I live in a wonderful duplex that I plan to purchase soon. I’ve been in discussions with my landlord and we both favor the idea of me buying the place.
I’ve been watching the pricing on my house drop on www.zillow.com, a free website that gives ballpark figures of a property’s value. Trouble is, the prices haven’t hit my price range yet and they’re starting to move up again.
I’ve been going onto different sites that allow you to decide whether or not to rent or own a specific property. Being that owning a home is a big part of living the “American Dream”, it’s hard to admit that being a renter may be better for positive cash flow.
So, as I write in today’s foreclosure forum blog, I ponder my next move. I’ve been wanting to buy this place for a long while now. But, I won’t be able to do it alone.
I spoke with Leslie Bruhn of Women’s Wealth Network and asked her advice. She advised that I not go into negative cash flow mode. If I spend everything I have and don’t have enough left each month for incidentals, I could be playing with fire.
She surprised me when she, herself, a very successful and financially healthy woman, told me that she doesn’t own the place she lives in either. However, she owns multiple properties elsewhere. It seems that many places where we live are priced out of range for wise investments.
It was then that I knew I had to join her Women’s Wealth Network and learn more. Classes begin in September and I’m excited! I can’t wait to learn tools and tips that will allow me to become smarter about my financial choices.
As one gal, Rosie at Comerica Bank, said to me recently, we women are responsible to educate ourselves in three areas: cultural, vocational, and financial. Cultural education is like learning how to dance, play the piano, appreciate art and jazz music. Vocational education is getting your Bachelor’s Degree, Master’s, and Ph.D. so you can get the job you want. Financial education is equally important, but many women are severely lacking knowledge in this area and make themselves vulnerable to poor decisions.
I, too, have stuck my head in the sand for a while regarding my finances. I kept hoping that someone else would take care of me so I wouldn’t have to worry about money. Well, it’s time I take account of my own worth and figure out how to have enough for retirement.
After all, it’s not about how much money you make. It’s about how much you hold on to. And that’s why I’ll keep my eyes open about my decision to rent vs. own my home.
As I go through this process, I’ll keep you posted.
Posted on July 22, 2009
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