Beggars Can't Be Choosers!

I wonder, how many times have you said this? I can’t count how many times I've repeated those words, particularly when someone gives me something that he or she may not think is much of a gift, or might even be embarrassed to be giving.  But hey, if it is something I need, and they don’t, and they are willing to give it to me, I love it.  Beggars can’t be choosers, right?

I was greeted once again this past week by the guy that sells papers on the exit ramp from Old Hickory Blvd. to I-65. I always try to buy a paper from him when I get stopped there. He was smiling and waving to everyone, like he always does, as I rolled down my window to buy my paper. Not realizing that I didn’t have any bills on me as I rolled the window down, I started scrambling for change. Then I realized that the papers were now $2 versus the $1 that they had always been, so I’m scrounging for nickels and dimes to come up with the $2. I give him the handful of change and apologize for taking so long and loading him down with coins. He looked at me with a big smile and said, “Hey, beggars can’t be choosers. I really appreciate you.”

That really hit me and I can’t get the thought, or vision of him, out of my head. I’ve bounced all over the place with it. First, I'm thankful that I've been blessed with a life that allows me to choose versus beg. Second, I'm amazed at the grateful attitude and response from an individual that sees himself as a mere beggar. I wonder why this guy isn’t in sales somewhere instead of being homeless – with a personality like that, shouldn’t he be able to find a great job? Is that even fair for me to ask? I know nothing about him.

So what does that mean for you and me? Just thinking here... What if I treated everyone that crossed my path on a daily basis the same way this guy does? With a smile and an attitude of gratefulness. That would create quite an impact!  That’s my plan. How about you?

If you are ever interested in reading prior weekly emails, please visit my Facebook page: Mike Smalling Mortgage Advisor

The Week Ahead
Next week will be packed with major economic events. The next Fed meeting will take place on Wednesday. Investors expect the Fed to continue scaling back its bond purchases, but comments about the strength of the economy or the timing of the first fed funds rate hike could have a large impact. First quarter Gross Domestic Product (GDP), the broadest measure of economic growth, will be released the same day. The important monthly Employment report will come out on Friday. As usual, this data on the number of jobs, the Unemployment Rate, and wage inflation will be the most highly anticipated economic data of the month. Pending Home Sales, ISM Manufacturing, Construction Spending, Core PCE inflation, and ISM Services will round out a crowded schedule.

The Week That Was
The last two weeks have been relatively light ones for economic news. Mortgage rates moved a little higher late last week ahead of Easter weekend, and they reversed that increase during this week. Headlines from Ukraine added a short burst of volatility but had little lasting impact.

Overall, the economic data released this month has been better than expected. After slowing due to unusually severe winter weather, most sectors of the economy appear to be picking up. The economy added jobs at a healthy pace. Retail Sales and manufacturing posted solid gains. This week, Consumer Sentiment jumped to the highest level since July of last year.

Despite the good results this month, however, investors require more evidence that the improvement is sustainable before they will raise their long-term outlook for economic growth. The steady economic outlook over the last several months has helped keep mortgage rates in a fairly narrow range.

One sector which has lagged in its pace of improvement is housing. March Existing Home Sales were roughly the same level as February, which was very close to the consensus forecast. A tight supply of inventory in many regions was one factor holding back sales. Offering potential for future activity, the total inventory of existing homes available for sale rose 5% in March. March New Home Sales showed a sharp drop from February, but this data is extremely volatile month to month.