6B • NOV. 3, 2023
YOUR MONEY
bransonglobe.com
Dave Says: Don’t buy a house together before you’re married
BY DAVE RAMSEY, CEO, Ramsey Solutions, and an eight-time No. 1 national best-selling author, and host of The Ramsey Show
D
ear Dave, My fiancée and I
plan to get married in May, and we are preparing to buy a house. We both work in sales, and combined we bring home about $7,400 a month before commissions. Our average commissions usually boost that to $12,000 a month. I’m worried that the house we’re looking at doesn’t fit our budget, though. The home costs $350,000, and we’re looking at monthly payments of $2,840 with taxes and insurance figured in. Do you think this scenario will work for us? J.T.
Dear J.T., Are you doing this on a 15-year fixed-rate mortgage? If you’re not, you need to change that right away. That’s the only kind of mortgage loan I recommend. With the numbers you’ve given me, you two can afford that on the shorter terms I mentioned. Now, let’s move on to the next thing. You’re speaking about buying a home as if you’re already married, and you’re not. I will not advise you to buy a house with someone to whom you’re not married. You’re talking
to a guy who’s been doing this for 35 years, and I’ve heard all the horror stories that go along with, “We bought the house together, but we didn’t make it to the altar together.” Talk about an ugly breakup! You two have a bad case of house fever right now. Believe it or not, you aren’t required by law to run out and buy a home just because you’re planning to get married. Please, wait until after the wedding to buy a home. And even then, wait another year or so. Buying a home is the
biggest—and most expensive—life decision most people ever make. Take some time to just enjoy being married and getting to know each other even better for a while. Listen, if you’ve already jumped the gun, if you already have this house under contract or anything like that, I would not close the deal. I’d talk to the sellers and tell them they can keep my earnest money, but I’m walking away. And get ready, because if you do this, your fiancée is liable to look at you like
you’ve got snakes coming out of your ears. Make sure to communicate with her about where you’re coming from and why you’re doing it. It’s the best, and smartest, thing you can do in the long run, J.T. I’m not predicting you two are going to break up or anything. I hope with all my heart nothing like that happens. But I’m begging you, buddy. Don’t buy a home with someone you’re not legally married to. The potential downside is just too great. — Dave
Stock Market Insights: Surprising strength - U.S. economy impresses
DR. RICHARD BAKER, AIF®, is the founder of and an executive wealth advisor at Fervent Wealth Management. https://www. facebook.com/Dr.RichardBaker
I
was shocked they had mashed potatoes. A couple of my mentors and I were doing some teaching in a remote village in the
Amazon rainforest. The locals told us that an American was running a café in town; to our great surprise, it had great food. The current strong economy might be an even bigger surprise. Weren’t we supposed to be in a recession about now? The biggest surprise to market watchers is just how much better the U.S. economy is doing than everyone expected. The economy is impressing with its strength in household goods and services, continued job market, and strong corporate profits. Almost nobody saw this coming.
Early this year, most analysts and even the Federal Reserve forecasted that the U.S. economy would struggle because of higher interest rates. But the economy didn’t get the memo because it’s speeding up even though loans are more expensive, the restarting of student loan payments, and, of course, that pesky war in Ukraine and now the Middle East. Those same market analysts who had predicted a recession this year are raising their growth forecasts. It’s no surprise that stocks are currently down some
with the treasury yields rising so quickly. Investors who have been told how terrible everything should be are trying to figure out this new higher-rate market environment. The U.S. Gross Domestic Product is about to hit 4% (maybe even 5%), the Composite Purchasing Managers Index has crossed over to a growth projection, and retail sales remain strong. All this to say, we may not have a “soft landing,” but it’s looking more and more like we will have a good economic landing. Yet, investors continue to feel uncertain, and for a good reason. We are still seeing the delayed effects
of the Fed’s rate hikes, there are wars and rumors of wars, and the U.S. government is spending money like your drunk uncle, driving up higher federal debt. All of which has led to recent market volatility. The majority of analysts believe the economy will continue to be stable even with stubborn inflation sticking around. There is, of course, a vocal minority (a lot of unlicensed talk radio folks) preaching that inflation will crash the economy, but I disagree with them. I feel good about the market, though I think it will continue to be volatile. Investing used to be more of a “set it and forget it,” but with so
many quickly changing dynamics, the importance of active investment management has never been greater. If you ever find yourself in the Amazon rainforest town of Iquitos, Peru, I highly recommend the Yellow Rose of Texas restaurant. Do I wonder why a talented Texan is hiding out in the middle of nowhere jungle? Yes, I do, but you will have the best mashed potatoes in your life. We ate there every night and started having the mashed potatoes as an appetizer. They were a pleasant surprise, just like the current economy. Have a blessed week! www.FerventWM.com
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