The temptation to buy a vacation home can be overwhelming while basking in the sun on a white, sandy beach or enjoying the view from your cabin window. But don’t let your emotions cloud your judgment when it comes to this significant decision. If you desire to turn your daydream of owning a vacation home into a reality, it’s essential to first consider if this is truly a good investment for you and your family.
Financial mistakes come in all shapes and sizes. Some mistakes are easy to recover from and can end up being a good life lesson. Other mistakes can have lifelong impacts and may permanently affect the kind of lifestyle that you’ll be able to afford in retirement. These are the mistakes we want to help you avoid.
With record-low inventory, low interest rates, and high demand, the housing market is currently booming. Once the stress and drama of offers and counteroffers is over, you can finally enjoy being a homeowner—right? There’s no denying the hefty price tag, and as most of us are unable to purchase a house in full, we are saddled with a mortgage as soon as we cross the threshold. This debt is unavoidable, so how do you handle it moving forward?
A new year is often a time for fresh starts, intentional planning, and renewed motivation to conquer goals and accomplish things that are important to you. And after the year we just had, a fresh start is just what we need. As you transition into 2021 and all this year will bring, take some time to think about your long-term plans and reevaluate your decisions, especially in the following key areas.
If you want to put your head down and just get through the rest of December so 2020 can be over, we get it. In the midst of canceled plans, work stoppages or adjustments, complicated family decisions, and (as if that weren’t enough) financial challenges, many Americans feel like they haven’t had much control over anything this year. But there’s one area where your actions can make a big difference today and down the road: your finances. So even though there are plenty of unknowns ahead, follow through on these 5 financial actions before the ball drops on December 31st to give yourself a leg up.
While creating a financial plan is in a different category than buying a car or putting an offer on a home, we believe it’s just as significant of an investment. It’s important that you know what to expect before you commit to the financial planning process with a particular professional.