Participants: Cordell Thomas
Series Code: TITTB
Program Code: TITTB000044
|
00:01 On Take it to the Bank,
00:02 you'll find ways to get out of debt... 00:09 solve your credit card problems, 00:14 how to make and stick with the budget, 00:20 simple ways to save, 00:25 buying or selling a home, 00:27 and many more financial matters on Take it to the Bank. 00:31 Hi, my name is Cordell Thomas 00:32 and welcome to Take it to the Bank. 00:35 Today we're talking about an interesting topic 00:37 on mortgage versus rent. 00:38 What is better? 00:40 What is it about a mortgage? 00:41 What is it about rent? 00:42 What do we need to consider several things 00:44 that impact our finances greatly? 00:47 So I wanted to keep it as simple as possible, 00:49 I don't want to go into too much depth 00:51 but I do want you to know that, 00:52 I'm willing to talk to you 00:54 and refer you to the right people 00:56 as necessary. 00:57 If you have those questions, 00:58 be sure you send me those emails, 01:00 we will be discussing one of the emails 01:02 that was sent to me or one of the calls 01:04 that I received in reference to mortgages. 01:06 And I think there are some of the, 01:08 these specific issues are going to be interesting 01:11 as it will have a direct application 01:13 as to what you do 01:14 because many of you are living in urban settings. 01:17 Many of you are living in settings 01:22 that may not necessarily be the same 01:25 as what you see on television, 01:27 what you see in the media. 01:28 The key to what we, you need to understand 01:31 about where you live and what you do 01:33 is there are benefits of both sides of the issues. 01:35 We see many of these sports figures 01:37 buying these multimillion dollar homes 01:40 and we begin to understand that there are a lot of people 01:44 buying things and doing things and they're not happy. 01:49 You know, look, it is incumbent on each one of us 01:53 to make a little money 01:54 and to keep the food on our table 01:56 as the Bible actually says that, 01:59 "Godliness with contentment is a great gain." 02:01 And it does talk about those who are wealthy 02:03 are in great danger of becoming greedy, 02:05 and those that don't understand the context of wealth, 02:08 will let wealth run their lives. 02:11 Look at this issue of housing 02:14 and how comfortable you are as a resource 02:17 because not all of us will own homes, 02:20 not all of us need to own homes. 02:22 Rent is not a bad thing 02:24 and sometimes when you look at this overall 02:27 as you call mortgage and rent, 02:28 we get a lot of our ideas 02:31 and a lot of our sense of satisfaction 02:34 from what we see in the media. 02:36 For example, they tell you 02:39 that the best time to shop for certain things are, 02:41 when they offer great deals, 02:42 when they offer great sales. 02:45 So a lot of us end up waiting out on the sidewalk, 02:47 camping out overnight at retailers, 02:49 waiting for that the door to open 02:52 and for everyone to rush in and try to get 02:55 and pull the deals from other individuals. 02:58 And people end up fighting each other, 02:59 and stomping on each other, and hitting each other 03:03 because of these things that we are told to value. 03:08 And those things should mean nothing to you. 03:10 In fact, when you take a look at buying cameras, 03:13 what are the best time of year to buy cameras. 03:15 You're told, you can go in 03:16 and buy these electronic devices 03:19 at the time that they tell you to. 03:21 But you know they have this own self-interest in mind 03:24 because they already know 03:26 they're asking you to come in 03:28 and buy these things 03:30 in November, December timeframe. 03:32 When, in fact, 03:34 they know that they'll have other newer models 03:37 or have a changeover in their product portfolio 03:40 that January or February and the better time to buy 03:43 these cameras would be maybe January, February, 03:46 or March of the following year. 03:48 So you spend hundreds of dollars extra 03:50 to buy something that's gonna be out of use actually 03:56 or not being the current model year 03:59 within two or three months. 04:01 The key for you to understand is this, 04:05 corporate America is not interested in you 04:07 except that you can buy from them. 04:09 That's what happened in the housing market 04:12 and where a lot of people were jumping into the market 04:15 because they wanted to catch this wave of the investment 04:21 in a home and then bait and switch. 04:23 I got a call from a young man 04:25 saying he'd like to learn about how to flip homes, 04:28 how to buy and then improve, 04:32 and then turnover the home and sell it, 04:34 and make some money on it. 04:35 I'm really not into that 04:37 because I really think more so that if you think long-term 04:40 and you figure out the value of what that house is about, 04:43 the house is to house your family, 04:45 it should be there for a long-term 04:47 and you should plan on staying there 04:49 for quite a while. 04:51 The other issues that come to mind is 04:52 how people begin thinking about that house 04:55 and how inadequate it is 04:57 when we see our friends getting promoted 04:59 and going to different jobs and getting more money, 05:02 and guess what they do? 05:03 They go out and expand the house, 05:06 and they buy a bigger house, and they buy a bigger car, 05:08 and they get into spending what you make, 05:11 and that's one of the most dangerous things you can do 05:14 because it also tells you 05:16 that they don't really have a substantive budget in place. 05:19 And when you hear me talk, 05:21 I go back to the fundamentals all the time 05:23 because that's all we really need to do. 05:25 All of these things called investments, and acquisitions, 05:29 and big vacation packages, 05:31 and all of those things that are long-term issues 05:35 as you plan for them, 05:36 can come about if you start by saving now, 05:41 by planning now, 05:42 and by coming up with an understanding 05:44 of who you are and what your importance 05:48 in this space, in time, is that God has for you. 05:51 Great gain comes from being content with what you have 05:54 and when God places you elsewhere, 05:56 He will give you what you need to have. 05:58 So be careful of this thing called greed, 06:01 be careful of watching other people. 06:03 Remember, happiness, 06:04 the study from the science of happiness says that, 06:07 money is put low on the priority list. 06:09 And honesty and integrity, 06:11 and we find that in the happy movie 06:13 or whatever study that they did from a filmography standpoint 06:17 says that, people are far more happy 06:20 when they're spending time with family, 06:23 when they're spending time with friends, 06:25 when they're spending time 06:26 doing things of philanthropic measures, 06:28 but doing things that are bigger than themselves 06:31 and giving to other people 06:33 rather than get involved with these contentious things 06:36 and these Black Friday deals, 06:38 where they buy things for themselves, 06:40 no matter who they overrun to get it. 06:42 You hear some interesting stories 06:44 from that standpoint. 06:45 So when we talk about this thing 06:48 called housing and mortgage, 06:51 I think that we should take a look 06:52 at what a mortgage actually is. 06:55 And when you look at a mortgage, 06:56 let's take a look at several different elements. 06:59 One of the questions 07:00 that we got from one of our viewers 07:02 had to do with, 07:04 can I payoff a mortgage early? 07:06 What is it with the mortgage payments 07:08 that can help me get to that place? 07:10 So what I did is I took a moment 07:11 and I went and talked with one of our financial experts, 07:14 Mr. Joshua Hernandez 07:15 and we had an interesting conversation 07:17 about this specific issue, and this is what he said. 07:23 This person sent me an email 07:25 and she asked about paying off her mortgage quicker, 07:29 and she said, is it appropriate to pay two times a month 07:33 and will that help payoff for her big investment 07:36 in the home a little bit quicker 07:38 as she's headed towards retirement. 07:40 What are your thoughts on that? 07:42 Great question that. 07:43 The answer is, yes, definitely yes. 07:45 The first thing we need to know about 07:47 paying interest on a mortgage 07:49 is the first 10, 15 years of your mortgage payments, 07:54 the majority is interest payments, 07:56 so you don't always see your balance, you know, 07:58 going down as significantly as you would like it to. 08:01 But an extra payment 08:02 at any time definitely helps to reduce, 08:05 you know, let's say, it's a 30-year mortgages 08:07 which is a very typical mortgage. 08:08 I've seen scenarios 08:10 where I've talked to mortgage professionals 08:12 and they say, you know, 08:13 even if you pay 1 extra mortgage payment a year, 08:16 you're moving your 30-year program 08:19 down to between 20 to 25 years. 08:21 Wow. 08:23 See, you know, just one year helps out. 08:25 Now if you can do that, 08:26 you know, an extra one per month, 08:28 now you can move your 30-year plan 08:30 to closer to maybe a 15 to 20 year plan. 08:34 And so those are things that I've seen 08:35 depending on your interest rate and your mortgage 08:37 and you know, that you know, 08:39 your financial situation, 08:40 they can vary but it definitely is, 08:42 it's helpful and if you can do that, it helps. 08:47 Now I remember the conversation 08:48 as I was outside of a shoe store, 08:50 that's where I was and I had taken the call 08:52 'cause it rings through at times 08:53 when I get an urgent call. 08:55 And I said, you know, as I was talking to her I said, 08:57 "Do you pay a half of the mortgage, 09:02 or are we talking about making your mortgage, 09:05 full mortgage payment 09:07 and then making an additional mortgage payment 09:09 as opposed to making half the mortgage payment 09:11 twice a month?" 09:13 Does that change the scenario a bit? 09:15 It changes a scenario little bit, not very much. 09:17 Okay. Yeah, not too much. 09:19 So, you know, if you're gonna pay, 09:21 you're saying you pay half your mortgage 09:22 at the beginning of the month 09:24 and the other half of your mortgage 09:25 at the end of the month or middle of the month. 09:27 Correct. Right. 09:28 It does help it, it doesn't help that much. 09:31 You know, but if you wanna add an extra payment per month, 09:34 then that's when you start 09:35 to significantly see some increases or decreases 09:38 in your long-term mortgage plan. 09:40 Okay, okay, so I think that, 09:43 I hope that whoever sent me that email, 09:46 I hope you're watching. 09:47 And anyone else that has questions about your mortgage, 09:49 please, feel free to email those kind of questions in. 09:52 But in reference to two times a month, 09:54 it works, it pays it down quicker, 09:57 and you will be a better person for it. 10:03 So you can pay things off quicker, 10:04 you can do things once you understand 10:07 how this thing works called a mortgage 10:09 and many of us don't 10:11 because we just get into it, this and we want it 10:14 because of this thing called homeownership. 10:16 Is homeownership right for you? 10:18 Is it a thing that you would like to get involved? 10:20 Is it something that you're getting involved with 10:22 because you see your friends doing it? 10:24 Is it something you're getting involved 10:25 with after you've studied 10:27 where you're at and where you wanna be? 10:29 May be it's something you can put off 10:31 in the next three to five years 10:33 until you save the substantial amount 10:34 necessary to put as a down payment. 10:36 May be it's something you don't really need right now 10:39 because you're constantly moving around, 10:41 may be there are some other things in place, 10:42 and then, of course, understanding that 10:45 a rental versus a mortgage, 10:47 there are benefits on both sides of the aisle. 10:50 But what I do say is go back to your fundamentals 10:52 and think about, okay, "What does my budget say? 10:54 How much money do I have?" 10:55 And there are some interesting little tidbits out there 11:00 that I typically throw out at you 11:01 when we talk about getting involved in debt 11:05 because that's what a mortgage actually is, 11:07 it's a long-term debt that you payoff 11:09 over 30 years in most instances. 11:11 It's coming up with a number, where are you now? 11:16 Where do you want to be 11:17 in the next two years, five years, ten years? 11:20 And then is a mortgage a part of that expense? 11:23 And then, of course, looking at rental type of expenses 11:26 and what that incurs. 11:27 One of the things people look at is for housing. 11:30 And, you know, for living 11:32 we typically put a number associated with that 11:36 and that number is about 33 to 36% 11:39 of your monthly income should go towards 11:42 paying for some type of rental or mortgage, 11:44 whichever keeps a roof over your head. 11:47 So what is that 30 to 35% 11:49 and if you put it into a specific number to it, 11:53 if you're making $6,000 a month, 11:58 33% of that or 3rd of $6,000 a month 12:02 is $2,000. 12:04 Is that something that gives you a context 12:07 of what you can afford? 12:09 And what I actually ask people to do is, okay, a 3rd is $2,000 12:13 but the rental market in your area 12:16 is more like $1200 to $1400. 12:18 So you can, since you've allocated that amount 12:22 towards living expenses, 12:24 now you can cut back approximately, what? 12:27 Six to eight hundred dollars 12:28 because the market in and of itself 12:30 has told you that you're in a better type of setting. 12:33 Of course, there are other elements 12:35 involved in that 12:36 because you have to include many different items 12:39 associated with your home expenses. 12:41 What do those entail? 12:43 Well, I can tell you that 12:44 if you live in a home or the yard, 12:46 then you don't have the time to mow the lawn, 12:48 somebody is gonna have to mow the lawn, 12:50 so there could be $60 a month expense 12:53 to have someone come and take care 12:55 of gardening expenses. 12:56 How big is the house? 12:58 How much heating does it have to entail? 13:00 How much water does it take to keep the lawn green? 13:04 All of these become major issues 13:07 as we talk about homeownership. 13:10 One of the other most important things, 13:12 that people don't take in consideration, 13:16 is that when we get a promotion at work, 13:19 when we get a bonus at work, 13:20 when we get some type of extra money coming in, 13:23 we typically spend that 13:25 and put it into a bigger house, 13:28 another car, some other type of expense. 13:31 Remember this, when you get money 13:34 the best thing you can do with it 13:35 is plan for a long term. 13:36 If you have a budget in place 13:38 you know what you're planning for. 13:40 So if your objective is to payoff debt 13:42 you're gonna take that bonus and help payoff the debt. 13:45 If you know that you planned to do some other things 13:49 or plan to put some more money into an emergency savings, 13:53 you're gonna take that bonus, 13:55 or you're gonna take that increase funds 13:58 that you're taking home, 13:59 you'll apply it to your budget 14:01 and you look how you can save more, 14:04 how you can put more back to work for God's glory, 14:09 and look at providing some type of mechanism 14:12 where you can say I've been a good steward. 14:14 Because we are going to be held responsible 14:16 for how we manage the funds 14:19 that God has given us and it's very important, 14:21 it's very important 14:23 because I've seen it all the time. 14:24 You got a bonus at work, you go out, 14:26 you get the better car 14:27 'cause now I can afford the better car, 14:29 and you get into this debt for the next four years. 14:32 And if it's a lease on a car, 14:35 that could extend itself from four years 14:37 to almost seven years. 14:39 If you get a four year lease, 14:40 then of course you've leased it 14:42 and you still have to buyout the car, 14:43 so after the lease is done 14:45 you have to still get a loan to buyout the rest, 14:49 the remaining value of the car. 14:51 We don't think about those things. 14:54 And then, of course, the question comes up, 14:55 "Is a lease better than a buy on a car?" 14:58 We can get into that at a latter time, 15:00 it wasn't asked of me 15:01 but I thought I should mention it at this time. 15:03 We are talking about mortgage versus rent, 15:06 and one of the things that Joshua talked about is that, 15:09 it is possible for you to payoff 15:12 your mortgage early. 15:15 Is it important to do that? 15:17 Is it in part of your budget? Can you do it? 15:19 And if you do have a budget in place, you can now say that, 15:22 you know, every couple of months 15:24 I have accumulated an additional amount of money 15:27 that I can actually take 15:29 and pay an extra payment on my mortgage 15:31 that will pay it down quicker. 15:33 But we, as consumers, 15:34 have got caught up into this overall ideal 15:38 that we need to buy, buy and buy. 15:41 Our viewership on television is up substantively. 15:44 This whole technology with smartphones and tablets 15:48 has increased access to our lives, 15:51 and so now we are watching 15:53 an average of 151 hours of television 15:56 on a monthly basis. 15:58 Added to that is people are actually watching 16:01 live streaming and television on their smartphones. 16:03 They are added on to that as another six hours a month 16:06 that we're watching video on live streaming 16:09 on our smartphones and our tablets. 16:11 Now we begin to understand 16:12 that we're spending a lot of time 16:14 watching others do other things, 16:17 and guess what it's going on? 16:19 The media has you in their grasp. 16:21 Because do you think a major corporation 16:25 would spend $3.5 million for a 30-second spot 16:29 on major professional football game? 16:34 Why would they? Is it worth their while? 16:35 Of course, it is. 16:37 Because they're reaching millions of people 16:39 at one point in time, they have their eyes. 16:42 So when you watch those things, 16:44 they know that with something in the imagery 16:47 and what they're trying to tell you, 16:49 you're going to respond, 16:50 you're going to behave in the way 16:51 that they're asking you to respond. 16:53 To the tune of people not saving and spending 16:57 all of the funds that they actually make 16:59 to buy the things that people are telling them to buy. 17:03 It's crucial that we all take a sense of responsibility 17:07 in not wasting our time that we're given. 17:09 Psalms 90:12 tells us this essential thing. 17:13 Help us to number our days. 17:16 We have 70 years, 80 if we're lucky 17:20 and in those years that you give us, 17:22 help us to gain wisdom and insight. 17:25 It's essential that we take that step, 17:28 assess where we are, 17:29 question everything that comes our way, 17:32 and don't just accept 17:33 what people tell us to do in the media. 17:36 I will tell you this that the media will mislead you 17:39 in a variety of ways 17:40 in reference to how they get you to buy. 17:43 We all consider certain big trucks 17:46 very durable, don't we? 17:48 And they send us commercials that tell us 17:50 you've got to get this truck, if you're a real hard worker. 17:54 And we don't see behind the scenes 17:56 that they may have had to do 20 different takes 17:58 on the same truck leaping through the air 18:01 because the truck actually broke apart 18:03 as it landed the first 15 times. 18:05 You don't know what's going on right now with imagery. 18:09 One of the big things with millennials 18:11 is the fact that anything on the internet, 18:14 you don't know if it's real or not. 18:15 People can splice things, put heads on different objects, 18:19 they can do whatever they would like to do 18:21 to make this thing seem very real. 18:23 So we don't even know what is real versus 18:26 what is not or artificial in what we're watching, 18:29 and we get caught into that process of consumption, 18:32 and we go out and do. 18:34 And now everyone knows 18:36 that we are living paycheck to paycheck and, 18:38 as middle class Americans or urban dwellers, 18:40 we are caught up in variety of other things 18:42 that waste our money and waste our time. 18:45 These things are called payday loan centers 18:47 that give you a payday loan 18:49 and people aren't really aware 18:52 of the magnitudes of the interest 18:54 that they're being charged. 18:56 And this homeownership thing is another major issue 18:59 because if you think about how you furnish your home, 19:02 the simplicity of how you furnish your home. 19:04 And we don't get caught up in buying things, 19:07 and buying a lot of stuff 19:09 that that leads to all new programs on television 19:13 about people who can't control 19:15 their expenditures and the behavior patterns. 19:17 One of the things that's come out of our 19:19 consumption type of conversations 19:21 is there are now these extreme couponers that, 19:24 that do a great thing in couponing, 19:26 which is a good thing. 19:28 But then, of course, sometimes you end up buying stuff 19:29 that you don't even need, 19:31 and you house them 19:32 with the intention of maybe retailing them 19:34 or doing something other thing 19:36 kind of creative to get rid of it. 19:39 Now I'm not criticizing any type of couponing 19:43 because saving money is an ideal thing, 19:45 but do you save money on the things that you need? 19:49 Or do you buy things that you don't necessarily need, 19:51 but you're just doing it because it's a good deal? 19:54 There is a difference. 19:55 And buying a house and looking at 19:57 what works for you 19:59 comes through the same type of critical thing 20:01 that you should apply to any other funding 20:05 or monetary decision that comes across your table. 20:08 It's asking that extra question. 20:11 And that's why we label this whole series 20:14 a critical think on money. 20:16 You have to ask that additional question 20:19 and to know for certainty 20:20 why you're getting involved in this type of transaction. 20:25 Many times I get caught up with people 20:27 coming to my front door 20:28 and asking me to do certain things. 20:31 And the first thing that comes to mind is, 20:32 why are they coming and asking me for something? 20:35 How are they dressed? 20:36 Why are they pursuing this from me? 20:42 I get annoyed at times and, you know, 20:45 from a Christian perspective it's tough to figure out 20:47 how you respond when someone is being very tenacious 20:50 and they won't go away. 20:51 But you have to know how to say no in the most nice 20:54 and innovative way, 20:56 and tell people that you love them 20:57 but, no, I'm not really interested. 20:59 People keep coming by my door to sell other type of items, 21:05 which I know I don't really need, 21:07 I don't really need it at this point in time 21:10 and, of course, I have that conscience 21:12 on my shoulder through my spouse, 21:15 she'll just look at me and say, "Cordell. 21:18 Really, do we really need this right now?" 21:21 And that's my answer. 21:22 Because, you know, they have such creative ways 21:26 of giving you a line that says this is something you need. 21:30 One of these gentlemen came to my front door 21:33 and he actually pulled out a smartphone 21:35 and he said, you're going to need this security device 21:38 because right down the street from you 21:40 is some person that is on the most wanted, 21:44 or on the police officers' list, 21:46 or is a child molester or whatever the case maybe. 21:50 And I look at this image 21:52 that he puts in front of me on this smartphone, 21:55 and I take a step back, and I said, yeah, 21:59 I need some type of security 22:01 because if this is what's going in my community, 22:04 I need to be more aware of it. 22:05 But realistically, 22:07 as Christians we know that contentment 22:10 associated with Godliness, a trust in God, 22:13 can take care of a lot of our concerns, 22:15 and there's a peace involved in that. 22:17 And that helps us to ratchet our anxieties back 22:22 and figure that there are other more important issues 22:26 then worrying about this house, this building, 22:29 this facility that I live in. 22:31 And if I live in it in a comfortable way 22:33 and budget to the overall process, 22:36 then I know that I'm in line with Christ's will for my life 22:40 and He'll protect me 22:41 and take care of the other things 22:43 that I can't control. 22:44 But in reference to housing, people asked us to compare 22:46 housing versus rental. 22:48 And one of the things I tell people is, number one, 22:50 with the rental understand what type of agreement 22:53 are you getting into. 22:54 Is it a lease agreement, 22:56 which is typically for 13 months? 22:58 Or is it a rental month-by-month type of process? 23:02 Understanding what that is gives you an idea of 23:05 if you can leave immediately or if you need a short, 23:08 to get that contract shorten that lease shortened 23:10 so you can leave on an earlier basis. 23:12 Know what you're signing 23:14 because it can prevent you from moving on. 23:16 Most people who move quite frequently 23:18 will sign a month-to-month rental agreement 23:21 as opposed to getting involved in a yearlong lease agreement. 23:25 So understanding what you get involved in 23:29 is a critical item from a rental standpoint. 23:33 So that's the consideration we'll have from a rental 23:37 because rental will give you a little more freedom. 23:40 Because you won't have to worry about, you know, 23:42 any type of upkeep issues with the facility, 23:45 any things that break down, 23:47 if a water heater goes the property taxes 23:50 and that type of thing 23:51 which is what you do have to worry about 23:54 when you go into homeownership. 23:56 So there is more flexibility as a individual 23:59 and what you have to worry about 24:00 when you're getting into a rental type of setting 24:03 versus if you get into some type of mortgages. 24:05 Mortgages bring into account, as I mentioned before, 24:08 property taxes. 24:10 One of the benefits of renting 24:11 is you don't have to worry about 24:12 that specific item called a property tax, you don't. 24:16 The property tax issue is relevant 24:19 and can be quite expensive. 24:20 So when you're getting involved in the mortgage, 24:23 what is an important thing that you talk to the bank about? 24:28 Can you include property taxes in my monthly mortgage payment? 24:33 It makes it easier for you. 24:35 I've seen it from both sides of the fence, 24:37 where I paid the minimal amount to continue the mortgage, 24:43 and then there were the property taxes 24:45 that weren't included in it 24:47 and I had to take care of that expense 24:50 at the end of the year at the right time. 24:51 If you were spending 24:53 a budgeted amount on a monthly basis, 24:55 then the balloon payment of a property tax of the year 24:59 can be avoided. 25:01 So those are big issues that people typically think of, 25:04 concern themselves with, 25:05 and try to negate those extreme expenses 25:10 when it comes to it. 25:11 Other issues include insurance for the house, 25:15 the homeowners insurance 25:16 is practically through your acquirement 25:17 when you're buying a home, 25:19 so always consider that 25:20 insurance is very good in the key issue. 25:23 You know, I've seen in different states now, 25:25 I always thought it was just California 25:26 that had to concern with earthquakes, 25:28 but it's other places too. 25:30 I've seen it in here in Illinois, 25:32 I've seen earthquake preparedness issues 25:35 in other states and it's a relevant issue. 25:39 So there are offers right now on the table 25:42 for homeowners in California 25:44 to get some type of earthquake insurance, 25:48 in case something happens 25:50 and the house has to be reconstructed. 25:53 So those are little items 25:54 that I would make you aware of in reference to making sure 25:58 you have the right type of insurance. 26:00 The other issue is maintenance and repairs. 26:03 They always come up, something always comes up 26:05 and the bottom line 26:06 in reference to homeownership is this, 26:08 do not go into any type of homeownership 26:10 type of situation 26:11 unless you have some type of emergency savings in place. 26:16 It's key to have 26:17 because there's always something, 26:19 especially, if you get into a fixer-upper type of home 26:21 as opposed to getting into a new home. 26:23 In a new home, if you may buy a new facility, 26:26 you're going to get the warranty 26:27 on all of the items that's there. 26:29 But when you get into some type of home 26:31 that you might have to fix up 26:33 and you have to do a lot of stuff with, 26:35 you'll find that expenses will hit you 26:37 as they have hit me. 26:38 The water heater, for example, 26:40 will always be one of the things 26:41 I'll remember. 26:43 Because we've owned the home for about seven years 26:45 and our water heater broke down, 26:47 I was a little frustrated 26:48 because you go to the store thinking, 26:49 wow, 7 years I guess that's pretty good 26:52 to have water heater for, 26:53 and we found from other people that there's lasted 22 years. 26:56 So equipment will breakdown at different times 26:59 without your expectation 27:01 and it's therein you begin to understand 27:03 that comparing housing and renting mortgages 27:07 and rental lease agreements is our major decisions 27:11 that only come from preparing yourself 27:14 through a budget, 27:16 preparing yourself by planning, 27:18 preparing yourself for the unexpected 27:21 in all of these items. 27:22 The bottom-line is planning, personal planning 27:26 because when you know and you understand, 27:28 and you've prepared for the unexpected, 27:32 these things can be handled. 27:37 As we come to a close today, 27:39 I want to talk to you really about this thing 27:42 called satisfaction and complete contentment. 27:47 The Bible says, 27:49 "Godliness with contentment is great gain." 27:53 Be happy with what you have, plan for the future, 27:56 budget your life, 27:58 and you will take that to the bank and save. 28:00 God bless you. |
Revised 2017-06-08