Thursday, June 25, 2015

The Best Way To Spend Your Money: Don't Buy A Thing



Summer is well under way and many young adults have taken the opportunity to seek and obtain a summer job! So what is the best way to spend your money that will allow you to achieve the most amount of satisfaction and happiness? Don’t buy a thing. Not one thing. Literally. 

Scientifically the best way to obtain happiness is by spending money on others, however if you want to spend money on yourself, you are much better off investing in experiences rather than material items or “things”. Traveling and going to large events is an exponentially more effective method for achieving happiness and satisfaction. For example, buying a $2000 luxury coffee table will only be useful as a piece of furniture and the happiness gained from that investment will only last a few days at most. However, going to get a bite to eat with friends will be a unique and enjoyable experience each time. 

According to a 2014 Psychology Today article titled Why Other People Are the Key to Our Happiness, “The interactions we have with other people affect the way we feel about life. Our close relationships keep us grounded and influence both happiness and the sense that we are part of a larger community. Interestingly, even our interactions with people we do not know that well give us a sense that we are part of that larger community. When we are first introduced to that community, those interactions and that feeling of belonging also increase our happiness.” Luckily in South Florida, there are lots of events and attractions happening almost every weekend and when there aren’t, there are several outdoor opportunities that will allow you to make positive memories and create opportunities to build long term happiness and friendships with new people! 

So this summer, don’t buy a thing. Buy experiences! Now get out there and have fun!

^AC

Monday, June 22, 2015

Mortgage Step Five: CLOSING!


The process is finally complete and the day you've been waiting for has finally arrived! Most of the time closings happen at the office of the title company, but be sure you double check the address so you know where to go. Make sure to bring your picture ID and have your arm nice and loose as you'll be signing a lot of documents.

As the day approaches make sure to resist the temptation of opening any new lines of credit or accessing existing ones to buy furniture or put a new car in the new driveway - additional credit may adversely affect the closing. Just before closing takes place your credit will be looked at one last time and if there's additional credit showing up it may hurt your debt-to-income ratio and the whole deal could be cancelled. I've repeated this warning throughout the home buying series because it has happened and I don't want you to lose your house because you bought the living room set too early.

At closing you usually will be joined by your mortgage loan officer and your real estate agent. In addition a representative from the title company will walk you through the closing documents. If you have questions ASK THEM - don't be afraid to speak up,  it's very important that you understand all the documents your signing.

Once all the documents are signed you'll be getting a little housewarming present from your Tropical Financial mortgage loan officer as well as the most important item - the key to your new home! With key in hand it's then time to turn that house into YOUR home.

^Amy