Should You Buy a House?

Good morning,

Here is your Thursday Junto newsletter!

“Buy land, they’re not making it anymore.”

News  📰

The End of Netflix Password Sharing is Almost Here (WSJ)Bankrupt Crypto Lender BlockFi Looks to Return Customer Funds (CoinDesk)Congress may pass 7 new retirement rules including a student loan match (CNN)Electric Cars Are Taking Off, But When Will Battery Recycling Follow? (NYT)US Home Sales Dropped 7.7% in November (WSJ)Phoenix Suns to be sold in a record-shattering deal (Axios)Sam Bankman-Fried to be Extradited to the U.S. (CNBC)Wells Fargo to Pay $3.7 Billion for ‘Mistreatment of its Customers’ (NYT)Zelensky to meet Biden in Washington and address Congress (WaPo)Harvey Weinstein Found Guilty (NBC)

Headlines to Ignore 🙅🏼‍♂️

12 Best Stocks To Invest in Right Now (Yahoo Finance)Experts Predict What the Housing Market Will Look Like in 2023 (Forbes)Jim Cramer recommends these 5 health care stocks in 2023 (CNBC)

Extra Fun 🤪

By the way, if you’re on Twitter, check out @CramerTracker. The account tracks Jim Cramer’s stock recommendations “so you can do the opposite.” I wouldn’t count on them for real financial advice, but the account is a funny follow if you’re familiar with Cramer’s antics.

One of their most recent tweets I found amusing:

Tips  💎

“Ignore the TikTok and Boomer BS about real estate. Buying multiple properties per year and cash flowing is not easy. Homes are not as affordable as they once were, no matter how many times your parents tell you ‘rent is a waste.’ Real estate is a powerful wealth creator, but buying a house is not always a good idea.”

Rent is not a bad use of moneyYou don’t always make money when you buy real estateYou CAN become rich without real estateA price-to-rent ratio is a tool for determining rental vs. purchase affordabilityYour mortgage is the LEAST you’ll pay per month and your rent is the MOST you’ll pay per month

Want to buy a house? 🏠

Ask yourself:

1) Why do you want to buy a house? Be honest about your reason. Probably best not to buy based on someone else’s bad financial advice.

2) Can you afford a down payment? You don’t need 20%, but waiting until you are more financially secure may be a safe bet.

3) Have you taken closing costs into consideration? Tack on another 3-6% of the size of your loan.

4) Do you plan to stay/own for 5+ years? Early mortgage payments primarily go to interest, not principal. 

Read the Full Article: Should I Buy a House? How to Know if It’s Right for You

Announcements 🔈

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Disclaimer: This newsletter is strictly informational. It is not investment advice, tax advice, financial advice, or a solicitation to buy/sell any assets. Please do your own research. This newsletter may contain affiliate links, meaning I get a commission if you decide to make a purchase through my links (at no cost to you).