How to Save Tens of Thousands of Dollars - Part 2
Be Wealthy & Smart
Linda P. Jones
4.8 • 883 Ratings
🗓️ 19 December 2018
⏱️ 11 minutes
🧾️ Download transcript
Summary
Learn how to save tens of thousands of dollars by not moving very often.
Let me tell you a true story. When my late husband and I got married, we had to decide whether to keep his house and remodel extensively (get rid of the avocado colored bathroom, fluorescent lighting and vinyl floors, basically taking it down to the studs), or find a new house.
We looked at new construction, but we liked his house's floor plan and "bones" better. It was also in a killer location and on a nice lot.
We agreed to keep the house and do a six-figure remodel. Part of what made the the decision easy was a back of the envelope calculation. Let me show you.
Adding up real estate commissions of about $30k, loan points $4k, moving costs $7k, prepping house for sale $5k, fixing up new home (curtains, towels, bedding, paint, light remodeling) $10k.
Those were obvious expenses it would cost us to move to another home. Adding them up, they totaled $56k, which was 56% of our $100k remodel budget! In other words, over half of our remodel would be saved just by not moving!
The takeaway for you? Moving costs a lot of money! The less frequently you move, the more money you will have.
So buy a home you can live in for at least 10 years, preferably a lot more. You'll pay your mortgage off faster, accumulate more equity, and save thousands of dollars by not moving.
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Be Wealthy & Smart,™ is a personal finance show with self-made millionaire Linda P. Jones, America's Wealth Mentor.™ Learn how to build wealth, make money, and have financial freedom. Introduction to principles of wealth building you won't hear about from your financial advisor. Learn how to get rich, the 6 Steps to Wealth, the Twin Pillars of Wealth Building™: Invest Like Billionaires™ and Create Your Luxury Brand™ Business.
Transcript
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| 0:00.0 | Be Wealthy and Smart, episode 498. |
| 0:02.8 | I'm gonna live no rich life. |
| 0:06.8 | Rich life. |
| 0:07.8 | Moving that's life. |
| 0:09.8 | If y'all know what I mean, put your hands up and declare with me |
| 0:13.5 | Yeah, I'm full of faith |
| 0:16.0 | time I'm gonna live the good life |
| 0:20.8 | A beautiful and glorious by Good Life. |
| 0:25.0 | Step into a world of wealth and financial freedom without budgets, boredom or bosses, on be wealthy and smart. And now here's your host, Linda P. Jones. |
| 0:37.0 | Welcome to Be Wealthy and Smart. I'm Linda P Jones, America's wealth mentor. mentor, empowering women and men worldwide to |
| 0:44.0 | financial freedom. On today's show we're going to continue on in our series and I'm |
| 0:48.8 | going to share with you another way to save tens of thousands of dollars. This is tip number two in the |
| 0:55.8 | series and this tip involves a story that was a realization that I had in my life. |
| 1:02.5 | So I want to share with you a personal story |
| 1:05.2 | about when I was much younger and engaged to my late husband. |
| 1:11.2 | And we were thinking about where we were going to live. |
| 1:14.8 | Each of us had lovely places that we owned and we were trying to decide where we were |
| 1:20.4 | going to settle. |
| 1:22.4 | So at first we thought we would buy something new and we looked at new |
| 1:26.8 | construction and new homes were lovely but a lot of the new homes in established neighborhoods were not on very good lots. |
| 1:36.7 | In other words, a lot of the best lots had already been built on, and so the new construction |
| 1:41.8 | was on lots that were very un level, they were on cliffs, or they just had strange angles, or I don't know, it just, the lots seemed to be a little bit strange on the new |
... |
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