"To be idle is a short road to death and to be diligent is a way of life; foolish people are idle, wise people are diligent."Buddha
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African American Women Get No Respect at Work
Recently, an article published in the University of Pennsylvania's Wharton School of Business newsletter began with the following statement: "By choosing self-employment over working for a TV station or network - she [Oprah Winfrey] began her career as a ...
Moneynet warns government intervention is insufficient against loan sharks
* and the sharks are not just confined to the back-street lenders - high-street banks and retailers need to address rip off rates New government proposals to protect vulnerable families from the clutches of loan sharks are 'hopelessly misguided,' ...
Stock Analysts' Portfolios Selling Investor Trust Short
Too many Wall Street stock brokerage firms pressure their securities analysts to hype the stocks of companies they've landed - - or hope to land - - as lucrative investment-banking clients Too many Wall Street stock brokerage firms pressure their ...
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So you’ve been renting an apartment for a while and your friends are all buying houses and settling down to nice, quiet suburban lifestyle. Is this something you should be doing too? To put even more pressure on you, every other evening news cast is talking about the rapidly increasing value of houses in your area.
Before you rush out and buy the first house you can get a loan for, perhaps it would be wise to stop and decide if buying a house is really what you should be doing. To help you, here are four things to think about.
1. How long will you live there?
If your job requires frequent moves, or you are pretty sure you will not be in the same city in five years, do not buy a house. Real estate prices do sometimes dip and if you move you may have to sell your house at a loss.
2. Are you a Flipper?
Flipping is the art of buying a house, living in it for a time as you fix and improve it and then selling it for a profit. You then buy another house, live in it for a time, and sell it for a profit. The risk here is similar to that in the previous paragraph; the resale value of the house may go down. So if you are going to be a flipper, be sure to buy a house you would want to live in for the next ten years.
3. Does renting cost more than owning?
Sometimes you can find a house that is actually cheaper to own than the place you are currently renting. If you are purchasing a house purely for the sake of less cash outflow each month, be sure to consider all the costs of ownership: mortgage, insurances, maintenance, snow removal, etc. If you still find that owning is more cost effective than renting, go for it.
4. Is it what you really, really want to do?
Occasionally owning a house is what you really want to do, even if it doesn’t make economic sense. In that case, make sure you do your homework, consider the three thinking points above, and make the best choice you can. Buy the most house for the least money in the best neighborhood.
Buying a house can be an emotionally charged time in your life. It is also an enormous user of your resources. Take your time and be confident that you are ready to move into another stage of your life where you can be proud to say “This is my house.”
About the Author Roger Sorensen is America’s Financial Guide. Learn more at his website www.Slave2Work.com – ask and receive answers to your personal finance questions, read his writings, or join the newsletter Money Basics. “How-To Be Debt Free!” is now for sale, read about it today at www.Slave2Work.com/debtfree.html
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PERSONAL FINANCE: Why pedigreed pooches cost moreReuters(The writer is a Reuters contributor. The opinions expressed are her own.) By Alina Dizik NEW YORK Feb 9 (Reuters) - Bruce, a Finnish Lapphund who's best described as a Pomeranian meets Alaskan Husky, will attend the canine equivalent of the Oscars for ...and more » |
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PERSONAL FINANCE: Pet insurance-a costly necessityReuters"It is only to protect our finances, so we don't go bankrupt treating our pets. Or worse, we might have to make a difficult decision to put them to sleep for a treatable illness," says Bodzon. "We could not afford to pay the deductible if they all ...and more » |
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6 personal finance tips for new CanadiansCBC.ca“In my personal experience,” Yang says, “their emotional swings are way bigger because they've never been through the market cycles.” The advice from the experts is to try and look at financial planning through a logical rather than an emotional lens.and more » |
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