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Answers - The Story of Lisa and Lori and Your Mortgage
I want to share a short story with you. In fact, this story unfolds around us every day - and in fact we are all players in this drama!
This story is all about mortgages and how we deal with them.
As you read along ask yourself which one are you?
Lisa and Lori each earn $55,000 a year from their respective jobs. Both have $35,000 in savings. They live in Vancouver
This story is all about mortgages and how we deal with them.
As you read along ask yourself which one are you?
Lisa and Lori each earn $55,000 a year from their respective jobs. Both have $35,000 in savings. They live in Vancouver
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
, British Columbia so a starter condo will set them back to the tune of $350,000.
Both Lori and Lisa got pre approved mortgages and were able to go condo shopping knowing that their financing was in place. The pre approvals were no problem for the banks to OK as they felt that these women would be good “risks” for the loans and able to service the mortgage payments
Both Lori and Lisa got pre approved mortgages and were able to go condo shopping knowing that their financing was in place. The pre approvals were no problem for the banks to OK as they felt that these women would be good “risks” for the loans and able to service the mortgage payments
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
based on their respective incomes.
On the one hand, just as her parents had told her to do - Lori wants to get rid of her mortgage as soon as possible. She spent some time on her banks Web Site with their “Mortgage Freedom Calculator”. Based on her inputs she decided on using her entire life savings of $35,000 as a 10% down payment, and chose a 5 year closed mortgag
On the one hand, just as her parents had told her to do - Lori wants to get rid of her mortgage as soon as possible. She spent some time on her banks Web Site with their “Mortgage Freedom Calculator”. Based on her inputs she decided on using her entire life savings of $35,000 as a 10% down payment, and chose a 5 year closed mortgag
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
e at 6% with an 18-year amortization period.
Her mortgage of $315,000 means that her monthly payment is $2,375. She will reach her goal of being mortgage free in 18 years - 7 years earlier than the standard 25 year amortization and saving a whopping $107,804 in interest costs alone!
Lisa on the other hand chooses the same 5 year closed mortgage term at 6% but with
Her mortgage of $315,000 means that her monthly payment is $2,375. She will reach her goal of being mortgage free in 18 years - 7 years earlier than the standard 25 year amortization and saving a whopping $107,804 in interest costs alone!
Lisa on the other hand chooses the same 5 year closed mortgage term at 6% but with
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
a 25-year amortization. She goes for the 5% “down” option with $17,500 of her $35,000 savings and finances the remaining balance of $332,500. Lisa’s monthly mortgage payment is $2,127. The monthly difference between the two mortgage payments is $248. (Let’s say $250 to keep it simple).
Lisa’s mortgage balance is higher than Lori’s, $332,500 compared to $315,000 but
Lisa’s mortgage balance is higher than Lori’s, $332,500 compared to $315,000 but
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
her monthly payment is just $2,127 because she went with the 25 year amortization.
Where as, Lori is sending that extra $250 each month to her mortgage lender, Lisa invests these savings of $250 each month for five years, earning 8% before taxes per year.
The result: At the end of five years, Lisa has a total in savings of $17,599. Lori has no savings.
Suddenly an
Where as, Lori is sending that extra $250 each month to her mortgage lender, Lisa invests these savings of $250 each month for five years, earning 8% before taxes per year.
The result: At the end of five years, Lisa has a total in savings of $17,599. Lori has no savings.
Suddenly an
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
d without warning, both women are re-engineered out of their positions due to corporate downsizing. This comes as no big surprise given the instability in today’s job market. Who will survive? But, is Lori or Lisa in a better position? Well, let’s see…
Remember, Lori wanted to get rid of her mortgage as soon as possible and so used all of her money as a down payment
Remember, Lori wanted to get rid of her mortgage as soon as possible and so used all of her money as a down payment
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
, so she now has no savings to rely on. However, she has $57,369 worth of equity built up in her house because she started with such a large down payment and has been making larger monthly payments since the beginning of her mortgage.
Unfortunately, that won’t help her to put food on the table and she now has no money coming in.
The only thing that Lori can do to s
Unfortunately, that won’t help her to put food on the table and she now has no money coming in.
The only thing that Lori can do to s
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
upport herself is to use her credit cards, thereby creating consumer debt for which she cannot afford to pay because she has no income. As she is now unemployed, she cannot refinance because her bank denied her application for a home equity line of credit due to lack of stable income! If Lori is to access her home equity in order to support herself, she will have to
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
sell her home. This would force her to do the one thing she wanted to avoid to begin with - lose her home.
Sadly, Lori has just discovered the biggest secret of home ownership the hard way: Your mortgage is actually a charge against your income - it is not a loan against the value of your home. With no income, you are powerless to borrow money against your equity. L
Sadly, Lori has just discovered the biggest secret of home ownership the hard way: Your mortgage is actually a charge against your income - it is not a loan against the value of your home. With no income, you are powerless to borrow money against your equity. L
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ori must land another job, and fast! Not something that is easy to do in an unstable job environment. Not only can she not afford to feed herself, Lori is about to lose the roof over her head!
Now, let’s see how Lisa is doing. Lisa has only $33,793 in equity built up BUT she has $17,599 in savings! She will be able to make her monthly mortgage payment with ease, eve
Now, let’s see how Lisa is doing. Lisa has only $33,793 in equity built up BUT she has $17,599 in savings! She will be able to make her monthly mortgage payment with ease, eve
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
n with no job. In fact, she has enough money saved to make her monthly mortgage payment for 8 months! No worries here!
Lisa sleeps soundly at night without worry that she will lose her home.
Here is the irony: Lori wanted to avoid a large mortgage and did everything she was able to pay off her mortgage quickly. To her dismay, she has discovered that her plan backfi
Lisa sleeps soundly at night without worry that she will lose her home.
Here is the irony: Lori wanted to avoid a large mortgage and did everything she was able to pay off her mortgage quickly. To her dismay, she has discovered that her plan backfi
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
red in her face. Rather than protect her home, she now faces losing it!
The moral of the story? You should never hand a large down payment to the bank. You should never be in a hurry to pay off your mortgage. The less money that you have and the less secure your income, and job situation the more important the idea of carrying a mortgage is to your financial wellbei
The moral of the story? You should never hand a large down payment to the bank. You should never be in a hurry to pay off your mortgage. The less money that you have and the less secure your income, and job situation the more important the idea of carrying a mortgage is to your financial wellbei
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
ng.
Now here’s an interesting angle of an alternate savings program.
Lisa could have taken out a $50,000 investment loan and with an interest only payment - based on 6% interest she could have used her $250 a month to service this - instead of just saving it. The beauty of this program is that the interest cost is tax deductible. In this case, to the tune of $3,000
Now here’s an interesting angle of an alternate savings program.
Lisa could have taken out a $50,000 investment loan and with an interest only payment - based on 6% interest she could have used her $250 a month to service this - instead of just saving it. The beauty of this program is that the interest cost is tax deductible. In this case, to the tune of $3,000
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
each year. She gets to deduct this amount from her taxes just as if she had put the money into an RRSP.
However, the real beauty is that she has more money immediately working for her AND her investment portfolio is not bound by the restrictive rules and taxes that come with RRSP investments.
Furthermore, each and every year she gets to “write off” the $3,000 so a
However, the real beauty is that she has more money immediately working for her AND her investment portfolio is not bound by the restrictive rules and taxes that come with RRSP investments.
Furthermore, each and every year she gets to “write off” the $3,000 so a
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
t the end of 5 years she has written off a total of $15,000 (and all things being equal received refunds totaling $6,000).
And how has the investment done? Well, if she were to achieve 8% a year in a conservatively managed balanced fund her investment portfolio would be worth in the neighborhood of $73,466.
Let’s say that because of her job loss she prudently decid
And how has the investment done? Well, if she were to achieve 8% a year in a conservatively managed balanced fund her investment portfolio would be worth in the neighborhood of $73,466.
Let’s say that because of her job loss she prudently decid
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
es to cash out $50,000 from her portfolio to pay off the loan. She is still left with $23,466 remaining in her non registered portfolio. This is $5,867 MORE than the more traditional Canadian way of saving monthly.
In fact it is essentially 23 months of $250 a month saved - MORE!
Lisa still has the $33,793 in equity built up in her home as before, however now if sh
In fact it is essentially 23 months of $250 a month saved - MORE!
Lisa still has the $33,793 in equity built up in her home as before, however now if sh
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
e wants to dip into her savings (which is the investment portfolio) she does not have to fear the tax burden as if the money were in RRSPs.
Now, who do now think is the smarter of the two? Lori or Lisa?
Which one are you? Which one do you want to be?
This example reinforces what I believe to be true. Do you know what it is? Don’t tie up all your financial resource
Now, who do now think is the smarter of the two? Lori or Lisa?
Which one are you? Which one do you want to be?
This example reinforces what I believe to be true. Do you know what it is? Don’t tie up all your financial resource
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
s in your home!
2 critical points that you must be aware of and clearly understand right now if you are ever to generate wealth:
1. Nobody ever got rich by saving money alone!
2. Paying off debt is not the same as accumulating assets!
Many people believe that it would be to their financial benefit to eliminate their mortgage. They think that if they don’t ha
2 critical points that you must be aware of and clearly understand right now if you are ever to generate wealth:
1. Nobody ever got rich by saving money alone!
2. Paying off debt is not the same as accumulating assets!
Many people believe that it would be to their financial benefit to eliminate their mortgage. They think that if they don’t ha
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
ve to make a monthly mortgage payment, they are in much better financial shape than the guy who does have a mortgage.
In my opinion, this belief is completely in error.
Your current thinking got you into the situation where you are now - if you are not totally pleased with this picture you are going to not only have to change your thinking BUT change your game plan
In my opinion, this belief is completely in error.
Your current thinking got you into the situation where you are now - if you are not totally pleased with this picture you are going to not only have to change your thinking BUT change your game plan
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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