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SVTPerformance's Chain of Restaurants
Road Side Pub
HELOCS: School me
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<blockquote data-quote="FJohnny" data-source="post: 16384817" data-attributes="member: 191643"><p>You have around $60K equity on a home you hope is worth around $300K. So, 20% equity. In 2008 the average house price in America dropped 29% (Forbes,com). Some sources say 35%.</p><p></p><p>Current situation could result in a recession that could see even larger drops than in '08. </p><p></p><p>You may not even qualify for Heloc at those ratios. Definitely wouldn't where I live. You reduce your options and ability to react to the situation you find yourself in the more you are leveraged. You increase life stress with greater debt. With a family expansion on the horizon you will have an increase anyway. Do you really want to add what could be catastrophically more?</p><p></p><p>Like many here, I would suggest prioritizing projects, completing them on a need rather than want basis. If there's one thing I am sure of it is that a little delayed gratification now results in massively better finincial situation in a very few years later.</p><p></p><p>I got my MBA in my late 20''s, lived lean but well (same volume but 10 buck wine instead of $25 kind of thing, lots of DIY) and avoided borrowing and interest paying. Going the conservative route was super low stress so I'm still on first marriage (32 years) and was able to retire in my mid 40's. There are still guys I graduated with who have a mortgage because they wanted the flash lifestyle early. If that's what works for a guy, that's cool but I can tell you debt free opens up opportunities and makes life pretty darned good.</p><p></p><p>All the best to you on the Masters degree and upcoming family addition. Exciting times!</p></blockquote><p></p>
[QUOTE="FJohnny, post: 16384817, member: 191643"] You have around $60K equity on a home you hope is worth around $300K. So, 20% equity. In 2008 the average house price in America dropped 29% (Forbes,com). Some sources say 35%. Current situation could result in a recession that could see even larger drops than in '08. You may not even qualify for Heloc at those ratios. Definitely wouldn't where I live. You reduce your options and ability to react to the situation you find yourself in the more you are leveraged. You increase life stress with greater debt. With a family expansion on the horizon you will have an increase anyway. Do you really want to add what could be catastrophically more? Like many here, I would suggest prioritizing projects, completing them on a need rather than want basis. If there's one thing I am sure of it is that a little delayed gratification now results in massively better finincial situation in a very few years later. I got my MBA in my late 20''s, lived lean but well (same volume but 10 buck wine instead of $25 kind of thing, lots of DIY) and avoided borrowing and interest paying. Going the conservative route was super low stress so I'm still on first marriage (32 years) and was able to retire in my mid 40's. There are still guys I graduated with who have a mortgage because they wanted the flash lifestyle early. If that's what works for a guy, that's cool but I can tell you debt free opens up opportunities and makes life pretty darned good. All the best to you on the Masters degree and upcoming family addition. Exciting times! [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
HELOCS: School me
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