advice for a new board member

[halftrojan]

Besides the marriage stuff, how can any of you even suggest to put his entire $200k in a house? Putting all your apples in a illiquid asset is suicide. Unless you are Arod, why would you ever put more than 20% down?

[halftrojan]

Besides the marriage stuff, how can any of you even suggest to put his entire $200k in a house? Putting all your apples in a illiquid asset is suicide. Unless you are Arod, why would you ever put more than 20% down?

[halftrojan]

Besides the marriage stuff, how can any of you even suggest to put his entire $200k in a house? Putting all your apples in a illiquid asset is suicide. Unless you are Arod, why would you ever put more than 20% down?

[raptorduck]

I say educate your wife on 1) what you can actually qualify for with that income and down payment, 2) what that will buy you in today’s market, 3) that you should buy less than that to have some protection against the falling knife, and 4) that if she really wants more house than that, you should indeed rent “more” house until prices come down even more and your income goes up so you can get close to her dream home. She should see the logic in that and agree with you and you should be fine.

If for some reason she still insists despite logic, then I am with those who said you should tell her to go get her own $100k job or better.

[raptorduck]

I say educate your wife on 1) what you can actually qualify for with that income and down payment, 2) what that will buy you in today’s market, 3) that you should buy less than that to have some protection against the falling knife, and 4) that if she really wants more house than that, you should indeed rent “more” house until prices come down even more and your income goes up so you can get close to her dream home. She should see the logic in that and agree with you and you should be fine.

If for some reason she still insists despite logic, then I am with those who said you should tell her to go get her own $100k job or better.

[raptorduck]

I say educate your wife on 1) what you can actually qualify for with that income and down payment, 2) what that will buy you in today’s market, 3) that you should buy less than that to have some protection against the falling knife, and 4) that if she really wants more house than that, you should indeed rent “more” house until prices come down even more and your income goes up so you can get close to her dream home. She should see the logic in that and agree with you and you should be fine.

If for some reason she still insists despite logic, then I am with those who said you should tell her to go get her own $100k job or better.

[raptorduck]

I say educate your wife on 1) what you can actually qualify for with that income and down payment, 2) what that will buy you in today’s market, 3) that you should buy less than that to have some protection against the falling knife, and 4) that if she really wants more house than that, you should indeed rent “more” house until prices come down even more and your income goes up so you can get close to her dream home. She should see the logic in that and agree with you and you should be fine.

If for some reason she still insists despite logic, then I am with those who said you should tell her to go get her own $100k job or better.

[raptorduck]

I say educate your wife on 1) what you can actually qualify for with that income and down payment, 2) what that will buy you in today’s market, 3) that you should buy less than that to have some protection against the falling knife, and 4) that if she really wants more house than that, you should indeed rent “more” house until prices come down even more and your income goes up so you can get close to her dream home. She should see the logic in that and agree with you and you should be fine.

If for some reason she still insists despite logic, then I am with those who said you should tell her to go get her own $100k job or better.

[Doofrat]

I’ve gotta dispute that you have a “stable job”. It can be really surprising when you’re working along at what you think is a very stable job at a very stable company and the next day you wake up to news that your company is being: Merged, acquired, moved, etc..

If you’re lucky, you’ll hear about it in rumors, or the company will be totally public about it, but chances are that there could be nothing, and then a few months later you’re out the door looking for that next $100,000 a year job.

Now, you didn’t state that your wife worked, so I’ll assume that she doesn’t and that the $100,000/ yr. is all you’re getting. In my opinion, you need to also figure out what your monthly expenses on this house are (property tax, water, gas, electricity, mortgage payments, insurance, etc.) and think about the worst case scenario where you lose your job for any of the above mentioned reasons.

Just a tip from someone who’s been there.

[Doofrat]

I’ve gotta dispute that you have a “stable job”. It can be really surprising when you’re working along at what you think is a very stable job at a very stable company and the next day you wake up to news that your company is being: Merged, acquired, moved, etc..

If you’re lucky, you’ll hear about it in rumors, or the company will be totally public about it, but chances are that there could be nothing, and then a few months later you’re out the door looking for that next $100,000 a year job.

Now, you didn’t state that your wife worked, so I’ll assume that she doesn’t and that the $100,000/ yr. is all you’re getting. In my opinion, you need to also figure out what your monthly expenses on this house are (property tax, water, gas, electricity, mortgage payments, insurance, etc.) and think about the worst case scenario where you lose your job for any of the above mentioned reasons.

Just a tip from someone who’s been there.

[Doofrat]

I’ve gotta dispute that you have a “stable job”. It can be really surprising when you’re working along at what you think is a very stable job at a very stable company and the next day you wake up to news that your company is being: Merged, acquired, moved, etc..

If you’re lucky, you’ll hear about it in rumors, or the company will be totally public about it, but chances are that there could be nothing, and then a few months later you’re out the door looking for that next $100,000 a year job.

Now, you didn’t state that your wife worked, so I’ll assume that she doesn’t and that the $100,000/ yr. is all you’re getting. In my opinion, you need to also figure out what your monthly expenses on this house are (property tax, water, gas, electricity, mortgage payments, insurance, etc.) and think about the worst case scenario where you lose your job for any of the above mentioned reasons.

Just a tip from someone who’s been there.

[Doofrat]

I’ve gotta dispute that you have a “stable job”. It can be really surprising when you’re working along at what you think is a very stable job at a very stable company and the next day you wake up to news that your company is being: Merged, acquired, moved, etc..

If you’re lucky, you’ll hear about it in rumors, or the company will be totally public about it, but chances are that there could be nothing, and then a few months later you’re out the door looking for that next $100,000 a year job.

Now, you didn’t state that your wife worked, so I’ll assume that she doesn’t and that the $100,000/ yr. is all you’re getting. In my opinion, you need to also figure out what your monthly expenses on this house are (property tax, water, gas, electricity, mortgage payments, insurance, etc.) and think about the worst case scenario where you lose your job for any of the above mentioned reasons.

Just a tip from someone who’s been there.

[Doofrat]

I’ve gotta dispute that you have a “stable job”. It can be really surprising when you’re working along at what you think is a very stable job at a very stable company and the next day you wake up to news that your company is being: Merged, acquired, moved, etc..

If you’re lucky, you’ll hear about it in rumors, or the company will be totally public about it, but chances are that there could be nothing, and then a few months later you’re out the door looking for that next $100,000 a year job.

Now, you didn’t state that your wife worked, so I’ll assume that she doesn’t and that the $100,000/ yr. is all you’re getting. In my opinion, you need to also figure out what your monthly expenses on this house are (property tax, water, gas, electricity, mortgage payments, insurance, etc.) and think about the worst case scenario where you lose your job for any of the above mentioned reasons.

Just a tip from someone who’s been there.

[mmbuyer]

thanks to all of you for your responses

temeculaguy
thanks for the advice

robyns_song
unfortunately my wife believes that renting is $$$ down the drain

Ash Housewares
thanks for the suggestion. my wife is thrifty. she cooks our dinner/lunches and packs my lunch for work. she drives an old car. we do not eat out more than once a month. she is willing to trade a lot of other expenses (flat screen TV, vacations) for a home.

Rustico
that is funny

deadzone
I am not asking for a CEO home. My wife finished her grad school. she has a job lined up for 60k. she might have to quit her job if we have a couple of kids

FormerSanDiegan
I realize I can “afford” a 600k home with my salary.

SD Realtor
I do not have any stock option money or huge inheritances coming my way.

barnaby33

you are right that there were some fundamental marriage issues. luckily we have sorted most of them out.

mekuT
my wife has read the book. she practises most of what is written in “Millionaire next door” except the house part 🙂

CBad
She is not that bad. Except the house part. I hope I can wait for another 4-5 years.

GunDoctor
tried that

Navydoc
she has read this forum once. sometimes she feels piggingtoners are sane. sometimes she feels that you are bunch of losers. i would not take it personally.

Rustico
I am not exaggerating. I am leaving some data out for privacy reasons.

bsrsharma
we will see. if i can make it in san diego i will stay here. great place.

otherwise i might move to raleigh, chicago or dallas.

halftrojan
I do have signifcant amount of retirement assets not included in the 200k

doofrat
I do have a fairly stable job. i somewhat control my own destiny. i never said that i had 100% security.

[mmbuyer]

thanks to all of you for your responses

temeculaguy
thanks for the advice

robyns_song
unfortunately my wife believes that renting is $$$ down the drain

Ash Housewares
thanks for the suggestion. my wife is thrifty. she cooks our dinner/lunches and packs my lunch for work. she drives an old car. we do not eat out more than once a month. she is willing to trade a lot of other expenses (flat screen TV, vacations) for a home.

Rustico
that is funny

deadzone
I am not asking for a CEO home. My wife finished her grad school. she has a job lined up for 60k. she might have to quit her job if we have a couple of kids

FormerSanDiegan
I realize I can “afford” a 600k home with my salary.

SD Realtor
I do not have any stock option money or huge inheritances coming my way.

barnaby33

you are right that there were some fundamental marriage issues. luckily we have sorted most of them out.

mekuT
my wife has read the book. she practises most of what is written in “Millionaire next door” except the house part 🙂

CBad
She is not that bad. Except the house part. I hope I can wait for another 4-5 years.

GunDoctor
tried that

Navydoc
she has read this forum once. sometimes she feels piggingtoners are sane. sometimes she feels that you are bunch of losers. i would not take it personally.

Rustico
I am not exaggerating. I am leaving some data out for privacy reasons.

bsrsharma
we will see. if i can make it in san diego i will stay here. great place.

otherwise i might move to raleigh, chicago or dallas.

halftrojan
I do have signifcant amount of retirement assets not included in the 200k

doofrat
I do have a fairly stable job. i somewhat control my own destiny. i never said that i had 100% security.

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