Tips On Achieving Real Financial Stability
Wednesday, Aug 26, 2020, 7:54 am
By:
James Fraser
Many people dream of possessing enough money to fund the rest of their lives without the need to maintain full-time employment. Some individuals who achieve the goal of financial stability do so by earning money and saving over time. While others are able to start businesses that satisfy their income needs but do not require their daily presence.
In any event, the following wealth building tips will help you along your path to financial independence.
#4 Buy A Home
Many financial experts will tell you that overpaying for the car of your dreams is a sure way to thwart your plans for financial independence. But paying constantly increasing rents over the course of your life could be just as destructive to your financial health.
Home ownership is a dream of many families. And if done correctly, purchasing a home can further you along the path to financial independence. Before buying a home, Gavin Harrigan from www.quantumfinance.com.au says that you should have stable finances, have saved some money to put towards buying a home, and do your research on what area you want to live in and the prices homes are selling for there. It is also a good idea to make sure your monthly house note is no more than 30 percent of your income.
It can be quite tempting to buy more house than you can afford by taking advantage of no money down deals with interest rates that will later rob you of your financial freedom. Do not fall victim to this temptation. When you make your home purchase, put down the money necessary to assure a decent interest rate and do not accept a payment structure that exceeds the 30 percent threshold.
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