[joec]

What type of work do you do? As UCGal mentioned, a lot of it depends on your current work/financial situation. I took probably 6 months off due to work burn out (after 10 years straight non-stop) and as everyone else has said, it’s totally worth it. One thing that’s obvious is that this is much, much easier if you are single, have a ton of savings, no kids, low expenses, etc…

The problem is that in this lifetime, there are very few windows of opportunities for this type of stuff and you’ll probably never get another chance until much much later in life if you’re currently in the single, no kids, have some money after working a bit camp. (That’s assuming you don’t have kids now and plan to have them later).

I know I won’t be doing this again for the next 20 years unless I hit Lotto!

In tech, getting back to work maybe a bit tougher and all employers will question the gap, especially for folks who “decided to just take a year off”. Even though they may want to do it themselves, they maybe hesitant to hire someone who actually does it and can afford to do it (they don’t need the job that badly). Jobs and the economy is still bad so it’s riskier now.

I have a friend who’s been off for a year+ now after some dot.com riches and might not go back to the grind.

[joec]

What type of work do you do? As UCGal mentioned, a lot of it depends on your current work/financial situation. I took probably 6 months off due to work burn out (after 10 years straight non-stop) and as everyone else has said, it’s totally worth it. One thing that’s obvious is that this is much, much easier if you are single, have a ton of savings, no kids, low expenses, etc…

The problem is that in this lifetime, there are very few windows of opportunities for this type of stuff and you’ll probably never get another chance until much much later in life if you’re currently in the single, no kids, have some money after working a bit camp. (That’s assuming you don’t have kids now and plan to have them later).

I know I won’t be doing this again for the next 20 years unless I hit Lotto!

In tech, getting back to work maybe a bit tougher and all employers will question the gap, especially for folks who “decided to just take a year off”. Even though they may want to do it themselves, they maybe hesitant to hire someone who actually does it and can afford to do it (they don’t need the job that badly). Jobs and the economy is still bad so it’s riskier now.

I have a friend who’s been off for a year+ now after some dot.com riches and might not go back to the grind.

[joec]

What type of work do you do? As UCGal mentioned, a lot of it depends on your current work/financial situation. I took probably 6 months off due to work burn out (after 10 years straight non-stop) and as everyone else has said, it’s totally worth it. One thing that’s obvious is that this is much, much easier if you are single, have a ton of savings, no kids, low expenses, etc…

The problem is that in this lifetime, there are very few windows of opportunities for this type of stuff and you’ll probably never get another chance until much much later in life if you’re currently in the single, no kids, have some money after working a bit camp. (That’s assuming you don’t have kids now and plan to have them later).

I know I won’t be doing this again for the next 20 years unless I hit Lotto!

In tech, getting back to work maybe a bit tougher and all employers will question the gap, especially for folks who “decided to just take a year off”. Even though they may want to do it themselves, they maybe hesitant to hire someone who actually does it and can afford to do it (they don’t need the job that badly). Jobs and the economy is still bad so it’s riskier now.

I have a friend who’s been off for a year+ now after some dot.com riches and might not go back to the grind.

[joec]

[quote=Ricechex][quote=barnaby33]NTSD, why does it matter. There is an E-5 who lives below me, but he drives a 7 series. Its so he can look fly when he drives his girl to Denny’s to order off the dollar menu. Differing priorities.

Either that or you’ve stumbled upon a lair of real estate agents and loan brokers. Ah faded glory.
Josh[/quote]
LOL! So true! I worked on a base for 12 years, and it was a daily occurrence with low ranking, young enlisted guys, driving in brand new NICE cars asking for directions to Navy Relief. (I was tempted to sell them my 1995 Mazda Protege sitting in the parking lot….may have worked better for them…)[/quote]

I think some guys also need/want cars because they are out trying to meet someone/pick someone up. Sorta hard if you either don’t even have a car and the girl has to drive you around (or you ride a motorcycle)…OR…your car doesn’t even have aircon or can barely move/start. Not a fun date if you’re sweating profusely to wherever you want to go. We can all say the girls you want to meet shouldn’t care, but let’s not kid ourselves. I think for everyone, there are at least some minimum standards.

For a lot of the married folks here, of course, your priorities are different and it doesn’t make sense, but maybe think back 5, 10, 20 years when you were single. It’s tough enough now to meet folks as seen by how busy folks are and the proliferation of all the dating sites out there.

As they also say, the type of car you drive says a lot about you. When I was driving my beat up car, I had multiple people tell me that the car told others that I was cheap…I don’t think it helped. 🙂

Congrats on your 90k car! Enjoy it since if (when/never) you are married w/ kids, you simply won’t want to put your resources there (for most of us, our resources are limited). Not to mention, with kids, a lot of folks here probably want to save for their kid’s college, our own retirement, earlier retirement, stay at home spouse, etc…

Sorta nice to enjoy it when you’re young since your expenses are low, you don’t “need” a house (or space and no nesting instinct)…

Just look at all the Porsche 911 owners on the street, unless they are making bank, most are in the 50s+. I rarely see a young Porsche owner.

[joec]

[quote=Ricechex][quote=barnaby33]NTSD, why does it matter. There is an E-5 who lives below me, but he drives a 7 series. Its so he can look fly when he drives his girl to Denny’s to order off the dollar menu. Differing priorities.

Either that or you’ve stumbled upon a lair of real estate agents and loan brokers. Ah faded glory.
Josh[/quote]
LOL! So true! I worked on a base for 12 years, and it was a daily occurrence with low ranking, young enlisted guys, driving in brand new NICE cars asking for directions to Navy Relief. (I was tempted to sell them my 1995 Mazda Protege sitting in the parking lot….may have worked better for them…)[/quote]

I think some guys also need/want cars because they are out trying to meet someone/pick someone up. Sorta hard if you either don’t even have a car and the girl has to drive you around (or you ride a motorcycle)…OR…your car doesn’t even have aircon or can barely move/start. Not a fun date if you’re sweating profusely to wherever you want to go. We can all say the girls you want to meet shouldn’t care, but let’s not kid ourselves. I think for everyone, there are at least some minimum standards.

For a lot of the married folks here, of course, your priorities are different and it doesn’t make sense, but maybe think back 5, 10, 20 years when you were single. It’s tough enough now to meet folks as seen by how busy folks are and the proliferation of all the dating sites out there.

As they also say, the type of car you drive says a lot about you. When I was driving my beat up car, I had multiple people tell me that the car told others that I was cheap…I don’t think it helped. 🙂

Congrats on your 90k car! Enjoy it since if (when/never) you are married w/ kids, you simply won’t want to put your resources there (for most of us, our resources are limited). Not to mention, with kids, a lot of folks here probably want to save for their kid’s college, our own retirement, earlier retirement, stay at home spouse, etc…

Sorta nice to enjoy it when you’re young since your expenses are low, you don’t “need” a house (or space and no nesting instinct)…

Just look at all the Porsche 911 owners on the street, unless they are making bank, most are in the 50s+. I rarely see a young Porsche owner.

[joec]

[quote=Ricechex][quote=barnaby33]NTSD, why does it matter. There is an E-5 who lives below me, but he drives a 7 series. Its so he can look fly when he drives his girl to Denny’s to order off the dollar menu. Differing priorities.

Either that or you’ve stumbled upon a lair of real estate agents and loan brokers. Ah faded glory.
Josh[/quote]
LOL! So true! I worked on a base for 12 years, and it was a daily occurrence with low ranking, young enlisted guys, driving in brand new NICE cars asking for directions to Navy Relief. (I was tempted to sell them my 1995 Mazda Protege sitting in the parking lot….may have worked better for them…)[/quote]

I think some guys also need/want cars because they are out trying to meet someone/pick someone up. Sorta hard if you either don’t even have a car and the girl has to drive you around (or you ride a motorcycle)…OR…your car doesn’t even have aircon or can barely move/start. Not a fun date if you’re sweating profusely to wherever you want to go. We can all say the girls you want to meet shouldn’t care, but let’s not kid ourselves. I think for everyone, there are at least some minimum standards.

For a lot of the married folks here, of course, your priorities are different and it doesn’t make sense, but maybe think back 5, 10, 20 years when you were single. It’s tough enough now to meet folks as seen by how busy folks are and the proliferation of all the dating sites out there.

As they also say, the type of car you drive says a lot about you. When I was driving my beat up car, I had multiple people tell me that the car told others that I was cheap…I don’t think it helped. 🙂

Congrats on your 90k car! Enjoy it since if (when/never) you are married w/ kids, you simply won’t want to put your resources there (for most of us, our resources are limited). Not to mention, with kids, a lot of folks here probably want to save for their kid’s college, our own retirement, earlier retirement, stay at home spouse, etc…

Sorta nice to enjoy it when you’re young since your expenses are low, you don’t “need” a house (or space and no nesting instinct)…

Just look at all the Porsche 911 owners on the street, unless they are making bank, most are in the 50s+. I rarely see a young Porsche owner.

[joec]

[quote=Ricechex][quote=barnaby33]NTSD, why does it matter. There is an E-5 who lives below me, but he drives a 7 series. Its so he can look fly when he drives his girl to Denny’s to order off the dollar menu. Differing priorities.

Either that or you’ve stumbled upon a lair of real estate agents and loan brokers. Ah faded glory.
Josh[/quote]
LOL! So true! I worked on a base for 12 years, and it was a daily occurrence with low ranking, young enlisted guys, driving in brand new NICE cars asking for directions to Navy Relief. (I was tempted to sell them my 1995 Mazda Protege sitting in the parking lot….may have worked better for them…)[/quote]

I think some guys also need/want cars because they are out trying to meet someone/pick someone up. Sorta hard if you either don’t even have a car and the girl has to drive you around (or you ride a motorcycle)…OR…your car doesn’t even have aircon or can barely move/start. Not a fun date if you’re sweating profusely to wherever you want to go. We can all say the girls you want to meet shouldn’t care, but let’s not kid ourselves. I think for everyone, there are at least some minimum standards.

For a lot of the married folks here, of course, your priorities are different and it doesn’t make sense, but maybe think back 5, 10, 20 years when you were single. It’s tough enough now to meet folks as seen by how busy folks are and the proliferation of all the dating sites out there.

As they also say, the type of car you drive says a lot about you. When I was driving my beat up car, I had multiple people tell me that the car told others that I was cheap…I don’t think it helped. 🙂

Congrats on your 90k car! Enjoy it since if (when/never) you are married w/ kids, you simply won’t want to put your resources there (for most of us, our resources are limited). Not to mention, with kids, a lot of folks here probably want to save for their kid’s college, our own retirement, earlier retirement, stay at home spouse, etc…

Sorta nice to enjoy it when you’re young since your expenses are low, you don’t “need” a house (or space and no nesting instinct)…

Just look at all the Porsche 911 owners on the street, unless they are making bank, most are in the 50s+. I rarely see a young Porsche owner.

[joec]

[quote=Ricechex][quote=barnaby33]NTSD, why does it matter. There is an E-5 who lives below me, but he drives a 7 series. Its so he can look fly when he drives his girl to Denny’s to order off the dollar menu. Differing priorities.

Either that or you’ve stumbled upon a lair of real estate agents and loan brokers. Ah faded glory.
Josh[/quote]
LOL! So true! I worked on a base for 12 years, and it was a daily occurrence with low ranking, young enlisted guys, driving in brand new NICE cars asking for directions to Navy Relief. (I was tempted to sell them my 1995 Mazda Protege sitting in the parking lot….may have worked better for them…)[/quote]

I think some guys also need/want cars because they are out trying to meet someone/pick someone up. Sorta hard if you either don’t even have a car and the girl has to drive you around (or you ride a motorcycle)…OR…your car doesn’t even have aircon or can barely move/start. Not a fun date if you’re sweating profusely to wherever you want to go. We can all say the girls you want to meet shouldn’t care, but let’s not kid ourselves. I think for everyone, there are at least some minimum standards.

For a lot of the married folks here, of course, your priorities are different and it doesn’t make sense, but maybe think back 5, 10, 20 years when you were single. It’s tough enough now to meet folks as seen by how busy folks are and the proliferation of all the dating sites out there.

As they also say, the type of car you drive says a lot about you. When I was driving my beat up car, I had multiple people tell me that the car told others that I was cheap…I don’t think it helped. 🙂

Congrats on your 90k car! Enjoy it since if (when/never) you are married w/ kids, you simply won’t want to put your resources there (for most of us, our resources are limited). Not to mention, with kids, a lot of folks here probably want to save for their kid’s college, our own retirement, earlier retirement, stay at home spouse, etc…

Sorta nice to enjoy it when you’re young since your expenses are low, you don’t “need” a house (or space and no nesting instinct)…

Just look at all the Porsche 911 owners on the street, unless they are making bank, most are in the 50s+. I rarely see a young Porsche owner.

[joec]

I really think the deal is that anything “other” people want to spend money on is a waste of money and doesn’t make any sense while anything I/we want to spend on isn’t.

Bags, Shoes, Clothes, Haircuts, Cars, Technology, cable/faster internet, dining out, travel, computer/ipod/camera’s…you name it. I’m sure everyone here has some of these things that someone else would think is a total waste.

No need to knock other people for their interests as long as you don’t have to pay for it or support them.

That said, it is easier to get a fancier car than a fancier house so many people opt to get something decent before a home since it makes them feel good I suppose. I used to be a cheap car snob and got the cheapest Honda you can find without power anything, aircon, etc…1st car I had was a Honda civic which I drove till it was totalled after 13 years. Cost like 7k new back then with less than 80hp I think. A nice car just wasn’t a priority and I didn’t care. Now, I certainly appreciate nicer/faster cars and could certainly understand why people buy them. If it’s not your thing, there’s really no way to convince you otherwise since you’re just not into that…In terms of used cars vs. new, there’s been a lot of recent studies/articles (consumer reports had 1 I think) stating that new cars are actually not that much more expensive compared to used cars now since so many people are leasing (the BMWs are a good example that folks lease a ton). I sorta like new cars myself for that 20k new car smell! 🙂 Also, almost every car out there after 3-4 years is pretty much 50% off. Only exception I’ve seen seems to be the Mini Cooper and maybe some hybrids.

Splurging on cars can be true for housing too. Do you really even need to have nice schools for your kids? Some folks probably don’t think so and just kick their kids out at 18 to let them fend for themselves. Might make them more competitive actually…

I had a family member who used to live in the worst parts of Oakland since it was so cheap. I wouldn’t, but it was ok for him I guess.

Different strokes for different folks.

In terms of their future retirement, I’m sure the folks who “waste” money young will have a tougher time no matter what compared to the hardcore savers even with any kind of help the gov offers.

Lastly, I’ve known people who are worth multi millions (over 10 mil) who are so miserly, it’s sad. They complain that they want to travel, are proud they get 20 dollar haircuts (I used to get $8 one and I’m some people get $5 from those hair cut students) and was worried they didn’t have enough in case they got sick or if they live too long (they are already in their late 60s/70s). Sorta annoying there. One of my aunts is like that as well.

I think having some balance is the key. If you like cars, splurge there, cut back elsewhere. Like tech toys, enjoy…buy a cheap used car…Don’t think there’s anything wrong with spending some of your hard saved money.

[joec]

I really think the deal is that anything “other” people want to spend money on is a waste of money and doesn’t make any sense while anything I/we want to spend on isn’t.

Bags, Shoes, Clothes, Haircuts, Cars, Technology, cable/faster internet, dining out, travel, computer/ipod/camera’s…you name it. I’m sure everyone here has some of these things that someone else would think is a total waste.

No need to knock other people for their interests as long as you don’t have to pay for it or support them.

That said, it is easier to get a fancier car than a fancier house so many people opt to get something decent before a home since it makes them feel good I suppose. I used to be a cheap car snob and got the cheapest Honda you can find without power anything, aircon, etc…1st car I had was a Honda civic which I drove till it was totalled after 13 years. Cost like 7k new back then with less than 80hp I think. A nice car just wasn’t a priority and I didn’t care. Now, I certainly appreciate nicer/faster cars and could certainly understand why people buy them. If it’s not your thing, there’s really no way to convince you otherwise since you’re just not into that…In terms of used cars vs. new, there’s been a lot of recent studies/articles (consumer reports had 1 I think) stating that new cars are actually not that much more expensive compared to used cars now since so many people are leasing (the BMWs are a good example that folks lease a ton). I sorta like new cars myself for that 20k new car smell! 🙂 Also, almost every car out there after 3-4 years is pretty much 50% off. Only exception I’ve seen seems to be the Mini Cooper and maybe some hybrids.

Splurging on cars can be true for housing too. Do you really even need to have nice schools for your kids? Some folks probably don’t think so and just kick their kids out at 18 to let them fend for themselves. Might make them more competitive actually…

I had a family member who used to live in the worst parts of Oakland since it was so cheap. I wouldn’t, but it was ok for him I guess.

Different strokes for different folks.

In terms of their future retirement, I’m sure the folks who “waste” money young will have a tougher time no matter what compared to the hardcore savers even with any kind of help the gov offers.

Lastly, I’ve known people who are worth multi millions (over 10 mil) who are so miserly, it’s sad. They complain that they want to travel, are proud they get 20 dollar haircuts (I used to get $8 one and I’m some people get $5 from those hair cut students) and was worried they didn’t have enough in case they got sick or if they live too long (they are already in their late 60s/70s). Sorta annoying there. One of my aunts is like that as well.

I think having some balance is the key. If you like cars, splurge there, cut back elsewhere. Like tech toys, enjoy…buy a cheap used car…Don’t think there’s anything wrong with spending some of your hard saved money.

[joec]

I really think the deal is that anything “other” people want to spend money on is a waste of money and doesn’t make any sense while anything I/we want to spend on isn’t.

Bags, Shoes, Clothes, Haircuts, Cars, Technology, cable/faster internet, dining out, travel, computer/ipod/camera’s…you name it. I’m sure everyone here has some of these things that someone else would think is a total waste.

No need to knock other people for their interests as long as you don’t have to pay for it or support them.

That said, it is easier to get a fancier car than a fancier house so many people opt to get something decent before a home since it makes them feel good I suppose. I used to be a cheap car snob and got the cheapest Honda you can find without power anything, aircon, etc…1st car I had was a Honda civic which I drove till it was totalled after 13 years. Cost like 7k new back then with less than 80hp I think. A nice car just wasn’t a priority and I didn’t care. Now, I certainly appreciate nicer/faster cars and could certainly understand why people buy them. If it’s not your thing, there’s really no way to convince you otherwise since you’re just not into that…In terms of used cars vs. new, there’s been a lot of recent studies/articles (consumer reports had 1 I think) stating that new cars are actually not that much more expensive compared to used cars now since so many people are leasing (the BMWs are a good example that folks lease a ton). I sorta like new cars myself for that 20k new car smell! 🙂 Also, almost every car out there after 3-4 years is pretty much 50% off. Only exception I’ve seen seems to be the Mini Cooper and maybe some hybrids.

Splurging on cars can be true for housing too. Do you really even need to have nice schools for your kids? Some folks probably don’t think so and just kick their kids out at 18 to let them fend for themselves. Might make them more competitive actually…

I had a family member who used to live in the worst parts of Oakland since it was so cheap. I wouldn’t, but it was ok for him I guess.

Different strokes for different folks.

In terms of their future retirement, I’m sure the folks who “waste” money young will have a tougher time no matter what compared to the hardcore savers even with any kind of help the gov offers.

Lastly, I’ve known people who are worth multi millions (over 10 mil) who are so miserly, it’s sad. They complain that they want to travel, are proud they get 20 dollar haircuts (I used to get $8 one and I’m some people get $5 from those hair cut students) and was worried they didn’t have enough in case they got sick or if they live too long (they are already in their late 60s/70s). Sorta annoying there. One of my aunts is like that as well.

I think having some balance is the key. If you like cars, splurge there, cut back elsewhere. Like tech toys, enjoy…buy a cheap used car…Don’t think there’s anything wrong with spending some of your hard saved money.

[joec]

I really think the deal is that anything “other” people want to spend money on is a waste of money and doesn’t make any sense while anything I/we want to spend on isn’t.

Bags, Shoes, Clothes, Haircuts, Cars, Technology, cable/faster internet, dining out, travel, computer/ipod/camera’s…you name it. I’m sure everyone here has some of these things that someone else would think is a total waste.

No need to knock other people for their interests as long as you don’t have to pay for it or support them.

That said, it is easier to get a fancier car than a fancier house so many people opt to get something decent before a home since it makes them feel good I suppose. I used to be a cheap car snob and got the cheapest Honda you can find without power anything, aircon, etc…1st car I had was a Honda civic which I drove till it was totalled after 13 years. Cost like 7k new back then with less than 80hp I think. A nice car just wasn’t a priority and I didn’t care. Now, I certainly appreciate nicer/faster cars and could certainly understand why people buy them. If it’s not your thing, there’s really no way to convince you otherwise since you’re just not into that…In terms of used cars vs. new, there’s been a lot of recent studies/articles (consumer reports had 1 I think) stating that new cars are actually not that much more expensive compared to used cars now since so many people are leasing (the BMWs are a good example that folks lease a ton). I sorta like new cars myself for that 20k new car smell! 🙂 Also, almost every car out there after 3-4 years is pretty much 50% off. Only exception I’ve seen seems to be the Mini Cooper and maybe some hybrids.

Splurging on cars can be true for housing too. Do you really even need to have nice schools for your kids? Some folks probably don’t think so and just kick their kids out at 18 to let them fend for themselves. Might make them more competitive actually…

I had a family member who used to live in the worst parts of Oakland since it was so cheap. I wouldn’t, but it was ok for him I guess.

Different strokes for different folks.

In terms of their future retirement, I’m sure the folks who “waste” money young will have a tougher time no matter what compared to the hardcore savers even with any kind of help the gov offers.

Lastly, I’ve known people who are worth multi millions (over 10 mil) who are so miserly, it’s sad. They complain that they want to travel, are proud they get 20 dollar haircuts (I used to get $8 one and I’m some people get $5 from those hair cut students) and was worried they didn’t have enough in case they got sick or if they live too long (they are already in their late 60s/70s). Sorta annoying there. One of my aunts is like that as well.

I think having some balance is the key. If you like cars, splurge there, cut back elsewhere. Like tech toys, enjoy…buy a cheap used car…Don’t think there’s anything wrong with spending some of your hard saved money.

[joec]

I really think the deal is that anything “other” people want to spend money on is a waste of money and doesn’t make any sense while anything I/we want to spend on isn’t.

Bags, Shoes, Clothes, Haircuts, Cars, Technology, cable/faster internet, dining out, travel, computer/ipod/camera’s…you name it. I’m sure everyone here has some of these things that someone else would think is a total waste.

No need to knock other people for their interests as long as you don’t have to pay for it or support them.

That said, it is easier to get a fancier car than a fancier house so many people opt to get something decent before a home since it makes them feel good I suppose. I used to be a cheap car snob and got the cheapest Honda you can find without power anything, aircon, etc…1st car I had was a Honda civic which I drove till it was totalled after 13 years. Cost like 7k new back then with less than 80hp I think. A nice car just wasn’t a priority and I didn’t care. Now, I certainly appreciate nicer/faster cars and could certainly understand why people buy them. If it’s not your thing, there’s really no way to convince you otherwise since you’re just not into that…In terms of used cars vs. new, there’s been a lot of recent studies/articles (consumer reports had 1 I think) stating that new cars are actually not that much more expensive compared to used cars now since so many people are leasing (the BMWs are a good example that folks lease a ton). I sorta like new cars myself for that 20k new car smell! 🙂 Also, almost every car out there after 3-4 years is pretty much 50% off. Only exception I’ve seen seems to be the Mini Cooper and maybe some hybrids.

Splurging on cars can be true for housing too. Do you really even need to have nice schools for your kids? Some folks probably don’t think so and just kick their kids out at 18 to let them fend for themselves. Might make them more competitive actually…

I had a family member who used to live in the worst parts of Oakland since it was so cheap. I wouldn’t, but it was ok for him I guess.

Different strokes for different folks.

In terms of their future retirement, I’m sure the folks who “waste” money young will have a tougher time no matter what compared to the hardcore savers even with any kind of help the gov offers.

Lastly, I’ve known people who are worth multi millions (over 10 mil) who are so miserly, it’s sad. They complain that they want to travel, are proud they get 20 dollar haircuts (I used to get $8 one and I’m some people get $5 from those hair cut students) and was worried they didn’t have enough in case they got sick or if they live too long (they are already in their late 60s/70s). Sorta annoying there. One of my aunts is like that as well.

I think having some balance is the key. If you like cars, splurge there, cut back elsewhere. Like tech toys, enjoy…buy a cheap used car…Don’t think there’s anything wrong with spending some of your hard saved money.

[joec]

I highly doubt mortgages are assumable now, however, that doesn’t mean that if rates were 9%, they won’t come up with some financial instrument to have you continue to own the home and paying the mortgage directly, but also have the buyer pay some escrow to pay you back in a separate note, or some such thing. Stuff like this wouldn’t surprise me at all.

Also, for people who own homes in the clear, you can also be the lender directly and you can “sell” your home to a buyer and he will pay you back with a note directly. This was done in the early 80s…If your “buyer” defaulted, you get your old house back.

My gut feeling and as we’ve seen a ton already so far, all the bears are fighting a battle where the government is completely not on the side of housing prices collapsing (they actually have fallen quite a bit in many areas already). There is talk of further stimulus from the talking heads (Gross/Pimco) that the government has to do this or that. Unfortunately, our government is very much “bought” and look who is those positions?
That said, there are worst things than buying a place to live in if you can afford it.

One thing not discussed much now is that other than the Roth IRA, there also aren’t many tax free vehicles out there. (529s, Coverdell…)

That 500k tax free on home sale may not relevant in the next 5 years or 10 years, but over 30 years and after housing stabilizes where it moves up with inflation again, that could be a nice perk for folks to consider, especially if higher taxes are coming.

[joec]

I highly doubt mortgages are assumable now, however, that doesn’t mean that if rates were 9%, they won’t come up with some financial instrument to have you continue to own the home and paying the mortgage directly, but also have the buyer pay some escrow to pay you back in a separate note, or some such thing. Stuff like this wouldn’t surprise me at all.

Also, for people who own homes in the clear, you can also be the lender directly and you can “sell” your home to a buyer and he will pay you back with a note directly. This was done in the early 80s…If your “buyer” defaulted, you get your old house back.

My gut feeling and as we’ve seen a ton already so far, all the bears are fighting a battle where the government is completely not on the side of housing prices collapsing (they actually have fallen quite a bit in many areas already). There is talk of further stimulus from the talking heads (Gross/Pimco) that the government has to do this or that. Unfortunately, our government is very much “bought” and look who is those positions?
That said, there are worst things than buying a place to live in if you can afford it.

One thing not discussed much now is that other than the Roth IRA, there also aren’t many tax free vehicles out there. (529s, Coverdell…)

That 500k tax free on home sale may not relevant in the next 5 years or 10 years, but over 30 years and after housing stabilizes where it moves up with inflation again, that could be a nice perk for folks to consider, especially if higher taxes are coming.

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