Latest responses to “July 2009: Net Worth Update and First Time Home Buyer Plans” Copyright 2013, MoneyBlueBook.com 436630 2009-08-29T09:07:30-07:00 Laura aka Green Panda Congratulations! It seems as you're going about this home buying process correctly: running the numbers, saving a down payment, and keeping to a price range. We're in a similar boat and we're taking this step by step. I wish you the best! 436590 2009-08-05T22:10:24-07:00 Grasshoppa Hmm...Nighttrader, people can make millions by blogging...so it is quite financially possible to generate an insane amount of income through a blog. However, I agree - Ray, you are quite mysterious! I'm an attorney, and I definitely know I am not bringing that much cash home with me. Well based on Ray's financial advice through his blog, maybe he's just GOOD with his money, i.e. in terms of spending, investing, saving, generating. He just knows something we don't. I have faith that you'll share all your secrets with us one day. So where can one go to meet you in person?? 436600 2009-08-05T15:04:23-07:00 AMH - Life & Annuity Quotes Congrats on buying a new home. Your tips are useful for those of us who are thinking along the same lines - especially the credit score info. 436580 2009-08-05T01:53:04-07:00 NightTrader Based on what I've been reading from the blogger's other posts, it doesn't seem like the author generates the bulk of his income through simply blogging online. It's just not financially possible to generate that much income through a mere blog methinks. I think he makes money online as a side part time business but gets the vast percentage of his revenue from his legal practice and other real life businesses. I wish he'd share more about his regular day time job business though. Working from home is great but I have no idea what he does to make it so big. So mysterious! Do you run a franchise or a real estate business on the side? How in the world did you manage you generate so much income quickly. Inheritance? Lottery windfall? 436570 2009-08-05T01:43:27-07:00 Gina Don't buy a house in Maryland or DC. I heard the market in CA is good. Why don't you move over here and teach me how in the world to blog myself RICH like you. Good luck with your home purchase. And, btw, what kind of stocks did you invest in? I need some financial insight Ray. Thanks. Hope things are well. Let me know! 436620 2009-08-02T21:41:41-07:00 Raymond Scott, Yes, I am disqualified and completed phased out from the $8,000 tax credit for first time home buyers due to my income. My assets rose so quickly due to a momentary spike in monthly income. I generate ordinary income from a few sources - namely my legal practice, my online businesses, and a few other ventures I've been working on. I'll talk about them all sometime in the future. I believe in diversifying one's income and have been working hard at accomplishing this objective the past few years. I use a cash basis form of accounting, so no.. my asset increases don't immediately reflect my federal or state income tax witholdings. As I am fully self employed, I do have the quarterly tax payments that I must make. Four times a year, my monthly income reports will reflect this sudden asset dip - attributed to the quarterly estimated tax payment I must make. 436550 2009-08-02T21:23:59-07:00 Scott Based on your 2009 income, are you disqualified from the $8,000 tax credit for first time homebuyers? Also, I cannot account or fully understand how your assets rose $49,572 from June to July 2009? Was this capital gains from your stocks' investments, and if so, do you have about 25% for your federal income tax? 436560 2009-08-02T20:54:33-07:00 Raymond Emily, Yes I grew up in the DC area. I did consider moving back to where I grew up - the Rockville-Bethesda area - however, the homes available for sale there are much too expensive and greatly exceed the budget I have set forth for myself. The homes there are also too old and the area is much too crowded and traffic congested for my liking. The schools there are definitely quite exceptional however - which is why that area remains so desirable and highly sought after by many. 436610 2009-08-02T12:21:42-07:00 Emily Raymond, I'm from the DC area as well. You sound like you grew up or live in a nicer part of the DC Maryland side. Have you thought about moving to areas like Bethesda, Rockville, Chevy Chase, or even Potomac. I know those areas are more expensive, but the schools there are nationally recognized and highly ranked. If you're looking at future resell, choosing the right school district is very important. Not sure if that's within your budget but based on your networth income, it seems like you are doing very well for yourself