Personal Narrative: Creating My Financial Plan

Some people might think that renting and owning are pretty similar, but they do have a lot of differences that people tend not to think about. In fact most people don’t do a lot of research on the differences and similarities. Renting a place to live is a wiser choice and is cheaper in the long run, but having a place that you own has a lot of advantages to. Some differences that people don’t think about are maintenance, utilities, and restrictions.

* Create a budget- creating a budget will help you not spend more money than you have. Creating a budget will also help you stay out of debt.

In the early years of a mortgage, the majority of the monthly mortgage payment goes to paying the interest. Over time an increasing amount goes to reducing the principal. As the principal is reduced, the equity will increase on the owners home. Owners Gain tax advantages by deducting mortgage interest and property taxes from their federal income tax form. They should Stabilize their payments with a fixed interest rate on their home loan. They should Have a secure place for their family to live. A home provides a permanent place where a family can live and grow, and the owners can decorate or expand a house the way they would like to create their dream home. There is always a negative compared to a positive. A home could lose value. There is no guarantee that a home will increase in value. It could decrease in value especially in a rocky housing market. Another benefit renters have over homeowners is that they do not have to pay property taxes. This can be a

Full time student and soon to be graduate, Kyle David Bellini, has many opinions regarding the renting versus buying a home debate. As he is studying real estate at the graduate level, his education has given him more insight into the matter than most. There are definite pros and cons

As you see there are definitely pros and cons when deciding if renting or buying is right for you. When you rent, you don’t have the responsibility of maintaining the home, you aren’t worried about improving the interior or exterior of the dwelling, you don’t have to pay taxes on the home, and you aren’t faced with the possibility of losing the capital put into the housing market, or the possibility of foreclosure if a mortgage payment is missed (Should you rent or own). But on the flip side, when owning a home the equity in the home can be converted into money if refinanced or sold. Over the years, if kept well, real estate property increases in value and therefore this asset will up in value the longer the property is held (Should you rent or own).

Some of the renting and owning advantages and disadvantages that need to be considered are; The financial obligation. When you rent you commonly have a one year lease, or less, so you are only financially obligated to pay the agreed upon rent for a year, after that you have the choice of signing another lease, or moving somewhere else. When you buy a home, you are obligated for 15, 20 or 30 years. You can sell a house if you need to move, but selling a house is rarely a quick

I’ve been pursuing my education for my entire adult life. As a young and working mother I tried to fit night classes into my hectic schedule but never seemed to be able to string together enough credits to make it seem like it was worth the time. Then some years back, I began working for an employer that had tuition reimbursement so I took advantage of that - only for a minute; unfortunately the following year they took reimbursement out of their benefits plan, and around that same time the school notified me that my old college credits had expired and wouldn’t be used toward my degree. Their ‘Life Credit Portfolio’ was an option, but just barely. I decided that my time had passed and I should focus on saving money for my children’s college, and retirement.

Trying to manage your budget is knowing your credit score, how much money is on your debit card and having insurance to help us save and budget our money. The impact of of a credit score “is a number indicates to lenders to repay the loan you borrow”(Investopedia, para1). If you have good credit score then you can mortgage a house but if you have bad credit will you’ll keep renting a house or not live in a house. With a credit card if you’re using it to make a purchase then you promise to pay the money back, also to that’s how you boost your credit score up. With a debit card if you purchase something it comes out of the account electronically.

While reading “They say” I have decided that the ways I might balance my outside resources with my own argument, is not trying to solely focus on one part of my essay. But giving all my resources and equal and rhetorical analysis towards my argument. Striking the balance will be sort of different, but and have a distinct balance is by not to repeat yourself throughout essay, but try to refer to your resource. I have engaged with outside sources before in high school doing a documented argument as well. I don’t remember what the topic was but it was similar the documented argument I am doing now just less resources. I personally don’t remember if I was successful on it, but I’m sure I could approve on certain areas still when it comes to using

You might be better off paying a reasonable amount for rent and saving your money when buying seems more logical. Also, it depends on lifestyle preferences. Some people may not want to do all the work that comes along with owning a home. As of right now many people are leaning towards renting. This is because the market is going down. Some don’t want to commit to a mortgage if when they go to sell they can’t find any buyers.

Thesis: Home ownership provides greater potential gains than renting, while renting provides superior financial flexibility.

Some individuals may believe that buying a home is part of the American dream and that renting an apartment does not compare, yet satisfied renters would disagree. Even though owning a home provides a sense of security while allowing modifications without permission, renting is preferred more often over buying because the expense of updating, monthly payments combined with utilities, and paying insurance on a home comes with a high price tag. A homeowner does have several luxuries such as forming lasting friendships with their neighbors, making landscaping changes to their yard, painting and designing their home. While that remains true, renting an apartment comes with several different options and

I am a first generation student and spring semester is my second semester in college. I got no help in the beginning of fall semester in the process of class selection. I got in math class late and was unable to catch up to class that lead me to drop the class. But this semester, I got all the opportunity to get involve and to pursue my dream. I am working hard as possible to do well on every class and outside of the class. I am also involve in community, representing community throughout state being a youth leader and doing volunteer in my free time. This summer I am planning to make a transformative summer taking a class from world most prestigious university. I hope the class I take this summer will help me get ready to pursue my goal of

Viewing where you would like to spend your time, away from the city, and work. When buying a home, you may even be taking money away from investments that can be made for the future retirement. There is principals and interest every month on the loan, as paying for the principal your money begins to grow (Waal, P.1998). Usually, the first year is interest, also, buying a home there is homeowner’s insurance, property taxes, and maintenance to keep up. As in leasing a home, consider throwing your money into someone else’s lap. The cost of repairs, maintained or other issues that the landlord is responsible for. Overall, I personally bought and built my home, it was a headache, I tell people that I would not build again. I also have rented apartments or rented a home out at Fort Bragg, NC. Every situation is different, it really depends on how you want to accomplish for your future. With a home, it is yours and you may change things in it, but as renting either get permission, or just some attendants just do what they want with your home, but when the attendants move out they should paint it back to the original color. Either way, you go, it is hard to make that decision in

Buying a house provides stability forever unless the owner decides to sell or to move into another home in which the owner gains equity for selling. This is still a huge benefit. Owning a home is a very huge security measure. When a person is an actual homeowner and not a renter he or she can control who actually enters his or her home (Map, 2011). It is easier to purchase home alarm systems and everything that goes on in a person’s home is controlled by the owner. As a homeowner the option of what is allowed and what goes on is controlled by the actual homeowner. If an issue comes up and the owner has to move somewhere else then this is a huge benefit. As a seller a person can earn so much money and it can build equity (Media, 2010). Usually homes sell for way more than the purchase prices, especially if the owner has customized the home, in which was discussed earlier (RP Reality, 2011). The selling price could be a huge benefit to any owner who is selling their home and moving. These benefits cannot be earned by an apartment renter.