I’m refinancing my home mortgage at 2.875% 15 year fixed in the next couple of weeks. This is the 3rd time I’ve refinanced and have reduced my monthly payments by more than $1,000 in the past 5 years. The savings over the life of the mortgage is astronomical. Why then do so few people keep a sharp eye on interest rates and what it could mean to refinance? This is not a small deal, it can be a game changer.
In the old days, the rule of thumb was that you needed a two percentage point spread to make refinancing a smart move. I had a 0.9% spread and am doing a cashless transaction.
There are hidden assets in your business and in your personal life that you can tap with just a little bit of attention. One of more of these could be game changers for you.
An important strategy to ensure that you don’t miss these opportunities is to surround yourself with business advisors who don’t just smile at you and tell you how great and good looking you are but rather challenge you and keep challenging you to achieve excellence. One of my favorite discussions with a Client of all time was when we met and he said that I’m being too nice to him. Wake up call!
Your business consultant, banker, attorney, accountant, IT firm, HR firm, etc. should do more than fill in the blanks. Challenge them to drive you to excellence.
So, hurry up and start losing interest… and prosper!