How to become a mortgage broker in texas

What's the best way to secure your financial future? Take control. It can be as easy as asking financially savvy family members, coworkers or friends for advice, or typing the words financial advice into an Internet search engine. "There are numerous resources and services to help you develop financial plans," says Rene A. Nourse, a certified financial planner and vice-president of investments at Smith Barney in Torrance, California. "Women and Company (womenandco.com) is an excellent organization that offers tips and guidance on financial issues."

ESSENCE asked seven savvy sisters to share the best financial advice they've received and how they used it to build wealth:

FREE, TV HOST, NEW YORK CITY

"Several years ago I became my own financial planner. It took two years of focus for me to wipe out $12,000 in credit-card debt. I lined up all my credit cards and began by paying off the one with the highest interest rate first. Once that card was paid in full, I applied that payment to the next card until they were all paid off. Today I'm debt-free. I avoid credit cards and have excellent credit. My motto is, if I can't pay for it in full, then I don't need it."

LADEAMYA W. ELLIS-MIXON, 35, PROJECT MANAGER, ATLANTA

"My parents taught me that if you invest early in life, as you grow, you'll reap the benefits. This is advice I've always remembered, along with 'Pay yourself first,' 'Invest in your company's 401(k)' and 'Don't spend all your money in one place.' I chose to invest in real estate, and at 25, along with my mother and my aunt, invested in my first property. My contribution was 15 percent of the asking price. Three years later we purchased a second property together, and a year after that, at 29, I purchased my own home with equity from the first two investments. The benefits from these investments far outweigh the burdens of ownership."

MARNIER LASSIER, 27, MARKETING COORDINATOR, ENCINO, CALIFORNIA

"Before I purchased my first home, I learned the difference between using a lender and using a broker to secure a mortgage rate. Some brokers charge a fee to find you the lowest interest rate. I had good credit and was able to avoid the extra fee by going directly to a bank. I got referrals from several lenders, picked two that offered the best rate, and played one against the other. When there's competition, they'll work harder for your business."

DENA CRAIG, 35, TV PRODUCER, CHICAGO

"As a freelance television producer, my earnings are sporadic. My biggest mistake was not investing in the 401(k) plan offered while I was working on the Oprah show. I literally missed out on free money because Harpo matched employee contributions. When I landed on another show, the first thing I did was set up a 401(k) retirement fund. A sorority sister advised me to ask friends on my same income level what they did to save. After some research I met a broker who advised me to invest in a plan that doesn't penalize you when you borrow against it during times of unemployment."

WENDY TURNER-CODWELL, 37, ENTREPRENEUR, HOUSTON, TEXAS

"After our sons--Jack, now 2 years old, and Reid, who's 1--were born, our financial adviser recommended that my husband and I set up a 529 Plan to pay for each boy's college education. After an initial investment of $1,000 per child and small monthly contributions, we're on the way to securing their educational future."

SCHUYLA GOODSON BELL, 39, CORPORATE ATTORNEY, ATLANTA

"I was burned by my first financial adviser because I wasn't as knowledgeable as I should have been and allowed him to invest in what he thought was best for me. In the end his choices benefited him more than me and I lost money. When my income increased, friends steered me to another adviser who challenged me to own what's mine and to become knowledgeable about my investments, even though I was stomping on unfamiliar territory. Now I ask questions and make people explain things I don't understand. It's your money. Make it work for you, not for them."

9 WEALTH-BUILDING TIPS

Financial planner Rene Nourse offers ways to help you get financially fit:

HAVE A GOAL If you don't know where you're going financially, you may end up somewhere you don't want to be. Whether saving for a home, retirement or a child's education, set specific goals and prioritize.

GET A FISCAL PHYSICAL To determine where you are financially, list what you own (assets) and what you owe (liabilities). Then track spending patterns for three to six months to learn where you can cut back to increase your savings.

SAVE AGGRESSIVELY Limit spending on nonessential items, and pay yourself first by setting up an automatic-deposit system.

PURSUE EQUITY Equity is the difference between what you paid for an item and what it's now worth. Home equity, business equity and stock equity can be leveraged to create wealth.

DIVERSIFY Invest in a variety of assets, like mutual funds, stocks, bonds and real estate, so that gains in one investment can offset losses in others.

COVER YOUR ASSETS Make sure you have life insurance, as well as medical, dental, disability, home and auto insurance, to shield your resources. Also make retirement, tax and estate planning a must-do.

BUILD A TEAM A good tax professional, financial adviser and attorney are crucial. To get online legal information, contracts, documents and forms, check out Pre-Paid Legal Services, Inc. (prepaidlegal.com).

MANAGE YOUR DEBT There's good debt, like home ownership, and bad debt, like credit cards. If properly managed, debt can help in accumulating wealth.

PASS IT ON Establish a legacy for your children that includes solid money-management skills.