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Added on the 14/12/2020 17:10:38 - Copyright : Wochit
Housing prices show no price of dropping, and overall, US wages have remained stagnant for years, if not decades. But according to Business Insider, there are still a few ways one can purchase a home without having to come up with a downpayment--if you're prepared to put in the work. Active and former members of the military can get a Veterans Affairs loan of up to $484,350 in 2019, often with a lower interest rate than a conventional mortgage. This loan requires no down payment and no mortgage insurance--but comes with strict guidelines. The buyer must also pay a 'funding fee,' too. USDA loans help people in rural areas buy homes with zero money down, provided you have a 'low-to-moderate' income and can pay a 1% funding fee. An FHA loan asks for a 3.5% downpayment. However, it requires a credit score of 580 or higher and a debt-to-income ratio below 43%.
To build wealth that can be passed down through generations, getting out of debt-- and staying out of debt--is very important. On the other hand, Business Insider personal finance contributor Jannese Torres-Rodriguez argues increasing your income is just as important. It's not always possible to find jobs that progressively pay more and more. But side hustles can serve that purpose instead. Torres-Rodriguez says her side hustles now bring in roughly $100,000 a year, and she uses it in three ways to build generational wealth. She first accelerated her own retirement savings. Then, she helped her niece with college, so she doesn't have to leave school burdened with debt. Now, it gives her enormous pleasure to be helping out her own beloved parents through their golden years!
Trying to cut the fat from the household budget is nothing new, and one strategy is to 'cut the cord' by getting rid of cable TV. But unless you can get your TV from a roof antenna, you'll have to have cheap, fast internet to stream your programs. According to TechNewsWorld.com, cutting the cable TV cord is a mixed bag for most people. You'll probably just lower your TV bill by streaming, rather than saving a ton of money. On the other hand, you can bounce from free trials to low-cost offerings to find the ideal solution. Most streaming services don't require contracts, so you can explore different options depending on your viewing habits and your family's needs.