Thursday, June 26, 2008

Its time for a Money Makeover in the past 24 hours I have dropped roughly $2000.00 in this homebuying process. So far I have put a deposit on the house, paid for the home inspection, and authorized my loan processor to take 500.00 out of my account to get the appraisal all set up, but hey I think of it as an investment..its certainly not money going down the drain...

I have a few posts that are still in draft mode but before Friday you can look forward to posts on how I fixed my credit score, a quick overview of my net worth and current financial information, my goals from now until December 31, 2008, and a a piggy back post from on what it means to live life on my terms and the quote from The Great Debators- "Do What I have to Do, So I can do what I want to do"

Until then Boston Gal highlighted a great Money Makeover from the San Diego Union Tribune. It highlights Teresa Ventura, a 48 year old recently divorced Library Assistant who wants to retire by 55.

According to the advice of the financial planner the newspaper set her up with she is well on her way to retiring at 55. She makes $50,000 a year and stands to retire with $3,185 a month from her employer sponsored pension and once she turns 66 she will receive $1600 a month from Social Security.

All she needs to do is worry about the $5000 tax bill from her newly purchased home and the $25000 in credit card debt that she has. $5000 tax bill, ha, that's nothing compared to South Jersey. I have coworkers with $8000-$9000 tax bills. Try paying that every year!

My advice to Ms. Ventura- Read The Total Money Makeover by Dave Ramsey... oh and retire outside of California.

Here's the link to the article if you would like to read it:

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