1st Game a Success!

Thanks to Dave, Gilbert & Mike for coming out to play. We had an amusing game and some great conversation. We talked about mentors, goals, books, influences, and all kinds of good stuff. They were all way ahead of me in investment experience and knowledge, listening to their stories was fascinating. I learned more from them than playing Cashflow. Best of all it was a real pleasure to be around constructive, optimistic, helpful, and upbeat people. So many of us have those in our lives who are bad-tempered, complaining, grouchy, and the dreaded “advice givers”. You know who I’m talking about. If you want to add a few encouraging individuals to your circle then join us next time and bring a grouch if you want, maybe we can rub off on ‘em.

Our Next Game

Date: Saturday - September 16, 2006
Time: 9AM
Location: RE/MAX Platinum Real Estate Office
2702 E. Hwy 190 Copperas Cove, TX 76522
*special thank you to Gilbert for the use of his conference room and volunteering to place an ad in the paper to announce the next game.
http://maps.google.com/maps?oi=map&q=2702+E+Hwy+190,+Copperas+Cove,+TX+76522

Agenda & Schedule

Cashflow 101 and 202 will be in play today

*Muchas Gracias Mike & Dave for bringing the additional games

If anyone else out there has a game board & would like to share with the group, e-mail phoenixhoward@gmail.com

9:00 AM: Member Introductions.

9:15 AM: Brief topic discussion

How do you track and organize your finances? What’s your system?
File folders, Budget in Excel, Accounting software, Accountant, Financial Planner…???

9:30 AM: Let the race to the fast track begin!

The game begins in the “Rat Race”. The object is to move on to the fast track by accumulating enough passive income to exceed your monthly expenses. Once on the fast track whoever increases their cashflow by $50,000 or lands on their “Dream Goal” wins!

*The game will take approximately 2 hours. Refreshments will be served.

If you are interested in playing Cashflow then please send an e-mail to phoenixhoward@gmail.com with the following information.

1. Name
2. Telephone number
3. Address
4. E-Mail address
5. Include a photo if possible

Then keep an eye on your inbox for an e-vite (to ensure proper delivery whitelist info@evite.com).Please RSVP, even if it’s to regrettably say you will not be able to attend.

*Thank-you F. Bailey

Club FYI

Our short talk topic last time was “Credit cards, debt, & credit scores.” Here are some highlights:

Anatomy of a Credit Score

Payment history = 35%

• Consider automatic bill pay to ensure on time delivery
  

Amounts owed vs. amount available to you = 30%

• Checking a score after you pay your credit card bill(s) for the month can make a difference of as much as 20 points

Length of credit history = 15%

• Minimize opening and closing different accounts, strive towards establishing a history with your credit providers

Amount of new credit = 10%

• When you shop for new credit (such as a home loan), try to do so in a concentrated period of time. FICO distinguishes a search for a single loan and requests for many new credit lines.
• Compare rates http://www.bankrate.com/, http://www.cardweb.com/, or www.myvesta.org

Types of credit = 10%

• Credit cards, retail accounts, and installment loans
• More is not always better in the eyes of credit scorers. Keep debt to income ratio around 10% or less [Total credit debt/Total after-tax annual income]

Of course each category has several sub-categories. From what was shared during the discussion each credit bureau has a system that rotates 13 or so random categories to construct a score. In other words scores are not set, they change all the time.

http://www.fool.com/ccc/check/check02.htm

Also it is a good idea to check your credit report (with all 3 agencies) periodically to check for mistakes and to detect ID theft.

special discount on a 3-in-1 credit report here: http://snipurl.com/vmg8

Note that requesting a copy of your own credit report does not affect your score.

Comments

• Feel free to bring a guest to the next game.
• Schedule permitting, arrangements can be made for anyone who would like to play one on one with me because they cannot make the scheduled play date.
• Please submit questions, comments and/or suggestions to phoenixhoward@gmail.com