Am I stuck with effectively rebuilding my credit record?
My partner and I purchased a fixer-upper in December. The purchase price for the house was about $200,000 under our budget, but we estimated it would need about $200,000 of renovations to make it livable, so we figured it would all come out roughly even. We’re extremely lucky that a recent inheritance meant we could pay for the renovations in cash, but our plan was to get a home equity loan or construction loan for the renovation costs, given the super low interest rates.
. Any time you are investing, you need to be committed to keeping your money in it for as long as it’s needed to make a return. This can be up to 30 years.I would chalk it up to a badly timed mistake and instead create a bare-bones budget to free up cash. Then once a month, make a deposit into a brokerage account with whatever you’ve saved.Hi! I took out a small-business administration loan six years ago to purchase a small business.
I applaud you for asking this question. Markets and economies change, so what was a hot financial tip last month may be old news today. I would hold on to your cash reserve and continue to pay off your loan just as you are doing now. I understand the interest rate varies, and while I hate the idea of losing money this way, I hate the idea of you having no cash even more.
It’s important to have quick access to cash, but you still want it to grow, especially with inflation spiking. So make sure to keep a
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