09-26-26 - Your Next Move: Plan. Position. Prosper

doesn't have to be complicated.

In fact, sometimes the most useful plan starts with three very simple questions.

Where am I today? Where do I want to be? What needs to happen between those two points? That's it.

But when we're talking about homeownership and mortgages, those questions become extremely important.

Let's say you're thinking about buying a home.

The first question shouldn't necessarily be, what's the maximum amount I can qualify for? The better question is, what payment fits comfortably into the financial life I want to live? You might get to the same result, but it's a slightly different path.

They're two very different questions.

A lender looks at qualification.

You should also look at sustainability.

There's a difference between being approved for something and being comfortable with it.

Maybe you qualify for a $4,500 housing payment and perhaps your personal financial plan says you want to maintain more liquidity.

Maybe you want money available for emergencies.

Maybe you have children heading towards college.

Maybe you're self-employed and you want larger cash reserve.

Maybe you're planning to purchase another property.

Maybe you're approaching retirement.

The mortgage shouldn't be looked at in isolation.

It's part of a financial picture and that's what we plan.

And that's where it's important.

The home is part of your balance sheet.

Think it is in your financial life like a GPS.

We talk about that on the program.

You got assets.

You got income.

You got expenses.