Look, up in the air, it’s a bird, it’s a plane, no it’s Richard Branson, piloting his new start-up, Virgin Money USA.

In his new venture, daredevil adventurer, businessman, and philanthropist Branson has taken the plunge into the U.S. real estate market. For anyone who has followed Branson’s storied career, it should come as no surprise that he would jump into a housing market that is still falling. They laughed when he launched Virgin Airlines as a low cost no frill carrier serving the UK to US market. Other brash entries into other markets have been similarly ridiculed at the outset. The unlikely success of his many risky ventures has defied many of the naysayers. His new business model is designed to take advantage of the current downturn in the U.S. housing market and the resulting mortgage and credit crisis that is making buying properties more difficult.

Is this guy delusional, or, as he has often been in the past, a visionary? See for yourself in this article from Realty Times that details Virgin Money, USA and what it offers to both buyers and sellers of U.S. properties.

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Filed under: Finance, Mortgages | No Comments »

If you own or are buying a second home, you should be aware that, as written, current tax laws encourage second home ownership by allowing deductions for mortgage interest, property taxes and other expenses on vacation homes. The Washington Post offers a detailed look at how buying and owning second homes can result in tax benefits.

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In its zeal to protect creditors, the prior Congress passed bankruptcy reform, making it more difficult for consumers to walk away from consumer debt. The old bankruptcy law, which had been in effect since 1978, had been seen by many to be housing friendly. It was a relatively inexpensive means of debt liquidation that offered a greater likelihood that consumers filing for bankruptcy could keep their homes. The new bankruptcy rules limit Chapter 7 filings that allowed cancellation of certain unsecured debts, (such as credit cards), to low-income consumers. All others are now forced to file under Chapter 13, which requires repayment over time of most, if not all of their debt, secured and unsecured. The unintended consequence of this change to the bankruptcy code has been that many consumers, when forced to repay all of their debt, are finding it difficult or impossible to keep up their mortgage payments. In essence, lawmakers have created a situation where, in an effort to protect financial institutions, they passed a law that has contributed to a deepening of the current home mortgage crisis.

Via Business Week

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A recent Harris Interactive Poll conducted by Harris Interactive for financial services provider Principal Finance Group indicates that many retired or soon-to-retire baby boomers are experiencing unease about their long-term financial situation.

Among those still working, the survey found some of these fears include whether they will be able to maintain the quality of life, ability to afford medical care and inflation reducing their purchasing power.

Poll results indicate that retirees share many of the same fears as those still in the workforce. Added to that list, 21% of retirees in the survey expressed concern about being able to afford the basic necessities of life.

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I have to admit that when I first learned of The 4-Hour Workweek, I was very skeptical. Working only four hours a week? It must take a lot of money to get started, or you must have to have tons of experience. So, for awhile I didn’t bother to read the book (written by Timothy Ferriss).

But, I was browsing in my favorite bookstore last weekend and saw it sitting there on the shelf with a giant 20% off sticker attached (they were having a sale on select business books). So I bought it, and have proceeded to read it over the past few days. I was pleasantly surprised.

I know that a lot of baby boomers are looking at retiring within the next few years, and many are wondering how they’re ever going to afford the lifestyle that they’ve planned on having after they’ve reached that milestone. Some have lost pensions, others simply didn’t plan on the cost of living being as high as it is now, and others may have simply started saving for retirement too late.

While The 4-Hour Workweek seems to be aimed at mainly at 20- and 30-somethings, its principles stand for anyone who’s looking for financial and time freedom, including those approaching traditional retirement age. Unlike many books that talk about doing things to gain financial freedom, this book actually gives you a step-by-step plan for doing so, and offers resources for implementing your plan.

Everything from how to outsource (not just restricted to overseas outsourcing, it also covers outsourcing to people in the US and Canada) to exactly how to automate your life to exactly how to create the products that you’re going to sell for minimal time and financial investment.

For anyone who is wondering how they’re going to afford to retire, or who wants the benefits of retirement now, The 4-Hour Workweek is a must read.

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Filed under: Finance, Products, Tools | 3 Comments »