Miel and I got an Adjustable Rate Mortgage (ARM) when we bought our place last June. It was great because the lower introductory rate allowed us to borrow enough to put us in the price range of one-bedroom apartments in neighborhoods we liked.

Now, we are paying the price. Our mortgage is index benchmarked. Now that the Fed has continued to raise rates, we are getting the hit. Not that we regret buying our place, but in retrospect I think we would avoid getting an ARM. The variable rate makes it harder to plan and we’re now vulnerable increased costs for housing.

Rats.

-Miel

MANAGE YOUR MONEY TOGETHER

Here are some simple guidelines for DINKS to build wealth:

1) Collaborate: Meet regularly to talk about money, set goals together, track and monitor them.

2) Understand and respect your partner. Take time to understand your partners values about money.

3) Watch the numbers. Get a budget, monitor your spending and track your net worth.

4) Max your retirement. Maximize contributions to your tax deferred retirement accounts.

5) Invest in stock. Stocks perform better than bonds or cash.

6) Avoid high interest debt. Credit cards and title loans are financial cancer.

7) Diversify. Don't put all your eggs in one basket.

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