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Infographic: The True Cost of Homeownership. Everyone is talking about how now is a great time to buy a home. And, on the surface, it looks like the perfect time. Home prices are low, and mortgage interest rates remain at near-record lows. There is some argument, though, that it might be better to buy a home in six months; without the home buyer tax credit to help keep home prices higher, some argue that another dip in prices is likely. However, whether you are really ready to buy a home has little to do with what is happening in the housing market; more important is what is happening in your personal finance world.
When many people start thinking about purchasing a home, they usually get excited about figuring out how big a house they can get, and use online mortgage calculators to help them estimate monthly payments at a specific interest. What many of these calculators don’t include, though, are additional costs. We often forget that homes need to be maintained — by the owner. Financial Organization. Home - The Banker. 7 Money Tricks Rich Guys Know : MensHealth.com. My dad taught me how to rig a mainsail, my college buddies taught me how to hold my Jim Beam, and my teachers taught me how to parse Chaucer. But somehow no one got around to helping me calculate compound interest or build a diversified portfolio. Arcane skills? Perhaps, but learning them is the best way to avoid spending your retirement years nibbling on Alpo.
Of course, people teach only what they know, and previous generations had less cause to study the finer points of finance, says Charles Farrell, a Denver-based investment advisor. Most men died within a few years of retirement; the rest squeaked by on pensions and Social Security. Ensuring your financial survival will require learning to be your own CFO. Figuring Out Your Net Worth Would you start a diet without knowing your weight?
And if you've never stepped on a financial scale, it's way too easy to binge on debt. Running Your Ratios Gauging Interest It's an old saw in financial planning that some debt is good and some is bad. CrackingCreditCode.jpg (JPEG-afbeelding, 600x1708 pixels) - Geschaald (37%) How To Pay For Anything With Blank Paper (Derren Brown - NLP)