TO INCREASE YOUR WEALTH, FIRST YOU HAVE TO TAKE THE REINS OF WHAT YOU HAVE TODAY AND WHAT YOU WANT FOR TOMORROW. THESE 5 TIPS WILL HELP YOU TO ACHIEVE IT.
We all want to have the magic formula so that, despite the daily expenses, the occasional emergency and an unplanned trip, we can save to stop renting and become owners of our own home.
Unfortunately, it is very difficult to have a miracle recipe, however, it is very true that any objective can be achieved if we start from realistic goals and follow a plan. At Vivanuncios, eBay’s real estate portal , we want you to achieve your dream of buying one of those houses for sale or apartments for sale that you have always had in mind, that is why we give you these tips that you can put into practice from today:
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Where to start to have more money
According to Karla Bayly, specialist in financial coaching, before planning how to increase your income it is essential to first establish a plan and it must be completely realistic.
“Before thinking about increasing your wealth you have to put the cards on the table and analyze if you really want to get a house in the most efficient way possible. That is a principle of wealth, not paying extra interest ”, he says.
The ideal mortgage is 15 years, for example, if you wanted to buy a property of one million pesos with an interest rate of 10%, you would have to cover 180 monthly payments of approximately 10,750 pesos.
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5 steps to reach your goal
1. The first step to increasing wealth is to set the record straight and make a realistic plan. You must be clear that, when it comes to buying a house, the ideal one is not one with a huge patio to make a garden once you retire (if you only have a few years of work experience) or where your children can play (if you still you do not have them). “Your ideal home is the one that is within your financial reality at this point in your life,” says Karla Bayly.
2. Another way to increase your capital is to gain control of your current finances. In order not to compromise your money or your lifestyle, the suggestion is not to allocate more than 30% of your gross income to paying for your home. Therefore, to buy a house for a million pesos, you should have a net income of around 36 thousand pesos per month.
3. If you already know that the houses of a million are within your budget, do not look to buy properties that cost more or that expense will put other aspects of your lifestyle in check.
4. Set a goal to save 20% of the value of the house or apartment you want to buy, this exercise will allow you to know your ability to save. Set and meet the goal of saving what you would pay on a monthly mortgage (in the example we saw above, 10,750 pesos per month). Do that until you collect a down payment on your house of one million pesos (200 thousand pesos). Of course, you have the option of saving a smaller amount, but you should be aware that you are not yet ready to cover the monthly payments of a mortgage with the regularity that is required.
5. According to the time that you are going to save that down payment (one or two years), choose suitable investment instruments. If the idea is to acquire equity, you need to make a safe investment with your capital. Bayly suggests ruling out any high-risk investments like cryptocurrencies, investing in currencies or metals. The best thing is to look for investments that assure you that you will not lose your money in less than a year. For example, investing in Cetes is a good option because, from the beginning, you are protecting your savings from inflation.
What do you think of these tips? We invite you to put it into action, creating a heritage is not impossible, you just have to want it with all your might and go for it. Do not forget that the largest online real estate offer in Mexico, you can find it in Vivanuncios.
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