Whether you are looking to buy, sell, or do both, in my opinion, this is the best way to win in every situation. Pay off your debt.
Every single financial institution looks at your debt-to-income ratio to determine your overall financial risk level.
When you prioritize your additional funds to pay off your debt you have an immediate return on investment and you move closer and closer to being in control of your financial future.
Many of you may have heard of this financial movement out there called FIRE. It stands for Financial Independence Retire Early.
These individuals have a savings rate of 50% or higher of their income. The goal is to have enough saved so that they can have more freedom in their choice of work or how to spend their time.
Knowing what your time is worth is an extremely valuable tool.
I actually like the acronym Financial Independence Recreational Employment better.
How many of us know someone who “retired” for a while but ended up going back to some form of a job (or volunteer work) that had more flexibility and aligned with their interests?
The less we rely on debt, the more freedom we have in so many ways.
This is a major reason why I love real estate. I get to help people make smart choices with one of their largest assets.
Right now, affordability is a major talking point in our economy, and for good reason. Taking control of your finances will give you a lot more peace in your life.
If I can be of any help, don’t hesitate to reach out.
-Josiah
