Yeah, it sounds like renting is the best option for her at this point. I usually suggest people pay off their consumer debt first before buying a home, so that would line up with her situation. You are partially right about renting. Because of this I have saved well over K on 60K of income per year. Now that is how you save money. Dan, I agree. For a season, renting can be a great way to save money.
In fact, it is the best way to buy a house for cash. This is one of the topics that always bugs me. In your analysis, your figures include life expectancy of 58 years, renting or owning. I think these figures are misleading. It will be nice if you will include all the upkeep expenses for the same period of time so that your readers will get a real picture. There are so many unknowns for people who never own a house. When they read an article like this, some may come up with the same conclusion you have laid out in your article.
Solomon, you bring up a valid point. I will write the article that you suggested and let you know when it is live. We were renting for years and finally bought a fixer — upper as it was all we could get a loan for. Almost 10 years later and we have so much put into the renovations not counting labor as my husband does all the work that we could have bought a newer house.
Hey Corina! Yeah, you bring up a great point. Buying a Fixer Upper can be a money pit. While some people can make it work, in general I suggest staying away from them as a primary residence. Renting for a season in order to save up to buy a nicer home with little to no repairs is a great idea. Another thing is just plain old frequent spending.
I see people who get paid really well but still stay in that constant state of being broke because of their lifestyle particularly partying. I totally agree with you on these 5 points, Deacon. My opinion on the lottery is that it is a tax for the mathematically impaired. However the only time I will ever play is like you did when the office is putting money in. I just found your site via Yahoo. You commented on children of low-income families using smartphones and having expensive shoes.
My husband and I continue to do without or buy less expensive things for ourselves so our kids can feel equal to those around them. So…before you judge the parents of those children your wife teaches, please take that into consideration. And maybe those expensive shoes were bought online at a discount. And by the way, we never buy lottery tickets…our money is too hard to come by.
Wow, I never knew this was out there… I am so disorganized and do not know where to even start. Hi, April. I know how you feel as I have felt the same way when we got started. I will send you an email with the steps to get started. I hope that you will find it helpful. Hi Deacon. I think and hope you can help me as well. I have been surfing for budget programs just this week and when I saw your story on the front page of Yahoo, I had to look. Thank You in advance.
These are absolutely all true. Like others above, I do disagree with 3. If you live somewhere with overvalued property, renting can make much better financial sense. You can use the difference that you save to pay down debts if you have them, and once you you are debt free, you can use the difference that you save to invest. For instance, I live in Toronto, Canada in a good central neighborhood. It all depends on where you live and often depends on where jobs are.
If we lived in a small town, obviously the same logic would no longer apply. It can make perfectly sound financial sense. Not to mention the fact that interest rates will not stay low forever. When they finally rise, and they will rise, everybody owning a home will lose equity as home prices adjust lower to the higher cost of borrowing money.
You do bring up a valid point that another person brought up in an earlier comment. However, even in your example it proves the point that it is still cheaper to own then to rent, long term.
Thanks for taking the time to comment Kyle. I think, Deacon, that for some states, it actually is cheaper to rent. But there are a few exceptions to those rules. Hey Heather, there are definitely exceptions. This is meant to be a list of common habits of people that are broke. Thanks for the additional info! I owned a house once…then my identity was stolen and by the time I got things straightened out, the housing crisis hit and I lost it.
My family bounced from one rental to another. The awful truth I discovered is that landlords take advantage of tenants. Before I could get back on my feet and buy another home for my family, I lost the job I had for 12 years. I was having no luck finding a job once prospective employers saw that I am an older American. Just this week I found out that someone had stolen my debit card information yet again.
But, I am finding it difficult to put any money aside to save for a rental of any kind as I am the only person working since my husband decided he was done with the struggle and asked for a divorce. Hi, EJ. Life insurance may sound morbid, but if something were to happen to you, you want your loved ones taken care of. Speaking of life insurance, always choose term life! Whole life insurance covers you throughout your entire life, which sounds pretty good, right?
Let us stop you right there. Keeping up with the Joneses is a very dangerous game when it comes to your finances. Plus, your family and your bank account will thank you later. And guess what—what you believe has a direct influence on what you do. And maybe this is the first time anyone has ever told you the truth.
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