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Show#17 Millionaire or Bust – Buying vs. Renting

September 29th, 2006 · podcasts

Topic of the Week
This week we talk about buying a home vs. renting. We discuss a lot of the factors that you need to consider before making the decision.

Money Saving Tips
Money Saving Tip of the Week
I found that washing in cold water all the time can save you almost $25 on your energy bill every month if you do a lot of loads. The secret with detergent: less is more. I only use one cap full on a full load. Using too much soap is wasteful and requires more rinsing, which in turn uses more water and time which will cost you more on electricity.

Talli’s Tightwad Tip of the Week
Reuse Ziplock bags. Wash by hand and let dry. Turn inside out to help dry completely. You won’t have to buy bags as often.

Tool of the Week
http://new.homefair.com/homefair/usr/rentbuyform.html
This website evaluates whether buying or renting is a better decision for you based on several factors. Those factors are:

1. mortgage rate
2. tax bracket
3. property tax
4. expected property appreciation
5. monthly rent
6. how long you plan to live there

Financial Psychology
This is the segment where we examine a mindset or a way of looking at your finances that will set you up well for building wealth…

Needing a house. Don’t think that you need a house by a certain time. Buy a house when it makes financial sense and when you’re ready for it. Go into this purchasing decision with a clear head, thinking about all the financial ramifications. This is one decision that is easy to get emotional about, but it’s probably the biggest purchase you will ever make in your life, so it is very important that you stay rational.

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