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Posted on 8/15/24 at 9:10 pm to Brobocop
Just curious as how a 35 yo with kids manages to save $150k.
Inheritance? Just curious
I’m lower 40s, have made over $100k for 25 years and feel broke as a joke.
Inheritance? Just curious
I’m lower 40s, have made over $100k for 25 years and feel broke as a joke.
Posted on 8/15/24 at 9:21 pm to Brobocop
Given the budget numbers you presented, I wouldn't hesitate to go for it. The bigger the mortgage, the more equity you build faster. This is bad advice if it'll strap you for cash, but given your situation, if you ever decide the "forever home" doesn't feel satisfactory you can downsize again. Easier said than done but there's no law requiring your forever home to last you forever.
Posted on 8/15/24 at 9:26 pm to Brobocop
quote:
I guess my struggle is it all boils down to Want vs Need. Is it worth throwing your life's savings at it? And for what exactly? Living in a bigger/nicer box? idk. Just struggling with it lol
I would not feel comfortable throwing my life savings into a house. I did feel comfortable putting a lot into my house but I still kept a good amount in savings ever after the project was completed.
quote:
I'd probably try to keep 10k after it's all said and done just in case... Anyone ever make this decision and regret it? Wish you would've stayed in the smaller, more inexpensive house?
I did not regret it but I would be freaked out with about 10k left after building a custom home.
Are you calculating the extra money you will save during the building process? It took me a while to get my plans finished and we were able to save a lot during the build process due to Covid and staying home.
This post was edited on 8/15/24 at 9:35 pm
Posted on 8/16/24 at 9:06 pm to xBirdx
quote:
Just curious as how a 35 yo with kids manages to save $150k. Inheritance? Just curious I’m lower 40s, have made over $100k for 25 years and feel broke as a joke.
Dual Income. We don’t make a crazy amount. Combined $258,000 W-2 plus some side ventures.
After taxes and retirement, we take home $13,296/mo.
Our current mortgage is $1400/mo. Intentional about budgeting. No debt besides house and future lot.
No inheritance.
Typically receive a solid bonus each year from work that we stash away.
Posted on 8/16/24 at 9:18 pm to Brobocop
Man - sorry to break it to you… but $250k year is a “crazy” amount. Like more than probably 95% of people I’m guessing
Just curious- what do yall do?
Just curious- what do yall do?
Posted on 8/16/24 at 11:00 pm to Brobocop
quote:
Dual Income. We don’t make a crazy amount. Combined $258,000 W-2 plus some side ventures. After taxes and retirement, we take home $13,296/mo. Our current mortgage is $1400/mo. Intentional about budgeting. No debt besides house and future lot. No inheritance. Typically receive a solid bonus each year from work that we stash away.
What’s your mortgage with a 6.5% interest rate? How much would you be putting down?
After reading the thread is it $675,000- $150,000 so financing $525,000 over 30 years? You looking at $3700 to $3800 a month?
This post was edited on 8/16/24 at 11:20 pm
Posted on 8/16/24 at 11:12 pm to xBirdx
quote:
Just curious as how a 35 yo with kids manages to save $150k. Inheritance? Just curious I’m lower 40s, have made over $100k for 25 years and feel broke as a joke.
Wow you have done very well for yourself if you’ve made over 100k for 25 years.
What job did you have at 17 or 18 making 100k?
Posted on 8/16/24 at 11:21 pm to Rize
quote:
What’s your mortgage with a 6.5% interest rate? How much would you be putting down? After reading the thread is it $675,000- $150,000 so financing $525,000 over 30 years?
We’d include equity from current house on the down payment as well. ~$130-140k.
Aiming to keep the mortgage+Ins+prop taxes below $3k/mo
Posted on 8/16/24 at 11:28 pm to Rize
Fat finger typo.. I meant since I was 25.
Consumer finance- used to get sweet $35-40k yearly bonus.
And that eventually got cut, and cut, and cut…. And now with online lending, etc.- my previous roles are now basically salesman that make like $60k base with maybe $15-20k bonuses
Consumer finance- used to get sweet $35-40k yearly bonus.
And that eventually got cut, and cut, and cut…. And now with online lending, etc.- my previous roles are now basically salesman that make like $60k base with maybe $15-20k bonuses
Posted on 8/16/24 at 11:35 pm to Brobocop
quote:
We’d include equity from current house on the down payment as well. ~$130-140k. Aiming to keep the mortgage+Ins+prop taxes below $3k/mo
I had the same equity from my house in Green Trails when I built my house on S Vignes. I financed 460k with a 2.6% rate and my payment was $2500. I’d say you could do it but I would delay it because of the 10k left over. You will go over budget
Posted on 8/16/24 at 11:53 pm to xBirdx
quote:
Fat finger typo.. I meant since I was 25. Consumer finance- used to get sweet $35-40k yearly bonus. And that eventually got cut, and cut, and cut…. And now with online lending, etc.- my previous roles are now basically salesman that make like $60k base with maybe $15-20k bonuses
Even at 25 making 100k in the early 2000’s was killing it. I think I was making in the high 50’s to low 60’s back then and I just turned 43.
This post was edited on 8/17/24 at 12:01 am
Posted on 8/17/24 at 3:05 am to Brobocop
quote:
After taxes and retirement, we take home $13,296/mo. Our current mortgage is $1400/mo.
Stay in current house as long as you can. Retire early instead of building a new one. You’ve got the situation everyone should hope for. Jmho, as a 52 year old with two that just left for college.
Posted on 8/17/24 at 7:37 am to Brobocop
At $250k+ you can easily afford this OP. Do you have to build? Another option is you patiently wait for something reasonable to come on the market and move up, forever home is a goofy term and more likely to lead you to blow your budget and spend on things that may not be a great investment fairly early in life
Posted on 8/17/24 at 7:44 am to Brobocop
A couple things
It’s already in your wife’s mind she wants a new house. That is never going to go away Sound alike you are wanting verification from TD but it’s not going to matter what we say lol!
You are going to go over budget on the build
Many times building a house can really suck and can put a strain on relationships If you can survive that, you are golden
It’s not going to be your forever home
It sounds like you can afford it and still maintain your retirement goals
Happy wife Happy life (at least for a few years)
Go for it
It’s already in your wife’s mind she wants a new house. That is never going to go away Sound alike you are wanting verification from TD but it’s not going to matter what we say lol!
You are going to go over budget on the build
Many times building a house can really suck and can put a strain on relationships If you can survive that, you are golden
It’s not going to be your forever home
It sounds like you can afford it and still maintain your retirement goals
Happy wife Happy life (at least for a few years)
Go for it
Posted on 8/17/24 at 11:56 am to Dawgfanman
quote:
Stay in current house as long as you can. Retire early instead of building a new one. You’ve got the situation everyone should hope for. Jmho, as a 52 year old with two that just left for college.
That does not sound fun at all. I feel like some of y’all need to live a little bit and spend some damn money.
Living in shitty houses, driving 20 year old shite box cars, and saving all your money sounds like a miserable life.
This post was edited on 8/17/24 at 12:40 pm
Posted on 8/17/24 at 3:09 pm to Rize
Guess you’ve never been laid off before
Posted on 8/17/24 at 3:56 pm to xBirdx
quote:
Guess you’ve never been laid off before
No but I also typically have at least a years worth of living expenses saved. My wife has been laid off.
Posted on 8/17/24 at 4:37 pm to Rize
quote:
That does not sound fun at all. I feel like some of y’all need to live a little bit and spend some damn money.
Ok.
quote:
Living in shitty houses, driving 20 year old shite box cars, and saving all your money sounds like a miserable life.
I don’t live in a shitty house, my truck is 13 years old (but I like it), I don’t save all my money.
I don’t place a big value on huge house or a fancy car. I want to be able to not HAVE to work. I’m at that point now, at age 52. I always wanted to be able to help my kids with college, I can and do.
Some people derive great pleasure from buying things, I don’t. Some derive big pleasure from doing things, I do but even then I don’t have dreams of 20,000 dollar vacations.
Maybe you come from a different upbringing, but I’m the only person in my extended family that ever attended college. Vast majority of family were cotton mill workers. Poor people. I’m not rich, but far from poor. I can say I will, absent some major medical catastrophe that is not covered by the various insurance I have, never want for anything and neither will anyone else I choose to help, like my kids.
The guy asked for opinions, I offered mine. You don’t have to be a cocksucker about it because yours is different.
This post was edited on 8/17/24 at 4:58 pm
Posted on 8/17/24 at 7:04 pm to Brobocop
Read “Die with Zero” then decide whether to stay or build.
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