Do you ever ask yourself, when considering a major purchase: “Can I afford that?” It’s a relevant question in an era when inflation is taking its toll on household income and people are finding it harder to get good jobs. However, the good news is that most working people can afford life’s necessities and luxuries as long as they plan for the purchases. That means that, even in a terrible economy, if you follow the secrets for financial success, you can probably afford a house, a college education, a collectible car, your own business, a backyard pool, a private sauna, and other trappings of the good life.
It’s all about planning, saving, and being patient.
The other piece of the puzzle is working on your credit scores by paying bills on time and keeping credit use at 20% or lower. Want to know whether you have room in your budget for some of the finer things in life? Then review your budget; you might just be surprised at what people who diligently manage their finances really can afford.
House
Once upon a time, more than a generation ago, purchasing a home was a tough process. Not only did most buyers need at least 20% of the purchase price as a down payment, but they also had to have excellent credit, be employed, and earn more than average income. Nowadays, even the credit-challenged can get home loans. Likewise, self-employed people and those with low-to-moderate incomes can win mortgage loan approval in most cases. If you have any doubts about your ability to buy a house, speak with a licensed realtor and see where you stand. Experts can often show you how to clean up your credit and qualify for a mortgage within six months.
College with Scholarships
Few college-bound students can afford the high cost of education these days. Many attend school and pay for it with family savings or by taking out costly loans. Fortunately, you can pay for some or all of your education with scholarships. The money doesn’t have to be repaid. To apply, you only need to fill out a short application. Using college scholarships to pay for tuition makes good sense. It’s best to first find out which ones you qualify for and then use an automated system to apply for multiple opportunities at once.
Collectible Car
People are often shocked when they realize that most collectible vehicles cost less than new ones. If you’re a car buff and enjoy working on older models, consider shopping for fixer-upper classics and using your own skills to renovate them. After that, you can either keep the classic as a second car or sell it for a profit and start the process all over again. Car hobbyists love to flip collectible vehicles this way. When they come across one that’s a real gem, they often choose to keep it for themselves. As for the rest, they resell them and earn a little extra cash on the side.
Your Own Business
Starting a business can cost a little or a lot. Many home-based companies come with few initial expenses other than a possible computer upgrade, some office furniture, and advertising costs. It’s important to decide what you want to do and explore startup costs before committing to a line of action. E-commerce stores, tax prep businesses, and tutoring companies are all very low-cost operations and are ideal choices for home-based workers.
Private Sauna
If you love to luxuriate in a dry heat sauna to melt away the stress and tensions of the workday, you won’t have to hire contractors to add a special room to your home. Instead, consider purchasing a stand-alone, DIY kit that comes with everything you need to assemble a one-room sauna and place it anywhere you wish.
Photo Credit: stock photo
“It’s all about planning, saving, and being patient.”
If people would just learn those great truths, they’d be so much better off, and happier too.
Good stuff in this article.