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re: Percentage of net worth "invested" as equity in your primary residence?
Posted on 1/15/14 at 10:29 am to Ace Midnight
Posted on 1/15/14 at 10:29 am to Ace Midnight
Thanks for the advice.
More notes that may help since you brought it up...
I haven't yet maxed out my 401(k) contribution, but I'm on pace to max it out prior to this house purchase. In fact that is a personal requirement.
Putting 20-25% of my net worth into this house would equal 50% of the purchase price of the house.
More notes that may help since you brought it up...
I haven't yet maxed out my 401(k) contribution, but I'm on pace to max it out prior to this house purchase. In fact that is a personal requirement.
Putting 20-25% of my net worth into this house would equal 50% of the purchase price of the house.
quote:I don't disagree with this at all. I've got the majority of the money invested in low risk dividend producing funds, to do exactly this. But my thought process is this. A "higher tier lifestyle", right now, while my kid(s) are babies and infants basically means a nicer house since I'm grounded for the next few years. Once the kids are school age and we are taking vacations every year, the wife will be working again which will pay for all of those vacations and eating out more often.
I would strongly recommend that you use it to permanently increase your income, vice immediately leveraging into a higher tier lifestyle.
Posted on 1/15/14 at 10:38 am to LSU Jonno
quote:
A "higher tier lifestyle", right now, while my kid(s) are babies and infants basically means a nicer house since I'm grounded for the next few years.
I understand and I'm not completely dismissive of these concerns - however, as you are still young - when you buy a higher class house (just as with a higher class car) EVERYTHING is more expensive - it can wreak havoc with a budget because you've done all the planning and have the means to pay the higher monthly note - THEN the cumulative effect of the higher costs start to kick in.
But, you seem to be in pretty good shape on the budget side, so good luck with it.
This post was edited on 1/15/14 at 10:39 am
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