The C.A.S.H. Formula: A Successful Path to Achieving Wealth
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The C.A.S.H. Formula - WenFang Bruchett
The C.A.S.H. Formula: A Success Path to Achieving Wealth
Copyright © 2018 by Key to Biz LLC
All rights reserved. This book or any portion thereof may not be reproduced or used in any manner whatsoever without the express written permission of the publisher except for the use of brief quotations in a book review.
ISBN (Print Edition): 978-1-73263-759-7
ISBN (eBook Edition): 978-1-73263-752-8
Table of Contents
Introduction
Financial Stages of Life:
5 Cs of Blissful Partnership:
The Method
C is for Credit
I. The Fundamentals
A. Personal Credit
B. Personal Credit Score
C. Bankruptcy Risk Score
D. Business Credit
E. Business Credit Score
II. The Games
A. How to Play?
B. How to Fix It?
1. How to dispute incorrect information
2. How do I deal with a debt collector?
3. What if I got sued about a debt?
C. How To Handle Federal Student Loan Debt?
1. Before You Graduate or Leave School
2. After you graduate or leave school:
3. Consequences if your federal student loans go into default:
4. How to get out of a default federal student loan
5. How a federal student loan can be forgiven, canceled, or discharged
6. How a federal student loan can be paid off with a private loan
D. Frequent Asked Questions:
1. How can I protect my credit score after a divorce?
2. What’s the difference between a credit counselor and a debt settlement or debt relief company?
III. The Rules
A. Story:
B. Documentation:
1. Personal Loan
2. Mortgage (refinance/purchase/home equity)
3. Business Loan
C. Ratios:
1. Personal Loans:
3. Business Loans:
Secret # 1: The Right Match:
Secret # 2: Dress to Impress:
Secret # 3: Deep Understanding:
A Is for Assets
I. Asset Protection
A. Flood Insurance
B. Estate Planning
C. Insurance Funds
D. Debt Payment Protection
II. Recover Assets
A. FEMA Registration
B. Working With The Insurance Company
C: The Flood Claim Process:
D. Office of the Flood Insurance Advocate (OFIA)
E. Public Adjuster
F. Tricks for Working with Contractors
G. Working with Lenders
III. Leverage Assets
A. Tactics
S is for Savings
I. Bucket Budgeting
II. Debt Cleaning Strategy
III. Auto Saver
Organization saves money
Time saves money
Simplicity saves money
H is for Health
I. How to Move
II. How to Eat
III. How to Think
Epilogue
About the Author
Dedication
I dedicate this book to my father, Shou-Jyh Yang, who is always giving. His big heart and selfless acts have touched everyone who came across his path. His courage to move the entire family across the continent in order to have a better life has given me the strength to overcome any adversity. Thank you, dad, for showing me the way to live life fearlessly.
Note to Readers
This publication contains the opinions and ideas of its author. It is intended to provide helpful and informative material on the subjects addressed. The strategies outlined in this book may not be suitable for every individual and are not guaranteed or warranted to produce any particular results. This book is sold with the understanding that neither the author nor the publisher is engaged in rendering legal, medical, psychological, financial, accounting, or other professional advice or services. The reader should consult area-specific certified professionals before adopting any of the suggestions in this book or drawing inferences from it. No warranty is provided with respect to the accuracy or completeness of the information referenced or contained herein. Both the author and the publisher specifically disclaim any responsibility for any liabilities, losses, or risks, personal or otherwise, which are incurred as a consequence, directly or indirectly, of the use and application of any of the contents of this book.
Introduction
Right after I graduated from college, I took a trip overseas using my only credit card. I was so happy that it was so easy to access cash with my credit card. I thought to myself, This is just like an ATM.
I did not know the consequences of taking a cash advance until I received the statement a month later. I was so deep in the financial hole that I needed a way to get out of my trouble. A friend of mine, who is a realtor, suggested that I purchase a condo that was available for sale. Since I had neither enough money for a down payment nor established credit, my friend’s sister gave me a loan on the condo. Since I was leasing an apartment at the same time, I decided to rent the condo. Six months into the deal, I was losing money on my investment. I decided to break the lease on the apartment and move into the condo. However, I never realized that by breaking the lease and moving, my credit would be ruined for the next seven years.
Even though I graduated with a bachelor’s degree in finance, I had no idea how credit worked. Since I had no funds to pay off what I owed on the apartment, I ignored the credit report that I received. I had no cash to repaint my condo ceiling (due to a leak in the ceiling), nor did I have the funds to get a new air-conditioning unit because the one I had would regularly break. I sold the condo at a very low price so that I could pay off the debt. Now homeless, a friend of mine who had moved away asked me to stay in her vacant property while it was on the market for sale. This meant free rent with no lease agreement or credit check, so I took up her offer.
One day, I had an epiphany: I must learn the tricks of the trade of finance from the inside. Therefore, I joined the world of banking, and it changed the perspective I had about money. Fast forward two decades later: I was the vice president for several major financial institutions. My goal with this book is for you to avoid years of making the same painful financial mistakes that I made so that you can genuinely enjoy happiness, health, and wealth now instead of years later in your life.
Financial Stages of Life:
When you are young, you are carefree, spontaneous, happy, and live for the moment. However, once you reach adulthood, you quickly realize that you must have financial means to survive. When you understand each milestone of life, you can secure your lifestyle accordingly.
Stage 1 is Birth. The joy of bringing a new life into the world comes with financial obligations. Do you have the proper health coverage to take care of your child? How will you manage if unexpected medical expenses pop up? Are you financially stable so that you can bring an additional member of the family into your lives?
Stage 2 is Education. To take a child’s educational development to the next level is every parent’s dream. How will you fund your child’s education? What is the cost-effective way for your child to receive a quality education? Do you have the resources to support the expense without going bankrupt or taking money from your retirement funds?
Stage 3 is Career. Work keeps your mind sharp. Are you happy doing what you are doing, and have you achieved financial stability? Are you creating wealth for yourself, or are you making someone else rich while you are working? What other economic opportunities can you explore?
Stage 4 is Family. A happy union is blissful. Can you sustain a loving relationship based on your current finances? How are you going to pay for any additional expenses that may be needed for the family? What can you do differently and still maintain the lifestyle of your dream?
Stage 5 is Retirement. At last! You can relax now. When can you stop working and live comfortably? Where will the primary source of income to fund your retirement come from? How can you enjoy life with your available financial resources?
Stage 6 is Death. The final resting stage. Do you have funeral arrangements preplanned? What financial reserves do you have to take care of any remaining loved ones? What can you do to eliminate any family feuds over your finances that may occur?
Mapping out each stage enables you to control your financial destiny without sacrificing the joy of living.
5 Cs of Blissful Partnership:
Finances are one of the main things that can strain any relationship. Before you marry the one you love, you should have the following:
1. Clear Picture
2. Clear Understanding
3. Clear Actions
4. Clear Contingencies
5. Clear Goals
Have you seen your loved one’s credit report? How much debt, exactly, does your loved one have? If you do not have a clear picture in your mind, you may be sharing a financial burden down the road. While you are in love, you are smitten with the other