The Art of Homeownership

Realtor Janay Denise E: jdmorris.realtor@gmail.com P: 315-955-0082

Worthwhile info: post and share!

Buy a house and get a 15 year fixed mortgage rather than a 30 year mortgage (be sure you can afford to do so). Saves a lot of money in interest over the life of the loan. If you must get the 30 year mortgage verify no prepayment penalty. This gives you the flexibility of paying off early if you are able. But also gives the option of making lower payments when times are tough….

When you start your job, get an HSA account not FSA and get the high deductible health insurance. It will lower your tax bracket and the money is yours to use. You also earn 40% in most cases after 10k!!!

Never buy a car brand new! I’ve watched Escalades go from 100k (new) to 35k four years later.

Get you an LLC (incorporate your name!!) and run it as an S Corp. Remember Jay-Z quote “I’m not a Businessman I’m a Business Maaaaaaaan….” let that sink in.

Build business credit! The loans are bigger and the interest rate is lower.

Get a business bank account (in most cases this costs around $500 to start). Some people got two stimulus checks (one from Trump and one from the SBA). Also no fees.

Go to Jr. College first and transfer into a four year college (unless you have scholarships to mitigate the costs) as a Junior.

School is a power move you must be able to secure the bag. Majors in STEM will always be needed, are in high demand and the skills can directly help the black community.

Get with your peers from your graduating class and others together at homecoming on one day for two hours to plot and strategize how we can move our communities forward (commerce, politics, education, etc…)

If you want to support Black People, support Black Business and Black Institutions of higher Education.

Get life insurance (term and whole life) for you and your children as soon as they are born (one thing is for sure is we will die…might as well leave your kids something extra!). The sooner you get it, the cheaper it is. And you can borrow against it to fund certain projects. Also, the ones that pay out dividends are the best! They normally are associated with the market (money market accounts). IUL’s are great!

Get the people in your immediate family to save collectively! If 10 people (commit) save $500/month, that’s 60k every year. You could buy 3 starter homes every year and in 4 years all ten of you are home owners. Buy on the same block or neighborhood if you can…this way you control the value of the homes (remember Monopoly!).

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