Skip to content

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

Understanding The SECURE Act, Part 1

January 23, 2020

What is the SECURE Act? And how does it impact your retirement plans? We’ll outline some of the major changes you need to be aware of in this two-part series.

Read More

Retirement Savings Options: IRA Contributions & Roth Conversions

January 16, 2020

What happens if you’ve maxed out your 401(k) contribution limit? When is a good time to make a Roth conversion? Eric answers three questions from the mailbag this week all pertaining to the options you have when it comes to saving for retirement.

Read More

Fortune Cookie Proverbs For Your Financial Plan

January 2, 2020

The message inside a fortune cookie may bring you more fortune than you think if you apply those proverbs in your financial plan. Let’s look at four fortunes and how it applies with your financial decisions.

Read More

Facing The Final Decade Before Retirement

December 26, 2019

The last few years leading up to retirement can have a significant impact on what your retirement actually looks like. This is when you start making the decisions and plans you’ll actually implement in a few years. Are you ready?

Read More

A Message For The Good Savers

December 19, 2019

Maybe you are great at saving and putting away money toward retirement. Is that enough? Find out three areas where a bit more strategy and behavior modification may come into play with your savings and investments as you enter into retirement.

Read More

What Flying Can Teach Us About Retirement

December 12, 2019

Any time you fly in a plane, there’s a lot going on as you travel to your destination. How does this relate to your financial plan? We compare the experience of flying to preparing for retirement in today’s episode.

Read More

What Holds You Back From Breaking Up With A Financial Advisor?

December 5, 2019

Breaking up is hard, but sometimes you stay in a relationship too long for the wrong reasons. Is your relationship with your financial advisor working as it should? Or are you using some of these common excuses to stay with the wrong advisor?

Read More

7 Deadly Sins of Financial Planning

November 26, 2019

Like in all areas of life, it’s important to be cognizant of your blind spots and sinful tendencies. When it comes to the seven deadly sins, how do those apply in your financial plans?

Read More

Let’s Play Financial Jeopardy

November 21, 2019

Financial for 200! Financial for 400! Are you ready to match the questions with the statements like in Jeopardy when it comes to your knowledge of financial terms? Which of these currently impact your retirement plan?

Read More

Getting Your Health And Wealth In Shape

November 14, 2019

Are you feeling yourself slide into a bit of a rut? Need more tone and discipline in your life? Getting your body in shape can look a lot like getting your finances in shape.

Read More

Leave a Comment