Home › Forums › Financial Markets/Economics › After a mortgage, then what?
- This topic has 39 replies, 15 voices, and was last updated 9 years, 1 month ago by
bearishgurl.
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October 16, 2015 at 7:35 PM #21730October 16, 2015 at 7:46 PM #790317
Hatfield
ParticipantI only have two comments to make.
1) Mortgage interest is money that leaves your pocket and goes into somebody else’s. The fact that it’s tax-deductible only means that a portion of this gets subsidized. The rest is still money leaving your pocket.
2) Do not underestimate the psychological benefits of owning a house free and clear.
Beyond that, I have no advice to offer.
October 16, 2015 at 8:08 PM #790319spdrun
ParticipantCan you get a job with a decent amount of vacation time and travel with the family during school vacations? Or have more time for hobbies/volunteering/doing what you want to do?
No mortgage: guessing you’re paying under $1000/mo including utilities for the house, minus whatever rental income you have from other properties. That puts you in a GREAT position to say F YOUR MOTHER to the rat-race.
Paid off house + car + rental income = ability to do what you want. Enjoy it.
October 16, 2015 at 8:36 PM #790323cvmom
Participant[quote=spdrun]Can you get a job with a decent amount of vacation time and travel with the family during school vacations? Or have more time for hobbies/volunteering/doing what you want to do?
No mortgage: guessing you’re paying under $1000/mo including utilities for the house, minus whatever rental income you have from other properties. That puts you in a GREAT position to say F YOUR MOTHER to the rat-race.
Paid off house + car + rental income = ability to do what you want. Enjoy it.[/quote]
I agree with this, except I would add college savings to paid off house + car + rental income. After you have that, it is time to figure out what you really want to do, other than the rat race. And good luck with it, we have not yet been able to talk ourselves into making the leap.
October 16, 2015 at 8:44 PM #790324ParticipantState school. Let the kids work or take loans?
October 16, 2015 at 8:59 PM #790325
CoronitaParticipant[quote=cvmom][quote=spdrun]Can you get a job with a decent amount of vacation time and travel with the family during school vacations? Or have more time for hobbies/volunteering/doing what you want to do?
No mortgage: guessing you’re paying under $1000/mo including utilities for the house, minus whatever rental income you have from other properties. That puts you in a GREAT position to say F YOUR MOTHER to the rat-race.
Paid off house + car + rental income = ability to do what you want. Enjoy it.[/quote]
I agree with this, except I would add college savings to paid off house + car + rental income. After you have that, it is time to figure out what you really want to do, other than the rat race. And good luck with it, we have not yet been able to talk ourselves into making the leap.[/quote]
College will be covered by a 529plan + custodial account + selling 1 rental if necessary.
No car loan(s).
No student loans.
No mortgage on rentals except 1.
October 16, 2015 at 9:32 PM #790328FlyerInHi
GuestSome people like the rat race. I like keeping up with my peers.
October 16, 2015 at 9:58 PM #790330ParticipantIf I actually cared whether 99% of my peers lived or died, I’d be interested in keeping up with them.
October 17, 2015 at 12:47 AM #790331scaredyclassic
ParticipantRead maybe HOW TO BE IDLE, by Tom hodgk I non or
THE IMPORTANCE OF LIVING by Lin yuan ( at least the chapter on loafing)…
October 17, 2015 at 6:17 AM #790333flyer
ParticipantCongrats, flu.
We actually haven’t added any additional properties to our real estate portfolio in several years, but, as you mentioned, that might be an option you could explore.
After going the property route for many years, and paying off the primary, we got into lots of other really interesting investments like film, etc.
Sometimes stepping out of your comfort zone can yield unexpected rewards, but do be cautious. We’ve always invested with friends we trusted who had a proven track record, and we’ve had winners and losers, but the net financially and otherwise has been great, overall.
Sounds like you are in an excellent financial position to do whatever you might want to do from this point forward–so–enjoy.
October 17, 2015 at 8:47 AM #790338EconProf
ParticipantFLU: you have all the attributes of an entrepreneur, so work toward becoming one.
It may be in some field related to your current occupation where you can use your tech skills. Or it might be related to real estate rentals, where you already have some experience. But you know how to plan and to calculate, and you show a bent toward risk-taking, so go for it.
There is nothing more satisfying than making it on your own, cutting your dependency on an employer, and learning from your own mistakes (which will happen).October 17, 2015 at 9:11 AM #790341CoronitaParticipantHow do I invest in a medical MJ joint?
October 17, 2015 at 9:20 AM #790342Hobie
Participantcome up with a kit you can sell someone to grow their own on their patio. much like the antfarm idea: buy the hardware and then the ants ( seeds) will be mailed to you. ie. grow your own ‘tomato’ plant and social media market it can be used for other plants too 😉
October 17, 2015 at 9:32 AM #790344CoronitaParticipant[quote=Hobie]come up with a kit you can sell someone to grow their own on their patio. much like the antfarm idea: buy the hardware and then the ants ( seeds) will be mailed to you. ie. grow your own ‘tomato’ plant and social media market it can be used for other plants too ;)[/quote]
You know that isn’t a bad idea.
MyWeedFarm.com
I can’t wait to appear on QVC
October 17, 2015 at 10:20 AM #790348ParticipantScarady will be your first customer and will be growing actual weeds in it 😉
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