Comments on: My One Money Advice (MOMA) http://www.moneysmartsblog.com/my-one-money-advice-moma/ Investing and Personal Finance Sat, 11 Feb 2012 04:38:37 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: FourPillars http://www.moneysmartsblog.com/my-one-money-advice-moma/comment-page-1/#comment-703 FourPillars Tue, 28 Aug 2007 17:06:45 +0000 http://www.moneysmartsblog.com/my-one-money-advice-moma/#comment-703 Good point SD, it's hard to research something you are unfamiliar with (or uninterested in). Mike Good point SD, it’s hard to research something you are unfamiliar with (or uninterested in).

Mike

]]> By: SavingDiva http://www.moneysmartsblog.com/my-one-money-advice-moma/comment-page-1/#comment-701 SavingDiva Tue, 28 Aug 2007 16:43:15 +0000 http://www.moneysmartsblog.com/my-one-money-advice-moma/#comment-701 Great advice! I frequnetly spend time researching things that I know more about...or have some idea of how to look into... I also love to red Brip Blap's blog. Great advice! I frequnetly spend time researching things that I know more about…or have some idea of how to look into…

I also love to red Brip Blap’s blog.

]]> By: FourPillars http://www.moneysmartsblog.com/my-one-money-advice-moma/comment-page-1/#comment-669 FourPillars Sat, 25 Aug 2007 03:34:13 +0000 http://www.moneysmartsblog.com/my-one-money-advice-moma/#comment-669 Thanks BB - you're right that we tend to spend more time on things that we are interested in like cameras, tvs, surround-sound systems, golf clubs etc. I guess from a financial perspective we have to bite the bullet sometime and spend more time on things we don't necessarily like - we can treat it like work as it were. Mike Thanks BB – you’re right that we tend to spend more time on things that we are interested in like cameras, tvs, surround-sound systems, golf clubs etc.

I guess from a financial perspective we have to bite the bullet sometime and spend more time on things we don’t necessarily like – we can treat it like work as it were.

Mike

]]> By: Brip Blap http://www.moneysmartsblog.com/my-one-money-advice-moma/comment-page-1/#comment-668 Brip Blap Sat, 25 Aug 2007 00:38:30 +0000 http://www.moneysmartsblog.com/my-one-money-advice-moma/#comment-668 Well, obviously I'm very flattered by all of the nice things Mike said about my blog. I'm a big fan of his blog, too, and if you're just visiting here keep coming back, I haven't been disappointed yet! See, there can be friendship between our nations, despite all of the differences. :) You are dead on about your advice, by the way, and I am guilty about that. I put a huge amount of effort into researching digital cameras - more than I probably put into my last car purchase, frankly because it was more FUN to research cameras. I am not a car person... but you're right, if you aren't ready to put the time into it, you should think twice about doing it. Well, obviously I’m very flattered by all of the nice things Mike said about my blog. I’m a big fan of his blog, too, and if you’re just visiting here keep coming back, I haven’t been disappointed yet! See, there can be friendship between our nations, despite all of the differences. :)

You are dead on about your advice, by the way, and I am guilty about that. I put a huge amount of effort into researching digital cameras – more than I probably put into my last car purchase, frankly because it was more FUN to research cameras. I am not a car person… but you’re right, if you aren’t ready to put the time into it, you should think twice about doing it.

]]> By: FourPillars http://www.moneysmartsblog.com/my-one-money-advice-moma/comment-page-1/#comment-666 FourPillars Fri, 24 Aug 2007 19:06:57 +0000 http://www.moneysmartsblog.com/my-one-money-advice-moma/#comment-666 FT - thanks, I didn't realize I wasn't on your blogroll either! :) Mike FT – thanks, I didn’t realize I wasn’t on your blogroll either! :)

Mike

]]> By: FrugalTrader http://www.moneysmartsblog.com/my-one-money-advice-moma/comment-page-1/#comment-665 FrugalTrader Fri, 24 Aug 2007 18:41:10 +0000 http://www.moneysmartsblog.com/my-one-money-advice-moma/#comment-665 Hey Mike, Didn't realize that you weren't on my blog roll, added you today. Keep up the great work. Hey Mike,

Didn’t realize that you weren’t on my blog roll, added you today. Keep up the great work.

]]> By: FourPillars http://www.moneysmartsblog.com/my-one-money-advice-moma/comment-page-1/#comment-664 FourPillars Fri, 24 Aug 2007 16:59:57 +0000 http://www.moneysmartsblog.com/my-one-money-advice-moma/#comment-664 Telly - that's a good one. Some people buy houses based on the here and now critera ie can we make the payments, and don't think about the future so much - ie vacations, early retirements etc. Mike Telly – that’s a good one. Some people buy houses based on the here and now critera ie can we make the payments, and don’t think about the future so much – ie vacations, early retirements etc.

Mike

]]> By: moneygardener http://www.moneysmartsblog.com/my-one-money-advice-moma/comment-page-1/#comment-663 moneygardener Fri, 24 Aug 2007 16:31:40 +0000 http://www.moneysmartsblog.com/my-one-money-advice-moma/#comment-663 Automatically buying a house for your maximum pre-approval amount is taken by some people to be the norm....scary... Automatically buying a house for your maximum pre-approval amount is taken by some people to be the norm….scary…

]]> By: telly http://www.moneysmartsblog.com/my-one-money-advice-moma/comment-page-1/#comment-662 telly Fri, 24 Aug 2007 16:07:37 +0000 http://www.moneysmartsblog.com/my-one-money-advice-moma/#comment-662 Mr. Cheap - You're talking about investment properties at least. Imagine taking every dime the banks will give you based on a 40-yr amort. with NO cash flow (primary residence)? This is happening at an alraming rate if you ask me. No wonder RE markets are sky-rocketing! Mr. Cheap – You’re talking about investment properties at least. Imagine taking every dime the banks will give you based on a 40-yr amort. with NO cash flow (primary residence)? This is happening at an alraming rate if you ask me. No wonder RE markets are sky-rocketing!

]]> By: telly http://www.moneysmartsblog.com/my-one-money-advice-moma/comment-page-1/#comment-660 telly Fri, 24 Aug 2007 15:36:32 +0000 http://www.moneysmartsblog.com/my-one-money-advice-moma/#comment-660 I thought Baby Week was over?! ;) This is a good bit of advice. Along the same lines, my MOMA would be to buy a much smaller, less expensive house than you can afford. This isn't always possible depending on your income and where you live but can make the biggest difference on your bottom line if you can do it. I've been noticing lately that the criteria used to determine how much house you can afford is a bit scary. The rule to remember when purchasing a new car is to make sure that you negotiate total price, NOT monthly payment (most of us know how easy that is to tweak). Yet, today people are determining how much house they can afford based on % of gross monthly pay rather than the rule of 2.5 times annual salary that used to be the norm. With varying downpayments and up to 40 year amortizations, I think it's wise to use yearly income to determine total home purchase price. I thought Baby Week was over?! ;)

This is a good bit of advice. Along the same lines, my MOMA would be to buy a much smaller, less expensive house than you can afford. This isn’t always possible depending on your income and where you live but can make the biggest difference on your bottom line if you can do it.

I’ve been noticing lately that the criteria used to determine how much house you can afford is a bit scary. The rule to remember when purchasing a new car is to make sure that you negotiate total price, NOT monthly payment (most of us know how easy that is to tweak). Yet, today people are determining how much house they can afford based on % of gross monthly pay rather than the rule of 2.5 times annual salary that used to be the norm.

With varying downpayments and up to 40 year amortizations, I think it’s wise to use yearly income to determine total home purchase price.

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