I was talking to an employee of a client and they were bragging on how they didn’t need professional help preparing their tax return. They purchased a box to prepare their return at Sam’s Club or Costco and they were ready to prepare all of the families returns.
This works, or can work if you have basic needs and have no plans for any changes in life.
The employee was in their late 20’s and still living at home. I asked if they planned on moving out in the near future. They planned to once they had enough saved to buy something.
I started asking questions. Where did he want to look, what was his budget? Basically how much longer did he need to live at home before he planned to move out? He had no idea which neighborhood to target. So no budget or plan was actually in place, only a vague idea.
I asked if they wanted a condo, townhouse of small house. They were thinking condo. SO at least there was something forming.
I asked if there was any plan beyond the 3 to 5 year mark. It seems that the condo would then become a rental property and another unit or house would then be purchased. So then marketability comes into play. No to mention the whether the association would allow for a rental. More and more are stating that they will not allow this any longer.
So now he was staring to see what he was not getting from the box. But he still clings to it. It is cheap if not useful.