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Planning Your Moonshot
Do you know what a moonshot is? In baseball, it's a homerun that is so big that it's almost unbelievable, for Elon Musk it's colonizing Mars, for us it's building a personal finance community on four pillars, growth, design, community, and transparency. What's your moonshot? Explore it with us and let us help lead the way through personal finance, business, and personal development conversations.
Planning Your Moonshot
Properly Planning the Purchase of Your First Home
In this episode, we delve into assessing financial readiness for homeownership, starting with understanding your credit score. We discuss the significance of a high credit score for securing favorable mortgage terms and provide tips on improving your score, such as maintaining timely payments, increasing credit limits, and keeping credit utilization low. Next, we evaluate your financial health using metrics like savings rate, burn rate, and debt rate. We also cover saving for a down payment, how to avoid PMI, and a more realistic rule of thumb for many first-time buyers. Lastly, we explore strategies for accumulating a down payment.
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