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Forum
-> Household Management
-> Finances
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amother
Dandelion
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 Today at 7:58 am
Low 30
A little over 20 k in 401k
Around 160 k saved
Don’t have a house yet
Got married late so no kids yet
Hoping to buy a house in the next 3 years
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amother
Peach
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Today at 8:52 am
40s
House ✔️
Few thousand in savings
Just making it month to month
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amother
Sienna
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Today at 9:13 am
Upper 40's.
Savings spent on kids' weddings. Also supporting.
Own house. Old cars.
Very tight.
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amother
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Today at 9:54 am
| amother Babypink wrote: | Yeah it was a lot .
We do have a very small mortgage ( under 2k on million dollar house) considering that we bought recently |
I actually think you’re in an excellent position. Your home is nearly paid off and you’ll be debt free.
It’s not that you have no savings, you just have a major asset. Your cash isn’t disappearing, it’s being transferred to your asset. You’re nearly a millionaire! 😊
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amother
DarkViolet
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Today at 10:55 am
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High 30s. Have a house b"h, paying monthly mortgage. Own 1 shared car in bad shape. Zero savings. About $20k -$25k debt, but only $1k on a CC. Rest of debt is to gemach, family & a big portion is Ma'aser which I consider debt, although purely on us to pay back...
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amother
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Today at 12:16 pm
| amother Chambray wrote: | I actually think you’re in an excellent position. Your home is nearly paid off and you’ll be debt free.
It’s not that you have no savings, you just have a major asset. Your cash isn’t disappearing, it’s being transferred to your asset. You’re nearly a millionaire! 😊 |
True. We had reasons for putting down and structuring it that way.
Still it's bothersome to go from having hundreds of thousands to basically nothing. The house would have costed much less t years ago before covid
Anyone ( almost) who has a house and zero savings is really better off than those with a lot of savings
House isn't really paid off. We still have a 25 year mortgage.
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amother
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Today at 12:19 pm
| amother Sienna wrote: | Upper 40's.
Savings spent on kids' weddings. Also supporting.
Own house. Old cars.
Very tight. |
So sad that people have to use their savings to support their children who are fully capable of working. We need to change this.
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amother
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Today at 12:19 pm
| amother Babypink wrote: | True. We had reasons for putting down and structuring it that way.
Still it's bothersome to go from having hundreds of thousands to basically nothing. The house would have costed much less t years ago before covid
Anyone ( almost) who has a house and zero savings is really better off than those with a lot of savings
House isn't really paid off. We still have a 25 year mortgage. |
I am also interested in structuring it that way… I want to put a very heavy down payment on our first home. Are you happy you did it that way? What are the pros cons? Any advice to your younger self?
I set a plan to pay off a mortgage in 7 years
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amother
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Today at 1:20 pm
| amother Chambray wrote: | I am also interested in structuring it that way… I want to put a very heavy down payment on our first home. Are you happy you did it that way? What are the pros cons? Any advice to your younger self?
I set a plan to pay off a mortgage in 7 years |
I wish I would have bought sooner. Then we could have the same house from much much less . We could have bought it with just 50-60k down and the same house and much more savings.
Sometimes I wish we put down less.
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amother
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Today at 1:21 pm
| amother Chambray wrote: | I am also interested in structuring it that way… I want to put a very heavy down payment on our first home. Are you happy you did it that way? What are the pros cons? Any advice to your younger self?
I set a plan to pay off a mortgage in 7 years |
It depends how much your interest rate is. If my mortgage is 4% why should I pay off my mortgage faster if I can invest the money and make more than that?
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