We tend to be very vocal about the things we need, whether it’s as basic as food or companionship. But, for the things that we want or yearn for, we often remain silent.
Well, this week I was reminded that in order to build the wealth I want, I must speak up. My husband and I are in the home buying process, and throughout the process of trying to secure a mortgage, I shopped around for rates at different lenders. It was not until I voiced our desire to have a much better interest rate, however, that I realized the full power of my voice.
When we did the math, we would save $30,000 over the life of the loan from a lender who offered us a lower rate. Remember, less debt leads to greater wealth.
If you are in the home buying mode (whether for your first or your second, or third home), I want to let you know that you do have leverage with a lender, particularly if you can provide them with information on other offers you may have received. Now, your credit profile and income play heavily into the rates you receive, but always inquire with the lender as to how your rate has been determined. The lender has a strong incentive to close the deal with you because they make a ton of money when you take out a mortgage with them, so speak up for the things you want.
Here are a few additional takeaways that I want to share from my own experience this week:
· You deserve it. We sometimes think that we do not deserve more than what’s put in front of us. This is fear settling into our minds and spirits. I’ll keep it straight - You do deserve more, and you simply have to believe that you do and ask for it.
· Asking is half the battle. If we ask for something, the response on the other side is usually going to be a “yes” or “no.” It never hurts to ask. Whether you want to ask your financial advisor to invest in a security of your choice or ask your boss for a raise, asking the question will never hurt you.
· Tell someone your desires. If you keep what you want to yourself, there is no one to hold you accountable. Whether you tell a partner, a friend, or trusted family member, tell someone what you want. Then, tell them that you need them to keep reminding you of those desires.
Have any tips from your own “speaking up” experience as it relates to getting the wealth you want? Leave a comment below.
Reflect on some of your recent financial decisions this summer. Do you need speak up to get the things you want? If you have a hard time finding time to reflect, I want you to read this great piece from the Wall Street Journal – “Don’t Just Dive Into Action: Stop to Think First.” Take time to think before you act!