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A Thought For Young People |
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Written by Doug Beecher, MBA, CPA
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 I hope each of you reading this considers yourself young!
There were once two young people, trying to furnish their homes, get appliances, a living room and dinette sets, a television, a sound system, and a computer. Alas, when each of them priced these items after diligent shopping for “deals”, they discovered that the total was ten thousand dollars. They anguished with the thought that there was no way they could pay such a sum in cash, and so surely they wouldn’t be able to afford these things that they needed.
The first young person went home and found an offer from a credit card company, guaranteeing him a card with a $10,000 limit, with an initial interest rate of only 3.9% for the first six months, and then 21% as a permanent rate. Excited, he called his friend! Now for only $310 each month he could have everything he needed – right now! In 48 months he would be paid in full. $310 was a lot of money to commit to every month, but it was possible, and compared to the thought of living without these essentials, it was a wonderful opportunity!
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Preparing To Buy Your First Home |
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Written by Doug Beecher, MBA, CPA
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 This is a great time to buy your first home, if you have prepared to do so. In many places, home prices are now 50% below what they were just two years ago. The federal government is offering $8,000 refundable tax credits (read “cash in your pocket”) for qualified first-time home buyers, and many states are offering additional incentives on top of that. It is tougher to qualify for a mortgage loan now, but those who can often buy a home for a lower monthly payment than rental on the same property. However, one of the reasons is it such a good time to buy is precisely because it is such a hard time to sell – so if you aren’t sure you will be staying in your home for a minimum of two years, and preferably at least five years, you probably aren’t ready to buy yet.
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