Home Buying Archives - Critical Financial

Home Posts Tagged "Home Buying"

Here Are 5 Financial Disadvantages of Owning a Huge House

Posted by Tamila McDonald on Nov 14th, 2022 · 0 Comment

Big, expensive houses are all the rage these days. Celebrities and wealthy businesspeople seem to be buying up ever-larger homes at an alarming rate. While there are some advantages to owning a large home, there are also several disadvantages that you should be aware of before making the decision to buy one. In this blog post, we will discuss five financial disadvantages of owning a huge house. Houses...
more →

Here are some simple guidelines that will help you build wealth:

1) Do the math. Get a budget and calculate your net worth

2) Get an emergency fund. Save at least 6 months worth of expenses

3) Limit costs. Spend no more than 30% of your income on housing

4) Max your retirement. Maximize contributions to your tax-deferred retirement accounts

5) Pay yourself first. Set aside money for yourself before you take care of your other bills

6) Set goals. Goal let you get ahead faster

7) Avoid high interest debt. Avoid credit cards, title loans and other usurious loans

8) Diversify. Diversity your assets.

Here Are 5 Financial Disadvantages of Owning a Huge House

About the Author

Critical Financials’ Basic Personal Finance Rules

Support Our Advertisers