In fact, there are 2 parts and this article will discuss both.
The calculator part
A financial decision always starts with the numbers, the dollars and cents. Will you get more than what you pay out?
This may look like - Should I make a $50,000 down payment to lower my payments?
The calculator will tell you that making a $50,000 down payment will lower your payment $14,000 per year and you'll save over $8,000 in interest costs.
The gut part
The gut part is your comfort level. Can you live with the decision even if it makes financial sense?
In our down payment example, would you feel OK by having $50,000 less in savings even though it saves you money?
It's important to have confidence in your financial decision even if the numbers tell you a different story.
In Summary
You have to live with your gut even if costs you some money. Separate the 2 parts and know what the numbers say and what your gut says. You'll make decisions that are financially smart and comfortable for you.
Stay safe!
John R. Hill
Apparatus Budgeting Consultant
ENVIZION Financial
www.envizionfire.com
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