Friday, August 26, 2016
Are you looking for ways to make your money work harder for you instead of working harder for your money? Robert Kiyosaki, author of "Rich Dad, Poor Dad", gave insights on making money and what to do with it. In a recent interview on MarketWatch, he suggested that rich people don't work for their money. We were always taught to get an education and find a job that we can work hard in to make great money. Kiyosaki advises that if you are saving part of your earnings and investing in the stock market, you are going to lose. He predicts the worst stock market crash in history will occur in 2016. So what is the best investment now? It's up to each of us to discover but we must be realistic.
Regardless of whether the market is up or down, look for a real estate bargain. Keep your eyes open for investment opportunities that others don't see. However, be mindful of taxes in states like Hawaii, California and New York. Look for areas, like Florida, that are favorable to investors with regards to debt, taxes and laws. Whenever you are ready, Kohan & Associates is here to assist with your investment. Reach us at www.Suncoasthome.com.
Thursday, August 11, 2016
Are you interested in accelerating your mortgage payments to pay off the loan at a faster rate? Successfully speeding up the process can result in financial gratification and pay off in the long run. You may find that following one or more of the following tips help you pay down your mortgage at an accelerated pace.
Did you know you can use your credit card rewards to pay a mortgage? One example of this reward program is the Home Rebate Card through Wells Fargo (www.wellsfargo.com). With this particular card, each time you make a percent you can earn 1 percent cash back. The money earned is automatically transferred to your mortgage principal each month. To learn more about how this card rates, check out the US News Money report at money.usnews.com/credit-card/wells-fargo/wells-fargo-home-rebate-card.
It can take a good number of years before there is a shift from paying interest to paying principal balance on a long term mortgage. Therefore, making larger payments from the beginning can be one of the best strategies for those who have extra income and minimal expenses. Front loading principal payments to get ahead might be a little easier for first time buyers or those without children yet.
Another method to try is to use a tax refund to help pay down a mortgage. Instead of splurging on a vacation the refund amount might be able to pay a couple extra house payments. In fact, according to the IRS (IRS.gov) the average refund last year was $3116.
To save a little bit of interest, make multiple payments each month. Technically you would be borrowing less money on a daily basis which would lower your interest. For example, instead of paying a $2000 monthly mortgage payment, you might choose to pay half of that every two weeks. By paying every 14 days, you would be making 26 half payments per year. This equates to two extra payments a year. This is the same as paying one extra monthly payment per year which will help you pay of your mortgage faster.
For other mortgage and real estate tips, contact Kohan & Associates. We are here to help. Visit us on the web at www.SuncoastHome.com.