Lynette Khalfani-Cox

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97 appearances 1 recordings 1 series first heard Mar 2023 last heard Mar 2023

Lynette Khalfani-Cox’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Buying a Home? Here’s What to Do Before Starting Your Search · 31 Mar 2023 podcast
And that's essentially where you get added as an authorized user on someone else's credit card accounts.
We've done this with our adult children who are in their early 20s, added them as an authorized user on our
credit cards that we've had, say, for 20 years, and they benefit by essentially kind of inherit, if you will, the good, long-paying track record and history that my husband and I have on those cards, our two older kids get the benefit of that, and that's boosted their credit scores as well.
Absolutely.
That's exactly how you could look at it.
Well, one of the biggest challenges for people when it comes to home ownership is that they've kind of been...
taught that it's only about the mortgage payment and that equals affordability when nothing could be further from the truth.
I have an expression that I use where I say, it's a pity that it's not just pity.
And what I mean by that is it's a pity, it's a shame that it's not just P-I-T-I, principal, interest, taxes, and insurance.
In reality, there's everything from moving costs, which can be considerable, to furniture, to decorating a home, to repairs, to upgrades, to utility costs, and more when it comes to navigating the home ownership process.
So don't ever think for a moment that, oh, I can afford the house payment.
I'm good.
Everything is going to be fine.
No, every homeowner can tell you you're going to have to do some repair that was unexpected.
You're going to have some unanticipated cost, whether it's plumbing that needs to be done, electrical work, a leaky roof or something else, which is why it's a smart idea if you can swing it to have a cash reserve where
where you have one, 2% or so of the value of your home put aside to deal with emergencies, repairs, upgrades, renovations, other things that you might want to or need to do to maintain and to keep your home.
My pleasure, JR.
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