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Own Your Home Without Letting It Own You |
Owning a home is the American dream – as long as you don’t overextend yourself financially.
As the subprime loan debacle made clear, it can be disastrous to get a no-money-down adjustable rate mortgage (ARM) and a piggyback or second mortgage. Many couples ended up with no equity and no ability to make their payments. Their dream became a nightmare.
Yet, buying a home still may be one of your best investments as a couple, providing both emotional and financial security. In Yes, You Can…Achieve Financial Harmony, Sam Goller and Deborah Shouse urge newlyweds to remember “The Three Little Pigs” fairy tale. The moral of the story is to be like the pig who built his brick house on a strong foundation that could withstand the “wolf at the door.” No piggyback loan for him!
In their chapter on home buying, the authors suggest listing what you want, such as the number of bedrooms and bathrooms. But don’t try to make your first home your ultimate dream home. As Benjamin Franklin advised: “To increase your happiness, reduce your wants.”
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"Time is money, but money is not nearly as valuable without time."
James E. Stowers |
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Put together a budget, improve your wealth, plan for retirement, brighten up your whole outlook on life. We have interactive tools, videos and podcasts to help you set and reach your goals in our Resource Center. |
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