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Dave ramsey home calculator9/25/2023 That means your accounts would average $300,000 in investment growth each year. The trick is this: You want a nest egg that’s large enough that you can live off the growth it creates each year without ever touching the principal amount.įor example, let’s say you have $3 million in your nest egg, and it’s invested in mutual funds that average a 10% annual rate of return. There’s no right or wrong answer here-it all depends on how you want to live in retirement! Others can comfortably live out their golden years with a $1 million nest egg. Some folks will need $10 million to have the kind of retirement lifestyle they’ve always dreamed about. There’s no one-size-fits-all approach to retirement planning! How much you need in your nest egg will probably look a lot different than Harry and Sally who live down the street from you. So let’s talk about it! What do you need to plan for now so you know exactly how much you’ll need to retire? And that’s the last thing you want when it comes time to retire. If you aim at nothing, you’ll hit it every time. 2 It’s time to get serious, people! If you haven’t thought through your retirement goals and written them down, then you don’t really have a goal-what you have is just a wish. ![]() 1 And then there’s nearly 1 out of 4 workers (24%) who have no plan for retirement savings at all. Sure, most workers say they have some sort of financial strategy for saving for retirement, but only a third of them (33%) have that strategy written down. We also have a mortgage pay off calculator that helps you estimate how much money you can save by paying off your house early.Wondering how much you need to retire? Good! You’re a step ahead of the game because, sadly, too many folks don’t even bother to think about retirement. We're confident this is the best mortgage calculator out there today. It will tell you how long it will take to pay off your house at your current rate, how much you can save if you make extra payments and how much more you can pay off if you stop eating out for lunch every day. ![]() Try Dave's easy-to-use calculator to help make home ownership a blessing, not a curse, for you. Talk with one of Dave's real estate Endorsed Local Providers today! When you're ready to buy or sell a home, it's best to work with a real estate agent you can trust. You will never get back what you put into them. The value of these properties drops like a rock. Make sure you have all of them answered before making the biggest financial decision of your life.Īnd, whatever you do, never buy a trailer, mobile home or timeshare. It's natural to have questions about mortgages. Don't fall for that myth the math just doesn't add up. If you're keeping your mortgage in order to get a tax cut, that's just dumb. Many people hang on to their mortgage instead of paying it off early because they're convinced they will get a tax advantage. If you must take out a mortgage, pretend only 15-year mortgages exist. Thirty-year mortgages are for people who enjoy slavery so much they want to extend it for 15 more years and pay thousands of dollars more for the privilege. ![]() The really interesting thing about 15-year mortgages is that they always pay off in 15 years. Knowing how much house you can really afford is the difference between making a house a home or a financial nightmare. You won't be able to save and pay cash for furniture, cars and education. ![]() But it's not wise to spend more on a house because then you will be what Dave calls "house poor." Too much of your income will be going out in payments, and that will put strain on the rest of your budget. You can probably qualify for a much larger loan than what 25% of your take-home pay will give you. Save a down payment of at least 10% on a 15-year (or less) fixed-rate mortgage, and limit your monthly payment to 25% or less of your monthly take-home pay. Sounds weird, doesn't it? But think how much fun that would be! No mortgage! No payments! If paying cash for a house seems too far out of reach, you can still buy a house if you make wise choices. The ideal way to buy a house is the 100% down plan-pay cash for the whole house. The FDIC says that 97.3% of people don't systematically pay extra on their mortgages. Sick children, bad transmissions, prom dresses, high heat bills and pet vaccinations come up, and you won't make the extra payments. If you say, "Cross my fingers and hope to die, I promise, promise, promise I will pay extra on my mortgage because I am the one human on the planet who has that kind of discipline," you are kidding yourself. Myth: "I'll get a 30-year mortgage, but I'll pay it like a 15-year mortgage, so if something goes wrong I'll still have wiggle room.
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