I bought my first house in April 2012. We paid $185,000. Our loan was for $177k at 3% for 15 years. We hated debt, made decent money, and at some point set a goal to pay this mortgage off in about 5.5 years. It was an FHA loan, which required dreaded Mortgage Insurance (MI) payments, … Continue reading The Mortgage Paydown Dilemma
Author: salaryoptional
Catching Covid
After Rudy Gobert tested positive for covid-19 on March 11th, the world shut down, and we returned home from Las Vegas. The next few months were a bit of a whirlwind for us (and likely many others). There are some financial aspects to this story, but I mainly just want to share my experience testing … Continue reading Catching Covid
Where were you when…
The last few months have been a wild experience with the coronavirus pandemic. Socially, physically, emotionally, and financially. In high school history classes, I remember talking about defining moments in time. Old-timers would say things like "I was just leaving work when JFK was shot in Dallas", "I was...when Apollo 11 landed on the moon", … Continue reading Where were you when…
How are salesmen steering your decisions?
I worked at Wells Fargo during their shameful years. Any garbage you heard about their slimy sales tactics are likely true. I had managers direct me to run credit card applications without telling the applicant (although I never did). I watched employees copy credit card info from our system to sign people up for credit … Continue reading How are salesmen steering your decisions?
What is Mortgage Recasting?
Occasionally, friends/clients ask if they should refinance so they can lower their mortgage payment. If interest rates have fallen, if you are trying to drop mortgage insurance and your current lender is playing hardball, or if you are just trying to lower your payment by extending your loan out further, then refinancing may be the … Continue reading What is Mortgage Recasting?
Should I buy down my mortgage interest rate?
As a real estate agent I spend a lot of time looking at mortgage quotes. I think I spend more time than most agents, because I'm such a nerd about personal finances. That, and I want to make sure my buyers are getting a good deal. I think it's an important part of my job. … Continue reading Should I buy down my mortgage interest rate?
Being Rich vs Looking Rich
When you think about the richest people you know, you likely imagine those living in huge homes, driving expensive new cars, and spending big money on vacations/entertainment. Isn't it funny how we associate spending money with having money? But how else are you supposed to know the wealthy from the broke from the outside looking … Continue reading Being Rich vs Looking Rich
My quick plan for financial independence
My goal for FI is $1.2 mil net worth. I'll call $1.2 mil my "number". My primary residence is excluded from my number, since it doesn't produce cashflow while living in it. I'm also not including any stock we hold from old privately-held employers. I hope we can cash those out someday but have no … Continue reading My quick plan for financial independence
You need to shop harder for a mortgage
WARNING, this post may be more dry than some others... Lots of numbers and graphics... It may not be as entertaining or short as my other posts. But if you apply what I'm saying, it'll likely save you a few thousand dollars the day you sign for your next home purchase... and maybe a little … Continue reading You need to shop harder for a mortgage
Why I hate trading stocks
Over the last few years, I've occasionally wished that I had bought big into Amazon, Apple, Bitcoin, or something else with explosive growth. I keep most of my money in cheap index funds like VFIAX, VFWAX, and VTSAX. VFIAX is the S&P 500 fund. Here's how the results of $10k purchases 2 years ago compares for … Continue reading Why I hate trading stocks
Salary Optional 