Would You Like to Own a Home?

I think it's fair to say that everyone would like to own their own home. It's the American Dream after all!

Oftentimes, sacrifices must be made to own a home. Most people will do whatever it takes. Others will not.

I think people need to take time to honestly and realistically analyze their financial goals as they prepare to buy a home.

1 - Budget. Don't fit your budget to the home. Find a home that fits your budget. Of course the more expensive home is nicer. As you battle to pay the bills every month, find yourself behind on taxes, fighting with your spouse and spread so thin that you can't afford to go out for a nice meal, you will despise this nice home and long for affordability....

2 - Stability. If you have no idea which state you will live in 6 months down the road.... don't buy a house unless you plan on renting it out. Have a stable job? Lead a pretty stable life? It might be time to buy!

3 - Prioritize. For fun, please rank the following in order of importance:

1. New Rims
2. $8,000 Birthday Party
3. Brand New Car
4. A Home

This seems like a big joke, but it's really not. Sitting in the office today, we were chatting about the most mind boggling reasons we have seen to NOT buy a home... Numbers 1 - 3 were our finalists.

My definition of "hood rich":
My rims are 20" and spinning. I partied like Keith Richards for my 25th birthday. Oh, by the way.... those rims are on my new Beemer!

If you're earning huge money, have a balanced portfolio of investments and are on track to meet your long term financial goals, I could care less if you are blowing some cash. It's play money for you!

Prioritize. Create goals. Build a realistic game plan to obtain those goals.

Would you like to own a home or are you on your way to home ownership?