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Buying a home is integral to the “American Dream,” but it is increasingly out of reach for many hard-working adults. The property market has been highly competitive over the last year because housing supply has shrunk dramatically. Now, many adults have given up on owning a home and expect to rent for the rest of their lives. While most of the older generations will have their own homes through retirement, less than half of the largest group in the workforce, Millennials, think they’ll have that same luxury. Despite their pessimism, a competitive market doesn’t mean it’s impossible to own a home… even if you have bad credit. But what is a bad credit score? Credit scores are usually based on the FICO scoring system, and different credit bureaus may grade scores differently. This is how Experian ranks them: Poor: 300-579 Fair: 580-669 Good: 670-739 Very Good: 740-799 Exceptional: 800-850 About a third of consumers have a poor or fair credit score. If you fall in that category, don’t give up on homeownership. Some loans cater specifically to Americans with low scores. Mortgage Options A traditional mortgage is usually a fixed-rate loan, so the interest rate never changes. Although this is the kind of loan people typically think of, it’s only ideal for people with a credit score above 620. By contrast, an adjustable-rate mortgage (ARM) typically has a fixed interest rate for the first three to seven years, then fluctuates with market rates thereafter. ARMs are better for people with a credit score of 600 or higher. That difference between 600 and 620 might not seem like much, but it can help someone who needs it. When market rates are lower, the interest on your loan will also be lower. The drawback, however, is that if rates are high, you will pay more too. You’re at the mercy of the economy: you could save money on the interest rate or lose some. If you have a score as low as 500, you could qualify for a Federal Housing Administration (FHA) loan. FHA loans will cover about 97 percent of your home’s value, so you’ll need to make at least a 3 percent down payment. And until you pay off 20 percent of your home’s value, you’ll have to pay for private mortgage insurance. This covers your lender in case you default on the loan. Since it’s a government-backed program, you’ll have to go to an FHA-approved lender. Now that you know the various loan options, it’s time to take a look at the steps to getting there. Step-by-Step Guide for Buying a Home With Low Credit With so many loans and interest options, the best thing to do is talk to a professional who can review your situation and find the best path for you. Step One: Get Your Free Credit Report The last thing you want is your credit score to be misreported. Go to annualcreditreport.com, that’s where you can get a copy of your credit report
Drainage is a common, destructive problem that plagues many gardens – Shutterstock Water should nourish plants, not drown them. When soil holds too much moisture, roots struggle to breathe and slowly decline. Many gardens look healthy on the surface while hidden water buildup quietly damages everything below. Poor drainage ranks among the most overlooked causes of plant loss in home landscapes. Fixing it transforms struggling beds into stable, balanced growing spaces. Gardens often fail because […]
Saving money feels out of reach for a lot of people. With so many Americans living paycheck to paycheck, setting aside even a small amount each week can seem unrealistic. Add in a consumer-driven society full of targeted ads and endless marketing, and it’s no wonder so many of us struggle to hold onto our cash. The good news? Plenty of frugal-minded people have shared the habits and mindsets that keep them on track financially. These tips might surprise you with how manageable they actually are. 1. Turn Being Frugal Into a Game Make saving feel like something you can win. If you’re naturally competitive, this approach can be surprisingly effective. Challenge yourself: maybe commit to eating out only once a month, or use up everything in your pantry before buying more groceries. Tracking your progress gives you something to work toward and makes the whole process a lot more motivating. 2. Do a Quick Retirement Calculation Sometimes putting numbers on paper is all it takes to shift your perspective. Try calculating what your current savings rate will look like by the time you retire, and then calculate what it could look like if you cut back on even a few small daily expenses. When you start seeing how much everyday purchases can cost you in the long run, those impulse buys start to feel a lot less appealing. 3. Keep Everything in Perspective Regularly asking yourself, “What is my goal?” can go a long way. Staying clear on your financial priorities helps you make better decisions in the moment. That said, remember there’s a real difference between living frugally and making yourself miserable. The goal is always balance. 4. Create Budgets Whether you’re watching every dollar or have a comfortable income, budgeting is one of the most universally recommended financial habits. Assign a limit to each spending category, then challenge yourself to get the most out of it. Knowing exactly where your money is going removes the guesswork and keeps you accountable. Feeling overwhelmed by your finances? This simple, printable budget planner makes it easy to track where every dollar goes. Download it free now! 5. Use Your Childhood as Motivation If you grew up in a household that watched every penny, don’t be embarrassed by it. Instead, let it work for you. Many people who grew up with less carry those careful spending habits into adulthood, and that’s actually a real advantage. You may not be poor, but that doesn’t mean you have to get rid of the habits that you grew up with. There are worse things to be than someone who doesn’t waste money. 6. Read Books There’s no shortage of books on personal finance and intentional living. You can check out various books about saving money, but one popular one is The Art of Frugal Hedonism. It’s a read that reframes frugality as something enjoyable rather than restrictive. Best of all, you can often find books like this for free through your local library
Deciding whether to rent or buy a home is not just about choosing a place to live, it also shapes your financial future, your daily lifestyle, and the level of responsibility you are willing to take on over time. Many people feel confused when making this choice because both options seem useful in different ways, […]
The Tax Planning Window There’s a window after you retire but before Social Security and RMDs kick in where your tax flexibility is at its peak. Here’s how physicians waste it, and how to use it. Your accountant will tell […]
Most retirees spend decades preparing for retirement taxes, but many never spend much time thinking about what happens to those taxes after they are gone. Early in retirement, the focus is usually on generating sustainable income and keeping taxes manageable each year. But for households likely to leave assets behind, the planning process eventually starts to shift. As the focus moves towards leaving a legacy for your loved ones, tax planning becomes more about […]
It’s 11 at night, and you’re staring at your credit card statement. You made the payment. You made it on time, just like last month, and the month before that. And somehow the balance is almost exactly where it was six months ago. You do the math again. The interest charge from this month alone wiped out most of what you paid. You close the tab and tell yourself you’ll figure it out tomorrow, but […]
Choosing a financial planner isn’t just another decision on your list. It’s a relationship that can shape how you make financial decisions for years—sometimes decades—to come. The right fit can help you feel more clear, more confident, and more intentional with your money. The wrong fit doesn’t always fail dramatically—but it can quietly lead to second-guessing, missed opportunities, or advice that never quite feels aligned. So if you’re at the point of choosing someone, it makes sense to […]
Taking a cross-country road trip was always one of my biggest travel goals. Back in 2013, a travel companion and I finally made it happen. We drove across the country, visited several cities, attended sporting events, explored local attractions, and created memories that I still talk about today. We had no idea how much…
Most physicians plan well for their own financial future. Retirement accounts are maxed. Investment positions are building. There’s at least a working picture of what financial independence looks like. What most of us haven’t planned for is the financial weight of our parents aging. Not in the abstract sense. In the specific, arriving-faster-than-you-expected sense. The cost of care. The coordination burden. The slow financial drain that doesn’t feel like a crisis on any given Tuesday […]
Summer travel costs can rise fast once hotel rates, restaurant meals, gas, and attraction tickets start piling up. Many families want a break without coming home to a credit card bill that feels like a second vacation. The good news is that affordable summer travel still exists if you plan carefully and focus on simple … Read more
Hey everyone! I hope you’re enjoying the beautiful spring weather. It’s been a while since I posted an update. To be completely honest, blogging became much more difficult once I stopped posting every single week. There are always so many things to do around the house, and writing is much harder when I don’t stick to a strict schedule. Anyway, I promised to update my withdrawal plan, so here it is. This plan isn’t set in stone. We’ll constantly modify it to minimize taxes and respond to unforeseen circumstances. We will likely withdraw more in some years to cover “lumpy” expenses, like buying a new car. Life is full of surprises, and we’ll have to adapt as needed. Our early retirement withdrawal plan is flexible. Right now, we have almost $1 million combined in our taxable brokerage account and Treasury bonds. However, we also have changing family circumstances to navigate. Our parents are getting older and need more assistance. Because of this, we plan to move to California to be closer to Mrs. RB40’s family when our son finishes high school in 2029. As you’ll see below, this move is a massive factor in our financial timeline. (For context, I am 52.5 years old right now.) The Timeline: 2026 to 2049+ 2026 to 2028: The Early Years & Simplifying Real Estate 2026 is our first year of full retirement. Our active income will be minimal—probably around $5,000 from blogging and minor side gigs. Fortunately, Mrs. RB40 has a small pension of about $10,000 annually. More importantly, her retirement plan includes group health insurance coverage. We pay the same premium amount as we did when she was working, and it’s deducted directly from her pension. This is huge. Not having to worry about the ACA marketplace or healthcare costs gives us a lot of breathing room. Estimated Annual Expenses: ~$75,000 Active Income + Pension: ~$15,000 Passive Income (Dividends/Interest): ~$20,000 The Gap: We need to cover a shortfall of about $40,000. The Solution: Since we are moving to California in a few years, I am winding down our Portland rental real estate. We recently put our rental condo on the market. Once sold, it should generate roughly $150,000 after fees and taxes. This cash pool, combined with our other income streams, will fund the next 2 to 3 years of living expenses. Our Housing Adjustments: Currently, we live in a duplex and rent out the upstairs unit. However, I’ve asked our tenant to move out in 2027. RB40Jr is a teenager now and needs more space. One bathroom doesn’t cut it anymore. Mrs. RB40 also wants more room since she is home full-time. We will use the next few years to live comfortably in the whole property while fixing it up to get it ready for sale. It’s a big win that we resisted upsizing for 15 years. Most families expand their housing when they have kids. Note on a lumpy expense: I may purchase a new car
Most estate planning conversations begin with questions about transferring wealth efficiently. Families want to know who inherits retirement accounts, whether a trust is necessary, how to avoid probate, and whether estate taxes will become a problem. Those are all legitimate concerns, but they are rarely what causes the greatest stress when a crisis actually unfolds. The breakdowns that destabilize families are usually operational. A surviving spouse suddenly cannot access accounts. Bills stop getting paid because everything […]