This post is not a reprint of the mention article, but I wanted to provide as much information as I could so that you can located the article to read for yourself. In this post I would like to provide a summary of the information I have found to be most helpful to me at this stage of my life.
The article was about Rufus and Jenny Triplett the smart moves they made that has set them on a good financial footing. Rufus took advantage of the VA loan to purchased a home has some problems with refinancing but they stuck it out until they found a bank that would help them. The couple also has a home base business and use the federal tax law and they were able to debut 28 percent of their mortgage payment, depreciation, property taxes, insurance, utilities and expenses for household maintenance, repairs, or improvements. ( See the irs.gov website for more information or take an income tax preparing course. To take a Income Tax Preparing training at HR Block is about $200 I believe it will give me a clear understanding of the Federal Income Tax Laws. Maybe I can find a course that is online this maybe easier in my not car situation. (LOL!) The couple has some problems along the way but were able to refinance and payoff their home loan and payoff credit card bill too. Now that's what I'm talking about!
"How they did it..."
1. Consider using your home to operate a business. They started their business in a spare bedroom not knowing if it the business would succeed or fail. As mention above it is possible to save over 28% on your over all mortgage.
2. Take advantage of homeownership programs. They were able to cut $200 off the mortgage though persistent research and by contacting a federal agency via www.Helpwithmybank.gov . Although the bank told us we were ineligible, we persisted and got their loan refinanced. Discount programs such as homestead exemptions are out there for homeowners, as are programs that specifically target minorities. Organizations such as NACA, or the Neighborhood Assistance Corporation of America, assist trouble homeowners.
3. Read your statements. Don't just get a bill and pay it. Take time to look through it. and don't be afraid to question anything out of the ordinary or you don't understand. If you stop miscellaneous charges or corporate fees on your statement, send a registered certified letter to your lender asking for an explanation. The couple was charged excessive and unnecessary service fees. It was just plain fraudulent. Being proactive and persistent saved them a lot of money.
Here are their 10 Wealth for Life Principles - This is what I really wanted to share as this is the key to the whole article!
1. I will live within my means.
2. I will maximize my income potential through education and training.
3. I will effectively manage my budget, credit, debt, and tax obligations.
4. I will save at least 10 percent of my income. ( From each check!)
5. I will use homeownership as a foundation for building wealth by starting a home business.
6. I will devise an investment plan for my retirement needs and children's education.
7. I will ensure that my entire family adheres to sensible money management principles.
8. I will support the creation and growth of minority-owned businesses.
9. I will guarantee my wealth is passed on to future generations through proper insurance and estate planning.
10. I will strengthen my community through philanthropy.
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