List of the Best Mortgage Calculators

The best mortgage calculators are very helpful when planning for your next real estate purchase.  Personal finance rule of thumb says finding the right monthly payment requires assessing your monthly income and not surpassing 30%.

Limiting your monthly housing costs are a major key to creating financial freedom.  Keeping monthly mortgage costs below 20% of your monthly income will set you up for financial success.

How to use a mortgage calculator

  1. Enter the total loan amount you are looking to finance
  2. Enter the rate you are qualified for with your lender
  3. Enter the term (number of years) you are looking to finance the property
  4. Press submit and view the monthly payment and in some cases the amortization schedule
  5. Change the term and amount financed to see how different numbers impact the monthly payment

Take a look at the best mortgage calculators that will help you research your next personal or investment property financing.

Best Mortgage Calculators

Mortgage Calculator with PMI and Taxes – NerdWallet

The 5 Best Mortgage Calculators – UpNest

Mortgage Calculator with PMI, Insurance and Taxes – SmartAsset

Mortgage Calculator – Dave Ramsey

10 Best Mortgage Calculators – Financial Mentor

The Best Online Mortgage Calculator – DoughRoller

Simple Mortgage Calculator – Money Under 30

The Best Online Mortgage Payment Calculators – Apartment Therapy

Mortgage Calculator – BiggerPockets

Loan Amortization Calculator – Calculate Stuff

Amortization Schedule Calculator – Nerd Wallet

Do you use any mortgage calculators that are better than the ones we listed?  Please let us know and add a comment below.  We’ll add them to the list.

How to Make a Million Dollars?

How to make a million dollars? This question is asked all over the internet and answers range significantly. Strategies for wealth creation can sometimes be confusing and we’ve found that aggregating different opinions can help us come to a simplified solution and direction.

Here’s a list of helpful content that we’ve used to look forward and understand different perspectives and strategies for saving, investing, and generating wealth over the long-term.

10 money rules that helped me become a millionaire at 28 – CNBC

How to Grow Your Net Worth by $1+ Million in Less Than 4 Years – GoCurryCracker

7 Ways to Get to $1 Million – Money

The First Million Might Be The Easiest: How To Become A Millionaire By Age 30 – FinancialSamurai

First Million is the Hardest How to Build A Million Dollar Net Worth – FinancialPlanner LA

How to make a million dollars (advice from actual millionaires) – I Will Teach You To Be Rich

HOW I SAVED $1.25 MILLION DOLLARS IN 5 YEARS – Millennial Money

What Is the Difference Between Income and Net Worth? – Dave Ramsey

HOW DO YOU DEFINE MILLIONAIRE? – Chris Hogan

What Constitutes a Millionaire? – The Balance

Do you know of additional articles that help explain the path to saving a million dollars? Let us know in the comment section below.

Start the Journey to Financial Independence With The Right Tools

Creating a managing a budget is the number one key to starting the financial independence journey.  Knowing the specifics around how much money you have to spend and where its going will enable you to adjust areas that of overspending.

What is a Budget? Budgeting Terms and Tips

A budget is an estimation of revenue and expenses over a specified future period of time; it is compiled and re-evaluated on a periodic basis. Budgets can be made for a person, a family, a group of people, a business, a government, a country, a multinational organization or just about anything else that makes and spends money. At companies and organizations, a budget is an internal tool used by management and is often not required for reporting by external parties.

Outline Your Budget

Our budget template is very straight forward and simple to complete.  I’ll walk you through the setup step by step.

  1. Start by adding your total income.

Include the income from all people contributing to your household.  Split out the additional types of income into other categories like real estate or other business income.  In this section include the total income for business-related areas,  you can include the expenses in another section in the sheet.

2. Add the necessary expenses.

Necessary expenses including payroll taxes, rent or mortgage, property taxes, charitable giving, utilities.  All of these are necessary for most people to maintain their home and standard living expenses.

3.  Add the discretionary expenses.

Discretionary expenses including car, gas, clothes, internet, restaurants.  These are all things that can fluctuate greatly from month to month.  Stepping back, most of these aren’t needed to live a life of freedom.  These are discretionary and should be looked at very closely.

4. Add investment spending/saving.

Since investment contributions come out of the overall income budget they are considered “spending” for the purposes of cash management.  Enter all of the investment contributions for brokerage accounts, 401k, 529, IRA.

Outline Your Savings

I’ve been using a number of different savings calculators, some are helpful, others are way too confusing.  Enter the number of years you have left before planned retirement along with your current savings balance.  The expected annual interest rate will be somewhere between 4%-8%.  On average, the market will return 7%-8% per year.

Review Years Until Financial Independence

After completing the savings calculator, you can start looking at how many years until financial independence is a reality.  Based on current or projected savings and percent return, you’ll be able to plan based on a specific withdrawal rate.  4% is the standard for withdrawal, this allows your money to continue to grow without depleting the principal.

Launch your Financial Independence Journey with the Real Estate Investment Toolkit

Making the decision to invest in real estate changed my life forever.  Ever since I was in high school, I was always intrigued by the opportunity that real estate could create for me.

Back in 2009, the real estate market had hit rock bottom.  Multi-unit properties were hitting the market for 25% of what they were sold for in 2006.  Either everyone was in trouble or this was a once in a lifetime buying opportunity.  I choose to jump in a take the position that this couldn’t last forever – so I went for it.

The first financial models that I built were very simple and didn’t provide a long-term view of my business.  Since then, I’ve been iterating on my model numerous times per year.  I love where it is now – the model shows me cash flow and property value projected out ten years.  The long-term view is super important for me because it’s easy to lose sight of the ultimate prize…more cash flow.

My real estate investment toolkit will give you everything you need to launch your first real estate business.

 

What is Investment Real Estate?

Investment real estate is real estate that generates income or is otherwise intended for investment purposes rather than as a primary residence. It is common for investors to own multiple pieces of real estate, one of which serves as a primary residence while the others are used to generate rental income and profits through price appreciation. The tax implications for investment real estate are often different than those for residential real estate.

 

 

 

5 Ways to Get Things Done – The Difference Between Ideas and Action

5 Ways to Get Things Done.

I want so much more out of my daily life. So much opportunity to grow, build, and help people – it becomes overwhelming when trying to figure out where to start. Sometimes figuring out where to start is exciting and allows me to take part in new opportunities that I would have otherwise never have been able to experience.

My experience includes:

– Being one of the first employees at a successful Saas startup sold for $110M
– Managing a software product with 1000 enterprise customers
– Being part of one of the largest enterprise software companies in the world
– Starting a real estate investment company during the crazy days of 2009
– Launching a number of small online ventures (these are mostly to keep my mind creative and nimble)
– Building and selling a job board to popular industry blogger
– Purchasing and managing an existing online business that generates revenue from subscriptions and one-off sales.

Each of these experiences started with fear of the unknown and many thoughts that revolved around failure. Most of the “fear of failure” thoughts had to do with wondering what other people will think of me if I crash and burn a new venture. At times, I find my identity in what people think of me versus believing the truth about who I know I am. I continually remind myself that I live to serve other people and my ultimate goal isn’t to win everything. My ultimate goal is to make people around me successful and help them move forward.

I’ve also had some new ventures not work out as expected. I try not to call these failures, but learning experiences and “paying tuition” to the School of Hard Knocks. I’ve learned a lot about myself when going through the decision making process around laying a new idea or venture to rest. Its tough, but completely necessary when viewing everything through entrepreneurial lenses. It can be very fulfilling to “fail fast, fail often” – this is the only way to create a product or service that others are willing to pay for. The best way to stay motivated when thinking about potential failure is this: “fail until you don’t” – if you’re innovative, talk with potential clients, think about how to keep shipping product, you will eventually find something that sticks.

While not all of these were ideas failures, some never really had the opportunity to succeed…I become board with the idea or realized I didn’t have time to pursue it. Many times I start something and realize that I have a better idea – the first idea or opportunity fades away because I choose to move on. I’ve learned that moving to action too quickly can be tough because it can be easy for me to leave projects unfinished. I’ve come to the conclusion that this is common with entrepreneurs – its easy to keep moving forward and leave half baked ideas in the dust. Life’s too short to focus on something that doesn’t fit your passions or create excitement when you wake up in the morning. I’ve had to force myself to focus on quality ideas and work to complete them.

I have big goals for myself….and I usually accomplish them when I put my mind to it. A visionary at heart, I don’t care much for the details so I push myself for big accomplishments. These accomplishments don’t just happen – actions need to be taken, risks managed, and fear overcome. Dealing with fear of the unknown and pushing ahead to get things done defines the daily tasks of any entrepreneur. Its a constant mind game that needs to be

1. Trust
Trust is huge when dealing with fear of starting something new. Entrepreneurs need to trust people around them, trust themselves, and be confident in the direction they have chosen.

2. Identity
When building a company or joining a new team, your Identity is very impactful to everyone you will work with. Knowing who you are and what you believe will help you deal with fears of failure. Usually, fear of failure is just a lie that needs to be shut down. Move forward with what you’ve been called to do and be strong in your identity. Don’t let other people tell you who you are or where you should get your worth.

3. Passion
Passion about new ideas, brainstorming, love of new things, building companies, and growing teams is exciting for entrepreneurs. Keep momentum going by staying focused on your passions. Don’t let fear take you off track and over analyze situations. Go for it and start taking action – you’ll never regret starting something new – you never know until you take the first step.  Move forward and get something on paper, make it happen and you won’t have any regrets.

4. Network
Your network is major aspect of helping you move past fear and get to action. Stay close to people that will encourage you, guide you, and help you navigate the trials of life. Close friends and colleagues will get you through tough times that require hard decisions. Listen to mentors- they will see things from a different perspective and can provide guidance that is extremely valuable. Don’t live in a vacuum, let others into your life.

5. Focus
Overcoming fear and moving to action takes serious focus. Don’t let fear of failure cause your focus to slip – make goals each day and get them done. You’ll have a million excuses as to why something won’t work out – dig deep and take action. Its a unique ability to take an idea and turn it into a real company.

Overcome fear and don’t let it cause you to be stagnant – take the challenge and move to action. Your identity isn’t what other people think or say about you. Know who you are and help other people along the journey. I challenge you to step out of normalcy, think differently, impact people for good, and use your skills to create something that leaves a legacy you can be proud of.

Entrepreneurship is a great adventure – overcome fear and move to action.