The most common question I get is how to keep my money for the long haul.
So, how can I avoid wasting it, especially if it’s the first time I use it?
Well, that’s easy enough.
Here are a few strategies to make sure you never waste money.1.
Pay your bills early.
I know, I know.
You’ve probably heard that you can pay your bills in advance, but the truth is, if you pay your bill late, you could end up spending your money later.
So, what if you’re already paying a mortgage, rent, and other bills?
The answer is that you probably won’t be able to pay them all by the time you get home.
Plus, if your bills get late, that can mean you’ll end up with more debt to pay.
Make savings early.
One of the most popular reasons people give for buying a second home is to save up for a down payment on a home.
So, why not make sure that you’re saving enough for a second house purchase in order to avoid having to make that down payment?
If you can’t afford to pay off your mortgage in full, then you can always borrow from a credit union or other lender.
Invest in real estate.
If you don’t have enough cash to cover your mortgage, you can still use the cash to invest in real property.
For example, if a friend of yours recently got married, she could put down $1,000 for a house.
It could be a house, an apartment, or a condo.
But, if she doesn’t have any savings or a car, she can buy that house or apartment and pay off the mortgage in a few months.
Build a nest egg.
I have a friend who’s in her early 30s and she has a $20,000 nest egg that she plans to put toward a downpayment on a house or condo.
What if you don