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Or I would try to get that 30 year mortgage and pull some money out. It definitely should refinance if you can get a lower interest rate by a substantial amount. I really appreciate you taking a look at the numbers and really crushing it. We do go as a family to, not any particular places, very extravagant, but it does cost money to have four of us, or three of us and the two year old. The rest of that, believe it or not is a lot of groceries.
Have you been with the same company for a long time? Like Scott said, re-categorizing your expenses into rental property and personal.
Do you have opportunity to contribute to a 457 instant loans today plan? My sister-in-law just asked me, this was so awesome. Listen to the millionaire educator online payroll loan episode of our show as well. I would take care of that problem with the recapitalization.
Mindy:I would to see you rewrite out your expenses and your debts based on the way that Scott and I categorize them. Your retirement contributions are not an expense because they come out before your check. And now we write checks to these things on a monthly basis. I love the notebook because it is in your face right there. If you said to me, Scott, I want to retire in 15 years with my pension and have no debt whatsoever. Erik:That makes a lot of sense, but we definitely need to sit down and discuss that. Scott:The reason I do this is because I know this is your life and a lot of things. Again, that comes down to you owe your lender nothing. Mindy, I loved your comment too, about sitting down and doing that with the notebook. We started listening to BiggerPockets money and we love the idea of the monthly money meeting. And so we started doing that a couple of months ago. Thank you guys too, for mentioning that over and over again. All the couples that we talk to, continually have a regular money meeting. But as you go through them, you can see your budget. You have to, to be a member of the personal finance community. As you start looking at it, it gets easier to quickly look at the snapshot.
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Just got a couple of big decisions to make around the debt management and then button up on the expenses. I think that a lot of people are going to get some value out of this, to look at their own situation and say, where can I make some tweaks that will really have a long term benefit for me?
I appreciate you sharing your finances with us today. I just appreciate how real, how wonderful, how authentic all of this is. And those things that he could be doing better would be different if, again, if his goal was to sit there at the time when he was eligible to fully fund his pension with no debt, just complete freedom of the no debts and an asset base and a pension, all that stuff. Listeners, we recorded the episode you just finished listening to way back on December 9th.
We are recording this followup episode on February 2nd, almost two months after we spoke with Erik. Well, we were so excited, my wife and I bad credit online payday loans to have our of clarity, looking at our ideas and where we want it to be. That does give us a little bit more flexibility as far as what we do with our money going forward.
I wish I could find it again, but they were talking about fire versus fund, which is financial understanding and new directions.
Anyway, after we were able to chat, we were in the middle of our refinance on our primary residence.
I emailed or contacted our loan officer pretty much the next day after discussing it with my wife and we were both on the same page. We ended up doing a cash out refinance instead of a 15 year. We were actually online payroll loan able to cash out, pay off the HELOC and start capitalizing our real estate business right off the bat. Now, when we did talk to you back in December, you had online payroll loan some ridiculous low interest rate, was at 1. Did we have any other debts that we were trying to pay off? I think you have the primary residence that you were refinancing.
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We had one of those very high price 403(b)s, actually both of us through our school districts.
The 403(b)s at different jobs, when I look at the different online payroll loan options in my district, I have maybe seven or eight different providers. Both my wife and I went with the first one who came in and said, hey, would you to open a 403(b)? But I looked down the list for a low cost provider with my district, luckily we have one.
And so after filing the paperwork back and forth and back and forth for about, well, really, since we were on before, I have finally been able to get that money moved without penalty, without taxes, over to a different provider. You want to make sure that they make the check out to the new pretax account name, whatever that may be. You need Mindy Jensen, the 401(k) to have this money. I just want to throw that out there really quickly.
With a 403(b), it sounds like you have more options. But the core three, the big ones, the big three, the housing and the car and the transportation and food. We do go out as a family once a week to have a dinner out. So we just, instead of going out every week there, we would go maybe once or twice a month.
It was more exciting for the girls than sitting there at a stuffy restaurant. We would go there just for a frosty and the kids, you get the little tiny one and the kids are super excited about it, but we go around and drive around and look at all the Christmas tree lights. We go and we drive past them and they love looking at them.
It honestly feels very similar to how we felt before. Mindy:Everybody I talked to who does the, I cut everything out and then they add a couple of things back in. As far as the paying down principal early versus investing it, looking at the numbers, it just makes sense.
To get your new unlimited wireless plan for just 30 bucks a month, and get the plan shipped to your door for FREE, go to mintmobile. Looking into buying an apartment in Philadelphia with the purpose of living online payroll loan there for the next 3 years and renting it out after that. Thanks for any advice No one buys rental properties or invests in real estate to lose money. Losing money should never be a goal for any investor in any asset class. Although we are in a very different economy than we were the past few years, the strategy is still the same: Preserve capital and grow your investment. There are (at least) three additional ways that real estate pays off. Appreciation is usually a great long-term play, but in this market, it is proven possible to be a short-term play also.
Appreciation is the value of your property whether through upgrades, market cycle, or location. Of course, the economy has a lot to do with appreciation, as does the individual market.
Say you bought a house in an area of town that is on schedule for some community development, such as a shopping center or other attraction. This can amount to a huge payout for you, as more than likely people will want to live closer to such amenities. And there are several other factors in the appreciation equation, as well. Forcing appreciation is usually done by flipping or adding value to the property. On larger multifamily get cash till payday properties this can be accomplished by increasing rents, changing the tenant base, and improving property management.