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  1. #1
    miriammitchell2003
    Guest

    Default tryin to get my monies together for a condo

    I've watched a lot suject go on in the budget101 group but i havn't

    seen any subjest on money? trying to purchase that ultimate car,

    condo, house, or finding ways to put your kid though college.

    well my situation is i want to buy a condo, and my credit is not that

    great and I'm trying to figure out how long is this going to take. I"m

    rooming with someone hoping to pay off some bills so i can at least

    get some footing. any suggestion?








  2. #2
    Val Coulman
    Guest

    Default tryin to get my monies together for a condo

    Well, the first principle of getting ahead financially is "spend less than you make". How long it takes depends on how much less you spend...

    If you're able, now's the time to get an extra job or two and hammer away at your debts. Once the debts are clear, keep paying that same amount to a savings account (or a no-risk investment account) as a regular "bill" to yourself so that you don't fall back into any of the habits or situations that damaged your credit rating in the first place. Make the condo or the car or the college education the biggest priority you have so that every time you stand at the check out line, the condo/car/college is more important that grabbing the candy bar or the cute skirt on sale or whatever it is that you might buy but really don't need. It's surprising how quickly those can add up on both the plus and minus side of the ledger.


    If you're thinking big, you also have to think long term.

    It's probably been mentioned way back but "The Millionaire Next Door" is a pretty interesting book that has some good principles for financial strategy.


    Good luck with it!

    V.

    On Sun, Jun 22, 2008 at 5:36 PM, miriammitchell2003 <miriammitchell2003@yahoo.com> wrote:

    I&#39;ve watched a lot suject go on in the budget101 group but i havn&#39;t

    seen any subjest on money? trying to purchase that ultimate car,

    condo, house, or finding ways to put your kid though college.

    well my situation is i want to buy a condo, and my credit is not that

    great and I&#39;m trying to figure out how long is this going to take. I"m

    rooming with someone hoping to pay off some bills so i can at least

    get some footing. any suggestion?



    [/quote]
    --
    Val Coulman
    vcoulman@gmail.com



  3. #3
    Lucy Anderson
    Guest

    Default tryin to get my monies together for a condo

    First thing ... be out of debt. (Think you&#39;re on that one already.)

    Second, have 6 months of household expenses in savings.

    Third, have 20% down payment in hand. And get a 15 yr mortgage, not a 30 yr. And get a fixed rate.

    On condos, be aware that even though you own the condo from the inside in, but they will always charge HOD for the outside, that can go up at anytime. Do lots of checks on things like siding rot, roof, etc. You can buy and then find out that they need a new roof and will charge you immediately. Unplanned bills are ugly!!!!

    For those of us on budgeting, we are not usually interested in "the ultimate car or house" - those things are rarely of lasting value compared with the focus of spending less that we take in.


    On Sun, Jun 22, 2008 at 5:36 PM, miriammitchell2003 <miriammitchell2003@yahoo.com> wrote:








    I&#39;ve watched a lot suject go on in the budget101 group but i havn&#39;t
    seen any subjest on money? trying to purchase that ultimate car,
    condo, house, or finding ways to put your kid though college.
    well my situation is i want to buy a condo, and my credit is not that

    great and I&#39;m trying to figure out how long is this going to take. I"m
    rooming with someone hoping to pay off some bills so i can at least
    get some footing. any suggestion?



    --
    Matthew 22:37 - Love the Lord your God with all

    John 13:34 - Love one another
    Matthew 28:19 - Go and make disciples


 

 

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