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re: 5yr. Balloon Loan w/ 10yr. Amort. (Any hidden things I should worry about?)
Posted on 8/19/16 at 9:58 am to TheWiz
Posted on 8/19/16 at 9:58 am to TheWiz
quote:
quote:
And I said "monks" - but as long as this is manageable, it doesn't seem unreasonable. However, you'll find that as you make more money, more and more of this kind of budget item will seem "essential" and not "luxury."
You're probably right. Plated transitions into Clancy's every Thursday and Romney spin classes get tacked on to yoga subscriptions. I'm sure it could happen. Hopefully we can keep that stuff at bay.
I really appreciate everyone's input.
What's the point of making a really nice income if you aren't going to treat yourself? I had a friend that did this; he worked hard, made a shite ton of money, but refused to spend it in hopes of doing something grand a lot later in life. Unfortunately he died at 34 and never got to enjoy his wealth.
1
Posted on 8/19/16 at 10:16 am to 632627
quote:
What's the point of making a really nice income if you aren't going to treat yourself? I had a friend that did this; he worked hard, made a shite ton of money, but refused to spend it in hopes of doing something grand a lot later in life. Unfortunately he died at 34 and never got to enjoy his wealth.
I mean... that's just really unfortunate, but I suppose it could happen to anyone. But look beyond that. Kill this $248,000 note in five years. Then I free up an additional $50,000 of after tax money. So by the age of 37, assuming things remain constant (which I'm sure they won't with kids etc...), I could/should have roughly $90,000 - $100,000 of after tax money to "enjoy" life on.
I get that what I am proposing is all best case scenarios and life isn't like that. I think that this is a solid plan, with a favorable backup plan (my wife's $100,000 gross raise saved annually, and it should position us well. Who's to say one of us isn't hit by the bus. I guess that's why we have DI and term.
I really do appreciate everyone's input about the balloon. I think I will go that route.
This post was edited on 8/19/16 at 10:19 am
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