dxmnkd316
Lucia Apologist
Wow
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The Home Improvement Thread. Successes and Failures
- Thread starter joecct
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Wow
dxmnkd316
Lucia Apologist
It's one of my two major financial regrets. I came this close to overbuying at the end of the Great Recession. I'd have been sitting pretty with a nice house in a good location hurting the banks for 30 years. On the other hand, I'll be free and clear in four years. So I'm not feeling anchored by rates and I can keep contributing to a pseudo mortgage savings/brokerage account while we wait.
The other regret was not turning my ESPP off earlier and selling as soon as the holding period ended. That was a five-figure mistake.
Deutsche Gopher Fan
Registered User
I’m thinking of stopping escrow and keeping money in hysa or the 4 or 8 week t bills given the rates right now. I stuck my severance check in t-bills
Yeah, I paid off my mortgage last month. I just wanted it done. When/if I ever decide to sell, I won't have to use any of the money from the sale to pay off the mortgage. I had been putting extra money towards the principal for some time now. I did something similar with my car, on a much smaller basis but apparently it worked because I just got a copy of the title over the weekend.
aparch
Well-known member
Thank you for the reminder that I need to see the DMV and get a clean copy of my title. It's been paid off since 2020.
French Rage
NICKERSON HAS [CENSORED]
I sell that the second it's available, that way I get 15% regardless. Turning off, though? Why, if I may ask?
unofan
Well-known member
The nice thing about being a solidly upper middle class dual-income professional family is the ability to not have to worry about constantly seeking the absolute best returns on everything. Not like we can take it with us, we still have sufficient rainy day funds set aside, and I'd rather spend my time and mental energy elsewhere, so I do. And I understand that's a privilege.
We're fortunate enough to be at a point where we don't have to worry about maximizing everything. If we get a 5% overall return on our savings instead of 6% because I threw money at the mortgage instead of into a CD, oh well. I'm still fortunate enough to have money in savings.
It's not like we're spendthrifts; I drive a 7-year-old Honda CRV and most years our biggest vacation is flying to Vegas on Southwest to visit my parents for Thanksgiving. And we absolutely had our penny-pinching moments for the first decade after law school when we had student loans plus two car loans plus rent and eventually our first mortgage and a baby, all on two state government salaries for baby attorneys which, I assure you, are not the same as what a first year associate in Big Law is making.
If a coupon is in front of me I'll use it, if things are on sale that's great and we may stock up on that to take advantage of the sale, but I'm not driving across town or hitting up three different stores just to save $2 on soda here and $1.50 on butter there.
Question for you all - I have a chandelier over my dining room table. It came with the place when I bought it 18 years ago. It takes those lightbulbs that look like candle flames. A year or so ago, one of the receptacles you screw the lightbulb in to, well, stopped working. No lightbulb would work in it at all. I didn't do anything about it because it didn't matter too much. But now it's happened to a second one. So my question is - do you think it's worth it to find an electrician to come fix it, or just buy a new one that an electrician would have to come in and install anyway?
dxmnkd316
Lucia Apologist
I'm right there with you on the coupon and sale front. We stock up on items if they're on sale and buy limited quantities of things that aren't. But yeah, screw that, we're not going 30 minutes out of our way to save a buck.
Because debt is prison. Like unofan says, I'm not trying to squeeze every extra penny out of everything. I want to pay off my mortgage as soon as possible, regardless of interest rate, and be debt free by the time I'm in my mid 50's.
dxmnkd316
Lucia Apologist
Fair enough. I get it and don't begrudge you for paying it off early.
Laura-4334
New member
It seem like you are facing repeated issues with your chandelier light receptacles. Deciding between repairing or replacing can be tough. If the chandelier holds sentimental value or is unique, repairing might be worthwhile. However if it is showing wear or an upgrade is in mind replacing it could be a better option. Consult an electrician for advice on the feasibility of repair versus a new installation is wise considering safety and practicality. Ultimately the decision should align with your preferences and budget.
walrus
Wind up workin' in a gas station
I would recommend a new fixture. Labor and parts( if available) will be costly and if 2 sockets have gone bad its likely others will follow. New LED fixture will be cheaper to use, probably brighten the room up also.
Kepler
Cornell Big Red
Swansong, I understand hating debt hanging over you. However, if you are forgoing a higher guaranteed return in order to accelerate repayment of a lower interest rate, you are being financially less responsible than the opposite. It took me a lot of emotional adjustment to wrap my mind around that, because I am also terrified of debt.
The math dictates when to carry debt and when to not.
dxmnkd316
Lucia Apologist
Oh good. We've got a new chandelier bot
I get that, and I don't care much. More importantly, the ol' lady is 100% steadfast on this, so, even if I wanted to...
Kepler
Cornell Big Red
Like I said, I get the emotion of it, because I share it. But someday you may need the money you are leaving on the table, and that would suck.
LOL.
So, I bought new light bulbs to see if the bulb I tested was bad. And the new one worked! So no need to do anything at this time. I don't mind having one not work, but when two didn't, it wasn't very bright. I still will look into maybe getting a new one but now I don't have to rush. Though given my #OppositeGirl powers, I may have just jinxed it. Heh.
Deutsche Gopher Fan
Registered User
unofan
Well-known member
Math also says I'd save even more money by eating out for lunch one less time each month than I currently do. Seriously.
For ease of math, say I throw $2400/year (or $200/month) extra at the mortgage instead of another investment that would give me a better return by 200 basis points, or 2%. That's a whopping $48 / year difference. At a 4% difference it's $96 / year.
Yes, that all adds up over time, but $50/year is not going to make or break my family's retirement plans compared to whatever unforseen event is going to happen at some point in the next 20 years.
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