Have some people mis-used Home Equity Lines of Credit? Absolutely! In the mortgage meltdown of 2008, a lot of people used their equity to enhance their lifestyles, putting that spending “on the house” instead of on a credit card. (A colleague recently told me about a grandparent who maxed out $175,000 of home equity treating their grandkids to gifts and expensive trips – quite a sum.)
There are a couple of situations when a local business owner should absolutely take action to determine if someone is abusing your trust and embezzling from your business.
Will it ever be settled whether it was Patriots’ coach Bill Belichick who made Tom Brady great or the other way around? Who knows!
Having the chance to play school sports for many outstanding coaches and having done some coaching myself, I’m sure Tom Brady realizes he’s lucky to have a head coach like Bill Belichick taking care of The Big Picture and making decisions that let him focus on being the best quarterback he can be.
Bruce Murphy is the owner of Bruce’s Floor Cleaning Service here in Canton and I have his permission to share this story with you.
One day in the mail, Bruce received a letter from the “Embassy Lottery Company of New York & London.” There was a check in the letter, drawn on the Presidio Bank in California against the account of a company called City Lights. Inc. The letter said Bruce had won a big prize.
Even people who are super-organized with their finances often don’t have things set up so that anyone could come in and carry on for them in case of an emergency.
Community bankers often hear that their bank reminds customers of the Bailey Bros. Building & Loan from the classic 1946 movie, It’s A Wonderful Life. Which is a great compliment. What was it about the Bailey Bros. Building & Loan that people still remember it so specifically and so fondly seven decades years later? A couple of things.
I recently met with a couple in their very early 70s who were starting to think about downsizing. Why? Basically, because they were under the impression that it was “what everyone did”, that it was “the right thing to do” and they wanted to be “prudent.” They were considering buying a condo and were wondering if it would be better to get a small mortgage or pay cash.