"Welcome to my mortgage hell" written by Meghan Daum is a very interesting article in Glamour magazine. It was all about women who got themselve in over their head financially by purchasing a home they actually couldn't afford, well actually they could afford it but they were severely overextending themselves financially to have these homes. The article hit home because I guess I have fantasizing about how great everything will be financially once I get a nursing job and the first story was about a nurse who makes $92,000 a year and ended up losing her home. Ouch! I read it and could hear my bubble bursting in the background. It really stressed the fact that you always always always need an emergency fund in my head, the woman had a series of unfortunate health events, without a savings account or emergency fund she started missing payments and eventually the bank took over her home. This article really scared my into doing tons and tons of research before I buy a home and I will make sure I have a substancial down payment and pick something that has a comfortable mortgage payment. That article was a real eye opener. I would recommend it to anyone who is even thinking of purchasing a home.
Thursday, June 12, 2008
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2 comments:
Consider reading Financial Peace and The Total Money Makeover by Dave Ramsey. Both books address your fears as well as the ones I had before we bought our house four years ago.
Also, have you thought about going to CRNA school after you get your RN????
i think i read that article and i still remember it! esp in this economy it's really important to make sure that, even if your salary is cut back, you can still COMFORTABLY afford your home payment. that means save save save for the unexpected expenses and live BELOW your means : )
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