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I'm glad to hear your wife has your support in that way. I think alot of men are too threatened by that kind of independence.
I don't see myself inviting someone to live with me, either married or not until papers are signed that they are a tenant at will, I need only give a months notice and they have to leave and that regardless of our relationship, time and money they might invest in my home, I retain complete unencumbered ownership of my home...
I can't tell you the number of men that I have spoken to who would have a problem living in a home their female partner owns...I have even had some say that they would make their female partner move into a house that they owned and would expect the partner to comply (I don't comply with anyone) even if the house the man owned was substandard to what the female partner owns...
Some tell me they would expect me to sell my home and co-mingle those assets with whatever they have so we could buy another home together...the point of that being a bad idea is IF you are married AND you sell your house and co-mingle the funds, even if you money makes up 70%, you only get 50% of it back in the case of a divorce...no thanks, I have a daugther to think of.
Lisa, I can't blame you for the way you feel. You've obviously lived through some tough times so you've had to think things out and plan accordingly. I wish more women would do that! My wife is actually VERY independent-minded, has her head screwed on straight and that is a turn-on for me instead of an affront to my masculenity. I've been very fortunate; this is the first marriage for both of us (she was 25 and I was 34 when we married, so we had a good idea of what we wanted and where we were going (and, fortunately, are still going the same direction!) Love is a wonderful thing; not guaranteed but wonderful. I learned from my father's mistakes. (For a banker, he made some VERY stupid financial mistakes with the household finances when he was alive...) Considering what we've built up, if anything happened to my loving wife, I would most likely at least consider some kind of pre-nup. Especially if our financial assets weren't fairly equal...
We have owned our own home since our mid 30's. The "tax break" isn't a tax break if you don't itemize when you have a small mortgage and you are better off going with the standard deduction.... we are now putting more money into 401K's and other retirement savings.
We could, but we don't b/c it's not really a good investment strategy. We pay 6% interest on the borrowed money, and it's all deductible at tax time. Instead of taking cash and paying it off, we invest that money and bring in much more than 6% a year. So we still get the deductible tax benefit, and use the borrowed money to make more.
Most financial advisors will tell you it's not a great financial move to EVER pay off your mortgage for this reason, although some people feel more comfortable with it paid off, and if it eases your mind, then it's worth it.
Yes, I'm in the same boat. The benefits of a mortgage outweigh paying it off (our interest rate is 5.125)- not that I could right now anyway - with housing prices here it's terribly difficult to pay a mortgage off or purchase a house outright without having hit it big in the late 90's (AND...getting out at the right time), or having a trust fund or rich relative.
With the tax break we get it isn't worth it. I can totally respect someone who wants to purchase a house outright for peace of mind though. I feel that way about cars - I won't get a car loan. If I can't purchase it outright, I won't buy it.
I'm just going to throw it out on the front lawn...I might take the time to put it in garbage bags...
I have never lost a place to live but I have been married to someone who tried to take me for a ride...I have a daughter to think about and I can't imagine what it must be like for women who have children and then suddenly because of a relationship going bad, they have no home...A family inheritance made it so I have my house and car unencumbered and I plan to keep it that way.
The divorce rate is over 50%...its even higher if you have been married before...I don't like the odds.
We could, but we don't b/c it's not really a good investment strategy. We pay 6% interest on the borrowed money, and it's all deductible at tax time. Instead of taking cash and paying it off, we invest that money and bring in much more than 6% a year. So we still get the deductible tax benefit, and use the borrowed money to make more.
Most financial advisors will tell you it's not a great financial move to EVER pay off your mortgage for this reason, although some people feel more comfortable with it paid off, and if it eases your mind, then it's worth it.
Quote:
Originally Posted by Gsd353
I'm 29 and I Own it. I also own several rental properties and still owe on a few. I am fortunate to have a good job and have family in rental properties that pointed me in the right direction just after high school. If you want to OWN your home, its not about the amount of money you make, its about what you do with the money you have.
I believe strongly in the first quote of this thread and live by these rules. I also have about 5 rental properties all with at least $20K equity lines. So I have about $100K that I can tap into at any time. I think I will just buy a few more rentals
I am 30 and plan on cashing out in about 5-7 years and calling it quits!
Bought it cash money down with a personal check. Only way to fly. Have it as a "Free House" because I made enough trading down my old house for the lower costs in Ohio. Make that I now have over two free houses because of the way I was able to restructure how money got spent. With the lower taxes, etc. Maybe buy up something like Atlanta if this continues.
In a pinch, I just plan to move in with Ms. Lisa. Hey, I don't even care if she puts my stuff on the lawn every so often, I usually only use a light traveling bag anyway. One thing about Good Men, they will adapt.
"In a pinch, I just plan to move in with Ms. Lisa. Hey, I don't even care if she puts my stuff on the lawn every so often, I usually only use a light traveling bag anyway. One thing about Good Men, they will adapt'
Cosmic
I geuss you gotta have a dream...
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I've been very fortunate; this is the first marriage for both of us (she was 25 and I was 34 when we married, so we had a good idea of what we wanted and where we were going (and, fortunately, are still going the same direction!
I own my shack
