New Money Goals | What's next after paying off my credit card?
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- Äas pĆidĂĄn 10. 09. 2024
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I'm documenting my financial life which includes everything from paying off debt to budgeting to buying my first house! If you want to know what I'm up to on a daily basis, follow me on Instagram, Twitter, or TikTok. đ
/ thelifeandnumbers
/ lifeandnumbers
/ lifeandnumbers
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Disclaimer: I don't have any formal financial background or training. I'm just someone who wished someone had taught me about finances when I was younger and I want to share what I've learned along the way. đ
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Donât put pressure on yourself! The house will come at the right time! Great content, keep up the good work.
Thank you, I appreciate it!
Thank you for sharing your journey on this platform. I believe you're making a very wise decision to not rush into home ownership just to say you have a home. Bc there are so many ppl out there that have a home but are living house poor. I was able to purchase my first home at the end of 2020. Wishing you all the best. I will continue to support your channel.
Thank you so much!!
Don't rush to buy a home (coming from a homeowner) with today's high interest rates it's scary. And new build homes definitely have problems too. I heard of this quote: renting is not throwing away money. You're paying for a service just like you would on anything else. Your landlord is providing a service to you." Once you add utilities to a mortgage over $2k it's easy to be house poor.
At these prices, tipi tents will make a come back.
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I have some suggestions for you. If this is not going to be your forever home look at this. Look at a two bedroom condo / town home / duplex. Also, look at older homes that have been remodeled or gutted. Also, don't rush into anything, just take your time and do your research. As far as your finances I think you have to be more focused in saving for the 20% down payment. you can do this. I love your channel and your attitude with obtaining your goals.
I like all of those ideas, especially a duplex! I would live in one unit and rent out the other, that would be amazing! But there's not a lot of them in my area. I also like older homes that have been remodeled! I definitely don't want to rush into anything. Thank you for watching and your support!
Do NACA!!!
I've considered that! But I've heard horror stories about how long it can take, some lenders and builders don't want to work with them, and my income is higher so I don't qualify for their lowest interest rates. And even their interest rates are almost 6% right now đ©
Donât think of it as bleak. Think of it as you have options: cheaper house, more down payment, or do nothing! In your case, listen to your discomfort (your gut), and stay where you are until it makes sense for you financially.
Very true!!
I need whatever job you have lol
You're so disciplined. You make me want to do betterđ . Keep it up and I hope you reach your goal.
Thank you!! You can, create a plan and stick to it! đȘđ€
Time is going to be our friend lol.
You are such an inspiration don't rush buying a home, until you are truly ready. Trust and believe when you are the landlord, that it's your responsibility to get the maintenance on things done. My husband and I, learned the hard way when we bought our home, I wished we could have taken our time, on what it meant to be homeowners. If it was up to me, I would have done a 15yr mortgage, but hey you live and learn, I enjoy my mortgage free home now.
Thank you!! And yes that's what I'm afraid of, all the things that can go wrong and now I'm responsible. I'm so happy you don't have a mortgage anymore!! đ
What are tithes?
I'm Christian and tithes is when you give back 10% of your income to God. I made a video a few years ago that has more details czcams.com/video/bD0Z8z3Ywqo/video.html
Girl we paid off 10k in 3 months letâs go!!!! we can get 40k or more in a year!! Letâs go girl!!! And Iâm pretty sure you said you got more in savings girl we not trying to touch that lol. Iâm just shook we paid off 10k In 3 dang months.
40K in a year sounds so hard! đ© You have so much faith in me lol đđ Yup I have 6K in emergency savings and almost 18K saved for a house.
@@lifeandnumbers girl faith done sky rocketed after that debt pay off. Over here just winning. 40k is hard shoot Iâm over here 1000 is hard for me lol. But how did you do the 18k for the house? Like every paycheck set aside 400 or what was your steps? Iâm so proud of you!! As a single person doing all this is awesome!!! I want to purchase home but I think just being single makes me a little hesitant of moving forward and stuff. Anyways lol PROUD OF YOU GIRL!!!
As a financial advisor, can I suggest that you at least contribute the annual maximum allowed per year in the Roth. Also, I think you would benefit from listening to or reading the book The Simple Path to Wealth by JL Collins. I think it would really help you.
Didn't know you were a financial advisor! I've had goals to max out my Roth IRA in the past but now that would decrease how much I could save for the house. You still think it's worth it? Never heard of that book but I'll check it out, thanks!
Any realtor would say get the other $50k from your retirement plan. Lol They always say that to us but hubby wouldnât do it. You could look into loans that waive the PMI and/or offer first time homebuyer benefits.
Because realtors donât care about you borrowing from your future. They want their commission today!
Realtors are working their bottomline...unfortunately many heed that advice and later on regret it.
I don't even have $50K in retirements! đ©đ© That house that I lost at the end of 2021, I was using a lender that offered 0% down and no PMI. But with the cost of homes combined with high interest rates, those benefits from the lender don't help much because the mortgage is still way too high.
@@lifeandnumbers its well. Definitely the situation lends itself for you to build up other areas of life financially. As it is cash might be alternative in this high interest season.