Home Ownership for Savings – Rodney Shaffer

A recent homeownership study concluded that over time,
home ownership correlates with strong wealth
accumulation. With every mortgage payment, the owner
increases her equity and wealth. You grow your wealth by
simply paying a bill. Even folks who lack the discipline
to save money can grow their wealth by making their
mortgage payments. My father grew up very poor on a farm
during the Depression. He taught me to save money and
grow my wealth. I love helping my clients grow their
wealth through home ownership. My first mortgage client
was a refugee family. They immigrated to the US to
escape persecution and worked some hard, dirty jobs to
save money. One of my best moments in lending was
closing their home purchase. They had worked so hard to
grab their American dream. And I know they are growing
their wealth now. I’m a great referral for your coworker
Isaac. He rents an apartment and constantly talks about
the stock market and his investments. Ask Isaac if he
wants to make his home payments work as hard as his other
investments. Then refer him to me to plan for his home
purchase. I’m Rodney Shaffer, licensed mortgage lender.

11 Responses to Home Ownership for Savings – Rodney Shaffer
  1. Wendy Kinney
    August 15, 2018 | 2:47 pm

    Great Green Card.
    Green card is a WHO (a person) and a HOW (a behavior).
    WHO = coworker HOW = constantly talks about the stock market and his investments.

    ASSIGNMENT #!: Golden Card. Commander’s Intent
    What does my coworker WANT?
    > Why is that important?
    >> Why is that important?
    >>> Why is that important?

  2. Rodney Shaffer
    October 8, 2018 | 2:23 pm

    My coworker wants to see his investments appreciate. He wants his money to “work for him” and grow his net worth.

    Why#1: So he can be financially “secure.”

    Why#2: So he can retire – not have to work the rest of his life.

    Why#3: So he can be “free” – do what he wants to do, travel where he wants to travel, without worrying about money.

  3. Wendy L Kinney
    October 31, 2018 | 5:45 pm

    If you considered “what he wants to do, travel where he wants to travel, without worrying about money” going wide,
    what would your answers be if you went deep?

  4. Wendy L Kinney
    November 5, 2018 | 12:19 pm

    I’m a great referral for
    GREEN:
    WHO: your coworker Isaac who
    HOW: complains about noisy neighbors e.v.e.r.y day.

    GOLDEN:
    He’s toughing it out because they’re expecting their first child.

    KINDLING:
    Ask how he thinks that’s going to work when they’re trying to get the baby to sleep.

  5. Wendy L Kinney
    November 5, 2018 | 12:34 pm

    Question: Why is investing important to Isaac?

    1: He was saddled with student loans after college, and he want’s to be able to pay for his children.

    2: His parents are in their 70s and wouldn’t be able to afford housing if they retired.

    3: His aunts and uncles just went on a trip to the Holy Land, and his parents couldn’t afford to go – they just watched the fun on Facebook.

    4: His parents are in their 70s and still work part time jobs so they can afford to go out on family pizza nights.

    5: He’s got a three year plan to sail around the world, and he doesn’t want to have to sell his house here, in order to be able to afford to do it.

    6: He wants to go diving in the South Pacific for a month
    He wants to walk the Camino Real.

    KINDLING QUESTION:
    Ask if they have considered revisiting child support.

  6. Wendy L Kinney
    November 5, 2018 | 12:36 pm

    PURPLE:
    My father grew up very poor on a farm during the Depression. He taught me to save money and grow my wealth.

  7. Wendy L Kinney
    November 5, 2018 | 12:57 pm

    Purple:
    1: WHAT COMES NATURALLY
    a: I read 5 books a month
    b: I always have questions
    c: Math was always my favorite subject in school.
    d: Monopoly
    e: I love puzzles – especially ones someone else can’t solve!
    f: I pack for a two week trip in one carry one.
    g: I was taught to greet my elders with a kiss on each cheek.
    h: I always offer a face to face meeting.
    i: I refer to clients older than I am with Mr and Mrs.

    2: WHAT HAVE YOU WORKED HARD TO LEARN?
    a: I’m good at remembering people’s names
    b: On Monday morning I review the names,classifications, and Teams for everyone signed up for InfoMinute Seminar.

    c: My father was 50 when I was born, so I learned to speak clearly.
    d: I HATE surprises – I know the guidelines, I’m not going to be surprised by a loan denial.

    e: I studied with a guy for 12 months to learn how to work with self employed borrowers.

    3: CLICHE
    a: I create a packing list two weeks before a trip
    b: I pack for a trip a week before I leave.
    c: I can pack for a two week trip in 15 minutes.
    d: I bring my lunch
    e: I start an email for every person I need to contact in a day, and I don’t leave for the day until all my follow throughs are sent.
    f: I

  8. Clay Jeffreys
    November 5, 2018 | 4:11 pm

    I feel like Rodney got a lot of comments here. One of the things I see is simply a way to tighten up the blue card and red card sections to allow for more time/space in the really important Green/Gold/Plat section. For example:
    BLUE – A recent homeownership study concluded that over time,
    home ownership correlates with strong wealth
    accumulation. With every mortgage payment, the owner
    increases their equity and wealth. Even people who lack the discipline
    to save money can grow their wealth by making their
    mortgage payments.

    Also, avoid the word “YOU”. Great work Rodney!

    • Jason Conn
      November 7, 2018 | 9:49 am

      I agree that there is a lot of good info that we completed in class here (that Wendy recorded). When I read this infominute, I see opportunities for perhaps a joint 7 minute with your realtor. I could see a realtor using this 7 minute as well (making a case for homeownership to build wealth). Perhaps a joint 7 minute might involve the realtor running some figures on home appreciation over time and you could model some amortization schedules over that same time to show the growth in equity over a relatively short period of time (maybe 10 years). Could be a good visual for both of you that members will remember.

  9. Vance Blew
    November 7, 2018 | 3:56 pm

    This can totally be left out of the Platinum Card, Kindling Question, Section “Then refer him to me to plan for his home
    purchase.” Once one of our team members engages in a conversation with the question we planted for them to ask, they will make the introduction naturally. It’s the part of coming up with the good questions that they will ask.
    Take Wendy’s “6: He wants to go diving in the South Pacific for a month” above. The question could be “How are the diving classes going?” Because to dive for that long a period of time you will need to be a certified diver.

  10. Chris Coulter
    November 7, 2018 | 10:54 pm

    IN the value part of the card. the blue I didn’t see where the service you provide is unique to you..

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