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Thread: Do you think you will ever pay off your house?

  1. #161
    [QUOTE=BigJon13;2323714]So securing unsecured debt with the equity in his house and potentially putting his collateral in jeopardy is better? [B]Stick to football you have no idea what you are talking about.[/B] Plus his issues stem from living beyond his means. And paying of the credit cards will not resolve live style issues. Getting on and sticking to a budget and adjusting you life style is the only thing that will change that period.[/QUOTE]

    Are you kidding. If you were talkin about baggin groceries he's your man but Tx* knows less about football than he does Finance. Please.

  2. #162
    WOW!

    I started this thread yesterday and was unable to get back to it until this morning. I never expected such great information as i got. There are obviously some very intelligent people on this board regarding finances. You guys have got me thinking about a lot of different things. Thanks

  3. #163

  4. #164
    why the hell do you have 7 credit cards still open? transfer these to a home equity loan if you can, believe me man it helps. we did this and lowered all the balances and the rate from the bank was like 7 percent.
    if you can do it, do it.....

  5. #165
    Does anyone think ETFs makes sense for someone who will make annual IRA contributions? I know ETFs are expensive if you make many transactions.

    I have a VG 2045 fund... it's a fund of funds, but I want to slice and dice to overweight international, small and value stocks. I also want some REITs for diversification.

    Right now, my proposed asset allocation is:

    [B][U]Roth 401K[/U][/B]

    Total Stock Market Index 38%

    I contribute to this every payroll, obviously.

    ---

    [B][U]Roth IRA[/U][/B]

    Bridgeway Small Caps (BRSIX) or Vanguard Small Cap Value (VISVX) 10%
    Vanguard Developed Markets Index (VDMIX) 21%
    Vanguard Emerging Markets Index (VEIEX) 21%
    Vanguard REIT (VGSIX) 10%


    What do you think? Thanks.

  6. #166
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    Bump...

    Got some great info here a while ago, and I had a follow up question for some of you guys...

    I never set up any kind of plan of 'put X of every paycheck into investment', but rather, when my checking account, gets over a magic number I've got, I take the excess and put it into my investment...

    Well, I've got a few thousand dollars in excess of that number now, but with the market doing what it's been doing, I'm wondering if I should just hold onto that money and let it sit until things stabilize... Obviously, like everyone else, I lost a few dollars last month, so I don't want to just throw more into there while things seem to be in a tailspin...

    Obviously I wont gain any interest on this money, but I'm not going to blow it either, so it will just chill... Do people think this is a good idea, again, I don't really know how this works, especially entering what seems like a recession.

    EDIT TO ADD: On re-reading, would it be safe to assume that now is a good time invest more in the 'buy low, sell high' mode, or that we're in a situation where I'd be buying low and it's only going to get worse?
    Last edited by EY; 02-18-2008 at 10:31 PM.

  7. #167
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    [QUOTE=EricYellin;2374389]Bump...

    Got some great info here a while ago, and I had a follow up question for some of you guys...

    I never set up any kind of plan of 'put X of every paycheck into investment', but rather, when my checking account, gets over a magic number I've got, I take the excess and put it into my investment...

    Well, I've got a few thousand dollars in excess of that number now, but with the market doing what it's been doing, I'm wondering if I should just hold onto that money and let it sit until things stabilize... Obviously, like everyone else, I lost a few dollars last month, so I don't want to just throw more into there while things seem to be in a tailspin...

    Obviously I wont gain any interest on this money, but I'm not going to blow it either, so it will just chill... Do people think this is a good idea, again, I don't really know how this works, especially entering what seems like a recession.[/QUOTE]

    Getting financial advice here, while some of it may be sound, is not a good idea.

    Everyone's situation is different....how old are you? how old are your kids? have you saved for college? what money will you need to be liquid, short term? do you own a house or rent? how is your risk tolerance? what about your wife? do you have adequate life insurance? disability?

    Asking what to do with some overage in your checking account without knowing your entire situation will not lead to sound advice.

    I am not trying to be snide or crass...just saying..

  8. #168
    [QUOTE=bongo59;2321607]i like Republicans because they helped me pay off my house yrs ago. Make the tax cuts permanent. Go Republican............[/QUOTE]

    and make sure no one who doesnt already own a home, doesnt have the chance to buy one

  9. #169
    [QUOTE=JetsWI;2374439]and make sure no one who doesnt already own a home, doesnt have the chance to buy one[/QUOTE]

    Please explain.

  10. #170
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    [QUOTE=Greenwave81;2374425]Getting financial advice here, while some of it may be sound, is not a good idea.

    Everyone's situation is different....how old are you? how old are your kids? have you saved for college? what money will you need to be liquid, short term? do you own a house or rent? how is your risk tolerance? what about your wife? do you have adequate life insurance? disability?

    Asking what to do with some overage in your checking account without knowing your entire situation will not lead to sound advice.

    I am not trying to be snide or crass...just saying..[/QUOTE]

    Greenwave, there's a lot of info on my situation in the thread... Single, recently out of college, can afford to take some risks, etc...

    And I'm not making any moves based on peoples responses, but rather trying to gain an education... I originally posted in this thread because I claim ignorance to most of these matters, and I know there are some people who are very knowledgeable here... I've gone through 23 years w/o learning any of this stuff, so I wanted to know how people came about this knowledge, especially those, like me, who don't work in a finance related industry... I'm just trying to tap into the knowledge to get an education and use it to make my own decisions... I'm far more interested in the reasoning behind the answers than the answers themselves.

    Thanks.

  11. #171
    [QUOTE=LIDeadHead;2321617]I did it for the free jets blanket at the game :D[/QUOTE]

    haha I must say I have been guilty of that myself, Id also go along with the advice of the person a few posts above who said dont pay on credit what you dont already have stashed away

  12. #172
    [QUOTE=EricYellin;2374446]Greenwave, there's a lot of info on my situation in the thread... Single, recently out of college, can afford to take some risks, etc...

    And I'm not making any moves based on peoples responses, but rather trying to gain an education... I originally posted in this thread because I claim ignorance to most of these matters, and I know there are some people who are very knowledgeable here... I've gone through 23 years w/o learning any of this stuff, so I wanted to know how people came about this knowledge, especially those, like me, who don't work in a finance related industry... I'm just trying to tap into the knowledge to get an education and use it to make my own decisions... I'm far more interested in the reasoning behind the answers than the answers themselves.

    Thanks.[/QUOTE]

    This is all you need to get started in personal finance:

    The Boglehead's Guide to Investing

    [url]http://www.amazon.com/Bogleheads-Guide-Investing-Taylor-Larimore/dp/0471730335[/url]

    It's easy to read, straight forward and doesn't have an angle. If you want, I can mail you my copy.

  13. #173
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    [QUOTE=BrooklynBound;2374452]This is all you need to get started in personal finance:

    The Boglehead's Guide to Investing

    [url]http://www.amazon.com/Bogleheads-Guide-Investing-Taylor-Larimore/dp/0471730335[/url]

    It's easy to read, straight forward and doesn't have an angle. If you want, I can mail you my copy.[/QUOTE]

    If it's worthwhile, I'd just as soon pick up a copy for myself... I appreciate the offer to send yours, but I'm certain I'd need to reference it a few times as I'm obviously a complete novice here.

    Thanks. I'll definitely pick it up.

  14. #174
    [QUOTE=LIDeadHead;2321583]My mortgage payment is $1800 a month (more in a few weeks due to tax increase). Im about 5 years in on a 30 year. I got my house for $220K.

    I think I'll be able to pull it off as we make our mortgage payments on time and without a hardship.

    Its my f'n credit cards I can't see myself paying. Bastards all raised my rates to 30% on all 7 cards we have. I haven't used a credit card in over a year and Im getting hit $1200 a month combined for just interest & late fees. I have crap to apply towards the balance.

    Bush sucks a bag of dicks.[/QUOTE]

    How is that Bush's fault?

  15. #175
    [QUOTE=EricYellin;2374463]If it's worthwhile, I'd just as soon pick up a copy for myself... I appreciate the offer to send yours, but I'm certain I'd need to reference it a few times as I'm obviously a complete novice here.

    Thanks. I'll definitely pick it up.[/QUOTE]

    Read the reviews if you can. Also, I visit this board which is filled with people who value simple, low-cost, diversified investing and personal finance.

    [url]http://www.diehards.org/forum/index.php[/url]

  16. #176
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    [QUOTE=EricYellin;2374446]Greenwave, there's a lot of info on my situation in the thread... Single, recently out of college, can afford to take some risks, etc...

    And I'm not making any moves based on peoples responses, but rather trying to gain an education... I originally posted in this thread because I claim ignorance to most of these matters, and I know there are some people who are very knowledgeable here... I've gone through 23 years w/o learning any of this stuff, so I wanted to know how people came about this knowledge, especially those, like me, who don't work in a finance related industry... I'm just trying to tap into the knowledge to get an education and use it to make my own decisions... I'm far more interested in the reasoning behind the answers than the answers themselves.

    Thanks.[/QUOTE]

    No problem, like I said, I wasn't trying to be snide...

    My advice? take it for what it's worth...

    If you are single, start investing regularly, BEFORE you see the money in a reputable mutual fund family....Vanguard is probably the lowest cost (fee basis) firm. Start with one of their index funds, and then branch out to other avenues when your nest egg warrants.

    Invest for the long term....you are young...that is in your favor. Rather than looking to buy on dips or strength, or market timing, buy regularly instead...even the professionals cannot time the market.

    But before you even do that, pay off all debt like credit cards...if you want to buy a house and carry a mortgage that's an individual decision, and AT PRESENT, the income tax deduction for home ownership is lucrative...but it's not guaranteed. Sinking money into a house is NOT always the best idea for single people who want flexibility.

    If you own a house, and can manage your money with a modicum of sense, then use the equity in the house as a bank...no reason to pay 30% on a credit card when you can deduct the interest of a home equity loan from your income...but, borrowing against your house if you own one if you cannot manage your finances to begin with is a sure bet to lose both your house and credit rating.

    That's a start.

  17. #177
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    [QUOTE=Greenwave81;2374470]No problem, like I said, I wasn't trying to be snide...

    My advice? take it for what it's worth...

    If you are single, start investing regularly, BEFORE you see the money in a reputable mutual fund family....Vanguard is probably the lowest cost (fee basis) firm. Start with one of their index funds, and then branch out to other avenues when your nest egg warrants.

    Invest for the long term....you are young...that is in your favor. Rather than looking to buy on dips or strength, or market timing, buy regularly instead...even the professionals cannot time the market.

    But before you even do that, pay off all debt like credit cards...if you want to buy a house and carry a mortgage that's an individual decision, and AT PRESENT, the income tax deduction for home ownership is lucrative...but it's not guaranteed. Sinking money into a house is NOT always the best idea for single people who want flexibility.

    If you own a house, and can manage your money with a modicum of sense, then use the equity in the house as a bank...no reason to pay 30% on a credit card when you can deduct the interest of a home equity loan from your income...but, borrowing against your house if you own one if you cannot manage your finances to begin with is a sure bet to lose both your house and credit rating.

    That's a start.[/QUOTE]

    Thanks. Many have said similarly before.

    My recent questions is, do you hold onto this money as we seem headed for a recession or 'stay the course' of investing regularly?

    Does something as big as what seems to be going on now transcend the 'market timing' idea?

  18. #178
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    [QUOTE=EricYellin;2374477]Thanks. Many have said similarly before.

    My recent questions is, do you hold onto this money as we seem headed for a recession or 'stay the course' of investing regularly?

    Does something as big as what seems to be going on now transcend the 'market timing' idea?[/QUOTE]

    Not in my (admittedly small) mind....because I know that if I know a recession is coming, some bigger and smarter money knew it long ago....so I'd only be chasing my tail, and paying brokerage fees/taxes to make the switch.

    This is especially true for people that are 'younger'...I am 48, not 25...and that is a BIG difference.

    If you invest regularly, you will necessarily buy more when the market is down and less when it is 'up'...it is called dollar cost averaging...but then again, you probably already knew that based on your postings.

    If the recession is temporary, as in years past, you'll do ok...if the recession is something much more sinister and long-lasting, most of us are going to suffer in some manner....but do you know the difference? I surely don't.

    As you get older, then you further diversify or shift into less 'risky' investments...common sense stuff...but I rarely react to market parameters or 'crisises', because as a non-insider, it's not like I have knowledge of the things to come (but then again, I'm not sure anyone does).

    I own mutual funds that in some years have gained 80%...i thought i was a genius. In other years, they've lost 40%. But over the past 20 years since I've been investing, most all of my mutual funds (and I own many) have on average earned 10%/yr...and to me, that's OK. At 10%/yr, your money doubles every 7 years....think about that.

  19. #179
    I have been in the same place for 8 years, and bought my place on a 15 year mortgage, and while I could have paid it off, I was taking 10% of every payment and investing it into a Mutual fund.

    I have enough money in the investment at this moment to pay off my mortgage...:)

    I don't pay it off because my mutual fund out performs the amount of interest I pay, and therefore by using the tax deduction on my mortgage it doesn't pay for me to be mortgage free...

    I am actually thinking about using a home equity line to put a down payment on another place and then locking at a low rate since I have a rate of prime minus 1...which at this rate will give me access to over 150K at 4% as rates continue to come down...:)

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