Jean Chatzky Quotes
For most, the largest asset is their home. This becomes a sentimental issue, I know, but if you're holding on to a home that you can no longer afford - or you need the liquidity - you need to think about solutions. One might be to bring in a tenant or roommate; a more drastic measure is to sell the home and downsize.
Chatzky, Jean. Money 911: Your Most Pressing Money Questions Answered, Your Money Emergencies Solved. HarperCollins, 2010.
This quotation shows how the government has been encouraging home ownership for years. In 1936, a 20 year fixed interest mortgage was considered a great step forward in providing mortgages for average Americans. As was only a 20 percent down payment in cash. Consider her use of the word “safe”. The New Deal in many ways was conservative—certainly much more so than the banking and home mortgage industries of the early years of the millennium. Mrs. Roosevelt would not consider a down payment of less than 20% safe for the family of safe for the mortgage lender. In the meltdown of 2008, there were many mortgages being written for Zero down payment.
Jean Sherman Chatzky is an American journalist, a personal finance columnist, financial editor of NBC’s TODAY show, AARP’s personal finance ambassador, and the founder and CEO of the multimedia company HerMoney.