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athinveil · 1 year

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saw you in the notes of some post saying you work in finance. like, no pressure, and i'm not expecting any depth from a tumblr ask, but... do you have any advice for people living paycheck to paycheck other than the classic "make a budget"? (i have already discovered that getting a credit card does not help.)

just wondering if there's anything you've learned from your profession that you wish was better known to the public

https://undebt.it/ is a big help to help pay off debt efficiently undebt it - google search if you don’t like hitting links - I don’t hitting links. I have a super hard time with budgets myself. And credit cards are rough - I get manic and then my budget friendly self can’t keep up with manic me.

Apologies in advance if some of this is like bro - I don’t live a place w these stores - just mentally replace store names with what’s around you.

If your debt has an interest rate under 7%, pay the minimums because a lot of investments will grow at 7% or better (common examples - car loans, most student loans, mortgages, etc.). Typically it’s better to focus on the higher interest loans/debt first. If it’s above 7%, prioritize that. A lot of minimum payments will also never pay off your debt - designed to keep you in it.

If you have a Roth option in your work retirement account, do that. It’s taxed now instead of in retirement - taxes only go up over time. However if you need to reduce your taxable income, then pretax dollars will do that. Only contribute up to the match if it’s not Roth. If it’s pretax, then you usually only want do up to the match. Maximize the free money you can get from your employer.

Always opt into long term disability insurance at work. When you can afford some extra coverage check out supplemental (most employers offer 60% in the US - if you only were paid 60% of your income it would be rough), life insurance is cheap - 200k is a small policy. The company you go with matters. A company like mass mutual or northwestern mutual (I’m at northwestern) gives higher dividends- basically a good chunk of profit goes back to policy holders instead of stockholders. Most companies can run company comparisons. Insurance pays for financial security. It’s not a scam - which is genuinely what I thought of it before I got into the field and understood it better.

Whole life insurance costs more - but it’s worth it. It’s like buying your insurance instead of renting. Again company matters - example: northwestern mutual cash value grows historically at 5% on average, give or take, usually give. It’s money you can use to collateralize a loan or take a loan out against your own policy and “be your own bank” - downside, if finances are unstable, it’s a policy with regular premiums. Unlike a Roth you can stop contributing to any time, you’re paying for coverage and it’s monthly or whatever interval without much for exceptions. Probably not a good fit for you right now with being paycheck to paycheck - but something to keep in mind for the future.

Some of my hacks for my own life and my tight budget - I get most of my stuff off of Facebook marketplace for free or cheap - if you search something for a week or two and save the cheap items eventually they’ll appear for free or less and less. You just gotta be quick to ask and pick up. I picked up a stand alone pantry cabinet yesterday for free so now I have more storage space for non-perishables. Also if you just always keep free and “curb alert” as a regular search item you’ll find good stuff. I’ve picked up some things that I know have value near me - like fish tanks with stands only to resell them later at market value which is higher because I’m in a city/suburban outskirts - I only deal in cash on Facebook because they wanna start tracking and people can’t rescind a $20 electronically.

There are food shelves that don’t require minimums. There’s also no shame in seeing if you can get assistance from the government. If you can boost yourself to live better, do it.

The dollar tree (and some other dollar stores) - while most food at the dollar tree isn’t a good deal - I’ve also found shelf stable tofu, pesto, mustard (1.25 vs $5 for pesto). I also have pets - my cats get their toys on a stick with the dangly strings from the dollar tree. I get all of my cleaning products at the dollar tree. You can also make your own - one super simple one is lemon juice (from bottle), white vinegar, and water.

I shop at specific places for specific items. I get carbon litter box filters at my hardware store because they’re a dollar there instead of $5-7 elsewhere.

I order my groceries online - it’s convenient but it also eliminates a lot of impulse shopping. I pay $10/month for it, but I save more than $10 in not impulse buying.

I mostly avoid target - target has done research on how to get you to buy more - it works. So I avoid it. Not that other stores don’t do similarly, but I know that I will fail myself at target - sort of a figure out your vices.

I shop at discount grocery stores. I got to Asian grocery stores for tea because I get way more tea for way less. I go to Aldi for most of my vegetarian foods and also their chicken. Most of their stuff is a fair bit cheaper and I’ve figured out which off brand or Aldi brand stuff I like.

I work in a super fancy office - think of a building with literal halls with marble tile. I get 99% of my clothes from thrift stores. I’m picky - I try to buy only things that I feel good in (not I feel okay, but I feel good) and I have a hard time pushing myself over $10 for almost anything. I dress with a classic style because then I don’t have to chase trends. I mostly just wear black pants and a shirt that looks business casual.

Garage sale - I spent a Saturday driving around the town I grew up in going to garage sales. Saturdays are usually the last day sales are open - they want stuff gone as the reality sets in that whatever isn’t sold is being donated. I filled a paper grocery bag full of clothing for my spouse and paid $1. I’ve hit sales where the person just wanted to be done and said just take everything you want, free. I haggle. I ask if they’d do a deal for a bunch of stuff if it’s a good sale. If there’s something I’m looking for or need - I know the value of the item before I go shopping and I know the value of it to me. I wanted a giant bean bag chair. I valued that at a maximum of $20. The going Facebook marketplace was $50-150. I held out and got one for $7 at a thrift store.

Sign up for VIP stuff at thrift stores and reward programs (assuming it’s free). Don’t buy most holiday decor new - thrift stores can barely sell a christmas tree.

Home Depot and many hardware stores offer free how-to classes - you want to learn how to lay tile? Sign up for a class. Learn to diy what you’re comfortable doing. Some labor and know how is worth paying for. Example: I will not lay tile because I can live with a crooked tile if someone else did it. I can’t if I did it. For my sanity, I would pay for that. Minding - I need that done currently and can’t afford it so it’s just not on the reality list.

Grow some of your own food if you can. Grow lights can be cheap and seeds are cheap. Sometimes you can split a pack with a friend. You can also get free pots and gardening materials online easily. Maybe not the seeds tho. If you hate gardening then don’t bother. What you want matters too.

When you buy stuff - make sure you love it when you can. Stuff you love, you will keep and use. Stuff you feel so-so about might end up being donated next year.

Utilize libraries! They have e-books also and there are so many free apps you can download to read them on. If I’m only gonna read a book once, then I shouldn’t own it. Reality is - I don’t reread that many books. Too many more books to read.

If you’re into cold brew coffee - dark roast Walmart makes just as good as a fancy brand that costs more. Try off brand stuff - it’s often way better or exactly the same. Walmart chips ahoy offbrand is better than chips ahoy. ALDIs version of coconut caramel Girl Scout chocolate cookies taste the same as Girl Scout ones but cost under $2.

Find hobbies that don’t cost you money or cost you very little money. Aquarium fish are not that hobby as I’ve learned the hard way. But I have a beautiful dr who tank so at least there’s that. I volunteered for a while with shelter cats - the ones that are in pet stores. I got kitty snuggles and got to put it on my resume. Can’t afford a pet but want one? Foster - the shelter pays for everything. One of my new hobbies is literally finding free things on Facebook marketplace. It’s great.

If you’re on meds and insurance isn’t covering everything - check out goodrx. Also - check different pharmacies and keep checking. CVS wanted $300 for 1 month of my depression meds. I walked away w/o meds. I went to Costco a week later (no membership needed for specifically their pharmacy) and got those same meds for maybe $10 without insurance.

YouTube can also teach you neat skills. Tumblr can too - I got really into tiny homes - still love them but I can’t ethically keep a Great Dane mix and all my cats in a tiny space - a big part of tiny homes is making sure you have what you need but you have it smart. I gleaned a lot from that obsession. How to have a full wardrobe w 30 pieces of clothing but still variety? It showed it. Most tiny home people are about financial freedom - a lot of them perhaps don’t have a financial background, but it’s about gathering info that works for you.

If you have kids - I do not - but I have a niece. So much free stuff from other people. I think I gave my sister in law about the first years worth of clothing for her kid and it mostly cost me some laundry soap and time with marketplace and stopping for bags of free kids clothes on the side of the road (that I then picked through, washed, and donated the iffy ones). I even got a bouncer thingy that I took apart and cleaned and gave her. Plus a stroller for my mother in law - one of those $300 ones that someone just wanted gone at no cost.

I’ve got home owner savings tricks too if you need them - but let’s be honest, few of us can afford homes. I have one in a super sketchy area that has shot spotter tech to help police respond faster to gunfire. But honestly just lucked out and fell into the job I have now.

Buy quality when you can - I got clearance Clark’s brand shoes for my job - I think they cost me $40? They’ve lasted years. I got thrift store shoes and they are falling apart in less than a year. Those same thrift store shoes during the 5 years that I’ve had my clearance Clark’s would have cost more to replace that 5x over.

Make sure you’re taking care of yourself - eat enough, sleep enough. Your health will affect how you work and live - you matter. I do premier protein shakes in the morning so I get enough protein and also account for my inability to wake up with enough time to make food. I try to bring my lunch to work. Peanut butter sandwiches are a big go-to for me. I’m rather sick of them, but for now, it helps me to save a bit and prioritize things that are more important to me.

I’m trying to think of other stuff. I mean maybe you’re already doing a big load of this or have even cut some of these expenses out. I’ve got more pet saving tricks - pets are something in life that bring me so much joy and happiness so I have them and I try to be responsible and smart with spending on them - but maybe you don’t have pets or don’t want them. I love video games so I have a few systems - mainly PC. I wait for sales for games. I still buy things that are discretionary. I buy “what I want” when I can but I try to make sure it really is something that I want. I wait for game reviews to come out.

I try to find easy recipes online with a focus on budget friendly and quick to make. Preferably with leftovers to avoid a peanut butter sandwich for a day or two. I’m in a Facebook group called “what broke vegans eat.” I go to a butcher to get ground beef because it costs the same but has less gristle and they can give me tips on making different things. Plus I can occasionally splurge on something simple - they have the best in house take home and bake lasagna which last me at least 4-5 days between my spouse and I.

What field are you job-wise? What field or kind of work would you want to be in if you could choose? What kind of hours would you prefer to work? Education level? Are you in the US? Might have some tips around that too. Is there an area you want advice on - like X costs so much, what tips do you have for cost savings with that, etc.

So happy to help. Sorry for the novel.

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reading-writing-revolution · 2 years

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My final attempt to help those that don’t understand the student loan game.

Mortgage: At closing, you know exactly what you will pay back. Interest is calculated monthly. Extra payments pay down principal.

My Mortgage was $135k for a 30-year loan in 2004. Refinanced once for lower interest rates and terms. We made a couple of lump sum principal payments and the house was paid off in 2021. That's 13 years early.

I was told if I made my payments on time (I never missed a single payment nor paid late) loan would be paid off in 20 years. I won’t say the college financial aid rep lied to me. What I will say is she probably didn’t understand it herself.

I was also told about the Public Service Forgiveness. Make 10 years of payments and the rest is paid off. Well, when I applied, I was told my loans weren’t eligible.

I borrowed $45,000 in student loans

First 10 years I paid $275/month = $33,000

Next 15 years I paid $550/month = $99,000

1 final lump sum payment = $16,000

Total $148,000

Mortgage $135k paid off in 17 years for a total of $183,000.

Student Loan $45k paid off in 25 years after making a final $16k payment for a total of $148,000.

Yes, you can say everyone should know better, but chances are you wouldn’t have known any better either.

We are told over and over that your way out of poverty is through education. Yet, the poorest, most vulnerable, first-generation college students are just happy to be living their dream and trying their hardest to escape the cycle of poverty.

What the government should do is take every penny people have paid toward interest and apply it to the principal and preferably stop charging interest. This would probably pay off many loans. At the most, the loans should be set up like a mortgage.

Anyone who reads this and doesn’t understand the system is broken doesn’t want to understand.

Students loans should be a public good, not a money making scheme.

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the-bjd-community-confess · 2 years

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bear with me here. lately, well, for the past 6 months we’ve been trying to buy a house. rent in my area is terrible and moving out of my area isn’t an option, so in theory it’s literally cheaper to buy a house. plus my bf and i have good (for our area) jobs. however we wanted to only put down 15%, so we need this thing called mortgage insurance. which also goes through a credit check, like the mortgage would. we’re on the mortgage together. somehow i was approved for the mortgage but denied for the insurance, because them checking my credit lowered my score to one fucking point below what’s needed. i don’t have a bad score, or a terrible debt to income ratio, my score is literally only “fair” because i bought a car 3 years ago and that vs my student loans that i’ve had for ages lowered my credit age, and therefore my score. bc. i don’t fucking know. capitalism™️. so we have to put down 20% of a down payment which we didn’t budget for because we were fine if it weren’t for, y’know fucking credit bureaus. it’s an extra 10k we don’t have because we didn’t expect to need.

so anyway i’m taking it hard. real hard. because along with my house savings i obviously also have a doll savings (it’s much lower though) for, you know, my expensive hobby that i finally started to being able to like actually buy for around 4 years ago. and i feel guilty because it’s like, if it wasn’t for my score and if i wasn’t indulging on things that make me happy, i’d be able to save more for “””adult things””” like buying a house. i almost in a panic started calculating and figuring out how i could sell my collection and all my doll stuff because i’m sure if i sold literally everything i have related to the hobby i would be able to cover the extra 10k. i was like packing shit up and taking pics in a fugue state before my bf stopped me and was like it’s not your fault?? but anxiety and growing up poor af until this job i got after college says otherwise. as a kid and even in college i did not buy anything that wasn’t necessary or if i did it was a long time saving for like a 60$ video game, so having this much fucking money (comparatively) is so wild to me and i was so excited to finally collect and sew and create for these beautiful dolls i’ve always admire. my collection is mostly the “”cheaper dolls”” with some expensiver dolls (resinsoul is great though i legitimately love them for more than $ reasons),

i buy a lot of second hand because i love restoring things, i don’t even buy the big fancy full sets (i shell ocs mainly), and tend to use layaways to assuage my anxiety about paying sums of money over 3 digits. somewhere inside me my brain says “you brought this on yourself, you knew this was a waste of money”. it’s not i know logically, especially if all my other needs and debts are taken care of, but like. h

tl;dr so anyway this is a fucking weird ass confession. i feel sick for even indulging in this hobby and spending money on things i like instead of only paying my bills and food and taking care of my cats bc i could have used that money to add to my house savings to offset my apparently shitty credit score. i’m contemplating a second job and selling every doll thing i have because i don’t feel like i’m pulling my weight even though i am according to my bf. we’re not going to be homeless, we’ll just sign another year where we are, but it’s crushing to know that i clawed my way to stable income and doing something that makes me happy and i still can’t even be good enough for a house that’s only about 130k . that’s so so fucking cheap in this state it’s insane. i hate everything and feel so fucking guilty.

~Anonymous

#BJD #ABJD #BJD Confessions #Community Confessions #Finances

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hakesbros · 1 year

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Home Bureau Of Land Administration

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#real estate

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mod-realty-okc · 2 years

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In this market, becoming a homeowner can seem out of reach. Many properties are expensive right now and interest rate increases definitely don’t help. But with these steps, you can create a budget that will help you find the right home! Step 1: Add Up Your Income. Make sure to capture all the income that you get, not just the income from your full-time job. Step 2: List Your Household Expenses. Get all of the bills and expenses you normally have to pay listed out in one spot. It’s not the most fun, but it’s the most important part! Step 3: Calculate Home Ownership Costs. Owning a home can come with extra expenses outside of your mortgage payment like repairs and maintenance. Be prepared for these expenses by budgeting them in. Step 4: Give Your Budget Room to Grow. Budgets aren’t meant to be a one-and-done thing so give your budget a little space to grow–both on the income and expenses side. Step 5: Make Adjustments. Take a look at your budget. Can you afford a house? If it’s a little tight, see what you can take out or if you can add some income in. If yes, then awesome! You’re ready to reach out to a real estate agent. If you follow these steps, you'll develop a great budget that will put you onto the path of home ownership–without busting your budget! Want more tips like this? Grab your copy of the Buyer Guide to get prepped to buy a home! It’s free to download at my link in bio. . . . #buyersmarket #homebuyers #homebuyer #firsttimehomebuyer #homebuying #homesearch #househunting #homebuyingprocess #downpaymentassistance #homeequity #homevalue #homeshopping #buyersagent #buyeragentsl #thehelpfulagent #homeownership #homegoals #letstalkrealestate #wannabuyahouse #modrealtyok #okcrealestate #sellingokc #sellingoklahoma #buyingokc #okcrealtors https://www.instagram.com/p/CiimoQXvb8j/?igshid=NGJjMDIxMWI=

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misfitwashere · 2 years

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Student loans - From a FB post

Mary Jacob

My final attempt to help those that don’t understand the student loan game.

Mortgage: At closing, you know exactly what you will pay back. Interest is calculated monthly. Extra payments pay down principal.

Student Loan: Interest is compounded daily. Extra payments go toward future payments, not to pay down the principal. If you don’t make a monthly payment because you are paid up in advance, your interest is still calculated daily. I was told if I made my payments on time (I never missed a single payment nor paid late) loan would be paid off in 20 years. I won’t say the college financial aid rep lied to me. What I will say is she probably didn’t understand it herself.

I was also told about the Public Service Forgiveness. Make 10 years of payments and the rest is paid off. Well, when I applied, I was told my loans weren’t eligible.

I borrowed $45,000 in student loans First 10 years I paid $275/month = $33,000 Next 15 years I paid $550/month = $99,000 1 final lump sum payment = $16,000 Total $148,000

Mortgage $135k paid off in 17 years for a total of $183,000. Student Loan $45k paid off in 25 years after making a final $16k payment for a total of $148,000.

Yes, you can say everyone should know better, but chances are you wouldn’t have known any better either.

What the government should do is take every penny people have paid toward interest and apply it to the principal and preferably stop charging interest. ��This would probably pay off many loans. At the most, the loans should be set up like a mortgage.

Anyone who reads this and doesn’t understand the system is broken doesn’t want to understand.

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herohousing012 · 3 days

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Everything You Need to Know About Home Loan Prepayment Calculator

A home loan prepayment calculator is a tool that helps you understand the impact of making extra mortgage payments. It calculates how much you can save on interest and how soon you can pay off your loan. You enter your loan details, including the outstanding amount, interest rate, remaining tenure, and prepayment amount. The calculator then shows your new loan balance, reduced interest, and adjusted loan term.

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businessorzozen · 4 days

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Calculate Your Mortgage for a $200,000 Loan Amount

Buying your first home can be exhilarating and daunting. One of the most crucial steps in the home-buying process is accurately calculating your mortgage payments. Understanding how much you'll need to pay each month ensures you can comfortably afford your new home without jeopardizing your financial stability. In this guide, we'll break down the process of mortage calculator for loan amount 200000 providing tips for first-time homebuyers and insights from financial planners.

Understanding the Factors Affecting Mortgage Payments

Several key factors influence your monthly mortgage payments:

Loan Amount: The total amount borrowed from the lender, in this case, $200,000.

Interest Rate: The percentage of the loan amount charged by the lender for borrowing the money.

Loan Term: The duration over which you’ll repay the loan, typically 15, 20, or 30 years.

Down Payment: The initial amount paid upfront, reducing the total loan amount.

Property Taxes: Taxes levied by the local government on the property.

Homeowners Insurance: Insurance covering potential damages to your home.

Private Mortgage Insurance (PMI): Required if your down payment is less than 20% of the loan amount.

Step-by-Step Guide to Calculating Mortgage for a $200,000 Loan Amount

Determine Your Interest Rate and Loan Term:

Interest Rate: Let's assume an interest rate of 4%.

Loan Term: We'll use a 30-year loan term for this calculation.

Calculate Monthly Interest Rate:

Monthly interest rate = Annual interest rate / 12

Example: 4% / 12 = 0.0033 (or 0.33%)

Add Property Taxes and Insurance:

Property taxes and insurance vary based on location and policy, so add these amounts to your monthly payment for an accurate total.

Tips for First-time Homebuyers on Managing Mortgage Payments

Create a Budget:

Track your income and expenses to understand how much you can comfortably allocate to mortgage payments.

Save for a Larger Down Payment:

A larger down payment reduces the loan amount and can eliminate the need for PMI, lowering monthly payments.

Shop Around for the Best Interest Rates:

Compare rates from multiple lenders to secure the best deal.

Consider Loan Term Options:

While a 30-year loan offers lower monthly payments, a 15-year loan saves money on interest over time.

Plan for Additional Costs:

Factor in closing costs, maintenance, and potential property tax increases.

Insights from Financial Planners on Smart Mortgage Strategies

Stick to the 28/36 Rule:

Financial planners recommend that your mortgage payment should not exceed 28% of your gross monthly income, and total debt payments should not exceed 36%.

Build an Emergency Fund:

Maintain 3-6 months’ worth of expenses in an emergency fund to cover unexpected financial setbacks.

Refinance When Possible:

Consider refinancing your mortgage if interest rates drop significantly, reducing your monthly payment and overall interest paid.

Make Extra Payments:

Apply extra funds towards your mortgage principal to reduce the loan term and save on interest.

Real-life Examples

Meet Sarah, a first-time homebuyer who recently purchased a home with a $200,000 loan. By securing an interest rate of 3.5% and opting for a 20-year term, her monthly payments are lower, and she will pay off her mortgage faster, saving thousands in interest. Sarah also set up an emergency fund and makes extra payments whenever possible, ensuring financial security.

On the other hand, Tom, another first-time buyer, opted for a 30-year loan with a 5% interest rate. By refinancing his mortgage after five years when rates dropped to 3.8%, Tom significantly reduced his monthly payments and saved on interest.

Accurately calculating your mortgage loan calculator for amount 200000 is essential for making informed financial decisions when purchasing a home. Understanding the factors that affect your mortgage payments and following practical tips can help you manage your finances effectively. Take advantage of financial planners' insights to make smart mortgage decisions.

#mortgage loan calculator for amount 200000 #Mortgage Calculator for Loan amount 200000

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toolsupdate · 1 year

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Mortgage Calculator: A Tool for Making Informed Home Financing Decisions

When it comes to purchasing a home, one of the most important decisions you will make is how to finance it. With so many different types of mortgages available, it can be difficult to determine which one is right for you. That's where a mortgage calculator comes in. In this article, we will explore what a mortgage calculator is, how it works, and how you can use it to make informed decisions about your home financing Read More

#mortgage calculator #mortgage calculator with extra payment #simple mortgage calculator #mortgage #mortgage rates #mortgage loan #loan against property #mortgage loans explained #home loan #mortgage loan officer salary

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nicola7jrdavidsons9 · 7 days

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Essential Elements to Understand About House Financing that Can Benefit You

Are you considering buying a home? Comprehending the fundamentals of in-house financing can be very advantageous. This financing method, unlike conventional loans, is usually offered directly by home sellers or developers. The process is typically quicker and more adaptable. Interested in learning more? Let’s explore how in-house financing might work for you! Discover more about in-house financing, view here for more info now! Want to learn more about the benefits of in-house financing? View here!

In-house financing occurs when the seller of a home provides the financing for the purchase, rather than a traditional bank. It can make the buying process faster as it removes the waiting period for bank approvals. Moreover, it typically offers more adaptable terms suited to your financial needs. This financing option might include less rigorous credit checks, making it easier for those with imperfect credit scores. You can often negotiate monthly payments and interest rates directly with the seller. It can be a great choice for anyone wanting a swift and uncomplicated home purchase.

Opting for in-house financing begins with negotiating the terms directly with the seller. The negotiation covers the down payment, interest rate, and monthly payments. After finalizing these details, both parties sign a contract. It skips numerous typical mortgage processes. Using a mortgage recast calculator helps you understand the impact of extra payments on your loan balance. It shows how much interest you save over time and how your monthly payments may adjust.

One significant benefit of in-house financing is the speed of the process. It allows you to proceed faster as there’s no waiting for bank approvals. Flexibility in terms is another advantage. You can often negotiate various aspects like the down payment, interest rate, and monthly payments, making it easier to fully amortize the loan over time. Additionally, fewer credit checks can be advantageous for those with less-than-perfect credit scores. Talking directly with the seller streamlines the process and helps build trust. Visit us to learn more about house financing.

Even with its benefits, in-house financing has its risks. One drawback is the potentially higher interest rates than traditional loans, as sellers may charge more to offset their risk. Buyers have fewer legal protections, which is another downside. While traditional mortgages have legal protections for both parties, in-house agreements might not. Finally, a seller’s default on their mortgage could result in you losing the home.

To secure in-house financing, follow these essential steps. Start by finding a property where in-house financing is available. After finding the right property, negotiate loan terms with the seller, including down payment, interest rate, and monthly payments. It might be helpful to search for a “mortgage broker near me” to get professional advice. After agreeing on the terms, have a legal professional review the contract to ensure your interests are protected. Sign the agreement and start making payments as per the contract.

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mortgage-broker-sydney · 26 days

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Empowering Your Financial Journey in Melbourne

Are you ready to embark on your home ownership journey in the vibrant city of Melbourne? With the multitude of options available in the real estate market, navigating the complexities of home loans and financial planning can seem daunting. However, fear not! Melbourne residents have access to a suite of powerful home loan calculator Melbourne designed to simplify the decision-making process and set you on the path to success.

Diverse and dynamic housing market presents both opportunities and challenges for prospective home buyers. Whether you're a first-time buyer or looking to refinance your existing mortgage, home loan calculators tailored specifically for Melbourne residents are available to help you make informed decisions and achieve your financial goals with confidence.

A Few Home Loan Calculators at Your Fingertips

Explore a comprehensive array of home loan calculators, each designed to address specific aspects of your financial journey in Melbourne:

1. Borrowing Power Calculator: This calculator assesses your borrowing capacity based on various financial factors such as income, expenses, loan term, and current interest rates. It helps you understand how much you can borrow from a lender, which is crucial information when considering purchasing a property or taking out a loan.

2. Loan Repayment Calculator: This tool allows you to estimate your loan repayments by inputting variables like loan amount, interest rate, loan term, and repayment frequency. It helps you visualize how different loan scenarios will impact your budget and allows you to plan your finances accordingly.

3. Comparison Rate Calculator: The comparison rate calculator helps you compare the true cost of different loan products by factoring in not only the interest rate but also associated fees and charges. It enables you to make informed decisions when selecting a loan by considering all relevant costs.

4. Credit Card Calculator: This calculator helps you understand the cost of credit card debt and plan strategies for paying it off efficiently. By inputting details such as outstanding balance, interest rate, and monthly repayment amount, you can visualize how different payment strategies impact your financial health.

5. Saving Calculator: The saving calculator assists in planning for future financial goals by estimating how regular contributions to a savings account can grow over time. It helps set savings goals and track progress towards achieving them, whether it's for a deposit on a property or other financial objectives.

6. Compound Interest Calculator: The compound interest calculator demonstrates the power of compounding on savings and investments. By inputting variables such as initial investment, interest rate, and investment term, you can visualize how money grows exponentially over time, aiding in long-term financial planning.

7. Extra Repayment Calculator: This calculator illustrates the impact of making additional repayments towards your loan. By inputting details such as extra repayment amount and frequency, you can see how these contributions reduce the loan term and total interest paid, accelerating your path to debt-free home ownership.

Each calculator serves a specific purpose in financial planning, empowering users to make informed decisions and achieve their financial goals effectively. Navigating the complexities of home loans and financial planning doesn't have to be overwhelming. Whether you're a prospective homebuyer, property investor, or retiree, these powerful tools empower you to make informed decisions, achieve your financial goals, and unlock the keys to financial freedom. Take control of your financial future today and embark on the path to success with Melbourne's home loan calculators.

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orixindia · 26 days

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Property Loan Calculators: Essential Tips for First-Time Home Buyers

Buying your first home is a thrilling milestone, but it can also be fraught with uncertainty and complex decisions, especially when it comes to financing. One of the most valuable tools at your disposal is a property loan calculator. This handy resource can help you understand your mortgage options, plan your budget, and more effectively navigate the home buying process. Here are some essential tips for first-time home buyers on how to make the most of a property loan calculator.

Understand What a Property Loan Calculator Can Do

A property loan calculator is designed to give you an estimate of your monthly mortgage payments based on various inputs such as the home price, your down payment, loan term, and interest rate. However, these calculators can do much more than just predict monthly payments. They can also help you:

Determine how much house you can afford

Calculate the impact of different interest rates on your payments

Understand how extra payments will affect the loan term and total interest paid

Compare different mortgage products and how they impact your finances

Input Accurate Information

The accuracy of a property loan calculator depends on the inputs you provide. Here’s what you typically need to enter:

Home price: Start with the listing price or the budget you have in mind.

Down payment: Input different down payment amounts to see how they affect your monthly payments and loan interest.

Interest rate: Use current market rates based on your credit score and loan type.

Loan term: Common terms are 15, 20, and 30 years. See how the term affects your payments and total interest.

Property taxes, homeowners insurance, and HOA fees: These can significantly impact your monthly outlay.

Explore Different Scenarios

One of the greatest benefits of using a property loan calculator is the ability to explore various "what-if" scenarios. For example:

What if you put down a larger down payment? See how this reduces your monthly payments and interest over the life of the loan.

What if interest rates rise or fall? Check how changes in interest rates can impact your monthly budget.

What if you choose a different loan term? Compare how a shorter loan term increases monthly payments but saves money on interest.

Consider Future Financial Changes

While it's important to understand your current financial situation, don't overlook potential future changes. For instance, if you expect your income to increase, you might consider a shorter loan term with higher monthly payments. Conversely, if you anticipate significant expenses such as starting a family or buying a car, you might opt for a longer term with lower monthly payments.

Use the Right Calculator

Not all property loan calculators are created equal. Some offer basic functionalities, while others include options for calculating property taxes, insurance, PMI (private mortgage insurance), and other costs. For a more comprehensive analysis, look for calculators that allow you to include as many variables as possible.

Consult with a Mortgage Advisor

After you've played around with the numbers, it's a good idea to consult with a mortgage advisor. They can help confirm the accuracy of your calculations and advise on things the calculator may not consider, such as loan eligibility requirements, current market trends, and other financial factors.

Conclusion

A property loan calculator is an invaluable tool for first-time home buyers. By fully understanding and utilizing this resource, you can make informed decisions about your mortgage options and better prepare for the financial implications of buying a home. Remember, the more you know going into the home buying process, the less daunting it will be. So start calculating, planning, and envisioning the day you turn the key to your new home.

#property loan calculator

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paypant · 26 days

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Ways to Increase Your Net Worth by $100,000

Your income level largely determines the lifestyle you live; those with a decent income tend to live a more comfortable life because they've acclaimed financial independence to a large extent. Therefore, you must keep growing your income so that you'll have money set aside to cater for "rainy days." And having a decent net worth is one good way to go about it. Those with a net worth of $100,000 or more live in a good financial state. However, growing your income to get to this standard can be quite difficult. Notwithstanding, we've come up with easy ways to increase your net worth by $100,000. Most of the advice provided here is practicable, and with time, consistency, and patience, you'd find yourself on the right track to financial independence.

What Is Net Worth?

Net worth is the estimated value of the assets of a person or corporation subtracted from the liabilities they owe. Simply put, net worth is everything you own minus all that you owe. It is an essential metric to gauge an individual financial status, providing a useful overview of their current financial position. A high net worth refers to good financial health and, ultimately, a good credit rating for a person or a company. On the other hand, a low or negative net worth refers to weaker financial health and a lower credit rating, hence directly affecting the person or the company's ability to raise funds from the market. Knowing your net worth is crucial because it can be an important gauge of your financial status. When tracked yearly, net worth can indicate if a person or a company is making progress in improving their financial well-being.

How To Calculate Your Net Worth

The basic formula for calculating net worth is ASSETS minus LIABILITIES = NET WORTH. In essence, to calculate your net worth, simply take inventory of what you own and your outstanding debt. By what you own, we mean include assets that you're still paying for, such as a house or a car. For example, if you own a mortgage on a house having a market value of $250,000 and the balance on your loan is $200,000, you can include $50,000 in your net worth. Not that your income is not added to a net worth calculation. An individual can collect a big monthly paycheck but still have a low net worth if they spend most of their income. On the other hand, even those with decent incomes can accumulate a significant net worth if they buy appreciating assets and are prudent in saving. Once you've calculated your net worth, you can develop a plan to increase it steadily. This can be done mostly by saving more money, growing your investments, and paying down debt. Note that net worth isn't calculated to compare financial status against others but to help you gauge your progress toward improving your net worth from year to year.

How To Increase Your Net Worth.

Pay Off Your Debt Debt is like a stone tied to your leg, slowing you down in your aim to achieve a financial breakthrough. And to improve your net worth, you need to attain some level of financial independence. Therefore, there's a need to cut off debt. It is the money you owe that could be used to grow your net worth. So start by paying off all your debt as soon as possible. However, when doing so, be aware of penalties attached to early payment (like with mortgages). A good strategy is to consolidate your debt by taking out a lower-pay paying down high-yield debt. In essence, know what you owe and devise a plan to pay it back. You can also make extra payments where possible and work to minimize your overall debt burden. Cut Expenses Increasing your net worth requires some level of sacrifice, such as trimming your expenses, but in the end, you'll see that it is worth it! The less money you spend, the more your chances of accumulating in net worth. Tracking your spending is a great way to cut expenses. You can start by reviewing your budget and fishing out unnecessary expenses eating up your finances. Also, you can cut down on "smaller" expenses, such as terminating subscriptions for TV shows you don't watch or eating out. And if need be, you can save your launch money, snacking, and/or beer. Though these small expenses may not be noticeable, it adds up and eats at your finances, preventing you from achieving your goals. Remember that even a few dollars here can add up to a lot of money in the long run. So consider the monthly costs that you could downsize. What monthly costs are bringing your net worth number down? And which ones don’t you need? Then evaluate essentials like your insurance and healthcare premiums per year. Finally, compare the interest rates, and see whether you can trim any of those costs or eliminate them. Then, you can commit to saving and/or investing them in addition to your net worth. Increase Your Savings Having a savings account is an incredible way of boosting your net worth, so if you don't have one, you have to open one immediately. Besides, your savings can serve as your emergency fund. First, however, you'll need to grow it so that if an emergency arises, you'll be borrowing money from yourself instead of a bank. Doing this will reduce your chances of taking debt and will, thereby, improve your net worth. Furthermore, your savings account helps you to manage your cash flow and settle unexpected expenses, such as a major health challenge, without having to dip from a personal loan. So as you map out your budget, don't forget to allocate a certain amount towards savings. The amount you're able to save at the end of each year will, to a large extent, affect your net worth. Therefore, you'll need to find any means possible to boost your savings. You can try working extra hours for extra pay or doing a side hustle. In addition, you can direct any "free" money you get in the course year to your savings account. Furthermore, having a savings account with high-interest rates will make you money even while you sleep. These accounts typically carry federal insurance of up to $250,000, making the funds safe. In addition, the money can earn interest over time, and you'll have access to your cash when you need it, whether through direct withdrawal or a fund transfer. Build an Emergency Fund Another way to increase your net worth by $100,000 is to build an emergency fund. An emergency fund is cash set aside to cover urgent needs such as sudden health issues or automobile emergencies. However, they can also cover other expenses like home-appliance repair or replacement, unemployment, unexpected travel, and family emergency. An emergency fund can help you stay financially afloat without having to depend on any other money, especially high-interest loans or debt from credit cards or personal loans. The amount you set aside for your emergency fund depends on your financial capability. For a start, it's best to pursue a lower milestone, like saving $500. And as you can afford to save more, keep working your way up and strive to reach half a year's expenses before contributing money toward your retirement. Contribute More Money Towards Retirement Many private employers typically offer 401(k) retirement accounts that offer great tax benefits for saving and investing your money. For example, many employers offer matching programs that will help you to increase your contribution while building your wealth faster than you could on your own. In addition, you have other tax-advantaged accounts available to you, such as Traditional and Roth IRAs or individual retirement accounts. Taking advantage of these accounts help keeps money invested for the long term through stocks, mutual funds, and other investment options. Moreover, it will grow in value and build your savings balance as you retire. Likewise, using these accounts will save you tax expenses while investing your income for the long term. You can use these employer-matched funds to boost your retirement contributions and grow your income by getting more money to save. However, if you choose to ignore such programs, you're leaving money on the table. Retirement contributions have two primary benefits. First, traditional retirement accounts allow you to defer your taxable income to the lowest earning years in retirement. And second, it acts as a way to grow your available investment assets. Acquire More Skills And Get A New Job The more skillful you are in your lane of hustle, the more your chances of getting more opportunities that'll increase your earnings. And an increase in earnings will translate to an increase in net worth. Moreover, you can ask for a pay raise or a promotion at work if you can work on improving your skill set. Another idea is to get a new job, a job that pays more and can afford you a better chance to boost your income. Never settle for less; if you find a better opportunity to increase your earnings, apply for it, and don't be embarrassed to quit your current job if hired. In addition, you can also do other high-paying side-job that requires special skills like graphics designing, freelancing, photography, etc., to supplement your income. You can also work towards getting promoted at work and thereby earning higher pay. You can also consider freelancing or doing something you enjoy as a side hustle but as your main source of income. However, the con is that working as a freelancer most likely means that you won't get any added employment benefits such as health insurance or paid time off. Nonetheless, you can receive higher pay or compensation to cover this. Work On Your Health The saying that "health is wealth" is entirely true. You cannot improve your finances or even earn with poor health. Therefore, as you work on improving your net worth, do not be too busy taking care of yourself. So as you make money, ensure you go for regular checks, eat good food, and exercise. In addition, do not overwork yourself to earn more money to boost your net worth. Always monitor your body, and when you notice any slight challenge, don't hesitate to see the doctor. Some people with poor finances are often associated with poor health, so instead of building their wealth, they'd be spending money on their health.

Frequently Asked Questions Related To Ways to Increase Your Net Worth by $100,000

How Can We Increase Your Net Worth? Paying off your debt, minimizing your expenses, saving more and spending less, and building an emergency fund are common ways of increasing your net worth. However, increasing your net worth takes time and dedication. And adding to your income stream, such as taking a side hustle or gaining a promotion at work, is another good way of building your net worth. What Is The Fastest Way To Increase Your Net Worth? Saving, building an emergency fund, and investing your money are some of the fastest ways to increase your net worth. However, your net worth cannot grow overnight; it will take time and effort. So how fast you grow your net worth also depends on how committed you are towards the process. What Is The Average Net Worth Of A 25-Year-Old? The average net worth of people between the ages of 25-29 is $49,388. And for those between the ages of 30-34, their average net worth is $122,700. Job type, financial status, and amount in savings are some of the determiners of net worth. What Is the Net Worth Of A Person? Net worth is a combination of what an individual owns (assets) and what they owe (liabilities). Knowing your net worth is essential for two reasons: First, it helps you know your current financial situation. And secondly, it gives you a reference area for measuring progress toward your financial goals. What are 3 ways a person can increase their net worth? The three (3) ways a person can increase their net worth include cutting down on expenses, boosting retirement savings, and paying off debts with high-interest rates. What increases a person's net worth? A person's net worth increases when loans and debts are paid off. Hence, the major factor that decreases your net worth is the credit card loans and debts you owe. What is Considered High Net Worth in 2022? In 2022, a person is considered to have a high net worth when their financial assets is worth more than one million dollars in liquid form. What is Easiest Way To Increase Net Worth? The easiest way to increase your net worth is by paying more into your pension fund, reducing your daily expenses, paying off debts, and investing in assets. Other ways to increase your net worth is by starting a profitable business, seeking high paying jobs, creating a budget, and by saving. How To Determine The Net Worth of a Person

To determine your net worth, subtract the worth of your assets from the sum of all that debts or financial obligations. In order words, a net worth of a person is the difference between what you possess and what you owe. You have a low net worth when the amount of debts accumulated is greater than the sum of all the assets you possess. A large net worth is determined if the amount of assets you possess is more than the amounts you have in debts. What is a Negative Net Worth? If a person's entire debt is more than their total assets, this will result in a negative net worth. An individual's net worth would be negative if the entire value of their debts, which include credit card bills, energy bills, overdue mortgage payments, vehicle loan bills, including student loan bills, is larger than the value of the cash and investments they possess. Read the full article

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topinsurancebrokerage · 1 month

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DOES BUYING A HOUSE REQUIRE LIFE INSURANCE?

Buying a house is one of the most exciting things you do in your life. As it is most likely the biggest investment you make in a lifetime, it can be quite thrilling.

IS LIFE INSURANCE NEEDED WHEN BUYING A HOUSE?

Investing in property is a crucial financial responsiblity and an ongoing commitment. Even though it is not a requirement when buying a house, life insurance plays a significant role in securing your family's future. According to the Australian Bureau of Statistics, the average mortgage repayments in Sydney are calculated at $2,167 per month, whereas monthly repyments in Melbourne can be $1,820. It is important that in the event of an accident or illness that prevents you from going to work, you have a policy in place that can assist you with your debts and daily living expenses. Income Protection provides the monthly payments of upto 75% of your monthly income that can cover such expenses. A life cover would provide your family with a lump sum benefit in case you pass away, allowing them to take care of financial responsibilities without the added stress in their time of grief. Having a life insurance policy can give you and your family the peace of mind that if the unexpected occurs, you will have the monetary assistance to cover your house loans and other costs associated with owning property.

WHEN IS THE BEST TIME TO GET AN INSURANCE COVER WHEN MOVING INTO A NEW HOME?

The search for a new home is a busy time and can be emotionally taxing. It may seem tempting to delay the added work of finding the right insurance policy until after you're settled into your new home and all arrangements have been finalised. However, even though you may not have moved into your new house yet, you are still financially responsible for it and must think about financial protection. If you already have an insurance policy, this can be an important time to review your policy and make sure you are covered for the extra debt you're taking on. It is also worthwhile to look at what you're covered for, the benefit period, waiting period and the sum insured under your cover. Your financial adviser can assist you in reviewing and updating your existing insurance, or help you find the right one to cover your needs. If you don't have a financial adviser, click here to get in touch with us today.

IS LIFE INSURANCE THE SAME AS LENDERS' MORTGAGE INSURANCE?

Have you heard of lenders' mortgage insurance (LMI) and wondered if it is any different from life insurance? Yes, it is. Where LMI protects lenders, life isnurance protects the individuals insured under the policy. When taking out a loan, generally people must pay a deposit of 20% of the house's purchase price in order to avoid paying the LMI. If your deposit is less than 20% or you are not qualified for the First Home Loan Deposit Scheme by the federal government, your LMI payments can be soemwhere between $2,500 to $10,000. Unlike life insurance, LMI is designed to protect the lender and not you and your family. So, if you default on your loan or the unpaid value of the mortgage does not equal the selling price of your property, your lender can make a claim for the LMI policy to cover the shortfall. LMI and life insurance are two very different insurances designed for two very different purposes, and it's not uncommon to take out both.

WANT TO KNOW MORE?

If you would like to discuss the contents of this article, please call us at 02 8015 5507 or email us at [email protected] Please note that at Angelic Insurance, we can only provide you with general information, and do not consider your personal objectives and financial situation. You should consider whether the advice is suitable for you before making the final decision.

#income protection insurance #insurancebrokerinaustralia #lifeinsurancebroker #topinsurancebrokerageinaustralia #insurance brokerage #public liability insurance

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