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Volume 3 Issue 3March 2012

 SPEND ON THE THINGS YOU DO DAILY

  

I used to be guilty of spending money on the life I thought I lived, rather than the life I was actually living. To illustrate what I mean, consider the following past expenditures:

● Snowboarding apparel for my first -- and only -- snowboarding trip.

● Evening dresses from Bluefly. Yes, they were purchased at a big discount, but I had nowhere to wear them.

● A mountain bike. I was so dedicated to riding, for about three months.

 

 

I recently read a Psychology Today blog post titled "What you do every day matters more than what you do once in a while." Written by Gretchen Rubin, author of "The Happiness Project," the main point of the post is that people are happiest when they make decisions based on their daily life, not the life they lead every once in a while. Says Rubin:

"In his fascinating book, 'House Lust,' Daniel McGinn notes that market researchers use the term 'maximum-use imperative' to describe the fact that people will often buy something to accommodate a use that they need only rarely. . . . Along the same lines, I've noticed that when making decisions, I tend to give too much thought to what I do once in a while and not enough weight to what I do every day. For example, I wear running shoes 29 days out of 30 days a month, yet I have three pairs of black flats and only one pair of running shoes."

 

 

Maximum-use imperative doesn't affect just happiness, though. It also affects your bottom line.

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CAB CLIENT SPOTLIGHT
 Ashley Hudson
 
Ashley HudsonCongratulations to Ashely Hudson and her family.  With the help of CAB, the Hudson family recently purchased their first home.  "I was so thrilled to be a part of the CAB program.  If not for the CAB program, we would still be scrapping to save money to purchase our home.  The program gave me to skills needed in finance, and the financial assistance to jump start our dream of owning a home," says Ashley, "Now we feel secure in our home investment, and look forward to living and growing together as a family in a place we can call ours.".
 
 

8 SIGNS YOU'RE READY TO BUY YOUR FIRST HOME

 

A cooling real-estate market is good news for buyers because it's easier for them to negotiate a deal. But it shouldn't be the main reason that pushes you into your first home. In fact, buying your first home is a personal decision that you should make independent of what the market may or may not be doing.

"Time means nothing," says Michael Eisenberg, a CPA and financial-planning specialist in West Los Angeles. You can't predict what will happen to home prices in your neighborhood in the next few months, let alone the next few years. But if you're looking to make the long-term commitment of homeownership, it helps to approach the decision like you would any business decision. You don't want to buy on emotion, or because everyone else is doing it.

"This is the biggest financial move a young person may ever make," Eisenberg says. "You should make the investment because it makes sense for your finances. You buy when you're ready."

So how, exactly, do you know when your finances are ready? We provide a checklist of eight things first-time homebuyers should have squared away before they consider a purchase - no matter where analysts say home prices are heading.

You are ready to buy when ...

 

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Question of the Month
I don't have earned income, can I still qualify for CAB?
 
Answer:
Having earned income is one of the requirements that must be met in order to qualify for CAB.  However, that does not mean that you have to be on some ones's payroll.  If you perform odd jobs such as babysitting, lawn mowing, tutoring,etc for cash, then we count that as earned income.  You will have to write a statement that includes information about what kind of work you do, how much you earn doing that work, and who pays you to do that work.
 
CAB Coach Questions

 

 

 SBA OFFERS FREE CLASSES TO NATIVE AMERICAN OWNED BUSINESSES 

 

The SBA's Oklahoma District Office is seeking 20 Native American small business owners for its 2012 Tulsa e200 Emerging Leaders Class which begins April 19 through October, 2012.  The class is free.  Businesses need to be 3 years old and have $300k in sales.

This is an intensive 26-week training initiative designed to accelerate high-potential small business growth.  The comprehensive curriculum provides entrepreneurs with the tools to help catapult a company to the next level and help it emerge as a growing, self-sustaining business in the community.  In addition to the SBA, the training is supported by a coalition of local economic champions and mentored by business advisors with invaluable insight and expertise.

To sign up, contact Cindi Anderson at 405-609-8018 or cindi.anderson@sba.gov or visit her at the Choctaw Career Development Career Expoin McAlester on April 4.

Susan Spring, owner of Stone Mill, Inc. in Bixby, Okla., has already created jobs for her company, after graduating from the 2010 class.  Her company manufactures concrete products that look and feel like natural stone www.stonemillproducts.com

"It's been over a year since graduating from the 2010 E200 class.  Since last year, we have doubled our sales, hired 1 full-time employee and 3 part-time employees, and started an installation crew that we have been able to keep employed throughout the year."

 

 
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In This Issue
SPEND ON THE THINGS YOU DO DAILY
CAB Client Spotlight
8 SIGNS YOU'RE READY TO BUY YOUR FIRST HOME
SBA OFFERS FREE CLASSES TO NATIVE AMERICAN OWNED BUSINESSES
3 MONEY TIPS FOR EVERY INCOME

Quick Links 

 

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Little Dixie CCA Homebuyers Education Workshop

 

CAB FINANCIAL EDUCATION WORKSHOPS

 

 

 

 

  

 

 

 

 

 
 

3 MONEY TIPS FOR EVERY INCOME

 

If you've ever read money advice that didn't seem to apply to your situation, you may have been right.

Guidance that makes sense for a middle-income household might not apply if you're under the poverty line. If your income is on the lower end, you'll have different priorities and concerns than if your W-2 has six figures before the decimal point.

So I've tailored some tips using five income brackets that correspond, roughly, with the five income quintiles defined by the latest Current Population Survey, conducted jointly by the Bureau of Labor Statistics and the Census Bureau. Each bracket represents about 20% of U.S. households. There's plenty of overlap, since tips that apply to one bracket often apply to the ones above it as well. But these bits of advice will give you some idea of what you should focus on now.

 

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