With the bad housing market you would think that right now is the time to rent a home instead of buying one. While it’s a personal choice, I’d like to list a few of the reasons why buying a house, even right now, is still a good idea.
- Low prices. While home prices are still dropping, nobody really knows if this is the bottom or not. Soon enough, prices will begin to climb back up. If you see a house you like that’s priced right, jump on it before someone else does.
- Interest rates. At the moment, interest rates are still pretty low. They will climb back up to their pre-recession levels at some point. If you buy a house right now you can lock in that low interest rate for 30 years.
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1. Set up an auto deposit from your checking account to your savings account with your bank online. If you get paid on the 1st and the 15th set your auto deposit for the 2nd and the 16th so you don’t have time to spend your money.
2. If you put it into savings, don’t take it out. It can get to be a habit. Your savings account can only increase, even by just a little.
3. Keep your money in an online savings account. They usually pay more interest than your standard savings account.
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A good way to secure your financial future is to set goals for your money. Writing down your goals forces you to be accountable with your money. Most people who have gotten wealthy did it by setting goals and striving to reach them.
The key to a personal wealth creation strategy is based on setting financial goals. The more information you have written down the higher your success rate will be. In preparing your goals:
• Write your goals down, be specific.
• Establish time frames.
• Set up a plan.
• Be flexible, goals can change.
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