June 22nd, 2012 4:56 PM by Scott Sakata
How to save for a down Payment
The objection to purchasing a home or investment property that I most often hear is, “I don’t have the down payment”. Allow me to suggest that the reason you don’t have the down payment is: you haven’t focused your life on creating a down payment. We are constantly bombarded with ways to spend money. You know these ads: TV, radio, newspaper, Internet, etc. Everything we think we want is right at our fingertips. It’s extremely easy to become distracted by the things advertised and into thinking that we need these things. Reflect for a moment on that. Aren’t most of them “wants” rather than “needs”? Being distracted by short-term “wants” may be what is keeping you from seeing that you can create long-term wealth, a life where you can wake up each morning knowing money is coming your way without you having to go to work.
Here are some ways you can re-think your finances to set aside money for a down payment:
By eliminating two dinners out a week, two lunches a week, and a daily coffee, a couple can save almost $6,000 per year.
Other people have made the decision to find a way to finance rental homes. They are no different than you. They did not have the resources you do not have. They made the decision then remained focused on their long-term goal.
You can too.