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Life Planning for Beginners

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pregnant woman with child listening to stomach

Photo courtesy of Pixabay by Tawney Nina

How much does it cost to have a baby? Recent studies have determined, after factoring for inflation, that the average cost to raise a child is a whopping $245,000. That estimate only includes infancy through age 18, and doesn’t even take college costs or other post-college expenses into consideration.

$245,000 per child is a staggering number for most. If you have a family or plan on starting one, you may be wondering how you’re supposed to afford to have a child. Wouldn’t things be so much easier if this life planning stuff came with its own instruction manual? While we live in the real world where tricky situations don’t come with their own handy instructions, there is still a lot of time-tested wisdom out there and plenty of experts who are willing to share their advice with us.

Here are a few tips from the financial experts:

Prepare for a New Baby
Research shows that, given the same income, people who commit to a financial plan are much more successful in saving up for their goals. The same is true for planning a family and saving up for a good future for your children. For couples who are saving up together, having a financial plan in place will help them see eye to eye and (hopefully) be more successful in reaching their goals.

Planning for a new baby can start during pregnancy, or anytime prior to conception. A recent Parents.com article offers a nine-month strategy for family planning. In addition to the common sense advice of cutting debts and tracking pennies, some of the other recommendations include: updating life insurance beneficiaries; evaluate pricing for various childcare options; and even the grim yet necessary task of writing a will (and choosing a guardian for your child) and putting together other necessary documents just in case something happens to you. Another important aspect of family planning is choosing a safe place to live. Evaluate the area you live in now and think about whether you would feel comfortable raising children there. These aren’t always the things that we want to think about, but they are absolutely necessary to think about when bringing a new life into this world and raising that life through adulthood.

Build a Nest Egg
Author Dave Ramsey, who is known for his helpful books and radio show on paying off debts and achieving financial stability, recommends building up a nest egg as soon as you can. Start by saving up $1,000 in a savings account, while you are still working to pay off your debts.

Eventually, you’ll also want to save up enough money to cover 3 to 6 months of your expenses. Why? There are no guarantees in life. Hopefully, you don’t lose your job, get in an accident, have to have an unexpected surgery, or encounter another situation where you might struggle to pay your bills. This savings covers your bills just in case anything happens and keeps you from slipping further into debt.

Having a solid nest egg will also come in handy should you want to make family investments such as purchasing an investment property, buying a larger home to accommodate your growing family, set up a college fund for your child, or even family vacations. Apart from your main bank account, consider setting up a separate bank account for expenses and investments. Commit to putting a little bit of money in each month, sit back, and watch it grow.

Get Help from an Actual Human

If you’re finding it difficult to navigate your way through life planning and finances on your own, there are people out there who can help. It might be time to find a financial adviser who can assess your unique situation and help you determine a plan that fits your needs. Forbes recently released a list of tips for picking the right financial adviser, which you can read here.

Once you’ve followed these tips, you’ll be off to a good start. If you already have children, you’ll rest easier (well, as easily as you can rest with children in the house) knowing that you’re making important decisions to positively influence your child’s future. And if you don’t have children yet, you’ll be able to focus more energy on eagerly anticipating your future family, knowing you’re financially prepared for your little ones to arrive.

Author: Jackie Waters (Hyper-Tidy.com)

How to Check for Contaminated Land Before You Buy

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Recently I was working with a buyer who was looking for a piece of property at an absolute auction. After doing some due diligence and research we discovered that there used to be a gas station previously and tanks leaked. The land and water supply is now contaminated and clean up efforts are being made. The cleanup is estimated to cost around $400k. A deal quickly turned into a dud.

Use this map below to locate contaminated land. You can choose one or more search criteria:

Brownfields Sites in this category are being cleaned up under Florida’s Brownfields Redevelopment Program. Brownfields are properties that are abandoned or underutilized due to actual or perceived contamination. This program provides legal and financial incentives to persons who voluntarily clean up and redevelop brownfield sites in accordance with the program requirements.
Petroleum These are sites contaminated by discharges of petroleum and petroleum products from underground and above ground stationary petroleum storage systems. Many of these sites are eligible to be cleaned up by the DEP (in priority order) while others will be cleaned up by the party responsible for the contamination, under DEP’s direction.
Superfund These are contaminated sites that are being cleaned up by the federal Superfund program under the direction of the U.S. Environmental Protection Agency and in cooperation with the DEP.
Other Waste Cleanup These are sites contaminated by non-petroleum chemicals that fall under one of the following five cleanup programs. Some of these sites are in the process of being cleaned up; others are on priority lists awaiting funding.

  • Drycleaning: Sites contaminated with drycleaning solvents that are eligible to be cleaned up by the DEP
  • Responsible Party: Sites that will be cleaned up by the party responsible for the contamination or by a party that did not cause the contamination but has accepted responsibility for cleanup
  • State Funded: Sites that will be cleaned up by the DEP because there is no party identified that is responsible for the contamination or able to clean it up
  • State-Owned Lands Cleanup: Sites on state properties (such as state parks or state-owned buildings) that will be cleaned up by the DEP
  • Hazardous Waste: Sites at regulated hazardous waste facilities that will be cleaned up by the facility owner or operator in accordance with the federal hazardous waste program.
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Improve indoor air quality in Florida with plants

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Air Cleaning House Plants

WASHINGTON – Thirty years ago, a NASA study found that certain houseplants can help clean the air inside space stations, and since that time, studies have confirmed that the same houseplants may be able to do that for a home or office too.

Beyond air quality, other studies have linked certain houseplants to an increase in productivity, calmness, creativity and even a better night’s sleep.

NASA recommends placing up to 18 plants in an 1,800-square-foot house to help purify the air. The best plants to use? Studies highlight these:

  • Philodendron
  • Aloe
  • Snake plant
  • Peace lily
  • English Ivy
  • Spider plant
  • Gerbera Daisy
  • Dragon tree
  • Bamboo

Source: “NASA’s Top Houseplants for Improving Your Wellbeing and Removing Air Pollution,” inhabitat.com (Nov. 15, 2016)

The cost of home renting vs. owning in Florida

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rent-vs-buy

LOS ANGELES – July 19, 2016 – Personal finance website GOBankingRates.com released a guide detailing how monthly rent compares to monthly mortgage payments across the U.S.

To see the price breakdown for all U.S. states, visit the GOBankingRates website.

The bottom line: It’s cheaper to own a home than it is to rent one in 42 states, with renting more affordable in only eight states and the District of Columbia.

According to GOBankingRates.com, the average savings enjoyed by homeowners in Florida is $398 per month. In its five-stage ranking system – a lot more to own, a little more to own, about the same, a little more to rent and a lot more to rent – Florida is one of 24 states in the “a lot more to rent” category.

“The good news is mortgage rates are near historic lows,” says Kristen Bonner, lead researcher on the study. “Unfortunately, Americans are still running into road blocks with being able to save enough money to afford a downpayment, and are therefore forced to rent.”

The study compared median rent prices for single-family homes against the median list price of homes in each state. GOBankingRates assumed a 20 percent downpayment for the median list price and applied a 30-year fixed-rate loan term. It also included the cost of property taxes and insurance.

Top 10 places where owning is cheaper than renting

  • New York: $1,635
  • Massachusetts: $559
  • Illinois: $522
  • New Jersey: $472
  • Pennsylvania: $461
  • Florida: $398
  • Maine: $396
  • Ohio: $375
  • Alaska: $334
  • Rhode Island: $334

Special verbage for a notary to get a signature notarized

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Do you need to prepare a document that needs to be notarized? Well, here is a little blurb you can add for the notrary, so that they can quickly and easily notarize your signature. I’ve used in in Florida.

 

___________________________          ___________________________

                                                                                    Seal

State of _______________________

County of _____________________

 

        I Hereby Certify that on this day, before me, an officer duly authorized in the State  aforesaid to  take acknowledgments, personally appeared_________________________________________________________ 

to me known as the person(s) described in and who executed the foregoing instrument and Acknowledged before me that he/she executed the same.

            Witness my hand and official seal in the county and State last aforesaid this _____day of      ________________ ,20 _____ A. D.,

                                                                                                _____________________________

                                                                                                Notary Public

                                                                                                My commission expires__________

 

 

How to file Homestead Exception and Save on Property Taxes in Cenral Florida

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red house money flying

If you just moved to Florida, you may not know about Homestead exemption and how it can save you money on taxes.

What is a Homestead Exemption in Florida?

Homestead Exemption is a tax reduction allowable to homeowners who make their property their permanent residence. If approved, this exemption could reduce the taxable value of your residence by up to $50,000. The first $25,000 of this exemption applies to all taxing authorities. The second $25,000 of exemption excludes School Board taxes and applies to properties with assessed values between $50,000 and $75,000. As a result, the homeowner would enjoy a substantial savings on the taxes levied on their property by the various taxing authorities.

How to file homestead exemption in Florida by County:

The deadline for filing Homestead Exemption is March 1st. Owner is responsible for filing on time and filing can be done online, in person, or via mail. I prefer to do it online because its quick and secure.

The deadline to file is Mar. 1

Orange County:

  • File Online – It’s Safe, Secure and Easy! In order to file on-line, you must have received a Homestead Letter from our office with your individually assigned User-Login and Password. You should receive this packet approximately 4 to 6 weeks following your real estate closing. If you misplaced it, you can request another one.
  • File by Mail/Fax – Download and file.
  • File in Person – Orange County has Satellite Offices which open Jan.11, 2016 and close Feb, 20, 2016? They are located conveniently across Orange County. Click here to see which location is near your home or workplace.

Seminole County Florida:

 

 

Orlando Market Pulse – Oct 2015

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ORRA sales
* Monthly revised sales. ** Includes listings with a status of “Active With Contract.”
Complete stats and data may be found under Market Info at orlandorealtors.org. Comments or suggestions? Contact Mike Blinn, Statistician.

Market Pulse™ data represents all listings taken or sold by ORRA brokers, regardless of location and is exclusive to residential property, which includes townhomes, duplexes, single-family homes, and condos. It does not include vacant land or commercial transactions.
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