Re: Question Re: Patriot Act

On Wed, 18 Jan 2006 04:33:25 GMT, Larry <x@xxxxx> wrote:
>More importantly, I think the OP needs to understand that:
>reportable != illegal.

And repeatedly I have said that I will do absolutely nothing and
suffer the financial consequences before doing anything either
REPORTABLE and/or ILLEGAL. Some people refuse to accept that
statement and consider me a criminal simply for posting my original
inquiry.

>I am not an economist or financial planner, but wouldn't it be better
>not to do this? If you're about to lose a major source of income, why
>pay a huge debt at once, when you already have an agreement (the
>mortgage) that lets you pay lower monthly amounts?

Someone else brought up the same concept and I am studying it. My
first thought after I was told I was being laid-off was to immediately
lower my monthly bills to the point where I could survive longterm on
unemployment and, later, on almost any trivial job. In that regard,
my 5/1 ARM mortgage... which is about to go variable within the
year... is the single biggest financial threat to my economic
survival.

>What if a true emergency comes up? What if you find a new job
>relatively quickly? Why pay off something you don't need to with your
>emergency money?

This lay-off *IS* a true emergency... certainly my biggest ever... and
a new job isn't going to materialize until I can get some serious job
retraining. Even then, my income will likely fall to about half to
3/4 of what I currently make. It's an ugly situation. But as I said
earlier, I will still have about 25% of my emergency fund leftover
after the mortgage buy down... and it won't be all that long before I
can start to draw on my 401(k).

Sam
.

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