If you can't afford the down payment, you can't afford the house! The dream of home ownership, can quickly become a nightmare. Don't consider your home an investment, consider it a place to live!
Welcome to a video series based on Gene Natali’s award winning personal finance book, The Missing Semester. This 13 videos in this playlist, break the book into a bite sizes piece followed by a single action step for you to apply after reading each chapter. This video discusses Chapter 12, a chapter written specifically to help you better understand your first home purchase.
HERE'S WHAT YOU NEED TO KNOW:
Consider your future home a place to live, not an investment. When you buy a home, the mortgage is your monthly payment (if you borrow to buy the home, which most people do). The cost of a home is more than your mortgage. Costs that renters don't pay, become your responsibility when you become a home owner. Take time to understand ALL of these costs. Lastly, if you can't afford the down payment, you can't afford the home.
ACTION STEP:
Don't consider your own home an investment. Instead, think of a home purchase as something you "own" or "owe" depending on how well you manage it.
Time Stamps:
0:00 Your home is a place to live
0:16 The monthly cost is bigger than the mortgage
0:35 If you can't afford the down payment, you can't afford the home
0:50 Don't consider your home an investment
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More from Troutwood:
FINULATOR: Enter the forest of finance and practice adulating before you become one.
https://www.troutwood.com/finulator
BUY SELL HOLD: An investment game based on real historical stock market data.
https://www.troutwood.com/stock-marke...
TIME PORTAL: Simulate an investment in the stock market.
https://www.troutwood.com/stock-marke...
FINMOJI: Find your financial personality type!
https://www.troutwood.com/finmoji
TROUTWOOD MAP: An interactive stock market map.
https://www.troutwood.com/map-of-the-...
BLOG: Your financial questions answered.
https://blog.troutwood.com/
PODCAST: Watching Trees Grow (because what if money worked the same way . . .)
https://www.troutwood.com/finance-pod...
Read Gene's Award-winning book
The Missing Semester: https://a.co/d/6G0n9YX
The Missing Second Semester: https://a.co/d/f9dxWzM
BIOGRAPHY
Gene Natali is Co-founder and CEO of Troutwood, a financial technology company founded out of the Carnegie Mellon University Swartz Center. He is a Chartered Financial Analyst, board member of CFA Society Pittsburgh, Executive in Residence at the Black School of Business | Penn State Behrend and a part-time lecturer at the University of Pittsburgh, where he has taught Personal Finance since 2015.
He is an award-winning author (The Missing Semester), has spoken in over 1000 unique high school and college classrooms, and regularly keynotes investment and education conferences across the country. Gene holds an MBA with a concentration in finance from Carnegie Mellon University and a bachelor's degree with a concentration in economics from Allegheny College.
DISCLAIMER:
The information presented on or through this video is made available solely for general information purposes. We do not warrant the accuracy, completeness, or usefulness of this information. Any reliance you place on such information is strictly at your own risk. We disclaim all liability and responsibility arising from any reliance placed on such materials by you or any other visitor to the video, or by anyone who may be informed of any of its contents.
