<description>&lt;p&gt;Scott and James discuss how to balance a home purchase with saving for retirement.&lt;/p&gt;&lt;p&gt;&lt;b&gt;Listener Question:&lt;/b&gt;&lt;/p&gt;&lt;p&gt;We want to stay in manhattan and want to be home owners but can’t make the math work. Our current rental 2 bed 2 bath just went up to $4400/mo. A comparable condo would sell around $1.3-$1.5m. That would put the mortgage at around $7,000 with another $2,000-$3,000 in maintainable and taxes a month. Rent does keep increasing and I don’t want to keep getting squeezed but does buying in Manhattan just not make sense? &lt;/p&gt;&lt;p&gt;&lt;b&gt;Planning Points Discussed&lt;/b&gt;&lt;/p&gt;&lt;ul&gt;&lt;li&gt;Utilizing Time Efficiently&lt;/li&gt;&lt;li&gt;Capital Appreciation&lt;/li&gt;&lt;li&gt;Purchasing Power&lt;/li&gt;&lt;li&gt;Other issues (IRAs, Inflation, Financial Goals, etc.)&lt;/li&gt;&lt;/ul&gt;&lt;p&gt;&lt;b&gt;Timestamps:&lt;/b&gt;&lt;/p&gt;&lt;p&gt;2:30 - Priorities&lt;/p&gt;&lt;p&gt;5:25 - Various Goals &lt;br/&gt;&lt;br/&gt;8:12 - Life &amp;amp; Math Don&amp;apos;t Always Match&lt;/p&gt;&lt;p&gt;11:15 - Investment Concerns&lt;/p&gt;&lt;p&gt;12:30 - How Much Home Can You Afford?&lt;/p&gt;&lt;p&gt;16:05 - Aligning Your Financial Goals&lt;/p&gt;&lt;p&gt;LET&amp;apos;S CONNECT!&lt;/p&gt;&lt;p&gt;James&lt;/p&gt;&lt;p&gt;&lt;a href='https://www.youtube.com/channel/UCBNdQfS-fzODmYb8Hkr4egA'&gt;YouTube&lt;/a&gt; &lt;a href='https://www.linkedin.com/in/jamesconole/'&gt;LinkedIn&lt;/a&gt; &lt;a href='https://www.rootfinancialpartners.com/'&gt;Website&lt;/a&gt;&lt;/p&gt;&lt;p&gt;Scott&lt;/p&gt;&lt;p&gt;&lt;a href='https://www.facebook.com/stonestepsfinancial/'&gt;Facebook&lt;/a&gt; &lt;a href='https://twitter.com/scott_r_frank'&gt;Twitter&lt;/a&gt; &lt;a href='https://www.stonestepsfinancial.com/'&gt;Website&lt;/a&gt;&lt;/p&gt;</description>

Real Personal Finance

Scott Frank and James Conole

How to Balance a Home Purchase with Saving for Retirement?

FEB 22, 202315 MIN
Real Personal Finance

How to Balance a Home Purchase with Saving for Retirement?

FEB 22, 202315 MIN

Description

Scott and James discuss how to balance a home purchase with saving for retirement.

Listener Question:

We want to stay in manhattan and want to be home owners but can’t make the math work. Our current rental 2 bed 2 bath just went up to $4400/mo. A comparable condo would sell around $1.3-$1.5m. That would put the mortgage at around $7,000 with another $2,000-$3,000 in maintainable and taxes a month. Rent does keep increasing and I don’t want to keep getting squeezed but does buying in Manhattan just not make sense? 

Planning Points Discussed

  • Utilizing Time Efficiently
  • Capital Appreciation
  • Purchasing Power
  • Other issues (IRAs, Inflation, Financial Goals, etc.)

Timestamps:

2:30 - Priorities

5:25 - Various Goals 

8:12 - Life & Math Don't Always Match

11:15 - Investment Concerns

12:30 - How Much Home Can You Afford?

16:05 - Aligning Your Financial Goals

LET'S CONNECT!

James

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Scott

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