Jill on Money with Jill Schlesinger Can We Afford Our Forever Home?
Jan 10, 2025
A couple grapples with the financial realities of pursuing their dream home, weighing investment strategies and assessing mortgage affordability. They delve into the joys of homeownership and smart savings options, while also reminiscing about holiday culinary triumphs and childhood milestones. The conversation takes a fun detour into cycling and personal finance, addressing complex queries like treasury direct loans and I-bond rates. Heartfelt listener success stories illustrate the transformative power of sound financial advice.
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Finding a Bank for Large Savings
- Christine can explore online banks like PI Bank for better interest rates on their savings.
- Ensure the bank is FDIC-insured and diversify the million dollars across multiple banks.
Exploring Savings Options
- Consider money market rates or CDs for potentially higher returns than savings accounts.
- Factor in when the money will be needed to choose the appropriate savings instrument.
Prioritizing Savings with a New Home
- Emily and her husband should prioritize saving in Roth IRAs, even with a tight budget.
- Reduce 529 contributions temporarily to create more financial flexibility.