dd564
Recycles dryer sheets
Some background.
I work full time. My wife picks up shifts here and there and recently took a part time job.
We also own some real estate. Last year I wrapped up a project and in doing so, ended up borrowing from our HELOC a fair amount at a variable interest rate (currently about 5.5%).
I also have a contractor who worked on the project, whom I've owed a few thousand dollars and he was fine with taking payments over the next few months.
Networth wise, we are strong, but while rehabbing this property we were cash short (making mortgage payments and repairs with no rental income on this property).
We have a low mortgage to value on this house and rather than refinances, I figured we'd just work our way through it.
Now we have been collecting rent payments, and my work has been good, so at the end of the month we have more spare money.
My goal has been to pay off contractor and HELOC as soon as possible. My wife however has not seen any benefit of this rental property with this change.
Last year when wrapping up that house we skipped our usual summer vacation so we could wrap up this house project (sooner vs later) and without refinancing a mortgage.
At this point, with the extra money at the end of the month, I've been aggressively paying the contractor and the HELOC. Problem is, wife hasn't seen any positive effects other than me just being happier that the big ball is turning positively.
Each month I measure our networth, and after doing so today it was again a positive growth, but my wife said "I don't care about our net worth".
She's not really into money like many people are on here. Moreso interested in the experiences and goods that money can buy.
Question is, how would you handle this? Stay firm and pay down debt to then enjoy money later, or to try and do some 50-50% split so we see more enjoyment now knowing it will take longer to pay off these debts which in turn would unleash more positive cashflow.
Appreciate your opinions.
I work full time. My wife picks up shifts here and there and recently took a part time job.
We also own some real estate. Last year I wrapped up a project and in doing so, ended up borrowing from our HELOC a fair amount at a variable interest rate (currently about 5.5%).
I also have a contractor who worked on the project, whom I've owed a few thousand dollars and he was fine with taking payments over the next few months.
Networth wise, we are strong, but while rehabbing this property we were cash short (making mortgage payments and repairs with no rental income on this property).
We have a low mortgage to value on this house and rather than refinances, I figured we'd just work our way through it.
Now we have been collecting rent payments, and my work has been good, so at the end of the month we have more spare money.
My goal has been to pay off contractor and HELOC as soon as possible. My wife however has not seen any benefit of this rental property with this change.
Last year when wrapping up that house we skipped our usual summer vacation so we could wrap up this house project (sooner vs later) and without refinancing a mortgage.
At this point, with the extra money at the end of the month, I've been aggressively paying the contractor and the HELOC. Problem is, wife hasn't seen any positive effects other than me just being happier that the big ball is turning positively.
Each month I measure our networth, and after doing so today it was again a positive growth, but my wife said "I don't care about our net worth".
She's not really into money like many people are on here. Moreso interested in the experiences and goods that money can buy.
Question is, how would you handle this? Stay firm and pay down debt to then enjoy money later, or to try and do some 50-50% split so we see more enjoyment now knowing it will take longer to pay off these debts which in turn would unleash more positive cashflow.
Appreciate your opinions.