San Diego, California (PRWEB) April 30, 2013
Neil Gitnick knows that nothing tests the sanity of the ordinary American like preparing to buy a home. With home repair costs, new taxes, and a mortgage to worry about, the stressors of home ownership add up to be the biggest life investment one is likely to make. But purchasing a new place to call home doesn’t always have to a financial strain. Besides regular paychecks from a nine-to-five job, Neil Gitnick recommends a number of ways that can help round out an income in a pinch.
According to Neil Gitnick, the first and easiest method of saving more money for home ownership lies in picking up a second income. A part-time job or small business can do wonders to pad ones income if the extra time exists. Even a few extra hours every week can add thousands of dollars to one’s bank account over the course of only a few months. “Consider your skillset and what you’re good at,” explains Neil Gitnick. “You may have untapped skills that can apply to a moonlighting or freelancing position.”
Neil Gitnick also recommends turning to a retirement account for additional help. Though raiding the money set aside for one’s golden years isn’t recommended, there are other options that allow the procurement of funds without wreaking havoc down the road. A 401k loan or 403B let the borrower get immediate cash, though they must be paid back over time. “Also, if you have a Roth IRA, you can withdraw up to $10,000 without having to pay it back at all, which in the long run is often worth if spent toward a noble cause like real estate,” explains Neil Gitnick.
The final and perhaps most intuitive way to make more money comes from cutting back on living expenses and frivolous purchases. “It’s easy for a family to sit down and formulate a money-saving plan, but it’s hard to stick to it,” says Neil Gitnick. “Just like any plan, it has to be reasonable and simple to follow. Don’t try to go too far and cut things you know you can’t live without.”
In the end, saving for a home is essentially just enduring through sacrifice for the delayed gratification inherent to home ownership. “Don’t get discouraged by the bumps in the road,” Neil Gitnick explains, “Because in the end, when you look back, it will all be worth it.”
Neil Gitnick of Opportunity Lending has more than 25 years of operational experience in professional finance and 19 years in executive leadership. Neil Gitnick has also personally founded a slew of successful real estate companies including a real estate development organization specializing in land rezoning and entitlements as well as a wholesale mortgage brokerage specializing in consumer loans.