Personal Finance Simply Understood
Prudent Strategies for Setting and Achieving Financial Goals and the Reasons behind Them
by
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Buying a home is a major event in our lives, and the excitement can easily overshadow the 30 year commitment we’re about to make…especially when we’ve found a home that we love. We tend to see a mortgage much like a car loan, and focus on the monthly expense and whether or not we can afford the payments month-to-month. We often overlook the cost of the loan which is the total amount of interest that will be paid over the life of the mortgage, and how much of our monthly payment will actually be interest. Reviewing these amounts can often show us a financially beneficial option. There are several different kinds of mortgages. The most popular are fixed rate (the interest rate never changes), and ARMs or adjustable rate mortgages (the interest rate fluctuates according to a set criteria). There are also interest only mortgages (the payment is only interest, the loan is never paid off), and graduated and balloon payment mortgages (the payments rise over time). Regardless of the mortgage type, there is a cost to borrow the money. This cost is the interest that will be paid over the life of the loan, or the total interest amount. With an adjustable rate mortgage we don’t know what the future interest rate will be, so we can’t calculate the total amount of interest in advance, but we can with any fixed rate mortgage.
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About the Book
Minor financial adjustments can get you out of debt and help you save the money you need to protect yourself and your family. To make these changes, however, you need to understand some basic financial language and concepts. This guidebook provides the knowledge you need through charts, graphs, and simple language. You can gain the necessary expertise to set and achieve financial goals, learning how to
• separate useful financial information from hype and noise;
• develop a strategy to minimize the taxes you pay;
• establish an investing plan to meet retirement needs;
• stick to your plan even in tough financial times.
You’ll also learn why financial crises like stock market crashes, housing market bubbles, and bank failures happen, so that you can minimize your exposure to risks and capitalize on big opportunities.
Get the guidance you need to avoid financial pitfalls, and start making smarter decisions so you can eliminate debt, save money, and enjoy life responsibly. It all starts with Personal Finance Simply Understood.
About the Author
Chris Simber is the cofounder and president of Jazer Solutions, LLC, and the designer/developer of Jazer personal finance software. He holds a bachelor’s degree in computer science from Rowan University and a master’s degree in management from the Wesley J. Howe School of Technology Management at the Stevens Institute of Technology. He has four adult children and lives with his wife, Elaine, in Southampton, New Jersey.