Seven Borrowing Resolutions for 2011: The Art of Won’t

Marina Bay New Year's Eve Countdown.

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Well 2010 is nearly past.  2011 is just ahead.  What will we change to make the most of the new year?  What will we keep the same?

The end of the year is the perfect time to reflect on the accomplishments and blessings of the last twelve months.

  • The country seems to have stabilized from the financial crisis.
  • Interest rates are near historic lows
  • Employment seems to be slowly improving.
  • The stock market has restored part of many people’s portfolio.

Sometimes it seems like we are on a hamster’s wheel trying to stay ahead of the next financial disaster I like to think of the new year as a fresh stretch of highway.  How will we change the way we drive on 2011’s highway?

I’m not a big fan of New Year’s resolutions so I don’t make my own.  Instead of making a weak vow to do something in 2011 I’ve come up with a list of things to avoid in the New Year.

  1. Say no to borrowing decisions that negatively impact your financial legacy
  2. Vote against reckless government borrowing and spending
  3. Don’t go it alone when making important financial decisions like borrowing money for a home, business or car.  Find a trusted friend or qualified borrowing coach to help guide your decisions
  4. Don’t commit the five most serious borrowing mistakes in 2011.  Be a borrowing gladiator.
  5. Don’t think of your primary residence as an investment and stop making financial decisions as if it was part of your investment portfolio
  6. Don’t prepay your mortgage unless you have a valid reason for doing it
  7. Remember the lessons learned by America’s military veterans and how those lessons can be applied to borrowing money today

How will you change your spending and borrowing habits in the new year?

I wish you and yours a happy New Year celebration.  May we all have a better ‘11.

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About Michael Shelton

Your Business Coach Facilitating Delegation and Work Group Engagement Michael Shelton has over twenty-five years of business and military accomplishments, including extensive experience with one of the largest, publicly traded real estate investment trusts (REIT). He is a qualified business coach with assignments in cross-functional work group management, strategic planning, unit leadership, joint venture acquisitions, executive education, mentoring, training and merger integration. Michael has accumulated best practices for building committed work groups from more than $4 billion of capital markets transactions and commercial property development. He served as a commissioned officer and helicopter pilot in the U.S. Army, and earned his MBA from The University of Arizona. Michael has served as a major conference panelist and is the author of Cash Flow Rich, Winning Ways to Evaluate and Finance Real Estate. Today, he helps business owners get more work group engagement as President and CEO of Shelton Business Services, LLC in Scottsdale, Arizona. Disclaimer: I don't offer investment, legal or tax advice. Talk to your broker, accountant or lawyer for investment, tax and legal help. I might own stock in the companies I mention on-line. My posts, tweets and other on-line activity are my personal thoughts and don't represent my employer or company.
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2 Responses to Seven Borrowing Resolutions for 2011: The Art of Won’t

  1. Pingback: The Six Pillars of Borrower Character | Pro Borrower

  2. Pingback: Five Reasons Your Borrowing will Crash Your Small Business | Pro Borrower

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