Personal Finance Resource Guide

Educate Yourself!

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Investing

Everyone wants to invest and make money for a reason.  It could be to own a home or reach a life goal such as retirement.  Whatever your goals are you need to educate yourself on the matter.  Here we will walk through more personal finance examples and show you some of the resource available to do that. Learning about the basics is important to know why certain things happen and to make educated decisions.  Knowing how to manage your own personal finances is key to being a sucssefull investor.  Keep in mind it takes time to reach your investing goals.

 

 

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Real Estate

If you are thinking of purchasing a property you are in the right place.  We will discuss step by step how the process works and show you the way by examples.  We will present rules of thumb to follow in making these personal finance decisions and hopefully making it easier for you to understand.  Wondering if you are paying too much for a property or how much is right?there are factors to keep in mind to help you judge that for yourself. Owning your own home does increase your personal wealth, it just takes time. We will show you how mortgages work and walk through examples on how the principal and interest components work.  What can you do to help your own finances and not shell out lots of money to the bank? There are ways.  How much should you be paying for monthly payments and not put yourself at too much risk?

 

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Rentals

Renting or owning a rental property involve many factors similar to purchasing your own home.  Renting may be a good idea if you example that may be applicable are if don't have a down payment saved or you tend to move frequently.  Either way your here you will find resources to guide you through. In case you are thinking of increasing your personal wealth and are not after a quick buck and realize the time value of money then owning a rental property may be a good idea and can make you money. Here we will show by examples and rules of thumb a way to guide you in managing a rental property.

 
Working for the bank
Sale

 

When purchasing realestate the mortgage for it can be one of the biggest expense to cover, of course we are talking about a conventional 15 or 30 year loan here.  Those fancy loans of ARM and interest only are a different ball game and generally are not suited for the average person buying a property to live in as their primary home.  If you are looking for that kind of information it is not here – sorry! We are not a big fan of those and they can get you in trouble if you don’t know what you are doing.

Read more... [Working for the bank]
 
Don’t work for the bank! (Part 1)
Purchase

 

When purchasing realestate the mortgage for it can be one of the biggest expense to cover, of course we are talking about a conventional 15 or 30 year loan here.  Those fancy loans of ARM and interest only are a different ball game and generally are not suited for the average person buying a property to live in as their primary home.  If you are looking for that kind of information it is not here – sorry! We are not a big fan of those and they can get you in trouble if you don’t know what you are doing.

Read more... [Don’t work for the bank! (Part 1)]
 
Don’t work for the bank! (Part 2)
Purchase

 

As we talked in the earlier article you own more of a property as more payments are made during the time you are paying off the loan.  In other words you don’t own the house if you have a mortgage, it is the bank property until you pay it off.   Since for most people their home is one of their largest assets and biggest debt until it is paid off it is in their best interest to pay it off early and stop sending their money to the bank and stop working for the bank as soon as possible. 

 

Read more... [Don’t work for the bank! (Part 2)]
 
Making Money With Rental Property
Rental

 

Like any other investment renting can be a money making tool.  It just takes time make that money and is not a get rich quick process.  If you watch late night TV you will hear a lot about those things and the cash flow schemes. Pay not attention to those! They are riskier than you think. Here is the simple reason why, you have to find someone to rent it from you and but what happens if you don't? Someone still has to pay the mortgage for the maintenance bills.

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House buying step by step
Purchase

 

 

Purchasing property can be a daunting task.  There are many steps, people and organizations involved to make it happen.  It can be confusing but it really is not, but there are professionals to guide you through the steps as well if you chose to. The key point to remember is that it is your money not theirs; so don’t be shy to ask questions, make sure you get the best service and your questions are answered clearly and you understand.  After all you are the one that has to live with the consequences and end up with payments for the next 15 or 30 years!

  

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Rental Property & Cash Flow
Rental

 

When considering a rental property you need to apply the first rule of real estate. If you have got that right then you need to look at more details.  First is the COST. Several costs are key in the beginning and if you are not careful your personal finances will be in trouble.

  • Do NOT overpay for the property otherwise you will be working for the bank
  • Make sure the cost of managing the property can be off set by the rental income
Read more... [Rental Property & Cash Flow]
 
Is Renting a good idea?
Rental

 

 

It depends on your situation. If you need to be living in a place for a short period of time the answer is probably yes. A short period of time is about 1-4 years. If you are planning to live some place for longer than that and plan to own your own place then may be not. Renting also gives you time to shore up your personal finances and make sure you are making the right move. Owning a home is a commitment and you want to make sure you understand what is involved and are not working for the bank for too long.

 

Read more... [Is Renting a good idea?]
 
 
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