I’m pleased to hear you are considering home ownership. Owning your own home is a wonderful blessing, but it can be a heavy burden–a curse even–if you borrow money before you’re ready.
I know you are busy, so if you don’t have time to continue reading now, please just scan my very quick, bulleted summary. It’ll [...]
One of the most ironic aspects of modern life is the lack of instruction on how to handle money, especially considering the consequences of poor money management.
There are only three things people can do with money: spend it, give it, and keep it.
The proper balance is important. If you spend everything, you’re broke. If [...]
And you should give it to them—because most online banks will pay a premium to watch your savings for you.
A silent, deadly killer
This premium is important when you consider the debilitating effect inflation has on cash. Inflation is a reduction in the value of the dollar. In the seventies and eighties, inflation reached visibly [...]
Many first time home buyers unknowingly commit themselves to excessive interest expenses by starting with their dream house. Starting with your dream house holds a lot of appeal: you get to enjoy the house now rather than later and you save on real estate agent fees on the purchase and sale of your first home. [...]
This step is essential; it is hands down the most important, for this reason:
For every decade delayed, one must save twice as much.
This means if $1,000/month was enough in your twenties, you’ll need $2,000 monthly if you’re in your thirties. For those of you starting in your forties, $4,000 might be in order.
Once you pick [...]
