Successful Financial Plan

download-12On the surface, the cost of a financial plan is simple: generally between $2,000 and $4,000, depending on its complexity and where you live.

But dig deeper and you’ll find that the plan’s success also depends on you spending time to implement it.

Consider the case of a young physician who recently came to my office inquiring about a financial plan. His primary issues were cash flow with tax considerations, debt service and investment advice. I suggested he would also need an insurance review and estate planning, since he had none. At the conclusion of our getting-acquainted meeting, my colleagues and I quoted a fee for the financial plan and what it would include. He decided to work with us.

Next we had a goal-setting meeting and collected his pertinent financial documents such as his tax return, investment statements, debt statements and more. We provided risk-tolerance questions and discussed his short- and long-term goals in greater detail. Then there was an interim meeting where we reviewed his goals — to be sure we prioritized them correctly — his risk-tolerance results and his investment analysis.

A couple of weeks later, we had a plan-delivery meeting, where we reviewed the recommendations in all the areas of his financial plan. He took the binder home to review and start implementing the plan.

He returned in a month for a progress meeting. He had made some headway on our list of recommendations, but not as much as I had hoped for. At the conclusion of that meeting he told me: “You were very clear as to what the plan would cost me in dollars. What I did not know was the time it would take me to collect the information on which the plan is based, to meet with you, to read and study your recommendations and then to finally implement them.”

He was correct: It costs both time and money to enact a financial plan that will really help you. Eight months later, I received an email from the doctor, letting me know he’d completed all the recommendations. In the end he said the total cost, in terms of dollars and time, was well worth it.

Beware of additional costs

Keep in mind that with some financial service providers, there could be huge additional costs in the form of fees or commissions. This could also be a conflict of interest if your advisor recommends products that pay him more, rather than the ones that are best for you. So be sure you know exactly what fees are involved when you start working with an advisor.

While my recommendations in the doctor’s plan included specific changes to his insurance and investment holdings, I did not sell him any of the coverage plans that I recommended, nor did I sell him the investment products he needed. That’s because I am a fee-only advisor. I want my clients to know that I have no vested interest in the implementation of the insurance or investment part of the plan.

This is not the case for advisors who provide both a plan for a fee and then sell you the investments or insurance products as well. All too often, the insurance recommendations made by those who sell the products, too, include more and larger policies than what I would recommend. It is a sad fact that the commission may be driving the plan recommendations, rather than what is best for the client.

When you are looking for a financial plan, be sure that you use the services of a Certified Financial Planner and that the planner does not sell any products. To find such an advisor near you, contact Garrett Planning Network or the National Association of Personal Financial Advisors.

Tips for Prepare for Emergencies

images-33Last week Kristen and Julia, our rising high-school senior, visited McGill University in Montreal, Canada.  By all accounts it was a hugely successful trip. Julia is thrilled at the prospect of furthering her education and expanding her horizons. She will be 18-years old soon and “on her own” as a freshman, hopefully, at a college of her choice.

Students may be worried about making new friends, studying, and adjusting to college life. Parents or guardians may share these concerns too, but they should not neglect legal and financial matters. Our 18 year-olds are now adults who can enter into contracts, make their own health care decisions, and are afforded levels of privacy to which we may not be accustomed. Who will make medical decisions on behalf of your child if he or she is unable to do so? What will you do if you need to get medical information in a time of an emergency? Will you be able to have access or make decisions on financial/tuition matters with the bursar’s office? Is it important to have access to your child’s academic record? Consider these items allowing parents/guardians to assist their adult children before they leave for college:


Health care proxy
: This document allows your child to name someone they know and trust to make medical decisions on their behalf, if for any reason, they are unable to make the decision or communicate their wishes. While standard forms may be available on-line through state medical societies, your estate planning attorney can draft this document.


HIPPA release:
 The Health Insurance Portability and Accountability Act (HIPPA), a federal law, protects your child’s privacy even from parents. The act prohibits a health care provider from releasing any health care information unless your child provides the health care provider with a HIPPA release form naming you as an authorized recipient.


Durable power of attorney:
 This document allows your child to appoint an agent in order to manage his/ her financial matters. While parents may be paying the tuition bills, this does not grant authority to discuss or resolve their child’s financial issues with the college’s student accounts office or bursar’s office.


FERPA waiver:
 The Family Educational Rights and Privacy Act (FERPA) governs privacy of educational records and prohibits an institution from discussing a student’s record with anyone unless the student has granted authorization. Colleges may allow students to grant access to one or more individuals via an on-line wavier form. However, remember your children are gaining independence and responsibility. Simply engaging your student may prove an equally, if not a more effective means of communication about how they are doing in school.

It is important to keep signed forms available as you may need them if your child is traveling, and remember that authorizations can be modified or updated as their circumstances change.

This is not legal advice so please be sure to contact your estate planning attorney to address these important issues.  If you don’t have an estate attorney ask your family, friends or financial advisor for recommendations.

How be Mindful About Costs

download-13I’m in the middle of wedding planning right now, and it has opened my eyes to just how incredibly expensive this whole thing can be!

 

I’m a frugal person at heart so the idea of spending a ton of money on one day seems a little silly to me. But it’s hard not to get caught up in all of it, and I’m finding that the costs are adding up quickly.

 

So, how do you have a wedding you love without spending more than you can afford? I’ve been thinking about this as I plan my own wedding. I’m fortunate that my parents have been very generous, and here are a few things I’ve learned along the way.

 

Plan Ahead

 

Yeah, I know. Big surprise that the financial planner is encouraging you to plan ahead. But there are two reasons why it’s helpful to make a plan before making any final decisions.

 

First, it’s amazing how quickly even the little costs add up. There are so many different pieces to a wedding that you can make a lot of seemingly reasonable choices and still end up with a big total bill. By planning ahead, you can see that happen before you’ve actually committed to anything and make decisions accordingly.

 

Second, it’s easier to get good deals when you’re on top of things early. Venues get booked, DJs aren’t available, and prices go up. The longer you wait, the less likely it is you’ll get your first choice and the more likely it is you’ll have to pay extra.

 

The Knot has a fantastic wedding budget calculator that can help you allocate funds across all wedding expense categories.

 

Get Creative

 

Your wedding doesn’t have to be like every other wedding. It can not only be cheaper to do things your way, but it can make for a fun and unique experience.

 

A friend of mine had a fall wedding and served pies instead of a wedding cake. This option was delicious and at least half as expensive; with pie at $2 per slice and wedding cake at $4 or more. Another one enlisted the help of her friends to make their own floral arrangements. I’m making small ornaments for wedding favors, out of paper (not expensive) and supplies I already had on hand.

 

Music, in particular a live band, is another expense that can be reduced, involve friends who have musical talents or crowd source a playlist from all your guests. There are an infinite number of ways you can get creative, save money, and make the wedding yours in the process.

 

Consider Your Guests’ Budgets Too

 

Your friends and family want to come celebrate with you, but for many of them it’s a big financial commitment. Doing what you can to make it easier for them will be much appreciated.

 

I have a friend who had a camping option, as one of the accommodations for her wedding. Not only was the price right, but it was a memorable experience. Suggesting accommodation options to guests with a range of prices is always appreciated.

 

For our wedding, we’re trying to make sure that people know how to enjoy themselves during the weekend without having to spend a ton of extra money, so we’re giving them a map of our favorite hiking trails in the area. Little things like that won’t make all the costs go away, but every little bit helps.

See The Adhering to Report To Learn About Pay Day Loans

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It’s an issue of fact that payday cash loans have a terrible status. Everybody has observed the scary tales of when these amenities fail along with the pricey results that take place. Nonetheless, within the right situations, online payday loans could quite possibly be advantageous for your needs. Here are some recommendations you need to know well before entering into this particular financial transaction.

Always realize that the money which you obtain coming from a pay day loan will be paid back directly from the income. You have to arrange for this. If you do not, once the finish of the spend period of time will come all around, you will see that there is no need adequate dollars to spend your other monthly bills.

Make sure you’ve tired other loan choices prior to protected a pay day loan. Most other funding options are cheaper when compared to a payday loan. By borrowing money from a good friend, you can prevent the costs related to payday loans.

Be aware of the deceiving costs you happen to be introduced. It may look to become cost-effective and acceptable to get incurred fifteen money for every single a single-one hundred you acquire, nevertheless it will quickly mount up. The prices will convert being about 390 percent from the amount borrowed. Know just how much you will certainly be expected to spend in fees and fascination up front.

In case you are applying for a pay day loan on the internet, make sure that you phone and speak to a realtor before going into any information into the website. Many fraudsters pretend being payday advance agencies to acquire your cash, so you want to ensure that you can attain a real individual.

When you’re choosing which payday advance business to select, be sure you do your research. Among the wide area of loan providers supplying this particular service, some are more equitable than others you wish to cope with an earlier mentioned-board firm as their reputation for healing debtors relatively might be be validated. Get testimonials from other people.

Make sure you decide on your cash advance meticulously. You should consider how long you might be presented to repay the loan and precisely what the rates are exactly like before choosing your payday advance. See what your best choices are and then make your assortment to avoid wasting cash.

On-area online payday loans are often easily available, yet, if your state doesn’t use a place, you could always cross into one more state. Circumstances will often permit you to protected a bridge loan in a neighboring condition in which the applicable restrictions tend to be more forgiving. And, since the majority personal loans are restored electronically, you will simply have to make one particular trip.

Do you know what fees you’ll be charged on your own payday advance? There are a number of fees which could be billed. For example, a $30 commence-up fee is possible. The producing rate of interest is all about 400 % every year. Should you don’t spend it again, the costs go up following that.

Prevent getting a pay day loan unless of course it is definitely an emergency. The quantity that you simply shell out in interest is extremely large on these sorts of loans, it is therefore not worth it in case you are buying one for an daily explanation. Obtain a financial institution bank loan should it be an issue that can hang on for a while.

Ensure you are implementing using a reliable company. There are a lot of facts to consider when considering security, much like the reputation of the lending company or perhaps the rate of interest.

For those who have a decent credit standing, get a low payment payday advance. This kind of financial loan normally has reduced rates, and no invisible costs. The loan originator must check your credit score. This ought to not consider over round the clock and ought to be the best choice, if your credit score is just not too reduced.

Look for the interest rates prior to, you apply for a payday advance, even though you require funds horribly. Frequently, these personal loans include unbelievably, high interest rates. You should examine diverse payday loans. Choose one with sensible rates, or look for an additional way to get the cash you require.

Whenever you obtain a payday loan, you are truly taking out your upcoming paycheck in addition dropping some of it. However, spending this prices are sometimes necessary, to get through a restricted press in daily life. In any case, information is potential. With a little luck, this article has empowered one to make informed judgements.

Financial institution Won’t Provide Serious Cash? Use A Cash Advance!

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Payday loans can be a actual lifesaver. In case you are contemplating trying to get this particular loan to see you thru a financial pinch, there may be some things you have to consider. Continue reading for many advice and advice about the options provided by payday cash loans.
While the are usury laws in place in terms of loans, cash advance organizations have methods for getting about them. As opposed to asking great fascination, they may tack on costs to the financial loan to constitute the variation. That may cause rates to overall more than ten times a standard personal loan price.
Know that you are currently giving the pay day loan access to your personal banking details. That may be excellent when you notice the financing deposit! Nonetheless, they is likewise producing withdrawals from the accounts. Ensure you feel relaxed with a firm experiencing that type of entry to your bank account. Know to expect that they may use that accessibility.
Think about simply how much you seriously need the cash you are contemplating borrowing. Should it be a thing that could wait around until you have the amount of money to buy, place it off of. You will likely discover that online payday loans are certainly not an affordable choice to purchase a big TV for a soccer game. Reduce your credit with these loan providers to emergency situations.
If you need a pay day loan, you should be aware the lender’s guidelines. A lot of companies need a minimum of 3 months job balance. This way they may authenticate that you decide to spend them rear.
Repay the complete loan once you can. You are likely to get yourself a expected particular date, and pay close attention to that time. The quicker you have to pay back again the borrowed funds completely, the quicker your purchase with all the payday loan company is comprehensive. That could help you save dollars in the long run.
The term on most paydays loans is around 14 days, so make sure that you can perfectly pay off the money in this length of time. Failing to repay the financing may lead to expensive charges, and fees and penalties. If you feel there is a possibility that you won’t be capable of spend it again, it is actually greatest not to take out the payday advance.
Be aware of the regulation. Imagine you take out a payday advance to become repaid with from your after that pay time. Should you not pay the loan again by the due date, the financial institution are able to use how the check you applied as security whether or not there is the money in your money or otherwise not. Beyond your bounced verify fees, you will find claims the location where the loan company can assert 3 x the amount of your initial check out.
A great hint for anyone searching to take out a payday advance is usually to steer clear of offering your information to lender complementing web sites. Some cash advance sites match up you with creditors by revealing your information. This is often really unsafe and in addition lead to many junk email messages and undesired calls.
Whenever you can, consider to have a cash advance coming from a loan company directly as opposed to on the web. There are lots of think online payday loan loan companies who might just be stealing your cash or private data. Real stay loan companies tend to be more reputable and should give a safer transaction for you.
It is essential to recognize that creditors will need your banking account particulars. You need to be mindful of what this involves. Credit with an unrespectable financial institution could land you in fiscal problems than you could possibly ever anticipate.
If you’re budgeting to pay back the loan and making submit-unexpected emergency strategies, don’t disregard any fees. A lot of people intend on lacking only one paycheck and getting ok following that. Nonetheless, normally cash advance buyers shell out dual the things they have lent in the beginning. Acquire this under consideration when producing your financial budget.
If you could require quick cash, and are considering payday loans, it is best to steer clear of getting multiple financial loan at any given time. While it might be luring to go to diverse loan providers, it will probably be more difficult to pay back the loans, if you have the majority of them.
Should you be having a tough time determining whether or not to utilize a payday advance, contact a customer credit counselor. These pros normally work with low-income companies which provide cost-free credit score and financial help to buyers. These folks can assist you find the right paycheck lender, or perhaps even help you rework your funds so that you do not need the financing.
Ideally, you may have identified the details you necessary to achieve a conclusion regarding a potential payday advance. We all need a little bit aid at some time and no matter what the original source you ought to be a well informed consumer before you make a determination. Consider the suggestions you might have just study and all sorts of alternatives meticulously.

Be Aware Of Precisely Where Your Employees Are If They’re Working

Quite a few organizations have employees who work outside of the main building. Delivery drivers and service technicians must typically be away from the office to be able to achieve their job. Yet, companies must make certain the workers are working while they’re out of the workplace as well as will desire to ensure they are making the most of their time working. To be able to achieve this, many employers are actually making use of an employee tracking app that allows them to see where they are and also just how much work they are undertaking when they are not within the office throughout the day.

Tracking where an employee will go in the course of work hours supplies a great number of advantages for the boss as well as the worker. The boss can check on the employee anytime to be able to make certain they are precisely where they’re supposed to be and also to locate them if perhaps their vehicle isn’t operating and thus they’ll need to have aid. They will be in the position to check to make sure the employee’s route is right so it permits them to get more work done throughout the day. And in addition, the worker knows they can have assistance if perhaps they may be lost or perhaps if they will have virtually any difficulties when they are working.

Yet another gain of being able to track where exactly the workers are via an app is actually to be able to track the time they spend working. The employees may clock out for a lunch break easily without the need to return to the workplace and also the company may ensure they’re doing just as much work as feasible throughout the day. It will help the employer realize what to do in order to help an employee be far more productive as well as helps make sure the worker is working when they are away from the business office. Furthermore, employees might make certain they are able to take their lunchtime or even some other breaks whenever it’s practical, rather than being required to get back to the workplace to clock in or out for their breaks.

There are in fact a number of advantages of utilizing a tracking app in addition to the kinds mentioned here. If perhaps you happen to be thinking about an app to be able to help monitor your employees, take a look at an Employee time tracking app that incorporates everything you will require. Visit the web site in order to learn more with regards to precisely how it works and also the advantages it could supply your organization as well as your employees.

Understand Precisely How To Receive The Cash You’ll Require Rapidly

Though a person endeavors to be careful with their cash, there might be an occasion when they have to have a little extra money to be able to handle an emergency. When this occurs, a person will desire to make certain they will realize precisely where to go as well as just how to acquire the cash they’ll have to have. If a person needs money fast, places just like Max Lend Loans will be in a position to assist them.

An individual who needs to have extra money to be able to take care of an urgent situation is likely going to need it speedily. They’re able to speak to a payday loan organization to receive the cash they’ll have to have. Generally, this can include completing an application form and displaying they at present have employment. Once they are approved, which typically takes place rapidly, they will get their own funds as fast as possible. In many cases, the individual is able to acquire the funds they have to have within a day. They could after that spend this money however they’ll have to as well as will be in a position to repay the entire loan swiftly since its a small amount of money.

If you’ve had an emergency as well as you will have to have a bit of extra cash to be able to get through to the subsequent paycheck, go on and look for a business like MaxLend Loans now. They will be able to help you get the funds you will need to have.

Payday Loans So You: Tips To Do The Proper Factor

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For whatever reason, a number of people do not like pay day loans. Even so, they are certainly not always a bad strategy. These loans will be helpful in a variety of conditions. Do you need to learn more about online payday loans? Continue reading for vital details on the topic of online payday loans.

By taking out a payday advance, ensure that you are able to afford to pay for it back within 1 or 2 weeks. Payday cash loans ought to be used only in urgent matters, whenever you absolutely do not have other options. When you sign up for a payday loan, and cannot pay out it rear immediately, 2 things come about. Very first, you must spend a charge to keep re-stretching out the loan up until you can pay it back. Secondly, you retain obtaining billed a lot more curiosity.

Think about shopping online for a payday loan, in the event you must take a single out. There are various web sites that provide them. Should you need one particular, you happen to be previously limited on funds, why then spend gas driving a car close to attempting to find one that is open up? You have the option of doing the work all from the desk.

Recognize that you will be providing the pay day loan usage of your personal business banking details. That may be great when you see the money downpayment! Nevertheless, they can also be generating withdrawals from the bank account. Be sure to feel safe with a firm having that kind of usage of your bank account. Know to expect that they will use that access.

There are express laws, and rules that specifically deal with payday loans. Usually these companies are finding approaches to work about them officially. Should you subscribe to a cash advance, tend not to feel that you will be able to find from it without having to pay it away completely.

The borrowed funds sum you can find is determined by a couple of things. This amount is income based. Your financing organization will review your income to ascertain the scale of the borrowed funds you be entitled to. This can be something you must take into consideration before you take that loan out when you’re seeking to cover something.

Look into any guarantees provided by financial institutions. Any firm supplying ensures is likely a questionable company. They know you can’t pay off the money, however they offer to you personally anyway. Most of the time, you will probably find that guarantees and claims of payday cash loans are together with some type of small print that negates them.

Simply because loan providers made it so easy to acquire a cash advance, many individuals use them when they are not within a crisis or unexpected emergency condition. This may result in people to turn out to be secure make payment on high rates of interest and whenever a crisis arises, these are inside a awful situation as they are presently overextended.

You need to only apply for a payday advance if you are virtually from choices. Pay day loans have very high rates of interest and could get to around 25% to have an initial personal loan. Investigate your options before figuring out to take out a pay day loan.

Your credit record is vital when it comes to payday cash loans. You could continue to be capable of getting that loan, but it will most likely amount to dearly with a sky-substantial interest. If you have excellent credit, paycheck lenders will compensate you with much better interest rates and unique settlement programs.

If the days and nights shows up for that payback amount to be subtracted from the lender, generally increase-verify to ensure that the money are there. You may not possess a reputable revenue stream. If conditions occur as well as your deposit is not really created, additional fees are sure to be assessed.

Constantly browse the fine print for the payday advance. Some businesses charge charges or possibly a charges should you pay the bank loan again very early. Other individuals impose a fee if you have to roll the financing up to your next shell out period of time. These are the basic most popular, however they may charge other invisible fees or even raise the interest unless you pay by the due date.

Should you be self-employed and searching for a pay day loan, concern not as they are nevertheless accessible to you. Because you most likely won’t possess a shell out stub to show evidence of work. The best option would be to provide a copy of the taxes as evidence. Most creditors will continue to supply you with a bank loan.

Ensure that you completely understand that a loan provider could have full usage of your own bank account info. You need to make oneself mindful of this and any risks. Receiving a payday advance coming from a dishonest lender might put you in very hot water.

A fantastic part of payday loans is the fact you do not have to get a credit rating check out or have equity to acquire financing. Many cash advance companies do not need any credentials other than your evidence of employment. Be sure you provide your pay out stubs together with you when you go to make an application for the money.

Your payday advance does not have to become problem if you your homework. You will find the corporation that fits your needs, have the money you require, and spend the loan off easily. Take into account the tips presented in this article, and you will probably make excellent alternatives about pay day loans.

Acquire The Consideration Your Small Business Needs

Advertising is something each company owner has to be worried about. Without any proper advertisements, their company is not going to be uncovered by the customers who might need to have them. Business people have a great deal of options for advertising and marketing their own company, therefore discovering special ideas is going to be essential and could help raise their particular organization much more than conventional possibilities.

One of the possibilities company owners might need to contemplate is actually the mobile billboards in Las Vegas. These are developed like traditional billboards, but they don’t remain in a single place. As an alternative, they are put on a truck and also are taken through the entire city. What this means is they are seen by every person who is strolling or even driving a car in the region and also it’s a lot more likely they’re going to be observed by someone who needs to have what the small business is offering. These have been demonstrated to be incredibly effective and also to appeal to a lot of possible clients for the organizations that rely on them.

In case you are looking for a distinctive strategy to market your organization as well as a strategy to get in touch with as many potential buyers as is feasible, take some time to be able to find out far more about Las Vegas mobile billboards today. Pay a visit to the web-site in order to observe precisely what might be carried out along with them as well as to determine whether they are a great solution for your company.

Try to Make The Employees are Conscious of the Machines

If you’re a business owner that’s creating items out of plastic, it is essential to make sure all workers have had the correct injection molding classes. In fact, the equipment can be be extremely hard to use for those who haven’t been taught correctly. The item should be at an precise temperature. Often, it’s not necessarily about to tolerate everyday usage. This equipment can be challenging to utilize as well. Do not take nearly any chances of having wasted goods. Instead, look at the web page PaulsonPlasticsAcademy.com to learn more about training employees thoroughly.

This is an excellent way to realize for sure in which workers understand what they will do. It’s good for brand new employees in addition to those who have been in the responsibility for a few years. It never ever is unpleasant to possess a refresher training course. If you are not making the best possible merchandise, there is a pretty good chance consumers will not be happy. At that point, you’re going to lose money. Depending on the products you are making, it may be hazardous when anything could fail. You don’t want to need to bother about a lawsuit coming from the upset consumer. Make certain each and every employee has attended scientific molding seminars prior to putting these individuals to perform.

As a business proprietor, no one knows when someone is going to phone in ill and you are therefore going to be shorthanded. It makes sense to go to your injection molding seminars as being a manager. Additionally it is necessary to cross train workers along with other areas. As a result, there’ll be no question whether or not everybody knows just what they’re performing. To help make income, you have to be in a position to put another person in a piece of equipment and know for sure they are fully aware exactly what they are working on. Make sure everyone is taught appropriately and all sorts of things will continue to work out for the very best. When you can create a quality product every time, your customers will always deliver their work to you. Find out more at this time.

True Value of Money

Why are you tracking your spending, living by a budget, paying off debt, building an emergency fund, contributing to a 401(k), and everything else you’re doing to improve your financial situation? What’s your endgame here? Have you thought about it? I mean, really sat down and thought about why you’re making all this effort?

 

I’ll tell you what, it’s not about making the “right” financial decisions. That alone won’t make you happy. And it’s not about having more money. A bigger bank account won’t automatically make you happy, and neither will all the stuff you can buy with that money.

 

What WILL make you happy is the time you can afford to spend because of the money you have in the bank.

 

True Financial Freedom

 

True financial freedom is the point at which you’re able to make decisions based on what makes you happy instead of what makes you money.

 

It’s the point at which you no longer need the next paycheck because you have the savings to cover it. It’s the point at which you can afford to take time off and travel the world or be home with your kids. It’s the point at which you can change careers because the new one is more meaningful to you, even if it’s not as financially lucrative.

 

Financial freedom doesn’t necessarily mean that you never have to work again. It just means that you’ve put yourself in a financial position where you’re able to spend your time in ways you enjoy.

 

What Does It Take?

 

So, what does it take to get to the point where your money allows you to spend your time as you please? First, it takes an understanding of what you actually want to be spending your time on. What excites you? What energizes you? Which people do you want around you? What missions do you want to be a part of?

 

Second, it takes an estimate of how much money you’ll need to be able to do those things, and when you’ll need it. It doesn’t have to be exact. Just a reasonable guess is enough to get started.

 

Finally, it takes a plan for how you’re going to save that money and consistent action to make sure that plan gets carried out.

 

And it’s really that last part that’s the most important. Consistently saving money is the key to giving yourself financial freedom. You don’t need to be a millionaire, but having money in the bank allows you to make decisions based on what makes you happy, instead of what makes you money.

 

Which one do you choose rent or buy

Have you ever felt pressured to buy a house? Maybe from your friends, your family, your co-workers, or even yourself? Like you haven’t actually made it as an adult until you own your home?

 

It’s a common feeling, but the truth is that buying a house ISN’T always the right decision. In some cases renting is a smarter move, both for your wallet and your lifestyle. Here are four reasons why.

 

1. Flexibility

 

Life changes fast. That great new job you just started might turn into an exciting opportunity in a different city. That big family you planned on having might turn into a smaller one.

 

Renting gives you the ability to quickly change your living situation to best match the new realities of your life. That flexibility can be the difference between seizing an opportunity and having to pass on it.

 

2. Cost

 

Proponents of buying like to say that when you’re renting, you’re essentially paying off someone else’s mortgage. So why not buy and make sure that money is going towards yourself?

 

There is some truth to that, if you stay in one place for an extended period of time (typically 5-7 years or longer), then buying often results in the lower long-term cost.

 

In the meantime buying can be really expensive. There’s the upfront cost of the down payment. There’s the cost of handling the fixes and improvements that come with any new purchase. There’s the cost of new furniture. There are the ongoing costs of insurance, taxes, and maintenance.

 

Renting has costs too, but they’re often much smaller and more predictable, at least in those first few years. And in many markets where housing prices are high, renting can actually be a better long-term financial decision.

 

You can use this calculator from The New York Times to figure out just how long you would have to live in one place before buying became cheaper than renting.

 

3. Adjustment

 

Renting is often a great idea any time you move to a new place.

 

It gives you the opportunity to figure out which neighborhoods you like and which you don’t so that you can eventually make a buying decision you’ll be happy with for the long-term. There’s no sense in being stuck somewhere you don’t like simply because you felt rushed into buying a house.

 

4. Stress

 

Owning a home has plenty of benefits, but it can also come with a lot of stress.

 

Any time something needs to be fixed, it’s on you to either do it yourself or pay for it to be done by someone else. And of course there’s that big mortgage that can feel like a weight on your shoulders.

 

Renting comes with fewer commitments and fewer responsibilities, which can lead to lower day-to-day stress.