QUESTION AND ANSWER: DO YOU RECOMMEND HAVING MINIMUM OF 20% DOWN PAYMENT (AND AVOIDING PMI PAYMENTS) PRIOR TO BUYING A HOME?

Recently, a reader asked the above very good question. I am providing a brief summary response and then more details. SUMMARY RESPONSE {DETAILS BELOW} The key decision point is NOT how much you put down. The best and safest move is to put 20% or more down if you can afford the TOTAL HOMEOWNERSHIP COST, discussed in detail below. Paying 20% or more as a down payment avoids paying Private Mortgage ...

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THE NEED FOR MULTIPLE STREAMS OF CASH FLOW

Click on Today's Blog Quick Video Summary https://biteable.com/watch/embed/multiple-streams-of-income-1922859 MULTIPLE STREAMS OF INCOME on Biteable. Last week we discussed the criticality of finding good mentors. One of my favorite mentors taught me the value of this week’s topic- Multiple Streams of Income. My Uncle, a public school teacher in NC, {NC, my home state, pays educators well below national average.) through hard work developed the following multiple income streams: Teacher’s Salary; Cash From 31 ...

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GUESS WHAT THE WEALTHY ARE OBSESSED WITH? —— READING!

Click on below to see a 60 second introduction to today's blog. Use your back key to return to the blog when finished. https://biteable.com/watch/embed/obsession-reading-1902904 Obsession Reading on Biteable. Majority of successful people believe books and reading are the gateway to knowledge. With the millions of books published and relatively so little time, you must select carefully and not waste your time! The more you read the more you question things, and hopefully the more ...

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IS IT A GOOD IDEA TO PAY YOUR MORTGAGE OFF EARLY?

If you have purchased a home, congratulations! I am confident you did your research and made a GREAT investment. Let’s discuss pros and cons of paying off that worrisome 30 YEAR mortgage early. My opinion, if you can afford to pay your mortgage off early, do it. I have paid one off early and in the process of paying two more mortgages off early. For me at least, I sleep better! Let’s ...

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The Magic of Compound Interest

This week, lets start with a quiz: How much money would you have today, if you had invested $10,000 in an S&P 500 Index Fund, in 1980?  With no additional deposits. That’s right one $10,000 deposit and no more! A.  $380,000 B.  $276,000 C.  $433,000 D.  760,000 I will show you the correct answer below and how much you could potentially earn if you did the same thing today. First, lets talk about compound Interest.  Although, ...

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My Journey to Becoming a Millionaire.

My journey started when I was about 12.  I was lucky to have two smart and wonderful parents.  Mom taught me the value of savings and compound interest (future blog).  Dad taught me the value of hard work and self-improvement. I remember the day we drove to the bank and opened a savings account.  I was excited because I always enjoyed saving money!!  Mom deposited some money, I think about $25.  And I ...

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