Our biggest financial goal is to pay the credit cards for the debt we incurred when my husband was laid off for two years. That should get us back on track to saving money for both retirement and our daughter's college.
My biggest financial goal is to have a sizable savings account that I don't touch! (Also - Really need to get that emergency fund set up, because it's nonexistent right about now.)
"I still think that the only good reason to buy a house is that you've found one you really want to live in, and you're able to get it at a price you can comfortably afford."
Truer words have never been spoken. Way to many people buying because they think they need to, not because they want to.
Absolutely agree. For me, it was a fortuitous confluence of opportunity, desire, and cost. I bought last year when a progressive health issue made it prudent to move out of an upstairs apartment, and - given the local market - it seemed logical to consider buying rather than looking for another rental. After a somewhat frustrating 8 month search, I found exactly what I wanted in a small one-story townhome with just enough outdoor space to allow for a bit of garden puttering. The best part? I'm paying less in PITI and HOA fees than I was in rent. And yes, I know that owning is different from renting and that (most) repairs are now my responsibility rather than a landlord's. For that I have an earmarked savings account. In the meantime, I enjoy every morning watching a pair of nesting hawks in the trees outside my kitchen window and the (quiet!) evenings on the patio. Was I lucky that the housing implosion dropped prices to a point where I could buy? Absolutely. But sitting out the bubble and living frugally for years in a rental apartment built up enough savings to cover a decent downpayment, closing, and cost of the move. As you said, buy only when you find the right place at a price you can afford.
Everyone's situation is different and college isn't for everyone, but statistically your child's potential is limited by not achieving at least a 4 year college degree. And, they are going to be a lot better off if they get out of college with a minimum amount of debt. To that end, I’d encourage you to look at a product our company just released called CollegeRegistry. It is an innovative crowd-funding solution that allows friends and family to help you reach your college saving goals. Check it out at collegeregistry.fipath.com- it’s free, easy to use, and every little bit helps.
My husband and I are starting our Dave Ramsey-style "debt snowball" to pay off our debts--mostly students loans, plus a small car loan. Our goal is to be debt free in two years. *fingers crossed*
Your last paragraph is spot on, Philip. It is both an ideal step for balancing living and investing.
The danger is when people buy a second, third or fourth property for investment. While a few do it right, far too many people get into trouble here. In their hurry to build wealth, they often overlook the basics and wind up buying way too many properties. In other words, buying properties they cannot really afford. And if this error is compounded by a change in the climate – for example a rise in interest rates or losing their jobs – these folks will be seriously hammered.
So yes, work hard to build wealth. But don’t forget to enjoy the living and what life has to offer. Above all, stay happy.
My biggest financial goal is to pay off our debt and try to save some money. Working on a debt payoff as we speak, however with 3 kids, a dog and a mortgage it has been tough.
My biggest financial goal is to pay off our debt and try to save some money. Working on a debt payoff as we speak, however with 3 kids, a dog and a mortgage it has been tough.
My primary financial goal is to buy a house. I would also love to do a month long trip in Europe but that is near impossible with the job I have. So next on the list is the house.
My biggest goal is to eliminate our family's consumer debt. Right now it is holding us back from doing the things we want to do (like traveling to visit family 1300 miles away), so that is what I am working towards.
I answered on twitter: https://twitter.com/kroshey/status/227811937180860418
I tweeted https://twitter.com/mamataurus/status/227811619206492161
I "like" you on Facebook
Our biggest financial goal is to pay the credit cards for the debt we incurred when my husband was laid off for two years. That should get us back on track to saving money for both retirement and our daughter's college.
I've also 'liked' your FB page!
My biggest financial goal is to have a sizable savings account that I don't touch! (Also - Really need to get that emergency fund set up, because it's nonexistent right about now.)
I opened a gluten-free bakery earlier this summer. My biggest financial goal- start paying myself!
My biggest goal is to be debt free in 10 years. I want my money to be my money and to not constantly be paying people back. That would be amazing
I liked your post on Facebook.
I responded on Twitter. https://mobile.twitter.com/#!/1bets1/status/227798921337004032
My biggest goal is to be able to buy my retirement home with cash. I have ten years to go, and I'm hoping things work out.
To be debt free!
"I still think that the only good reason to buy a house is that you've found one you really want to live in, and you're able to get it at a price you can comfortably afford."
Truer words have never been spoken. Way to many people buying because they think they need to, not because they want to.
Absolutely agree. For me, it was a fortuitous confluence of opportunity, desire, and cost. I bought last year when a progressive health issue made it prudent to move out of an upstairs apartment, and - given the local market - it seemed logical to consider buying rather than looking for another rental. After a somewhat frustrating 8 month search, I found exactly what I wanted in a small one-story townhome with just enough outdoor space to allow for a bit of garden puttering. The best part? I'm paying less in PITI and HOA fees than I was in rent. And yes, I know that owning is different from renting and that (most) repairs are now my responsibility rather than a landlord's. For that I have an earmarked savings account. In the meantime, I enjoy every morning watching a pair of nesting hawks in the trees outside my kitchen window and the (quiet!) evenings on the patio. Was I lucky that the housing implosion dropped prices to a point where I could buy? Absolutely. But sitting out the bubble and living frugally for years in a rental apartment built up enough savings to cover a decent downpayment, closing, and cost of the move. As you said, buy only when you find the right place at a price you can afford.
Everyone's situation is different and college isn't for everyone, but statistically your child's potential is limited by not achieving at least a 4 year college degree. And, they are going to be a lot better off if they get out of college with a minimum amount of debt. To that end, I’d encourage you to look at a product our company just released called CollegeRegistry. It is an innovative crowd-funding solution that allows friends and family to help you reach your college saving goals. Check it out at collegeregistry.fipath.com- it’s free, easy to use, and every little bit helps.
My husband and I are starting our Dave Ramsey-style "debt snowball" to pay off our debts--mostly students loans, plus a small car loan. Our goal is to be debt free in two years. *fingers crossed*
Your last paragraph is spot on, Philip. It is both an ideal step for balancing living and investing.
The danger is when people buy a second, third or fourth property for investment. While a few do it right, far too many people get into trouble here. In their hurry to build wealth, they often overlook the basics and wind up buying way too many properties. In other words, buying properties they cannot really afford. And if this error is compounded by a change in the climate – for example a rise in interest rates or losing their jobs – these folks will be seriously hammered.
So yes, work hard to build wealth. But don’t forget to enjoy the living and what life has to offer. Above all, stay happy.
To pay off all my debt in three years!
My biggest financial goal is to kick Sallie Mae to the curb by the end of 2012! Getting closer every day!
My biggest financial goal is to pay off our debt and try to save some money. Working on a debt payoff as we speak, however with 3 kids, a dog and a mortgage it has been tough.
My biggest financial goal is to pay off our debt and try to save some money. Working on a debt payoff as we speak, however with 3 kids, a dog and a mortgage it has been tough.
Paying off debt so I can travel!
I have WB liked on Facebook.
My primary financial goal is to buy a house. I would also love to do a month long trip in Europe but that is near impossible with the job I have. So next on the list is the house.
My biggest goal is to eliminate our family's consumer debt. Right now it is holding us back from doing the things we want to do (like traveling to visit family 1300 miles away), so that is what I am working towards.