WSB Radio’s Ilyce Glink Show. Rebuilding American homeownership; setting, controlling and managing your personal financial goals and future in five steps.
We are rebuilding American homeownership on WSB Radio’s Ilyce Glink Show by learning how to reclaim ownershipOwnership is the absolute right to use, enjoy, and dispose of property. You own it! over our home, personal finances and small business. Today I want to emphasize five rules homeowners need to be mindful of as we rebuild America’s housing market, and I’ll provide other personal finance and real estateReal Estate is land and anything permanently attached to it, such as buildings and improvements. advice on air at 11:00 a.m. EST.
1. If you want to reclaim ownership over your personal finances, you need to get yourself back to ground zero. Start by being honest about your financial situation, whether or not you are employed, in foreclosureForeclosure is the legal action taken to extinguish a home owner's right and interestInterest is money charged for the use of borrowed funds. Usually expressed as an interest rate, it is the percentage of the total loan charged annually for the use of the funds. in a property, so that the property can be sold in a foreclosure sale to satisfy a debt. or having to do a short sale.
2. You need to take the pain now. As a nation, we’ve already kicked the can so far down the road—just look at our deficit, budget and economic situation. When dealing with your financial house, don’t delay important decisions, waiting for the problem to go away on its own.
3. Make strategic decisions, not emotional ones. Treat life like a chess game, and think two or three steps ahead of where you are right now. Understand how the decision you make today is going to impact your future. Before you even buy a home, for example, think about how difficult it will be to sell it down the road.
4. Underbuy rather than overbuy. You should spend less than you can afford simply to give yourself some comfort room.
5. And finally, don’t sign any document until you have read every single word and understand what you are reading.
Find out more about how to apply these five principles to your personal finance, real estate and consumer decisions by tuning in to today’s radio show. Just download this podcast on your mobile phone or audio player.
Join in on the conversation by tweeting me at @Glink, and use the hashtag #rebuildingamerica.
Ilyce Glink Show – February 24, 2013