Starting over

Discussion in 'General' started by Metalhead, Dec 12, 2018.

  1. Scotty87

    Scotty87 Lacks accountability

    Get a 30 year fixed. And the ap and payments can be done simply on line. But I’ll leave this dead horsey alone, it’s obviously his choice.

    I do agree with Brex though. He’s gonna be balling in April.
  2. Paige

    Paige Well-Known Member

    I think that really wasn't his choice. Came with the divorce and having to pay for stuff for the ex.
    BigBird, TurboBlew and Phl218 like this.
  3. Funkm05

    Funkm05 Dork

    And hard to get support from an unemployed/underemployed dude.
    BigBird and Paige like this.
  4. beac83

    beac83 3

    That was my thought as well.
  5. Paige

    Paige Well-Known Member

    Bunch of greedy beeches out there.
  6. Funkm05

    Funkm05 Dork

    I shoulda put the smiley in there. I don’t really believe MH would do that, but it will have an impact, I suspect.
  7. Scotty87

    Scotty87 Lacks accountability

    Around here, if you take a voluntary reduction in salary, you’re still on the hook for the original support amount. No renegotiation, nothing.
  8. joec

    joec brace yourself

    Hey mh....did you keep your continuity books or did BMW? Just curious.
  9. SPL170db

    SPL170db Trackday winner

  10. JBraun

    JBraun Well-Known Member

    Yup. My ex had a client who legitimately gave himself a heart attack in his mid 40’s clawing up the corporate ladder to support his wife’s affinity for luxury whips and Fendi bags. Doc told him that 80 hour weeks and traveling 50 weeks per year was going to put him in an early grave.

    He resigned and took a position with a smaller company making 1/3 of the money, which was still strong six figures. Wifey responded by filing for divorce. Judge ordered child support and maintenance based on the larger amount, because of “earning capacity” or some shit. Didn’t matter that the wife was banging her tennis coach, which was discovered later.

    Just in case anybody thought they were having a rough year...
    MachineR1 and Phl218 like this.
  11. Steeltoe

    Steeltoe What's my move?

    I worked with dozens of retired seniors who had their retirement turn to vapor in the downturn. Company backed retirement is a gamble. A lot of people learned the painful way.
    BigBird and DucatiBomber like this.
  12. Fencer

    Fencer Well-Known Member

    Turn about is fair play :D
  13. D-Zum

    D-Zum Alex’s Crew Chief

    Plain and is debt. The interest deduction is mythology. For every dollar in interest you pay, you get back 30 cents basically.
    Financial freedom is a house that is paid off. My brother's a CPA. If mortgage interest was such a great thing to have, he'd have one. His home is paid off.
    Plenty of articles out there talking about all this in great detail.
    iagsxr, BigBird, Motofun352 and 2 others like this.
  14. Fencer

    Fencer Well-Known Member

    Yep, Why pay $280k for a $130k after 30 years to save $10 k on taxes? (imaginary numbers for talking points only :) )

    But you really NEVER own the house. Even after the mortgage is paid, property tax never ends ( Your Location may vary) and the Gov. can still take your home for missing a $500 tax.
    D-Zum and kangasj like this.
  15. Scotty87

    Scotty87 Lacks accountability

    I’m not intersted in some dungeon style argument. Interest rates at at historic lows. Taking the money you would have spent to buy a home outright and instead letting that money work for you even in an underperforming index fund portfolio while making regular mortgage payments and getting dispersals from your retirement account without paying an enormous tax penalty for cashing it out nets you money. This isnt rocket science or some big bank conspiracy.
  16. Prospect

    Prospect Hayai

    Don't forget to blast Master of Puppets and headbang your hair to oblivion during every trip, you will enjoy it that much more.

    You are right, if anyone thinks maintaining debt is good, whether it is buying in installments or paying a mortgage, then they are either ignorant or deluded.

    You are postulating as an alternative to forfeiting all that cash at once, paying off your debt on a piecemeal basis and investing the remaining portion of cash to generate income and cover the additional interest portion of your mortgage as to net an overall gain. That is plausible. However, just like interest rates are low. stock markets are erratic and quite volatile nowadays to the extent where an index fund can drop and hit rock bottom if the right circumstances align. It is all a matter of one's appetite for risk and a combination of the right circumstances.
  17. Metalhead

    Metalhead Dong pilot

    There is no better feeling than being debt free. I don't need a bunch of money, nor am I concerned about the future. I'll still eat. I'll still have a roof and clothes. But I'm free to do as I want. So, for right now, I'm delivering pizzas. 6 months from now I could be working at Lowes. Or driving a parts truck for NAPA. Who knows. But I'm free to choose. feeling in the world.
  18. SuddenBraking

    SuddenBraking Well-Known Member

  19. zertrider

    zertrider Waiting for snow. Or sun.

    I bought my first house when I was 21. Lived there for 17yrs. There was no better feeling than the day that the mortgage was paid off 13yrs in. Watching your bank account grow, knowing that you could spend much more freely, was awesome. Toys bought with cash. Never financed anything but the house. Moved 7yrs ago and bought a much bigger property and home, and back with a mortgage. But, still the only financing I have ever done. Still have toys, couple years and the mortgage will be paid off again(could now, but would incur early payment penalties), and then the fun really can begin.

    Live it up Richie, life is fun.
    Metalhead likes this.
  20. kangasj

    kangasj Well-Known Member

    No shit. I paid off everything and can get by on next to nothing. My total monthly bills right now is maybe $250ish + gas and groceries and dock expenses . The rest goes into whatever I want to buy for the boat

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