💵 IG: @female.in.finance linktr.ee/female.in.fina…
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- Followers 19,613
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My rent: $2,400
This is not the same as a $2,400 mortgage.
So the next time someone tells me I'm throwing away money and should buy a house and build equity, I'll be sure to remind them of all the hidden costs of being a homeowner:
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- Private mortgage insurance
- Homeowner's insurance
- Property taxes
- HOA fees
- Water & trash
- Maintenance
- The downpayment that could have been invested
- Closing costs
- Emergency costs
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My rent is the maximum I'll pay per month.
A mortgage would be the minimum I'd pay per month.
Also, the current home I'm renting is valued at $1.1 million.
Let's do some maths:
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I wonder why people are so willing to invest $100k into a degree, but not $1k into the stock market 🤔
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Buying this same home at 6.8% interest over a 30-year fixed term would give me a mortgage payment of $7,171.
Homeowner's insurance: $104
Property Taxes: $688
HOA: $414
Not including PMI or anything else I listed, I'd be at $8,377 per month.
I think I'll stick to renting.
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I am not anti home buyers. Buying a home just isn't for me right now in California.
I do want to own a home one day, but I won't do it if the numbers don't make sense for me. I'm sure you home buyers out there didn't buy your house if it didn't make sense for YOU.
Cont'd
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I'm gunna go ahead and add something for the people who think name calling is cool.
I am talking about *MY* current renting situation and how if I were to buy the home I rent, it would not make sense for ME.
Cont'd
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The stock market doesn't require me to deal with tenants, toilets, and termites.
I don't look at a primary home as an investment.
I am okay. Worry about yourself.
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So maybe pause, and realize I'm just stating what works for me and don't be so offended by my decisions that don't even affect you at all.
I still have assets. Just because I don't have a home doesn't mean I don't have assets. I invest in the stock market.
Cont'd
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I get it now. People literally think you're poor if you don't own a home.
No wonder some people actually go broke buying a home.
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Meaning the owner likely bought it for less. Which he did 5 years ago, for less than half.
Reading comprehension is critical.
Assumptions will get you no where.
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Do not EVER dunk on a woman who’s investing her money in low cost index funds.
Keep wearing your cargo capris, Chad.
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I'm not burning any money, I'm paying for a roof over my head. That's not burning money. I can understand your logic but I'm still playing for a place to live and buying assets elsewhere.
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I honestly can't keep up with so many comments so I will say one last thing and let the rest of you go nuts.
Reading comprehension goes a long way. I said the home is "valued at $1.1 million."
cont'd
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Landlord who isn't actually old, but doesn't care to charge a lot for some reason. My rent increase was $25.
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I ask wealthy people an annoying amount of questions. Here's what I've learned that may surprise you:
1. They finance their cars
2. They put the least amount down on their mortgage
Although they have the cash to buy these outright, they leverage low interest debt. ALL OF THEM.
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Buying a $30 bottle of liquor at the club for $400 isn't impressive to me at all.
It's irresponsible and unattractive.
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I've had over a dozen credit cards.
I've never paid a penny in interest.
I've reaped thousands in cash rewards.
I've had many free flights.
My credit score is an 819.
A credit card is not the problem, it's the user.
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I didn’t want to work 8 hours a day to live for 4.
I didn’t want to work for 5 days a week to live for 2.
So I chose to invest my money to buy the most valuable asset of all: Time.
Time is the ultimate luxury.
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Got kids? Got a business?
Pay your kid $13,850/yr from the business and it’s completely tax free. How?
Your business gets a deduction of $13,850. Your kid gets $13,850 tax free as a W-2 employee because of the standard deduction.
Now, want to make your kid a millionaire?
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According to CNBC, 82% of Americans don't use a high-yield savings account.
I've earned $1,500 this year on my high-yield savings account for doing nothing.
That covers a week in Hawaii for me 🏝
HYSAs offer over 10x higher than the national average for traditional savings.
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I just took a DNA test and it turns out I’m 100% going to keep investing during this bear market.
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A Backdoor Roth IRA simplified:
1. Open a Traditional IRA and a Roth IRA
2. Contribute $6,500 to your Traditional IRA
3. Do not invest that money
4. Wait 2-3 days for funds to settle
5. Convert the Traditional IRA to a Roth IRA
6. Invest the $6,500 💰
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Financial confession: An abusive relationship cost me over $98,000.
Moving out: $670
New apartment: $2,900 per month instead of $833 per month
Therapy: $153 per week
New couch: $4,400
New rugs: $388
Lost wages: Nearly $60k
The relationship you choose is a big financial decision
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A Backdoor Roth IRA simplified:
1. Open a Traditional IRA and a Roth IRA
2. Contribute $6,000 to your Traditional IRA
3. Do not invest that money
4. Wait 2-3 days for funds to settle
5. Convert the Traditional IRA to a Roth IRA
6. Invest the $6,000
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I'm happy renting. I'll be happy buying one day too, just not right now. Thanks @Raul_DSF
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Notice how I never hated on anyone for buying their home. In none of these comments fired at me, have I once called anyone stupid for buying their home.
Yet here I am being told I'm stupid for wanting to rent right now and invest elsewhere. As if me renting somehow affects you?
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1 year ago today I checked myself into a clinic for suicide. I had put up with so much abuse and it took me too long to safely get out. The damage was already done.
To see where I am now brings me to tears. But this time, it’s happy tears.
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I'm talking about a primary residence. I don't want to pay over $8k to live in the same place for $2,400. I invest in other assets that don't require me to deal with tenants, toilets, and termites.
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I’ve had this on my vision board for awhile now. Really humbling to wake up to this today 🥲🙏🏼
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Paying rent is not throwing money away:
You're paying for a roof over your head.
There's no risk with renting.
You can leave as soon as your lease is up.
You have more time & location freedom.
Wealthy people understand this.
And no, this doesn't mean I'm against home buying.
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When did I give any advice to anyone? I stated my personal situation and works for me. I didn't say "you should never buy a house, you should always rent."
I would love to be a homeowner. The numbers don't make sense for me right now.
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You own a $1k iPhone.
But you don't have an emergency fund?
Yet 61% of Americans cannot afford a $1k emergency.
Priorities, please.
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Hey Daniel, you're right. But what you're not right about is that I'm talking about *MY* home I'm currently renting. I'm not talking about buying a home in general. I'm talking about my exact current situation in California.
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One of the biggest mistakes I see:
People opening a Roth IRA, depositing money, but never buying any investments.
You have to buy funds INSIDE your Roth IRA.
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You have until April 15, 2025 to invest in your 2024 Roth IRA.
That’s 67 weeks.
Given the contribution limit of $7,000, if you invest $105/week you would hit the max contribution.
Assuming a 9% rate of return, you could have $1.2 million in 35 years.
And — it’s tax free.
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I HAVE NEWS!
After 7 years of doing something I truly loved, I quit my job.
At the end of the day my goal is to leave people better than I found them.
And that’s what I get to do day in and day out with Female in Finance, LLC.
It’s GO time, baby! 🎉
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Everyone’s panicking reading the headlines about the stock market 📉.
And I’m over here excited to buy more index funds knowing this is a time where millionaires are made.
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I had someone tell me they didn’t want to put their money in a taxable brokerage account because they didn’t want to pay capital gains tax.
Paying taxes on your gains is a good problem to have.
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Unpopular opinion: too many people paying cash for cars and not enough people leveraging low interest debt.
I follow the numbers.
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I think it's odd that some people whine about investing for 30 years, but then they have a 30-year mortgage.
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In my opinion, investing in index funds is:
1. The easiest
2. The most stress-free
3. The best long-term investment strategy
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This is a common misconception: People thinking your tax rate is FLAT therefore not wanting to earn more income because you’ll be in a higher tax bracket.
instagram.com/p/Cney6bIJ4lm/…
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I wasn’t made to work a 9-5 for someone else.
I was made to eat tater tots in turquoise waters with a view.
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Let me give you some secret car-buying tips from an expert negotiator.
As someone who managed to score a brand new $80k car for a cool $59k, let me share the most invaluable tips I learned from car salesmen themselves:
👇
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"A healthy man wants a thousand things. A sick man only wants one."
-Confucius
I can promise you, your investments won't matter to you when you're 55+ if you're sick.
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PEMDAS, but for Investing:
1⃣ 401(k), 403b, 457, or Simple IRA up to the company match only
2⃣ HSA: $3,850 is the max
3⃣ IRA: $6,500 is the max
4⃣ Go back to your 401(k)/403b and invest up to the max $22,500 as long as fees are low
5⃣ Individual brokerage account
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If you invested $2,050 when your child is born, and not a PENNY more, your child could be a millionaire at 65.
Assumes 10% rate of return.
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I’m not chasing two commas in my bank account just so I can call myself a millionaire.
It’s the time freedom I’m after.
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The average stock market return over the last 20 years is 8.9%. So why are the average investor returns only 3.6% in the last 20 years?
Because people stop buying during a bear market (right now). Even worse, people start selling.
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I have so much respect for the people that put their heads down and grind it out to become successful.
No blaming, no complaining, no victim mentality.
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Would you rather invest 50% of your income to retire in 15 years or work for 40 years?
You tell me.
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I grew up talking about money. But now I understand why people don't.
I shared one thing about my car and shared the price, and instantly my content (according to some) is "unrelatable."
It's time to get comfortable talking numbers.
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It may take you 1 hour to complete your first budget. But what if in doing so, you found $1,000 that you could apply to your debt, your emergency fund, your investments?
That hour could be life changing.
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Today is my birthday, and there is a lot for me to proud of.
At 26, I paralyzed myself and eventually learned to walk and surf again.
At 27, I suffered a brain injury and fully healed.
At 30, I took a leap of faith and started my third business.
👉🏼
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20s: “I can't afford to invest”
70s: “I can't afford to retire”
Plot twist: You get to pick the ending 🎬
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Looking for a man who invests and is okay with me texting him to bring snacks on his way back to the living room.
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10 tips to get rich 💰:
1 — Maybe don’t follow your passion 😬
I’m not saying to work a job you absolutely hate. But passions won’t always make you rich. Your skill sets and strengths will.
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I like crushing people’s dreams of getting rich quick when I teach them about long term investing 🤑
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“The stock market is on SALE!” was all over my feed yesterday.
And I received way too many messages of people asking, “so should I buy today?!”
This is short term noise.
I will never teach you to time the market. I will encourage you to buy as early and as often as you can.
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Okay but so is yours. There are so many people who would be so happy to invest $12k per year.
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I always recommend a 3-6 month emergency fund.
What I also recommend is 3-6 people to have your back in case of an emergency.
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Where people really make an impact on their finances:
1. Maximizing retirement contributions
2. Negotiating a higher salary/switching jobs
3. Getting rid of advisor fees & investing on their own
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Are you earning too much money to contribute to a Roth IRA? Well, good thing this legal loophole dodged Biden's axe. Welcome to the Backdoor Roth IRA:
femaleinfinance.com/blog/bac…
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Thank you! And I am pro home buying, it just doesn't make sense for me right now in CA. But I will be a homeowner someday.
Right now, I'm focused on building other assets. Thank you!
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If you buy a $4 cup of coffee everyday, you would spend $1,460 per year on coffee.
And guess what? I don't care what that compounds to if you were to invest it.
Enjoy your coffee for 40+ years.
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If you bought your house in 1980 for 7 raspberries, then please don’t come @ me for having 9 roommates in 2022 and blame it on my chai latte addiction.
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Not owning a home doesn't mean I don't own anything. I own other assets AND I'm happy. That's a win for me.
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I’m a proud renter. Investing in real estate really hasn’t been all that appealing to me 🤷🏼♀️
Well, at least not the conventional way. I don’t have time to manage tenants, toilets, and termites. Traditional real estate is really not all that passive.
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The fact that a tip is essential to someone's livable wage is the problem.
On another note...programmers of those touchscreen payment systems maybe should have consulted with etiquette experts.
Tipping before receiving your food is what feels more weird than tipping itself.
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We need way more compassion and way less judgement. Especially in the personal finance community.
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We’re in a recession and the U.S. inflation rate is at 7.75%.
Here are 5 things you can do right now to help your financial situation:
1. Increase your emergency fund. Due to inflation, it’s likely that your monthly expenses have increased.
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I'm not one to make New Years Resolutions. But this year, I'm going to give it a shot.
My goal is to actually decrease my savings rate by 10% and add more balance to my life through traveling with friends.
What's your financial New Year's Resolution?
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I use a big bank for my checking account.
But I don’t for my savings account.
Here’s why:
They pay me 0.01% on my money. That means, if I have $10,000 in a savings account, they will pay me $1 a year.
So where do I put my money?
👇🏼
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What’s something broke people still have money for?
Botox.
It’s crazy when I go through people’s budgets how many people will stay/go into more credit card debt for Botox.
Please don’t do this. I promise you’re pretty, especially when you’re debt free.
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People want to pay off their mortgage as quickly as possible to “not have a monthly bill”, yet they pay for their insurance, phone bill, subscriptions, utilities, electricity, etc on a monthly basis anyways.
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I’ll never forget the time where I was on a plane and one man said to another man, “nice watch!” And the other man looked back and said, “cheap suit.”
I don’t care how rich you are, but you are never too rich to be kind.
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Everyone talks about the S&P 500.
Here are 7 simple portfolios that handily outperformed the S&P 500 for 50+ years (1970-2022).
If you just invested in the S&P 500 during these years, $10,000 would have grown to $1.89 million. Not bad. But here’s better:
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