2197: How to Prepare for Buying a Home by Jim Wang

Optimal Finance Daily - Financial Independence and Money Advice

Optimal Living Daily LLC

Investing, Business, Education, Self-improvement

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🗓️ 7 February 2023

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

Jim Wang with Get Rich Slowly helps you prepare for buying a home Episode 2197: How to Prepare for Buying a Home by Jim Wang J.D. Roth has been reading and writing about personal finance for a decade. Today he’s financially independent, but ten years ago, his money life was a disaster, with over $35,000 in consumer debt. He started turning everything around in 2004. By being the boss of your own life, you, too, can be the master of your own financial fate. The original post is located here: https://www.getrichslowly.org/how-to-prepare-for-buying-a-home/ Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Optimal Finance Daily, Episode 2197.
0:04.6	How to Prepare for Buying a Home by Jim Wang with getrichslowly.org
0:09.8	And I'm your host and personal finance enthusiast, Diana Mariam.
0:14.2	Now let's get right to today's post and start optimizing your life.
0:22.5	How to Prepare for Buying a Home by Jim Wang with getrichslowly.org
0:28.9	When I bought a home three years ago, the economic climate was different from today.
0:33.6	Back then, a house could be listed on Friday and a contract signed by Monday.
0:38.3	It was easy to get alone, too easy in fact, and you could make every mistake in the book
0:43.0	and still find yourself a home.
0:45.6	Despite the market differences, sound financial planning and a handful of smart moves will ensure
0:50.9	that you won't regret gambling your piece of the American dream.
0:54.9	This post isn't going to go over the merits of buying versus renting or how you should
0:59.4	pick a real estate agent.
1:01.4	Instead, I'll focus on the things you should do to prepare yourself before applying
1:05.4	for a loan and then buying a home.
1:08.5	Number 1.
1:09.7	Don't Barrow Money
1:11.7	Your home will likely be the single largest debt you'll take on and represents the greatest
1:16.0	risk in the eyes of potential lenders.
1:19.0	With lending rules tightening, it's becoming more and more important that you make yourself
1:23.0	look as safe as possible.
1:25.3	Safe means as little debt as possible and as little access to credit as possible.
	...

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