Just like how the purchase price of a car is not the entire cost, the purchase price of a house is not the entire cost either. In this post, I'd like to discuss all the surprising costs that come after you close escrow. First of all, these are the unsurprising costs after you purchase a … All The Surprising Costs That Come After...
Empower surveyed 2,304 U.S. adults about financial happiness. And one of the most fascinating data points from the survey was that Millennials need to earn $525,000 a year to feel happy! Although $525,000 isn't a top 1% income ($650,000+ is in 2023), it's a top 3% income. And if you need to earn more than … Why Millennials Need To Earn $525,000 A...
Partially thanks to high mortgage rates, the percentage of homebuyers who pay cash has risen. As of September 2023, according to Redfin, 34.1% of U.S. home purchases were made in cash. This is up from 29.5% in September 2022, when mortgage rates were lower. Redfin analyzed county records across 40 of the most populous U.S. … The Percentage Of Homebuyers Who Pay Cash...
Instead of sharing the usual things I'm thankful for (health, family, being Asian, etc.), I thought I'd share some unusual things I'm thankful for this year! 2023 was supposed to be a return to easy living. Alas, I don't feel very relaxed. The combination of keeping Financial Samurai going and being a dad is grinding … Five Unusual Things I’m Thankful For, Despite...
I've been trying to leave San Francisco since 2014. After fake retiring in 2012, I thought it was only logical to move to a lower-cost area of the country, like Honolulu, to save money and be closer to my folks. Yes, Honolulu isn't cheap, but it's cheaper than San Francisco! However, every time I try … Why It’s So Hard To Leave San...
The Internal Revenue Service announced that the amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, up from $22,500 for 2023. In addition, the limit on annual contributions to an IRA increased to $7,000, up from $6,500 in 2023. Not bad! Given the new three legs of the retirement stool … 401(k), 403(b), And IRA Contribution Limits For...
If you are curious how attorney Mike Ketchmark and his team were able to win a landmark $1.8 billion class-action lawsuit on price fixing against the National Association of Realtors, Keller Williams, and HomeServices of America, you're going to love this podcast episode. This was truly a David vs. Goliath moment that will change the … Busting The Real Estate Cartel With Attorney...
The IRS has introduced new income limits for its seven tax brackets for 2024. Thankfully, the thresholds have all increased by 5.4% to account for inflation. In 2023, the IRS expanded its tax brackets by a historically large 7%, reflecting last year's elevated inflation. Although it's getting harder and harder to earn a top one … 2024 Income Tax Brackets And The New...
Selling bonds to buy real estate is a much easier decision to make than selling stocks to buy real estate. Real estate acts like a bond plus investment because bonds have more similarities to real estate than stocks do. The word “plus” is added to bonds to describe real estate as a type of bond … Real Estate Is Like A Bond Plus...
One of the best ways to get a better deal on a home is by paying cash. Sellers prefer all-cash offers because there's less risk the transaction will fall through once in escrow. As a result, some sellers are willing to discount the sales price or take your cash offer over another offer with a … Paying Cash To Buy A House By...
If you want to succeed long-term, make sure you are working mostly for intrinsic rewards not extrinsic rewards. I believe the right balance for success is to have >70% intrinsic motivation and <30% extrinsic motivation. If most of the reason why you are doing something is due to extrinsic motivation, you will likely burn out … To Succeed, Intrinsic Rewards Must Dominate Extrinsic...
As a real estate investor since 2003, I've been disappointed by the real estate buying and selling process for a long time. While transaction costs have declined to zero or near zero for every industry due to technology, real estate commissions have remained stubbornly high, partly due to collusion. After I sold a rental property in … Real Estate Collusion Revealed! Misaligned Commission Incentives...
