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November 7, 2007 at 6:01 AM #96578November 7, 2007 at 6:01 AM #96640RaybyrnesParticipant
JAFO
People who say they saved 100K in interest are completely biased in their advice. Paying your loan off early may have saved you money or might cost you money. For you to account for have much you SAVED you need to state what the going rate for savings (opportunity cost) during that same period of time. Then you need to factor in taxes and run your numbers. I’ll make a bet you do this and that 100K savings gets whittled away pretty quick.
November 7, 2007 at 6:01 AM #96648RaybyrnesParticipantJAFO
People who say they saved 100K in interest are completely biased in their advice. Paying your loan off early may have saved you money or might cost you money. For you to account for have much you SAVED you need to state what the going rate for savings (opportunity cost) during that same period of time. Then you need to factor in taxes and run your numbers. I’ll make a bet you do this and that 100K savings gets whittled away pretty quick.
November 7, 2007 at 6:01 AM #96655RaybyrnesParticipantJAFO
People who say they saved 100K in interest are completely biased in their advice. Paying your loan off early may have saved you money or might cost you money. For you to account for have much you SAVED you need to state what the going rate for savings (opportunity cost) during that same period of time. Then you need to factor in taxes and run your numbers. I’ll make a bet you do this and that 100K savings gets whittled away pretty quick.
November 7, 2007 at 7:07 AM #96586jimmyleParticipantThanks everyone for your good advice. I probably won’t need the 2000+ sq ft homes. We Americans need to learn to consume less anyway. Like you said, I or my wife could be laidoff if the economy goes sour. If we buy a house at $400K or slightly less in the next two years then even if one of us losing our job it won’t be catastrophic.
November 7, 2007 at 7:07 AM #96649jimmyleParticipantThanks everyone for your good advice. I probably won’t need the 2000+ sq ft homes. We Americans need to learn to consume less anyway. Like you said, I or my wife could be laidoff if the economy goes sour. If we buy a house at $400K or slightly less in the next two years then even if one of us losing our job it won’t be catastrophic.
November 7, 2007 at 7:07 AM #96656jimmyleParticipantThanks everyone for your good advice. I probably won’t need the 2000+ sq ft homes. We Americans need to learn to consume less anyway. Like you said, I or my wife could be laidoff if the economy goes sour. If we buy a house at $400K or slightly less in the next two years then even if one of us losing our job it won’t be catastrophic.
November 7, 2007 at 7:07 AM #96663jimmyleParticipantThanks everyone for your good advice. I probably won’t need the 2000+ sq ft homes. We Americans need to learn to consume less anyway. Like you said, I or my wife could be laidoff if the economy goes sour. If we buy a house at $400K or slightly less in the next two years then even if one of us losing our job it won’t be catastrophic.
November 7, 2007 at 7:36 AM #96598arenterParticipantI agree with most of what was said. Most American families are no longer staying in one city, let alone home, for 20+ yrs like my parents did. While my husband had visions of buying a homestead and raising kids and grandkids there, we’ve moved every 2-3 years or so due to practical issues (our original place was a townhouse that was not practical after acquiring 2 dogs and 2 kids), job opportunities, and company relocations. Now that we’re a little older and getting more settled in our careers, we’re looking for a home we can hopefully stay in long-term while we rent for the next year or two. One thing we are non-negotiable on while we keep an eye on homes is a large lot (10,000+ sq ft) as we anticipate that our family will grow and we’d like the space to build out our home if we need to. Anyway, food for thought and yes, kids are VERY expensive – we were paying $1000K/kid/month for daycare and this was not even a high-end place!
November 7, 2007 at 7:36 AM #96661arenterParticipantI agree with most of what was said. Most American families are no longer staying in one city, let alone home, for 20+ yrs like my parents did. While my husband had visions of buying a homestead and raising kids and grandkids there, we’ve moved every 2-3 years or so due to practical issues (our original place was a townhouse that was not practical after acquiring 2 dogs and 2 kids), job opportunities, and company relocations. Now that we’re a little older and getting more settled in our careers, we’re looking for a home we can hopefully stay in long-term while we rent for the next year or two. One thing we are non-negotiable on while we keep an eye on homes is a large lot (10,000+ sq ft) as we anticipate that our family will grow and we’d like the space to build out our home if we need to. Anyway, food for thought and yes, kids are VERY expensive – we were paying $1000K/kid/month for daycare and this was not even a high-end place!
November 7, 2007 at 7:36 AM #96668arenterParticipantI agree with most of what was said. Most American families are no longer staying in one city, let alone home, for 20+ yrs like my parents did. While my husband had visions of buying a homestead and raising kids and grandkids there, we’ve moved every 2-3 years or so due to practical issues (our original place was a townhouse that was not practical after acquiring 2 dogs and 2 kids), job opportunities, and company relocations. Now that we’re a little older and getting more settled in our careers, we’re looking for a home we can hopefully stay in long-term while we rent for the next year or two. One thing we are non-negotiable on while we keep an eye on homes is a large lot (10,000+ sq ft) as we anticipate that our family will grow and we’d like the space to build out our home if we need to. Anyway, food for thought and yes, kids are VERY expensive – we were paying $1000K/kid/month for daycare and this was not even a high-end place!
November 7, 2007 at 7:36 AM #96675arenterParticipantI agree with most of what was said. Most American families are no longer staying in one city, let alone home, for 20+ yrs like my parents did. While my husband had visions of buying a homestead and raising kids and grandkids there, we’ve moved every 2-3 years or so due to practical issues (our original place was a townhouse that was not practical after acquiring 2 dogs and 2 kids), job opportunities, and company relocations. Now that we’re a little older and getting more settled in our careers, we’re looking for a home we can hopefully stay in long-term while we rent for the next year or two. One thing we are non-negotiable on while we keep an eye on homes is a large lot (10,000+ sq ft) as we anticipate that our family will grow and we’d like the space to build out our home if we need to. Anyway, food for thought and yes, kids are VERY expensive – we were paying $1000K/kid/month for daycare and this was not even a high-end place!
November 7, 2007 at 8:30 AM #96642jimmyleParticipantGood thing for me is that my mother-in-law is in her early 50’s and she will baby sit our kids. She is a licensed baby sitter. We will buy a house near hers. She will not charge us any money but we probably take care of her annual vacation to Vietnam which costs about $5000.
November 7, 2007 at 8:30 AM #96704jimmyleParticipantGood thing for me is that my mother-in-law is in her early 50’s and she will baby sit our kids. She is a licensed baby sitter. We will buy a house near hers. She will not charge us any money but we probably take care of her annual vacation to Vietnam which costs about $5000.
November 7, 2007 at 8:30 AM #96714jimmyleParticipantGood thing for me is that my mother-in-law is in her early 50’s and she will baby sit our kids. She is a licensed baby sitter. We will buy a house near hers. She will not charge us any money but we probably take care of her annual vacation to Vietnam which costs about $5000.
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