You know that saying, “Good things come to those who wait?”
Write that down. Crumple it up. Throw it away. Then burn the contents of your trash can.
Whether you are dreaming of a white picket fence in a small town, a condo in the city or a McMansion in the suburbs, you’ll need a Down Payment to make your dream a reality. And if you already had a Down Payment waiting in the bank? Well… then we’d be out looking at houses and you probably wouldn’t be reading this, right?
Let’s talk about the very best ways to sweep your dreams under the rug and ignore the need to save up for your big move, shall we?
- Spend freely on little things, because nothing under $5 bucks really matters. Whether it’s your latte habit, weekly manicures, your baseball card collection or lunch out every day, keep up the good work! At $5 a day (by the way – tell me where you’re getting lunch that cheap!), lunch is only costing you $1,300 a year. (Or $2,600 if you spend ten bucks a pop). Don’t worry about cutting back – just cut loose!
- Live on Credit Cards. Interest charges don’t exist if you ignore them, and your high balances will look great when you apply for a mortgage down the road. Besides, that big high def tv needs to live on your wall – like – now.
- Don’t take advantage of Automatic Savings through your bank. Save your spare change, save your kid’s artwork, and save the earth – but whatever you do, don’t make saving money too easy! Imagine what would happen if you automatically transferred money into a savings account earmarked “Our Future Home.” Can you handle a risk like that?
- Ignore your untapped earning potential. So you have bar tending skills? Used to be a hairdresser? File taxes like nobody’s business? Why capitalize on these valuable skills when you could catch another rerun of Friends, instead? Sure, you’re practically leaving money on the ground, but do you really have time to mention your mad skills to people you know at work or church or next door? Oh wait – I think Friends is on again!
- Consulting a Professional is for wimps. And while you’re at it – don’t bother to research until you think you’re ready to buy a home. Oh sure – you could talk to a Realtor or a Mortgage pro now to problem solve, take a peek at your credit and plan ahead for your future home – but you won’t be buying for another year or two or three – why start the process now?
It turns out that after all, good things come to those you plan. Chinese wisdom says the best time to plant a tree is ten years ago. The second best time is today.
If you are ready to chat about your future home purchase or you need a referral to a qualified mortgage professional, give me a buzz. I can’t set you up with a money tree, but I can share my perspective on when you may be ready to purchase your next home, and give you practical tips on how to get there. And that latte? It’ll be on me.