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Month: March 2016

March Debt Repayment Update

March Debt Repayment Update

Over the past year I have tried to track my progress of paying off debt in quarterly updates. At the beginning of 2015 I had a total of $264000 in debt which included three primary debts: our mortgage, a personal loan, and my student loan. My goal for 2015 was to pay off 10% of my debt, which I was able to accomplish. I was also able to pay off a huge tax bill and our HEAT loan for 2015….

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90 Days to Being Debt Free

90 Days to Being Debt Free

Ok, I admit that the title is a little misleading. I am not going to be totally debt free in 90 days. However, I currently have a plan to pay off my personal loan/2nd mortgage in 90 days. That debt currently stands at $9276. Tomorrow, I will be sending in a payment of $2100, which will take the loan down to just over $7100. Regular payments over the next 90 days brings it down to about $5700. So where do…

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Home Refinancing Update

Home Refinancing Update

I have stated that I would like to try to refinance our home. However, there have been some sticking points along the way such as: Do we have enough equity to refinance? I am not sure about this one and this a huge obstacle. Closing costs to refinance. At the moment I am more worried about paying the bills over the summer than I am coming up with closing costs. Getting a better interest rate and deal. Currently, our interest…

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A Financial Thought Experiment

A Financial Thought Experiment

Please indulge me with today’s post a bit. I don’t know why this popped into my head, but I thought I would share it anyway. So here is the thought experiment. If you were at your job and they offered you 10 times or 20 times what you made up front would you work for them for the next 10 or 20 years for no money? In other words, let’s say I make $75000 right now and my employer offered…

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Financial Tip Friday: How Much House Can You Afford?

Financial Tip Friday: How Much House Can You Afford?

Welcome to another edition of Financial Tip Friday. This post was prompted by a conversation I was having with friend of mine who is thinking about buying a house. Recently, he got pre-approved for a mortgage from one of the local credit unions and his pre-approval seemed to be quite high for his income. He had a nice down payment for a house (upwards of 10%) yet they approved him for almost four to four 1/2 times his income. So…

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Are We Afraid of Money?

Are We Afraid of Money?

When reading the title of this post you might think it is a bit odd for a personal finance blog to post that question. And I promise this isn’t anything tongue in cheek, but really is a question for most people are we afraid of money? And I think that answer is that we are afraid of it. In some respects it seems counterintuitive because many of us are not afraid of what we can buy with money. For example,…

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Afford Anything But Not Everything

Afford Anything But Not Everything

Unfortunately that little gem of a title is not my work. Instead, the title for today’s post is the motto over at the the blog Afford Anything┬áby the brilliant Paula Pant. Paula’s blog will teach you a lot, but the most important piece of information that comes from it is that brief motto. Embedded in those five little words is the notion of priorities and sacrifice. First, you have to figure out what the specific priorities in your financial life?…

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Why We Haven’t Refinanced Our Home Yet?

Why We Haven’t Refinanced Our Home Yet?

I try to read dozens of news articles everyday. That news can be related to sports, political news, international subjects, or finance. Today CNBC had an article entitled “Why Aren’t You Refinancing Your Mortgage?” And I got to thinking about our own situation. I have stated in the past that I was going to look into refinancing our home. I would like to refinance to a lower interest rate and keep it at the same amount of time we have…

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Secular Bear and Bull Markets Explained

Secular Bear and Bull Markets Explained

I recently had a conversation with a friend of mine on the long-term trends of the stock market. I am one of those people who believe that history doesn’t repeat itself, but it certainly does rhyme. In other words, I don’t think that history automatically repeats itself, but I do certainly think that human beings are creatures of habit and we often repeat similar mistakes that have happened in the past. Now what does that have to do with personal…

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Financial Tip Friday: Diversify, Diversify, Diversify Your Investments

Financial Tip Friday: Diversify, Diversify, Diversify Your Investments

Time to for another financial tip Friday. For this weeks edition I want to talk about diversification. Diversification is key when putting together any kind of investment/retirement portfolio. What Does Diversification Mean? Simply put diversification means don’t put all of your eggs in one basket. In other words, you shouldn’t have all of your investments in mutual funds that invest in stocks or in bond, but a mixture of both. I also consider my house to be part of my…

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