In addition to the other funds that you need to have available to purchase a home, plan for an emergency savings fund. This should contain money that will take care of three to six months of your living expenses in the event that you have difficulty paying your bills. The fund is a great way to make sure that you don?t fall behind on your mortgage in the event of an emergency.
Banks offer two different types of loans: fixed and variable interest rate loans. Try to avoid variable interest rate loans at any cost as they can turn into a disaster. Fixed rate loans will have the same interest rate throughout the loan?s life. The interest rate of the variable rate loans and their monthly payments change either by following the fluctuations of the market or the contract between the bank and the borrower. The monthly payment can easily reach a level the borrower can?t afford.
One of the most botched Financial Accounting Standards Board people make is the unnecessary purchase of a new car. Because a new car depreciates by 20-30% as soon as it leaves the dealer, it is one of the worst investments you can make with your money. Consider buying a barely used version of the same model, and you can reduce your costs considerably without compromising the reliability of your car.
We?ve covered the financial information frauds. You know the possible pitfalls and some tips to get you through the rough spots. It?s time to get serious and pinpoint the steps you need to take to achieve financial security in your own life. Do the necessary work now and reap the benefits you deserve. Use what you have learned to get on the path to financial success.
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