All Forum Posts by: Urvashi Vasishtha

Thoughts on AI taking over human jobs

We invest a lot in email marketing, just like any other company. The CEO and I check our campaigns for grammatical and technical errors regularly. Although today was unlike any other work day, the interesting thing was that we decided to run a check on one of our outgoing campaigns on Grammarly for the fun of it. While Grammarly has rave reviews, we noticed that it could not accurately catch all grammatical and technical errors. If Jorge (the CEO), who is an expert at technical lingo, didn't correct those, we might have been facing a legal lawsuit in the USA in all possibility!

Now Grammarly has helped scores of people improve their writing. Perhaps it's useful for those who struggle to write even basic sentences correctly. But it's dangerous and unreliable when it comes down to the nitty-gritty of finding errors. I wonder if Grammarly was the Chat GPT of yesterday or if Chat GPT will be the Grammarly of tomorrow, undependable and unable to take over all human jobs despite tech giants batting for it.

Do you think AI will successfully take over all human jobs?

House hacking refers to the practice of making your house a revenue-generating asset. Traditionally, this means purchasing a small multi-family property and renting out part of it.

The money collected from the tenants is used to pay all or part of the mortgage. As such, the homeowner can build equity while maintaining their property.

When done correctly, you can easily live in an expensive house at a low cost. Some people can even generate a small income from their home ownership.

Another reason to consider house hacking is the favorable mortgage rates that come with it. Since you’ll live in one of the units, financial institutions will view the property as owner-occupied. As such, you can enjoy lower mortgage rates than you would if you purchased a commercial rental property.

Remember, though, that these financial benefits come at a cost. You must be ready to live in a multi-family home; however, you will have some control regarding the tenants who live there.

P.S. I am happy to help you with answers to any questions you may have about recently reduced mortgage rates.

Do you think house hacking is an effective strategy?

Having a mentor is vital in your career.

I just got off a call with Jorge Vazquez on my work anniversary today. One of the best things about these one-on-one meetings is that Jorge knows exactly what advice to give you. It's like attending a tailor-made mindset class. Among many of his wonderful insights, the one that I wanted to share here was: "Happiness and sadness is an illusion. The way you live your life is art. You choose what you want to make of it. When you are old, the real satisfaction is not the number of dollars in your bank account; it's knowing that you did something significant and made an impact in other people's lives."

I found this very profound, and I hope when you read this, you feel inspired.

I would love to know what have been some of the best pieces of advice that your mentor has given you? 

 @Jaron Walling, love how succinctly you said it! With your permission, I am stealing this for a heading on the next property email I send to our clients :D 

 Thanks for the reminder, @Nathan Gesner! I agree that the second best time to invest is now without overthinking it.

Several external factors determine the best time to invest in a property, whether it involves getting a mortgage or making an instant purchase. However, the most significant influence tends to be the yearly seasons of winter, spring, summer, and fall.

The social, economic, and political calendar of the United States operates based on the yearly seasons. Each of those factors directly or indirectly impacts the behavior of the housing market.

Other factors include individual readiness, the location of the home, and ongoing housing trends, including interest rates.

Despite the external shocks to the housing market, seasons remain a major driving factor in when to buy a home. Read on to learn more about the seasonal factors that affect housing prices.

I would love to know your thoughts on the same. Please comment your expert opinion.

 Hi, @Kim Musgrave Please check your inbox. Thank you.

My two cents on the pros and cons are:

Advantages:

Probably the primary benefit of prepaying a mortgage is personal peace of mind. In addition, borrowers pay less total interest overall when paying off their mortgage early. For example, if an individual borrows $250,000 with a 30-year, fixed-rate 3.5% mortgage, the total interest accumulated over the life of the loan would be about $154,000. Prepayment of this mortgage after ten years would reduce the total interest payout by at least 50%.

Without the burden of a mortgage, the improved cash flow can be a motivating factor to pay early.

Disadvantages:

Paying off a mortgage balance can drain a savings or investment account and require starting over to rebuild them.

Financial advisors explain that lost opportunity costs represent the potential benefits an individual can miss by paying off a mortgage early. The expense of paying off a mortgage early would mean the loss of earned investment gains if the funds remained in an investment account.

With the average interest gains over a decade being about 10% per annum, paying off a 3.5% mortgage would seem like the wrong choice. Prepaying a mortgage may hamper diversifying wealth across various investment types, leaving homeowners vulnerable to drops in real estate values.

It is important to remember that homes are not liquid assets. Therefore, should an emergency arise, homeowners can be at risk if they apply too much wealth to pay off a mortgage.

Finally, mortgage interest is tax-deductible for those who itemize their income taxes. One way to look at this is that low-interest rates become even lower when tax deductions are considered.

I would love to know your thoughts on the subject. Please comment.

 Yes! That is one of the most important factors! Time is Money, after all! Thank you for your comment, @Nicole Heasley Beitenman!