Last week, I asked you if we should move. We have $450,000 in equity in our home which I don’t like. This money isn’t doing anything. I’d rather put it to work. Here is what you had to say:
Joel from the excellent new Pour Not Poor podcast:
Only move if it will make you happier, not if it will make you more money.
What if more money makes you happier? 🙂
My interest in moving is the desire to be closer to friends and family. I do like my home, the area I live in & my bosses at work. But it’s 4 hours each way (by car) to visit family, and my parents are getting older.
I can totally get behind this. All of my family moved away and it makes me sad that our girls don’t get to see their grandparents on a weekly basis like I did.
Mr. PoP from Planting Our Pennies:
If you’re really interested in making more money, stop worrying about the home equity and start a business. You can save up a few million dollars through salary and investments but for big bucks, private ownership seems to be the way to go.
The new business launches soon…
Andy from Aardvark Advisor:
I vote for the refi and staying put.
You could do what we did and rent your house out for a couple of years while you try out new things, travel, etc
I like this idea. We probably won’t travel, but if we find another place, we wouldn’t mind being landlords again.
Wow, you are kind of the minority in the financial world… All the Ramsey-ians out there would be horrified at your plan.
Yep. I like debt in certain circumstances. My 3.25% mortgage is an incredible gift (thanks Great Recession!). I wouldn’t be surprised if over the course of my life, rates never got this low again.
Reader Jim has another idea that I like a lot:
450,000 K gives you endless possibilities to make money and keep your wife happy.
Perhaps use the $ to buy a home in your favorite vacation spot. Airbnb it and block off as much time for yourselves as you want!
I love this, but I don’t think we’ll do it because we have no idea where we’d want to have an Airbnb property. It’s fun to think about though.
One half of our street is mostly rentals while the other half is homeowners. Our home sits right in the middle. On the homeowner side of the street, there are three houses that are owned by folks nearing 80. Two of these homes are especially appealing in that they back up to open space. We are going to start a yellow letter campaign to see if any of these folks are willing to sell. If so, we just may consider a move.
I think it’s a longshot, but we won’t know unless we try.
Do You Use Time Wisely?
I love touring state capitol buildings. Whenever I’m in a capital city, I make it a point to visit them. Wisconsin’s building in Madison is my favorite so far:
The building is situated on an isthmus between lakes Monona and Mendota. The setting is beautiful. And I’ve never seen anything like the paintings and stonework, but my favorite part is that you can go out on a walkway outside the dome. The views of Madison (bottom right picture) are spectacular.
The Wise Owl
When I was in St. Paul Minnesota, the girls and I stopped by the capitol building. We hadn’t scheduled a tour, but were able to jump on one with a school group. At one point, the guide pointed to a picture on the ceiling and asked the group what the meaning was:
I didn’t have a clue and neither did anyone else. The guide then explained. It went something like this:
The owl is a symbol of wisdom while the hourglass symbolizes the time we have. This picture was put there to remind the lawmakers to use time wisely.
That got me thinking. How many times a day do I:
- Check my email: no comment
- Read the news: waste of time
- Look at social media: oof
- Check stock prices: I’m a long-term investor, so this is a stupid exercise
The distractions of modern life can quickly overwhelm you if you let them. How do you deal with them?
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