age?
Mike_Summey: doug, that’s great. Send us that story in a testimonial.
nichole: Thanks, John
Doug_in_CT: OK I will do it.
shoe_kc: I had my brother out catching snakes/frogs etc. so I could sell them to neighborhood kids for $1; and the parents wouldn’t let them keep them so we’d recapture and resell.
Roger_Dawson: Hottie, I’m 66. The question was “At age did you first start earning money outside of your family?
Doug_in_CT: But he is still a Hottie.
nichole: I’m just a little too nervous to really start yet. Will be in college PT for 4 more years, and not sure if I should wait til I’m done. Also, have credit card debt and want to get a large part of it paid off, first
Mike_Summey: John, glad you mentioned the special. If the rest of you haven’t seen it, you can get the 8 CD audio program with a workbook plus the Offer Generator computer program at a $30 savings this month only. It’s in the Store on the website. It is a great package.
hottie: Roger, yes, i know the question, i wasn’t asking how old you were., but Doug says you are a “hottie” still, eh?
EARL: mike,did U SEE MY question ON TOP OF page about paying urself back ON THE noi. DO U amortize OR just collect INT ON DN pymt AND expenses
shoe_kc: nichole, agree you should pay off CC debt, but you can start the real estate stuff now…even if you don’t get a buy, you’ll still learn a lot.
Roger_Dawson: Well, I have had my moments, I suppose!
nichole: Good Point, shoe
Mike_Summey: nichole, did you read my column today?
Al_Lee: Moments are such fleeting things, don’t you agree?
hottie: shoe, i did sell my mom’s cookies for $.25 when i was 8
nichole: Yes, I did
Mike_Summey: Earl, I missed the question. Sorry! Could you ask it again?
Penny: yes Roger, you suppose right.
shoe_kc: earl, you can hit the up-arrow, and get to your question again…so you don’t have to retype it
Al_Lee: nichole, if you computed the value of time in any investment, particularly real estate, you might decide not to wait.
Mike_Summey: nichole, did it touch a vulnerable spot with you?
Roger_Dawson: Thank you Penny. You made my day! Magnolias?
nichole: I stupidly got a bunch of credit cards when I was 18, and our credit card debt is about the national average wage, I’m embarassed to say
Mike_Summey: nichole, be sure to read next week’s column which is a follow-up to the column this week.
Penny: 
Mike_Summey: I see Penny has chimed in on the credit card debate.
hottie: Nicole, parents still aren’t talking to their kids about credit card debt. Easy trap to get into, especially in college
nichole: Mike, my husband and I have been attacking the credit card debt situation using Dave Ramsey’s program, “Financial Peace University”… a lot of common sense stuff, but inspired us to be disciplined
shoe_kc: (earl, clarification, hit the up arrow on your keyboard)
Mike_Summey: nichole, read next week’s column and let me know next week in the caht how it stacks up with the program you ar eon.
Roger_Dawson: Don’t forget that you can negotiate the interest rate on your credit card. If it’s over 15% give them a call.
Penny: no Mike. I don’t have credit card debt. The wink was to Roger on a coment.
Penny: comment
Mike_Summey: Penny, sorry, I thought you were commenting on the credit card situation.
nichole: Mike, in a nutshell, its living below your means, stopping the financial hemorraging (the “little” things that you buy daily), stop charging, set up an emergency savings fund, and paying off the debt as fast as possible
Mike_Summey: Hi switt
shoe_kc: nichole, CC debt is easy to get into…we’re surrounded by that state of mind; it’s a change in lifestyle to be able to dig out and stay out.
Penny: its okay Mike, to you too
shoe_kc: “Millionaire next door” is a good book about that kind of stuff.
Doug_in_CT: I have seen a few articles in the Canadian and English press talking about the “blood in the streets” falling US home market, just as prognosticated by Mr. Summey the sage.
nichole: We have practically eliminated all charges as of January, and our new emergency savings fund really helped when our a/c went out last week. We don’t have to use Visa for the hvac guy!
Mike_Summey: nichole, if you will go to the website and click on my picture next to one of the articles, it will take you to where you can read all of them. There is one specifically on how to track your spending and learn exactly where your money goes.
Doug_in_CT: Good deals can’t be far behind.
nichole: Thanks, Mike!
Penny: Mike your articles are getting better & better. I’m having more people at work each week mentioning the articles to me. Telling me how much they are enjoying them.
nichole: I’m still out scouting neighborhoods, but I’d feel more secure as a landlord if I had less debt.
EARL: mike,arrow would’t take ME UP that high, anyway DO WE amortize OUR DN pymt AND FIX UP expenses ON THE NOI OR just collect int?
Mike_Summey: nichole, be sure to read the article titled “Money and Marriage: A Volatile Mix”
Mike_Summey: Thanks Penny
nichole: lol…. that sounds like a good one, and completely applicable!
ken: Sorry I was away, but I was able to buy 2 properties and refinance them to get cash out to pay off my 8,000 debt. i had and still make a cash flow.
ritchie: Mike, are you going to speak in Raleigh anytime soon?
nichole: Ken, is that really paying off your debt, or just transferring it elsewhere?
Mike_Summey: Earl, you only collect interest. You already own the equity that comes with the down payment so there is no need to amortize it.
nichole: I suppose if the value increases, its eliminating it
Al_Lee: Credit cards are nearly impossible to avoid in today’s economy, but if you use them as a charge card, not a credit card they are a convenience, not a burden. That means paying the balance down to zero each month before the interest starts.
EARL: thanks
Mike_Summey: ritchie, I don’t have any plans right now, but that is subject to change at any time.
ken: transferring it in a way.
shoe_kc: nichole, there’s a difference between CC debt (bad debt) and Real Estate debt (good debt)
shoe_kc: one costs you money, the other makes you money
Al_Lee: shoe, you got that right!
ken: the rentals were paying for the debt. and i was able to put about 150 a month into my savings instead of paying that on the debt.
Mike_Summey: How many of you would be interested in a 7 day investment cruise with Roger and me if it costs $3000-$3500 each to go.
nichole: I agree, but I’ve been skeptical of the “no money down” informercials that tout “I got $43,000 cash back at closing!”, but that person is just really in debt $43K more than they need to be, right?
ken: Mike I will let you know once my rehabs get completted. when would the cruise be?
hottie: Mike, can’t do unless there might be a discount for couples
Mike_Summey: nichole, a good rule of thumb is that any debt other than a house payment, that has to be paid from you salary or earned income is bad debt.
ken: I seen louise brown has a cruise i’m not sure what he charges
shoe_kc: nichole, that’s probably “the rest of the story”
Roger_Dawson: Nicole, that’s true, but their return on investment is greater because they improved their leveragee.
Mike_Summey: Ken, no date set yet. A cruise company is working on it.
nichole: I agree wholeheartedly, Mike. We’re in the process of trying to sell my Jeep to eliminate the car debt!
Mike_Summey: Hottie, there would be some discount for a couple, but I don’t knwo how much.
hottie: Mike, let me know
nichole: Good Point, Roger…
Al_Lee: Roger, yes, but–if they area not positive cash flowing it wil lcome back to haunt them soon.
ritchie: Nichole, you are correct, you are just moving debt around like shells. However, mortgage interest is usually less expensive than credit card interest, and it’s tax deductible. If the property cash flows then that is a smart move, and frees you as well to aquire more properties with the lower debt and freed up cash flow.
Doug_in_CT: You would get something for your Crusie Investment. Some real estate gurus want that much for a weekend in a bad hotel.
nichole: So if I can find a house that I can get with payments at less than the noi, I shouldn’t be so scared of having an extra mortgage b/c it should be earning me money, therefore I can hopefully pay my cc’s faster (once I have a maintence reserve established)
shoe_kc: nichole, if you can learn the process, and find something the “works” with the numbers; it doesn’t matter how much credit debt you have…the mortgage debt will make you money. The credit card debt will reduce your ability to get good rates on the loans maybe though…but it’s not impossible. Just gotta make sure the #’s work.
Mike_Summey: Doug, if we do the crusie, we want it to be something that the attendees can take home and put to work immediately. It would not be like one of the high priced boot camps that many people offer.
ken: at the larry goins bootcamp this guy named tj was speaking about paying a 200,000 mortgage off in 8 years with his techniques.
Mike_Summey: nichole, the Offer Generator program we offer on the website will help you more than anything to create offers that work with the cash flow.
Al_Lee: ken, if you can borrow $200k at low rates why would youwant to pay it off soon? Why not use the cash to buy mroe properties?
EARL: i have been on several cruises all over the world it can be a lot of fun
hottie: Nicole, that offer generator is the best, easiest fun program to use.
nichole: I’ll have to check that out. I’m really excited to start. I guess there is no reason I have to wait to be done with college before I start investing
ken: al, thats right. he was showing how you can make about 20,000 in equity a year with his techniques
Mike_Summey: Earl, good point! We want the crusie to be not only educational, but a fun vacation as well.
shoe_kc: nichole, I wish I’d've started in college!!!
Roger_Dawson: I’ve got to run but I’m really looking forward to next week’s chat with our special guest. Anybody who can run marathons after losing both legs has something to teach us all.
shoe_kc: even just learning
ken: Al i guess what he was also saying is that on a mortgage you pay 3 bucks to get 1 back for a tax break.
nichole: I’m not that young! I dropped out of college when I was 20, and I am 36 today!
Doug_in_CT: The Alaska cruise– the inland waterway– is supposed to be very awesome.
Mike_Summey: nichole, I received an email a few weeks ago from a kid who went to high school with my sons. He had three investment properties by the time he graduated college.
EARL: i want to thank roger also, this is my fifth time listening to the cd’s
nichole: Mike, that’s exactly what I want to do for my kids when they are ready for college… help them with rental properties as they attend school
Al_Lee: ken, I would probably argue his logic. There is a concept called the time value of money that comes into play and he must be overlooking it.
EARL: iam going on the alaska cruise this sept, it is a very int one
hottie: Nicole, we are working on that with our son who starts college in 8 days
ken: al, he could be. his package is 1,200. he didn’t sell me
nichole: Awww! Lucky boy. I really wish my Dad taught me to be half as smart with money as he is. Money was kind of a taboo topic growing up
Mike_Summey: nichole, what ever you do, don’t miss next week’s chat. You will be inspried by an individual who faced unbelievable obstacles and yet succeeded in spite of them.
nichole: I plan to be here.
nichole: I’ve only read the intro to WM Mindset, and am already motivated. Hope I can get my husband to read it.
Doug_in_CT: Nichole, we had that taboo problem in our family….Must have been a common trend of the time.
Mike_Summey: nichole, I have a simple solution! If he doesn’t read it, kill him!
nichole: Yep, I agree. I’m not sure, but I *think* my dad is worth over a million, but he’s also pretty miserly, so none of us really know.
Al_Lee: ken, leverage is one of the most important concepts in investing. It means using other people’s moeny to make you money. It also means positioning yourself on the right side of inflation.
nichole: Mike… I really like that idea! I’ve been tempted, believe me!
Mike_Summey: I’m going to have to run also. I have an early meeting tomorrow and I need my beauty sleep. See you all next week.
nichole: Bye… Cya next week
hottie: Mike, our son is reading WM mindset. He loves it
Al_Lee: I need to go too.
ken: night all
Mike_Summey: Please tay in the chat room and talk with each other as long as you like.
Al_Lee: Goodnight, all
shoe_kc: night all
hottie: Gott run, all good night, Mike
Al_Lee: I;ll tlak to you later about Vegas, Mike
Mike_Summey: goodnight all
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