Making The Right Decisions When It Comes To Real Estate

Today’s Prep:

Are you considering making a move this year? When it comes to home buying or selling decisions, there are a lot of factors to consider. Eric answers a few questions from the mailbag related to real estate.

(Click the featured times below to jump forward in the episode)

 

Equipping Points:

Your home is an important asset, but also a source of rest and refuge. Making decisions related to real estate can be tricky because you must consider both the financial elements as well as some of the emotional ones. In this week’s episode of the Retirement Ready podcast, Eric answers three questions from the mailbag from our listeners.

If you are buying a new home but your current home won’t sell in time to cover the closing costs, where should you get the money? From an IRA and pay the taxes or by acquiring a short-term loan? Is there a program available through your local bank for this type of situation? Harriet from Ames wrote in with this question as she transitions from one home to another.

If you have multiple homes, but have a goal of retiring early, is it worth selling one home now? Jim in West Des Moines is debating what to do and how to prioritize his retirement goals. Part of the answer comes down to, is it affordable? Are both homes paid off or do you still pay a mortgage? Another aspect worth considering is taking advantage of the hot real estate market right now.

Finally, Kathy’s daughter is a single mother who never seems to be able to make ends meet. Is there a good way to support her financially without enabling her to make bad decisions? Remember, it’s hard to give people money with strings attached. From a financial gift standpoint, you can give $15,000 without creating any gift tax implications for her or for you. But ultimately, you have to give what you feel comfortable giving.

Listen to the full episode or click on the timestamps below to hear Eric’s answer to these questions in the mailbag.

[0:46] – Mailbag: Need cash for closing on a new house before current home sells, should this be done through a short-term loan?

[3:13] – Mailbag: With two homes in different states, should you sell one home to be able to retire early?

[6:07] – If retiring early, how can you cover the medical insurance gap?

[7:32] – Mailbag: How can I help my adult child financially without enabling her?

 

Related Resources:

A Message For The Good Savers

How To Ask Better Financial Questions

 

Today’s Takeaway:

More From Eric:

The host: Eric Peterson - Contact - Call: (515) 226-1500

Subscribe To The Podcast:

Apple Podcasts  -  Google Podcasts  -  Spotify  -  Stitcher  -  iHeartRadio  -  TuneIn

Check out some other recent episodes

What Is Your Retirement Mindset?

August 13, 2020

When it comes to retirement, where are you at? If you’re getting closer to retirement, it may help to understand your current mindset in order to know how best to proceed.

Read More

Are You Facing Financial Crisis or Financial Opportunity?

August 6, 2020

From market crashes to empty nests, we discuss different situations that may be first viewed as a crisis. But is it really an opportunity in disguise? We will explore both sides today on the podcast.

Read More

Making The Right Decisions With Your 401(k)

July 30, 2020

Are you wondering what to do with your 401(k)? How can you make sure this investment is set-up well to suit your needs? Let’s answer some of the most common questions regarding this popular retirement account.

Read More

Which TV Character Describes Your Financial Personality?

July 23, 2020

What kind of classic TV personality do you most relate with when it comes to handling your finances? Are you more like Gilligan or Barney Fife? Find out on today’s podcast!

Read More

Financial Pet Peeves

July 16, 2020

What little (or not little) things get under your skin when it comes to financial planning? Are they the same pet peeves as Eric’s? Find out on today’s podcast!

Read More

Grading Your Financial Competency

July 9, 2020

How would you grade yourself on your financial competency? Are you at the top of the class or falling behind? Find out on this episode.

Read More

Mailbag: When Should I Take Social Security?

July 2, 2020

Are you wondering how much longer you really have to wait before claiming Social Security? Or are you looking to find the perfect financial advisor but haven’t found them yet? Eric answers three questions from the mailbag in this week’s podcast.

Read More

Financial Lessons Learned from the Farm

June 25, 2020

Whether you are growing some backyard tomatoes or have 100 acres of farmland, what are some financial lessons to be learned? You don’t need a green thumb to understand these financial principles.

Read More

Financial Truth Bombs

June 18, 2020

Need someone to tell it to you straight? On today’s episode, Eric gives four financial truth bombs that might change the way you think about your financial plan and your portfolio.

Read More

Outdated Financial Rules

June 11, 2020

What financial rules are worth following and which ones need an update? On this episode, we discuss several known financial rules to see which ones are dated and which ones stand the test of time.

Read More

Leave a Comment