Financial Wellness 101

May 17, 2021


Purchasing a home is a big decision. There are many factors to consider. Most importantly, what is your budget? Is now the time to rent instead? How do you know?

Furthermore, if you do become a homeowner, what about your mortgage? Should you go full force and pay it off as soon as possible? Or are there advantages to carrying the mortgage?

The answer is not the same for everyone. Let’s take a look at factors that can help you make this decision.

Buying vs. Renting

Paying off the Mortgage

If you can answer, “Yes,” to the following questions, you may be on your way to home ownership:

  • Are you out of debt?
  • Do you have an emergency fund with three to six months of expenses, plus enough for a 10-20 percent down payment on a 15-year fixed mortgage?
  • Will your mortgage payment comprise no more than 25 percent of your monthly take-home pay?

Next consider which is more beneficial:

  • Renting may be less expensive because there are no costs for maintenance, taxes, and homeowner’s insurance. However, homeownership may be beneficial because your mortgage will not increase annually.


Congratulations, you’re a homeowner! Now what?

  • Should you pay off the mortgage early?
  • Should you delay saving for retirement in favor of paying off the mortgage?
  • Will the employer match and investment growth sacrificed be worth it?
  • Should you keep the mortgage in favor of the annual tax deduction?

These are just a few important questions to consider as you assess and strategize your financial future.

A retirement financial professional can help you make sense of the information and make these important decisions. If you have questions or seek assistance, please call Preston Englund at (402) 461-4893 or email at .


Securities offered through IFP Securities, LLC, dba Independent Financial Partners (IFP), member FINRA/SIPC. Investment Advice offered through IFP Advisors, LLC, dba Independent Financial Partners (IFP), a Registered Investment Adviser. IFP and Ridgeline Advisors are not affiliated.

The information given herein is taken from sources that IFP Advisors, LLC, dba Independent Financial Partners (IFP), IFP Securities LLC, dba Independent Financial Partners (IFP), and it advisors believe to be reliable, but it is not guaranteed by us as to accuracy or completeness. This is for informational purposes only and in no event should be construed as an offer to sell or solicitation of an offer to buy any securities or products. Please consult your tax and/or legal advisor before implementing any tax and/or legal related strategies mentioned in this publication as IFP does not provide tax and/or legal advice. Opinions expressed are subject to change without notice and do not take into account the particular investment objectives, financial situation, or needs of individual investors. Prepared by 3rd party