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Debt, bills, income, groceries – all the things you may think about in addition to paying your house mortgage each month. Whether you’re in your 30’s, 40’s, 50’s or 60’s – life costs money. And, your ability to accumulate future wealth either may seem slower some days.
I re-read this article from years ago as it really moved me: How Four Millennial Sisters Joined Forces To Demolish $182K Debt Within Two Years and it inspired me to share some thoughts and tips with you on how to afford your modern home and create wealth. The key factors (even when you have debt) are income allocation vs expenses, time, and return on investment (ROI).
We are tackling INCOME VS EXPENSES here.
The first thing to consider are your current house and life costs. Here are 20 Expenses to Cut by Krisstina Wise. She is passionate about teaching how to create a wealthy-wellthy lifestyle. Her book Falling For Money single-handedly changed the way I view money and investing.
Use a programmable thermostat like the Nest or Hive (they’re so modern chic!). A few degrees cooler in the winter or warmer in the summer add up to savings!
Can you re-negotiate your mortgage?
I can connect you with mortgage brokers who have helped my clients save tens of thousands of dollars on re-financing and more!
Have you considered building a second unit on your property? Income from legal secondary units that can earn you money now and be invested to create future wealth?
Need a mortgage lender who can help you fund that home renovation and the contractors to build that income suite? Let us know!