Watch How to Get Rich Episode 3.

Synopsis: 

Ramit debates the merits of home ownership; he helps a couple work better together and evaluates one family’s conscious spending habits.

Key Terms:

• Homeowners Association (HOA) fees – A monthly fee to cover the cost of maintaining shared community areas.
• Debt – An amount of money that someone owes 
• Investing – The process of setting money aside to increase wealth over time for long-term financial goals such as retirement
• Business plan – A document that describes a new business & a strategy to launch that business
• Financial advisor – A professional who provides financial advice or guidance for clients’ decisions around money matters, personal finances, and investments
• Gross income – Total earnings before any deductions are taken 
• Down payment – A partial payment made in cash at the beginning of the purchase of a good or service, while the remaining balance is due later or is financed as part of a loan