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How to make better buying decisions on bigger things

How to make better buying decisions on bigger things

| March 28, 2023

How to make better buying decisions on bigger things by answering 2 questions:

Let’s say that you want to have a pool installed at your home.

Before you jump in, ask:

1. How will this purchase impact your current cash flow and future goals?

A cash flow analysis will help simplify this decision by calculating the impact on your current financial situation + your long term goals

The national average cost for installing an inground pool is $35k, can be as low as $20k and go as high as around $195k.

Custom upgrades like waterfalls, hot tub lighting, covers and decking can add $2k to $10k on average to the project.

Indoor lap pools seem to top out around at a little over $300k.

2. What are optional and ongoing expenses?

Add landscaping, new patio furniture, floates, regular maintenance, pool heater, steps, fence or enclosures, building permits, increase in property tax (due to the value of your home increasing), increase in homeowners insurance, utility costs and, of course, lots more entertaining…you may decide that it’s a bigger splash than you want to make now.

Pools are a beautiful addition to a home, no doubt about it. Pools can bring you countless hours with your favorite people & be the backdrop for many happy memories.

When the costs wash out the commitment that you have made to yourself to fund your big long term goals, though, take a deep breath and consider if right now is the right time to jump in.

Know all initial costs and ongoing expenses.

Understand the impact on your long term goals.

Let me run a cash flow analysis for you to be sure that it makes sense before you dive in.

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