Comments on: February 2006 – Monthly Net Worth Review

By: Free Money Finance

Free Money Finance — Mon, 06 Mar 2006 19:35:48 +0000

Six Ways to Get a Fast Downpayment for Your Home

Since we’re giving away copies of The Automatic Millionaire Homeowner by David Bach this week, I thought I’d post a bit about the key parts of the book (and why I liked it — fyi, here’s my review). Today I

By: John

John — Sun, 05 Mar 2006 22:26:33 +0000

Hm, a 40k no interest loan? Nice. I say you pay interest in the form of hugs and kisses!

By: Lola

Lola — Fri, 03 Mar 2006 21:33:12 +0000

I thought you could only count the equity in your home as an asset, not the appraised value?

By: Free Money Finance

Free Money Finance — Fri, 03 Mar 2006 11:46:16 +0000

Star Money Articles for the Week of February 27

Here are interesting posts this week from the MoneyBlogNetwork members and beyond: MightyBargainHunter talked about comparison shopping for auto insurance. Five Cent Nickel posted his second money poll — this time on coupons. Blueprint for Financial P…

By: Personal Finance Blog

Personal Finance Blog — Fri, 03 Mar 2006 07:27:27 +0000

$30,000 increase in less than a year. Congratulations!

By: Kim

Kim — Wed, 01 Mar 2006 21:09:26 +0000

I agree, paying back family is the best feeling! My mom lent us $5k for our first house. We saved a little bit every week and when we handed her that check a year earlier than we needed to, it felt great! Like FMF said, when she saw it she was thrilled and it made it all worth it.

By: FMF

FMF — Wed, 01 Mar 2006 18:39:23 +0000

I think you’ll be glad when you pay your parents back. My grandmother gave me money for college and when I paid her back five years later, she was so shocked, surprised, and happy, that it made the small sacrifices I had to make to pay it back all seem worthwhile.

By: LAMoneyGuy

LAMoneyGuy — Wed, 01 Mar 2006 18:01:00 +0000

I think it’s a great idea that you plan to pay back the $40k loan. If you simply took the money as a gift, it would qualify for what the authors of the Millionaire Next Door would refer to as “economic outpatient care,” which I’m sure you know they find to be a low indicator of future wealth.

A small personal story that is only loosely related to this. After my brother was married, my parents gave him and the new wife $20k to help them buy a home. My dad told me that he saw it as a gift, but said to the two of them, “We’ll call it a loan, but pay me back whenever you can.” Thank goodness for that, as just over a year later they were splitting up assets. If the $20k had been a gift it would be a part of the dividable estate. Because it was called a loan, she was responsible for paying half of it back. She mailed my dad a check in a plain envelope with no note or thank you.