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Financial Issues • Re: Home loan Education and Interest Rate Quotes.Free 4 Prep

February 19, 2017 rickdun 0

What Swamp said, we put our home in the kids name, with a memorandum of understanding that we live in it, keep it up and pay the taxes until we are both dead. We had an attorney do the paperwork, only cost me $150.00, that was done abut 5 year ago. Now the kids, after we’re dead can do what they want with it and not pay any inheritance taxes.

There are down falls to this method, if one of the kids gets in a bad accident and they are sued for big time money, well you know the rest. If they would separate from their spouse, not a problem, that was put in the memorandum, inlaw doesn’t count and they signed paperwork to that affect.

Statistics: Posted by rickdun — Sun Feb 19, 2017 6:44 pm


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Financial Issues • Re: Home loan Education and Interest Rate Quotes.Free 4 Prep

February 19, 2017 daaswampman 0
JayJay wrote:

DR1VENbyKNOWLEDGE wrote:

JayJay wrote:I have a great trick–apply for a refi; save all correspondence and reply after approval that you’re just not quite ready.
Keep doing that and watch that refi fee come down from $4500 to $2300 to $1900 to $450. ;):p;):p

I have the paperwork to prove it and still was cautious of BofA and didn’t refinance.

But, when husband is gone and I really need to refi to live on his SS check?? I will pull out that last pile of paperwork and say…”I’m ready now and I want that last deal!!” :D

lol….sounds like a pain. It could work or just cost you your deal if you’re serious Jay Jay.

Be aware, on the best day at BofA, Wells, Chase, WaMu, etc etc etc, you are still paying Retail pricing……They don’t offer Wholesale pricing even to clients with $500,000 in their banks.(There’s a reason there’s high-rises with their names on top of them, marble check writing counters, etc…PROFIT.)

Wholesale Vs. Retail is about $3000 cheaper on a given rate or about .250%-.375% lower on a rate for the same cost involved…….There is almost no time a “Big Bank” will be cheaper on any loan Vs. wholesale….The only exceptions you might see is SOMETIMES for a JUMBO loan at Chase IF you have hundreds of thousands of dollars in holdings with them…..Even then, you need to shop the rate.

Be aware…..wall Street LOVES Trump….Ever since elected rates have been climbing quickly….30 yr fixed was COMPLETELY free at 3.500% at the beginning of November….now that same loan today will cost you about 9-10 thousand dollars including all 3rd party fees…….The same free loan is about 3.990%-4.125% on a 30 year today as example.(Specific credit scores , loan amount, type of property, LTV will alter these figures)

Rates move hourly, let alone daily….just like the stock market.
You cant say “I want that last deal you quoted me” if rates have gone higher and they were giving you the best deal then…..That would be like saying I want to buy Apple stock but I only want to pay $1 dollar per share you quoted me in 1978 even though it’s $135 per share today.

If they truly were giving you the best deal ON THE FIRST QUOTE, you should give that person your business and not play games as they showed their integrity giving you the best deal first phone call not wasting your time….It’s easily verifiable by shopping. Remember though, rates change quickly sometimes…shop everyone within 1 hour against each other to compare “Apples to Apples” ;)

Look at bankrate.com…(don’t put in your contact info or 10 companies will immediately start calling you non-stop!!!….I’m not kidding here)..It’s an excellent resource but use it wisely…..BUT, be aware Bankrate.com’s advertising policies will not include 3rd party fees for anyone…..It also only is good for Primary residence, SFR(no condo’s or townhomes) mandatory impounds, and no cash-out or 2nd mortgage consolidations…..don’t trust the reviews there about a company as that’s not enough…You need the INDIVIDUAL Loan Officers reviews that’s helping you to know if they can be counted on to deliver…..I’ve seen many a bad loan officer working for excellent companies…..The LO is your bread and butter to a successful loan transaction.

In ONE sentence, what is your point??
We are retired, never gonna have any OTHER income than what we have now.
Only debt is home.
I have a hefty savings hidden here.
I don’t want a home paid for; why?? The nursing home to take when we become unable to care for ourselves??
For the young?? Maybe, but I wouldn’t have listened when I was young.

There are ways to protect your home, but you must do it in advance. One of the easiest is to sell it to your heir or a trusted friend and get an iron clad lease to live in it. Locally any change in ownership can be questioned for three years prior to such an event. My home is already in my son’s name complete with a “long term mortgage on paper and the lowest legal interest rate”. I also have a “lease on paper” that gives me complete control and first options should anything unexpected happen. It may sound complex, but not really. Swamp

Statistics: Posted by daaswampman — Sun Feb 19, 2017 5:48 pm


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Financial Issues • Re: Home loan Education and Interest Rate Quotes.Free 4 Prep

February 19, 2017 JayJay 0
DR1VENbyKNOWLEDGE wrote:

JayJay wrote:I have a great trick–apply for a refi; save all correspondence and reply after approval that you’re just not quite ready.
Keep doing that and watch that refi fee come down from $4500 to $2300 to $1900 to $450. ;):p;):p

I have the paperwork to prove it and still was cautious of BofA and didn’t refinance.

But, when husband is gone and I really need to refi to live on his SS check?? I will pull out that last pile of paperwork and say…”I’m ready now and I want that last deal!!” :D

lol….sounds like a pain. It could work or just cost you your deal if you’re serious Jay Jay.

Be aware, on the best day at BofA, Wells, Chase, WaMu, etc etc etc, you are still paying Retail pricing……They don’t offer Wholesale pricing even to clients with $500,000 in their banks.(There’s a reason there’s high-rises with their names on top of them, marble check writing counters, etc…PROFIT.)

Wholesale Vs. Retail is about $3000 cheaper on a given rate or about .250%-.375% lower on a rate for the same cost involved…….There is almost no time a “Big Bank” will be cheaper on any loan Vs. wholesale….The only exceptions you might see is SOMETIMES for a JUMBO loan at Chase IF you have hundreds of thousands of dollars in holdings with them…..Even then, you need to shop the rate.

Be aware…..wall Street LOVES Trump….Ever since elected rates have been climbing quickly….30 yr fixed was COMPLETELY free at 3.500% at the beginning of November….now that same loan today will cost you about 9-10 thousand dollars including all 3rd party fees…….The same free loan is about 3.990%-4.125% on a 30 year today as example.(Specific credit scores , loan amount, type of property, LTV will alter these figures)

Rates move hourly, let alone daily….just like the stock market.
You cant say “I want that last deal you quoted me” if rates have gone higher and they were giving you the best deal then…..That would be like saying I want to buy Apple stock but I only want to pay $1 dollar per share you quoted me in 1978 even though it’s $135 per share today.

If they truly were giving you the best deal ON THE FIRST QUOTE, you should give that person your business and not play games as they showed their integrity giving you the best deal first phone call not wasting your time….It’s easily verifiable by shopping. Remember though, rates change quickly sometimes…shop everyone within 1 hour against each other to compare “Apples to Apples” ;)

Look at bankrate.com…(don’t put in your contact info or 10 companies will immediately start calling you non-stop!!!….I’m not kidding here)..It’s an excellent resource but use it wisely…..BUT, be aware Bankrate.com’s advertising policies will not include 3rd party fees for anyone…..It also only is good for Primary residence, SFR(no condo’s or townhomes) mandatory impounds, and no cash-out or 2nd mortgage consolidations…..don’t trust the reviews there about a company as that’s not enough…You need the INDIVIDUAL Loan Officers reviews that’s helping you to know if they can be counted on to deliver…..I’ve seen many a bad loan officer working for excellent companies…..The LO is your bread and butter to a successful loan transaction.

In ONE sentence, what is your point??
We are retired, never gonna have any OTHER income than what we have now.
Only debt is home.
I have a hefty savings hidden here.
I don’t want a home paid for; why?? The nursing home to take when we become unable to care for ourselves??
For the young?? Maybe, but I wouldn’t have listened when I was young.

Statistics: Posted by JayJay — Sun Feb 19, 2017 11:19 am


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Financial Issues • Re: Home loan Education and Interest Rate Quotes.Free 4 Prep

February 19, 2017 DR1VENbyKNOWLEDGE 0
daaswampman wrote:
A loan of any type, should be your last resort in an uncertain world! Dave Ramsey has a good approach, it works, and will end your slavery to the Banksters! Swamp

I love DR.(Keeping in mind he’s made a business out of advice. Some of his sponsors do not have the persons best interest at hand, including the mortgage company he refers…LOL…They’re EXPENSIVE!!!)

I stay debt free as much as possible. if you cant control yourself on your own, the envelope system works.

Dave knows the value of a home for retirement and its primary to his plan. But he also knows homes are expensive and the reality is you don’t have $300,000 laying around to pay cash for it. That’s why he has Mortgage sponsors to begin with…. ;)

Get the home paid off and do it as fast as possible. But you cant do that EFFECTIVELY by being in a higher rate than you should be or too long a term unless you pay extra to your principle.

Mortgage insurance is the first thing to go if you have it. Then focus on rate and term. Pay extra to principle as much as possible……But, even if you pay extra to principle, if your rate is higher than it should be, you need to refinance. if you’re retiring, make sure you will qualify on the retirement income before the switch if possible.

In general, even if you’ve been in your current term for years, If your current interest rate is higher than below, you should at least research it…..It only takes about 5-6 min to know if you can improve and the entire refinance process shouldn’t take more than about 20 days total if with a good company.

(This changes hourly)….The interest rate changes are actually controlled by MBS(Mortgage Backed Securities)….You can see a general trend by observing the 10 year treasury but that’s not perfect. You really need to monitor the MBS and have to pay for a subscription if you want that access.

30 yr fixed—- 3.990%
20 yr fixed—- 3.500%
15 yr fixed—- 3.125%

These should be for COMPLETELY FREE loans(as long as your loan balance is $130,000 or higher)….that means NOTHING paid by you, NOTHING added to your loan amount, AND a full appraisal refund if it’s even needed.

You can get lower rates than above but it will cost something, somewhere, and you shouldn’t do it unless the payment savings it greater than the fees incurred in under about 30 months. If that’s still your goal, then just make sure to shop by TOTAL FEES including all 3rd party fees and appraisal…..Don’t let them twist you up by quoting you Escrow is blah blah blah, Title is blah blah blah….

You want a single total cost # to compare no matter what the break downs are. That is all that matters in the end.

Statistics: Posted by DR1VENbyKNOWLEDGE — Sun Feb 19, 2017 10:55 am


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Financial Issues • Re: Home loan Education and Interest Rate Quotes.Free 4 Prep

February 19, 2017 daaswampman 0
Blondie wrote:
Swamp, tough to do in Californica where jumbo loans are the norm. While I despise DR, I do agree with having as little debt as possible.

Mortgage rates are tied to the 10yr and rates have been climbing. Recently saw it go to 2.51 in interday trading. The market & treasuries usually run inverse to each other so what we’re seeing isn’t normal.

Treasuries are climbing because other nations are dumping our debt not because of any love for DJT. I expect a reset under his administration and right now, WS is making money while they can. They are going to hang the debt noose around DJT’s neck like one of his Trump ties.

When mortgage rates climb, housing which even here is unrealistically high will crash once again and prob take $3T in student loans down with it.

To each his own, but if you can’t afford something, paying interest on it, is not going to make the situation better! Credit is not a poor mans friend, but we have been programmed to believe we need everything and right now.

Easy credit will end and then what are the credit slaves going to do? It is not just foreign nations dumping our debt. Nobody is buying our debt except our government and those mandated to buy it. The only fix is to add more debt, that has too end poorly. Swamp

Statistics: Posted by daaswampman — Sun Feb 19, 2017 12:34 am


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Financial Issues • Re: Home loan Education and Interest Rate Quotes.Free 4 Prep

February 19, 2017 Blondie 0

Swamp, tough to do in Californica where jumbo loans are the norm. While I despise DR, I do agree with having as little debt as possible.

Mortgage rates are tied to the 10yr and rates have been climbing. Recently saw it go to 2.51 in interday trading. The market & treasuries usually run inverse to each other so what we’re seeing isn’t normal.

Treasuries are climbing because other nations are dumping our debt not because of any love for DJT. I expect a reset under his administration and right now, WS is making money while they can. They are going to hang the debt noose around DJT’s neck like one of his Trump ties.

When mortgage rates climb, housing which even here is unrealistically high will crash once again and prob take $3T in student loans down with it.

Statistics: Posted by Blondie — Sat Feb 18, 2017 10:57 pm


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Financial Issues • Re: Home loan Education and Interest Rate Quotes.Free 4 Prep

February 18, 2017 DR1VENbyKNOWLEDGE 0
JayJay wrote:
I have a great trick–apply for a refi; save all correspondence and reply after approval that you’re just not quite ready.
Keep doing that and watch that refi fee come down from $4500 to $2300 to $1900 to $450. ;):p;):p

I have the paperwork to prove it and still was cautious of BofA and didn’t refinance.

But, when husband is gone and I really need to refi to live on his SS check?? I will pull out that last pile of paperwork and say…”I’m ready now and I want that last deal!!” :D

lol….sounds like a pain. It could work or just cost you your deal if you’re serious Jay Jay.

Be aware, on the best day at BofA, Wells, Chase, WaMu, etc etc etc, you are still paying Retail pricing……They don’t offer Wholesale pricing even to clients with $500,000 in their banks.(There’s a reason there’s high-rises with their names on top of them, marble check writing counters, etc…PROFIT.)

Wholesale Vs. Retail is about $3000 cheaper on a given rate or about .250%-.375% lower on a rate for the same cost involved…….There is almost no time a “Big Bank” will be cheaper on any loan Vs. wholesale….The only exceptions you might see is SOMETIMES for a JUMBO loan at Chase IF you have hundreds of thousands of dollars in holdings with them…..Even then, you need to shop the rate.

Be aware…..wall Street LOVES Trump….Ever since elected rates have been climbing quickly….30 yr fixed was COMPLETELY free at 3.500% at the beginning of November….now that same loan today will cost you about 9-10 thousand dollars including all 3rd party fees…….The same free loan is about 3.990%-4.125% on a 30 year today as example.(Specific credit scores , loan amount, type of property, LTV will alter these figures)

Rates move hourly, let alone daily….just like the stock market.
You cant say “I want that last deal you quoted me” if rates have gone higher and they were giving you the best deal then…..That would be like saying I want to buy Apple stock but I only want to pay $1 dollar per share you quoted me in 1978 even though it’s $135 per share today.

If they truly were giving you the best deal ON THE FIRST QUOTE, you should give that person your business and not play games as they showed their integrity giving you the best deal first phone call not wasting your time….It’s easily verifiable by shopping. Remember though, rates change quickly sometimes…shop everyone within 1 hour against each other to compare “Apples to Apples” ;)

Look at bankrate.com…(don’t put in your contact info or 10 companies will immediately start calling you non-stop!!!….I’m not kidding here)..It’s an excellent resource but use it wisely…..BUT, be aware Bankrate.com’s advertising policies will not include 3rd party fees for anyone…..It also only is good for Primary residence, SFR(no condo’s or townhomes) mandatory impounds, and no cash-out or 2nd mortgage consolidations…..don’t trust the reviews there about a company as that’s not enough…You need the INDIVIDUAL Loan Officers reviews that’s helping you to know if they can be counted on to deliver…..I’ve seen many a bad loan officer working for excellent companies…..The LO is your bread and butter to a successful loan transaction.

Statistics: Posted by DR1VENbyKNOWLEDGE — Sat Feb 18, 2017 6:50 pm


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Financial Issues • Re: Home loan Education and Interest Rate Quotes.Free 4 Prep

February 18, 2017 JayJay 0

I have a great trick–apply for a refi; save all correspondence and reply after approval that you’re just not quite ready.
Keep doing that and watch that refi fee come down from $4500 to $2300 to $1900 to $450. ;):p;):p

I have the paperwork to prove it and still was cautious of BofA and didn’t refinance.

But, when husband is gone and I really need to refi to live on his SS check?? I will pull out that last pile of paperwork and say…”I’m ready now and I want that last deal!!” :D

Statistics: Posted by JayJay — Sat Feb 18, 2017 4:29 pm


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Financial Issues • Home loan Education and Interest Rate Quotes.Free 4 Preppers

February 18, 2017 DR1VENbyKNOWLEDGE 0

So, let me be a help where I can for you…

First off this advice will be free and I don’t want to do a loan for you. (I only handle CA, but the advice I can offer you is good Nationwide)…I really want this to just be free advice from a source that you can trust since there will be nothing in it for me as my way of contributing to you all here that have so willingly helped me so much.

I have been doing a very high volume of loans for the last 8 years for one of the largest companies handling CA properties. I’ve been the Sr. LO leading the company for about the last 5 years.(normally in the top 3 every year if not #1)…I handle everything from beginning to end for the entire transaction. I’m not a “Phone Monkey” that you find at Quicken or Loan Depot….(I don’t like to talk negative about others but those 2 companies I see rip off people more than any others out there combined)

I handle Purchases, refinance, Cash out, jumbo, Super conforming, regular conforming, FHA, VA, consolidation loans, HELOCS, silent 2nd’s, etc…… ALL types of residential real estate except manufactured homes.

I understand thoroughly all things you need to watch out for in these transactions including, appraisal, income calculations(W2,Self-employment, partnerships, Pastor income, Corp., rental properties, retirement, etc. etc. etc…), Loan disclosures, underwriter decisions and calculations, Interest rate locks, federal guidelines, etc…..

In 8 years of working at the same company I’ve never received a single complaint. There are hundreds of of 5 star reviews written about me personally.(Sorry, you’re just going to have to take my word for it for OPSEC purposes here…lol. :p )

I AM SICK AND TIRED of seeing good people getting ripped off even when they think they have a good deal from a “family friend”, old loan company, big bank, or broker they trust or thought they could trust. Daily I get calls of someone double checking…In just the last 2 days I’ve helped a Vet save $16,000 in unnecessary fees at a lower rate in a VA Loan, and another gentlemen about 9K in a conventional Cash-Out Refinance…..BOTH WERE FROM “TRUSTED” SOURCES!!!!

This stuff is personal by nature so I will not be asking personal info to help you out….

***If you ever go online to get rate quotes, for Gods sake, don’t give your social security # to anyone until they have been FULLY VETTED or put in a real phone # or you will be hassled NON-STOP by about 10 companies! Almost all of them trying to charge you way to much or not having 2 brain cells to rub together and causing your loan to fail after you’ve already paid for an appraisal, or getting bait-and-switched.(***Disclaimer…There ARE good people out there of course. They just tend to be far and few in-between.. Always check PERSONNAL REVIEWS, not just the company ones.)

Anyways, This is my way to try and give back to you….Free advice and rate quotes from the cheapest wholesalers out there nationwide so if you do proceed with someone out there you will have both barrels loaded for battle.

Any general questions should go here for all to see……and specific, private info will be best in PM unless you don’t mind public answers. I’ll be happy to run “What if?” scenarios for you as well…

For any rate quotes you will need….
current mortgage balance.(all loans, separately)
estimated middle credit score.(Don’t run your credit)
type of property?
do you want any cash out?
is there a 2nd mortgage of any type even if you are leaving it alone?
taxes and insurance in an escrow account or no?(Impounds)
Estimated value of property?
primary residence, 2nd home, or rental?

Again everyone, I do not want your loan….I want to just stop the madness of people getting lied to and ripped off even from so called “Friends”…It goes against everything I’ve worked for over 8 years having one of the highest repeat and referral percentages out there……. “I may not tell you what you want to hear like others do just to get you to move forward, but I will ALWAYS tell you the truth.” ;)

Preppers got to help Preppers….This is what I can do in my area of expertise. Please be patience for a reply as any specific quotes I’ll be sending from in office…Answers I can handle anywhere.

Best wishes to you and your families,
~DR1VEN….

Statistics: Posted by DR1VENbyKNOWLEDGE — Sat Feb 18, 2017 11:47 am


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Financial Issues • Re: Are We Being Stupid????

February 15, 2017 Anna 0

I would never call you stupid. The decision is obviously yours to make.

However, at your age I would never cash in a 401-K and lose so much to taxes and penalties. Plus at your age with retirement just 20 years away, you will likely never be able to rebuild. I’ve seen a lot of people do this and live to regret it when they are facing retirement with only Social Security income. I prepared bankruptcies for 25 years and I saw numerous people who’d done just that and once the money is gone, its gone and basically thrown away on temporary financial problems.

Are you still using credit cards? If yes, STOP digging yourselves in deeper. I would look at seriously reducing expenses and throwing every penny possible at the credit cards. I’d also look at ways of earning extra income or possibly selling stuff you don’t need and applying that to the credit cards. Once they are paid off your dh could take a lower paying job and you’d still have your retirement cushion.

Statistics: Posted by Anna — Wed Feb 15, 2017 6:41 pm


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Financial Issues • Re: Are We Being Stupid????

February 14, 2017 ohiosusan89 0
rebnavy1862 wrote:

Renerylee2 wrote:I was a single mother, worked crappy jobs, worked in pain, and missed out on a lot because I couldn’t afford it. All my choice and I’m not blaming anyone or whining about it. You appear to me to be some lazy, stay at home mother, who has idly watched as your finances dwindled, watched as your husband’s health took it’s toll, watched as he ate crappy take out food because there’s obviously nothing in the house healthy enough to eat, and now, you’re just THINKING about getting a job to help out. I’ve always lived by “God helps those who help themselves”. I would have loved to be a stay at home mom but I couldn’t afford it but then neither could you. I just can’t relate!!!!!

Do you know OhioSusan personally? I think you are a little out of line making character judgements and posting derogatory comments that are unjustified.
Reb

Thanks Reb.

Statistics: Posted by ohiosusan89 — Mon Feb 13, 2017 7:29 pm


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Financial Issues • Re: Are We Being Stupid????

February 14, 2017 rebnavy1862 0
Renerylee2 wrote:
I was a single mother, worked crappy jobs, worked in pain, and missed out on a lot because I couldn’t afford it. All my choice and I’m not blaming anyone or whining about it. You appear to me to be some lazy, stay at home mother, who has idly watched as your finances dwindled, watched as your husband’s health took it’s toll, watched as he ate crappy take out food because there’s obviously nothing in the house healthy enough to eat, and now, you’re just THINKING about getting a job to help out. I’ve always lived by “God helps those who help themselves”. I would have loved to be a stay at home mom but I couldn’t afford it but then neither could you. I just can’t relate!!!!!

Do you know OhioSusan personally? I think you are a little out of line making character judgements and posting derogatory comments that are unjustified.
Reb

Statistics: Posted by rebnavy1862 — Mon Feb 13, 2017 7:08 pm


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Financial Issues • Re: Are We Being Stupid????

February 13, 2017 Renerylee2 0

I was a single mother, worked crappy jobs, worked in pain, and missed out on a lot because I couldn’t afford it. All my choice and I’m not blaming anyone or whining about it. You appear to me to be some lazy, stay at home mother, who has idly watched as your finances dwindled, watched as your husband’s health took it’s toll, watched as he ate crappy take out food because there’s obviously nothing in the house healthy enough to eat, and now, you’re just THINKING about getting a job to help out. I’ve always lived by “God helps those who help themselves”. I would have loved to be a stay at home mom but I couldn’t afford it but then neither could you. I just can’t relate!!!!!

Statistics: Posted by Renerylee2 — Mon Feb 13, 2017 6:30 pm


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Financial Issues • Re: Are We Being Stupid????

February 13, 2017 handyman777 0
ohiosusan89 wrote:
Well we did it with the help of his 401k. Now that he is back at his old company we are working on building up the retirement account again with the strong conviction that we will not make the mistake of borrowing from it like we did with his old one.

Good for you; and I’m glad things are working out for the better (all a round).
Now that you don’t have the CC payments, you can always add that extra to your new 401K and try and get that retirement savings back…stock market is doing good, don’t hesitate.
Don’t forget to put a little in the “coffee can” for a rainy day.

Statistics: Posted by handyman777 — Mon Feb 13, 2017 7:44 am


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Financial Issues • Re: Are We Being Stupid????

February 12, 2017 ohiosusan89 0

Well we did it with the help of his 401k. Now that he is back at his old company we are working on building up the retirement account again with the strong conviction that we will not make the mistake of borrowing from it like we did with his old one.

Statistics: Posted by ohiosusan89 — Sat Feb 11, 2017 11:19 pm


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Financial Issues • Re: Are We Being Stupid????

February 11, 2017 theoutback 0
ohiosusan89 wrote:

theoutback wrote:Well, since this was resurrected from a few years ago, is there an update you care to share ohiosusan89? Just wondering if you made that big change.

I will give an update. My husband actually held on for another year at his old job and gave his notice in November 2015 with his last day being the first Friday in December. Almost right away he got in with a temp service working for Honda. He started that in January of 2016 and we paid off all debts but the house.

You paid off your debts with all that going on? Well done! :clap:

We went through similar things in our younger days. Keep on going, life isn’t easy, but if you keep working hard, things tend to work out. Good luck!

Statistics: Posted by theoutback — Sat Feb 11, 2017 6:42 am


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Financial Issues • Re: Are We Being Stupid????

February 11, 2017 Halmic73 0

I think that you need to pay off the credit cards and then see if you can get a job somewhere else doing something you enjoy for reasonable compensation.

The odds are that if you cash in the retirement the penalties for early withdrawal will exceed the benefit of paying off the cards.
Also, if you don’t gain experience living within your income you are likely to end up back where you started. It is very hard and disciplined work but it is achievable and worth it.

Statistics: Posted by Halmic73 — Fri Feb 10, 2017 7:51 pm


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Financial Issues • Re: Are We Being Stupid????

February 10, 2017 ohiosusan89 0
theoutback wrote:
Well, since this was resurrected from a few years ago, is there an update you care to share ohiosusan89? Just wondering if you made that big change.

I will give an update. My husband actually held on for another year at his old job and gave his notice in November 2015 with his last day being the first Friday in December. Almost right away he got in with a temp service working for Honda. He started that in January of 2016 and we paid off all debts but the house. Unfortunately, he realized that factory work was not for him plus the pay was not the best and we couldn’t afford the health insurance that was offered through the temp agency. We also found out that it could take up to 7 years to get permanently hired in to Honda. Fast forward to April and he got a message from his old job that they hoped things were working out but if things weren’t they would love to have him back. To us it was divine intervention because we had been talking about him possibly trying to go back to driving a truck. He started back in May but instead of having 5 day a week routing he is in chain accounts which is nights and 4 days a week. But he only has to make the 45 minute commute 3 days a week because 2 of his delivery nights are on an overnight run. He actually likes it much better than his old work schedule. He also started back with a guaranteed weekly amount for pay which came in handy because my daughter, her husband, and three kids had to move in with us in May. They were with us until the beginning of September and weren’t able to contribute much to the household budget because they were trying to save up money to get back in their own place. They had originally moved into a new place at the beginning of May and quickly discovered it was not a safe environment for the children and the landlord let them out of the lease but kept their deposit; which while hurt them financially it could have been much worse if the landlord had made them pay for the whole year of the lease. 2016 was a whirlwind of change and all of the plans I had for trying to better with my prepping went out the window. We just concentrated on getting through the Summer with so many extra mouths to feed and luckily I had a lot of canned and boxed food stored up that saved us on our grocery bill. I am hoping that 2017 is a little calmer on the home front than 2016 was.

Statistics: Posted by ohiosusan89 — Thu Feb 09, 2017 11:18 pm


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Financial Issues • Re: Are We Being Stupid????

February 9, 2017 KazKaz 0

That’s kinda what I was getting at.
The curiosity of knowing how the situation has evolved?
In reading through the post, I saw the month, but didn’t notice the year. Oops!
Quite a difference between a 3 month old thread and a 27 month old one.
Hopefully everything worked out for the best?

Statistics: Posted by KazKaz — Thu Feb 09, 2017 9:00 am


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Financial Issues • Re: Are We Being Stupid????

February 9, 2017 KazKaz 0

Interesting post.
Although I’m sure it is not intentional, the contradictions are endless.
Since the initial inquiry is soliciting opinions, I will throw my perspective into the proverbial hat.
Simplify.
Know exactly where you stand before grasping for a solution out of some perceived need for a knee-jerk reaction.
If nobody involved requires life or death surgery, relax.
Sit down on a day off with the financial statements and a pot of coffee cooking, eliminate the distractions.. and get to work.
Audit yourselves.
Figure out the ins and outs of your financial standing.
Where can you make compromises, concessions, what are the priorities (short term and long term)?
Put them in order.
Now you have a goal, an objective.
Create stepping stones to encourage self-discipline.
Create a budget based on what you have now discovered in the process of spending a couple hours of pulling your hair out.
A retirement plan is typically a resource of last resort. Educating yourselves of the long term power of compound interest would be a real eye opener in terms of perspectives.
Nobody here can give you the solution to your personal riddle? That comes from within. You have all the pieces of the puzzle, and we can’t see them.
I once had a 401k that I did very well with.
I made the mistake of borrowing against it to purchase a house. Economy ate my job a couple years later. The banking crisis of a decade ago ate the house.
I will never trust a bank to hold my money again.
But, that is my choice.
For others, the interest offered is enough to justify the risk.
To each their own.

Statistics: Posted by KazKaz — Thu Feb 09, 2017 3:03 am