It goes along with her idea that she is the benefactor of this family, rather than a contributor. All the discussions about the house were between me and my son. I figured I had until April when I filed my taxes to characterize the transaction. We went through a number of options: Family loan, gift, and then me retaining possession of the property. I just wanted to share my good fortune with my son and his family. My boys and I went through some hard times and housing insecurity was always looming over our heads.
Somehow, we made it and I just wanted to make life easier for them.
It seems unbelievable that she just wants to funnel it to herself, not her family. Nevada is a community property state, and anything your son acquires during the marriage is marital property. If your son owned his own home outright and renovated it using money from their own funds, it would turn that home into community property.
There are exceptions to that. In this case, the home was a gift from you. Take heart. Whatever happens you will have achieved that.
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All things considered, your grandchildren will, I assume, eventually inherit this home from their parents when they die, and your investment will have been worth it. Housing insecurity is one of the most difficult things for any family to deal with, and you helped to bring more financial stability to the lives of your grandchildren. Housing insecurity keeps low-income families locked in an endless cycle of poverty, and has so many other emotional and financial ramifications. This will also help your grandchildren in the long run.
It is one of the most stressful things to deal with in life. Make sure you consult a lawyer when you are dealing with such large sums of money in future.
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Guide My Spouse Made Me Rich
The challenge is that the small stuff adds up — and before you know it, you've cost yourself millions. To draw awareness to how easy it is to spend, and to help curb overspending, he suggests a weeklong challenge : Track your expenses for seven days, writing down every expenditure. Spend as you normally would and don't drastically change your habits out of fear of what you may find, he encourages. After seven days of diligent recording, analyze your list together.
Paying yourself first is no revolutionary or glamorous concept, but it's critical to accumulating wealth over time. Once you've decided on a percentage to contribute, make it automatic , Bach stresses. This way, you'll never even see the money and you'll learn to live without it. Things don't always go as planned.
People lose their jobs, businesses go up in flames, and breadwinners get sick.
You'll want to hope for the best, but prepare for the worst by building an emergency fund. Almost invariably, one of you will require more of a financial security blanket than the other to be able to sleep well at night. Bach suggests having a minimum of three months' worth of expenses. Dreaming is not just for kids. Bach challenges you and your partner to think big: "What do the two of you want to do that is totally fun, totally crazy, totally outrageous? Do you want to travel around the world? Go wine-tasting in Tuscany?
Swim with the dolphins in Hawaii?
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Build your dream home with that dream kitchen? Every adult deserves to dream, but there's also a financial advantage to dreaming big, Bach explains: "Many people don't bother to change their spending habits or start saving simply because their future doesn't seem compelling enough to motivate them. But nothing creates leverage and motivation like a dream.
What's more, "people stop dreaming because they don't have the money it takes to transform their dreams into reality," Bach writes. The trick to building your dream basket is to contribute money on a regular basis. To ensure you won't skimp on savings, make it automatic. They are also, in my opinion, the single biggest financial mistake people make in this country," Bach writes. To get a better idea of how much interest you'll end up paying, use an online mortgage calculator.
Bach doesn't suggest ditching your year mortgage if you already have one. A much smarter decision is to pay off your year mortgage early. If you keep this up, you'll wind up paying off your year mortgage in about 22 years In short, this is a simple idea that can easily save you tens — if not hundreds — of thousands of dollars in interest over the lifetime of your mortgage. Call up your bank or mortgage company to let them know you want to pay them earlier than the schedule calls for, and make sure there are no penalties for paying it off sooner.
If both parties are running up debts, it will simply end that much sooner. If it's your partner who has accumulated mounds of debt, encourage him or her to work on erasing those balances as soon as possible.