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06-23-2007, 06:40 PM
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Christmas 2009
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Join Date: Feb 2007
Location: Jackson, TN
Posts: 9,788
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Quote:
Originally Posted by Esther
What I am hearing from those retired, is that they can't live on their retirement without hitting their savings every single month!
And that is with everything already paid for.
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That's why I want to have some kind of residual income by then, that has nothing to do with the ministry. Haven't quite figured out what that is yet! 
__________________
Missions is my Passion!
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06-23-2007, 06:43 PM
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Administrator
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Join Date: Feb 2007
Posts: 12,362
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Quote:
Originally Posted by Sherri
That's why I want to have some kind of residual income by then, that has nothing to do with the ministry. Haven't quite figured out what that is yet! |
Same here!
Then I find something and have had surgery 3 years in a ROW!!!!!!!!!
Enought already!!!
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06-25-2007, 01:22 PM
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Shaking the dust off my shoes.
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Join Date: Apr 2007
Location: Nunya bidness
Posts: 9,004
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Quote:
Originally Posted by Sherri
That's why I want to have some kind of residual income by then, that has nothing to do with the ministry. Haven't quite figured out what that is yet! |
Have you considered an annuity?
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06-25-2007, 01:27 PM
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Still Figuring It Out.
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Join Date: Feb 2007
Posts: 10,858
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Your realtor says that you won't get 1/2 of the invested amount if you add another room.
This much is true.
But... you are not adding the room to turn around and sell it. You are adding the room so that you don't have to turn around and buy another house and create a brand new mortgage when the one you have is 2/3 spent.
If you add the room you need and are able to keep your home then your home will serve the needs you have now and the mortgage will go away in the amount of time you need it to go away in.
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06-25-2007, 07:52 PM
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Administrator
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Join Date: Feb 2007
Posts: 12,362
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Quote:
Originally Posted by Digging4Truth
Your realtor says that you won't get 1/2 of the invested amount if you add another room.
This much is true.
But... you are not adding the room to turn around and sell it. You are adding the room so that you don't have to turn around and buy another house and create a brand new mortgage when the one you have is 2/3 spent.
If you add the room you need and are able to keep your home then your home will serve the needs you have now and the mortgage will go away in the amount of time you need it to go away in.
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All that you have stated is true, however, don't forget IF we stayed here we could be force to leave and lose everything to a hurricane.
That is a very big factor in this decision as well. Otherwise, it would be easier to add on than pack up and move.
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06-25-2007, 03:23 PM
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Christmas 2009
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Join Date: Feb 2007
Location: Jackson, TN
Posts: 9,788
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Quote:
Originally Posted by Rico
Have you considered an annuity?
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Yeah, we've got annuities set up and trusts for the kids, etc. But I really would like to have some kind of business income too. Just pondering.....
__________________
Missions is my Passion!
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06-25-2007, 04:08 PM
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Registered Member
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Join Date: Feb 2007
Location: following the lewis and clark trail
Posts: 2,476
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Could MH also represent modular home? My husbands' brother retired a few years ago ; they had lived the last 30+ years in the San Jose,CA area, which is quite costly. They sold their house (purchased in '64) and moved/retired to Nevada.
The purchased a nice modular home. They bought a lot and the home is installed permanently on their lot.
It may not be for everyone, but it is an alternative.
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We have a few years til retirement and are also trying to pay off existing home to avoid undue expenses in our "old age"! We could live an a better neighborhood and have a "fancier" house but didn't think we wanted to work "forever". At our current payment rate, (we always add extra to pmt for principle) we should be able to pay off the mortgage before we turn 66.
__________________
"Le sens commun n'est pas si commun."
(Common sense is not so common.)
Voltaire
Common sense is genius dressed in working clothes.
Ralph Waldo Emerson
Common sense and a sense of humor are the same thing, moving at different speeds. A sense of humor is just common sense, dancing.
William James
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06-25-2007, 07:53 PM
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Administrator
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Join Date: Feb 2007
Posts: 12,362
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Quote:
Originally Posted by commonsense
Could MH also represent modular home? My husbands' brother retired a few years ago ; they had lived the last 30+ years in the San Jose,CA area, which is quite costly. They sold their house (purchased in '64) and moved/retired to Nevada.
The purchased a nice modular home. They bought a lot and the home is installed permanently on their lot.
It may not be for everyone, but it is an alternative.
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We have a few years til retirement and are also trying to pay off existing home to avoid undue expenses in our "old age"! We could live an a better neighborhood and have a "fancier" house but didn't think we wanted to work "forever". At our current payment rate, (we always add extra to pmt for principle) we should be able to pay off the mortgage before we turn 66.
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I have looked into modular as well. They run about $7,000 more than a mobile, however, you get a deed with it the same as a site built home.
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