Proper Mortgage Planning Helps Avoid Financial Challenges Later On

April 25, 2012

Financing a property is considered to be a good investment. If you plan properly and take out a mortgage for your home, down the road, it may turn out to be a great asset for you. However, if you make a wrong decision, then it can lead you to face severe financial challenges later on. So, proper mortgage planning is very important so that you can lead a stress free life after you take out a loan. Continue reading “Proper Mortgage Planning Helps Avoid Financial Challenges Later On”

Is Now the Right Time to Refinance?

October 12, 2011

If you’re in the market for a home, you couldn’t ask for a better scenario.  Since 2006, home prices have steadily fallen back to more normal levels, while at the same time interest rates on mortgages are near all-time lows.  This may be the best buying opportunity in real estate I will see in my lifetime, there’s only one problem: I already own a home.  Is there any way for me, an existing homeowner, to take advantage of the current market conditions?  Well, the answer is a definite maybe. Continue reading “Is Now the Right Time to Refinance?”

Life is Not Short – Life is Long So Make Good Money Decisions

October 03, 2011

You’ve heard the saying, “Life is short so don’t waste time worrying” or “Life is short so enjoy every minute of it.”  When I was listening to Frank Abignale, Jr., the convicted felon turned distinguished FBI agent (I wrote about him last week) and the subject of the movie, Catch Me if You Can, give the keynote address at the Financial Planning Association conference, I heard him say the opposite.  He said, “Life is long.”  Then he went on to say, “Life is long so make good decisions.”  Continue reading “Life is Not Short – Life is Long So Make Good Money Decisions”

GUEST BLOG POST: We’re All Human: Even Financial Planners Make Mistakes

September 29, 2011

You’ve no doubt heard of shoemaker’s children without shoes.  But have you ever heard of a financial planner not heeding their own advice?

We are all human and we all make mistakes.  Even when we don’t take the advice we give others.  So, I admit it.  I have been that same “shoeless” financial planner.  Continue reading “GUEST BLOG POST: We’re All Human: Even Financial Planners Make Mistakes”

A View From the Road: When the Economy Starts Moving Again, You Won’t Want to Be Left Behind

September 19, 2011

I am not entirely surprised with the news that no new jobs were created in August, if my view from the road this past week was a microcosm of the rest of the country.  Over the past week, I moved from Northern California to just north of Salt Lake City, Utah.  My husband and I plan to retire here.  We figured, why wait, and put in to be transferred to the Mountain states.  We rented out our home in California, packed up and moved to our condo. Continue reading “A View From the Road: When the Economy Starts Moving Again, You Won’t Want to Be Left Behind”

Life Lessons from a Broken Dream

August 24, 2011

Recently I read an article in the local newspaper written by Kathy Gosnell Seiler, a copy editor for the Los Angeles Times.  She, like many homebuyers in the last six years, bought a home with mostly borrowed money hoping to experience the dream of owning her own home.  She, like many homeowners, refinanced her mortgage several years later to help pay for improvements.  She, like many borrowers, found herself trapped in a variable rate loan when she couldn’t refinance because her house was underwater.  And she, like many ex-homeowners, lost her home because she could no longer afford to make the payments.  Sadly, her story is not unique, but what really sets her story apart is what she says toward the end of her article: Continue reading “Life Lessons from a Broken Dream”

What About My House? (A Soon to be Retiree’s Dilemma)

June 24, 2011

I met with someone who is preparing to retire in the next year, and we started talking about what a day in his new-styled life would look like.  I asked what I thought was a simple question, “Are you planning to stay in your house, move somewhere warmer (he lives in New England), or stay local and downsize?”  It turns out, the question wasn’t so simple. Here’s why: Continue reading “What About My House? (A Soon to be Retiree’s Dilemma)”

Lessons to Learn from a Home Purchase Fallout

June 23, 2011

Those of you who read my blogs know that my wife and I have been fervently house hunting so we can have a place of our own.  Well, about three weeks ago, we placed an offer and had it accepted in a perfect location!  Finally, we were going to be settling in and be able to resume some sense of normalcy!  Well, almost. Continue reading “Lessons to Learn from a Home Purchase Fallout”

Should I Rent or Buy?

April 14, 2011

For those of you who follow my recent posts, you are probably aware that my wife and I are re-locating to another state; in fact as I write this the movers are boxing up our possessions and will be loading up the moving van tomorrow.  Well I have to tell you, there is finality when you see your worldly goods packed in boxes by strangers!  What isn’t final (yet) is where my wife and I are going to call our new home. Continue reading “Should I Rent or Buy?”

How Do I Decide Which Condominium to Buy?

March 31, 2011

I was reading something the other day about how moving is one of the most stressful things in life.  Well whoever wrote that must have known a thing or two because my wife and I are going through the process right now.  For me probably the most stressful part of moving isn’t the act itself, it’s where I’m moving to.  I have lived in California my whole life and through no fault of my own (my wife went and got herself a promotion – the audacity!) we are being re-located to a bustling Midwest state. Continue reading “How Do I Decide Which Condominium to Buy?”

Is a Reverse Mortgage Right for Me?

March 03, 2011

It seems that every retirement planning workshop I do lately, this question rears its head.  Used to be not too long ago many people didn’t know what a reverse mortgage even was (Quick definition of a Reverse Mortgage: A special type of home equity loan for persons 62 and older.  The loan proceeds can be in the form of a lump sum, cash advance, or a line of credit.  The loan does not usually have to be repaid during the homeowner’s lifetime, which is why it is often used by retirees.)  Now that people are aware of this investment product, it has suddenly started becoming a first choice answer to retirement security for some people. Continue reading “Is a Reverse Mortgage Right for Me?”

What and When to Buy – How We Decided to Purchase Our Rental Property

February 17, 2011

The past couple weeks have been a flashback in time for me as I have been providing some basic general principles regarding the purchase of investment property.  What I’d like to do this week is to tell you a story about a certain financial professional and his wonderful wife and the lovely discussions they had before they pulled the trigger and bought an investment property.

It was a pleasant time back in those days, two newly married professionals having dinner conversations surrounding things like vacations, the day’s work, retirement, etc. Continue reading “What and When to Buy – How We Decided to Purchase Our Rental Property”

So You’ve Decided to Buy Investment Property, Great! Now How Do You Decide Which Property to Buy?

February 10, 2011

Last week I tackled the question of what to consider before buying investment property and whether or not it could be right for YOU.  You may also recall that I stated that the actual property to buy was not necessarily a major driver of the decision – initially.

That said, the property you decide upon becomes a very important piece once you have made the decision to buy.  Some things to consider (in order of importance) before signing the purchase contract are: Continue reading “So You’ve Decided to Buy Investment Property, Great! Now How Do You Decide Which Property to Buy?”

8 Reasons Why it’s Now Better to Rent

January 28, 2011

In the last month, I have had at least 4 people in the early stages of their career tell me that they plan to rent rather than buy a home because they feel that home ownership is “just a myth” now.  They made compelling arguments as to why they prefer to rent rather than purchase a home.  Here are a few of the points that they have made: Continue reading “8 Reasons Why it’s Now Better to Rent”

Thoughts Behind a Vacation/Retirement Home

September 02, 2010

Well we made it back in one piece, fully rested and ready to take on the world.  Well at least our decision on what to buy and where to buy.  So here’s our verdict: we are going to purchase a house that we can visit occasionally (vacation) and also retire to.  (Remember, my wife wants to retire ideally in 5-7 years.)  This creates an additional component to our decision.  We don’t want to necessarily foot the entire bill for the mortgage, insurance, possible HOA, etc, so this home will also need to be in a location that will provide us with rental income from other vacationers.  And who said financial decisions like this were easy? Continue reading “Thoughts Behind a Vacation/Retirement Home”

Thoughts Behind a Vacation/Retirement Home

August 19, 2010

I have to first say thank goodness for the “free upgrade” my wife and I received during our vacation in Playa Paraiso because it afforded me the ability to write this while viewing the tranquil waters of the Caribbean from our ocean view room.  Nice.

Back to the topic at hand.  We have been talking for a while about purchasing a home that we could spend some time in, if not live permanently, when we both retire.  Continue reading “Thoughts Behind a Vacation/Retirement Home”

Emotions vs. Numbers

July 16, 2010

One of the questions that I have fielded more often than other questions in my career as a financial planner is about paying off a mortgage vs. keeping it for those who have the ability to write a check & pay it off all at once.  I have had a lot of discussions with my friends about this topic.  (Yeah, I just might need to get a hobby.) These friends are CPA’s, MBA’s, CFP’s, math geeks, as well as friends who have no financial background but who have always shown an ability to use common sense.  After years of debate and discussion (So….my friends need hobbies too!), we have found that there is no true consensus around this topic.  But, we have come up with what we believe to be the most important points to consider.

Continue reading “Emotions vs. Numbers”