Re: Haven't people learned yet?
- From: "btorvik2" <btorvik2@xxxxxxx>
- Date: Tue, 1 Feb 2011 11:29:58 -0600
CigarBaron wrote:
This came through on AOL...an example of people trying to get those
that can afford, get their dream second (!) house! Haven't we
learned not to do this sort of thing yet?
It may be out of reach, but I dream of owning a lake house someday.
Here's how I plan to buy one.
"I opened up a savings account yesterday -- to save for a second home.
Since it's going to be a seasonal cottage, I'm looking at spending
less than $200,000. So I'm trying to put in $100 a month for the next
20 years. In my account right now: a meager $200.
At this point in my life, I can only daydream about that cute little
white house with Adirondack chairs facing a Wisconsin lake. And the
awesome barbecues I'll host. And the canoe rides at sunset. I'm not
ashamed to admit I spend many hours cruising real-estate listings. So
I decided to at least try to make that dream a reality.
LakeHousesOfWisconsin.com
Turns out that I took the right first step. Ellie Kay -- author of the
2008 book "A Tip A Day with Ellie Kay: 12 Months' Worth of Money-
Saving Ideas" and the upcoming "The 60-Minute Money Workout: An Easy
Step by Step Guide to Getting Your Finances into Shape" says that the
first step is often the most important. "People dabble," she says, but
they don't often make a move. While it may take me a couple of decades
to save for a down payment, it can't hurt, she says, to begin the
process early.
It's not just me with a lofty dream. Many of my friends in their 30s
and 40s are also pondering pre-retirement plans. After the kids are
grown and their own student loans are paid off, what is it they want
for themselves? For many, it's to have a retreat from the manic
lifestyles we've all settled into. For one friend, it's a Chicago
condo she's saving up for. Then she can hop onto the Amtrak from where
we live in Milwaukee and less than two hours later be in her own urban
condo, surrounded by hip bars and restaurants.
Financial expert and author Manisha Thakor and her husband, who live
in Houston, just completed the construction of their dream vacation
home in Santa Fe, New Mexico. As founder of the Women's Financial
Literacy Initiative and author of "Get Financially Naked: How to Talk
Money With Your Honey," she will begin offering e-courses this month
on a variety of topics, including saving for a second home. Drawing
upon her personal experience, she was more than willing to dish about
the ins and outs of having a vacation home -- and how to get ready for
it."
Shessh!
CigarBaron
At least they advocate saving for the down payment rather than borrowing it.
bernie
--
"Official ASC Shaman"
.
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