Quote:
Originally Posted by KC911
I am too... I like (and want to continue) to sleep well at night even under worst case scenarios. If under unforseen circumstances, the "merry-go-round" stops, I don't want to owe anybody anything, much less have my primary residence "in play". I'm "small potatos" compared to what some here do, but I've seen too many folks blindsided by job losses (mergers, outsoucing, cost cutting measures, etc.), and being "leveraged" only adds to the stress. I don't think anybody's gonna bail me out like they do Trump, but then again, I wouldn't expect them to  . |
I can totally relate as I've been a developer for 25 years..... look up the word developer in the dictionary and it'll tell you, "someone in the process of going broke." Very challenging game; so after 25 years and never having gone broke; you can understand appreciate the odds I'm sure.
The older we all get, the more conservative we get too. Who wants to be sent back to the starting box at 50?
I like to be in control; so I've invested thousands of hours and dollars into my knowledge base; I'm a construction engineer and well read too. I'd have a very difficult time advising someone to borrow their equity and put it into something risky or whereby they lack the knowledge. You need the knowledge first.
When my wife bought her brand new Rendevous the dealer offered us 0% financing on 100% of the purchase price. I said, "yeah right, for the first 6 months or what?" Nope, it was for the entire term. I asked him if we could just get a break on the price and forego the financing. Nope, it was some GM deal for people with good credit. So I took it and invested the money in a property that has more than tripled in value in the past year. Shucks.
Like I said in my first post; I'm glad borrowing equity against your residence wasn't a popular thing when I was younger; probably would've lost the whole farm at some point? My home has always been my foundation.
Be careful when investing and ALWAYS count the downside..... can you carry the payment for the next 10 years, etc. There is always a downside and you need to plan for it, don't focus on it, but plan for it.