What about getting a free home
I’ve been thinking about opportunities that we give up when we dedicate large chunks of our paycheck to big monthly costs. I’m wondering what YOU would do if you didn’t have to pay for your housing next month?
If you’re a home owner; what would you do if you didn’t have to pay you next mortgage payment, or save that extra money away to make your property tax payment?
I know our home mortgage use to be a little over $800 a month, plus another $350 for property taxes. We bought our house years back with less than 20% down, so we also had to pay PMI (Private Mortgage Insurance) of a little over $60 a month.
this was another $1,200/month that we “recouped” by getting out of the homeowner situation we were in. There are a lot of additional costs in owning a home that Fiona and I didn’t budget in – and I’ll grant that there are tax breaks for paying the huge percentage of your mortgage payment in interest on
home mortgages too.
So, let’s just figure that like me, you would save anywhere from $1,000/month to $1,500 per month.
Here is one calculation:
If you make $50,000/year, your after income tax is roughly $35,000/year.
$35,000/year gives you about $2,900 a month to live on. Here is the cool part…
The cool part is that If you are paying for your housing currently with your after-tax $2,900/month and you now don’t have to spend let’s say $1,400 a month on your housing, that is essentially like getting a 50% pay raise. Your spending power just doubled!
(okay that was the cool part)
I’m looking for a few people to help me out?
I’m in the process of collecting information for a publication I’ve been working on for several months and I could use your assistance in answering a few questions?
If your game, I set up a simple survey at surveymonkey.com. please visit this link:
http://www.surveymonkey.com/s/3GR38SK
I’m asking people who are on the same page, and want to change their housing payment costs drastically.
Thanks!
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