BEFORE BUYING YOUR NEW HOME, LET’S FIX ANY FINANCIAL HICCUPS! {NEW HOME BUYERS SERIES FOUR OF SIX}
Disclaimer: Good Day, Readers. WealthBuildingPowers blog is a financial literacy/competency blog and does not provide specific investment recommendations.
LET’S FIX YOUR FINANCIAL HICCUPS!
I have made several dumb financial decisions. HOPE IS NEVER A GOOD INVESTMENT STRATEGY. Recognize your errors and EXIT at a reasonable loss versus MAXIMUM LOSSES OF ZERO!
SOLUTIONS TO COMMON FINANCIAL ERRORS
- Assess your current financial situation: Look closely at your income, expenses, debts, and assets. Understanding your income and expenses will help you identify areas that need improvement. Set realistic goals.
- Establish a budget that prioritizes essential expenses and debt repayments while cutting back on non-essential spending. Track your income and expenses meticulously to ensure you’re sticking to your budget.
- Tackle high-interest debt: Start by paying off high-interest debts, such as credit card debt. Paying more than the minimum payment each month can help you eliminate debt faster.
- If your $900 monthly car payment makes you cry each month, here are some suggestions:
- Make necessary budget adjustments to accommodate the $900 car payments. It may involve reducing discretionary spending, canceling subscriptions, etc.
- Refinancing your car loan could reduce the interest rate or extend the loan term, resulting in smaller monthly payments.
- Sell the car and buy something you can afford.
- Increase your income by taking on a side job, freelancing, or monetizing a hobby or skill. The additional income can help offset the financial impact of the car payment and accelerate your debt repayment progress.
- Improve your credit score: To address lousy credit, promptly pay all your debts and bills. Keep credit card balances low and avoid opening unnecessary new credit accounts. Over time, responsible credit behavior will help rebuild your credit score.
- If you have student loans, explore repayment options such as income-driven repayment plans or loan consolidation. Make consistent payments to reduce your debt burden, and consider paying extra whenever possible to accelerate repayment.
- While you’re working on debt repayment, start building an emergency fund. Set aside a portion of your monthly income until you have saved enough to cover at least three to six months’ expenses. This fund will provide a safety net and prevent you from going into debt in case of unexpected expenses.
- If you’re struggling to manage your finances or feel overwhelmed, consider consulting a financial advisor or credit counselor. They can provide personalized guidance, help you create a tailored financial plan, and offer strategies to recover from your situation.
- Stay committed to financial discipline: Changing your financial habits is crucial for long-term success. Recovering from financial mistakes takes time and effort.
CONCLUSION
Stay focused on your goals: Remember your long-term goal of buying your first home despite the financial challenges. Use it as motivation to make sacrifices and stay disciplined with your finances.
WHAT SUBJECTS DO YOU WANT TO READ NEXT? WHAT QUESTIONS CAN I ANSWER? UNTIL NEXT TIME!
LET’S MAKE SOME MONEY!
YOUR GREATNESS IS NOT WHAT YOU HAVE; IT’S WHAT YOU GIVE!
I GIVE BECAUSE I CARE!
St Jude Hospital: The mission of St. Jude Children’s Research Hospital is to advance cures and means of prevention for pediatric catastrophic diseases through research and treatment. Consistent with the vision of our founder Danny Thomas, no child is denied treatment based on race, religion, or a family’s ability to pay.https://www.stjude.org/
Wounded Warrior Project: An American charity and veterans service organization that offers a variety of programs, services, and events for wounded veterans of the military https://www.woundedwarriorproject.org
Folds of Honor: Providing life-changing scholarships to the spouses and children of America’s fallen or disabled military. And now, our mission expands to the families of America’s first responders. On our watch, those who protect our freedoms and our families will know they are not forgotten. https://foldsofhonor.org
Wilson’s No-Kill Animal Shelter: A N0-Kill shelter that is a top-rated non-profit. They compassionately care for all their animals. https://wcnkas.org
Tunnel To Towers: Since 9/11, we have been helping America’s heroes by providing mortgage-free homes to Gold Star and fallen first responder families with young children and by building specially-adapted smart homes for catastrophically injured veterans and first responders. We are also committed to eradicating veteran homelessness and helping America to Never Forget September 11, 2001. https://dogood.t2t.org/give/320847/#!/donation/checkout
TRUST ME – YOU WILL LIKE THE BELOW BLOGS!
STRATEGIES FOR FIRST-TIME BUYERS TO AFFORD A HOME IN TODAY’S MARKET {PART ONE OF SIX}
WANT TO SAVE THOUSANDS $$$$$$$ ON YOUR NEW HOME PURCHASE? IMPROVE YOUR FICO SCORE! {PART TWO OF SIX}
HOMEBUYERS STATE ASSISTANCE PROGRAMS {NEW HOME BUYERS SERIES THREE OF SIX}
ARE ADJUSTABLE-RATE MORTGAGES RIGHT FOR YOU?
ARE ADJUSTABLE-RATE MORTGAGES RIGHT FOR YOU?
QUESTIONS AND ANSWERS: DO YOU RECOMMEND HAVING A MINIMUM 20% DOWN PAYMENT
IS BUYING A HOME A GREAT, GOOD, OR RISKY INVESTMENT – TODAY?
Is Buying A Home A Great, Good, Or Risky Investment – Today?
BEST BUDGET TEMPLATES – FREE!
IT’S ALL ABOUT THE LOCATION, SILLY
STEP #2: IT’S ALL ABOUT THE LOCATION SILLY
NEW SERIES – CRITICAL THINKING – BY: DR. JAMES LEEMANN
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CRITICAL THINKING – WHAT LEVEL OF THINKING ARE YOU? CRITICAL THINKING PART 4
THINKING IS DRIVEN BY QUESTIONS, NOT ANSWERS – PART 5 CRITICAL THINKING SERIES: WHAT QUESTIONS DO THE BEST CRITICAL THINKERS ASK?
WHAT {DO YOU, AS A} CRITICAL THINKER, DO TO LEARN? – PART 6A – CRITICAL THINKING SERIES
WHAT DO YOU AS A CRITICAL THINKER DO TO LEARN – PART 6B – CRITICAL THINKING SERIES
WHAT HABITS DO CRITICAL THINKERS USE WHEN READING AND WRITING? PART 7A – CRITICAL THINKING SERIES
PART 7B: SUBSTANTIVE WRITING: WHAT HABITS DO CRITICAL THINKERS USE WHEN READING AND WRITING? – CRITICAL THINKING SERIES
WHAT DOES IT MEAN TO BE A FAIR-MINDED CRITICAL THINKER? – CRITICAL THINKING SERIES – PART 8
WHAT DOES IT TAKE TO DEAL WITH YOUR IRRATIONAL MIND? – CRITICAL THINKING SERIES – PART NINE (9)
WHAT STAGE ARE YOU IN CRITICAL THINKING DEVELOPMENT? – FINAL CRITICAL THINKING SERIES – PART 10
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Self-Made Billionaires Train Themselves to be Smarter – BY -THOMAS OPPONG
MY FAVORITE ANNUAL LETTER – BERKSHIRE HATHAWAY INC. 2021 SHAREHOLDER’S LETTER
Jamie Dimon, Chairman and CEO JP Morgan Chase and Company, 2021 Letter to Shareholders
BUILDING FINANCIAL FREEDOM/LEGACY TEN DOLLARS AT A TIME!
BUILDING FINANCIAL FREEDOM/LEGACY TEN DOLLARS AT A TIME!
FINANCIAL LITERACY IS JUST NOT THAT COMPLICATED – TRUST ME!
https://wealthbuildingpowers.com/2019/04/01/financial-literacy-is-just-not-that-complicated-trust-me/
COMPOUND INTEREST IS THE EASIEST WAY TO DOUBLE OR TRIPLE YOUR MONEY
COMPOUND INTEREST IS THE EASIEST WAY TO DOUBLE OR TRIPLE YOUR MONEY
WARREN BUFFETT UTILIZED COMPOUND INTEREST TO BECOME THE 3RD RICHEST MAN ON THE PLANET!
WARREN BUFFETT UTILIZED COMPOUND INTEREST TO BECOME THE 3RD RICHEST MAN ON THE PLANET!
TURNING YOUR STIMULUS CHECK INTO MILLIONS $$$$!
https://wealthbuildingpowers.com/2021/03/22/turning-your-stimulus-check-into-financial-freedom/
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ABOUT ME
I am a proud nerd (as my beautiful wife and daughter have told me) investment and finance blogger with an N.C. State, Chemical Engineering, University Rutgers, MBA and Harvard University, Advanced Management education.
I left a corporate career because I desired to make a difference as a speaker and writer. I was blessed to be coached and mentored by strong women and men in my family and professional life. It is my time to serve and give back.
DISCLAIMER
I started my first business at ~13 years of age (a small but brilliantly created plant nursery). I am a successful investor in stocks, options, real estate and am happy to share my finance and investment lessons. I am NOT a licensed financial advisor. Please do not construe my suggestions on this blog as recommendations for your situation. As an investor, you must establish your risk/loss tolerance. Investment in any asset involves risk, including complete loss.
Please seek your licensed CPA or fiduciary financial advisors for individual financial advice.
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