similar to what dmclone said, we pay a couple hundred a year for a million dollars in coverage. We got it when we built our house as that increased our assets quite a bit compared to a rinky dink rented apartment.
Retirement thread
- Thread starter CloneGuy8
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similar to what dmclone said, we pay a couple hundred a year for a million dollars in coverage. We got it when we built our house as that increased our assets quite a bit compared to a rinky dink rented apartment.
How many people on this board still live with their parents?
Seems like a great time to save a bunch of $$. I bet most use the $$ they save for a down payment on a house, but I wonder if it would make more sense to invest it.
Either way, I bet there are a lot of people on this board still living w/their mom and dad.
Seems like a great time to save a bunch of $$. I bet most use the $$ they save for a down payment on a house, but I wonder if it would make more sense to invest it.
Either way, I bet there are a lot of people on this board still living w/their mom and dad.
Building a house didn't increase your assets at all.
It probably did the exact opposite.
I'm not here to debate where the value of the house vs. the outstanding mortgage lie with a troll.
We got to a point that we had things to lose should a judgement beyond our car/home insurance be issued against us. That was our tipping point, @CloneGuy8. And check where your limits are vs. where an umbrella would kick in. $250k car insurance cap+ a $500k umbrella kick in = bad times
I'm planning to retire in 4 years. Not sure what I'll do in the 50-60 years after that though.
Yeah, my parents still pay me allowance. It's great. Highly recommend.
Dude's a troll, CG. He & a couple of buddies were doing their level best to drive everyone out of the thread.
Oy. Reading comprehension 101. I excel at pointing out the obvious!
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Yeah wish I would have read more before responding to one of their posts.Dude's a troll, CG. He & a couple of buddies were doing their level best to drive everyone out of the thread.
Oy. Reading comprehension 101. I excel at pointing out the obvious!
Dude's a troll, CG. He & a couple of buddies were doing their level best to drive everyone out of the thread.
Oy. Reading comprehension 101. I excel at pointing out the obvious!
But the furniture
D
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A thread about CG's assets? Finally, a thread worth participating in.
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Side bar...I LOVE the quote in your signature. I've never seen that one before, but it is soooooo accurate!
Technically, it did increase her assets, but not her net worth or equity. Over time it will, but right after construction her equity should not have gone up.
Before someone builds, they have $50,000 in the bank. For simplicity this is their only asset so they have a $50,000 net worth. Build a $300,000 house, put $50,000, borrow $250,000.....they still have a $50,000 net worth. It didn't magically make them worth more.
Over time as they pay the mortgage down their net worth will go up faster than it was while renting, as long as the interest, taxes, and insurance portion of their payment is less than what they were paying for rent before building.
To continue the sidebar, I can remember the exact place I was when John said that on the radio. Building fence with my dad to put cows out on corn stalks and we did a chest bump right after John said that. I could walk you straight to the square foot that chest bump took place. Great day.
