If you’re a day over the two years they’re charging you for two years at the max legally allowable rate. Happened to a friend of my wife’s.
That being said we’ve done the care credit thing like three times.
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Yeah it mentioned that in the terms. I’ll end up paying it off significantly sooner just to make sure. I’d rather have the $4k cash liquid and not touch the HSA.
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Not sure if this is the thread for this, but have never refinanced home before. We bought for 205k in 2018, zillow now has at 294k which seems lol. I def don’t think its worth anywhere near 294k. I want to do a cash-out refinance to help pay off some CC debt, with the rates still so insanely low is there any disadvantage to doing like, 250k? I figure even if the housing market crashes, and our house goes back to say 200k, thats still basically a loan for super cheap?
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Do you have any reason to believe that a bank would actually allow you to borrow up to 250K against your home now, even if it may be worth 290K?
wut? Do everything in your power to pay off your CC debt its terrible.
completely hypothetical. I guess the question is more “should i try to refinance for the highest amount possible?”
You’ll want to keep your loan to value (LTV) ratio under 80% to avoid mortgage insurance (PMI).
In fact, if you are still paying PMI, you’re likely below that 80% threshold and even if you don’t doa cash out refi it will still be worth it to do a refi to remove the PMI.
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Obv, I said that was the plan? My wife and I were in a lawsuit and ran up significant (for me) CC debt. I’ve paid off around $20k but still got another $7k or so to go. Luckily, its interest free right now (ty discover balance transfer), but really tanked my score, which is why I am only now refinancing since it has recovered.
I need to stop hate reading things.
Dear MarketWatch,
My wife and I are 50 and 52 and live in Boston. Our current combined annual income is around $400,000. We have around $6 million in non-retirement investments (stocks, bonds, cash). Another $2 million is invested in 401(k) plans. Our house is fully paid for and we have no other responsibilities.
Our yearly expenses are between $100,000-$150,000 depending on what type of vacations we take.
1. Based on these numbers, can we retire early (say in the next couple of years) and age in place?
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lol that’s like 20% of bogleheads, there is currently a thread about a guy with $10,000,000 debating whether he can retire
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Amazing that these people make themselves miserable accumulating this wealth and then never figure out how to enjoy it either.
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Neither of those seem that crazy to me. I guess I’ll prepare for the flames when my time comes.
Come on man. People with a sub-2% WD rate obviously never have to work again.
I often have trouble deciding between one trip, or the other one which costs $50K more.
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This one actually seems not insane to me. I don’t think the person is asking a financial question - they just don’t seem to know what to do with their life.
Can 100% identify with the super bitty Boglehead guys, I’m way too pessimistic and driven to save up everything maximally instead of letting loose and living a little.
I’m not saying I’m correct. I’m saying I have the same disease.
Also, I missed the extra 2 million on the first read. I guess I’ll give you that one.
It’s very easy for expenses to go up in retirement. Mine almost certainly will. With more free time, I’ll spend more money. Also it wouldn’t be unlikely for the market to experience a huge correction right when they pull the trigger.
Let’s say expenses go up to 200K and they lose a 33% of their portfolio in a market correction. If they start at 6M that’s dicey. If they start at 8M, I guess even I wouldn’t worry about that.
I guess my biggest fear is the impending market correction (it has to happen, right). If we could just get that over with I’d feel a lot better about hanging it up.
Anything is possible, but presumably their AA is much more conservative as they head to retirement, and it would take an awfully significant market crash to lose 1/3 of the portfolio.
That is exactly what I’m expecting. This run has been absolutely nuts.
I don’t know that I’d assume that their portfolio isn’t stock heavy. To get that high a NW you need to invest in stock. And most of their assets are outside retirement accounts. To change allocations, you’re gonna have to take some major tax hits. That’s another problem that I have as well.
I was referring to example with 400K income couple.