Mark Reyes
speaker
76 appearances
1 recordings
1 series
first heard Dec 2024
last heard Dec 2024
Mark Reyes’s voice in public audio — every appearance, attributed to the second.
Trend
recordings per month · last 12 monthsNo recordings in the last 12 months.Older appearances are listed below; set an alert to hear about the next one.
Appearances
WSJ Your Money Briefing · Money Moves for the New Year: Saving Up for a Big Purchase · 26 Dec 2024
podcast
They should understand...
what the ultimate cost is, number one.
So getting quotes from professionals, just get an idea of how much that actually costs.
Number two, are you financially healthy enough?
How do I look at my finances in an objective manner to show I can take on these extra payments?
I can afford to save $1,000 per month regularly for the next one to two years to fund this project.
And if you aren't able to do that,
it's likely that you can't afford this larger purchase and you may have to revisit how important this goal is and how high of a priority this is.
Earlier we talked about the 50-20-30 budget, and that's a budget that fits a mold for most people.
But sometimes they may have other obligations such as daycare, other debt like student loans that they need to consider.
And when we think about
how much of your income can go towards debt, lenders think deeply about that.
They want to make sure like, do you have a healthy debt to income ratio?
So if you have a mortgage payment that eats up, let's say 45% of your gross income, then you're unlikely to get approved for a HELOC or a home equity mortgage.
So it's important to make sure how
does my normal cash flow look like?
How healthy is it?
And is there actual space to make payments and save for future projects?
When planning a large purchase, they're thinking about what their current income level is.
If they lose their job, having an additional HELOC payment for $750 per month can really impact their financial health.
Showing 41–60 of 76 · page 3 of 4
← Previous
Next →