Discussion in 'Bullion Investing' started by medoraman, Aug 12, 2020.
you must really live in some backwoods hellhole. might as well be the inner city
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Its interesting as we live in a small town with wonderful amenities all around us such as a big new hospital, food shopping, amazing parks and schools, etc. But we are far away from the big city (50 min train ride) and last two years sales of homes here were stagnant as all the people wanted to nearer (or actually in) the big city. Now with many people questioning the wisdom in that - and the fact many companies will continue to allow remote working after the pandemic our home sales are ticking up again but still have a ways to go.
Congrats on your new place. You make a great point about how remote working is going to change the job market - even post-pandemic, it's going to be hard for stick-in-the-mud companies to push the previous standard of "must be present in our office to complete the job". And that will enable more professionals who are capable of remote work to domicile wherever they want, rather than living within a fixed radius of their place of employment.
This would lower your monthly payment while retaining the same payoff date, instead of starting a new 15,20 or 30 year mortgage.
Your lender will require a large payment at the time to do it ($5k?), but ask your lender about their specific requirements.
No matter what route you take, make sure your mortgage is paid off before you retire.
I do live .9 miles from a paved road. Deer like to chew on our front lawn. I had to have a place big enough for 6 dogs an a cat. We do live an a mobile home that has been re-enforced for hurricanes. I have a separate building that I have a 7/2/4 speaker system that is set up with a UHD projector and over 300 movies. We also have a Generac generator that cuts on when everyone else is without electricity. If that is a "hell hole", I thank you for your words of kindness. However, I didn't mention our 2,100 sq ft brick 3 bedroom/2 bathrooms, with cherry cabinets in the kitchen and the butler's pantry and our second kitchen by our 2 car garage, all of which is in a brick home. Maybe, I'll post some pictures sometime. Again, thank you for your kind words.
I understand the sentiment, but disagree on this as advice for everyone.
I bought my house to raise the family. I have no intention of living here in retirement. I just am refinancing to 2.25% 30 year mortgage. While I pay extra both with a little higher payments than needed and paying weekly, (giving me an extra monthly payment per year), I am in no rush to pay it off. I could, if I sold some stocks and pm, but why? If I know I am not living here in retirement, why sink the money into it?
I "get" how this is good advice to force people to not overbuy a house, and not to buy too many toys and waste your money, but it's not sound advice for everyone.
I don't think that any financial advice is for 'everyone', but some of it can cover most people.
Looking at the data, many, many people are not financially prepared for retirement, nor will they be. Thus, the reason that I advised that people pay off their mortgage before retiring. If you're 60 and only have $50-100k saved, Social Security is about all you will have for income. Does it make sense to use the majority of that monthly income to pay your mortgage? Yes, I know, not everyone owns a home and may have to pay rent.
You know your situation better than anyone, so do what is best for you and your family. It sounds like you are more prepared than the majority, which is awesome. I will note, though, that by paying it off early, or making extra payments, as you are, you get that money back in equity and interest savings.
"In people aged 55-64, the Center for Retirement Research found that the median retirement account balance is $104,000. Now, there are a few pieces of context to work out here. First, these numbers are from 2017. Obviously there will be some variance, especially after the recent coronavirus crisis causing many to tap into savings they probably meant to leave untouched. Additionally, this does not mean $104k is optimal. Ideally you will have much more than this, as the idea is it is the only money you will have or need in retirement. This brings us to the last point, that these numbers aren’t indicative of the entirety of these subject’s retirement savings. This only counts 401(k)/IRA balance, so it doesn’t include any assets outside of these. So, if you hold property, cash savings, personal brokerage accounts, or anything else that isn’t included here, you want to factor that in."
I have a real home on 10 acres and no crime or people living check to check or siphoning gas nearby. good luck
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