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Posted on 8/24/18 at 7:16 pm to jimdog
you are both retired and you have a 2K mortgage?
I don’t want to be the one to break it to you, but you failed at estate planning
I don’t want to be the one to break it to you, but you failed at estate planning
Posted on 8/24/18 at 7:21 pm to TigerVespamon
quote:
When financing a vehicle, the borrower is required to purchase comp and collision insurance in addition to liability insurance, so factor that in over 60 months, goofball.
So you're going to pass on collision and comp insurance if you pay cash? Why would you do that?
Posted on 8/24/18 at 7:24 pm to jimdog
Maybe 12-15k min
Ideally like 20k between my wife and me after taxes because we want to do stuff like build a house and still travel and stuff
Ideally like 20k between my wife and me after taxes because we want to do stuff like build a house and still travel and stuff
This post was edited on 8/24/18 at 7:31 pm
Posted on 8/24/18 at 7:27 pm to cgrand
quote:
you are both retired and you have a 2K mortgage?
I don’t want to be the one to break it to you, but you failed at estate planning
, why? Why would his retirement planning all of a sudden be better if he had no mortgage but 400k less in his retirement savings?
Posted on 8/24/18 at 7:32 pm to jimdog
quote:
My retired brother (triple dipper retirement) has about $7500. mo net income and saves about $2500. Home pd for but I don't know how he does it
You can't figure out how they live on 5K a month without a mortgage?
Posted on 8/24/18 at 7:34 pm to Rize
quote:
Wife spends $2500 for mortgage and the rest of the bills. I have $500 a month in bills for car insurance, gym, and home alarm. I pay $1000 a month for my F-250 and about 5k a month for hunting, fishing, drinking eating out, and other random shite.
Unless you make a ton of money you sound like a broke person with a high income
Posted on 8/24/18 at 7:37 pm to jimdog
What I make now. My budget grows as my salary increases . I tend to put more towards debt(student loans) as my salary increases. Take home about $1,240 a week. This gives me about $1,100 extra each month to do whatever I want with after my bills & even my "entertainment" budget.
. I tend to put more towards debt(student loans) as my salary increases. Take home about $1,240 a week. This gives me about $1,100 extra each month to do whatever I want with after my bills & even my "entertainment" budget. Posted on 8/24/18 at 8:32 pm to slackster
maybe my retirement goals are different from yours
my number one achievement towards enabling my financial future was paying off my house
I can’t imagine a retirement with a house note
my number one achievement towards enabling my financial future was paying off my house
I can’t imagine a retirement with a house note
Posted on 8/24/18 at 8:44 pm to cgrand
quote:
maybe my retirement goals are different from yours
my number one achievement towards enabling my financial future was paying off my house
I can’t imagine a retirement with a house note
I understand that, majority of people are the same, but it's not necessarily the prudent financial decision. With current rates it's actually likely a somewhat poor financial decision, but it's a huge emotional burden, so I get it.
Posted on 8/24/18 at 8:48 pm to slackster
I don’t know what my retirement income will be
all I can control is what my expenses will be
eliminate expenses and I can work within the income
I’m not sure how that’s an imprudent financial decision but different strokes for different folks I guess
all I can control is what my expenses will be
eliminate expenses and I can work within the income
I’m not sure how that’s an imprudent financial decision but different strokes for different folks I guess
Posted on 8/24/18 at 8:49 pm to cgrand
It's nice to have a wife that's a high income earner and reasonably smart about money.
I do the budgeting and she's routinely concerned about money flowing out. Then I remind her we've maxed our retirement accounts and just banked 2k in savings after all our expenses this past month.
I do the budgeting and she's routinely concerned about money flowing out. Then I remind her we've maxed our retirement accounts and just banked 2k in savings after all our expenses this past month.
Posted on 8/24/18 at 8:50 pm to Powerman
quote:
Unless you make a ton of money you sound like a broke person with a high income
I wouldn’t consider myself broke.
Posted on 8/24/18 at 8:54 pm to jimdog
It's all different levels of life.
I was OK, at 2k/month. Simple.
Got the taste of 3k/mo..enjoyed it.
4 and 5k/month great.
6k/month, I feel I should give back, but I don't. I rather enjoy seeing my bank account rise.
I was OK, at 2k/month. Simple.
Got the taste of 3k/mo..enjoyed it.
4 and 5k/month great.
6k/month, I feel I should give back, but I don't. I rather enjoy seeing my bank account rise.
Posted on 8/24/18 at 9:53 pm to cgrand
quote:
eliminate expenses and I can work within the income
I’m not sure how that’s an imprudent financial decision but different strokes for different folks I guess
Most people feel the same, but I'd you're sitting at sub 4% rates on a mortgage, cash flowing the payments and investing the excess is likely to prove profitable over a long enough period. If you've got 5 years or less on the mortgage, it's probably prudent to pay it off. If you've got 25 years left, investing and cash flow is probably more prudent.
Posted on 8/24/18 at 10:18 pm to slackster
if you and your spouse are retired as the OP says and you have a 25 year note than you’ve failed in your estate planning
Posted on 8/24/18 at 10:39 pm to jimbeam
quote:
$350
Posted on 8/24/18 at 10:42 pm to cgrand
quote:
if you and your spouse are retired as the OP says and you have a 25 year note than you’ve failed in your estate planning
Maybe.
Let's say you finance $400,000 @ 4% at 60 years old. Principal and interest is $1900/mth. You retire with $2MM for retirement 5 years later, a balance on the loan of ~$362k, and a net worth of $1.638MM. Invested funds are growing at 6% annualized.
The other guy pays cash for the home/second home instead. He retires with a net worth of $1.610MM. That includes the 60 months of $1900 payments you save also growing at 6%. It doesn't consider taxes. Is he really any better off than the guy without the note? It's not like paying off the house wilk ruin you or anything, it's just not always the best choice.
Posted on 8/24/18 at 10:44 pm to jimdog
Start by putting down the sauce. Your OP is almost unreadable.
Posted on 8/25/18 at 1:48 am to fishfighter
quote:
4K. 40% goes to insurance.
geez
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