UnThreaded | Threaded | Whole Thread (44) | Ignore Thread Prev | Next
Author: ptheland Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 128403  
Subject: Re: Is it crazy to try to buy in the Bay Area no Date: 5/23/2005 5:16 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 3
With good jobs and our rental situation described above, we've been saving roughly $3500-4000 a month to put toward a downpayment or other financial goals if we decide not to buy (that's after funding our IRAs and 401Ks).

From a financial perspective, this says a whole lot. You're putting away $40k or more a year on top of your 401k and IRAs. Continue that for 15 or 20 years, and you're done with the working life.

I'd say you need to weigh the ability to retire at 50 against your desire to own a house right now. Have you thought about where you would like to retire? If it's in the Bay area, perhaps taking the plunge into real estate might make some sense. Otherwise, I'd just keep on socking the money away. By the time you're ready to retire, you can probably pay cash for your retirement dream home.

Some other questions to ponder. Are you going to continue to save this kind of money indefinitely? Or are there plans (children, job/career changes) that would impact your ability to save? How stable are your jobs? Is there any chance either of your employers could go out of business in the forseeable future?

Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (44) | Ignore Thread Prev | Next


Useful Resources
Our Home Center has all you need to make buying and owning a home a great experience. Get or refinance a mortgage and much more!
Buying/Selling a Home FAQ

Mortgage Professor
Offsite resource for mortgage questions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.