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Old 03-08-2015, 12:16 PM
 
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Originally Posted by mathjak107 View Post
if i was to move out of ny one day i think the carolinas would be our choice.

one of our first retirement trips planned is photographing charlston and savannah.
You will love it and think about going for Saint Patricks day, you might be surprised.
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Old 03-08-2015, 12:21 PM
 
29,829 posts, read 34,912,438 times
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Quote:
Originally Posted by mathjak107 View Post
if i was to move out of ny one day i think the carolinas would be our choice.

one of our first retirement trips planned is photographing charlston and savannah.
Saint Patrick's Day in the United States - Wikipedia, the free encyclopedia

The City of Savannah, Georgia, has hosted Saint Patrick's Day celebrations since 1824. It boasts a celebration rivaling that of New York City in size and fervor. Unlike any other cities, Savannah's historic parade is always held on March 17, not on the neighboring weekend. Festivities begin more than a week in advance with [10] communal rituals and commemorative ceremonies, such as the St.Patrick`s Parade. Such events were, in fact, the main factors in shaping Irish-American identity as recognized today.[11] In fact, leading up to the 1870s, Irish-American identity in the United States was reworked through the shifting character of the Saint Patrick's Day rituals and features under three separate occasions: initially, in 1853 when it undertook a “spiritual rhetoric” notion, then when it became known as a “reformulated memory of an Irish past couched in terms of vengeance against Britain” to, finally, adopting a “sectarian catholic nationalism” attitude in the 1870s and 1880s.[12]

Stay along the river in the commercial district and be ready for a drunken spectacle outside your window. Or go out and enjoy some good food and fine drink and others who are really enjoying the drink.

Savannah has the second largest Irish population in the country.
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Old 03-08-2015, 12:21 PM
 
1,437 posts, read 727,120 times
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Quote:
Originally Posted by jp03 View Post
Lol..never got this ..why pay 4 percent ? Unless you can make more than 4 percent in an investment..pay it off!

If you are worried about cash on hand, think of it this way..you can put the money you are not going to be paying to the bank with interest into a savings account each month/

Wait....having $116K CASH on hand (in this example) vs. having $20K cash invested in a savings account (paying a joke of an interest rate)?

How long would it take for $20K in the bank (earning crap interest) and the $482 a month ($5784/yr) being put in (now not going to mortgage) to reach $116K???

Even investing in the market a much larger amount of the $116K can be invested (earning higher returns than the $20k albeit needing to be adjusted for the 4% int. being paid) i.e.; having the $116K on hand, part of that could still be invested giving greater total returns yearly since more can be invested; i.e.; you wouldn't be limited to $20K to invest.. could invest $50K, 75K, etc. (but yes, again, you'd have to adjust any profits for the 4% int. being paid on mortgage).

At a conservative 5-7% return in the market how long would it take to get to 116K (a portion of which, if invested, could be gaining int. so the amount would be even higher ) using the $20K invested and $482/month contribution??? 15, 20 years?

What about now (since minimal cash on hand) other loans needs to be taken out for auto loans, credit card debt run up???

Last edited by luckyram; 03-08-2015 at 12:37 PM..
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Old 03-08-2015, 12:37 PM
 
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Quote:
Originally Posted by TuborgP View Post
Saint Patrick's Day in the United States - Wikipedia, the free encyclopedia

The City of Savannah, Georgia, has hosted Saint Patrick's Day celebrations since 1824. It boasts a celebration rivaling that of New York City in size and fervor. Unlike any other cities, Savannah's historic parade is always held on March 17, not on the neighboring weekend. Festivities begin more than a week in advance with [10] communal rituals and commemorative ceremonies, such as the St.Patrick`s Parade. Such events were, in fact, the main factors in shaping Irish-American identity as recognized today.[11] In fact, leading up to the 1870s, Irish-American identity in the United States was reworked through the shifting character of the Saint Patrick's Day rituals and features under three separate occasions: initially, in 1853 when it undertook a “spiritual rhetoric” notion, then when it became known as a “reformulated memory of an Irish past couched in terms of vengeance against Britain” to, finally, adopting a “sectarian catholic nationalism” attitude in the 1870s and 1880s.[12]

Stay along the river in the commercial district and be ready for a drunken spectacle outside your window. Or go out and enjoy some good food and fine drink and others who are really enjoying the drink.

Savannah has the second largest Irish population in the country.
ashville looks like a nice trip too. can't wait for july already .
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Old 03-08-2015, 12:44 PM
 
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Quote:
Originally Posted by luckyram View Post
Wait....having $116K CASH on hand (in this example) vs. having $20K cash invested in a savings account (paying a joke of an interest rate)?

How long would it take for $20K in the bank (earning crap interest) and the $482 a month ($5784/yr) being put in (now not going to mortgage) to reach $116K???

Even investing in the market a much larger amount of the $116K can be invested (earning higher returns than the $20k albeit needing to be adjusted for the 4% int. being paid) i.e.; having the $116K on hand, part of that could still be invested giving greater total returns yearly since more can be invested; i.e.; you wouldn't be limited to $20K to invest.. could invest $50K, 75K, etc. (but yes, again, you'd have to adjust any profits for the 4% int. being paid on mortgage).

At a conservative 5-7% return in the market how long would it take to get to 116K (a portion of which, if invested, could be gaining int. so the amount would be even higher ) using the $20K invested and $482/month contribution??? 15, 20 years?

What about now (since minimal cash on hand) other loans needs to be taken out for auto loans, credit card debt run up???
You can get a car loan for 1 percent. I am assuming the person is not in a position to run up debt. If they need that money to LIVE then by all means don't put it on a house. You are talking about two different arguments here.

As a retired person you want your money tied up in the stock market to make that 5-7 percent (if you are very astute) ? No that money will likely to stay in a liquid savings account. The whole idea of keeping the money is to have it on hand..not bury it in stocks. I still pay it off if I can..
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Old 03-08-2015, 12:47 PM
 
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it all depends on the person jp03. many of those drawing 3 or 4% off their savings inflation adjusted can't support that draw long term without a healthy dose of equities. but that is another discussion.

even a 65 year old has money they won't use to eat for 30 years

that is why we have safe withdrawal rates and allocations to match.
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Old 03-08-2015, 01:07 PM
 
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Quote:
Originally Posted by jp03 View Post
You can get a car loan for 1 percent. I am assuming the person is not in a position to run up debt. If they need that money to LIVE then by all means don't put it on a house. You are talking about two different arguments here.

As a retired person you want your money tied up in the stock market to make that 5-7 percent (if you are very astute) ? No that money will likely to stay in a liquid savings account. The whole idea of keeping the money is to have it on hand..not bury it in stocks. I still pay it off if I can..

Exactly.....so to my point would you want $116K in a liquid savings account (while paying out $5700 a year mortgage...don't forget you'd get the mortgage deduction too...not a reason to have a mortgage but just thought I'd mention it) or $20K in an account (not paying any mortgage but also having a minimal cash reserve and the possibility of having to borrow more)? Putting the $5700 a year into the bank (instead of paying the mortgage) would take 17 years to get to the $116K ( Original $20K + $96K (17 yrs X $5700 - $96900) assuming no other loans and not figuring minor interest.

What I'm saying is the $116K gives cash on hand now with wiggle room ....you could put some of it in the market or not....you could also ladder CD's, etc. for a very conservative return, or just leave in a liquid account....won't earn much but it will earn much more NOW than the $20K NOW.

Of course, a lot of this has to do with the near 70 ages of those considered.....would be totally different for someone younger or still building their portfolios/maximizing returns.
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Old 03-08-2015, 01:09 PM
 
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Quote:
Originally Posted by mathjak107 View Post
ashville looks like a nice trip too. can't wait for july already .
Not sure if you want Ashville in the Summer or Fall. You might not want to leave Ashville other than the kids and grand kids. Remember where you live is where they get to visit.
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Old 03-08-2015, 01:11 PM
 
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Quote:
Originally Posted by luckyram View Post
Exactly.....so to my point would you want $116K in a liquid savings account (while paying out $5700 a year mortgage...don't forget the deduction also) or $20K in an account (not paying any mortgage but also having a minimal cash reserve and the possibility of having to borrow more)?

What I'm saying is the $116K gives cash on hand now with wiggle room ....you could put some of it in the market or not....you could also ladder CD's, etc. for a very conservative return, or just leave in a liquid account....won't earn much but it will earn much more NOW than the $20K NOW.

Of course, a lot of this has to do with the near 70 ages of those considered.....would be totally different for someone younger or still building their portfolios/maximizing returns.
Thats why I noted this is a financial and not necessarily an age decision. There are 70 year olds still building their portfolios and maximizing their returns and the trade off becomes higher level housing or building a larger portfolio.
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Old 03-08-2015, 01:12 PM
 
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Certainly its do able and their choice. We are talking about someone who wants another home not a condo. Most people I know who retire and moved sold their existing and use it for huge down payment on new.Most spend a little more for low maintenance type home meaning brick with trim covered .Often they can live till they die with little cost to maintain. Many what is called patio homes here built with seniors in mine as to access and convenience. Seems to be a growing trend of smaller 1200 sq ft average homes being built by seniors.
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