When you see moving to a smaller house is inevitable, it might not be worth it to delay for some additional months. Better preserve the savings so they last longer. When your economy goes south, better start more economical life right away.
I didn’t say it never happens. I’m saying most people don’t respond to layoffs by selling their home immediately. Trump hasn’t even been in office for 60 days. So this dude probably got laid off, assuming this happened, 4 to 6 weeks ago if we’re being generous.
You’re also not taking into account current interest rate/home prices. If this person has held their home for a long time, then even if they got a higher interest from the 90’s or 2000’s The home was so cheap back then that their bill is probably pretty reasonable. If they’ve had it for a couple of years, then they got incredible interest rates And to give that up for a higher interest rate upwards of 7-8% would be asinine. Not to mention it would be very hard to finance when you admit you were laid off and don’t have a job. The most likely outcome is an equal or even higher mortgage payment unless they truly uproot their lives. Again, all over a recent layoff.
The narrow lane of parameters for this story to be true makes it possible but highly unlikely. And the flag thing…come the fuck on.
Plenty of people are having their lives ruined. Some random person on the Internet telling this story is what we’re going to point to?
If you have a reason to believe you might be living off your savings for the next two years, you will want to maximize your savings. If you have paid enough of your house to buy the smaller and more remote one with cash, then that’s what you should do.
When you see moving to a smaller house is inevitable, it might not be worth it to delay for some additional months. Better preserve the savings so they last longer. When your economy goes south, better start more economical life right away.
I didn’t say it never happens. I’m saying most people don’t respond to layoffs by selling their home immediately. Trump hasn’t even been in office for 60 days. So this dude probably got laid off, assuming this happened, 4 to 6 weeks ago if we’re being generous.
You’re also not taking into account current interest rate/home prices. If this person has held their home for a long time, then even if they got a higher interest from the 90’s or 2000’s The home was so cheap back then that their bill is probably pretty reasonable. If they’ve had it for a couple of years, then they got incredible interest rates And to give that up for a higher interest rate upwards of 7-8% would be asinine. Not to mention it would be very hard to finance when you admit you were laid off and don’t have a job. The most likely outcome is an equal or even higher mortgage payment unless they truly uproot their lives. Again, all over a recent layoff.
The narrow lane of parameters for this story to be true makes it possible but highly unlikely. And the flag thing…come the fuck on.
Plenty of people are having their lives ruined. Some random person on the Internet telling this story is what we’re going to point to?
If you have a reason to believe you might be living off your savings for the next two years, you will want to maximize your savings. If you have paid enough of your house to buy the smaller and more remote one with cash, then that’s what you should do.
Agreed. But now you’re making your own host of assumptions. We know nothing about this person. We don’t even know how old they are.
Most people do not sell their homes the moment they are laid off.