When people are looking for a home, this is an exciting process. There is always something fun about looking at potential homes and envisioning a future there. This is a big decision. At the same time, it is just as important for people to think about how much of their money they should be spending on their mortgage. There are a few rules of thumb that people should keep in mind. The 28 Percent Rule One of the most common rules that financial advisors and lenders are going to talk about is going to be the 28 percent rule. This rule states that people should not be spending any more than … [Read more...]
How Diverse Streams of Work Can Help You Keep Your Cash Flowing
Here is a different approach to financial security that you might not have thought of: Imagine a full time job is like a large flowing river of income. With this one source, you have all of the financial flow that you could possibly need, and your expenses are covered in comfort. However, what about when something happens and the river ceases to flow? Your industry could experience a drought, or you could lose your job, causing the flow of that river of income to be dammed up forever.Since you only relied on one source of income, now that it has dried up you are completely up the creek without … [Read more...]
