Planning Your Financial Future Assignment Example | Topics and Well Written Essays - 1500 words

Planning Your Financial Future - Assignment Example Other skills that will be significant in my career include: project management, planning and organizing, technology, and dedication to continuous learning. After identifying the appropriate career which in my case is marketing, I will have to be prepared to face any career development and alteration in the future. For this to be possible, I will have to remain dynamic in career planning in the short term. In addition, for me to become an expert in the paths of career, I will have to conduct various researches on careers and to scan the environment on regular basis. By doing this I will be better equipped for my next decision. Your target timeframe for the purchase, including the funding of associated costs, taxes and deposit My target timeframe for my first house purchase is 5 years. An estimated budget for servicing your ideal lifestyle including contingency plans (insurances and emergency funding) The intended house to be purchased is a three bedroom house at a cost of ?180,000incl uding all other related expenses. It is located at Cole Close London SE28. It is near Thamesmead shopping Centre. It has a small garden, garage, and is three bed-roomed. Insight and opinion on renting versus buying- The purchase of first house is not mainly about the ownership of personal property. Owning a home involves several costs, risks and responsibilities. My insight and opinion on renting versus buying is that it is better to rent a house rather than to buy. In my view it is costly to buy a house. Renting is better because of: first, simplicity. It takes minimal time to find a house that fits ones needs and desires. Buying on the other hand involves obtaining adequate finance and conducting the necessary inspections hence, buying is time consuming. Secondly is the convenience in renting a house rather than buying. The landlord will be responsible for various tasks of maintenance and upkeep. Therefore, no expenses are incurred on maintenance of a home. Thirdly is flexibility. In a rented house, it is easier to move unlike when in ownership of a house. After buying house, one becomes less mobile. When changes arise for example, in the workplace and one is forced to move the procedure of selling and buying another house is expensive. Fourthly, is increased liquidity, when renting one has large inheritance or fat paycheck. However, one is stretched when buying the first home since it involves down payment and related costs hence, cleans up ones money. The related costs of buying a house include; mortgage payments, property taxes, and insurance, maintenance and repair expenses. On the other hand, while renting one can keep extra cash for one self and makes budgeting easier without upkeep-expenses that home owners are likely to incur. Such expenses involve sudden urge to replace a leaking roof or old furniture and fixtures. Fifth, renting has better diversification. Those with purchased houses have bulk wealth tied in their homes rather than on better altern atives such as stock, bonds, or even starting a small business. The sixth factor is lower cost. If one is living in an area where home prices sky rocketed faster than rentals, real estate may be overpriced and it will not be a wise idea to buy a house. Evidence of research in terms of career, ideal starter-home/location and mortgage (type/ rate/ term etc) As a professional