Personal blog where a young man shares his journey to become completely debt free

Author: Tom P. Wilkes

Adultescents, mammoni, nesthockers, – call them what you will

Posted on by Tom P. Wilkes

Today’s Boston Globe has the article: Home boys which comments on the growing phenomenon of adult men living at home with their parents. While women do it too, men are more likely to not want to leave home.
In 2000, 12.9 percent of 25- to 34-year-old men lived at home, up from 10.5 percent in 1980. So did 8.3 percent of women the same age, up from 7 percent in 1980. (In Italy, a third of men between 30 and 34 were still living with their padres and madres, according to a 2005 government study.)

Money seems to be a big reason. When you are slogging away at an entry-level job getting entry-level wages and burdened by student loans, car loans, credit card debt or payday loan near you home with bad credit etc. having a rent free room at Mom & Dad’s is pretty hard to resist. But the men in the article also stress the sociability factor for why they stay. They enjoy being with their family and like living with them. They also like the home cooked meals, free laundry and house keeping services…

My eldest sister lived at home until she was in her late 20’s. I think she liked being around all of her younger siblings. She also helped out my Mom by paying certain utility bills and making large purchases when needed (when the washing machine broke she replaced it with a new one). She had her own little suite (bedroom and bathroom) and was happy to stay. While the situation worked for both her and my Mom for many years, I think everyone was relieved when she finally moved out and got her own place. When I graduated from college and moved back home I was very aware of how tempting it was to just stay. But having watched my sister do that, I knew I did not want to fall into that trap. That was why I took the leap and purchased my condo. While everyone’s situation is different, I do believe you can’t really consider yourself an adult unless you are 100% paying your own way (living away from home, doing your own laundry, cooking your own meals, scrubbing your own toilet, etc.)…

Renting vrs. Buying – Done Both and here’s why

Posted on by Tom P. Wilkes

Renting vrs. BuyingThe first apartment I rented was a 3.5 bedroom 1 bath first floor flat in Milwaukee, WI with two friends. It was senior year and we were excited to finally be out of the dorms and into our own place. Luckily heat was included and with the absurdly low monthly rent of $400 split three ways finances were not an issue. That first apartment really spoiled me.

Once I graduated from college I moved back home to Boston and luckily Mom had not turned my bedroom into a fantasy grandchild nursery as she had threatened (that came a few years later – thanks Sis!) After 6 months of living at home I figured out I really needed a plan. I was not making a lot of money and since I had gone to college out of state I was not really close to old high school friends anymore. Affording an apartment on my own was not feasible and rooming with strangers did not really appeal. So I did something really stupid (or really smart) – I purchased a condo at an FDIC auction. It was a small two bedroom one bath unit within easy walking distance of two subway stations. It cost $25,767 (auction remember) and because of my low salary I qualified for a no money down FDIC 30 year mortgage at 8%. I spent $800 replacing the old brown shag carpeting, painting the walls, and steam cleaning the bath and kitchen. When I moved in two doors in the building had eviction notices tacked on them and the first floor front unit was selling homemade Brazilian hooch out of their window (cars would pull up onto the sidewalk like the window was a drive-thru. I lived in that condo for five years.

In the summer of 2015 I was finally making a nice amount of money and while the condo building and neighborhood had come a long way, I was ready for a bigger place and more importantly an off-street parking spot for my car (the only downside of the neighborhood revitalization was how scarce the on-street parking spots became). I could not afford to buy a new place since I did not have cash for a down payment and was unwilling to sell or remove equity from my condo to trade up so I moved out, rented out my condo and rented an apartment myself. I lived in the apartment for 4 years while I saved money to buy a house.

To save money, I had roommates in the apartment. One roommate was a nightmare but the other two were ok. I did a lot of traveling those years for work so living in an apartment was great. I did not have to worry about lawn care or shoveling. It was nice to know that if something broke it was the landlord that had to pay to fix it and not me. But the only way all of this was justifiable to me was with the roommate and frankly as the years passed and being now in my 30’s I really wanted to own a home. I managed to save $80,000 during those four years of renting. About a year and a half ago I purchased my house and used that $80,000 as a down payment (a little more than 20% down).

So here I am the owner of my house and my condo. Owning can be more expensive than renting, but for me there is something about being able to call something “mine” that is deeply satisfying. Renting was convenient, but owning is the route I have chosen.…

How to make a million dollars starting at 25, 35 and 45

Posted on by Tom P. Wilkes

million dollarsA recent edition of Kiplinger’s Personal Finance magazine ran an intriguing cover story, “Six Simple Ways to Retire Rich.” As part of the article, Kiplinger’s ran a feature titled “How to Make a Million: Strategies at Every Age.” Most of us are aware of the power of compounding interest, but this feature on how to make a million dollars beginning at three different ages really drove home the importance of starting early to retire rich.

HOW TO BECOME A MILLIONAIRE: THREE STARTING POINTS

A 25 year-old with no savings needs to save $286 a month to reach $1 million by age 65. If your new employer offers a matching contribution, participate up to the match and then consider investing above that in a Roth IRA. The forty years of growth will make you a millionaire, maybe many times over depending on investment performance.

A 35 year-old with no savings needs to save $671 a month to have a $1 million nest egg in thirty years. Notice the jump in required monthly contributions? That’s what waiting ten years gets you. At 35 there are several family priorities competing for your money such as college savings, housing, etc. However, this is one of those times when you need to exercise the “pay yourself first” plan. No, you aren’t being selfish by wanting to make a million dollars. You are laying the groundwork for a solid financial future to provide for your family for years to come.

At 45 years-old it takes nearly a mortgage payment, $1698, to generate a $1 million portfolio. With only a twenty year window it’s time to get busy, but it’s not too late to get started. Many people this age develop a loser’s attitude, “It’s too late so why even start. I’ll just live on social security.” Social security insolvency aside, this is not a plan for success at any age. Take responsibility for your inability to save up to this point by making it a top priority over the next two decades. You just might be able to make a million dollars in two decades.

From this exercise, two lessons are quite evident. First, it’s tough to become a millionaire! Second, the key to making a million dollars is to start early. The earlier you start, the less out of pocket you have to save, because compounding growth becomes your best friend.…

No fax payday loans online

Posted on by Tom P. Wilkes

A lot of people consider faxless payday loans to be a trick of the internet. Is it so in truth?  Our article is supposed to present you  the advantages and right actions of obtaining a secure credit online.

Faxless payday loan or, as it is known also as no fax payday loan, is a reliable system  that allows you to borrow some money with no credit checks and visiting your bank. This service of loans is easy-to-use and faster than taking bank loans. These credits could be used for paying your immediate needs. For example, you need urgently cash to pay for a car repair expenses, some bills or buy a present for birthday of a close man but you have spent all your salary and don’t have necessary amount. You can take an payday loan online at American Loan Search and have no problem with that or other stuff.

Advantages Of Faxless Payday Loans

As it has already been said, today this service is easy and more convenient than bank loans and other payday loans. The following features of no faxing payday loan only prove our words:

1. You don’t need to go anywhere for obtaining a loan. The only things you need is the internet access and bank account. Consequently, when you feel a cash crunch, just switch on the computer, get connected to the Internet and search for ‘payday loans faxless‘. You will see a huge listing of lenders.

2. But you need to be on your guard! Check each lender on the eligibility criteria: terms of loan, conditions of lending money and repayment; and select the best offer.

3. When you decide on the lender, go to the web page that contains his application form. There you need to put all necessary information to obtain a faxless payday loan. Check a few times all the details especially all numerals to ensure that the application has no mistakes and is filled out correctly. Fill the form on American Loan Search.

4. The procedure for the approval is very quick and safe. It takes just a few hours for the lender if there is no documentation to be asked to verify some details or for collateral. Thus as soon as lender gets back to you, he will begin the procedure.

5. The money on approval will be wired to your bank account from where you can take it any convenient and necessary for you  moment.

6. As the lender simply withdraws his loan amount plus interest on your next salary day, he will not hassle you for repayment.

As a result, faxless payday loan is a real help online and is not for cheating you. They can help you a lot in the life when you need instant and unfailing faxless payday loans. Just think over this service.…

Instant assistance in financial emergency

Posted on by Tom P. Wilkes

In our life we meet different situations when cash advance loans could be useful. Once we could be at the height of our success and at another moment we are taken in. We crashed a car, or we need to pay immediately some important bills, our relatives fall ill, God forbid, and the medicine is necessary to be bought now, and we don’t have such amount today.. What to do?  Calm down. There is an easy decision: to take cash advance loan at online lender.  The pleasant moment: you can take it even when you don’t have a checking account.

Cash advance loans are not an innovation. They are also called Payday Loans, Quick Cash, or Fast Cash. One of the great advantages of such loans is that they are  no credit check loans. So, if your credit score leaves much to be desired, this option of payday loan is for you. Such credits are popular for their easy and actually fast preparation terms and quick return terms. Now you can get money online and it takes generally a few minutes.

Features  of Cash Advance Loans

When and why do we need money in extremely short terms? Maybe when we don’t have other alternative. Waiting of obtaining loans in the bank is too long and distressful for us. Of course, in such situations fast cash loans is the best solution:

1.   You can get money in terms within twenty-four to forty-eight hours.

2.   Lenders don’t check your credit.

3.   The application form you fill in online contains only base details. The answer, approval or denial, comes in a few minutes.

Requirements of  Loans

Other advantage of quick cash is their humane requirements. They make these loans a good variant for people, who have got in a temporary financial crisis. Requirements are:

1.   The minimum age of the person who wants to obtain an instant cash loan should be eighteen years old.

2.   Person should be employed and receive firm income.

3.   Person should be a citizen of the United States.

4.   Person needs to have a checking account that allows direct deposits to be wired or just open a savings account.

Payday loan online can’t be sent by mail. That’s it is necessary to have an account for transferring money you borrow from the lender. As soon as you are proved you will have an instant access to your money. This amount you can use for any purposes you need. The downside of quick cash loans is that they are expensive. That’s why when you compare loans, look for lower fee amounts. And, remember, a longer term will also work to give you a lower APR.

Cash advance loan can get you out of  financial emergency without checking your account.  You should attentively gather information on the loan package that is offered by the lender. And in spite of the fees, the loans of this type are to help you and save a day. If to use this possibility right, it can serve wholesome purpose.

Be careful and do not forget that any black bar in your life will be changed in a white one any moment depending on your decision. Cash advance loans are simple and fast online solution of any your problem.…