sheilaemmy
Confused about dryer sheets
Hi all, I'm a long time lurker,first time poster, and having a bit of a financial dilemma. It's amazing to also realize I have no one in my life to openly discuss financial issues and I realize I respect the opinions of the folks here so, here goes...
Background first, I'm a 52 yr old single female, divorced no children, except, of course the cats. Own my own business, a furniture rep firm and I live in AL. I have apprx $925k in vanguard, mix of $600k Ira/$325 brokerage in a mix of mutual funds. Own my home (no morg) worth about $300k. Bought 2 rentals last year, a town home and another single family home, owe about $120k on each, have positive cash flow on both on 15 yr notes. Together they're valued at approx $400k. I like my job, been in the industry for about 25 yrs, but just owned the business about 5. Last year grossed about $110k for pretty easy work. Plan to keep on in some capacity for 5 yrs or so.
I just put a contract on a small lake cottage for $215k that needs some paint and carpet, but after that wild be with roughly $300k. The lake is about 45 min from town, so will be primarily a weekend place. I am getting a20 yr note at 3.5% so payments are $1350.
Feeling pretty good about things until last Weds one of my major lines fired me last week due to a reorg in the industry. One manuf bought out another and are changing how they're represented, blah,blah,blah. This manufacturer accounted for about 40% of my income. All of a sudden, my comfort level with buying the lake house is much more tenuous. Also, I had been planning on putting my house on the market and moving to the town home, partially to get rid of the maintenance and also so I would have some level of deductions for taxes. When I signed the contract for the lake house, I thought I would pay off the townhome with the proceeds of my current home an put the rest in vanguard...but now I'm a little concerned about having a mortgage at all on the lake house with my total gross reduced to about $60-70k a year. I can't tell if its just the stress of everything at once or having a mortgage again after so long without, but I'm super concerned about my ability to manage. I've run firecalc every which way and every time, it says I'm fine....why doesnt it feel that way.
Sorry for the super lengthy post but would welcome your thoughts.
Sent from my iPad using Early Retirement Forum
Background first, I'm a 52 yr old single female, divorced no children, except, of course the cats. Own my own business, a furniture rep firm and I live in AL. I have apprx $925k in vanguard, mix of $600k Ira/$325 brokerage in a mix of mutual funds. Own my home (no morg) worth about $300k. Bought 2 rentals last year, a town home and another single family home, owe about $120k on each, have positive cash flow on both on 15 yr notes. Together they're valued at approx $400k. I like my job, been in the industry for about 25 yrs, but just owned the business about 5. Last year grossed about $110k for pretty easy work. Plan to keep on in some capacity for 5 yrs or so.
I just put a contract on a small lake cottage for $215k that needs some paint and carpet, but after that wild be with roughly $300k. The lake is about 45 min from town, so will be primarily a weekend place. I am getting a20 yr note at 3.5% so payments are $1350.
Feeling pretty good about things until last Weds one of my major lines fired me last week due to a reorg in the industry. One manuf bought out another and are changing how they're represented, blah,blah,blah. This manufacturer accounted for about 40% of my income. All of a sudden, my comfort level with buying the lake house is much more tenuous. Also, I had been planning on putting my house on the market and moving to the town home, partially to get rid of the maintenance and also so I would have some level of deductions for taxes. When I signed the contract for the lake house, I thought I would pay off the townhome with the proceeds of my current home an put the rest in vanguard...but now I'm a little concerned about having a mortgage at all on the lake house with my total gross reduced to about $60-70k a year. I can't tell if its just the stress of everything at once or having a mortgage again after so long without, but I'm super concerned about my ability to manage. I've run firecalc every which way and every time, it says I'm fine....why doesnt it feel that way.
Sorry for the super lengthy post but would welcome your thoughts.
Sent from my iPad using Early Retirement Forum