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This is Your Brain on Money |
A bad economy is a good time to buy a
house
and get a great deal, right? Not necessarily,
although
you can hardly be faulted for thinking so.
Research
into your brain and how it reacts to money
shows we
are hard wired to "chase" what we you think
will be
rewarding. In modern society, that is often
money.
The new field of brain activity as it relates to
money
is known as "neuronomics." Using brain
imaging
technology, scientists look at how people's
brains
react to wanting, anticipating, and receiving
money,
which sheds light on how we make
decisions about
money. The research shows that
anticipating getting
money is even more exciting than actually
having the
money. Did you ever notice that scratching
that lottery
ticket is more exciting than the discovery
that you have won $10?
Jason Zweig, a senior writer for Money
magazine,
recently wrote a book about neuronomics
called "Your
Money and Your Brain." Zweig reports that
MRI scans reveal
that the way we make financial decisions is
not always
the wisest. "Those pictures make it clear
that your
investing brain often drives you to do things
that make
no logical sense - but make perfect
emotional sense,"
he writes. (Now you can tell your spouse
how it really
was beyond your control to bet on that horse
at the
races.)
Your Brain and Real
Estate
Since your home is most people's biggest
investment, it's easy to see how your brain
would
react strongly to decisions about real estate
investments. The news about the current
U.S.
economy is bad, bad, bad. If you tend to see
the silver
lining in any cloud, and think this is a great
time to
invest in real estate, examine those thoughts
more
closely.
Although situations such as the economy
undeniably
influence many of our financial decisions, it
cannot be
the ONLY reason we make a big leap.
It's important to make decisions based on
your unique financial goals, budgets, lifestyle
choices
and other personal factors.
A solid financial plan will help gird
you against making snap decisions based
on the
economy. When you are tempted by an ad
in the
newspaper touting the opportunity to snap
up
foreclosed properties at bargain basement
prices,
think about your plan.
Recognize that your brain chemistry may be
telling you
to chase that easy buck, but reach way
down to find
the rational thought process that will remind
you that
you have to do the wise and prudent thing
and stick to
your plan.
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See Debbie on NECN |
Debbie Siegel recently was interviewed by
Prat Thakkar of New England Cable News
and she had some good news for borrowers
with strong credit who are looking to get a
home mortgage -- interest rates are falling.
See what Debbie
had to say!
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September's Home Value Improver |
Improve Your Fall Curb Appeal
Sure, springtime may be the most popular
time of the
year for buying and selling real estate, but in
slower
markets like this one, you may find yourself
needing to
spruce up your curb appeal in the fall.
Experts advise
that a house look fabulous from the outside
any time
of year, since many people will do a "drive
by" before
they decide whether to take a tour.
To improve your curb appeal and make it
seasonal, start by taking a good look at your
house
and how it looks without its spring and
summer foliage. You may even want to snap
a picture.
When you look at the front of your house on
a
computer screen or in a snapshot, you get a
different
perspective from the one you see when you
pull out of
the driveway each morning. Steps you can
take to
improve curb appeal this fall include:
- Put away debris.
Bicycles, hoses, and
random
seating are all things that can make your
front yard
look cluttered. Put everything in its place,
and the
exterior of your home will be well on its way
to looking
neat and tidy.
- Seed your lawn.
September is a great
time to
spread grass seed, as the nights are getting
cooler.
It's also a good time to get rid of air
conditioning
window units. Your lawn will look greener
and your
windows cleaner.
- Don't crowd the front with
cars.
Be sure
that your
driveway has enough space for cars and for
comfortable walking. If you find yourself
wandering off
of the driveway to get into the house,
consider putting
in some sort of attractive walkway.
- Get into the fall spirit.
A
hanging basket of
mums
will make the front door more inviting, and
some nicely
planted fall annuals will add some color to
the dulling
landscape.
- Use interior light timers.
Because it will be
getting
dark earlier, set up automatic timers so that
some
lights come on when it gets dark. The house
will look
more attractive to prospective buyers if it is
lit up.
Of course, how you choose to decorate your
front yard
for fall is a personal decision. If fall is your
favorite
season and you love decorating your yard
with lots of
pumpkins and scarecrows, go ahead and do
it. Happy Fall!
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There have been some really frightening
headlines over the last couple of weeks:
"Mortgage meltdown," "Credit crisis,"
"Government bailouts," "Financial giants
tumble," and so on. But what do all these
headlines mean for you? How do they affect
you?
I am sure people have a lot of
questions. It is more important than ever to
work with people you know and trust. It is
also a good time to review your financial
situation. Remember don't make important
financial decisions out of fear.
As always, please feel free to call or
email anytime for
more information on any mortgage topic!
Best regards,
Debbie Siegel
President
Westchester Mortgage
P.S. You're receiving this E-Newsletter because you have a prior relationship with me or with Westchester Mortgage. If I've sent this to you in error, or if you want to remove yourself from the list at any time, just click the "SafeUnsubscribe" link at the bottom of this e-mail.
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Click here for some tips on
how to choose a mortgage broker!
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