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How Young Families Should Prepare for Their First Home Purchase

How Young Families Should Prepare for Their First Home Purchase

Buying your first home is a milestone for any new, young family, whether you’re newlyweds still on your own or you’re bringing a few little ones in tow. You need space to let your family grow and flourish, and the best garden for new families exists in your own home, where you won’t have to worry about landlords or picking up stakes after your lease. That said, planning for a home is no easy task–although going about it the right way makes the endeavor run much more smoothly.

Think About Your Dream House

Family planning is a huge issue when you’re ready to buy a home. You have to think about the size of your family because you don’t want to have to upgrade in a few years, sell your current home, and start the process over again. Do you plan to stay child-free or do you dream of a house full of children? Maybe two or three is your perfect number. Whatever the case, budget for bedrooms, bathrooms, and the perfect amount of space.

You likely have some necessities as well. What’s most important to you? Are you flexible on location, or are you determined to stay in, say, Tampa or Naples? Do you want a home in the city or a house surrounded by greenery? Think about both the luxuries and the essentials, such as:

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  • The number of floors
  • The number of bathrooms and bedrooms
  • A large yard
  • A ranch vs. a colonial
  • And the overall age of the home

Examine the Employment Situation

If you don’t have steady employment, you may want to think twice about buying a house. You don’t want to get stuck with a mortgage that you can’t pay. If your job is on the fence or you’re constantly changing careers, you might need to wait. Likewise, you should decide if both of you need to work. A single-income family situation might not work for the house of your dreams, even if your desires are flexible.

Get a Handle on Your Debts

New Home 2

    Your debts weigh heavily on your credit score. Are you in default on any of your school loans? Is there a credit card you’ve neglected to pay off that’s now coming back to haunt you? Before you even go see the bank or any lenders, check out your credit score. To determine your credit score, several aspects factor in:

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    • Your payment history
    • The amount you owe
    • The length of your credit history
    • Any new credit
    • The types of credit

    Don’t start opening credit accounts all over the place to boost your FICO score either. That will look even worse, and it will affect your mortgage rate. To get a good mortgage rate, you need a high credit score. At some lending offices, a credit score between 625 and 650 will get you a decent rate. If you want better options for financing and enviable interest rates, you need a score of 700, at least.

    If you fear your FICO score doesn’t pass muster, all hope isn’t lost. Start paying off your debts now. Use the snowball method if you have to, and pay off the card with the highest interest rate first, then work your way down the list.

    Work Out Your Mortgage Management

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    New Home 3

      The housing marketing is always on the rise and fall. Buying a home is a great idea now, because the housing industry is hot. Houses are being sold at lower rates for numerous reasons. That can work very well with your chances for an affordable mortgage rate through www.foundationmortgage.net. You can talk to someone at your local bank or other financial institution to see about your options. If the rates you’re quoted scare you, just remember this: having a mortgage is the same thing as paying rent, except you’re paying yourself to own your home. Your mortgage and interest rates create equity, which you can borrow from in times of trouble and write-off as a tax deduction. Be careful when doing this, you don’t want to borrow more than you can afford.

      There are 10.2 percent more single-family homes for sale in Florida than there were last year. That increases your chances of finding your dream home, but it will also help you get a better mortgage rate. The law of supply and demand that made good rates so hard to come by during the housing crisis is finally starting to calm down. You simply have to work out what kind of mortgage works for you:

      • A fixed-interest mortgage, which keeps your interest the same for life
      • An adjustable-rate mortgage, where the rate changes every year
      • Or an interest-only loan, which helps if you need a low payment in the beginning

      Stay Within Your Budget

      That being said, you still need to stay within your budget. Moving is a big deal anyway; just the cost of moving from a rental to a home you own will cost a bundle, especially if you need new furniture. Plan to spend anywhere between $5,000-$10,000, depending on where you’re going, what you own, and what you can do yourself. You can’t forget about broker’s fees, closing fees, and deposits, either, especially since the average cost of a home in Florida is up to $194,000.

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      Research Your Loan Options

      Whether you’re going for a Tampa mortgage, a Naples mortgage, or a straight Florida refinance plan, there are lots of loan options available to you. For instance, FHA loans come from the Federal Housing Administration, which backs you on insurance as long as you meet the qualifications. VA loans are available to active members of the military as well as eligible veterans. There are also loans from the government and housing offices in your local area, especially for people buying a home for the first time.

      Think Outside the Traditional Box

      If you’re thinking about an FHA loan, then realize that various HUD homes through the Department of Housing and Urban Development might become available to you. You have to meet strict qualifications, but they’re worth looking into if you’re having trouble getting a loan. You can even think about looking at foreclosed homes in your area, which may cost much less than other homes.

      Buying a home for the first time is scary but it’s also exciting; it’s one of the best investments you’ll ever make. Are you ready to take the plunge?

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      Last Updated on October 13, 2020

      How to Spot a Burnout And Overcome It Fast

      How to Spot a Burnout And Overcome It Fast

      Burnout at work is an issue that most people who suffer from it, suffer unknowingly.

      Have you ever felt that you can’t start an assignment, have an immense urge to Netflix binge, or couldn’t get yourself to wake up on time even though you have a lot on your plate? The cause for these might be burnout.

      According to Deloitte’s report, “many companies may not be doing enough to minimize burnout.” This is to say that the responsibility is not only on the employee. According to that report, nearly 70 percent of professionals feel their employers are not doing enough to prevent or alleviate burnout within their organization, and they definitely should.[1]

      Too many companies don’t invest enough in creating a positive environment. One out of five (21%) said that their company does not offer any programs or initiatives to prevent or alleviate burnout. It is the culture, not the fancy well-being programs that would probably do the best work.

      This is a significant problem for individuals and companies, and it’s also an issue on a macro level. A Stanford University research found that more than 120,000 deaths per year, and approximately 5%–8% of annual healthcare costs, are associated with the way U.S. companies manage their workforces.[2]

      It is both the employee and the employer’s responsibility—and the latter can certainly take more responsibility.

      In this article, I’ll guide you on how to know if you suffer from burnout and, more importantly, what you can do about it.

      Who Are Prone to Burning Out?

      For starters, it is a good thing to know that you’re in good company. According to a Gallup poll, 23% (of 7,500 surveyed) expressed burnout more often than not. Additionally, 44% felt it sometimes. Nearly 50% of social entrepreneurs who attended the World Economic Forum’s Annual Meeting in 2018 reported having struggled with burnout and depression at some point.[3]

      According to Statista (2017), 13% of adults reported having problems unwinding in the evenings and weekends. According to a Deloitte survey (consisting of 1,000 full-time U.S. employees), 77% of respondents said that they have experienced employee burnout at their current job.[4]

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      Burnout is not only an issue of the spoiled first-world. Rather, it is a serious matter that must be taken care of appropriately. It affects so many people, and its impacts are just too significant to be ignored.

      Some occupations are more prone to burnout, such as people who deeply care about their jobs more than others. According to the Harvard Business Review, “Passion-driven and caregiving roles such as doctors and nurses are some of the most susceptible to burnout.”

      The consequences can have life or death ramifications as “suicide rates among caregivers are dramatically higher than that of the general public—40% higher for men and 130% higher for women”. It is also the case for teachers, non-profit workers, and leaders of all kinds.[5]

      Deloitte’s survey also found that 91% say that they have an unmanageable amount of stress or frustration. Heck, 83% even say that it can negatively impact their relationships. Millennials are slightly more impacted by burnout (84% of Gen Y vs. 77% in other generations).

      What Is Burnout Syndrome?

      So, what is it, exactly? Burnout was officially included in the International Classification of Diseases (ICD-11) and is an occupational phenomenon.

      According to the World Health Organization, burnout includes three dimensions:[6]

      1. Feelings of energy depletion or exhaustion;
      2. Increased mental distance from one’s job, or feelings of negativism or cynicism related to one’s job;
      3. Reduced professional efficacy.

      The 5 Stages of Burnout

      At this point, you must have a clue if you’re at risk of burnout. There are different methods for understanding where you are on the burnout syndrome scale, and one of the most common ones is the “five stages method.”

      1. Honeymoon Phase

      As you may remember If you’ve gotten married, there’s always the honeymoon phase. You’re so happy and feel almost invincible. You love your spouse and at this stage, you’re very excited about everything. It’s the same when it comes to taking on a new job or role or starting a new business.

      At first, most of the time, you’re hyper-motivated. Although you might be able to notice signs of potential future burnout, in most cases, you might ignore them. You’re highly productive, super motivated, creative, and accept (and take) responsibility.

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      The honeymoon phase is critical because if you plant the seeds of good mental health and coping strategies, you can stay at this phase for extended periods.

      2. Onset of Stress

      Let’s continue with the wedding metaphor. Now that you’re happily married for some time, you might start noticing certain issues with your spouse that you don’t like. You might have seen them before, but now they take up more space in your life.

      You might be less optimistic and feel signs of stress or minor symptoms of physical or emotional fatigue at work. Your productivity reduces, and you think that your motivation is lower.

      3. Chronic Stress

      Let’s hope you don’t get there in your marriage, but unfortunately, some people get there. At this stage, your stress level is consistently high, and the other symptoms of stage 2 persist.

      At this point, you start missing deadlines, your sleep quality is low, and you’re resentful and cynical. Your caffeine consumption might be higher, and you’re increasingly unsatisfied.

      4. Burnout

      This is the point where you can’t go on unless there is a significant change in your workspace environment. You have a strong desire to move to another place, and clinical intervention is sometimes required.

      You feel neglected, your physical symptoms are increasing, and you get to a place where your stomach hurts daily. You might obsess over problems in your life or work and, generally speaking, you should treat yourself.

      5. Habitual Burnout

      This is the phase in which burnout is embedded in your life. You might experience chest pains or difficulty breathing, outbursts of anger or apathy, and physical symptoms of chronic fatigue.

      The Causes of Burnout

      So, now that we know how to identify our stage of burnout, we can move on to tackling its leading causes. According to the Gallup survey, the top burnout reasons are:[7]

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      1. Getting unfair treatment at work – This is not always something that you can fully control. At the same time, you should remember that even if you’re not calling the shots, it doesn’t mean that you have to accept unfair treatment. The consequences mentioned above are just not worth it in most cases.
      2. Workload – Another leading cause of stress according to dozens of interviews conducted before writing the article. According to Statista, in 2017, 39% of workers said a heavy workload was their leading cause of stress. We live in a busy work environment, and we will share some tips on how to manage that.
      3. Not knowing your role – While not something you can fully control, you can, and probably should, take action to better define it with your boss.
      4. Inadequate communication and support from your manager – Like the others above, you can’t fully control that, but as we’ll soon share, you can take action to be in better control.
      5. Time pressure – As mentioned, motivated, passionate workers are more in danger of experiencing burnout. One of the reasons is that they’re pressuring themselves to do more, sometimes at the expense of their mental health. We’ll address how to work on that as well.

      How to Overcome a Burnout

      After going over the stages of burnout and the leading causes of becoming burned out, it might be a good time to let you know that there is a lot you can do to fight it head-on.

      However, let’s start with what you should not do. Burnout cannot be fixed by going on a vacation. It should be a long-term solution, implemented daily.

      According to Clockify (2019), these are the popular ways to avoid burnout:

      1. Focus on your family life – 60% of adults said that stable family life is key to avoiding burnout. Maintaining meaningful relationships in your life is proven to reduce stress (instead of having many unmeaningful relationships).
      2. Exercising comes in second, with 58% reporting that jogging, running, or doing any exercise significantly relieves stress. Even a relatively short walk might improve your body’s resilience to stress.
      3. Seek professional advice – 55% say they would turn to a professional. There are online websites where you can speak with professionals at reduced costs.

      Aside from the three most popular ways of avoiding burnout, you can also try the following:

      1. Improve Time Management

      Try understanding how you can use your time better and leave more time for relaxation. That’s easy to say (or write) but more challenging to implement. It would help if you started by prioritizing yourself. Understanding the connection between your values and your everyday tasks is a tremendous help. You can use proven methods to improve the relationship between your vision and goals to your daily life tasks’ lists. Check out the Horizons of Focus or V2MOM methods to get started.

      2. Use the P.L.E.A.S.E. Method

      The P.L.E.A.S.E. is a combination of things you should do to be at your best physically. It means Physical Illness (P.L.) prevention, Eat healthy (E), Avoid mood-altering drugs (A), Sleep well (S), and Exercise (E).

      3. Prioritize

      You don’t have to say yes to everything that comes across your way at work (or in other aspects of life). You’d be surprised how easy it can become once you start saying no. Some might even describe it as exhilarating.

      4. Let Your Brain rest

      Culturally, most of us are already wired to think that hard work is essential, and while that’s true in most cases, we sometimes forget that our brain needs to rest for it to recharge. Seven hours of sleep are essential (depending on your age). Meditation might be helpful, too.

      5. Pay Attention to Positive Events

      According to Therapistaid.com, we tend to focus on the bad things in our lives. However, by focusing on positive things, we can change our mindset. One way to practice this daily is by writing three good things about your life every morning or evening. It’s been scientifically proven that doing so for a few months can help rewire your brain.

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      6. Take Some “You” Time

      A Netflix binge is not always good for you, but it might be in some cases. The better the leisure time is, the better you’ll feel in the long term. It’s usually better to read a book or start a new hobby that requires more cognitive skills than just lying on the couch. But as long as you feel good watching a movie, that might be a good start.

      7. New Technologies Might Be Helpful

      There are tons of self-help apps such as Fabulous, Headspace (meditation), Noom (diet and exercise), and others. They’re good to use, but you should also be careful not to run away from your problems only to watch social media for hours. It’s not real, and no one’s life is perfect (even if their Facebook or Instagram feeds might seem so). You should also be aware not to be in an “always-on” mindset.

      Bottom Line

      Whether you’re at the first or the fifth stage of the burnout phases, the goal of this article is to show you that there are always ways to fight it. The first thing is self-awareness—knowing that there’s a problem. The second step is to decide what to do about it.

      You can also consider using Lifehack’s community. You’re more than welcome to share your burnout story on our Facebook page.

      Bonus: Rebound from Burnout in 8 Hours

      Watch what you can do to rebound from burnout quickly in this episode of The Lifehack Show:

      https://youtu.be/MNnyqQWK_zg

      Featured photo credit: Lechon Kirb via unsplash.com

      Reference

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