2016 Election and Your Finances – Napkin Finance
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December 15, 2016

2016 Election and Your Finances

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It may be somewhat of a sensitive subject right no It may be somewhat of a sensitive subject right now (we’re looking at you #Millenials) 😅, but let's talk about some distinctions between #Renting vs #Buying a home. Each option comes with financial trade-offs—plus nonfinancial, personal considerations, which can be equally important. There are advantages and disadvantages to both renting and buying. For Renting... Pros: ✅ No long-term commitment ✅ Landlord handles repairs and maintenance ✅ Predictable monthly payment ✅ Move when you want Cons: ❌ No investment; no return ❌ No tax benefits ❌ Rent can increase ❌ No control over fixes, remodels, (or that weird smell in the hall) For Buying... Pros: ✅ Tax breaks ✅ Build equity ✅ You’re the boss of your space ✅ Put down roots Cons: ❌ You’re responsible for all repairs and maintenance ❌ Property value can decline ❌ Buying is expensive ❌ Not easy to sell or move How much you’ll pay is another big part of the rent vs. buy equation. Renting usually requires: ➡️ Security deposit ➡️ Rent ➡️ Utilities ➡️ Renter’s insurance Buying, on the other hand, usually means: ➡️ Mortgage payments ➡️ Homeowners insurance ➡️ Property taxes ➡️ Homeowners association (HOA) dues (if you live in a community with one) ➡️ All upgrades, utilities, and maintenance As you weigh the pros and cons of renting and buying, ask yourself: 🏠Will this house fit my family in size and location for at least the next several years? Experts recommend staying in a house for at least three to five years in order to recoup closing costs. 💰Can I get approved for a loan Qualifying usually depends on your credit score, income, down payment, and other debts. 🤔Am I ready to make a big commitment? A home means more than just a financial commitment. It means you’re the one on the line if a pipe freezes in the dead of winter or the basement floods while you’re on vacation. Are you Team Rent or Team Buy? Share below! And click our link in bio to learn more tips on this.
My transaction history remains a mystery.🙃 My transaction history remains a mystery.🙃
Economies of scale describe how it’s often cheap Economies of scale describe how it’s often cheaper, per unit, to produce a lot of something than it is to produce a little of something—due to factors such as specialization and buying inputs in bulk. In general, economies of scale boost economic growth, which means more people have jobs, and there’s more money all around. But economies of scale can also have negative consequences if they lead to workers earning less money or cause an economy to overspecialize. For example, Wal-Mart is arguably the poster child of economies of scale. Because it’s so huge, it can buy its inventory at insanely cheap prices from its suppliers (which is how it can afford to offer insanely cheap prices in its stores). But it’s also controversial for how little it pays its employees and suppliers. There can also be “diseconomies of scale,” which occur when costs start to go up as a company produces more. As companies grow bigger, they can also become harder to manage, which can lead to declining efficiency. Click our link in bio to learn more! 😎
‘Til death do us part. 🏠💀🙃 ‘Til death do us part. 🏠💀🙃
It's a very hot topic right now, so let's talk abo It's a very hot topic right now, so let's talk about it: #Inflation. Generally speaking, many different factors can contribute to inflation, including: ➡️ A booming economy—Economic growth usually goes hand in hand with at least some inflation. If a company’s profits are good, it may give more raises to employees. If people are feeling secure in their jobs, they’re probably spending more money. The more they spend, the more prices tend to go up. ➡️ Energy prices—The economy depends on oil and other energy sources in a variety of ways. When the cost of energy goes up, the cost of making goods, shipping goods, and keeping the lights on at stores goes up too. That means prices of goods and services tend to rise as well. ➡️ Government policy—If the government cuts taxes, lowers interest rates, or prints money, both economic growth and inflation typically get a boost. In theory, there are good & bad things about Inflation. The good: ✅ Encourages consumer spending (which is good for the economy), Wages go up, Some investments (like your house) usually go up in price along with inflation. The bad: 🚫 Your money buys less than it did before, Interest rates go up, making borrowing more expensive, and some investments (like CDs and cash) lose value. You could say Inflation sucks because it means everyone is rich but nobody can afford anything. What do you think? 🤔
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