“Saving up a down payment to buy your first house can seem a pretty daunting task. However, getting a down payment together is not as difficult as you may think — if you go about it the right way.”
There are a few steps you need to consider, from CNN:
- How much house can you afford? You typically need to keep it below 28% of your pre-tax monthly income.
- “Figure out how much you can set aside each month. That will also help you determine how long it will be before you’ll have the full down payment and can start house-shopping.”
- Invest it to speed up the process.
- Borrow from your 401(k).
Read the full article from CNN here: “How to save enough money for a down payment on a home.”
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“About half of Americans own stocks. They understand the secret to getting wealthy and financially healthy.
“The U.S. stock market has been on steroids. It’s gained about 200% since 2009. The rich (and many people in the middle class) have figured out that you can make money without getting off the couch.
“You can do it too.
“As many CNNMoney articles show, people can become millionaires by saving and investing. Here’s how to get started in 2016.”
1. Enroll in your 401k plan at work
2. Invest your ‘extra’ cash
3. Download an app (or two)
4. Talk about money with friends
This article and information is from Money.CNN.com; read the full article here: “New Year’s resolution: Start investing”.