To buy or rent…that is the question
Every time the economy takes a dip the question on everyone’s mind seems to be, “Should I buy or rent?”
Renting offers a lifestyle that’s nearly maintenance-free. That may appeal to you, but consider that renting offers you no equity, no tax benefits and no protection against regular rent increases.
If your rent has averaged $900 a month for the last 10 years, you’ve spent $108,000 with nothing to show for it. Isn’t it time you invested in yourself instead of your landlord?
Several financing options hold special advantages for first-time buyers or families with limited cash reserves. FHA and VA guaranteed mortgages can minimize your down payment.
You may also consider a lease-purchase agreement, or borrow cash from a life insurance plan; a profit sharing plan, or retirement account.
Your decision to rent or buy really comes down to your lifestyle, your personal goals and your financial ability.
Even though our current economy is in a major slump, there is nothing wrong with developing a plan that will eventually allow you to own your piece of the American Dream.
And here is your morning coffee...
INSPIRATION FOR TODAY:
WHAT ABOUT THE PROVERBIAL GRINDSTONE?
Ever hear your parents or grandparents tell you to "Keep your nose to the grindstone" when explaining the secret to success? If so, they probably ended your education right there . . . leaving you totally in the dark about the meaning behind the expression.
Looking deeper, there were probably three key words: "Keep," "nose," and "grindstone." "Keep" meant "keep on keeping on!" It was another way of saying, "Be persistent," or "Never, never, never quit!" Results in any legitimate pursuit are the result of total commitment to the outcome.
The second keyword - "nose" - referred to staying close to the matter at hand. Picture yourself at the grindstone, with your face - and nose - close to the turning stone. By keeping a close eye on the grinding process - by being completely focused - few errors can occur which, in turn, assures a successful outcome.
The final word - "grindstone" - refers to the work (or job) itself. You must first choose your objective, i.e. sharpening the blade at the grindstone, before applying any effort. You must choose a worthy objective before applying either persistence or focus.
Success is inevitable when you apply the grindstone principle. It's a cryptic message, yet so simple. Apply it to all aspects of your life and others will surely call you "lucky!"
