Quote:
Originally Posted by jhynesrockmtn
Congrats to your son. I'd encourage him to pay off the loan. Get that out of the way. At his age and with real estate values where they are, I think he'll be fine to let the market cool and/or correct. I would not be buying a house in this market in most places. The bidding wars are making people do crazy stuff.
|
I would concur. Even in my part of the world it is a bit odd. My son was sworn into the Virginia Bar yesterday and is now making 6 figures. He is very good with money, always has been, and will continue to rent and save for at least a year before he makes and long term financial commitments. His apartment is less than 10% of his gross.
Quote:
Originally Posted by 1990C4S
If your son uses some fiscal common sense he will be fine regardless of what he decides with that income.
A good financial planner would be a big help for your son, get a long term plan to work towards. And look at refinancing the loan based on the reduced risk he now presents.
|
Absolutely.
From another thread:
https://www.thebalance.com/free-budget-spreadsheet-sources-1294285
Before he goes to the FP, (which I think is essential given his projected future income) he needs to know his budget, the puts and takes...an honest assessment of his obligations and spending.
Great that you folks are working this now.