If you had to pick just 1 car to keep, which one would you keep? (993 vs 740i)
03-09-2010, 04:35 AM
#136
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How many kids do you have? 6000 sq ft is enormous. I have a good friend who lives in a similar sized house, his utility bill is $1300.00 a month in the summer, taxes $40k not to mention cleaning it, but he also has 4 young kids and makes over 7 figures, and he is sick of wasting money on it. We live live in 1800sqft including garage apt with a 5 year old and it feels like enough space.
Seems to me your real depreciating asset is your house, in comparison your car is a drop in the bucket. Personally I would sell the house at market value, even if it's less than you paid for it.
Rent and Sit on the cash until the Dow drops back to 7000 which could be as soon as this summer then invest, you'll be in great shape by retirement. Historically houses only appreciate 2-3% a year which we are now back to for a very long time.
Seems to me your real depreciating asset is your house, in comparison your car is a drop in the bucket. Personally I would sell the house at market value, even if it's less than you paid for it.
Rent and Sit on the cash until the Dow drops back to 7000 which could be as soon as this summer then invest, you'll be in great shape by retirement. Historically houses only appreciate 2-3% a year which we are now back to for a very long time.
What makes you think the Dow will drop to 7000 this summer?
03-09-2010, 05:41 AM
#137
Rennlist Member
I assume you are networking...from what I have seen the "major search engines" are great at collecting a massive amount of undifferentiated resumes but I have not heard of anyone getting a job from them. I would love to be proven wrong and I hope you are working all avenues. Most of my friends have found jobs via folks they know in the industry they are looking in.
Let us know what is up in the search.
Cheers!
Let us know what is up in the search.
Cheers!
The search engines are a nice hobby, but they aren't valuable for finding a job. People hire people. It's tough to stick out in just a resume, even if it's a good one. Get out and TALK to PEOPLE!
And my 2 cents says find a right-sized house. There's a lot of room to downsize from 6000sf and still be in a VERY nice/spacious home.
03-09-2010, 06:08 AM
#138
Don't sell the 993. You'll regret it, as happened to a friend of mine. If you can't afford the running and servicing cost just lock it up in a garage for a few years until better times. The "7" will bleed you dry as a daily driver and they're unloved here in England unlike the 993. A small economical auto is what you need for daily use.
The real answer to your solution is refinance, and a better paid job.
Don't sell the house either. It will also act as your pension in the future when you downsize.
Good luck.
The real answer to your solution is refinance, and a better paid job.
Don't sell the house either. It will also act as your pension in the future when you downsize.
Good luck.
03-09-2010, 09:14 AM
#139
Rennlist Member
The 993? That's another story. The BMW? She's saying that they both equate to around $3k a year each in maintenance when averaged out over 5 years. That's $5k-6k a year for maintenance. Over 5 years that's around $25k just to keep my cars on the road. ****e. In good times that didn't matter. In these times it does. I get it. One Japanese car, coming up. Did I happen to say ****e? Yes, I did. Her Acura RL is paid off by the way. Not a bad car, really.
Called my refi guy today and am waiting to hear back on the rates. Thanks to you guys I did something I really didn't want to do (call him in the first place). I hope I don't regret it down the road.
Called my refi guy today and am waiting to hear back on the rates. Thanks to you guys I did something I really didn't want to do (call him in the first place). I hope I don't regret it down the road.
Best of luck on the job search.
03-09-2010, 09:31 AM
#140
Rennlist Member
One problem is that you're trying to live a lifestyle that is unsustainable. Between the two of you, you're earning $50,000. Does that even cover the property taxes? All your hard-earned equity is tied up in that money pit which still costs more than you're taking in. The reality is that you need to have TWO people earning in order to live the way you do. What happens if you lose your job? What then?
03-09-2010, 09:59 AM
#141
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Ok, you've made a decision and now it's time to TAKE ACTION. Post the for sale ad for the 993 before the end of the week. Same for the BMW. Get aggressive about refis by reaching out to more than just one broker. Sell your Rolexes on Timezone and put $10k in your pocket by next week. The difference between those who achieve great things (or at least reach their goals) and those who don't is action.
Last edited by JasonF; 03-10-2010 at 08:55 AM.
03-09-2010, 10:15 AM
#142
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And make sure she sells her toys too.....or you will have resentment, then anger, then divorce.....or you could simply hand over your ***** when you give up the 993 keys and live in servitude for the rest of your days.
03-09-2010, 10:36 AM
#143
Drifting
...make sure she sells her toys too...DC
Selling the BMW and the 993 will send a strong signal to her, and she will probably respond.
03-09-2010, 10:52 AM
#144
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The only signal it will send is that if she pushes him, he will fold and the cycle will repeat itself. I lived this for 15 years as have quite a few others who posted in this thread.
A marriage is a partnership between equals and this solution is not equal. It does show the tip of the iceberg though and there is a lot here that is not immediately visible.
A marriage is a partnership between equals and this solution is not equal. It does show the tip of the iceberg though and there is a lot here that is not immediately visible.
03-09-2010, 11:10 AM
#146
You received 10+ pages of sound theoretical advice, 99% of which you're ignoring so perhaps a more practical approach is warranted. It seems your lifestyle has been achieved and maintained, in no small part, by inheritances. Perhaps there is a relative teetering on the edge that may need a little help "finding the light".
03-09-2010, 12:29 PM
#148
Rennlist Member
And make sure she sells her toys too.....or you will have resentment, then anger, then divorce.....or you could simply hand over your ***** when you give up the 993 keys and live in servitude for the rest of your days.