mstrlucky74
Dryer sheet wannabe
My apologies.How about if we all dial things down a notch? Thanks.
My apologies.How about if we all dial things down a notch? Thanks.
Having a hard time figuring out (withougt knowing your projected income), how you're going to continue saving any money while paying off a $280K mortgage in 5 years, at the same time you turn in your two leased cars and do what, walk to work? Will you have to pay extra for the leased cars due to excess mileage or damage? No cars at all? Lots of missing info, here.My wife has 125k and I have 500k in 401k. We have about 30k liquid. No kids. We have 280k left on our mortgage and house is worth about 320k. It's a legal two family so renting it out is always and option. No debt except two leased cars that are due to be up within the year.
When leave workforce I will be able to consult partime from home and make about 40k year.
Think we could leave workforce in next 5 years with what we have saved. But don't you get penalized touching 401k kidney? So we couldn't withdraw from that in our 40's or 50's?
My wife is 40. Thanks
Having a hard time figuring out (withougt knowing your projected income), how you're going to continue saving any money while paying off a $280K mortgage in 5 years, at the same time you turn in your two leased cars and do what, walk to work? Will you have to pay extra for the leased cars due to excess mileage or damage? No cars at all? Lots of missing info, here.
It might, or it might work out like a friend I have in Japan...he bought a $600 car and it lasted him 6 years! Most cars these days are good for 200-300K miles without major problems.I def will buy car cash very soon. Should I finance my lease out. Assume no as goal is to have NO debt. Just concerned if I buy a 8-10k used car one big maintenance issue could cost as much as a year of leasing. Thanks.
Depending how long your leases are, your likely plan will be to either buy new or slightly used once your leases are up (which will be likely at or near when you retire).
Either way, have a well-researched plan to buy your next cars with cash since you have a some time to plan. Some of us buy low-price used, others buy a 2-3 year used car so you get 20% off, but still longevity and some warranty. Others just buy brand new because they know they like to keep cars for 10+ years. For someone who really wants low maintenance, a lower end car with a lease might almost work out to the same expense vs. a new car every 10 years. It's one of those things you want to know and plan for, probably before you retire.
You are correct that all cars should come with a maintenance budget, adjusted for age, warranty, make/model, environment, and your driving patterns/mileage.