Years ago I somehow came across this very simple strategy for decision-making attributed to Ben Franklin and have imparted this method to many a home-buying client when they have thoughts swirling around in their heads about which property would work best for them.
This is a very simple way of putting things down on paper that, when actually seen written out, can guide someone to an answer more easily by seeing which column is longer. Homebuying advice that anyone can include in their decision-making process.
So, here we go:
Two columns: Assets and Liabilities
Write down everything you can think of regarding the property/properties that you feel are potentials for purchase. If you have multiple properties in mind, do one sheet for each one.
View the list.
Whichever column is longer will define what best fits you for which direction to go in. If assets of one property far outweigh the liabilities, then you have a much easier decision to make. Same goes for the liabilities list if it is longer. Better to get rid of that one right away and shorten your list of potential winners!!
Ben Franklin was such a smart guy!
And in any important decision process, having it down on paper makes it much easier to SEE instead of random thoughts running through your head. There is something about seeing the physicality of it that gives it credence and clarity!
Ben also sired an illegitimate child, but that is a different post.
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