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Instead, use this mortgage affordability calculator to convert what you currently pay in rent (or could afford to pay in rent) into the equivalent mortgage payment. If so, you’re probably hearing advice from friends, family,  and co-workers about how much house you can afford. The traditional rule of thumb is 26-38% of earned income depending on risk tolerance and other budget factors. A more direct route to a more accurate answer is to use this Mortgage Affordability Calculator to show you the mortgage you can afford based on the rent payment you can afford to make. In other words, instead of using rules-of-thumb percentages, the Mortgage Affordability Calculator converts rental costs into ownership costs thus keeping your housing budget constant. Below are some additional tips to help you decide if you are truly ready to become a homeowner. The math of housing affordability is important, but consider the following questions affecting your home ownership decision before committing.
Another alternative is to start and maintain a budget that takes into account all your expenses.
Life can be very difficult when you are strapped with mortgage payments greater than you can comfortably afford.
Besides overspending, another common mistake new homeowners make is buying before being fully prepared for the added responsibilities.
As a homeowner, you’ll always face ongoing responsibilities and repairs, especially if you buy an older home. Mortgage – The charging of real property by a debtor to a creditor as security for a debt, on the condition that it shall be returned on payment of the debt within a certain period. Mortgage Term – The agreed length of time the mortgage will be paid until it is paid in full. Interest Rate – The rate at which interest is paid by a borrower for the use of money that they borrow from a lender. Insurance – A practice or arrangement by which a company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium. Credit Score – A number assigned to a person that indicates to lenders their capacity to repay a loan.
Mortgage Payment Calculator With Amortization Schedule: How much will my monthly mortgage payment be?
Mortgage Payoff Calculator: How much extra payment should I make each month to pay off my mortgage by a specific date (and how much interest will I save)? Bi-Weekly Mortgage Calculator: How much interest will I save paying my mortgage biweekly instead of monthly? Mortgage Balance Calculator: What is my mortgage balance given the number of payments I’ve already made (or still need to make)? Mortgage Refinance Calculator: How long will it take to break-even on my refinancing costs and what will be my total interest savings? Interest Only Mortgage Calculator: How much lower will my payment be on an interest only mortgage compared to a conventional principal and interest mortgage?
Second Mortgage Calculator – Consolidate Savings With Refinance: How much will I save consolidating my first and second mortgages into a new first mortgage? ARM Mortgage Calculator: How does an adjustable rate mortgage (ARM) compare to a fixed rate mortgage over the life of the loan (as opposed to just the teaser payment)? Balloon Mortgage Calculator: How much will I owe (balloon) at the end of the payment period? We’ll email you a screen print of the calculator you just completed, exactly as it appears on your screen. This debt consolidation calculator compares the cost of all your current debts with consolidating them into one new loan to figure out how much you can save. Simply enter all of the debts that will be consolidated, along with their corresponding principal balances, interest rates, and monthly payment amounts.
Now suppose you chose to continue paying the same old payments instead of your NEW LOWER PAYMENTS. This Debt Consolidation Calculator will help you compare the costs of all your current debts – mortgages, credit cards, auto loans, student loans, and more – with that of a debt consolidation loan.
Whether debt consolidation saves or costs you money is simply a matter of crunching the numbers.
Savings – After all fees and expenses are accounted for, use the Debt Consolidation Loan Calculator above to determine if it will save you money over the long run.
Amortization – Your new loan will have a different amortization schedule so check to see how long it will take to pay off your debt. The good thing about consolidating your loans is you get a chance to lower your monthly payments and possibly save interest. Now that you know how much debt you’re facing, it’s time to look at your options for consolidating your debt. Shop around to see who offers the lowest interest rate with the most flexible payoff options. After acquiring quotes from different lenders, go through them carefully (paying attention to the fine details) and choose the program that offers the best combination of low interest rate and low fees when compared to your current debts. Avoid overspending on credit cards – Because they are so easy to use, credit cards can rack up debt faster than just about any other payment method.
Build an emergency fund – Having money in the bank encourages you to spend money you already have – no need to get a loan! Credit Card – A card issued by a bank to be used for purchasing of goods or services through credit. Mortgage – A loan to finance the purchase of real estate, usually with specified payment periods and interest rates. Debt Snowball – A debt repayment strategy for systematically paying off debts using the rollover method. Loan Term – The period of time until the debt is completely paid off on a normal payment schedule. Credit Card Minimum Payment Calculator: How long will it take to pay off my credit card and how much will it cost me if I make only the minimum payments? Debt Snowball Calculator: How fast can the rollover method can get me out of debt and how much will I save? Credit Card Interest Calculator: How much of my credit card payment is interest and how much is principal? Credit Card Payoff Calculator: How long until I pay off my credit card debt using a variety of payment strategies?
Credit Card Payment Calculator: Which repayment strategy will cost the least and get me out of debt the fastest? Debt Payoff Calculator: How much must I pay each month to be out of debt by any selected date? Debt Reduction Calculator (With Amortization Schedule): How fast can I get out debt and how much will I save by adding a fixed amount to each monthly payment? Debt Repayment Calculator: How fast can I get out debt and how much will I save by adding a one-time additional payment to principal? I’m Todd, and I created Financial Mentor to give you a step-by-step blueprint for building wealth that actually works. Build Wealth With This Goal Setting SystemReveals the Personal Goal Setting System That Helped Todd Retire Early And Wealthy… So That You Can Do The Same.
You may think you already know all about goal setting, but results probably prove otherwise.
Goals are the focal point that gives your life direction and drives successful forward momentum. In order for you to realize your potential as a human being, then goal setting is as necessary as breathing.
I like to think of the time spent writing and reviewing my goals as an investment in my future.
After a 30-year follow up, the conclusion was the 3% with written goals earned an astounding 10 times the amount of the 83% group. Well, other studies have shown people with written goals also tend to have better health and happier marriages. If you want to retire early and wealthy and be part of the 5% who create financial security in their lives, then you’ll make maximum use of this free and incredibly valuable tool. Your life is an endless series of daily choices, and how you manage those choices will determine the outcome of your life. By setting goals, you set a context from which you are consciously making your daily decisions. The reason goal setting works so well is because specific changes occur in your mind as a result of writing out your goals. The first advantage develops from your mind asking questions about how you’ll achieve the goal.
The second competitive advantage results from focusing your attention on where you want to go.
The third competitive advantage results from forming a compelling vision in your mind representing all the reasons why you want the goal.
The fourth advantage occurs when your personal competitiveness begins to work in your favor as you strive to achieve your goals. The fifth competitive advantage of goal setting is your mind begins to notice opportunities to achieve the goal that might have otherwise been overlooked. I had that experience recently when I decided to buy a Lazy Daze brand motor home and started noticing them everywhere.
I never noticed the Lazy Daze brand before, but my eyes were guaranteed to pick that particular brand out from all other vehicles on the road.
Creating a heightened awareness around your financial objectives by setting goals prepares your mind to recognize opportunity when it appears. When you develop a plan to achieve the goal and practice daily habits congruent with achieving the goal, it’s like giving the seed water, sunlight and nutrition. The same will happen with your wealth building goals if you set them in writing and nurture them every day. After years of trying and discarding many different goal-achievement techniques, I have settled on a relatively simple annual process that just plain works.
It integrates the best practices from many different sources and adds a few twists and turns of my own to form a repeatable habit you can follow for a lifetime. The key point to notice as you learn my annual cycle for goal setting is that it’s designed to be a habit. This is extremely important because goal setting is another one of those things that’s incredibly important to do, yet easy to procrastinate or forget about. The Harvard study cited earlier found only 3% of the population actually walked the talk, and other studies have come to similar conclusions.
You may know it intellectually, but if you aren’t already setting and achieving goals habitually, then it would pay for you to follow closely below so that you can begin using this valuable tool to its fullest potential. The New Year is a natural time to reflect on achievements from the prior year and start thinking about what we want to achieve in the coming year.
Your first task is to review your written goals from the prior year and compare them to your actual results.
Instead, I suggest positive reinforcement by rewarding yourself for all that you did achieve in the prior year. After all, if you said you wanted a goal, but didn’t achieve it, then there is opportunity for learning. You’re creating an active feedback loop so you can correct and adjust your goals every year to get what you want out of life.
The rocket knows its goal and is constantly correcting its trajectory during flight until it arrives at the destination.
This task is particularly easy around the turn of the year because annual tax statements must be prepared showing your assets, income and spending. When you prepare these statements you are treating your personal finances with the professionalism of a business. I also suggest plotting your net worth and residual income on a chart so you can track your progress toward your goal of financial freedom. If failure was not a possibility because I’m guaranteed success, then what would I do? What’s frustrating or dissatisfying about my life, and how would I like to change it? If I graded the various parts of my life (relationships, business, money, health, recreation, etc.) on a 1 to 10 scale, what grade would each receive, and what do I want to do this year to create the grades I really want?
After I’ve answered these questions, I get together with my wife to create a combined goal sheet for the family. After years of practice, we have learned to enjoy greater balance and happiness by focusing on just a few critical goals and actually achieving them, rather than setting ourselves up for disappointment by getting spread too thin with too many goals. It creates clarity and cohesive focus for both of us to operate as a team, and helps us create a more satisfying and fulfilling life for our family.
Keep things simple by picking from the list only those goals that are the most exciting and juiciest of all, so you can focus your limited time and energy resources on them. Once your goals are prioritized, then you can pick either of the two strategies from below to begin executing your plan of action.
I offer two different strategies because each is appropriate for different situations, depending on conditions. Next Step Approach: This is a forward looking approach where you just pick the next step to achieve your goal, complete it before figuring out the next step, and so on until your goal is realized. Reverse Engineering: This approach requires you to start with the whole plan in mind from the beginning by reverse engineering it into smaller tasks to complete. Both of these approaches help you succeed by reducing the intimidation and confusion that is sometimes associated with larger goals that take us into unfamiliar territory. Once you have picked your goal and developed your plan to achieve the goal, then the rest of the game is simply a matter of getting started and not stopping until you reach it.


Every time you complete an action step, you’re one small step closer to your big goal.
Finally, the last part of this annual cycle is you must create a habit of refreshing your goals throughout the year.
By reviewing your goals regularly, you’re counteracting all the forces outside of your control designed to sideline your plans.
Some people like to post them on their wall, keep a copy on their desk, or post them in their Day Timer or smart phone.
In summary, the seven step process you just learned is designed to do one thing: make goal setting a habit. By following a habitual goal setting process, you’ll become part of the 3% that outperforms the other 83% by a factor of 10 to 1.
Practicing goal setting and reviewing your goals is necessary to live the greatest version of yourself in this lifetime.
The most effective way to get all the value out of goal setting available is to make it a habit.
The bottom line is if you want to retire early and wealthy, then regular goal setting must become an integral part of your life practice.
The conventional approach used by experts to figure how much money you need to retire is fundamentally flawed. This book takes you behind the scientific facade of modern retirement planning to reveal simple, robust solutions that will help you retire sooner and with greater financial security. Early retirement planning is identical to conventional retirement planning with one big exception – time. You have less time to achieve your financial goals, and more time that your money must last after retiring.
What this means is you have a shortened, accelerated financial preparation phase, and an extended, post-retirement spending phase when you retire early. Changing the time-frame will also change many other aspects of retirement planning – but not everything. In other words, think of how to retire early as conventional retirement planning on steroids.
All of the conventional information about retirement planning throughout this site still applies to early retirement planning. However, certain aspects of retirement planning are magnified by the compressed time-frame, and the purpose of this article is to focus exclusively on those factors affected by accelerating time.
So get the foundational principles of retirement planning right first so that when you step on the accelerator pedal with the ideas in this article you won’t incur excessive risk. Remember, the unique twist to early retirement is all about time – less time to build wealth, and more time to enjoy it.
Traditional retirement planning emphasizes traditional financial concepts like saving and passive investment strategies – otherwise known as the slow and secure path to wealth. It’s the same old stuff you’ve heard repeated ad nauseam: max out your 401(k), and invest the savings in a properly diversified portfolio using buy-and-hold. This works okay when applied judiciously over a 40 year career to finance a 30+ year retirement, but early retirees have shorter careers and longer retirements.
The problem is passive investment portfolios only grow so fast – not nearly fast enough for those seeking early retirement at regular spending levels.
Additionally, contained within this long-term data are 15 year periods where real returns are actually negative for a diversified, passive portfolio.
In other words, if you want to save and passively invest your way to an early retirement at current spending levels, then think again, because there won’t be enough time to compound the growth of the assets in a meaningful way.
Losing compound growth as a wealth building tool due to the shorter time-frame of early retirement requires you to add a non-conventional dimension to your plans. Extreme Frugality: This is defined as being an extraordinary saver with low expenses relative to income.
Active Investing: This is defined as adding a skill component to your investment strategies, which creates an additional return stream above and beyond passive returns. A more common path to early retirement is real estate, because it offers financial leverage, business leverage, and tax advantages. Another common path to early retirement is leveraging other people’s time through business ownership.
Again, business ownership offers several forms of leverage and tax advantages not available to the passive investor. The conventional retirement planning approach uses the only non-leveraged asset category – paper assets.
If your objective is to build wealth for a secure and prosperous early retirement, then the message is clear: the mathematics of saving and passive investing through paper assets is too slow. The traditional path requires more time than someone seeking early retirement can afford (unless extreme frugality is your thing). A couple retiring in their 40’s (with at least one partner making it to their 90’s), can expect their purchasing power at 4.5% average inflation to get cut in half three times during their retirement. A retiree in 1960 would have to grow his portfolio and retirement income five-fold just to break even. If that weren’t bad enough, the unweighted stock market went the opposite direction during part of the same time period (late 1960’s to early 1980’s), and lost roughly 80% of its value when adjusted for inflation. Or consider how the Dow Jones Industrial Average in 1993 was equal to its inflation adjusted level in 1928 – not exactly a real wealth builder in terms of purchasing power. Fixed annuities and pensions that don’t adjust adequately to compensate for inflation are a long-term recipe for disaster. Examples include income producing rental real estate, equities, and fixed income sources with adequate cost of living adjustment provisions. Early retirees will be paying the inflation tax for a very long time and must plan accordingly.
This decrease in spending with age largely offsets the impact of inflation, providing a relatively stable spending picture for traditional retirees. Studies of early retirees show spending often increases and remains high due to an active lifestyle and greater health. Begin retirement with excess wealth beyond what’s necessary to support current lifestyle, so that you have an appropriate cushion. Earn above market investment returns to overcome inflation and lifestyle costs during retirement.
The traditional retirement three-legged stool for income that included pensions, savings, and Social Security, is often reduced to one or two legs for early retirees.
Eliminating government retirement programs from the early retiree’s financial picture places an increased burden on savings and other sources of income. That means you must budget for lower income in the early years until Social Security kicks in, and you must plan on higher expenses to self-insure your health until you qualify for Medicare.
In short, the time gap between early retirement and traditional retirement poses an additional financial burden that must be carried by the early retiree – both in terms of decreased retirement income, and additional health insurance costs. Financial planning for early retirement requires a nearly perpetual income stream that you can’t outlive. There’s a good chance a couple retiring in their 40’s will have at least one spouse surviving into their 90’s. To understand how this extended time in retirement affects spending investment principal, imagine a traditional 30 year mortgage. The same thing is true when living off your assets in retirement – the early payments can spend very little principal, but the later payments can spend lots of principal.
Most retirees are more afraid of outliving their money than they are of dying – and rightly so. What this means is a 30 year time horizon (traditional retirement) allows very little principal to be spent, and a 40 to 50 year time horizon (early retirement) needs to be, for all intents and purposes, a perpetual income stream that can increase over time to offset inflation.
As it turns out, the process for perpetual income planning is even simpler to figure out than traditional retirement planning, although it is harder to accomplish. For example, I’ve been financially “retired” since age 35, in the sense of not earning income to pay living expenses. It would be an impossible task using the traditional models, but it’s actually rather simple to accomplish using a simple three rule system I developed. When the cash flow from your portfolio is more than you spend on living expenses, then you are infinitely wealthy. For example, if your income comes 100% from a laddered bond portfolio, then your growth is zero because total return and income roughly equal each other over time. Alternatively, if your cash comes from appreciating assets like properly valued dividend paying stocks, and positive cash flow rental real estate, then over time, those assets are likely to grow with inflation and your income should likewise grow. As long as the difference between your total return and the income from your assets exceeds the rate of inflation, you can remove any need to estimate future inflation from your calculations.
It’s also possible to mix in some passive business income, fixed annuity income, royalty income, social security income, and pension income. Don’t begin early retirement until your passive investment cash flow exceeds what you spend.
This provides the last added measure of insurance to cover against unexpected surprises, lost income due to default, catastrophes, excess inflation, etc. There you have it – four simple rules, with no arcane assumptions or calculations, that simplify how perpetual financing for early retirement works. What are you going to do with the 2,000+ hours currently spent working each year after you retire?
If you think a fulfilling early retirement is all about the pro-leisure circuit, reading novels, playing golf, and stuffing your face with popcorn while watching daytime television, then think again. Like it or not, humans are goal seeking, social, productive creatures by nature – at least, most of us are. When you choose the goal to retire early, it should be motivated by moving toward a new lifestyle that is more compelling than your current lifestyle. For example, I’m building a financial mentoring business because I’m passionate about personal finance, investing, and helping others achieve the life of their dreams.
This specialized knowledge has allowed me to retire early, and I enjoy sharing it with others. There’s no right or wrong answer to a fulfilling early retirement – different strokes for different folks. Don’t make the mistake of thinking full time leisure is what retirement should be all about – that’s a myth. Also, don’t make the mistake of thinking money is what retirement planning should be all about. Retirement planning must include life planning too, because in the end, retiring early is all about enjoying a fulfilling and complete life experience.
So there you have it, six critical issues that can dramatically impact your early retirement planning. You can’t rely on passive compound growth to build your assets for early retirement because there is not enough time. Inflation is the number one enemy of early retirees because it destroys assets over time – and early retirees have lots of time for the government to devour their savings through inflation. Early retirees typically have different spending patterns from traditional retirees because they lead a more active life. Early retirees face a period without the base support provided by Social Security and Medicare. Early retirement is all about lifestyle – not budgeting, income planning, and investing.
If you share this life dream, then maybe it’s time you consider strategic, actionable wealth planning with someone who understands the subject intimately.
These rough guidelines don't accurately answer the "how much house can I afford" question because too many other financial variables are ignored.
By using actual cash outflows (rent) and current interest rates you get a more realistic perspective on how much mortgage you can afford.
The down payment is the amount you pay up-front toward the purchase price that reduces the financed mortgage balance.
Buying a house is a serious financial commitment so make sure your income source is stable. Many experts recommend saving somewhere between three and nine months of expenses in an emergency fund before you buy a house.
When you apply for a mortgage, lenders will look at your debt-to-income ratio and credit score to decide your credit worthiness.
A good software solution is You Need A Budget which you can buy here for a 10% discount (affiliate link). You need to leave enough money in your budget to fund retirement, the kids college, and have a little fun once in a while.
The Mortgage Affordability Calculator will help you find a real-world mortgage that you can afford. However no guarantee is made to accuracy and the publisher specifically disclaims any and all liability arising from the use of this or any other calculator on this web site. They allow you to combine all of your debts into one single debt, so you can pay one lender – making the debt payoff process easier.
Solution – Have you solved the overspending problems that caused the debt in the first place so that you don’t get yourself into more debt?
Remember that, in some cases, you may actually pay more in interest over time with your new debt consolidation loan. You can structure the loan so that your monthly payments are affordable by spreading them over a longer term so it’s easier to keep up. A ULOC is similar to a credit card because the bank allows you to access an unsecured line of credit with an agreement from you that it will be paid back on time and with interest. Always ask for quotes from different companies and look for a debt consolidation program that suits your needs. Your application processing may take several days to several weeks so make sure you budget sufficient time.


With old age comes many costs – prepare now to ensure you don’t slip back into debt later. More than 15,000 people have already used this blueprint to jumpstart their financial freedom.
Without goals, your daily life is as purposeless as driving a car without a destination in mind. Asking the right questions is more than half the battle to achieving the goal in the first place because it focuses your attention. This helps motivate you to put forth the effort to achieve the goal, much like putting a carrot in front of a horse will draw him forward to take step after step to reach his goal. You don’t want to let yourself down, so you compete against your own standard of acceptable performance.
You’ll see possibilities and solutions you never would have noticed had you not set the goal and committed to it.
In the fullness of time, it will produce delectable fruit and a lifetime of happiness and meaning.
Everyone knows they should set goals and review them regularly, but judging by results, few people actually do it.
There’s no value in belittling yourself for missing a goal because that will just take away from honoring your successes. Your objective is to learn from experience and improve your goal setting for next year based on what you discover. When a rocket is launched to a faraway destination, it’s traveling off course more than 80% of the time. You can do the same thing by reviewing your goals each year and learning from your successes, as well as your failures.
This is very important if you’re working toward the goal of financial independence or retirement security.
You have a current snapshot of your financial picture, and you understand what worked from the prior year, what didn’t, and why. More goals doesn’t equal more success, but more focus on just a few goals that make the biggest difference will equal more success.
You don’t worry about the big picture with all the planning issues (which might bog you down because too much is unknown, or the whole process is too big to grasp). You then further subdivide the tasks into additional actionable steps, while continuing to break it down until you have daily actions that will take you to your goal when completed. They reduce your fear factor by transforming goals that are too large to grasp into actionable items that you can easily execute.
Whatever is convenient and will remind you on a regular basis about your goals so that you maintain front of the mind awareness is what’s important. You must habitually create and refresh your goals to gain all the value from this incredibly effective tool.
This gives you a distinct competitive advantage over others who don’t regularly set and review their goals. Financial coaching is a great tool to add accountability, support, and additional insight to not only setting goals, but also following through long enough to actually achieve them.
Depending on the data and time period analyzed, long-term returns vary from low to middle single digits net of inflation – hardly a rate to grow wealth fast enough for most early retirements. Some people have been known to save more than 70% of their earned income to retire in 7-10 years.
Leverage allows you to replace less time with more resources, thus multiplying what you can achieve in the same amount of time. I saved the bulk of my earnings (frugality), which I then leveraged with specialized knowledge in investing, to increase the returns beyond passive buy and hold returns. It requires both personal finance and investment skills – something few people with regular careers choose to develop.
You can either follow your passion by building your own business, or you can become an owner of the company you work for through option and stock bonuses.
That means you need an accelerated path to financial security using active and leveraged asset accumulation strategies to reach your early retirement goals faster, and these strategies are outlined step-by-step in this wealth planning course.
It’s a nearly invisible tax on wealth that can destroy your financial security if you don’t plan appropriately. According to Charles Ellis in “Winning the Loser’s Game”, $100 of goods in 1960 would’ve cost $500 in 1995. That doesn’t even include making up for the erosive effects of spending principal to support living expenses, while paying taxes on all the capital gains along the way. Early retirees must structure their portfolio and income sources to grow and offset inflation’s erosive effects. Inflation is your number one financial enemy when trying to figure out how to retire early. The reason is because studies show spending is proportional to activity level (emergencies and health issues aside), which decreases over time due to diminishing health and energy. Early retirees can’t rely on decreased spending near the end of life to offset inflation like traditional retirees. The missing leg, of course, is Social Security and Medicare, as most early retirees are too young to qualify. Early retirees can’t rely on Uncle Sam to help with their retirement – at least for a few years. The early monthly payments contain very little principal, and the later payments are nearly all principal. The only problem is, you never get to know when the last payments will be until it’s too late. You have no choice except to assume an extended life, because the alternative would mean running out of money when you need it most. The various assumptions and estimates required by all the traditional models become unnecessary and pointlessly complicated when planning an early retirement. How can I do this safely when I can’t possibly estimate my investment returns, life expectancy, spending patterns, or inflation, with even the faintest degree of accuracy over a 60+ year future? This means that over the long-term, the inflation monster will likely eat your all-bond portfolio for lunch when you live off the income. A reasonable mixture of dividend paying stocks and income producing real estate would satisfy that requirement.
For example, many airline employees retired solely on their pensions which got decimated when certain airlines went through bankruptcy and restructuring. Think of this bonus rule as an insurance policy against the unknown factors in life ruled by Murphy’s Law. Reinvesting excess revenue allows you to compound your way to recovery over time from any adverse circumstance. As long as you adhere to these four simple rules, perpetual financial security should be yours throughout retirement. Anyone with enough drive and brains to succeed at building an early retirement will bore quickly with full-time leisure.
You’ll need to find an interest congruent with your values that is exciting to wake up for, and gets your creative juices flowing. Some retirees blend part-time work, stint work, volunteering, the arts, launching new businesses, and any number of other occupations to add depth, human connection, and productivity to their day. Still others use the extra time to convert a previously loved hobby like flying, travel, or art, into an occupation.
You just need a compelling reason to wake up each day that is bigger than your personal self-absorption.
You’ll want an active social network, excellent health, interests, and the money to enjoy it all.
Make sure you get a life beyond the pro-leisure circuit, because you are going to be living it for a very long time. You’ll be able to accelerate your progress and shorten your learning curve in achieving this very desirable goal. Put together a realistic budget detailing all your expenses so you know how much house you can really afford.
Most lenders require you to make a down payment, which is usually up to 20% of the value of the house. You don’t need to have perfect credit when applying for a mortgage, but a decent credit score can help you obtain a lower interest rate and monthly payment. Use at your own risk and verify all results with an appropriate financial professional before taking action. Credit cards should only be used for transaction convenience – never to extend your purchasing power. Making the right choice helps you escape debt sooner, enabling you to pursue many more worthwhile financial goals.
Forming a goal and asking questions about how you’ll achieve it actively engages your mind in resolving the discrepancy between where you are now in life, and where you want to go. Negative focus creates negative results, while no focus creates random results, and goal oriented focus creates the results you desire most.
This can sometimes escalate into an internal race to achieve, because the competition can motivate you to excel and work harder just to prove that you’re capable. For example, have you ever noticed when you want something that it suddenly appears everywhere when before, you never noticed it? Which of the following approaches is best will depend on your personal style and the particular goal you are pursuing. Instead, you just determine whatever the logical next step is, and trust it’ll take you to the next step until the path becomes clear. The advantage to this process is it breaks big tasks down into digestible bite size chunks, making the whole process very easy to grasp. This competitive advantage can make the difference between retiring early and wealthy, or living a lifetime of financial mediocrity. Back then I had goals for saving for Christmas gifts but I wanted to be a teacher and set that goal as well. The traditional approach will only work if you pursue extreme frugality to reduce the savings and retirement income required. There are many specialized strategies in real estate that shorten the time to build wealth by offering returns greatly in excess of passive investing.
It is also why it is the most popular path – the financial institutions can profit by selling it to you.
For early retirees, this is particularly important, because inflation has more time to do more damage when you retire early. Unfortunately, much of the passive return from investing is little more than asset inflation showing up in higher security prices. Even if you started retirement in your 50’s, you’re going to need to plan for 40+ years.
You can only spend the income thrown off by the assets, but the assets themselves can never be touched.
At this point, your life expectancy is irrelevant because you can never outlive your income, making the expected lifetime assumption irrelevant. Fortunately, it is not that hard because if you already know how much you can pay in rent then the Mortgage Affordability Calculator will convert that amount into monthly mortgage payments thus providing an estimated purchase price net of insurance and property tax costs. It is a good idea to have more than the required down payment saved before buying your home to help cover closing costs, moving costs, and redecoration expenses after moving. The information contained on this web site is the opinion of the individual authors based on their personal observation, research, and years of experience. The trick is to pay as much as you can afford each month so you will get out of debt sooner. Goal setting lifts your objective up from underneath the bottomless pile of possibilities that exists in the world, and puts it in the forefront of your mind. It’s as if a beacon got turned on in your mind that illuminates everything in the outer world that can help you achieve your inner goal. It’s most effective for analytical personality types, or situations where the entire path to the goal can be understood and mapped out in advance.
If you set goals in a random or irregular fashion, then you will get random and irregular results. The publisher and its authors are not registered investment advisers, attorneys, CPA’s or other financial service professionals and do not render legal, tax, accounting, investment advice or other professional services. If you set and review your goals regularly, you will move them to the forefront of your mental awareness, which will create more consistently profitable results. Because each individual’s factual situation is different the reader should seek his or her own personal adviser. But I also trained others throughout my life as a job steward, business consultant, competitive specialist, and mother. Neither the author nor the publisher assumes any liability or responsibility for any errors or omissions and shall have neither liability nor responsibility to any person or entity with respect to damage caused or alleged to be caused directly or indirectly by the information contained on this site.
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