The Power Is Now Magazine May 2019

MAY 2019 Vol. 06 | Issue 5

Why do you need a household budget?

Divorce and Mortgage

Rep.

MAXINE WATERS

®

:

FIRST BANK WISDOM

Home is where the heart is.

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Eric Lawrence Frazier MBA Vice President & Mortgage Advisor

(714) 475-8629

104 E Ontario Ave Corona, CA 92879 NMLSID: 461807 eric.frazier@fbol.com

NEW MARKETING SESSIONS

First Thursday of the Month

Your voice is your brand!

Increase lead generation, and give you the POWER to close more deals!

10:00 AM - 11:00 AM

Promote Your Listings Online

• Streamed live on Facebook, and are • These sessions provide real estate agents rebroadcast on BlogTalkRadio which is and brokers a powerful marketing syndicated to iTunes, TuneIn and many opportunity to access The Power Is Now other online radio platforms. During the Network of Agents nationwide and our show each agent and their listings are audience of prospective buyers and sellers featured for approximately five minutes that is 1 million strong and growing. to discuss why buyers should consider buying their listing(s). In addition, each agent will be given a post-show opportunity to launch a customized marketing campaign to get additional exposure.

ERIC LAWRENCE FRAZIER MBA

Office: (800) 261-1634 ext. 703

CalDRE: 01143484 | NMLS 461807

Email: eric.frazier@fbol.com

Mobile: (714) 361-2105

Website: www.thepowerisnow.com

HAVE YOU READ OUR PAST ISSUES YET? the power is now

magazine THE POWER IS NOW INC. Vol. 06 | Issue 05

Eric Lawrence Frazier, MBA President and CEO Office: (800) 401-8994 Ext. 703 Direct: (714) 361-2105 eric.frazier@thepowerisnow.com www.thepowerisnow.com www.blogtalkradio.com/thepowerisnow

EDITORIAL TEAM

Eric Lawrence Frazier MBA Editor in Chief (800) 401-8994 Ext. 703 Kim Collier Managing Editor (800) 401-8994 ext. 712 kim.collier@thepowerisnow.com Goldy Ponce Arratia Graphic Artist and Design Manager (800) 401-8994 ext. 711 goldy.ponce@thepowerisnow.com

CONTRIBUTORS The Power Is Now Research Team

4

The Power Is Now Magazine | May 2019

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magazine STATEMENT OF COPYRIGHT: The PIN Magazine™ is owned and published electronically by The Power Is Now, Inc. Copyright 2013-2018 The Power Is Now Inc. All rights reserved.

“The PIN Magazine” and distinctive logo are trademarks owned by The Power Is Now, Inc. “ThePINMagazine.com”, is a trademark of The Power Is Now, Inc. “Magazine.thepowerisnow.com”, is a trademark of The Power Is Now, Inc. No part of this electronic magazine or website may be reproduced without the written consent of The Power Is Now, Inc. Requests for permission should be directed to: info@thepowerisnow.com

CONTENTS

the power is now

magazine

12. Cinco de Mayo celebrations 16. Is green the way to go in our economy?

20. Tips to make great sales on mother’s day 24. Divorce and mortgages 28. Maxine Waters 34. How to be a power real estate agent 38. IRS tax exemptions and short sales 42. Why everyone needs a household budget

Make your clients’ next home purchase a “gimme”.

Your clients can get pre-approved prior to contract, and then close in as little as 14 days. At First Bank, you’ll experience exceptional service. In fact, in a recent survey of clients, 96% reported that they would recommend First Bank Mortgage to a friend or family member.

And unlike the pros who will be in town for the championship, your clients won’t be feeling the pressure of making a three-foot putt!

If you know anyone who is looking for personal and professional service, I would be grateful for the referral.

104 E Ontario Ave Corona, CA 92879 FirstBanks.com/Mortgage

NMLS 551928

Eric Lawrence Frazier MBA Vice President & Mortgage Advisor Office: (800) 261-1634 Fax: (314) 264-0211 NMLS: # 461807 eric.frazier@fbol.com Firstbanks.com

FROM THE

EDITOR D

ear esteemed readers:

As we push through April showers and embark onto Mayflowers, we are gearing up for a prosperous summer of bloom. As mothers day approaches we can’t help to remember our own moms, for doing the little things that made a big difference in our lives. I want to take a moment to remember my amazing mother who passed this time last year and pay homage to the wonderful woman she was.

We also cannot forget about our veterans this Memorial Day, the brave men and women who put their lives on the line for all of us. It is because of them that we are able to live in this country and feel a sense of freedom each and every day.

On the cover this month we are celebrating Maxine Waters is known as one of the most powerful black women in American politics today.

Cinco de Mayo is celebrated in the month of May. This celebration marks the date when Mexico overthrew French rule at the Battle of Puebla during the Franco-Mexican War in 1867. In this issue you can read all about the modern beginnings of the celebrations of Cinco de Mayo begin in 1860 in California when resistance to French rules increased. We will also cover subjects such as how to be a power broker, Is green the way to go and a special mothers day article, celebrating all the wonderful mothers out there.

We highlight these and much more.

I am also very excited to announce an upcoming Homebuyers Workshop on June 29th in Corona. My goal and passion is to lessen the gap in homeownership in the minority community Each workshop you will learn about the housing crisis in California, First Bank credit building programs, strategies for first time homebuyers and so

8

The Power Is Now Magazine | May 2019

much more. To see all of our upcoming workshops throughout California, please click Buy Home Seminars. Come out and let’s make 2019 your best year ever!

This is a FREE event you do not want to miss.

Lastly, thank you for your continued support and readership. Our team is dedicated to you. We want the best from you so we are dedicated to bringing the best of us. Please take a moment and share this magazine. Knowledge is power, and The Power Is Now.

Eric Lawrence Frazier, MBA CEO The Power Is Now Inc.

Access The Power Is Now, Inc, Anytime, Any Place

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Finding the perfect home for your clients can be hard.

Finding the perfect loan is easy.

Let’s get moving.

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Provided to Real Estate Professionals for information only.

Regulatory requirements prohibit public or consumer distribution.

Eric Lawrence Frazier Vice President & Mortgage Advisor 104 E Ontario Ave Corona, CA 92879 (714) 475-8629 eric.frazier@fbol.com NMLS# 461807

For more information, please have your buyers call me today.

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This is not a commitment to lend. Restrictions apply. All rights reserved. Member FDIC

[FEATURED ARTICLE]

www.nytimes.com/2018/05/05/business/cinco-de-mayo-facts-history.html

CINCO DE MAYO CELEBRATIONS

C

inco de Mayo marks the date when Mexico overthrew French rule at the Battle of Puebla during the FrancoMexican War in 1867. Ironically, this holiday is confined to formal celebrations in Puebla, Mexico, but in the United States, it is a source of pride and appreciation of heritage for many Mexican Americans. Mexico and the Assembled States relish this occasion, since it is the day on which Mexican workers and everyday citizens vanquished the French and Mexican trickster armed force that outsized them twofold in Puebla, Mexico, one hundred miles away from Mexico City on the 5th of May, 1862.

History

Spanish and English troops five months prior to gather unpaid obligations. In 1855, Benito Juarez (priest of equity) issued changes called

by Ley Juarez when he took control of the legislative hall in 1861 and made a national obligation. On July 17, 1861, he issued an announcement that every outside obligation would briefly be halted. The English, Spanish, and French were despondent with this motion, and went to Mexico to make them pay. The English and Spanish consulted with the Mexicans, then left. Be that as it may, the French stayed in light of the fact that they needed to make a domain in Mexico under Napoleon the Third. It is additionally said that Napoleon needed to check the forces of the Assembled States before it got too intense.

The French had arrived in Mexico alongside

The bona fide reputation of Cinco de Mayo

12

The Power Is Now Magazine | May 2019

rose in the 1980s in view of the displaying endeavors and business interests. The event changed over time into a celebration of the Mexican culture. The event is especially popular in Southern states that share a border with Mexico.

The Modern Beginnings of the Cinco de Mayo Celebrations The modern beginnings of the celebrations of Cinco de Mayo begin in 1860 in California, when resistance to French rule increased. Mexican miners in the gold mining town of Columbia celebrated by launching fireworks and singing patriotic tunes. It has been fiercely celebrated in California since the 1860s but did not take a true hold across America until after the 1940s, when beer companies capitalized on the opportunity and began to heavily promote it.

Areas of a large Mexican-American presence such as San Jose, El Paso, and Los Angeles adopted the celebration and increased its popularity. A 1998 study in the Journal of American Culture reported that there were more than 120 official US celebrations of Cinco de Mayo in 21 different states. An updated 2006 version found that the number of official Cinco de Mayo events was 150 or more, according to José Alamillo, a professor of ethnic studies at Washington State University in Pullman, who has studied the cultural impact of Cinco de Mayo in the United States. Fiesta Broadway in Los Angeles is often ranked as the largest Cinco de Mayo celebration in the world, attracting approximately 500,000 partygoers every year.

There has been a push in recent times for federal recognition of the holiday and for American schools to acknowledge and embrace the holiday, but America has yet to see presidential recognition of the holiday.

In modern times, regional dancing, mariachi, and traditional Mexican food accompany the beautiful Cinco de Mayo celebrations. Plaza del www.thepinmagazine.com

Pueblo de Los Ángeles hosts traditional Mexican dancing and demonstrations every Cinco de Mayo.

Cinco de Mayo has also made its way into mainstream capitalism, with many companies using the celebration’s popularity to promote Mexican products and sell alcohol, food, clothing, and music. It is an event of fun and recreation. The event is celebrated in like manner in Canada. For example, in Windsor, there is a celebration called “Cinco de Mayo Street Festivity.” The bars play Mexican music and offer Mexican sustenance. In the Cayman Islands, the celebration of Cinco de Mayo includes an air guitar competition. While Cinco de Mayo will always be popular in America, its celebrations have spread to various parts of the world including Jamaica, Australia, New Zealand, the UK, Nigeria, and South Africa. The celebrations have even traveled across the Pacific to Osaka and Tokyo in Japan, where Latin American culture is celebrated.

Conclusion Regardless of the way that Cinco de Mayo traditions are celebrated, the splendid nature of Mexican culture makes this event a standout amongst the most cherished celebrations in American culture. What was once a celebration of Mexican rejection of colonial rule, has now morphed into what we call Cinco de Mayo, an international celebration of the rich history of Mexican culture.

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NMLS 551928

First Bank Legacy For over four generations, First Bank has enjoyed a legacy of strength, agility, and long-term perspective.

Since 1910, we have remained dedicated to serving the communities in which we operate with an unwavering commitment.

This commitment began over 100 years ago in a small, rural community in St. Louis to help local clients reach their financial goals. And, although First Bank has grown to be one of the largest family-owned banks in the country, the steadfast commitment to serving our clients—and treating them like family—still remains the same.

From Main Street America to large-scale metropolitan areas, First Bank continues to be a vital part of the communities in which we serve. At First Bank, you’ll find the products and offerings typically only found with larger, publicly held financial institutions. Quite simply, we’re big enough to provide the products and services you need, but small enough to provide caring, personal service. At First Bank, our clients become part of the family.

1910

William Dierberg, Sr.,

President, Creve Coeur Farmer’s Bank

1945

William Dierberg, Jr.,

President, Creve Coeur Farmer’s Bank

1966

James Dierberg,

President, Creve Coeur Farmer’s Bank

2016

Michael Dierberg, Chairman, First Bank

1973 Creve Coeur Bank becomes First Missouri Bank

Missouri Bank 1986 First becomes First Bank

1974

First Acquisition: Hermann, MO

1995 First Bank expands into California

1983

Expansion into Illinois

century of treating 2010 Aclients like family

[POWER GREEN]

Is Green the Way to Go

in Our Economy?

W

hen the economy is drifting, people ought to think hard on the longterm solutions to keeping the economy on the move. However, what would bring lasting changes? Is green the way to go in our economy? Everybody understands that the economy is broken. There are some fatal factors affecting the economy as a whole, and taken together, these flaws create what I would normally term economic injustice and poverty. So, is green really the way to go in our economy?

?

The answer to the unanswered question

The economy has suffered so many blows, and green offers an antidote to all these blows.

Actually, green offers a wide array of services and remedies to our broken economy. But first, to understand what green can actually do for our economy, we need to understand why‌why go green?

Why go green

There are a lot of reasons why the economy needs to shift to a much greener economy. If you look at the current state of the economy, you will realize that we have limited resources, and if they keep being used at the current rate,

16

then the future generation is likely to enjoy less than we do now. Bold steps need to be taken, and the green revolution is offering a chance to save for the future generation.

Green building offers more benefits than you could possibly ever imagine. Therefore, the sooner we move towards green economy, the better off we will be. Here are some of the reasons why we need to think green as part of our economy:

1. Environment A green economy is an economy that takes care of the environment. Making the world a better place will definitely start by making sure that we implement green practices into our homes and offices. This practice will help reduce waste, and also help in the long-term conservation of natural resources, improving the quality of air and water and promoting improvement in the ecosystem.

2. Health standards A green economy is also geared towards making sure that the health standards of people are well taken care of. A green economy is not about the environment alone: it is also about the health of the participants. This economy promotes sustainable design and technology

The Power Is Now Magazine | May 2019

that will in the long run improve the resident’s overall quality of life.

3. Improving business productivity

So is green the way to go in our economy? Definitely, yes! Here are some of the reasons why green technology should be adopted.

Green economy for green jobs

A greener economy is a motivating tool for business workers. Research indicates that a green economy motivates workers to work for the best; thus, they work towards promoting business productivity, leading to a much healthier economy.

A green economy will enable the creation of better jobs in the economy. To go back a little, we need to focus a little on green energy. This is one of the places to start to rejuvenate the economy.

All other factors considered, a green economy is a much better solution towards making sure that the economy begins to grow and long-term problems are taken care of. A green economy is a crucial step to take towards making sure the economy is well sustained.

The main stakeholders of the energy department should come in to work with and put their synergies to work with the rapid large-scale deployment, which would of course be a very powerful way to jumpstart the economy insofar as job creation is concerned.

www.thepinmagazine.com

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Decrease US interdependence on foreign oil This has been one of the aims of green energy and the main focus of the green revolution.

A green economy focuses on making sure that the economy stays free from foreign dependency on oil.

Also, a green economy will ensure that the use of electricity is cut significantly.

More than half of America’s electricity comes from coalburning power plants, and of course, this happens to be the largest source of air pollution.

By adopting green measures, the country is now more dependent on pollution-free, clean energy.

Addressing environmental concerns A green economy is about making sure that environmental issues are well addressed and solutions for them are found. Air pollution has been one of the environmental issues affecting the whole nation.

By shifting the energy needs from non-renewable sources to renewables like solar energy, environmental needs are taken care of.

Also, a green economy emphasizes the use of biodegradable materials, which are environmental friendly. Using materials that are not biodegradable will only

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hurt the economy. Therefore, this move will help in saving the environment.

Promote community investing As it is the trend, all over the country, people invest in banks and credit unions but rarely in their communities. Now, the basic and governing tool towards community investment is making sure to keep the community investing institution strong. Basically, lenders and borrowers know each other and they each act in the best interest of the other.

With training and some technical assistance, the lenders invest in the success

of the borrowers along with availing some loans to them.

Now, all of this has been made possible through green economy initiatives.

The people who provide the loans to the lenders expect somewhat reasonable rates of return. If the banks, along with other institutions where people place their money, were to follow these simple rules, then the economy would be at a better place.

A green economy is the way to save the economy from drowning. A green economy has so many advantages, and what makes it even better is the fact that it harmonizes all other economic sectors.

Therefore, going green will provide a boon to any economy.

The Power Is Now Magazine | May 2019

PUTTING OUR CUSTOMERS FIRST: Let Your Search End Here For a Professional Realtor

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[POWER YOU]

Tips to Make Great Sales

on Mother’s Day

M

other’s Day is an important day – not just for the mothers out there, but also for everyone. It embodies the essence of love and compassion and brings together most of the family. All you can feel in the air is “there is nothing like a mother’s love.”

Mother’s Day dates back to a century ago; it is an old tradition that is full of splendor.

However, it is also a day that presents unique opportunities for people in business. In real estate, there are a few hacks that will help you make the most out this important day for mothers.

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Present an open house You should understand that not many people are available for their mothers. Most of them, in fact, will be busy doing their normal day-to-day hustles. But some may be off-duty; so during this day, you are presented with a very unique opportunity where you can present your open houses just for potential consumers.

Even though the day is normal, you should celebrate accordingly. You do not want to look out of line. There are some certain things you may do during this special day to attract even more potential customers. For example, you may want to offer lunch or dinner for every woman in attendance at your showing. Simple things such as offering a flower to them might do the job for you.

Later on, or before, you may want to offer gift cards to every woman in attendance. Gift cards

The Power Is Now Magazine | May 2019

for mothers are important; they are simply a gesture that says “I value you” to the moms.

Therefore, it is something that will show love to the moms present for the open home. Also, when collecting these cards, you may want to collect their email addresses, which you can later use to send an email thanking them for their attendance, thus increasing your customer base.

Offer discounts Offering discounts on this important day can also help you win big. People will always be attracted to a reduction in price, and Mother’s Day presents a unique opportunity to do exactly that. You may want to encourage people who will want to see what you are offering by offering some discounts.

Discounts are an attractive factor that will push a lot more customers your way. By comparison, you should note that discounted items go faster than those which are not; therefore, offering discounts and other offers on this special day will do you a lot more financial good than damage.

Write something about mothers This might seem a little bit off, but it works every time. If you want to impress your potential consumers, write something about them. Have you ever gotten the feeling of being appreciated whenever your name appears somewhere?

That is the same feel that you will give to every mother out there if you decide to include them in your writing. It could be as simple as a blog post.

Mentioning mothers in your website could mean a lot to every mother who comes across it. It is also a special way to express gratitude and love to every mother out there. www.thepinmagazine.com

Write about everything, such as how mothers should spend their special day. Week after week before and after this memorable day, write something engaging that will reach out to the mom’s heart. It is a strategy that will help you make some solid sales.

Celebrate your mom Even if it is business as usual, taking the time to celebrate your mothers as a realtor or as an agent will actually help put your brand on the map. No mom would want to buy from a firm that does not appreciate their moms; taking time to celebrate your mom will give you a very competitive edge.

If possible, as a firm, you should schedule time on the calendar to be with your mom; invite her over to the firm and have a special dinner with her or celebrate however you want.

That is the essence of celebrating with your mothers. Other people will feel a sense of security and belonging if you are the first to show what you can really do for your mom.

Final verdict Taking time to celebrate Mother’s Day yourself is very important not only to you, but to also to your business and the environment around you.

Mother’s Day is an important day – a special day that will bring families and friend together – and this will present a very unique opportunity for you to showcase what you have and what you have coming.

21

Back to school doesn’t have to mean your clients have to wait until next year to move!

Your clients can get pre-approved prior to contract, and then close in as little as 14 days. At First Bank, you’ll experience exceptional service. We track the details of each loan and the market to ensure clients have the best mortgage product for their financial situation.

If you know anyone who is looking for personal and professional service, I would be grateful for the referral.

104 E Ontario Ave Corona, CA 92879 FirstBanks.com/Mortgage

NMLS 551928

Eric Lawrence Frazier MBA Vice President & Mortgage Advisor Office: (800) 261-1634ext. 703 Fax: (314) 264-0211 NMLS: # 461807 eric.frazier@fbol.com Firstbanks.com

Bankrate.com

money.cnn.com

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advantageccs.org

Eric Lawrence Frazier Vice President & Mortgage Advisor 104 E Ontario Ave Corona, CA 92879 (714) 475-8629 eric.frazier@fbol.com NMLS: 461807

credit.com

[POWER LEGAL]

DIVORCE AND MORTGAGES

D

ivorce rates are on the rise, and though a divorce is never too easy for either partner, it is necessary to keep a level head and think carefully when it comes to deciding on financial matters. One of the most important assets shared by a married couple is the house, which is considered to be a community asset in California.

24

This means that both partners have the right to the property unless it was inherited or gifted to one of them, in which case that partner gets the exclusive right to the property.

However, in most cases, the property is mortgaged on the basis of the income of both spouses. In such cases, the following factors should be

taken into consideration to reach a decision about how to deal with the property: the current financial situation of each partner, the market value of the house, the amount of the mortgage that is yet to be paid, and the ability of the partners to pay off the mortgage. A wise decision will be beneficial for both partners.

The Power Is Now Magazine | May 2019

Dealing with a house mortgage at the time of divorce

Reimbursements for use or relinquishing the rights to the property during the period between separation and divorce:

Some options to deal with a house mortgage at the time of divorce are given below:

The court can order reimbursement for the following reasons:

• Selling the property: This is the best option if the house can be sold at a good price, but may not be viable if the house was bought at a high price and the market value has declined.

• If community funds were used to pay for expenses of a separate property.

• The rights of the house taken over by one partner: This option is feasible if one of the partners takes up the liability through a refinance and reimburses the other partner to pay the mortgage. The other partner may relinquish his hold on the property by signing a Quit Claim Deed. However, it is possible that the court may order the partner who is selling or relinquishing the right to the property to pay the mortgage as part of spousal support.

• Short sale of the property: If not, a short sale of the property can be considered where the bank takes hold the property at a lower price and writes off the balance amount. This, however, affects the credit rating, impacts the possibility of getting a loan in the future and has a tax liability.

• Leasing or renting the property: Another option is to lease or rent the property until the market rates increase enough to sell the property.

• Deferred sale: The court can order a deferred sale, where both the spouses continue to hold title to the property for a determined period of time and the parent having the custody of the children would get exclusive rights to own and use the property till then. The court order takes into account the spouses’ ability to pay based on their incomes, support and other resources of savings or income available to them.

www.thepinmagazine.com

• In the case of Epstein Credits, where the funds from the separate property were used for paying the mortgage on the community home between the period of separation and divorce.

The court can order a spouse to pay half the rental amount towards Watts Charges for exclusive ownership and use of the property between the period of separation and divorce.

Refer to the article Dividing the Debts in a California Divorce by Melissa Tapply for more information on Epstein Credits and Watts Charges.

Conclusion What is important is to make a practical decision agreeable to both before the divorce is finalized – a decision made on the basis of emotions or sentiments can lead to trouble later.

There can be cases where the property already belonged to one spouse prior to marriage, and the other spouse invested considerably in home improvement or in renovating the property, or where the property was bought under the name of just one spouse even though both partners invested in the property. In such cases, the other spouse needs to have valid proof that both of them have a right to the property either through an internal agreement or in any other way that can prove their interest in the property.

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Picking the right horse is hard.

Picking the right mortgage is easy!

Your clients can get pre-approved prior to contract, and then close in as little as 14 days‌ AND they get a $250 First Bank gift card after closing! At First Bank, you’ll experience exceptional service. We track the details of each loan and the market to ensure clients have the best mortgage product for their financial situation.

If you know anyone who is looking for personal and professional service, I would be grateful for the referral.

104 E Ontario Ave Corona, CA 92879 FirstBanks.com/Mortgage NMLS 551928

Eric Lawrence Frazier MBA Vice President & Mortgage Advisor Office: (800) 261- 1634 ext. 103 eFax: (314) 264-0211 Cell: (714) 475-8629 NMLS: # 461807 eric.frazier@fbol.com https://www.firstbanks.com/hlc/EricFrazier/Eric-Frazier

*To participate in this expedited process, all applicable credit documentation must be provided at the time of loan application. Under the Purchase First Program, First Bank will be ready to close your loan within 14 days if we pre-approve you. If your loan takes longer to close than we guarantee due to a delay by First Bank, we will credit you at closing with $250.00 to be credited towards your closing costs. Program available on all applications received between March 1, 2017 and July 31, 2017 that close and fund

by December 31, 2017. See a Home Loan Consultant for details.

firstbanks.com

CalHFA VA Features:

• A 100% LTV VA first mortgage loan • 30-year term, fixed interest rate

Are you a veteran or service member with closing cost assistance combined into one perfect package?

CalHFA VA is for you.

Call me for more information!

ADDITIONAL BENEFITS:

First-time homebuyers can also add these to CalHFA VA for up to 105% CLTV: • MyHome Assistance Program – deferred payment junior loan for down payment and/or closing costs • School Teacher and Employee Assistance Program (School Program) – up to 4% of the home’s sale price in a deferred payment for teachers and staff serving California’s public schools

ERIC L. FRAZIER MBA Vice President, Home Loan Advisor First Bank NMLS ID: 461807 o: 619-476-3269 c: 714-475-8629 Eric.Frazier@fbol.com

The California Housing Finance Agency does not discriminate on any prohibited basis in employment or in admission and access to its programs or activities. Not printed at taxpayers’ expense.

CalHFA is not a direct lender and uses private mortgage lenders to qualify consumers and make all mortgage loans. Sample loan terms: (Amount: $200,000; Term: 30 years; 4.750% sample interest rate, 5.0439% Annual Percentage Rate (APR) includes lender fees and insurance; Est. monthly payment: $1,043.30 includes principal, interest, taxes and insurance).

Maxine Waters

B

orn on August 15, 1938, Maxine Waters is known as one of the most powerful black women in American politics today. In her fourteen years at California State Assembly, Maxine earned a reputation as both a fighter for the rights of African Americans, the impoverished and the most powerful black female politician.

She’s known for her outspokenness and her relentless pursuits of her constituency’s interests. According to Maxine in her interview with Essence in November 1990,

Growing Up The fifth of 13 children, Maxine was raised for the most part by her mother, Velma Lee after her father; Remus Carr left the family when she was two. This childhood she credits for making her the outspoken, determined and competitive person she is today.

The family lived in a housing project in St. Louis, Missouri at 13 Maxine took up jobs in factories and segregated restaurants.

To cater for all 13 children, Maxine’s mother Velma worked at several low-paying jobs, these, she supplemented with welfare. She describes her mother as a “strong woman, a survivor” who inspired her with her determination.

“if you believe in something, you must be prepared to fight.

To argue. To persuade.

To introduce legislation Maxine, Marriage, and Head Start again and again……..”

Waters graduated from Vashon High And true to her words and person, in Maxine’s years in Congress after her election in 1990, she agitated for aidspromoting legislation to minority and poor communities in American cities and advocated and an end to apartheid in South Africa.

In an article on Essence: “Woman of the House”, Waters again echoed her belief:

“too many politicians want to be in the mainstream………” adding that she found her strength from the fact that she was ready to talk about Black people.

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School, got married and had two children.

In 1961, she moved with her family to Los Angeles, California where she worked in a garment factory and as a telephone operator before working as a volunteer coordinator with the Head Start program in 1966 in the Watt suburbs.

According to Maxine in her interview with Essence, “Head Start made a significant difference in my life, it helped me see how I could help people, and it helped steer me into politics.”

In 1971 Maxine enrolled and earned a bachelor’s degree in Sociology at Los Angeles State College (today known as California State University, Los Angeles).

By this time, however, Maxine was divorced and was raising her children alone.

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Maxine’s Early Political Career Maxine’s sojourn into politics began in 1973 when she went to work as chief deputy to Los Angeles city councilman David Cunningham. In that role, she managed his campaigns. She was also actively involved in the campaigns of Los Angeles Mayor Tom Bradley and Senator Alan Cranston. In 1976, Maxine was elected to serve in the California State Assembly.

Soon, she earned a reputation for her outstanding legislative ability and sheer determination. While her entry into politics was not unexpected, transitioning was rough still. To some of her colleagues, Maxine was a Maverick and as such had to scale a lot of hurdles when she was elected into the Assembly.

Maxine linked the challenges she encountered in her early years to the “perception they had of the Black woman coming from Los Angeles who needed to be taught a lesson.”

Maxine, Women, and Politics One of the first things she did after her election was to focus on women’s issues and travel around California speaking with and organizing females who had until then never heard from a lawmaker. To Maxine, this experience was instrumental to her leadership abilities with the Speaker of the Assembly, Willie Brown, Jr.,

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on the other hand, providing her support and guidance as she grew to understand the system.

She worked for the divestment of state pension funds from businesses active in apartheid South Africa and also helped in passing legislation within the guidelines of the divestment campaign’s Sullivan Principles.

She was later to rise to the position of the Democratic Caucus Chair for the Assembly.

Maxine played a ma jor role in the creation of the National Political Congress of Black Women in 1984. An organization birthed from the frustrations of black women leaders. The organization laid emphasis on mainstream electoral politics as one way to look at problems they believed was unique and often neglected. The goal, in the end, was to encourage the American black female to become actively involved in politics.

In Maxine’s words;

“It is important that Black women understand that we can seek leadership roles and not lose our identity, “…………...

We don’t have to do a song and dance because we’re afraid we might alienate others. I’m not interested in making everyone comfortable— some people need to be made uncomfortable.

Black women need to feel a sense of our own power.”

The Power Is Now Magazine | May 2019

A Force In Congress

members.

Known for her unique grassroots organizing abilities, Waters attracted attention nationally and became a ma jor force in up to five presidential campaigns: Sen. Edward Kennedy (1980), Rev. Jess Jackson (1984 & 1988), and former President Bill Clinton (1992 & 1996).

Her priority has also been in the area of health

In 1990, upon the retirement of Augustus F Hawkins, Maxine was elected to the United States House of Representatives and has been elected consistently since.

She played a key role in the establishment of the Voting Rights Institute in 2001 and the subsequent appointment of Maynard Jackson to head the institute.

Over the years, Waters has had to invite over several government officials and policymakers to appeal for more resources in her South Central L.A. These officials include President Clinton, Al Gore, Housing and Urban Development Secretaries; Henry Cisneros and Andrew Cuomo, and chairman of the Federal Reserve System, Alan Greenspan. Following the 1992 unrest, Waters founded the Community Build, the city’s grassroots rebuilding program.

care services. With Maxine spearheading the Minority AIDS Initiative in 1998, the organization saw an increase in the initial appropriation of $156 million in the fiscal year 1999 to about $400 million per year currently. Waters has also authored legislation to increase healthcare services for cancer, Alzheimer, and diabetes patients.

“Reclaiming my time” The phrase became popular after a video of the interaction between Waters and Mnuchin went viral on social media and soon became associated with her criticisms of the Trump-led government. At different points in the interview, Maxine used the phrase when Steven Mnuchin the United States Secretary of the Treasury had failed to directly answer her questions.

Maxine Waters is the mother to two children, Edward and Karen and has two grandchildren.

She is married to former U.S Ambassador to the

Amongst many other projects and achievements, Water is a co-founder of Black Women’s Forum, a non-profit organization of more than 1,200 African American women in the L.A area.

Commonwealth of Bahamas, Sidney Williams.

Waters was also a co-founder and one time head of the “Out of Iraq” Congressional Caucus created in 2005. The caucus was formed so the Congress could debate on the war in Iraq, the justification of the military occupation and advocate for the immediate return of service

african-history-biographies/maxine-waters

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Sources https://www.encyclopedia.com/people/history/northhttps://www.scarymommy.com/maxine-waters-is-real-mvp/ https://time.com/collection/most-influentialpeople-2018/5217567/maxine-waters/ https://biography.yourdictionary.com/maxine-waters https://waters.house.gov/about-maxine/biography

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The best home improvement is the kind your house pays for. Let’s get to work.

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With competitive rates low, a cash-out refinance with a reputable lender may be just right for you.

This is especially true if you’re able to refinance your new mortgage at a lower rate, while also providing funding for your home improvement projects. It ’s a true win-win!

104 E Ontario Ave Corona, CA 92879 FirstBanks.com/Mortgage

NMLS 551928

Eric Lawrence Frazier MBA Vice President & Mortgage Advisor Office: (800) 261-1634 ext. 703 Fax: (314) 264-0211 NMLS: # 461807 eric.frazier@fbol.com Firstbanks.com

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For more information, please have your buyers call me today.

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This is not a commitment to lend. Restrictions apply. All rights reserved. Member FDIC

[POWER YOU]

How to Be a Power Real Estate Agent T

here is nothing more interesting than knowing that you are in the right kind of business and that you are doing what you want always to do. However, some dreams and passions are killed before they can even sprout because of a lack of the right kind of information.

Information is the bridge connecting your dreams to the realities of life; with poor information, chances are you are likely to fail.

Real estate is an area where diverse information on the workability of various systems is required. People who have tried it can definitively tell you that you require every piece of advice and motivation to get in and show the best you can. Being a power real estate agent requires your undivided attention and willingness to make it in the industry.

Here, we have prepared an incredible guide that will help

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you get started and make a hero out of you.

Education - A key element of success Many people who have made it in life are always eager to learn something new each day. If you want to make it and become a power real estate agent, education has to be a key element of your success.

No matter which state you are from, you must keep prelicensing your course.

California, for example, requires three collegelevel courses. Therefore, it will depend on your state’s education requirement. Some real estate brokerage firms will have specific education requirements or require additional ongoing education.

Knowledge is power, and the more knowledge you have about real estate, the better

chances you have of becoming the best power agent and the more clients you will get. More clients mean more listings...and more money too!

Licensing is an important contributor to success Education is important, but with education and no bind to operate, how will you make a power agent out of yourself?

It is important that once you have earned a degree, you

The Power Is Now Magazine | May 2019

get a license that will allow you to operate anywhere.

Licensing, however is different for different states. Therefore, to make sure that you are on the right side of the law, make sure that you know your state’s requirements that permit you to practice your real estate skills.

In most states, however, real estate brokers are required to have experience working as licensed sales agents. A real estate license is a powerful financial asset; with this license, you can open your office and do so many other things. www.thepinmagazine.com

Budget your activities To start on almost anything, you must have a budget. Becoming a real estate agent is not a cheap thing; and as you will find out, getting into other professions is much easier than getting into real estate.

Again, you should understand that real estate business is commission-based, and therefore you need to get quite a significant amount of money to get started. The starting fees may include things like licensing fees, realtor’s membership fees, and other expenses.

You will need also some money to help you hit

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the ground running for the first few months after starting out. This may seem scary at first, but once you get into the rhythm of things, everything will start flowing.

Mind your market

Be a part of something

Always be concerned about the needs of your market. Be concerned about what your market thinks, reacts to, and wants. It is through knowing your market that you will be able to address the concerns of that market.

Realtor’s groups are important: they are your stepping-stones towards becoming a power agent. There are so many brokerage firms out there that you can be a part of. But what is a brokerage? It is a firm or an agency, which real estate brokers and agents work from.

Successful real estate agents know their market very well; therefore, when it comes to pricing their products, they will always do this appropriately. However, you must understand that gathering information about your market will take much time and effort.

Working with a broker is a requirement if you are passionate about becoming a power agent, since it is through this path that you will get to practice as a real estate agent. Before you graduate from your school, you need to contact the brokerage firm you want to work under.

Therefore, it is upon you to go out there and find out more about your market. Do regular homework by studying your local pricing. Learn more about your geographical coverage and its worth. All this will help you in defining your market accordingly.

A broker may require at least three months of training, so it is best to make your reservations early. Also, when choosing your brokerage, consider its size, reputation, and the training they offer.

Finally, make sure to have your client portfolio

Find your mentor This is a journey, and every journey has its ups and downs. Once in a while, you will have the feeling that you want to give up, and that is why you need a mentor. Once you have decided on being part of a brokerage firm, reach out to your mentor.

It is important to learn the dynamics of what you are getting yourself into. A mentor will help you with this. It is also a great opportunity for you to ask questions and learn more about what goes where and so on.

Getting advice from someone you trust is a great jumpstart that will help you a lot in developing that power agent in you. Through your mentor, you will learn all it takes to succeed in the real estate industry.

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This is perhaps the most important thing you will ever do – and will always do – in your line of work. Power real estate agents will make sure to create their client portfolio. Basically, keep pushing and keep asking for referrals.

As an agent, keep in the loop those clients who keep in you in their end game. If you are good at your game, your former clients will always help you in creating your portfolio.

Isn’t it easy making a power real estate agent out of you?

Nothing else is required. If you have set your record right, then becoming a successful real estate agent becomes very easy. Therefore, follow the steps above and you will see that it is something that you will always enjoy doing.

The Power Is Now Magazine | May 2019

[POWER FINANCIAL]

IRS Tax Exemptions

and Short Sales S

hort sales generally refer to situations when the lender agrees on settling the foreclosure debt amount by accepting an amount lesser than the total debt in order to release the lien on the property. Short sales include selling away the property to lenders for lesser amounts than what their debt is worth.

Taxation by the IRS (Internal Revenue Service) occurs when a homeowner settles the debt for less than the total mortgage amount, thereby creating a deficiency which is considered as taxable income. This clause is mentioned on Form 1040/1040 NR on line 21.

IRS tax exemptions on short sales

Bankruptcy charges

The Mortgage Forgiveness Act established in 2007 provides an exception to debt settlements in which taxes are exempted and the debt is forgiven on the mortgage provided the mortgage is based on a primary residence.

The clause on “Qualified Principal Exclusion Indebtedness� states that mortgage amounts taken for the improvement or enhancement of the property are not taxable by the IRS. Home equity loans falling under the umbrella of home improvement are subject to tax exemption. Home equity loans applied to other streams of debt can be taxed; however, those can be avoided if the homeowner files for bankruptcy charges. Additionally, the Mortgage Forgiveness Act is not applied by lenders if the mortgage in question is based on a second home or rental homes.

Filing for bankruptcy charges can lead to tax exemptions and are negotiable, provided the amount is lesser than that of the quantity meant for insolvency. In order to prove insolvency, homeowners must fill out Form 2982, checking the second box under Part I. Supporting documentation must be provided which compares your assets and your liabilities.

If your liabilities (such as student loans, credit card debt, and other pending debts) exceed your assets, then you may be eligible for insolvency and be given tax exemption.

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Mortgage restructuring Alternatively, if you want to avoid a short sale, you can do mortgage restructuring or renegotiate the terms with the IRS. Mortgage

The Power Is Now Magazine | May 2019

restructuring may include reducing the principal debt amount, giving more time to clear the debts, or reduced interest rates. Only the principal reduction, in this case, will be taxable by the IRS. If your debts are removed through a short sale, you will be given an IRS Form 1099-C at the end of the year. This form will indicate how much of the debt is forgiven and the current market valuation of the property. If the details on the form are incorrect, misstatements are made, and the figures are mismatched, you can ask your lender to correct them by resubmitting the form. If your lender refuses to comply, you can make the corrections on your own and send it over to the IRS for approval along with existing documentation supporting those figures.

The personal tax exemption amount stated by the IRS, effective immediately, is $4,050, which is the same as it was in 2016. The kiddie tax, which applies to teens under 19, is exemptible for amounts up to $1,050 for unearned incomes.

Any unearned income beyond $2,100 is taxed

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at parent rates. Tax exemptions are subject to phase-out beginning with a gross adjusted income of $261,500 for individuals and $313,800 for married couples.

If you have resided in your home which is up for short sale and you owned it for at least two years, you will be liable for a tax exemption for amounts up to $250,000 USD on capital gains or up to $500,000 USD if filed jointly.

Conclusions Tax exemptions on short sales can be a tricky area if you do not know what to look for.

Determining whether to go for tax exemptions on foreclosures or short sales can be a dilemma for many. The best way to get help on this is by hiring a tax attorney or a lawyer specializing in property tax since they can lay out your options for you when the time for filing approaches.

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Your loan officer should be as invested in your home as you are.

Let’s feather your nest.

First Bank Mortgage offers three tips to help you on the path to homeownership!

1. Start by checking your credit score.

Your credit history is an important factor when you decide to apply for a loan. The score reflects how well you manage your debt. It’s important to discuss this, and other factors, with your First Bank home loan consultant.

If you find that your credit score is too low, there are a number of steps you can take to improve your credit score.

2. Get organized.

Getting a loan requires a few different documentations including, but not limited to, pay stubs, tax returns, and financial statements. You’ll also need to provide copies of additional monthly payments such as car loans, credit cards, and student loans. Keep all of this in mind, when you begin organizing. If you have this information readily available when you decide to apply for a home loan, it will make the process much more efficient.

3. Start Saving!

Set up a designated savings account and start saving as much as you can each pay period to use as a down payment on the purchase of your new home. Although we offer first-time homebuyer programs with little to no down payment, it is still a good idea to have some available funds in reserve to use for a potential down payment, utilities, moving expenses, new home furnishings, or unforeseen emergencies.

With some preparation now, you’ll be even closer to rolling out the welcome mat on your own, new home later.

We’re here to help answer any questions to help make that dream a reality.

104 E Ontario Ave Corona, CA 92879 FirstBanks.com/Mortgage NMLS 551928

Eric Lawrence Frazier MBA Vice President & Mortgage Advisor Office: (714) 475-8629 Fax: (314) 264-0211 NMLS: # 461807 eric.frazier@fbol.com Firstbanks.com

[POWER FINANCIAL]

Why Everyone Needs a

Household Budget?

B

udgeting is simply planning your expenses so that you can keep your expenses within the income threshold and also save something for a rainy day. Budgeting is even more crucial in the current economic situation, where there is high inflation, recession, and other uncertainties that make financial planning difficult. Most people struggle with low income and high expenditure and liability issues because they do not have a budget and are unable to balance their income with their expenditure.

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Budgeting is a crucial requirement to planning for a financially secure future.

All of us have the tendency to make an impulse purchase and to later realize that it was not required at all. There are so many expenses we incur on a dayto-day basis without even realizing that they are unnecessary expenditures. The realization only hits us hard when we face a financial crisis and find that if we had saved money instead of spending it unnecessarily, we would not be in such a tight spot.

The Power Is Now Magazine | May 2019

The Benefits of Designing a Household Budget The following steps will help you design a budget that can help cut down on unnecessary expenses and save money for unexpected situations.

• First, list out monthly income from all sources.

• List out the monthly expenses, classifying them into three broad categories: High Priority, Average Priority, and Low Priority.

• High Priority expenses include all expenses which are mandatory and cannot be done without.

• Average Priority expenses will include expenses that are required but can be put on hold until there is adequate income to manage those expenses.

• Low Priority expenses are all unnecessary expenses on frivolous things that one can do without.

on the High Priority list and some of the immediate expenses from the Average Priority list from your income. Try to save as much as you can by asking yourself if the expense is necessary and if it needs to be incurred immediately.

If possible, try to avoid the expense if it is not required.

• Put aside an adequate amount of emergency funding like maintenance and repair of household items or vehicles, medical expenses or any urgent expense that is not foreseen.

• After that, try to pay down as many debts as possible to cut down on the monthly outgoings and save on interest in the long term.

• Try to save some amount towards pension schemes and invest in a medical and life insurance policy.

• Make a list of all of your future plans like higher studies for children, vacations, and recreational and entertainment activities. You can list out

just about anything that you want to do if you have enough money to do it.

• Make a list of your future goals and brainstorm ways to add to your income.

Conclusion Contrary to popular belief, a budget is not required only by those whose expenditure exceeds their income. It is useful for everyone who wants to manage their finances so that they can minimize unnecessary and frivolous expenses as well as save for their future. It is crucial to prepare a practical budget plan and regularly track and monitor expenses. This helps in identifying and preventing unnecessary expenses, making the necessary changes when there is a change in the financial situation, and in achieving the financial goals that have been set. Once you have a budget in place, it is fine to treat yourself once in a while as long as you do not go overboard and surpass the limits.

• Cut back on all unnecessary expenses, and instead put that amount aside for future use.

• Put aside a percentage of your income towards forced savings. The percentage will vary from person to person and will depend on the amount that is left aside after subtracting the expenses

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HOME OWNERSHIP

By Eric Lawrence Frazier MBA

Home ownership brings stability to individuals and families who have never had a dwelling place that they could call their own. There is something special about owning real estate that is unlike anything else on earth you can own.

Real Estate you own is not like cars that decay over time and you have to replace them.

Real Estate you own is not like clothes that go out of style and you have to buy new ones.

Real Estate you own is not like expensive vacations or experiences that only last a moment in time.

Real Estate you own is not like an apartment where the landlord may increase the rent until it’s no longer affordable.

Real Estate you own is not like staying at your parents house where you know can’t stay forever.

Home ownership is the beginning of wealth that increases over time and becomes your estate & legacy Home ownership is the pride of a mother nurturer and the kitchen her domain Home ownership is the pride of a father provider and protector of his territory and family.

Home ownership is the foundation of permanence and the place where life happens, birthdays celebrated, deaths mourned.

Home ownership is the place you build memories that can never be taken from you.

Memories etched in walls and concrete, experienced in rooms and floors, Memories living in trees and shrubs planted by your hand.

Howe ownership is the manifestation of you - your style, your colors, your smell, your stuff, your junk, your memories, your yard and your spaces, your life.

It’s the height markers on your first child’s bedroom wall.

It’s the hearts drawn in the concrete slabs when you pour your patio floor It’s the birthday parties, and anniversaries in the living room and kitchen.

It’s the back yard barbecue with friends, neighbors and family contentions it’s the high school and college graduation, and wedding receptions Its’ the family nights and block parties and the fellowship of family connections Home ownership It’s more than real estate. Land, brick and mortar, wood frame construction and chicken wire.

It’s more than money saved, gifts recieved and grants obtained It’s more than the debt you incur to buy it.

It’s more than the payments you make to own it.

It’s more than the appreciation that comes with keeping it over time.

It’s memories, it’s family, and it’s life that can happen in one place Until you say it’s time to move.