When we decide between buying a home or investment in a business, financial stability plays a key role. It’s just a casey dilemma from Lexington, Kentucky, presented on a Recent episode From the “Ramsey Show” with the hosts George Kamel and Ken Coleman.
Casey and her husband go through a baby Step 3, which in Dave RamseyThe frame means that they build a fully funded emergency fund for three to six months of valuable costs. Once this step is over, they discuss the purchase of a home or putting money in expanding the Casey’s husband’s restaurant business.
Don’t miss:
While the job has already been established, Casey explains that her husband currently has partners and that she eventually wants to open her own restaurant. However, their financial situation causes concern. Their household revenue varies significantly because Casey’s husband earned about $ 35,000 to $ 40,000 a year before the tax. In addition, Casey stays at home at her children’s school, which means that their financial situation relies solely on her husband’s earnings.
Camel and Coleman strongly advised against Investing in a new job At this stage. The restaurant industry is known for high risk and emphasized the importance of financial stability before they have taken even more.
“There is a huge risk in starting a restaurant,” Kamel warned. Coleman strengthened the idea of patience, advising Casey’s husband to focus on his current job, learn from his experiences and secure financial stability before he made a big move. He quoted the old saying, “If you persecute two rabbits, lose both of them.”
Trendy: ‘Moving to Ubi’-Deloitte’s fastest growing software company allows users to make money on their phones. Today you can only invest $ 0.26/divide with a $ 1000 minimum.
When it comes to ownership of housesThe hosts initially agreed that the purchase of the house should be the next goal after they were completed by Baby Step 3. They called this “Baby Step 3B” in Ramsey’s plan – aggressively composing themselves for the down payment before they converted to retirement.
However, after learning about the income of the couple, their concern for the stability of revenue led to a key point: ownership of homes, at this stage, is not a wise decision. Coleman pointed out that Casey’s husband’s income was not high enough to afford a mortgage, warning that an unexpected fall in business could leave them financially vulnerable. “I wouldn’t be in a hurry to enter the house,” he emphasized.
