Mortgage Broker Fee Agreement For Financial Services: Fill & Download for Free

In my time at the bank, I decided to start lending to Trump for a simple reason: he had a deal that was unquestionably a home run, and we could charge him a huge fee because other banks were hesitant to get involved.A little context would be useful. Back in the 70s and 80s, loan agreements were unique to each lender. Many left open the possibility of the property getting dragged in to bankruptcies or problems with other properties, or the developer himself. By the late 90s. Securitization (taking packages of loans and placing them into a trust, then issuing securities off that trust) standardized loan documents and processes. Every property was held in a single purpose entity, an LLC quarantined from the developer personally, and from his other properties. Cash flow often went through a “lock box” - a special bank account that collected all rents and revenues, and from which mortgage interest, taxes and other expenses got paid before a penny could be taken out by the owner. All of this had to pass the scrutiny of the bankruptcy lawyers and the ratings agencies. So, if a developer with a checkered past had a great deal, banks could still lend, as long as they were certain the terms would be honored. In Trump’s case, he was a loudmouth, but he wasn’t a criminal. He wasn’t going to steal money out of the building account and go to jail. Nor would the bank allow it.That first deal, 40 Wall Street, was a fabulous office property in need of a renovation. With $125 million invested, we estimated it would be worth maybe $300–350 million or more, and the rental income would cover the loan debt service, expenses and property taxes by a wide margin, even based on super conservative occupancy and rents. Because he had problems in the past, we were one of the only banks that would deal with him - but far from the only one. Also, build out loans were not something most big banks did for anyone. He had gotten an $18 million loan from a major NY lender to construction projects - Union Labor Life Insrance Co (ULLICO) AND if memory serves, a $40 million loan from a Japanese bank’s US subsidiary already, but he needed more. The Japanese bank was having issues with their management, so Trump was brought to us by a top broker. All my underwriters loved the deal, and I took it to get Board and Credit approval. We charged Trump 2.5X our normal fee, and he did the deal, a little grumpy about the fee, but pleased. That loan was paid as agreed, and the building was valued at $550 million by Bloomberg in 2016.Trump then showed me a new deal, a building site across First Avenue from the United Nations, that was SPECTACULAR. It was the first super-tall condo in the world. there was nothing like it in NYC, which, thanks to rent control laws, always had a severe shortage of rentals, and few new, high-quality residential condominiums. Buyers in NYC often have to go through co-op board approvals that make Congress’ inquiries look like a game. For foreigners, athletes and celebrities, this is usually a non-starter. They don’t want the nosy boards looking at all their personal info, and the boards don’t want paparazzi outside day and night, or parties and noise. In a Trump condo, all a buyer needed was cash.So, Trump had a 90-story (height - 72 finished floors), 900,000 square foot plan ready to go, at a cost of about $300 a foot (with a big garage and retail space as well). But a $300 million construction loan was hard to come by. We estimated the market for this kind of building to be at least $500–600 per square foot. Most of its floors would have incredible views over the East River, and the high floors would be phenomenal. I sorted out a way to do the loan (we didn’t do construction loans) together with another German bank and a Life Insurance company (we took all the market risk, they took the risk Trump could get the thing built — which AGAIN shows that banks were perfectly willing to take Trump risk but not real estate market risk) - and once again charged Trump a really big fee. In fact, I had negotiated a participation in the profits, but the Bank turned it down (stupidly). I believe the debt was paid off before the building was even occupied, and Trump and his partners undoubtedly made hundreds of millions in profit.Trump then asked us to look at refinancing his casinos. We turned down three of four, but offered him refinancing on one property - the Marina. Trump was unable to buy back the existing debt, so he never took our loan proposal. There was a minor disagreement in the Credit department at the Bank - the negligent credit analyst was replaced. One reporter tried to turn this into a scandal - it was no such thing, and, in any event, Trump could never complete the deal.After this, the first global financial crisis (Russia defaulted, then Long Term Capital collapsed, causing a massive panic in the credit markets) hit a few months later, and everything stopped. DB announced it was cutting back on all risk capital. I had been recruited from Goldman to make DB a factor in commercial real estate. Within 9 months, I had started and built a department that was the equal of any on Wall Street, beating out the likes of Goldman, JP Morgan, Merrill, Lehman, Morgan Stanley for deals and cracking the “bulge bracket” as a top 3 or 4 manager of securitizations, AND we were the most profitable department in the US sub, and perhaps the entire fixed income operation. But, the global retrenchment of the entire industry was on, and the Division manager wanted his buddies from Merrill to run the most successful businesses in his global domain. 40% of the department was laid off (with all performance and incentive pay for the year paid out in full at the highest multiple.)Ironically, the guys who took over made some truly horrendous decisions. Somehow, even though the commercial real estate department had said no, the high yield department (I believe reporting to a banker who wound up running the bank) evidently agreed to refinance all of Trump’s casinos, and the deal quickly cratered. Then, they agreed to make a huge loan to another developer I had flagged as a no fly zone after one very successful deal in Florida (it was so good no one could screw it up) - this one on a new casino in Las Vegas. I was stunned when I heard about it. To absolutely no one’s surprise, it rapidly failed, and turned into one of the worst loans EVER made by ANYONE - the Cosmopolitan Casino Hotel. I think the bank lost close to $2 billion all in. It was so bad, that when they foreclosed, the two heads of the department had to get licensed by the Gaming Commission in Nevada! The re-structured hotel’s marketing slogan was “Just the right amount of wrong,” with women in bondage outfits. We joked it should have been “Just Absolutely, Totally Wrong,” with women in fire gear burning huge stacks of cash.A long answer. I really don’t know what happened after 1998, but I can say assuredly that Trump didn’t play anyone on the first couple of deals, and in fact I felt like we had played him. Had the Board taken the equity participation in the Global Tower, the Bank likely would have made 5–10x more than our simple fee. Even so, we made 2–3x our normal fees for loans I felt had almost no risk at all, and worked out spectacularly. He was a terrific client, even if he was only 1 or 2 percent of our business.I can also say that it is enormously unlikely Trump would seek loans with no intention of repaying them. The DB guys I knew were all smart and seasoned pros - it seems that the Chicago deal got sideways thanks to the Global Financial Crisis of 2008/9. From what I have read, Trump and his team really worked hard to work out a solution - even if their “clever” lawyer took a wacky shot at getting a court to get him a break, calling the subprime collapse an “act of God” - some creative inanity quickly disposed of by the courts.Of course, I didn’t know any of the Private Bank people, and have no idea why they would be doing any real estate lending. From what I read, those loans to Trump are all performing, though.

Buying a home is one of the most important decisions you’ll ever make. So it’s always best to get all the help you can. Here are some steps to consider.1 ) Are you ready to buy?You should already have saved some of your down payment and you should be good at managing debt like credit cards or student loans. A mortgage is a financial responsibility that also requires constant upkeep.2 ) Decide how much you can affordUse this simple equation to consider what you can expect after you’ve saved for your down payment. The cost of buying a home = one time costs (down payment, legal fees, inspection fees and taxes) + monthly costs (mortgage, utilities, maintenance, insurance and property taxes).3 ) Decide what you want to buyFirst, decide where you want to live (urban, suburban, rural) and then decide which neighbourhood suits you best and what type of home (detached, attached or apartment) you want. Whether or not the property is new or resale may also affect your costs.4 ) Find the right REALTOR®There are many ways to find a REALTOR®: drive through neighbourhoods that interest you and jot down names, go to open houses, look at advertising, ask friends and family if they have worked with a REALTOR® they like. Interview two or three and pick the one you like best.5 ) See what’s out thereREALTORS® run an incredible search tool called the Multiple Listings Service® (MLS® for short) which contains information on property listings. Your REALTOR® can send you listings that fit your criteria and together, you can draw up a short list and visit a handful of homes to make an informed and wise decision. You can also view Vancouver listings here.6 ) Sell your current homeIt’s the age-old question, do I sell my home before I buy, or do I buy my new home before I sell? It’s natural to want to buy your new home first so you have the security of knowing where you’ll be living. But there are advantages to selling first, buying later: You’ll know how much your house is worth, so you can be surer of how much you can spendThere’s a chance you won’t have to make your offer subject to financingYou might be able to arrange a long closing to give you time to lookIt could be a stressful situation, but it’s also stressful to own two homes!Look at section 10 steps to selling your home for useful tips.7 ) Add some specialists to your teamA mortgage broker may be able to get you the best possible rates. A notary public or a lawyer will help you understand the many legal documents that come with buying your home. A home inspector can save you from unpleasant surprises when you move in.8 ) Make an offerREALTORS® are expertly trained and will prepare your offer for you. For some of the terms, you’ll find in the documents, visit our Words You Need to Know: Real Estate Terms section for help. If you have any concerns or hesitations, ask your REALTOR® to explain.9 ) Arrange a mortgageThere are hundreds of banks, credit unions and other lenders. How do you select which one is best for you? Now is not the time to be money-shy! Talk to your financial institution and call around to others. Ask friends, family and colleagues. REALTORS® are very knowledgeable about mortgages and have lots of good advice and they may be able to refer you to a mortgage broker. Compare rates10 ) Close the deal and move inYou offer has been accepted! Great news! Your REALTOR® and notary public or lawyer will do most of the closing work. But make sure to ask about any conditions of the agreement that require immediate action on your part. Before you know it, you’ll be handed the keys to your new home.In the end, if you’re a first time home buyer in Vancouver, BC you can download the first time home buyer’s guide.

1) The best way to double your money is fold it in half and put it in your pocket.2) Stop going to Starbucks. Make coffee or tea at home and put it in a thermos. You could save 1500 dollars a year or more.3) Stop drinking soda. Drink more water. Or if you must have soda buy it by the 2-litre and fill a thermos. Or get a Sodastream. You can save at least 1500 dollars a year not drinking soda.3) Eat out less. Make lunch and bring it to work instead. It’s healthier and cheaper. You could save many thousands every year just from this. Even is it only costs you 12 dollars a day for lunch at the local Choke and Puke that’s almost 2700 dollars a year. You can make your lunch at home and bring it for a fraction of that price.4) If you must eat out from time to time to be social with friends, then just order the entree. Skip the appetizers and desserts and get water instead of soda. If you eat out once a week with friends you can save almost 20 dollars per meal this way. *** Never, ever divide the check equally. Pay YOUR share and be generous with the tip but dividing the bill equally means YOU are subsidizing someone else’s expensive entree, Super Call booze and appetizers. Pay for what YOU eat, not what THEY eat.***5) Reduce your time in bars. Bar drinks are a total waste of money. With tip a single round is 10 dollars. How many rounds do you have a night? You want to be social but you don’t need to go round-for-round. And go home earlier.6) Cut back on your phone and cable services. What do you really need?7) Cut back on subscriptions and impulse buys. Make lists of things you need at the store and stick to it.8) Forget about driving around town looking for the best gasoline price. You might save 60 cents or maybe a dollar over a tank of gas. It’s not worth your time.9) Here’s one that I do every year that always pays off. Use the “box strategy” for saving money for the holidays. There are three essential ways you can do this. Every Saturday put some money in a box, starting right after New Years. The first week put in 1 dollar; the second week put in 2 dollars; the third week put in 3 dollars and so on until Christmas. The last week you put in 52 dollars and you have 1378 [52 weeks, 1+2+3…+52=1378] dollars in the box. Or if it gets too hard over time then start with 52 dollars a week, then 51, then 50 and so on and the burden gets lighter with each week. Or if that is too hard then decide to put 20 dollars every week in the box. Or 10 or pick a number. By the end of the year, you’ll have a little pile of cash for that vacation or to pay off the bills.10) Save all your change in a box or bowl. By the end of the year you’ll have about 200 dollars saved at a minimum.11) Make a budget of what things cost on a monthly basis and prepare for it. Stick to the budget.12) Always “pay yourself first”. This means anytime you get paid, put at least 10 (and better if it’s 15) percent into a retirement fund. Use a Roth IRA or a Vanguard SP 500 index fund or 401K or Keough or some plan but put the max into it every week, then make your life on whatever is left. Plan for the future.13) Get rid of credit cards. The average American pays $1300 a year in interest alone. Just insane. Make certain you have the minimum number of credit cards and consolidate all the debt on one card. Pay off your credit cards on time, in full every month. Make sure your bank pays at least the minimum automatically at the same time every month, therefore eliminating the late fees, which are 35 dollars or more and cause your interest rate to jump. Interest rates on credit cards should be irrelevant to you because you’re paying them off every month. If you can’t pay off your credit card every month then your spending is out of control. Get it under control. Until you get it under control consolidate debt on the lowest interest rate card you can find.14) If you are buying a first time house then go for the 30 year fixed rate mortgage with no closing costs, no fees. The rate is a little higher but you can get into it with less money. You can find ways to avoid paying PMI by using multiple loans. If you cannot eliminate PMI then keep track of your house appreciation. As soon as your debt-to-value hits 20 percent then call the bank and tell them to cancel the PMI. *** If you do not actively kill PMI the bank will charge you for it forever. That’s 60 - 300 dollars a month you are wasting ***. Note that with mortgages you can pay off a 30 year mortgage in 23 years by making just one extra payment a year. Pay your mortgage biweekly (every two weeks) and that’s the same thing as making an extra payment a year. Or make your January payment in December to get the extra interest deduction on your taxes. Once you’ve been in your house a couple of years, try to refi to 15 years if you plan to stay in it, then make one additional payment per year and pay off that loan in 12 years. You will save tens, if not hundreds, of thousands of dollars in interest costs.15) Never, ever buy a new car. Buy a good used car with 30,000 miles on it. The car will still have the warranty and cost thousands less. Except for ego and pride there is no valid reason to buy a new car. It’s a total rip off. Never, ever go for the 5 year car payment scheme. If at all possible, go for the three year scheme and pay it off as quickly as possible. A paid-off car is money in the bank and you can save that payment in a fund as down payment for the next car. Many people say the “extended warranty” isn’t worth it but I disagree. It usually pays for itself with the first use. And look at cars with great gas mileage. If you can swallow your pride a little bit, you can save 500 dollars a year or more on gas.16) If you have to make a huge purchase such as a roof, note the life span and the cost, divide it up and put that money in a mutual fund every month. For example, if a new roof costs 20,000 and is expected to last 20 years, put 35 dollars a month away and when it’s time for a new roof you’ll have most of the cost on hand, no extra unplanned burden.17) Discover what kind of frequency of services you can reduce, such as house cleaning and yard maintenance. Even a small reduction in frequency saves hundreds of dollars a month.18) Invest in LED bulbs, and programmable thermostats. These are cheap and easy to implement and can save hundreds per year. Raise the thermostat higher in summer and lower in winter and save hundreds on heating and cooling costs. One of the best ways to save money on heating is to lower the temp on your hot water tank, especially in the summer. You burn an incredible amount of fuel to keep that water at the set temperature. And if you are going away for even a few days, set it to “vacation” or the lowest level. The furnace doesn’t care if you use the water or not - it’s going to keep it hot all the time.19) Donate old clothing and other goods to charity for a tax write-off. You might need to itemize but it’s worth it. Take the charitable deduction for religious services or keep track of money you donate. Up to a certain limit it is worth deducting.20) Seriously, give up smoking if at all possible. A pack-a-day habit costs between 3600 to 5000 dollars a year. If you must smoke, then invest in bulk tobacco and pre-rolled tubes. You can smoke for half the price.21) Use coupons whenever possible. In some cases, two-for-one coupons at restaurants make the food cheaper than you could make it for yourself - as long as you order the water and don’t order appetizers or desserts or booze. Eat the food, pay the bill AND LEAVE. This strategy only works if you can avoid the extras. But remember: a coupon for Prilosec (etc) STILL leaves the prices higher than for generic Omaprezarole and it’s the exact same thing. Where quality is NOT an issue, buy the generic.21) If you are a frequent traveler, take advantage of frequent flyer miles and points and play up the schemes where it’s profitable. Check out Deals We Like - The Latest Travel Deals for the Savvy Traveler for the latest on points and deals.22) Buy the quality item when you can afford it. Quality doesn’t necessarily mean higher price but it usually does. Quality counts in many things, such as tools and clothes and maybe even paper towels. But it doesn’t in aspirin or many cleaners or other things. Decide WHERE you want to spend on quality and where you can be cheap. Buy quality where it counts, such as in boots or coats and sweaters. Forget about buying high octane gas unless your car calls for it. It’s a total waste of money. Remember: Only the rich can afford to buy cheap because only the rich can afford to buy twice.23) Here’s some advice I cannot emphasize enough: Never, ever discuss your financial dealings with your friends and acquaintances. Don’t boast, don’t allude to the money you have, don’t flash cash. Be humble, be discreet and be silent. Nothing sets up jealousy or gloating like people who think you have something they don’t or that they are better off than you are. It sets you up for resentment, cavalier attitudes and people who expect you to act in their best interest “just because”. Never pass up the chance to shut the hell up.These are the easy tips for small potato savings that add up. The bigger tips are these:1) Never lend money you cannot afford to lose. There’s a better than even chance that you will never see lent money again. It’s the price you pay for finding out who your real friends are. Make anyone you lend money to sign a contract. A contract must contain the basic things: who it’s between, what the agreement is, what the start and end time frame is expected to be and what the “consideration” is to be. Consideration is either interest or penalty for non-performance. If someone borrows money for you and puts up their car, put that in the contract. If they give you an expensive watch to hold, put that in the contract. Remember: if it’s not in the contract, it never happened. Putting it in the contract gives you moral as well as legal high ground2) Never focus solely on cutting costs; focus more on improving your source of income. No one gets rich cutting costs. You get rich by improving revenue3) Never underestimate the power of interest in small amounts. Pay off all debts in full and on time, especially credit cards.4) It’s almost always better to buy a bad house in a good neighborhood than a great house in a bad neighborhood5) Set your financial goals. What are you trying to achieve and how will you get there. Make a plan for getting there. All goals must be sufficient, feasible and realistic. All plans must be specific, achievable and measurable. Any goal or plan that does not meet these criteria WILL fail. If you plan to pay of “X” debt in “Y” years then work out what that takes to accomplish and how you will do it. If you can’t do it, then don’t bother trying. You will fail and it will hurt you more.6) Invest the maximum in any retirement scheme and start as early as possible. Almost all the money made in a retirement scheme is made in the early years so the earlier you start, the more you will have when you need it. Read about the “Rule of 72” which shows how quickly money doubles at a particular interest rate. If you plan to retire at 67 and your investment doubles every seven years, then 10,000 dollars invested when you are 25 is worth $320,000 when you retire while 50,000 dollars invested when you’re 35 is only worth only $400,000 when you retire. It’s MUCH better to invest less for a regular period when you’re young than struggle to make it up later.7) Avoid get-rich-quick schemes you don’t understand. You WILL lose. Avoid any broker or planner who uses big words you cannot understand. Anyone who is being honest can tell you how their scheme works in a way a five year old will understand it. If you can’t understand it and they can’t dumb-it-down for you then they are cheating you every single time. They make money whether you win or lose. And with Trump’s new financial rules, brokers can advise you to invest in positions they know will fail; where they have a conflict of interest; and where they can invest against you for their own benefit.8) The easiest and most productive long term investment strategy using stocks in the SP 500 Vanguard Index funds. If you put money in these funds you will most likely do better than the market over the long term - the long term being 20 years or more. If you invest in these funds, put in an initial amount of 5000 dollars then put in 500 dollars a month (minimum) and using “dollar cost averaging” always put in that minimum (you can always add more than the minimum) whether the market goes up or down. If the market goes down, you get more shares for your money so that when the market goes up, your value will appreciate faster. In the long run, most of the money is made as the result of a “down” market.9) Don’t play games with individual stocks unless its a hobby where you set aside the same kind of money you would for a trip to Vegas. Betting on individual stocks is like gambling. If want to do it for fun, that’s great but don’t depend on it and don’t sweat over it. Don’t try “day-trading” where you buy a stock you think will go up and sell it very soon. You will lose. Don’t trade on margin. Don’t try to time the market. Don’t short-sell stocks. This means selling stocks you don’t own and then buying them three days later in the hope the price fell. You can lose your shirt. Look into buying on “Puts and calls” if you can figure out the complex schemes. If you like to play in the stock market then this is a way to play at low cost. If you must do the stock market thing open a discount brokerage account at TD Waterhouse and do it through there. Don’t expect to get any decent advice.10) Do not ever purchase any of the hundreds of “investment pornography” publications out there. They are all selling the latest bullshit that will get you rich and you will only feel anxious and inferior. If you stick with Index Funds then you never have to worry too much.11) Remember that the adage to “buy low - sell high” is always true. Set limits for when you will sell AND STICK TO THEM. If the stock you bought goes down 10 percent, then sell it (if 10 percent is your strategy). If it goes up 10 percent then sell it. If it goes up more, forget it. Always forget about what happens AFTER you sell a stock. That happened in the past and all the “if onlys” never got anyone successful. Remember two things: “No one ever bet enough on a winning horse” and “It’s never too late to make a losing bet”. Cut your losses, take your profits, forget what happened yesterday or what you woulda, shoulda, coulda done. You cannot change the past so don’t dwell on it.12) Remember that when there is blood in the streets it’s time to buy more stocks. When the stock market crashes is when ordinary people get rich. So far, the stock market has ALWAYS recovered. When something bad happens, be bold and take a risk on something you like and have confidence will pull through. This is the only time I ever recommend buying anything other than individual blue chips that pay dividends. And always remember: Sometimes you have to make it “real”. Stocks are NOT money until you sell them. Don’t count your chickens before they are hatched.13) It is never a mistake to buy more bonds, unless you believe the US Government will default in the next 30 years. As you get older, for every year, one percentage point of your investment money should be switched from more risky investments to bonds. Even if the stock market collapses, you will still preserve your capital. If you need this for your retirement then you must consider it. What about gold and silver? There’s always a tiny place for precious metals - but keep it tiny, like much less than 10 percent. And remember, if you’re buying metal because you think the shit is going to hit the fan, then you MUST have the metal on hand. Gold funds, gold held in escrow, etc is all going to disappear when the catastrophe comes. If you MUST buy gold, buy 1 oz .999 fine gold in recognized coins such as Maple Leafs. Avoid crappy corrupted American gold coins unless it can be shown they are highest possible carat weight. NEVER under any circumstances buy the promotional gold or silver coins, stamps or whatnot you see advertised on television. They are a complete and total RIPOFF.14) Property is almost always a good investment but return depends on three things: location, location, location. Stocks can fail but land always retains some residual value. Owning property is an excellent way towards generating extra income along the way and a giant nest-egg for when you retire. I cannot recommend it highly enough. There are too many factors to get into here about how to be smart but generally, buying property is a good bet.15) If you plan to “buy and flip” remember that time is your enemy. Get in and get out fast. Don’t fall in love with a house and never gold plate it. Do the minimum necessary to unload it as quickly as possible at your goal price. Flipping houses is like playing musical chairs. If the market turns or interest rates change you can be stuck with a piece of shit property you cannot unload.16) Plan to retire later. The later you can retire the more Social Security dollars you can get. You can start collecting at 62 but there is a huge financial incentive to wait until you are 67. If SocSec survives (and there is grave doubt of that right now since Trump is working to kill it) then waiting longer means more money for you - a lot more money.17) If you want to be healthy in your dotage then follow the Big Seven rules for living longer, healthier: Drink less booze; stop all tobacco products; drink more water (less soda); get more exercise (even if it’s just a little); eat more vegetables (lots more vegetables); Get (and stay) married; own a dog or cat. If you do these things you maximize not just your chance of living longer but enjoying a better quality of life.18) Get a lawyer to make your will. Do not die intestate. It’s misery for your survivors and the state gets a great deal of your money. Assign a proxy and power of attorney that you trust; make a living will; assign power of attorney over medical decisions; decide how you want your life to end. Don’t delay. Some day tomorrow is not going to come.19) Consider joining the military at a young age so you are always eligible for VA benefits, extra points and other perks that go with that job. Consider civil service as a way of getting good pensions or retirements and early retirement so you can do something else if you want. “Double Dippers”, people with 20 years in two civil service jobs make enormous retirement sums.20) Involve your spouse or significant other in all your financial dealings. Do it all together, not just so you have a plan but so that both of you know what to do if the other dies. It’s inevitable. Make sure they know the passwords, pins and combinations or where they can get them if they need it, and vice-versa.21) Consult and actuarial table and determine how long you will live and how much you will need to survive during that time and how you will live, No one can plan when they are going to die but you can get an idea on average and plan accordingly. This includes Assisted Living, which can run 5 - 10,000 dollars a month. If you run out of money you WILL find yourself on a stained mattress in a filthy state-supplied indigent nursing home being molested by the staff and robbed blind when you are most helpless. Don’t let that happen.22) Most of financial planning is about planning for the future and the biggest piece of advice I ever got was “Don’t be stupid”. That seems rather facile but it’s also true. Use common sense; don’t trust people you don’t know; if something seems too good to be true, then it probably is. And so on.23) Don’t skimp on insurance for your home and property. Review your policy once a year. Insurance is the biggest scam in the universe and if there is a way for them to NOT pay when you need it, they will find it. Insurers are one step to the left from hardcore criminals. You need insurance but you can never, ever trust an insurance firm. Ever. They change the policy you pay for every year and the burden is on YOU to know what’s no longer covered.24) Find a good lawyer and put him on retainer. That means you give him 5000 dollars and for that money you get a business card you can call in an emergency. It’s better to have a lawyer on hand who can advise you (even if it’s to a specialist) than to be scrambling for one in an emergency. Any work he does for you is paid for by the retainer until it is exhausted. He can handle real estate, torts, wills and other things or direct you to someone who can.25) Have an emergency fund set up with at least 3 months gross salary in a money-market or rapidly liquid account. I think 6 months is better and if you don’t need it, it’s accruing interest. But if you lose your job or an emergency comes up you will have something to turn to right away. This is important.26) it might be worth it to pay off high Interest school loans by refinancing your house to 30 years. It will at least lower the payments.27) When it comes to college, it ALWAYS pays to do two years at a cheaper school than to spend four or five years at a more expensive school. Socially, this is a very difficult choice but financially the savings are enormous. In addition, if you MUST take school loans then spend the money parsimoniously. Using school loan money on food or clothes means those things will end up costing you five times the price by the time you pay off the loan. Do anything you can to avoid school loans. They are a complete and total ripoff.