Tithing first. Being well-informed is useful, but nothing is useful if you
aren't right with God.
#1: Owning a home is NOT that important. A mortgage means you rent your house
from the bank. If you do not put a 10-20% down on your home loan, you will pay
200% the value of the home before you pay off a typical 30-year FHA loan. Your
home likely will barely be worth 200% the value it is today in 30 years. Thus,
your home isn't an investment, it is a waste of opportunity cost.Wait until you can afford favorable loan conditions, and pay more than your
minimum monthly payments before jumping into a home. Or, buy a home for less
than you can afford, live in it for a minimum of 5 years, and "trade up"
with any equity.
A couple more: Don't go into debt for that extravagant, exotic honeymoon;
Don't spend a lot of money on non-essentials, like jewelry and designer
clothes; Don't forget that eating at home is better and MUCH cheaper than
going out all the time (fast food is tremendously over-priced), and a new car
helps if you are going to take care of it and drive it for a while because you
won't have repairs, maintenance etc. but make sure you pay it off early and
increase your credit score by so doing because come house-buying time, a lousy
credit score just to have a new car is a bad trade-off. A basic car that is
reliable is better than the fancy one with all the options, too.Oh, be
careful about needing (?) the big screen TV and latest cell phone and tablet and
lap-top, etc. When I was young it was a fancy stereo. Spending too much is a
Don't forget pay tithing first. You will always have plenty of money if you
I like you points, lot of hind site. Me I have a ego problem I lived in a
fantasy so I spent a lot of time and money and labor in me home that I'll
never recoup. I think before you go crazy redoing your house I think you need to
know your going to live in it.
My biggest money mistake in my 20's was not putting my husband and I on a
strict budget.He was younger than me and had never lived on his own.I let him handle his own finances as a student not working and it blew up in
I find the majority of DN's financial articles to be sound, but this is
certainly one of the simpler, more easily applicable ones.It also
makes me feel good about myself, like reading about healthy living after coming
inside from a run.
Pretty good all-around tips.Finally, DN. Finally, you give us a
proper finance article. Reprinted from someplace else.That's
one step forward, at least.